POWER STRUGGLE Business Groups Say Natural-Gas Delivery Has Reached a Crisis Point

ASKED & ANSWERED: ALICIA GLEN on her 5 game-changing years as deputy mayor PAGE 13 SPECIAL REPORT: Leveling the playing eld for New York’s female entrepreneurs PAGE 3

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POWER STRUGGLE Business groups say natural-gas delivery has reached a crisis point. Environmentalists agree

BY MATTHEW FLAMM

New York is a city of canyons. But for Ashley Fallon, a child of Breezy Point who now lives in Rockaway Beach, her portion of Queens can seem closer to California than Manhattan. e view from her surfboard might include any of three species of whales, two kinds of dolphins and baby seals. Walking on the beach, she sometimes spots the rare snowy owl. Fallon knows the beach was not always this clean or the water this full of life. at is one reason she has joined a coalition of local civic and environmental groups ghting the proposed Williams Transco natural-gas pipeline. e groups, including Surfriders Foundation, 350.org and the Rockaway Beach Civic Association, insist the pipeline could in ict lasting environmental damage on the area. e 24-mile expansion of existing pipeline infrastructure would run 17 miles underwater, from New Jersey’s Raritan Bay across lower New York Bay to a Transco pipeline already in place 3 miles o shore from the Rockaway Peninsula. e project’s supporters are no less pas- sionate than Fallon. ey say the he rst time Jay Cross Northeast Supply Enhancement CITYSCAPE Project, or NESE, will address a visited the West Side looming natural-gas shortage in rail yard was in the Brooklyn and Queens and on Long T Island that could in ict lasting spring of 2000, when he ew damage on the region’s economy. up from Miami to meet Woody e battle is playing out amid an- Johnson and complete the other gas shortage that has raised GOING YARDS deal to become president of alarms across the region’s business community: Con Edison has de- Hudson Yards, Related Cos.’ bold gamble on the New York Jets. He was clared a moratorium on natural-gas the Far West Side, is poised to pay off tasked with building a stadi- hookups in southern Westchester. um on the site. Having previ- As of March 15, the utility said, it will not be able to guarantee service BY GREG DAVID ously overseen a new venue, for new projects, e ectively sti ing development. JAY CROSS, president of Related Hudson Yards SEE HUDSON on Page 16

BUCK ENNIS/ CNYB SEE POWER on Page 20

NEWSPAPER come to rely on from Crain’s! AMAZON MORE INSIDE PAGE 6 ISTOCK,

P001_CN_20190304.indd 1 3/1/19 7:42 PM IN CASE YOU MISSED IT

DATA POINT No-bull BofA readiness tests kept pace, growing Ten years after snapping up Merrill THERE ARE 41 CIDER-MAKERS at a 10.7% clip. Lynch, Bank of America is erasing IN THE STATE, THE MOST IN THE traces of the once-venerable insti- Easy riders tution. BofA is removing the Mer- U.S. AND 413% MORE THAN Citi Bike will ood the streets with rill Lynch name from its invest- THERE WERE IN 2014. THAT 4,000 e-bikes in the next few ment banking and trading months and charge $2 more for divisions and shortening its YEAR NEW YORK BEGAN GIVING rides. e rollout will result in one- wealth-management nomencla- NEW LICENSES TO CIDERIES fth of the total eet being of the ture to Merrill. pedal-assist variety. THAT USE LOCAL APPLES. MTA trips up Pulling the plug e prices of weekly and monthly Scott Rudin, the lead producer of MetroCards will rise to $33 and Pier pressure the To Kill a Mockingbird on $127, respectively, April 21. e e 25th annual Armory Show, set Broadway, is having theater pro- base fare won’t change, but bonus for March 7 through 10, was forced ductions of the classic novel shut rides will be eliminated. Suburban to move half of its art exhibits from down across the country. Lawyers commuters also face hikes of 3.85% Pier 92 to Pier 90 after the Econom- for Rudin are declaring exclusive on monthly LIRR and Metro-North ic Development Corp. informed stage rights to adaptations of the

GETTY IMAGES tickets and 6.3% on most E-ZPass organizers that Pier 92 was struc- iconic Harper Lee novel. tolls on MTA bridges and tunnels. turally unsound. — Chris Kobiella Another speaker’s bubble Calling foul Potluck, indeed Sweater brand Coogi is suing the Martha Stewart and Canopy bursts—Johnson, take note Brooklyn Nets for incorporating its Growth are teaming up on canna- “distinctive multicolored pattern” bidiol lines for humans and ani- LAST TUESDAY SEEMED TO DASH THE DREAMS of yet another City Council into jerseys inspired by legendary mals. e lifestyle expert’s CBD speaker, in this case Melissa Mark-Viverito, who left the post in 2017. Brooklyn rapper Notorious B.I.G., advisory role follows her Martha & e Upper Manhattan politician nished third , with less than 11% of the who popularized the sweaters. Snoop’s Potluck Dinner Party co- vote, in the 17-candidate race to ll the vacant public advocate’s o ce— Coogi demands that the team stop host Snoop Dogg’s 2016 partner- her vote total was tripled by the man she beat for the speaker job in 2013, wearing and selling the uniforms. ship with a Canopy subsidiary. Brooklyn Councilman Jumaane Williams. She promptly ruled out challenging Williams for the job in the June Democratic primary. Return engagements Going yard Mark-Viverito did not deny during the race that she hoped to run for Famed East Village music venue TF Cornerstone bought two Paci c mayor in 2021, but that plan appears to have withered . Webster Hall is reopening in the Park development sites from She should have known: No council speaker has ever won higher o ce. spring after 18 months of renova- Greenland Forest City for $143 mil- Peter Vallone, the rst to hold the role after its creation by the 1989 City tions. Owners Brooklyn Sports & lion. It will erect two towers with a Rolling out Charter revision, bombed in his 1998 run for governor and his 2001 bid for Entertainment and AEG Presents total of 800 apartments and retail The infamous Lower East mayor. His replacement, Gifford Miller, placed fourth in the 2005 Demo- upgraded the acoustics, restrooms space at 615 and 595 Dean St. at Side Hells Angels clubhouse, cratic primary for mayor. Eight-year Speaker Christine Quinn got less than and air conditioning, among other the former Atlantic Yards. known as the Church of the half as many votes as Public Advocate Bill de Blasio in the 2013 primary. improvements. e opening date Angels, was sold to LLC East Part of the di culty is that an e ective legislative leader inevitably en- and act will be announced soon. Hitting the books 3rd Street for an undisclosed genders enemies and animosity. But the process that selects the speaker— A record 55,011 city students took amount. The motorcycle getting the votes of at least 26 of the 51 council members, usually by court- at least one Advanced Placement gang reportedly bought the ing county Democratic bosses—is hardly indicative of citywide electability. exam last year, an 11.4% increase building, at 77 E. Third St., It is similarly rare for heads of the state Legislature to become governor from 2017. e rise in students for $10 in 1977.

and for U.S. House and Senate leaders to attain the presidency. passing one of the college- AP IMAGES Corey Johnson, the current council speaker, ought to pay attention. As with Vallone, Miller, Quinn and Mark-Viverito, the power and media pro- CORRECTIONS le of his position has given him eyes for Gracie Mansion. e fate of his The owner of 250 Joralemon St. is Brooklyn Law School, not the city. The information was forerunners should give him pause as he begins raising funds for a mayor- misstated in "Boerum Place Continues Its Evolution," published Feb. 25. al bid in 2021. He had been rumored to be targeting the Manhattan bor- Michael Jackson, COO of Skype, purchased Yello Lambo from Kevin Abosch. The name and ough presidency, which produced such mayors as Robert Wagner and title of the purchaser was incorrect in "Coin Artist," published Feb. 25. David Dinkins. at would carry less in uence than the speakership but The New York Times Co., though it is an investor in Scroll, has not committed to participating broaden his base . Johnson is not yet 37, roughly the same age Miller was in the subscription service. That fact was misstated in “Stopping the Media Carnage,”

when his mayoral bid ended his political career. — Will Bredderman GETTY IMAGES published Feb. 25.

STATS AND THE CITY CONFERENCE CALLOUT VOCAL LOCALS APRIL 3 CRAIN’S ARTS & BY GERALD SCHIFMAN CULTURE BREAKFAST Partygoers enjoy rooftop bars and lounges at hotels around the Commissioner Tom Finkelpearl of city, but the venues can cause consternation among neighbors, the city Department of Cultural who are apt to call 311 to gripe about the noise they generate. Affairs will discuss engaging New Yorkers across the ve Days in a 12-month period noise complaints were led against the Dream boroughs and the importance 49 Midtown (right), the most of any city hotel of securing the future of culture in New York City. Square footage of the Dream’s Register today. 16th oor terrace, which 2,500 stays open until 4 a.m. Days of complaints against the CON EDISON McCarren Hotel in Williamsburg, the 22 city's second-most-disruptive hot spot 4 Irving Place, New York Number of hotels among the 8:30 to 10:30 a.m. six noisiest that are located CrainsNewYork.com/ on the Lower East Side 3 Note: Data spans from July 2017 through July 2018. Sources: Localize, 311 data events/ArtsSpring2019

Vol. 35, No. 9, March 4, 2019—Crain’s New York Business (ISSN 8756-789X) is published weekly, except for double issues Jan. 1, June 25, July 9, July 23, Aug. 6, Aug. 20 and Dec. 24, by Crain Communications Inc., 685 Third Ave., New York, NY 10017. Periodicals postage paid at New York, NY, and additional mailing of ces. Postmaster: Send address changes to: Crain’s New York Business, Circulation Department, PO Box 433279, Palm Coast, FL 32143-9681. For subscriber service: Call 877-824-9379. Fax 313-446-6777. $3.00 a copy, $99.95 one year, $179.95 two years. (GST No. 13676-0444-RT) ©Entire contents copyright 2019 by Crain Communications Inc. All rights reserved.

2 | CRAIN’S NEW YORK BUSINESS | MARCH 4, 2019

P002_CN_20190304.indd 2 3/1/19 6:39 PM SPECIAL REPORT HEALTH CARE Return of the house call Northwell touts savings from experimental Medicare program

BY JONATHAN LAMANTIA

It has been two years since Rose AMONG THE CITY’S new Katz, 83, came home after an ex- venture capital partners tended stay at North Shore Uni- are Jennings-O’Byrne and versity Hospital. Back in Decem- Aditya of WOCstar Fund. ber 2016, she was rushed to the emergency room after her heart- beat slowed and her body tem- perature dropped to 91 degrees. Her heart stopped twice while at the hospital, where physicians discovered a blockage and im- planted a pacemaker. After more than a month at a rehab facility, Katz returned home on Valentine’s Day 2017 and was enrolled in Northwell’s House Calls program. e program is part of a Medi- care experiment to see if health care providers can save money by bringing primary care into their sickest patients’ homes. Katz, who also has severe ar- thritis, receives visits to her Flush- FIXING THE ing home from her doctor or a nurse practitioner as well as a social worker. Northwell coordi- nates at-home medical testing, such as chest X-rays, along with FUNDING GAP physical therapy and home health aide services. The city is investing millions in female entrepreneurs, “ ey come to our house. It’s much more convenient. Look at who have been largely overlooked by private investors the weather outside,” Katz said on a February day that brought snow, BY AMY CORTESE sleet and rain.

CATHERINE GIBBONS CATHERINE e idea of receiving health services in the home is an attractive J Miller and Amanda Johnson were perimenting with lipsticks in their New York people that there is a problem that needs to be one for seniors who might have having drinks one evening when kitchens. “Lipstick is not rocket science,” Miller solved,” Miller said. impaired mobility or poor access they got on the topic of makeup, said. In early 2017 they launched Mented (short at, she stressed, is simply human nature. to transportation. But Medicare’s speci cally why it is so hard to nd a for pigmented), a direct-to-consumer cosmetics Investors tend to put their money in what feels pilot program for home-based nude-tone lipstick that works for brand for women of color, who they estimate familiar. “When the majority of investors are primary care is limited. is year women of color. Most cosmetics, they noted, spend $30 billion a year on cosmetics. men and white, it should be no surprise that the it increased the total number of Kwere formulated for women with a lighter Raising capital proved more challenging. As majority of people who get funding are white patients who can enroll to 15,000 complexion. African-American women pitching to mostly males,” Miller said. from 10,000. e pair, who met at Harvard Business School, white male investors, “we had a harder time get- bought industrial molds and dyes and began ex- ting in the room and, when we did, convincing SEE SEE FUNDING on Page 14 SEE HOUSE on Page 21 Tunnel shutdown would be massive blow RPA report underscores urgency of Gateway funding

BY DANIEL GEIGER New Jersey region would drop by But the Trump administration tunnels on Amtrak and NJ Transit $22 billion. has pulled support for that trains. Amtrak controls the tunnels An unplanned shutdown of passen- e twin century-old tunnels car- megaproject, scrapping an Obama and uses them as a key passageway ger-rail service under the Hudson rying NJ Transit and Amtrak trains administration spending agree- for its busy Northeast rail corridor. River would cost billions in tax reve- into Penn Station are deteriorating ment that would have allowed con- “ is report outlines what a grim nue, lost wages, congestion and fall- because of age and damage from struction of the tunnels to proceed. new reality will look like,” Tom ing real estate values , a recent re- Superstorm Sandy in 2012. A nearly Any repair of the two tubes with- Wright, president of the Regional port found. $13 billion project to create two new out a replacement in place would Plan Association, said in a statement. e study by the Regional Plan rail tubes under the Hudson River, reduce train tra c through them by “Every day that we aren’t building

Association and Arup stated that called the Gateway project, has up to 75% for four years, the study the Gateway project, we’re one day GETTY IMAGES the local and national economies been proposed to allow the original predicted. at would create havoc closer to real economic and social STATE OF THE ART: A 1908 rendering would take a $16 billion hit, and tunnels to be closed and repaired for the roughly 200,000 daily rail calamity that would be felt across the of the rail tubes that 200,000 daily home values in the New York and without constricting train tra c. passengers who ride through the tristate area and beyond.” ■ commuters rely on today.

MARCH 4, 2019 | CRAIN’S NEW YORK BUSINESS | 3

P003_CN_20190304.indd 3 3/1/19 7:21 PM WEEK ON THE WEB

tor in chief, Noah Schachtman, Crain’s makes news tweeted, “Not a great day for @Forbes or @CrainsNewYork. Shows how easily they were played.” en Crain’s got to work. Greg at Cohen hearing David, editor from 1986 to 2009 and a current contributor, responded in Name-dropped during riveting testimony “Why I Published Misleading Infor- mation From Trump,” (Feb. 27) that BY GABRIELLA IANNETTA the annual list of largest privately exclusive reporting, which used the held companies was a consistently As viewers across the nation tuned president’s limited public disclo- popular feature during his tenure. in to watch President Donald sures to reveal that his company’s He shared that Crain’s tells readers Trump’s ex-lawyer and erstwhile 2016 revenues totaled less than that the numbers are provided by “ xer” Michael Cohen testifying to one-tenth of the $9.5 billion the the companies. Trump, David add- Congress, they may have heard a farm had claimed. “To your knowl- ed, “has made me wonder whether miliar publication’s name men- edge,” Clay asked Cohen, “did the CLAY entered Crain’s New York Business into the record of one of the most extraordi- I made the right decision to keep tioned. president or his company ever in- nary public congressional hearings in history. publishing the list.” Missouri Rep. William Lacy Clay ate assets or revenue?" Elstein, using documents re- Jr. asked Cohen for his insights into “Yes,” Cohen replied. used by me for two purposes: One Trump has yet to say a word about leased during the testimony, did a how the Trump Organization val- e article the congressman was was discussing [with] the media, Crain’s coverage, and the Trump quick analysis: “Per Cohen’s Testi- ues its assets, and he referenced referring to, “Trump Organization whether Forbes or other maga- Organization has declined multi- mony, Here’s How Trump Inated Sees Fortunes Fall,” zines, to demonstrate Mr. Trump’s ple requests to comment. His Fortune by $4 Billion.” is “WHOA!!! @CRAINSNEWYORK was written by signi cant net worth. at was one proved to be the Crain’s longtime - function. Another was when we Reaction shots most popular Crain’s #COHENHEARING” nancial reporter, were dealing later on with insur- e Twitterverse story of the week. Aaron Elstein, and ance companies.” mostly reacted with published in the Last year Crain’s reported that surprise that Crain’s In other news one of Crain’s highest-impact sto- Nov. 11, 2017, issue. What appar- the Trump Organization’s reve- was name-dropped, Aside from the hoop- ries of the Trump era: “In Novem- ently caught Clay’s eye was how nues declined further in 2017, by as in “Whoa!!! la in Washington, ber of 2017, Crain’s New York Busi- drastically the Trump Organization $45 million to $90 million, in large @CrainsNewYork D.C., the next- ness reported that the Trump had toppled from No. 3 to No. 40 in part because so many of its hotels, #CohenHearing.” most-popular news on Organization provided ‘agrantly the annual ranking of the city’s condos and golf courses are locat- @CrainNewYork’s CrainsNewYork.com untrue revenue gures going back largest privately held companies. ed in blue states, where the presi- tweet clicks doubled, was Jumaane Wil- to at least 2010 to inuence Crain’s When the Missouri congressman dent is unpopular. is ranked the as did its retweets. liams’ victory over 16 ranking of the largest private com- asked why Trump’s rm would organization at No. 43. Despite his Criticism came others in the race for panies in New York,’” Clay said. e fudge its numbers so dramatically, well-known penchant for labeling from the Daily Beast, New York City public

legislator then cited the weekly’s Cohen answered, “ese were the merest slight “fake news,” however, whose edi- WILLIAMS advocate. ■ AP IMAGES

NOW ACCEPTING NOMINATIONS!

Crain’s is celebrating women working in technlogy who have impacted New York City in major ways. The program honors their professional, civic and philanthropic achievements. Honorees will appear in the print section of the May 6 issue.

Nominations are not exclusive to tech companies. Applicants from all industries are welcome.

Submit at crainsnewyork.com/NotableWomenTech

Nomination deadline is Friday, March 22. For questions, contact us at [email protected].

4 | CRAIN’S NEW YORK BUSINESS | MARCH 4, 2019

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CN019029.indd 1 2/27/19 2:40 PM REAL ESTATE WeWork is going down—downtown, that is Deal with Silverstein would extend reach of city’s largest of ce tenant

BY DANIEL GEIGER Chelsea, there are a lot of tech com- U.S. are now held by ownership en- WeWork is looking to quickly ex- panies. But in the Financial District, tities but managed by separate hos- pand in Lower Manhattan, where we’re seeing demand from all kinds pitality brands. its growth has lagged compared to of companies. It is an area of focus Increasing numbers of compa- the borough’s other oce markets, for us.” nies big and small have been drawn Midtown and Midtown South. Downtown has seen an overall by the workplace environment that Last week the company signed a uptick in demand for coworking WeWork and other coworking roughly 200,000-square-foot lease space among tenants, according to brands deliver and the exible leas- to occupy the top oors at 199 Wa- Dominic Harding, an executive at ing terms that such spaces provide, ter St., in the Financial District. e Savills Studley who is managing the allowing occupants to quickly scale coworking company is also negoti- new online platform workthere up or down. ating to take about 100,000 square .com, which was launched by the e deals downtown show how feet at 120 Broadway. rm to list available coworking indefatigable WeWork has become Sources said WeWork is also now spaces. in meeting this demand—even as in talks for a signi cant lease at 250 “We’re getting a lot of demand in some landlords have pushed back. Broadway, potentially spanning as Lower Manhattan, and there’s e company had been negotiating much as 400,000 square feet. clearly room for coworking provid- to take more than 200,000 square Last year WeWork became the ers to grow there,” Harding said. feet at 1 World Trade Center last city’s largest occupier of oce “ey’re really pushing to get into year but was pushed aside by the

space when its portfolio surpassed that submarket as they have done building’s owners, a partnership BUCK ENNIS/ CNYB 5.3 million square feet. While much in the whole of Manhattan.” between the Durst Organization of that growth has come in Mid- and the Port Authority of New York stance, it would be the company’s Major landlords including town and Midtown South, where New paradigm and New Jersey. at was viewed at rst space with the building’s land- Brook eld Properties and Vornado together it has more than 40 loca- With the growth of the coworking the time as a public blow to its am- lord, Silverstein Properties, which still do not have the company in tions, the company has only seven business, there have been ques- bitions to grow in the neighbor- owns a collection of oce towers in their New York portfolios. Downtown. tions how much it will disrupt the hood. the city and had previously been Among the concerns that some “Lower Manhattan is probably traditional oce leasing market in e recent string of deals sug- wary to take on WeWork as a tenant. big property owners have is that where we see the strongest demand the city. Some observers have gests that while some landlords e company has recently signed WeWork will compete with them and growth from enterprise com- imagined a future in which build- may pass on working with the com- leases with other landlords who for tenants and that the company panies,” a WeWork spokesman said, ings continue to be owned by land- pany, others are eager to welcome had previously not done deals with and other coworking rms could referring to the larger occupants to lords but are operated by cowork- them or are warming to the idea. the company. It is close to a large falter nancially if the real estate which the rm has shifted its atten- ing companies in much the same If WeWork’s negotiations at 120 Midtown lease with RXR Realty, a market sinks during an economic tion. “In the Flatiron District and way as most hotel properties in the Broadway come to fruition, for in- large oce owner in the city. downturn. ■

POLITICS Amazon missive is fruitless, not pointless Outreach signals city welcomes employers even if company won’t reconsider

BY WILL BREDDERMAN had repeatedly acknowledged that nization collected support from a After losing Amazon, Gov. Andrew unanimous PACB approval was wide range of business, labor and Cuomo looks primed for another needed and indicated on the radio community leaders for a full-page ght. he had not discussed revising the advertisement in e New York e e-shopping giant’s retraction project in any way. His comments Times designed to demonstrate of plans to construct an oce cam- were probably not a claim that he widespread support for the compa- pus in Queens amid activist oppo- could produce outcomes in the ny’s original plan. sition marked the governor’s rst state Senate without its leader’s A day before the ad was publish- major defeat after eight years in of- consent, but rather that he was cer- es, Florida Gov. Ron DeSantis met ce. And his eorts to woo Amazon tain he could secure it. leaders of New York City’s nancial back—which he confessed Friday But the governor admitted in the sector to lure them to his state. likely would not succeed—look like same interview that Amazon’s “I want companies and institu- nothing so much as a brazen chal- withdrawal was likely nal. tions in the nancial and banking lenge to the politicians, unions and “I have no reason to believe that sector, including commercial advocacy organizations who ob- Amazon is reconsidering. Would I banks, investment banks, hedge structed the project. like them to? Certainly. But I have funds, ntech and international - An open letter (not coincidentally no reason to believe that,” he said. nancial institutions, to know that published just as stories broke Even if Amazon won’t reconsid- Florida is a place where businesses

about Cuomo’s conversations with BLOOMBERG /FLICKR, GOVERNORANDREWCUOMO er—a company executive last week can do well without having to face Amazon executives) entreating the CUOMO reportedly asked Bezos to give New York another shot at an Amazon campus, said Amazon thought it could have some of the political hostility that company to reconsider included an effort that could bene t the city and the state despite being unlikely to succeed. pushed its plan to fruition, but “at they deal with in other parts of the not just political and business what cost?”—Cuomo’s eort to re- country,” the Republican said after- heavyweights but leaders from the project’s state approval,” the public the subsidy and the rezoning essen- vive it sent a message to companies ward in a statement. NAACP, the state AFL-CIO and pub- epistle to Amazon founder and tial to the project. e governor not that New York is “open for busi- Elizabeth Lusskin, president of lic housing near the proposed site. CEO Je Bezos reads. only repeated previous criticisms of ness” (as the governor put it) and the Long Island City Partnership, a e list of signatories was a slap at Stewart-Cousins, who had with- that his ability to get economic- business group that helped craft Queens state Sen. Michael Gianaris, Foe deemed ‘irrelevant’ drawn the nomination days before, development deals approved is be- the pitch that initially won over Rep. Alexandria Ocasio-Cortez, Appearing on WNYC, Cuomo all but claimed he had told company yond question. If that proves un- Amazon, said many people were left-leaning activists and the Retail, but acknowledged that he was re- executives he could somehow over- convincing, Cuomo could be galvanized by the company’s with- Wholesale and Department Store sponsible for the substance of the come her appointee’s potential op- compelled to include legislative drawal and want an opportunity to Workers Union—all of whom pur- missive—and went even further. position. leaders in future negotiations with demonstrate that New Yorkers ported to champion the interests of e proximate cause of Amazon’s “What I said to Amazon is, ‘It is employers, something he appar- know that the city needs to contin- local, minority and working-class withdrawal was state Senate Major- irrelevant,’ ” Cuomo said. “I will get ently would prefer to avoid. ue growing by adding jobs. New Yorkers in opposing the devel- ity Leader Andrea Stewart-Cousins’ the state approvals done. I under- e open letter, if orchestrated by “It’s important to change percep- opment. nomination of Gianaris to the Pub- stand the local politics. I will get the Cuomo, was spearheaded by the tion,” she said. ■ en there was the content of the lic Authorities Control Board, state approval done. ey should Partnership for New York City, a letter itself. “Governor Cuomo will where the avowed Amazon foe check that o the list.” group representing many of New Greg David contributed to this take personal responsibility for the would have had veto power over Before Amazon’s pullout, Cuomo York’s largest employers. e orga- article.

6 | CRAIN’S NEW YORK BUSINESS | MARCH 4, 2019

P006_CN_20190304.indd 6 3/1/19 7:12 PM INSTANT EXPERT Scouting Cuomo’s budget battleground BY WILL BREDDERMAN

THE ISSUE

On Jan. 15 Gov. Andrew Cuomo laid out his $175 billion executive THE PLAYERS budget proposal for the scal year starting April 1. More than a For decades New York’s government infamously operated under the mere spending plan, the budget sets the political agenda, from 1 purview of “three men in a room”: All policy decisions required a legalized marijuana and congestion pricing to a Green New Deal consensus among the governor, the Assembly speaker and the state for weaning the state off fossil fuels. On Feb. 4 he announced that 2 Senate majority leader. Last year’s elections state revenues for 2018 had come in billions of dollars lower than changed this dynamic, as the entire troika is anticipated—for which he blamed Republicans’ 2017 federal tax now composed of members of the same party reform. That made his initial budget plan untenable. Eleven days and Andrea Stewart-Cousins has taken the reins later, the governor released a slightly trimmed version of his original as Senate leader for the newly empowered outline; it would eliminate Democrats. Seven of Stewart-Cousins’ $550 million in new health members unseated more moderate care spending and close incumbents, and liberals in both as many as three prisons. houses think they have a mandate The rest of the to steer the state left. Sources told document remained Crain’s she enjoys a far warmer mainly intact. rapport with Assembly Speaker Now comes the hard Carl Heastie than either of them part: passing the plan by do with the governor. If the two the end of this month. negotiate in tandem, Cuomo could be the odd man out.

WHAT’S NEXT MORE THAN YEAH, BUT... It’s common for some ancillary policies to A SPENDING “fall out” of the budget if they prove too con- The governor’s announcement of the tax shortfall was 5troversial for the governor and the Legisla- PROPOSAL, probably as much a preemptive negotiating tactic as ture to reach an accord by the deadline. But this THE STATE 3a reality check—pleading poverty to counter calls for year that may be the fate of key priorities, such more spending. But he’s gained an unlikely ally in this argu- as recreational marijuana and congestion pricing. BUDGET SETS ment: state Comptroller Thomas DiNapoli, one of Cuomo’s Cuomo prefers including such contentious items THE POLITICAL many intraparty rivals. The comptroller said it was unclear in the budget because it increases their odds of exactly why income tax receipts had fallen, but he advised passing and expedites their implementation. But AGENDA, “an exceptionally high degree of caution” in spending deci- Albany does remain in session into late June, so COVERING sions in the coming scal year and recommended sinking delaying those proposals would not necessarily more funds into the state’s reserves. kill them. Since Cuomo plans to fund the ailing EVERYTHING DiNapoli did note that excise revenues will rise overall subways with revenues from charging cars enter- FROM despite falling short of projections, thanks to the governor’s ing the Manhattan district and sales taxes on plan to renew the “millionaires tax” on the state’s wealthi- marijuana, he may think it is imperative to keep CONGESTION est residents. them in. This is Stewart-Cousins’ rst term as PRICING TO the leader, and she appears eager to prove her acumen and her independence from the gover- LEGAL WEED nor. Heastie, who previously had to negotiate with a hostile Republican Senate leader and the Machiavellian Cuomo, will have a chance to exercise new political muscle. THE BACKSTORY That room could get heated. New York’s constitution gives the governor the greatest leverage in the scal ght, imbuing the executive branch with sole power to 4insert spending and revenue items in the budget. The Assembly and Senate’s only recourse is to refuse to pass the package by April 1. In past administrations, they often did, forcing the state to fund itself via short-term “extenders” while grueling negotiations continued between the governor and legislative leaders. Cuomo made shattering the pattern of long-delayed budgets a central objective of his rst term, and he informed the speaker and the majority leader that the only extender he would grant them would be for the budget itself—in effect, threatening a government shutdown. Cuomo has never deployed this nuclear option, and his eight-year administration has had only one late budget: in 2017, when it passed a week after the deadline. GETTY IMAGES, ISTOCK GETTY IMAGES,

MARCH 4, 2019 | CRAIN’S NEW YORK BUSINESS | 7

P007_CN_20190304.indd 7 2/28/19 6:32 PM VIEWPOINTS president K.C. Crain senior executive vice president Chris Crain group publisher Mary Kramer EDITORIAL publisher Thomas F. Curtin EDITORIAL managing editor Brendan O’Connor assistant managing editors Erik Engquist, To put politics before people, lawmakers Jeanhee Kim copy desk chief Telisha Bryan art director Carolyn McClain should reject congestion pricing photographer Buck Ennis digital editor Gabriella Iannetta leven years ago, state the $1 billion a year that conges- data editor Gerald Schifman legislators refused to tion pricing would generate, senior reporters Aaron Elstein, approve tolls that would depriving 6 million daily strap- Matthew Flamm, Daniel Geiger Ehave eased the congestion that hangers of precious time spent reporters Will Bredderman, was then costing our economy together on delayed trains when Jennifer Henderson, Jonathan LaMantia $13 billion a year, not to mention they could be doing something digital fellow Lizeth Beltran driving New Yorkers crazy. Time truly tedious, such as earning a columnist Greg David has proved them right: Although living or reading to their kids. contributors Tom Acitelli, Cara Eisenpress, tra c has gotten even worse—the Rejecting congestion pricing Cheryl S. Grant, Yoona Ha, Chris Kobiella, damage now costs $20 billion, and would preserve the New York Miriam Kreinin Souccar getting to Manhattan destinations tradition of bridge shopping, in to contact the newsroom: is more maddening than ever— which drivers go out of their way www.crainsnewyork.com/staff not one lawmaker was voted out to take a free route across the East 212.210.0100 as a result. For public servants, River. Tradition is key. What 685 Third Ave., New York, NY 10017-4024

that’s all that counts. would Canal Street be without ADVERTISING Congestion pricing is back thousands of Jersey-bound www.crainsnewyork.com/advertise on the table in Albany, giving trucks? Or the BQE without advertising director Irene Bar-Am, legislators another chance to motorists slogging to the Brooklyn 212.210.0133, [email protected] stand up for an oppressed minori- Bridge to avoid a tunnel toll? senior account managers Lauren Black, ty: the 2% of Westchester, Nassau Another bene t of forsaking Rob Pierce, Stuart Smilowitz

and city residents who commute congestion-fee revenue: Transit GETTY IMAGES account manager Jameson Roberts fares would TRAFFIC-CHOKED streets and subway delays are New York traditions worth saving. integrated marketing manager Jonathan Yan, ALBANY MUST STAND UP FOR rise faster, 212.210.0290, [email protected] increasing the more taxes? to charge straphangers $2.75 per associate art director/marketing THE 2% WHO COMMUTE TO tax deduction No elected o cial should be trip and drivers nothing but a Charles Fontanilla, 212.210.0145 for commuters deterred by the fact that the vast meager gas tax, because other [email protected] THE CITY BY CAR who get that majority of New Yorkers rarely or than road and bridge repairs, sales coordinator Devin Cavallo, break. True, never drive to the central business crashes, air pollution, climate 212.210.0701, [email protected] to Manhattan by car, using they would pay more overall, but district. ose who could take change and the $20 billion hit to CUSTOM CONTENT hard-earned government parking that’s nothing that can’t be mass transit but instead drive or our economy, vehicles don’t director of custom content placards or skipping meals so glossed over with clever rhetoric. use Uber free up space on trains impose any costs on society. Patty Oppenheimer, 212.210.0711, they can scrape together $30 a Keeping congested streets and buses. Don’t be fooled by the Everyone knows tra c and the [email protected] day for a garage spot. toll-free would prevent business- silly advocates who say it’s the subways are in great shape, unlike custom project manager Danielle Brody, Not convinced? Consider that es from making more deliveries other way around—that transit in 2008, when Albany smartly [email protected] subways rely on ancient signals and service calls, which would users free up road space for folks declined to vote on congestion EVENTS that break down constantly. increase their pro ts and raise who really need it. pricing. Here’s to many more www.crainsnewyork.com/events Fixing them soon would require their tax bills. Who wants to pay Besides, it makes perfect sense years of the status quo. ■ director of conferences & events Courtney Williams, 212.210.0257, [email protected] OP-ED AUDIENCE DEVELOPMENT group director, audience development A behemoth deserving of AOC’s ire Jennifer Mosley, [email protected] REPRINTS Spoiler alert: It’s not her least-favorite tech giant reprint account executive Lauren Melesio, 212.210.0707 BY JOHN MACINTOSH her mettle against a tougher oppo- PRODUCTION • Nonpro ts’ leaders nent. With the discussion of production and pre-press director I CAN UNDERSTAND why Rep. do such a remarkable amendments to the City Charter Simone Pryce Alexandria Ocasio-Cortez would job of keeping calm underway, this is the time to act. media services manager Nicole Spell oppose an organization that ex- and carrying on that Being against things (capitalism, ploits its monopoly power when their workforce and inequality, corporations, develop- SUBSCRIPTION CUSTOMER SERVICE dictating terms to its contractors, clients often are un- ment, gentri cation) is easy. But www.crainsnewyork.com/subscribe forcing them to lose money on ev- aware that they are on today’s progressive politicians [email protected] ery contract; declines to give them the nancial precipice. need to be for things as well. ey 877.824.9379 (in the U.S. and Canada). cost-of-living adjustments; pays While many of the also need to demonstrate that $3.00 a copy for the print edition; or $99.95 one year, $179.95 two years, for print them months or even years late; congresswoman’s government—which they suggest subscriptions with digital access. and compels them to justify in constituents work for should play a larger role in the painstaking detail any request for or are served by non- economy—is competent enough Entire contents ©copyright 2019 Crain Communications Inc. All rights higher pay (without any promise pro ts, they probably BLOOMBERG NEWS to do at least the simple things, they will get it). Especially as these don’t feel the connec- OCASIO-CORTEZ should apply the energy she used such as pay its bills on time. reserved. ©CityBusiness is a registered contractors disproportionately tion between contract against Amazon to aid nonpro ts mistreated by the city. Nonpro ts are our city’s most trademark of MCP Inc., used under license agreement. serve and employ low-income terms and the services progressive institutions. Being vis- residents and people of color. or paychecks they receive. the e orts of a few heroic individ- ibly and aggressively in their cor- CRAIN COMMUNICATIONS INC. But if you think the organization • ere is no richest man in the uals, really couldn’t care less, and ner should be a litmus test for any chairman Keith E. Crain I’m talking about is Amazon, think world to rally against. e villain is that is unlikely to be prodded into politician claiming that mantle. To vice chairman Mary Kay Crain again. It’s New York City. And the a system in which it is politically doing uncomfortable things by the profound disappointment of president K.C. Crain contractors are nonpro ts provid- expedient to serve nonpro ts what the increasingly hands-o Mayor everyone in the nonpro t sector, senior executive vice president Chris Crain ing social services. scraps remain after taxpayers, Bill de Blasio. de Blasio has utterly failed this test. secretary Lexie Crain Armstrong So if Ocasio-Cortez wants to public-sector employees, bond- Change that alters the political Let’s hope Ocasio-Cortez and editor-in-chief emeritus Rance Crain “ ex” on behalf of working people, holders and corporations have had calculus will come only from unre- the new crop do better. ■ chief nancial of cer Robert Recchia she should get her base as amped their ll. lenting outside pressure and in- founder G.D. Crain Jr. [1885-1973] up about xing nonpro t contract- • Even paying on time—which tense scrutiny. Ocasio-Cortez has John MacIntosh is a partner at chairman Mrs. G.D. Crain Jr. [1911-1996] ing as it was about chasing Ama- would seem cost-free—requires the bully pulpit to create that pres- SeaChange Capital Partners, a zon out of Dodge. But this will be taking on an entrenched, multi- sure. Fresh from the Amazon vic- merchant bank in New York City no mean feat, for several reasons. agency bureaucracy that, despite tory, she should be primed to test that serves the nonpro t sector.

8 | CRAIN’S NEW YORK BUSINESS | MARCH 4, 2019

P008_CN_20190304.indd 8 2/28/19 4:54 PM OP-ED One way to create less affordable housing Simple math: Prevailing-wage hike would mean fewer homes BY JOHN H. BANKS Expanding the prevailing wage in the construction industry would NEW YORK’S RECENT successes—re- have deeply negative eects on cord economic and population these vital initiatives. No doubt the growth—present new challenges bills would raise costs signicantly for lawmakers to keep our state af- and reduce the number of available fordable and livable for all. For in- aordable units. stance, they threaten to exacerbate In fact, when the city’s Indepen- the severe housing shortage driving dent Budget Oce last evaluated up rents and contributing to an af- the issue, it found that a fordability crisis for too many New prevailing-wage mandate would Yorkers. at is why it is so import- increase the cost of the city’s ant to take a hard look at new legis- aordable-housing plan by $4.2 bil-

lative proposals that would under- BUCK ENNIS/ CNYB lion—or $80,000 per unit. Because mine aordable- housing the program has since ex- initiatives in the city and ALBANY’S MANDATE panded, the impact would the state by expanding pre- be even more dramatic to- vailing-wage mandates in WOULD ADD COSTS OF day. the construction industry. Subsidy and nancing It is particularly surpris- $80,000 PER UNIT programs used to preserve ing to hear arguments that and maintain aordable Gov. Andrew Cuomo and IN NEW YORK CITY homes also would become

the state Legislature should subject to construction ISTOCK advance these bills for economic wide. is policy already has had prevailing-wage requirements, THE PREVAILING WAGE can be twice as much as an industry’s market-rate reasons. One opinion piece argued an impact on the lives of countless meaning countless families would compensation across the metropolitan area. that “prevailing-wage mandates are families, but the new suite of see their housing stock depreciate critical to get the best return on in- prevailing-wage bills threatens to and possibly even disappear. choice: Fund a program that pro- Yorkers in desperate need of aord- vestment for taxpayer dollars.” It is undercut that progress. According to city data, the suite vides aordable homes for low- able places to live. worth exploring that claim in fur- In the ve boroughs, city-level of bills would cost the city 77,000 income residents or mandate that When we rely on data, not rheto- ther detail. eorts have combined with Cuo- aordable homes before 2026— (for example) a plumber earn wag- ric, it’s clear that arguments for a Driven by the aordability crisis, mo’s statewide initiatives to create and the losses would be replicated es and benets 99% higher than the wide-ranging expansion of the pre- the governor and the Legislature and maintain hundreds of thou- statewide. is isn’t getting “the trade’s market-rate compensation vailing wage don’t stand up. ■ committed $20 billion to a historic sands of aordable homes. Similar best return on investment for tax- across the metropolitan area. plan that would create 100,000 programs are underway in munici- payer dollars.” Amid a housing crisis, the answer John H. Banks is the president of the units of aordable housing state- palities across the state. Lawmakers are faced with a is obvious: We cannot dismiss New Real Estate Board of New York.

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P009_CN_20190304.indd 9 2/28/19 4:09 PM THE LIST LARGEST THRIFTS New York–area banks ranked by total assets

2018 LOAN TYPES (% OF EACH) 2018 NONPERFORMING b44"54 b0"5b&0 1)" LOANS &0b)&((&104 &0b)&((&104 RESIDENTIAL NON- b165450!&0$ 2%10" b %0$" b %0$" COMMERCIAL REAL RESIDENTIAL 515(b(104 515(b &0 b1# 30' 5%3 8"4&5" 74b 74b & INDUSTRIAL 1)) 1 CONSUMER 10462 ESTATE3"4&3 REAL0103"4 ESTATE4 15%"3OTHER5 &0b)&((&104 )&((&104 44"54

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CN019030.indd 1 2/27/19 12:03 PM IN THE MARKETS Lyft IPO could spark asset class war Trend of granting founders special status under growing scrutiny

an you name the guys who mine who sits in the boardroom ex their muscles; several so-called launched Lyft? Probably not, without being overruled by anyone. unicorns besides Lyft hope to go Cbecause Logan Green and At Facebook, Mark Zuckerberg public this year, and the risks of John Zimmer have managed to holds 14% of the stock, but he con- protecting founders from irksome avoid the controversies that brought trols 60% of its voting power. At investors are becoming clearer. down Uber’s Travis Kalanick. But Snap, Evan Williams and Bobby Facebook’s stock has been a win- Lyft’s founders are making a big ask Murphy hold 12.5% of the stock, but ner since its IPO, but now the FBI as they prepare to take their they control 97% of the vote. and Justice Department are investi- e-hailing company public this e rationale behind creating gating the company over the Cam- month. Essentially they separate and unequal bridge Analytica mess. e Securi- want investors to hand classes of shareholders is ties and Exchange Commission them permanent control. that successful visionaries and the Federal Trade Commission Here’s how the plan can’t a ord to waste time also are sning around. Google, would work: Upon going dealing with investors as which also has separate and un- public, Green and Zim- they develop their newly equal share classes, is appealing a mer would be granted a public enterprises. $5 billion ne imposed by the Euro- special class of shares “Most companies want pean Commission for breaking an- that would give them a to create something that titrust laws. Maybe a dose of inves- much stronger grip over gives them protection as tor oversight would have prevented Lyft than their stake of AARON ELSTEIN they grow,” a Goldman Zuckerberg, Larry Page and Sergey less than 10% would al- Sachs banker said last Brin from perhaps taking their low on its own. It isn’t clear how week in a Financial Times article. companies a step too far. much more control they’re seeking; But at long last, there are signs in- Special classes of shares go back that will be disclosed when the pro- vestors are fed up with unequal to at least the 1950s, when Ford Mo-

spectus for the initial public o er- treatment. Last fall the Council of tor Co. created one to ensure the BUCK ENNIS/ CNYB ing comes out. Institutional Investors, a group of founding family stayed in charge. In LYFT is the rst of several tech unicorns poised to go public. You can’t blame Green and Zim- pension funds and companies that 1984, when Wall Street Journal pub- mer for seeking the moon and the controls $25 trillion in assets, asked lisher Dow Jones & Co. was prepar- How did that work out? Barron’s business of journalism. e Barron stars. Everyone in Silicon Valley is. the New York Stock Exchange and ing to go public, it argued that creat- heirs were not interested in run- heirs checked out completely and In fact, nearly 50% of recent tech- Nasdaq to require newly listed ing a special class of stock would ning the company they inherited, sold their company to Rupert Mur- nology IPOs have two classes of companies either to allow one vote “provide better assurance that in the and Dow Jones’ stock was a chronic doch in 2007. ey had run the stock that serve to entrench power per share or start doing so within years ahead the company and its underperformer even in the days publicly traded Dow Jones as they with their founders, according to seven years of listing. publications will continue to oper- when newspapers made gobs of pleased for 23 years, thanks to their the Harvard Business Review. e “Every share of a public compa- ate under the same quasi-public dough. For years the family treated special class of stock. special class of stock confers ny’s common stock should have trust philosophy that the family has itself to hefty dividend payouts, Investors now have to decide if super-voting powers so holders can equal voting rights,” the group said. followed since Clarence Barron ac- starving Dow Jones of funds need- they want to hand a similar set of set corporate strategy and deter- Now is the time for investors to quired the company in 1902.” ed to compete in the fast-changing keys to the guys at Lyft. ■ LGBT biz owners push to Hostile windfall compete for city contracts Surge in takeover bids is gold for Wall Street ONE OF WALL STREET’S favorite Newmont hired BMO Capital Council bill seeks to open access to billions set aside for MWBEs money-making devices, the hostile Markets, Citi and Goldman Sachs takeover, is making a comeback. as nancial advisers in the Gold- THE CITY AWARDED $1.1 billion worth agreed to let LGBT-owned compa- And platoons of bankers, lawyers, corp deal along with Wachtell Lip- of contacts to minority- and nies compete for the same con- proxy advisers and public relations ton Rosen & Katz, Goodmans and women-owned businesses last tracts set aside for minority- and executives are rousing themselves White & Case as legal counsel. All year, and Mayor Bill de Blasio has women-owned rms. from a long slumber to mobilize for these folks will now reap many bill- pledged to grant a lot more in the “We believe all New Yorkers battle. able hours helping their client navi- years ahead. Now LGBT business should be given a chance to partic- e newest front on this suddenly gate the hostile waters. owners would like to get a piece of ipate in our economy,” a City Hall busy sector opened last week, when Indeed, in the world of corporate the action. spokesman said, “which is why the Toronto-based Barrick Gold deal-making, hostile-takeover work Last week Councilman Ritchie Department of Small Business Ser- launched an unsolicited $17.9 bil- is perhaps the most lucrative of all. Torres introduced a bill that would vices provides a host of resources lion o er to acquire Colorado’s New- For instance, a decade ago, when require the city to give gay, lesbian, that help a variety of entrepreneurs mont Mining. e o er means there drugmaker Genentech was negoti- bisexual and transgender business establish, grow and sustain their have been $48 billion worth of ating to be acquired by Roche, it owners the same consideration as businesses. We look forward to re- hostile-takeover bids so far this year, agreed to pay its advisers at Gold- MWBEs. viewing the bill.” the highest since 2006, according to man a $55 million fee if the deal was “It is wrong for the city to parasit- data provider Renitiv. Newmont re- consummated. But when Roche ically benet from the productivity How to verify? jected the o er in favor of pursing its went hostile with its bid, Genentech of the business owners behind me As New York takes up the matter, own $10 billion merger with another had to o er Goldman a lot more in without giving them a seat at the ta- one potentially complicating factor Canadian outt, Goldcorp, but that fees—up to $35 million per quarter. ble,” Torres said at a Feb. 28 press may be that identifying a gay- or probably just means this ght will Around the same time, drugmaker

conference in front of City Hall. AP IMAGES lesbian-owned business can be take a long time to play out. Illumina agreed to pay Goldman “We’re asking for respect.” TORRES says his proposal would give harder than recognizing a women- For both rms’ legions of advisers, and BofA Merrill Lynch up to $38 If enacted, the bill would greatly LGBT businesses a “seat at the table” or minority-owned one. Jonathan that is unbridled good news. Big million when negotiating with expand the number of companies when bidding for city dollars. Lovitz, a senior vice president at hostile-takeover battles mean gush- Roche. When those talks turned bidding for city contracts. ere are the LGBT chamber, said his group ers of fees for the numerous New hostile, the advisory fees rose to $26 6,679 certied MWBE vendors, ac- e pie they’re angling for is has a rigorous certication process Yorkers who specialize in telling cor- million per quarter. cording to the city Comptroller’s poised to grow signicantly. Last that can include examining mar- porate predators how to stalk prey. Along with slews of bankers and oce, but only about 100 certied year Mayor de Blasio pledged to riage certicates, gender arma- On Barrick’s side, you’ll nd CIBC lawyers, both Barrick and Newmont LGBT-owned businesses, though award $20 billion worth of munici- tion surgery documents, and other Capital Markets and M. Klein & Co., soon will be hiring rms that spe- ocials at the National LGBT pal contracts to MWBEs by 2025, a steps. a boutique adviser run by a former cialize in soliciting investor support Chamber of Commerce say there 25% increase over his previous “Over 15 years the process has Citigroup investment banking chief. as well as public relations teams to are thousands ready to apply if it commitment. faced no challenges,” Lovitz said, Cravath Swaine & Moore and Davies push their stories out—and just means getting a shot at govern- Jersey City, Hoboken, Nashville “never mind waste, fraud and Ward Phillips & Vineberg have been maybe leak some titillating gossip ment funds. and many other cities have already abuse.” — A.E enlisted for legal advice. about the other side. — A.E.

12 | CRAIN’S NEW YORK BUSINESS | MARCH 4, 2019

P012_CN_20190304.indd 12 2/28/19 6:14 PM ASKED & ANSWERED INTERVIEW BY AMY CORTESE transportation. And we need to do something about soccer. It sounds crazy, but soccer is the world’s DOSSIER sport. I was trying to gure out a way to do a soccer City of New York stadium—that fell apart in the rst year. ALICIA GLEN WHO Deputy mayor for housing and After ve years implementing some of Mayor Bill economic development What about Amazon? de Blasio’s most ambitious initiatives, Deputy BORN Upper West Amazon is not a regret. The fact that the Side company and various elected of cials didn’t Mayor Alicia Glen stepped down March 1. She roll it out in the way in which one would re ected on her tenure days before she left. RESIDES Upper want to roll out such a large-scale endeavor West Side is a tragedy and unfortunate, but it does not Your last day in of ce is coming up. EDUCATION Bachelor’s in undermine the general truth: that New York is It’s bittersweet. But I’m excited to have it coincide with political science and govern- clearly the place that any tech company of any the work I’ve been doing on the women’s front. (See ment, Amherst College; J.D., size wants to not just have a presence, but to Fixing the Funding Gap, page 3.) And March is Women’s Columbia Law School grow here. History Month, so there’s some poetic closure to that. NATURE OR NURTURE Glen’s role Your changes to the 421a property tax exemption What accomplishments are you most proud of? models include her mother, Kristin were not universally popular. That’s like, ‘Which of your children do you like better?’ Booth Glen, a lawyer and state It used to be that developers didn’t have to do any The work we did on housing is really game-changing. Supreme Court justice, and her affordable housing to get 421a; there were areas We fundamentally changed the blueprint for growth by stepmother, Rosina Abramson, a of the city where you could just get the bene t. making sure that when neighborhoods are upzoned or businesswoman who was active in That’s been changed. We also changed the law so big projects are approved, it’s no longer optional for there public service. that no luxury condos can ever get a tax incentive, to be affordable housing. and we get more affordable housing for each dollar of SURVIVES ON Skinny Pop popcorn and Also, the Midtown East rezoning—linking large-scale tax incentive. It was a politically bruising battle, but it development with absolute requirements to improve Diet Dr. Pepper was worth every hour in the rain with those guys. And I mass transit. It’s similar to what we did around housing: EXTENDED FAMILY Glen christened NYC stress the word “guys.” improving growth by making sure the public gets Ferry boat Lunchbox, becoming its something tangible for it. And then dealing with landmark godmother in maritime tradition. What are your plans for after City Hall? buildings having their air rights essentially trapped. We I haven’t decided what I’m going to do. I’m going to developed a mechanism to allow them to sell their air take a little bit of time off—I’m pretty exhausted. But rights. Nobody in this town thought we could pull that off. so many amazing things to get done, and whatever I do, it’s going to be about continuing to make It’s probably the most complicated deal I’ve worked on. you don’t get to cross everything off the cities—particularly New York, which is my rst love— And starting a ferry system for the rst time since the list. I’m so excited about the future of better, stronger and more inclusive. Cities are where it’s city was united in 1898. I put that in my most fun and Governors Island and excited we got at and I cannot imagine doing anything that’s not going cool initiatives. the green light to take our idea of to put me pretty much at the center of all the interesting putting a gondola there to the next debates and challenges that are facing the city. Any regrets? level. I worry if I’m not here, maybe Ultimately, I want to continue to play a role in shaping

The beauty and the beast of this job is that there are that won’t happen. We need multimodal New York’s future. ■ BUCK ENNIS/ CNYB

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MARCH 4, 2019 | CRAIN’S NEW YORK BUSINESS | 13

P013_CN_20190304.indd 13 2/28/19 6:13 PM the city. ere are more than FUNDING 359,000 women-owned businesses FROM PAGE 3 in New York, which employ more than 190,000 people and generate After three dozen fruitless meet- $50 billion in sales annually. e ings, Miller and Johnson got their number of female entrepreneurs rst break with an HBS alumna and has surged 43% since 2002, almost angel investor they cold-called. By double the growth of men-owned the end of last year, they had raised businesses. $4 million from investors, including Glen’s portfolio was broad, but iSeed Ventures, BBG (Built by Girls) women’s issues were of special in- Ventures and Outbound Ventures. terest. One of the rst things she did Today Mented has grown to in- as deputy mayor, with rst lady clude products for the face, eyes Chirlane McCray and Maria Torres and nails. e founders have left Springer, then-commissioner of the their kitchens for an oce in Har- Department of Small Business Ser- lem that accommodates their sta vices, was to launch Women Entre- of seven full-time and four part- preneurs NYC—or WE NYC—a time employees. Orders are ful lled sweeping initiative aimed at ex- from a New Jersey warehouse. panding the economic potential of female entrepreneurs across the Moving the needle ve boroughs. For each success story like Ment- “I thought, Let’s see what’s going ed, however, there are dozens of on here and if there are speci c in- women-founded businesses that terventions that city government go unfunded. Women are launch- can undertake to actually move the ing startups at a faster rate than needle,” Glen said.

their male peers. Yet last year, fe- e city canvassed 1,500 female BUCK ENNIS/ CNYB male founders received just 2% of business owners through multilin- RODRIGUEZ OPENED HOUSE OF NAILS with the help of an innovative city program that kicked in the rst 10% of funding for a the $130 billion invested by venture gual surveys and in-person conver- zero-interest crowdfunded loan. capitalists, a proportion that has sations. It found that, despite the stubbornly refused to budge de- increase in women owning busi- does not meet its funding target, $4,000. SBS put in the rst $400, and for established businesses that spite heightened attention to gen- nesses, they faced acute challenges the money is returned.) the loan to install a ventilation sys- need growth capital (see box, be- der disparities. (Mixed-gender in acquiring capital, business skills With WE Fund Crowd, the city is tem was funded within three weeks. low). It’s WE Venture, though, that teams received 13% of VC dollars.) and other resources. Mirroring lending its considerable clout by “I couldn’t believe that it was a is likely to get the most attention, if If that’s not bad enough, “the broader trends, they lagged behind kicking in the rst 10%, up to $1,000, city agency that was trying to help only because the kinds of compa- numbers around minority women their male counterparts on key to campaigns by New York City– women,” said the Ecuador-born Ro- nies it targets are higher pro le. are another degree of terrible,” said metrics, such as revenues, employ- based female entrepreneurs. e driguez. “If it wasn’t for that loan, I “It’s a great twofer,” Glen said. “Put Jo Ann Corkran, general partner at ees and funding. More than half of loans are repaid over a maximum of couldn’t have opened as early as I more money into women VC rms Golden Seeds Venture Fund. female founders started their com- 42 months and can be reinvested by did.” As House of Nails nears its and have women VC rms invest Corkran’s is one of ve venture pany with less than $10,000, com- the city. Bishop said the SBS had al- one-year mark, business has been more in women-run companies.” pared with a third ready been providing technical as- booming, keeping Rodriquez and But as a use of taxpayer money, of male founders. sistance to women looking for small her ve employees busy. Appoint- it’s likely to draw criticism. “I WANTED IT IN THE ZEITGEIST at research loans, but “we wanted to do more, ments are required on weekends to Early-stage investments are risky, led to the develop- so we put up our balance sheet.” tame the ow. She is paying back and the traditional VC model rests THAT NEW YORK IS THE ment of a suite of After struggling to nd a nail sa- her loan in installments, and she upon one or two big hits that make programs and poli- lon that didn’t give her a headache envisions opening more locations. up for a lot of duds. “I love that BEST CITY IN THE WORLD cies to help a broad from toxic fumes, Nathaly Rodri- they’re supporting women,” said swath of women guez used the program to help open A ripple effect Joanne Wilson, a New York angel FOR WOMEN TO SUCCEED” “who are CEOs, House of Nails, a salon that uses To date, WE Fund Crowd has investor. “But [early-stage invest- freelancers, live in products free of formaldehyde, tol- helped channel $1 million in loans ing] is hard. ey could be investing funds selected in late February by public housing and are making uene and other harmful ingredi- to owners such as Rodriquez. (e alongside 10 losers.” Wilson said the city to help change those odds. their rst bottle of hot sauce,” as ents, in Rego Park, Queens. She had city’s portion is $100,000.) e pro- programs such as WE Credit, which Under the program WE Venture, Glen put it. “I wanted it in the zeit- saved money via her previous job’s gram is on track to reach more than lend to established businesses and run by the NYC Economic Develop- geist that New York is the best city 401(k) matching program and at- 500 businesses in its rst three can earn more predictable returns, ment Corp., the city has earmarked in the world for women to succeed.” tended nail school, but a city law years with $3 million in total loan are a better use of city funds. $10 million to co-invest alongside e focal point for the initiative is mandating ventilation systems value, said Bishop. It has drawn in- On the other hand, the $10 mil- VC partners in women-led startups we.nyc, a website oering free legal threw o her painstakingly crafted terest from cities including Athens, lion investment by the city is rela- based in the city. For every $2 in- advice, mentoring and workshops budget. She heard about Kiva Boston, Barcelona, Montreal and tively small and may be a more vested by the partners—which also and events—complete with child through her local Small Business Santiago, Chile, he said, adding, cost-eective way to cultivate jobs include Archer Gray, Future/Per- care. But the most groundbreaking Services oce, which last spring “We like to be trendsetters.” than the kind of “big game hunting” fect Ventures, WOCstar Fund and elements seek to help women over- helped her launch a campaign for WE NYC includes other options represented by the failed Amazon the Multicultural Innovation Lab— come funding barriers. While WE deal to build a headquarters in the city will invest $1. at will mo- Venture is the latest and perhaps Queens. e city and state oered bilize $30 million during a period of ashiest program, the fact is, few $3 billion in subsidies, or about up to ve years. Recipients must companies, especially outside the FOUR WAYS THE CITY $120,000 per job promised. pledge to remain in New York for at tech realm, will ever raise money Local governments have long least three years. that way. Less than 2% of all busi- INVESTS IN WOMEN cultivated public-private venture “As a city, that’s how we stay nesses are funded via venture capi- funds—such as the life sciences THE WE NYC initiative launched in 2014 to help close the funding competitive, attract the best talent tal. Most mom-and-pops have fund launched in 2013 by the EDC gap for female business owners. It has rolled out four programs. and continue to attract jobs,” said more modest ambitions—and to support biotech—though none Gayle Jennings-O’Byrne, who along needs. Seven out of 10 women are WE FUND CROWD pledges the rst 10% of crowdfunding campaigns before has targeted women- and with Pialy Aditya is a general part- seeking less than $10,000, said by city-based women on the microlending site Kiva, which has minority-owned businesses. ner at WOCstar Fund, which focus- Gregg Bishop, the current commis- partnered with the Department of Small Business Services. The e city’s involvement is war- es on early-stage ventures led by sioner of the SBS. zero-interest loans can be up to $10,000 and are paid back in ranted, Glen said, because the pri- women of color. Reaching those budding micro- three and a half years or sooner. vate market isn’t addressing the is- WE Venture is the nal piece of entrepreneurs is the idea behind WE FUND GROWTH connects lenders to cashow-positive compa- sue on its own. “Despite the an ambitious strategy by the de Bla- WE Fund Crowd, a rst-of-its-kind nies that need between $25,000 and $125,000. The city provides business case for diversity, the sio administration to boost the suc- partnership with microlending site a loan-loss guarantee that allows partners, including Renaissance numbers are still appalling. So cess of the city’s female entrepre- Kiva formed in November 2017. On Economic Development Corp., New York Business Development something else has to happen. neurs and close the persistent Kiva, entrepreneurs can crowdfund Corp., Excelsior Growth Fund, BOC Capital Corp. and Brooklyn Coop- ere has to be some other kind of funding gap. It also serves as a swan up to $10,000 in zero-interest erative Federal Credit Union, to take more risk. intervention,” she said. song of sorts for its key architect, loans—borrowers pay back the What happens here can have a Alicia Glen, deputy mayor for hous- principal but no interest. ere’s no WE FUND CREDIT provides loans up to $100,000 for businesses ripple eect. ing and economic development, credit score or collateral required. that have a big customer order but need money to ful ll it, as an “When you see a city like New whose last day was March 1. (For Instead, the system relies on social alternative to high-cost credit cards and working capital loans. Its York that’s at the forefront of nance more on Glen, see Asked & An- collateral in the form of the borrow- partners include Goldman Sachs and lending site Fundation. commit real dollars and signi cant swered, page 13.) er’s family and friends, who make WE FUND VENTURE co-invests at a 1:2 ratio alongside partners capital,” said Jennings-O’Byrne of e strategy is driven by the be- the rst pledges, eectively vouch- Archer Gray, Future/Perfect Ventures, Golden Seed Venture Fund, WOCstar, “that signals to the world lief that entrepreneurship is a criti- ing for the borrower. ese rst WOCstar Fund and the Multicultural Innovation Lab. The Economic that this population is pro table cal pathway to economic security small pledges are critical to attract- Development Corp. operates the $10 million venture fund. and investable and a real asset for women and to greater vitality for ing other investors. (If a campaign class.” ■

14 | CRAIN’S NEW YORK BUSINESS | MARCH 4, 2019

P014_CN_20190304.indd 14 2/28/19 6:28 PM OUR STUDENTS BUILD THE FUTURE

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CN019032.indd 1 2/27/19 3:43 PM

NYUSPS Of ce of Strategic Marketing and Communications Job Number: a1819-0836 Pub/Issue Date: CRAINS NY 3/4/19 Product: MS RealEstate Date 2/25/19 Size: 10.875” X 14.5” Artist: sh Bleed: N/A Proof #: 2 Color/Space: 4C global—as opposed to New HUDSON York-speci c—aesthetic will work FROM PAGE 1 in the long run. It is noteworthy that only a few tech companies have he seemed a perfect t to take on committed to Hudson Yards; most that challenge. have stayed in or gone to Brooklyn, On March 15—18 years later, al- Chelsea, Midtown South and even most to the day—Cross and other downtown. top Related Cos. executives will be Knitting Hudson Yards to the city at the site again, this time to open will require making it a destination. the city’s most ambitious develop- e Shed, whose chairman and ment in almost a century. Hudson chief fundraiser is none other than Yards delivered not a stadium but Doctoro, is crucial to that eort. So something far more important to is the retail, which will include high- New York: modern oce space and end restaurants. Cross knows that a long-sought extension of the cen- leaves out a lot of consumers, even if tral business district to the West the top two retail oors are lled Side. It also created a residential with more reasonably priced stores. neighborhood, making it a proto- “When you build new, it is expen- type of the mixed-use district that sive, and it’s hard to make every- today’s urban planners champion. thing as accessible economically as “Hudson Yards will create a new a lot of people would prefer,” he way forward for the city and other said. “We do our best. We are not so- neighborhoods and show how we cial engineers. We cannot x soci- can get better and what we can do,” ety’s ills.”

said Cross, president of Related BUCK ENNIS/ CNYB In addition to the tax break, the Hudson Yards, during a recent tour LONG SLOG: Related’s Beal, Ross and Blau will open Hudson Yards of cially March 15, more than a decade after winning city has covered $360 million in in- of the site. “With the investments in development rights when a rival builder got cold feet. terest costs on the subway bonds infrastructure and technology, we and more than $200 million in capi- have really brought the smart city to antiquated oce space. Sen. against future tax revenues to pay hours trying to get Condé Nast to tal improvements. It will be quite life, and that’s more challenging Charles Schumer convened 35 ex- the debt service.” e price tag of anchor the rst building. e maga- awhile until the revenue from taxes than it sounds.” perts to nd a solution. eir report, the subway extension also meant zine publisher eventually said no pays that back as well as covers the e numbers are staggering. In- issued in mid-2001, called for zon- the site would need density to gen- and headed to Lower Manhattan, costs of the bonds. vestment in the rst phase of the ing changes to spur oce construc- erate enough property tax to pay it. whose own tax breaks made the e logistics and the politics of project, built on a platform over the tion in several areas, including the When the MTA opened a compe- rent even cheaper. Coach took the project also have been complex. eastern section of the rail yards, has Far West Side, and the extension of tition to pick the developer, the big- Condé Nast’s place. To cite two examples, Related built a reached $18 billion in equity and subway service to the area. “We’re gest names in real estate lined up. en the eort stalled. CFOs factory to produce the facades and debt. Oce space exceeds 8 million trying to lay out a blueprint for Winning was so important that ex- would buy the pitch, but CEOs said is trying to use some nonunion la- square feet and within a few years where new businesses can grow in ecutives including Douglas Durst, no. “eir eyes would just glaze bor for the second phase of con- will house 40,000 workers at top New York City and where existing Stephen Ross and Jerry Speyer over,” said Related CEO Je Blau. struction, triggering a war with the Wall Street and law rms, a few tech businesses can expand,” Schumer trooped around the city selling their Blau and Cross switched strate- building trades. Related President companies and a consumer compa- said at the time. “It’ll be ignored at visions (including presentations to gies, seizing on the changing nature Bruce Beal oversees both eorts. ny’s headquarters. Retail adds an our peril.” the Crain’s editorial board). of the workforces of the companies Next year, Related will begin additional 720,000 square feet for e rail yards, where the Long Is- Tishman Speyer won the compe- they were wooing. Older oce building the platform over the west- land Rail Road tition in part by boosting its oer to buildings were a turno to the 20- ern rail yards across 11th Avenue, stores trains, also the MTA above $1 billion in March and 30somethings increasingly where it plans to erect six luxury HUDSON YARDS SPURRED became the lynch- 2008. But within two months, Tish- dominating the ranks of condominium buildings. Cross, 66, UPGRADES BY COMPETING pin of an eort to man reneged as the nancial mar- nancial-services and law rms. won’t commit to being on board for host the 2012 kets began teetering and the devel- ey wanted to work in mixed-use the ve or 10 years it will take to n- LANDLORDS AND A REZONING Olympics. e oper’s costly purchase of the Peter areas and high-tech, high-ceiling ish them. idea, championed Cooper housing complex seemed spaces bathed in natural light. CEOs Still, it is easy to lose sight of the OF MIDTOWN EAST by private-equity increasingly troubled. came to the conclusion that in tradi- accomplishment—and Related’s executive Daniel Related founder Ross wasted no tional space, they could not ade- singular willingness to take on the stores ranging from Neiman Marcus Doctoro and Jay Kriegel, a veteran time. He swooped in to take over quately compete for talent and rein- enormous risk that it did. e com- to Zara. e project includes 428 of media companies and city gov- Tishman’s deal, agreeing to all the vent how their businesses operated. pany says it has lured 4 million luxury condos, 108 rental units on ernment, was that the Olympic sta- terms the MTA had negotiated with Jonathan Schiller, Boies Schiller square feet of oce space from an adjacent site and 139 aordable dium would later be occupied by his rival. “We saw the economy was Flexner’s managing partner, whose Midtown. e competition from apartments. e Shed, a cultural the Jets and be the catalyst for the tumbling,” Ross recalled. “I believed rm moved to Hudson Yards from Hudson Yards forced landlords to center, cost $500 million. Related subway extension and other devel- that NYC would survive, and usually Lexington Avenue in invest in their buildings spent $200 million on a public opment. in bad times people panic and don’t January, said his law- and spurred the rezon- structure named the Vessel and an- “On my second trip to nalize the see the long term. I’ve always taken yers and sta have been ing of Midtown East. other $100 million on interior art. deal, I was told I should probably a long-term approach.” He hired telling him they “love Related, which calls Property taxes from the develop- meet Doctoro and Kriegel,” Cross Cross almost immediately to lead the bright and exciting 4M Hudson Yards the city’s ment will pay for the $2 billion ex- remembered with a wry smile that the eort. space”—words he had largest development SQUARE FEET tension of the 7 line to its front door. seemed close to a grimace. e tasks were daunting—two in never heard about a law since Rockefeller Center leased at Hudson oughts about new oce space particular: nding money amid the oce. in the 1930s, has already Yards by tenants Degree of separation and the Olympics were pushed worst nancial crisis since the Great Schiller bought Re- seen a payo. Ross had leaving Midtown Not everyone is sold on what Re- aside by the Sept. 11 attacks, but Depression and persuading tenants lated’s pitch about expected the oce lated has produced. A snarky article they were revived when Michael to go so far west. future-proo ng, but the buildings to break even in New York magazine labeled Hud- Bloomberg was elected mayor in economics were good and the retail and con- son Yards a “billionaire’s fantasy,” November and he named Doctoro Early hurdles too. “Our lease is rea- dos to make money. e and even people who understand deputy mayor for development. e Related’s original partner, Gold- sonably priced, and we oce space is already in the development’s importance stadium proposal turned into the man Sachs, soured on real estate are able to put more $18B the black, and he has wonder if it will be integrated into city’s most bitter ght in decades. and dropped out. Cross’s connec- lawyers in fewer square faith in the retail and the the city or an island unto itself. Opponents ran TV ads funded by tions with Canadian pension funds feet because every INVESTMENT in the condos despite the rise “Hudson Yards was an important, the Dolan family, owners of nearby paid o when the Ontario Teachers square foot is usable, project’s rst phase in online shopping and farsighted initiative of the Madison Square Garden, who were Fund’s Oxford Development arm and we have designed SOURCE: Related Cos. the turbulence in the Bloomberg administration to ex- worried about competition for their took Goldman’s place. Related then our oces to enhance residential market. tend Midtown west,” said Carl Weis- arena. Albany legislators eventually scrapped plans for a $2 billion fund our productivity and But pro tability aside, brod, former chairman of the City blocked it. But after a timeout for a to provide equity for the entire proj- well-being,” he said. e rm has Hudson Yards has already proved Planning Commission. “Related de- bicycle trip to South America, Doc- ect, instead opting for individual been followed by Equinox, Millbank a lot. serves great credit for taking the risk toro returned to work, determined deals for nearly every building. It Tweed, Wells Fargo and, perhaps “It showed that big infrastruc- to make it happen. But it’s going to to push through a dierent plan. now has investments or loans from most signi cantly, BlackRock, the ture and big development projects take awhile before it blends into the “e West Side has always been 40 partners. world’s largest money manager. could go from conceptualization to city’s tapestry. Right now it’s a sepa- the place to expand Midtown,” said Tenants were wary. e city had BlackRock will pay $60 per square completion in a reasonably short rate enclave.” Vishaan Chakrabarti, who worked granted Hudson Yards what foot when its building opens in period of time in New York City,” e idea for the project began in with both Doctoro and later Relat- amounted to a 40% property-tax 2020. (Acquiring the McDonald’s said Seth Pinsky, former head of the late 1990s, when people worried ed, “and the chicken-and-egg prob- discount, and Related pitched the that stood in the tower’s way cost the city’s Economic Development that New York could lose its place at lem that Dan cracked was how to site as a place where rms could oc- $150 million, making it the world’s Corp. “People had lost faith that the head of the global economy to pay for the subway with a cupy the most modern oce space most valuable fast-food joint.) that could occur here because it rivals such as London and Tokyo, quasi-tax-increment nancing sys- at rents on par with aging Midtown While the CEOs have bought in, hadn’t happened in a couple of largely because of too little and too tem allowing the sale of bonds buildings. Cross spent countless others wonder if Hudson Yards’ generations.” ■

16 | CRAIN’S NEW YORK BUSINESS | MARCH 4, 2019

P016_CN_20190304.indd 16 2/28/19 5:58 PM Advertising Section To place your listing, visit crainsnewyork.com/people-on-the-move PEOPLE ON THE MOVE or for more information contact Debora Stein at [email protected]

ACCOUNTING CONSULTING CONSTRUCTION MANAGEMENT FINANCE ENGINEERING

Janover LLC FTI Consulting Shawmut Design and City National Bank LERA Consulting Structural Construction Engineers Janover LLC is Michael Flagiello and City National Bank has pleased to announce Alex Unterkoe er Industry veteran Reza hired Craig Robb and LERA Consulting that partner Anne have joined FTI Amirkhalili has joined Jonathan M. Bouvet Structural Engineers Marie Flynn, CPA, Consulting as Senior Shawmut Design to launch a power (LERA) is pleased to CGMA, has been Managing Directors in and Construction project nance team. announce Richard elected by the the Global Insurance as Chief Operating Led by industry Garlock has been partners of the rm to Services practice Flagiello Of cer. This announcement veteran Robb, the Robb named a partner of the rm. Janover’s Executive Committee, within the rm’s Forensic & comes as Shawmut reports team provides City National’s full With the rm since 1994, Rich effective January 1, 2019. Flynn Litigation Consulting segment. 2018 as its highest revenue year range of nancial solutions to currently leads many of LERA’s has practiced public accounting Based in New York, Flagiello and yet at $1.4 billion. Shawmut is businesses and entrepreneurs residential, mixed-use and of ce for over 25 years and has been Unterkoeer will help global projecting signi cant growth developing and managing developments in the Northeast with the rm since 2002. She insurance companies address across multiple divisions and energy projects, with a focus on and internationally and has brings an abundance of energy operational and nancial will look to Reza to implement renewable energy projects been responsible for signi cant and experience to her new role challenges, accounting construction strategy with a key nationwide. Robb has nearly two rm growth within that market as a member of the executive investigations, disputes and focus on client experience. He decades of nancial sector. Rich served as Project committee. litigation matters. Flagiello and will draw on his project delivery services experience. Director for the structural design Unterkoeer join from Mazars expertise and transformational Bouvet is a vice of 4 World Trade Center in New USA, where they were leadership to grow market president and credit York, NY, the rst building to Partners. Flagiello has share in emerging markets of cer with more than open on the original WTC site. more than 30 years of nationwide. a decade of nancial leadership experience services experience Bouvet ACCOUNTING building infrastructure and reports to Robb. They are and solving both based in Phoenix. For more operational and Unterkoe er information, please go to www. BDO USA, LLP nance challenges for global cnb.com. LEGAL In this role, Demetrios companies. Unterkoeer has 25 FINANCIAL SERVICES Frangiskatos will be years of experience in business responsible for consulting for the insurance and BHI Foley & Lardner overseeing operations, reinsurance industries. client service, quality Gregory Allen has Bobby Sharma has joined Foley & Lardner control and business joined BHI as the FINANCIAL SERVICES strategy for the National Head of as special adviser to its assurance practice in the Commercial Real Sports Industry Team, Northeast. Mr. Frangiskatos has Estate. He will be M&T Bank based in the New York more than 18 years of responsible for of ce. Sharma comes M&T Bank has named experience in providing growing BHI’s CRE portfolio and to Foley with nearly 20 Blair Ridder Regional accounting, auditing and will report directly to Steven years of sports industry President for the New business advisory services for Caligor, Division Head - CRE. experience, including serving as York City market, SEC and private engagements. Gregory has more than 30 years VP & General Counsel of the NONPROFIT broadly responsible He also serves as the of domestic and international NBA Development League, as for M&T’s community- Technology and Media industry experience sourcing and well as SVP, Global Head of focused approach to leader in BDO’s New York Metro Flatiron/23rd Street Partner- growing a portfolio of real Basketball & Strategic Initiatives banking delivered by 375 of ces and the national Media ship Business Improvement estate clients, speci cally in the at IMG. He currently serves as District employees to customers and industry leader. residential, retail, hospitality and Chairman of Blue Devil Holdings neighborhoods across the metro senior housing sectors. He holds and a Partner at GACP Sports, James Mettham is area. Ridder was previously a BS in Finance from Providence and he recently co-founded joining the Senior Group Manager for College and an MBA from esports advisory rm Electronic Flatiron/23rd Street Middle Market banking in New Columbia University. Sports Group. Partnership Business York City, overseeing a team of Improvement District 10 bankers serving companies HEALTH CARE as Executive Director with annual revenues of more on March 11. Since than $25 million. He currently 2006, the BID has strengthened The New Jewish Home resides in Hoboken, N.J. Flatiron and NoMad, two of the NONPROFIT Alyssa Herman joins The New city’s most dynamic Jewish Home, a comprehensive neighborhoods. James recently TECHNOLOGY health care system served as Managing Director of National Center for Law and serving older New Finance and Operation at the Economic Justice Downtown Brooklyn Partnership, Monetate Yorkers since 1848, as Dennis Parker has NEW Chief Development and previously worked with the joined the National Monetate, the Of cer. Ms. Herman, New York City Department of Center for Law and worldwide leader in who has more than 18 Small Business Services as GIG? Economic Justice as personalization, has years of experience in Assistant Commissioner and executive director. He announced the Preserve your career change the nonpro t sector, will be Executive Director of BID will lead the advocacy appointment of for years to come. responsible for leading the Program Management, where organization which works with Brandon Atkinson to development team, directing all he oversaw the formation and low-income families, individuals, Chief Operating Plaques • Crystal keepsakes fundraising initiatives and expansion efforts of BIDs communities, and a wide range Of cer (COO). Atkinson will Frames • Other Promotional Items campaigns, and raising citywide. Earlier, at the New York of organizations to advance the report directly to CEO Stephen organizational awareness in the City Economic Development cause of economic justice Collins and will work to support philanthropic community. Corporation, he held positions in through groundbreaking, Monetate’s commitment to help Lauren Melesio Previously, she was Vice the organization’s real estate successful litigation, policy work brands develop more of their President of Institutional transaction services and Director, Reprints & Licensing and support of grassroots best customers by applying Advancement at Yeshiva strategic investments groups. [email protected] organizing around the country. personalization across customer

University. CONTACT (212) 210-0707 Dennis was previously director interactions. Atkinson brings of the ACLU Racial Justice extensive experience in building Program, and teaches law at successful, high-growth New York Law School. technology businesses.

MARCH 4, 2019 | CRAIN’S NEW YORK BUSINESS | 17

P017_CN_20190304.indd 17 2/27/19 10:33 AM Advertising Section Advertising Section CLASSIFIEDS To place a classified ad, Call 212-210-0189 CLASSIFIEDS To place a classified ad, Call 212-210-0189 or Email: [email protected] or Email: [email protected]

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Notice of Formation of Limited Liability Notice of Qualification of BISHOPS NOTICE OF FORMATION of BLU WATER Notice of Formation of Limited Liability Notice of Qualification of 311 10TH Company (LLC). NAME: EZHUB LLC. - Ar- SERVICES LLC Appl. for Auth. filed HOLDINGS LLC. Art. of Org. filed with Company (LLC). NAME: CHU & SHI LL - AVENUE RESIDENTIAL, LLC Appl. for ticles of Organization filed with the Sec- with Secy. of State of NY (SSNY) on 0 the Secy of State of NY (SSNY) on 1/ Articles of Organization filed with the Auth. filed with Secy. of State of NY retary of State of New York (SSNY) on 2/06/19. Office location: NY County. 28/19. Off. Loc.: NY County. . SSNY Secretary of State of New York (SSNY) (SSNY) on 01/22/19. Office location: 10/25/2018. Office location: New York LLC formed in Delaware (DE) on 11/ has been desig. as agent upon whom on 01/31/2019. Office location: New NY County. LLC formed in Delaware County. SSNY shall mail a copy of proc- 12/08. SSNY designated as agent of process against it may be served. The York County. SSNY shall mail a copy of (DE) on 01/18/19. Princ. office of LLC: ess to: The LLC, 90 BROAD ST STE LLC upon whom process against it address to which the SSNY shall mail a process to: The LLC, 98 E BROADWAY 60 Columbus Circle, NY, NY 10023. 1707, NEW YORK, NY 10004. Pur- may be served. SSNY shall mail proc- copy to is: 28 Liberty, New York, NY STE 309, NEW YORK, NY 10002. Pur- SSNY designated as agent of LLC upon pose: Any lawful purpose. ess to c/o Corporation Service Co., 10005. Reg. Agent: National Regis- pose: Any lawful purpose. whom process against it may be 80 State St., Albany, NY 12207-2543. tered Agents, Inc., 28 Liberty, New served. SSNY shall mail process to c/o NOTICE OF FORMATION OF SALT & SKY DE addr. of LLC: 2140 S. Dupont York, NY 10005. Purpose: Any lawful Notice of Qualification of NY STONE Corporation Service Co. (CSC), 80 LLC. Articles of Organization filed with Hwy., Camden, DE 19934. Cert. of act. Purpose: Any lawful act STREET HOTEL XLIII OPERATOR LLC State St., Albany, NY 12207-2543. DE the Secretary of State of NY (SSNY) on Form. filed with Secy. of State, 401 Appl. for Auth. filed with Secy. of State addr. of LLC: c/o CSC, 251 Little Falls 12/18/2018. Office location: NEW YORK Federal St., #4, Dover, DE 19901. NOTICE OF FORMATION of of NY (SSNY) on 01/08/19. Office loca- Dr., Wilmington, DE 19808. Cert. of County. SSNY has been designated as Purpose: Any lawful activity. OTHERWISE PICTURES, LLC. Arts. Of tion: NY County. LLC formed in Dela- Form. filed with Secy. of State of DE, agent upon whom process against it may Org. filed with Secy of State of NY ware (DE) on 12/20/18. SSNY desig- John G. Townsend Bldg., Federal & be served. The Post Office address to NOTICE OF FORMATION OF (SSNY) on 12/6/18. Office location: nated as agent of LLC upon whom proc- Duke of York Sts., Dover, DE 19901. which the SSNY shall mail a copy of any LEOCLAYTON LLC. Articles of Organiza- NY County. SSNY designated agent ess against it may be served. SSNY Purpose: Any lawful activity. process against the LLC served upon tion filed with Secretary of State of NY upon whom process may be shall mail process to the LLC, Attn: Le- him/her is: 800 State Street Albany, NY (SSNY) on 11/13/2018. Office loca- served and shall mail copy of gal Affairs, 5425 Wisconsin Ave., Ste. Notice of Formation of CES Advisory 12207-2543. The principal business ad- tion: New York County. SSNY has been process against LLC to 9 Murray St, 700, Chevy Chase, MD 20815. DE Services, LLC. Arts. of Org. filed with dress of the LLC is: 220 120th Ave NE, designated as agent upon whom proc- #10NW, NY, NY 10007. Purpose: any addr. of LLC: 322 A St., Ste. 300, Wil- Secy of State of NY (SSNY) on 12/ Bellevue, WA 98005. Purpose: any lawful ess against may be served. The Post of- lawful act mington, DE 19801. Cert. of Form. filed 14/18. Office Location: NY County. act or activity fice address to which the SSNY shall with Secy. of State, 401 Federal St., SSNY designated agent upon whom process may be served and shall mail mail a copy of any process against the Notice of Formation of MARINA VISTA Ste. 3, Dover, DE 19901. Purpose: copy of process against LLC to 635 Notice of Qualification of STRATEGIC LLC served upon him/her is 228 West PRESERVATION GP, LLC Arts. of Org. Any lawful activity. Park Avenue, 12th FL. NY. NY. 10065. PARTNERS VIII-B L.P. Appl. for Auth. 16th #2B NY NY 10011. The principal filed with Secy. of State of NY (SSNY) Purpose: any lawful act filed with Secy. of State of NY (SSNY) Business address is 228 West 16th on 01/18/19. Office location: NY Coun- Notice of formation of Limited Liability on 01/29/19. Office location: NY Coun- #2B NY NY 10011. Purpose: any lawful ty. Princ. office of LLC: 60 Columbus Company. Name: Twin Parks Terrace NOTICE OF FORMATION BroadWest ty. LP formed in Delaware (DE) on 11/ act or activity. Circle, NY, NY 10023. SSNY designat- LLC (“LLC”). Articles of Organization Capital Management, LLC.Application 30/18. Duration of LP is Perpetual. ed as agent of LLC upon whom process filed with the Secretary of State of the The Articles of Organization of for Authority filed with the Secretary SSNY designated as agent of LP upon against it may be served. SSNY shall State of New York (“SSNY”) on October PSYCHOBABEL PRODUCTIONS LLC of State of New York (SSNY) on Janu- whom process against it may be mail process to Corporation Service 29, 2018. NY office location: New served. SSNY shall mail process to c/o were filed with the Secretary of State York County. The SSNY has been desig- ary 30, 2019. Office location: NEW Co., 80 State St., Albany, NY 12207- YORK County. LLC formed in DE on Corporation Service Co., 80 State St., of New York on July 2, 2018. The reg- 2543. Purpose: Any lawful activity. nated as agent of the LLC upon whom Albany, NY 12207-2543. Name and istered office address in New York is process against it may be served. The October 4, 2018. SSNY has been des- addr. of each general partner are availa- 35 Fort Washington Avenue, Apt. 5C, SSNY shall mail a copy of any process ignated as an agent upon whom proc- Notice of formation of Worldwide Luxury ble from SSNY. DE addr. of LP: c/o The New York, NY, 10032. The jurisdic- to Twin Parks Terrace LLC, c/o Settle- ess against it may be served. The Tours LLC, Arts. of Org. filed with Secy Corporation Trust Co., 1209 Orange tion office location is New York Coun- ment Housing Fund, Inc., 247 West Post Office address to which the of State of NY (SSNY) on 7/20/2018. St., Wilmington, DE 19801. Cert. of LP ty. The principal place of business ad- 37th Street – 4th Floor, New York, NY SSNY shall mail a copy of any proc- Office location NY County. SSNY desig- filed with Secy. of State of the State of dress is 35 Fort Washington Avenue, 10018. Purpose/character of LLC is to ess against the LLC served upon him nated agent upon whom process may DE, John G. Townsend Bldg., 401 Fed- engage in any lawful act or activity. /her is: 85 Broad St. 17th Floor New Apt. 5C, New York, NY, 10032. The be served and shall mail copy of proc- eral St., Ste. 4, Dover, DE 19901. Pur- Secretary of the State of New York is York, NY 10014 The principal busi- pose: Any lawful activity. ess against LLC to CT Corporation Sys- designated as agent upon who proc- tem, 28 Liberty St., NY NY 10005. Pur- NYCMSC, LLC, Arts. of Org. filed with ness address of the LLC is: 85 Broad ess against PSYCHOBABEL PRODUC- St. 17th Floor New York, NY 10014 Notice of Formation of MARINA VISTA pose: any lawful act. the SSNY on 01/09/2019. Office loc: DEVELOPER, LLC Arts. of Org. filed with TIONS LLC may be served. The Secre- NY County. SSNY has been designated DE address of LLC is: EasyCorps, LLC Secy. of State of NY (SSNY) on 01/ tary of the State of New York shall Notice of Qualification of BATON as agent upon whom process against 341 Raven Circle Wyoming, DE 31/19. Office location: NY County. mail process to: Chandler Clemens, HOLDING, LLC Appl. for Auth. filed the LLC may be served. SSNY shall 19934 Certificate of LLC filed with Princ. office of LLC: 60 Columbus Cir- 35 Fort Washington Avenue, Apt. 5C, with Secy. of State of NY (SSNY) on 1 mail process to: The LLC, 20 E. 9th Secretary of State of DE located at: cle, NY, NY 10023. SSNY designated New York, NY, 10032. Purpose: 2/28/18. Office location: NY County. St., NY, NY 10003. Purpose: Any Law- 401 Federal Street Dover DE 19901 ful Purpose. as agent of LLC upon whom process Any Lawful Purpose. LLC formed in Delaware (DE) on 04/ Purpose: any lawful act or activity against it may be served. SSNY shall Notice of Qualification of Helix OpCo, 13/11. Princ. office of LLC: 1423 mail process to Corporation Service LLC. Appl. for Auth. filed with NY Dept. Red Ventures Dr., Fort Mill, SC Co., 80 State St., Albany, NY 12207- of State on 9/10/18. Office location: 29707. NYS fictitious name: BATON 2543. Purpose: Any lawful activity. New York County. NY Sec. of State des- TECH SERVICES, LLC. SSNY designat- ignated agent of the LLC upon whom ed as agent of LLC upon whom proc- process against it may be served, and ess against it may be served. SSNY shall mail process to 1 Circle Star Way, shall mail process to c/o Corporation FL2, San Carlos, CA 94070. DE addr. Service Co. (CSC), 80 State St., Alba- of LLC The Corporation Trust Company, ny, NY 12207-2543. DE addr. of LLC: Corporation Trust Center, 1209 Orange c/o CSC, 251 Little Falls Dr., Wilming- St., Wilmington, DE 19801. Cert. of ton, DE 19808. Cert. of Form. filed Form. filed with DE Sec. of State, 401 with DE Secy. of State, Div. of Corps., Federal St., Dover, DE 19901 on 4/ John G. Townsend Bldg., 401 Federal 14/15. Purpose: any lawful activity. St., Dover, DE 19901. Purpose: Any lawful activity. NOTICE OF FORMATION of BYROE, LLC. Arts. Of Org. filed with Secretary of LTN1 PAYROLL LLC, Arts. of Org. filed State of NY (SSNY) on 11/26/18. Of- with the SSNY on 01/22/2019. Office fice location: NY County. SSNY desig- loc: NY County. SSNY has been designated agent upon whom process may Notice of Formation of LISA SINGER nated as agent upon whom process be served and shall mail copy of proc- LLC Arts. of Org. filed with Secy. of against the LLC may be served. SSNY ess against LLC to 21 West End Ave, State of NY (SSNY) on 01/30/19. Of- shall mail process to: Eric D. Sherman, Unit 4306, NY, NY 10023. Purpose: Esq., Pryor Cashman LLP, 7 Times fice location: NY County. Princ. office Any lawful act. of LLC: 675 Third Ave., 27th Fl., NY, NY Square, NY, NY 10036. Purpose: Any Lawful Purpose. 10017. SSNY designated as agent of Notice of Formation of HIDDEN LLC upon whom process against it may GROVE HOUSING GP, LLC Arts. of be served. SSNY shall mail process to Org. filed with Secy. of State of NY Notice of Formation of STRATFORD Weiler Arnow Mgt. Co., Inc., Attn: (SSNY) on 02/22/19. Office location: DATA AND DESIGN, LLC Arts. of Org. Johnna Raffi at the princ. office of the NY County. Princ. office of LLC: 60 filed with Secy. of State of NY (SSNY) LLC. Purpose: Any lawful activity. Columbus Circle, NY, NY 10023. on 02/14/18. Office location: NY SSNY designated as agent of LLC County. SSNY designated as agent Notice of Formation of 119TH ST HOLD- of LLC upon whom process against it INGS LLC. Arts. of Org. filed with Secy. upon whom process against it may be may be served. SSNY shall mail proc- of State of NY (SSNY) on 12/28/2018. served. SSNY shall mail process to Office location: New York County. Corporation Service Co., 80 State St., ess to Louis Market, 57 W. 93rd St. - SSNY designated as agent of LLC upon Albany, NY 12207-2543. Purpose: 1A, NY, NY 10025. Purpose: Any law- whom process against it may be Any lawful activity. ful activity. served. The post office address to which the SSNY shall mail a copy of Tuttle Street Entertainment. LLC. Art. of Notice of formation of ATHLEISURIE any process against the LLC served Org. Filed with the SSNY on LLC field with NY Secretary of State upon him/her is: McCarthy Weidler, P. 2/13/19. Office: Albany County SSNY on 2/12/2019. Office location: New C., 800 Third Avenue, 28th Floor, New designated as agent of the LLC York County. SSNY has been designat- York, NY 10022. The principal busi- upon whom process against may be ed as agent of the LLC upon whom ness address of the LLC is: 18-37 served. SSNY shall mail copy of process against it may be served. 119th Street, College Point, NY 11356. process to the LLC, 251 W 87 st. #23, SSNY shall mail a copy of process to Purpose: To engage in any lawful act or New York, NY 10024. Purpose: the LLC. 275 w 10 St. 6c, NY, NY activity. Any lawful Purpose. 10014 Process: Any lawful activity.

18 | CRAIN’S NEW YORK BUSINESS | MARCH 4, 2019

P018_P019_CN_20190304.indd 18 2/28/19 2:48 PM Advertising Section Advertising Section CLASSIFIEDS To place a classified ad, Call 212-210-0189 CLASSIFIEDS To place a classified ad, Call 212-210-0189 or Email: [email protected] or Email: [email protected]

PUBLIC & LEGAL NOTICES PUBLIC & LEGAL NOTICES

Notice of Qualification of 311 10TH Application for Authority of MS Fran- Notice of Qualification of RGN-LAKE Notice of Qualification of KITCHEN Notice of Qualification of 311 10TH Notice of Qualification of ALTENEX, AVENUE RESIDENTIAL, LLC Appl. for chise, LLC filed with the Secy. of SUCCESS I, LLC Appl. for Auth. filed FUND GP II, LLC Appl. for Auth. filed AVENUE COMMERCIAL, LLC Appl. for LLC Appl. for Auth. filed with Secy. of Auth. filed with Secy. of State of NY State of NY (SSNY) on 1/22/19. with Secy. of State of NY (SSNY) on 02 with Secy. of State of NY (SSNY) on 01 Auth. filed with Secy. of State of NY State of NY (SSNY) on 02/14/19. Of- Formed in DE 1/16/19. Office loc.: /19/19. Office location: NY County. /30/19. Office location: NY County. (SSNY) on 01/22/19. Office location: fice location: NY County. LLC formed NY County. LLC formed in Delaware NY County. SSNY is designated as LLC formed in Delaware (DE) on 02/ LLC formed in Delaware (DE) on 12/ NY County. LLC formed in Delaware in Delaware (DE) on 12/31/15. Princ. agent of LLC on whom process 07/19. Princ. office of LLC: 15305 Dal- 14/18. SSNY designated as agent of (DE) on 01/18/19. Princ. office of LLC: office of LLC: 53 State St., Ste. 60 Columbus Circle, NY, NY 10023. against it may be served. The ad- las Pkwy., Ste. 400, Addison, TX LLC upon whom process against it may 60 Columbus Circle, NY, NY 10023. 3802, Exchange Place, Boston, MA dress SSNY shall mail copy of proc- 75001. SSNY designated as agent of be served. SSNY shall mail process to SSNY designated as agent of LLC upon 02109. SSNY designated as agent of whom process against it may be ess to 484 Broome St., New York, NY LLC upon whom process against it may Corporation Service Co. (CSC), 80 whom process against it may be LLC upon whom process against it 10013. The office address in DE is be served. SSNY shall mail process to State St., Albany, NY 12207-2543. DE served. SSNY shall mail process to c/o may be served. SSNY shall mail proc- Corporation Service Co. (CSC), 80 Corporation Service Co. (CSC), 80 Registered Office Service Company, c/o Corporation Service Co., 80 State addr. of LLC: CSC, 251 Little Falls Dr., ess to Corporation Service Co., 80 Wilmington, DE 19808. Cert. of Form. State St., Albany, NY 12207-2543. DE 203 NE Front St., (101), Milford, DE St., Albany, NY 12207-2543. DE addr. State St., Albany, NY 12207-2543. filed with Jeffrey W. Bullock, Secy. of addr. of LLC: c/o CSC, 251 Little Falls 19963. Cert. of formation filed with of LLC: 251 Little Falls Dr., Wilmington, DE addr. of LLC: 251 Little Falls Dr., Dr., Wilmington, DE 19808. Cert. of State - State of DE, Div. of Corps., John Dr., Wilmington, DE 19808. Cert. of Jeffrey W. Bullock, DE Secy. of State, DE 19808. Cert. of Form. filed with Wilmington, DE 19808. Cert. of Form. Form. filed with Secy. of State of DE, Secy. of State, 401 Federal St., Ste. 4, G. Townsend Bldg., 401 Federal St. - Form. filed with Secy. of State of DE, John G. Townsend Bldg., Federal & Div. of Corporations, PO Box 898, Do- Ste. 4, Dover, DE 19901. Purpose: John G. Townsend Bldg., Federal & filed with Secy. of State, 401 Federal ver, DE, 19903. Purpose: Any lawful Dover, DE 19901. Purpose: Any lawful St., Dover, DE 19901. Purpose: Any Duke of York Sts., Dover, DE 19901. activity. Any lawful activity. Duke of York Sts., Dover, DE 19901. Purpose: Any lawful activity. activity. Purpose: Any lawful activity. lawful activity Notice of Formation of CES Advisory Services, LLC. Arts. of Org. filed with Notice of Qualification of HIDDEN MICK- Notice of Formation of HIDDEN Notice of formation of Lord Knows Art Notice of Qualification of JIMINY CRICK- Secy of State of NY (SSNY) on 12/ EY DISTRIBUTION LLC Appl. for Auth. GROVE HOUSING, L.P. Cert. of LP LLC. Articles of organization filed with Notice of formation of limited liability ET DEVELOPMENT LLC Appl. for Auth. 14/18. Office Location: NY County. filed with Secy. of State of NY (SSNY) filed with Secy. of State of NY (SSNY) Secretary of State of NY(SSNY) on 10 company (LLC) Name TAI MOTT filed with Secy. of State of NY (SSNY) on 02/07/19. Office location: NY Coun- on 02/07/19. Office location: NY Coun- SSNY designated agent upon whom on 02/22/19. Office location: NY /03/2018. Office location: NEW STREET, LLC. ArticlesOf Organization ty. LLC formed in Delaware (DE) on 12/ filed with secretary of state of state of ty. LLC formed in Delaware (DE) on 12/ County. Princ. office of LP: 60 Colum- YORK County. SSNY has been desig- 12/18. SSNY designated as agent of New York (SSNY) on 11/29/2018. NY 12/18. SSNY designated as agent of copy of process against LLC to 635 bus Circle, NY, NY 10023. Latest nated as agent upon whom process LLC upon whom process against it may office location New York SSNY has LLC upon whom process against it may date on which the LP may dissolve is against it may be served. The Post Of- Purpose: any lawful act be served. SSNY shall mail process to been designated as agent of LLC upon be served. SSNY shall mail process to c/o Corporation Service Co. (CSC), 80 12/31/2118. SSNY designated as fice address to which the SSNY shall whom process against it may be c/o Corporation Service Co. (CSC), 80 NOTICE OF FORMATION BroadWest State St., Albany, NY 12207-2543. DE agent of LP upon whom process mail a copy of any process against served. The post office address to State St., Albany, NY 12207-2543. DE addr. of LLC: c/o CSC, 251 Little Falls against it may be served. SSNY shall the LLC served upon him/her is 7014 which the SSNY shall mail a copy of addr. of LLC: c/o CSC, 251 Little Falls Dr., Wilmington, DE 19808-1674. Cert. mail process to Corporation Service 13th Avenue, Suite 302 Bk, NY any process against the LLC served Dr., Wilmington, DE 19808-1674. Cert. of Form. filed with DE Secy. of State, Co., 80 State St., Albany, NY 12207- 11228. The principal business ad- upon him/her is TAI MOTT STREET, LLC of Form. filed with DE Secy. of State, ary 30, 2019. Office location: NEW John G. Townsend Bldg., 401 Federal 2543. Name and addr. of each gener- dress of the LLC is: 414 W. 44th C/O 56 West Dayton street Pasadena, John G. Townsend Bldg., 401 Federal YORK County. LLC formed in DE on St. - Ste. 4, Dover, DE 19901. Pur- al partner are available from SSNY. Street # Suite B NY, NY 10036 Pur- CA 91107 Purpose/character of LLC: St. - Ste. 4, Dover, DE 19901. Pur- pose: Any lawful activity. Purpose: Any lawful activity. pose: any lawful act or activity any lawful purpose. pose: Any lawful activity. ess against it may be served. The Post Office address to which the SSNY shall mail a copy of any proc-

York, NY 10014 The principal busi-

341 Raven Circle Wyoming, DE 19934 Certificate of LLC filed with Secretary of State of DE located at:

Purpose: any lawful act or activity

MARCH 4, 2019 | CRAIN’S NEW YORK BUSINESS | 19

P018_P019_CN_20190304.indd 19 2/28/19 4:09 PM e Natural Resources Defense POWER Council points to long-term studies FROM PAGE 1 of pipeline construction that have shown sh populations were dam- National Grid, Williams’ partner aged for years—and notes that the in the NESE project, is warning of a impact statement isn’t all rosy. It similar moratorium in Brooklyn cites “direct and indirect impacts” and Queens and on Long Island along the path of construction (for should New York not approve the both the proposed pipeline and the billion-dollar pipeline by May 15. recent 3-mile extension) as well as e state’s Department of Environ- in the wider area, including “mor- mental Conservation, which is tality, injury, or temporary dis- weighing public comments, could placement” of organisms. ere block the pipeline if it found the could also be “mortality of eggs and project does not comply with the other life” from the stirred-up sedi- state’s water quality standards. ment. Both the utility and the pipeline e green group says pipeline developer say the project poses safety is a real issue. Information minimal environmental risks and compiled from public records and will reduce carbon emissions by al- news reports by environmental or- lowing customers to stop using oil. ganization 350.org, found 10 explo- ey have the staunch backing of sions or res at Williams Transco labor and business groups; both pipelines and compressor stations view the pipeline as critical to FALLON IS ONE OF MANY in the past decade. In 2015 the growth, not to mention a source of environmental activists opposed to company was ned $58,600 for not construction jobs. the NESE project, but supporters adequately inspecting transmis- But environmental advocates ar- insist the pipeline is essential to sion pipeline valves in New Jersey en’t their only adversary: Gov. An- ensuring economic growth. and New York City. drew Cuomo has long been cool to Williams says its safety record

fossil-fuel projects. BUCK ENNIS/ CNYB beats the industry average and it “We are fully committed to meet- has learned from its mistakes. ing this administration’s ect say that fuel shortages can be businesses and eventually residen- ous. “ e incidents we’ve had have nation-leading renewable energy addressed through greater energy tial and oil-to-gas conversions.” “New York state spent billions of been very sobering,” said Senior goals while at the same time push- e ciency, and that the growing Bruckner says that the NESE dollars to clean up this harbor,” said Vice President Scott Hallam. “We’ve ing utility companies to use existing availability and dropping prices for project aligns with the state’s Kimberly Ong, senior attorney for put a lot of energy into understand- infrastructure more e ciently,” renewables will soon make the proj- clean-energy goal to reduce green- the Natural Resources Defense ing what the root causes were.” said a spokesman for the state’s ect a white elephant. ey maintain house gas emissions by 80% from Council. “It’s the cleanest it’s been A spokesman noted that the nal Public Service Commission, which that the federal agency overseeing their 1990 levels by 2050. e pipe- in more than 100 years. is pipe- environmental impact statement helps set energy policy. “Major its development has not considered line, he says, will allow the compa- line has the danger of taking us deemed gas transmission pipelines commercial projects can move for- all alternatives, as is required under ny to continue converting 8,000 res- back in time.” safe and reliable, with a low risk of ward without new infrastructure the National Environmental Policy idential and commercial customers Ong says the trenching for the incidents at any one location across development.” Act, a failure that could expose the per year to gas from oil, displacing pipeline will kick up more than the more than 300,000 miles of project to lawsuits. 900,000 barrels of heating oil each 1 million cubic yards of sediment pipelines in the United States. Sti ing growth National Grid, which supplies year and cutting carbon-dioxide containing toxic heavy metals and e answer rests with the state’s e arguments over the Williams natural gas to 1.8 million customers emissions by 200,000 tons. PCBs. at could impede aquatic Department of Environmental pipeline have gone back and forth in Brooklyn and Queens, on Staten e utility is invested in solar en- migration, clog sh Conservation, which for nearly three years. But for Fallon Island and Long Island, says the ergy, and it has connected Rhode gills, interfere with must decide whether and her fellow surfer-activists, the need for the pipeline is unques- Island’s Deepwater Wind farm to breeding and con- PIPED IN to issue the water project boils down to a threat to a tionable. It would increase capacity the grid. It is a partner with the city tribute to harmful quality certi cate way of life. by 14%, delivering 400 million cu- on its Newtown Creek renewable algae blooms. that will let the proj- “Pipelines are inherently danger- bic feet of natural gas per day, and gas project, and it has taken part in Williams, a Tulsa, % ect proceed. e ous,” she said, referring to pipeline curtail the price spikes during cold energy e ciency initiatives and Okla.–based pipe- 14 DEC, still collecting explosions that have occurred else- snaps that push some large cus- geothermal demonstration pilots. line giant that oper- INCREASE in natural gas comments, set a where in the country. “ is com- tomers to switch temporarily to oil. But at this stage, Bruckner says, ates the Transconti- delivery capacity the NESE public hearing for munity is built on the ocean. If e utility, which hopes to have neither conservation nor renew- nental Gas Pipe Line pipeline would provide March 6 in Rocka- something were to happen—and the pipeline in operation by the able replacement can take the place Co. known as Trans- way Park. something could happen—then winter of 2020, says the region will of the pipeline in meeting the ener- co, notes that it has e Cuomo-ap- that’s it.” su er without it. It has begun in- gy demand that National Grid ex- been making deliv- pointed agency al- pects will grow by more than 10% in eries to New York 8,000 ready has raised one the next decade. City without inci- COMMERCIAL customers key di erence with “WE HAVE TOLD ABOUT TWO DOZEN OF “As we build out those new tech- dent since 1951. that could convert to gas the federal commis- nologies, natural gas continues to Modern construc- from oil per year sion. In a letter to OUR LARGEST CUSTOMERS WE CANNOT be a solution and has already made tion methods, in- FERC in May in re- a signi cant contribution to [emis- cluding use of a “jet sponse to its draft COMMIT TO A GUARANTEED SUPPLY OF sion] reductions,” he said. trencher,” would impact statement, NATURAL GAS IN THE COMING DECADES” But the project’s critics maintain limit the churning 200K the department ze- the energy sector is at a tipping up of sediment and TONS of CO2 roed in on the study’s point, with new technology making have already been emissions that failure to consider Natural gas was not supposed to forming developers of major new strides in e ciency, and renew- used for a recent would be reduced alternatives to the ables having more potential. ey NESE project, specif- be controversial. But the clean- projects that it cannot guarantee 3-mile extension in from that conversion est-burning fossil fuel, once consid- uninterrupted gas service unless cite gains from new boilers, build- the Rockaways with- ically, using renew- ered a bridge to a low-carbon fu- the NESE project goes through. ing retro ts, eco-friendly building out incident, the able energy and re- ture, increasingly has come under “We have told about two dozen of codes and more e cient electric company said. ducing overall demand. attack, as have the pipelines that our largest customers we cannot heating and cooling systems. “ e nal environmental impact FERC had dismissed those alter- deliver it. commit to that supply,” said John ey also point to the mounting statement included a very robust natives on what the state agency Environmentalists have chal- Bruckner, National Grid’s New York debt and losses at energy compa- analysis, with a lot of sediment claimed were the “narrow” grounds lenged the fuel’s green reputation, president, pointing out that those nies that rely on fracking. computer modeling,” said a Wil- that the project was designed to saying when the entire process of service guarantees need to be “You have to consider the alterna- liams spokesman. “ e results were bring “incremental gas capacity” to extracting, transporting and burn- locked in for several decades. tives now more than ever,” said Tom that the plume [of sediment] would National Grid. e DEC insisted ing natural gas is considered, its im- Alerted customers include the Sanzillo, a former New York state stay close to the ground and would that all the alternatives be consid- pact on climate change is no less state’s $1 billion redevelopment deputy comptroller who is director not ultimately create an environ- ered in the nal environmental severe than oil or coal. ey point project at Belmont Park. Citing of nance for the pro-renewables mental hazard.” statement. to the methane that is released into con dentiality, Bruckner declined Institute for Energy Economics and Indeed, the impact statement, re- But FERC maintained that “the the atmosphere at various stages, to name any others, but he said Financial Analysis. “And the reason leased in January, found that the ef- purpose of the project is to trans- including leaks through pipelines they were spread around Brooklyn, you have to do that is because con- fect of contaminants on aquatic life port natural gas.” Renewables and and during extraction by fracking. Queens and Long Island. ditions in the industry are changing would be “temporary and minor.” reductions in demand “are not ey have won—and sometimes And without the pipeline, large so fast and there are more and more But environmental groups are of- transportation alternatives,” and, lost—court cases over environmen- projects may be only the beginning. alternatives and innovations.” ten at loggerheads with the Federal therefore, were not considered. tal assessments that did not address “We’ll have to go further into the Energy Regulatory Commission, or “ at was a failing on FERC’s the full scope of greenhouse gas market,” Bruckner said of the po- Troubled waters FERC, which prepared the report, part,” Sanzillo said, alluding to po- emissions. tential moratorium to “midsize Some opponents see the project and which they consider overly tential legal challenges. “It makes Opponents of the Williams proj- commercial projects and small as not just unnecessary but danger- friendly to pipelines. the whole process vulnerable.” ■

20 | CRAIN’S NEW YORK BUSINESS | MARCH 4, 2019

P020_CN_20190304.indd 20 3/1/19 7:11 PM RISING REWARDS of Visiting Doctors, making a dis- HOUSE Since Medicare’s Independence at tinction from concierge practices FROM PAGE 3 Home program began in 2012, the that oer house calls as a luxe perk. Northwell Health House Calls program Research published last year in To qualify, patients must be has received increasingly large the Journal of the American Geriat- Medicare bene ciaries with two or rewards, according to the most recent rics Society supported the idea of data available. more chronic conditions and need expanding Medicare’s Indepen- help with daily activities, such as Northwell Medicare bonuses dence at Home pilot. walking or eating. ey must have $1,280,686 If Medicare had expanded the had a hospital admission and rehab program to allow participants to stay within the past 12 months. $874,151 sign up 50,000 patients, rather than Northwell can send a nurse or a 15,000, the federal government doctor to make a same-day visit to $542,323 would have saved an additional $46 see a patient or dispatch paramed- million in two years, the study ics in an emergency, allowing the found. paramedics to consult with a re- Even greater savings could be mote physician to decide whether a generated by opening home-based 2012–13 2013–14 2014–15

hospital stay is necessary. COURTESY OF NORTHWELL HEALTH primary care up to all 2.4 million e idea is this: With intensive HOUSE CALLS have enabled Katz to remain in her Flushing home of 40 years. Source: Centers for Medicare and Medicaid Services Medicare recipients who meet the home services, chronically ill pa- stringent eligibility criteria, the tients will have less need for expen- and for meeting quality standards should have the opportunity to A Brooklyn medical practice, study found, and that could result sive hospital care, which is often by limiting patients’ emergency de- have what we got to have.” Doctors on Call, is part of the Medi- in a 10-year savings of $1.8 billion followed by a rehab stay and could partment use and following up with Smith said it’s not yet feasible to care pilot, but it has yet to save the to $10.9 billion after Medicare paid result in nursing home placement. patients within 48 hours of a hospi- widen the pool. government enough money to re- out rewards to high-performing “What we’ve done is built a care tal visit. At that point the program “We need to be thoughtful about ceive a nancial reward through the medical providers. model that is incredibly responsive was treating 396 patients in Queens making sure we’re not expanding program, which it is navigating “Independence at Home shows to patients and families,” said Dr. and on Long Island. From 2012 to beyond the populations for whom without the backing of a regional there’s enough savings to do this Kristofer Smith, senior vice presi- 2015, the most recent year of data, we know it works because you will health system like Northwell. type of care,” said Dr. Bruce Kino- dent of population health manage- Northwell was awarded about $2.7 dilute the results,” he said. Mount Sinai has operated its own sian, a co-author of the study and ment at Northwell Health. million in all. A bill that has been considered in home-based primary care pro- an associate professor at the Uni- e program, Independence at But some things aren’t covered the U.S. Senate would expand the gram, Visiting Doctors, since 1995. versity of Pennsylvania’s Perelman Home, has come with a nancial by the program. Katz still must visit Medicare bene t to cover home- It wasn’t eligible to participate in School of Medicine. bene t to Northwell, one of 12 par- specialists, and she goes to North based primary care. Private Medi- the Medicare pilot, but it manages a As for Katz, she hasn’t been back ticipants nationwide. Data released Shore twice a year to have her pace- care Advantage plans have begun patient group of about 1,500 people to the hospital except for her routine in January for the third year of the maker calibrated. But her physician to form contracts with primary care with serious health conditions who pacemaker checks. program, which ran from June 2014 and social worker are very respon- practices that do house calls as get home visits by doctors. Katz’s husband, Isidore, said the to May 2015, showed Northwell sive to calls and emails, said Renee more evidence suggests they can About 250 people are on a wait- House Calls service has kept the lowered medical spending by 21% Katz-Packer, her daughter. save plans money. ing list to enroll. e program limits couple together in their home of 40 compared to expectations, saving “is program should be much its patients to those with severe years. Medicare $2.4 million. more mainstream,” she said. “It Other callers health conditions. “at is the biggest help they Northwell received a reward pay- shouldn’t be so mysterious. ere Northwell isn’t the only provider “We serve home-bound patients,” gave us,” said Isidore, 93. “Enabling ment of $1.2 million for that result shouldn’t be waiting lists. People in the area oering such a service. said Dr. Linda DeCherrie, director us to stay in the house.” ■

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P021_CN_20190304.indd 21 3/1/19 7:25 PM P022_CN_20190304.indd 22 22 |CRAIN’SNEW YORKBUSINESS|MARCH4,2019 GOTHAM GIGS movie gangster. Iloved it.” and Ifelt likeJamesBondora “I wasa9-year-oldintuxedo, father’s AtlanticCityrestaurant. athis greeting customers hisjob fondly remembers SCHOOL DAZE CREAM OF THE CROP DRESS-UP GAMES EDUCATION RESIDES BORN DOUNOULIS MICHAEL tobacconist. program tobecomeamaster for Dounoulisisatwo-year Community College management, AtlanticCape in hospitalityandhotel in theDominicanRepublic. elements ofthecigararegrown a Dominicanpuro, meaningall bar’s mostexpensivecigar. It’s FuenteOpusXisthe $60 Arturo AtlanticCity Astoria Certi cate Certi cate Thenextstep

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