Stroller Envy Hits the Street

20110411-NEWS--0001-NAT-CCI-CN_-- 4/8/2011 8:04 PM Page 1

INSIDE GREG DAVID: TOP STORIES WHY TECH SHOULD BE Co-ops vs. condos: NY’S NO. 1 Michael Gross JOBS PRIORITY offers an appraisal ® PAGE 11 PAGE 2

VOL. XXVII, NO. 15 WWW.CRAINSNEWYORK.COM APRIL 11-17, 2011 PRICE: $3.00 Bloomy battles Beer here. And there. Brewgartens third-term are everywhere PAGE 2 blues Despite his past foreclosures, Larry As one big problem Gluck finds lenders after another piles up, PAGE 3 mayor acts decisively Gehry groupies to salvage his legacy crash newest tower for peek at luxe life BY ERIK ENGQUIST NEW YORK, NEW YORK, P. 6 Mayor Michael Bloomberg can’t win for losing. His shocking replace- ment of Cathleen Black as schools BUSINESS LIVES chancellor was widely read as a sign that the mayor is willing to set aside his renowned loyalty to staff to salvage his legacy. But some condemned Mr. Bloomberg for his quick-trigger ap- pointment of Deputy Mayor Dennis Walcott to replace her—an example, they said,of the conceit that has soured many New Yorkers on the mayor. All agree that Mr. Bloomberg’s mayoralty has been battered, which raises the question of whether he can right the ship. His approval rating, GOTHAM GIGS See THIRD TIME on Page 24

Piano tuner to the stars getty images takes 5 requests P. 2 ● ANNE FISHER says the time may be right to sell your business P. 25 Stroller ● MOVERS & SHAKERS The Returnof Martha Bruce Ellig sounds off on executive pay P. 26 envy hits ● GAEL GREENE applauds David Burke Show P. 27 SEC’s 5-year ban ends this summer. It’s a good thing, because her company’s wilting the street INDEX ture, MSLO has come close to violating its loan Hundreds on waiting BY AARON ELSTEIN covenants twice in recent months. THE INSIDER ______8 Ms. Stewart’s magazines remain highly regarded lists for tricked-out, NEIGHBORHOOD JOURNAL ______9 This summer, Martha Stewart can return to rule and her cable TV show avidly watched, and her civ- $1,700 tot-mobile VIEWPOINT ______10 her company after a five-year ban expires—and not il transgressions and criminal conviction were for-

REAL ESTATE DEALS ______12 a moment too soon. given long ago. But MSLO’s share price is down Since regulators barred the domestic-arts guru 75%, to about $3.65, since the Securities and Ex- BY ADRIANNE PASQUARELLI SMALL BUSINESS ______13 CLASSIFIEDS from serving as CEO or director as part of the set- change Commission sent her to the penalty box in ______22 tlement of her 2003 insider-trading case, Martha 2006; the value of her stake, worth $1 billion at its When Bugaboo unveiled its new HOT JOBS ______25 Stewart Living Omnimedia has taken a terrible peak, has sunk to $100 million. stroller, the Donkey, at a recent red- EXECUTIVE MOVES ______25 pounding. The company has made money only one “It’s a declining business,” said Steven Kiel, pres- carpet event, Leigh Doyle had her

THE WEEK AHEAD ______27 year since then and has piled up losses of nearly $200 ident of investment firm Arquitos Capital Manage- heart set on buying one. Unfazed by million. Further marring the once-immaculate pic- See MARTHA’S RETURN on Page 24 the starting price of $1,199,the expectant mother was especially eager because she could use the device’s extra REPORT: TOP EMPLOYERS storage basket for her ailing 13-year- old Bichon Frise. A NEW LIST NYC’s 40 largest private and “It’s a trusted brand, and I like the public employers and their 850,000 local jobs way they look,” said Ms. Doyle, an ad sales executive who ended up on the P. 15 waiting list for the coveted object. “I NEWSPAPER PLUS How to survive CEO churn See STROLLER on Page 24 20110411-NEWS--0002,0003-NAT-CCI-CN_-- 4/8/2011 7:59 PM Page 1

COMMENTARY Walgreens tries A Condos e-commerce Rx Drugstore.com gives pharmaceuticals. vs. co-ops: “The purchase of Drugstore.com retailer 3 million by Walgreens is brilliant,” said Can- dace Corlett, president of shopping online shoppers and behavior consultancy WSL Strategic crass warfare an edge over rivals Retail. “More shoppers are buying DRUGSTORE.COM: A $429 million gamble commodities online, and that covers s the co-owner of three successive most of what Walgreens sells.” BY ADRIANNE PASQUARELLI cal next step,Mr.Zimmerman said.In Manhattan co-op apartments, I was Too little, too late? addition, Walgreens plans to keep heartened by last week’s Page Six items Walgreen Co. has a prescription Even so, some analysts wondered if Drugstore.com’s headquarters in on model-turned-TV star Tyra Banks for the malaise affecting the drugstore the purchase was too little,too late.The Bellevue, Wash., which will provide and Yankees captain Derek Jeter and industry—and it’s online. The Deer- chain, which has 303 namesake and the company with a West Coast pres- field, Ill.-based drugstore giant re- Duane Reade locations in New York ence, near the heart of the tech world. Atheir separate tussles with their condo neighbors over cently announced that it will acquire City, could have invested in e-com- While it expands its online strate- out-of-control construction. Maybe, I thought, this Drugstore.com Inc. for about $429 merce earlier,for less money,critics said. gy, Walgreens is hardly forsaking will be a wake-up call to whoever decided that con- million to help in its battle for greater In addition, Drugstore.com, despite its bricks and mortar. The company al- dos are worth 25% more than co-ops. market share. breadth of products and cus- ready cemented its New York pres- “This acquisition really tomers, is an unlikely tar- ence last year by purchasing Big Ap- Then came the deluge of zle) that characterize Man- solidifies our growth goals,” 303 get—the company has suf- ple player Duane Reade. Walgreens first-quarter apartment sales hattan’s best buildings, most said Robert Zimmerman, NUMBER of fered an annual net loss since now has 303 local namesake and Du- reports from our local realty of which are pre-World senior vice president and Walgreens and its 1998 inception, most re- ane Reade stores here—making it the powerhouses. Figures for in- War II vintage co-ops around chief strategy officer at Wal- Duane Reade cently reporting a shortfall of biggest player in the market.To boost ventory and median sales Central Park. Co-op buy- greens,adding,“What better $3.55 million in 2010. its business further, the company is prices are still depressed, but ers need “a different level URL than Drugstore.com is locations in NYC “We question the logic of adding new merchandise, from beer the reports contained a glim- of commitment,” said John there?” going out and buying an un- to more fresh food like salads, sand- mer of good news: There’s Burger of Brown Harris The deal allows Wal- successful company,” said wiches and edamame. been a sharp increase in co-op Stevens. greens to scoop up Drugstore.com’s Steven Halper, an analyst at Stifel closings. You can buy fashion. 3 million online shoppers, putting the Nicolaus.News of the deal did not faze Adding alcohol Prudential Douglas Elli- Style is something you earn. company a step ahead of rivals such as investors—Walgreens’ share price re- Of Walgreens’ 7,700 locations, man reports that None of this CVS Caremark and Rite Aid, and in a mained flat, hovering near $40. 5,000 already offer alcohol, including co-op sales were is entirely true, better position to fend off challenges Mr. Zimmerman maintained that 299 of the 303 Big Apple outposts. up almost 29%, of course. De- from Walmart and Target. With more the timing is right. Walgreens has The company recently began selling while condos despite board over- shoppers turning to the convenience of been ramping up its e-commerce refillable beer jugs—called growlers— clined by 24%. sight, my wife e-commerce, some experts view the business under the tenure of Sona at two Duane Reades. Such efforts Co-ops “are go- and I have move as wise, especially as shoppers Chawla,a Dell veteran,who was hired may be paying off: Walgreens posted a ing for over ‘ask’ shared co-op pull back on higher-end everyday three years ago to grow the site. 3% rise in overall same-store sales in all over the East buildings with items and opt for cheaper, generic Adding Drugstore.com was the logi- See WALGREEN on Page 14 Side,” according some seriously to Corcoran bro- rotten eggs: a vi- ker Robby olent housewife, Brown. a litigious Could this be MICHAEL lawyer, and a PR the trough’s silver GROSS woman who Beer gardens, brewers take a lining? gutted her Co-ops had apartment with- long had a bad out board ap- when he completes a beer garden at rep. Post-Lehman, as the proval and who, after mov- New locations are Pier A, looking out on the harbor and brokers say,co-op boards got ing in, spent her nights hopping as sales the Statue of Liberty. even stricter and more intru- stomping through it. And These locations will join a handful sive in vetting potential pur- these days, better condos are head up, especially of existing beer gardens, from centu- chasers.And few are relaxing clad in fine limestone and ry-old Bohemian Hall & Beer Gar- the Draconian rules—limits exercise strict financial over- for bespoke suds den in Astoria,Queens,to Biergarten, on borrowing and sublet- sight, just like co-ops, which opened last year at The Stan- ting, bans on purchases stringing out sales to ward BY LISA FICKENSCHER dard hotel, serving classic German through trusts or LLCs, off undesirables. They also cuisine and beer at communal tables rules limiting noisy renova- have bigger closets and bath- Instead of clinking wine glasses, under the High Line. MUG SHOT: Tom Ryan and Paul tion work to summer rooms. New Yorkers are saying prost with O’Connor (from left), partners months—that have made Post-Lehman, condo de- beer mugs. Only the oompah band is Suds are cheaper in the new Bierhaus. They Manhattan condos seem velopment has mostly stalled, missing. Some New Yorkers may be drawn expected a slow start; instead, more attractive since they and the stock of available new Beer has captivated the city, to suds over other drinks these days lines are out the door. first came to market in large units has dropped. That has spawning a boomlet of German-style because of the recession. A pint costs numbers in the 1980s. sent buyers back to co-ops, beer gardens. Even a chef synony- about $7, compared with $10 or more Nowadays, condo buyers despite the fact that “you can’t mous with Italian cuisine, Mario for a glass of wine, or $12 and up for tend to be foreigners, ab- just buy your way in,” accord- Batali, will unveil a massive rooftop specialty cocktails. sentee owners, empty nesters ing to Corcoran’s Wendy brewery in about a month. Beer experts say the bigger reason and corporate types with an Sarasohn. “It’s about more “Italy is not known for its beer, but for the growing popularity of the bev- instant-gratification streak than money.” it is growing,” said Adam Saper, a erage, along with that of the Euro- who want to put down as lit- Yet that means co-op managing partner of Eataly market, pean-style gardens that serve it, is the tle as possible for flashy, prices might rise again, par- where La Birreria is being built.“Here rise of craft beers. Last year, the na- turnkey residences that they ticularly if those notorious in New York City, there has been a tion’s craft brewers—defined as small also can get out of as fast as boards smell the coffee “and huge explosion of beer aficionados.” breweries that are independently

possible. loosen up,” as another top By June, at least three other beer owned—sold 12% more beer to bars buck ennis Co-op owners tend to be broker words it. gardens will be added to the ranks: and restaurants.By contrast,the over- more “vested in New York,”as Not a lot, though, I hope. Harlem Tavern on West 116th Street, all beer market in the U.S.in 2010 was craft breweries. Stribling’s Kirk Henckels I love Tyra Banks, but I an unnamed venue at the Bohemian flat, according to the Brewers Associ- Brooklyn Brewery,for one,is expe- puts it—more social and fi- wouldn’t want to live next to National Hall on East 73rd Street, ation, a craft brewers trade group. riencing explosive growth. Its rev- nancially stable,and more in- her renovation. and a garden at the South Street Sea- In other words, while people are enues from sales in New York City terested in the location and port, replacing Water Taxi Beach. drinking less of the big commercial grew 11% last year and more than 40% architectural quality (the LISTEN to a discussion at Next year, restaurateur Peter Poula- brands, like Budweiser and Miller, in the first quarter of this year. steak, not the starchitect siz- CrainsNewYork.com/audio kakos will put his stamp on the trend they are drinking more beers from “That is a very big number for us,”

2 | Crain’s New York Business | April 11, 2011 20110411-NEWS--0002,0003-NAT-CCI-CN_-- 4/8/2011 7:59 PM Page 2

IN BRIEF A comeback stoked MANHATTAN-BASED BELLMARC REALTY IS CLOSE TO BEING ACQUIRED BY WILLIAM Raveis Real Estate of Connecticut, sources said. Family-operated William Raveis, with 2,700 sales associates and managers in 75 offices in by short memories Connecticut, Massachusetts, Rhode Island and Westchester County, has been eyeing Bellmarc for several years.The deal is expected to close next month. Bellmarc currently has about 250 Larry ‘Leverage’ agents in five offices in Manhattan, according to its website; the firm last year sold its property- Gluck is cutting management business to Douglas Elliman big deals again Property Management for an undisclosed sum. AN ENTIRE ACRE OF BATTERY PARK WILL BE TRANSFORMED INTO A TEMPORARY URBAN BY THERESA AGOVINO farm,The Battery Conservancy and the city Parks Department announced.The site, at State Last month,Laurence Gluck picked up and Pearl streets, will be maintained by 650 local a stalled condominium project in students as well as by Conservancy volunteers. Williamsburg, Brooklyn, at a steep dis- Also involved: chefs Zak Pelaccio of Fatty Cue, count. He plans to relaunch it as a rental. who is opening two kiosks in the park, and In the past year, the head of Stellar Man- Wade Burch of nearby Merchant restaurant; agement has also snapped up a hotel and a FORGET THOSE both plan to incorporate the farm’s produce into residential tower in Manhattan, and FORECLOSURES: their food.The farm will be discontinued in two signed on a deep-pocketed investor for his Larry Gluck has made years, when construction starts on the Battery cash-squeezed, 26-story office tower much of his fortune Garden Bikeway, connecting the east and west by turning rent- Ⅲ downtown. regulated housing sides of Manhattan. “Larry creates beautiful projects and into market-rate units. knows the real estate business cold,” said Nick Werner, a principal in Largo Invest- BY THE NUMBERS ments, Stellar’s partner in Williamsburg. Make no mistake: Mr. Gluck, who per- Weekly shift of the city’s economy

sonified the overleveraged landlord losing steve friedman properties and at risk of fumbling more, WARMING TREND Retail sales are perking along, jobless-benefits claims are falling, and in has rallied. He hasn’t made such major ad- quences for his behavior.” he is on the verge of having to surrender NYC at least, the housing market is slowly ditions to his portfolio since 2006, accord- One of Mr. Gluck’s better-known 1140 Sixth Ave.,an office tower he bought regaining its feet. ing to sources. moves came in 2005,when he loaded up on with a partner for $97.5 million. The turn of events enrages tenant and debt to pay about $135 million for the Industry insiders attribute Mr. Gluck’s housing advocates. Riverton Houses, a 1,230-unit, rent-regu- resilience in part to the company he kept in 7.4% 7¢ 2.5% “This is all just so vexing,” said Dina lated complex in Harlem that he planned the boom years. They note that many de- Rise in median Jump in price of Growth in same- Levy, director of organizing and policy of to convert to market-rate housing. He lost velopers took on too much debt and based apt. rent, gallon of gas in store sales in including NYC in one week, March, y-o-y, the Urban Homesteading Assistance the property in a foreclosure last year,leav- their ability to repay on overly optimistic givebacks, in 1Q to $3.68 versus a 4.4% Board. “There are absolutely no conse- ing lenders and tenants in the lurch. And See DEVELOPER on Page 14 from year earlier, Source: Energy gain a year to $2,808 Information earlier Source: Miller Administration Source: Kantar Samuel Inc. Retail HOME COMINGS After bouncing around wildly, the number of residential units that firms are seeking permits e advantage of frothy NY market to build in NYC has been rising for five months in a row.

big challenge, as Jon On Thursdays, Fridays and Saturdays, Bloostein, owner of it’s so packed that a line forms outside Heartland Brewery, along Third Avenue. “We’ve been over- knows all too well. He whelmed,” said Mr. Ryan. has been looking for The demand for specialty beers has such a space for years been so great that S.K.I. Beer, a Brooklyn- and may open a garden based wholesaler and distributor, doubled in Washington, D.C., its sales force over the past several years and Source: U.S. Census Bureau where he found a spot. stopped promoting Budweiser and Miller, “Empty lots in New according to owner Ralph Mauriello. ADDICTED TO NUMBERS? York that are big Brewers also see the potential. A new GET A DAILY DOSE AT @STATSANDTHECITY enough for a garden brewery in the Bronx is on track to start have air rights that are selling Bronx American Ale in August. CORRECTIONS very expensive,” said Bronx Brewery’s owners just closed on their Mr.Bloostein,who has first round of funding and are close to sign- The soccer field in Bushwick Inlet Park along the waterfront has ruled out the boroughs ing a lease for the brewery in Mott Haven. been open to the public for more than a year. Its status was misstated in the April 4 story “Williamsburg waterfront projects outside of Manhattan. “We think the Bronx has a lot of brand reborn.” Tom Ryan also faced potential,” said partner Damian Brown, A copy of the Department of Citywide Administrative Services’ a problem finding a who is also the brewmaster. RFP for towing, storage, auctioning/salvaging and releasing large location for his in- Bronx Brewery will join four others in the services for all relinquished city vehicles, due April 20, can be door beer hall,so he opt- city,including Chelsea Brewing Co.,which found at www.nyc.gov/cityrecord. This information was missing ed for a smaller second- debuted in 1995, and Brooklyn Brewery, from an April 4 “For the Record” item because of a production problem. floor space. He and his which opened a year later (its brand Alan D. Aviles is president and chief executive of the New York City two business partners, launched in 1987). Heartland Brewery Health and Hospitals Corp. His name was misstated in the March who own five other moved its operations from its restaurants to 21 Health Care Report story “Getting the word out.” bars in the city,opened a Brooklyn facility in 2002. And Sixpoint Bierhaus last month at Brewery opened in Brooklyn in 2005. vol.xxvii,no.15,april 11,2011—Crain’s New York Business (issn 8756- 789x) is published weekly, except for double issues the weeks of July 712 Third Ave. “A century ago, there were hundreds of Fourth, Labor Day and Christmas, by Crain Communications Inc., said Steve Hindy, co-founder and presi- Bierhaus is a no-frills space with commu- beer gardens and halls in the city and 48 711 Third Ave., New York, NY 10017. Periodicals postage paid at New dent, who attributes the increase to new nal tables arranged under a large skylight.It breweries in Brooklyn alone,” said Brook- York, N.Y., and additional mailing offices. Postmaster: Send address changes to: Crain’s New York Business, Circulation Department, 1155 beer-focused bars. serves only German beer and traditional cui- lyn Brewery’s Mr. Hindy. “You see all of Gratiot Avenue, Detroit, MI 48207-2912. for subscriber service: The addition of big beer gardens in the sine.The partners expected it to “crawl in the that coming back now.” Ⅲ Call (888) 909-9111. Fax (313) 446-6777.$3.00 a copy, $59.79 one year, $109.79 two years. (GST No. 13676-0444-RT) city will drive these numbers up even high- beginning.”Instead,Mr.Ryan had to hire 10 ©Entire contents copyright 2011 by Crain Communications Inc. er. But finding a Manhattan space large additional servers—mostlyIS N women wearing L TE to a discussion at All rights reserved. enough for an authentic beer garden is a dirndls—and three additional managers. CrainsNewYork.com/audio

April 11, 2011 | Crain’s New York Business | 3 20110411-NEWS--0004-NAT-CCI-CN_-- 4/8/2011 7:17 PM Page 1

Under new law, the boss must IN THE MARKETS get wages right—or it’ll cost by Aaron Elstein

York state; they now must produce rean. Even so, according to employ- Employers face new forms and maintain new ment attorney Fred Leffler of more paperwork, records for each worker. Proskauer, the new notice require- The end of Wall St. as we know it? “It can cost a lot of money,” she ments could lead to a spike in litiga- bigger penalties said, adding that she recently had tion brought by plaintiff lawyers “multiple clients calling up in a pan- who can now sue for unpaid wages orporate merger volume is running 26% higher than ic,” worried about getting notices to and failure to provide proper paper- last year. Mom-and-pop investors are pouring more BY DANIEL MASSEY employees by last Saturday.She told work. Penalties for lax record keep- into mutual funds and dabbling again with their them that they actually had until ing are $50 a week, up to $2,500, C Ameritrade accounts. So A new state law intended to stop February 2012 to do so. plus costs and attorney’s fees. crooked bosses from cheating work- Small businesses also are affect- when J.P. Morgan Chase ers out of wages had employers ed. The Staten Island Chamber of Staffers, state empowered and Bank of America across New York scrambling last Paperwork aside, the new law report quarterly results week to get into compliance with also enables workers to recoup any this week, followed soon more stringent record-keeping re- Quadrupling the unpaid wages plus a 100% penalty. quirements—and left many of them The old law allowed for just 25% in after by Goldman Sachs grumbling about added expenses fine for cheating damages.The act also beefs up pro- and Morgan Stanley, it and potentially costly litigation. tections for workers who are retali- stands to reason that The Wage Theft Prevention Act, workers on pay ated against—they can now get back Trading desks, Hollywood-style, circa 1987. which went into effect April 9, in- pay, the 100% penalty, plus another their earnings should be creases civil and criminal penalties $10,000—and gives the state’s labor good.Think again. Merger work is nice, and Wall Street for employers who violate wage and commissioner new powers to collect certainly makes a comfy living selling high-priced mutual overtime laws,who don’t keep prop- damages from employers who vio- funds, but the banks’ real profit engine—trading in and out of er records or who retaliate against Commerce sent an e-mail to its late the law. workers complaining about compli- members last week to make sure they The activist group Make the stocks, bonds, currencies and derivatives—is sputtering. ance. It also compels all employers knew about the new requirements. Road New York and local retail and Middle East unrest, increased regulatory scrutiny, and institutional in- to notify workers of their wages and “Employees should be paid for supermarket unions had pushed vestors’ continued aversion to the most risky assets means the phones aren’t how they are calculated, at the time their time and paid fairly,but it’s just heavily for the new law. Proponents ringing that much on trading desks nowadays. And it’s been this way for a of hiring and every year thereafter. a lot of paperwork,” said Geoff cited estimates that 300,000 city while: Trading revenues for the big banks fell 27% last year, Nomura Secu- Kravitz, the chamber’s director of workers, most of them in health rities reported last week. Clients in a panic government affairs. “The time em- care, retail and food service, are That matters,because trading in recently times has been a far bigger busi- “The intent was good, but the ployers spend on laws like this ulti- cheated out of $960 million anually. ness on Wall Street than arranging mergers and underwriting stocks or implementation, especially for large mately hurts their bottom line.” Amy Carroll, Make the Road’s bonds. At Goldman, first-quarter trading revenues were five times higher companies, is difficult,” said em- The state Department of Labor legal director, said the law’s intent is last year than underwriting and merger-advisory revenues combined.Trad- ployment attorney Barbara Hoey, a has tried to make it easier for em- “to change the economic calculus” ing accounts for 67% of all capital markets revenue at Barclays Capital, 65% at partner at Littler Mendelson. ployers to comply, providing online that might incentivize bad-apple Citigroup and 58% at J.P.Morgan Chase, according to the Nomura report. Some of Ms. Hoey’s clients have templates of the required forms in bosses.“Quadrupling penalties real- Trading business continues to tank. Sanford C. Bernstein analyst Brad 30,000 to 50,000 employees in New English, Spanish, Chinese and Ko- ly puts a price tag on that model.” Ⅲ Hintz estimates that Goldman’s revenue from trading bonds, commodities and currencies declined by 38% last quarter. Nomura’s Glenn Schorr fore- casts an industrywide drop of 5% for the year. The declines,of course,could be just a blip—a mere reflection of how ex- traordinarily good business was a year ago as the economy stabilized and clients began climbing out of their bunkers. Or maybe not. After all, regulators are watching carefully to ensure that banks don’t take the sort of outsize risks that got them into so much trouble during the last bubble. Declining trading revenue is precisely what one should expect to see if regulators are in fact doing their jobs. In other words: Wall Street’s trading tumble may not be cyclical but, rather, evidence of systemic change. Tanner targets BP’s oily hide Top management Glass Lewis & Co., adviser to many in- at BP will face some stitutional investors on board elec- loud and dissonant tions, has recommended that share- music from investors holders express their displeasure at the oil giant’s an- with BP by voting against its report nual stockholders and against the safety director. meeting this week in Christian Brothers manages $4 London. Leading billion in assets and has become an the march will be Julie Tanner (above) increasingly vocal player among the of Christian Brothers Investment Ser- activist-shareholder set. Last year, it vices,a Catholic group in Manhattan called for Goldman to strip Chief that’s organizing institutional in- Executive Lloyd Blankfein of his chair- vestors voicing their displeasure in manship, but the resolution attract- the wake of BP’s Gulf oil spill. ed only 20% of shareholder votes. Ms. Tanner said her group will Yet Ms. Tanner has scored some vote against BP’s annual report, its successes. In 2004, she persuaded J.P. compensation report and the re- Morgan Chase to open an office of en- election of the director who heads vironmental affairs.And in 2007,her BP’s safety committee. All of these resolution calling on Newmont Mining actions are likely to be little more to better address local opposition to than symbolic, but Ms. Tanner may its operations around the world won be leading a sizable bloc of votes. 92% of shareholder votes. Ⅲ

TOTAL COMPENSATION awarded last year to Consolidated Edison’s chief executive, Kevin Burke. The 30% raise $10.3M stemmed from an increase in Mr. Burke’s cash bonus and the rising value of his pension benefits.

4 | Crain’s New York Business | April 11, 2011 CN014333 4/6/11 2:16 PM Page 1

Samsung 4G LTE ThunderBolt™ Motorola XOOM™ Tablet Mobile Hotspot by HTC

Business Apps

Motorola XOOM is upgradeable to 4G LTE in Spring 2011.

TO GET THE BEST TECHNOLOGY FOR YOUR BUSINESS, 1.800.VZW.4BIZ(4249) SEE A SMALL BUSINESS SPECIALIST AT A VERIZON STORE TODAY. verizonwireless.com/smallbusiness Activation fee/line: $35 IMPORTANT CONSUMER INFORMATION: Subject to Cust Agmt, Data Plan & credit approval. Up to $175 early termination fee ($350 for advanced devices). Offers & coverage, varying by svc, not available everywhere; see vzw.com. While supplies last. Restocking fee may apply. LTE is a trademark of ETSI. © 2011 Verizon Wireless. D5030 20110411-NEWS--0006-NAT-CCI-CN_-- 4/8/2011 6:38 PM Page 1

A CRAIN’S HEALTH CARE FORUM HOW TO CURE NEW YORK’S NEW YORK,NEW YORK edited by Valerie Block

visitors and boost local businesses still struggling from the recession. She expects at least 40,000 people and hopes that the event, which has a $1.5 million budget, will Medicaid cuts are dramatically changing the give the area a certain cachet. survival outlook for New York City’s 90-plus “The Tribeca festival was hospitals. Are hospitals really on the edge? Are created in response to a need in that community, and now it owns there medical or economical reasons for the Manhattan,” Ms. Gil said. “People state to continue bailing them out? Are payers need to realize that we are not sleepy suburbia anymore.The big changing the way hospitals are compensated CEOs may work in Manhattan, to drive better care and lower costs? Join but they live here.” Attendees can see about 40 Crain’s and a panel of key participants in this feature movies, including a complex scenario to discuss and debate these number from Israel, Korea and questions, share best practices and evaluate the India. All those countries have large immigrant populations in

use of innovation to improve primary care and dbox Nassau County.The selections preventative-oriented healthcare. were handpicked by Sean OK, OK, now you can look McPhillips, the former vice president of acquisitions at ince the Frank Gehry-designed apartment building on Miramax and the festival’s senior DATE SSpruce Street began leasing in February, scores of programmer. Wednesday, Gehry groupies have posed as prospective tenants to Speakeasy-worthy April 27, 2011 get inside the 76-story tower, which offers fabulous views and boasts the creator’s signature undulating facade. ¶ Fans libation on tap VENUE can stop fibbing about their intentions to rent in New York The flapper era, which has The Yale Club by Gehry, the tallest residential building in the U.S., where influenced entertainment and studios start at $2,650 a month and a two-bedroom can fashion lately, is making a TIME run as much as $15,000. Building owner Forest City comeback in booze. This month, Prohibition Distillery introduces Networking Ratner will soon start giving twice-weekly tours to the Bootlegger 21 New York Vodka, Breakfast architecturally curious. ¶ “We figured we might as well just named for the 21st Amendment, 8:00am-8:30am make it easy for people,” said MaryAnne Gilmartin, executive which in 1933 vice president at Forest City. Plus, the imposter tenants repealed the ban on Program alcohol sales. were wasting brokers’ time, she said. ¶ With a little luck, 8:30am-9:30am “We didn’t know Gehry devotees may catch a glimpse of the man himself. about Boardwalk The California-based starchitect will have a pied-à-terre in Empire when we started the the tower. company in January 2009,” COST TO ATTEND Old platform “There’s more specialization said Prohibition PANELISTS and variety,” Mr. Husni said, not- Distillery co- Michael Dowling $75 for individual has nine lives ing that the growth is driven by founder Brian President and CEO ticket(s) if entrepreneurs rather than major Facquet, referring North Shore-LIJ pre-registered Magazines refuse to die. Fifty- publishers. to the HBO Health System by April 20th; four new U.S. and Canadian titles Other industry numbers are series, which is $80 thereafter. appeared in the first quarter, com- also up. Magazine ad revenues set in Atlantic pared with just 25 launches in the grew 5% through March, to $4.7 City in the Ronda Kotelchuck $750 for table(s) Executive director same period last year, according to billion, and ad pages rose 2.4%, to 1920s. “We loved that time of ten if database MediaFinder.com. 36,831, according to Publishers period, and we were trying to Primary Care pre-registered Development Corp. It’s not all good, though: 24 of Information Bureau. create a brand that looked like it by April 20th; them folded, versus was around for a long time,” he $800 thereafter. Dan Sisto 22 a year earlier. Gatsby said. President “Magazines are The company plans to move its still able to gather country Hudson Valley distillery to a Health Care Association an audience,” said gets a fest larger facility, possibly in of New York State Trish Hagood, presi- Brooklyn, in the third quarter. It is dent of New York- The Gold Coast of also working on gin and whiskey Mark Wagar based Oxbridge Long Island, where offerings. President and CEO For more information, Communications, Natalie Portman and In the meantime, New Yorkers Empire BlueCross call the Events Hotline MediaFinder’s Francis Ford Coppola can sport their bobs and fringe BlueShield at 212-210-0739. parent company. grew up, is getting a dresses at the Bootlegger 21 Meanwhile, film festival to call its launch party in SoHo on April 16. Samir “Mr. Maga- own. It will run the first Tickets for the event, which will zine” Husni, who week of June in such recreate Harlem’s legendary teaches journalism at the Univer- tony towns as Great Cotton Club, are $25. For details, PURCHASE TICKETS sity of Mississippi, reports 188 Neck, Manhasset and Roslyn. go to cottonclub.eventbee.com. Go to www.crainsnewyork.com/events first-quarter startups in the U.S., Regina Keller Gil, who heads the You must be pre-registered to attend this event. No refunds permitted. compared with 170 a year earlier. Great Neck Arts Center, founded Contributors:Theresa Agovino, Marine His tallies include one-shot the Gold Coast International Cole, Matthew Flamm, Miriam Kreinin newsstand titles. Film Festival as a way to attract Souccar

6 | Crain’s New York Business | April 11, 2011 Project6:fp template.qxd 4/5/11 12:38 PM Page 1

Introducing Instant Storefront, an all-new e-commerce solution for small business owners that gives you everything you need to sell products¹ online. Best of all, customer payments are deposited into your . So you can reach more customers². andVisit keepchase.com/StoreFront your cash flow, checking account the very next day py flowing. Act noww and pay no set-up costs plus get a $100 cash bonus to get started. Just point and click to add products, update pricing and start selling. Then get paid faster.

Need a QR reader? Download one for free at your device’s app store. Scan this QR code to learn more about Instant Storefront.

1. Next-day funding is available to new Chase Paymentech customers for Visa®, MasterCard® and Discover® card transactions only. Next-day funding is subject to merchant credit approval and all funds are subject to fraud monitoring. Qualifying funds are deposited on the next business day, excluding weekends and bank holidays. 2. $100 cash bonus will be deposited into a qualifying Chase Business Checking account within 60 business days after the initial merchant transaction has posted to the business checking account. Bonus contingent upon merchant’s credit approval and the execution of a Merchant Application and Agreement with Chase Paymentech. Cash bonus is considered income and may be reportable on IRS Form 1099-Misc. Existing Chase Paymentech customers are not eligible for this offer. Offer expires June 30, 2011. Merchant services provided by Paymentech, LLC (“Chase Paymentech”), a subsidiary of JPMorgan Chase Bank, N.A. Deposit products provided by JPMorgan Chase Bank, N.A. Member FDIC. Equal Opportunity Lender. Instant Storefront is a trademark of Chase Paymentech. © 2011 JPMorgan Chase & Co. 20110411-NEWS--0008-NAT-CCI-CN_-- 4/8/2011 6:39 PM Page 1

new-taxes pledge applies to the MTA capital plan. Funding it from user fees alone would result in huge WAIVER Will it trigger a backlash? THE INSIDER fare and toll increases.The MTA MAYORAL CONTROL means Michael Bloomberg can nominate a schools payroll tax imposed two years ago chancellor without consulting others—something he did for the third time last by Erik Engquist and Jeremy Smerd will continue for two decades but week when he replaced Cathleen Black with Dennis Walcott. funds only the first two years of the And for the third time, Mr. Bloomberg will need a waiver from the state plan. education commissioner because Mr. Walcott is not a certified Meanwhile, state Sen. Martin superintendent. Golden, R-Brooklyn, intends to in- “The problem is, we’ve made troduce legislation to eliminate the the exception the rule,” said 50-cent surcharge on taxi rides that Joseph Viteritti, a professor of MTA and the next goes to the Metropolitan Trans- public policy at Hunter College. portation Authority’s operating Mr. Walcott, a graduate of the budget. The surcharge brought in city schools and a lifelong nyc.gov budget battle $81 million during the state fiscal TAKE THREE: Mayor / education and social services year that ended March 31. advocate who knows the school Bloomberg The bulk of the city’s funding for introduces his new system’s ins and outs, his season’s budget battles, whether federal or MTA operations is largely pick for chancellor, unchanged since the mid-1990s, exemplifies why the waiver exists: Dennis Walcott. state, spell out a common theme: funding trouble according to the Independent to allow otherwise well-qualified spencer tucker for the Metropolitan Transportation Authority. Budget Office.The city’s share of people to serve as chancellors. But the mayor has used it twice to appoint The budget plan of Rep. Paul Ryan that House the Access-a-Ride program is based people whose qualifications were deemed by many to be insufficient to lead on usage, which has skyrocketed. a school system of 1.1 million students. After Joel Klein’s nine years as Republicans unveiled last week would cost the chancellor, Ms. Black’s embattled tenure lasted three months. TMTA more than $2.3 billion over 10 years in funding for rail City Council members bristling under mayoral control of schools said the and bus infrastructure Senate Democrats’ problems with Ms. Black had as much to do with the process as the person. and security projects, bad gamble Former teacher and Queens Councilman Daniel Dromm is willing to give Rep. Anthony Weiner, Mr. Walcott a chance, but he thinks that the criteria for receiving a waiver State Senate Republicans should be scrutinized. D-Brooklyn/Queens, respond to every criticism of their “I think the mayor abused the waiver power absolutely with the calculates. While that abandoned commitment to selection of the last two chancellors,” he said. “It shouldn’t be so easily plan for 2012 is independent redistricting by pointing manipulated.” unlikely to pass, cuts out that Democrats failed to reform Brooklyn Councilwoman Letitia James said the Black nomination the redistricting process during the showed that the system of mayoral control is “deeply flawed.” She believes in federal funding for two years they held a Senate that a nationwide search “with some reporting mechanisms for the City the MTA appear majority. Council” would have resulted in the selection of a chancellor who had the full probable. One insider said Democrats confidence of teachers and parents. rejected the idea because they Mr. Viteritti said that a drawn-out, politicized search would have done A larger problem assumed they would keep their buck ennis more harm than good, but added that by using the waiver for two for the agency is that majority in the 2010 elections and questionable nominees, the mayor is likely to face criticism that he’s abused the last three years of its five-year, $26.3 billion capital plan would be able to draw the lines the power the state gave him. have no state funding, and it’s unclear how it will be raised. exactly as they wanted in 2012. It “The irony here is that because of what happened the last two times out, was a high-risk, low-reward Walcott has to deal with the consequences,” Mr. Viteritti said. “Now he has to Gov. Andrew Cuomo, who did not appropriate money for the strategy, because even deal with the risk that people will say, ‘No more waivers.’” capital plan in the new budget, has not said whether his no- independently drawn districts Assemblywoman Joan Millman will push a bill ending waivers for the city.

would give Democrats a great But his understated delivery left the advantage. impression that no action is imminent. For many NYC The industry sees the situation Steel’s response as dire. High property taxes on irks developers rental buildings and the expiration youth, this is the of 421-a make new projects difficult No significant apartment to finance and uneconomical to project has begun since the 421-a build, one insider said. best opportunity tax abatement program expired in “Without 421-a, you can’t really December, but Deputy Mayor build any rental housing in New Robert Steel (below) displayed no York,” Mr. Ross said. they have for urgency in his comments on the issue to a Crain’s breakfast audience a summer job. last week.That Brooklyn site disappointed real would cost $31.6B estate interests. “He didn’t seem very The Downtown Brooklyn focused on new Partnership wants the Bloomberg construction,” one administration to reclaim New York Sponsor summer employment for motivated young frustrated lawyer City Transit’s old, vacant said. headquarters for use as an people today by visiting nyc.gov or calling 311 and Stephen Ross, chief executive of engineering campus. But its plan The Related Companies, told for 370 Jay St. would give the city asking about the Summer Youth Employment Program. hundreds of colleagues at a Real sticker shock. Estate Board of New York A master lease signed in 1953 Why we need your help: in 2010, over 108,000 teens who applied for jobs through luncheon that Mr. Steel had been between the city and the pressed at the breakfast about Metropolitan Transportation the City’s Summer Youth Employment Program had to be turned down. You can 421-a and tax assessments. “I don’t Authority for that and other change that. Not only will you give teens the jobs they need but you’ll also think he really had an answer,” Mr. properties remains in effect as long Ross said. as the agency has outstanding strengthen the City—community by community. Mr. Steel did say that the bonds.The city can get out of its Bloomberg administration wants lease by assuming New York City To support the Summer Youth Employment Program, visit nyc.gov or call 311. the state Legislature to renew 421-a, Transit’s debt, but most of the and he mentioned the construction MTA’s $31.6 billion in outstanding sector’s 20% unemployment rate. debt is for that agency. Ⅲ

Ofﬁce of the Mayor For daily political and government news, subscribe to CRAIN’S INSIDER @ www.crainsnewyork.com/insider

8 | Crain’s New York Business | April 11, 2011 20110411-NEWS--0009-NAT-CCI-CN_-- 4/7/2011 8:23 PM Page 1

NEIGHBORHOOD JOURNAL In Brooklyn, it’s all about Wallabout

ly researches the historical details of shows a place,his job is made easier by Now,residents are gearing up for Area’s historic-places the properties he shows. passing tour buses touting the neigh- the next campaigns: to have Wall- listing promises jobs, These days, Wallabout has other borhood by megaphone. All this at- about designated a New York City things going for it, too, including tention has driven real estate prices Landmark District and to have it as well as fame the influx of television and movie skyward.The roughly 12- to 15-foot- listed in the National Register of stars who work at Steiner Studios in wide wooden houses now regularly Historic Places, which would offer BY TOMMY FERNANDEZ the Navy Yard and shop or dine in go for close to $1 million, five times far more protection for the neigh- the growing number of restaurants what they went for when Mr.Minsky borhood’s buildings. fter more than three and upscale stores in the area. started selling 25 years ago. Local preservationists have suf- decades of effort, resi- Meanwhile, scenes from HBO’s “When I first moved here,every- fered some losses recently.What re-

dents and friends of Boardwalk Empire are regularly body thought this was a neighbor- mains of a row of officers’ houses in fernandez tommy Wallabout—a tiny sliv- filmed around the area. hood where you just got killed,” said the Navy Yard will be replaced by a STAYING ALIVE: Old homes of naval captains er of northwest Brook- Sometimes when Mr. Minsky Mr. Minsky.“It’s come a long way.” ShopRite supermarket in 2013. Ⅲ and shipbuilders are getting attention. Alyn across the street from the Navy Yard—are victorious. Last month, the neighborhood, which boasts the largest concentration of pre-Civil War wood-frame houses in the city, succeeded in getting roughly 50 properties entered into the New York State Register of Historic Places. Now, residents and business owners are trying to figure out what should come next. “This really sets the area apart and makes it more of a destination,” said Elissa Olin, owner of Green in BKLYN, a small shop on nearby Myrtle Avenue where she sells eco- SIZE SHOULD NEVER friendly housewares. “The more people talk about it, the more this neighborhood stays alive.” In fact, Wallabout is one of the OUTRANK SERVICE. oldest neighborhoods in Brooklyn. Dutch settlers gave it its name, Many of our travelers enjoy having the option to purchase a fi rst class seat or – if you’re which means “bend in the harbor.” a Medallion® member – receive a complimentary upgrade to one; but that hasn’t been In the 1800s,the area housed immi- an option on our smaller, regional jets. Now, if your fl ight is over 750 miles, you can grant laborers, and the famous Wallabout Market. Later on, poet expect the same two-cabin service that we offer on larger aircraft. We fi gure if we get Walt Whitman lived there, as did to choose the plane, you should get to choose where you’d like to sit. several Pratts, the wealthy family that founded Pratt Institute. DELTA.COM “It’s a very cool neighborhood,” said Brian Merlis, who has written some 20 books on Brooklyn history, most recently Brooklyn’s Historic Clinton Hill and Wallabout. Access to funds That history helped draw all sorts of people to the neighborhood, especially back in the 1970s,when it looked like the area would succumb to rot or a developer’s bulldozer.Vol- unteers ranged from the Historic Districts Council to Columbia Uni- versity professor Andrew Dolkart and Scott Witter, curator of Brook- lyn’s Other Museum of Brooklyn. The listing provides owners of a stretch of buildings along Vanderbilt Avenue between Myrtle and Park avenues with access to state and federal restoration tax credits, as well as grants and technical assistance. Michael Blaise Backer, executive director of the Myrtle Avenue Brooklyn Partnership, noted that down the road, those government- aided projects could create “a bump in local jobs for contractors special- izing in historic preservation and energy efficiency.” Meanwhile, businesses are already discovering that history can be a powerful marketing tool.Ms.Olin proudly displays Mr.Merlis’book in First Class available on CRJ-700/900 and ERJ-175 aircraft. her store;patrons,she said,are excit- All Delta SkyMiles® program rules apply. To review the rules, please visit delta.com/memberguide. Rules subject to change. ed about all the attention the area is getting. Jerry Minsky, a senior vice president with Prudential Douglas Elliman who lives in the neighborhood and sells houses there,careful-

April 11, 2011 | Crain’s New York Business | 9 20110411-NEWS--0010-NAT-CCI-CN_-- 4/8/2011 2:35 PM Page 1

VIEWPOINT A call for fair property taxes editor in chief Rance Crain publisher, vp Jill R. Kaplan

ew York City government funds its The city determines the value of many owner-occupied EDITORIAL operations with a mix of revenue apartments not by what they would sell for, but by the rent editor Xana Antunes streams, unlike localities that rely almost they would theoretically fetch. But luxurious buildings with managing editor Glenn Coleman deputy managing editors Valerie Block, entirely on property taxes.That is one spacious apartments in prime locations like Park Avenue can Erik Ipsen reason property taxes are not the be assigned rental incomes based on the revenues of build- assistant managing editor Erik Engquist senior producer, projects Kira Bindrim dominant political issue here that they ings with small, rent-regulated units in working-class neigh- senior producer, news Elisabeth Butler Cordova contributing editor are elsewhere in the state, despite borhoods. Correcting this requires state legislation. Elaine Pofeldt doubling in amount during the Bloomberg administration. The city should adopt a straightforward method of valu- columnists Greg David, Michael Gross, But another reason is that few city dwellers understand their ing properties, using the recent sale price of the property it- Alair Townsend N pulse editor Barbara Benson property taxes.Their confusion has helped perpetuate an self or of comparable ones, or current lease rates.Tax bills senior reporters Theresa Agovino, Aaron Elstein, Lisa Fickenscher, inscrutable and flawed tax system that hinders development, should show what data the city uses.The Department of Fi- Matthew Flamm, Miriam Kreinin Souccar constrains economic growth and threatens the supply of nance, building on the reporters Marine Cole, Amanda Fung, Shane Dixon Kavanaugh, Daniel Massey, affordable housing. An inscrutable efforts of former Com- Adrianne Pasquarelli, Jeremy Smerd Administration officials are aware of these shortcomings missioner Martha art director Steven Krupinski deputy art directors Carolyn McClain, and are mulling changes, but won’t say what they might be. and flawed Stark, has tried to ex- Daniel Mednick Budget crafters are said to be worried about a loss of rev- plain its methods on staff photographer Buck Ennis city system copy desk chief Wendy Zuckerman enue and predictability. But the goal should be a revenue- bills, but more disclo- copy editor Thaddeus Rutkowski neutral reform that replaces the bewildering array of tax hinders growth sure is needed. research editor Dana Gordon assistant research editor Suzanne Panara classes, assessment protocols, rates and abatements with a The undertaxing of research intern Laura Shin simple system that doesn’t rely on repeated tinkering by the some properties com- editorial interns Benjamin J. Spencer, Teresa Tomassoni state Legislature. pels the city to overtax Reform will be complex and fraught with politics. Own- others, such as newly EDITORIAL AND ADVERTISING OFFICES ers of single-family houses are set on preserving the prefer- 711 Third Ave., New York, NY 10017-5806 built rental buildings, which helps explain why construction editorial: 212.210.0277 Fax 212.210.0799 ential status they have unwittingly enjoyed for decades, while of mixed-income rentals has ceased since the 421-a tax abate- advertising: 212.210.0259 co-op and condominium owners demand to join them. De- ment program expired in December. With the construction Cable craincom nyk Fax 212.210.0499 velopers of market-rate rentals want older co-ops to pay sector’s unemployment rate at 20%, the city is pushing Al- Entire contents ©copyright 2011 Crain more. Commercial landlords want to bar assessors from bany to renew the program. But that’s not a long-term solu- Communications Inc. All rights reserved. ®CityBusiness is a registered trademark of MCP making arbitrary judgments that increase tax bills. tion.The affordable apartments that must make up 20% of Inc., used under license agreement.

But this is a good time to fix things because the mayor is units to qualify a building for 421-a will likely be converted to TO SUBSCRIBE: not seeking re-election and is less vulnerable to pressure. market rate when their abatement runs out in 20 years. Call 888.909.9111; fax 313.446.6777. $3.00 a copy, $59.79 one year, $109.79 two years. Making the case should not be hard: A system that assigns a Moreover, tax breaks should not be necessary to make www.crainsnewyork.com $5 million value to an entire building where a single apart- projects feasible. A better answer is fair taxes for all property ment just sold for $40 million clearly needs an overhaul. classes—and a system everyone can understand. ADVERTISING AND MARKETING advertising director Trish Henry senior account managers Irene Bar-Am, Courtney McCombs sales manager, classified print & online John Gallagher CRAIN’S ONLINE POLL COMMENTS sales coordinator, print & online Lulé Haznedari newsletter product manager MAYOR MIKE Alexis Sinclair credit Todd J. Masura 313.446.6097 BLOOMBERG DUMPS marketing director Amy Crossman Traumatic license assistant marketing manager CATHIE BLACK. Sabra Harrison EMERGENCY! ST. VINCENT’S STORY life-threatening tragedies like the first director, audience development LEADERSHIP OR COULD’VE USED A SECOND OPINION responders brought there on 9/11. John LaMarca You claim, “Initiatives such as urgent care senior audience development manager DESPERATION? In the April 4 story about efforts by the centers or a freestanding ED are cheaper and Tarek Cotran Date of poll: April 7 Rudin family and North Shore-LIJ Health more efficient than hospitals and old-school web developer, interactive 185 votes System to build a “freestanding emergency ERs.” In fact, a number of states with these Chris O’Donnell department” and condos on the Manhattan facilities are in the process of banning further NEW YORK PRODUCTION Leadership. A

. campus of Saint Vincent Catholic Medical construction because of increased health care smart manager is 45% production and pre-press director

willing to admit Centers, North Shore-LIJ CEO Michael costs and significant quality concerns. Michael Corsi when he has 55%. Dowling describes his trip to the Huntington —david kaufman, m.d. advertising production manager made a mistake Hospital ER as comparable to the experience Suzanne Fleischman Wies and to quickly CRAIN’S RESPONDS: he’d have at the proposed St. Vincent’s center. If Mr. Dowling had been hav- PUBLISHED BY CRAIN COMMUNICATIONS INC. remedy it. In reality, Mr. Dowling was evaluated in a ing a heart attack when he went to Huntington chairman Keith E. Crain hospital that has 408 beds, two cardiac Hospital’s ER with chest pain, it could have per- president Rance Crain Desperation. The old catheterization labs capable of emergency formed catheterization but not an elective stent secretary Merrilee Crain Mike Bloomberg angioplasty and stent placement, a state placement. It can now do both. Most people who go to treasurer Mary Kay Crain would never have been executive vp, operations William Morrow cowed into dumping Designated Stroke Team and all the other an ER with chest pain aren’t having a heart attack, facilities one would expect from a full-service an assessment that could be made at the emergency senior vp, group publisher Gloria Scoby someone before she’d group vp, technology, circulation, had a chance to prove hospital.To compare that experience to the department envisioned for the St. Vincent’s site. manufacturing Robert C. Adams herself just because level of care that the proposed center will be According to North Shore-LIJ, the proposed cen- vice president/production & of low scores in a able to deliver is blatantly misleading. ter could indeed treat many “critical emergencies,” manufacturing David Kamis public opinion poll. The story also states that the new center including chest pain and other cardiac symptoms, chief information officer Paul Dalpiaz He’s afraid that his would “provide about 95% of the care provided corporate circulation/audience legacy is in early-onset stroke and motor vehicle injuries. development director Kathy Henry jeopardy. by St. Vincent’s former ER.” I was a St. While there are a few proposed or actual morato- Vincent’s internist for 30 years.This center riums on new freestanding ERs, the overriding is- founder G.D. Crain Jr. (1885-1973) bloomberg news chairman Mrs. G.D. Crain Jr. (1911-1996) For this week’s questions: Go to would not be able to help stroke or heart attack sue is not “quality concerns” but the potential poach- www.crainsnewyork.com/poll to have your say. patients, trauma victims, patients in septic ing of paying customers from a hospital by locating shock or with respiratory failure, or victims of the freestanding one in a more affluent area.

10 | Crain’s New York Business | April 11, 2011 20110411-NEWS--0011-NAT-CCI-CN_-- 4/7/2011 8:25 PM Page 1

OPINION

of the first to see the future in iPad applications. Then there’s Shaifali Puri, who is attacking health prob- The best hope lems with a platform for Scientists Without Borders.Last,but far from least,is Rachel Sterne,the first chief for city’s economy digital officer for New York City. The Internet sector offers enor- mous potential for the city because he easiest way to track the city’s economy is to it meets all the criteria necessary to watch a few key statistics: the number of jobs be- diversify the city’s dependence on Wall Street,unlike many other areas ing created and the unemployment rate, new that the city is investing in. building permits and construction spending, the It is in a growth industry (un- sale prices of residential units and the rental rates like manufacturing). on commercial space. It could be big, employing tens T of thousands of people (unlike Sometimes,though,more anecdotal information can be even biotech). more telling,and that’s the case with the latest edition of Crain’s It creates good, mostly middle-class jobs (unlike retail). “40 Under 40” (March thing similar for schools It draws on traditional 28). By my count, al- with strengths of the city,including its tal- most one-quarter of DonorsChoose.org. ent pool of creative professionals,and those spotlighted are Aaron Shapiro’s Huge the customers of many of its products working in the Internet designs Web campaigns and services are based here, too. economy. Back in 2008, and websites. David It will not rise and fall with only four out of 40 oper- Karp of Tumblr Inc.has Wall Street (unlike green jobs). ated in that space, to use created a micro-blog- It does not require large gov- the sector’s own cliché. ging platform. ernment subsidies (unlike biotech Could there be a bet- Other 40s should be and the film industry). ter sign that tech— included as well. An- It can thrive outside of Man- reincarnated—is back? GREG drew Ross Sorkin’s hattan’s core business districts (al- Five of the 40s are DealBook is not only most alone among emerging indus- running startup Inter- DAVID one of the most impor- tries). net companies. The tant sources of news on It is an export industry (draw- most visible is Dennis mergers and acquisi- ing money into the city like tourism Crowley of Foursquare, whose mo- tions; it has shown that online busi- does). bile location software is drawing na- ness journalism can make money, That is why Crain’s emphasis on tionwide attention even as it re- too—even if it is part of the print- the Internet sector in the “40 Under mains relatively small. Chris challenged New York Times. Ditto 40” section was richly deserved and Hughes has launched the Jump so- for Howard Mittman of Wired, why the city should put the sector at cial networking site for charitable whose publication wouldn’t exist the top of its economic development giving; Charles Best is doing some- without the sector and who was one agenda.

The market’s relocation would be devastating to the borough and the city.The Bronx has one of the high- A road to keeping est poverty rates in the country and, at 12.7%, the state’s highest unemployment rate. Hunts Point mart Manufacturers have been steadi- ly fleeing the borough.They include the Old London Bakery, whose departure for North Carolina last year BY DENISE RICHARDSON resulted in the loss of 200 jobs. Stel- la D’oro Bakery had moved to Ohio he latest infrastructure idea being floated in New in 2009, leaving 136 unemployed. York has little to do with building better but, in- And in 1996, the closure of the Far- stead, demolishing what we have. A proposal be- berware cookware factory cost 700 positions; it was just one of 13 plants fore the state Department of Transportation to exit the Bronx that year. would tear down the Sheridan Expressway and,in Each departure should serve as a its place, put parks and housing. reminder to public officials that em- T ployers vote with their feet when The proposal is deeply flawed. It will divert trucks into local their needs are not met.Good trans- neighborhoods,snarling traffic and creating perpetual gridlock. portation infrastructure is critical to meeting those needs. It could prove to be the last straw for pressway. If it is demolished, those The loss of Hunts Point would the Hunts Point Wholesale Produce trucks will use local streets. That also affect the price of food in the Market and ensure would result in worse city, because vendors would pass that business’s reloca- air quality and safety along the costs of additional travel tion to New Jersey. The plan to for the community, time, fuel and tolls for produce The market is con- which already deals trucked in from New Jersey. sidering moving to tear down with a 25% asthma The Bronx and the city cannot New Jersey—and tak- rate among children. afford to lose more blue-collar jobs. ing 4,000 jobs with the highway The alternatives— Instead of spending limited capital it—when its lease ex- the Bruckner, Cross dollars to tear down the Sheridan, pires in May. The is flawed Bronx and Major let’s allocate adequate resources to transportation depart- Deegan express- maintain the state’s transportation ment says that nearly ways—are highly network and the jobs it supports. half of all trucks ac- congested. In an in- cessing the market dustry where time is Denise Richardson is managing director of (which supplies 60% of the city’s money, no one will put up with a the General Contractors Association of fresh produce) use the Sheridan Ex- third-rate road network. New York.

April 11, 2011 | Crain’s New York Business | 11 20110411-NEWS--0012-NAT-CCI-CN_-- 4/7/2011 8:26 PM Page 1

REAL ESTATE DEALS

Law firm leaps to Broadway PRICEY PERCHES Manhattan office leases Third Avenue space based law firm occupies now. It the switch to Times Square. signed at more will relocate toward the end of the “It was starting to become dys- than $100 per no longer big enough summer. functional,” said David Hoffman of sq. ft. in 1Q The asking rent wasn’t available; Cassidy Turley, who negotiated for 2011, up from two a year earlier for Wilk Auslander but Electronic Arts leased at the ad- the tenant.The firm has “a fair num- 13 dress earlier this year for $58 a ber of partners who commute to Source: Cushman & Wakefield ilk Auslander has square foot, according to CoStar. Penn Station, so there was a desire signed a 10-year “We’re bursting at the seams,” to be closer to it,” he added. lease for 34,000 said Jay Auslander, a partner at the The landlord was represented in- square feet at firm, which has been at 675 Third Ave. house by David Kaufman and Cyn- Eatery to spice up 1515 Broadway. for 10 years. thia Wasserberger of Jones Lang Upper East Side TheW space—the entire 43rd floor— A desire for more modern space LaSalle. 1515 Broadway is 39% more than the Manhattan- in a more central spot also spurred —marine cole A British-themed Indian restaurant is expanding to the Upper East Side. Brick Lane Curry House, named for the famed East London street that is home to many curry spots, signed a 15-year lease for 7,000 square feet at 1664 Third Ave. That’s why, if someone’s sick or injured, we pay cash directly — faster than our top The lease includes nearly 2,800 square feet on the ground floor, a competitors. Aflac is like a safety net, helping pay costs that major medical doesn’t cover; 1,600-square-foot mezzanine and a 2,600-square-foot basement. The asking rent works out to $77 a When it comes to claims, no one likes pit stops. square foot for the ground floor.The new restaurant will open in June. and we pay claims in an average of four days, speeding your benefits into victory lane. Sam Zagoren of Square Foot Re- alty represented the tenant; Alexan- Because when it comes to your employees and their families, second place isn’t good enough. der Hill of Winick Realty represented landlord Anthony Castelbuono. Race over to aflac.com/paysfast and get started. Started in 2002 by Ajit Singh Bains and Satinder Sharma, Brick Lane has outposts on East Sixth Street and East 53rd Street. —marine cole Tenant doubles space at 280 Park Financial machinations at 280 Park Ave. don’t appear to be scaring off tenants. Roundtable Investment Partners is doubling its space in the east tower of the two-building property.The private equity firm, which has the entire 23rd floor, is also taking the 22nd floor, for a total of 17,320 square feet. Rent for the 10- year deal couldn’t be determined. Mark Boisi, chairman of the tri- state region at Cassidy Turley, and broker Peter Occhi represented the tenant.CB Richard Ellis Inc. brokers Paul Am- rich and Sam Seiler negotiated for the building, owned by Broad- way Partners and 280 Park Ave. Investcorp. Last month, Broadway Partners hired Edgerock Realty Advisors to find new capital for 280 Park because the property’s interest reserves were going to be depleted by mid- year,according to real estate sources. Soon after, landlords SL Green Realty Corp. and Vornado Realty Trust formed a 50-50 venture to combine the debt they hold on the address.The point of the partnership appears to be to position them to take over 280 Park if the owners default. Individual coverage underwritten and offered by American Family Life Assurance Company of Columbus. In New York, coverage underwritten and offered by American Family Life Assurance Company of New York. Some policies may be available as group policies. Group coverage underwritten and offered by Continental American Insurance Company. Policies may not be available in all states. Aflac pays cash benefits direct The 1.2 million-square-foot Plaza to the insured, unless assigned. Aflac processes most claims in an average of four days. For Continental American Insurance Company, the average is five days. district property recently lost Deut-

NAD1122 sche Bank,which had some 340,000 square feet. Two other large tenants are set to vacate in the next three years. —theresa agovino

12 | Crain’s New York Business | April 11, 2011 20110411-NEWS--0013-NAT-CCI-CN_-- 4/7/2011 7:44 PM Page 1

SMALL BUSINESS Putting the ‘green’ in dry cleaning

being green the linchpin of its mar- Meurice Garment Care operates Recyclable hangers, reusable garment bags, keting efforts. For instance, it offers two stores in Manhattan and one in biodegradable soaps bring in customers discounts when people recycle wire Manhasset, L.I. It sends regular and plastic hangers. messages and promotional offers to quality, service and convenience, so Owner Ken Kinzer opened his its e-mail list, touting its use of wet BY BRUCE W. FRASER Hallak Cleaners focuses heavily on Dumbo plant in 2000, using a wet cleaning and hydrocarbon solvent these aspects on its website. cleaning technology, and recently (another green alternative), both of hen customers “If my marketing were only based added the GreenEarth dry cleaning which clients are requesting. return a plastic on being a green cleaner, it would be product,which brings odor-free liq- “Such customers range from the hanger to Hallak one-dimensional,” said Mr. Hallak. uid silicone into his operation. über-wealthy to the starving fashion-

Cleaners, the Bridgestone Dry Cleaners and Consumers are biting. Mr. Kinzer ista,” said Chief Executive Wayne buck ennis green dry cleaner Laundry, in Brooklyn’s Cobble Hill expects to see revenues top $1 mil- Edelman. He predicts revenues ex- BEYOND GREEN: John-Claude Hallak’s contributesW 10 cents to a foundation and Dumbo neighborhoods, makes lion this year. ceeding $3 million this year. Ⅲ business focuses on service and convenience. for children with cancer. A message about the Manhattan shop’s environmental certifications plays when telephone callers get put on hold. And in an Earth Day promotion last April, staffers handed out reusable shopping bags with Hallak’s logo, outside a Gourmet Garage. “We printed up 500 bags and un- fortunately ran out more quickly than we anticipated,” said John- Claude Hallak,who owns and operates the second-generation business Do you have to reach out to your banker? with his younger brother, Joseph. Keeping their green efforts at the Or is it the other way around? top of their customers’s minds has helped them grow sales to $5 million. Around 30 green cleaners offering alternatives to traditional dry cleaning have emerged in the city since the first “wet” cleaners using biodegradable soaps and condition- ers appeared here in 1998,according to the Manhattan-based National Cleaners Association. Trying to stand out Though green shops make up a fraction of the 1,500 dry cleaning outlets citywide, competition has heated up recently. Finding ways to remind consumers of their unique- ness has been essential to their growth,given that they are compet- ing not just against each other but also against traditional dry cleaners with lower overhead. Moreover, the dry-cleaning industry overall is reporting declining sales. Nora Nealis, executive director of the NCA, says that getting set up as a green cleaning operation typically costs $65,000 to $160,000.Us- ing environmentally safe cleaning fluids that leave clothes odor-free usually costs more than employing You want a financial specialist who understands your world. A proven banking expert with a solid track record of helping ® traditional chemicals.And the own- businesses realize their financial goals. When you team with Union Bank, you’ll experience a more personal banking ers are expected to minimize their relationship centered around your needs. Our relationship managers will put their knowledge and expertise to work to environmental impact in recyclable help streamline your treasury management operations and maximize profitability. So now a stronger banking relationship hangers, reusable garment bags and is well within your reach. biodegradable detergents and addi- tives, according to guidelines devel- With Union Bank, the world can be an easy place to do business. Call us today. oped by the Green Cleaners Coun- cil. This poses a financial challenge Commercial Treasury Services: Corporate & Institutional Specialized Financial Services: for the city’s typical “mom-and-pop Treasury Services: shop with $250,000 in sales and Les J. Goodwin Marla Feldman Robert Dawson three or fewer employees” strug- Senior Vice President Vice President Senior Executive Vice President gling to make ends meet,Ms.Nealis 213-236-5159 917-273-0351 213-236-4229 said. Green cleaners say that loyal customers are willing to pay more for odor-free clothes and environmentally friendly practices. But their clientele also expects competitive ©2011 Union Bank, N.A. Union Bank is a proud member of the Mitsubishi UFJ Financial Group (MUFG), To sign up for Crain’s one of the world’s largest financial organizations. unionbank.com SMALL BUSINESS newsletter, go to www.crainsnewyork.com/smallbiz.

April 11, 2011 | Crain’s New York Business | 13 20110411-NEWS--0014-NAT-CCI-CN_-- 4/8/2011 2:15 PM Page 1

“We were absolutely confident last year to help Mr. Gluck buy the developer has pledged to keep that Larry could do a great job,” said Tivoli Gardens, a Brooklyn apart- the building in Mitchell-Lama for Developer rebounds Savanna managing partner Chris ment building reserved for moder- an additional 30 years. Schlank, who has known Mr. Gluck ate- and low-income tenants under Even as Mr. Gluck begins fresh Continued from Page 3 been impacted by the Great Reces- for nearly 10 years. the Mitchell-Lama program. He endeavors, however, his past deals projections on rent increases. The sion and needed to restructure debt Stellar used some of the cash in- made much of his fortune buying present significant challenges. In sheer number and scale of such fail- and adjust to the new normal.” He fusion on marketing,and it built out such properties and transforming December, an appellate court panel ures, which have tainted even some added, “Our partners and lenders office suites to save prospective ten- them into market-rate units—re- upheld a ruling prohibiting land- of the city’s pre-eminent landlords, still view Stellar as a first-class own- ants’ time and money.Those efforts ducing New York’s rent-regulated lords who took buildings out of have made lenders more willing to er and operator of commercial real have helped halve the vacancy rate inventory in the process. Mitchell-Lama from using a loop- overlook mistakes in writing new estate.” to 15%, according to Mr. Schlank, hole in housing law to raise rents. loans. Mr. Gluck has the added ad- Savanna Partners, a New York- who would not comment on Mr. Prior commitment Separately, a judge ruled last sum- vantages of expertise and important based real estate firm, confirms that Gluck’s failures. Mr. Gluck had a long-standing mer that Mr. Gluck illegally raised contacts gathered over his 25 years assessment. Last summer, it invest- Largo’s Mr. Werner is sanguine. contract to buy Tivoli Gardens, and rents at a former Mitchell-Lama in the industry. ed an undisclosed amount at 2 Rec- “Larry knows residential real estate the city needed someone to move holding, 1,300-unit Independence tor Square in lower Manhattan, like no one else,” he said. “Any de- the project along because the 320- Plaza in TriBeCa. Both decisions Adjusting to the “new normal” which was in danger of going into veloper who has been active recent- unit property was deteriorating rap- are being appealed. Mr. Gluck declined to be inter- foreclosure, according to public rely has had problems.” idly.The city is providing $43.7 mil- Because of the lawsuit, the Inde- viewed for this story. In an e-mail, a ports. Savanna was a lender before According to critics, though, it is lion in financing, debt restructuring pendence Plaza loan is on a default spokesman said that Stellar “has stepping up its commitment. difficult to explain the city’s decision and renovation funding. In return, watch list.But Mr.Gluck and his investors would not suffer if it de- faults. He bought the building in 2003 for $156 million and refi- nanced it three years later for $565 American Airlines Flagship Lounge, JFK Terminal 8 million. That led many to speculate that he had recouped his investment. He employed the same strategy with the Riverton. Ⅲ Walgreen digital Rx

Continued from Page 2 March. Total sales rose 7.6% for the month, to $6.28 billion. Though CVS and Rite Aid have yet to expand their Web presence to the same extent as Walgreens, the drugstores are also offering new products and services. CVS, head- quartered in Woonsocket, R.I., is dabbling in beer sales,along with salads and sandwiches.CVS,with more than 100 New York City stores, had a same-store sales increase of 1.7% for the fourth quarter of last year compared with the same period of 2009,though it did post a 4% decline in revenue, to $24.8 billion. To remain in the game, Camp Hill,Pa.-based Rite Aid,which posted a 0.1% drop in same-store sales last month, started a free prescription-delivery service at its 200 New York City stores earlier this year. Beauty gets new look All three chains are focusing on the beauty front, both online and in stores.Recognizable brands,including Frédéric Fekkai, Sally Hersh- berger and Cristophe,that sell at de-

SM partment stores or salons are now Premium Check-In. PriorityAAccess . selling at the neighborhood drug- The Admirals Club® and Flagship Lounge®. store. “There’s no shame for some of First and Business Class cabins. Arrivals Lounges. these brands that a few years ago would never have sold to these out- Our premium travel experience gives you lets,”said Jeanine Recckio,who runs the luxury and convenience you expect. beauty consultancy Mirror Mirror Imagination Group. And the comfort you deserve. The additions may help when big discounters Walmart and Target make good on their plans to expand into urban areas with smaller shops starting near 15,000 square feet. Such launches—already under way in Chicago—will increase the competition facing drugstores. This “groundwork [in online sales] will better prepare the drugstores for the arrival of Express Wal- AmericanAirlines, PriorityAAccess, Admirals Club, Flagship Lounge and AA.com are marks of American Airlines, Inc. oneworld is a mark of the oneworld Alliance, LLC. © 2011 American Airlines, Inc. All rights reserved. mart and smaller-formatted Tar- gets,” said Ms. Corlett of WSL Strategic Retail. Ⅲ

14 | Crain’s New York Business | April 11, 2011 20110411-NEWS--0015-NAT-CCI-CN_-- 4/7/2011 6:40 PM Page 1

EMPLOYERS INSIDE LARGEST EMPLOYERS Over 850,000 jobs—and counting PAGE 20 “I was perma-lancing.” —A dAd agency worker Cassandra Nuamah, who spent 10 months waiting for her temporary position in digital media to become permanent, Page 16 CEO churn: not if, but when

Top turnover is a fact of life. That doesn’t make it easy

BY AMY FELDMAN

The revolving corporate door spins ever faster.An analysis of chief executive turnover at the world’s top 2,500 companies shows that CEOs typically lasted just over six years on the job in 2009, compared with a reign of more than nine years in 1995, according to management consultancy Booz & Co. “There’s an inside joke among CEOs: It is not if you get fired, but when,” said Matt Paese, a vice president at leadership consulting firm Development Dimensions Inter- national. “You have a shelf life of between four and nine years, and somewhere in there you will be asked to leave,either publicly or privately.” Nearly 100 companies in New York have added new CEOs since the beginning of 2010, according to a count last month for Crain’s New York Business by outplacement firm Challenger Gray & Christmas. The diverse collection includes investment bank Morgan Stanley, bookseller Barnes & Noble, fashion house Kenneth Cole Productions, shoemaker Stuart Weitzman,retail-

harry pulver See REVOLVING on Page 18

LAG-O-NOMICS Temp track feels plenty permanent 2002 9 MONTHS Hirers still have Uresin,whose New Hyde Park,L.I., minute that’s sustainable, we’ll find health services last year, which rep- The lag between the time that company sells designer fragrances permanent staff.” resented a 2.5% increase, or the temporary-employment firms commitment issues, online. “I didn’t know what was As companies across New York 10,000 jobs added in educational started hiring during the recovery around the corner.” continue to claw their way out of the services, a 6% rise. And the absolute from the dot-com crash and the even post recession Fortunately, what awaited him recession, many employers have job growth is second only to that in time that legal, accounting and was an increase in sales. Revenues turned to temporary help to beef up the restaurant industry,which deliv- engineering firms started hiring. doubled from 2009 to 2010, and shrunken staff rosters now stretched ered 11,700 new positions last year, BY SHANE DIXON KAVANAUGH Mr. Uresin expects them to triple thin by recent upticks in business. up 5.8%. this year. The employment-services seg- While this bonanza in tempo- 2011 Nick Uresin had little reason to Still, he has hesitated to add new ment, which includes temp and rary help means that companies are celebrate during Valentine’s Day permanent hires to his payroll. staffing agencies,ballooned by more adding workers again, it also signals 20 MONTHS weekend in 2009. That’s when Instead, he’s turned to temporary than 20% in the city in 2010,adding that they’re not quite ready to com- The lag so far during this recovery. he was forced to lay off half of his employees to handle the extra work 11,600 jobs, according to a recent mit to full-time hires—which would Temp hiring is strong; legal, eight employees at Tuccini Corp., until he’s sure that the recovery is analysis of state Department of La- also require that they shell out for accounting and engineering an e-commerce business he started for real. bor statistics by real estate services health care, paid vacations, retire- hiring, not so much yet. in 2004. “It really comes down to business firm Eastern Consolidated. That’s ment and other employee benefits. Source: Eastern Consolidated “My heart was broken,” said Mr. volume,” Mr. Uresin said. “The more than the 10,200 new jobs in See FIRMS on Page 16

April 11, 2011 | Crain’s New York Business | 15 20110411-NEWS--0016-NAT-CCI-CN_-- 4/7/2011 6:43 PM Page 1

REPORT EMPLOYERS Firms on temp track

Continued from Page 15 Now Mr. Uresin is back to eight “Companies are being cautious,” full-time employees. Four are on said Richard Deosingh, a regional the payroll, two are in temp-to- vice president for staffing firm permanent positions and two are Robert Half International. “Em- simply temps. ployers want to make sure that the “Clients are using temporary need is justified.The last thing they help in much more strategic ways want to do is cut again.” now,” said Bob Kovalsky, a senior Many employers who do hope to vice president with Adecco Staffing make permanent offers have turned U.S. “It’s scalable: They can hire to temporary hires as one way to quickly and downsize quickly, as field candidates and avoid hiring the demand goes away.” wrong people. Once business began to pick up Ahead of the curve FRAGRANCE again for Tuccini in the middle of This nimbler approach is clearly SELLER’S ASCENT: 2009, Mr. Uresin said, he decided to reflected in the employment data, Nick Uresin brought Tuccini back to full try out a number of individuals to said Barbara Byrne Denham, chief staff levels with temp ensure that he found the best candi- economist for Eastern Consolidat- and temp-to-perm date for future permanent work. He ed. Her analysis of the city’s eco- workers. was able to do that by creating temp nomic recovery in 2002 shows a

positions. nine-month lag between the time buck ennis “We’re not hiring a brain sur- that temp firms started adding jobs geon,” he said. “But a person with and the time that legal, accounting rent recovery, however, temp hiring ing sectors have yet to start bringing “I was doing everything like a aspirations to grow is hard to find, and engineering firms began filling has been strong for 20 months,while on full-timers again in big numbers. full-time employee,” she said. “It especially in a down economy.” permanent posts. During the cur- the legal, accounting and engineer- “They have the bodies,” Ms. was pretty frustrating.” Denham said. “They’re just not on Mr. Deosingh of Robert Half the payroll.” notes that while temps may not have That can be tough on workers health care and vacation time, their who have seen temp jobs last for work offers them benefits beyond a months and months and months steady stream of income. For exam- without being converted to perma- ple, it positions people to showcase nent posts as planned. their talents to employers and offers COMMAND Cassandra Nuamah was told in them chances to update their skills. May 2010 that her new job as a dig- “I see those things greatly out- COMPLEX ital project manager at a midtown weighing the concerns of being a COMPOSED advertising firm was a temp-to- consistent temporary worker,” he perm position.Ten months later,the said. COACH transition hadn’t taken place. They’re also good for Robert Half: The international staffing COGNIZANT Living in limbo agency’s revenues jumped 5% in “Basically,I was perma-lancing,” 2010, to $3.2 billion. COLLABORATIVE said Ms. Nuamah, who found the Those benefits did eventually CONTEMPORARY job through a temporary employ- pay off for Ms. Nuamah. On April ment agency five months after being 1, the advertising firm offered her a COUNSEL COZEN laid off from Ogilvy & Mather, permanent position. And it wasn’t where she had worked for nearly five an April Fool’s joke. CONFIDENCE years.The 27-year-old Harlem res- “They know better than to play COURAGE ident’s new gig provided no paid around with that topic,” she said. O’CONNOR sick days, vacation time or health “I’ve been asking about a full-time CELEBRATES care benefits. job forever.” Ⅲ COLLEAGUE COMMUNICATOR Geoffrey Ferrer, Corporate / Trial Lawyer WHO’S NO. 1 IN NY? Winning takes confi dence. NOMINATE YOUR BIZ IF YOU THINK YOU WORK for one of the Whether you need an unrivaled trial lawyer or corporate city’s best companies or nonprofits, counsel who understands your business, our attorneys now is your chance to do more than have the training and fl exibility to help you win. brag about your good fortune. You can nominate your employer to be honored For worldwide offi ces, visit us at cozen.com. by Crain’s in its 2011 Best Places to Work in NYC competition. To register for the free contest or get Abby M. Wenzel, Offi ce Managing Partner more information, visit www.bestplacestoworknyc.com, or contact 277 Park Avenue New York, New York 10177 Madelon Miuccio by e-mailing [email protected] or 212.883.4997 | [email protected] calling (877) 455-2159 toll-free. The competition recognizes workplaces based on an employee survey that Geoffrey D. Ferrer, Offi ce Managing Partner 16th Floor, 45 Broadway measures many factors, including work environment, innovations and new New York, New York 10006 ideas, and opportunities for advancement, as well as an employer survey of 212.908.1201 | [email protected] policies and practices. 550 Lawyers | 24 Offi ces Employees can nominate their companies until July 1; the deadline for companies to submit registration forms is July 8. Finalists will be recognized in Crain’s Dec. 5 edition, on its website and at a special event. The confi dence to proceed. To be eligible for the contest, companies must have at least one

® location and at least 25 employees within the five boroughs. Crain’s is working with leading research firm Best Companies Group to © 2010 Cozen O’Connor conduct and evaluate the employee and employer surveys.

16 | Crain’s New York Business | April 11, 2011 CN014324 4/1/11 3:56 PM Page 1

You set the rhythm we move to Deloitte Growth Enterprise Services is focused on serving companies, from start-ups to those with up to $1 billion in annual revenue. We scale our services to suit your company. We customize service offerings to meet speciﬁc needs. And we invest our time and attention in building a strong relationship. You get our resources, experience, and insight – all moving to the beat of one drummer. You.

To learn more about DGES contact Greg Durant at +1 212 436 2000 or e-mail us at [email protected]

www.deloitte.com/us/dges

As used in this document, “Deloitte” means Deloitte & Touche LLP, Deloitte Consulting LLP, Deloitte Financial Advisory Services LLP, and Deloitte Tax LLP, which are separate subsidiaries of Deloitte LLP. Please see www.deloitte.com/us/about for a detailed description of the legal structure of Deloitte LLP and its subsidiaries. Certain services may not be available to attest clients under the rules and regulations of public accounting.

BoardServeNYC.org REPORT GIVE BACK. Revolving chief execs

Continued from Page 15 point doesn’t count for as much as CONNECT. ers Barneys New York and New you think it should.” York & Co., sports trading-card company Topps, website conglom- THE ELEMENT OF SURPRISE erate IAC,publishers Time Inc.and Succession can be a funny thing: Hachette Filipacchi Media U.S., No one wants to think much about online brokerage E*Trade Financial it while they’re at the top, but failure and money manager First Eagle In- to do so almost guarantees gut- vestment Management. wrenching change and uncertainty LEAD. Some of these CEO shifts were once it happens. planned, others were surprises. Challenger Gray & Christmas Some of the new chiefs came from CEO John Challenger sums up the NEW YORK CITY: inside the companies; others joined concerns thusly: “Was the change a from elsewhere. But if there’s one surprise? Or was it planned out care- constant when a place goes through fully over time? Did the company GIVE BACK IN A NEW WAY a change at the top, it is this: All jobs lose more people than it wanted to at the company are on the line—es- lose after the CEO left?” pecially if the new chief was brought Companies still run by their Hundreds of nonprofit organizations in NYC, in all five boroughs, are seeking new board in to fix what had gone wrong before. founders can face special challenges members – talented and committed individuals eager to share their skills and expertise. According to a 2007 study pub- when bringing in a new chief. The lished in the Harvard Business Re- business may indeed need to view BoardServeNYC connects nonprofit organizations with individuals who want to , the chance of a senior manag- change, but moving too fast could er leaving after a new CEO arrives destroy the very culture that made give back through board service. is 1 in 5 if the new leader rose from the enterprise a success. inside the company. It’s 2 in 5 if he Consider fashion mogul Ken- BoardServeNYC accepts applications from potential board candidates and or she came from outside. neth Cole.At the end of February,he NYC nonpofit organzations year round. New chiefs usually like to bring regained the top spot at his name- their own trusted lieutenants from sake company, as Jill Granoff, who’d past jobs,and that often spells doom arrived three years earlier from Liz Apply today. Visit BoardServeNYC.org to learn more. for the people currently occupying Claiborne, abruptly departed. Mr. choice positions. (See the story be- Cole became interim CEO and low for tips on surviving during a brought back with him Paul Blum, PROUD PARTNER regime change.) the company’s former president, as “All your success to date counts vice chairman. Shares of Kenneth for nothing,”said management con- Cole Productions fell 7% the day of GIVE. ADVOCATE. VOLUNTEER. sultant Kevin Coyne, co-author of the announcement on heavy trading. the HBR study and a senior teach- And who will the new, perma- LEAD ing professor at Emory University’s nent chief executive be? No answer CORPORATE LIVE UNITED Goizueta Business School.“It is sur- yet.(A Kenneth Cole spokeswoman SPONSOR prising and humbling: Everything declined to comment.) But you unitedwaynyc.org you’ve done in your career up to that might not want to be in the remain- SURVIVING REGIME CHANGE IF YOU’RE AT A COMPANY going through a chief executive change, what should you do to survive—and even thrive—amid new REWARDREWARD opportunity? Hold your ego in check. Listen to what the new chief wants. If he or she has come from the outside, it’s likely there’s your extraordinary employees going to be a whole new strategy, and the new CEO may want to bring in his or her own lieutenants. “Don’t assume the new guy assumes you are on his side,” said management consultant Kevin Coyne, a senior teaching professor at Emory University’s Goizueta Business School. “The new CEO often senses a level of hostility. Make sure the new CEO understands that you are supportive of him, not trying to undermine him, and actively want to be on his team.” One good starting point is to ask questions: “What are your most pressing goals?” and “How can my team and I achieve them?” Ask early. Ask often. You’ll get points for asking, and if you need to make big changes, you’ll know what you need to do before it’s too late. “People tend to think that asking, ‘What can I do to help you succeed?’ is kissing up, so they don’t do it,” said Lois Frankel, CEO of Corporate Coaching International. “But it’s not kissing up. It’s just practical. You’re asking for information that you need, and you’re demonstrating that you want to be an asset, not an obstacle.” Some things should go without saying. If you had planned to take a vacation during the first weeks after the new CEO’s arrival, cancel it if you can. And if you’d been lobbying for a promotion or raise, hold off until after the dust settles. What’s true for the most senior executives is true further down. If the CEO replaces your boss, you’ll need to prove yourself to the new person, just as your old boss tried (and failed) to do with the CEO. If your company’s been in turmoil, you need to beware of letting any pent- up frustration you’re feeling make you a casualty. “It’s understandable to feel frustrated. You may be spring-loaded to give the new CEO an earful, but it is a mistake,” Mr. Coyne said. “The CEOs we’ve talked to say it leaves a very nasty feeling in their mouths if people start pushing their own agendas before they’ve taken time to learn what the new agenda is for the company.” —AMY FELDMAN 20110411-NEWS--0018,0019-NAT-CCI-CN_-- 4/7/2011 6:46 PM Page 2

REPORT EMPLOYERS

ing managers’ shoes right now. line and by mobile app,in 37 markets, ecutives—until Mr.Weill outmaneu- family founded the iconic business. “I set out on an aggressive 100- Contrast that with Merck. Last and plans to surpass 50 by June,com- vered the longtime Citi banker. But the bigger CEO shakeup day learning exercise,” Mr. O’Hara November, the pharmaceutical gi- pared with just half a dozen when But not all such moves end bad- came last year. That March, Ryan said.“I interviewed the top 30 man- ant staged an orderly transition Mr. Meyer joined two years ago. It ly, and many companies O’Hara, former president agers, reviewed 10 years of business from Richard Clark, CEO since also turned profitable last year. that are stagnating des- of TV Guide, moved from plans and visited staff in all offices.” 2005 and approaching the compa- perately need new blood 40% L.A. to New York to take In the past year, Topps has be- ny’s mandatory retirement age, to NEW OWNER, NEW BOSS and ideas. charge of the business he’d come the No. 1 card company at Kenneth Frazier, who won acclaim A change in ownership, whether After former Walt Dis- CHANCE of a loved since he was a kid. Walmart and acquired a company as the company’s general counsel through an acquisition, a merger or ney chief Michael Eisner senior manager Topps and its more called Sharkies that makes organic, when it was defending its pain drug a new round of equity financing,can and private equity firm leaving after a than 350 employees had gluten-free fruit chews—a far cry Vioxx from litigation.Merck sooth- also bring a new boss. Madison Dearborn Part- new CEO arrives survived cost-cutting and from Bazooka gum. ingly dubbed the changing of the The meshing of two cultures can ners bought The Topps from outside layoffs during the reces- “My experience at TV Guide guard “the result of a long-term, be tough, of course. Exhibit A may Co. in 2007, the company sion. Mr. O’Hara not only taught me to be open to unsettling thoughtful, succession-planning well be the merger that created Citi- got its first new chief exec- needed to learn the busi- change,” Mr. O’Hara said. process.” Investors barely blinked. group,which combined Travelers and utive in decades: Scott Silverstein, a ness, which included both trading And being open to unsettling “Organizations often underplay Citicorp and resulted in Sandy Weill longtime Topps executive and son- cards and confections,but needed to change is a good characteristic for the importance of culture and cul- and John Reed becoming co-chief ex- in-law of Arthur Shorin, whose do so lightning-fast. just about anyone these days. Ⅲ tural fit,” said Mr. Paese, the leadership consultant. A key question for any search committee is how a candidate might act—and react—once named the chief executive, Mr. Paese added. “Understanding a person’s personal- ity and the type of person that will emerge when he or she becomes CEO is essential.” FOUNDERS FIRST Especially at maturing startups, the inevitable interplay between the new chief and the founding CEO can further complicate matters. “You hear a lot of unsuccessful founder-successor stories,” said Joe Meyer, chief executive of HopStop, who landed in the latter role two years ago. Back then, Mr. Meyer wasn’t thinking too much about his relationship with founder and former CEO Chinedu Echeruo, who remains the largest shareholder in the online navigation service for pedes- trians. Instead, Mr. Meyer was strategizing about how to expand and compete against Google, which had big-footed its way into Hop- Stop’s space. It helped, he said, that the founder’s demeanor was calm— and that his investors were willing to be patient rather than pushing for a speedy way to cash out. “In the early days, it was important for people to see that we had a shared vision for the company,” said Mr.Echeruo,who is now a partner at Constant Capital, a Ghana-based investment bank and private equity firm. “We’ve definitely disagreed. I remember acknowledging to myself that this is a tricky process. What’s critical is to make the best decisions for the company. When we’ve disagreed, I can argue my point as ag- gressively as I want, but if Joe is going to have accountability, then he has to make the decision.” There were tough decisions on staffing. Two years later, only three members of Mr. Echeruo’s original team remain among HopStop’s 15 employees. “I’d been at startups in the past— I knew what we needed to do,” Mr. Meyer said. “Chinedu left me the latitude to make these decisions. If he felt I was making the wrong decision, or the right decision at the wrong time, he’d let me know in his subtle yet direct way. Chinedu doesn’t lose his cool.” For HopStop, both men ac- knowledge, the transition was made easier by the simple fact that the company is doing well. It now offers its free navigation service, both on-

April 11, 2011 | Crain’s New York Business | 19 20110411-NEWS--0020-NAT-CCI-CN_-- 4/7/2011 8:56 PM Page 1

REPORT TOP EMPLOYERS New York City’s Largest Employers Ranked by number of employees based in NYC

Number Number of Companywide of NYC employees1 employees companywide1 revenues (in millions) Selected subsidiaries or system Rank Employer Head of NYC office/phone/website 2010 2009 % chg. 2010 2009 % chg. 2010 2009 % chg. members operating in NYC

"+/' .')# $82704;) ;>><14A6 %/' %/ %/ D<0= 8CH 0;; $0H>A )4B>DA24B3<8=8BCA0C8>= %/ %4F/>A: %/ FFF =H2 6>E 4?C >5*0=8C0C8>= .')#"+/ ()+%&+' 4==8B$ .0;2>CC J J J ,+"'& 4?DCH<0H>A +F443>DAC7>DB4 B27>>;B =H2 6>E 70<14AB*C %4F/>A: %/ +)'('$"+&)&*(')++"'& !0H .0;34A %4F/>A:8CH+A0=B8C ,+!')"+/ 708A<0= 278454G42DC8E4 DC7>A8CH #>=6 B;0=3)08; $038B>=E4 FFF )>03 $4CA> %>AC7><A: %/ )08;A>03 +A81>A>D67A83640=3 +D==4;DC7>A8CH &"+++* '-)&%&+ 0A02: &10<0 J J J 434A0;';0I0 'A4B834=C %4F/>A: %/ FFF DB0 6>E .')#"+/ $+!& '*("+$* ;0= E8;4B "8=6B>D=CH >B?8C0;4=C4A ')( 'A4B834=C 278454G42DC8E4 4;;4ED4 >B?8C0;4=C4A .>AC7*C FFF =H2 6>E 772 ;<7DABC >B?8C0;4=C4A !02>18 %4F/>A: %/ $43820;4=C4A ++' .')# =3A4F$ D><> = 3 = 3 J %/**C0C40?8C>;D8;38=6 >E4A=>A ;10=H %/ FFF =H 6>E ') &!*' !0<848<>= ! ' $>A60=70B40=: ! ' '0A:E4 708A<0= 278454G42DC8E4 $>A60=*42DA8C84B ! ' $>A60= %4F/>A: %/ FFF 9?<>A60=270B4 2>< '0AC=4AB &=4@D8CH'0AC=4AB "+" )',( & -8:A0<* '0=38C 8C810=: 8C8 =B8CDC8>=0; '0A:E4 78454G42DC8E4 ;84=CBA>D? 8C8'A8E0C40=: %4F/>A: %/ FFF 28C86A>D? 2>< ')+!!') $+!/*+% $82704;! >F;8=6 # !$43820;4=C4A #4=>G 8;; ><B?8C0; *C0C4= B;0=3,=8E4AB8CH A40C%42: %/ FFF =>AC7B7>A4;89 2>< >B?8C0; >A4BC 8;;B >B?8C0; '&+"&,,% $+!)+&)* & *C0=;4HA4I4=>55 4C7 BA04;$43820;4=C4A *C . C7*C 'A4B834=C 278454G42DC8E4 #D:4B )>>B4E4;C >B?8C0; %4F/>A: %/ FFF 27?=H2 >A6 4=C4A #>=6 B;0=3>;;464 >B?8C0; %4F/>A:H40A =58A<0AH ',&+"&""$&+) "4==4C7# 0E8B $ $>D=C*8=08 >B?8C0; $>D=C DBC0E4# #4EH';024 'A4B834=C 278454G42DC8E4 *8=08*27>>;>5$43828=4 $>D=C %4F/>A: %/ FFF <>D=CB8=08 >A6 *8=08 >B?8C0;>5(D44=B & '&"$&+) )>14AC A>BB<0= $ 8ABCE4 40= 278454G42DC8E4 %4F/>A: %/ FFF <43 =HD 43D /* & +4AAH! #D=36A4= = 3 J ;>><8=630;4B . C7*C 708A<0= ?A4B834=C 278454G42DC8E4 %4F/>A: %/ FFF <02HB8=2 2>< '$,%"&"-)*"+/ #44 >;;8=64A . C7*C 'A4B834=C %4F/>A: %/ FFF 2>;D<180 43D '&+ "')"$&+) *C4E4=$ *05H4A $ C7*C 'A4B834=C 278454G42DC8E4 A>=G %/ FFF <>=C458>A4 >A6 .')#&"-)*"+/ !>7= *4GC>= .0B78=6C>=*@D0A4*>DC7 'A4B834=C %4F/>A: %/ FFF =HD 43D "+/&"-)*"+/' .')# $0CC74F>;3BC48= = 3 J C7*C 70=24;;>A %4F/>A: %/ FFF 2D=H 43D ') &+&$/ !0<4B' >A<0= = 3 J A>03F0H 'A4B834=C 278454G42DC8E4 %4F/>A: %/ FFF <>A60=BC0=;4H 2>< '&*'$"+ "*'& & "4E8=DA:4 >=B>;830C4338B>=> >5%4F AE8=6';024 708A<0= 278454G42DC8E4 />A: %4F/>A: %/ FFF 2>=438B>= 2>< .')#)*/+)"& '*("+$ 4A14AC'0A34B $ C7*C 'A4B834=C 278454G42DC8E4 %4F/>A: %/ FFF =H? >A6 &#' %)" !455A4H0A:4A $4AA8;;#H=27 , * +ADBC AH0=C'0A: %4F/>A:8CH<0A:4C?A4B834=C %4F/>A: %/ FFF 10=:>50<4A820 2>< )"0'&'%%,&"+"'&* & E0= *4834=14A6 -4A8I>=.8A4;4BB A: %/ FFF E4A8I>= 2>< %')"$$'&++)"& &) A086 +7>= $ J J &+) 'A4B834=C 278454G42DC8E4 />A:E4 FFF A6 %4F/>A: %/ "/* $+!+.')# & AD24! ;0=I !0<0820 >B?8C0;$43820;4=C4A -0=.H2:G?A4BBF0H 'A4B834=C 278454G42DC8E4 A>>:30;4,=8E4AB8CH >B?8C0; !0<0820 %/ FFF <438BHB740;C7 >A6 0=3$43820;4=C4A ;DB78=6 >B?8C0;$43820;4=C4A '4=8=BD;0 >B?8C0;4=C4A "%)&)$ & ;4== A8CC >;D<1DB8A2;4 708A<0= 278454G42DC8E4 %4F/>A: %/ FFF C8<4F0A=4A201;4 2>< )!"'*' .')# +8<>C7H>;0= = 3 J = 3 = 3 J = 3 = 3 J 8ABCE4 A2718B7>? %4F/>A: %/ FFF 0A27=H >A6

20 | Crain’s New York Business | April 11, 2011 20110411-NEWS--0021-NAT-CCI-CN_-- 4/7/2011 8:57 PM Page 1

REPORT TOP EMPLOYERS

)$/*("+$ !4AAH34;$8BB84A *4E4=C7E4 > 278454G42DC8E4 %4F/>A: %/ FFF 10A2;0HB20?8C0; 2>< %)"&")$"&* AC+>A=> = 3 J =3*C -824?A4B834=C %4F/>A: %4F/>A: %/ FFF 00 2>< )*'&$',! '%) & -8=24=CD830 %>AC74A=;E3 3<8=8BCA0C>A 0HB834 %/ FFF ?C7><420A4 2>< )"+,"** =C>=8>(D8=C4;;0 = 3 J $038B>=E4 78454G42DC8E4 A438C*D8BB4<4A820B %4F/>A: %/ FFF 2A438C BD8BB4 2>< '$%&!* )',( & #;>H3 ;0=:548= = 3 J .4BC*C 708A<0= 278454G42DC8E4 %4F/>A: %/ FFF 6B 2>< &#' .')#$$'&')( )>14AC' "4;;H .0;;*C 78454G42DC8E4 %4F/>A: %/ FFF 1=H<4;;>= 2>< ')+,+!')"+/' .')#. 7A8B.0A3 )*/ G42DC8E438A42C>A '0A:E4 *>DC7 FFF ?>AC=H=9 8=5> %4F/>A: %/ "%)&) & !455A4H# 4F:4B +8<4 =2 & +DA=4A +8<4.0A=4A4=C4A 708A<0= 278454G42DC8E4 A>0320BC8=6 %4F/>A: %/ FFF C8<4F0A=4A 2>< ,+*!&# *4C7.0D67 .0;;*C 708A<0= 278454G42DC8E4 <4A820B %4F/>A: %/ FFF 31 2>< .*')( " )D?4AC$DA3>27 >G=C4AC08=<4=CA>D?, * *8GC7E4 708A<0= 278454G42DC8E4 *C0AB80 B:H, " %4F/>A: %/ FFF =4FB2>A? 2>< 0A?4A>;;8=B, * $''%) '4C4A+ A0D4A = 3 = 3 J #4G8=6C>=E4 708A<0= %4F/>A: %/ FFF 1;>><14A6 2>< %)"& &+)&+"'&$ )',( & )>14AC 4=<>B274 70AC8B *D=<4A8208=0=280; $0834=#0=4 'A4B834=C 278454G42DC8E4 A>D? =C4A=0C8>=0;#40B4 %4F/>A: %/ FFF 086 2>< 8=0=24>A? ,=8C43D0A0=CH >A? "%'&"*"$&+) $0AC8= '0HB>= C7E4 708A<0= A>>:;H= %/ FFF <08<>=834B<43 >A6 )".+)!',*''()* A4=30=' >D674A $038B>=E4 %4F/>A:<4CA><0=068=6?0AC=4A %4F/>A: %/ FFF ?F2 2><

. ')# "+/ 8=2;D34B C74 58E4 1>A>D67B >=;H DB4B BC055 A4B40A27 4GC4=B8E4 BDAE4HB 0=3 C74 <>BC 2DAA4=C A454A4=24B 0E08;01;4 C> ?A>3D24 8CB ;8BCB 1DC C74A4 8B => 6D0A0=C44 C70C C74B4 ;8BC8=6B 0A4 2> @D0;85H 5>A C78B ;8BC 0= >A60=8I0C8>= 55824 >A >C74A 5028;8CH 8= %4F />A: 8CH >A60=8I0C8>=B F4A4 2>=C02C43 5>A C78B ;8BC =5>A<0C8>= F0B BD??;843 1H C74 >A60=8I0C8>=B 4G24?C F74A4 =>C43 )4E4=D4 586DA4B 0A4 5>A 20;4=30A H40A 4G24?C F74A4 =>C43 = 3 %>C 38B2;>B43 D;; C8<4 0=3 5D;; C8<4 4@D8E0;4=C 0B >5 42 4G24?C F74A4 =>C43 G2;D34B 4H44B >5 C74 %4F />A: 8CH 4?0AC<4=C >5 3D20C8>= ;; 586DA4B 0A4 5>A C74 H40A 4=343 !D=4 D;; C8<4 4H44B >=;H &?4A0C8=6 1D364C &?4A0C8=6 1D364C 8=2;D343 8= 586DA4B 5>A 8CH >5 %4F />A: $A .0;2>CC F0B 0??>8=C43 270=24;;>A >= ?A8; 5>;;>F8=6 C74 A4B86=0C8>= >5 0C7;44= ' ;02: >A C74 H40A 4=343 !D=4 =2;D34B 4H44B 8= C74 %4F />A: 8CH 0A40 %4C A4E4=D4 5>A C74 H40A 4=343 !D=4 +74 5>DA ;0A64BC 7>B?8C0;B 8= C74 40;C7 0=3 >B?8C0;B >A? BHBC4< A0=:43 1H 143 2>D=C +74 BHBC4< 8=2;D34B 7>B?8C0;B B:8;;43 =DAB8=6 5028;8C84B 3806=>BC82 CA40C<4=C 24=C4AB 0=3 2><H44B >5 C74 *C0C4 ,=8E4AB8CH >5 %4F />A: =2;D34B 4H44B >5 C74 *C0C4 ,=8E4AB8CH >5 %4F />A: &?4A0C8=6 1D364C 5>A C74 58B20; H40A 4=343 $0A27 )4E8B43 0B >5 $0A27 &?4A0C8=6 1D364C 5>A C74 58B20; H40A 4=343 $0A27 0C0 5>A <4<14AB >5 C74 $>D=C *8=08 %/, 40;C7 *HBC4< F4A4 A4?>AC43 >= 0= 8=BC8CDC8>= B?428582 10B8B 8B20; H40A 4=3B D6 =2;D34B 4H44B >5 %/, *27>>; >5 $43828=4 0=3 C74 C7A44 7>B?8C0;B >5 %/, >B?8C0;B 4=C4A =2;D34B B><4 ?0AC C8<4 4H44B +74 2>4B =>C 1A40: >DC 5D;; C8<4 0=3 5D;; C8<4 4@D8E0;4=C 7403 2>D=C %4C A4E4=D4 8B20; H40A 4=3B !D=4 'A>E8343 1H C74 %4F />A: *C0C4 D364C &55824 &?4A0C8=6 1D364C 0B43 >= A4B40A27 BC8<0C4 10B43 >= A4B40A27 0B43 >= A4B40A27 %4C A4E4=D4 0B43 >= A4B40A27 %4C A4E4=D4 0B43 >= A4B40A27 =2;D34B $>A60= *C0=;4H *<8C7 0A=4H >;38=6B 45542C8E4 $0H 86DA4 A45;42CB 0 CA0=B8C8>= ?4A8>3 8= 42 0B C74 2>< 0 %>E C> 42 58B20; H40A 4=3 =2;D34B +74 ;;4= >B?8C0; $>A60= *C0=;4H 78;3A4=B >B?8C0; >5 %4F />A: 'A4B1HC4A80= %4F />A: 'A4B1HC4A80= >B?8C0; >;D<180 ,=8E4AB8CH $43820; 4=C4A %4F />A: 'A4B1HC4A80= >B?8C0; .48;; >A=4;; $43820; 4=C4A 0=3 %4F />A: 'A4B1HC4A80= >B?8C0; .4BC274BC4A 8E8B8>= >5 8=C4A4BC 4G?4=B4 D;;H C0G 4@D8E0;4=C 10B8B #0H BC055 >=;H 8= 0;; 2>D=C84B B4AE43 1H C74 A2738>24B4 $A 34; $8BB84A B70A4B C78B C8C;4 F8C7 )827 )8228 $A 34; $8BB84A 8B 10B43 8= %4F />A: 8CH $A )8228 8= #>=3>= BC8<0C43 A4E4=D4 5>A ?0A4=C 2>5 8=BDA0=24 2;08= 2>=E4AB8>= >5 A4BD;CB 5A>< A8C8B7 ?>D=3B C> , * 3>;;0AB 5>A 42 >H44B 0=3 4H44B 0C %4F0A: 8A?>AC )4E4=D4B 5>A ?0A4=C 2>A? BC8<0C43 2>A4 A4BD;CB =4C A4E4=D4 0B43 >= 2>=E4AB8>= >5 A4BD;CB 5A>< *F8BB 5A0=2B C> , * 3>;;0AB 5>A 42 =2;D34B 4H44B 8= %4F />A: 8CH 0=3 %4F !4AB4H +>C0; =4C A4E4=D4 ,=0D38C43 0<>D=C A4?A4B4=C8=6 0 2>=E4AB8>= >= 42 >5 0D38C43 A4BD;CB A4?>AC43 8= 4DA>B B>5D6 )4B40A270=0>A3>= *DI0==4'0=0A0 #0DA0*78=0=3 BC055

PUBLIC & LEGAL NOTICES

NOTICE OF FORMATION OF PPNY 7 Notice of Qual. of Vendor IQ LLC, Notice of Qualification of Energia NOTICE OF FORMATION of The Notice of Qualification of Crestmark LLC. Article of Organization filed Auth. filed Sec’y of State (SSNY) Holdings, LLC. Authority filed with Noah Group LLC. Arts of Org filed Westgate LLC. Authority filed with with the Secretary of State of NY 1/18/11. Office loc.: NY County. LLC NY Dept. of State on 2/22/11. Office with the Secy of State of NY (SSNY) Secy. of State of NY (SSNY) on 3/23/11. (SSNY) on 12/15/10 Office location org. in DE 1/14/11. SSNY desig. as location: NY County. Princ. bus. on 11/23/10. Office location: NY Office location: NY County. LLC NEW YORK County. SSNY has been agent of LLC upon whom process addr.: Perryville Corporate Park, County. SSNY has been designated formed in Michigan (MI) on 10/1/10. designated as agent upon whom against it may be served. SSNY shall Clinton, NJ 08809. LLC formed in as an agent upon whom process may SSNY designated as agent of LLC process against it may be served. mail copy of proc. to Att: Andrew DE on 10/26/07. NY Sec. of State be served and shall mail a copy of upon whom process against it may The Post Office address to which Rechtschaffen, 733 3rd Ave., 11th Fl., designated agent of LLC upon any process to: C/O United States be served. SSNY shall mail process the SSNY shall mail a copy of any NY, NY 10017. DE off. addr.: CSC, whom process against it may be Corporation Agents, Inc, 7014 13th to: Jack McLaughlin, 25 W. 36th St., process against the LLC served 2711 Centerville Rd., Wilmington, DE served and shall mail process to: c/o Avenue, Suite 202, Brooklyn, NY 11th Fl., NY, NY 10018, also the upon him/her is C/O the LLC 1420 19808. Cert. of Form. on file: SSDE, CT Corporation System, 111 8th 11228. Principal business address: principal office address. Address to Rocky Ridge Drive, Ste 100, Townsend Bldg., Dover, DE 19901. Ave., NY, NY 10011, regd. agent 100 Riverside Blvd, Apt 5B, NY, NY be maintained in MI: 5480 Corporate Roseville, CA 95661. Date of Purp.: any lawful activities. upon whom process may be served. 10069. Purpose: any lawful acts. Dr., Ste. 350, Troy, MI 48098. Arts of Dissolution: n/a Purpose of LLC: to DE addr. of LLC: 1209 Orange St., Org. filed with Al Schefke, Director of engage in any lawful act or activity. Notice of Qualification of Passin Wilmington, DE 19801. Cert. of Notice of Qualification of 515 EAST the Bureau of Commercial Services, Street address of Principal Business Management Limited Partnership III. Form. filed with DE Sec. of State, 72ND ASSOCIATES LLC. Authority Corporations Division, PO Box location is: 1420 ROCKY RIDGE DR App. for Auth. filed with Secy. of State 401 Federal St., Dover, DE 19901. filed with Secy. of State of NY (SSNY) 30054, Lansing, MI 48909. Purpose: STE 100. Roseville, CA 95661. of NY (SSNY) on 2/24/11. Office Purpose: any lawful activity. on 03/01/11. Office location: NY any lawful activities. location: NY County. LP formed in County. LLC formed in Delaware (DE) Notice of Qual. of Mustaque LLC, Delaware (DE) on 2/11/11. SSNY Notice of Formation of CARAVAN on 02/25/11. Princ. office of LLC: 220 Notice of Formation of NORTH 3RD Auth. filed Sec’y of State (SSNY) designated as agent of LP upon ARTS CONSULTANCY, LLC. Art. Of E. 42nd St., NY, NY 10017. SSNY DEVELOPMENT, LLC. Arts. of Org. 1/18/11. Office loc.: NY County. LLC whom process against it may be Org. filed with SSNY 01/25/11. Office designated as agent of LLC upon filed with Secy. of State of NY (SSNY) org. in DE 1/14/11. SSNY desig. as served. SSNY shall mail process to: Location: NY County. SSNY has been whom process against it may be on 10/12/10. Office location: NY agent of LLC upon whom process 2112 Broadway, Apt. 7B, NY, NY designated as agent upon whom served. SSNY shall mail process to c/o County. Princ. office of LLC: c/o against it may be served. SSNY shall 10023. DE address of LP: c/o process may be served and shall mail Corporation Service Co. (CSC), 80 Triton Realty Group, LLC, 130 W. 42nd mail copy of proc. to Att: Andrew National Registered Agents, Inc., 160 a copy of any process to: US State St., Albany, NY 12207. DE addr. St., 27th Fl., NY, NY 10036. SSNY Rechtschaffen, 733 3rd Ave., 11th Fl., Greentree Drive, Ste. 101, Dover, DE Corporation Agents; 7014 13th Avenue, of LLC: c/o CSC, 2711 Centerville Rd., designated as agent of LLC upon NY, NY 10017. DE off. addr.: CSC, 19904. Name/address of each genl. Suite 202; Brooklyn, NY 11228. Ste. 400, Wilmington, DE 19808. Cert. whom process against it may be 2711 Centerville Rd., Wilmington, DE ptr. available from SSNY. Cert. of LP Principal business address: 101 West of Form. filed with Secy. of State of DE, served. SSNY shall mail process to 19808. Cert. of Form. on file: SSDE, filed with DE Secy. of State, 401 23rd Street, #266, New York, NY Div. of Corps., John G. Townsend Bldg., c/o Corporation Service Co., 80 State Townsend Bldg., Dover, DE 19901. Federal St., Ste. 4, Dover, DE 19901. 10011. Purpose: To engage in any 401 Federal St., Ste. 4, Dover, DE St., Albany, NY 12207-2543. Purpose: Purp.: any lawful activities. Purpose: any lawful activity. lawful act or activity. 19901. Purpose: Any lawful activity. Any lawful activity.

April 11, 2011 | Crain’s New York Business | 21 nb15p22-23cl.qxp 4/8/11 1:35 PM Page 22

CRAIN CAREER OPPORTUNITIES PUBLIC & LEGAL NOTICES Notice of Qualification of CHELSEA Notice of Qualification of Meredith 19 LLC. Authority filed with Secy. of Whitney Credit Rating Agency, LLC. OPPORTUNITIES TO JOIN State of NY (SSNY) on 03/11/11. Authority filed with NY Dept. of State CRAIN’S NEW YORK BUSINESS Office location: NY County. LLC on 1/5/11. Office location: NY County. formed in Delaware (DE) on 03/09/11. LLC formed in DE on 11/22/10. NY Crain’s New York Business provides news, information and connections on SSNY designated as agent of LLC Sec. of State designated agent of all facets of New York through the prism of business and is looking to add upon whom process against it may be LLC upon whom process against it experienced and qualified professionals to join our team. served. SSNY shall mail process to may be served and shall mail process c/o Eisenberg Tanchum & Levy, 675 to the principal business addr. of the Third Ave., Ste. 2900, NY, NY 10017. LLC: 50 W. 57th St., 2nd Fl., NY, NY MEDIA SALES EXECUTIVE/Digital Specialist DE addr. of LLC: Corporation Service 10019. DE addr. of LLC: The Crain’s is seeking a full-time media sales account executive in our New York Co., 2711 Centerville Rd., Ste. 400, Corporation Trust Co., 1209 Orange City office who has a minimum of 2 years digital media sales experience, Wilmington, DE 19808. Cert. of St., Wilmington, DE 19801. Cert. of understanding of the online advertising industry and a passion for New York Form. filed with DE Secy. of State, Form. filed with DE Sec. of State, City. 401 Federal St., Ste. 4, Dover, DE 401 Federal St., Dover, DE 19901. 19901. Purpose: Any lawful activity. Purpose: any lawful activity. DIRECTOR OF ONLINE AND E-COMMERCE STRATEGY Notice of Qualification of Candescent NOTICE OF REGISTRATION of KERR Crain’s is seeking an innovator to lead its growing electronic publishing and Films, LLC. Authority filed with Secy. & KATZ, LLP. Notice og Reg. filed with data sales business. The ideal candidate should have expert knowledge of the of State of NY (SSNY) on 2/15/11. the SSNY on 08/18/2010. Off: loc: best practices in the online publishing business, have a proven track record of Office location: NY County. LLC New York Co. SSNY designated as new business creation, sound editorial credentials and be a sophisticated user formed in California (CA) on 6/2/10. agent upon whom process against of web analytics and e-commerce tools in order to drive traffic and revenues. SSNY designated as agent of LLC the LLP may be served. SSNY shall upon whom process against it may be mail a copy of process to THE LLC, AUDIENCE DEVELOPMENT DIRECTOR served. SSNY shall mail process to: 14 Wall Street, 20th Fl., New York, Crain’s is seeking an individual to fulfill a unique opportunity for a creative, The LLC, 34 Barrow St., NY, NY 10014. NY 10005. Purpose: To Practice The experienced and strategic Audience Development Director. This position will Principal office address: 37 East 4th Profession Of Law. St., #1A, NY, NY 10003. Arts of Org. develop, manage and execute audience development strategies across all filed with CA Secy. Of State, 1500 NOTICE OF FORMATION of Rubber business lines including print, digital, data and events to continue growing our 11th St., Sacramento, CA 95814. Onion LLC. Arts of Org filed with the audience and develop new audiences. Purpose: any lawful activities. Secy of State of New York (SSNY) on 1/21/11. Office location: NY County. To apply for these positions please visit our web site at Notice of Formation of IVAN GITTARDI SSNY has been designated as an www.crain.com and search under the Careers section. CPA LLC, a Prof. LLC. Arts. of Org. agent upon whom process may be Please include cover letter and resume for consideration. filed with the SSNY on 01/26/2011. served and shall mail a copy of any Office location: NY County. SSNY process to: PO Box 250342 NY, NY has been designated as agent upon 10025. Principal business address: whom process against it may be 456 Riverside Drive NY, NY 10027. EVENT TELECOMMUNICATIONS served. SSNY shall mail a copy of Purpose: any lawful acts. process to: 234 West 39th St., FL 2, ACG Speakers Series with Jeff Webalowsky NY, NY 10018. Purpose: To Practice Notice of Formation of ACCOLA Co-CEO of Houlihan Lokey. Join us for The Profession Of Certified Public GRIEFEN GALLERY, LLC, a domestic networking and relationship building. Accountancy. LLC. Arts. of Org. filed with the SSNY Tuesday, April 12, 2011, 11:00 a.m. - 1:30 p.m. on 12/23/2010. Office location: NY 33 East 33rd Street Notice of Formation of Tuition Notice of Formation of Blackburn at Union League Club 38 East 37th St. NY., County. SSNY has been designated New York, NY 10016 Payments, LLC. Articles of Org. filed Capital Management, LLC. Arts. of NY Members: $75 General: $125 as agent upon whom process against 212-532-7400 with Secy. of State of NY (SSNY) on Org. filed with Secy. of State of NY the LLC may be served. SSNY shall Register at www.acgnyc.org [email protected] 02/24/11. Office loc.: New York Co. (SSNY) on 3/18/11. Office location: NY mail a copy of process to: The LLC, SSNY designated as agent of LLC EMERGENCY County. SSNY designated as agent C/O Accola, 760 Riverside Drive, upon whom process against it may of LLC upon whom process against Apt. 4G, NY, NY 10031. Purpose: FINANCIAL SERVICES COMMUNICATIONS be served. SSNY shall mail process it may be served. SSNY shall mail Any Lawful Purpose. SYSTEMS to the LLC, c/o RGS Holdings, LLC, process to: c/o Kevin Blackburn, SPECIALISTS 265 West 122nd St., Ste C, New 41 Park Ave., 11H, NY, NY 10016. Name of LLC: RETAIL 101, LLC. Art. Former Bank CEO has private capital York, NY 10027. Purpose: any lawful • FREE PICKUP & DELIVERY Purpose: any lawful activity. of Org. filed Dept. of State of NY on to make both commercial mortgages act or activity. 1/13/11. Off. Loc. in NY: NY Cty. • 48 HOUR TURNAROUND Notice of Formation of EL Brand Secy. of State designated as agent of and commercial loans to small busi- ON REPAIRS House Of Bacchus, LLC; App., for Management LLC. Arts. of Org. filed LLC upon whom process against it nesses. Also experts at handling bank Auth., filed with NY Sec. of State • FREE ENGRAVING with Secy. of State of NY (SSNY) on may be served. Sec. of State shall workouts for small businesses. Call (“SSNY”) 2/01/2011. Office in New • SHORT & LONG TERM 2/24/11. Office location: NY County. mail a copy of process to: National York County; LLC formed in DE on Michael at (203)605-4082 or email RENTALS SSNY designated as agent of LLC Corporate Research, Ltd., 10 E. 40th 1/28/2011, SSNY designated agent [email protected] upon whom process against it may be St., 10th Fl., NY, NY 10016, registered for service of process with copy served. SSNY shall mail process to: agent upon whom process may be mailed to The LLC, Attn: One 1370 Broadway, Ste. 1107, NY, NY served. Purpose: any lawful activity. Letterman Drive, Bldg C, Suite 420, 10018. Purpose: any lawful activity. CRAINSNEWYORK.COM San Francisco, CA 94129; Attn: Sean P & M Worldwide Trading Company, Parker, All lawful business purposes. Notice of Formation of REBA Schools, LLC. Arts. of Org. filed with Secy. of LLC. Arts. Of Org. filed with NY Dept. State of NY (SSNY) on 2/10/11. Ofc Notice of Formation of DERMADVISOR, of State on 2/24/11. NY Sec. of State LLC. Arts. of Org. filed with Secy. in NY Cty. SSNY designated agent of designated agent of LLC upon whom LLC upon whom process against it REAL ESTATE of State of N.Y. (SSNY) on 1/26/11. process against it may be served Office location: New York County. may be served. SSNY shall mail and shall mail process to c/o General process to Michael Scherer, 494 8th SSNY designated as agent of LLC Counsel, 6 E 43rd Street, NY, NY upon whom process against it may Ave Ste 1500, NY, NY 10001-2557. INVESTMENT 10017. Primary place of business is Purpose: General. PROPERTIES LUXURY be served. SSNY shall mail process 6 E 43rd Street, NY, NY 10017. to: The LLC, 350 West 43rd St., Purpose: Education management. Notice of Qual. of 280P Mezz Ste. 31E, NY, NY 10036. Purpose: 8 single tenant triple PROPERTY Holdings A LLC, Auth. filed Sec’y of any lawful activity. Notice of Formation of L’S KITCHEN, net leased investment State (SSNY) 1/18/11. Office loc.: NY LLC. Arts. of Org. filed with Secy. of gaming/tavern County. LLC org. in DE 1/13/11. Notice of Formation of Melrose State of NY (SSNY) on 1/5/11. Office properties with new 15 year leases in Las FOR SALE SSNY desig. as agent of LLC upon Commons Family Housing LLC. Arts. location: NY County. SSNY designated Vegas Nevada for 20,555,000 or better? whom process against it may be EAST HAMPTON of Org. filed with NY Dept. of State as agent of LLC upon whom process Net income of approximately $1,750,000. on 11/3/10. Office location: NY served. SSNY shall mail copy of proc. Strong Guarantor with very high net worth, against it may be served. SSNY shall to NRAI, 875 Ave of the Americas, County. Sec. of State designated mail process to: The LLC, 333 E. call TPG Co. at 702-873-1050. agent of LLC upon whom process NY, NY 10001, the Reg. Agt. upon 56th St., Ste. 12A, NY, NY 10022. whom proc. may be served. DE off. against it may be served and shall Purpose: any lawful activity. LEASING ATTORNEY mail process to the principal business addr.: 160 Greentree Dr., Ste. 101, addr.: c/o CPC Resources, Inc., 28 Microembedded Software LLC. Arts. Dover, DE 19904. Cert. of Form. on Expert Leasing Lawyer representing E. 28th St., 9th Fl., NY, NY 10016. of Org. filed with Secy. of State of file: SSDE, Townsend Bldg., Dover, Office and Retail Tenants and Landlords Purpose: any lawful activity. NY (SSNY) on 2/7/11. Ofc in NY Cty. DE 19901. Purp.: any lawful activities. 15 years of commercial leasing experience SSNY designated agent of LLC upon Reasonable Rates - Flat Rate Quotes Notice of Qualification of Ladder whom process against it may be Notice of Qualification of Hudson Capital Finance IV LLC. Authority served. SSNY shall mail process to Realty Capital Fund V CV-K, LP. Ira S. Kaufman, Esq. filed with NY Dept. of State on Authority filed with NY Dept. of State 917-484-2206 STUNNING BEACH HOUSE Incorp Services, Inc., 1 Commerce 3/25/11. Office location: NY County. on 3/23/11. Office location: NY County. [email protected] IN THE DUNES Plz, 99 Washington Ave, Ste 805-A, www.nyrelegal.com Princ. bus. addr.: 600 Lexington Albany, NY 12210. Purpose: General. LP formed in DE on 3/21/11. NY Sec. Amagansett Ave., 23rd Fl., NY, NY 10022. LLC of State designated agent of LP upon Impeccable 6,000 SF+/- sq. ft. formed in DE on 12/3/10. NY Sec. of Notice of Formation of Rent Sell whom process against it may be OFFICE SPACE summer cottage next to reserve. State designated agent of LLC upon Apartments, LLC. Arts. of Org. filed served and shall mail process to: whom process against it may be with Secy. of State of NY (SSNY) on c/o CT Corporation System, 111 8th 152 West 57th Street Exclusive $11.8M served and shall mail process to: CT 02/09/11. Office loc.: New York Co. Ave., NY, NY 10011, regd. agent 3,833 sq/ft, High end build out with City Views, WEB# 35028 Corporation System, 111 8th Ave., SSNY designated as agent of LLC upon whom process may be served. Completely Furnished, Natural Wood finishes, Joseph DeCristofaro, NY, NY 10011. DE addr. of LLC: c/o upon whom process against it may Princ. bus. addr.: 250 Park Ave. So., 6 Perimeter Office & Bullpen, Video Salesperson Corporation Trust Co., 1209 Orange be served. SSNY shall mail process 3rd Fl., NY, NY 10003. Name/addr. of Conference Ready, Fully wired, Rent - negotiable 631.873.5362 St., Wilmington, DE 19801. Cert. of to the LLC, c/o Robinson Brog, et al., genl. ptr. available from NY Sec. of Aaron Kaufman/Director Form. filed with DE Sec. of State, Attn: Adam J. Greene, Esq., 875 Third State. Cert. of LP filed with DE Sec. (212) 880-3747 401 Federal St., Dover, DE 19901. Ave., 9th Fl., New York, NY 10022. of State, 401 Federal St., Dover, DE [email protected] Purpose: all lawful purposes. Purpose: any lawful act or activity. 19901. Purpose: any lawful activity.

22 | Crain’s New York Business | April 11, 2011 nb15p22-23cl.qxp 4/8/11 1:35 PM Page 23

PUBLIC & LEGAL NOTICES

Notice of Qualification of RCPI 600 NOTICE OF FORMATION OF Archa Notice of Qualification of DMM Notice of formation of CHAIR NUMBER NOTICE OF FORMATION OF CGM FIFTH MEZZ, L.L.C. Authority filed Consulting, LLC. Articles of HOUSEHOLD MANAGEMENT LLC. 5 SALON, LLC. Articles of Organization HQ LLC. Article of Organization filed with Secy. Of State of NY (SSNY) on Organization filed with the Secretary Authority filed with Secy. of State of filed with the Secretary of State of with the Secretary of State of NY 03/08/2011. Office location: New of State of NY (SSNY) on 02/08/2011. NY (SSNY) on 03/30/11. Office NY (SSNY) on 03/02/2011. Office (SSNY) on 06/02/2010. Office location: York County. LLC formed in Delaware Office location: NEW YORK County. location: NY County. LLC formed in location: New York County. SSNY has NEW YORK County. SSNY has been (DE) on 02/10/2011. SSNY designated SSNY has been designated as agent Delaware (DE) on 03/28/11. Princ. been designated as agent upon whom designated as agent upon whom as agent of LLC upon whom process upon whom process against it may office of LLC: NONE. SSNY designated process against it may be served. process against it may be served. The against it may be served. SSNY shall be served. The Post Office address as agent of LLC upon whom process SSNY shall mail a copy of process to: Post Office address to which the mail process to: National Registered to which the SSNY shall mail a copy against it may be served. SSNY shall CHAIR NUMBER 5 SALON, LLC, 234 SSNY shall mail a copy of any process Agents, Inc., 875 Avenue of the of any process against the LLC mail process to c/o David Martinez, East 58th Street #11, New York, NY against the LLC served upon him/her Americas, Suite 501, NewYork, N.Y. served upon him/her is C/O the LLC 25 Columbus Circle, Apt. 76/77, NY, 10022. Purpose: Any lawful purpose. is C/O the LLC 417 5th Avenue, 9th 10001. NRAI is the registered agent as 300 E. 79th St., Apt. 7A. New York, NY 10019. DE addr. of LLC: 2711 Dissolution date: None Floor, New York, NY 10016. Purpose well. Address required to be maintained NY 10075. Purpose of LLC: to Centerville Rd., Ste. 400, Wilmington, of LLC: to engage in any lawful act or THECA, LLC; Appl., for Auth., filed in home jurisdiction: 160 Greentree engage in any lawful act or activity. DE 19808. Cert. of Form. filed with activity. Street address of Principal with NY Sec. of State (“SSNY”) Drive, St. 101, Dover, Delaware Street address of Principal Business Secy. of State of DE, 401 Federal St., Business location is: 417 5th Avenue, 02/14/2011. Office in New York 19904. Arts of Org filed with location is: 300 E. 79th St., Apt. 7A. Ste. 4, Dover, DE 19901. Purpose: 9th Floor, New York, NY 10016. County; LLC formed in DE on Delaware Secretary of State, Div. Of New York, NY 10075. Any lawful activity. 12/10/09, SSNY designated agent for BY CHANCE LLC, a domestic Corporations, John G. Townsend QMA, LLC. Notice of Conversion of a Notice of Formation of DELOS WEB service of process with copy mailed Limited Liability Company (LLC), filed Building, Federal & Duke of York Partnership into the above Limited PROJECT, LLC. Arts. of Org. filed to Attn: Nathan F. Moser, 455 East with the Sec of State of NY on 6/3/08. Streets. P.O. Box 898, Dover, DE Liability Company (“LLC”). A Cert. of with Secy. of State of NY (SSNY) on 86th Street, Suite 26-B, New York, NY NY Office location: New York County. 19903. Purpose: Any lawful purpose. Conversion was filed with the 03/10/11. Office location: NY County. 10028; All lawful business purposes. SSNY is designated as agent upon NOTICE OF FORMATION of profes- Department of State of NY on Princ. office of LLC: 54 Thompson whom process against the LLC may 2/18/2011. Office location: New York. St., 4th Fl., NY, NY 10012. SSNY Notice of Formation of James Passin sional limited liability company (PLLC). Holdings LLC. Arts. of Org. filed with be served. SSNY shall mail a copy Name: LAW OFFICES OF ALEXANDER The Secretary of the State of NY designated as agent of LLC upon of any process against the LLC (“SSNY”) has been designated as whom process against it may be Secy. of State of NY (SSNY) on HAKOPIAN, PLLC. Arts. of Org. filed 2/4/11. Office location: NY County. served upon him/her to c/o Marissa with Sec. of State of NY (SSNY) on agent of the LLC upon whom process served. SSNY shall mail process to Miglis, 300 Mercer St., Apt. 14G, NY, against it may be served. SSNY shall Vincenti & Vincenti, P.C., 80 Broad SSNY designated as agent of LLC 12/14/2010. Office location: NY Cty. upon whom process against it may NY 10003 . General Purposes. Latest Princ. bus. addrs: 2 Penn Plaza, Suite mail a copy of any process served St., 12th Fl., NY, NY 10004. Purpose: date to dissolve 12/31/2099. upon the LLC to: c/o J&R Electronics, Any lawful activity. be served. SSNY shall mail process 1500, New York, NY 10121. SSNY to: The LLC, 2112 Broadway, NY, NY designated as agent of PLLC upon 23 Park Row, NY NY 10038. The Notice of Formation of PIMP VE LLC. BE FIT PHYSICAL THERAPY, PLLC, 10023. Purpose: any lawful activity. Arts. of Org. filed with Secy. of State whom process may be served. SSNY purpose of the LP is any lawful act. a domestic Professional Limited shall mail copy of process to: Law Notice of Formation of Simon K LLC. of NY (SSNY) on 03/07/11. Office Notice of formation of Redwood Liability Company (PLLC), filed with location: NY County. SSNY designated Offices of Alexander Hakopian, PLLC, Capital, LLC. Arts of Org. filed with the Sec of State of NY on 2/24/11. Arts. of Org. filed with Secy. of State 2 Penn Plaza, Suite 1500, New York, of NY (SSNY) on 10/7/10. Office as agent of LLC upon whom process Secretary of State of New York (SSNY) NY Office location: New York County. against it may be served. SSNY shall NY 10121. Purpose: practice of law. on 1/4/2011. Office is located in New SSNY is designated as agent upon location: NY County. SSNY designated as agent of LLC upon whom process mail process to c/o Vella Group, LLC, Notice of Formation of Figure 5 Art York County. SSNY is designated as whom process against the PLLC 12 Mercer St., 3rd Fl., NY, NY 10013. agent upon whom process against may be served. SSNY shall mail a against it may be served. SSNY shall LLC. Arts. of Org. filed with NY Dept. mail process to: Susan Shopmaker Purpose: Any lawful activity. of State on 3/4/11. Office location: the LLC may be served. SSNY shall copy of any process against the mail any copy of any process to PLLC served upon him/her to The Casting, 545 8th Ave., 11th Fl., NY, NY MK DEVELOPMENT HOLDINGS, NY County. Sec. of State designated 10018. Purpose: any lawful activity. agent of LLC upon whom process Redwood Capital LLC, 1 Morningside PLLC, 333 East 43rd Street, NY, NY LLC, a domestic Limited Liability against it may be served and shall Drive, Suite 1210, New York, NY 10017. Purposes: Physical Therapy Notice of Qual. of Mavid Construction Company (LLC), filed with the Sec of mail process to: c/o Cohen Tauber 10025. Purpose: any lawful activity. Services, LLC. Auth. filed with Sec of State of NY on 12/15/10. NY Office Notice of Formation of Lolly Love LLC. location: New York County. SSNY is Spievack & Wagner P.C., 420 Notice of Formation of SWIMSUITS Arts. of Org. filed with Secy. Of State State NY (SSNY): 12/7/10. Ofc in NY Lexington Ave., Ste. 2400, NY, NY Cty. Formed in Arizona: 2/8/08. SSNY designated as agent upon whom DIRECT, LLC. Arts. of Org. filed with of NY (SSNY) on 12/6/10. Office process against the LLC may be 10170, Attn: Adam Stein, Esq. Secy. of State of N.Y. (SSNY) on location: NY County. SSNY designated designated agent of LLC upon whom Purpose: any lawful activity. process against it may be served & served. SSNY shall mail a copy of 3/16/11. Office location: New York as agent of LLC upon whom process any process against the LLC served County. SSNY designated as agent of against it may be served. SSNY shall shall mail process to: National Notice of formation of Redwood Registered Agents, Inc, 875 Ave of the upon him/her to Eleanor Ma, 10 W. Growth, LP. Arts of Org. filed with LLC upon whom process against it mail process to: c/o Nadine Reibeling, 10th St., #18G, NY, NY 10004. may be served. SSNY shall mail process 317 10th Avenue, Apt.6, NY, NY Americas Ste 501, NY, NY 10001. Secretary of State of New York (SSNY) Principal office: 1039 W Mason St General Purposes. on 1/3/2011. Office is located in New to: Office of Steven M. Gerber, 666 10001. Purpose: any lawful activity. Fifth Avenue, 26th Floor, New York, NY Ste 118, Green Bay, WI 54303. Arts. Notice of Formation of O & A York County. SSNY is designated as URBAN MERCENARIES LLC App. of Org. filed with Sec of State, agent upon whom process against 10103. Purpose: any lawful activity. for Auth. filed NY Sec. of State (SSNY) ASSOCIATES, LLC. Arts. of Org. Capitol Executive Tower, 1st Fl, 1700 filed with Secy. of State of NY (SSNY) the LP may be served. SSNY shall Notice of Formation of LS Blue Sea, 2/23/2011. LLC was organized in DE W Washington St Ste 103, Phoenix, on 03/15/11. Office location: NY mail any copy of any process to LLC. Arts. of Org. filed with Secy. of on 2/17/2011. Office in NY Co. SSNY AZ 85007-2888. Purpose: General. County. Princ. office of LLC: 220 E. Redwood Growth, LP, 1 Morningside State of NY (SSNY) on 4/1/11. Office desig. as agent of LLC upon whom 72nd St., Apt. 8B, NY, NY 10021. SSNY Drive, Suite 1210, New York, NY location: NY Co. SSNY designated process may be served. SSNY to Notice of Formation of iRepublican designated as agent of LLC upon whom 10025. Purpose: any lawful activity. as agent of LLC upon whom process mail copy of process to 555 W. 23rd LLC. Arts of Org. filed with the Secy of process against it may be served. SSNY The GP is Redwood Capital, LLC. against it may be served. SSNY St., Apt. N6P, NY, NY 10011. Required State of NY (SSNY) on 09/10/10. Office shall mail process to Attn: Michael shall mail process to: Seyfarth Shaw office at 3500 S. Dupont Hwy., Dover, location: NY County. SSNY designated Notice of Formation of Harvard Real Schonbraun at the princ. office of the LLP, 620 Eighth Ave., NY, NY 10018, DE 19901.Cert. of Org. filed with SSDE, as agent of LLC upon whom process Estate LLC. Arts. of Org. filed with NY LLC. Purpose: Any lawful activity. ATTN. Joel Handel. Purpose: any 401 Federal St., Ste. 4, Dover, DE against it may be served and shall Dept. of State on 3/25/11. Office mail process to iRepublican 240 lawful activities. 19901. Purpose: Any lawful purpose. Notice of Formation of 84 Barrow location: NY County. Sec. of State Central Park South 8H NY NY 10019. Street LLC. Arts. of Org. filed with designated agent of LLC upon whom Notice of Formation of BURT FARMS Name of Foreign LLC: Kicking Mule Purpose: any lawful act or activity. process against it may be served and PRESERVATION DEVELOPER, LLC. LLC. Authority filed with NY Dept. of Secy. of State of NY (SSNY) on shall mail process to the principal Arts. of Org. filed with Secy. of State State: 2/10/11. Office loc.: NY Co. Notice of Formation of GIREHBAN, 1/14/11. Office location: NY Co. business address: 220 E. 65th St., of NY (SSNY) on 03/24/11. Office LLC formed in DE: 12/22/10. NY LLC. Art. Of Org. filed with SSNY SSNY designated as agent of LLC Apt. 17D, NY, NY 10065, Attn: Nancy location: NY County. Princ. office Sec. of State designated agent of 11/24/10. Office Location: NY County. upon whom process against it may Seltzer. Purpose: any lawful activity. of LLC: 60 Columbus Circle, NY, NY LLC upon whom process against it SSNY designated as agent for be served. SSNY shall mail process 10023. SSNY designated as agent may be served and shall mail process. SSNY shall mail a copy of to: c/o National Registered Agents, Notice of Qual. of 280P Mezz process to: c/o Business Filings any process to: The LLC, 161 Hudson Inc., 875 Avenue of the Americas, Holdings E LLC, Auth. filed Sec’y of of LLC upon whom process against it may be served. SSNY shall mail Inc., 187 Wolf Rd., Ste. 101, Albany, Street, Apt. 6C, New York, NY 10013. Ste. 501, NY, NY 10001. Purpose: State (SSNY) 2/1/11. Office loc.: NY NY 12205. DE addr. of LLC: 108 W. Purpose: To engage in any lawful act any lawful activities. County. LLC org. in DE 1/28/11. process to c/o Corporation Service Co., 80 State St., Albany, NY 12207. 13th St., Wilmington, DE 19801. or activity. Notice of Formation of M1 Internet SSNY desig. as agent of LLC upon Cert. of Form. filed with DE Sec. of whom process against it may be Purpose: Any lawful activity. West 87th Street Bld LLC. Arts. of Org. Marketing LLC. Arts. of Org. filed State, 401 Federal St., Dover, DE filed with Secy. of State of NY (SSNY) with NY Dept. of State on 01/07/11. served. SSNY shall mail copy of Notice of Formation of Magic Power 19901. Purpose: any lawful act. proc. to NRAI, 875 Ave of the Home LLC. Arts. of Org. filed with on 1/28/11. Ofc in NY Cty. SSNY Location: NY County. Sec. Of State Americas, NY, NY 10001, the Reg. Secy. of State of NY (SSNY) on Motobook LLC. Arts. of Org. filed with designated agent of LLC upon whom designated agent of LLC upon whom Agt. upon whom proc. may be 2/14/11. Office location: Queens Secy. of State of NY (SSNY) on process against it may be served. process against it may be served and served. DE off. addr.: 160 Greentree County. SSNY designated as agent 12/10/10. Ofc in NY Cty. SSNY SSNY shall mail process to Attn: shall mail process to the principal Dr., Ste. 101, Dover, DE 19904. Cert. of LLC upon whom process against designated agent of LLC upon whom Benjamin London, 257 Park Ave S, business address: LLC, c/o Mitchell of Form. on file: SSDE, Townsend it may be served. SSNY shall mail process against it may be served. NY, NY 10011. Purpose: General. Malnati, 133 W. 126th St., Suite 3, NY, SSNY shall mail process to 439 NY 10027. Purpose: any lawful activity. Bldg., Dover, DE 19901. Purp.: any process to: The LLC, 168-08 69th Notice of Qualification of PIMCO Lincoln Pl Apt 11, Bklyn, NY 11238. lawful activities. Ave., Fresh Meadows NY 11365. Investments LLC. Authority filed with Notice of Qualification of International Purpose: General. Notice of Qualification of Mediant Purpose: any lawful activity. Secy. of State of NY (SSNY) on Communications Network, L.L.C. Communications LLC. Authority filed Notice of Qualification of Ionic Capital Notice of Qualification of MZ NORTH 1/20/11. Office location: NY County. Authority filed with NY Dept. of State: with NY Dept. of State on 12/7/10. Management Holdings LP. Authority AMERICA LLC. Authority filed with LLC formed in Delaware (DE) on 3/1/11. NYS fict. name: International Office location: NY County. Princ. filed with NY Dept. of State on 2/22/11. Secy. of State of NY (SSNY) on 7/7/10. SSNY designated as agent Communications Network (Virginia), bus. addr.: 17 State St., 7th Fl., NY, Office location: NY County. LP formed 03/11/11. Office location: NY County. of LLC upon whom process against L.L.C. Office loc.: NY County. LLC NY 10004. LLC formed in DE on in DE on 2/15/11. NY Sec. of State LLC formed in Delaware (DE) on it may be served. SSNY shall mail formed in VA: 9/19/02. NY Sec. of 9/6/02. NY Sec. of State designated designated agent of LP upon whom 12/21/10. SSNY designated as agent process to: c/o National Registered State designated agent of LLC upon agent of LLC upon whom process process against it may be served and of LLC upon whom process against Agents, Inc., 875 Ave. of the whom process against it may be against it may be served and shall shall mail process to the principal it may be served. SSNY shall mail Americas, Ste. 501, NY, NY 10001. served and shall mail process to: mail process to: c/o CT Corporation business addr.: 366 Madison Ave., process to c/o Corporation Service Principal office address: 1345 Ave. of Smith, Gambrell & Russell, LLP, 250 System, 111 8th Ave., NY, NY 10011, 9th Fl., NY, NY 10017. DE addr. of Co. (CSC), 80 State St., Albany, NY the Americas, 49th Fl., NY, NY Park Ave., Ste. 1900, NY, NY 10177, regd. agent upon whom process may LP: c/o The Corporation Trust Co., 12207-2543. DE addr. of LLC: c/o 10105. Address to be maintained in Attn: Peter Barlow. Princ. off. addr.: be served. DE addr. of LLC: c/o The 1209 Orange St., Wilmington, DE CSC, 2711 Centerville Rd., Ste. 400, DE: c/o National Registered Agents, Perelson Weiner LLP, 1 Dag Corporation Trust Co., 1209 Orange 19801. Name/addr. of genl. ptr. Wilmington, DE 19808. Cert. of Inc., 160 Greentree Dr., Ste. 101, Hammarskjold Plz., 42nd Fl., NY, NY St., Wilmington, DE 19801. Cert. of available from NY Sec. of State. Form. filed with Secy. of State: Div. Dover, DE 19904. Arts of Org. filed 10017. Cert. of Form. filed with VA Form. filed with DE Sec. of State, Cert. of LP filed with DE Sec. of of Corps., 401 Federal St., John G. with DE Secy. Of State, 401 Federal Clerk of the Commission, 1300 E. Main 401 Federal St., Dover, DE 19901. State, P.O. Box 898, Dover, DE Townsend Bldg., Dover, DE 19901. St., Ste. 4, Dover, DE 19901. St., Richmond, VA 23219. Purpose: Purpose: any lawful activity. 19903. Purpose: any lawful activity. Purpose: Any lawful activity. Purpose: any lawful activities. any lawful activity.

April 11, 2011 | Crain’s New York Business | 23 20110411-NEWS--0024-NAT-CCI-CN_-- 4/8/2011 8:04 PM Page 1

Mr. Koppelman said the company sees big opportunities in mer- Martha’s return chandising, which accounts for Third time’s no charm about 20% of revenues.A deal to sell Continued from Page 1 things as her personal trainer Martha-branded paints, kitchen- Continued from Page 1 “part of a larger political system that ment, who had considered buying ($30,000),weekend driver ($56,000), ware and other items at mass-mar- once as high as 70%, has sunk 30 requires a level of consultation and MSLO stock but decide against it household expenses and company ac- ket Kmart stores expired last year points. discourse that may be bothersome when he learned that Ms. Stewart is tivities at her Westchester County es- and has been replaced with agree- The mayor is losing legislative but is necessary,” the former chan- unloading shares every month tate ($200,000), and salaries for her ments at Home Depot, PetSmart and public relations battles with cellor explained. “As time’s gone on, through an automatic sales plan. daughter ($400,000) and sister-in- and others. During a recent confer- Gov. Andrew Cuomo. The City- he’s tended to be less tolerant of “Revenues are in decline, earnings law ($200,000). ence call, executives said that sales Time corruption scandal and bliz- some of the things that he has to be have been bad for a long, long time, There’s little shareholders can do, through these outlets could rise by zard fiasco last year dented his rep- attentive to. He gets short-tem- and it doesn’t seem to be a premier as Ms. Stewart controls 50% of the more than 25% this year. utation as a skilled manager. And he pered. You see it in the bicycle paths brand anymore,” Mr. Kiel said. stock and has 90% voting power. The biggest challenges remain in has been dismissive of complaints and in the way he’s dealt with the is- The main question is whether publishing. It accounts for 60% of about his transportation commis- sue of city contracts. It’s a sign that Picking up trainer’s tab she can pull MSLO out of its tail- revenues, but the erosion of print sioner’s new bicycle paths. he may be tired of doing it.” Sales, which topped out at $328 spin when the SEC ban expires in advertising has resulted in a sales de- In recalibrating its standardized million in 2007, the company’s last August, a few days after Ms. Stew- cline of more than 25% since 2007. tests, the state Department of Edu- Disappointments in Albany profitable year, have dropped by art’s 70th birthday. It also isn’t clear Though digital ad sales rose by 24% cation erased much of the gains Mr. Mr. Bloomberg’s efforts to win nearly $100 million. Its fortunes fell what her role will be, although a last year, they generate only a third Bloomberg had taken credit for state aid and legislative changes in so low that late last year and earlier New York Post report earlier this year the revenues of print ads. since wresting control of city Albany this spring were almost en- this year, MSLO risked violating indicated that she would return to schools. His repeated threats to lay tirely ignored by Mr. Cuomo and loan covenants and had to renegoti- the board but wouldn’t seek the Lowering the bar on bonuses off teachers have been derided as state lawmakers. “I don’t think he ate terms with Bank of America. In long-vacant CEO post. Ms. Stew- To discourage the management political gamesmanship. was focused at all during the state the most recent go-around,the com- art, who wouldn’t comment for this team from bolting,the board last year Safe harbors have been hard to budget controversy,” Mr. Mercurio pany persuaded BofA to lower the story, is now chief editorial officer. abolished performance targets that find. The reservoir of goodwill he said of the mayor.“He wasn’t even in amount of tangible net worth re- Whatever her position, the had been required for key employees once enjoyed was drained in 2009 by the conversation when they were quired by the loan to $35 million tastemaker must get customers ex- to qualify for bonuses paid in restrict- his abrogation of term limits. And making decisions.” from $40 million, according to the cited about her products again. ed stock. with the departure of longtime ad- A senior administration official, fine print in MSLO’s 2010 annual “It’s become a default brand,” Meanwhile,Ms.Stewart is grad- visers like Edward Skyler and Kevin however,said Mr.Bloomberg is very report,released last month.The bank said Robert Passikoff, CEO of con- ually reducing her stake in the com- Sheekey, Mr. Bloomberg much engaged, pointing also agreed to waive earnings-related sulting firm Brand Keys, which has pany. Last spring, she began selling lost valuable intel. to his about-face on Ms. covenants for the second quarter. tracked public opinion of Ms.Stew- about 80,000 shares a month by ex- “It’s not going too Black.The mayor has ral- The company’s financial diffi- art for years.“Everyone knows it and ercising options, which amounts to well, is it?” said Joseph lied from low popularity culties are common for media com- no one thinks particularly bad about about 1 million shares a year. Mercurio,a veteran polit- before, notably after a panies. What’s unusual is the pay it, but Martha Stewart was about MSLO said the sales are an “order- ical consultant. “He did a property tax hike early in and perks awarded to Ms. Stewart being entrepreneurial,creative and a ly vehicle for investment diversifica- [self-promotional] ad- his first term. and members of her family. little leading-edge. The dynamics tion in accordance with her person- vertising campaign— “His action on the Last year, as MSLO accrued $10 have just slowed down.” al financial strategy.” Ⅲ TV, radio and direct chancellor, on top of his million in losses,the founder received MSLO Chairman Charles Kop- mail—and the poll num- outspoken leadership on nearly $6 million in compensation. pelman adamantly disagrees and calls LISTEN to a discussion at bers kept going down. budget issues, should re- She also billed shareholders for such the brand “more powerful than ever.” CrainsNewYork.com/audio Now he’s got Black leav- mind the chattering class ing, and he’s going to put that he is still very much a budget in that’s going in charge of managing to disappoint the elec- The mayor the city,” said Kathryn Stroller torate. I think his num- has rallied Wylde, president of the bers are going to go Partnership for New down further.” from low York City. “The rap on Continued from Page 1 Councilwoman Leti- popularity the mayor is that he is less can’t just leave my dog behind!” tia James of Brooklyn was engaged than during his Whatever their reasons, New among those who raised polls first terms, which I think Yorkers are going gaga for Bugaboo’s the specter last week of a before is not the case. His prac- latest, priciest-ever stroller. Hun- “third-term curse.” tice has always been to dreds are on waiting lists as the five The schools chancel- hire good people and give Manhattan retailers carrying the lor change unquestion- them pretty free rein, un- prize anticipate their next shipments. ably boosted Mr. less they screw up.” The Donkey redefines high-end Bloomberg, however. Civic leaders Aside from the prospect of a transport for little ones. The priciest and elected officials responded en- well-regarded schools chancellor, model, at $1,659, is the fully tricked- thusiastically to Ms. Black’s dis- other factors could lift the mayor in out twin.And with new brands,inno- missal—just 95 days into her chan- his final thousand days in office. vative designs and zippy color com- cellorship—not only because she was Universities around the world have buck ennis bos popping up almost every month, BUILT FOR TWO BABIES: Expectant mother Leigh Doyle of Manhattan is eager to get the Donkey deeply disliked but because the may- responded enthusiastically to his strollers present an anxiety-ridden stroller for her new arrival as well as her 13-year-old Bichon Frise. or, in a rare gesture of humility, ad- administration’s offer to facilitate a shopping process that has become mitted having made a mistake. new engineering campus. The ex- like buying a car in terms of options. “He realized it was a wrong ap- tension of the No. 7 subway line to “Stroller and stroller accessories on East 23rd Street, where strollers key is an easy selection for some and pointment,” said Ed Koch, the last the West Side—the first addition to are one of our largest categories,” said account for about 25% of revenues. a turnoff for those who disapprove of mayor before Mr. Bloomberg to the train network in decades—is on Ali Wing, founder of Giggle, an The product explosion has many such conspicuous consumption. serve a third term. “He didn’t dilly- schedule and under budget. The 8-year-old baby-gear retailer with 13 new parents spending months on re- Overall, though, New Yorkers want dally. He called her in and told her, city’s efforts to bolster the technol- boutiques, three in Manhattan. “It search to determine which one- to stand out, and pushing a luxury ‘It’s over.’ ” ogy sector and cut red tape for small will be one of the more expensive of handed-collapse stroller or big- stroller is an effective way to do it. businesses are paying dividends. new parents’ purchases.” wheeled jogging vehicle best fits “It’s the status that comes with Is he just tired of doing it? And the economy is improving, their needs. Ms. Wing said many having the newest and the best; it’s a The firing was an anomaly in an which might allow Mr. Bloomberg When $350 was a lot shoppers return several times and New York City phenomenon, to administration known for long to find the money he needs to can- At one time,$350 was considered take as long as two months to decide. some degree,” said Pamela Wein- tenures. But the mayor selected Mr. cel teacher layoffs. outrageously costly for a stroller. Additionally, while suburbanites berg, author of City Baby New York, Walcott in essentially the same “He’s a hard worker; I think he’s That changed in 2003, when Am- can simply stash a stroller in the car now in its fourth edition. hasty, unilateral way he had chosen going to turn things around again,” sterdam-based Bugaboo entered the trunk, Big Apple residents must Maria-Ray Guido is one of the Ms. Black. said Councilman Peter Vallone Jr. U.S. market. People were soon carefully consider the challenges of wait-listed shoppers. The Carroll “He looked across the room and Mr. Koch, who was plagued by a spending $700 for its top-of-the- fourth-floor walk-up apartments, Gardens resident and mother of saw Dennis,” said Frank Mac- third-term corruption scandal but line models, Frog and Chameleon. limited storage space and packed 6-week-old twins and a toddler re- chiarola, a former chancellor who can point to several lasting accom- Seeing dollar signs,other brands,in- subways. searched for several months, and is now runs St. Francis College in plishments late in his mayoralty,also cluding UppaBaby,Quinny and Phil “There are some unique features keen to have her babies riding side- Brooklyn.“That doesn’t make sense predicted a strong finish for Mr. & Ted,have gotten into the game in about living in New York,” said Pe- by-side in a Donkey. to me.” An open search would have Bloomberg. Bumps in the road are the past five years. ter Roberge, retail store manager at “I’m on the waiting list at a couple made the public feel engaged and inevitable for any mayor, he noted. “The consumer accepted the Albee Baby on the Upper West Side. of places,” Ms. Guido said. “I’ve giv- appreciated, and would have em- “He has the intellect, the energy, price of the product, and all the oth- Of course, fashion-conscious en my credit card, but to no avail.” Ⅲ powered whoever was hired— the courage and the vision to have a er manufacturers started making New Yorkers are concerned about which might have been Mr.Walcott glorious third term,” Mr. Koch said, more expensive strollers,” said Abe making a statement. As the Rolls- LISTEN to a discussion at anyway, Mr. Macchiarola said. “notwithstanding the fact that there CrainsNewYork.com/audio Mansour, co-owner of Little Folks, Royce of strollers,the Bugaboo Don- The mayor must realize he is will be problems.” Ⅲ bloomberg news

24 | Crain’s New York Business | April 11, 2011 20110411-NEWS--0025-NAT-CCI-CN_-- 4/8/2011 2:30 PM Page 1

35% of adults 24 to 45 intend to use their tax refund to pay off debt BUSINESS LIVES Source: Betterment.com

HOT JOBS EXECUTIVE INBOX Anne Fisher MOBILE DEVELOPERS COMPANY Foursquare JOB DESCRIPTION Help build and Are you ready manage a broad set of mobile application and website products to put a price MOST IMPORTANT TASKS Devel- tag on your op innovative, consumer-facing mobile products; help shape business? direction of company’s feature set CREDENTIALS NEEDED B.S. or IF YOU’VE TRIED to sell a company M.S. in computer science or in the past four years or so, you related field; three-plus years of know the market for small professional software development businesses has been taking a experience long snooze. The good news, if SALARY $100,000-plus, you’ve been yearning to cash out according to recruiter estimates and retire or start something new: Since late 2010, demand has RECRUITER Internal been picking up again. DOWNSIDE Dealing with pressures The most recent Money Tree of a highly competitive industry Report, compiled by Pricewater- and a fast-paced environment houseCoopers and the National UPSIDE Playing a key role in Venture Capital Association, product development notes that “the venture-backed Foursquare, a location-based exit market appeared to be on social network startup, is seeking the rebound” as of the end of iPhone, Android and BlackBerry 2010, with private equity developers. Launched in 2009, it investors reporting they sold now boasts more than 6.5 million 420 companies for a total of users worldwide. $18.3 billion. That’s a substan- —SUZANNE PANARA tial increase over 2009’s levels, which saw 273 such deals PIANO MAN: A valued at $13.5 billion. lifelong musician, Here in the city, demand is EXECUTIVE MOVES Hiroaki Mizutani decided that he heating up, too. Mel Lisiten says MTV Networks: Stephen would rather care for he has never been busier. The K. Friedman, 41, has the instruments than founder and president of Lisiten been appointed perform on them. Associates Business Brokers has president. He joined hired three new staffers so far this MTV in 1998 to GOTHAM GIGS launch its strategic year to help handle new business. partnerships and Why the sudden surge of public affairs interest? “We’re seeing a large department. Most recently, he served as group of former Wall Street exec- MTV’s general manager, launching utives who want more control network hits Jersey Shore, Teen Mom and over their own destinies,” Mr. 16 and Pregnant. Before joining MTV, Tuning the Ivories he was director of the PEN American Lisiten said. “Business Center, an international literary and ownership is a way to get that.” human rights organization. Hiroaki Mizutani’s relationship with Yamaha pianos began when Of course, not every business Hospital Audiences Inc.: David Sweeny, Already, he was a 4-year-old student at the firm’s music school in Nagoya, is in salable shape. “The most 46, was named executive director of the common problem is that entre- nonprofit arts organization. He was world- Japan. Instead of becoming a professional pianist, however, he decided to focus on the magic under the keyboard. ¶ In February, preneurs get so busy running previously president of PDS things that they don’t keep Development, which he founded. class after 17 years working for Yamaha in Japan as a technician and Univision Networks: accurate records,” he said. Maelia Macin, 46, has artists instructor, Mr. Mizutani was promoted to chief concert technician A standard formula bases the been appointed and relocated to New York. Here, the 42-year-old oversees the price on a multiple of 3 to 5 executive vice request tuning and service for all of Yamaha’s concert pianos, whether at a times the owner’s discretion- president of network ary income, so that “if you’re sales. She will oversee him public venue or in an artist’s home. He is one of the company’s taking out $500,000 a year, and all advertising sales few experts on its latest creation, the hand-crafted CFX grand and marketing you have recurring revenues with operations for the Univision, TeleFutura personally piano, which takes over a year to make and costs $150,000. ¶ solid contracts, we can price the and Galavisión networks. Most recently, Though Mr. Mizutani has been here for only a short time, business at 5 times $500,000, she served as senior vice president and or $2.5 million,” he said. regional director of the Southwest luminaries such as Russian classical pianist Olga Kern and “For someone who wants to region for Univision Local Media. Japanese jazz composer and performer Hiromi Uehara already sell right now, the asking price TBA Global: André Mika, 44, has joined the marketing and communications request him personally. ¶ “The biggest challenge is understanding has to reflect reality,” Mr. Lisiten agency as senior vice president, digital what the client wants,” he said. “There are times I feel like I said. Noted. creative. He was previously senior vice have achieved the perfect tuning, but unless the artist is happy, I president of creative for the National HAVE YOU CONSIDERED selling Hockey League. haven’t done a good job.” your business? Tell us at

See EXECUTIVE MOVES on Page 26 —miriam kreinin souccar buck ennis www.crainsnewyork.com/execinbox.

April 11, 2011 | Crain’s New York Business | 25 20110411-NEWS--0026-NAT-CCI-CN_-- 4/8/2011 2:31 PM Page 1

RÉSUMÉ REVIEW An insider’s view of exec pay Is your job search all it could be? We ask the experts. Expert sees more ored of the idea. tive,which I worry will happen,is to cut the number of low-paid employ- NAME WILLIAM T. HERBST Pay on Wall Street is widely seen as ways to rationalize ees by moving their jobs offshore. SUMMARY a reason for the financial crisis, top-salary picture because employees were Do you think the law’s requirement Retail professional with expertise in motivated to take outsized that companies give shareholders store design and visual display short-term risks to make a a vote in how executives are paid is BY AARON ELSTEIN quick killing. Has anything worthwhile? PROFESSIONAL EXPERIENCE changed on that front? It’s a good idea. I Saks Fifth Avenue, 2004-present ruce Ellig is one of the na- It’s gotten a little think it’s good to Senior vice president of store design, planning and visual tion’s foremost experts on better. The industry put more pressure Oversee planning, presentation and graphic design for 50 U.S. and four executive pay.He served as has cut back some- on companies to international full-line stores worldwide head of human what on short-term explain what Macy’s East, 2001-2004 Bresources at Pfizer and was secretary incentives,and bank- they’re doing Executive vice president, director of visual merchandising and store for the drugmaker’s compensation ing regulators have and why. design committee before writing The Com- been given the pow- Responsible for all aspects of presentation for full-line stores plete Guide to Executive Compensation. er to determine Do companies Expo Design Center, Marietta, Ga., 1999-2001 whether pay prac- still pay for Director of design and planning Supersized executive pay is back. For tices are appropri- CEOs’ country Total conceptual planning for 90- to 100-square-foot stores, including example, the CEO of Ford got $27 million ate or not,although club dues, or bath, kitchen, lighting and high-end appliance galleries last year. For all the talk about more I think asking reg- personal travel on closely aligning ulators to do that ef- company planes? EDUCATION salary with fectively is asking I’m seeing Parsons School of Design performance, an awful lot. That more of a cutback Fashion Institute of Technology MOVERS & has anything said, if the banks on perks, but not Résumé appears in condensed form. actually SHAKERS don’t regulate pay elimination. Not EXPERT ADVICE changed? better on their own, many companies pay for Most of they’re asking for country clubs anymore, William has some hard-hitting experience, but it’s lost in a somewhat Bruce the big num- tough treatment. but you do see push-back dated, plain-vanilla résumé. As a senior design professional, he needs to bers you’re from executives about be as cognizant of his own personal brand and his hiring audience as he is Ellig seeing are be- What impact do you personal use of corporate of his employers’ image. It would be to his advantage to showcase his cause stock expect from the Dodd- jets. Sometimes they’ll accomplishments in a more visual and appealing format, incorporating a prices have Frank financial reform law, argue that the cost is the Web portfolio linked to photographs, videos, design samples, or Web recovered,and top executives get a lot which requires companies same as a first-class tick- articles or other content referencing his style credits. William should also of their pay in shares or stock options. to disclose more information et, which is silly. Execu- look at his format from a design perspective. He could improve his font That system is fine by and large, but about executive pay? tives also say they feel choice, and add bullets and italicized text to make his achievements stand I think executives who exercise op- Congress always screws more secure traveling out. His strong design esthetics and capabilities do not seem evident in tions should be forced to hold those these things up. For exam- that way.They simply do the way he has presented himself, especially in a field that is more shares until they retire. After all, we ple,next year,companies will not want to be inconve- receptive to résumés with visual appeal. Thoughtful content and small want our executives to think like have to start reporting how nienced with taking off tweaks can take a résumé from good to great. owners of their companies,and I can’t much higher the CEO’s pay is their shoes in the public —nancy schuman, vice president, Lloyd Staffing think of too many owners who sell. versus their average employ- part of the airport. ee’s pay. Well, one way to To contact this candidate or to be featured in “Résumé Review,” e-mail us How do corporate executives react when lower the number is to I don’t like taking my shoes at [email protected]. you suggest that? cut executive pay. I don’t off, either, but I deal with it. [Laughing] They aren’t enam- think that will happen.The alterna- Me, too. Ⅲ lisa quinones

EXECUTIVE MOVES lifestyle editor. was vice president and senior president, brands and agencies, a newly proﬁt from our Brand New School: Dennis Go, 37, was relationship manager at Bank of the created position. He had been a hired as design director, a newly created West. principal at Carmel Ventures. Continued from Page 25 position, for the production company Eustachio Bruno, 38, has been named Josh Feller, 37, was appointed vice Marcum: Irv Schwarzbaum, 51, has been and design studio. He had been a vice president and relationship manager president, business development. He named partner, advisory services group, freelance director, art director and in asset-based lending in New York had been director of business at the public accounting and advisory designer. City. He had been vice president in the development for Microsoft. services firm. He was most recently TD Bank: C. Michael Garrido, 56, has problem loan management group at The Affinity Solutions Inc.: Charles Rosenblatt, director, business investigation services been named vice president and CIT Group. 36, was named executive vice president group, for J.H. Cohn. commercial loan officer in commercial Outbrain: Gilad de Vries, 37, has joined of business strategy and product W.P. Carey & Co.: Jeffrey Lefleur, 32, was banking in Manhattan. Previously, he the Web marketing company as vice development, a newly created position, promoted to managing director of the for the provider of partner-funded investment management company. He rewards. He was previously a senior vice was formerly an executive director. CORPORATE LADDER president at J.P.Morgan/Chase Card Crowdtap: Matthew Scott, 31, was hired as Services. 80years of vice president of strategic development THEATER GROUP’S NEW EXEC The Daily: Steve Alperin, 37, was for the social marketing and research promoted to editor at large, a newly experience platform. He had been a founding team MICHAEL NAUMANN, 50, has been named managing created position, for the News Corp. member and director of business director of the Theatre Development Fund and will publication. He was most recently development for AdSafe Media. managing editor. Two Trees join the not-for-profit in May. In his new position, Mr. ID Media: Diana Bald, Management: Lisa Naumann will help develop programs that promote 42, has been hired as Kim, 36, has been theater access and education, oversee senior vice president appointed cultural management of the fund’s three TKTS discount and director of affairs director. She booths and 85,000-piece costume collection, and be responsible for marketing, a newly was most recently personnel and administrative policies. He will also collaborate in devising created position at the Larry Gagosian’s Interpublic Group collection manager strategy and implementing initiatives. agency. She was most and director of Mr. Naumann was most recently director of finance at Frankel Green recently vice president, operations and exhibitions at Gagosian Theatrical Management, where he oversaw a number of Broadway, off- business development, at Univision. Gallery. Broadway and touring productions, including A Little Night Music, Gypsy and —laura shin Delight Gluten-Free Magazine: Jordan Hairspray. He had previously served as director of finance and administration EXECUTIVE PROMOTIONS Gary, 28, was promoted to publisher. He at Manhattan Theatre Club. had been vice president, advertising The fastest way to get an announcement into sales. A native of St. Louis, Mr. Naumann has been an adjunct assistant professor of theater arts at Columbia University since 2001. Crain’s is to submit online. Fill out the form Vanessa Weisbrod, 27, was promoted to at www.crainsnewyork.com/section/ executive editor, a newly created —LAURA SHIN executive_moves. The Executive Moves column www.eanyc.com position. She was previously food and is also available online.

26 | Crain’s New York Business | April 11, 2011 20110411-NEWS--0027-NAT-CCI-CN_-- 4/8/2011 2:31 PM Page 1 chemex / INSATIABLE CRITIC THURSDAY, APRIL 21 Gael Greene THE GREATER JAMAICA DEVELOPMENT flickr.com THE CORP. and NYC Business Solutions, Queens Center, host “Meet the Lenders,” featuring Sterling National WEEK Bank. Attendees receive information The Burke Show about traditional and alternative financing that is available for small AHEAD businesses throughout the borough. The event will take place at The Harvest Room, 90-40 160th St., arrives in SoHo APRIL 18-24 Jamaica, Queens, from 9 a.m. to 12 p.m. For more information about this free event, call (212) 575-5431 or CONFERENCES AND e-mail barrett.stokes@ Kitchen’s fare can be SEMINARS sterlingnationalbank.com. WHAT HE’S MONDAY, APRIL 18 too much or magical; PRECISE ADVISORY GROUP presents CULTURAL EVENTS READING “Money, Money, Money: Source It, WEDNESDAY, APRIL 20 Pick side of energetic shtick Manage It, Preserve It, Expand It,” THE TRIBECA FILM FESTIVAL of the MICHAEL JACK, the general from 6 p.m. to 8 p.m. at Villa Berulia, kicks off and continues week manager of WNBC-TV, is reading avid Burke’s expand- 107 E. 34th St. This edition of the through May 1. Opening three books at the same time. Executive and Entrepreneur night will feature the world ing empire has its odd Fortunately, that’s not so hard to pockets: Blooming- Roundtable is aimed at helping premiere of director Cameron Crowe’s participants establish necessary The Union, a documentary about Elton do with both an iPad and a Kindle. dale’s, Burke in the D planning and budgeting priorities and John’s collaborative album with Leon Mr. Jack is deep into Pat Box, Rumson, N.J. provide them with the tools to achieve Russell. Tickets are $16 for evening and Conroy’s novel South of Broad, set He’s anchored in Chicago,Las Vegas success in their business. weekend screenings, and $8 for matinee buck ennis in Charleston, S.C., a city that and ZIP 10021 townhouse chic. FOWL PLAY: Foie gras corn cake and duck Complimentary refreshments and and late-night showings. For a list of has always fascinated the long- films and more ticket information, call Now the legendary kitchen joke- appetizers will be served. Tickets are time television executive. “I recent- ster has brought his jars, lollipop $25. To register, call (866) 484-9084 or (646) 502-5296 or visit ly visited for the first time,” Mr. Jack trees and mini iron stoves to his first DAVID BURKE visit www.preciseadvisory.com/events. www.tribecafilm.com. said. “So the novel was even more downtown gig, David Burke’s UESDAY, PRIL KITCHEN9 T 1 FRIDAY, APRIL 22, AND SATURDAY, Kitchen, at The James. Just in case, vivid and alive after my trip.” 23 Grand St. NEW YORK PUBLIC LIBRARY offers APRIL 23 He’s also enjoying Carl he’s conjured up new tricks, like the (212) 201-9119 “Credit Scores and Identity Theft— EARTH DAY NEW YORK presents “EarthFair mad-scientist percolator on a stage- www.davidburkekitchen.com Hiaasen’s comic romp Star What Can Hurt You?” Attendees will Outdoors,” a two-day festival of art, Island, which sends up celebrity front service table, where he reduces learn how identity theft occurs, how music and the environment, outside lobster stock. It’s just spilled and and where to report it, and how to fix a Grand Central Terminal, on Vanderbilt culture in South Florida. “I really caught fire. Quickly, it’s out. Now damaged credit score should they Avenue between East 42nd and East like the irreverent, offbeat he’s wiping up the spill. Now he’s CUISINE American become a victim of identity theft. The 45th streets. The exhibit area will be characters,” Mr. Jack said. smashing prawn heads. Now he’s PRICE RANGE Entrées $24-$45 lecture will take place from 6 p.m. to 7 open from noon until 7 p.m. on Friday When he’s in a more serious schmoozing the room. p.m. at the Science, Industry and and from 11 a.m. until 4 p.m. on mood, he catches up on a little- SERVING Dinner 7 days; break- Saturday. For more information, visit We’re with a major Burke fan Business Library, 188 Madison Ave. explored corner of U.S. history fast, lunch M-F; weekend brunch Admission is free of charge. For more www.earthdayny.org. who adores his shtick. She’s swept details, call (917) 275-6975. —laura shin with Daniel Okrent’s Last Call: The away by the youthful energy in this RESERVATIONS Recommended Rise and Fall of Prohibition. faux barn, the noise, the low-coun- NOISE LEVEL Jet-engine level To view Crain’s classified events listings, go to www.crainsnewyork.com/events —MATTHEW FLAMM try look with slatted tunnel ceiling, bare tables, portraits of rural types I can’t wait to return. eyeing each other across the room, I will definitely go back. blue-and-white checked napkins. I’ll let them simmer awhile. Sipping a mildly bitter cocktail, NO HATS Never again. I’ve become uncharacteristically pos- itive myself. Indeed, the bread tray delivers its own high with a rose- mary boule and marvelous olive- onion rings, is good enough to take walnut bread from Bouchon Bakery, leftovers home—once you shove Photos, Factoids & and irresistible rustic seven-grain aside the over-caramelized pork from nearby Grandaisy Bakery. cheek and the blackened, too-sweet Before we can even focus on the sludge of apple-bacon marmalade. menu—pretzel crab cake, “ants on a Executive Chef Jedd Adair bears Footage of the 40s log,” Camembert ravioli, heads-on solid cred from days at Corton, prawns atop spicy spaghetti—the Toqueville and Union Pacific. He kitchen has sent out two items from throws together Monday’s mac ’n’ the “Snack” offerings. Tendrils of cheese special on request. This www.crainsnewyork.com/40under40 salmon pastrami glistening with sticky toss of fusilli and Cabot mustard oil come wrapped around clothbound cheddar, mixed with Log on today to explore the dedicated multi-media section with expanded information pretzel sticks, a slick, satiny, heavenly herb purée, is not macaroni by a on each honoree in the 2011 class. mouthful.And peanut butter-stuffed stretch—but it’s marvelous. dates wrapped in maple bacon have Smoked barley risotto with little Watch us moaning like baby Bieber fans. flutters of mushroom deserves atten- video interviews I’d bet that a David Burke iceberg tion as more than a $7 side. Pair it with honorees wedge would shove anyone else’s to with jalapeño french fries cooked in the curb. It’s not even a wedge, but a smoked beef fat,and divide an entrée: Read big round core stuffed with candied It’s a carbophiliac’s dinner for two. interesting facts pecans, dried cranberries and bits of After so many extras, dessert about what makes pear, in a tomato vinaigrette with looms as possibly painful. I’m Insa- them successful, crumblings of blue cheese. Salad, tiable, but it was always just a play- including unique cheese and dessert on one plate. ful metaphor. This moment of clar- personal tidbits Pea soup in two acts is pretty ity is quickly destroyed as desserts enough. Act 1, a poached egg arrive, anyway. I can’t resist giandu- View wrapped in prosciutto and tied with ja hazelnut mousse sandwiched in their photo gallery a scallion ribbon, ham hocks hiding chocolate with ginger Rice Krispies and candids from out underneath … followed by a pour clumps. Then a final Burkeian sig- their in-house of mint tea-spiked split pea soup. nature:monkey bread for two,baked photoshoot But I miss a blast of real pea taste. in a cake tin with pecans, caramel ...and more I’d come back, though, for the and chewy slices of banana,spooned marvelous foie gras corn cake, even up with clouds of vanilla ice cream. though the soy honey duck ringing it is unremarkable. The pork chop, Copyright © 2011 by Gael Greene. ordered “rarish,” along with parsley Syndicated by www.insatiable-critic.com.

April 11, 2011 | Crain’s New York Business | 27 Project3:fp template.qxd 3/29/11 1:24 PM Page 1

Work with a partner who can help take your business to the next level Access OneSM offers a streamlined set of cash ﬂow tools, including 24/7 online account management and remote deposit capture— all for one ﬂat fee. So you can unlock even more of your small business’s potential, while still focusing on the things you love to do.

Visit myaccessone.com to see what Access One can do for your business. Or call Rich Schnapper at 212-273-3538.

To qualify for the bundle price, your business must maintain the core bundle of products which includes online account management center (Treasury Optimizer®), remote deposit capture, wire transfer capability, and business checking, otherwise the account’s bundle pricing will change. Minimum opening deposit may be required for business checking account. Transaction limitations apply to business checking account and remote deposit capture. Per item wire transfer fees apply. Offer subject to change without notice. Subject to limitations. See your banker for details. Products and services are offered by Capital One, N.A., member FDIC. ©2011 Capital One. Capital One is a federally registered service mark. All rights reserved.