Brand-New Theaters Planned for Off-B'way
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20100503-NEWS--0001-NAT-CCI-CN_-- 4/30/2010 7:40 PM Page 1 INSIDE THE BEST SMALL TOP STORIES BUSINESS A little less luxury NEWS YOU goes a long way NEVER HEARD on Madison Ave. ® Greg David Page 11 PAGE 2 Properties deemed ‘distressed’ up 19% VOL. XXVI, NO. 18 WWW.CRAINSNEWYORK.COM MAY 3-9, 2010 PRICE: $3.00 PAGE 2 ABC Brand-new News gets cut theaters to the bone planned for PAGE 3 Bankrupt St. V’s off-B’way yields rich pickings PAGE 3 Hit shows and lower prices spur revival as Surprise beneficiary one owner expands of D.C. bank attacks IN THE MARKETS, PAGE 4 BY MIRIAM KREININ SOUCCAR Soup Nazi making in the past few months, Catherine 8th Ave. comeback Russell has been receiving calls constant- ly from producers trying to rent a stage at NEW YORK, NEW YORK, P. 6 her off-Broadway theater complex. In fact, the demand is so great that Ms. Russell—whose two stages are filled with the long-running shows The BUSINESS LIVES Fantasticks and Perfect Crime—plans to build more theaters. The general man- ager of the Snapple Theater Center at West 50th Street and Broadway is in negotiations with landlords at two midtown locations to build one com- plex with two 249-seat theaters and an- other with two 249-seat theaters and a 99-seat stage. She hopes to sign the leases within the next two months and finish the theaters by October. “There are not enough theaters cen- GOTHAM GIGS by gettycontour images / SPRING AWAKENING: See NEW THEATERS on Page 22 Healing hands at the “Going to Broadway has Bronx Zoo P. 25 made me fresh,” says the 58-year-old Bill T. Jones. G ANNE FISHER Grace Institute weathers hard times P. 25 rousseau françois Remember G MOVERS & SHAKERS Deep thoughts about term limits? Wall Street reform P. 26 G GAEL GREENE wades into Wall & Water P. 27 Bill T. Jones’ Next Act They’re back His merger with Dance Theater Workshop Review of City Charter INDEX could reshape NYC’s THE INSIDER _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _8 will give him the freedom to build his legacy government, politics NEIGHBORHOOD JOURNAL _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _9 OPINION _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _11 largest commission ever, to create a performance in BY MIRIAM KREININ SOUCCAR BY ERIK ENGQUIST SMALL BUSINESS _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _12 honor of the Lincoln Bicentennial for the 2009 Ravinia Festival. The result, Fondly Do We REAL ESTATE DEALS _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _13 in the last three years, dance great Bill T.Jones Hope…Fervently Do We Pray, is a 90-minute dance how to revise the City Charter will be CLASSIFIEDS _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _20 has won a Tony Award for his choreography for the theater piece that will have its New York debut this among the most important decisions FOR THE RECORD _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _24 Broadway musical Spring Awakening, and created July at the Lincoln Center Festival. city voters make in November. But the EXECUTIVE MOVES _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _25 his first full Broadway musical, Fela!, which opened “Last year we created so much,” says Mr. Jones, commission appointed by Mayor THE WEEK AHEAD _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _27 to rave reviews. speaking by phone from his vacation home in New Michael Bloomberg to overhaul the At the same time,his dance company received its See BILL T. JONES on Page 22 City Charter has yet to grab New York- ers’ attention. Heads should begin to 18 turn in the next few weeks, though, as 5 the commission answers a question that REPORT DIVERSITY has puzzled insiders for two years: Minority firms reap advantages during the What does the mayor have in mind? ELECTRONIC EDITION Term limits, which the mayor and downturn; Gracious Home, a family affair; the City Council controversially ex- PAGES 15-17 tended to 12 years in 2008, are expect- NEWSPAPER biggest companies list See REWRITING on Page 22 71486 01068 0 20100503-NEWS--0002,0003-NAT-CCI-CN_-- 4/30/2010 7:42 PM Page 1 market in 2007, they were seen as the only IN BRIEF ones who could afford rents of as much as Lower rents spark $1,200 a square foot—second only to NEW YORK’S FILM SCHOOLS ARE DISMAYED BY heavily trafficked Fifth Avenue between PROPOSED HEFTY NEW FEES FOR FILMING IN 49th and 59th streets. At the same time, the city, which they say will put student those prices were widely blamed for driv- filmmakers at a disadvantage. For the first time. Mad. Ave. revival ing out many other types of retailers, leav- the city is planning to charge $300 for a permit ing the avenue with less variety and appeal. to film a movie, television series, music video or With the cost of space now ranging commercial. Film professors say it can break a from $800 a square foot to $900 a square student’s meager budget. Last Thursday, a group Luxury strip lures wider array of retailers foot for prime sites,Madison Avenue is af- of representatives from schools including fordable again to a broader range of retail- Columbia, Brooklyn College and the New York 72nd streets is springing back. Rents are ers, which is good for leasing activity.The Film Academy met with the mayor’s film office BY ADRIANNE PASQUARELLI firming,and they are doing so at levels now number of vacancies is now about 20,down to ask that student projects be exempted, but low enough to open the avenue to the from well over 30 last year, according to they were told it wasn’t possible. this fall, Soigné Kothari will bring a lit- widest variety of tenants—with the broad- Matthew Bauer, president of the Madison tle bit of Bombay to the Big Apple,opening est range of merchandise prices—that it’s Avenue Business Improvement District. REAL ESTATE MAY HAVE SUFFERED A her first-ever store at 717 Madison Ave.Her seen in years. “At the new rents, tenants are starting DIFFICULT YEAR, BUT NOT EXECUTIVES AT SL store, Soigné K, will feature high-end fash- to come back into the market,” says Amira Green Realty Corp. Chief Executive March ion from Indian designers. She targeted “Not just jewelers” Yunis, executive vice president at New- Holliday’s total compensation skyrocketed Madison Avenue for her shop because of its “apparel and accessories tenants have mark Knight Frank Retail. “They’re look- 25%, to $11.4 million, in 2009, company undisputed status as the city’s most luxuri- come back to Madison,” says Joel Isaacs, ing at space, not just kicking the tires.” documents show. Company President Andrew ous shopping corridor—and because its who runs real estate brokerage Isaacs and Brokers say at least 15 leases have been Mathias, the next highest-paid executive, saw a rents have fallen far enough to be affordable. Co.“It’s not just jewel- signed in the past six 32% jump in his total compensation, to $8.5 “We were waiting for the right vacan- ers and watch compa- months for shops be- million. But the company’s chief legal officer, cy,”she says of her new 3,600-square-foot, nies.” tween East 57th and Andrew Levine, fared the best, with a 55% bilevel space. “I got my dream location.” At the peak of the East 72nd streets. Over jump, for a total of $2.1 million.The company Ms. Kothari is not the only one betting the past year, a total of said that the increase was based on stock on Madison Avenue these days. After two COMING SOON: Future 43 new businesses have awards, and that cash compensation decreased years of soaring vacancies, thinning foot Madison Avenue store opened on Madison be- from 2008, while total direct compensation was traffic and rent drops of as much as 50%, spaces for Michael Kors tween East 57th and substantially below levels in 2006 and 2007.