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Silverstein to Call a Halt at 3

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Silverstein to Call a Halt at 3 20120123-NEWS--0001-NAT-CCI-CN_-- 1/20/2012 7:27 PM Page 1 INSIDE NY AREA’S LARGEST TOP STORIES EXECUTIVE The cash bundlers RECRUITING behind the 2013 FIRMS mayoral wannabes ® PAGE 15 PAGE 3 Online grocer VOL. XXVIII, NO. 4 WWW.CRAINSNEWYORK.COM JANUARY 23-29, 2012 PRICE: $3.00 looking to bag new cities PAGE 3 Tech’s lessons Signature Theatre to play starring role changes taking place in the classroom. In the midst in new West 40s NYC is digital BY MATTHEW FLAMM of its Internet moment, education is going through PAGE 2 a digital disruption similar to the ones that have hotbed in push Last Thursday morning outside Apple’s press con- shaken up the music industry, newspapers and Wage Theft law’s ference at the Guggenheim Museum, news-team trade-book publishing. to transform sound trucks stretched an entire block, possibly Apple’s event was also symbolic of New York’s paper demands are setting a record for the amount of coverage for an role in that transformation. Executives from the driving biz bonkers education as announcement about textbooks. Cupertino, Calif.-based company came all the way SMALL BUSINESS, PAGE 9 But the introduction of interactive, instruction- to Fifth Avenue because, by and large, this is where we know it al e-books for the iPad was also a signal of larger See TECHNOLOGY on Page 7 Hipsters go home! Brooklynites lash out at bar boom NEIGHBORHOODS, PAGE 5 BUSINESS LIVES GOTHAM GIGS Sleeping well in the city that never sleeps P. 19 ● ANNE FISHER How to build a Fortune 500 powerhouse brand P. 19 istockphoto ● MOVERS & SHAKERS Planning NYC’s green revolution P. 20 ● GAEL GREENE Where to Silverstein to call Goldman get a good lunch P. 22 a halt at 3 WTC snacks on INDEX own stock THE INSIDER _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _8 Unable to line up tenants, developer to cap REAL ESTATE DEALS PLUS _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _9 OPINION _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _11 his second Trade Center tower at 7th floor Bank’s buybacks FOR THE RECORD _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _12 the World Trade Center site if he exceed its profits CLASSIFIEDS _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _16 BY THERESA AGOVINO can’t find a major office tenant, EXECUTIVE MOVES _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _19 sources close to the company said. BY AARON ELSTEIN THE WEEK AHEAD _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _22 Developer Larry Silverstein is plan- Minor modifications have al- THE WEEK ON THE WEB _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _23 ning to halt construction by the end ready been made to the ongoing Here’s a sign of the tough times at buck ennis CHEAT SHEET _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _23 of the year on the second of the two construction of the tower that will LARRY SILVERSTEIN wants an 80-story Goldman Sachs: Last year, it spent towers he is currently building at See SILVERSTEIN on Page 7 tower, but can’t yet show he can fill it. more money buying back its stock than it generated in earnings.To be exact, the bank coughed up $6.04 REPORT HEALTH CARE billion to repurchase shares on the open market while producing only Imagine holding an iPhone over your chest for $4.44 billion in profits. ELECTRONIC EDITION It’s not a distinction that makes an electrocardiogram. How the latest medical Goldman officials all that proud.“I P. 13 don’t think you should expect that NEWSPAPER apps are revolutionizing the medical arts See GOLDMAN on Page 4 20120123-NEWS--0002,0003-NAT-CCI-CN_-- 1/20/2012 7:01 PM Page 1 IN BRIEF THE PUBLIC REVIEW PROCESS TO ENSURE THAT THE NEXT TRANCHE OF THE HIGH LINE park will be developed begins Monday.The City Planning Department will start the review of the zoning text amendments, which state that the High Line at the Eastern Rail Yard,West 30th Street between 10th and 11th avenues, will be preserved, improved and opened to the public. Currently, there is no guarantee that the last section of the High Line, which snakes through Related Cos.’ Hudson Yards redevelop- ment, will be turned into public open space. MARTHA STEWART LIVING OMNIMEDIA IS UNDOING A STRATEGY THAT HAD A UNIFIED AD sales group selling across its magazines for the past two and a half years.The company named Peter Medwid senior vice president and publisher of its flagship Martha Stewart Living last week, giving the title a dedicated publisher for the first time since August 2008. Sally Preston, who had been group publisher in charge of a new ad sales group representing all company titles, left in November. Mr. Medwid CENTER STAGE: Signature was previously vice president and publisher of founder Jim Houghton Sunset and Coastal Living. says the new theater “will fully realize the potential A RARE FIRST EDITION OF JOHN JAMES of our mission.” AUDUBON’S ILLUSTRATED THE BIRDS OF America, depicting more than 400 life-size North American species in four monumental buck ennis volumes, was purchased at auction Friday for $7.9 million.The buyer was identified by Christie’s auction house only as an American collector who bid by phone. n Signature Theatre Company BY THE NUMBERS raises curtain on new complex Weekly shift of the city’s economy LOCAL LAGGARDS Manufacturing in the New York area rose, and claims for jobless benefits alize the potential of our mission,” said é nationwide hit four-year lows, but in the city City hopes sprawling new arts facility will Jim Houghton, Signature’s founder and financial firms showed weak results. artistic director, during a tour of the site revitalize its far West Side neighborhood last week. 2.7% 1,000+ 3,900 store and a café,next to four stages of vary- Legacy Program RISE in NY CALORIES PRIVATE JOBS BY MIRIAM KREININ SOUCCAR 1 ing size. The theater will continue featuring a area prices in consumed by /3 gained in NYC in December, versus of New Yorkers for December. The Signature Center, which opens on single playwright for a season, along with a year earlier lunch at chain Ten-year average From the outside, the Signature Theatre Jan. 31, is the first theater complex built in its Legacy Program, which brings back Source: Bureau of restaurants is 15,300 Company’s new home on West 42nd Manhattan since Lincoln Center, accord- previous resident writers to create new Labor Statistics Source: NYC Health Source: NYS Dept. Department of Labor Street and 10th Avenue looks like one of ing to executives at the nonprofit.It has the work. But it has added a new project in the ubiquitous luxury residential high- potential to catapult the 21-year-old the- which three young writers are selected for SPACE RACE Looking for new office space? The choices rises going up around the city—a nonde- ater company—best known for presenting five-year residencies and given $50,000, for Manhattan commercial real estate have shrunk script sterile glass box. the work of a single playwright each sea- health insurance and the chance to pro- considerably over the past five quarters. But inside is a sprawling 75,000- son—to the big leagues; to help it become duce three new plays. Vacancy rate square-foot theater complex creatively de- the incubator for the next generation of “All three programs don’t exist any- signed by Frank Gehry, where play- new plays in America; and to give the sur- where else,”Mr.Houghton said.“Over five 10.9% 10.5% 10.0% wrights, actors and audiences will soon rounding neighborhood a needed boost. years in this building, we will produce 45 9.4% 9.3% 9.1% mingle in a large, lofty lobby with a book- “We finally have a facility to fully re- See SIGNATURE on Page 18 ’10 ’11 3Q 4Q 1Q 2Q 3Q 4Q War on cancer becomes a battle a Source: Cushman & Wakefield Inc.
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