Cooking up New Careers 11,026 in That Period Last Year, Ac- Cording to Bankruptcy Court Other Position in Finance

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TOP STORIES BUSINESS LIVES Cash-rich buyers Vacations take center stage full of in property market learning PAGE 2 ® PAGE 25 Designer jean shops VOL. XXIV, NO. 33 WWW.CRAINSNEWYORK.COM AUGUST 18-24, 2008 PRICE: $3.00 invade Manhattan Many go PAGE 2 IAC bust in spinoffs expected to do better on mortgage their own PAGE 4 meltdown REPORT Home loan mess SOMEONE’S IN blamed for 31% rise BUSINESS OF GREEN THE KITCHEN: Joanne Sepetjian in bankruptcies Mayor’s plan for (left) enrolled at Manhattan’s cleaning up NYC Institute of BY DANIEL MASSEY is wilting Culinary PAGE 7 Education following 16 the mortgage crisis that years at sparked a wave of foreclosures is Citigroup. now responsible for a rising tide of bankruptcies across the city. Fueled in large part by the num- buck ennis ber of homeowners who could not BACK TO SCHOOL keep up with monthly payments on subprime loans, 14,407 people filed for bankruptcy in the New York area during the first seven months of this year,compared with Cooking up new careers 11,026 in that period last year, according to bankruptcy court other position in finance. double major in management and records. As economy flails, After some soul-searching, the culinary arts. While the number of bankrupt- students flock to 16-year Citigroup veteran, most “My friends and family mem- cies is not as high as it was during recently a U.S. equities business bers say I’ve lost my stress and seem the previous economic downturn New York’s two manager, decided instead to fulfill so happy,” Ms. Sepetjian says. in 2001, the filings this time culinary institutes a lifelong dream to work in the As the economy falters and around are increasing at a greater restaurant business—a goal her people lose their jobs, many are re- rate, rising 31% from January parents had discouraged her from examining their careers and decid- through July versus the year-earli- BY JOYCE HANSON pursuing as a teenager. ing it’s time for a change. More See BANKRUPTEDon Page 22 In May, the 40-year-old execu- than a few are headed to the city’s when joanne sepetjian’s boss at tive began taking an eight-month- two culinary schools, ICE and the PREDATORY ADVISER A firm AT DEADLINE Citigroup Inc. told her in January long career program at The Insti- French Culinary Institute. Both promising relief for debtors gets that her job was being eliminated, tute of Culinary Education on report rising enrollments, and stu- shut down for deception AS OF AUG. 16, AIR she briefly considered finding an- West 23rd Street, where she is a See EXECS COOKING on Page 24 Page 3 TRAVELERS ARE ALLOWED TO leave their laptop computers in carrying cases when passing through security gates at airports.The change Tech community wants some respect is an effort to speed up security lines and a response to customer complaints.The Transportation Security New York still lags Boston, Silicon Valley, Administration requires but the city has made some gains this year travelers to have a “checkpoint friendly” bag preneur, built the 15,000-square- that has a designated laptop BY AMANDA FUNG foot facility to attract “cool and section and cannot have smart”tech entrepreneurs—and to any metal snaps, zippers or earlier this month, 150 of New boost New York’s profile as a hub buckles in that section. York’s geekiest gathered in the for innovation. There can be no extra pockets Flatiron district to celebrate David “New York is now a serious inside the laptop section, and Rose’s new tech incubator. Mr. player in the business of technolo- See AT DEADLINE on Page 2 Rose,the patriarch of angel invest- gy,” says Mr. Rose. “We’re no Sili- ing in New York and a serial entre- con Valley, but at least we’re not dismissed anymore.” That’s cold comfort for a city 33

5 used to being on top. New York is No. 1 in everything from finance and media to nightlife and culture. But when it comes to tech, the city

is still struggling to make its mark. neff david “In New York, tech is one in- ROSE GROWS IN MANHATTAN: Investor and entrepreneur David Rose built a 15,000-square-foot NEWSPAPER See TECH COMMUNITY on Page 24 incubator to house tech firms, in hopes of boosting the city’s image as a hub for innovation. 71486 01068 0 CNYB 08-18-08 A 2 8/15/2008 8:24 PM Page 1

AT DEADLINE Continued from Page 1 month, according to Fox-Pitt Cash-rich buyers no other items may be packed in Kelton analyst David Trone. the same section with the Despite the heavy loss, Mr. laptop. Images and official Trone said in a report Friday guidance are available at that Lehman will not have to www.tsa.gov. raise additional capital, in part seize their moment because it raised $6 billion when RICHARD ANDERSON, it reported a $2.8 billion PRESIDENT OF THE NEW YORK quarterly loss in June. Lehman Snap up major towers as leveraged players falter Building Congress, estimates was Wall Street’s leading dealer that the city will gain a record in subprime mortgages and is 37,000 new housing units this now struggling to keep afloat. If BY THERESA AGOVINO year.The high number was its mortgage portfolio continues boosted by developers who were to decline in value, analysts say, in recent years, Shorenstein scrambling to get projects the firm may have to unload its Properties stood by as competitors underway before the 421-a tax Neuberger Berman asset abatement program expired in management unit to raise cash. repeatedly topped its bids on June.New building permits, Manhattan office towers. however, have fallen WARNER MUSIC GROUP In June, with the real estate market in dramatically since the beginning STRUCK A DEAL WITH of the year. Mr. Anderson Microsoft to sell music videos the grip of the credit crisis, the San predicts the number of new through its Xbox 360 Francisco-based company’s luck finally units will be much lower next entertainment console at $1.99 turned. It bought two of the seven office year and in 2010. a download.The deal opens up a buildings the once high-flying Harry market of 12 million Xbox users MANHATTAN RESEARCH FIRM to Warner, which, like the other Macklowe was forced to return to EMARKETER REDUCED ITS major music labels, has been lenders when he couldn’t repay a loan. online ad spend forecast for the struggling as traditional ways of The buildings’ price tag of about $940 year by 4%, to $24.9 billion.The selling recorded music have million was roughly 30% less than Mr. firm also slashed its projection been in decline. Xbox has had a for online video ads by 64%, to similar deal with Sony BMG Macklowe had paid just 16 months $505 million. Despite the since December. earlier. slowdown, online advertising Shorenstein typifies the new type of THE FAMOUS ANNUAL BARNEYS CAPITAL GAINS: revenue is still expected to grow “What’s more cash-rich, conservative buyer that is while ad sales at traditional WAREHOUSE SALE—WHICH important is where media outlets continue to started last Thursday and runs prices will be in 5 beginning to dominate the market.The decline. Overall, online ad until Sept. 1—is offering double or 6 years—we breed’s rise comes after the demise of spending will be up 17.4% and its usual inventory, sources say, think they’ll be higher,” says lax lending standards that allowed video will be up 55.9% from in an effort to unload excess Shorenstein’s buyers to snap up properties using 2007, according to eMarketer. designer shirts and shoes. Robert Underhill. “The luxury market is certainly mountains of debt and only a sliver of LEHMAN BROTHERS WILL not immune to the general equity. Such highly leveraged buyers are LIKELY SUFFER A $3.6 BILLION lackluster fashion retail now sidelined. write-down and post a $1.8 environment,” says Roseanne billion loss when it reports Cumella, senior vice president “Sixteen months ago, we couldn’t get third-quarter results next of The Doneger Group. close to some of these buildings because all people cared about was price and not CORRECTION anyone’s ability to actually close a deal,” The increase in second-quarter net interest income at Signature Bank this year was 23%. The number was misstated in a chart accompanying the story “Banks’ silver lining” in the Aug. 11 says Robert Underhill, Shorenstein’s issue. Manhattan-based head of capital See CASH-RICH on Page 24

THIS WEEK IN CRAIN’S buck ennis

WEEK IN REVIEW ------5 REPORT: THE BUSINESS OF GREEN------7 Denim riding high as new NEIGHBORHOOD

JOURNAL------14 Apple.More than 11 speciality jean day,” says Michael Londrigan, Posh specialists shops have opened here in the past chairman of the fashion merchan- SMALL BUSINESS ------15 buck the recession; two years. Liz Claiborne’s Lucky dising department at the Laborato- 26 ALAIR TOWNSEND ------17 Brand, for example, has launched ry Institute of Merchandising. some makers offer three stores here since 2006,includ- “People will pay high prices for a REAL ESTATE DEALS------18 a downgrade ing Lucky Kid on Prince Street. good pair of jeans that fit well.” While malls and department Shoppers who plan to dig deep THE WEEKS AHEAD ------19 stores nationwide cry for mercy and into their pockets for dungarees BY ADRIANNE PASQUARELLI CLASSIFIEDS ------20 retailers of all stripes sputter, denim prefer to do so at specialty stores is enjoying a boom. Jean sales with trained experts rather than at THE INSIDER------23 denim designer 7 for All Mankind jumped 8% through June compared department stores, where knowl- celebrated its Manhattan debut last with the first six months of 2007, edgeable sales associates are often BUSINESS LIVES------25 week by teaming up with Vogue for a according to NPD Group Inc. In in short supply. BOB LAPE ------26 swank party at its SoHo flagship. contrast, sales of regular pants and Customer service is key for The 3,000-square-foot boutique, at slacks dropped 5.3% in the first firms like Long Island-based Na- CORPORATE LADDER------27 27 394 West Broadway, features hard- half. tional Jeans Co., which opened its EXECUTIVE MOVES------27 wood floors,a trendy warehouse ap- second Manhattan location in peal, and tables stacked with $244 Bootylicious price tags Murray Hill in July and provides vol. xxiv, no. 33, august 18, 2008—Crain’s New York Business (issn 8756-789x) is published weekly by Crain Communications Inc., 711 Third Ave., New York, NY 10017. Periodicals jeans and leather accessories. The experts say that shoppers won’t free alterations.Department stores postage paid at New York, N.Y. and additional mailing offices. Postmaster: Send address Los Angeles-based company’s fifth deny themselves the snug fit and la- generally don’t offer such perks. changes to: Crain’s New York Business, Circulation Department, 1155 Gratiot Avenue, Detroit, MI 48207-2912. for subscriber service: Call (888) 909-9111. Fax (313) 446-6777.$3.00 a location officially opened Aug. 8 bel associated with designer jeans— Macy’s reported a 1.4% year- copy, $59.79 one year, $109.79 two years. (GST No. 13676-0444-RT) ©Entire contents and is already posting strong sales. even if it means shelling out a hefty over-year earnings decline for the copyright 2008 by Crain Communications Inc. All rights reserved. 7 for All Mankind isn’t the only amount. quarter that ended Aug. 2, to $73 denim devotee invading the Big “Denim is the uniform of the million. On the other hand, True

2 | Crain’s New York Business | August 18, 2008 CNYB 08-18-08 A 3 8/15/2008 8:03 PM Page 1

Eminent Credit con game domain Debt settlement BITTER BUSINESS: targeted outfit falsely promised Susan McMillan of the BBB says that Edge relief as clients’ woes “took advantage of grew; regulator acts people who were in in Council desperate situations.” BY AARON ELSTEIN Willets Point critics want to see financial for thousands of people far be- Users of credit-counseling hind on their credit card payments services in 2008 impact statements and other bills, Robert Lovinger’s “Debt Meltdown Program” sound- ed awfully alluring. BY DANIEL MASSEY He offered to help them reduce 2.5 Million the amount of their bills by as much prompted by the Bloomberg ad- as 60% and, in some instances, to ministration’s attempt to redevelop free them of debt altogether within Users of debt-settlement Willets Point,a Queens councilman 30 months. About 2,000 people services in 2008 has introduced legislation that joined, and they often ended up would require the preparation of fi- paying thousands of dollars for the nancial impact statements before Long Island-based service—which 200,000 property could be seized via eminent was marketed under several names, domain. including The Debt Elimination Sources: The Association of Settlement Companies, “We hear lots of promises and fig- Center and Edge Solutions. National Foundation for Credit Counseling ures, but we want to make sure that What many customers got, in these projects do what they say fact, was little or nothing. In some they’re going to do,” says Council- cases, Mr. Lovinger and his staff man Hiram Monserrate,D-Queens,

failed to contact creditors to settle buck ennis who introduced the bill last week. It customers’ delinquent bills; in oth- would require lo- ers, they drove people deeper into Last fall, the FTC sued Mr. Unfortunately, there are lots of anyway, because they figure they’re cal development debt by refusing to accept settle- Lovinger and his wife for deceptive people like Mr. Lovinger in the unlikely to be caught. corporations to $25B Anticipated ment offers from lenders,even after marketing. The couple settled the fast-growing and largely unregulat- “Enforcement is extremely lax,” analyze estimated economic clients asked them to do so. charges two weeks ago and agreed ed field of debt settlement. In the says Deanne Loonin, a staff attor- costs and benefits activity over Federal regulators say that Mr. to pay the agency $7 million. They past few years, the FTC has sued a ney at the National Consumer Law of a proposed proj- 30 years Lovinger and his wife, who was his also agreed to sell their vacation dozen operators for deceiving cus- Center in Boston. ect, among other business partner, even used cus- home in Delray Beach, Fla. It was tomers. The commission will host measures, before the city could in- tomers’money for personal expens- auctioned off for $307,400,accord- hearings next month to look into New arrivals voke eminent domain. es, including credit card bills, car ing to Zillow.com. the business more closely. debt settlement firms emerged The city says transforming Wil- payments and an employee party at The Association of Settlement about a decade ago.They differ dra- lets Point,a gritty industrial area,into a country club. Feeling his way Companies estimates that there are matically from traditional credit a development that includes housing, With complaints pouring in,the mr. lovinger denies that he did now 1,000 debt settlement outfits, counselors, which typically advise a hotel,a convention center and retail Manhattan-based Better Business anything wrong intentionally and double the number from three years clients on how to rethink and re- and office space would create $25 bil- Bureau of Metropolitan New York instead blames the company’s woes ago.There is no federal oversight of duce their spending as they pay off lion in economic activity over 30 referred the matter to the Federal on his own ignorance of the rela- the firms, many of which are legit- their creditors. years. Owners of 16 of the largest Trade Commission. tively new business of debt settle- imate businesses; policing them is Debt settlement companies, Willets Point businesses that would “The company took advantage ment.In a written response to ques- the responsibility of overworked however, begin by telling clients to have to move to make way for the new of people who were in desperate sit- tions, he said: “There was no state regulators. stop even trying to pay their bills. construction say they collectively uations,” says BBB Senior Vice prototype to follow. This led to In New York state, the situation Instead, customers send cash each bring in more than $1 billion a year. President Susan McMillan, who growing pains and, in some cases, is clear: Debt settlement firms are month to the debt settlement out- A spokesman for the city’s Eco- led the bureau’s investigation. steep learning curves.” barred from practicing. Many do so See CREDIT on Page 22 nomic Development Corp. says Willets Point is contaminated and the benefits of redeveloping the area could not be clearer. “The use of eminent domain would be a last resort, but the alter- stores multiply native—doing nothing and letting the contamination stand—is simply irresponsible,” he says. Religion, one of the few publicly Stylesight. “They don’t have that Four councilmembers signed on traded denim specialists, posted a control within a department to Mr. Monserrate’s legislation, and second-quarter profit surge of 86% store.” 31 added their names to a letter he compared with a year earlier, to But even makers of hip jeans sent last week to Planning Commis- $9.3 million. can’t ignore economic forces, espe- sion Chairwoman Amanda Burden “People want to wear denim not cially as the crucial fall and back-to- declaring “absolute opposition” to just socially but also to work, to school fashion seasons—the most the Willets Point redevelopment in fine restaurants—even to church,” popular time for denim purchas- NUMBER3 OF STORES its current form. Chief among their True Religion President Michael es—get under way.To remain com- Lucky Brand has concerns are issues such as eminent opened in NYC in the Buckley told investors during a re- petitive, designers must make past two years domain, affordable housing, dis- cent conference call. “Premium products appealing yet more af- placed workers and traffic. denim sales over $100 continue to fordable. The Planning Commission will grow.” send its recommendation to the True Religion, based in Vernon, Lower-priced lines Council—which has final say on the Calif., opened its fourth Manhat- “i’ve seen price reductions of project—by the end of September. tan location earlier this month; in between 10% and 20% at some of “Before this project proceeds to a June, it signed a lease for a financial the top brands,” says Mr. Londrig- designer Hudson Clothing recent- usual $140 to $300. doomed fate in the City Council,we district store that it expects to open an, citing True Religion, Paige Pre- ly expanded its Manhattan show- “You can buy two pairs for a fun strongly urge the administration to by the end of the year. mium Denim and Chip & Pepper. room for a new jeans line, called item to add to your wardrobe,” says come to the table and work with us “These brands can really Jeans clothing averages well over “City of Others,”whose items retail Helen Kim, director of operations to address and resolve the issues of branch out and keep the customer $175 at all three. at less than $100. National Jeans is at National Jeans. the Willets Point community,” the connected and excited about the Some companies are introduc- offering a limited selection of fad councilmembers wrote. product,” says Jessica Paruch, den- ing lower-priced merchandise to items, including colored jeans, in a COMMENTS? im analyst at trend forecaster attract strapped consumers. British price range slightly lower than its [email protected] COMMENTS? [email protected]

August 18, 2008 | Crain’s New York Business | 3 CNYB 08-18-08 A 4 8/15/2008 9:00 PM Page 1

IN THE MARKETS HIGHLIGHTS REEL For IAC/InterActiveCorp, +1.0% breaking up is easy to do The Bloomberg/ Crain’s New emerging Web properties. such as CollegeHumor.com and compar- York Index With spinoff this week, Ticketmaster, home shopping net- ison shopping site Pronto.com. rose 1.0% to work HSN, LendingTree.com and time- Combined revenues for the remaining end the new company’s shares week at share service Interval units grew 33% last are seen as a bargain Leisure Group—the year, to $1.3 billion, 325. The ➡ S&P 500 new IAC is technical- Douglas Anmuth, an ly the fifth spinoff— equity analyst at Index rose BY AMANDA FUNG 0.2%, will become separate, Lehman Brothers, closing at publicly traded com- wrote in a research re- 1298. ac/interactivecorp is about to panies. Analysts ex- port last week. IAC get leaner and more desirable. pect each business to shares are a steal, ac- Media mogul Barry Diller spent operate better on its cording to Mr. An- four years building the empire of own and therefore at- muth.They traded last disparate online and traditional tract more investor in- week at about $19 on a RISERS Imedia properties, but Wall Street found terest. when-issued basis,but 5-DAY 1-MONTH 3-MONTH CLOSING the conglomerate difficult to stomach. IAC had a rough he thinks they’re % CHANGE % CHANGE % CHANGE PRICE On Thursday,Mr.Diller will officially di- year leading up to the worth $22.18. Ambac +31.2%+215.6% +42.7% $5.68 vide IAC into five stand-alone business- anticipated revamp. Online advertising Triarc +14.8%+14.4% -4.8% $6.36 es—a move that is expected to boost The subprime debacle has remained relative- shareholder value. and foundering econ- ly strong in the slug- Estée Lauder +12.1%+23.3% +7.7% $51.98 IAC shares have fallen about 28% in omy hit LendingTree gish economy, and the Cablevision +11.5%+63.3% +27.9% $32.12 the past year and closed at $18.62 on Fri- and IAC’s retail-cata- Market cap $5.3 billion repurposed IAC is Martha Stewart +10.7%+50.5% -6.1% $8.82 day. The five spun-off businesses began log business hard. Forward P/E 11 poised to capture a siz- trading on a when-issued basis last Tues- The company re- Return on equity -8.25% able piece of the $25 day; two declined and three rose during ported a loss of $144.1 billion market. The SINKERS the week. million, or 50 cents a company recently re- 5-DAY 1-MONTH 3-MONTH CLOSING “The new IAC is a basket of 32 Inter- share, last year, versus newed its ad deal with % CHANGE % CHANGE % CHANGE PRICE net companies at various stages of devel- a gain of $187.1 million, or 59 cents a Google Inc. for five years. Analysts esti- Comverse -17.3%-14.5%-24.2% $13.64 opment,” says Ross Sandler, a global In- share, in 2006. Revenues were up 8% last mate that the agreement will result in rev- Lehman Bros. -13.2%+22.3% -63.9% $16.17 ternet and media research analyst at RBC year, to $6.4 billion. enues of more than $3.5 billion a year and Capital Markets. “There is value and op- Morgan Stanley -9.2%+31.9% -14.3% $40.88 The new IAC—which remains in its higher margins for IAC. It was also in- portunities down the road.” Frank Gehry-designed headquarters— strumental in allowing Mr. Diller to pro- American Int’l Group -7.6%+11.4% -41.9% $22.99 The restructured IAC, which analysts consists exclusively of online ad business- ceed with the spinoff. J.P. Morgan Chase -7.3%+22.7% -19.0% $38.07 value at about $2 billion, will consist of es, including Ask.com, CitySearch.com established online businesses, as well as and Match.com, and niche properties, COMMENTS? [email protected]

US Open Tickets STOCKS TO WATCH by Erik Ipsen With just one satellite radio outfit remaining, problems get really Sirius MARRIAGE HAS BEEN tough on Sirius. Since its July linkup with rival XM, shares of the combined Sirius XM have dipped nearly 40%. The reasons range from a heavy debt burden to plummeting auto sales—a big source of subscribers, as many new cars come with satellite radios. Still, with Sirius’ shares trading for little more than the price of a cup of coffee, they look like one of the cheapest chances in history to buy into a monopoly. Selling almost anything organic has been rewarding in recent years. But recent profit warnings from Whole Foods hint that the weak economy and costly commodities could put that happy story on pause. That’s unfortunate The action starts on Monday, August 25th! for Hain Celestial—maker of Terra Chips, Yves veggie cuisine and many other brands—which has maintained margins by hiking prices. Hain is expected to The 2008 US Open is almost here! If you would post an 18% earnings jump this week, but the shares are off 16% for the year. like to purchase tickets for any session, our Event It has been a busy month for youth- Specialists are standing by ready to assist you. www.admitone.com oriented shoemaker Steve Madden. If you are a season ticket holder and would It named a 32-year-old as its CEO and cobbled together deals to make like to sell any of your tickets, call Admit One 646-307-4239 shoes for everyone from Kimora Lee today! Our Market Makers are ready to make Simmons’ Phat Fashions line to Jones you an o%er. Apparel’s l.e.i. brand. Though shares When purchasing US Open Tennis tickets from have rebounded this year, rising 32%, Admit One, you will receive a full refund for they’re off 40% from their highs of Ocial USTA cancelled sessions. 2006. After seeing earnings decline for six straight quarters, investors are apparently betting on a turnaround. charts: lindström bekka

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WEEK IN REVIEW For daily news updates, go to www.crainsnewyork.com

Rockin’ out SoHo husband, Bruce, will stay on as co- Sports Complex to five hours ECONOMIC SPOTLIGHT presidents; they hope to expand from seven.The authority will also the rock and roll Hall of Fame their handbag lines into other revoke rowdy fans’ season tickets is opening an annex in SoHo.The categories, including apparel. even if they’ve paid for pricey 25,000-square-foot space, to debut personal seat licenses. at 76 Mercer St. in November, is the first expansion for the 25-year- Grapes old Cleveland-based museum. grabbed Airlines sue Among other memorabilia, it will the FAA house a 1957 Chevy owned by penguin group inc. Bruce Springsteen (below). regained its rights to the air transport publish 10 Association of America, $2M for techies of John Steinbeck’s the trade group for U.S. early novels, including airlines, sued the Federal new york state gave the The Grapes of Wrath, Aviation Administration Polytechnic Institute of New York when a federal appeals to halt the auction of University a $2 million grant to court reversed a 2006 takeoff and landing slots build a new entertainment and ruling awarding the rights to the at New York area airports.The Port media research center. Designed to author’s son and granddaughter. Authority of New York & New improve New York’s tech status, The judge opted to honor a 1994 Jersey has also vowed to take action the center will open at Metro copyright agreement with Mr. to stop the controversial move. Tech in downtown Steinbeck’s third wife. Brooklyn next summer. Ward quits board Fans better christopher ward, who earns Designer behave $287,00 a year as executive director bags deal of the Port Authority, resigned his the new jersey Sports and position on the New York Economy Watch handbag designer Exposition Authority will Independent System Operator MAY ’08 JUNE ’08 COMPARISON Kathy Makowsky sold reduce tailgating board after industry insiders Van Zeeland Inc. time for Giants criticized him for moonlighting. NY area inflation change +1.0% 1 +1.0% +4.5% to Hong Kong- and Jets fans at The NYISO oversees New York’s NYC unemployment rate 5.2% 5.4% 5.5%2 based Li & Meadowlands power grid and pays members NYC employment change -300 -1,000 +12,7003 Fung Ltd. for $35,000 a year, plus thousands $330 million. more for attending meetings. 1-NY area inflation change for the latest 12-month period. 2-U.S. unemployment rate for the lat- THUNDER ROAD: est month. 3-NYC employment change year to date. Ms. Makowsky R&R Hall of Fame —from staff reports and

bekka lindström bekka and her drives into SoHo. bloomberg news reports

August 18, 2008 | Crain’s New York Business | 5 CNYB 08-18-08 A 6 8/15/2008 6:24 PM Page 1

NEW YORK,NEW YORK edited by Valerie Block

Memoir could top off Phelps’ pot of gold ichael phelps might soon add a book deal to his treasure trove Mof Olympic medals. According to publishing sources, New York literary agent Scott Waxman invited publishers last week to bid on a memoir by the 23- bloomberg news year-old swimmer, who has become a global sensation in Beijing. A two-page proposal from Mr. Waxman promised “eight chapters for eight races,” referring to Mr. Phelps’ eight gold-medal contests in Beijing, a publishing executive says. The plan is to have the book out in time for the holiday season. The agent set a $1 million floor for the bidding and a tight deadline, which suggests that a deal could already be in the works. Others question how much interest the title would get. Michael Phelps: Beneath the Surface, a memoir released in 2005, sold only 9,000 copies, according to Nielsen BookScan, which tracks about 70% of the market. “No books by great Olympians have done well, except for Greg Louganis’, and that had the gay thing,” an insider says. Mr. Waxman did not return a call seeking comment. Lagani says was the result of axing lengthy recession before people in WWD struts out regional editions in Chicago and New York couldn’t afford to pay on the Continent other cities. Ad revenue grew 2% $4” for the magazine. during the half, to $24.6 million, New York’s ad pages rose 9% fashion bible Women’s Wear according to IMS/The Auditor. through June, according to Daily is going where its readers Publishers Information Bureau go: Europe. data. Following New York works New York its advantage Fashion Week, Adventure guy which starts magazines saw red at checkout is ultimate reality Sept. 5, the stands in the first half of this year, industry trade with stalwarts like O,The Oprah hometown boy Josh Bernstein will put out its Magazine posting double-digit (below), also known as the globe- first full-blown declines. But New York defied the trotting explorer, educator and editions for trend. Its newsstand sales rose host of History Channel’s Digging Milan and Paris Fashion Weeks, 3.4%, despite a 20% boost in its Long established beginning Sept. 20 and Sept. 30, cover price, to $3.99.Total respectively. circulation increased by 0.9%, to commitment The titles will cover all the 433,289 copies, according to runway hits and misses, as Audit Bureau of Circulations. Giorgio Armani Jil Weiser LLP designers like and An issue featuring bad girl Certified Public Accountants Sander in Milan and Balenciaga Lindsay Lohan dolled up as Marilyn and Jean Paul Gaultier in Paris trot Monroe flew off the shelves, out their new collections. according to Ken Sheldon, New “When you get that York’s executive director of concentration of [tastemakers] in circulation. Other big sellers to the one place, it’s great for included those with Hillary Clinton New York City New York advertisers,” says Fairchild and Eliot Spitzer on the cover. 135 West 50th Street Daniel New York, NY 10020 business community Publishing Group President Some of the problems plaguing Tel 212.812.7000 Lagani. He adds that the new the industry— Fax 212.375.6888 For nearly a century,Weiser has provided editions are already in the black like high gas Long Island accounting, tax, and consulting services, such thanks to advertising from such prices curtailing 3000 Marcus Avenue as state and local tax planning, internal audit luxury brands as Swarovski, Krizia trips to Lake Success, NY 11042 outsourcing, and business restructuring, and Gianfranco Ferre. Mr. Lagani supermarkets— for Truth, last week celebrated the Tel 516.488.1200 to private clients and business enterprises, hopes to add a London Fashion had little effect launch of his new series, Into the Fax 516.488.1238 including closely-held and emerging entities, Week edition in February. on the urban Unknown with Josh Bernstein. The Westchester in a variety of industries including: Like many trades, WWD has title. “People first episode airs today on 660 White Plains Road been looking for ways to grow in a aren’t Discovery Channel. Suite 430 • Real estate difficult market. Ad pages fell 10% commuting less,” Mr. Sheldon Hotel mogul and family friend Tarrytown, NY 10591 • Manufacturing and distribution in the first half of 2008, which Mr. says. “It would take a severe and Jonathan Tisch was on hand at a Tel 914.333.0555 • Auto dealerships Fax 914.333.0556 luncheon at Brasserie Ruhlmann, • Media and communication in Rockefeller Center, to New Jersey • Banking introduce the star, who then 399 Thornall Street DOGGIE DAYS OF SUMMER • Food and dairy lamented that reality Edison, NJ 08837 • Health care DINING OUT AND GUILTY about leaving Fido behind? Paris programming has dragged TV Tel 732.549.2800 • Financial services Fax 732.549.2898 Commune, the 25-year-old West Village bistro, has a solution. down “a slippery slope to the • Professional services Through the end of this month, the restaurant is giving away bottom common denominator.” www.weiserLLP.com • Not-for-Profit gourmet dog biscuits prepared by executive chef Carl Butcho Mr. Bernstein says his show For more information, contact at and hand-decorated by local artist Bill Rancitelli. Poochie “represents learning.” Douglas Phillips 212.375.6701. might relish some leftover steak au poivre on the side, though. Contributor: Matthew Flamm

6 | Crain’s New York Business | August 18, 2008 CNYB 08-18-08 A 7 8/14/2008 2:54 PM Page 1

BUSINESS OF GREEN INSIDE Green roofs could bloom with tax incentives PAGE 8 “Barely worn Chanel shoes for $150 is enough to make anyone a do-gooder.” —Marion Alexander, M.A.D. Vintage, Page 13 NY’s sins of emission live on Progress slow on mayor’s plan to battle pollution; must reduce traffic, get building owners on board

BY MATTHEW SOLLARS hen mayor Michael Bloomberg’s far-reaching PlaNYC was introduced, it promised to transform the way in which New Yorkers live and do business. Now,W17 months later, that promise remains largely unfulfilled, and the plan’s most crucial components face big roadblocks. While the administration has made some progress in carrying out its 127-point program to reduce the city’s carbon emissions by 30% by 2030, advancement of the plan’s most important initiatives remains frustratingly slow. “You’re moving a huge, huge system, and it takes time—more than some of us would like,” says Ashok Gupta, the air and energy program director at the National Resources Defense Council. “I’m hopeful that before Bloomberg leaves office, there will be real signs of progress.” Today, advocates for the plan, both inside the administration and out, worry that the initiative will lose momentum under Mr. Bloomberg’s successors. “Certainly, nobody runs on someone else’s program,” says Marcia Bystryn, president of the New York League of Conservation Voters.“But the issue of sustainability can and should be an important issue moving forward.” Without a doubt, the biggest blow to Mr. Bloomberg’s environmental agenda—and his political legacy, for that matter—was the death of his controversial congestion pricing plan.That plan, which would have charged drivers $8 to enter a congestion zone in Manhattan south of 60th Street during peak hours, was killed in April before it was even brought to a vote by the state Legislature.

fred harperfred See CITY’S SINS on Page 8

HOW GREEN IS THE CITY? A roundup of efforts by New York City industries to get right with the environment—and how effective they are.

INSIDE Pages 11-13 HOTELS RESTAURANTS HOSPITALS WALL STREET RETAIL LAW

August 18, 2008 | Crain’s New York Business | 7 CNYB 08-18-08 A 8 8/14/2008 2:56 PM Page 1

REPORT BUSINESS OF GREEN Rooftop gardens could bloom with tax breaks

Whereas a conventional roof can At Observatory Place,at East 104th Sky parks offer hit 180 degrees Fahrenheit on a hot Street and First Avenue,the rooftop lower energy bills; summer day, a green roof might plantings moderate the building’s reach just 80 degrees. Green roofs temperature and reduce runoff. incentives help also lower the area’s overall temper- New York City ranked No. 3 in defray up-front costs ature. U.S. green rooftops built last year, If every roof in the city were with roughly 125,000 new square BY ANDREW MARKS green, its air temperature on the feet, according to an annual survey hottest summer day would be at by Green Roofs for Healthy Cities, least two degrees cooler and the an- a Toronto organization. Chicago one late-spring morning in New nual cooling costs would drop by $5 topped the list, with more than York,several visitors gathered in the billion, says Stuart Gaffin, a profes- 500,000 square feet; followed by sunshine, admiring the site of but- sor at Columbia University, who is Wilmington, Del., with 196,000 terflies flitting through flower blos- working with the city’s Office of square feet. soms and birds resting on a nearby tree. Outdone by smaller cities “It was like a day in the park,” re- Annual cooling though new york’s third-place calls Caroline Harris, a lawyer at ranking sounds impressive,relative- Troutman Sanders. costs would ly little of its more than 6 billion The “park” was actually eight square feet of rooftops is green, ac- stories up, on the roof of 641 Sixth drop by $5B if cording to Steven Peck,president of Ave. Green Roofs for Healthy Cities. “It makes it easy to imagine the every roof in the “There are a lot of much smaller entire city with these parks in the cities that are doing a lot more than sky,” says Ms. Harris, whose firm city were green New York,” Mr. Peck says. works pro bono for Storm Water In- Green roofs have been slow to frastructure Matters, a coalition de- catch on in the city because of their ALMOST PARADISE: Caroline voted to ensuring swimmable wa- higher up-front costs. Harris, whose law firm does ters around the city through Time Equities, which is putting work for a sustainable storm sustainable storm water manage- Long-Term Planning and Sustain- a 2,000-square-foot green roof on water management group, visits a green rooftop. ment practices. Green roofs are ability on several studies on the efits new hotel and condominium

touted for their ability to mitigate fects of green roofs. building at 50 West St., estimates buck ennis storm water runoff, which can over- “Within 25 years, every New that such construction costs $10 to load sewage systems. York City rooftop should be green,” $12 more per square foot than stan- building owners who plant grass, whether it makes financial sense to Mr. Gaffin says. dard installations. shrubs, flowers or other forms of retrofit its city portfolio—compris- Tax savings Interest is certainly growing. “The added costs and time of in- greenery. Those in the city who in- ing more than 7 million square ms. harris’ vision could soon start Rockefeller Center is installing stalling and retrofitting rooftops stall green roofs on at least half of feet—with green roofs, says Alice becoming a reality,as state lawmak- an 18,000-square-foot green roof with vegetation, coupled with the their available rooftop space can ap- Cook, the firm’s director of sustain- ers have approved a bill to give tax and expects it to be finished by the uncertain payback time, have been ply for a one-year tax credit of $4.50 ability. breaks to building owners who in- end of the year. A few blocks down the things holding building owners a square foot, up to $100,000. “Our goal with installing green stall “green roofs”—essentially Fifth Avenue, a 4,500-square-foot back,” says Ariella Rosenberg “New York’s new incentive roofs is to work for a larger good,” rooftop gardens. garden crowns the just-completed Maron, deputy director of the Of- measure will catapult the city into Ms. Cook says. “But we do have to For landlords, the roofs’ biggest Bank of America Tower at 1 Bryant fice of Long-Term Planning and No.1 within a year or two,”Mr.Peck do it in a way that makes financial advantage is that they can substan- Park. Sustainability. says. sense to us as a company.” tially lower energy costs—as much East Harlem just got its first But in June, state lawmakers ap- Spurred by the new tax incen- as 25% in some cases. green condominium development. proved a bill providing tax breaks to tives, Time Equities is evaluating COMMENTS? [email protected]

consideration whether a landlord has taken steps to become energy- City’ssinsofemissionliveon,despitePlaNYC efficient when determining increases,” she says. Whether or not the city will re- Continued from Page 7 less the financial benefits can be quire building owners to make eco- Now, with the Metropolitan A BREAKDOWN OF THE MAYOR’S PLAN demonstrated. friendly retrofits, it is taking steps to Transportation Authority facing a This summer, the Real Estate improve its own properties. projected $900 million budget So far, PlaNYC has largely failed to live up to its promise to make the Board of New York came out against shortfall next year, Mr. Bloomberg’s city more environmentally friendly by transforming the way in which a bill that would require owners to Setting an example congestion pricing plan is likely to 1 New Yorkers live and do business. measure energy usage. The owners “it would be extremely difficult to be revived or, at least, revisited. have “serious concerns” that the ask the private sector for greater ef- While the biggest blow to Mayor Michael Bloomberg’s environmental benchmarks will lead to mandated ficiency if they could point to a fail- Out of cars and into trains agenda was the death of his congestion pricing plan, that plan will retrofits, says Steven Spinola, presi- ure to address our own inefficient “i don’t think we can get to 30% 2 likely resurface in some form—especially now that the Metropolitan dent of REBNY. buildings,” says Jim Gallagher, sen- by 2030 without some real measures Transportation Authority is facing a projected budget shortfall. “I don’t have a problem with the ior vice president for energy policy to reduce traffic,” says Rohit “Rit” concept [of energy efficiency],” he at the New York City Economic Mr. Bloomberg has yet to gain the support of private building owners Aggarwala, director of the mayor’s adds. “But a test to require retro- Development Corp. Office of Long-Term Planning and in his efforts to make the city greener. fitting needs to be in line with real- To that end, the Bloomberg ad- Sustainability. “Any strategy will 3 ity for the people who own these ministration in July announced a have to get people out of their cars Some less contentious aspects of the plan are moving forward, such buildings.” $1.3 billion plan to reduce 30% of and invest in the transit system. We as planting more trees in the city and opening school yards to the In fact, the Bloomberg adminis- emissions from city-owned proper- settled on congestion pricing be- 4 public. tration should force property own- ties by 2017.Under the plan,the city cause it was the best solution to ac- ers to make energy-efficient retro- will spend nearly $900 million on complish both.” fits,says Nancy Biberman,president retrofitting buildings; the rest of the Even if congestion pricing pass- of the Women’s Housing and Eco- money is slated to come from other es,Mr.Bloomberg still needs to gain Given that more than 70% of owners agree to retrofit their prop- nomic Development Corp. governmental programs and private the support of a faction critical to the city’s greenhouse gas emis- erties with energy-efficient tech- “I don’t see why he can’t issue an donors. making his plan a reality: building sions are caused by buildings’ ener- nology. order stating that the Rent Guide- Despite the high costs, the city owners. gy consumption, it’s imperative that So far, that seems unlikely—un- lines Board is required to take into See CITY on Page 10

8 | Crain’s New York Business | August 18, 2008 Project7 5/19/08 11:30 AM Page 1

make every message you send a green one.

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REPORT City’s continued sins of emission

Continued from Page 8 for his successors to scrap PlaNYC this session. The Legislature passed estimates that it will start saving entirely. two bills on the mayor’s sustain- money by 2015. “A certain amount of refresh is a ability wish list: providing tax cred- Mr. Bloomberg has made some good thing,” says Mr. Aggarwa- its for both green roofs and solar ar- progress in advancing his environ- la. “But the indicators we hope to rays. Combined with a new law that mental vision, especially in carrying build into the city’s performance- allows electricity customers to gen- out parts of the plan that are less review system will make it difficult erate power and sell it back to the contentious. for future administrations to ignore grid, these credits begin to make so- In May, for example, he signed a the issues or whether the city is mak- lar power affordable for the private law making the Office of Long- ing progress.” sector, advocates of renewable ener- Term Planning and Sustainability gy say. permanent and requiring future Tax-credit boost “I think we have just witnessed a mayors to update the city’s sustain- although albany was no help sea change on solar energy,” says ability plan every four years. on congestion pricing, it did help Tria Case, executive director of City That should make it difficult the city make progress on two fronts University of New York’s Center for Sustainable Energy. Meanwhile, the Taxi and Lim- ousine Commission in April approved Mr.Bloomberg’s proposal to boost fuel-efficiency standards in the 10,000 black cars that serve corporate clients to a level currently achiev- ‘The best thing: Encourage people to live in NYC’

able only through hybrid technology. Four months earlier, the TLC voted to apply the same standards to The perfect the city’s 13,000 yellow cabs. Those conversions,which are expected to be completed by 2012 for blend of the yellow cabs and by 2014 for the black cabs,will result in a 1% drop in emissions, says Mr. Aggarwala. The city has also made strides in business planting trees and opening school yards to the public.By the end of the spring planting season, 97,000 new and pleasure. trees had been planted to meet the city’s goal of 1 million trees. That puts the city on pace to reach its benchmark of 250,000 new trees by the end of the mayor’s term in 2009. Livable lifestyle changes mr. gupta of the nrdc says that these accomplishments are significant—along with the city’s efforts to create more parks and open space—because they make the city more livable. “The best thing you can do, from an emissions standpoint, is encourage more people to live in the city than in the suburbs,” he says. Many of the mayor’s accomplishments thus far have been at the periphery of the larger problem. The groundwork has been laid, but progress in carrying out the key components of his plan has With a exible meeting space that can adapt to your every need, the largest column-free ballroom in been slow. “We’ve pushed for very good ini- the Northeast, 825 ultra-modern guest rooms, two Rees Jones-designed championship golf courses, tiatives, but so far, there have been legendary entertainers, a world-class spa and award-winning cuisine, we have everything you need some obstacles,” says Ramon Cruz, for a successful meeting your attendees will actually enjoy. So ` nd out more about MGM Grand at ® vice president for energy and envi- Foxwoods, where business is always a pleasure. Visit meetings.foxwoods.com or call 1-800-488-7777. ronment at the Partnership for New Conveniently located in southeast Connecticut. York City. “Getting good information out to the public and elected of- ficials has been a challenge.” 115,000 SQUARE FEET OF MEETING SPACE • 50,000 SQUARE-FOOT COLUMN-FREE BALLROOM • LOCATED BETWEEN NEW YORK AND BOSTON COMMENTS? [email protected] CNYB 08-18-08 A 11 8/14/2008 3:00 PM Page 1

REPORT Amper's Clean Tech group serves both publicly traded and privately held companies offering solutions for alternative energy generation and storage; energy Too green to be true? efficiency; and/or environmental services.

TO BORROW A PHRASE FROM FASHION PARLANCE, green is the new black. These solutions include: wind; solar; water; battery In other words, saving the planet is all the rage. In New York City, the green movement is being played out on many fronts—from the construction technology; efficient lighting; water treatment; recycling; of environmentally friendly hotels to the proliferation of ryegrass and and environmental remediation, among others. lavender on rooftops to Mayor Michael Bloomberg’s 127-point plan to dramatically reduce the emission of carbon gases over the next two decades. Other Clean Tech Companies Amper professionals can assist with challenges such as: But the phenomenon has a dark side. The rush to go green has gained Rely on AMPER… momentum, and so has the making of exaggerated, misleading or downright And You Can Too Capital formation deceptive claims—a practice known as greenwashing. Here’s a snapshot of what various sectors of New York’s economy are doing Federal and state tax incentives to keep temperatures from rising and ice caps from shrinking, along with Crain’s best estimates of the effectiveness of those efforts. Tax-efficient structures

Audit of financial statements

Revenue recognition

Complex equity structures Book a room, shrinking ice caps and a warming planet but because their customers— save the planet in particular, their corporate customers—are pressuring them to For more information contact: n their efforts to go green, jump on the green bandwagon. Rich Cleaveland or Pete Bible hotels New York City have gone “Our guests increasingly expect 6 East 42nd Street Ibeyond asking guests to reuse it,” says Marriott Executive Vice towels and bed linens. President Kathleen Matthews. New York, NY 10017 Today,a hotel here can’t call itself They also do it to save them- (212) 682-1600 green unless it features geothermal selves a few greenbacks. heating and energy-efficient air “It brings a great return on in- conditioners, or has daisies, gerani- vestment,” says Randy Gaines, vice ums and ryegrass growing on its president of engineering,design and rooftop. construction for Host Hotels & Re- “I hear hotel companies asking sorts, whose Manhattan hotels in- guests to reuse towels,and that’s their clude the Marriott Downtown and green program,” says Lalia Rach, Marriott Marquis, the Sheraton dean of the Preston Robert Tisch Towers and the W New York. Center for Hospitality,Tourism and “The technology is becoming “Seeing Beyond the Numbers...” Sports Management at New York more efficient and is better engi- www.amper.com University. If companies aren’t being neered, and the price is coming green in their operations,“it’s not so- down,” Mr. Gaines says. cially responsible,” she says. —judith messina But many well- known hotels here are incor- Eateries that keep porating a the earth in mind wide range of eco-friendly t counter, a vegetarian-ve- strategies into gan bistro on the Lower East their opera- ASide,patrons rest easy know- tions. ing that their organic martinis are The New made with vodka infused with herbs York Marriott grown on the restaurant’s garden Downtown re- rooftop and that the cooking oil cently installed used to make the chick pea fries will a cogeneration be converted into biodiesel fuel. system intend- “I guess we were green-minded HOTELS ed to replace before we knew what it was,” says 68% of the Frank Cisneros, general manager of power it currently purchases from the eight-year-old spot, which fea- Con Ed, for savings of more than tures a state-of-the-art heating and $800,000 a year. The 1,875-room cooling system, as well as dishwash- Sheraton New York Hotel & Tow- ers equipped with low-flow spray ers, on Seventh Avenue, is spending valves. $23 million to put more efficient air- Dozens of other restaurants— conditioning units in its guest from the high-end Del Posto to rooms. tourist destination Tavern on the Newer hotels are also getting Green to trendy Greenwich Village into the act. hangout Elettaria—are following in A 63-story hotel and condo- Counter’s footsteps. minium complex that Time Equi- Even so, New York has relatively ties is building at 50 West St. will few eco-friendly eateries. boast a green roof,water-conserving The Green Restaurant Associa- plumbing and an energy-efficient tion, a Boston nonprofit, has green- glass facade. Greenhouse 26, which certified 52 restaurants in the city. Flatiron Real Estate Advisors is Though that’s the most of any ma- putting up on West 26th Street, will jor U.S. city,the figure represents an come equipped with a geothermal infinitesimal portion of the more heating system that will reduce the than 26,000 food service establish- hotel’s operating costs by 40%. ments here. Most hoteliers are not going “In a lot of ways, we’re far behind green because they’re worried about Continued on Page 12 CNYB 08-18-08 A 12 8/14/2008 3:02 PM Page 1

REPORT BUSINESS OF GREEN

Continued from Page 11 hand, he says, the association ex- Finding those angles has proved struction costs KKR and EDF will conduct a pi- some other parts of the country,” pects to issue its first “green guide” difficult in New York, however. are so high in lot test of the tools at a small num- says Chris Giarraputo, the corpo- by the end of the year. While nearly every hospital in New York that ber of the investment firm’s 40- rate executive chef for B.R. Guest —ylonda gault caviness the city is making some green ef- few hospitals company,$54 billion portfolio.The Restaurants, which has been certi- fort—for example, recycling the can afford project will be expanded to other fied by GRA. blue plastic used to bundle surgical green expan- businesses over the next year. Part of the problem is that many High costs hamper instruments—few have made more sions or renova- “The goal is to develop a series of New York City restaurateurs,already healthy innovations than cosmetic changes. tions, she says. sustainable measurements and im- burdened by high rents and labor The city clearly lags such places Building provements in companies that are costs, worry that going eco-friendly lowly but surely,New York as Boston and Portland, Ore., when green costs good for the environment and good will ratchet up their overall expens- City hospitals are going it comes to eco-friendly health care about 1% more for business in the long term,” says es, according to Mr. Giarraputo. Sgreen—or at least light green. design, says Robin Guenther, a than traditional KKR Managing Director Ken “There are a lot of misconcep- New York-Presbyterian Hospi- principal at the New York office of methods, she Mehlman. tions,” he says.“Op- tal announced in June that it would Perkins+Will, a design and archi- says. HOSPITALS In February, Citigroup Inc., J.P. erators don’t real- begin using cleaning chemicals that tecture firm that specializes in green “New York Morgan Chase & Co. and Morgan ize that making are Green Seal-certified. Two years buildings. City is definitely a challenge relative Stanley—with input from EDF and changes is not ago, Mount Sinai Medical Center Of the 71 hospital campuses in to other parts of country,” Ms. the Natural Resources Defense going to total- replaced more than 20,000 lights New York, only two have earned a Guenther adds. Council—released a set of guide- ly disrupt their on its main campus to high-effi- rating under the Leadership in En- —damian ghigliotty lines for underwriting energy proj- operations.” ciency bulbs.The move cut its annu- ergy and Environmental Design ects that will, in fact, make it more The percep- al energy bill by 4% and earned it a Green Building system. difficult for the banks to finance tion appears to $500,000 rebate from the New York At New York-Presbyterian Hos- Investments with smoke-spewing, coal-fired power be changing, State Energy Research and Devel- pital/Columbia University Medical an eco-conscience plants. however. opment Authority. Center, the newly built Vivian and It remains to be seen whether Chuck Other facilities recently launching Seymour Milstein Family Heart hey say politics makes Wall Street’s embrace of the green Hunt, execu- initiatives include New York Univer- Center has received a LEED Silver strange bedfellows, and so movement will have any meaningful tive vice presi- sity’s Langone Medical Center, designation. Tdoes the green movement. impact on the environment. In fact, dent of the Kingsbrook Jewish Medical Center The First Avenue development Witness the recent alliance of critics characterize Wall Street’s New York State RESTAURANTS and New York Hospital-Queens. at New York-Presbyterian/Weill two New York City organizations, eco-effort as “greenwashing” and Restaurant As- “The easiest way to save energy Cornell Medical Center is LEED- Kohlberg Kravis Roberts & Co. and say it jeopardizes shareholder value sociation, says that many of its at home is to simply turn it off,”says certified, the lowest designation. the Environmental Defense Fund. without evidence that actions will 7,000 members have asked about Benedict Ciferri, vice president of “New York City hospitals are do- They joined forces in May to assem- improve the environment. going green over the past year. facilities management at Mount ing an average job of exploring ble a set of analytical tools that can “All this sounds good, but the “Green dining is the hottest issue Sinai. “But when you have medical greener materials and upgrading be used to track companies’environ- truth is a lot more complicated,”says in the industry today,” Mr. Hunt labs and operating rooms running their mechanical systems,” says Ms. mental improvements, such as re- Steve Milloy, co-manager of the says. “Many operators want to take day and night, you can’t just flick Guenther, co-author of Sustainable ductions in greenhouse gas emis- Free Enterprise Action Fund and a eco-friendly measures but simply the switch. You have to look for Healthcare Architecture. sions, waste generation and water critic of social-change activists who don’t know how.” To give them a other angles.” Part of the problem is that con- consumption. pressure corporations. “Companies Are you green in action or green with envy?

Adecco LIDDSO Sunnyside Community Services Brookhaven National Little Flower Children & Laboratory Family Services Swiss Re CA North Shore Long Island Town of Oyster Bay Jewish Health System ClearVision Optical Westchester County NY Air National Guard Consumers Union Wyeth Philip Johnson IBM Alan Ritchie Architects Zorn’s

Every company listed here has made a small commitment that’s reaping big rewards. By offering employee beneﬁts like telecommuting, transit, vanpool and carpool incentives, as well as lunch-in options on Air Quality Action Days, they not only help make New York’s air healthier, but they also receive well-deserved recognition for doing so. Find out how they did it and become a Clean Air NY Champion, too. Just call 1-877-ILUVAIR (456-8247), e-mail [email protected] or visit CleanAirNY.org.

Clean Air NY is sponsored by the New York State Department of Transportation in support of regionwide air-quality efforts.

12 | Crain’s New York Business | August 18, 2008 CNYB 08-18-08 A 13 8/14/2008 3:04 PM Page 1

REPORT BUSINESS OF GREEN

are used [by the environmental lob- “a fashion icon.”Only insiders knew wages. Such requirements can add Legal eagles swoop the effort. by]. They haven’t done due dili- that her outfit came off the racks of 50% or more to an item’s price tag. This actually isn’t the first time gence.” Rare Vintage, a couture aficionado’s “For people who want to support in on energy policy the NYSBA has taken on the topic. Environmentalists appear to be dream on West 57th Street. eco-living with green fashion choic- In 1994, inspired by Gov. Mario enjoying Wall Street’s attention and For most shoppers, the appeal of es,the biggest challenge is cost,”Mr. he new york state Bar As- Cuomo adminis- welcome allies in the financial serv- high-end consignment finds is ex- Daily recently wrote on his blog. sociation has a lot to say tration’s goal of ices sector, whose skills and experi- clusivity and craftsmanship from In New York, the movement has Tabout global warming, but reducing New ence can help them fashion’s golden age.But an increas- given rise to an exciting crop of hip, whether anyone will listen remains York’s energy gain access to ing number are drawn to the hedo- pricey retailers. to be seen. consumption corporations nistic pleasure of luxury materials At Kaight,an Orchard Street eco- The association is assembling a 5% by 2010, and agencies. like finely woven cashmere as well as boutique that boasts an internation- comprehensive report that will the NYSBA Mark Ter- a more altruist gratification: saving al collection, shoppers can expect to look at what New York is doing to issued a report cek, a Gold- the earth. pay upward of $400 for a skirt from reduce the generation of green- suggesting that man Sachs Consignment shops all over the Linda Loudermilk. MooShoes, a house gases.The report will also in- regulatory partner and the country are attracting a growing nearby hot spot for cruelty-free clude a list of recommendations for agencies and head of its envi- number of shoppers who want to footwear,carries vegan shoes that run the State Energy Planning Board, utilities could ronmental mar- help protect the environment by as high as $200 a pair. a 13-member body created by Gov. help cut back kets and stra- buying recycled clothing. In New Mr. Daily heartily endorses re- David Paterson. greenhouse tegy groups, York City, the trend is particularly sale shopping, and most fashion “We bring an enormous amount gases by ex- LAW was recently prominent among couture re- purists like to kick it old school. of expertise to this issue,”says NYS- panding de- named presi- sellers. Whether simple hand-me- BA President Bernice Leber. mand-side management programs dent of The Na- “It’s the highest form of recy- downs or collectors’ items, clothes The report is being written by “a and supporting efforts to force new WALL STREET ture Conser- cling,” says Juliana Cairone, owner have always been group of lawyers with an inside and renovated buildings to be more vancy. of Rare Vintage. repurposed, says view of what needs to be done in energy-efficient. James Morgan, chairman of Ap- Though second-hand Manolo Marion Alex- promoting practical, nonpartisan The report proved instrumental plied Materials Inc.and a director of Blahniks won’t translate into a gi- ander, co- climate change strategies,” Ms. in the crafting of a variety of gov- The Nature Conservancy, led the ant step for mankind—truth be owner of Leber says. ernmental moves to reduce green- search for the new president. told, consignment shopping prob- M.A.D. Vin- The report, which the group house emissions under Gov. “You can’t do anything impor- ably has an infinitesimal effect on tage, on the aims to release in January,will exam- George Pataki, says Charles Fox, tant without collaboration,” Mr. the world’s landfills—but “small Upper East ine steps that the state can take to the NYS deputy secretary for cli- Morgan says. “It’s just too compli- adjustments in every part of your Side. She says support such technologies as com- mate change and environment at cated.” life eventually add up to big sales are up puter-aided emissions tracking. It the time. —judith messina changes,”says Sean Daily,chief ex- roughly 10% so will also consider transportation “We used the report as a laundry ecutive of Green Living Ideas in far this year. policies and small business incen- list,” says Mr. Fox, who now serves San Francisco. “When you tives targeted at alleviating global as president of renewable energy Hand-me-downs The environmentally friendly stop to think of warming. firm ZeroPoint Clean Tech. that look good, too movement has many fashionista the economy The big question is whether any- Ms. Leber is certain that its long devotees, but even nonvintage eco- RETAIL right now and one cares what a group of New York history of involvement in environ- hen actress Anne chic doesn’t come cheap. Clothes realize you can lawyers has to say about such a grave mental matters will allow the Hathaway appeared on and accessories must meet stringent get a pair of barely worn Chanel and universal problem. NYSBA to be heard above the fray. WGood Morning America in criteria,such as being made from or- shoes for $150, it’s enough to make “Why are they writing a report “I’m confident that our report June wearing a classic dress from de- ganic materials, without harmful anyone a do-gooder,” Ms. Alexan- addressing climate change?” asked will be closely read by the planning signer Mila Schön Due, host Robin chemicals and in healthy working der says. a spokesman for the Environmen- board,” she says. Roberts declared the Get Smart star conditions by people earning fair —ylonda gault caviness tal Defense Fund upon hearing of —andrew marks

With nearly 16 million square feet of LEED-certified space in the pipeline, unparalleled mass transit access, a walk-to-work community, and a free bike sharing program, Lower Manhattan is at the forefront of New York City’s green revolution.

Downtown is fast becoming the City’s greenest neighborhood.

For the latest news and information, visit:

www.DowntownNY.com/GoingGreen

DOWNTOWN LOWER MANHATTAN ASSOCIATION

August 18, 2008 | Crain’s New York Business | 13 CNYB 08-18-08 A 14 8/14/2008 5:51 PM Page 1

NEIGHBORHOOD JOURNAL Ice cream vendors tussle in Queens

vendor Kool Man and a Mister Sof- “There are no regular ice cream “It’s sad to say, but our business Trucks vie for turf tee franchisee reached the melting parlors here that I know of,” says prospers in times like this,” says in frozen dessert point. The driver for Kool Man, an Gary Giordano, district manager Craig Zoly, president of MSQ independent local brand, filed a po- of Queens Community Board 5. Corp., the exclusive distributor for void in Maspeth lice complaint against a Mister Sof- “There are restaurants that sell ice Mister Softee in Queens. tee operator alleging assault and cream for dessert, but it’s mostly Such flush conditions invariably CHILL OUT: Mister Softee and other vendors potent mix of hot menacing. street vendors.” attract more vendors. The Mister compete on the streets of Maspeth, Queens. weather and a cooling Though the dispute has been re- With such a captive market, it’s Softee franchise in Maspeth costs economy is setting off solved, it offers fresh evidence of the no wonder that tensions are elevat- about $100,000, which includes the turf wars among ice unusuallyhighstakesthatexist onthe ed. This summer’s softer economy truck and exclusive rights to the ter- can acquire a truck and all the neces- cream vendors in Mas- streetsofMaspeth,aresidentialcom- has driven ice cream demand high- ritory. But the exclusivity applies sary supplies for about $20,000. Apeth, Queens. Last month, a dispute munity of about 14,000 people who er as more people opt for staycations only to other Mister Softee franchis- “It’s inexpensive to be an imita- between longtime neighborhood depend heavily on street vendors. instead of traveling out of town. es. An independent ice cream seller tor,” says Mr. Zoly. He says he takes about 20 copycats to court every summer for painting their trucks in Mister Softee’s colors. Maspeth’s rising prosperity and population in recent years have also helped to attract more competitors. GENERAL GROWTH PROPERTIES “People establish their turf,” Mr. Is Giordano says, referring to veteran neighborhood sellers such as Kool the right developer for East Harlem? Man. “And when someone in- fringes, they start barking.” As James Conway,vice president of Runnemede, N.J.-based Mister Softee Inc., sums up the situation: “Eventually the guys work it out and end up playing nice.” —hilary potkewitz South Street Seaport Tenants Association Fulton & South Streets Slaughterhouse New York, NY 10038 in St. Albans nixed a brief but bitter battle pitting residents of St. Albans, Queens, Dear East Harlem Business Owners, against Gobin Nenku, who wanted to open a slaughterhouse in the neighborhood, ended on Aug. 6. We understand General Growth Properties (GGP) may be under consideration The matter was resolved when as the developer for the East 125th Street Corridor. As Manhattan’s only Gov. David Patterson signed a bill outlawing such facilities from occu- GGP tenants, we want you to know about our experiences with this multi-billion pying space within 1,500 feet of res- dollar Chicago-based company. idential buildings. Mr. Nenku had planned to open R&B Live Poultry in an 11,000-square-foot location After decades as responsible tenants and active supporters of the local community, just 10 feet away from the nearest St. we have had no assurances from GGP that our businesses will be welcome at the Albans home. re-developed South Street Seaport. We are concerned GGP may be, in eﬀect, “We were shocked when we found out a slaughterhouse was simply trying to toss our local business aside and move forward without us. moving in,” says Elmer Blackburne, a local resident and Democratic dis- After 9/11, when business was slow and Lower Manhattan was struggling, many trict leader. “It was supposed to be another auto shop.” of us strongly considered relocating. But swayed by our long-standing commitment Local residents had a number of to the community, we stayed and set our sights on a better day at the Seaport. concerns, including the threat of diseases such as salmonella and avian flu, which the facility might Now, we are concerned General Growth Properties is planning a future at the have posed. Those fears were exac- Seaport that may leave us out in the cold. erbated when state Democratic committeewoman Joan Flowers discovered that Mr. Nenku owned a In our view, New York City neighborhoods will be adversely impacted by developers slaughterhouse in Brooklyn that like GGP if they are allowed to disregard long-standing community businesses had received a number of health like yours and ours. code violations. Mr. Nenku could not be reached for comment on this article. Sincerely, In June, Ms. Flowers filed a suit in Queens Supreme Court that sought to block R&B from opening; South Street Seaport Tenants Association she also circulated a petition that ul- timately garnered more than 2,500 signatures. Meanwhile, members of the community picketed the site on Farmers Blvd. Those protests came to an abrupt Local 32BJ SEIU 101 Avenue of the Americas New York, NY 10013 212.388.3800 www.seiu32bj.org and happy end earlier this month Local 32BJ is in a labor dispute with contract employers at General Growth Properties. when the community learned that both houses of the state legislature passed the bill that the governor subsequently signed. —amanda wheat

14 | Crain’s New York Business | August 18, 2008 CNYB 08-18-08 A 15 8/14/2008 4:54 PM Page 1

SMALL BUSINESS

AT A GLANCE Entrepreneur makes the high-end cut KORIN JAPANESE TRADING CORP. Japanese tableware importer creates niche don’t know how to reach that mar- Wong says. As an example, she ket,” Ms. Wong says. points to a jewelry designer who has OWNER Saori Kawano market for knives craved by pro chefs attained success by gaining a follow- The right reach ing among a certain social set in TYPE OF BUSINESS Fine creased 50% from a year ago, she getting a product featured in the Hamptons. tableware and knives BY NANCY MATSUMOTO says. status magazines or targeting But there’s another key to Ms. Wong credits Ms. Kawano highly specific audiences are Ms. Kawano’s achievements. FOUNDED 1982 aori kawano, founder and for making it in an arena in which common approaches for “The woman is tenacious,” REVENUES $10 million president of Korin Japanese small business owners stumble more businesses trying to crack Ms. Wong says. “She does Trading Corp., won’t ever often than not. the luxury market, Ms. not give up.” NOTABLE ITEM FOR SALE forget a dark time in 1993, “A lot of people think they have $4,800 handcrafted Togiharu when she was visited in her to go high-end because that’s their IRON CHEF Masaharu Morimoto COMMENTS? sashimi knife STriBeCa warehouse by a stream of own taste, but too many of them is a fan. [email protected] angry chefs. The knives they had bought from Korin had chipped— some during their first time on the cutting board. “High-level chefs have such a passion about their knives,” Ms. Kawano says.“They expect so much from their knives that when they are let down they get so emotional, so angry. It was a nightmare.” The entrepreneur, who had started her company by peddling wares from the back of her daugh- ter’s stroller, used the experience to her advantage. She turned the knives into a prestige product line with a cult following of professional and amateur chefs—in great part by educating them about the instruments’ use and care.The supersharp Japanese blades, which tend to chip and break easily, require a different sharpening method than those of European-made knives. Ms. Kawano sees instruction as part of her company’s mission. She started with a 16-page catalog in 1995 that functioned like a primer. It has evolved into a 96-page com- pendium of Japanese knife-making lore and interviews with 24 renowned chefs. Superniche celebrity toques who have been featured in the catalogs include Jean-Georges Vongerichten, Nobu Matsuhisa and Iron Chef Masaharu Morimoto, whom Ms. Kawano has known since he helped launch Nobu New York in 1994. The company also distributes a sharpening demonstration on DVD. “It’s brilliant; it’s a superniche strategy,” says Edward Rogoff, pro- fessor of entrepreneurship at Baruch College in Manhattan. “Only by demonstrating the product and educating customers will they start buying.” Bonnie Wong, president of the nonprofit Asian Women in Busi- ness, says: “She got Iron Chef Mo- rimoto, and she made sure everyone knew that.She sold to top chefs who knew what they were doing.” Ms. Kawano has built a thriving business selling Japanese tableware and the knives—which are priced from $40 to almost $5,000. But she knows better than to sit on her lau- rels. Online and brick-and-mortar competitors have entered the niche knife market that she created in the United States, and a recession looms. In response, Ms. Kawano is fo- . cusing on global markets, expanding Internet sales and streamlining delivery systems.Web sales have in-

August 18, 2008 | Crain’s New York Business | 15 CNYB 08-18-08 A 16 8/14/2008 8:34 PM Page 1

VIEWPOINT Put NY first: Cut the budget editor in chief Rance Crain eluctant legislators are gathering in Mr. Paterson did not target education in his proposed publisher, vp Jill R. Kaplan Albany this week, summoned by Gov. cuts, because most local school districts have already EDITORIAL editor Greg David David Paterson to begin tackling the committed the money they expect to receive from Albany. managing editor Robert Hordt deputy managing editors Valerie Block, state’s looming budget crisis.To set the But they will be better off—just as the state will be—if they Erik Ipsen tone, the governor last Monday asked the begin trimming spending now in preparation for a steep contributing editor Elizabeth MacBride Legislature to approve about $1 billion in drop in state aid next year. columnist Alair Townsend budget cuts for the current fiscal year. The governor did propose cutting the state Medicaid senior reporters Theresa Agovino, Aaron Elstein, Erik Engquist, Lisa Fickenscher, That’s the very least that lawmakers should do. budget by $506 million, and he was right to do that. So many Matthew Flamm, Samantha Marshall, Of course, the prospects for significant action aren’t great, battles have been fought over health care spending that Miriam Kreinin Souccar R reporters Barbara Benson, Amanda Fung, since Democrats and Republicans alike are trying to avoid everyone knows the steps that can reduce excessive subsidies Daniel Massey, Adrianne Pasquarelli, inflicting any pain before they face the voters in November. to hospitals, spurring more cost-effective care. Hilary Potkewitz, Gale Scott, Matthew Sollars restaurant critic Bob Lape But if they want to put the best interests of the state ahead of A tax increase is not the art director Steven Krupinski answer. deputy art directors Carolyn McClain, politics, here are some ideas to guide them. Earlier this Daniel Mednick The problem—a $6.4 billion deficit for the fiscal year beginning A 2% cut now month, the Tax staff photographer Buck Ennis next April 1—isn’t going to disappear. In fact, it is likely to get worse. Foundation reported its copy desk chief Wendy Zuckerman would push next copy editors Michele Arboit, The state counts on taxes on Wall Street income for about annual estimates of the Thaddeus Rutkowski research editor Denise Southwood 20% of its revenues, and no one needs to be told that year’s deficit combined state and www.crainsnewyork.com securities industry profits are down this year. Wall Street local tax burdens for all web producers Kira Bindrim, below $4 billion Elisabeth Butler Cordova bonuses will likewise be depressed. When these factors are 50 states, using a revised combined with an economic downturn that appears to be EDITORIAL AND ADVERTISING OFFICES methodology. 711 Third Ave., New York, NY 10017-5806 worsening, more red ink will flow, not less. Technically, New York editorial: 212.210.0277 Fax 212.210.0799 advertising: 212.210.0259 Reducing spending now will make next year’s inevitable no longer tops the list; Cable craincom nyk cuts easier to take. It appears that the state can squeeze New Jersey does, with state and local taxes consuming 11.8% Fax 212.210.0499 Entire contents ©copyright 2008 Crain through the current fiscal year, which gives legislators an ex- of income. New York is second, at 11.7%. Obviously, the Communications Inc. All rights reserved. ®CityBusiness is a registered trademark of MCP cuse not to act now. But here’s how the numbers work: If New difference is insignificant, and the conclusion is the same as Inc., used under license agreement. York can trim this year’s budget by 2%—about $2.5 billion— in previous years: New York’s taxes are already too high. TO SUBSCRIBE: Call 888.909.9111; fax 313.446.6777. the deficit next year will shrink to well below $4 billion. Raising taxes when revenues decline starts a vicious cycle. $3.00 a copy, $59.79 one year, $109.79 two years. It is also much easier and more palatable to pare spending When times are good, especially on Wall Street, the state www.crainsnewyork.com in small increments, as Mayor Michael Bloomberg has increases spending to take advantage of the revenue windfall. ADVERTISING AND MARKETING advertising director Jeff Adler shown with his repeated, yet modest, reductions in the city When the economy goes south, the state raises taxes to senior account managers budget. It is worth noting that his budget cutbacks have preserve spending levels, which makes the next cycle worse. Cornelius P. Gore, William E. Squitieri commercial real estate sales manager generated very little controversy. Eventually, high taxes cripple the economy. Cory Marks Reductions in education and health care spending have to be The governor is correct. Legislators need to start account executives Irene Irvill, Courtney McCombs, Anthony Mowad part of the solution. The state spends more money on health trimming the budget now. western account manager care and education aid to localities than on any other Ellen Mazen (Los Angeles) 323.370.2477 sales manager, classified spending category. COMMENTS? [email protected] print & online John Gallagher newsletter product manager Catherine Evans Gittens sales coordinator, print & online Lulé Haznedari sales coordinator Anita Perrino credit Todd J. Masura 313.446.6097 Newspaper death knell premature marketing director Amy Crossman marketing manager Jill H. Bottomley marketing coordinator Jenny Mashberg nother prediction of the death of newspapers technology and talent to create ic advertising needs; resale/syndi- circulation manager Andrea Richardson just hit my in-box.It was a link to a blog post from such successes of their own. cation of content to other outlets;or assistant circulation manager They’ve continued to treat Web of- launching sales efforts on behalf of Rosalie Ford William Lobdell, who recently left the Los Ange- ferings as supplemental, even as it’s other sites that shape newspaper general manager, interactive les Times after 18 years in its service. Among his become obvious that the Web will sales forces into high-end digital ad Marc Minardo web developer, interactive observations: “The business model for newspa- be the main game. networks? Chris O’Donnell pers is broken.No one has figured out how to fix it.That’s prob- Meanwhile, I can’t think of a And papers continue to carry A single major paper that masses of dead weight NEW YORK PRODUCTION ably because it can’t be fixed.” can say it has really outside the newsroom. production and pre-press director Michael Corsi It’s easy to see why everyone is sounding the death knell.U.S. reinvented its print Of the 350,000 or so advertising production manager content.The papers are people employed by Marilyn DeMilta papers’ print-ad revenue fell 9.4% the same time with newspaper con- still chock-full of pon- papers, only 10% are in 2007. Average paid daily circula- tent as they used to; 35% said they derous pieces, the sub- reporters or writers,ac- PUBLISHED BY CRAIN COMMUNICATIONS INC. chairman Keith E. Crain tion has fallen 8.5% in the past five now spend more time with newspa- jects of which seem to cording to the Bureau president Rance Crain years, a decline that is accelerating. per content. be chosen by the insti- of Labor Statistics. In a secretary Merrilee Crain But the doomsayers can still be Meanwhile,of course,new news tutions being covered digital world, you need treasurer Mary Kay Crain proved wrong. U.S. newspapers organizations have emerged and rather than by what a way higher propor- executive vp, operations William Morrow could be fixed if they could just be are growing fast. The Huffington might most interest senior vp, group publisher Gloria Scoby tion of content produc- group vp, technology, circulation, pried from the hands of those who Post draws 5.5 million unique visi- readers. ers churning out smart manufacturing Robert C. Adams milk them for short-term gain and tors a month and $6 million to $10 At least as damag- JONAH material that audiences vice president/production & are either woefully ignorant of million in revenue, with a relatively ing, papers’ business BLOOM want to read and de- manufacturing David Kamis where readers are going or miser- low cost base. Politico, launched managers show little bate. It’s a simple, but chief information officer Paul Dalpiaz corporate circulation director ably negligent in terms of investing just 18 months ago, employs 70 ingenuity in monetiz- increasingly tried-and- Patrick Sheposh in that future. people,gets 60% of its revenue from ing online audiences. tested, method for People haven’t stopped reading. its print edition and expects to be Sure, there are banners, but what growing traffic and ad revenue. founder G.D. Crain Jr. (1885-1973) chairman Mrs. G.D. Crain Jr. (1911-1996) A recent PricewaterhouseCoopers profitable next year. about working with marketers as study of news consumption found The problem is U.S.newspapers their research partners; repackag- Jonah Bloom is the editor of Advertising that 50% of online readers spend have underinvested in the digital ing pre-existing content for specif- Age, a Crain publication.

16 | Crain’s New York Business | August 18, 2008 CNYB 08-18-08A178/14/20088:31PMPage1

bloomberg news T budget-busting pension End public ln hs mlye ognru iaiiybnft.Healso tling thoseemployees benefits. togenerous disability thusenti- problems aresumption thatmostheart job-related, on thedayanemployee ishired is planthat’s inforce constitution.The protected bythestate over. andstart system current public-pension should pushtoscrapthe Now he good firststep. bad situationsworseisa retirement age. benefits untiltheyreach payand ceive theirfull tore- the lineofduty state policeinjured in lowing membersofthe to signabillal- declined john h. howard so many viewers? TV Why are the Beijing Olympics attracting CRAIN’S ONLINEPOLL For thisweek’s questions: Public pensionsare Public tomake Refusing ers—measures that would further endorsethepre-ers—measures thatwouldfurther employee unionstosweetentheirpensionbenefits. measuresson tovetoseveral promoted bypublic- he state’s mess fiscal erjce hatbls forcopsandfirefight- He rejected bills” “heart 268 VOTES Date of poll: Aug. 13 TOWNSEND ALAIR would grow to significant levels for would grow levels tosignificant they Butover time, gradually. crue Go towww.crainsnewyork.com/poll has prompted Gov.Pater- curious about pension planwouldac- any savingsfrom anew hired workers, newly to only would apply eligible toretire. must work before heis years thatanemployee ties andthenumberof disabili- retirement age, provisions relating to liberalizes ture regularly stateLegisla- duced,the bere- never efits can ben- While guaranteed. They provide an uplifting distraction People are The venue. Because reforms Because from our troubles China . 33% . 28% [email protected] COMMENTS? payers whofootthebill. befairer Anditwill totax- solution. ofthe pension costsshouldbepart Reducing deficit. structural term andnothingthereafter. ice, theirfirstyearsofserv- during salary 3%oftheir only 27,1976,contribute July Most workers hired onorafter more totheirpensions. contribute lature doestheirbidding. frequently andtheLegis- want tobeincluded, have longlistsofconditionsthatthey Public-employee unions ing proof. requir- job-related,without ease,are dis- heart including many ailments, usual inthatitpresumes thatanyof Butourstatelawisun- line ofduty. injured inthe who havebeenbadly want torestrictbenefitsforthose provisions.Few states initsdisability anachronism. are acostly ment rules early-retire- benefitsis67, curity Se- Social full draw most peoplecan whentheageatwhich ing longer,and when peopleare healthierandwork- and do—findotherjobs?Atatime can— whenthey taxes, cial Security exempt from stateincomeandSo- are be gettingpublicpensions,which should55-year-olds Why rules. rity Secu- age thatappliesunderSocial drawn tosomethingapproaching the be pensionbenefitscan age atwhich in New York aswell. Thatshouldbethecase computed. pensation whenpensionbenefitsare from theircom- excluded overtime governments nationwidehave cal employeesfull-time ofstateandlo- 94%ofthe Budget Commission, According totheCitizens regard. exceedfinalsalary. can payments why pension up pensioncosts.That’s drives which trol over thispractice, andmanagershavelittlecon- iority, grantedonthebasisofsen- is usually work cers andfirefighters.Overtime amongpoliceoffi- prevalent pecially ises- practice up theirpensions.The inordertobulk final yearsofservice their during to loaduponovertime Employees try plusovertime. salary than alone,rather pensions onsalary both thestateanditslocalities. e oksaehsalre long- New York statehasalarge, publicemployees should Finally, New York from alsodiffers most the wouldraise Another change New York stateisunusualin this One neededreform wouldbase 22% to have yoursay. . 17% . excitement builds live, which been shown so far have Most events gold medals record eight can win a to see if he People want Phelps (left). Michael 8 2008 August 18, | Crain’s New York Business | 17 CNYB 08-18-08 A 18 8/14/2008 4:52 PM Page 1

REAL ESTATE 2006 and 2007 Tax Abatement Certificates Available Deals 421-A NEGOTIABLE TAX ABATEMENT CERTIFICATES Fund manager FOR SALE rolls onto Fifth The June 30, 2008 deadline has come Small-company building,Waterfront New York Re- and gone. Call immediately if you are alty Corp., in the negotiation. —adrianne pasquarelli a developer in need of 2006 or 2007 specialist takes 55,000 square feet 421-a certificates. Fox Interactive on East 57th Street snags room on Lex he royce funds has signed a 15-year deal for fox interactive media has signed ACT NOW 55,000 square feet at 745 a 10-year deal for nearly 39,000 Fifth Ave., between East square feet at 485 Lexington Ave. The 2006 certificates allow you to get your 57th and East 58th deal provides some growing space Tstreets. The money management for Fox.The company now occupies foundations in the ground by June 30, operation,a subsidiary of Legg Ma- 30,000 square feet at 1211 Sixth 2009 and receive a full tax abatement. son, specializes in investing in small Ave., the headquarters of its parent, companies. News Corp. The firm is currently at 1414 The operator of such sites as Sixth Ave. and is scheduled to move MySpace and AmericanIdol.com is into the new offices during the first slated to move into the building,be- quarter of 2009. Asking rent for the tween East 46th and East 47th space, which covers the building’s streets, next June or July. Asking 21st through 24th floors, was $140 rent for the space, which represents a square foot. about 70% of the tower’s third floor, Royce was represented by Peter was $65 a square foot. DEVELOPMENT GROUP Riguardi, president of Jones Lang Studley brokers Peter Capuciati LaSalle’s New York office, and his and John Mambrino negotiated for 421-A colleague, Cynthia Wasserberger. Fox. The building’s owner, SL Darren Klein, Executive VP Newmark Knight Frank brokers Green Realty Corp.,was represent- Scott Klau and Erik Harris negoti- ed by Steven Durels, its director of Jackson Development Group ated for the landlord, Paramount leasing and real property, and by 718.343.6262 X233 Group Inc. Cushman & Wakefield brokers —theresa agovino Paul Glickman and Tara Stacom. [email protected] —theresa agovino Chelsea’s bespoke furniture maker Atmosphere draws apparel designer upscale furniture designer KGB United recently signed a 10-year contemporary apparel and ac- lease for 6,050 square feet in an 80- cessories maker Joey Showroom year-old former warehouse at 261 plans to move to a new location that 11th Ave., between West 27th and will quadruple the size of its space. West 28th streets. Asking rent for The firm recently signed a 10-year the space, the entire fourth floor, lease for the entire fifth floor at 261 was $35 a square foot. 11th Ave. Asking rent for the space— This will be KGB’s first display a total of 6,050 square feet—was space, and its owners expect that $35 a square foot. most visitors will be decorating pro- The company,whose collections fessionals. are sold at upscale department The firm specializes in custom- stores, including Barneys and Saks made contemporary furniture that Fifth Avenue,wanted a larger,edgi- incorporates costly materials, in- er space in a neighborhood with a cluding marble and bronze. Items more distinctive personality than can retail for as its current home much as $40,000. on West 14th “These are art Street. pieces,” says “That char- David Khouri, a acter of exposed KGB principal. brick and beams, “They are not of fire escapes meant to be and cobblestone mass-produced.” streets that has Mr. Khouri been glossed and co-founders 261 11TH AVE. is the destination for a luxury over in the meat- Roberto Guz- furniture maker and a clothing designer. packing district man and Christi- is still very vi- aan Bunce had all brant in north- worked together at Comma Inc., an ern Chelsea,” says Jake Deutsch, co- architecture firm, and created KGB owner of Joey Showroom. earlier this year. They expect the Michael Heaner and Sommer showroom to be open for business in Scafidi of the Kaufman Organiza- November. tion represented the tenant; Chris Curtis Woodside of Rice & As- Pachios negotiated on behalf of the sociates handled the transaction for building,Waterfront New York Re- KGB United. alty Corp. Chris Pachios represented the —adrianne pasquarelli CNYB 08-18-08 A 19 8/14/2008 5:52 PM Page 1

THE WEEKS AHEAD

THIS WEEK’S EVENTS salary negotiation. 6:30 p.m. to 8:30 holds networking breakfast. a.m., CUNY Graduate Center, Group holds lunch on clean, green and AUGUST 19 p.m., 11 Penn Plaza, fifth floor. Fee: $50. 7:15 a.m. to 8:30 a.m., Carr 365 Fifth Ave. Fee: $195. sustainable business. 11:30 a.m. to New York Public Library holds (914) 788-5482 or [email protected]. Business Systems, 112 W. 34th St., (800) 830-6687. 2 p.m., 40 W. 45th St. Fee: $45 information session on stocks. 3 p.m. AUGUST 27 suite 605. Free. SEPTEMBER 9 members, $55 nonmembers. to 4:30 p.m., 188 Madison Ave., Gold Place Network holds networking (212) 691-2323, ext. 229. Queens Economic Development Corp. (917) 684-1659 or [email protected]. lower level. Free. (212) 592-7800. reception. 6 p.m. to 8 p.m., SEPTEMBER 5 holds open house on business planning. SEPTEMBER 12 AUGUST 19 545 Eighth Ave., suite 18NE. Fee: $25. Brazilian-American Chamber of 6 p.m. to 8 p.m., Queens Borough Hall, Brooklyn Business Solutions Center, Networking for Professionals holds (212) 465-8080 or Commerce Inc. holds breakfast on 120-55 Queens Blvd., Queens, room Brooklyn Chamber of Commerce and networking reception. 6:30 p.m. [email protected]. carbon credit markets in Brazil. 8 a.m. to G110. Free. (718) 263-0546 or Khenkin & Sauchik hold seminar on to 8:30 p.m., TechSpace, 41 E. 11th St., 9:45 a.m., Covington & Burling, [email protected]. the pitfalls of commercial leases. 11th floor. Fee: $25 members in SEPTEMBER 1-7 620 Eighth Ave., 46th floor. Fee: $50 SEPTEMBER 10 8:30 a.m. to 10:30 a.m., 9 Bond St., advance, $35 nonmembers in advance, SEPTEMBER 3 members, $100 nonmembers. Real Estate Academy holds seminar on fifth floor. Free. (718) 875-3400 or $40 at the door for all. (212) 227-6556. Benevon holds seminar on sustainable (212) 751-4691. news, views and current real estate [email protected]. AUGUST 19 funding. 9 a.m. to 11 a.m., Manhattan trends. 9 a.m. to 5 p.m., New York —sarah studley Lower Manhattan Business Solutions World Culture Open Center, 19 W. 26th SEPTEMBER 8-14 Athletic Club, 180 Central Park South. Center holds workshop on business legal St., fifth floor. Free. (206) 709-9400, SEPTEMBER 9 Fee: $199. (212) 262-2662 or More meetings online at structure. 3 p.m. to 5 p.m., 79 John St., ext. 104, or [email protected]. Business Development Institute and PR [email protected]. www.crainsnewyork.com second-floor conference room. Free. SEPTEMBER 3 Newswire hold breakfast program on SEPTEMBER 11 Click on “Events” (212) 618-8914 or [email protected]. Business Network International communications. 8:30 a.m. to 11:30 Chemical Marketing and Economics AUGUST 19 Manhattan Review holds information session on how to get into a top M.B.A. program. 7 p.m. to 8:30 p.m., Graybar Building, 420 Lexington Ave., suite 2310. Free. (212) 997-1660 or [email protected]. AUGUST 19 RedChip Cos. and EnterConnect Inc. hold lunch on driving high-performance operations on Wall Street. 11 a.m. to 2 p.m., 35 W. 44th St. Free. (800) 733-2447, ext. 127, or [email protected]. AUGUST 19 Sandler Training holds program on why salespeople fail and what to do about it. 9 a.m. to 11 a.m., Hippodrome Building, 1120 Sixth Ave., fourth floor. Free. (888) 330-6452 or [email protected]. AUGUST 20 New York Commercial Real Estate Women and Association of Real Estate Women hold breakfast program on leading ladies of New York. 8 a.m. to 9:15 a.m., Sonnenschein Nath & Rosenthal, 1221 Sixth Ave. Fee: $35 members, $50 nonmembers. 100 PARK AVENUE (212) 499-6566 or [email protected]. AUGUST 21 New York Real Estate Institute holds WE ARE PLEASED TO ANNOUNCE seminar on real estate finance and investing. 6 p.m. to 9 p.m., THE FOLLOWING TRANSACTION: 139 W. 35th St., second floor. Fee: $95. (212) 967-7508. AUGUST 21 New York Media Information Exchange Group and SobelMedia hold BDO SEIDMAN, LLP networking breakfast. 7:30 a.m. to 10 a.m., 1375 Broadway, suite 2103. Fee: $25 members, $35 nonmembers. (212) 725-2295 or eccmedia@gmail.com. 3 contiguous full ﬂ oors AUGUST 21 American Airlines, iConcept Media, totaling 121,4 41 rsf Ketch Restaurant, Network Journal, New York Post, and New York Sun hold networking reception. 5:30 p.m. to 9:30 p.m., Ketch Restaurant, 181 Pearl St. Represented by Howard Ecker Fee: $35. Advance registration required. Howard Ecker & Company (212) 795-0706 or [email protected]. AUGUST 21 Caribbean Business Network holds networking reception. 7 p.m. to 9 p.m., The Cushman & Wakefield team of Crystal Manor, 1460 Flatbush Ave., Paul Glickman, Tara Stacom, Mitti Liebersohn, Brooklyn. Free. (718) 207-0635 or [email protected]. Alexander Chudnoff, Jonathan Tootell & Diana Biasotti represented the landlord. AUGUST 25-31 AUGUST 27 Five O’Clock Club holds seminar on

TO LIST YOUR EVENT

Crain’s lists business meetings online and includes them in the print edition on a space-available basis. Events in New York City with admission fees of less than $300 are considered for the print publication. 212.594.2700 Listings can be submitted only through the Crain’s Web site. To submit a calendar listing, go to www.crainsnewyork.com and click on “Events.” slgreen.com Sponsors have a choice of several free or paid listing options. All business events will be posted online within two business days. NEW YORK CITY’S LARGEST OWNER OF COMMERCIAL REAL ESTATE Crain’s can neither confirm receipt of listings nor say if or when event listings will appear in the print edition.

August 18, 2008 | Crain’s New York Business | 19 nb33p20-22cls.qxp 8/14/08 3:10 PM Page 20

Crain's Classified is not responsible forCrain’s corrupt Classified files submitted is not responsible by client or for adsCrain's corrupt run under Classified files the submitted wrong is not subheading. responsible by client or for ads corrupt run under files the submitted wrong subheading. by client or ads run under the wrong subheading.

ACCOUNTING SOFTWARE EXECUTIVE PUBLIC & LEGAL NOTICES QuickBooks Enterprise RECRUITER LIVING ROOM STUDIOS NY, LLC, a Notice of Formation of Just Intimates Notice of Qualification of PAC FIRST Consulting, Setup, Training domestic Limited Liability Company (LLC) LLC. Arts. of Org. filed with Secy. of State PROPERTIES LIMITED LIABILITY COM- Visit us at www.QB-Software.com REAL ESTATE/ filed with the Sec of State of NY on 4-22- of NY (SSNY) on 7/2/08. Office location: PANY. Authority filed with Secy. of State Call us at 888.270.6120 Crain’sPOSITION Classified AVAILABLE is not responsible for08. corrupt NY Office files location: submitted New York by County. client or adsNY runCounty. under Princ. the bus. wrong loc.: 1407 subheading. of N.Y. (SSNY) on 4/8/08. Office location: Serving NY, NJ & CT SSNY is designated as agent upon whom Broadway, Rm. 3701, NY, NY 10018. NY County. LLC formed in New Jersey REAL ESTATE SYNDICATION SPECIALIST process against the LLC may be served. SSNY designated as agent of LLC upon (NJ) on 3/14/08. SSNY designated as Prominent RE Developer with Projects in NY SSNY shall mail a copy of any process whom process against it may be served. agent of LLC upon whom process against and CT seeks a Real Estate Syndication against the LLC served upon him/her to SSNY shall mail process to: Corporation it may be served. SSNY shall mail process TELEPHONE EQUIPMENT Specialist in its Yonkers, NY Headquarters. to: 2 WFC, Ste. 36001, 225 Liberty St., Accomplished RE/Structured Finance Chasten Harmon, 216 W. 136th St., #1, Service Co., 80 State St., Albany, NY WILL BUY ALL Professionals Only. Minimum 5 Years NY, NY 10030. General purposes. 12207, registered agent upon whom NY, NY 10281. NJ address of LLC: Zhiyu OFFICE TELEPHONE EQUIPMENT Syndication Exp. with Minimum process may be served. Purpose: any Hu, Esq., 151 Washington Ave., Edison, Please Call: 212-Richard. $5-$125 Million Syndicates NOTICE OF FORMATION of Marimba lawful activity. NJ 08817. Arts. of Org. filed with NJ Please Call: 212-742-4273 Fax Credentials to 801-421-1794 Films LLC. Arts. Of Org. filed with Secy. Division of Revenue, 225 West State St., Of State of N.Y. (SSNY) on 5/20/08. Office NOTICE OF FORMATION of Micro Office 3rd Fl., Trenton, NJ 08608. Purpose: any Crain’s Classified is not responsible forlocation: corrupt New files York submitted County SSNY by desig- client or adsSolutions run under 4 LLC. the Arts. wrong Of Org. subheading. filed with lawful activity. nated as agent of LLC upon whom Secy. Of State of N.Y. (SSNY) on 5/8/06. BUSINESS OPPORTUNITY Crain'sprocess against Classified it may is be not served. responsible SSNY forOffice corrupt location: files New submitted York County. by SSNY client or adsNotice run of under Qualification the wrong of KG Funds subheading. shall mail process to principal business designated as agent of LLC upon whom Managing Member LLC. Authority filed location: 203 East 7th Street, 2nd Fl., NY, process against it may be served. SSNY with Secy. of State of N.Y. (SSNY) on NY 10009. Purpose: Any lawful activity. shall mail process to: 122 West 27th Street, 7/24/08. Office location: NY County. LLC formed in Delaware (DE) on 6/18/08. 1053701 w.o 10th Fl., NY, NY 10001. Principal business SSNY designated as agent of LLC upon location: 122 West 27th Street, 10th Fl., NY, whom process against it may be served. Notice of Formation of Appena Fatto LLC. NY 10001. Purpose: Any lawful activity. Arts. of Org. filed with Secy. of State of SSNY shall mail process to princ. bus. Crain's Classified is not responsible forN.Y. corrupt (SSNY) files on 7/3/08. submitted Office location: by client NY or adsName run of under LLC: TDF the BRUCKNER, wrong subheading. LLC. loc.: The LLC, c/o Kier Global LLC, 1775 County. SSNY designated as agent of LLC Articles of Org. filed Dept. of State of NY Broadway, Ste. 604, NY, NY 10019, Attn: upon whom process against it may be on 5/21/08. Office location in NY: New Isaac Kier. DE address of LLC: c/o United served. SSNY shall mail process to princ. York County. Secy. of State designated as Corporate Services, Inc., 874 Walker bus. loc.: c/o Pasta Resources, 45 E. 20th agent of LLC upon whom process against Road, Ste. C, Dover, DE 19904. Cert. of St., 3rd Fl., NY, NY 10003. Purpose: any it may be served. Sec. of State shall mail Form. filed with DE Secy. of State, 401 lawful activity. a copy of process to: c/o The Doe Fund, Federal St., Dover, DE 19901. Purpose: Inc., 232 East 84th Street, New York, NY any lawful activity. Notice of Formation of Let’s Go Stables IV, 10028. Purpose: any lawful activity. LLC. Arts. of Org. filed with NY Dept. of Notice of Qualification of CWCI Enhanced State on 6/16/08 . Office location: NY Notice of Qualification of Selectinvest Yield Capital Partners LLC. Authority filed County. Secy. of State designated as agent MultiStrategy Enhanced LP. Authority filed with Secy. of State of NY (SSNY) on of LLC upon whom process against it may with Secy. of State of NY (SSNY) on 07/24/08. Office location: New York be served and shall mail process to: The 07/30/08. Office location: New York County. LLC formed in Delaware (DE) on LLC, c/o Phillips Nizer LLP, 666 5th Ave., County. LP formed in Delaware (DE) on 12/01/06. SSNY designated as agent of NY, NY 10103, Attn: Monte Engler, Esq. 07/09/08. Principal office of LP: 30 LLC upon whom process against it may Purpose: any lawful activity. Rockefeller Plaza, Suite 2800, New York, be served. SSNY shall mail process to: NY 10112. SSNY designated as agent of c/o Corporation Service Company, 80 MIRAVOS LLC, a domestic Limited LP upon whom process against it may be State Street, Albany, NY 12207, registered Liability Company (LLC) filed with the Sec served. SSNY shall mail process to: c/o agent upon whom process may be of State of NY on 7-7-08. NY Office loca- UBPAM (GP) LLC, Attn: David G. Logan, served. Principal office of LLC: One tion: New York County. SSNY is designat- 30 Rockefeller Plaza, Suite 2800, New Charles River Place , 63 Kendrick Street, ed as agent upon whom process against York, NY 10112, registered agent upon Needham, MA 02494. Arts. of Org. filed REAL ESTATE Advertise on the LLC may be served. SSNY shall mail whom process may be served. Arts. of with SOS, DE, Division of Corporations, Crain'sa copy of Classifiedany processis against notresponsible the LLC forOrg. corrupt filed with files Harriet submitted Smith Windsor, by client or adsJohn run G. underTownsend the Bldg., wrong 401subheading. Federal RETAIL served upon him/her to Maud Maron/ the Secretary of State of the State of Street, Suite 4, Dover, DE 19901. www.crainsnewyork.com LLC, 682 Broadway, 8D, NY, NY 10012. Delaware, Division of Corporations, John Purpose: Any lawful activity. General purposes. G. Townsend Bldg., Federal & Duke of York Streets, Dover, DE 19901. Purpose: Notice of Qualification of 46th Street Notice of Formation of CKE2, LLC. Arts. of To invest in and/or trade securities and/or Platinum Holding Company, L.L.C. Authority filed with Secy. of State of NY Call John Gallagher Org. filed with Secy. of State of NY (SSNY) other financial instruments. (SSNY) on 07/17/08. Office location: New on 7/8/08. Office location: NY County. York County. LLC formed in Delaware (DE) SSNY designated as agent of LLC upon 224 REALTIES LLC, a domestic Limited @ 212-210-0189 Liability Company (LLC) filed with the on 07/15/08. SSNY designated as agent of Crain's Classified is not responsible forCrain's corrupt Classified files submitted is not responsible by client or for ads corrupt run under files the submitted wrong subheading. by client or adswhom run process under against the wrong it may subheading.be served. LLC upon whom process against it may be SSNY shall mail process to: Corporation Sec of State of NY on 5-9-08. NY Office location: New York County. SSNY is des- served. SSNY shall mail process to: c/o Service Company, 80 State St., Albany, SJP Properties, Morris Corporate Center NY 12207. Purpose: any lawful activity. ignated as agent upon whom process against the LLC may be served. SSNY IV, 379 Interspace Parkway, Parsippany, NJ PUBLIC & LEGAL NOTICES NOTICE OF FORMATION of Dalmatian shall mail a copy of any process against 07054, registered agent upon whom Consulting Group, LLC. Arts. Of Org. filed Crain'sthe LLC served Classified upon ishim/her notresponsible to forprocess corrupt may files be served. submitted Principal by office client of or ads run under the wrong subheading. with Secy. Of State of N.Y. (SSNY) on Steinberg & Pokoik Management Corp., LLC: 379 Corporate Center IV, Parsippany, NJ 07054. Arts. of Org. filed with Secretary Notice of Formation of Fort Washington Notice of Formation of Spoon Foods NYC 4/25/08. Office location: New York County. 575 Madison Ave., 7th Fl., NY, NY 10022. of State, State of Delaware, Division of Holding LLC. Arts. of Org. filed with Secy. LLC. Arts. of Org. filed with NY Dept. of SSNY designated as agent of LLC upon General purposes. Corporations, John G. Townsend Building, of State of NY (SSNY) on 10/30/06. Office State on 7/10/08. Office location: NY whom process against it may be served. 401 Federal Street, Dover, DE 19901. location: NY County. SSNY designated as SSNY shall mail process to principal busi- NOTICE OF QUALIFICATION OF 1870 County. Secy. of State designated as agent Purpose: Any lawful activity. agent of LLC upon whom process against of LLC upon whom process against it may ness location: 18 Stuyvesant Oval, #9A, MADISON LLC. Application for Authority filed with the Secretary of State of New it may be served. SSNY shall mail process be served and shall mail process to the NY, NY10009. Purpose: Any lawful activity. Notice of Formation of Cohen Fashion to princ. bus.. loc.: c/o Gatsby principal business address: 17 W. 20th York on June 12, 2008. N.Y. Office NOTICE OF FORMATION OF LIMITED LIA- Location: New York County. LLC formed Optical Store No. 246, LLC. Arts. of Org. Enterprises, 347 Fifth Ave., NY, NY 10016. St., NY, NY 10011. Purpose: any lawful BILITY COMPANY. NAME: E & M MEDIA in Nevada on July 16, 2007. SSNY has filed with Secy. of State of NY (SSNY) on Purpose: any lawful activity. activity. HOLDINGS, LLC. Articles of Organization been designated as agent of LLC upon 6/6/08. Office location: NY County. SSNY Notice of Formation of RT BOOKS LLC. REDBRICK VENTURES LLC Articles of were filed with the Secretary of State of process against it may be served. The designated as agent of LLC upon whom Arts. of Org. filed with Secy. of State of Org. filed NY Sec. of State (SSNY) New York (SSNY) on 08/06/08. Office P.O. address to which the SSNY shall mail process against it may be served. SSNY N.Y. (SSNY) on 5/13/08. Office location: 7/30/08. Office in NY Co. SSNY desig. location: New York County. SSNY has a copy of any process against the LLC shall mail process to: Corporation Service NY County. SSNY designated as agent of Crain'sagent of LLC Classified upon whom is not process responsible may be forbeen corrupt designated files as submitted agent of the by LLC client upon or adsserved run upon under him the is C/O wrong the LLC: subheading. Co., 80 State St., Albany, NY 12207. LLC upon whom process against it may served. SSNY shall mail copy of process whom process against it may be served. Salvatore Favia; 6933 Exeter Street, Forest Purpose: any lawful activity. be served. SSNY shall mail process to: to 244 Madison Ave., NY, NY 10016, SSNY shall mail a copy of process to the Hills, NY 11375. A copy of the Articles of Notice of Formation of SSDS, LLC. Arts. of The LLC, c/o Maurice Kassimir & Assoc., which is also the principal business loca- LLC, c/o Michael Medico, c/o Impart Organization with all amendments thereto Org. filed with Secy. of State of N.Y. (SSNY) 1065 Ave. of the Americas, 10th Fl., NY, tion. Purpose: Any lawful purpose. Media Advertising, 462 7th Avenue, 8th Crain'sshall be provided Classified upon is request. not responsible Such for corrupt files submitted by client or ads run under the wrong subheading. on June 10, 2008. Office location: New NY 10018. Purpose: any lawful activity. Floor, New York, New York 10018. request should be sent to Salvatore Favia Notice of Qualification of JPMorgan U.S. Purpose: For any lawful purpose. at the above address. The Principal York County. SSNY designated as agent of Notice of Qualification of Whitehall Street Direct Corporate Finance Institutional Business Address of the LLC is: 1645 LLC upon whom process against it may be International PMD ESC Fund 2008, L.P. Investors IV LLC. Authority filed with Notice of Qualification of ARAMARK Village Center Circle, Ste. 170, Las Vegas, served. SSNY shall mail process to: The Authority filed with Secy. of State of N.Y. Secy. of State of NY (SSNY) on 7/9/08. Management, LLC. Authority filed with NY NV 89134. Purpose of LLC: Real Estate. LLC, 225 East 57th Street, #4A, New York, (SSNY) on 7/9/08. Office location: NY Office location: NY County. Princ. bus. Dept. of State on 6/5/08. Office location: NY 10022. Purpose: any lawful activity . County. LP formed in Cayman Islands (CI) loc.: c/o Proskauer Rose LLP, 1585 NY County. Principal business address: Notice of Formation of 31 West 21st Street on 3/14/08. SSNY designated as agent of Broadway, Rm 23-78, NY, NY 10036. LLC 1101 Market St., Philadelphia, PA 19107. Equities LLC. Arts. of Org. filed with Secy. NOTICE OF FORMATION OF LIMITED LP upon whom process against it may be formed in Delaware (DE) on 4/21/08. LLC formed in DE on 12/20/07. NY Secy. of State of NY (SSNY) on 07/23/08. Office LIABILITY COMPANY. NAME: BITETTO served. SSNY shall mail process to: 85 SSNY designated as agent of LLC upon of State designated as agent of LLC upon location: New York County. Principal busi- EQUITIES LLC. Articles of Organization Broad St., NY, NY 10004. DE address of whom process against it may be served. whom process against it may be served ness location: 55 Fifth Ave., 15th floor, were filed with the Secretary of State of LP: Maples Corporate Services Limited, SSNY shall mail process to: c/o and shall mail process to: c/o CT New York, NY 10003-4398. SSNY desig- New York (SSNY) on 07/03/08. Office P.O. Box 309, Ugland House, Grand Corporation Service Company (CSC), 80 Corporation System, 111 8th Ave., NY, NY nated as agent of LLC upon whom location: New York County. SSNY has Cayman, KY1-1104, CI. Name/address of State St., Albany, NY 12207. DE address 10011, registered agent upon whom process against it may be served. SSNY been designated as agent of the LLC each genl. ptr. available from SSNY. Cert. of LLC: c/o CSC, 2711 Centerville Rd., process may be served. DE address of shall mail process to and registered agent upon whom process against it may be of LP filed with Registrar of Exempted Ste. 400, Wilmington, DE 19808. Cert. of LLC: 1209 Orange St., Wilmington, DE upon whom and at which process can be served. SSNY shall mail a copy of LPs, Elizabethan Sq., 4th Fl., Phase Four, Form. filed with DE Secy. of State, 19801. Arts. of Org. filed with DE Secy. of served is: Robert Kantor, 55 Fifth Avenue, process to the LLC, 15 Charles Street, George Town, Grand Cayman, CI. Townsend Bldg., Dover, DE 19901. State, 401 Federal St., Dover, DE 19901. 15th Floor, New York, NY 10003-4398. Apartment PHC, New York, New York Purpose: any lawful activity. Purpose: any lawful activity. Purpose: any lawful activity. Purpose: Any lawful activity. 10014. Purpose: For any lawful purpose.

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Crain's Classified is not responsible forCrain's corrupt Classified files submitted is not responsible by client or for ads corrupt run under files the submitted wrong subheading. by client or ads run under the wrong subheading.

PUBLIC & LEGAL NOTICES

Notice of Qualification of Buffalo Notice of Qualification of Legg Mason Notice of Qualification of CRESTVIEW Notice of Qualification of Whitehall Street Notice of Qualification of Rockefeller Tax Resources, LLC. Authority filed with NY Global Asset Allocation, LLC. Authority OFFSHORE HOLDINGS II (CAYMAN), L.P. International REPIA Japan Fund 2008, L.P. Exempt Income Fund - NY., L.P. Authority Dept. of State on 6/26/08. NYS fictitious filed with NY Sec. of State (SSNY) Authority filed with Secy. of State of NY Authority filed with Secy. of State of N.Y. filed with Secy. of State of NY (SSNY) on name: Buffalo Resources Exploration, LLC. 6/25/07.Juris. of org: DE filed: 10/11/06 (SSNY) on 07/23/08. Office location: New (SSNY) on 7/9/08. Office location: NY 5/29/08. Office location: NY County. LP Office location: NY County. LLC formed in NY off. loc. in NY Co. SSNY designated as York County. LP formed in Cayman Islands County. LP formed in Cayman Islands (CI) formed in Delaware (DE) on 1/29/88. NV on 5/25/06. NY Secy. of State desig- agent of LLC upon whom process may be on 10/26/07. SSNY designated as agent of on 3/14/08. SSNY designated as agent of SSNY designated as agent of LP upon Crain'snated as Classifiedagent of LLC isupon not whom responsible forserved. corrupt SSNY files shall submitted mail copy of by process client or adsLP runupon underwhom process the wrong against subheading. it may be LP upon whom process against it may be whom process against it may be served. process against it may be served and shall to: Nat. Reg. Agents Inc., 875 Avenue of served. SSNY shall mail process to: c/o CT served. SSNY shall mail process to: 85 SSNY shall mail process to: c/o mail process to: c/o CT Corporation the Americas, Ste 501, NY, NY 10001. Corporation System, 111 Eighth Avenue, Broad St., NY, NY 10004. DE address of Rockefeller & Co., 30 Rockefeller Plaza, Crain's Classified is not responsible forSystem, corrupt 111 files 8th Ave., submitted NY, NY 10011, by client reg- or adsLLC’s run principal under address: the wrong 399 Park subheading. Ave, New York, NY 10011, registered agent LP: Maples Corporate Services Limited, NY, NY 10112. DE address of LP: c/o istered agent upon whom process may be NY, NY 10022. Arts of org. on file with upon whom process may be served. Arts. P.O. Box 309, Ugland House, Grand Corporation Trust Center, 1209 Orange served. NV and principal business SSDE, Div of Corps, PO Box 898, Dover, of Org. filed with Registrar of Exempted Cayman, KY1-1104, CI. Name/address of St., Wilmington, DE 19801. Name/address address: 112 N. Curry St., Carson City, NV DE 19903 Purpose: Any lawful purpose. Limited Partnerships, Ground Floor, Citrus each genl. ptr. available from SSNY. Cert. of genl. ptr. available from SSNY. Cert. of 89703. Arts. of Org. filed with NV Secy. of Grove Building, Goring Avenue, George of LP filed with Registrar of Exempted LP filed with DE Secy. of State, 401 State, 202 N. Carson St., Carson City, NV Notice of Qualification of Liberty Harbor, LPs, Elizabethan Sq., 4th Fl., Phase Four, Federal St., Ste. 3, Dover, DE 19901. LLC. Authority filed with Secy. of State of Town, Grand Cayman, Cayman Islands. 89701. Purpose: all lawful purposes. Purpose: Any lawful activity. George Town, Grand Cayman, CI. Purpose: Purpose: any lawful activities NY (SSNY) on 6/5/08. Office location: NY any lawful activity. Notice of Qualification of Goldman Sachs County. LLC formed in Delaware (DE) on Notice of Qualification of Rockefeller & Notice of Formation of PILOT NYC, LLC, a Investment Partners ESC Fund, L.P. 12/8/06. SSNY designated as agent of Co. U.S. Small Capitalization Fund, L.P. NOTICE OF FORMATION OF LIMITED domestic LLC. Arts. of Org. filed with the Authority filed with Secy. of State of NY LLC upon whom process against it may Authority filed with Secy. of State of NY LIABILITY COMPANY. NAME: SSNY on 07/18/08. Office location: NY (SSNY) on 6/24/08. Office location: NY be served. SSNY shall mail process to (SSNY) on 5/29/08. Office location: NY Crain'sNATHANIEL Classified ALEXANDER is not VENTURE responsible forCounty. corrupt SSNY files has submitted been designated by client as or ads run under the wrong subheading. Crain'sCounty. LP Classified formed in isDelaware not responsible (DE) on forprinc. corrupt bus. filesloc.: Goldman submitted Sachs by Asset client or adsCounty. run underLP formed the in wrong Delaware subheading. (DE) on PARTNERS, LLC. Articles of Organization agent upon whom process against the 11/21/07. SSNY designated as agent of Management L.P., One New York Plaza, 3/28/1994. SSNY designated as agent of were filed with the Secretary of State of LLC may be served. SSNY shall mail a LP upon whom process against it may be NY, NY 10004. DE address of LLC: 1209 LP upon whom process against it may be New York (SSNY) on 06/16/08. The latest copy of process to: 45 West 45th St. 6th served. SSNY shall mail process to: Orange St., Wilmington, DE 19801. Arts. served. SSNY shall mail process to: c/o date of dissolution is 06/10/2043. Office Fl, NY, NY 10036, which is also its princi- Goldman Sachs Investment Partners GP, of Org. filed with DE Secy. of State, Crain'sRockefeller Classified & Co., 30 isRockefeller not responsible Plaza, forlocation: corrupt New files York submitted County. SSNY by has client or adspal runplace under of business. the wrong Purpose: subheading. Any Crain's Classified is not responsible forLLC, corrupt 85 Broad files St., submitted NY, NY 10004. by DE client or adsCrain'sTownsend run under Classified Bldg., the Dover, wrong is DE not 19901. subheading. responsible forNY, corrupt NY 10112. files DE submitted address of LP: by c/o client or adsbeen run designated under the as agent wrong of the subheading. LLC upon Lawful Purpose. address of LP: 1209 Orange St., Purpose: any lawful activity. Corporation Trust Center, 1209 Orange whom process against it may be served. Wilmington, DE 19801. Name/address of St., Wilmington, DE 19801. Name/address MAIDMAN REALTY GROUP LLC, a Name of LLC: EGL ASSOCIATES, LLC. SSNY shall mail a copy of process to the each genl. ptr. available from SSNY. Cert. of genl. ptr. available from SSNY. Cert. of LLC, c/o Alan J. Harris, P.C., 427 Manville domestic Limited Liability Company (LLC) of LP filed with DE Secy. of State, Articles of Org. filed Dept. of State of NY LP filed with DE Secy. of State, 401 filed with the Sec of State of NY on 5-1- on 6/13/08. Office location in NY: New Road, Pleasantville, New York 10570. Townsend Bldg., Dover, DE 19901. Federal St., Ste. 3, Dover, DE 19901. Crain'sPurpose: ClassifiedFor any lawful is purpose. not responsible for08. corrupt NY Office files location: submitted New York by County. client or ads run under the wrong subheading. Purpose: any lawful activity. York County. Principal bus. loc.: 667 Purpose: any lawful activities. SSNY is designated as agent upon whom Madison Avenue, New York, NY 10021. Notice of Formation of UWS VENTURES process against the LLC may be served. Notice of Formation of Trade X Media, Secy. of State designated as agent of LLC Notice of Qualification of Lyrical Long-Only LLC, a domestic LLC. Arts. of Org. filed SSNY shall mail a copy of any process LLC. Arts. of Org. filed with Secy. of State upon whom process against it may be Value Partners LP. Authority filed with NY with the SSNY on 04/22/08. Office loca- against the LLC served upon him/her to of N.Y. (SSNY) on 6/12/08. office location: served. Sec. of State shall mail a copy of Dept. of State on 7/7/08. Office location: tion: NY County. SSNY has been designat- Maidman and Mittelman, LLP, 70 E. 55th NY County. SSNY designated as agent of process to c/o Howard Guberman, 667 NY County. LP formed in DE on 6/30/08. ed as agent upon whom process against St., NY, NY 10022. General purposes. LLC upon whom process against it may Madison Avenue, New York, NY 10021. NY Secy. of State designated as agent of the LLC may be served. SSNY shall mail a be served. SSNY shall mail process to: Notice of Formation of LIPMAN DIGITAL, Purpose: any lawful activity. LP upon whom process against it may be copy of process to: Waqar Samad, PO Robert N. Solomon, Esq., 1212 Avenue of LLC. Arts. of Org. filed with Secy. of State served and shall mail process to the prin- Box 250642, NY, NY 10025. Purpose: Any the Americas, 18th Fl., NY, NY 10036. Notice of Qualification of Hirschfeld of N.Y. (SSNY) on 5/15/08. Office location: cipal business addr.: c/o Lyrical Partners, Lawful Purpose. Purpose: any lawful activity. Properties LLC. Authority filed with NY L.P., 405 Park Ave., 6th Fl., NY, NY 10022, New York County. SSNY designated as Dept. of State on 7/14/08. NYS fictitious agent of LLC upon whom process against Notice of Qualification of W2007 245 Fifth Attn: Jeffrey A. Keswin, regd. agt. upon Notice of Formation of Elmer Smathers, name: Hirschfeld Properties Development whom process may be served. DE address LLC. Arts. of Org. filed with NY Dept. of it may be served. SSNY shall mail process Mezz Seller, LLC. Authority filed with LLC. Office location: NY County. LLC Secy. of State of NY (SSNY) on 6/23/08. of LP: c/o The Corporation Trust Co., 1209 State on 7/25/08. Office location: NY to: The LLC, 408 W. 14th St., New York, formed in CT on 2/6/98. NY Sec. of State Orange St., Wilmington, DE 19801. County. Principal business addr.: c/o NY 10014. Purpose: any lawful activity. Office location: NY County. Princ. bus. designated as agent of LLC upon whom loc.: 85 Broad St., NY, NY 10004. LLC Name/addr. of genl. ptr. available from NY Sarah G. Rubin, JPMorgan Chase Bank, process against it may be served and Crain'sSecy. of State. Classified Cert. of is LP not filed responsible with DE forN.A., corrupt 345 Park files Ave., submitted NY, NY 10154. by client Sec. or adsNOTICE run underOF FORMATION the wrong OF LIMITED subheading. LIA- formed in Delaware (DE) on 2/29/08. shall mail process to: CT Corporation BILITY COMPANY. NAME: STUDIO 814 SSNY designated as agent of LLC upon Secy. of State, 401 Federal St., Dover, DE of State designated as agent of LLC upon Crain's Classified is not responsible forSystem, corrupt 111 files 8th Ave., submitted NY, NY 10011, by client or ads19901. run Purpose: under the any wronglawful activity. subheading. whom process against it may be served LLC. Articles of Organization were filed whom process against it may be served. regd. agt. upon whom process may be Crain's Classified is not responsible forwith corrupt the Secretary files submitted of State of New by clientYork or ads run under the wrong subheading. SSNY shall mail process to: c/o CT and shall mail process to: CT Corporation served. CT and principal business addr.: NOTICE OF QUALIFICATION OF 65TH System, 111 8th Ave., NY, NY 10011. (SSNY) on 04/17/08. Office Location: NY Corporation System, 111 8th Ave., 13th 1030 New Britain Ave., West Hartford, CT PLACE, LLC. Application for Authority County. SSNY designated as agent of the Fl., NY, NY 10011. DE address of LLC: c/o Character: Investment, real estate devel- 06110. Arts. of Org. filed with CT Sec. of filed with the Secretary of State of New opment and oil and gas development. LLC upon whom process against it may The Corporation Trust Co., 1209 Orange State, 30 Trinity St., Hartford, CT 06115. York on June 12, 2008. N.Y. Office be served. SSNY shall mail process to the St., Wilmington, DE 19801. Arts. of Org. Purpose: any lawful activity. Location: New York County. LLC formed Notice of Qualification of TS TRYLONS, LLC, 814 Broadway, 4th Floor, NY, NY, filed with DE Secy. of State, 401 Federal in Nevada on April 8, 2008. SSNY has L.L.C. Authority filed with Secy of State of 10003. Purpose: Any lawful act. St., Ste. 4, Dover, DE 19901. Purpose: Notice of Formation of Metropolitan been designated as agent of LLC upon NY (SSNY) on 07/10/08. Office location: any lawful activity. Advisory Group, LLC. Arts. of Org. filed process against it may be served. The New York County. LLC formed in Notice of Formation of Manhattan Dermatology, PLLC. Arts. of Org. filed F & F 88 LLC, a domestic Limited Liability with NY Dept. of State on 5/6/08. Office P.O. address to which the SSNY shall mail Delaware on 06/16/08. SSNY designated location: NY County. Secy. of State desig- a copy of any process against the LLC as agent of LLP upon whom process with NY Dept. of State on 7/11/08. Office Company (LLC) filed with the Sec of State location: NY County. Secy. of State desig- Crain'sof NY on Classified3-20-08. NYis Office not location: responsible New fornated corrupt as agent files of submittedLLC upon whom by client or adsserved run upon under him the is C/O wrong the LLC: subheading. against it may be served. SSNY will mail process against it may be served and Salvatore Favia; 6933 Exeter Street, Forest process to: National Registered Agents, nated as agent of PLLC upon whom York County. SSNY is designated as process against it may be served and agent upon whom process against the shall mail process to the principal busi- Hills, NY 11375. A copy of the Articles of Inc., 875 Avenue of the Americas, Suite Organization with all amendments thereto shall mail process to the principal busi- LLC may be served. SSNY shall mail a Crain'sness address: Classified 630 5th is Ave., not Ste. responsible 2000, for corrupt files submitted by client or ads501. run New under York, theNY 10001. wrong National subheading. shall be provided upon request. Such Registered Agents, Inc. is the Registered ness addr.: 71 Park Ave., Ste. 1A, NY, NY copy of any process against the LLC NY, NY 10111, Attn: Stefan Miller, regis- request should be sent to Salvatore Favia Agent as well. Address required to be 10016. Purpose: practice the profession served upon him/her to Frederic Kantor & tered agent upon whom process may be at the above address. The Principal maintained in home jurisdiction: 160 of medicine. Co., P.C., 45 W. 36th St., 7th Fl., NY, NY served. Purpose: any lawful activity. Crain's Classified is not responsible for corrupt files submitted by client or ads run under the wrong subheading. Business Address of the LLC is: 1645 Greentree Drive, Ste. 101, Dover, DE Notice of Formation of 362 Casanova 10018. General purposes. NOTICE OF FORMATION of TAMUNANGUE, Village Center Circle, Ste. 170, Las Vegas, 19904. Arts of organization filed with Del Street, LLC. Arts. of Org. filed with Secy. LLC. Arts. Of Org. filed with Secy. Of State NV 89134. Purpose of LLC: Real Estate. Crain'sSecretary Classified of State, Div is of not Corporations, responsible for corrupt files submitted by client or ads run under the wrong subheading. Notice of Qualification of CRESTVIEW of State of NY (SSNY) on 7/16/08. Office PARTNERS II (CAYMAN), L.P. Authority of N.Y. (SSNY) on 6/28/07. Office location: John G. Townsend Bldg. Federal & Duke New York County. SSNY designated as Notice of Formation of Peak Property of York Streets, P.O. Box 898, Dover, DE location: NY Co. SSNY designated as filed with Secy. of State of NY (SSNY) on agent of LLC upon whom process against 07/02/08. Office location: New York agent of LLC upon whom process against Services LLC. Arts. of Org. filed with 19903. Purpose: Any lawful purpose Crain’s Classified is not responsible for corrupt files submitted by client or ads run under the wrong subheading. it may be served. SSNY shall mail process County. LP formed in Cayman Islands on it may be served. SSNY shall mail process Secy. of State of NY (SSNY) on 6/18/08. to: The LLC, 1536 Third Ave., 3rd Fl., NY, 10/26/07. SSNY designated as agent of to: c/o Lois M. Vitti, Esq., 12 Perry Street, Office location: NY County. SSNY desig- SCHARF MARKETING, LLC Articles of Org. NY 10028. Purpose: any lawful activities. LP upon whom process against it may be 2C, NY, NY 10014. Date of Dissolution: nated as agent of LLC upon whom filed NY Sec. of State (SSNY) 4/28/08. served. SSNY shall mail process to: c/o 12/31/2095. Principal business location: process against it may be served. SSNY Office in NY Co. SSNY desig. agent of LLC NOTICE OF FORMATION of Rubina LLC. M&C Corporate Services Limited, P.O. 317 Pavonia Ave., #8, Jersey City, NJ shall mail process to princ. bus. loc.: 65 Crain'supon whom Classified process may is not be served. responsible forArts. corrupt Of Org. files filed with submitted Secy. Of State by client of N.Y. or ads run under the wrong subheading. Box 309GT, Ugland House, South Church 07302. Purpose: Any lawful activity. E. 55th St., 18th Fl., NY, NY 10022. SSNY shall mail copy of process to 122 W (SSNY) on 5/13/08. Office location: New Street, George Town, Grand Cayman, Purpose: any lawful activity. 26th St., #1100, NY, NY 10001, which is York County SSNY designated as agent of Cayman Islands, registered agent upon Name: PAROD’S 3303 LLC Art. Of Org. also the principal business location . Crain's Classified is not responsible for corrupt files submitted by client or adsNotice run of under Qualification the wrong of CRESTVIEW subheading. OFF- LLC upon whom process against it may be whom process may be served. Arts. of Filed Sec. Of State of NY 6/20/08. Off. Purpose: Any lawful purpose. SHORE HOLDINGS II (FF CAYMAN), L.P. served. SSNY shall mail process to princi- Org. filed with Registrar of Exempted Loc.: New York Co. SSNY designated as Authority filed with Secy. of State of NY pal business location: 58 Avenue C, #4A, Limited Partnerships, Ground Floor, Citrus agent upon whom process against it may Notice of Formation of TERZETTO LLC, a (SSNY) on 07/23/08. Office location: New NY, NY 10009. Purpose: Any lawful activity. Grove Building, Goring Avenue, George be served. SSNY to mail copy of process domestic LLC. Arts. of Org. filed with the York County. LP formed in Cayman Islands Town, Grand Cayman, Cayman Islands. to THE LLC 100 Park Avenue, Ste. 1600, SSNY on 04/25/08. Office location: NY NOTICE OF FORMATION of Action on 11/08/07. SSNY designated as agent of Purpose: Any lawful activity. NY, NY 10017. Purpose: Any lawful act. County. SSNY has been designated as Research NY LLC. Arts. Of Org. filed with LP upon whom process against it may be agent upon whom process against the Secy. Of State of NY (SSNY) on 5/08/08. served. SSNY shall mail process to: c/o CT Crain'sNotice of ClassifiedQualification is of notThe responsibleWylie forCORE corrupt CLASSICS files submittedLLC Articles of by Org. client filed or ads run under the wrong subheading. LLC may be served. SSNY shall mail a Office location: NY County SSNY desig- Corporation System, 111 Eighth Avenue, Agency LLC. Authority filed with Secy. of NY Sec. of State (SSNY) 01/15/08. Office copy of process to: 1627 Broadway, NY, nated as agent of LLC upon whom State of NY (SSNY) on 07/21/08. Office Crain'sin New York Classified County. SSNY is not design. responsible agent forNew corrupt York, NY files 10011, submitted registered by agent client or adsNY run10019. under Purpose: the wrongAny Lawful subheading. Purpose. upon whom process may be served. Arts. process against it may be served. SSNY location: New York County. LLC formed in of LLC upon whom process may be shall mail process to principal business Delaware (DE) on 07/09/08. LLC agrees of Org. filed with Registrar of Exempted served. SSNY shall mail copy of process Notice of Qualification of CRESTVIEW location: 330 W 72nd St., NY, NY 10023. to use fictitious name of Andrew Wylie Limited Partnerships, Ground Floor, Citrus to 641 Lexington Ave 6th Floor, New York, PARTNERS II (FF CAYMAN), L.P. Authority Purpose: Any lawful activity. LLC while conducting business in NY. NY 10022. Purpose: Any lawful purpose. Grove Building, Goring Avenue, George filed with Secy. of State of NY (SSNY) on Town, Grand Cayman, Cayman Islands. SSNY designated as agent of LLC upon 07/24/08. Office location: New York Notice of Formation of Pure Element Purpose: Any lawful activity. whom process against it may be served. NOTICE OF FORMATION OF LIMITED County. LP formed in Cayman Islands on Apparel LLC, Art. of Org. filed Sec’y of LIABILITY COMPANY. NAME: GRAND SSNY shall mail process to: c/o 11/08/07. SSNY designated as agent of LP State (SSNY) 6/18/08. Office location: NY BOWERY BRIGHT, LLC. Articles of JUDAH LLC, a domestic Limited Liability Corporation Service Company, 80 State upon whom process against it may be County. SSNY designated as agent of LLC Organization were filed with the Secretary Company (LLC) filed with the Sec of State Street, Albany, NY 12207, registered served. SSNY shall mail process to: c/o CT upon whom process against it may be agent upon whom process may be of State of New York (SSNY) on 04/08/08. of NY on 6-18-08. NY Office location: New Corporation System, 111 Eighth Avenue, served. SSNY shall mail copy of process served. Principal office of LLC: 250 West Office location: New York County. SSNY York County. SSNY is designated as New York, NY 10011, registered agent to 32 W. 33rd St., NY, NY 10001. 57th Street, Suite 2114, New York, NY has been designated as agent of the LLC agent upon whom process against the upon whom process may be served. Arts. Purpose: any lawful activities. 10107. Arts. of Org. filed with Secretary upon whom process against it may be LLC may be served. SSNY shall mail a of Org. filed with Registrar of Exempted of State of Delaware, Division of served. SSNY shall mail a copy of process copy of any process against the LLC Limited Partnerships, Ground Floor, Citrus Corporations, John G. Townsend Bldg., to the LLC, c/o Dr. Howard Lai, 11 East served upon him/her to The LLC, C/O Grove Building, Goring Avenue, George 401 Federal Street, Dover, DE 19901. Broadway, #15, New York, New York Gatsby Enterprises, 347 5th Ave., 16th Fl., Town, Grand Cayman, Cayman Islands. WWW.CRAINSNEWYORK.COM Purpose: Any lawful activity 10038. Purpose: For any lawful purpose. NY, NY 10016. General purposes. Purpose: Any lawful activity.

August 18, 2008 | Crain’s New York Business | 21 CNYB 08-18-08 A 22 8/15/2008 8:25 PM Page 1

invest in real estate. So when his homes and get a fresh start, this time cousin introduced him to a mort- without dreams of making it big. Bankrupted by mortgage mess gage broker who promised he “I thought real estate was a good wouldn’t have to put a penny down business,” he says. “But I guess it’s Continued from Page 1 their finances. TAPPED OUT on a $1 million piece of property in not for me. I’m not buying property er period. In the past, in stronger housing New Rochelle, he jumped at the again—ever again.” “I’ve never seen it this bad,” says markets, homeowners could refi- Personal bankruptcies in the New York chance. Then, the same broker told The rising number of bankrupt- Gregory Messer, a Brooklyn bank- nance their homes.But now,the val- area, January through July. him about a home in Yonkers. cies certainly won’t help the economy. ruptcy attorney. “There were times ue of a debtor’s house is often less Again, he didn’t have to put any Jay Fleischman, a Brooklyn where there were more bankrupt- than the amount of the mortgage. 14,407 money down. bankruptcy lawyer, says his clients cies,but I don’t know if I’ve ever seen “Because of these no-income- are completely tapped out. so many people prepared to walk verification, no-asset loan products 11,026 In over his head “People will eat out less,buy few- away from their houses.” that were popular,people have no eq- before he realized what he was er flat-screen TVs, take fewer vaca- Bankruptcies are typically uity and never did,” says Michael getting into, Noel says, he was tions,” he says. “I’ve seen so many prompted by catastrophic events Siegel, a Manhattan bankruptcy at- scammed into signing two mort- people just tightening their belts to such as accidents,illnesses or divorce. torney.“Even in the real estate down- gages totaling more than $1.5 mil- the absolute limit.There’s simply no The latest wave is different because turn in the ’90s, you didn’t have peo- lion.The mortgage broker even pro- disposable income for a lot of peo- the driving force is the mortgage cri- ple with no equity in their homes.” 2007 2008 vided a lawyer for the closing. ple anymore.” sis. Hit with monthly payments on “I make $50,000 as a school- With more mortgages due to ad- Real estate speculators Source: U.S. Bankruptcy Court, Southern and Eastern subprime loans that suddenly in- Districts of New York teacher,” he says. “There’s no way I just upward in 2009 and 2010, cred- creased by hundreds of dollars or some new yorkers find themselves should have been approved for loans it card companies reducing limits, more, many New Yorkers, already mired in debt because the wide that big.” and Wall Street layoffs certain to squeezed by rising gas and food availability of credit turned average turn, stopped paying rent. And the Hemmed in by monthly pay- rise, bankruptcy filings will surely prices,maxed out their credit cards in wage earners into eager real estate real estate bubble burst, sending ments totaling more than $10,000 increase, experts say. order to meet their obligations. speculators. They bought invest- home values spiraling downward, and bills for maintaining a third prop- “I really think things are going to Some have given up complete- ment properties in the suburbs,or in particularly outside of the city. erty on Long Island, Noel had no get a lot worse before we see any ly—even if it means losing their places like Florida and North Car- Noel, a 28-year-old math choice but to file for bankruptcy, he light at the end of this tunnel,” Mr. homes—to get out from under olina, hoping to get rich. Then teacher from Harlem who asked says. He filed without the help of a Fleischman says. their debts. Others hope to keep mortgages adjusted upward or their that his last name not be used, al- lawyer—he couldn’t afford one—and their homes while reorganizing tenants, hit by the economic down- ways thought it would be smart to he plans to walk away from the three COMMENTS? [email protected]

problems after giving birth to their time,” Mr. Letter says. Mr. Lovinger, who is 47 years Credit con game second child. In desperation, he In response, Mr. Lovinger insists old, now finds himself in a state that turned to Edge Solutions for help.It that his company discouraged set- his former clients would recognize: only drove him deeper in the hole. tlements only if they were not in a broke, and wondering what to do Continued from Page 3 state attorney general said. client’s best interest. He adds, “We with the rest of his life. He says he fits, which pledge to negotiate with He and his wife ran their debt Blocked exits never charged money for credit has no money because he spent all of creditors once enough money has settlement operation out of offices he says, for example, that Edge re- counseling.” his debt settlement profits,and even built up in the kitty. Meanwhile, in- in Medford and Coram, L.I., at- jected a settlement offer from a Ms. McMillan of the Better borrowed heavily against his house, terest continues to mount on the tracting customers through online credit card company, which he Business Bureau says that her office in order to develop a personal budg- debts, and customers may face legal ads. At its peak, the company em- wanted to accept. When Mr. Letter received 45 complaints about Edge. eting software program that failed action from creditors. ployed 45 people and generated $6 tried to exit the Edge program, the She notes that after looking into to catch on. Mr. Lovinger,who was trained as million in annual revenues, accord- company would not return his them, the BBB assigned Edge a rat- In the meantime, he occasional- an electrical engineer, got into debt ing to court documents. $2,000 security deposit, he claims. ing of “unsatisfactory.” Mr. ly posts on his Web site, called The settlement in 1995. He entered the Ven Letter, a worker at a north- On top of that, he says he paid Lovinger says he argued that his Finance Rebel Blog. The blog’s mis- business after a New York state court ern California creamery, con- $1,500 for credit counseling that he company was dealing with the com- sion: “shouting out against con- shut down a company of his which tributed to that revenue stream. He never received. plaints, and he threatened to sue the sumer financial injustice.” falsely claimed that it could clean up racked up $35,000 in credit card “They didn’t do anything for me BBB. Shortly thereafter, the bureau people’s tarnished credit reports, the debt when his wife had medical but screw up my credit for a long alerted the FTC. COMMENTS? [email protected]

Crain's Classified is not responsible forCrain's corrupt Classified files submitted is not responsible by client or for adsCrain's corrupt run under Classified files the submitted wrong is not subheading. responsible by client or for ads corrupt run under files the submitted wrong subheading. by client or ads run under the wrong subheading.

PUBLIC & LEGAL NOTICES

NOTICE OF FORMATION OF ATG Holdings Notice of Qualification of BRULANT, LLC. Notice of Qualification of PEQP1B1, L.L.C. Notice of Qualification of J.H. Ferguson & Notice of Qualification of Third Avenue LLC. Article of Organization filed with the Authority filed with Secy. of State of NY Authority filed with NY Dept. of State on Associates, LLC. Authority filed with Secy. Buyer LLC. Authority filed with Secy. of Secretary of State of NY (SSNY) on April (SSNY) on 7/15/08. Office location: NY 5/30/08. Office location: NY County. LLC of State of NY (SSNY) on 6/18/08. Office State of NY (SSNY) on 12/4/07. Office 9, 2008 Office location NEW YORK County. LLC formed in Delaware (DE) on formed in Delaware (DE) on 1/31/08. NY location: NY County. LLC formed in location: NY County. LLC formed in County. SSNY has been designated as 6/12/08. SSNY designated as agent of Secy. of State designated as agent of LLC Illinois (IL) on 12/31/02. SSNY designat- Delaware (DE) on 11/21/07. SSNY desig- agent upon whom process against it may LLC upon whom process against it may upon whom process against it may be ed as agent of LLC upon whom process nated as agent of LLC upon whom be served. The Post Office address to be served. SSNY shall mail process to served and shall mail process to: c/o CT against it may be served. SSNY shall mail process against it may be served. SSNY which the SSNY shall mail a copy of any princ. bus. loc.: c/o Rosetta LLC, 100 Corporation System, 111 8th Ave., NY, NY process to: c/o National Registered shall mail process to: c/o National process against the LLC served upon American Metro Blvd., Ste. 201, Hamilton, Crain's10011, registered Classified agent is upon not responsiblewhom forAgents, corrupt Inc., files 875 submittedAvenue of the by Americas, client or adsRegistered run under Agents, the Inc., wrong 875 subheading.Avenue of him/her is C/O the LLC 350 west 42nd NJ 08609, Attn: Kurt Holstein. DE address process may be served. DE address of Ste. 501, NY, NY 10001. Address of the the Americas, Ste. 501, NY, NY 10001. Street apt 7-G. New York, NY 10036. of LLC: 2711 Centerville Rd., Ste. 400, LLC: c/o The Corporation Trust Co., 1209 principal office: 1800 Sherman Place, Ste. Address to be maintained in DE: 160 Purpose of LLC: to engage in any lawful Wilmington, DE 19808. Arts. of Org. filed Orange St., Wilmington, DE 19801. Cert. 402, Evanston, IL 60201. Arts. of Org. Greentree Dr., Ste. 101, Dover, DE 19904. act or activity. Street address of Principal with DE Secy. of State, Loockerman & of Form. filed with DE Secy. of State, filed with IL Secy. Of State, 213 State Arts. of Org. filed with DE Secy. Of State, Business location is: 350 West 42nd Federal Sts., Dover, DE 19901. Purpose: Townsend Bldg., Dover, DE 19901. Capitol, Springfield, IL 62756. Purpose: 401 Federal St., Ste 4., Dover, DE 19901 . Street apt 7-G. New York, NY 10036. any lawful activity. Purpose: any lawful activity. any lawful activities. Purpose: any lawful activities. Notice of Qualification of CWCapital EY Notice of Qualification of Whitehall Street Notice of Qualification of CWCI Enhanced Name of For. LP: 275 MAIN STREET Notice of Qualification of CWCapital EY REIT Greenwich LLC. Authority filed with International PMD ESC Japan Fund 2008, Yield GP LLC. Authority filed with Secy. of ASSOCIATES, LP. Appl. for Auth. filed with REIT UBS LLC. Authority filed with Secy. Secy. of State of NY (SSNY) on 07/23/08. L.P. Authority filed with Secy. of State of State of NY (SSNY) on 07/24/08. Office Sec. of State of NY: 5/14/03. Jurisd. and of State of NY (SSNY) on 07/23/08. Office Office location: New York County. LLC N.Y. (SSNY) on 7/10/08. Office location: location: New York County. LLC formed in date of org.: DE 3/27/03. NY State office location: New York County. LLC formed in formed in Delaware (DE) on 12/04/07. NY County. LP formed in Cayman Islands Delaware (DE) on 12/01/06. SSNY desig- loc.: New York Cty. Sec. of State designat- Delaware (DE) on 05/05/08. SSNY desig- SSNY designated as agent of LLC upon (CI) on 3/14/08. SSNY designated as nated as agent of LLC upon whom ed as agent upon whom process against it nated as agent of LLC upon whom process whom process against it may be served. agent of LP upon whom process against it process against it may be served. SSNY may be served. Sec. of State shall mail against it may be served. SSNY shall mail SSNY shall mail process to: c/o may be served. SSNY shall mail process shall mail process to: c/o Corporation copy of process to: National Registered process to: c/o Corporation Service Corporation Service Company, 80 State to: 85 Broad St., NY, NY 10004. DE Service Company, 80 State Street, Albany, Agents, Inc., 875 Avenue of the Americas, Company, 80 State Street, Albany, NY Street, Albany, NY 12207, registered agent address of LP: Maples Corporate Services NY 12207, registered agent upon whom Suite 501, New York, NY 10001. Addr. of 12207, registered agent upon whom upon whom process may be served. Limited, P.O. Box 309, Ugland House, process may be served. Principal office of LP in DE is The Corporation Trust process may be served. Principal office of Principal office of LLC: 1540 Broadway, Grand Cayman, KY1-1104, CI. LLC: One Charles River Place , 63 Company, 1209 Orange Street, LLC: 1540 Broadway, 23rd Floor, New 23rd Floor, New York, NY 10036. Arts. of Name/address of each genl. ptr. available Kendrick Street, Needham, MA 02494. Wilmington, DE 19801. Name/addr. of GP York, NY 10036. Arts. of Org. filed with Org. filed with SOS, DE, Division of from SSNY. Cert. of LP filed with Registrar Arts. of Org. filed with SOS, DE, Division avail. from Sec. of State. Authorized office SOS, DE, Division of Corporations, John Corporations, John G. Townsend Bldg., of Exempted LPs, Elizabethan Sq., 4th Fl., of Corporations, John G. Townsend Bldg., in DE where Cert. of LP is filed is Sec. of G. Townsend Bldg., 401 Federal Street, 401 Federal Street, Suite 4, Dover, DE Phase Four, George Town, Grand Cayman, 401 Federal Street, Suite 4, Dover, DE State of DE, 401 Federal Street, Dover, DE Suite 4, Dover, DE 19901. Purpose: Any 19901. Purpose: Any lawful activity. CI. Purpose: any lawful activity. 19901. Purpose: Any lawful activity. 19901. Purpose: any lawful activity. lawful activity.

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problems when tested. In Nassau County, which used a different vendor, more than half of the 450 THE INSIDER machines delivered failed to work. by Erik Engquist and Matthew Sollars Barber bill becomes law gov. david paterson has signed a Breeze and the City bill to help former inmates become barbers and cosmetologists. long-stalled bill sailed through the City Council Former inmates have Michael Bloomberg complained of being shut out of the last week, and Mayor is expected to fields even after participating in sign it.The legislation, introduced by Councilwoman prison training programs.The bill AGale Brewer forbids the state from denying several years ago, would allow the city to fine stores that prop doors open while blasting their air- licenses because of an applicant’s istockphoto criminal record. conditioning. Eliot Spitzer vetoed the measure a FOR A FEW NEW YORKERS, the Democratic The bill was initially given a cool year ago, but state Sen. Velmanette National Convention in Denver next week reception by the Bloomberg Montgomery, D-Brooklyn, and will be more than silly hats, signs and an administration but survived because Assemblyman Michael Benjamin, 2008 overproduced spectacle on television. They D-Bronx, resubmitted it without plan to get some work done. of Ms. Brewer’s persistence and changes. WATCH Arthur Leopold, 20—the youngest lobbying by the Natural Resources Democratic delegate this year—will spend Defense Council. Straniere pledges the week video-blogging for Duke University’s Web site. For the past year, he The councilwoman also credits has been away from school, raising money for Sen. Barack Obama. Clyde to hire veterans Another first-time delegate, Manhattan state Sen. Liz Krueger, wants to repeated mentions in help build momentum for universal health care and plans to attend a series of Haberman’s New York Times column republican bob straniere went forums on the issue. She will also take a tour of the National Renewable and in The Insider. to Washington this week to hire Energy Laboratory in nearby Golden. consultants and pollsters for his Exemptions for small businesses Not all New Yorkers traveling to the Mile High City are delegates. Janette campaign in the 13th District, but Sadik-Khan, the city’s transportation commissioner, will participate in an Aug. and restaurants with outdoor seating also helped the bill get his Wounded Warriors Workplace 26 roundtable discussion on a topic that hits close to home: how to fund large Initiative got all the attention. the green light from both Council Speaker Christine Quinn and transportation infrastructure projects. the administration. Mr. Straniere has promised that a third of his staffers would be The state’s delegates will leave their host city a gift—80 chokecherry wounded veterans or members of saplings, to be planted in a Denver park after they’re used as centerpieces at deficit, according to a spokesman. their immediate families. events throughout the week. When mature, each tree will offset roughly one Hiring freeze In most cases, adding riders would The congressional candidate New Yorker’s flight to the convention and back. The idea came out of a push by hurts DEC do the opposite. insists that it won’t be difficult to Democratic fundraiser Barbaralee Diamonstein-Spielvogel to refashion the “It costs far more to provide the meet the quota “as people start to state party’s aesthetic presence at the convention, an effort that included declining state revenues and service than fare revenues learn about the program.”There are creating a new logo. “We are the arts, design and culture capital, and I thought Eliot Spitzer’s departure set back generate,” the spokesman says. more than 32,000 wounded Iraq that should be manifest at the convention,” Ms. Diamonstein-Spielvogel says. efforts to restaff the Department of “The exception would be cases and Afghanistan veterans. Environmental Conservation.The where additional riders could be DEC lost 800 scientists, engineers accommodated without adding and other “key staff ” during the service.” Pataki administration, according to Such selective increases are Environmental Advocates of New generally beyond the MTA’s York. Mr. Spitzer restored 109 jobs, control, but the Bloomberg THE FASHION THE FASHION DISTRICT but Gov. David Paterson has ordered administration’s long-term plans a hiring freeze. call for boosting population density Times Square As a result, EANY says, the near transit hubs. Port 42nd Street DISTRICT Authority Bryant agency continues to “rubber-stamp” Park permit renewals and ignore Billboard brouhaha pollution. A DEC spokesman says When it comes to location, you can’t get it is meeting federal targets for property owners who lease their more midtown than this! The Fashion District permit reviews and has replaced the space for outdoor ads are getting 5th Avenue 228 employees who left last year. nowhere in their push to get the has it all: a midtown Manhattan address, premiere Avenue 8th Department of Buildings to ease its tenants, convenient transportation, theaters, crackdown on illegal billboards. dining, shopping and more. Penn Station 34th Street Riders don’t Seven landlords, including equal dollars Langsam Property Services, Joseph Moinian and Soloff Management, adding riders would increase wrote in a letter that they “regularly LOOK WHO’S HERE! fare-box revenue for the incur excessive fines for minor Metropolitan Transportation Authority infractions.” Commercial Ofﬁce Tenants but wouldn’t alleviate its budget The DOB responded that Fashion Designers enforcement is “consistent” with I.T. Firms the newly revised building code. Non-Proﬁts Councilman Bill de Blasio vows to Artists pressure the agency to ease up and plans to introduce a bill on the issue Graphic Designers as early as September. Engineers “The department has a strange Architects pattern of underenforcing in some Galleries really critical areas,” Mr. de Blasio says. “But on this one, it seems like Theaters very zealous enforcement of Retailers something that does no harm.” Restaurants Voting machines in the city’s new voting machines ® bloomberg news have arrived in time for the Sept. 9 www.fashioncenter.com ADDING SERVICE simply increases overhead primary—as required by court order. expenses, according to the MTA. Only 50 of the 1,798 ordered had ®

August 18, 2008 | Crain’s New York Business | 23 CNYB 08-18-08 A 24 8/15/2008 8:04 PM Page 1

ended floor trading and started to culinary school can expect to earn make transactions via computers in- about $10 or $11 an hour their first Execs cooking up new careers stead. year in a restaurant kitchen position, “One of the jokes at ICE is that says Maureen Drum Fagin, director Continued from Page 1 be even higher, north of 20%, if it culinary arts. when the market turns down, you of career services at ICE. dents in their 30s and 40s account were easier to get student loans,” Despite such high costs, a career get all these financial people who Still, many career-changers, infor a big part of the bump. says ICE president Rick Smilow. in the food service business is still want to go into the restaurant busi- spired by celebrity chefs and popu- At ICE, career-oriented classes FCI president Gary Apito says appealing, in part due to the stabili- ness,” he says. lar TV shows like Top Chef, hold on are sold out and enrollment is up the school is forced to turn away ap- ty it offers compared with the to the dream. 17% from a year ago, to 810 stu- plicants who couldn’t borrow money. volatility of other industries, says Low pay Jamie Watson, a forty-some- dents. Enrollment at FCI is 900, up “Wachovia sent us a letter last Dr. Lalia Rach, a dean at the Tisch with a mortgage on his house in thing FCI student from Nashville 40% compared with last year at this week saying they’re getting out of Center for Hospitality at NYU. Orange County, N.Y., and the ex- voluntarily left the troubled music time. Both schools are adding the student-lending business,” Api- “Restaurants are viewed as reces- pense of raising four children, Mr. business for a career in food. He courses and kitchens as fast as they to says. sion-proof,” she says, “We have be- Comizio is certainly motivated to came to New York this year for culi- can to keep up with demand. come a nation that eats out. It’s not find work. But first, he’ll have to get nary school because his banker An unofficial bellwether of the Hefty tuitions a short-lived trend.” a six-week unpaid culinary extern- friends advised him that classical city’s economy,culinary schools typ- for many students, loans are es- Joseph Comizio, for one, is ship, an ICE requirement. As a sug- training from well-known chefs ically thrive during hard times. But sential because culinary school isn’t counting on New Yorkers’love affair ar trader, he earned a six-figure in- would help him get funding for a the current downturn is creating cheap. Tuition for the ICE culinary with food to last. A 48-year-old come and his peak times on the business startup. challenges for the schools and their arts diploma program is $28,000 ICE student who graduated in July, trading floor amounted to about “It was always a choice between prospective students because the and the management program,costs he hopes to open a restaurant of his three hours a day. music and food for me,”Mr.Watson credit crunch is making it more dif- an additional $12,900. FCI, located own someday. A former sugar trad- To be sure, there’s a financial says,“so I decided to come to French ficult for students to finance their at Broadway and Grand Street in er for the London-based commodi- downside to starting a new career in culinary school.” education. Manhattan, charges a whopping ties company E.D. and F. Man, Mr. the food industry. Entry-level jobs “We think our growth rate would $40,000 for a six-month degree in Comizio was laid off when the firm pay poorly. Recent graduates from COMMENTS? [email protected]

Cash-rich buyers seize moment GOING DOWN Number of Manhattan office buildings sold. Continued from Page 2 at Eastdil Secured, a broker special- for $294 million to investor Lloyd transactions. “Now stressed sellers izing in high-end office towers and Goldman. That price represents a want certainty of execution.” residential properties. “We are see- 12% discount from the building’s 53 56 53 35 26 18 Founded in 1960 by Walter ing better-capitalized players, insti- valuation of a year ago. 1Q ’07 2Q ’07 3Q ’07 4Q ’07 1Q ’08 2Q ’08 Shorenstein and now run by his son tutional players, players who don’t Other well-capitalized firms are Doug, the family-owned firm ranks live on the edge in the deals.” also seizing opportunities presented Source: Real Capital Analytics

as one of San Francisco’s largest Shorenstein and other deep- by the cooling market. A joint ven- istockphoto landlords. It owns 122 buildings pocketed players have made their ture of Boston Properties, Goldman across the United States and has a $2 moves as the slow economy and cred- Sachs and a Dubai-based private eq- joint venture to put up from 35% to Shorenstein paid less for 65 E. billion investment fund. it crunch have dampened both the uity firm bought the General Motors 40%. 55th St.—a boutique Class A build- However,Shorenstein didn’t buy demand and prices for office towers. Building in June and three other tow- “We are going to be in a position ing—and 850 Third Ave.—a large a property in New York until 2003. In the first half of the year, only ers from Mr. Macklowe last week. to take advantage of what is going on Class B building—than it would In the past year, the company has 44 Manhattan towers were sold— in the market,” Mr. Levinson says. have a year ago, but neither building dramatically accelerated its activi- down 57% from a year earlier, ac- Prudent buyers At Shorenstein, Mr. Underhill is was inexpensive. In fact, sources say ties here. In addition to scooping up cording to Real Capital Analytics. also last week, L&L Holding also looking for openings in the the East 55th Street property was the two midtown towers—bringing Dan Fasulo, managing director at Co. and Prudential Real Estate In- Manhattan market,which he sees as close to $1,000 a square foot, a very its Manhattan holdings to four tow- Real Capital, says the price of a typi- vestors announced a $500 million firmly buttressed by the city’s limit- high price. ers—it has bought or made five cal office building has dropped by joint venture to acquire office tow- ed supply of office buildings and in- “We think we made a smart in- property loans totaling millions of 10% to 15% since last summer’s peak, ers in the city. disputable status as an international vestment,” Mr. Underhill says. dollars. even though a few trophy properties L&L Holding Chief Executive business center.Though he and oth- “What’s more important is where “We are seeing people who have fetched strong prices. David Levinson says that while at er buyers concede that building prices will be in five or six years—we wouldn’t or couldn’t compete before Last month, for example, Wa- one time he was a highly leveraged prices and rents could fall further in think they will be higher.” getting back in the game,”says Doug chovia Corp. and SL Green Realty buyer who covered only 25% of the the near future, they are confident Harmon,a senior managing director Corp. agreed to sell 1372 Broadway purchase price, he expects the new about the longer-term scenario. COMMENTS? [email protected]

founder of Manhattan startup App- Capital and Dan Loeb of Third Nexus, who is currently fundraising Point. The city’s best and brightest Tech community wants respect out on the West Coast. tend to go into finance or media. Mr. O’Kelley refuses to leave “In San Francisco, the smartest Continued from Page 1 battle. For decades, New York has year,there were 171 active New York New York, since his clients are here, and hippest people are founders of dustry of many,” says Kevin Ryan, remained a distant third,behind Sil- City-based venture firms compared but he’s an exception.Mark Zucker- startups,”says Ms.Kaplan of Blip.tv, chief executive of AlleyCorp, a icon Valley, the country’s tech mec- with 272 Silicon Valley firms, ac- berg, who founded popular social who started Founders Club, a social holding company for six startups ca, and Boston. cording to the NVCA. network Facebook out of his Har- event intended to increase local net- that he co-founded.“It doesn’t get as vard University dorm room,uproot- working opportunities. “In New much respect as it should.” Far behind ed his company and moved it to Palo York,it’s a badge of honor to have an Mr.Ryan is among a group of en- in the first half of 2008,149 New Entrepreneurs Alto,Calif.—even though he’s a na- NBC or MTV card in your pocket. trepreneurs and government offi- York area firms raised $962 million tive of Dobbs Ferry, N.Y. It’s a huge cultural phenomenon cials attempting to change the sec- in venture money.That’s far behind who are nervous that will take a long time to shift.” tor’s image. Veterans of the tech companies in the Boston area,where Challenges abound New York City really needs a community, such as Mr. Rose, are 232 firms took in $2.6 billion, and about raising new york presents a host of other huge success story. With the excep- trying to make it easier for entrepre- Silicon Valley, where 626 firms challenges for entrepreneurs trying tion of DoubleClick Inc., an online neurs to find cheap office space. raised $5.6 billion,according to a re- capital will move to succeed in the digital world. ad shop that was acquired by Other advocates, like Dina Kaplan, cent report by Pricewaterhouse- The city is expensive; cheap of- Google,New York hasn’t given birth co-founder of Manhattan-based Coopers and the National Venture fice space, such as that available at to billion-dollar tech companies Blip.tv,are creating regular network- Capital Association. Mr. Rose’s incubator, is hard to that can lure talented engineers and ing events similar to those found New York did gain some ground come by.New York also lacks strong feed the local startup community. across the country in Silicon Valley. recently. Last year, four Manhattan While West Coast venture firms engineering schools comparable to “Companies like Cisco and Intel Last week, Polytechnic Institute tech firms were acquired for a total do invest in New York startups, ge- the Massachusetts Institute of were the cornerstones of the infor- of New York University received $2 of $5 billion. And the area saw the ography is a barrier. Most venture Technology or Stanford University mation technology industry,” says million from the state to build a me- number of venture deals rise 25% capitalists prefer to invest in firms in Palo Alto, where the next Larry Jeff Stewart, a serial entrepreneur dia and entertainment research cen- during the first half of 2008 versus that are nearby.In fact, executives at Page and Sergey Brin—the and the founder of Urgent Career, ter that will foster local tech talent. the year-earlier period, outpacing some local startups say they have founders of Google—may be cook- an online service that matches sales- And in June, Mayor Michael the Boston region, where deals been advised to move to the West ing up a business plan right now. people with employers. “New York Bloomberg presided over the city’s dropped 6%. Coast so that they can raise addi- So, while the Who’s Who of bil- needs companies like those. The first Internet Week, designed to But overall, raising capital in the tional capital. lionaires on the West Coast includes only way to get respect is through shine a spotlight on the digital start- city remains difficult. New York has “Entrepreneurs who are nervous people like Messrs. Page and Brin, actual performance.” up community. about half as many venture firms as about raising capital will pick up and New York’s boasts hedge fund guys The industry still faces an uphill there are on the West Coast: Last move,” says Brian O’Kelley, co- like Eric Mindich of Eton Park COMMENTS? [email protected]

24 | Crain’s New York Business | August 18, 2008 CNYB 08-18-08 A 25 8/15/2008 10:25 AM Page 1

BUSINESS CORPORATE LADDER Former TV anchor’s second act PAGE 27 buck ennis

GOTHAM GIGS Pimsler’s path Learning vacations STEVEN PIMSLER, 58, creative director and vice president of Karlin+Pimsler Advertising, is In pursuit of passions during time off always concocting new ways for such companies as AT&T BY THERESA AGOVINO to promote their products and brands. steve goodfriend snapped countless photos on his trip to the Galápagos Islands in 1990, GETTING STARTED Mr. Pimsler, hoping to create special mementos of his exotic adventure. It didn’t quite work out that way. a Bronx native, studied theater “My pictures sucked,” says Mr. Goodfriend, 50, a computer systems manager at Citigroup Inc. at Syracuse University, but his flair for writing soon took him The avid traveler decided that if he was going to spend thousands of dollars visiting Machu in a new direction. “One thing Picchu and Mount Everest, his pictures should be worthy. Mr. Goodfriend began studying led to another, and I ended up photography in his spare time. in marketing,” he says. Last year, the Upper West Side resident coughed up $6,000 for a 10-day African safari with STANDOUT At Karlin+Pimsler, professional photographer Andy Biggs, who gave group lectures as well as personal Mr. Pimsler has developed instruction. In addition to the hours spent with the pro getting individualized tips and successful television and print suggestions, Mr. Goodfriend benefited enormously from Mr. Biggs’ regular critiques of ads for more than 40 businesses.The firm’s TV spot group members’ photos. for financial services firm J.G. The experience merited the price tag, according to Mr. Goodfriend. “I learned so Wentworth that parodies the much,” he says. movie Network became a So much for lying on a beach with the latest best-seller. Acquiring a new skill or popular YouTube video. In the See LEARNING VACATIONS on Page 26 commercial, customers open their windows, lean out and shout, “It’s my money and I need it now!” CONTINUE CREATING Mr. Work & Play Pimsler says the goal is to continue creating. “Our approach will always be to help our clients break free of the commercial clutter, so there’s something surprising and memorable about their name and product,” he says. Photography —amanda wheat vacations www.andybiggs.com EXPERT OPINIONS HOW CAN I AVOID TRAVEL WOES? right now, more than ever, airlines are cutting back on the number of available seats and services while raising prices. Total Tennis, Be wary when booking trips online; make sure there’s a 24- Saugerties, N.Y. hour customer-service line to www.totaltennis.com call if you run into problems. To save money, check out off- season destinations or all- inclusive resorts, where you know exactly what’s included and can avoid any surprises. —amy glass Travel agent ProTravel International AVOCATION ASPIRATIONS: Kripalu Center for Jennifer Ehrenberg, as shown here in Manhattan, is spending a week Yoga and Health, at a jazz workshop in France. Lenox, Mass., www.kripalu.com buck ennis istockphoto

August 18, 2008 | Crain’s New York Business | 25 CNYB 08-18-08 A 26 8/15/2008 10:27 AM Page 1

BUSINESS LIVES TABLE TALK by Bob Lape green seems to trigger a salt reac- and brown sugar crumbs. Warm The bar is shaping up,as well.Af- tion. Even the frisée with steak brûlée-topped rice pudding gets ter a diner received a wretched vodka tartare gets inundated. Conversely, port wine cherries, chocolate gimlet in early days, waiters now in- the petite round of tartare—served crumbs and vanilla whipped cream. quire about guests’vodka preferences with a genteel mix of béarnaise aïoli, A peach filling elevates beignets. and whether fresh lime juice or Rose’s herbs and pickled shallots—lacks Mr. Glick, who is expanding the is desired.Rose’s is best and easiest,as oomph. Capers and Worcestershire wine list rapidly, promises that he fresh juice requires careful balancing would help. will multiply the 220 choices in the with simple syrup. The six Steakhouse Classics are future. Markups tend toward the priced a tad under midtown levels, vigorous side. COMMENTS? [email protected] though the 10-ounce filet mignon fetches $42. The meat is said to be prime, but a bone-in rib steak is short on the mouth-feel normally found in the genre. Four sauces are Learning vacations offered: béarnaise, horseradish, chimichurri and red wine reduction. Horseradish gets the nod. Continued from Page 25 Mr. Billheimer’s winning ways talent, sharpening an existing one, with seafood continue in herb-crust- or indulging a long-held passion ZEN MOMENT ed wild striped bass packaged with clearly appeals to New Yorkers— MICHELLE MORRISON takes the olives, artichokes and tomatoes; many of whom are so driven that concept of pursuing a passion whole grilled branzino with herbs they have to be productive even while on vacation to a higher and chili-lemon seasoning; and lob- when they’re on holiday. Constant- level. The 40-year-old Brooklynite ster, either steamed or in a roll. ly connected to the world via cell is so committed to yoga that she The chef ’s pan-roasted chicken phones and BlackBerrys, they find recently used a week off to is a model of type with golden skin plain-old relaxation an alien con- conduct a six-day retreat in Bar and a bed of ricotta whipped pota- cept. Harbor, Maine. toes garnished with pattypan squash De-stress by focusing Ms. Morrison, who has been and maitake mushrooms. practicing yoga for 13 years, The juicy Parlor Burger is nicely “people are in the habit of being became an instructor in 2003 constantly involved in something,” done, with a medley of fries and because she wanted to share the onion rings. Onion strings are says Bjorn Hanson,an assistant pro- discipline that helped her cope among the sides, where Parmesan- fessor at the Preston Robert Tisch laced creamed spinach stands out, Center for Hospitality,Tourism and with some significant health and panko-topped macaroni and Sports Management at New York problems. cheese is too dry. University.“They find it difficult to But yoga instructors don’t The desserts ($8 to $10) display go on vacation for pure leisure.” earn much, so Ms. Morrison creativity. Individual sour cream In fact, staying active is the only couldn’t support herself by buck ennis cheesecakes with black currant sor- way that some people can leave the teaching alone. Instead, she PRIME-TIME TRIO: Owners Michael Glick and Susy Salvo Glick and chef Lucas Billheimer leads classes a few nights a week (center) offer a sleek setting and add a generous seafood component to steakhouse standards. bet are dressed with lemon coulis stress of the workplace behind. For instance, Rebecca Kahn re- while working full-time at the cently spent five days at Total Ten- accounting firm Marks Paneth & nis, a camp in Saugerties, N.Y., to Shron. improve her game.Among the ben- Though heading the seminar efits was that the physical exhaus- is gratifying, Ms. Morrison Steak cravings tion resulting from rigorous instruc- acknowledges that having five tion helped her forget about her job. weeks of vacation makes it easier “Tennis requires concentration, for her to give up one week to so it really does take your mind off help others. “If I only had two or sated uptown everything,” says Ms. Kahn, 26, three weeks of vacation, I’m not campus programs manager for the sure I’d do this,” she says. The clean, airy café is steps above Jewish National Fund. Sleek newcomer the bar-lounge.A more formal,styl- A learning vacation also takes quickly becomes ish dining room is situated down- the stress out of planning. Days are stairs from the cocktail crowd. PARLOR filled with arranged activities,meals Going abroad to pursue an in- a favorite on the Ms. Glick leads the attractive re- STEAKHOUSE and sightseeing excursions. terest offers benefits that go far be- ception committee, point women of 1600 Third Ave. (at East 90th Street) Jennifer Ehrenberg, an adminis- yond returning as a better painter or Upper East Side an impressively layered service (212) 423-5888 trator at the American Institute for stronger golfer, however. The win- team. After less than two months, www.parlorsteakhouse.com Stuttering, is off to a jazz workshop dow into a different culture can re- pper east siders are Parlor’s customer attention level is ## this month to play the saxophone in shape a traveler’s mind-set by put- steakhouse-deprived, well above that of many meaty vet- an ensemble under the direction of ting work and play into clearer in the view of culinary erans of New York. CUISINE Steakhouse fare Roni Ben-Hur, a musician she has perspective. husband-and-wife Chef Lucas Billheimer, formerly known for years. WINES 220 choices, 22 by the Surfer mentality team Michael Glick of Lure Fishbar, adds a hefty surf glass Ms. Ehrenberg, 40, has been Uand Susy Salvo Glick.To address the component to the turf. Selections playing the sax since she was 10. last year, Brooklyn resident Mark shortfall, the couple have provided begin with raw bar options, from DRESS No code She’s thrilled at the prospect of Laughlin attended surfing camp in Parlor Steakhouse, a real slice of shellfish cocktails to hefty plateaux NOISE LEVEL Loud practicing for six to eight hours a day Costa Rica. He says a week in the midtown meat artisanship. of assorted marine goodies with with others as they prepare to per- waves with an instructor definitely They might be right.Before any- matching sauces. PRICE RANGE $21-$39 form at a local jazz festival. helped his technique. one could say “Geronimo”—the Appetizers ($7 to $16) of dis- WINE MARKUP 150%-280% That all of this is hap- But just as important, previous eatery at that address— tinction include a crunchy,delicious pening in the town of St. after spending time among CREDIT CARDS All major $900 Parlor was full. Much sleeker than soft-shell crab presented with Cézaire,in the French Alps, COST for a Jazz fellow surfers in a Central most parlors, it aspires to bridge the arugula, spiced mango and straw- RESERVATIONS Recommended makes it even more magical, Clinic in the American beach town, Mr. gap between a neighborhood spot berries; and a bowl of pappardelle Ms. Ehrenberg says. Those south of France, Laughlin, 32—whose job HOURS Lunch, Mon.-Fri., plus airfare and a destination. Local know-how tossed with shredded short ribs, as- 11:30 a.m.-4 p.m.; Dinner, Sun.- attending the clinic will stay as a creative director for an is a given—the Glicks also own the paragus and hen-of-the-woods Thurs., 5:30-11 p.m., Fri.-Sat., in locals’homes,so the price Internet ad agency often popular BB&R bar a block away. mushrooms. 5:30 p.m.-midnight; Brunch, Sat.- for the week, excluding airfare, is leaves him tense and harried—re- The steakhouse is set in a sophis- Five salads yo-yo from excellent $900—a bargain, considering the turned to the city that never sleeps Sun., 11 a.m.-4 p.m. ticated,bilevel space.Rather than go to wildly oversalted. The winner is strong euro. with a more relaxed attitude. rustic or wood-paneled,Parlor pres- heirloom tomatoes over gorgonzola ####= Outstanding “This is an opportunity to spend “You see that life can be taken a ents handsome striped banquettes purée. Two others—baby greens, ###= Excellent every day with other people who little less seriously, a little more eas- and large mirrors reflecting the live- and a chopped mélange with feta ##= Very good love jazz,” says Ms. Ehrenberg, who ily,” he says. ly scene in the restaurant. A wall of overpowering aged balsamico— #= Good concedes she’s also looking forward windows overlooks the busy avenue. drown in a saline sea. The color to “great wine and great food.” [email protected]

26 | Crain’s New York Business | August 18, 2008 CNYB 08-18-08 A 27 8/15/2008 10:32 AM Page 1

BUSINESS LIVES CORPORATE LADDER John Seigenthaler TV anchor’s second act Former newsman The son of prominent Nashville newspaperman John Seigenthaler— PERSONNEL FILE parlays journalism who was an aide to Attorney Gen- eral Robert F. Kennedy in John COMPANY Seigenthaler Public skills into PR career, F. Kennedy’s administration—the Relations Inc. younger Mr. Seigenthaler says he is joins family business content to be turning the page on his TITLE Chief executive, broadcasting career. SPR New York BY MATTHEW FLAMM AGE 52 Offering strategic advice or more than 25 years, “there are a lot of journalists RÉSUMÉ Anchor, NBC Nightly John Seigenthaler was a who leave the business and are un- News Weekend Edition; NBC television newsman. He happy,” he says. “That’s not me. I’m News special correspondent; worked at local stations moving on to something different anchor, MSNBC Investigates in Nashville, where he where I can use my skills and have MANAGEMENT STYLE Fgrew up, helped launch MSNBC some fun.” Straightforward, energetic and spent seven years as weekend One benefit of the new job: He anchor of the NBC Nightly News. now has weekends free to take his INDISPENSABLE GADGET He covered the events of Sept. family skiing in the winter and Mac computer

11, 2001, the 2004 tsunami and watch his 11-year-old son play Lit- buck ennis Hurricane Katrina. tle League in the summer. On April 1, 2007, the veteran Ironically, the greater competi- For the Seigenthaler executives, based in New York, including the munications world,” she says. journalist anchored his last broad- tion in the media universe that has bringing their cousin John on as a National Resources Defense Coun- Mr. Seigenthaler’s former col- cast.The casualty of a changing me- eroded broadcast audiences and partner is a considerable coup. The cil and the Columbia Center for leagues expect him to adapt well to dia business and a network with rat- forced cutbacks in news divisions re- firm is run by Beth Courtney, Children’s Environmental Health. the public relations side of the me- ings troubles, Mr. Seigenthaler was cently has also created opportunities founder Tom Seigenthaler’s daugh- dia equation. included in the first of several in Mr. Seigenthaler’s new profes- ter, with her two sisters. First-rate skills “He was an aggressive, first-rate rounds of layoffs at NBC. sion. One of his responsibilities will Ms. Courtney says that since her mr. seigenthaler’s presence at newsman who was always well-pre- After a stint freelancing, the for- be providing strategic advice to cor- cousin’s appointment was an- SPR should bring even more growth pared for interviews,” says Patrick mer anchor passed on offers he says porations and nonprofits on how to nounced in July of 2008, new pros- to the boutique agency, which has Burkey, the executive producer of he received to appear elsewhere on deal with a media marketplace that’s pects have expressed interest in about 30 employees and whose the NBC Nightly News Weekend Edi- television, and joined the family no longer dominated by a few tele- working with SPR,which primari- billings have been growing around tion. “Those skills will serve him business.He launched the New York vision networks. ly serves health care, biotech and 25% annually over the past five well, and will serve whoever he’s go- office of Nashville-based Seigen- “There are more voices out there technology firms, as well as banking years, according to Ms. Courtney. ing to be working with.” thaler Public Relations, which was than ever before,and you have to ad- and financial services companies. “You don’t often find network founded by Tom Seigenthaler, his dress as many of those voices as you About 40% of the firm’s clients are anchors who decide to make this COMMENTS? uncle, in 1972. can,” Mr. Seigenthaler says. not in Nashville, and a number are transition into the corporate com- [email protected]

EXECUTIVE MOVES

ACCOUNTING & CONSULTING Interactive, which he co-founded. Goodwin Procter: Parker H. Bagley, 51, HOT JOBS AlixPartners: Deepak Goyal, 57, joined as R/GA: Brandt Flomer, 34, was promoted joined as partner. He had been a partner director. He had been a partner at to director of experience strategy, a new at Milbank Tweed Hadley & McCloy. Accenture. position, from creative director. Jamie L. Krulewitz, 41, was promoted to Anchin Block & Anchin: Thomas K. Lee, Ringleader Digital: Sonjoy Ganguly, 37, director of professional development and WANTED: 44, joined as director. He had been a joined as vice president, product training, professional staff, a new director at Navigant Consulting. development. He was formerly a position, from senior human resources SENIOR RESEARCH INVESTIGATOR BDO Consulting: Stephanie Giammarco, director at DoubleClick. manager. COMPANY 36, was promoted to partner from Loeb & Loeb: Tamara Carmichael, 41, Bristol-Myers Squibb director. APPAREL & RETAIL joined as partner. She was formerly a JOB DESCRIPTION Responsible for the investigation of poisonous Tim Mohr, 41, was promoted to partner Bill Blass New York: Stephanie Wilson, 36, partner at Holland & Knight. side effects in new drug developments from director. was appointed senior vice president of PricewaterhouseCoopers: Jeffrey Summer, new business development and training. MEDIA & ENTERTAINMENT MOST IMPORTANT TASKS Serve as drug study director; design, 48, was named principal. He was She was formerly director of sales at Brides.com: Anne Chertoff, 29, was conduct and interpret topological evaluations of drugs formerly a principal at Deloitte Dolce & Gabbana. appointed senior editor. She was Consulting. formerly a producer at iVillage.com. CREDENTIALS NEEDED A Ph.D. in toxic biology, with five years’ SolomonEdwardsGroup: Laurie Mulford, FINANCE & INSURANCE CBS Corp.: Adam Townsend, 35, was experience in the field, and a strong knowledge of human and 49, joined as principal. She was formerly Amalgamated Bank: Michael Zahaby, 57, named executive vice president, investor animal physiology national principal, information was named chief credit officer. He relations. He had been a managing SALARY $125,000 to $150,000, including bonuses, according to technology, at AC Lordi. continues as executive vice president. director at E*Trade Financial Corp. Joe Padlo, 29, joined as practice manager. EMI: Rob Stevenson, 37, was appointed industry sources He had been practice director at HEALTH CARE president of Virgin U.S. He was UPSIDE The chance to play a leading role in maintaining the safety Peopleflex. Affinity Health Plan: James Ventilato, 39, formerly executive vice president of and health standards at a large pharmaceutical firm was named internal audit director. He A&R at Island Def Jam. ADVERTISING & COMMUNICATIONS had been controller for the Northport- Madison Square Garden Entertainment: DOWNSIDE Safety and health regulations constantly change, Enfatico: Lisa Fabiano, 51, was East Northport School District. Liana Farnham, 41, was named vice making evaluating new drugs difficult appointed chief talent officer. She was president, concert marketing. She had —DAMIAN GHIGLIOTTY formerly a partner at Margeotes Fertitta LAW been vice president of marketing and Powell. Arent Fox: Sanford G. Hausner, 47, joined artist development, Columbia Records, Essence Communications Inc.: Joy A. as partner. He was formerly a partner at at Sony BMG Entertainment. Collins, 32, joined as general manager. Troutman Sanders. Madison Square Garden Sports: Scott She had been vice president of business Blank Rome: Eliezer M. Helfgott, 40, O’Neil, 38, was appointed president. He development at NBC Universal. joined as partner. He had been a had been senior vice president at the He had been senior vice president at Goldstein, 29, joined as vice president of Ketchum Inc.: John Patterson, 36, was member at Sills Cummins & Gross. National Basketball Association. Starwood Capital Group. sales and business development. He had named senior vice president and account Summit Business Media: Andrew L. Sholom & Zuckerbrot: Joshua Kleinberg, been chief operating officer at director, corporate practice. He had been Goodenough, 52, was named chief 37, was named managing director. He LifeAt.com. a director at Capgemini. EXECUTIVE PROMOTIONS executive. He continues as president. was formerly director of retail leasing at OneWorld Relocation Services Inc.: Janine Porter Novelli: Brad McCormick, 31, was The fastest way to get an announcement into Robert K. Futterman & Associates. Moore, 47, joined as vice president, global named executive vice president of U.S. Crain’s is to submit details online. Fill out the form REAL ESTATE relocation services. She had been senior digital communications. He had been at www.crainsnewyork.com/submit. The Jones Lang LaSalle: David Friedman, 48, SERVICES account executive at Premier Location. senior vice president at Ruder Finn Executive Moves column is also available online. was appointed executive vice president. Abigail Michaels Concierge Co.: Matthew —sarah studley

August 18, 2008 | Crain’s New York Business | 27 Project5 8/4/08 12:06 PM Page 1

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Sierra Wireless Compass™ 597 Requires eligible upgrade (or new service activation) on a business account, data plan and two-year agreement.

Internet to go. Only on the Now Network.™

sprint.com/mobilebroadband

Largest claim based on total network size (sq. miles). May require up to a $36 activation fee/line, credit approval and deposit. $200 early termination fee/line applies. Mobile Broadband Card Offer: Offer ends 12/31/08. While supplies last. Requires activation at the time of purchase. Available for corporate-liable accounts (activations using a business name and tax ID) only. Upgrade: Existing customers in good standing with service on the same device for more than 22 consecutive months currently activated on a service plan of $34.99 or higher may be eligible. See in-store rebate form or sprint.com/upgrade for details. Pricing, offer terms, fees and features may vary for existing customers not eligible for upgrade. Mobile broadband card data plan required. See sprint.com/coverage for details. Other Terms: Offers not available in all markets/retail locations or for all phones/networks. Sprint Mobile Broadband Network reaches over 248 million people (including data roaming). Not available in all markets/retail locations. Other restrictions apply. See store or sprint.com for details. ©2008 Sprint.