20150824-NEWS--0001-NAT-CCI-CN_-- 8/21/2015 6:18 PM Page 1

PATHFINDERS DATA MAPS chart course to $100B biz PAGE 4 CRAIN’S® BUSINESS

VOL. XXXI, NOS. 34, 35 WWW.CRAINSNEWYORK.COM DOUBLE ISSUE AUGUST 24-SEPTEMBER 6, 2015 PRICE: $3.00

Tech jobs, Chinese tourism and speeding tickets—all up. Pedestrian deaths and hotel vacancies? Down. Our annual data deep-dive starts on PAGE 12 34 5 greg hall greg NEWSPAPER 71486 01068 0 B:11.125” T:10.875” S:10.25”

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ASSISTANT M.E.’S NOTE

FYICRAINSNEWYORK.COM Stats all, folks

Is Vision Zero working? Are Bill de Blasio’s housing goals realistic? could use ¶ How’d the city collect $10 billion Willets Point ruling more in taxes without hiking rates? Is the hotel boom making it easier to wring concessions or cheaper to get a room? Is New York the costliest metro area in the de Blasio administration U.S.? (Spoiler alert—no, but it’s he Erik Engquist last week declined to very close.) Our annual Stats and appeal a court decision that the City section, which begins on T $3 billion has blocked the Page 12, has the answers to these and lots of other redevelopment of Willets Point in questions you need to know if you do business in the Queens, a signature Bloomberg-era city or just like to be plugged in. During my decade economic development initiative at Crain’s I’ve spent about half of my waking hours

and one of the largest in city history. newscom absorbing information about the city, yet I still learn ¶ The mayor’s acceptance of the so much from putting this section together every July ruling, which rejected a mall proposed for a parking lot to the west of Citi Field, will make it year. On the economy page, I discovered that the difficult for codefendants Related Cos. and Sterling Equities to persuade the state’s highest court current expansion has created twice as many jobs as to even hear the case. ¶ Whether or not the court of appeals stiff-arms the developers—and it before the 2008 crash, and that the city’s likely will, given the city’s withdrawal from the case—de Blasio officials expect the companies to GDP would rank it 20th among nations. On the return to the negotiating table to answer the mayor’s demands that they add more affordable transportation page, I found that pedestrian injuries housing to the plan and build it sooner. ¶ Unlike the developers, the city does not believe the are way down in the last three years, but cyclist mall is essential to the profitability of the project, which involves cleaning 23 acres of injuries are up; that police are cracking down on contaminated soil and replacing a collection of junkyards and auto shops with a mixed-use speeding and crosswalk violations but easing up on neighborhood. ¶ “We’re not deal killers,” said Alicia Glen, deputy mayor for housing and other driving no-nos; that the city has redistributed economic development. “We’re deal doers.” ¶ But the developers have argued that they need the 1.1 million square feet of street space to pedestrians mall’s revenue to pay for the project’s public benefit, and that amenities to come with the mall in just four years; and that an epidemic of speed- must be in place to entice people to live there. Ms. Glen said housing will sell regardless. “The hump installations is underway (to what end, I’m not market has changed,” she said. —joe anuta sure—they’re being placed on some of the city’s safest streets). But it was the tourism page that yielded my favorite nugget from this year’s section: TOP STREET CONSULTANT RETREATS quirements when it dealt with Stan- line advertising business. The com- Promontory Financial Group will dard Chartered. pany, a unit of Comcast, invested The top destination for Chinese tourists visiting the pay $15 million to end its fight with $200 million in news site BuzzFeed city is not a museum or a sight or a show. I would New York state over its review of NEW YORK DECLARED a week after putting have guessed the Brooklyn Botanic Garden, but I Standard Chartered Plc’s dealings LEGIONELLA-FREE the same amount into with Iran and other countries under The city said the Le- ‘Shifting Vox Media, the on- would have been very wrong.The answer is not even U.S. sanctions. Promontory, which gionnaires’ outbreak blame to the line publisher of pop- in the city. But it is on Page 19, in the sidebar by had threatened to sue the state De- is over. It also deter- ular sites Eater and Danni Santana and Erica Davies. Sift through the partment of Financial Services and mined that the Opera City Council is Re/code. The invest- eight-page section and see what else surprises you. challenge its authority, admitted it House Hotel cooling ments will help didn’t always meet current state re- tower was the source not the kind of NBCUniversal cap- of the disease, which leadership we ture a younger audi- killed 12 people and ence,who are increas- THIS WEEK IN CRAIN’S sickened more than need from ingly ditching 100.Under a new law, City Hall’ traditional TV. IN THE BOROUGHS------4 landlords must in- —Actor Liam Neeson, THE INSIDER ------6 spect and clean cool- NEW UNICORN IN TOWN on the mayor’s comments IN THE MARKETS------7 ing towers,which can that it was up to carriage- ’s ZocDoc REAL ESTATE ------8 harbor the Legionel- horse opponents to lobby became a member of la bacteria, every the council to pass the ban New York’s billion- HEALTH CARE ------9 three months. dollar tech club. The OPINION ------10 online medical appointment site COMMENTS------10 DAILY NEWS SALE CALLED OFF said a recent funding round that GREG DAVID------Owner Mort Zuckerman, who had raised $130 million puts its value at 11 hoped to fetch $200 million for the $1.8 billion. That places ZocDoc at OP-ED ------11 struggling tabloid,announced that the No.4,behind WeWork ($10 billion), STATS AND THE CITY ------12 paper is no longer on the auction block. Vice Media ($2.5 billion) and Blue CLASSIFIEDS ------20 CURBING TOPLESS WOMEN Among the interested bidders were Apron ($2 billion), according to CB SOURCE LUNCH GOTHAM GIGS ------24 Mayor Bill de Blasio wants to real estate bigwig Steve Witkoff and Insights. Robert Ivanhoe of Greenberg EXECUTIVE MOVES------regulate topless painted women grocery magnate John Castimatidis. Traurig’s global real estate 24 in who pose for CITY STUCK WITH TRUMP practice talks hot deals and SNAPS------26 photos for money, and he’s cre- FEDERAL BRIBERY CHARGES SETTLED New York can’t legally cancel its foreign investments P. 25 FOR THE RECORD------27 ated a task force to address the BNY Mellon agreed to pay $14.8 bil- contract with Donald Trump, but matter. One solution he is con- lion to settle charges by the Securities don’t expect it to do future business CORRECTIONS (SEE PAGE 23) sidering is ripping out the pedes- and Exchange Commission that the with the presidential hopeful. The vol. xxxi, nos. 34, 35, august 24, 2015—Crain’s New York Business (issn 8756-789x) is trian plazas that his predecessor, bank gave internships to family city began reviewing its contract published weekly, except for double issues the weeks of June 29, July 13, July 27, Aug. 10, Aug. 24 and Dec. 21, by Crain Communications Inc., 685 Third Ave., New York, NY Michael Bloomberg,created to members of officials at a Middle with Mr.Trump—whose firm oper- 10017. Periodicals postage paid at New York, N.Y., and additional mailing offices. Post- improve traffic. But two city Eastern sovereign wealth fund to ates a Bronx golf course and Central master: Send address changes to: Crain’s New York Business, Circulation Department, 1155 councilmen suggest something keep its business. Park’s carousel and two ice rinks— Gratiot Avenue, Detroit, MI 48207-2912. for subscriber service: Call (877) 824-9379.Fax (313) 446-6777.$3.00 a copy,$99.95 one less drastic: special zones for after he publicly insulted Mexican year, $179.95 two years. (GST No. 13676-0444-RT) the ladies. $400M DIGITAL INVESTMENTS immigrants. ©Entire contents copyright 2015 by Crain Communications Inc. All rights reserved. NBCUniversal is expanding its on- —amanda fung

August 24, 2015 | Crain’s New York Business | 3 20150824-NEWS--0004-NAT-CCI-CN_-- 8/21/2015 7:54 PM Page 1

IN THE BOROUGHS MANHATTAN Big growth in Google’s shadow Developers build boutique offices in meatpacking district to lure VC firms

BY DANIEL GEIGER

In the 10 years the meatpacking dis- trict has been Google’s New York home, the company has grown to encompass about 2 million square feet in four contiguous buildings— and with it,nearly 40% of the neigh- borhood’s office space. PICKUP ARTISTS: Now the area is getting a Andrew Hill (left) and makeover that will open the door to Chris Whong created the growing crowd of office tenants an interactive map of eager to put down roots there— the activities of cabs. though they may still have to

buck ennis/crain’s composite buck ennis/crain’s compete with Google’s work- force of 4,500 5.4M and counting. TOTAL SQUARE Developers FOOTAGE City mapmakers in the money are preparing of offices in the neighborhood. hundreds of Google occupies thousands of 2 million of it of this avalanche and translated it into an inter- Such praise brought a shrug from the creator. square feet of Demand and opportunity active map that explained why the reams of in- “I just wanted to know where taxis go,” said Mr. new or renovat- soar for companies that take formation being produced daily are more easily Whong, a mapmaker at Brooklyn-based Carto- ed office space. 1.8% understood across time and space—and why DB. “I think everyone wonders about that.” They’re remak- VACANCY RATE in meatpacking big data and make it visual mapmaking will soon be a $100 billion business. Documenting the meandering of taxi drivers ing the postage- district. The The map, which uses Taxi and Limousine may seem inconsequential, but the underlying stamp-size borough-wide Commission data,shows the routes cabbies take, concept of converting huge amounts of informa- neighborhood average is 9% BY AARON ELSTEIN where they pick up passengers, and how much tion into accessible maps is becoming big business, into a destina- they collect in fares and even credit-card tips. fueling demand for maps and mapmaking skills. tion for New Every day,according to IBM,the world produces Nate Silver’s data analysis website, FiveThir- “This is a golden age of mapmaking,” said York’s deep- 300K 2.5 quintillion bytes of data. That’s a 2 and a 5 tyEight, described “NYC Taxis: A Day in the CartoDB Chief Executive Javier de la Torre. pocketed and ESTIMATED SQUARE FEET of followed by 17 zeroes. Life” as “one of the more thrilling data projects “But not many people think about it because ever-growing new office space Last year,Chris Whong took 50 gigabytes out we’ve seen recently.” See MAP on Page 23 venture-capital to be built in the class, as well as next five years, a for mature tech 6% increase and financial businesses that can pay the district’s Overlooked tweak socks taxpayers hefty rents. As Google reorganizes itself into a holding company called Alphabet, some observers believe known for her expertise in—and troller,” said Carol Kellermann, conducted their own review of mu- the neighborhood could also be the Ex-finance commish perhaps obsession with—the city’s president of the Citizens Budget nicipalities’ compliance with the place where its spinoffs take hold. finds city’s change arcane property-tax system. And Commission, a watchdog group constitutional limit on property “Google’s space is really a collec- the 2005 budgeting change she un- and certainly no fan of the city’s taxes, they used the old method. tion of 150 subsidiaries,” said one has cost property earthed is as arcane as it gets.(More property-tax system. Her point was that the city’s landlord in the neighborhood famil- owners $2.5 billion on that in a moment.) Indeed,a spokeswoman for state methodology is not standard. iar with the search giant’s office use, But $2.5 billion is $2.5 billion, Comptroller Thomas DiNapoli referring to businesses ranging from so Ms. Stark compiled an eight- Constitutional limit its driverless cars to YouTube. BY ERIK ENGQUIST page report, splashed “NYC Prop- The issue stems from a provision The Meatpacking Business Im- erty Tax Levy Violates the Consti- Martha Stark’s in the state constitution that re- provement District estimates that Ten years ago, the Bloomberg tution”across the cover,attached an stricts how much money munici- in the next five years about 600,000 administration’s budget office 84-page appendix of supporting manifesto palities can raise via property taxes square feet of new commercial changed the way it calculated the documentation and emailed it to for the purposes of paying operat- space will open in the neighbor- city’s property-tax limit.There was budget wonks around the city. was shrugged off ing expenses, as opposed to capital hood in the next five years, at least no announcement, media briefing Then she braced for a reaction. costs such as debt service.New York half of which will be offices—a 6% or press release, and it’s likely the Crickets. by fellow wonks City’s limit is 2.5% of the market increase over the area’s current of- mayor himself knew nothing of it. She received a brief reply or two, value of its taxable properties. In fice inventory of 5.4 million square But the change has since allowed but no ostensible support for her ar- other words, when it sets tax rates feet, according to Cushman & the city to collect nearly $2.5 billion gument, let alone outrage. each June, the City Council must Wakefield. That addition will be more from property owners than it ensure that the tax levy—the rev- welcome in an area where the va- otherwise could have. ‘No objection’ told Crain’s that his office had enue that property taxes will cancy rate is a paltry 1.8%, a frac- The discovery was made recent- “The limit has been calculated signed off on the city’s calculations. yield—is not more than 2.5% of tion of the average Manhattan- ly by Martha Stark, a former this way for 11 years with no objec- But Ms. Stark found that when the properties’ average market value wide level of 9%, Cushman’s data Bloomberg finance commissioner tions from the state or city comp- comptroller’s number-crunchers See STARK on Page 23 See GOOGLE on Page 22

4 | Crain’s New York Business | August 24, 2015

20150824-NEWS--0006-NAT-CCI-CN_-- 8/21/2015 7:55 PM Page 1

THE INSIDER by Andrew J. Hawkins and Adrianne Pasquarelli Salons bristle at bond mandate

fter a New York Times exposé in May on nail salons exploiting their employees, Albany responded with Aunusual swiftness, passing a bill six weeks later to protect the workers. But the bill’s Assembly sponsor now says salon owners need protection, too—from a Cuomo administration mandate that could shut them down. Assemblyman Ron Kim, whose Flushing, Queens, district includes many nail salon owners and workers, is calling on

Gov. Andrew Cuomo to drop a re- website found eight that offer quirement that owners purchase them specifically for nail salons bonds as security in case they’re and two that do not. The rest busted for unpaid wages, arguing would not answer. OWNERS say the insurance market is not that the bonds are not “readily avail- The bond requirement was an- ready to sell wage bonds to thousands of able in the marketplace.” nounced by the governor May 18, a businesses by an October deadline.

The administration identified 14 mere 11 days after the Times exposé. buck ennis bond companies that could provide When asked if he regretted the wage bonds, but Mr. Kim said spearheading the legislation given implements new regulations for nail meeting between Cuomo aides and product is available in a competitive only three or four are cooperating. concerns over the availability of salons to address new bond and in- salon owners, where it was decided to or robust market.” “How do wage bonds, surance requirements.” hold a workshop with the bond com- A spokesman for the governor’s four compa- Mr. Kim said, The law includes an “actuarial panies in the coming weeks. But Mr. office said the meeting would be held nies handle “It had noth- buffer” requiring the Department Kim remains skeptical. Aug.25 in .The intent 6,000 busi- ing to do with of Financial Services to certify the “How is that going to work?” he is to put business owners and bond nesses in 20 the legisla- availability of new insurance re- asked.“In terms of bringing in a cou- providers in the same room to clear up days?” he tion. quirements. Mr. Cuomo’s office ple of bond companies and potential- questions about the new mandate. asked. (The “With or said Aug. 10 that salon owners had ly thousands of businesses in one “We want to be helpful,” the actual dead- without the 60 days after DFS certifies the place? That doesn’t sound like the spokesman said. Ⅲ line for salons legislation,the availability of the bond to comply. to be bonded governor had The agency certified the availabili- is in early Oc- the emer- ty Aug. 7, according to a letter from QUOTE OF THE WEEK: “I have sought to tober.) “On gency regula- DFS to New York’s Department of bloomberg top of that,the ASSEMBLYMAN RON KIM (left) called out Gov. Cuomo. tion to pro- State. ignore the political pressures, as well as insurance com- ceed with the Last Friday, Mr. Kim oversaw panies and the mandate for the delivery of a petition with more the demagoguery and hateful rhetoric on brokers have no idea [what is need- the wage bond,” Mr. Kim contin- than 500 signatures from nail salon ed].” ued. “We never actually mentioned owners and advocates to the gover- both sides that I think has been harmful A survey by Crain’s of the 17 the wage bond in the legislation.” nor’s office, calling for Mr. Cuomo agents and brokers listed as selling But Mr. Cuomo’s July 16 press to reverse the wage-bond mandate to the overall political discourse.” wage-payment bonds on the state release announcing his signing of until providers and insurance com- — Rep. Jerrold Nadler, D-Manhattan, announcing his support Department of Financial Services’ the bill said, “The legislation also panies catch up. He also sat in on a of the Obama administration’s Iran agreement

Align your brand with industry leaders who have shaped the New York landscape.

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For more information, contact Irene Bar-Am at 212-210-0133 or [email protected]

6 | Crain’s New York Business | August 24, 2015 20150824-NEWS--0007-NAT-CCI-CN_-- 8/21/2015 6:21 PM Page 1 IN THE year, according to Credit Suisse. The company has scrapped plans MARKETS for a Hudson Yards location. It is by Aaron Elstein heavily indebted, with $250 mil- lion in long-term obligations on its books—the legacy of a 2007 lever- aged buyout in which the store’s Fairway is still in the rough founding family sold its business to a private-equity firm. Fairway’s Upper store n January, Crain’s published an article about Fairway is still one of those only-in-New Market’s financial problems and observed that a share of York experiences, and locals will be forever grateful that the chain Ithe company’s beaten-up stock cost less than a half-gallon provided an alternative to dismal of Fairway-brand organic milk. Eight months later, the share A&P and Gristedes. But now that price has fallen further, to $2.16, so now you’d have to sell Whole Foods and Trader Joe’s about two shares to pay for the milk.The embarrassing price- have moved into the city—and with Wegmans on the way—it’s

to-dairy ratio underscores the challenge facing CEO Jack not clear if there’s still a way for buck ennis Murphy, who was brought in last fall to turn things around at Fairway. Ⅲ FRUIT OF HIS LABOR? CEO Jack Murphy was brought in last fall to turn things around.

the popular yet troubled retailer. He has installed new management, cut costs and reconfigured stores so merchandise is easier to find and reach. He’s also planning to open a store in TriBeCa and a second in Brooklyn, replacing an old Wald- IT ONLY TAKES A DAY TO PREPARE baum’s. “Fairway is now getting in a place where we are really able to compete,” Mr. Murphy told ana- FOR THE ENTIRE STORM SEASON. lysts on a conference call in early August. “I expect that within the next 12 to 18 months, all of these initiatives are going to propel Fair- way into positive territory on the top line.” Mind you, that seems like a long time to turn around a chain of just 15 stores. But Fairway, which has piled up about $300 million in net losses over the past five years, has deep problems that can be summed up in two words: Whole Foods. Sales at Fairway’s Upper East Side location fell by 15% after a Whole Foods opened nearby in February. In Brooklyn, Fairway’s Red Hook store suffered a similar kind of hurt after a Whole Foods opened in Gowanus in late 2013. To lure back shoppers,Fairway is offering discounts to people who provide their cellphone numbers. The promotional effort may pay off eventually,but for now,comparable- store sales continue to erode and fell by a larger-than-anticipated 5.3% in the quarter ended June 28. Total sales dropped by 2%, to $194 mil- lion, and the company posted a $14 million net loss. Other indicators look worri- some. Free cash flow, which is cash flow after store-opening and other costs, turned negative last fiscal newscom It’s storm season. To be prepared, update your contact 83% information and get helpful tips on what supplies to stock INCREASE LAST WEEK in the VIX, an up on to weather the weather at conEd.com. index commonly used to measure the amount of fear in the stock market. Sharp declines in China’s market extended overseas, spreading jitters everywhere.

August 24, 2015 | Crain’s New York Business | 7 20150824-NEWS--0008-NAT-CCI-CN_-- 8/21/2015 6:22 PM Page 1

REAL ESTATE

a product recall last September. For the quarter ended May 31, Soup- Developer to buy UES man reported revenue of $487,172, down 35% from the year-earlier pe- riod. Yet, Mr. Karson has the experi- Gristedes site for $100M ence to revive the business.As CEO Soupman expands of Steven Madden Ltd., he helped he developer of supertall towers, namely , is laying the ment buildings facing First Avenue make the footwear brand a global groundwork for his next Manhattan condo project. stretching halfway down the block, menu, moves HQ retail powerhouse. He looks for- Gary Barnett has entered a contract to buy the site of a Grist- from the corner of East 86th Street ward to doing the same with Soup- edes on the Upper East Side for about $100 million. Mr. Bar- toward East 85th Street. He also Customers may soon be hearing man. The company sells its product nett is expected to close on the deal for 350 E. 86th St. next year, bought a property on East 85th “No soup for you … but how about to 15 food retailers, including Cost- Twhen the grocery store’s lease expires. Street that would allow a new devel- a sandwich?” at the Original Soup- co and Wegman’s. Mr. Karson ex- The one-story building, near the corner of First Avenue, can be com- opment to have an entrance on both man, the New York food brand pects to more than double—and bined with neighboring sites Mr. Barnett already owns to build a 210- sides of the block. made famous by Seinfeld. possibly quadruple—that number if foot-tall condo building with 200-plus units. The sites that Mr. Barnett owns, Under a new chief executive, the the company adds organic soup to Over the past year and a half, Mr. Barnett, one of the city’s most prolific including 350 E.86th St.,can accom- company, operated by Soupman its lineup next year. residential builders, has purchased at least four neighboring low-rise apart- modate a tower of approximately 20 Inc., plans to diversify its menu to After a successful test of selling stories and totaling about 230,000 include sandwiches and organic delicatessen products such as brisket square feet.He would have to buy the items, expand its supermarket busi- sandwiches at Soupman’s Roosevelt four remaining adjacent parcels be- ness and move its headquarters to Field location on Long Island, the tween East 86th and East 85th streets Manhattan. Soupman is negotiat- company expects to roll out such of- to build a project that spans the entire ing a lease at 85 Broad St., where it ferings to its other eight retail shops, block along First Avenue. hopes to move to by the end of the including the West flag- If Mr. Barnett can make those year. The firm is currently based on ship. It’s also partnering with the purchases, the additional develop- Staten Island, on South Avenue. Grilled Cheese Truck to wholesale ment rights would let him boost the “I see tremendous upside,” said its soup, and will expand to casinos, square footage of a new building to Jamieson Karson, who joined as army bases, airports and college more than 300,000 square feet.The CEO earlier this month. “I see a food courts. height of any new development in business that has had a lot of starts Soupman will add a second the area is capped at 210 feet. and stops with a great product and a truck in the city this fall and will op- Mr.Barnett is acquiring the Grist- really recognizable brand.” erate two trucks at MetLife Stadi- edes site from a family that has owned But turning around Soupman um at every Jets and Giants home it for several years. A sales team from may be an uphill battle. The penny game this season. Jones Lang LaSalle, led by broker stock is trading near 6 cents and was “It gets cold outside, and that’s

propertyshark.com Richard Baxter, arranged the sale. at 22 cents a year ago.The company our crowd,” Mr. Karson said. CHECKING OUT: This grocery store’s lease expires next year. —daniel geiger has struggled in recent years and had —adrianne pasquarelli 63,500 SF AVAILABLE

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8 | Crain’s New York Business | August 24, 2015 20150824-NEWS--0009-NAT-CCI-CN_-- 8/20/2015 6:51 PM Page 1

HEALTH CARE BREATHING EASY The nonprofit a.i.r. NYC works with asthmatic kids to prevent Treating illness at its source hospitalizations. Nonprofits, hospitals The goal is to cut avoidable hospi- we say, ‘We get that,’ ” she added. talizations by 25% by keeping New “ ‘Just send your patients to us.’ ” partner to keep Yorkers healthy through better pri- Treating New Yorkers with his- mary care from the start. tories of mental illness or substance New Yorkers healthy abuse is particularly costly to tax- Getting paid payers. To achieve that reduction,hospi- “They might go to the emer- BY IRINA IVANOVA tals and doctors are partnering with gency room 50 times a year,” said social-service nonprofits in low- Len McNally, who was director of

r. Neil Calman, presi- income communities,where staying health initiatives at the New York irina ivanova dent and CEO of the healthy may have less to do with Community Trust for 25 years be- Institute for Family medical care than with better hous- fore retiring. will pay it to work with individual expensive hospitalizations. Health, helps pa- ing and healthier eating. Under the new reforms, for ex- patients. “I’ve seen a sea change in the ap- tients manage their Montefiore Medical Center ample, a health care provider could preciation of food,” said Karen Dhousing,finances and food-buying so launched a program with the work with a housing group to ensure Medicaid partners Pearl, chief executive of God’s that they can live healthier lives. But YMCA to prevent pre-diabetic pa- New Yorkers have a place to live and The nonprofit hopes to expand Love We Deliver. the existing Medicaid model does not tients in the Bronx from developing don’t end up in the emergency room its reach and revenue under the The group is a partner in 14 new pay him for his efforts, even though A full-blown version of the disease. during the dark of winter. Medicaid reform program, said Ex- networks that were created by the they help his patients avoid expensive A 16-week class at the Y or in a Another nonprofit that has ecutive Director Shoshanah Brown. Medicaid reform program. It also hospital stays. Montefiore clinic teaches patients started to work with managed-care “Community-based organiza- subcontracts with several Medicaid “We have an enormous social- how to cook,where to shop for fresh companies is a.i.r. NYC, an organi- tions like ours that are close to the managed-care plans. Under such work department, but all of their food and ways to exercise. zation that helps asthmatic children ground and are very much in the arrangements, the managed-care work is completely unreimbursed,” “A lot of people don’t know this in poor neighborhoods learn how to community” can keep patients company pays God’s Love for each said Dr. Calman. stuff,” said Dr. Amanda Parsons, manage their illness. It teaches healthier, she said. meal delivered to one of its Medicaid That is about to change. Montefiore’s vice president for pop- them to use their medication The nonprofit group God’s Love beneficiaries. State Medicaid reform initia- ulation health. regularly and avoid environmental We Deliver also sees promise in the “Every day that we can help avoid tives are beginning to pay health Dr. Parsons has cajoled bodegas triggers. new program. It distributes nutri- one day in the hospital for somebody, care providers to keep New Yorkers into stocking healthier options. Pa- The nonprofit has a presence in tional meals for people recently re- that one-day savings can pay for half out of hospitals rather than for the tients in Montefiore’s program have many hospitals and schools, and has leased from the hospital as well as a year of medically tailored meal de- services they provide when patients lost an average of 6.6 pounds, or 3% been funded by grants and private those who can’t cook for themselves. livery,” said Ms. Pearl. Ⅲ are gravely sick. The shift is part of of their body weight. donations since its 2011 launch.But There is medical evidence that food the state’s $7.4 billion five-year “A lot of doctors are saying, ‘We recently, it contracted with two plays a role in keeping people WATCH a video on Air NYC at Medicaid reform known as DSRIP. can’t get patients to lose weight.’ So Medicaid managed-care plans that healthier and therefore away from CrainsNewYork.com/video

LONG-TERM North Shore-LIJ and CARE: Pamela Brier joined Maimonides in 1995 and has been president Maimonides tie the knot and CEO since 2003. The Brooklyn hospital “I’ve been thinking about my pital added clinical services such as next act for a while now.Having Ken a full-service cancer center and a will stay independent Gibbs take on this role is good tim- $116 million, nine-story inpatient ing and good sense,” Ms. Brier said pavilion. for now; its CEO, in a statement. Ms. Brier, who has been hon- ored in Crain’s Most Powerful Pam Brier, to retire Springing from the board Women feature, took the helm at Mr. Gibbs was named chairman Maimonides in 2003, after joining of the hospital’s board of trustees in in 1995 as executive vice president BY BARBARA BENSON May 2014,one year after joining the and chief operating officer. She had board. He is president of the Mu- previously held several senior posi- he North Shore-LIJ nicipal Securities Group at invest- tions at the New York City Health Health System and and Hospitals Corp., including ex- Maimonides Medical ecutive director of both Bellevue Center finalized a part- ‘Having and Jacobi hospitals. nership agreement last Ken Gibbs take Michael Dowling,North Shore- Tweek that could lead to a full merg- LIJ’s president and CEO, called er within two years—and millions Maimonides a key strategic partner of dollars of investment in the on this role is “as our health system seeks to ex-

Brooklyn hospital by its well-heeled pand its presence in Brooklyn.” buck ennis new patron. ... good sense’ North Shore-LIJ began negoti- Rather than start off with a full- ating with Maimonides in Febru- 2013, recently became part of NYU largest hospital networks, we’ve asset merger, the two institutions ary. More recently, its interest in Langone Medical Center. Inter- seen four hospitals shut or face im- said they are easing into “a full inte- Brooklyn turned to a community faith Medical Center emerged from minent closure. Several others are gration in a phased approach.” For hospital in Bushwick. In June, bankruptcy last year, around the on the brink of bankruptcy,” they now,Maimonides will remain inde- ment banking firm Jefferies. Mr. Wyckoff Heights Medical Center’s same time that Long Island College wrote.“With Brooklyn’s dispropor- pendent with a separate board. The Gibbs,who will step down from that board voted to pursue a partnership Hospital shut down. tionately high number of Medicare partnership will be “composed of post to lead Maimonides, has been with North Shore-LIJ. Discussions and Medicaid patients,reduced fed- joint ventures and other activities on the board of the Citizens Budget are still in the early stages, and the Reform struggles eral reimbursement rates have taken that will strengthen Maimonides Commission since 1991. terms of an affiliation have yet to be Maimonides and other Brooklyn a severe toll.” and expand its leadership role in the Ms.Brier has led one of the most negotiated. hospitals have struggled with low Maimonides reported a $7.2 region.” financially stable hospitals in Like its Brooklyn competitors, reimbursement and a wave of state million net loss from operations in In another big announcement Brooklyn’s troubled health care de- Maimonides has had to make its and federal reforms. In October the first six months of this year, for Maimonides last week, Pamela livery system. The Borough Park way in a market where independent 2013, Ms. Brier joined with her when it spent heavily to acquire Brier, 69, the hospital’s president institution is an advanced teaching institutions face pressure to merge counterparts at Brooklyn Hospital physician practices.With the inclu- and chief executive, said she is retir- facility known for its cancer and or seek an alliance. Lutheran Med- Center and Lutheran to write an sion of several nonoperating items, ing at the beginning of 2016. Her cardiac care, a children’s hospital ical Center, a Sunset Park hospital op-ed on the plight of Brooklyn such as a $3.8 million grant,the hos- successor is the hospital’s board and the state’s largest obstetrics that had average operating losses of hospitals. pital was $3.7 million in the red for chair, Kenneth Gibbs. program. Under Ms. Brier, the hos- $16.3 million from 2012 through “As CEOs of three of Brooklyn’s the first half. Ⅲ

August 24, 2015 | Crain’s New York Business | 9 20150824-NEWS--0010-NAT-CCI-CN_-- 8/20/2015 6:49 PM Page 1

OPINION CRAIN’S NEW YORK BUSINESS Beyond a shadow of a doubt editor in chief Rance Crain publisher, vp Jill R. Kaplan assistant to the publisher, he de Blasio administration has a lot to The Manhattan skyline, he said, is not accidental at all. Alexis Sinclair, 212-210-0701 EDITORIAL deal with these days. It’s trying to stop Midtown is a deliberately high-density area because of its editor Jeremy Smerd aimless young men in housing projects terrific mass-transit capacity and its role as the city’s premier assistant managing editors Barbara Benson, Erik Engquist from shooting each other, find apartments business district. Yet its bulk is not limitless:The 1,000- web editor Amanda Fung copy desk chief Steve Noveck for 60,000 homeless people and fix foot-plus towers can be that tall because their creators art director Carolyn McClain staff photographer Buck Ennis hundreds of underachieving schools. So acquired development rights from neighboring parcels.That senior reporters Joe Anuta, Aaron Elstein, Matthew Flamm, Daniel Geiger, Andrew J. Hawkins, the mayor’s office has wisely decided not ensures other buildings on those blocks will remain short Adrianne Pasquarelli to invest time and resources tinkering with development and will probably never be demolished.The preservation reporters Jonathan LaMantia, Caroline Lewis data reporter Gerald Schifman rules alongside in order to shorten shadows. crowd should be rising to the defense of supertall towers, not web producer Peter D’Amato T columnist Greg David In the context of homicides, homelessness and advocating for boxy behemoths. contributing editors Tom Acitelli, Theresa Agovino, Paul Bennett, Glenn Coleman, uneducated children, some narrow strips of late- Other benefits of current zoning that Mr. Weisbrod noted Erik Ipsen, Judith Messina, Elaine Pofeldt, afternoon shade on the edge of an 843-acre park are are an interesting Cara S. Trager obviously not a major concern. But certain New Yorkers pedestrian experience, ADVERTISING The benefits of www.crainsnewyork.com/advertise have a habit of making a big deal out of minor matters, with the mixed-height advertising director, Irene Bar-Am [email protected] or 212-210-0133 and the handful of very tall, slender going up supertall towers streetscape allowing for senior account managers Jill Bottomley Kunkes, Rob Pierce on the city’s priciest blocks have some critics bent out of more light and air on account managers Zita Doktor, Jake Musiker, Stu- are clear to art Smilowitz shape. Manhattan’s Community Board 5 has formed a city sidewalks, and, of marketing coordinator LeAnn Richardson “sunshine task force” and the Municipal Art Society course, “an incredibly sales/events coordinator Tara Richmond, city planners 212-210-0282 [email protected] launched a comprehensive “accidental skyline” initiative dynamic, iconic skyline ONLINE to see that “projects proceed in a thoughtful and that is the envy of the general manager Rosemary Maggiore, transparent matter.” In July, seven elected officials asked world.” 212-210-0237 [email protected] CUSTOM CONTENT City Planning Commission Chairman Carl Weisbrod to What about the director of custom content Patty Oppenheimer, 212-210-0711 take action. shadows? The planning czar politely reminded the local [email protected] But there’s already a framework in place to guide politicians that long, thin shadows move more quickly than EVENTS development in the city. It’s called zoning. And Mr. Weisbrod the wide ones that would be cast by squat buildings. After a www.crainsnewyork.com/events director of conferences & events prudently informed the upset elected officials this month slew of blazingly hot days in the city, we would add that a Courtney Williams, 212-210-0257 [email protected] that the administration has no plans to adjust the zoning few shady patches in sunny Central Park can be a welcome manager of conferences & events along the corridor. sight indeed. Adrienne Yee AUDIENCE DEVELOPMENT director of audience & content partnership development Michael O’Connor 212-210-0738 [email protected] COMMENTS CRAIN’S 5BOROS www.5boros.com Irene Bar-Am, 212-210-0133 [email protected] SPECIAL PROJECTS Give low-wage workers a break manager Alexis Sinclair, 212-210-0701 [email protected] TIME FOR PAID FAMILY LEAVE her job and becoming homeless. A will provide gainful boycotts to impose their REPRINTS But providing paid leave can be employment to moral values on others. If reprint account executive Krista Bora, 212-210-0750 Crain’s is right about the role of expensive. That’s why using social construction you don’t like the politics government in establishing “a insurance to make it affordable for contractors and their of Chick-fil-A, don’t eat PRODUCTION production and pre-press director baseline that provides for safe, dig- all companies and all employees is employees building there. Don’t deny the civil Simone Pryce nified living” (Editorial, Aug. 10). exactly the step our state lawmak- each local store, and liberties of others who media services manager Nicole Spell In the past, that led to Social Secu- ers and governor should be taking. then to cooks, cashiers buck ennis might prefer Chick-fil- SUBSCRIPTION CUSTOMER SERVICE Owner Oscar Fittipaldi rity and unemployment insurance. The Assembly passed a bill await- and those who deliver A. In America, under the www.crainsnewyork.com/subscribe [email protected] For the 21st-century workforce ing Senate action that would daily food supplies. It free enterprise system, 877-824-9379 (in the U.S. and Canada). the baseline should include a mod- modernize New York’s temporary will provide good-quality products this is called freedom of choice. $3.00 a copy for the print edition; or $99.95 one est floor of paid family leave. disability insurance program to at reasonable prices for many New True tolerance means accept- year, $179.95 two years, for print subscriptions with Your point that low-paid include paid family leave. Em- Yorkers. ing those with values different digital access. TO CONTACT THE NEWSROOM: workers in industries like retail ployees would pay for the insur- Now watch Mayor Bill de Bla- from your own. www.crainsnewyork.com/staff lack the leverage to gain such ben- ance through paycheck deductions sio, Comptroller Scott Stringer, —larry penner 685 Third Ave., New York, NY 10017-4024 efits makes the case for why gov- of less than $1 a week and be eli- Public Advocate Letitia James Great Neck, N.Y. phone: 212-210-0100 fax: 212-210-0799 ernment action is needed. Surely gible for up to 12 weeks of bene- and Council Speaker Melissa Entire contents ©copyright 2015 Crain Communi- cations Inc. All rights reserved. ®CityBusiness is a those workers who can least afford fits to partly replace lost earnings. Mark-Viverito attempt to score BAIL OUT GREECE registered trademark of MCP Inc., used under to go without pay when they need California, New Jersey and Rhode political points with their liberal license agreement. to care for a newborn or seriously Island already do this, and have friends by opposing Chick-fil-A. Re “How Greek default drama CRAIN COMMUNICATIONS INC. BOARD OF DIRECTORS ill family member should have ac- shown it’s the right prescription All should worry about more im- plays in Astoria” (In the Markets): chairman Keith E. Crain cess to paid family leave. Just ask for healthy families with no bad portant issues such as future The Greeks have given us the great president Rance Crain treasurer Mary Kay Crain Ayana, a star salesperson at a New side effects on business. budget shortfalls, growing long- immortal stories and artwork of Cindi Crain York boutique and one of the —nancy rankin term debt, education, the environ- gods and heroes like Zeus, Hera- executive vp, operations William Morrow many new moms we interviewed VP for policy research and advocacy ment, transportation, safety and cles, Apollo, Aphrodite and executive vp, director of strategic operations Chris Crain for a study of low-income workers Community Service Society unemployment, along with deliv- Athene. It is time to give back. executive vp, director of corporate lacking parental leave. Working ery of municipal services. Every millionaire in America and operations K.C. Crain through the end of her pregnancy, How disappointing to see this in the world should send a dona- senior vp, group publisher David Klein A FAN OF CHICK-FIL-A vp/production, manufacturing David Kamis she was forced to return to work collection of “politically correct” tion of $1,000 to the Greek govern- chief financial officer Thomas Stevens just three weeks after giving birth, How refreshing to read “Meet the progressive liberals throwing their ment to wipe out its national debt. chief information officer Anthony DiPonio having exhausted her one week of owner of NYC’s first freestanding lot in with political extremists on —john-ed croft founder G.D. Crain Jr. (1885-1973) chairman Mrs. G.D. Crain Jr. (1911-1996) vacation and worried about losing Chick-fil-A”(Aug. 10). Chick-fil- the right who use the threat of Manhattan secretary Merrilee Crain (1942-2012)

CRAIN’S WELCOMES SUBMISSIONS to its opinion pages. Send letters to [email protected]. Send op-eds of 475 words or fewer to [email protected]. Please include the writer’s name, company, address and telephone number.

10 | Crain’s New York Business | August 24, 2015 20150824-NEWS--0011-NAT-CCI-CN_-- 8/20/2015 6:53 PM Page 1

CRAIN’S ON THE CHIRLANE MCCRAY that goal, creating 2,073 summer jobs for the city’s most vulnerable MARKET kids, up from 1,000 last year. One of those jobs went to a 15- Help wanted: Jobs year-old from Harlem I’ll call Sofia. Sofia’s life hasn’t been easy. Featuring a She lives with her father,who is un- Neighborhood Profile for vulnerable youth employed, and she recently spent a year living in a homeless shelter. of Lower Manhattan was only 14, but my summer job as a YMCA swim in- But these hardships have strength- ened her resolve to make the most structor in Springfield, Mass., is still fresh in my mind. of every opportunity, including her When I taught my guppies how to flutter kick,I made sure SYEP job at the Red Hook Pool. their little feet were making as many bubbles as possible. Sofia’s duties include taking out That summer job,and all the ones that followed,helped garbage, sweeping, watering plants and directing patrons to the locker Ilay the foundation for my working life. I learned the importance rooms—which she can do in English of being on time, treating people with respect and devoting my- and Spanish.She uses the money she self to the task at hand. earns to buy essentials like clothing, school supplies and toiletries. Successful New Yorkers in every torships, and internships by 2020. At first glance,Sofia’s work at the field have benefited from similar ex- This campaign is being led by the pool might not seem relevant to her periences. The long hours they Mayor’s Fund to Advance New York long-term professional goals, which spent working a cash register, coun- City, which I chair. include becoming a neurosurgeon. seling campers or filing papers Our goal is to create a new youth But that’s not how she sees it. Sofia taught them skills that can only be workforce infrastructure—one that is convinced—as am I—that she’s learned on the job. works for all our children, includ- learning skills that will prove useful The research backs this up. Ear- ing those in homeless shelters or throughout her career. ly, meaningful exposure to career foster care. To break a cycle of Now we must work together as a opportunities significantly im- poverty and neglect that likely be- city to provide every single young proves the likelihood that teens will gan before they were born, these person in foster care or shelters with graduate from high school and earn young people need high-quality a summer job opportunity. If your more money in a good job. Here in jobs and internships. company is interested in helping us New York City, summer jobs have That requires the government build a 21st-century workforce, call also been found to lower the odds and private sector to work together the Mayor’s Fund at (212) 788-7794 that a young adult will end up be- on their behalf, and that’s exactly or email [email protected]. hind bars. what we’re doing. You’ll be making an investment that My husband, Mayor Bill de Bla- This summer, we set out to dou- will pay off for your company—and sio, and I recently launched the ble the number of Summer Youth your city—for years to come. Center for Youth Employment, a Employment Program (SYEP) jobs campaign to connect 100,000 young for youth in shelters or foster care. Chirlane McCray is the first lady of New Yorkers to summer jobs, men- I’m happy to report we surpassed New York City.

THE COST OF More policing EACH NEW COP 2016 2022 comes at a price Salary $48,111 $92,753 Fringes $15,189 $22,976 Pension $0 $14,264 wo months ago, Mayor Bill de Blasio unexpected- ly decided to add almost 1,300 police offers and Taxes $3,855 $15,112 415 civilian employees to the NYPD and assured Total $67,155 $145,105 Align your brand everyone the city could easily afford it. After all, Source: Citizens Budget Commission the new officers get paid only about $49,000. with insight into But as the costs become clearer, the question of whether the In all, the watchdog group says, T the last-minute budget decision will new cops will bust the budget becomes more problematic.Wel- add at least $211 million in fiscal New York Real Estate. come to the world of pay and benefits for city workers. 2022. In fact, that number will be higher because eventually the Pa- The official line is that the addi- trolmen’s Benevolent Association tions will add $170 million to the and the city will agree on a new con- Other Features Include current budget (fiscal 2016) and less tract that raises pay. The recently in each of the next three years be- signed deal for firefighters hikes Technology Trends and cause the new officers will allow a their starting salary to $76,670 a reduction in overtime costs. Other year in July 2017. the Co-Working Boom mayors have made similar promises The de Blasio administration has of overtime savings—promises that also agreed to sweeten disability are almost never fulfilled. benefits for firefighters, setting a Look for the September 28th Crain’s The more important legerde- precedent that’s sure to be extended On The Market issue where we include main involves the convenient fact to the police. that the city has to project costs for Here’s why this is important. an in-depth section dedicated to only four years. The Citizens Bud- Last year, Mr. de Blasio talked a lot analyzing trends and insights in the get Commission did the math GREG DAVID about progressive policies but Real Estate sector. Issue closes Sept. 10th. through 2022—an important calcu- pushed through a very conservative lation because these new cops will budget. With the strong economy receive a substantial pay hike when gins to bite at that time. now boosting tax revenues substan- For more information, they hit the five-year mark.That, in As you can see, the job is pretty tially (see the chart on Page 13 of contact Rob Pierce turns, boosts the cost of their fringe lucrative for officers in year five, this issue), he has decided there’s at 212-210-0412 or benefits and the payroll taxes the when salaries top $90,000, but cost- lots of money to spend. [email protected] city must shell out on their salaries. ly for the city, with annual per-cop It’s quite a bet on the economy The cost of their pensions also be- expenses approaching $150,000. and one worth more scrutiny.

August 24, 2015 | Crain’s New York Business | 11 20150824-NEWS--0012,0013-NAT-CCI-CN_-- 8/21/2015 1:16 PM Page 1

Housing is expensive in New York because supply hasn’t kept pace with demand. Compared with other large , construction here is limited by restrictive zoning, red tape, high labor costs, constricted building sites, community opposition, historic-district rules and lack of vacant land.

MIDDLE OF THE PACK HOUSING New York’s housing starts surged in 2014, but its 247 units authorized per 100,000 people was still mediocre among the largest U.S. cities.

1,000 89K 958 TOTAL 800 number of pieds-à-terre ➠ 600 in NYC, 400 worth an 79% average of 200 259 247 $899,000 178 149 0 Houston Philadelphia New York Los Angeles Chicago NUMBERS ALONE DON’T EXPLAIN New York’s housing crisis, Source: U.S. Census Bureau jobs boom or tourism industry. Statistics are not sufficient to tell $80B the story of the city’s traffic-safety initiative, technology sector, TOTAL value megadevelopments or Medicaid metamorphosis. But they are The city’s plan is particularly ambitious because 80,000 of the new units are to be affordable, requiring public and private subsidies. In fiscal 2015, of those essential to understanding them all. In this eight-page special condos and the city achieved the new target pace of 8,000 units per year for the first section, our annual Stats and the City report conveys these time since it began keeping track in 1978. co-ops, stories with easy-to-read graphics, tables and just enough text to

defined as ➠ not primary put them in context. New to the section this year is a storyboard residences format that ties together all the information on each topic, supplemented by key figures at the side and bottom of every page. We begin right here with a look at the housing conundrum 16K and the de Blasio administration’s attempt to solve it. UNITS in the LISTEN to a discussion at CrainsNewYork.com/podcasts RAISING THE BAR city rented Affordable units built per fiscal year at least 10,000 once 8,483 through 8,000 Airbnb in Housing goal 6,000 2,236 the first five 4,000 months of 2014 2,000 0 is a heavy lift 1978 2015 Source: de Blasio administration MAYOR BILL DE BLASIO’S SIGNATURE policy goal is the creation ➠ 69% of 240,000 dwellings over 10 years.The city achieved that PORTION of pace from 2000 through 2008, as the annual rate doubled the 9,013 ➠ units that during that period.Then the market crashed. Another left rent boom might be getting started, but historical data suggest the mayor’s number will be difficult to reach. As affordable apartments are built, others lose rent protection, a dynamic

stabilization ➠ in 2014 via that resulted in a decrease of more than 62,000 rent-stabilized units from vacancy 2003 through 2012. Thousands more left rent control. decontrol PICKING UP THE PACE A MIGRATION TO MARKET RATE The mayor’s target of 24,000 new apartments annually hasn’t been Net change in number of rent-stabilized apartments achieved since 2004-08, which was seen in retrospect as a bubble. 2,000 +1,087 35,000 +169 Dwelling units built 0 30,000 -2,000 15,050 25,000 -4,000 -2,539 20,000 -6,000 -4,709 -5,088 -4,560 -6,022 -6,096 15,000 -8,000 -7,555 -7,378 -8,267 10,000 20,329 -10,000 -10,052 -12,000 5,000 ’00 ’01 ’02 ’03 ’04 ’05 ’06 ’07 ’08 ’09 ’10 ’11 ’12 ’13 ’14 ’03 ’04 ’05 ’06 ’07 ’08 ’09 ’10 ’11 ’12 ’13 ’14 Source: NYC Building Congress Source: NYC Rent Guidelines Board

27,039: Rent-controlled apartments in the city in 2014, a 30% drop from 2011. Units leave the program when tenants move out or die 1M: Rent-stabilized units

12 | Crain’s New York Business | August 24, 2015 20150824-NEWS--0012,0013-NAT-CCI-CN_-- 8/20/2015 7:24 PM Page 2

JOBS in NYC The largest jobs 4.2Mby the ➠ end of 2015, a record boom ever 500,000 GAIN since the recession WITH TWO-THIRDS OF THE YEAR in the books, the New York City economy can be boiled down to this:The continuing expansion can now be called a boom, ➠

and the city’s most pressing problems are, in part, a consequence of that.

ECONOMY Job numbers, always the best measure of the economy, tell the tale.The growth in employment has been outstanding since the recovery began in 2009. 3.5% ➠ GAIN in NYC The economic expansion has now median family lasted six years and added more income in JOBS ADDED DURING THE LAST THREE EXPANSIONS jobs than any growth period in the city’s history. 2013, after Jobs (in thousands) Gain (in thousands) five years of 5,000 506.7 decline, 6 years 429.5 263.2 adjusting for 5 years inflation 7 years Most experts project jobs to increase through 4,000 2019, for an unprecedented decade of growth. And don’t think positions are going only to 3,000 suburbanites commuting in.The portion of city 50% ➠ residents with jobs or who are looking for work SHARE of 2,000 has risen steadily in recent years, even as the that income national labor-force participation has declined.

gain that the ➠ Fiscal Policy 1,000

Institute attributed to 0

high earners ’93 ’94 ’95 ’96 ’97 ’98 ’99 ’00 ’01 ’02 ’03 ’04 ’05 ’06 ’07 ’08 ’09 ’10 ’11 ’12 ’13 ’14 ’15 Source: New York State Labor Department

moving to PORTION of NYC and low ➠ ➠ New York City earners The boom has put pressure on apartment rents, 61% residents in moving out especially for tenants who are not among the the workforce MONTHS out of the 3 million New Yorkers in rent-regulated units. past 48 that Manhattan 45rents have risen 247K Housing costs are what makes New York so SELF- expensive. Regional price parities recently EMPLOYED released by the Bureau of Economic Analysis workers in show the metropolitan area is the second-most NYC in 2012, INCREASE in Manhattan rents expensive in the country—a sign of success, but up 31% from ➠ ➠ also cause for concern. 2000. They 2.4% in the past year accounted

for 6.5% of buck ennis

the city’s working REGIONAL PREMIUM OVER adults, up ➠ The bonanza of tax revenue from the expansion has allowed Mayor Bill NATIONAL COST OF LIVING from 5.7%. de Blasio to settle union contracts, add police, fund affordable housing and sock money away for bad times. Honolulu 122.5 New York City 122.3 San Jose, Calif. 121.3 GOVERNMENT COFFERS SWELL Stamford, Conn. 120.8

NYC tax revenue (in billions) San Francisco 120.3 $60 Note: Figures are a percentage of national price level, 59.4* which is 100. 56.6 52.0 54.2 48.4 50.4 40 45.7 40.3 41.1 Former Mayor Michael Bloomberg set the expan- sion in motion after the Great Recession, but it is 20 probably time to call it the Bloomberg-de Blasio ➠ boom. The current occupant of City Hall has done nothing to derail it, despite policies some decry as 0 2011 2012 2013 2014 2015 2016* 2017* 2018* 2019* antibusiness. *Projected Source: Independent Budget Office The city and the mayor are leading a charmed life.

buck ennis May it last a long time.

$734.2B: NYC’s gross product, higher than the GDP of all but 19 nations $86,478: NYC’s GDP per capita, which would rank it fifth among nations

August 24, 2015 | Crain’s New York Business | 13 20150824-NEWS--0014-NAT-CCI-CN_-- 8/20/2015 8:14 PM Page 1

2015 STATS AND THE CITY

Medicaid’s MEDICAID IN NEW YORK Annual Medicaid spending growth 5% 4.3% 4 massive reform 3 2 1.4% MEDICAID MAY HAVE HAD ITS 50th birthday in July, but it has 1 essentially been reborn in New York.The reincarnation of the 0 federal-state health insurance program for the indigent and ➠ 2003-10 2011-14 disabled began when Gov. Andrew Cuomo created a Source: NYS governor’s office

Medicaid Redesign Team in 2011 and implemented

measures that slowed annual spending growth by two-thirds. ➠ HEALTH CARE HEALTH NYS SPENDING, FISCAL 2016 ➠ 6.2M Why did the governor target Medicaid? NEW YORK Because that’s where the money is. RESIDENTS enrolled in 22% Education2 Medicaid, $33.5 billion about a third of the But even bigger changes to the state’s program are happening: It will In plain English, the state aims to spend population 37% 41% be totally overhauled in the next Medicaid1 Everything else few years. New York is investing less by delivering more care outside hospitals $57 billion $62.9 billion $9 billion in federal savings and by preventing complications that send stemming from the changes in a Medicaid patients to the emergency room. ➠ comprehensive reform known as 15 the Delivery System Reform

NEW YORK Incentive Payment program. CITY Insiders call it “diss-rip.”

1-Includes health and mental hygiene spending. 2-Includes STAR. hospitals Source: NYS Division of the Budget closed or repurposed ➠ since 2003 If that goal sounds impressive, consider that achieving it would mean three- quarters of avoidable hospital use would continue—an acknowledgment of how

difficult it is to change the system and patients’ behavior. istockphoto TARGETED REDUCTION 36.4% in avoidable hospital DECLINE 25%use over five years PATIENTS ALSO BURN in NYS through NEW DELIVERY Department Medicaid money by running from networks across doctor to doctor, resulting in ➠ New York state The state elected to steer much of that money to public of Health 25 Medicaid duplicative or ineffective hospitals.The largest PPS is that of the city’s public- spending treatment. In the new system, $9 billion hospital system. per enrollee their care will be coordinated by a from 2000 network called a performing provider system, or PPS. $7.4 billion Medicaid reform money for largest to 2013 Networks’ funding New York City-area networks when from the original

adjusted for $9 billion NYC Health & Hospitals Corp. medical $1.2B

inflation Advocate Community Providers $700M Nassau Queens Performing Provider System ➠ $535M The “savings” represent the difference from what would have been Maimonides Medical Center $700M spent under the old system. Medicaid spending is still projected to $489M ANNUAL increase. A major reason is that Medicaid enrollment is growing. Mount Sinai Performing Provider System INCREASE $390M in state spending on Medicaid from now The state hopes not just to save money, but A NEW PARADIGM PORTION MEDICAID New Yorkers in Medicaid through also to improve Medicaid recipients’ health managed care of Medicaid 2019 ENROLLMENT through preventive care and management 5M 95% recipients increase, 2013-14 ➠ 4.6M 9% 4 of chronic conditions. New York actually to be in managed care began moving more enrollees out of a fee- 3 3.4M plans by April 2018, up for-service delivery model into managed care 2 from 76% in 2014 in the 1980s, but the recent acceleration has 1 been dramatic, as is the goal. 0 July 2014 July 2015

$8,223: Medicaid spending per recipient in 2014 60%: Share of Medicaid spending in 2013 on the elderly and disabled, who comprise 24% of enrollees

14 | Crain’s New York Business | August 24, 2015 Crain'sNY_E_10.875x14.5_061515_Final.pdf 1 6/18/2015 10:38:01 AM

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2015 STATS AND THE CITY

The project is especially costly because trains will run underneath the construction. But trains also make it viable: The city paid to extend the No. 7 subway line from Times Square to West 34th Street and 11th The mother of Avenue, at the site’s northern edge. The new station, delayed by problems with a custom-built diagonal elevator, is to open by Sept. 13. all megaprojects ➠ PRICEY PROPOSITION HUDSON YARDS, IF COMPLETED AS PLANNED, will be the largest $700M Everything about the project has been expensive, COST to build a private real estate development in U.S. history. a dynamic that is expected to continue. deck over the Five skyscrapers, thousands of apartments, a sprawling retail Eastern Rail Yards center, a hotel, cultural space and the first new subway station in ages are among the components of this massive undertaking over West 34th Street $2.4B COST to extend

REAL ESTATE rail yards on the far West Side. And that’s just the first phase. the No. 7 line

The story of Hudson Yards epitomizes the trials, tribulations No. 7 Train one mile and triumphs of development in New York City, where grandiose Western Eastern ➠ Yard Yard ideas are often blown off course by the shifting winds of politics or Side Highway West $20B 5K economics, but sometimes come together in spectacular fashion. West 30th Street TOTAL COST of 11th Avenue 11th HOUSING Avenue 10th the project’s first UNITS to be of two phases built at FALSE STARTS

Hudson In each of the last three decades, the West Side rail yards were proposed as a ➠ Yards sports venue. The initial year of each proposal is below. So immense is Hudson Yards that it was designed as a neighborhood unto itself. That required a full 64% complement of uses. PORTION of the project’s developed DIVERSIFIED DEVELOPMENT square The developed square footage of Hudson Yards’ two phases will total footage to 17.4 million, of which 57% will be office space and 34% residential. be part of its 1985 1993 2002 School Cultural Shed 120,000 first phase, Madison Square New York N.Y. Jets/Olympics 180,000 Garden Yankees … plus 14 acres of green at the Hotel

photos: ap images, buck ennis, getty images 220,000 space (50% of project Eastern Rail ➠ Yard Retail footprint) 1,150,000 Office 9,900,000 The Garden and Yankees stayed put, as did the Jets when the Residential 51 state rejected the West Side stadium plan in 2005. After 5,587,000 YEARS, from three strikes, sports was out. In 2008, after a yearlong search 1931 to for a company to develop the site, the Metropolitan 1982, that Transportation Authority selected Tishman Speyer, but the buck ennis the Waldorf $1 billion deal fell apart in five weeks as the recession took ➠ Astoria was hold.The MTA soon found a replacement in the Related the city’s Cos. (which was joined by Oxford Properties Group in tallest 2010), but with the economy recovering sluggishly and A 20-YEAR ENDEAVOR residential potential tenants exercising caution, things moved slowly. building, at

625 feet. ➠ The record MONTHS after Related’s YEARS until will fall at selection that it signed a the lease least five 59 lease with the MTA 99 expires times this decade. SUPERTALL: NOT JUST FOR OFFICE BUILDINGS ANYMORE Two Hudson Yards apartment towers will be among the city’s 10 tallest, but likely not for long. Building Feet 1,775 ap images 111 W. 57th St. 1,438 JANUARY 2005: City Council rezones swath of West Side 432 Park 1,396 JUNE 2005: State rejects Jets/Olympic stadium plan 1,050 MAY 2009: Related Cos. replaces Tishman Speyer as site developer 1,009 One57 1,004 JUNE 2009: Western Rail Yard rezoned for commercial/residential use 70 Pine 952 DECEMBER 2012: Hudson Yards breaks ground

220 Central Park South 950 35 Hudson Yards APRIL 2013: Coach, L’Oréal USA and SAP announced as tenants 30 Park Place 937 15 Hudson Yards 914 2016: First tower to be completed Courtesy of The Museum Mid-2020s: Estimated completion date of full project

$11.90: Minimum wage of 1,650 future Hudson Yards employees, won by the de Blasio administration $510M: Property-tax benefits to be received by Hudson Yards

16 | Crain’s New York Business | August 24, 2015 20150824-NEWS--0017-NAT-CCI-CN_-- 8/20/2015 8:14 PM Page 1

SAFE TRAVELS Injuries to pedestrians fell 20% over three years. Injuries dipped 3% for Safe streets, motorists but climbed 26% for cyclists (not shown). Injured Pedestrians safe city? 1,500 1,200

VISION ZERO WILL NEVER LIVE UP to its name in a city as large and bustling 686 as New York. But the goal of no traffic fatalities, pioneered by Sweden 900 in 1997 and adopted by the de Blasio administration in January 2014, 854 could save lives and improve quality of life, too. Pedestrian deaths and 600 injuries have since dropped substantially, continuing a trend begun by ➠

the traffic-calming policies of the Bloomberg administration. Cyclist 300 injuries have risen, probably because New Yorkers are biking more, July 2012 January 2014 July 2015 while motorist injury and fatality rates are relatively unchanged. Source: NYPD

Although injuries are a more accurate indicator of trends TRANSPORTATION because they are common enough to yield statistically significant The de Blasio administration has data, it is deaths that capture the public’s attention and to which the term Vision Zero refers. Fatality numbers fluctuate more largely continued the traffic-safety 92% randomly, but their 9% drop in the first half of 2015 from the strategy of its predecessor, slowing SEAT-BELT same period two years earlier is a positive sign. down drivers by narrowing streets, compliance in installing speed humps, adding New York last year, a state striping and increasing record and 5 ➠ enforcement. In October 2014, it percentage points better reduced the citywide speed limit to than the 25 mph from 30 mph.

national average ➠

10% DECREASE IN TOTAL traffic istockphoto summonses in WE’RE WALKIN’ HERE! the first half of DEATHS DROP AMONG PEDESTRIANS 2015, but Fatalities, January-June The city installed more than 1.1 million square feet of pedes- speeding tickets trian space (including neckdowns, pedestrian islands, plaza rose by 17% and Year Pedestrians Motorists Cyclists space and sidewalk extensions) over four fiscal years. violations of pedestrian right- 2013 78 43 6 of-way by 15% Pedestrian Space Installed 400,000 360,057 2014 56 59 9 297,408 200,000 231,021 230,956

10% 2015 60 50 5 DROP IN Bronx, 0 Brooklyn and Source: NYPD Manhattan 2012 2013 2014 2015 traffic-related Sources: Mayor’s Management Report, NYC Department of Transportation injuries, versus a 1% rise in Queens and Staten Island, in the first half of ROAD-SHARING ON THE RISE 2015 Bike lanes are found on nearly three times as many city streets today as in 2006, GETTING OVER THE HUMP when there were just 245 miles of them. Speed humps—those asphalt mounds that are much wider Bronx Brooklyn Manhattan Queens Staten Island than the speed bumps found in parking lots—are an increas- 250 235.7 ingly frequent sight in the middle of residential one-way streets, although intersections are far more dangerous. 200 158.4 Speed Humps Installed 350 382 150 300 300 144.4 250 274 100 250* 200 103 150 184 50 100 34.7 50 0 2007 2008 2009 2010 2011 2012 2013 2014 0 2012 2013 2014 2015 2016 Note: Fiscal years shown Source: NYC Department of Transportation *Target number Note: Fiscal years shown Sources: Mayor’s Management Report, NYC Department of Transportation

450K: Potholes repaired in fiscal 2014, up 81% from the 2012-13 average 30: Traffic fatalities in Brooklyn, January-June 2015, the most of any borough

August 24, 2015 | Crain’s New York Business | 17 20150824-NEWS--0018,0019-NAT-CCI-CN_-- 8/20/2015 8:15 PM Page 1

2015 STATS AND THE CITY

Big, but not that big Separating hype THE TOTAL NUMBER of jobs in New York’s 114Ktech sector from reality ➠

DURING HIS MAYORALTY, Michael Bloomberg repeatedly said the city was on a path to rival or even overtake Silicon Valley as a technology THAT MAKES THE CITY’S TECH SECTOR THE hub. A year ago, the de Blasio administration ballyhooed a study FOURTH LARGEST IN THE NATION ... claiming the city had almost 300,000 tech workers. Whoa, people. The New York Fed’s definition of a tech worker means the city’s sector The latest venture-capital reports and new research from the is barely a third the size of Silicon Valley’s, but approaching those of Federal Reserve Bank of New York paint a more realistic—but still Seattle and Route 128 in Massachusetts.

TECHNOLOGY bullish—picture of the tech industry’s growth in the city. TECH HUB JOBS IN 2014 Silicon Valley ➠ 313,320 Seattle 140,716 6 Route 128 (Mass.) 136,888 FACTOR by New York City 114,077 which NYC San Francisco 63,478 tech-job growth has WHO IS A TECH WORKER ANYWAY? Austin 60,275 Boston 26,902 outpaced The mayor’s office got carried away trumpeting a 2014 study that deemed the overall job likes of Verizon line workers and Citibank technology staff part of the city’s tech Source: Federal Reserve Bank of New York growth here industry. The New York Fed better defined the sector by companies that use since 2007 technology as their core business strategy. ➠

6.2% ...BUT IT’S GROWING FASTER THAN THE BIG 3 VACANCY x Cultural cachet and access to capital help explain why NYC’s tech sec- tor has grown faster than those of its larger rivals since 2007. Large rate in percentage growth is also easier from a smaller base. Silicon Alley 160% (midtown 157% south), the Job gain, 2007-14 lowest of 120 any U.S. central 80 business 79% district 58% 40 44% 25% 0 15% 14% $118K STILL, NEW YORK HAS A LONG WAY San Boston New York Seattle Silicon Route Austin AVERAGE TO CATCH UP TO CALI Francisco City Valley 128 SALARY of Source: Federal Reserve Bank of New York technology Money invested in California’s tech firms in the past year was six times more than workers in what New York’s attracted. But the Empire State outpaced Massachusetts and New York more than tripled the fourth- and fifth-place finishers. City in 2013 $6.4B TECH WILL NOT DOMINATE New York Tech will never be a big percentage of the city’s employment base. That’s just the way it is in such an immense metropolis. Even Wall Street has never accounted for more than 5% of jobs. But New York’s diversity of industries should be viewed as a strength.

$5.4B Tech as a percentage of all jobs, 2014 Massachusetts Silicon Valley 25.4% $2.1B Route 128 (Mass.) Pacific Northwest ➠ 17.9 Seattle 13.5 San Francisco 11.6 Austin $36.8B 11.3 California $2.0B Boston Texas 4.5 U.S. 3.8 New York City 3.3 July 2014 to June 2015 Source: KPMG/CB Insights Venture Pulse Report Source: Federal Reserve Bank of New York

$1.2B: Market cap of Shutterstock, the city’s most successful tech IPO 4,500-PLUS: Number of Google workers in the city, the most of any tech company

18 | Crain’s New York Business | August 24, 2015 U.K. Cand 41 3,0Me all-time high in 2014, an nights sold hotel room MILLION 32.4 in 2014 NYC tourism impact of ECONOMIC $61B since 2000. up 56% is Visitorship fallen. has NYC tourism to that century 2009) this (2001 and OF YEARS NUMBER 2 359,000: az Br xico il TOURISM Ch Jobs in NYC’s tourism industry Jobs inNYC’s tourismindustry ina Exchange rate?Bah! 41 visitorship butgaining. in whoare fourth and forthebig-spendingChinese, who are themostfrequent foreign visitorstothe city, fortheBritish, more costly marginally only became forNew The good news York dollars isthatU.S. FEARS THAT THESTRENGTHENING asdb h eeso.Another 3%gainisexpectedthisyear. bytherecession. caused a23%increase sinceaone-year blipin2009 visited theBigApple, tourists Anhighof56.4million all-time grew3%. domestic tourism while international visitsjumped7%in2014from year, theprior Infact, increase toNew intourism York notbeenrealized. have City 1,0 Source: U.S. Reserve Federal Chinese yuan British pound Canadian dollar Euro real Brazilian SINCE THE START OF2014SINCE THESTART TOBUYU.S.DOLLARS CHANGE INCOST F 0S r ance AVERAGE DAILY ROOMRATES NYC HOTELOCCUPANCY AND 90% 13 85 ou 5 1 HOTEL ROOMINVENTORY ce: r 85.5% 0 65 716 201 Source: NYC&Company 0 NY ojectd 20Pr 15 vi 0 ,0 *Projected O Ave C & atecupany r 8 1 20 2006 om age r r 6 many Ger 20

C will maintain their furiouspace. their will maintain vacancies low, hoteldevelopers roompriceshigh With 11 o mpa

at r ny $261 e si « s, inthouad tor 4 1 20 * 0 0 0 , 4 2 1 2012 68, 0I Source: NYC&Company $295 $21 BILLION: 523,0 aly t U.S. dollar would reverse thesteady wouldreverse dollar U.S. 2013 1 1 4 0 0 0 , 2 0 1 , 2 7 89.0% 0 6 and 3 1 0 967,000Ch 4 $300 260 2014 +23.4% +24.7% +46.9% 3 2 5 0Spai +2.6% +6.3% Tourism industry wages,2014Tourism industry 932 ina 6 6 n 8 6 1 7 and will further impactoureconomy.” and willfurther year depar intelligence compan Commons,accordingtoBrianBuchwald,CEOofBomoda,aconsumer Park,butWoodbury or Central or areunavailable. frequentNewYork in2014 Themost forChinesetravelers stop ofLiberty Statue wasnotthe day$1,000 here,” shesaid. ourfirst and shopping,includingatriptoanApplestore. “MyfriendandIspent around during their eight-dayaround duringtheir stay. NewYork isalsofamously walkable. usingUbertoget bought pay-per-ride weremostly MetroCardsbutsaidthey smoothly.” it becauseit’snotsafe,soyouhave toownacar. as Italsodoesn’trun time andhadpurchasedaseven-day butnoonerides unlimitedMetroCard.“We inBrazil, have system atransit easy togetaround,andthey lovetoshop. WHAT MAKESNEWYORK CITY SUBWA “Only 6%ofChinesecitizenshave saidMr. passports,” Buchwald. “Thatnumberwillonlygrowgoingforward hasincreased250%since2010The numberofChinesevisitors 15% andisexpectedtogrowanother this more homecountriescost intheir formany maindraw wholoadupongoodsthat Shopping isthe tourists, Ms. Barcelosplowedhertranspor Two DeniseAoyama 33, Brazilians, andRicardoSouza,both other ,0 2 “Transportation is much cheaper here than in Brazil,” said Hortencia Barcelos, who was visiting for the first Barcelos,whowasvisitingforthe inBrazil,” ismuchcheaperherethan saidHortencia “Transportation , to932,000. 2 7 tment stores Macy’sandBloomingdale’s. tment stores 72 ance Fr have climbedby 13% by occupancyrates 4%since2010. andtheir additionallodging,hotels’roomprices home-sharingsites.Despitethe Airbnb andother inventor T « 2 3 o accommodatethewaves 9 YS, SHOPPINGAREBIGDRAWS 6 M 2 . 4 7 9 C 4 o y is up 40% since 2006—as has the number of residences marketed to tourists on numberofresidencesmarketedtotourists y isup40%since2006—ashasthe y « 1,1 72,0 y untr . L 1 M 2 . 2 uxur ,0Austr 1 expensive for Brazilians, EuropeansandCanadians. expensive forBrazilians, U.S.would likelyhave grown evenmorehadthe dollarnotgottenmore Tourist reachthem. andexpenditureswhenthey destinations spendinghere Currency fluctuations 1 , 4 5 1 , 20 , TOP 10 INTERNATIONAL NYCTOURISMMARKETS 200 400 600 800 1 0 « y brands such as Coach, Michael Kors and Tiffany &Co.arefavorites, asare andTiffany suchasCoach,MichaelKors y brands such a tourist magnet? It’s not just the sights and cultural offerings. Visitors find it find Visitors offerings. sightsandcultural the magnet?It’snotjust such atourist M 9 . 2 4 0 1 $3.7 BILLION: M 4 . 1 ali Source: NYC&Company 2 7 1 , 1 t ation savings activities intocultural 4 4 1 20 M 8 . 1 1 M 9 . 0 of travelers, the city’s hotel industry has grown—room city’shotelindustry the of travelers, 0C 4 20M 30M 40M 50M . 0 1 0M M 3 and VISITORS TONYC 1 M 6 . 0 are worth watching, though, as they affect tourists’ affect asthey watching,though, are worth 3 1 20 0 M . 9 a 3 exico local tax revenue from tourism,2014 from revenue local tax Source: NYC&Company M 1 Domest 2 S 0 pain 9

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Any lawful activity. counted cash flow analysis; Devis’g general partner are available from SSNY. Attn: Edward Farrell, Esq., 1350 of State of TX at James E. Rudder Bldg., corp strategy & plan’g growth initia- DE addr. of LP: 2711 Centerville Rd., , NY, NY 10018. Purpose: 1019 Brazos St., Austin, TX 78701. tives at Fortune 500 corp or top tier Ste. 400, Wilmington, DE 19808. Cert. Notice of Qual. of Seren 730 LLC, Auth. Any lawful activity. Purpose: The practice of law. filed Sec’y of State (SSNY) 4/10/15. strategy consult’g firm; prfrm’g prod of LP filed with Secy. of State, DE, Office loc: NY County. LLC org. in DE dvlpmt, incl’g analyz’g tech trends & Div. of Corps., John G. Townsend Notice of Qualification of BROOKFIELD PARKWOOD MERCH LLC, Authority 4/7/15. SSNY desig. as agent of LLC R&D processes, for tech or sftwre Bldg., 401 Federal St., Ste. 4, Dover, DE 19901. Purpose: Any lawful activity. GLOBAL INTEGRATED SOLUTIONS filed with the SSNY on 05/15/2015. upon whom proc. against it may be co; & wrk’g for multinat’l org w/ oper- US LLC Appl. for Auth. filed with Secy. Office loc: NY County. LLC formed in served. SSNY shall mail copy of proc. ations in emerg’g mrkts. Resumes: J. of State of NY (SSNY) on 06/05/15. DE on 05/13/2015. SSNY is designated to NRAI, 111 Eighth Ave., NY, NY 10011, Alvia, AllianceBernstein L.P., 1345 Notice of Qualification of 24-16 QUEENS Office location: NY County. LLC formed as agent upon whom process against the Reg. Agt. upon whom proc. may Ave of the Americas, New York, NY PLAZA PROPERTY OWNER LLC Appl. in Delaware (DE) on 04/01/15. SSNY the LLC may be served. SSNY shall be served. DE office addr.: 160 10105. JobID NEWNJA. for Auth. filed with Secy. of State of NY designated as agent of LLC upon whom mail process to: Pryor Cashman LLP Greentree Dr., Ste. 101, Dover, DE (SSNY) on 08/12/15. Office location: NY process against it may be served. SSNY Attn Brad D. Rose ESQ. 7 Times Square, 19904. Cert. of Form. on file: SSDE, County. LLC formed in Delaware (DE) shall mail process to c/o Corporation NY, NY 10036. Address required to Townsend Bldg., Dover, DE 19901. TELECOMMUNICATIONS on 08/06/15. Princ. office of LLC: 152 W. Service Co. (CSC), 80 State St., Albany, be maintained in DE: 2711 Centerville Purp: any lawful activities. 57th St., 60th Fl., NY, NY 10019. SSNY NY 12207-2543. DE addr. of LLC: c/o Rd Ste 400 Wilmington de 19808. Cert designated as agent of LLC upon whom CSC, 2711 Centerville Rd., Ste. 400, of Formation filed with DE Div. of Corps, Notice of Qualification of Domani Studios, NYC'S MOTOROLA process against it may be served. SSNY Wilmington, DE 19808. Cert. of Form. 401 Federal St., Ste 4, Dover, DE LLC. Authority filed with NY Dept. of State shall mail process to the LLC at the filed with DE Secy. of State, John G. 19901. Purpose: Any Lawful Purpose. MOTOTRBO SPECIALISTS on 6/18/15. Office location: NY County. princ. office of the LLC. DE addr. of LLC: Townsend Bldg., 401 Federal St., Ste. MOTOTRBOTM 2711 Centerville Rd., Ste. 400, Wilmington, Princ. bus. addr.: 45 Main St., #206, Professional Digital Two-way Radio 4, Dover, DE 19901. Purpose: Any Notice of Formation of 246 East 58 LLC. DE 19808. Cert. of Form. filed with DE Brooklyn, NY 11201. LLC formed in DE System provides significant productivity lawful activity. Arts. of Org. filed with Secy. of State of gains - reliably and affordably. Secy. of State, Div. of Corps., John on 4/24/15. NY Sec. of State designated NY (SSNY) on 07/31/15. Office location: • Clearer voice capability and enhanced G. Townsend Bldg., 401 Federal St., agent of LLC upon whom process against NY County. SSNY designated as agent battery life Ste. 4, Dover, DE 19901. Purpose: Notice of Formation of WOODMERE it may be served and shall mail process • Integrated voice and data for better of LLC upon whom process against it Any lawful activity. IRVING LLC Arts. of Org. filed with to: c/o CT Corporation System, 111 8th productivity and privacy may be served. SSNY shall mail process • Text messaging Secy. of State of NY (SSNY) on 07/24/15. Ave., NY, NY 10011, regd. agent upon • Doubles channel call capacity for Office location: NY County. Princ. to: c/o Smith, Gambrell & Russell, LLP, whom process may be served. DE addr. the price of one license Notice of Formation of UWS GROCERY office of LLC: 295 Madison Ave., 2nd Attn: Edward L. Schiff, Esq., 1301 of LLC: 1209 Orange St., Wilmington, DE *$100 TRADE-IN PER RADIO LLC Arts. of Org. filed with Secy. of Fl., NY, NY 10017. SSNY designated Ave. of the Americas, 21st Fl., NY, NY 19801. Cert. of Form. filed with DE Sec. Call to learn more or to State of NY (SSNY) on 07/23/15. Office as agent of LLC upon whom process 10019. Purpose: any lawful activities. of State, 401 Federal St., Dover, DE schedule a professional, location: NY County. SSNY desig- against it may be served. SSNY shall 19901. Purpose: all lawful purposes. no-obligation survey or on-site demo. nated as agent of LLC upon whom mail process to Corporation Service NOTICE OF FORMATION OF 40 X process against it may be served. SSNY Co., 80 State St., Albany, NY 12207- MANAGER LLC. Arts of Org filed with shall mail process to Wayne R. 2543. Purpose: Any lawful activity. Secy of State of NY (SSNY) on 7/1/15. C.R. DESIGN LLC Articles of Org. filed Lehraupt, Esq., c/o Eiseman Levine Office location: NY County. SSNY NY Sec. of State (SSNY) 07/10/2015. Lehrhaupt & Kakoyiannis, P.C., 805 Notice of Formation of State St. designated agent upon whom Office in NY Co. SSNY desig. agent of Third Ave., NY, NY 10022. Purpose: Townhomes LLC. Arts. of Org. filed process may be served and shall mail LLC upon whom process may be served. Any lawful activity. SSNY shall mail copy of process to 33 East 33rd Street with Secy. of State of NY (SSNY) on copy of process against LLC to principal 08/06/15. Office location: NY County. business address: 66 Pearl St. Ste 405, 442 W. 57th St, NY, NY 10019, which New York, NY 10016 is also the principal business location. 212-532-7400 SSNY designated as agent of LLC NY NY 10004. Purpose: any lawful act. Notice of Qualification of DLJ PARTNERS Purpose: Any lawful purpose. www.metrocomradio.com GROUP II, LLC Appl. for Auth. filed upon whom process against it may with Secy. of State of NY (SSNY) on be served. SSNY shall mail process to: NOTICE OF FORMATION OF LIMITED 08/12/15. Office location: NY County. IBEC Building Corp., 55 Broad St., 16th LIABILITY COMPANY. NAME: 237 LIMITED LIABILITY COMPANY PUBLIC & LEGAL LLC formed in Delaware (DE) on Fl., NY, NY 10004, Attn: Mr. Hesky WEST 54 OWNER, L.L.C. Application Notice of Formation of a Limited 06/25/15. Princ. office of LLC: 590 Brahimy. Purpose: any lawful activities. for Authority was filed with the Liability Company (LLC) Name: NOTICES Madison Ave., 8th Fl., NY, NY 10022. Secretary of State of New York (SSNY) LEMONY ONE, LLC Articles of SSNY designated as agent of LLC upon Notice of Formation of iLaser Vision on 01/24/14. The LLC was originally Organization filed by the Department Notice of Formation of EAST SIDE whom process against it may be served. Ophthalmology, PLLC. Arts. of Org. filed filed with the Secretary of State of of State of New York on: 03/03/2015 HOMESTEAD LLC Arts. of Org. filed SSNY shall mail process to c/o with Secy. of State of NY (SSNY) on Delaware on 05/31/11. Office location: Office location: County of New York with Secy. of State of NY (SSNY) on Corporation Service Co. (CSC), 80 State 08/05/15. Office location: NY County. New York County. SSNY has been Purpose: any and all lawful activities 05/29/15. Office location: NY County. St., Albany, NY 12207-2543. DE addr. SSNY designated as agent of LLC upon designated as agent of the LLC upon Secretary of State of New York SSNY designated as agent of LLC upon of LLC: c/o CSC, 2711 Centerville whom process against it may be served. whom process against it may be served. (SSNY) is designated as agent of the whom process against it may be served. Rd., Ste. 400, Wilmington, DE 19808. SSNY shall mail process to: 160 East SSNY shall mail a copy of process to LLC upon whom process against it SSNY shall mail process to Corporation Cert. of Form. filed with Secy. of State 56 St., Ste. 900, NY, NY 10022. the LLC, 3 , 23rd may be served. SSNY shall mail a Service Co., 80 State St., Albany, NY of DE, Corp. Div., Townsend Bldg., Dover, Purpose: to practice the profession Floor, New York, New York 10019. copy of process to: 224 West 35th 12207. Purpose: Any lawful activity. DE 19904. Purpose: Any lawful activity. of medicine and any lawful activities. Purpose: For any lawful purpose. Street New York, NY 10001

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TO PLACE A CLASSIFIED AD, CALl 1-800-444-6007 OR VISIT CRAINSNEWYORK.COM PUBLIC & LEGAL NOTICES Notice of Formation of HAMMY FEA- Notice of Qualification of 250 WATER NOTICE: Art. of Organiz. of MONTIE Notice of Qualification of Summer Notice of Qualification of SC 115 TURES LLC Arts. of Org. filed with MANAGER, LLC Appl. for Auth. filed MILLS MEEHAN, PH.D., PSYCHOLOGIST Atlantic, LLC. Authority filed with NY HENRY LLC Appl. for Auth. filed with Secy. of State of NY (SSNY) on with Secy. of State of NY (SSNY) on PLLC filed 6/2/15 w/ NY Sec. of State Dept. of State on 6/10/15. Office location: Secy. of State of NY (SSNY) on 02/18/10. Office location: NY County. 07/01/15. Office location: NY County. ("SOS"). PLLC’s office in NY County. NY County. Princ. bus. addr.: 600 07/23/15. Office location: NY County. Princ. office of LLC: Elizabeth Van LLC formed in Delaware (DE) on Street address of PLLC is 39 Broadway, Atlantic Ave., Boston, MA 02210. LLC LLC formed in Delaware (DE) on Meter, 340 Haven Ave., #4S, NY, NY 06/29/15. SSNY designated as agent of Suite 3600, NY, NY 10006. SOS is formed in DE on 5/28/15. NY Sec. of 07/06/15. Princ. office of LLC: 115 10033-5365. SSNY designated as agent LLC upon whom process against it may designated agent of PLLC for service State designated agent of LLC upon Henry St., NY, NY 10002. SSNY des- of LLC upon whom process against be served. SSNY shall mail process to of process. SOS to mail copy of any whom process against it may be served ignated as agent of LLC upon whom it may be served. SSNY shall mail c/o Megalith Capital Management LLC, process against PLLC to Richard J. Miller, and shall mail process to: c/o CT process against it may be served. SSNY process to the LLC at the addr. of its One Grand Central Pl., 60 E. 42nd St., Ste. Jr., Esq., Morris & McVeigh LLP, 767 Corporation System, 111 8th Ave., NY, shall mail process to c/o Corporation princ. office. Purpose: Any lawful activity. 3100, NY, NY 10065. DE addr. of LLC: c/o Third Ave., New York, NY 10017 within NY 10011, regd. agent upon whom Service Co., 80 State St., Albany, NY Corporation Service Co., 2711 Centerville or without NY State. No regis. agent. process may be served. DE addr. of 12207-2543. DE addr. of LLC: 2711 Notice of Qualification of Hedge Fund Rd., Ste. 400, Wilmington, DE 19808. PLLC managed by 1 or more mem- LLC: 1209 Orange St., Wilmington, DE Centerville Rd., Ste. 400, Wilmington, DE Select: Perry LLC. Authority filed with Cert. of Form. filed with Jeffrey W. bers. Purpose: any lawful act/activity 19801. Cert. of Form. filed with DE Sec. 19808. Cert. of Form. filed with Secy. NY Dept. of State on 7/10/15. Office Bullock, DE Secy. of State, Townsend which PLLCs may be organized. of State, 401 Federal St., Dover, DE of State, Div. of Corps., 401 Federal location: NY County. LLC formed in DE Bldg., 401 Federal St., Ste. 3, Dover, 19901. Purpose: all lawful purposes. St., Ste. 4, Dover, DE 19901. Purpose: on 6/4/15. NY Sec. of State designated DE 19901. Purpose: Any lawful activity. Notice of Formation of 337W36 LLC Any lawful activity. agent of LLC upon whom process Arts. of Org. filed with Secy. of State Notice of Qualification of Elah Capital against it may be served and shall mail Notice of Qualification of LT GARDEN of NY (SSNY) on 06/16/15. Office Management LLC. Authority filed with Notice of Qualification of 2255 Broadway process to the principal business CITY LLC Appl. for Auth. filed with Secy. location: NY County. SSNY designated NY Dept. of State on 3/16/15. Office Property Owner, L.L.C. Authority filed address: 200 West St., NY, NY 10282. of State of NY (SSNY) on 06/23/15. as agent of LLC upon whom process location: NY County. Princ. bus. addr.: with NY Dept. of State on 6/18/15. Office DE address of LLC: 1209 Orange St., Office location: NY County. LLC formed in against it may be served. SSNY shall 888 7th Ave., 6th Fl., NY, NY 10019. location: NY County. Princ. bus. addr.: Wilmington, DE 19801. Cert. of Form. Delaware (DE) on 06/15/15. Princ. office mail process to Peter Serpico, 213 W. LLC formed in DE on 1/21/15. NY Sec. 1001 Pennsylvania Ave. NW, Washington, filed with DE Sec. of State, P.O. Box of LLC: Theresa Gladstein, Saks Fifth 35th St., 7th Fl., NY, NY 10001. Purpose: of State designated agent of LLC upon DC 20004. LLC formed in DE on 5/7/15. 898, Dover, DE 19903. Purpose: all Avenue, 12 E. 49th St., NY, NY 10017. Any lawful activity. whom process against it may be served NY Sec. of State designated agent of lawful purposes. SSNY designated as agent of LLC upon and shall mail process to: 3 Flower LLC upon whom process against it may whom process against it may be served. Notice of Formation of TOTEME Farm Lane, Westport, CT 06880. DE be served and shall mail process to: c/o Notice of Qual. of Scopia Capital SSNY shall mail process to the LLC HOLDING LLC Arts. of Org. filed with addr. of LLC: 615 S. DuPont Hwy., Dover, CT Corporation System, 111 8th Ave., Management LP, Auth. filed Sec’y of at the addr. of its princ. office. DE Secy. of State of NY (SSNY) on 06/15/15. DE 19901. Cert. of Form. filed with DE NY, NY 10011, regd. agent upon whom State (SSNY) 1/8/15. Office loc: NY Cty. addr. of LLC: 2711 Centerville Rd., Ste. Office location: NY County. SSNY Sec. of State, 401 Federal St., Dover, process may be served. DE addr. of LLC: LP org. in DE 12/16/11. SSNY desig. 410, Wilmington, DE 19808. Cert. of designated as agent of LLC upon DE 19901. Purpose: any lawful activity. c/o The Corporation Trust Co., 1209 as agent of LP upon whom proc. against Form. filed with Jeffrey W. Bullock, whom process against it may be Orange St., Wilmington, DE 19801. Cert. DE Secy. of State, John G. Townsend of Form. filed with DE Sec. of State, 401 it may be served. SSNY shall mail copy served. SSNY shall mail process to Notice of Qualification of MODA YOGA, Bldg., 401 Federal St., Ste. 4, Dover, Federal St., Dover, DE 19901. Purpose: of proc. to Att: Matthew Sirovich, 152 the LLC, 180 Varick St., Ste. 408, NY, LLC Appl. for Auth. filed with Secy. of DE 19901. Purpose: Any lawful activity. all lawful purposes. W. 57th St., NY, NY 10019. DE office NY 10014. Purpose: Any lawful activity. State of NY (SSNY) on 06/16/15. Office addr.: CSC, 2711 Centerville Rd., location: NY County. LLC formed in Wilmington, DE 19808. Cert. of LP on Notice of Qualification of 71-34 AUSTIN Notice of Formation of FIXED INCOME Delaware (DE) on 01/05/15. Princ. office of Notice of Qualification of CHARLES file: SSDE, Townsend Bldg., Dover, DE STREET RETAIL LLC Appl. for Auth. filed OPPORTUNITIES NB LLC Arts. of Org. LLC: 1298 Madison Ave., Second Fl., NY, DEAN, LLC Appl. for Auth. filed with 19901. Name/addr. of each gen. ptr. with Secy. of State of NY (SSNY) on filed with Secy. of State of NY (SSNY) NY 10128. SSNY designated as agent Secy. of State of NY (SSNY) on 05/27/15. avail. at SSNY. Purp: any lawful activities. 06/15/15. Office location: NY County. on 06/08/15. Office location: NY County. of LLC upon whom process against it Office location: NY County. LLC formed LLC formed in Delaware (DE) on Princ. office of LLC: 605 Third Ave., 22nd may be served. SSNY shall mail process in Delaware (DE) on 08/01/14. Princ. 06/15/15. Princ. office of LLC: c/o office of LLC: 150 W. 56th St., Apt. Notice of Qualification of HMG B Fl., NY, NY 10158. SSNY designated to the LLC at the princ. office of the CORIGIN, Attn: Spencer Romoff, 505 as agent of LLC upon whom process LLC. DE addr. of LLC: 2711 Centerville 4709, NY, NY 10019. SSNY designated Investors LLC Appl. for Auth. filed with Fifth Ave., NY, NY 10017. SSNY designated as agent of LLC upon whom process Secy. of State of NY (SSNY) on 04/10/15. against it may be served. SSNY shall Rd., Ste. 400, Wilmington, DE 19808. as agent of LLC upon whom process mail process to Corporation Service Cert. of Form. filed with DE Secy. of against it may be served. SSNY shall Office location: NY County. LLC against it may be served. SSNY shall mail mail process to Dean Bakes, at the formed in Delaware (DE) on 04/29/14. Co., 80 State St., Albany, NY 12207- State, 401 Federal St., Ste. 4, Dover, process to the LLC at the addr. of its princ. 2543. Purpose: Any lawful activity. DE 19901. Purpose: Any lawful activity. princ. office of the LLC. DE addr. of LLC SSNY designated as agent of LLC upon office. DE addr. of LLC: c/o Corporation and Cert. of Form. filed with: U.S. Corp. whom process against it may be served. Service Co., 2711 Centerville Rd., Ste. 400, Notice of Formation of Riverside Agents, Inc., 1521 Concord Pike, Ste. SSNY shall mail process to the DE addr. Wilmington, DE 19808. Cert. of Form. DENISE DENISE LLC, Arts. of Org. Caterers LLC. Arts of Org filed with Secy. 301, Wilmington, DE 19803. As of the LLC: c/o Capital Services, Inc., filed with Secy. of the State of DE, Corp. filed with the SSNY on 05/13/2015. Of State of NY (SSNY) on 05.26.2015 amended by Cert. of Correction filed 1675 S. State St., Ste. B, Dover, DE Dept., Loockerman & Federal Sts., Dover, Office loc: NY County. SSNY has been Office location: NY County. SSNY with SSNY on 06/19/15, Cert. of Form. 19901. Cert. of Form. filed with Secy. DE 19901. Purpose: Any lawful activity. designated as agent upon whom filed with DE Secy. of State, Div. of of State, 401 Federal St., Ste. 4, Dover, process against the LLC may be served. designated agent upon whom process may be served and shall mail copy of Corps., John G. Townsend Bldg., 401 DE 19901. Purpose: Any lawful activity. SSNY shall mail process to: Donald Federal St., Ste. 4, Dover, DE 19901. Notice of Qualification of 2255 Broadway S. Zakarin, ESQ., Pryor Cashman process against LLC to principal Tenant, L.L.C. Authority filed with NY business address: 780 Riverside Dr. Purpose: Any lawful activity. Notice of Qual. of Sagamore AK LLP, 7 Times Square, NY, NY 10036. Dept. of State on 6/18/15. Office location: Purpose: Any Lawful Purpose. Suite 2E New York, NY 10032. Purpose: Property Company LLC, Auth. filed Sec’y NY County. Princ. bus. addr.: 1001 any lawful act. Notice of Qualification of 1 FERRY of State (SSNY) 7/6/15. Office loc: NY Pennsylvania Ave. NW, Washington, DC ROAD PROPERTY OWNER LLC Appl. Cty. LLC org. in DE 7/1/15. SSNY desig. Notice of Formation of HMA Advisors, 20004. LLC formed in DE on 5/14/15. 415 LEONARD ST. UNIT 4A, LLC. Art. for Auth. filed with Secy. of State of NY as agent of LLC upon whom proc. LLC. Arts. of Org. filed with NY Dept. of NY Sec. of State designated agent of of Org. filed with the SSNY on (SSNY) on 08/11/15. Office location: NY against it may be served. SSNY shall State on 6/12/15. Office location: NY LLC upon whom process against it 07/07/15. Office: New York County. County. LLC formed in Delaware (DE) mail copy of proc. to NRAI, 111 Eighth County. Sec. of State designated agent may be served and shall mail process SSNY designated as agent of the LLC on 08/06/15. Princ. office of LLC: 152 W. Ave., NY, NY 10011, the Reg. Agt. upon of LLC upon whom process against it to: c/o CT Corporation System, 111 upon whom process against it may be 57th St., 60th Fl., NY, NY 10019. SSNY whom proc. may be served. DE office may be served and shall mail process 8th Ave., NY, NY 10011, regd. agent served. SSNY shall mail copy of process designated as agent of LLC upon whom addr.: 160 Greentree Dr., Ste. 101, Dover, to: 1133 Ave. of the Americas, Suite upon whom process may be served. to the LLC, 77-808 Kamehameha process against it may be served. SSNY DE 19904. Cert. of Form. on file: SSDE, 2810, NY, NY 10036, principal business DE addr. of LLC: c/o The Corporation Highway, Mililani, HI 96789. Purpose: shall mail process to the LLC at the princ. Townsend Bldg., Dover, DE 19901. address. Purpose: all lawful purposes. Trust Co., 1209 Orange St., Wilmington, Any lawful purpose. office of the LLC. DE addr. of LLC: 2711 Purp: any lawful activities. DE 19801. Cert. of Form. filed with DE Centerville Rd., Ste. 400, Wilmington, DE Sec. of State, 401 Federal St., Dover, Notice of Qualification of SHOT APP Notice of Qualification of BHRAC-AC 19808. Cert. of Form. filed with DE Secy. Notice of Formation of SIROD, LLC. Arts. DE 19901. Purpose: all lawful purposes. LLC Appl. for Auth. filed with Secy. of LLC. Authority filed with Secy. of State of State, Div. of Corps., John G. Townsend of Org. filed with Secy. of State of NY State of NY (SSNY) on 07/24/15. Office of NY (SSNY) on 05/04/15. Office Bldg., 401 Federal St., Ste. 4, Dover, DE (SSNY) on 7/16/15. Office location: NY Notice of Qualification of Cerberus PSERS location: NY County. LLC formed in location: NY County. LLC formed in 19901. Purpose: Any lawful activity. County. SSNY designated as agent Levered Opportunities GP, LLC. Delaware (DE) on 06/10/15. Princ. office Nevada (NV) on 04/21/15. SSNY des- of LLC upon whom process against Authority filed with NY Dept. of State on of LLC: 353 Lexington Ave., Ste. 600, ignated as agent of LLC upon whom RP Public Relations, LLC Art of Org it may be served. SSNY shall mail 8/6/15. Office location: NY County. Princ. NY, NY 10016. SSNY designated as process against it may be served. SSNY filed with Secretary of State of New process to: 32 W. 132nd St., No. 1, NY, bus. addr.: 875 3rd Ave., NY, NY 10022. agent of LLC upon whom process shall mail process to: c/o CT Corporation York (SSNY) on March 9, 2015. NY 10037. Purpose: any lawful activity. LLC formed in DE on 6/15/15. NY Sec. of against it may be served. SSNY shall System, 111 Eighth Ave., NY, NY 10011, Office location: New York County. State designated agent of LLC upon whom mail process to Kudman Trachten Aloe also the registered agent. Address to SSNY is designated as agent of LLC process against it may be served and shall LLP, 350 Fifth Ave., NY, NY 10118. DE be maintained in NV: 3566 Polaris St., upon whom process against it may mail process to: c/o CT Corporation addr. of LLC: 2711 Centreville Rd., Las Vegas, NV 89103. Arts of Org. filed be served. The registered agent of System, 111 8th Ave., NY, NY 10011. DE Wilmington, DE 19808. Cert. of Form. with the NV Secy. of State, 101 N. the company upon whom and at Do You Want To Get addr. of LLC: c/o The Corporation filed with Secy. of State, John G. Carson St., Ste. 3, Carson City, NV which process against the company Trust Co., 1209 Orange St., Wilmington, Townsend Bldg., 401 Federal St., Dover, 89701. Purpose: any lawful activities. can be served is Your Company DE 19801. Cert. of Form. filed with DE DE 19901. Purpose: Any lawful activity. Corporation Agents, INC. 7014 13th Sec. of State, 401 Federal St., Dover, 200 RSB 42D LLC Articles of Org. Avenue, Suite 202 Brooklyn, NY 11228. In Front Of New York DE 19901. Purpose: all lawful purposes. Notice of Qualification of 151 Wooster filed NY Sec. of State (SSNY) 7/28/2015. 6A LLC. Authority filed with NY Dept. Office in NY Co. SSNY desig. agent of Notice of Qualification of 144-150 West City’s Influential Notice of Qualification of 787 Eleventh of State on 7/27/15. Office location: NY LLC upon whom process may be served. 34th Street EAT LLC. Authority filed with Funding LLC. Authority filed with NY Dept. County. Princ. bus. addr.: c/o Sycamore SSNY shall mail copy of process to NY Dept. of State on 5/15/15. Office Business of State on 7/2/15. Office location: NY Partners, 9 W. 57th St., 31st Fl., NY, 200 Riverside Blvd., Apt. 42D, NY, NY location: NY County. Princ. bus. addr.: County. Princ. bus. addr.: 500 Stanton NY 10019. LLC formed in DE on 10069. Purpose: Any lawful purpose. 210 Route 4 East, Paramus, NJ 07652. Professionals? Christiana Rd., Ops 3/Floor 2, Newark, 7/17/14. NY Sec. of State designated LLC formed in DE on 5/14/15. NY Sec. DE 19713. LLC formed in DE on agent of LLC upon whom process Notice of Formation of MVW GROUP of State designated agent of LLC upon 6/29/15. NY Sec. of State designated against it may be served and shall mail LLC Arts. of Org. filed with Secy. of State whom process against it may be served Contact Joanne Barbieri at agent of LLC upon whom process process to: c/o CT Corporation System, of NY (SSNY) on 05/04/15. Office and shall mail process to: c/o CT against it may be served and shall mail 111 8th Ave., NY, NY 10011, regd. agent location: NY County. SSNY designated Corporation System, 111 8th Ave., NY, NY 212-210-0189 for process to: CT Corporation System, upon whom process may be served. as agent of LLC upon whom process 10011, regd. agent upon whom process classified advertising 111 8th Ave., NY, NY 10011. DE addr. DE addr. of LLC: c/o Corporation Trust against it may be served. SSNY shall may be served. DE addr. of LLC: 1209 of LLC: 1209 Orange St., Wilmington, Co., 1209 Orange St., Wilmington, DE mail process to Tarter Krinsky & Drogin Orange St., Wilmington, DE 19801. Cert. of opportunities. DE 19801. Cert. of Form. filed with DE 19801. Cert. of Form. filed with DE Sec. LLP, Attn: David J. Pfeffer, 1350 Form. filed with DE Sec. of State, 401 Federal Sec. of State, 401 Federal St., Dover, of State, 401 Federal St., Dover, DE Broadway, 11th Fl., NY, NY 10018. St., Dover, DE 19901. Purpose: any DE 19901. Purpose: all lawful purposes. 19901. Purpose: all lawful purposes. Purpose: Any lawful activity. lawful activity.

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IN THE BOROUGHS MANHATTAN STEEL MAGNET: Stuart Romanoff is Restoration Hardware recently putting up the kind of signed a deal to lease the 25,000- 10-story office and Google’s shadow square-foot office building at 55 retail building that will Gansevoort St. for the company’s attract young talent. Continued from Page 4 Business Improvement District, first 14-room boutique hotel and show. about 35,000 people now work in ground-floor restaurant. Both will “Companies want the opportu- the neighborhood.The potential for be outfitted with Restoration’s fur- nity to recruit the best young talent that foot traffic to swell with new of- nishings and serve as a showroom for today, who are looking for the kind fice workers—coupled with the 6 its products on sale at a store around of workplace that the meatpacking million annual visitors who pour in the corner. district offers,” said Stuart Ro- from the and the recent- manoff, whose family firm, Ro- ly opened Whitney Museum—has Work culture manoff Equities, is building a 10- prompted interest in retail develop- In addition, Samsung last year story, 113,848-square-foot office ment as well. leased all 55,000 square feet at 837 and retail building at 860 Washing- For instance,Tavros Capital ear- Washington St., a newly developed ton St. in conjunction with Proper- lier this year purchased three adja- building across from the Standard ty Group Partners. cent properties on one of the area’s Hotel.Although the space was built “Google has been a centerpiece busiest corners—Ninth Avenue and as an office, the electronics and ap- of this neighborhood,” he said. “It’s West 14th Street—for $105 mil- pliance giant plans to use it mainly going to be interesting to see more lion. It plans to gut-renovate the as an interactive location, open to companies now have the chance to base floors into new store space.The the public, to demonstrate its prod- grow and thrive here.” work will include creating an interi- ucts and technology. or glass courtyard that will be open Lexus will soon open a dealer- More foot traffic for retail to the public. ship in a three-story, 16,500- Meanwhile, Aurora Capital Aurora and William Gottlieb square-foot building it leased at 412 Associates and William Gottlieb Real Estate are also remaking con- W.14th St.last year.The dealership Real Estate will break ground next tiguous buildings they own that will also offer artisanal coffee, food year on a 150,000-square-foot span nearly the entire south side of and products from a host of high- boutique office building at 40 10th Gansevoort Street,from Washing- end vendors. Ave. Aurora, in partnership with ton to Greenwich streets. The $50 “Some are fearful the new office Vornado Realty Trust, is planning million project, called Gansevoort buildings and other spaces being a similar building at the corner of Row, will create about 30,000 readied here will change the charac- Ninth Avenue and West 15th square feet of refurbished retail ter of the neighborhood,” said Lau- Street. That project is set to start space. ren Danziger, president of the next year. Aurora estimated that All the new space has generated Meatpacking BID.“From what I’ve the pair will cost a total of about expectations that the tenants who seen it’s going to give more tenants $160 million. eventually fill it will be as creative as the chance to come here and contin-

According to the Meatpacking those who have recently arrived. ue to be creative.” Ⅲ buck ennis

TO PLACE A CLASSIFIED AD, CALL 1-800-444-6007 OR EMAIL [email protected] PUBLIC & LEGAL NOTICES Notice of Formation of HBBG,LLC Arts. STIM PRO, LLP Notice of Reg. Filed NOTICE OF FORMATION of SOUVE- HC SUFFOLK LLC, Arts. of Org. filed AB Asset LLC, a domestic LLC, filed of Org. filed with NY Dept. of State on with NY Sec. of State (SSNY) 5/7/2014. NARIUM LLC. Arts of Org filed with Secy. with the SSNY on 06/18/2015. Office with the SSNY on 7/10/15. Office 7/01/15 Office location NY County SSNY Office in NY County. SSNY is designated of State of NY (SSNY) on 6/29/15. Office loc: NY County. SSNY has been des- location: New York County. SSNY is designated agent upon whom process agent of LLP upon whom process may location: NY County. SSNY designated ignated as agent upon whom process designated as agent upon whom may be served and shall mail copy of be served. SSNY shall mail copy of agent upon whom process may be against the LLC may be served. SSNY process against the LLC may be served. process against LLC to 135 West 36th St 18fl process to 65 Bank St., Ste. A, NY, served and shall mail copy of process shall mail process to: Todd Feuerstein, SSNY shall mail process to The LLC, NY NY 10018 purpose: any lawful activity. NY 10014, also the principal business against LLC to principal business 817 Broadway 5th Fl, NY, NY 10003. 87 Bowery, Ste. 400, NY, NY 10002. location. Purpose: To practice Law. address: 395 Broadway, 14C, New York, Purpose: Any Lawful Purpose. General Purpose. Notice of Formation of Law Office of NY 10013. Purpose: any lawful act. Robert S. Schwartz, PLLC. Arts of Org Notice of Qualification of HMG Notice of Qualification of Pasta Flyer, Notice of Qualification of 220 CPS 41 filed with Secy of State of NY (SSNY) Development LLC Appl. for Auth. filed Notice of Qualification of Big Spoon LLC. Authority filed with NY Dept. of LLC Appl. for Auth. filed with Secy. of on 7/28/2015. Office location: NY with Secy. of State of NY (SSNY) on Industries, LLC. Authority filed with Secy. State on 7/13/15. Office location: NY State of NY (SSNY) on 07/03/15. Office County. SSNY designated agent upon 04/10/15. Office location: NY County. of State of NY (SSNY) on 06/02/15. Office County. LLC formed in DE on 7/9/15. location: NY County. LLC formed in whom process may be served and shall LLC formed in Delaware (DE) on location: NY County. LLC formed in NY Sec. of State designated agent of Delaware (DE) on 05/27/15. SSNY mail copy of process against PLLC to 04/29/14. SSNY designated as agent Delaware (DE) on 08/01/13. SSNY LLC upon whom process against it may designated as agent of LLC upon whom principal business address: 292 of LLC upon whom process against it designated as agent of LLC upon whom be served and shall mail process to: c/o process against it may be served. SSNY , 16th Floor, New York, may be served. SSNY shall mail process process against it may be served. SSNY CT Corporation System, 111 8th Ave., shall mail process to Corporation NY 10017. Purpose: the practice of to the DE addr. of the LLC: c/o Capital shall mail process to: c/o eResidentAgent, NY, NY 10011, regd. agent upon whom Service Co. (CSC), 80 State St., Albany, the profession of law. Services, Inc., 1675 S. State St., Ste. Inc., 12121 Wilshire Blvd., Ste. 1201, Los process may be served. DE address NY 12207. DE addr. of LLC: c/o CSC, B, Dover, DE 19901. Cert. of Form. filed Angeles, CA 90025. Address to be maintained of LLC: 1209 Orange St., Wilmington, 2711 Centerville Rd., Ste. 400, JASH CPW LLC. App. for Auth. filed with Secy. of State, 401 Federal St., Ste. in DE: 1013 Centre Rd., Ste. 403S, DE 19801. Cert. of Form. filed with Wilmington, DE 19808. Cert. of Form. with the SSNY on 06/08/15. Originally 4, Dover, DE 19901. Purpose: Any Wilmington, DE 19805. Arts of Org. filed DE Sec. of State, 401 Federal St., Dover, filed with Secy. of State of DE, Secy. filed with Secretary of State of Florida lawful activity. with the DE Secy. of State, John G. Townsend DE 19901. Purpose: all lawful purposes. of State - Div. of Corps., 401 Federal 06/02/15. Office: New York County. SSNY Bldg., 401 Federal St., Ste. 4, Dover, DE St., Ste. 4, Dover, DE 19901. Purpose: 19901. Purpose: any lawful activities. Any lawful activity. designated as agent of the LLC upon Notice of Formation Wellness Physical CLAIRVOYANT DEVELOPMENT L.L.C., whom process against it may be served. Therapy Rehabilitation P.L.L.C. Arts. of Arts. of Org. filed with the SSNY on SSNY shall mail copy of process to the Org. filed with SSNY 2/6/15. Off. Loc.: Notice of Formation of Rolen Music 06/26/2015. Office loc: NY County. Notice of Formation of 220 RSB 10MN, LLC, c/o Jodi Tartell, c/o Buzzy Geduld, New York County. SSNY designated as Group LLC. Arts. Of Org. filed with SSNY has been designated as agent L.L.C. Arts. of Org. filed with NY Dept. 279 Central Park W, Apart. 12A, New York, agent of LLC whom process may be Secy. Of State of NY (SSNY) on upon whom process against the LLC of State on 6/29/15. Office location: NY NY 10024. Purpose: Any lawful purpose. served. SSNY shall mail process to: c/o 07/15/2015. Office location: NY may be served. SSNY shall mail process County. Sec. of State designated agent Milena Reyes, P.O. Box 177, New York, County. Aurora SSNY designated as to: C/O Ganga Mukkavilli, 303 Fifth of LLC upon whom process against it NY 10028. Purpose: all lawful activities. agent of LLC upon whom process NOTICE OF FORMATION OF MARK Ave, Ste 1205, NY, NY 10016. Purpose: may be served and shall mail process against it may be served. SSNY shall ZUMWALT LLC. Articles of Any Lawful Purpose. to: P.O. Box 1226, NY, NY 10150. mail process to the LLC, 2159 First Organization filed with the Secretary of Notice of Formation of 78 Prospect Purpose: all lawful purposes. Avenue #2E, New York City, New State of NY (SSNY) on 10/24/13. Park Brooklyn LLC. Arts. of Org. filed Notice of Formation of CAROLINE Z. York 10029. Purpose: Any lawful activity. Office location: NEW YORK County. with NY Dept. of State on 4/17/15. HURLEY LLC Arts. of Org. filed with Notice of Formation of FDR CAPITAL SSNY has been designated as agent Office location: NY County. Princ. bus. Secy. of State of NY (SSNY) on 02/20/15. LLC Arts. of Org. filed with Secy. of upon whom process against it may be addr.: 825 3rd Ave., Fl 37, NY, NY Cardel USA, LLC, a domestic LLC, filed Office location: NY County. Princ. office State of NY (SSNY) on 06/04/15. Office served. The Post Office address to which 10022. Sec. of State designated agent with the SSNY on 4/13/15. Office of LLC: 79 Barrow St., #4B, NY, NY location: NY County. Princ. office of LLC: the SSNY shall mail a copy of any process of LLC upon whom process against it location: New York County. SSNY is 10014. SSNY designated as agent of 545 Fifth Ave., 8th Fl., NY, NY 10017. against the LLC served upon him/her may be served and shall mail process designated as agent upon whom process LLC upon whom process against it may SSNY designated as agent of LLC upon is: 215 E 15TH ST, NY NY 10003 The to: CT Corporation System, 111 8th against the LLC may be served. SSNY be served. SSNY shall mail process to whom process against it may be principal business address of the LLC Ave., NY, NY 10011, regd. agent shall mail process to The LLC, 250 c/o Maureen W. McCarthy, Esq., 362 served. SSNY shall mail process to is: 215 E 15TH ST, NY, NY 10003 upon whom process may be served. Greenwich Ave., NY, NY 10007. Pacific St., #2, Brooklyn, NY 11217. the LLC at the princ. office of the LLC. Purpose: any lawful act or activity. Purpose: any lawful activity. General purpose. Purpose: Any lawful activity. Purpose: Any lawful activity.

22 | Crain’s New York Business | August 24, 2015 20150824-NEWS--0023-NAT-CCI-CN_-- 8/21/2015 7:55 PM Page 1

tended to demonstrate which New creator of the website I Quant NY, York residences are most vulnerable highlighted how the city charged Mapmakers make sense of NYC to flood damage and would benefit $55,000 in fines to drivers who most from flood insurance. parked their cars near two poorly Continued from Page 4 of that sum has gone to a Washing- maps showing search hot spots.The “Few people have CartoDB’s marked Lower East Side fire hy- maps are such a part of everyday ton, D.C., startup called Mapbox, firm makes a variety of maps for The level of expertise,” said Milver drants. The city’s Department of life.” but CartoDB raised $8 million in Wall Street Journal’s website, such as Valenzuela, chief executive of risk- Transportation improved the mark- Firms like CartoDB—which VC funding last year. In early Au- those showing election results. management firm Syndeste, which ings after the map came out. started up in Spain and last year gust, a Nokia division that makes For financial-services companies published the map. After the City Council intro- opened shop in Brooklyn, where it car-dashboard maps was sold to a such as Spain’s BBVA, CartoDB “We help people use data to duced a bill calling on the Depart- has 17 employees—have proliferat- group of German automakers for helps create maps that show where make maps that others can readily ment of Environmental Protection ed in recent years. Mapmaking has nearly $3 billion. consumers are using their credit understand,” said CartoDB Chief to start sampling noise levels, Mr. unshackled itself from the confines The vibrancy of this tech subcul- cards. That information is then de- Science Officer Andrew Hill. Wellington published a map show- of paper atlases and migrated onto ture was on display in mid-August livered to retailers.They use it to de- ing where complaints about loud cellphones,which are,after all,GPS as 120 mapmakers converged on a termine where to open or close Information within reach music and parties are most com- units that also make phone calls. loft space near Madison Square stores or what products they should New York’s mapmaking scene is mon. (Inwood/Marble Hill re- Maps form the heart of con- Park to sip cans of Tecate and hear stock because shoppers are buying rich thanks in large part to a law en- ceived the most loud-party com- sumer businesses like Uber and how mapping has entered brave new them elsewhere. acted three years ago requiring city plaints; Norwood in the Bronx the Airbnb. They are central to aero- worlds. A medical researcher ex- But CartoDB,along with anoth- agencies to make available their most for loud talking.) space and defense firms. In New plained how the visualization of ge- er Manhattan-based mapmaker reams of computer data. That has “Maps, like many types of data- York, cartographers are becoming nomic data helps scientists learn brought more than 1,300 informa- driven research, take time to make integral in such fields as media, fi- about the nature of disease. Anoth- tion sets, ranging from a tree census an impact on policy,” Mr. Welling- nance and health. er speaker extolled mapping as a way VC firms have to details about traffic accidents, ton said. The amount of time people spend to create better computer models within reach of professional and Mr. Whong has used city data to online looking at maps has soared by that mimic how the human body invested $60M+ amateur mapmakers. make more than taxi maps. He ap- more than 50% in just the past two changes shape as it moves. The latter group includes David plied Department of Education in- years, according to comScore. “This information could be use- in mapping McCreery,an international project- formation to create a map showing ful for fashion designers, health and management expert who helped de- test-score results for hundreds of Drawing investors fitness, even video games,” pro- startups in 2015 velop an app for disabled subway public schools throughout the five All that attention is expected to claimed Jonathan Schwartz, direc- riders. He also is creating an app, boroughs. Another makes it easier drive U.S. revenue in the geospatial tor of products at a Manhattan- tentatively called Fresh Gotham, for people to analyze the vast industry to nearly $100 billion by based startup called Body Labs. highlighting restaurants, and hopes amounts of street and building data 2017, according to a 2012 report CartoDB opened here so that its to make it into a sideline business. produced by the city Department of from the Boston Consulting Group sales and marketing staff could win called Mapzen, are tiny compared “Google Maps is fine for locating Planning. commissioned by Google. Venture- over more clients in media and fi- with the biggest mapping specialist: a street,” Mr. McCreery said.“But if Neither, however, generated capital firms have invested more nance. So far, so good: Business is Esri, a nearly 50-year-old you want to know where the closest anything like the buzz of his taxi than $60 million into mapping growing by 15% a month as the firm California-based company that has Japanese restaurant is to where map. “The ones that resonate with startups so far this year—more than makes maps for 100,000 clients, of 8,000 employees globally and $1.4 you’re standing, good luck.” the masses are generally less pro- the previous 10 years combined— which 1,200 are paying. billion in revenue. CartoDB maps have already found,” he said, “but that’s life, I according to Thomson Reuters sta- The firm charges its largest ac- Much of CartoDB’s work cen- helped engineers shine a light on suppose.” Ⅲ tistics compiled by Pricewater- counts up to $500,000 a year. Major ters on New York. For instance, its government shortcomings. For in- houseCoopers and the National clients include Google, which uses technology was used to help create a stance, a map using CartoDB soft- LISTEN to a discussion at CrainsNewYork.com/podcasts Venture Capital Association. Much CartoDB to make color-coded map called Beyond Floods that’s in- ware published by Ben Wellington, Stark disagreement Suitcase startup Away

Continued from Page 4 over the previous five years. ready to take flight The change Bloomberg officials made was to stop including in the numerator of that formula the prop- try by selling domestically made “By going directly to the con- erty taxes it was forsaking because of Warby Parker mattresses for much less than larger sumer,the way Warby Parker did for abatements. The city has a slew of alums adapt direct- brands and delivering them in inno- eyewear and Casper did for mat- such tax breaks; the 421-a program vative ways. tresses, we can offer a $500-plus alone amounts to more than $1 bil- to-consumer model product for a fraction of the price,” lion a year in uncollected taxes. Quality alternative said Ms. Korey, who ran supply- for luggage industry Away,which was founded by for- chain operations at the eyewear Extra $1.6 billion collected mer Warby Parker executives brand, in a statement. Ms. Stark found that the 2005 BY ADRIANNE PASQUARELLI Stephanie Korey and Jen Rubio, in- She pointed out that the $32 bil- change gave the Bloomberg ad- tends to follow such a strategy. lion luggage industry and its estab- ministration breathing room when The retail world is in a stage of lished players, like Tumi and Sam- rising property assessments sent reinvention, and a brand called sonite,are famous for high markups. ap images tax revenue soaring. The city col- MARTHA STARK says no law or court ruling Away aims to shake up the luggage ‘We can offer a Priced near $200, Away’s prod- lected about $1.6 billion more in authorizes the city’s property-tax methodology. business. The New York-based ucts mean to offer a less expensive property taxes than otherwise e-commerce startup, which will sell $500 product but quality alternative.The modern would have been allowed over 2006 its line of tech-inspired bags and designs, created by Bret Recor and and 2007—the last two years of the “It seems perfectly reasonable to suitcases directly to consumers, has for a fraction Seth Murray, will also provide real estate bubble. exclude the value of revenue that is attracted $2.5 million in seed fund- built-in battery chargers for elec- This year, Ms. Stark said, the de not received due to abatements ing. The round was led by Forerun- of the price’ tronic devices. Blasio administration will collect when calculating the operating ex- ner Ventures and Accel Partners. $640 million more than what the pense levy limit,” Ms. Kellermann Though the direct-to-consumer Cool kids cap would allow if abatements were said. model isn’t new, it’s spreading to The brand, which will launch not deducted. However, the rest of But Ms. Stark said the city’s more industries as brands see the later this year, plans to sell through the city’s small circle of budget practice is simply not authorized by profit potential of eliminating mid- its own site, AwayTravel.com and wonks has not joined her in raising statute or the constitution. dlemen and offering buyers less- eventually open pop-up red flags about the budget office’s “There’s nowhere in the law that bloated prices. brick-and-mortar stores. approach. it says you can do that,” she said. Ⅲ Bonobos refashioned the Away is already a fa- pants industry in 2008 and vorite with some of retail’s CORRECTIONS AND CLARIFICATION has become a lifestyle brand, cool kids. Its advisory also offering womenswear. board includes Warby LinkedIn signed a deal for additional space at the , whose address is 350 Fifth Ave., not 320 Fifth Ave. This information was misstated in the Aug. 10 For the Record. E-commerce eyeglass pio- Parker co-founders Neil neer Warby Parker now has Blumenthal and Dave Closed Loop Advisors has worked with the Natural Resources Defense Council, not the National Resources Defense Council. This information was misstated in the Aug. 10 Small Business Report, four physical stores in Man- Gilboa.Bonobos founder “Acting globally, working locally.” hattan alone. Launched Andy Dunn, the Honest Japanese fashion designer Issey Miyake signed a 10-year lease at 31 N. Moore St. The landlord, AJ N more recently, Casper and Co.’s Brian Lee, and Will Moore 31 LLC, a private group, was represented by Yanni Marmarou, who worked at RKF, not the Helix Sleep have begun to Smith and Jay-Z are angel Collective, at the time of the Miyake deal. That fact was unclear in the Aug. 10 For the Record. shake up the mattress indus- istock investors. Ⅲ

August 24, 2015 | Crain’s New York Business | 23 20150824-NEWS--0024,0025-NAT-CCI-CN_-- 8/20/2015 6:56 PM Page 1

BUSINESS $11.6M Amount recovered through July for 7,598 NYC workers who were victims of wage theft, a 6% increase over 2014 PEOPLE Source: New York State Department of Labor

EXECUTIVE MOVES

Yahoo: Martha Nelson, 63, joined as global editor in chief, overseeing its portfolio of digital magazines. She was previously editor in chief of Time Inc. Blackbird Production Partners: Hank Forsyth, 41, joined the global media company as chief operating officer. He was previously vice president and general manager at Universal Music Group/Blue Note Records. TIAA-CREF: Keith Morgan, 64, joined the financial-services organization as executive vice president and chief legal officer. He was previously chief executive at Morris Lane Capital, which he founded. Wonder Works Construction Corp.: Eric Brody, 37, was promoted to chief operating officer and partner at the ARTURO O’FARRILL construction management, general follows his father’s contracting and real estate legacy in Cuban development firm. He was previously music. director of construction. CommonBond: Morgan Edwards, 55, joined the financial-services company as chief financial officer. He was previously managing director at Macquarie Capital. R.J. O’Brien & Associates: Tony Dalton, 44, joined the futures brokerage firm as head of the FX division. He was previously managing director of futures,

buck ennis options and OTC clearing at Bank of America Merrill Lynch. GOTHAM GIGS Mercer: Simon O’Regan, 56, was promoted to president, North America, at the global consulting firm. He was previously president of Mercer’s EuroPac region. Sanctuary for Families: Lori E. Bernstein, 45, joined the nonprofit as a Music for a Cold War thaw member of the board of directors. She is co-founder and chief operating officer at HealthReveal. Laura Mah, 59, joined as a member of Jazzman Arturo O’Farrill embraces his Cuban roots the board of directors. She was previously senior vice president of risk Jazz musician Arturo O’Farrill has been to father’s career. While growing up on the Upper and compliance at Fidelity ‘When Investments/FPCMS. Havana more than a dozen times and recorded West Side, he was more influenced by Miles Denis J. McInerney, 56, joined as a someone Cuban music on more albums than he can Davis and Herbie Hancock. But by his mid-30s, member of the board of directors. He is a partner at Davis Polk. remember. But none of those experiences with his own reputation established, Mr. O’Farrill Aliya Sahai, 37, joined as a member of says your remotely compared to his visit to Cuba last began revisiting his roots. ¶ In 1995, he and his the board of directors. She is a principal and financial adviser at AB music December. ¶ During his trip, he sat in a father started a Latin-Cuban jazz band and began Bernstein. community center crowded with crying and playing regularly at the music club Birdland. Kahn Architecture: touched cheering Cubans as President Raúl Castro After his father’s death in 2001, Mr. O’Farrill Juan Mejia, 60, joined the them—you announced the restoration of diplomatic relations launched the Afro-Latin Jazz Orchestra and kept commercial with the U.S.The 55-year-old wept as he thought the Birdland gig. ¶ “When someone comes up architecture and can’t beat design firm as of his father, musician Chico O’Farrill, who left and says that your music touched them—you director of public Cuba during the revolution and could never can’t beat that,” said the Park Slope, Brooklyn, projects. He was that’ previously an return. ¶ “He died brokenhearted because he resident. ¶ While in Cuba last year, Mr. O’Farrill associate principal at Swanke Hayden couldn’t go back,” said Mr. O’Farrill, a pianist and recorded his latest album, Cuba:The Conversation Cornell Architects. winner of three Grammy Awards. “He would Continues, released this month. He expects it to Tumblr: Don Steele, 46, joined as head of audience development. He was have been thrilled.” ¶ Mr. O’Farrill knew from a resonate. “Music is affected by energy,” he previously senior vice president of fan young age that he wanted to be a musician, but in explained. “The electricity in the air was engagement and multiplatform marketing at Comedy Central. order to carve out his own niche he initially shied palpable—you felt it everywhere.That energy is Evan Minskoff, 37, joined as head of away from the Latin rhythms that defined his in the music.” —theresa agovino marketing strategy and operations. He

24 | Crain’s New York Business | August 24, 2015 20150824-NEWS--0024,0025-NAT-CCI-CN_-- 8/20/2015 6:56 PM Page 2

SOURCE

was previously a consultant for luxury LUNCH: ROBERT IVANHOE and e-commerce brands. R.J. O’Brien & Red Peak Branding: Interview by Daniel Geiger Damien Moore Evans, 29, joined the branding agency as head of business development. He was previously global marketing manager at FutureBrand. WNET: Claude Johnson, 58, joined the media company as vice A legal take on NY’s hot real estate deals president of development and communications. He was previously obert Ivanhoe, chair of much higher,unless there’s a signif- tive. If the change takes place, [the high-end condo. associate vice law firm Greenberg icant improvement in the underly- foreign funds] will be treated like president of alumni Traurig’s global real es- ing economy and if interest rates domestic funds. It will give major The real estate industry is under attack affairs and development at Cornell tate practice, has also don’t rise. Pricing, though, is at pension investment funds much for its outsize political giving through lim- University. helped build it into one a new record.The Waldorf was the more freedom to do deals here. ited-liability companies. Should such New York City Law Department: Georgia of the city’s biggest and most active highest lump sum ever paid for a donations be banned? M. Pestana, 53, was promoted to first R real estate legal groups. Mr. Ivan- hotel. The Baccarat is the highest Is the high-end residential market People can contribute assistant corporation counsel. She was hoe, 62, specializes in transactional price ever paid per room for a hotel. in a bubble? to political action com- previously chief assistant corporation work. He had a hand in some of the There’s a big question whether mittees to back candi- counsel for employment and policy Both of those hotels were purchased by litigation and continues as a member of city’s largest real estate deals in the the market can absorb the dates. That has been the executive staff. past year, including Anbang Insur- Chinese insurance companies. Why number of high-end units com- upheld by the U.S. Richard P.Dearing, 42, was promoted to ance Group’s $1.95 billion pur- have Chinese firms been so active? ing. It’s unprecedented. No one Supreme Court, and the office’s executive staff. He continues chase of the Waldorf Astoria and Their regulations have changed. really knows what demand will that is a much bigger as appeals chief. Sunshine Insurance Group’s $230 They can make investments like be, and whether they will get ab- problem than Stephen E. Louis, 59, was promoted to million acquisition of the Baccarat this abroad now, whereas previous- sorbed at prices as high as LLCs. Ⅲ the office’s executive staff. He continues Hotel on West . ly they had not been permitted to. $8,000 a square foot. I have as legal counsel chief. D Expósito & Partners: They’re smart to diversify outside doubts, but there are a lot Rosa Alonso,46, Could this be the biggest year ever in joined the multicultural China. of rich people in the U.S. total property sales in the city? communications agency as director of and the world. digital strategy and innovation. She was It’s amazing. Recently I was in- Are they overpaying? previously the founder and chief volved in the closing of the Waldorf They have a very different horizon. One of the acquisitions you executive of Rose Alonso Media/Rose Astoria and the Baccarat, and also These Chinese buyers tend to look helped arrange—Joe Alonso Digital. the Crown Building. way more long term than most in- Chetrit’s purchase of the Advalurem Group: Julie Tran, 33, joined vestors, who have typically have a Sony Building two years the real estate investment firm as The Crown Building was three- to five-year hori- ago—is asking a director of asset and portfolio reported to be the most zon. They’re looking at record $150 million management. She was previously WHERE expensive ever sold in the city. 20- or 30-year holding for its penthouse. director at Candlebrook Properties. THEY : Joe Guttridge, 38, The price for the retail periods.They’re not here It’s a very big number. joined the performing-arts facility as space was something DINED to make a high return; But it’s a great property. director of communications. He was around $12,000 per KELLARI they want safety and Sony still has possession of previously associate director of square foot. It’s possible TAVERNA long-term appreciation. the building, so they can’t communications at the Brooklyn the sale of the retail space 19 W. 44th St. start construction for an- Academy of Music. (212) 221-0144 Are they coming here at the St. Regis was close kellari.us other year.The units proba- AKRF: Jeffrey Vladyka, 48, joined the to that or higher—I’m not because there’s economic bly won’t be ready for an- consulting firm as senior vice president sure. But this retail space AMBIENCE: A trouble brewing in China? other two or more years and director of the firm’s construction Greek restaurant management/resident engineering and is much bigger and sold in for the business- I’m not an expert on the beyond that. It’s very hard inspection services. He was previously total for close to $1.3 bil- lunch crowd Chinese economy, but a to predict. vice president and deputy director of lion. The office space up- lot of people I respect say WHAT THEY ATE: Could Mr. Chetrit sell the construction management services at stairs sold separately for Ⅲ Lavraki there are some cracks. AECOM/URS. roughly $475 million. (European sea Just that concern will hotel planned as part of the Gill Mosseri, 45, joined as senior vice Look, it’s the most valu- bass) and wild lead Chinese firms to in- Sony Building’s conversion, as president. He was previously vice able corner of real estate greens creasingly diversify and developers did at the Baccarat? president of business development, [Fifth Avenue and West Ⅲ Chicken salad come here. It’s certainly something that’s operations manager and a principal-in- Ⅲ 2 cappuccinos charge/project manager at 57th Street] in America, being considered and should Were hotels the best assets AECOM/URS. if not the world. It’s an PRICE: $72.90, be considered. But it wouldn’t Carlton Group: Cher iconic building, and the including tip to buy? A recent report shock me if they manage the Chang, 41, joined the new owners are going to hinted there may be a glut hotel and continue to own it. international real estate reimagine it and make it even more of hotel rooms in the city. Once it’s up and running and he investment banking fantastic and iconic. There might be a temporary soft- has performance numbers, firm’s equity placement ening, but as long as tourism and maybe they’ll sell it. team as a director. She The Crown Building is not landmarked. the economy are good, the addi- was previously Does that mean the new owners could tional rooms will be absorbed. All For much of your career, you’ve managing director at significantly alter it? focused on Manhattan real estate. KCC 236 Holdings. the rooms may prevent rates from Are you doing more deals elsewhere, Jianhao Zeng, 26, joined the firm’s equity No. If they do any damage to the shooting up, but that will keep placement team as an associate. He was building, it would probably get tourists coming here. such as Brooklyn? previously an analyst at China Merchant landmarked before they had a Yes, there are more and more Bank. chance to begin that kind of work. Congress may lift a decades-old tax on deals there. It started as a resi- Loeb & Loeb: Steven M. Olenick, 36, They have to be respectful of what’s foreign real estate investors. Will that dential market, but more projects joined the law firm as a partner in its there. boost foreign investment? are commercial. I am involved in sports practice. He was previously a It would be a big change. Foreign a project now that could be a huge partner at Kantor Davidoff. The Crown Building shows we’re at a buyers have had to set up a tortured affordable-housing develop- Alston & Bird: Bert Greenwell, 47, joined

new high point in the real estate buck ennis the law firm as counsel in its real estate structure to invest in real estate ment. We’re doing an- finance and investment group. He was market. Can prices continue to go up? here. It’s not only complicated, but other project on the wa- previously an associate at Kelley Drye. I can’t see how things can go up also expensive from a legal perspec- terfront that will be a Kramer Levin Naftalis & Frankel: Samantha V.Ettari, 34, was promoted to counsel of the e-discovery group at the law firm. She was previously an associate. PLAY/LIST People, places and things that make Robert Ivanhoe tick —carly apar GOLF VROOM VROOM VROOM $4 million or $5 million.” EXECUTIVE PROMOTIONS “I used to be a low single handicap “My son Matthew is 28 and has “I have a 1960 275 four-cam Ferrari, The fastest way to get an announcement into golfer. Now I am respectable, but I had a llifelong passion for cars. which I bought about two and a half BRAKES ON Crain’s is to submit online. Fill out the form don’t play like I used to. I had hip- We own a car-storage warehouse years ago, thanks to my son. I didn’t “I am terrified to drive in a car worth at www.crainsnewyork.com/section/ executive_moves. The Executive Moves column replacement surgery because of a facility in Westchester. I have a know what it was, but I had two other that much money. I have never driven is also available online. childhood injury, so that didn’t help few investment cars that I made an even trade for. the car and have no plans to. Matthew my golf game.” cars.” Now it has tripled in value, probably to has driven it, but rarely.”

August 24, 2015 | Crain’s New York Business | 25 20150824-NEWS--0026-NAT-CCI-CN_-- 8/20/2015 6:58 PM Page 1

SNAPS

More than 750 guests attended a black-and-white-themed benefit for Southampton Hospital’s Jenny & John Paulson Emergency Department. It is the sole provider of emergency services on Long Island’s South Fork and treats more than 250,000 patients annually. More fundraisers are sure to follow, as the institution is expected to soon announce a campaign to build a new hospital.

Investor JULIE MACKLOWE, singer-songwriter JASON DERULO, and BILLY MACKLOWE, founder and CEO of William Macklowe Co., at VH1 Save the Music Foundation’s “Hamptons Live” benefit, held Aug. 8 at the Macklowes’ Sagaponack home.

SOPHIE FLAY and her father, celebrity chef BOBBY FLAY, at the VH1 event, which raised nearly

$800,000. photos: matthew eisman/getty images

HOWARD LORBER, president of Douglas Elliman, and Douglas Elliman broker JENNINE GOURIN Philanthropist JEAN SHAFIROFF, at the Aug. 8 RHONA STOKOLS, Symrise vice president of benefit for the fine fragrance sales for North America, and Evelyn Alexander composer LUCIA HWONG GORDON at the Wildlife Rescue

photos: sean zanni/patrickmcmullan.com benefit for Southampton Hospital. Center. It raised $140,000. MARTIN GRUSS, senior partner at Gruss & Co., and his wife, AUDREY GRUSS, at the benefit, held Aug. 1 on the hospital grounds.

Writer TONY PECK and his wife, PAULA PECK, heiress ANNE HEARST and her husband, writer JAY MCINERNEY, at ’s benefit, held at the Silas Marder Gallery in Bridgehampton.

PETER GREGORY, a senior vice president at Morgan Stanley’s Hampton Group, his wife, JAMEE GREGORY, and Southampton Hospital president and

CEO, ROBERT CHALONER, at the benefit. It raised $1.3 million. photos: rich/societyallure.com rob

See more of this week’s Snaps online at CrainsNewYork.com/galleries.

26 | Crain’s New York Business | August 24, 2015 Commercial Real Estate

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