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CAR DEALERS in a JAM to Boost Sales, Dealerships Are Selling to Leasing Brokers—The Very People Turning Their Business Upside Down PAGE 22

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CAR DEALERS in a JAM to Boost Sales, Dealerships Are Selling to Leasing Brokers—The Very People Turning Their Business Upside Down PAGE 22 CRAINSNEW YORK BUSINESS NEW YORK BUSINESS® APRIL 23 - 29, 2018 | PRICE $3.00 CAR DEALERS IN A JAM To boost sales, dealerships are selling to leasing brokers—the very people turning their business upside down PAGE 22 VOL. XXXIV, NO. 17 WWW.CRAINSNEWYORK.COM BILLIONAIRE’S SCOUTING THE LIST THE NFL’S TOP COMMERCIAL ARTFUL (BUSINESS) PROPERTY TAX DODGE PROSPECTS OWNERS P. 6 P. 13 P. 16 NEWSPAPER P001_CN_20180423.indd 1 4/20/18 7:08 PM APRIL 23 - 29, 2018 CRAINSNEW YORK BUSINESS ON THE COVER PHOTO: BUCK ENNIS FROM THE NEWSROOM | CAROLINE LEWIS | HEALTH CARE REPORTER Planting its ag FIFTH AVENUE features brands including high- end Saks and the ubiq- uitous H&M—and now MedMen, a marijuana dispensary. A medical- marijuana card and a doctor’s note are needed to buy the shop’s prod- ucts, but the company and elected ocials at its packed opening par- ty were condent that will change. “is store represents the future,” P. said Adam Bierman, co-founder and CEO of MedMen, which sells 15 cannabis for nonmedical use in California and Nevada. With sanitized oerings such as tinctures, vape pens and gel caps— IN THIS ISSUE and no smokable bud—the shop reects other medical-marijuana UP FRONT 28 GOTHAM GIGS dispensaries in New York. But Bierman’s willingness to talk about full Moscot’s chief design ofcer keeps the old-school brand hip legalization is a sign of the times. Gov. Andrew Cuomo in January 3 EDITORIAL said he would study taking that step and this month called doing so Working Families Party gets a inevitable—aer Democratic challenger Cynthia Nixon endorsed it. lesson in politics Nixon and other legalization activists here cite racial justice as 4 IN CASE YOU MISSED IT their top motivation. Yet New York’s cannabis executives have said The Fed looks to cut back on bank regulation little about the eect unequal enforcement of marijuana laws has had on communities of color. MedMen is not shying away. “When we re- 5 CITYSCAPE Ad space gives cabs leg up on invest, it’s going to be in the communities hardest hit, the educational Uber; after-hours blues systems and schools in those communities,” Bierman told me. 6 REAL ESTATE Last month the company sponsored events in California during Billionaire’s artful tax dodge which attendees could speak to legal professionals about clearing 8 WHO OWNS THE BLOCK marijuana convictions from their records. East Village luxury buildings Coming from California, which legalized cannabis for adults in underscore big changes P. January, MedMen has an edge in answering questions about the 28 10 ASKED & ANSWERED future of the industry. But it’s time for current and aspiring local Carmine’s CEO on keeping 29 SNAPS cannabis entrepreneurs to think about what their role will be. portions big and rent small Photos from the city’s biggest fundraisers and charity events 11 HEALTH CARE Startup Cityblock lands its 30 FOR THE RECORD rst big client Our tally of the week’s buys, busts and breakthroughs 13 SPORTS HEALTH CARE SUMMIT Forget the draft—what are 31 PHOTO FINISH MAY 2 the NFL’s prospects? Think spring weather has been nasty? Its allergies are even INVESTING IN 14 VIEWPOINTS worse DIGITAL HEALTH INNOVATION The next election could Crain’s health care summit will upend the rental market; don’t highlight the cutting-edge trends ground helicopters; wage woes CORRECTIONS in digital health and provide a 16 THE LIST Edie Parker’s agship store, not the entire meeting ground for investors company, beat sales projections by 60% in its SUNDEEP Manhattan’s top commercial and startups in this increasingly property owners rst year. That fact was misstated in “Clutch BHAN, important sector of the pitcher,” published April 9. co-founder “If rules change costs restaurants, so be and CEO, region’s economy. Prognos FEATURES it,” published April 16, overstated the number SHERATON NEW YORK of servers surveyed by the Restaurant TIMES SQUARE 22 CAR DEALER CRACK-UP? Opportunities Center and the gap between 8 a.m. to noon Low-overhead auto brokers harassment in states with and without a [email protected] are changing the sales game tipped minimum wage. Vol. XXXIV, No. 17, April 23, 2018—Crain’s New York Business (ISSN 8756-789X) is published weekly, except for double issues the weeks of Jan. 1, June 25, July 9, July 23, Aug. 6, Aug. 20 and Dec. 24, by Crain Communications Inc., 685 Third Ave., New York, NY 10017. Periodicals postage paid at New York, NY, and additional mailing ofces. Postmaster: Send address changes to: Crain’s New York Business, Circulation Department, PO Box 433279, Palm Coast, FL 32143-9681. For subscriber service: Call 877-824-9379. Fax 313-446-6777. $3.00 a copy, $99.95 one year, $179.95 two years. (GST No. 13676-0444-RT) ©Entire BUCK ENNIS contents copyright 2018 by Crain Communications Inc. All rights reserved. 2 | CRAIN’S NEW YORK BUSINESS | APRIL 23, 2018 P002_CN_20180423.indd 2 4/20/18 7:59 PM APRIL 23, 2018 AGENDAUnion slight offers Working Families a lesson in politics he Working Families Party said it is shocked (shocked!) that Gov. Andrew Cuomo persuaded unions to stop funding the le-wing group aer it endorsed his Democratic primary chal- lenger, Cynthia Nixon. Please, spare us the outrage. No one, Tleast of all a political party, should be surprised that politics is a transac- tional enterprise when it comes to candidates and unions, or that politicians and labor organizations act in their own interests. e context: A number of unions and activists founded the Working Families Party in New York in 1998 because their interests overlapped and each side stood to help the other. Labor provided funding and members, TIT FOR TAT: Cuomo’s close working relationship with labor leaders, including while the die-hards contributed grassroots organizing and ideological Gary LaBarbera of the Building and Construction Trades Council, has been good for union members (and the governor) but not the general public. cover. e WFP pulled Democratic ocials to the le—and some Republi- cans too. In the early 2000s GOP state Sen. Nicholas Spano provided crucial support for a minimum-wage hike; the WFP reciprocated by endorsing him desperately needed subway and commuter-rail maintenance. His alliance in heavily Democratic Yonkers. Spano got 1,800 votes on the WFP ballot with the Building and Construction Trades Council likewise stops the MTA line and won by 18. e party made no apologies. from pushing its contractors to demand an end to trade-union extrava- Likewise, Cuomo has been delivering for the unions. He can hardly be gances that help explain why our transit projects cost several times more blamed for saying they should “lose my than any other city’s. It also limits the construc- number”—as a WFP leader lamented— No one should be surprised that tion of tax-abated, mixed-income apartment if they were to keep nancing the WFP politics is a transactional enterprise, towers in New York City—which Cuomo insists while it endorses Nixon against him. Nor least of all a political party be built by expensive union labor. And devel- should the unions be blamed for ditching opers who pitch projects for state land know to the WFP if they consider Cuomo’s support include unions. more valuable. Unions exist to serve their members, and their alliance with Having been dumped, WFP can now ght for things like mass tran- Cuomo is doing that. sit, aordable housing and better access to union apprenticeships for ere are signicant downsides for New Yorkers, though. e governor’s its low-income, immigrant constituency without deferring to its former unabashed support for the Transport Workers Union prevents the Met- union funders or the governor. But it should stop whining that they are ropolitan Transportation Authority from negotiating for reasonable work scratching each others’ backs. at is how politics works, as the party rules and wages that would reduce operating costs and free up funds for knows rsthand. — THE EDITORS FINE PRINT During the course of a year, only about 5% of workers who have a low-wage job move to a better-paying position, according to a study last week by the Federal Reserve Bank of New York. It attributed the stagnancy to the workforce’s lack of education. The most common route to better pay for such workers, the Fed said, is becoming a truck driver. BY ERIK ENGQUIST STATS 25 WORDS OR LESS GREEN DAY NEW YORK CITY HAS a small per-capita carbon footprint because of AND THE C its population density, transit system and walkability. And it’s getting Right now greener. Here's an Earth Day snapshot. “ Reduction in greenhouse-gas Increase in solar speculators simply 15% emissions since 2005 capacity since 2013 6X I love oil. That’s TY Residents with Decline in airborne dangerous” organics recycling sulfur dioxide since 3.2M 95% the phaseout of sludgy —Analyst Tamas Varga on the spike in heating oil began crude prices in recent weeks and the Wall Street traders who have placed a Remediated browneld Electric-vehicle record number of bets that its rise will sites since 2013 charging stations continue 756 500 ISTOCK, AP IMAGES, BUCK ENNIS SOURCE: Mayor’s Ofce APRIL 23, 2018 | CRAIN’S NEW YORK BUSINESS | 3 P003_CN_20180423.indd 3 4/20/18 8:19 PM IN CASE YOU MISSED IT CRAINSNEW YORK BUSINESS president K.C. Crain senior executive vice president Chris Crain group publisher Mary Kramer EDITORIAL Trump offers banks flexibility, managing editor Brendan O’Connor assistant managing editors Erik Engquist, or is it ‘regulation deflation’? Jeanhee Kim, Robin D.
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