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Top Execs Settle Into Easy Living

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CNYB 03-31-08 A 1.qxp 3/28/2008 8:48 PM Page 1 TOP STORIES BOARDS: THETOP Yahoo loses execs to smaller NYC media companies PAGE 3 ® 25 Page 19 Brit club owner aims for VOL. XXIV, NO. 13 WWW.CRAINSNEWYORK.COM MARCH 31-APRIL 6, 2008 PRICE: $3.00 enduring empire PAGE 2 Home Depot New surgery hard to stomach could drop for most patients PAGE 3 Harlem lease Cruise New bloomberg news York Harbor for PROJECT IN PERIL: Moynihan Station, seen here in an artist’s rendering, may not be built. to Franklin D. Roosevelt Drive. Frail economy drives “We are re-evaluating this site $50,000—really other chains to pull to determine if it still makes sense NEW YORK, NEW YORK, P. 6 for our business,” a Home Depot plug on growth plans, spokeswoman says. Why mega-projects too; some soldier on The home-improvement chain has been promising for 10 years to BUSINESS LIVES open a store at the former Wash- are falling apart BY ELISABETH BUTLER CORDOVA burn Wire Factory site,where Tar- get and Best Buy have also signed the home depot inc. may walk leases. Real estate sources say that Financing is crucial, approval. When even just one of away from long-standing plans to Home Depot would be responsible those legs is broken,the project can open a 100,000-square- for subleasing its space if but so is political, weaken and, in some cases, fail. foot store at East River RECESSION it decides not to open a community support That reality has become Plaza, a major new de- store there. painfully apparent in the past cou- velopment from Forest WATCH Home Depot’s hesita- ple of weeks,as some of the biggest City Ratner Cos. and tion comes at a time BY THERESA AGOVINO projects in the city—Atlantic Blumenfeld Development Group. when the economy is stumbling, Yards,Hudson Rail Yards,Moyni- Last week, Atlanta-based forcing retailers of all sizes to re- successful development proj- han Station and Pier 40—appear Home Depot acknowledged that it consider their expansion plans. He’ll have a ects in New York City rest on a to be at risk. is reconsidering its lease in the Some are pulling back on rollouts, martini with three-legged stool of financing, The biggest threat to Atlantic 500,000-square-foot develop- postponing the launch of risky new that meeting. political support and community See MEGA-PROJECTS on Page 8 ment, located on six acres adjacent See HOME DEPOT on Page 8 PAGE 31 AT DEADLINE Top execs settle into easy living BOTH THE YANKEES AND THE METS ARE ON PACE TO attract record crowds this Investor activists question fairness of free rent, other rich perks season, the last in their current stadiums.The Yankees have reach its peak shows that while some companies are sold 3.8 million tickets so far, BY AARON ELSTEIN reining in such largesse, many more are not. 400,000 more than a year ago. Instead, they are continuing to fly executives The Mets have sold 2.8 certainly it’s no great surprise that when off to their vacations on corporate jets, million tickets—300,000 more investment banker, corporate lawyer and Bill pick up the tab for everything from than last year, and a pre- Clinton golf partner Vernon Jordan works in cars to country club dues, and pay for opening-day record. Mets New York, he stays in an apartment in the utilities. But even investors accus- officials hope the club will posh Regency Hotel on Park Avenue. tomed to corporate gluttony are aghast reach the 4 million mark this The surprising thing is that he doesn’t pay to discover that some of the world’s high- season for the first time, and a dime. That honor falls to his employer, est-paid executives are still getting their they’re pulling out all the stops Lazard Ltd., which quietly picks up the housing costs covered in the nation’s with an advertising and monthly $24,000 tab.That’s on top of the most expensive real estate market. marketing blitz to make sure it $3.9 million in compensation the invest- “The apartment perk may be this happens.The Yankees drew ment bank gave Mr. Jordan last year. year’s winner for gouging share- 4.27 million fans last year. Welcome to Easy Street, where holders,” says Timothy Smith, di- lavishly paid executives live large on rector of socially responsive invest- ONLINE AD FIRM EYEBLASTER the corporate tab. ment at Walden Asset Management. INC. IS PLANNING A $115 Many shareholder activists had as- At least half a dozen New York companies million initial public offering, sumed that the harsh winds blowing have already owned up to paying for their which, if successful, would be through the economy would force compa- top executives’ apartments. They include See AT DEADLINE on Page 2 nies to cut back on perks this year.The stream Bank of New York Mellon Corp., of annual corporate reports now beginning to linnell stephen See TOP EXECS on Page 8 getty images 13 5 VERNON JORDAN, senior managing director at Lazard, $288,000 $221,000 ELECTRONIC EDITION received: IN ANNUAL RENT TO COVER TAXES ON RENT GIFT 71486 01068 0 CNYB 03-31-08 A 2 3/28/2008 6:46 PM Page 1 AT DEADLINE Continued from Page 1 affiliates around the country. only the second New York tech IPO in the past two years.The THE STATE LABOR DEPARTMENT company, which specializes in REPORTED THAT THE CITY delivering rich media ads to sites added 2,300 jobs in February, on behalf of advertisers, is one of but economists say the office the few independent ad sublease market indicates that providers based in Manhattan employment data will soon that didn’t get swallowed up by reflect major job cuts. Close to giants such as Google last year. 2.1 million square feet of Eyeblaster’s profits rose 70% last available sublease space has been year, to $7.5 million, on added to the market since Jan. 1, revenues of $44.7 million, which according to an analysis by were up 62% from 2006 levels. Eastern Consolidated.The real JONATHAN SEGAL estate investment firm estimates decided to make the ST. VINCENT’S MANHATTAN that this shift could translate One Group a pioneer in HOSPITAL IS SLATED TO into a loss of more than 8,000 developing a new kind publicly present its controversial office jobs. Crain’s reported on of hybrid nightclub. plan to construct a 21-story March 17 that troubled hospital on Seventh Avenue to financial firms are preparing to the Landmarks Preservation unload 600,000 square feet of Commission on Tuesday.The space. proposal must be approved by the commission because the THE THREATENED FAILURE OF institution is located in the THE PRIVATE EQUITY BUYOUT historic district of Greenwich of Clear Channel Village, and the plan involves Communications may mean demolishing seven hospital further cost cutting at the media buildings. Neighborhood giant’s radio stations.The residents, some of whom have stations have been paring criticized the size and design of expenses and have lost some the project, also will be able to name talent. Stanford Group speak at the meeting. media analyst Frederick Moran says the company will need to THE ART INSTITUTE OF NEW “reattract shareholders” by YORK CITY WILL DISCONTINUE driving earnings growth through its culinary program at 75 cost cuts. Revenues for the five Varick St. next year when its stations in the New York cluster lease expires.The rent there is fell 2.6% in 2007 according to doubling, and the school, which estimates released Friday by BIA Empire builder has 16 kitchens and 600 Financial Network. Billings for students, has been suffering the New York radio marketplace from declining enrollment, says were down 3.5%. A Clear West Village hot spot owner doesn’t lounge around a spokeswoman.The institute Channel spokesman said the also has an art and design company is focused on closing program at 11 Beech St., plus 40 the deal. BY LISA FICKENSCHER CORRECTION five years ago, British transplant Jonathan Segal stood on the corner of Ninth Avenue and Lit- Ann Acierno, the new chief executive of Bill Blass New York, previously served as senior vice tle West 12th Street in the meatpacking district for the first time and fell in love with its cobblestone president of the New York design office for Kohl’s Corp. Her former title was misstated in the March 24 “Corporate Ladder” because Bill Blass New York provided incorrect information. streets and ghost-town atmosphere. Today, the trendy neighborhood boasts about 30 bars and restaurants—no fewer than five of which are owned by Mr. Segal himself. Meanwhile, the success of those outposts, including such hot spots as STK, Tenjune and One—his first creation—has helped him expand to Los Angeles THIS WEEK IN CRAIN’S and Miami. In the process, his company, the One Group, has exploded in size to 800 employees, nine venues and revenues of $35 million. SMALL BUSINESS ------------------- 11 “Most people are impressed by how much revenue he’s generated in this neighborhood,” says 33 David Rabin, president of the New York Nightlife Association. ALAIR TOWNSEND -------------------13 Mr. Segal owes some of his success to the bankroll he brought with him from his family’s hos- THE INSIDER------------------------------------14 pitality business in Britain, and the experience he gleaned from running the family firm for more See CLUB on Page 10 WEEK IN REVIEW -----------------------16 REAL ESTATE DEALS--------------17 REPORT: BUSINESS JOURNALISM CONTEST RESULTS CORPORATE BOARDS------19 NEIGHBORHOOD Crain’s cited for excellence 35 JOURNAL------------------------------------------27 crain’s new york business was honored for for work in 2007 by daily newspapers, CLASSIFIEDS ----------------------------------28 overall excellence in the 13th annual Best in business weeklies, magazines, wire services THE WEEKS AHEAD ----------------30 Business Journalism Contest sponsored by and news Web sites.
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