sign in sign up
<<
Home , 229 West 43rd Street, 770 Broadway, Alicia Ashley, Avenue A (Manhattan), Chris Wragge, Pelham bit

nb31p01.qxp 7/27/2007 7:34 PM Page 1

TOP STORIES REAL Kids and parents ESTATE share fashions as Tenants stock up on fall shopping starts space; top leases and PAGE 3 ® property sales Out-of-town firms Page 15 offer young lawyers quick partner path VOL. XXIII, NO. 31 WWW.NEWYORKBUSINESS.COM JULY 30-AUGUST 5, 2007 PRICE: $3.00 PAGE 3 OK! profits from HOUSING MELTDOWN: THE VICTIMS bizarro Britney; CNBC readies for a fight with Fox Subprime NEW YORK, NEW YORK, P. 6 NYC foreclosures mount Democrats in a mess hits whirl over Spitzer; Defaults forecast HOUSE OF BLUES through 2008 as rating how the governor Initial foreclosure filings in the two hardest-hit boroughs. can regain trust rates reset; outer PAGES 12, 27 boroughs suffer agencies

Outsourcing scare BY TOM FREDRICKSON tells only half the Shares of Moody’s, story: India, China the number of S&P wilt as hybrid homeowners facing foreclosure is trade boosts NYC on track to reach the highest annu- securities dry up ALAIR TOWNSEND, P. 13 al point in more than a decade. Since January, lenders have BY AARON ELSTEIN started foreclosure actions on BUSINESS LIVES 7,000 one- to four-family homes cascading prices of oceans of se- WOMEN IN THE RING in the five boroughs, according to curities backed by subprime mort- the Neighborhood Economic De- gages are exacting a heavy toll on velopment Advocacy Project. By the world’s two top credit-rating a big hit the end of the year, the number is agencies—Moody’s Investors Ser- at gyms expected to exceed 14,000, which vice and Standard & Poor’s. around would represent a 60% increase Shares of New York-based the city over 2006. Moody’s and McGraw-Hill Cos., PAGE 33 “We have to brace ourselves,” lindström bekka the parent of S&P,have both fallen says Sarah Ludwig, NEDAP’s ex- more than 10% this month alone. ecutive director. “It’s going to get next six to 18 months and add to the hoods where bad loans are concen- Investors fear that the hugely lucra- worse before it gets better.” problem. trated are at risk of losing their tive business of rating such exotic Fueling the rise in initial foreclo- When loans are reset, many middle-class presence. financial instruments will dry up. sure filings—the first step in a homeowners will face monthly According to NEDAP,three of Meanwhile, a Moody’s share- process that generally takes more mortgage payments that are hun- the hardest-hit neighborhoods in holder filed a suit earlier this month AT DEADLINE than a year before owners lose a dreds of dollars higher. Some will the city are in Brooklyn—Bed- alleging that a top executive had home—are subprime loans. Those lose their homes in foreclosure; ford-Stuyvesant, East New York misled investors about ratings of MORE THAN A WEEK AFTER A include many adjustable-rate mort- others will sell before they reach and Flatbush;two are in Queens— subprime debts,and lawyers for the STEAM PIPE EXPLOSION near gages that are poised to reset in the that point. As a result, neighbor- See FORECLOSURES on Page 8 See SUBPRIME on Page 8 paralyzed hundreds of IN THE MARKETS Local losers in global stock plunge Page 4 businesses, five of the 11 buildings surrounding the site were still closed on Friday. Meanwhile, Consolidated Edison mailed $395,238 to Tourism slowdown 906 firms that claimed they had lost business, and the Small Business Administration began surveying the scene. If bites Big Apple the SBA declares a disaster, businesses will be eligible for low-interest loans of as much as $1.5 million. On Monday, Hotel prices, visa restrictions cited; the city’s Department of Small city boosts effort to reach visitor goal Business Services will distrib- ute applications for zero- According to recently released interest loans of up to $10,000. BY LISA FICKENSCHER statistics, the number of visitors to the Big Apple rose a mere 2.8% last THE CONTRACT BETWEEN growth in the city’s red-hot year, to 43.8 million. That com- stagehands and The tourism industry, which employs pares poorly with a 6.8% increase League of American Theatres 350,000 people and pumps $24 bil- in 2005 and marks the lowest rise See AT DEADLINE on Page 2 lion a year into the New York econ- since 2003. omy, is showing signs of cooling. American tourists, numbering 36.5 million, had the sharpest de- cline in growth—up just 2% from 31

5 2005. Domestic tourism had grown at an annual average of 5.8% from 2003 through 2005. ELECTRONIC EDITION “The domestic market is more price-sensitive,” says Fred Dixon, buck ennis vice president of tourism develop- THIS IS A SLUMP? Packed sidewalks belie declines in the growth rates for both domestic and NEWSPAPER See TOURISM on Page 8 foreign visitors. The tourism industry employs well over 300,000 New Yorkers. 71486 01068 0 CNYB 07-30-07 A 2 7/27/2007 6:59 PM Page 1

AT DEADLINE

Continued from Page 1 executive of DoubleClick; and Producers expired on Dwight Merriman, former chief Sunday night, and the two sides technology officer of expect to begin negotiations on DoubleClick; and Henry Monday.The league wants to Blodget, the former Merrill make major changes to Lynch stock analyst who was longtime rules about the banned from for number of workers that pushing bad stocks.The Web producers must hire. Both sides site has also hired two editorial are taking steps to prepare for a staffers from Forbes.com. possible work stoppage. Local 1 of the International Alliance of BROOKLYN HOME VALUES ROSE Theatrical Stage Employees has 3% IN THE SECOND QUARTER set up a $4 million strike fund compared with the same period and, since the spring, has been in 2006, according to appraisal setting aside $50 a week from firm HMS Associates, which members’ paychecks.The league analyzed property sales in 16 has established a $20 million neighborhoods.The average reserve fund to cover producers’ sale price was $610,000, up from costs if the theaters go dark. $595,000.The biggest increases were for four-family homes, up CBS RADIO IS MOVING TOWARD 47% to $1.27 million from PICKING a permanent host for $863,000, while co-op and WFAN’s morning drive-time condo prices rose more than IMAGE GAP: slot, which has been vacant since 10%.Two-family and three- President Jeremy Don Imus was fired in April. family homes were the worst- Travis, pictured at But CBS may not be feeling performing category. the site of John Jay’s new facility, is pressure to quickly. revamping the Arbitron ratings released last THE PORT AUTHORITY OF NEW curriculum and week showed that the absence of YORK AND last week hiring more faculty. Mr. Imus had no effect on certified Stewart International

audience size during the spring Airport as the region’s fourth buck ennis survey.The morning show major airport.The move allows posted a 3.0 share among 25- to the agency, which is set to com- 54-year-old men—up from a plete its $78 million takeover of 2.9 share in the winter and the the Hudson Valley airport in previous spring. Former October, to issue construction John Jay graduates National Football League bonds.The next step is gaining quarterback Boomer Esiason is Federal Aviation Administration reported to be the approval for the deal. candidate to fill the slot. CUNY ‘cop shop’ shifting status to senior college SAINT VINCENT CATHOLIC A GROUP OF TECHNOLOGY MEDICAL CENTERS has asked the BY SAMANTHA MARSHALL ENTREPRENEURS has quietly bankruptcy court overseeing its launched an online publication restructuring for permission to professors from john jay college of criminal justice dominated the podium at the covering the city’s digital hire Cushman & Wakefield Inc. business scene. A beta version of to help find a new tenant to take Conference on Democracy and Global Security in Istanbul last month. In all, 20 representa- Silicon Alley Insider went over its lease for the 12th floor tives from the school spoke—more than from any other educational institution in attendance. online at www.alleyinsider.com at 450 W. 33rd St. Cushman & “It brought home to me the fact that our international reputation is really strong,” says on July 20. Its founders are Wakefield would be paid a Jeremy Travis, John Jay’s president. Kevin Ryan, former chief commission of $1.5 million. I That reputation is at odds with the school’s local image as little more than a “cop shop,” where most students focus on the minimum academic requirements they need to enter the police force. THIS WEEK IN CRAIN’S Mr.Travis, determined to bridge the perception gap, is implementing a plan to enhance See JOHN JAY on Page 9 NEW YORK, NEW YORK------6

THE WEEKS AHEAD ------10

WEEK IN REVIEW ------11 ALAIR TOWNSEND ------13 Aetna, NYU set care goals REPORT: REAL ESTATE ------15 DEALS------26 Aetna and other insurers have taken stays to 4.3 days from the current 4.4 Insurer to pay bonus a comparable approach with doc- days and increasing the percentage 34 THE INSIDER------27 if hospital improves tors, requiring that they meet pa- of admitted pneumonia patients CLASSIFIEDS ------28 tient-care standards to be included who get antibiotics in a timely fash- patient treatment on preferred lists for its members to ion to 72% from 68%. SMALL BUSINESS ------32 use. Plan members are sometimes About 7% of NYU’s patients are NEIGHBORHOOD required to pay more when they vis- covered by Aetna, but all of the hos- BY GALE SCOTT it doctors not on those lists. pital’s patients could benefit JOURNAL------32 Under its agreement from improved treatment aetna inc. and New York Univer- with Aetna, NYU will give $2M and cost savings, according BUSINESS LIVES------33 POSSIBLE sity Hospitals Center have reached up an automatic annual in- bonus to Richard Donoghue, BOB LAPE ------34 a three-year agreement under flation increase provided for payments NYU NYU’s senior vice president which the insurer will pay an annu- in its last contract. Last year, can earn for for strategy and business de- CORPORATE LADDER------35 35 al bonus of more than $2 million if Aetna paid NYU reim- better care velopment. EXECUTIVE MOVES------35 the hospital meets certain bench- bursements totaling $60 Aetna sees the agreement marks for patient care. million. with NYU as a pilot project to forge vol. xxiii, no. 31, july 30, 2007—Crain’s New York Business (issn 8756-789x) is published weekly by Crain Communications Inc., 711 Third Ave., New York, NY 10017. Periodicals The health plan says that it is the The goals that NYU must meet relationships with other New York postage paid at New York, N.Y. and additional mailing offices. Postmaster: Send address first insurer to establish a pay-for- are based on recommendations es- hospitals, says Dr. Terry Golash, changes to: Crain’s New York Business, Circulation Department, 1155 Gratiot Avenue, Detroit, MI 48207-2912. for subscriber service: Call (888) 909-9111. Fax (313) 446-6777.$3.00 a performance pact involving a New tablished by the federal agency that Aetna’s medical director in the met- copy, $59.79 one year, $109.79 two years. (GST No. 13676-0444-RT) ©Entire contents York hospital. Aetna has similar runs Medicare and private health ropolitan region. copyright 2007 by Crain Communications Inc. All rights reserved. agreements with medical facilities care monitoring groups.Among the in other markets. In recent years, targets are reducing average patient COMMENTS? [email protected]

2 | Crain’s New York Business | July 30, 2007 CNYB 07-30-07 A 3 7/27/2007 7:33 PM Page 1

BY THE NUMBERS Combining closets HIS HOLINESS SEES ’08 VISIT ter and her friends headed for school about five years ago, York store carrying pope benedict xvi is planning a Kids, parents find wearing extra-small sizes from his when Juicy Couture Crew Cuts. trip to New York next year, when tastes converging as adult contemporary line,Ella Moss. tracksuits and 7 for “We’re there all he will visit the United Nations. He noted, as any father might, that All Mankind jeans the time,” says Jen- The trip would mark the fourth they shop for school; the necklines were too low. became must-haves nifer Carlston, a papal visit to the Big Apple. designers cashing in His unease turned to inspiration. among people of all writer who goes by This past spring, Mr. Emquies ages. Suddenly, the moniker launched two tween lines, Ella Girl many more moms “SoHo Mom” at BY ELISABETH BUTLER CORDOVA and Splendid Girl,at Saks Fifth Av- and daughters online city guide enue and other stores.The tiny dress- were shopping Word of Mouse. when children and teens start es and tunics flew off the shelves. the same racks. “It has such an their back-to-school shopping next “They’ve done amazing,” Mr. The move- easy style that week, parents will be doing more Emquies says of the new lines,which ment recently can be trans- than handing over their credit are shipping back-to-school orders accelerated lated into any ap images POPE PAUL VI Oct. 4, 1965 cards. They’ll also be sharing their this week. He has scheduled four when teens gave up generation.” fashion sense. shipments for 2007 and plans to send their Britney-inspired Even exclusive re- ARRIVES at JFK Airport. This year, August school shop- out three times as many in 2008. tummy shirts and low- tailers are aging down. MEETS WITH President Lyndon ping is growing up.More than ever, slung jeans in favor of Style maven and new Johnson at the Waldorf. Tween tweaks moms and daughters are buying the dresses, baby-doll mother Stefani ADDRESSES U.N. General Assembly; same labels. Even dad’s plaid pants going into the tween business tops and, most re- Greenfield runs ul- appeals for world peace. and preppy styles are popular with makes sense for many designers,Mr. cently, colored den- trahip Scoop. Ms. VISITS Vatican exhibition at 1964 junior. Emquies says, because they merely im. At the same Greenfield opened New York World’s Fair. “There is no distinction be- need to tweak their adult designs. time, parents who her first children’s CELEBRATES MASS at Yankee tween what a woman at 40 wants Of course, creating a youth line had been hooked store, Scoop Kids Stadium; 90,000 attend. and what a girl of 15 wants,” says is hardly child’s play. Teens are a by Juicy also start- Starting Young, DEPARTS for Rome. Gloria Baume, fashion director for fickle bunch, and they can turn on ed taking more in- two years ago. FATHER OF INVENTION: Moise Emquies’ NYPD DEPLOYMENT 15,000 officers, Teen Vogue magazine. a designer without warning.Never- terest in youthful- adult line inspired his Ella Girl tween styles. Seven stores in A growing number of well- theless, as fashion houses contend but-modest styles. her 11-unit chain $1 million in overtime costs. known designers and retailers hope with a stagnant and overcrowded The phenome- now stock chil- to cash in on the trend by getting adult market, many of them non crops up more frequently in big dren’s clothes, such as $88 pima into the teen and tween see expansion into teen cities, where moms and dads are cotton drawstring pants from business, which is and tween lines as more aware of celebrities’ Splendid Girl. rapidly ballooning. their only means to wardrobes and hit the gym often During the past achieve growth. enough that they can fit into de- Windfall for all year,shoppers spent Adult apparel sales signer duds. as more designers focus on teens

$39 billion on ap- grew by just 3% in “Parents are much more in- and tweens,those who cater only to getty images parel for kids be- the past year,NPD volved in fashion than ever before,” adolescents also expect a windfall. POPE JOHN PAUL II Oct. 2-3, 1979 tween the ages of reports. says Lezley Goldbaum, an analyst After three years in the children’s ARRIVES at La Guardia Airport. 7 and 17, accord- The idea of at Tobe Report who focuses on ju- wear business, Lucy Sykes-Rellie, ing to trend- families sharing a nior’s and children’s fashion. designer and mother of two, is re- ADDRESSES U.N. General Assembly; tracking firm clothing label has “Everyone wants to dress like Hi- ceiving a flood of new orders for her speaks about peace and justice. NPD Group Inc. long been the lary Duff.” “mini-me and mini-he” line, Lucy VISITS St. Charles Borromeo Church That’s up 20% foundation for To satisfy such urges, specialty Sykes New York.The collections at in , Christopher Court housing from the levels of apparel empires chain J.Crew Group Inc.is pushing Bergdorf Goodman and Saks Fifth development in and Cardi- nal Hayes High School in the Bronx. two years ago. such as tiny versions of its popular adult ap- Avenue have sold quickly, and Moise Emquies Ralph Lauren, parel. Executives opened the first Nordstrom just picked up the CELEBRATES MASS at Yankee is among the de- Rocawear and freestanding store for Crew Cuts spring 2008 line for 50 stores. Stadium; 80,000 attend. signers tapping into The Gap. But the last year. The kids’ line is perform- “This will be my best season DELIVERS ADDRESS and offers the younger market. trend started ing so well that the company is hur- ever,” Ms. Sykes-Rellie says. blessing at Shea Stadium; 70,000 attend. One day, he spotted CRUISING: J. Crew is rushing to catching fire across rying to expand the concept. So far, his 9-year-old daugh- expand its popular line for kids. the industry only the J.Crew in SoHo is the only New COMMENTS? [email protected] DEPARTS for . NYPD DEPLOYMENT 11,500 officers, $3 million in overtime costs. Taking a fast track to partner

years. Hungry to establish them- Firms opening selves, the newcomers don’t have getty images NY offices; lawyers time to raise an office from law POPE JOHN PAUL II Oct. 4-7, 1995 school seedlings, yet most lack the eager to advance name recognition to lure estab- FOUR-DAY VISIT generates $65 mil- find each other lished partners. Instead, they are lion in spending throughout the city raiding the middle ranks of the and produces $2 million in tax city’s top-tier firms, in many cases revenues. BY HILARY POTKEWITZ creating better opportunities for ARRIVES at Newark Airport; greeted young lawyers awaiting the partner by President Bill Clinton and first lady landing a job at a top New York nod. Hillary Rodham Clinton and others. law firm like Skadden Arps or James Tandler is one of them. ADDRESSES U.N. General Assembly; Simpson Thacher & Bartlett is no- After eight years at 1,700-lawyer commemorates U.N.’s 50th anniver- sary and speaks about human rights. toriously difficult. Why on earth Skadden, he was named counsel, a would someone give one up to go to step below partner. That was 2001, CELEBRATES MASS at Giants a small office of a relatively un- when he was 35. Five years later, he Stadium; 80,000 attend. known law firm from another city? still didn’t know if he would make CELEBRATES MASS at Aqueduct BETTER ODDS: A Race Track in Queens; 75,000 attend. Yet, that’s what young lawyers partner. growing office offers are doing—leaving their senior as- “Nobody would tell me it was a more opportunities CELEBRATES MASS on Great Lawn in sociate and counsel positions at done deal,” Mr. Tandler recalls. In than a firm “where ; 125,000 attend. elite firms for firms that an office with about 50 other tax you start in a DEPARTS for . lawyers,competition was fierce.“At summer class of are lesser-known in New York. 100,” says Robb NYPD DEPLOYMENT 8,000 officers, The number of out-of-town some point you have to ask yourself, Tretter of Bracewell $5-$7 million in overtime costs. firms elbowing their way into Man- ‘Where are there other opportuni- & Giuliani. Sources: Archdiocese of New York,

hattan has skyrocketed in recent See OUTSIDERS on Page 9 gibbons catherine

July 30, 2007 | Crain’s New York Business | 3 CNYB 07-30-07 A 4 7/27/2007 7:56 PM Page 1

IN THE MARKETS Local firms pummeled by buyout bust

Financial companies, takeover targets hit the hardest HOW LOW WILL IT GO? ➡ takeover candidates, the banks that A BAD WEEK BY AARON ELSTEIN have arranged and financed many of AND TOM FREDRICKSON the deals and a handful of companies -5.3% FOR MOST that sell their wares to the very rich. ver the past four No wonder that Lazard, an in- The LOSERS years,nothing has suc- vestment bank that makes its living Bloomberg/ 5-DAY CLOSING ceeded for investors advising on corporate acquisi- Crain’s New % CHANGE PRICE like buying shares in tions—and one that had recently York Index Lazard -16.2% $37.38 companies tied to the been seen as a takeover candidate it- fell 5.3% to buyout boom. Last week, those bets self—finished the week at the very end the Foot Locker -14.9% $19.24 O blew up when the funds that fueled bottom of the heap.In just five days, week at Sotheby’s -14.5% $43.48 the binge dried up, courtesy of the its shares shed more than 16% of 374. The deepening crisis over subprime loans. their value as investors, who two S&P 500 $19.16 E*Trade -14.2% The broad S&P 500 index post- months ago could not wait to fi- Index fell Starwood Hotels -13.1% $63.26 ed its worst week in five years. nance highly leveraged buyouts, 4.9%, Meanwhile, the Bloomberg/Crain’s now want nothing to do with them. closing at Children’s Place -12.0% $36.65 Index of 200 New York area stocks 1459. JetBlue -11.3% $10.05 Banks can’t sell loans that shunning has not merely cut Kenneth Cole -11.0% $21.46 Only 17 local into investment banks’merger advi- Tiffany -10.4% $48.54 sory fees. Far worse, the banks, un- companies able to sell off $20 billion in loans Warnaco -9.1% $35.60 used to help acquire companies in- Clayton Albright, director of ruary.This time, though, many sig- ended up in cluding Chrysler and Alliance fixed income research at Wilming- nals point to a longer-term decline. Boots, have been forced to put the ton Trust, estimates that the sub- “The core driver of this [market positive territory loans on their own books. prime credit debacle will ultimately decline] remains very much intact, WINNERS At the same time, the difficulties result in $125 billion in losses for with the subprime crisis showing no 5-DAY CLOSING in the subprime mortgage market banks, brokers and their customers. signs of abating,”wrote CreditSights % CHANGE PRICE are starting to move up the credit “The fact that the Bear Stearns analyst Christian Stracke last week in spectrum, stoking worries that fund collapsed so quickly and vi- a report colorfully titled The Grow- PepsiCo +2.4% $66.25 fared equally poorly, scoring its banks and brokerage firms will have ciously raises questions about what ing Contagion of Subprime Slime. Colgate-Palmolive +1.9% $68.99 biggest percentage-point decline to absorb billions in losses as they kind of exposure the other banks since July 2002. By the end of the revalue their portfolios of mort- and brokers have,” says Mr. Al- Riches to rags IBM +1.9% $116.97 week, only 17 local companies were gages. Already, Bear Stearns has bright. “This could be a scary situa- bad loans also translated into bad in positive territory. pumped $1.6 billion into its two tion, because most hedge funds and news for a pair of prominent local Hit hardest were the stocks of failed subprime investment funds. the structured finance products de- luxury goods purveyors—jeweler veloped in the last few years have Tiffany & Co. and fine art auction- never been tested by a crisis.” eer Sotheby’s—which had both ben- With worries like that looming efited richly in the era of fast and over the markets, investors aban- easy money.Sotheby’s had been one doned financial stocks wholesale. of the strongest stocks on the Bloom- Bear Stearns slid 7%, Citigroup 6% berg/Crain’s Index this year. Last and J.P. Morgan Chase 5%. Mean- week, the auction house hit a gilded while, last month’s private-equity wall as its shares dropped 15%. lion, , be- Tiffany went into a similar swoon, came just another Wall Street dog losing 10% of its value last week. last week.Its shares lost 5% and now With highly leveraged buyers of trade at 22% below their initial of- companies suddenly in short supply, Capstone Equities & fering price in late June. a couple of prominent local takeover The Carlyle Group Of course, shares of Wall Street’s candidates also had a rough week. powerhouses rebounded quickly after Starwood Hotels lost 13%,and Foot are pleased to announce leading the market down as the Dow Locker 15%. the following transactions at Jones Industrial Average plummet- ed 416 points on a single day in Feb- COMMENTS? [email protected] FOURTEEN WALL STREET SIX-MONTH PICTURE

Alpari (US) ➡ Direct Access Partners ebusinessware Inc. -2.3% H.G. Wellington & Company, Inc. Over the Morgan Stanley (renewal) past six Securities Brokerage Services months, the Bloomberg/ Skidmore, Owings & Merrill (expansion) Crain’s New TheStreet.com (expansion) York Index 4 has lost 1 Wall.com 2.3%. The S&P Index For leasing information, please contact: has risen Howard Fiddle Bradley P. Gerla Jonathan A. Cope Michael Higgins 2.6%. 212.984.6525 212.618.7066 212.618.7015 212.618.7011 [email protected] [email protected] [email protected] [email protected]

Exclusive Leasing Agent: charts: lindström bekka

4 | Crain’s New York Business | July 30, 2007 Project1 7/23/07 1:26 PM Page 1

FIND MORE ENERGY SAVING TIPS AT CONED.COM

Don’t keep appliances on the starting line 24/7. Turn off instant-on features and unplug electric chargers.

Turning off your computer at night can save you $100 a year. Now that’s smart. ©2007 Consolidated Edison Company of New York, Inc. Ad: Arnell Group Ad: Inc. ©2007York, Consolidated Edison Company of New CNYB 07-30-07 A 6 7/27/2007 5:43 PM Page 1 Berlin Boston BuenosAires CitySpire Chicago NEW YORK,NEW YORK Frankfurt welcomes the following new tenant edited by Valerie Block London LosAngeles JTB USA, Inc. represented by Madrid Roger P.Griswold, Jr. of Bad behavior sells magazines

Milwaukee CBRE ritney spears may have fled an OK! magazine photo shoot with $15,000 in clothing and jewelry, but the NewYork Bcelebrity weekly still came out ahead: The unstable pop star is expected to help the struggling magazine garner the NorthernVirginia biggest newsstand sales in its two-year history. All the attention to last week’s Britney cover story “eclipses even the Eva [Longoria] issue,” says Publisher Tom Morrissy.

Paris The OK! of three weeks ago, featuring Ms. Longoria’s

Philadelphia wedding, sold a record 700,000-plus newsstand copies, for leasing information, please contact: Todd D. Silverman pushing total circulation to 1.1 million. Megan Sheehan

SanFrancisco OK! needs the help. It will miss its 850,000-copy rate base—the number guaranteed to advertisers—when the Audit Bureau of Circulations releases figures next month for the first half of the year. 212.715.0300 SaoPaulo But thanks in part to Britney and Eva, Mr. Morrissy says, the magazine will be overdelivering by the end of the year—and that’s with a cover price of $2.99, a dollar more Seattle than it charged last year. Ad pages are up 45% through the Aug. 6 issue, the publisher adds.

SiliconValley The U.S. edition of the London-based magazine will also leave its offices on lower for a bigger home at 1155 Sixth Ave., at West 44th Street, at the end of the year.That will put the Northern & Shell-owned property in the same neighborhood as rivals Us Sydney Weekly and People. “There’s Wenner Media,Time Inc. and now [us]” on the same avenue,

WashingtonDC Mr. Morrissy says.

empty and Mr. Oren blamed the charges its high-end clientele— CNBC strikes up name, says a restaurant who are carefully selected—$995 a its own brand spokesman. Business hasn’t been month to use a 29-foot Sea Ray helped by scaf- and $2,995 a cnbc, preparing for the folding in front of COOKING GOOD month for the competitive onslaught from the the corner loca- Azimut. Members Oct. 15th launch of .’s tion, but Mr. Oren Online magazine can use the yachts, Fox Business Network, will break a can’t change that. StarChefs.com recently docked at Chelsea new branding campaign, accord- The name named its 2007 New York Piers, for an eve- ing to a source with knowledge of presented other City Rising Stars. ning or a full week. Donald Choi the plan. Featuring interviews with problems. It turns Michael Anthony, ,a Long established high-level chief executives who out Kraft Foods former CFO for often featured on the network, the Inc. owns a Gramercy the Diane von Tavern (right) commitment spots could start in the next week. Belgian chocolate wireimage.com Furstenberg The NBC Universal-owned brand called Côte Eric Hara, Davidburke & Studio and a cable channel, which has seen its d’Or, so the eatery Donatella boating enthusiast, ratings and profits improve in could have been quietly launched Craig Hopson, Picholine recent months, needs more than the vulnerable to a the club in June ammunition provided by its on-air trademark suit. Chris Lee, Gilt with $2 million in Weiser LLP Maria Bartiromo Certified Public Accountants hotties, like and Mr. Oren, a Akhtar Nawab, E.U. capital. Mr. Choi is Erin Burnett. After all, CNN and partner in looking to raise Masato Shimizu, 15 East to the MSNBC were blindsided by Fox Marseille, French another $2 million New York City New York News when it burst onto the scene Roast, Nice Yosuke Suga, L’Atelier de to $5 million and 135 West 10 years ago and quickly became Matin and other Joël Robuchon add 75-foot yachts New York, NY 10020 real estate community the No. 1 all-news cable network. restaurants, hopes to his fleet. So far, Damon Wise, Tel 212.812.7000 CNBC, one of cable’s most diners will find Craft 19 sailors have Fax 212.375.6888 Weiser's Real Estate Services Group provides personalized service and technical lucrative networks, would not the beef-centric signed on. Mr. Long Island expertise to real estate developers, owners, comment on the ad plan. “There is Charolais a more relevant Choi expects to have as many as 75 3000 Marcus Avenue managers, and investors. nothing to say about this right moniker. It is an area of members by next summer. Lake Success, NY 11042 Tel 516.488.1200 Our services include: now,” a spokesman for the Burgundy, France, and a prized “Mostly, people use the boats Fax 516.488.1238 • Tax planning and compliance network wrote in an e-mail. breed of cattle. for corporate entertaining,” he says. • Accounting and auditing “It’s getting your clients out there Westchester and keeping them captive for a few 660 White Plains Road • Cost segregation studies Quick name change Sharing time Suite 430 • Valuations hours so you can do business.” Tarrytown, NY 10591 • Due diligence and litigation support Tel 914.333.0555 for French eatery on high seas • Low income housing tax credits Contributors: Matthew Flamm, Louise Fax 914.333.0556 Simon Oren • Management advisory services foodies in search of ’s new yorkers who already have Kramer, Miriam Kreinin Souccar New Jersey • Financial, economic, and market latest French bistro might have a penthouse loft, a Ferrari and an 399 Thornall Street risk analyses trouble finding it. Just days after East Hampton hideaway can now Edison, NJ 08837 opening Côte d’Or on Varick buy time on a fleet of yachts. Tel 732.549.2800 We work together with our clients to Street in the West Village, the A new business, LL Yacht Fax 732.549.2898 develop customized and integrated veteran Big Apple restaurateur Club, offers its members the use of solutions to help them reach their goals. www.weiserLLP.com changed the spot’s name to Char- a variety of luxury boats ranging olais. On Friday, the owner was from a Boston Whaler to a 42-foot For more information, contact also making changes to the menu. Italian Azimut, without the or at Michael Zivotovsky Ron Katz 212.812.7000. Why such a dramatic shift after maintenance hassles or costs that just a week in business? Seats were come with ownership.The club LL YACHT CLUB offers boating, no hassles.

6 | Crain’s New York Business | July 30, 2007 Project1 7/25/07 1:37 PM Page 1 CNYB 07-30-07 A 8 7/27/2007 7:59 PM Page 1

professor at New York University. aged their subprime loans into bonds. Of course, the rating agencies “Over the last five years, the rat- Subprime mess hits rating firms have been under assault before,most ing agencies crossed the line,” says recently for rating such companies Christopher Whalen, a former in- Continued from Page 1 AAA marks from the rating agen- almost totally wiped out. That col- as Enron and WorldCom highly vestment banker who is now a man- holders of billions of dollars worth cies, according to industry publica- lapse, in turn, has sent the value of until just before they collapsed. aging director at consulting firm In- of those securities say they are tion Inside Mortgage Finance. similar securities held by institutions Twenty years ago, the raters were stitutional Risk Analytics. preparing to do the same. The avalanche of structured fi- around the world into a free fall. criticized for failing to anticipate the Moody’s and S&P vehemently “It’s a bunch of different prob- nance issues coming to market Belatedly, Moody’s and S&P are massive Latin American debt crisis deny that contention. “We do not lems all at once for the rating agen- boosted both rating agencies huge- reconsidering their rosy views. In when they issued bullish ratings for structure or engineer transactions, cies,” says Joseph Mason, a finance ly.At Moody’s,revenues from rating the past few weeks, they have cut Mexico, Brazil and others. nor do we arbitrate on which deals professor at Drexel University. those securities more than doubled ratings on about 1,000 securities can or cannot proceed,” said S&P’s The problem centers on a whole from 2002 to 2006, con- worth a total of $17 billion. Taking the long view chief ratings officer,Vickie Tillman, class of financial hybrids called tributing more than 40% of But that’s just the start. Not moody’s and s&p spokesmen say in a conference call last week. structured finance instruments. the firm’s $2 billion in total $17B only are more risky bonds their ratings are intended to reflect Nonetheless, as the subprime Most commonly,they take the form sales last year. VALUE of being re-evaluated, but the the long term rather than market crisis deepens,regulators are taking securities of pools of loans that are packaged whose ratings agencies are also under in- sentiment at any given moment. a close look at the rating agencies’ into securities and sold to investors. Housing headache firms have creasing pressure to down- They also note that their ratings are role. New York state Attorney During the housing boom, in- the hangover from that recently cut grade several investment merely independent opinions, not General Andrew Cuomo has vestment bankers packaged trillions record-setting party is prov- banks as well. Last week, iron-clad guarantees. joined his counterparts in Ohio, of dollars worth of mortgages into ing painful indeed. With the hous- Bear Stearns’ bonds were trading at The subprime debacle,however,is Massachusetts and Texas in inves- bonds.In just the past two years,that ing market in a deep recession, sub- levels that implied the agencies’ A raising questions of how independent tigating the firms, according to two included $900 billion of home loans prime mortgage bond issuance has rating is fully six notches too high. Moody’s and S&P have really been. people familiar with the matter. A to consumers with tarnished,or sub- plummeted by a third this year, cut- “The agencies have had a tradi- Critics contend that the agencies spokesman says S&P hasn’t been prime, credit. The agencies played a ting into the raters’ revenues.Worse, tion of being sluggish to change rat- stopped being market referees and contacted by the attorneys general. vital role, helping banks sort sub- two Bear Stearns hedge funds that ings, both upward and downward, became participants when they ad- Moody’s didn’t return calls. prime loans into marketable securi- earlier this year boasted $1.5 billion but especially downward,” says vised investment banks and others ties.In the end,25% of them won top in capital between them have been Lawrence White, an economics who turned to the duo as they pack- COMMENTS: [email protected] Foreclosures in NYC mounting

Continued from Page 1 is available exclusively to owners of Many of the loans defaulting and Rochdale. single-family homes. Many city now are three-year ARMs that were Agencies and housing groups are homeowners who face foreclosure issued in 2004, according to Jessica trying to dam the foreclosure flood. have two- or three-family proper- Davis,president of Profiles Publica- On Friday, the State of New York ties, which are ineligible. tions Inc., which tracks foreclosures Mortgage Agency announced a $100 in New York City. million program to help refinance Dangerous loans Many so-called 2-28 loans— the mortgages oflow- and moderate- the spike in foreclosures is being which carry a low, fixed teaser rate income homeowners who are up to driven by the exotic loan products for two years before adjusting to 60 days late on payments. The city’s that became popular in the past few much higher rates—were issued in Department of Housing Preserva- years, such as option ARMs; inter- 2005 and 2006.Those will reset and

tion and Development is working to est-only loans; subprime ARMs, cause increasing woes later this year buck ennis expand a housing assistance program which reprice sharply higher after and in 2008. The loans have proved DREAM DEFERRED: Some areas will lose their middle-class population, housing advocates say. from southeast Queens to other an initial teaser rate; and piggyback so toxic that some banks have neighborhoods. Some banks are eas- loans, which let homeowners bor- stopped offering them. ing loan terms. row 100% of home values. “We are hearing that the peak of “Neighborhoods where people through these neighborhoods that Given the size of the problem, New loans with more liberal the problem will be at the end of 2007 would live for 20 years and have they are starting to show signs of de- however, such efforts are likely to terms are souring much faster than and in 2008,” says Priscilla Almo- their children inherit their home ferred maintenance on some single- fall short. Neighborhood Housing more conventional loans issued in dovar, chief executive of the State of are losing out,’’ says Sarah Gerecke, family homes,” Ms. Gerecke says. Services of New York Inc., a non- earlier years. In 2005, a mortgage New York Mortgage Agency. executive director of Neighborhood “That is something that we have not profit that counsels homeowners, is was an average of 3.7 years old be- Whether homes are lost through Housing Services. “The opportuni- seen in years. The fact that they are getting about 800 calls a month fore it went into default;in 2006,the forced sales or foreclosures—or ty to build wealth for low- and less well-tended is a real sign that seeking assistance, compared with age had shrunk to 2.8 years. simply teeter on the brink—the re- moderate-income families is going people don’t have the resources to 300 a year ago. The Mortgage “The resetting mortgages are go- sults are the same: lost chances to away.” stay in their homes.” Agency’s program can help only ing into default much sooner,” Ms. create equity and the deterioration Evidence of decay is already ap- about 500 borrowers statewide and Ludwig says. of neighborhoods. pearing. “You find if you drive COMMENTS? [email protected]

with tourists and in which hotel and $15 million infusion from the may- restaurant reservations are harder to or, its $45 million budget is third- Tourism surge starts to abate get than ever. For example, the line largest,behind those of only Las Ve- that snaked around the corner at the gas and Orlando. Continued from Page 1 over 2005.But that increase paled in American Museum of Natural His- Among other things, NYC & ment for NYC & Company, which comparison to the 10.3% jump the GOLDEN YEARS tory on a recent midweek day of- Company has been spending to ex- released the data last week. “As ho- previous year. Visitors to NYC, in millions. fered little indication of a problem. pand its network of overseas satel- tel rates climb, it creates a situation A host of issues, including stiffer “A slight statistical downturn is lites. It has opened offices in nine in which it is more difficult to grow.” new visa requirements, hassles at YEAR TOTAL % CHANGE not a significant event, because the cities, including Dublin, Moscow Put another way,New York is not customs and anger over the Iraq war, 2000 36.2 -0.5% city is still showing growth,” says and Shanghai. affordable for many Americans.The have made the United States an in- NYC & Company Chairman In fact, Gotham can count itself average price of a hotel room in the creasingly hard sell overseas, not 2001 35.2 -2.8% Jonathan Tisch. among the lucky few when it comes first half of 2007 was a whopping only with tourists but also with some 2002 35.3 +0.3% to overall international tourism. Of Taking steps $273, 13% more than the year- business travelers. 2003 37.8 +7.2% the top 20 U.S. tourist destinations, earlier period, according to hotel “When international corpora- the declines may not be alarm- only New York and Philadelphia trend-tracker PKF Consulting. tions have strategic meetings, they 2004 39.9 +5.6% ing, but the city tourism agency is had growth in overseas travelers are going to Zurich, Geneva and 2005 42.6 +6.8% leaving nothing to chance as it from 2000 to 2005. Currency break not enough Brussels,” says Bill Hanbury, chief strives to meet Mayor Michael According to the World Travel & even a recent multiyear surge in executive of the Washington, D.C., 2006 43.8 +2.8% Bloomberg’s ambitious goal—50 Tourism Council, the number of international tourists abated slight- Convention and Tourism Corp. Source: NYC & Company million visitors by 2015. foreigners visiting the United States ly in 2006. That is surprising, given New York had 250,000 fewer in- “We are creating new domestic has fallen 7% since 2000. that foreigners have gotten a big ternational business visitors last year initiatives,” Mr. Dixon says. One Given those numbers,some offi- break on the cost of their vacations than it did in 2005. push occupancy rates down to about thing working in NYC & Compa- cials say New York has little to com- here,courtesy of the soaring value of The slowdown comes at a bad 80% from today’s robust 84%. ny’s favor is its budget. Two years plain about. their euros, pounds, yen and other time. More than 8,000 hotel rooms It remains to be seen if last year’s ago, the city ranked 10th among “We have been spoiled by [past] currencies. will be added to the current stock of deceleration has continued into this major U.S. tourist destinations in increases,” Mr. Tisch says. The city hosted 7 million visitors 64,000 over the next three years. year. It’s hard to detect evidence of the amount of money it spent on from abroad last year, a gain of 6.5% The extra inventory is expected to that in a city that appears swollen marketing. But this year, thanks to a COMMENTS? [email protected]

8 | Crain’s New York Business | July 30, 2007 CNYB 07-30-07 A 9 7/27/2007 2:38 PM Page 1

budget this year is $72.1 million, In one of the largest faculty re- compared with $56.4 million in cruitment drives in CUNY’s histo- John Jay moves to prove itself 2005. Included in the 2007 figure is ry, the college has hired 56 profes- $2.5 million from the CUNY Com- sors in the past two years, for a total Continued from Page 2 lege attract better students. could offer,” Mr. Travis says. pact allocation, an amount deter- of 321. John Jay’s standing as a top-tier in- “Expanding the curriculum and Administrators at rival schools mined annually by the state Legis- Though the process of adding stitution, on par with Hunter and backing it up these changes with a agree that the college needs to boost lature but not guaranteed. core subjects typically takes about other senior colleges in the City physical plant will really speak to the caliber of its academics to meet Over the past year, Mr. Travis four years, John Jay hopes for final University of New York system. high school guidance counselors,” the demands of the criminal justice also secured $5.3 million in research state approval for two new majors— He is spending millions to up- says Rob Franek, vice president of system and the international securi- funding from various agencies. English and economics—next year. grade facilities and programs, Princeton Review Books. ty environment. Courses for these subjects could in- adding 100 faculty members and in- Mr.Travis realized John Jay’s un- “Students need to be analytical Finding deeper pockets clude literature and law,and the eco- troducing liberal arts majors.And as tapped potential upon returning to and to understand world events,” john jay has not announced its plan nomics of crime. part of his drive to raise admission the city in 2004 after spending 10 says James O’Keefe, director of the for a capital campaign.Tapping pri- Popular culture is also contribut- standards, Mr. Travis is phasing out years in Washington, D.C., where criminal justice program at the Col- vate donors won’t be easy,given that ing to John Jay’s renaissance. Inter- John Jay’s associate degree programs he was director of the National In- lege of Professional Studies at St. the alumni tend to be police officers est in criminal justice spurred by TV and transferring them to two-year stitute of Justice,the research arm of John’s University. “It’s not enough and government officials. shows like CSI has drawn brighter colleges in the CUNY system. the Department of Justice. just to know about burglaries in The school is reaching out to and more diverse students. John Jay’s academic rebirth is New York anymore.” deeper-pocketed backers through Forensic science major Zuleyma slated to coincide with the fall 2010 More to offer John Jay’s bold plans require symposiums and continuing educa- Peralta, a junior with a 3.0 grade opening of a 600,000-square-foot, after three decades under for- plenty of funding, though the col- tion courses on leadership and cor- point average, fits the student pro- $457 million building on the corner mer President Gerald Lynch—now lege hasn’t disclosed a final tally. porate global security. file that Mr.Travis is targeting.John of West and 11th Av- retired—the college had stopped CUNY will contribute some mon- Additionally,the appointment of Jay is one of just a handful of institu- enue. Formal groundbreaking for evolving. Academic resources, in- ey, and salaries for full-time faculty Jules Kroll,founder of Kroll Inc.and tions offering undergraduate degrees the much-needed space—one of cluding the number of teachers, fell hires will come from reallocating vice chairman of Marsh Inc., as in her subject,and “other forensic sci- CUNY’s largest capital projects to short of the needs of a student body funds now used for adjuncts. chair of the John Jay College of ence programs didn’t compare to this date—is set for October. that had more than doubled in 20 CUNY Chancellor Matthew Criminal Justice Foundation is ex- one,” Ms. Peralta says. Education experts predict that years, to 14,674. Goldstein has been a cheerleader for pected to bring in more Wall Street the improvements will help the col- “There was a lot more John Jay the effort from the start. John Jay’s money. COMMENTS? [email protected]

challenges of jumping ship Outsiders offer fast partner path OPPORTUNITY KNOCKS for a skiff. Growth of out-of-town law firms’ New York offices. “As a junior Continued from Page 3 player unless you have a significant planting a flag in Manhattan. Mid- partner, I’m # OF LAWYERS # ties?’ ” he says. presence in New York City,” says size ones like Bracewell & Giuliani competing Enter Reed Smith. The Pitts- Jack Zaremski, president of legal are doing quite well luring lawyers. FIRM AT LAUNCH TODAY against lawyers burgh-based firm offered to make search firm Hanover Legal Person- Robb Tretter was a 34-year-old Pepper Hamilton 61 15 in this town Mr. Tandler a partner in its grow- nel Services Inc. New York associate at U.K. giant Quinn Emanuel 31 100 that have more ing office here. He concedes that Linklaters when he accepted an of- established rep- he wasn’t too interested at first. Hunting for talent ready to move fer from Bracewell last year. Baker Hostetler 42 43 utations and But when he learned that it was a reed smith, Cleveland’s Baker “The opportunities to make part- Bracewell & Giuliani 13 42 better visibility 1,500-lawyer firm making a big fi- Hostetler, ’s Bracewell & ner are better in a growing office than 3 than I do,” he nancial commitment to New York, Giuliani,Atlanta’s Troutman Sanders they are at a firm where you start in a Troutman Sanders 89 123 says. he was sold. and Los Angeles’ Quinn Emanuel summer class of 100,” Mr. Tretter 1-Opened in 2001. 2-Opened in 2002. 3-Opened in 2005. Fortunately, Most hot-shot young lawyers and are among the firms that have at says. Opened in 2005, Bracewell & some people are don’t expect to wait 15 years to make least doubled the size of their New Giuliani’s New York office now has energized by partner. But they don’t expect to be York offices over the past few years. more than 40 attorneys. Mr. Zaremski warns. such odds. And for Messrs. Litwin working at a firm based in Pitts- Greg Jordan, firmwide manag- Though many have made the As a result of the risks,more than and Tandler, the gamble proved burgh,Atlanta or Los Angeles,either. ing partner at Reed Smith, says, move, some admit that it was a 50% of such offers get rejected. worth it. But those firms are hiring at a “Our strategy has been to go to the tough decision. It’s a huge risk to “It looked a little risky but had faster rate than New York firms, ac- firms that have the top talent and leave a Manhattan powerhouse: the Jumping at the chance huge potential upside,” Mr.Tandler cording to legal search firm Major look for people who have great am- loss of name recognition, the fear of but 37-year-old Ethan Litwin, an says. Reed Smith’s New York office Lindsey & Africa. They’re aggres- bitions to become partner, or to going unnoticed in an outpost and eight-year associate at Simpson had only one other tax partner,com- sively trying to gain a foothold in build a partnership, who maybe are the possibility that the firm might Thacher, was tired of waiting. pared with an army at Skadden. Mr. New York, because clients want to not quite seeing it happen at their get gobbled up in a merger. When Washington, D.C., antitrust Tandler started at Reed Smith last work with firms that have offices in current firm.” Of the 20 attorneys “If you’re truly interested in be- powerhouse Howrey opened a New October, and by December he was the financial capital. hired in his New York office last ing a partner in New York, you York office in March and offered to head of the tax practice—at age 40. “You just really aren’t taken seri- year, 12 were recruited that way. should really think hard before leav- make him partner, he leapt. ously as a national or international And it’s not just big firms that are ing a New York firm prematurely,” Mr. Litwin quickly learned the COMMENTS? [email protected]

Please use this moment to imagine a hotel that anticipates your every need. Now go to nyhelmsleycontest.com and discover a hotel that does just that.

THE NEW YORK HELMSLEY HOTEL“20 IN ’08 GIVEAWAY” SWEEPSTAKES MANDATES

No purchase necessary. Void in Puerto Rico, the Province of Quebec and where prohibited. Sweepstakes is open only to legal residents of the 50 United States and the District of Columbia, who are 21 years of age or older as of July 23, 2007 and legal residents of Canada (excluding the Province of Quebec) who are of the age of majority in their province or territory of residence. Sweepstakes begins at 12:00:01 AM (ET) on July 23, 2007 and ends at 11:59:59 PM (ET) on November 4, 2007 (the “Promotion Period”). There will be a total of three (3) Referral Prize random drawings performed during the Promotion Period and a total of one (1) Grand Prize random drawing performed at the end of the Promotion Period. See Official Rules at www.nyhelmsleycontest.com. Sponsor: Harley of New York Associates, 212 East , New York, NY 10017.

July 30, 2007 | Crain’s New York Business | 9 CNYB 07-30-07 A 10 7/26/2007 5:49 PM Page 1

THE WEEKS AHEAD

THIS WEEK’S EVENTS 8:00 p.m., Café St. Bart’s, AUGUST 7-8 Fee: $30. (646) 519-2452 or 242, or [email protected]. JULY 31 and East 50th Street. Free. (212) 499- Global Purchasing Cos. holds two-day [email protected]. ActionCoach New York holds workshop 6566 or [email protected]. workshop on how to open and run a SEPTEMBER 10-16 on results for your business. 6:00 p.m. to AUGUST 1 successful retail store. 6:00 p.m. to 9:00 AUGUST 13-19 SEPTEMBER 10 7:00 p.m., 989 Sixth Ave., fourth floor. Networking for Professionals holds p.m., 1133 Broadway. Fee: $189. AUGUST 14 Queens Economic Development Corp. Free. (646) 862-1710 or networking reception. 6:00 p.m. to 8:00 (212) 414-4001 or TaylorMade Media and Citibank hold holds open house on its entrepreneur [email protected]. p.m., Via, 16 W. 21st St. Fee: $10 [email protected]. networking reception. 6:30 p.m. to 9:30 assistance program. 6:00 p.m. to 8:00 JULY 31 members and $15 nonmembers in AUGUST 8 p.m., Harlem Tea Room, 1793A p.m., Queens Borough Hall, 120-55 Nationwide Equities Corp. holds advance; $20 for all at door. Blah Blah Blah Etc. Inc. holds seminar Madison Ave. Fee: $20 in advance, Queens Blvd., room G-110, Kew networking reception. 6:00 p.m. to 8:00 (212) 227-6556 or on successful marketing. 9:00 a.m. to $30 at door. (516) 285-4999 or Gardens. Free. (718) 263-0546. p.m., Social Bar & Lounge, 795 Eighth [email protected]. 4:00 p.m., 1065 Sixth Ave., 13th floor. [email protected]. SEPTEMBER 11 Ave., second floor. Free. (917) 975-5985 Fee: $199. AUGUST 14 Manhattan Chamber of Commerce or [email protected]. AUGUST 6-12 (800) 207-0015 or Manhattan Chamber of Commerce holds networking reception. 6:00 p.m. to JULY 31 AUGUST 7 www.maverickmarketing.biz. holds networking reception. 6:00 p.m. to 8:00 p.m., , 501 Business Solutions Gold Place Network holds networking AUGUST 8 8:00 p.m., Roger Smith Hotel, 501 Lexington Ave. Fee: $15 members, $25 holds workshop on Internet marketing. reception. 6:00 p.m. to 8:30 p.m., 305 Girls Inc. holds networking reception. Lexington Ave. Fee: $15 members, $25 nonmembers. (212) 473-8074. 6:00 p.m. to 8:00 p.m., 110 William St., Seventh Ave., 11th floor. Fee: $20. 7:30 p.m. to 10:00 p.m., Harry’s at nonmembers. (212) 473-8074. fourth floor. Free. (212) 618-8845. (212) 465-8080. Water Taxi Beach, Second Street and AUGUST 15 SEPTEMBER 17-23 AUGUST 1 AUGUST 7 Borden Avenue, Long Island City, Networking for Professionals holds SEPTEMBER 17 All State Foundation and Acción New Camba’s Small Business Services holds Queens. Fee: $80. networking reception. 6:30 p.m. to 8:30 New York Society of Security Analysts York hold credit workshop. 6:00 p.m. to workshop on starting a business. 6:00 (212) 509-2000, ext. 211, or p.m., Techspace, 41 E. 11th St., 11th holds forum on technical and 8:00 p.m., Women’s Business Center at p.m. to 8:30 p.m., 884 Flatbush Ave., [email protected]. floor. Fee: $25 members and $35 quantitative research. 5:30 p.m. to 7:45 Polytechnic University, 6 Metro Tech second floor, Brooklyn. Free. AUGUST 8 nonmembers in advance, $40 for all at p.m., 1177 Sixth Ave., second floor. Center, Brooklyn. Free. (718) 282-2500, ext. 242, or American Business Media holds door. (212) 227-6556 or Fee: free for members, $20 (212) 387-0494 or [email protected]. networking reception with digital [email protected]. nonmembers. (646) 871-3405 or [email protected]. AUGUST 7 community leaders. 8:30 a.m. to 10:30 AUGUST 15 [email protected]. AUGUST 1 Blue Stripe Media Group holds course a.m., Scholastic, 557 Broadway. Fee: $95 International Enterprise Singapore and —adrianne pasquarelli New York Society of Security Analysts on writing as a brand. 9:00 a.m. to 11:30 members, $125 nonmembers. Global Purchasing Cos. hold Singapore holds course on credit derivatives. 1:00 a.m., McGraw-Hill Building, 1221 (212) 661-6360, ext. 3337, or manufacturers exchange conference. p.m. to 4:30 p.m., 1177 Sixth Ave., Sixth Ave., second floor. Fee: $75 in [email protected]. 9:00 a.m. to 6:00 p.m., Fashion Institute TO LIST YOUR EVENT second floor. Fee: $215 members, $275 advance by credit card only, $85 at door AUGUST 9 of Technology, West 27th Street and Crain’s lists business meetings online and includes nonmembers. (646) 871-3428 or by check only. (917) 617-4522 or New York Society of Security Analysts Seventh Avenue, Building A, eighth them in the print edition on a space-available basis. [email protected]. [email protected]. holds market forecast forum on the floor. Free. (212) 414-4001 or Events in New York City with admission fees of less AUGUST 1 AUGUST 7 Goldilocks scenario. 11:30 a.m. to 2:00 www.globalpurchasinggroup.com. than $300 are considered for the print publication. New York Commercial Real Estate Asian Women in Business holds p.m., 1177 Sixth Ave., second floor. Fee: Listings can be submitted only through the Crain’s Women Network holds networking workshop on small business successes. $75 members, $115 nonmembers. SEPTEMBER 3-9 Web site. To submit a calendar listing, go to reception for members only. 6:00 p.m. to 6:30 p.m. to 8:30 p.m., Mercedes-Benz (646) 871-3405 or [email protected]. SEPTEMBER 6 www.newyorkbusiness.com and click on “Events.” Showroom, 430 Park Ave. Fee: free for AUGUST 9 Camba’s Small Business Services holds Sponsors have a choice of several free or paid list- small business and corporate members, LatinVision Media holds networking workshop on for-profit versus nonprofit ing options. All business events will be posted More meetings online at online within two business days. www.newyorkbusiness.com $20 individual and sustaining members, reception. 6:00 p.m. to 9:00 p.m., New organizations. 3:00 p.m. to 5:30 p.m., Click on “Events” $40 nonmembers. (212) 868-1368 or York University, 53 Washington Square 884 Flatbush Ave., second floor, Crain’s can neither confirm receipt of listings nor say [email protected]. South, King Juan Carlos of Spain Hall. Brooklyn. Free. (718) 282-2500, ext. if or when event listings will appear in the print edition.

WaMu Small Business Banking Can we interest you in an unfair advantage?

Open a Free Business Checking account with $5,000 or more and you’ll not only receive great benefi ts like free unlimited check transactions, free checks and free money orders, but you’ll also become eligible for a 6-month rate bonus on a WaMu® Business Money Market account. About time the system worked in your favor. To learn more, talk to one of our Small Business Specialists at a WaMu near you or call 1-800-374-4646.

Business Money Market

5.15 Interest Rate with 6-Month Rate Bonus

For balances of $50,000 and above See details below

Check offer for new accounts only and limited to one free WaMu check order per account anniversary year. Style restrictions apply. Visit a fi nancial center or call 1-800-252-3414 and mention promo code: promo/wamufreechecks. 1.50% rate bonus will be added to the Business Money Market base interest rate for 180 days when you open the account with $25,000 in new money. Minimum daily balance to get rate bonus is $25,000. As of 07/09/2007, the base interest rate for balances of $50,000 and above is 3.65% without rate bonus. The base interest rate for all balance tiers is subject to change without notice during the 180-day rate bonus period. Ask a fi nancial center or call 1-800-788-7000 for current tiers/base rates. Certain restrictions apply. Offer available for a limited time at our fi nancial centers (not over the telephone or Internet). Deposits at Washington Mutual are FDIC Insured.

10 | Crain’s New York Business | July 30, 2007 CNYB 07-30-07 A 11 7/27/2007 12:34 PM Page 1

WEEK IN REVIEW

Cookbook:The New Classics—are ECONOMIC SPOTLIGHT slated for publication this fall. Arts education the city’s Department of Education unveiled ArtsCount, an initiative to promote music, drama, dance and other arts subjects in public schools. Under the program, principals will be graded on their schools’ compli- ance with state arts requirements, which many schools currently fail to meet. Princeton Review gets new chief the princeton review named Michael Perik chief executive.

buck ennis Mr. Perik, who was most recently chairman of Houghton Mifflin Co.’s assessment division, MTA mulls fare, toll increases succeeds founder John Katzman. THE METROPOLITAN TRANSPORTATION AUTHORITY said it Mr. Katzman will remain plans to seek fare and toll hikes to generate another $325 executive chairman of the test prep firm. million in annual revenue to close an expected budget gap Economy Watch in the future. If approved, the new rates, which wouldn’t go Times Co. giving In June, NYC’s jobless rate topped 5% for the first time in 11 months. The into effect until next year, would mark the first increases in rise in area inflation was attributed largely to increases in the housing sector. two years. Separately, the NYPIRG STRAPHANGERS CAMPAIGN archives to library MAY ’07 JUNE ’07 COMPARISON rated the No. 1 train as the city’s best subway line, the new york times co. said it NYC jobless rate 4.9% 5.2% 4.5%1 supplanting the No. 6, which held the top spot last year. will donate its archives to The NYC employment change +6,300 n/a n/a 2 New York Public Library.The 700,000-page collection, which NY area inflation change +0.6% +0.5% +2.5%3 dates back to 1851, will become n/a Not available. 1-U.S. unemployment rate. 2-Change since December 2006. 3-Inflation rate to offer consumers packages part of the library’s manuscripts for the latest 12-month period. AOL to acquire starting at $6.99 a month for 50 and archives division. online ad network channels.The radio services are NYC Hotel Stats Broadway Stats awaiting regulatory approval for NBC ramps up online advertising network their merger, which was Average room rates and occupancy Results were flat in the week ended Tacoda Inc. agreed to be acquired announced in February. the president of NBC levels rose again in May, PKF Con- 7/22, but figures were higher for the by Time Warner Inc.’s AOL unit. Universal’s cable and digital sulting data show. The averages for season to date, says The League of Tacoda, which helps companies content unit, Jeff Gaspin, was also the year to date were $265.46 and American Theatres and Producers. Hearst Web deal place according to consumers’ named 82.9%, topping year-earlier levels of Attendance for the first 8 weeks was behavior on the Internet, will hearst corp. agreed to buy president $236.07 and 82.3%. 10% above ’06 levels; gross rose 9%. operate as a subsidiary of AOL. UGO Networks, an online and chief entertainment company that operating CNN shake-up targets 18- to 34-year-old men. officer of UGO, which logs 28 million NBC cnn prime-time host Paula unique visitors monthly, will Universal Zahn, whose show has suffered remain an independent entity Television from lagging ratings, announced under Hearst Interactive Media. Group.The that she will leave the cable Telemundo network will be one of network Aug. 2. Also, NBC News Potter sets records Mr. Gaspin’s new responsibilities. Weekend Today co-host Campbell He succeeds Jay Ireland, who left Brown left to join CNN after nine scholastic corp. sold a record NBC Universal Television. years with NBC. 8.3 million copies of Harry Potter and the Deathly Hallows on July 21, the day of its release. On the Art Society chief Keith Richards first day, Barnes & Noble sold stepping down enjoys bidding war 1.3 million copies, Borders Group Capital IQ’s Weekly Deals Report sold 1.2 million, and Amazon.com the municipal art society said TRANSACTION SIZE a bidding war between delivered 1.3 million in the its longtime president, Kent COMPANY/LOCATION (in millions) BUYER/INVESTOR TRANSACTION TYPE HarperCollins and Little United States. Barwick, will leave in early 2008. Brown pushed the auction The board has appointed a search Mediabistro.com $20.0 Jupitermedia Corp. SB M&A Manhattan price for an autobiography by committee to plan the transition Legacy Benefits Corp. $20.0 Mofet Israel Technology Fund Ltd. FB M&A Keith Richards (right) to Stewart’s firm and choose a new president. Manhattan more than $7 million.The bids inks book deal Tervela Inc. $15.6 North Hill Ventures, Sigma Partners, GCI are for global English-language Manhattan Goldman Sachs Group, rights. Literary agent Ed martha stewart Bancrofts meet merchant banking division Victor, who is conducting Living Omnimedia Flagship Global Health Inc. $15.0 FrontPoint Partners GCI on Murdoch bid Manhattan the auction, will sell Inc. signed a deal iPerceptions Inc. $0.6 Not disclosed GCI translation rights separately. with Clarkson dow jones & co.’s controlling Manhattan Potter/Publishers to Bancroft family met to consider Commercial Envelope n/a Cenveo Inc. SB M&A produce 10 books Rupert Murdoch’s $5 billion Manufacturing Co. Satellite radio over the next five takeover offer.The meeting, Deer Park, L.I. à la carte getty imagesyears.The first two— which lasted several hours, ended Selected deals announced during the week of July 15 for companies headquartered in metro New The Martha Stewart amicably but without a resolution. York. n/a Not available. FB M&A: Financial buyer M&A represents a minority or majority acqui- sition of existing shares of a company with the participation of a financial buyer. GCI: Growth cap- sirius satellite Living Cookbook:The Several family members remain ital investment represents new money invested in a company for a minority stake. SB M&A: Radio and XM Original Classics divided on the proposal. Strategic buyer M&A represents a minority or majority acquisition of existing shares of a company without the participation of a financial buyer. Satellite Radio and The Martha —from staff reports and

bekka lindström bekka Holdings Inc. plan Stewart Living bloomberg news reports

July 30, 2007 | Crain’s New York Business | 11 CNYB 07-30-07 A 12 7/26/2007 8:11 PM Page 1

VIEWPOINT How Spitzer can regain trust editor in chief Rance Crain publisher Jill R. Kaplan here’s more than a little irony in the reporter to ask for the details, orchestrated publicity about EDITORIAL revelations that aides to Gov. Eliot Spitzer, the supposedly outrageous behavior and then arranged for editor Greg David who campaigned for governor as a the governor to call for an investigation of the Senate managing editor Richard Barbieri deputy managing editors Valerie Block, reformer promising to clean up Albany, majority leader.This time, however, Mr. Bruno fought back, Erik Ipsen assistant managing editors used some sleazy tactics on the and Attorney General Andrew Cuomo exposed the behind- Carmen Fleetwood, Robert Hordt administration’s principal political the-scenes plotting. columnist Alair Townsend senior reporters Aaron Elstein, opponent. There’s no reversing the current scandal, but the Spitzer Lisa Fickenscher, Matthew Flamm, But with the governor reeling from news of his staff ’s administration can recover. Tom Fredrickson, Samantha Marshall, transgressions against Senate Majority Leader Joseph The first step is to remind everyone that Mr. Spitzer is Anne Michaud, Miriam Kreinin Souccar T reporters Barbara Benson, Bruno, the more important question is which of the two committed to the right policies for New York: open Elisabeth Butler Cordova, Erik Engquist, Amanda Fung, Hilary Potkewitz, Gale Scott officials is on the right side of the issues. Besides, no one government and competitive elections, fundamental restaurant critic Bob Lape should really be surprised by the Spitzer way of doing things. campaign finance art director Steven Krupinski deputy art directors Carolyn McClain, His investigations of corporate hooliganism all followed Jettisoning the reform, responsible Daniel Mednick staff photographer Buck Ennis the same pattern. Mr. Spitzer discovered actions that he budgets, no new taxes, copy desk chief Wendy Zuckerman could portray as egregious behavior. Frequently, what aides involved a revamping of the copy editors Michele Arboit, outraged him was in fact common practice. Brushing aside Thaddeus Rutkowski seems like a health care system and research editor Denise Southwood industry explanations, his staff—primarily now-disgraced an overhaul of associate research editor Adrianne Pasquarelli communications aide Darren Dopp—leaked the most good first step economic development www.NewYorkBusiness.com titillating information to the press. Public embarrassment policies. People can online editor Catherine Tymkiw online reporter Kira Bindrim was backed up with the threat that Mr. Spitzer would use disagree on some EDITORIAL AND ADVERTISING OFFICES New York’s harsh Martin Act to ruin his targets. specifics—his seeming 711 Third Ave., New York, NY 10017-5806 editorial: 212.210.0277 Fax 212.210.0799 Companies almost always agreed to Mr. Spitzer’s insistence on holding advertising: 212.210.0259 demands that they pay stiff fines and change the way they up the Javits Convention Center expansion is one example— Cable craincom nyk Fax 212.210.0499 operated, all without any trials or judicial determinations but the governor is trying to make New York a better place. Entire contents ©copyright 2007 Crain Communications Inc. All rights reserved. that the Wall Street firms actually did anything wrong. Mr. The press in particular seems to have forgotten that Mr. ®CityBusiness is a registered trademark of MCP Spitzer lost virtually all the cases that went to trial—notably Spitzer’s nemesis, Mr. Bruno, is under federal investigation Inc., used under license agreement. the endless prosecution of former New York Stock for misusing his position. Furthermore, Mr. Bruno is TO SUBSCRIBE: Call 888.909.9111; fax 313.446.6777. Exchange Chief Executive Richard Grasso. beholden to special interests in order to further his only $3.00 a copy, $59.79 one year, $109.79 two years. www.NewYorkBusiness.com Mr. Spitzer’s way of doing business wasn’t a secret. But the important goal: keeping a Republican majority in the state ADVERTISING AND MARKETING press downplayed it, and attempts by Republicans to use it Senate at all costs. advertising director Jeff A. Adler against him in the governor’s race didn’t get traction because The next steps are up to the governor. Jettisoning the brand manager, print & interactive Vanessa Cognard New Yorkers—including most businesspeople—wanted aides involved seems like a good first step in regaining the business development manager someone to take on the entrenched politicians in Albany. public’s trust. More restrained rhetoric is required, too. So is Robert N. Grossman senior account manager Now that the Spitzer operation is receiving more scrutiny, a new openness, especially with his natural allies. All of this William E. Squitieri account executives many people are having second thoughts. would require Mr. Spitzer to moderate his political tactics, Andrew Carlin, Lisa Pearly, Jennifer Siniscalchi, In the Bruno case, two top Spitzer aides pressured the and he presumably knows that the consequences of not Brigitte Stieglitz western account manager state police into recording the senator’s travels, prompted a doing so would be enormous. Ellen Mazen (Los Angeles) 323.370.2477 sales manager, classified print & online John Gallagher newsletter product manager Catherine Evans Gittens LETTERS TO THE EDITOR sales coordinator, print & online Lulé Haznedari sales coordinator Anita Perrino credit Pat Grondziak 313.446.6082 marketing director Amy Crossman marketing manager Jill H. Bottomley Governor deserves to take heat marketing coordinator Jenny Mashberg circulation manager Andrea Richardson THESE ACTIONS are typical of Eliot year: Eliot Spitzer! I am beginning governor on an open-ended search general manager, interactive Spitzer, now and when he was to wonder whether this system of for potential “dirt,” that is a Marc Minardo attorney general (see Crain’s online ours can ever be made to work problem. Conversely, if Mr. Dopp, NEW YORK PRODUCTION poll, Page 13). again. knowing of Union’s production and pre-press director chris campos lois c. schwartz pending interest in use of aircraft, Michael Corsi wanted to know the facts—used advertising production manager Marilyn DeMilta IT IS IMPOSSIBLE to believe that a BELIEVE ME, Mr. Spitzer would by both Senate Majority Leader man as astute as the governor blame someone else for his aides’ Joseph Bruno and Mr. Spitzer—in PUBLISHED BY CRAIN COMMUNICATIONS INC. could be unaware of an effort actions.The sword of justice is order to be prepared to answer chairman Keith E. Crain involving his most trusted aides. two-sided! questions or to deal with the issue, president Rance Crain secretary Merrilee Crain fred g. sampson rona solomon the controversy is being treasurer Mary Kay Crain overblown. executive vp, operations William Morrow THE FACT THAT SPITZER AIDES Rich- IF INVESTIGATORS were sent by the matthew mcgillick senior vp, group publisher Gloria Scoby ard Baum and Darren Dopp re- group vp, technology, circulation, manufacturing Robert C. Adams fused to testify is disgraceful.This vice president/production & was a setup. Both should resign, manufacturing David Kamis and then we should move on. As WHAT’S COMING UP IN CRAIN’S? chief information officer Paul Dalpiaz for the governor, he should demand corporate circulation director Patrick Sheposh their resignations and then keep Top M.B.A. Small business Unions his mouth shut and move forward. programs award in New York founder G.D. Crain Jr. (1885-1973) list winners report chairman Mrs. G.D. Crain Jr. (1911-1996)

buck ennis ed finnegan ELIOT SPITZER has a long way to go to Aug. 6 Aug. 13 Aug. 20 clean up the “dirty tricks” mess. BIGGEST DISAPPOINTMENT of the

12 | Crain’s New York Business | July 30, 2007 CNYB 07-30-07 A 13 7/27/2007 11:19 AM Page 1

He notes that foreign compa- MARCUS ROSENBERG nies’investment in India amounts to $11 billion and that the United States is the second-largest source. & But the United States draws more foreign investment than any DIAMOND LLP other country, and New York is one of the big beneficiaries. Mr.Khanna points out,for exam- ple, that more than 170 Indian IT companies have set up U.S. offices, Saluting our friends in the Real Estate Industry some of them in New York City,and Indian banks are opening or expand- who have supported us for over 18 years, offering a ing here to support such activity. U.S. exports to India were small law firm alternative for real estate transactions $10 billion in 2006, compared with $4 billion in 2002, and are growing and litigation, cooperative and condominium law, faster than India’s exports to us. Ten Indian companies are listed construction law and real estate partnership matters on the New York Stock Exchange, and six are listed on the Nasdaq. There will be more, and that will re- dound to the benefit of our law and financial services firms. 488 Mr. Khanna projects that India New York, New York 10022

john h. howard will spend more than $30 billion in the next five years on rail, airport (212) 755-7500 and seaport infrastructure, projects for which New York construction firms are bidding. Dobbs’ view is just Real estate developers and in- vestors, including , Trinity Capital and Vornado,are in- half of the picture vesting heavily in India, and major Wall Street firms are raising huge sums to do the same. had a lou dobbs moment in 2003 after reading that The global economy is much more complicated than Lou Dobbs Wall Street firms were outsourcing financial research to leads his viewers to believe.His beg- India. I had come to grips with the loss of manufactur- gar-thy-neighbor view is outmoded ing jobs to lower-cost regions of the world. But oozing and—worse—counterproductive. brainpower jobs from the sector that drives our local His drumbeat against free trade has Do you economy frightened me. What was next? an impact. know a I Elected officials typically hear For people like Mr. Dobbs, the worldwide economy is a only from unions and those who Crain’s have lost their jobs to international zero-sum game. Eco- Indian direct invest- competitors. The winners are 40Under nomic gains in such ment in the United silent—many because they don’t Forty? countries as India and States and business op- understand how they are benefiting China represent ab- portunities there for from our participation in the world solute losses for the U.S. construction, real economy, others because they take United States. With estate and financial the benefits for granted. chest-thumping indig- service firms.He takes a They should not.Democrats,in- nation, he accuses one-sided view, just as I cluding many of the presidential politicians and corpo- did in 2003. candidates, are succumbing to the rate chieftains of selling At a recent Crain’s Lou Dobbs-organized labor line. us out. forum, Rajiv Khanna The talk on the campaign trail Mr. Dobbs focuses ALAIR provided the other side smacks of protectionism. Free trade on and decries out- TOWNSEND of the story. Mr. Khan- agreements with Peru, Panama sourcing to, imports na is president of the and South Korea are in jeopardy from, and U.S. compa- India-America Cham- in Congress. This is bad news for nies’ investment in places like India. ber of Commerce and a shareholder the country and worse news for He ignores our exports to India, at law firm Greenberg Traurig. New York.

CRAIN’S ONLINE POLL

SHOULD GOV. ELIOT SPITZER BE BLAMED FOR THE DIRTY Crain’s New York Business TRICKS CARRIED OUT BY TWO OF HIS TOP AIDES? is putting together a 40 Under 40 reunion to honor the 20th anniversary MORE THAN THREE-QUARTERS of the 869 No, he can’t be Yes, he had his of the feature. If you are a former 40 blamed for the .8% aides sabotage or know someone who is, please send respondents say the governor should be held actions of Joseph Bruno current contact information to accountable: 40% think he was pulling the rogue staffers .14% 40%. and then denied knowledge of [email protected] strings, while 38% say he was responsible the scheme even if he didn’t know what his aides were No, the scandal has been Yes, he’s up to. Only 14% think the scandal has been overblown; 38% responsible, Republicans . even though his overblown. A mere 8% say the governor are playing aides acted on shouldn’t be blamed for staffers’ actions. victim their own

For readers’ comments, see Letters to the Editor on Page 12.

July 30, 2007 | Crain’s New York Business | 13 Project5 5/17/07 7:05 PM Page 1 CNYB 07-30-07 A 15 7/26/2007 3:56 PM Page 1

REAL ESTATE INSIDE Q&A William Macklowe waxes bullish about NYC’s office market PAGE 18 Biggest office leasing deals in Manhattan PAGE 20 Top property sales in NYC PAGE 22 Stocking up on space to grow into Warehousing allows tenants to freeze rents; risks involved

BY ANDREW MARKS executives at cyrus capital partners were all of four months into their newly leased, 15,000-square-foot offices at 399 Park Ave.last November when their brokers at CB Richard Ellis let them know that space on the floor directly below was coming on the market. “We had more than enough room, and we didn’t have any near-term expansion plans. But we decided to lock down this space, even though we didn’t need it,’’ recalls Robert Nisi, the hedge fund’s chief operating officer.

Cyrus leased the additional down the road. The tenants assume 8,500 square feet on the 38th floor they’ll be able to sublease the ware- of the trophy building for LEASING housed surplus, at least at a more than $100 a square STRATEGIES break-even point, until they foot, warehousing it in the need it themselves. event the firm wants to sig- NONPROFITS But brokers who remem- explore options nificantly increase its staff of Page 24 ber previous market cycles 34 employees. are warning that the gambit SIDE STREETS Faced with an extremely can be the best could backfire if prices start tight office market and ask- bet Page 25 to fall and the tenants are ing rents that seem to be in- stuck with expensive surplus creasing daily, more Manhattan- space they can’t unload. based office tenants are opting to “The last time I saw so much of lock in extra space at current mar- it was during the dot-com bubble, ket rents in anticipation of future and that didn’t turn out very well for growth. They don’t want to pay a lot of companies,” says Mitchell higher rents—or worse, have to Konsker, vice chairman at Cush-

move—if they need more space See FIRMS on Page 16 kuzu nitta

TheThe RealReal EstateEstate BankBank

I Revolving and Non-Revolving Construction Lines of Credit for Residential Development I Construction/Permanent or Mini-Permanent Loans for Income-Producing or Owner-Occupied Properties I Bridge Loans

Talk to the Real Estate Experts at Commerce. Call Richard Cassin at 1-888-751-9000. EQUAL OPPORTUNITY LENDER Member FDIC

July 30, 2007 | Crain’s New York Business | 15 CNYB 07-30-07 A 16 7/26/2007 3:58 PM Page 1

REPORT REAL ESTATE

Firms lease space to grow into A PRE-EMPTIVE STRIKE WITH OVERALL MANHATTAN VACANCY RATES running at 5.3% and asking rents jumping by as much as 36% in the last year, the rush to lock in already sky- Continued from Page 15 office space in midtown had on the market.They feared it would high rents and warehouse space for future growth isn’t limited to midtown man & Wakefield Inc. dropped 25% in three years, to send asking rents tumbling further. Class A buildings. After the collapse of the dot- $50.49 a square foot. At the same Because it is not on the market,such Oxygen Media’s lease for 90,000 square feet in Chelsea Market, which LEASING coms and the time, the vacancy rate ballooned to “shadow”space is not counted in va- is below current market rates, doesn’t run out until the end of 2009. But STRATEGIES World Trade Cen- 12% from 3%. cancy statistics. Valerie Grubb, vice president of operations for the Manhattan-based cable ter attacks, many Suddenly, companies that had channel, is already deep into negotiations with her current landlord and three firms downsized, HIgh vacancy rate warehoused space for future use others for a lease that will include 10% to 20% warehoused space. “We’re leaving the market rotante of GVA Williams found themselves paying millions with unexpected says it is likely the vacancy rate was for something they no longer want- moving much faster than we need to because we want to get the numbers excess capacity. By the time the of- even higher than 12% because ma- ed—and couldn’t get rid of. where they are now as opposed to where they might be in another year,” she fice market bottomed out at the end jor financial firms held back from Jones Lang LaSalle broker Frank says. of 2003,the average rent for Class A putting large blocks of surplus space Doyle strikes the same note of cau- Is Ms. Grubb at all concerned about a plunge in the real estate market, which would leave her firm holding excess square footage? “I’m not worried we’ll be stuck with a chunk of warehoused space that we can’t sublease, because I don’t see the real estate market going down anytime in the near future,” she says.

tion, but says companies trying to West 50th Street and Eighth Av- hedge their bets may have little choice enue, is expected to include up to in such a superheated sellers’ market. 100,000 square feet of warehoused “You’d prefer to get an option for space. more space instead of warehousing, Law firms are warehousing but landlords are in the driver’s seat space because those with 50 or right now. It’s either sign a lease for more lawyers have five- and 10- the extra space or see it snapped up year plans that anticipate a great by someone else,” says Mr. Doyle. deal of growth, explains Stuart Brokers offer a long list of ten- Saft, a real estate attorney and part- ants, especially investment compa- ner at LeBoeuf Lamb Greene & MacRae. They are worried less about getting stuck with too much Big law firms space than about not having enough for future expansion, and are warehousing are even willing to risk subsidizing their subleased space if rents go because they down over the next few years. GVA Williams’ Mr. Rotante says expect growth a dip in asking rents of up to 20% wouldn’t faze his clients who have warehoused office space,because the costs of moving and building out new offices can set companies back at least that much.“Law firms,in partic- nies and law firms, that are ware- ular, equate their revenue to staffing, housing,or “land banking”as some so they want to be able to easily ac- call it,large blocks of space in Class commodate growth,” he says. A midtown buildings. The unlikely confluence of events that hastened the last big office mar- Ready for subleasing ket downturn makes observers like american capital, a private equi- C&W’s Mr. Konsker cautiously ty firm, recently took three floors at optimistic that firms with big sur- 505 Fifth Ave., and immediately pluses of warehoused space won’t put two on the sublease market for a face the same scenario when the 10-year term. Another hedge fund, market goes into its next down cycle. Evercore Partners, is trying to sub- “It looks like companies will be lease half of the 120,000 square better cushioned this time around,’’ feet it leased at 55 W. 52nd St. he says.“How much better remains Law firm Cravath Swaine & to be seen.” Moore’s new lease for 600,000 square feet at Worldwide Plaza, on COMMENTS? [email protected]

REAL ESTATE & MORE ONLINE AT CRAIN’S Breaking news E-mail alerts keep you up-to-date on developments in the local real estate business as they happen. Company alerts Visitors to Crain’s Web site can sign up for e-mail alerts that provide news about a particular Tuesday e-mail Sign up today for real estate brokerage or firm. Crain’s Real Estate Insider, a new Subscribe Use the weekly e-mail newsletter featuring “Subscribe now” the latest deals, events and per- button to get the sonnel moves in one of the hottest weekly print edition industries. To register, go to of Crain’s and digital www.NewYorkBusiness.com/ subscriptions to the signup. newspaper.

16 | Crain’s New York Business | July 30, 2007 Project1 7/23/07 1:27 PM Page 1

AVENUE OF THE ACRES OF SPACE 1185AMERICAS MILES OF VIEWS

Three contiguous tower fl oors with center-core effi ciency and unobstructed views – 83,822 sf

• Direct underground Prestigious tenant roster: Gary M. Rosen, Sr. Managing Dir. access to Hess Corporation 212.216.1687 [email protected] • New lobby and elevator cabs King & Spalding National Hockey League (NHL) • Effi cient fl oor plates Howard J. Tenenbaum, Exec. VP Bank of America 212.216.1685 • New institutional ownership RSM McGladrey [email protected]

Reaching new heights www.slgreen.com

SLG0606 1185 6th_AD_CR_f.indd 1 7/19/07 10:37:00 AM CNYB 07-30-07 A 18 7/26/2007 4:00 PM Page 1

REPORT Q&A Pro sees market roaring into 2008 buck ennis A MILLION square feet of new space doesn’t Predicts deal at $2K move the supply needle, Mr. Macklowe says. a square foot, no that’s roughly double that.That’s a subprime fallout pretty tight marketplace.

illiam “billy’’ Q. What impact are rising interest Macklowe, 39, rates and problems in the subprime is president of market having in the commercial real Macklowe Prop- estate market? erties. His father, A. I think the problem in Harry,foundedW the firm in the mid- subprime as it relates to the 1960s and continues to serve as its commercial market is more a chief executive. perceptual issue. It is unfortunate, One of New York’s biggest com- but it will correct itself. I think the mercial landlords, Macklowe Prop- rise in rates—and it’s not so much erties bought the General Motors a rise in rates as it is the widening building in 2003 for what was then of spreads—will shake the field a a record $1.4 billion. And early this little in that more marginal It makes $en$e year, it purchased seven Manhattan buyers will be pushed to the side, office buildings from The Black- and it will require buyers to put stone Group for about $7 billion. more equity into their deals. for your business Mr. Macklowe recently talked with Crain’s assistant managing ed- Q. More developers, including to save energy itor Robert Hordt about New York’s Macklowe Properties, are going ahead office market. with plans to build office buildings on speculation. Is that as risky as some Q. With rising rents, low vacancy people say it is? rates, record sales prices and limited A. Sometimes yes, sometimes no. new construction, the market is We’re coming out of the ground showing few signs of slowing. What’s now at and Madison ower Saving Partners, Con Edison, and in store for the rest of this year and with a 350,000-square-foot Pthe New York State Energy Research and 2008? building that we are building on Development Authority (NYSERDA), are offering Photos courtesy Morgan Stanley A. New York has a great spec. We’ve already had significant millions in incentives for customers in the New economy; the city is clean, the leasing activity, and it will continue York City metropolitan area and Westchester government is well-run, the renting during construction.The County to reduce electricity use. Participating population is increasing and there is reason you’re seeing more spec businesses report outstanding results. continued job growth.That has building now is that New York has The Morgan Stanley headquarters for its Private created an economic perfect storm been meagerly fed by new product for rising demand in the market. I for the past 10 to 15 years. A Wealth and Asset Management groups is located think the trend will continue. In million feet contributed by The within a 747,595 square-foot office building in the past 18 months, New York has New York Times in its new building Purchase, New York. The company implemented seen the market adjust to higher doesn’t even move the needle in energy-efficiency measures while renovating the prices, both in the rental market terms of supply.There’s demand building. and in the sales market. Certainly, there, and these are three- and NYSERDA provided assistance through its the lack of available space four-year projects that should be Peak-Load Reduction Program for a 1,400 ton contributes to that. While we’ve absorbed into the market. Trane Earthwise CenTraVac chiller, which operates seen a little bit of pullback in the at 0.576 kW/ton in day mode. The system has the capital markets, there has been no Q. After you bought those seven flexibility to run on chiller, ice or a combination of shortage of buyers lined up every office buildings from Blackstone, there both. An emergency mode can provide comfort time a building has come up for was some speculation that you would cooling while making ice in the evening. sale. I think it’s quite possible that put some of those properties back on the Ice storage tanks charged at by the end of 2007, or sometime in market. Any plans to do that? night, discharged during the day. A $314,500 NYSERDA incentive 2008, we might actually see a A. We historically have been a helped Morgan Stanley achieve: $2,000 per-square-foot sale. long-term investor in real estate. At the same time, we have always • Estimated summer peak reductions of 740 kW Q. What could slow the market evaluated our opportunities. Our • Estimated annual electric savings 870,000 kWh down and cause prices to drop? acquisition financing on the deal • Estimated annual natural gas savings 150,000 therms A. I don’t know how much of a always considered an exit, and that • Annual operating savings $545,000 reversal we’d see in the exit could take the form of one of • A simple payback of 4.5 years marketplace, given that previous many different financial structures: • Carbon reduction of 475 tons dips in the real estate cycles have preferred equity, direct partnership, been caused by oversupply. We’re institutional partners or the sale of Find out how you can save energy and earn just not in a market that’s overbuilt. one or two buildings. We’re incentives. Visit www.nyserda.org/programs You’re really looking at a vacancy evaluating that right now. or call 1-866-NYSERDA. rate in Manhattan that’s in the low 4% range and an availability rate COMMENTS? [email protected] Power Saving Partners Project1 7/23/07 10:46 AM Page 1

GE Real Estate

We don’t just close deals, we open possibilities.

At GE Real Estate, our success comes from the long lasting relationships we establish with each and every client. As a leader in commercial real estate, we have the expertise and resources to provide a range of innovative financing solutions. No matter what your real estate needs, we can make them happen. > 45 offices > direct equity investments > 33 countries > structured/distressed debt > 1,900 employees > joint ventures > $62 billion in assets > securitized financing > 5,000 customer relationships > portfolio acquisitions > 385 million square feet of global > sale/leaseback real estate

For more information call 1 888 GE FIRST x5269 or visit us at gerealestate.com

© 2007 General Electric Company CNYB 07-30-07 A 20 7/26/2007 8:12 PM Page 1

REPORT REAL ESTATE CoStar’s Top Manhattan Office Leasing Deals Biggest transactions in first-half 2007, ranked by square feet

Address Square feet Tenant Tenant representative Landlord/sublandlord Landlord/sublandlord representative Submarket

1 450 Lexington Ave.1 650,088 Davis Polk & Wardwell CBRE Istithmar Lexington CBRE Grand Central 2 825 Eighth Ave.2 617,135 Cravath Swaine & Moore Studley Macklowe Properties CBRE 3 1271 Sixth Ave.3 425,374 Lehman Brothers CBRE Rockefeller Group Development Corp. Studley 4 345 Hudson St. 394,314 Viacom International Inc. CBRE Trinity Church Real Estate Trinity Church Real Estate Hudson Square 5 620 Eighth Ave.4 216,927 Goodwin Procter Studley NY Times Co. and Forest City Ratner CBRE Times Square 6 1251 Sixth Ave.1 210,000 The Bank of Tokyo-Mitsubishi Ltd. Cushman & Wakefield Inc. Mitsui Fudosan America Inc. Newmark Knight Frank Times Square 7 277 Park Ave. 166,667 AIG CBRE Stahl Real Estate Co. CBRE Plaza District 8 450 Lexington Ave. 140,974 Warburg Pincus Cushman & Wakefield Inc. Istithmar Lexington CBRE Grand Central 9 75 Park Place 2 121,272 R.R. Donnelley & Sons Co. CBRE Jack Resnick & Sons Inc. Jack Resnick & Sons Inc. World Trade Center 10 1211 Sixth Ave. 118,725 News Corp. L&L Acquisitions Beacon Capital Partners Inc. Cushman & Wakefield Inc. Plaza District 11 245 Park Ave.1 109,657 Rabobank International Cushman & Wakefield Inc. Brookfield Properties Corp. Brookfield Properties Corp. Grand Central 12 1095 Sixth Ave. 107,022 iStar Financial Studley The Blackstone Group CBRE Penn Plaza/Garment 13 237 Park Ave. 107,000 Bear Stearns & Co. L&L Acquisitions Broadway Partners Monday Properties Grand Central 14 100 Park Ave.1 100,454 J. & W. Seligman & Co. Cushman & Wakefield Inc. SL Green and Prudential Real Estate SL Green Realty Corp. Grand Central 15 1372 Broadway 5 100,072 Ann Taylor Stores Corp. Studley SL Green Realty Corp. SL Green Realty Corp. Penn Plaza/Garment 16 55 Water St. 97,276 Legg Mason CBRE New Water Street Corp. CBRE Financial District 17 399 Park Ave.6 96,599 Lehman Brothers Holdings Inc. CBRE Boston Properties Inc. CBRE Plaza District 18 919 Third Ave.6 96,000 Schulte Roth & Zabel CBRE SL Green Realty Corp. Cushman & Wakefield Inc. Plaza District 19 55 Water St. 88,248 GFI CBRE New Water Street Corp. CBRE Financial District 20 150 E. 42nd St. 87,396 Marubeni America Corp. Cushman & Wakefield Inc. Hiro Real Estate Co. CBRE Grand Central 21 135 W. 50th St.6 86,927 AllianceBernstein CBRE UBS Realty Investors Murray Hill Properties/TCN Columbus Circle 22 11 W. 42nd St.3 86,476 TV Guide Studley Tishman Speyer Cushman & Wakefield Inc. Times Square 23 885 Second Ave.1 80,640 TeleRep Inc. CBRE Lawrence Ruben Co. Lawrence Ruben Co. Plaza District 24 1 State St.1 79,296 SourceMedia Inc. Cushman & Wakefield Inc. Wolfson Group Wolfson Group Financial District 25 7 World Trade Center 78,710 Moody’s Corp. Cushman & Wakefield Inc. Silverstein Properties Inc. CBRE World Trade Center 26 1 Bryant Park 75,792 Marathon Asset Management CBRE 1 Bryant Park LLC The Durst Organization Times Square 27 88 Pine St. 75,239 QBE Insurance Group CBRE Orient Overseas Container Line Ltd. Cushman & Wakefield Inc. Financial District 28 1 Hudson Square 72,970 Porter Novelli Inc. W.F. Realty Trinity Church Real Estate CBRE Hudson Square 29 1 Hudson Square 72,843 New York Magazine CBRE Trinity Church Real Estate CBRE Hudson Square 30 1372 Broadway 72,418 Li & Fung Cushman & Wakefield Inc. SL Green Realty Corp. Jones Lang LaSalle Americas Inc. Penn Plaza/Garment 31 110 William St.2 71,455 NYC Department of Citywide The Staubach Co. 110 William LLC Cushman & Wakefield Inc. Insurance District Administrative Services 32 5030 Broadway 68,400 Manhattan Mini Storage Direct deal Edison Properties Edison Properties Harlem/North Manhattan 33 132 W. 31st St.2 67,200 Northern Leasing Systems Inc. David Itzkowitz C&K Properties Cushman & Wakefield Inc. Penn Plaza/Garment 34 11 Penn Plaza 66,251 Rainbow Media Holdings Inc. Cablevision Systems Corp. Vornado Realty Trust Vornado Office Management Inc. Penn Plaza/Garment 35 530 Fifth Ave.1 65,992 Cowan Financial Group Colliers ABR Inc. 530 Fifth Ave. LLC The Moinian Group Times Square and Newmark Knight Frank 36 130 Prince St.2 64,878 Estée Lauder Inc. CBRE Waterman Interests Kaufman/Adler Realty SoHo 37 120 Broadway 1 64,290 Emmet Marvin & Martin Studley 120 Broadway Acquisitions JV Silverstein Properties Inc. Financial District 38 227 E. 45th St. 62,777 Print International Republic Investment Corp. Republic Investment Corp. Republic Investment Corp. Grand Central 39 220 E. 42nd St.1 61,194 Value Line Inc. CBRE SL Green Realty Corp. SL Green Realty Corp. Grand Central 40 59,080 Rockefeller Financial Group Cushman & Wakefield Inc. RCPI Landmark Properties Studley Plaza District 41 900 Third Ave. 54,735 Schiff Hardin CBRE Paramount Group CBRE Plaza District 42 1185 Sixth Ave.1 53,522 Amerada Hess Corp. CBRE SL Green Realty Corp. SL Green Realty Corp. Times Square 43 407 E. 61st St. 52,000 Weill Medical Center Tristram Pough C&K Properties Grubb & Ellis Plaza District 44 11 W. 19th St. 50,648 Epsilon Interactive CBRE 11 W. 19th Associates Kaufman/Adler Realty Chelsea 45 599 Lexington Ave.6 50,492 Reed Smith CBRE Boston Properties Inc. CBRE Plaza District 46 16 E. 34th St.1 50,000 MDRC CBRE SL Green Realty Corp. SL Green Realty Corp. Murray Hill 47 275 Seventh Ave.1 49,476 Consortium for Worker Education Cushman & Wakefield Inc. UNITE Here! CBRE Chelsea 48 1412 Broadway 1 49,385 Kasper A.S.L. Ltd. CBRE Murray Hill Properties Murray Hill Properties/TCN Penn Plaza/Garment and Principal Real Estate Investors 49 601 W. 26th St. 47,144 The Harry Fox Agency Studley 601 West Associates Cushman & Wakefield Inc. Chelsea 50 5 Penn Plaza 1 47,084 Visiting Nurse Service of New York Cushman & Wakefield Inc. 461 Eighth Avenue Associates CBRE Penn Plaza/Garment This list includes leases with terms of more than two years. Deals are for new leases unless otherwise noted. 1-Renewal. 2-Renewal and expansion. 3-Sublease. 4-Deal includes a 154,585-square-foot direct lease from Forest City Ratner, for which Studley was the tenant representa- tive, and a 62,342-square-foot direct lease from The New York Times Co. 5-Renewal and restructuring. 6-Expansion. CoStar Group Inc., a provider of information services to the U.S. and U.K. commercial real estate industries, offers customers access via the Internet to the most comprehensive verified database of commercial real estate information on 66 U.S. markets and the United Kingdom. For more information, visit www.costar.com or call (877) 7COSTAR.

20 | Crain’s New York Business | July 30, 2007 Project5 7/24/07 4:44 PM Page 1

Leadership in real estate investment banking Debt Structuring • Debt & Equity Placement • Hospitality Financing & Sales • Note Sales

Cushman & Wakefield is pleased to announce the acquisition of Sonnenblick Goldman, creating a leader in commercial real estate investment banking. With a combined expertise spanning more than 200 years, Cushman & Wakefield Sonnenblick Goldman is dedicated to providing the highest quality advice and execution for all your commercial real estate financing needs.

New York • Boston • Chicago • San Francisco • Washington, D.C. • Hong Kong • Shanghai • Sydney • Tokyo CNYB 07-30-07 A 22 8/1/2007 4:35 PM Page 1

REPORT REAL ESTATE CoStar’s Top New York City Property Sales Biggest commercial property sales in first-half 2007, ranked by price

$900/SQ. FT. & UP Address/ Square feet/ Highest-priced offices. property type/ Sale price net price per Sale Buyer’s Seller’s submarket (in millions) square foot date Buyer representative Seller representative 666 Fifth Ave. $1,800.0 1,469,245 1/11 Kushner Cos. n/a Tishman Speyer Cushman & 1 Office $1,225.12 Wakefield Inc. Plaza District 60 Wall St. $1,180.0 1,635,841 5/4 Paramount None CBRE & 2 Office $721.34 Group Inc. Group DB Securities Financial District 100 W. 33rd St. $689.0 1,000,000 1/11 Vornado Realty n/a ManMall n/a 3 Office $689.00 Trust Penn Plaza/Garment 450 W. 33rd St. $664.0 1,746,734 2/8 Broadway Partners Eastdil Secured The Chetrit Group Eastdil Secured 4 Office $380.14 Penn Plaza/Garment 1 Park Ave. $550.0 924,501 3/1 Murray Hill Properties None SL Green Realty Corp. CBRE LIST RANK 1 5 Office $594.92 ADDRESS Murray Hill 666 Fifth Ave. 229 W. 43rd St. $525.0 871,164 5/1 Boymelgreen Developers None TS 229 West 43rd Street CBRE NET PRICE PER SQ. FT. 6 Office $602.64 $1,225.12 Times Square 2 Park Ave. $519.4 964,000 1/5 Morgan Stanley n/a L&L Acquisitions n/a 7 Office $538.75 Real Estate Advisor Murray Hill 2 $500.0 317,000 4/11 Sitt 2 Herald Cushman & RFR Realty Cushman & 8 Office $1,577.29 Wakefield Inc. Wakefield Inc. Penn Plaza/Garment 85 10th Ave. $430.0 597,953 3/1 The Related Companies n/a Somerset Partners Eastdil Secured 9 Office $719.12 Chelsea 2201-2219 Broadway $426.0 455,328 3/8 Mann Realty Associates n/a 390 West End Associates Eastdil Secured 10 Multifamily $935.59 14 Wall St. $325.0 956,624 4/13 CRP/Capstone Cushman & Boymelgreen Developers None 11 Office $339.74 Wakefield Inc. Financial District LIST RANK 8 1180 Sixth Ave. $300.1 396,800 5/30 Murray Hill Properties None PM Realty Group CBRE ADDRESS 12 Office $756.30 2 Herald Square Times Square NET PRICE PER SQ. FT. 315 Park Ave. South $265.0 320,000 6/6 315 Park Ave. South n/a TM Park Avenue Associates n/a $1,577.29 13 Office $828.13 $225.0 630,000 3/23 The Chetrit Group None Koeppel Cos. CBRE 14 Office $357.14 Financial District 80 Columbus Circle 1 $202.9 213,240 2/28 Istithmar Columbus None Mandarin Oriental None 15 Hotel $951.70 Centre Management (USA) Inc. Columbus Circle 5 Madison Ave.2 $200.0 300,000 6/1 Africa Israel n/a SL Green Realty Corp., CBRE 16 Office $666.67 Ian Schrager, Gramercy Park RFR Holding 245 Fifth Ave. $190.0 302,142 4/26 The Moinian Group In-house KBS Realty Advisors Cushman & 17 Office $628.84 Wakefield Inc. Gramercy Park 333 W. 34th St. $183.0 349,896 6/1 SL Green Realty Corp. In-house Smith Barney Cushman & LIST RANK 24 18 Office $523.01 Wakefield Inc. Penn Plaza/Garment ADDRESS 10 United Nations Plaza 3 $160.0 242,000 6/25 Zeckendorf Realty n/a Macklowe Properties Studley 200 W. 57th St. 19 Land/development site $661.16 and Global Holdings Inc. NET PRICE PER SQ. FT. U.N. Plaza $1,040.98 475 Fifth Ave. $160.0 275,284 4/2 The Moinian Group In-house Corporate Realty Cushman & 19 Office $581.22 Income Fund I Wakefield Inc. Grand Central 517 W. 28th St.4 $134.5 n/m 5/1 Avalon Bay n/a Valeray Real Estate Co. Newmark Knight 21 Land n/m Communities Inc. Frank Chelsea 245 E. 19th St. $130.5 291,894 2/7 Stanley Wasserman Eastern Consolidated Rosedale Management Eastern Consolidated 22 Multifamily $447.08 Real Estate Gramercy Park 220-230 W. 55th St. $130.0 210,213 1/30 Granite Management None Goodstein Management Inc. Eastdil Secured 23 Multifamily $618.42 Columbus Circle 200 W. 57th St. $125.7 120,785 1/25 The Feil Organization None Trump Group CBRE 24 Office $1,040.98 Columbus Circle LIST RANK 25 130 Prince St. $112.0 86,000 6/7 Waterman Interests None Kaufman Organization CBRE 25 Office $1,302.33 ADDRESS SoHo 130 Prince St. Transactions in all five NYC boroughs are eligible for this list; no deals outside Manhattan made the top 25. Portfolio sales and partial-interest sales are not included. Some sales price figures have been rounded. In case of ties, deals are ranked by highest NET PRICE PER SQ. FT. price per square foot, under the same ranking number. n/a Not available. n/m Not meaningful. 1-Mandarin Oriental New York. 2-While 5 Madison Ave. is part of 1 Madison Ave., a 1 million-square-foot-plus building, 5 Madison itself is reported to be 300,000 square feet. 3-Price per square foot is based on planned construction of a 242,000-square-foot luxury condominium. 4-Ground-lease sale. CoStar Group Inc., a provider of information services to the U.S. and U.K. commercial real estate $1,302.33 industries, offers customers access via the Internet to the most comprehensive verified database of commercial real estate information on 66 U.S. markets and the United Kingdom. For more information, visit www.costar.com or call (877) 7COSTAR.

22 | Crain’s New York Business | July 30, 2007 Project1 7/26/07 12:50 PM Page 1

(212) 984-6697 CNYB 07-30-07 A 24 7/26/2007 4:06 PM Page 1

REPORT REAL ESTATE Nonprofits get creative to cut propertycosts

set of challenges, however. Superheated market ALTERNATIVES For its new digs at East 121st demands everything Nonprofits that are being priced Street and , CUCS put together a financial package that out of traditional office markets from relocation included an $850,000 down pay- are looking at options. ment, a $1 million grant from the to reorganization WHAT Moving Robin Hood Foundation, $3.4 mil- WHY Though most groups prefer lion through a federal tax-credit BY JEAN ENDE locations in or south of midtown, program and a $6.8 million mort- Harlem, Brooklyn and Queens gage from J.P.Morgan Chase & Co. it took three years,but the Cen- offer less expensive office space. The cost of the 25,000-square-foot ter for Urban Community Services, building was $5.1 million, but ren- WHAT which provides housing for the Buying ovations are adding several million WHY homeless, finally found a new home Purchasing a small building dollars to the price tag. for itself. or office can make economic LEASING Come Labor sense and provide a permanent Remaining flexible STRATEGIES Day, the center will home. The groups’ nonprofit a.i.r., a nonprofit gallery for female pack its bags and status means they don’t have to artists, took another approach. join a growing pay real estate taxes on the When the group moved to 3,000 group of nonprofits offices they occupy. square feet in Chelsea from less than that have moved from one end of WHAT Consolidating half that amount in SoHo, it held Manhattan to the other. It will also WHY By streamlining operations down costs and kept the door open change from being a renter on Wall and having some employees for expansion by arranging to sub- Street to an owner in . work from home, organizations lease 1,000 square feet of the space. “We urgently needed to expand, can reduce the amount of space Meanwhile, The Conference but rents in our area were high and they lease and can afford to stay Board handled a rent hike at its mid- likely to get higher,” says Paul in the same building or area. town headquarters by cutting space Gualano, CUCS’s chief operating to 60,000 square feet from 75,000, officer. “We decided to buy so that keeping its total outlay the same.To we would have fixed costs and an as- deal with the reduction in space, the set that would appreciate.” strategies, like moving from mid- business group now has many of its Nonprofits throughout Manhat- town to downtown, are no longer employees working from home. tan are facing the same market con- working as rents in lower Manhattan The run-up in Manhattan real ditions: sky-high rents and dwin- have also moved beyond the reach of estate has worked to a nonprofit’s dling inventory.And some of the old these groups. Unlike commercial advantage in at least one case. tenants, which can raise prices, non- The Correctional Association of profits often have no way of coming New York, a criminal-justice advo- up with additional revenue. cacy group, recently sold the East 15th Street building it had owned Doing more with less since 1890 for $5.8 million and to cope, organizations are restruc- arranged to rent 8,000 square feet at turing to fit into less space, subleas- the Theresa Towers in Harlem for ing part of their space, buying office $28 a square foot. space and checking out unfamiliar “Eighty percent of our net worth neighborhoods in Long Island City, was tied up in that building, and we had a very modest cash position,” says CANY Chairman John Brick- ‘A move man. “The market is very strong now, and we wanted to be able to to Harlem can spend money on our mission,not on building upkeep.We wound up with cut rental costs the same amount of usable space in a great building and a vibrant area.” by 5% to 10%’ Of course, all New Yorkers know that when it comes to real estate, money,expertise and flexibility aren’t enough. You also need some luck. Folasade Campbell, executive director of Concerned Citizens for Queens; downtown Brooklyn; and Family Preservation, which works . to keep families out of the child wel- “A move to Harlem can cut rental fare system, searched for a lower- costs by 5% to 10%,” says Suzanne cost location on Staten Island for Sunshine, vice president of the non- five months. After each day’s futile profit practices group at CB Richard search, she would stop at a neigh- Manhattan / Brooklyn / Queens / Ellis. “If agencies worry about how borhood Dunkin’ Donuts. Bronx / Westchester Staten Island Nassau 275 Madison Ave. 205 Montague Street 118-35 Queens Blvd. board members will react to the move, When the manager asked one 3rd Floor 3rd Floor 14th Floor I tell them to point out how much ex- day why she looked unhappy, she New York, NY 10016 Brooklyn, NY 11201 Forest Hills, NY 11375 tra service they can deliver with the explained that her group might soon P 212.696.2500 P 718.238.8999 P 718.275.3400 property cost savings,” she says. be forced to disband. The manager F 212.696.0333 F 718.238.6091 F 718.275.5478 Some are opting to buy offices or owned a nearby building, and with- entire buildings to get off the rental in a few weeks, Ms. Campbell had merry-go-round. Nonprofits aren’t every New Yorker’s dream: a long- required to pay property taxes on term lease at an affordable rent from space they own and occupy, which a supportive landlord—and a free WWW.MASSEYKNAKAL.COM can translate into a savings of $5 to box of pastries. $10 a square foot. Acquisition comes with its own COMMENTS? [email protected]

24 | Crain’s New York Business | July 30, 2007 CNYB 07-30-07 A 25 7/26/2007 5:47 PM Page 1

REPORT REAL ESTATE

tors and new floor space, have less- ened the drawbacks of relocating to Thrifty firms choose side streets a side street. Indeed, as the demand for space in midtown continues to rise, own- the neighborhood they desire. their offices, nothing but an avenue ers of side street buildings are in- Locations are smaller, WHICH WAY TO GO? Side street buildings can address will do.“They say:‘I will not vesting in renovations to lure more less expensive, but also be a better choice if ten- move to a side street. I need an av- upscale tenants. ants are looking for a small enue presence for my business.’ ’’ are still in desirable amount of space, say 5,000 to Barbara Blair Randall, executive New supply of space 6,000 square feet, but want an director of the Fashion Center Busi- “with the improvements owners neighborhoods entire floor. Office buildings ness Improvement District—which are making, there is a whole new on avenues are generally larg- spans West 35th to West 41st streets, supply of office space that tenants BY KERRY MURTHA er, and landlords aren’t always from Fifth to Ninth avenues—says wouldn’t have considered two or willing to carve out smaller she has noticed a domino effect oc- three years ago,” says Mark Lauzon, when bernard frelat, executive spaces. “Some tenants want to curring. As rents rise uptown, many senior director for Cushman & vice president of Bloomsbury Auc- step off the elevator right into office tenants are leasing space on Wakefield Inc. tions, was looking to expand the their office,” says Jeffrey the avenues that once housed show- At 6 W. 48th St., the 12-story London-based auction house in Schwartz, senior managing rooms in the fashion district. building where Mr.Frelat has leased istockphoto New York, he planned on a Sixth SIDE STREETS director for Adams & Co.Real “Landlords can get around $10 space, the landlord has spent sever- Avenue address in Estate, a brokerage and prop- to $15 more per square foot for gen- al million dollars to change the LEASING RENTS ARE 25% to 50% less expensive midtown. erty management firm. eral office space, and as a result the building’s appearance. STRATEGIES compared with those for avenue locations; But after a near- showrooms are relocating to side Owner Robert Posner says he’s tenants that need only small amounts of ly yearlong search, Only avenue will do street buildings,” she says. installed new windows, repaired Mr. Frelat recently space can occupy entire floors. still, some tenants insist Harald Jonassen, president of brickwork, enlarged the lobby and signed a 10-year AVENUES on avenue locations,no matter clothing design firm Flora Kung, installed marble floors. lease for 11,000 square feet at 6 W. THEY OFFER more visibility and prestige; the price. If they need large says he is paying less than half the “We’ve taken a C building and 48th St. By choosing a side street tenants can get large blocks of space. amounts of space, say 50,000 rent he was paying since he moved tried to make it an annex of Rocke- building over an avenue office, he’ll square feet or more, they may from 530 Seventh Ave. to 241 W. feller Center,”he says.Rent averages save about 25% in rent, he estimates. be able to find that only in an 37th St. 10 months ago. $60 per square foot, compared with “We gave up the prestige of be- posure and prestige of an avenue ad- office building on an avenue. While he’s taken a smaller space, about $95 in the surrounding area. ing on the avenue, but we are still in dress, many aren’t willing to pay the But the biggest reason tenants opt Mr. Jonassen says he doesn’t miss Since the renovation was com- the area we want to be in, and we are $75 to $100 or more per square foot to pay for an avenue location is cachet. the chaos of the avenue. And he’s pleted, Mr. Posner has leased space spending a lot less,” says Mr. Frelat. that those buildings command. In- “For some service businesses, it still in the middle of the fashion dis- to Mr. Frelat, FedEx and the Asian Mr. Frelat is like many office ten- stead, tenants are moving into side doesn’t matter where they are locat- trict. What’s more, Mr. Jonassen Cultural Council. ants aiming to lease space in mid- street locations, paying $40 to $50 ed,” says Mr. Schwartz. For others, says,improvements the landlord has town. Although most prefer the ex- per square foot, while still staying in especially those that see clients in made, including adding new eleva- COMMENTS? [email protected] The MostUnique Space In Manhattan Never Before Available at

Featuring  47,047 SF In The Heart Of Times Square  30’ Skylight Ceiling  Breathtaking Atrium  World Famous Landmark Building

Paul V. Ippolito  212.372.2360  [email protected]

July 30, 2007 | Crain’s New York Business | 25 CNYB 07-30-07 A 26 7/26/2007 4:08 PM Page 1

REPORT REAL ESTATE Deals Korean gallery gives NYC art, soul

in until the New Museum,a tempo- cited about entering the U.S. mar- International pioneer opens first U.S. site rary tenant, relocates to its new ket,” says Alexandra Akira, the CB building on the at the end of Richard Ellis vice president who ne- ana art gallery,a a 10-year lease for 9,800 square feet the year.The gallery aims to stage its gotiated the deal for the gallery. pioneer in the interna- at 210 11th Ave., between West 24th first Chelsea exhibition in March. ABS Partners Real Estate broker tional art world, plans and West 25th streets. Founded in 1983, Gana Art Jay Caseley represented building to open its first U.S.lo- The deal includes 4,300 square Gallery was the first venue in South owner Onbar. The asking rent was cation in Chelsea. The feet on the ground floor and 5,500 Korea to exhibit the work of inter- $85 per square foot for the ground SPACE CASE: Iliad Antik’s owners now have Gart dealer and auction house,based in square feet on the second floor.Gana national artists including Joan Miró. floor. room to create a store with a sense of drama. Seoul, South Korea, recently signed Art Gallery will not be able to move “Gana’s owners are extremely ex- —elisabeth butler cordova East Siders hone antique technique the owners of iliad antik are re- locating in midtown,and they plan to build a dramatic retail space to house their eight-year-old antiques busi- ness.Husband-and-wife team Adam Brown and Andrea Zemel are loose- ly basing the design of their new store on a neo-Babylonian temple. “The space has a museum scale, with 15-foot ceilings,” Mr. Brown says.“The architecture plays into the sense of drama we’re trying to create.” Iliad Antik,which is moving from East 58th Street, specializes in fur- niture,Hungarian paintings and Art Deco design. Its 5,300-square-foot site at 212 E. 57th St.,between Second and Third avenues,will open this fall. Broker Benjamin Fox negotiated the deal for property owner Sutton 57 before leaving Newmark Knight Frank Retail for Winick Realty Group.The asking rent for the 3,000- square-foot ground floor was $125 a square foot. The site also includes a 2,300-square-foot lower level. “The space wasn’t ideal for tradi- tional retail because it doesn’t have huge front windows,” says Allison Winters, the CB Richard Ellis bro- 74 5 ker who represented Iliad Antik. —elisabeth butler cordova FIFTH AVENUE Law firm leaves midtown behind peckar & abramson,a law firm that represents construction firms, is moving to Gramercy Park from mid- 69,000 CONTIGUOUS SF AVAILABLE town.The firm signed a 10-year lease for 12,700 square feet,the entire 20th Beautifully appointed art deco lobby Entire floors of approximately 14,000 rsf each floor, at 41 Madison Ave. The asking rent at the building, on the corner of Spectacular views of Central Park and 24/7 security and building access East 26th Street, is $53 a square foot. Accessible terraces Private club located on the Penthouse level Peckar & Abramson, which ac- quired Berman Paley Goldstein & Monte in February, is relocating from 8,700 square feet at 546 Fifth Space available from 6,167 to 22,679 SF Ave., at West 45th Street. “Our practice is really expand- For more information, please contact: ing because of the recent acquisi- tion, but also because of all the ac- SCOTT J. KLAU ERIK S. HARRIS ELIZABETH R. HOULEY VERONICA A. PERRETTI tivity in the construction industry,” Executive Vice President Managing Director Senior Managing Director Associate says Steven Charney,managing part- 212.372.2244 212.372.2105 212.372.2190 212.372.2080 ner of the New York office. The [email protected] [email protected] [email protected] [email protected] lawyers, who plan to relocate in No- vember, decided to leave midtown because of the high rents, he says. Cushman & Wakefield Inc.bro- ker Jared Horowitz represented Peck- ar & Abramson. Landlord Rudin Management was represented by in-house broker Robert Steinman. —julie satow

26 | Crain’s New York Business | July 30, 2007 CNYB 07-30-07 A 27 7/27/2007 2:23 PM Page 1

Burns, who led the Telecommunications and Energy Bureau for Mr. Spitzer when he GREEN PLAN Closer to home THE INSIDER was attorney general. NOW THAT the Legislature Another is Judith Lee, who is the has passed a congestion- by Erik Engquist and Anne Michaud PSC’s acting executive deputy, a pricing bill, the Bloomberg post equivalent to chief of staff. A administration can turn to John Reese third possibility is , the other environmental commission’s director of economic initiatives it outlined this development and policy spring in PlaNYC 2030, its coordination. Dems in a whirl blueprint for the city’s future. The state Senate adjourned in “A lot of effort has been over choppergate June without confirming Ms. Sparks-Beddoe, making her put into what’s happening in reed nyc.gov/ed another casualty of the bad blood Albany,” says Jason Babbie, MAYOR BLOOMBERG will push more green efforts. he “choppergate” senior environmental policy controversy has exposed between Mr. Spitzer and Senate Majority Leader Joseph Bruno. analyst at the New York Public Interest Research Group. “Now, it’s going to take fissures of discontent some work putting these other things in motion. But it’s not rocket science.” T The city can get 88% of the way toward its goal of cutting annual among Democrats frustrated for months by how Gov. Eliot Not a contest greenhouse gas emissions by 49.1 million metric tons from projected 2030 levels by adding clean power generation capacity, making buildings more Eliot Spitzer Spitzer operates.They grumble Joseph Bruno on Staten Island efficient and accommodating 900,000 residents who would otherwise live in about being unable to navigate in staten island, Councilman sprawling suburbs. the disorganized executive floor in their efforts to approach Michael McMahon has raised Furthermore, much of Mayor Michael Bloomberg’s green agenda will be the governor, who is surrounded by what one calls a “broom $195,911, including $74,925 in the hammered out by the Public Service Commission, says Ashok Gupta of the past six months, for the 2009 Natural Resources Defense Council. “That’s where the big decisions will be closet” of two or three close advisers. borough president race.The made that will be critical to the city’s efforts, through the regulatory process Critics also say Mr. Spitzer has rejected Albany’s standard Democrat’s possible Republican and not the legislative process.” goodwill currency and sent little money to districts, especially opponent, Councilman James Oddo, Meanwhile, the city’s transportation commissioner says her agency is hasn’t collected a cent. pressing forward with traffic-cutting plans that don’t require approval from to help the upstate economy.“No Some businesspeople think the But Mr. Oddo doesn’t seem Albany or Washington. Janette Sadik-Khan says that many initiatives are one was feeling the love,” one agency is somehow related to worried.The Republican under way and more are under consideration, including perhaps new alternate- observer says. the Empire State Building. nominee will be favored to side parking regulations. She aims for citywide installation of advanced signal For his part, Senate Majority In 1995, Gov. George Pataki win, so GOP candidates will controllers—now used on only a third of the city’s traffic corridors. Leader Joseph Bruno will beat up on changed the agency’s name have an easier time raising To reduce the number of drivers cruising for parking spots, Ms. Sadik-Khan Mr. Spitzer for a while longer but from Urban Development money quickly. says, the city will put muni meters on more commercial strips, and it may won’t risk an inquisition, insiders Corp. to reflect its broader raise prices. A crackdown on placard abuse is getting closer, she says. predict. mission. “I don’t think Bruno will Lightbulbs go on proceed with these investigations near City Hall unless he’s absolutely sure there’s a DOT seeking near City Hall. Weeks ago, The energy-saving fluorescents. smoking gun,” says a veteran streetwise firm a city contractor has Crain’s Insider reported that the Mayor Michael Bloomberg has political consultant who has replaced most of the contractor had told city officials been touting low-energy bulbs, but worked for Republicans and the department of incandescent bulbs with that only incandescents would contractors, even those doing Democrats. “If there is no smoking Transportation last week began fluorescents on construction satisfy the building code, but the public projects, don’t have to use gun, he’d look like an idiot. Right looking for a consulting firm to sheds ringing two public buildings Department of Buildings suggested them. I now, he’s a hero. He’s secured a conduct the first street-by-street victory of sorts over Spitzer, and assessment in city history. he’ll let it go at that.” The agency will use the study to help reach Mayor Michael Bloomberg’s goal of a “state of good Funds flow in repair” on 86% of city streets.The for special election figure is now 70%, which city officials blame in part on assembly democrats have insufficient maintenance by the This Summer, discover poured another $97,000 into the Giuliani administration. the benefits of hosting your next campaign of Ed Kosiur for the A contract for the study could Schenectady area seat vacated by be awarded as soon as October. business gathering with us Paul Tonko.That brings the party’s Kosiur commitment to $192,000 for the July 31 special election, but Crowley plans it still pales next to the Republican her comeback Committee’s $280,000 backing of George Amedore. democrat Elizabeth Crowley is Mr. Kosiur’s biggest expense by raising money to run for City far is $101,300 for services by Mark Council in the 30th District in Guma Consulting. Mark Guma is a Queens again. She lost to well-known city adviser. He’s close Republican Dennis Gallagher 60% to to Mayor Michael Bloomberg’s 39% in 2001, when she was 23 political operation and is married to years old. She should do better in Maura Keaney, deputy chief of staff 2009, since her résumé has grown Christine Joseph Crowley for City Council Speaker and her cousin, Rep. , Quinn . has become chairman of the 532 newly renovated guest rooms and suites, Queens Democratic organization. 20,000 square feet of meeting space, and a Also, while Mr. Gallagher can’t run dedicated banquet staff Agency name again, sex-abuse allegations against needs ‘New York’ him could hurt other Republicans. based on a recommendation in a consulting firm’s report released Who’s next earlier this month, the Empire State in line for PSC? Development Corp. is considering changing its name. The report, several names have surfaced as prepared by A.T. Kearney, says possible chairs for the Public that “almost everything about the Service Commission, following the historical ESD needs to change, withdrawal of Gov. Eliot Spitzer’s 49 West 32nd Street, New York, NY 10001 beginning with its name,” because nominee, Angela Sparks-Beddoe, last Tel (212) 277-2647 www.radisson.com/martinique it doesn’t include the words New month. York. One candidate is Mary Ellen

July 30, 2007 | Crain’s New York Business | 27 nb31p28_29_30_31cls.qxp 7/26/07 5:43 PM Page 28

BUSINESS MANAGEMENT BUSINESS SERVICES PUBLIC & LEGAL NOTICES Business Management Services Cash Management Services ● Bill Payment Notice of Qualification of AB 147 MERCER Notice of Qualification of TSI New Rochelle, Notice of Qualification of Kappa Financing Tax & Financial Services ● Financing Assistance STREET, LLC. Authority filed with Secy. of LLC. Authority filed with Secy. of State of N.Y. LLC. Authority filed with NY Dept. of State on (212) 631-9500 ● www.mayercpa.com State of N.Y. (SSNY) on 5/14/07. Office (SSNY) on 2/6/07. Office location: NY County. 6/14/07. Office location: NY County. Principal location: NY County. Principal business LLC formed in Delaware (DE) on 1/24/07. business address: 383 Madison Ave., NY, NY location: 147 Mercer St., NY, NY 10012. SSNY designated as agent of LLC upon 10179. LLC formed in Delaware (DE) on LLC formed in Delaware (DE) on 5/11/07. whom process against it may be served. 5/22/07. NY Secy. of State designated as Cash Management & CFO Services SSNY designated as agent of LLC upon SSNY shall mail process to: Becker, Glynn, agent of LLC upon whom process against it whom process against it may be served. Melamed & Muffly LLP, 299 Park Ave., NY, may be served and shall mail process to: c/o RELOCATION SERVICES SSNY shall mail process to: 295 Lafayette NY 10171, Attn: Richard N. Chassin, Esq. DE CT Corporation System, 111 8th Ave., NY, NY St., 7th Fl., NY, NY 10012, Attn: Andre address of LLC: c/o The Corporation Trust 10011, registered agent upon whom process Balazs. DE address of LLC: Corporation Co., 1209 Orange St., Wilmington, DE 19801. may be served. DE address of LLC: c/o Service Company 2711 Centerville Road, Arts. of Org. filed with DE Secy. of State, Corporation Trust Co., 1209 Orange St., Wilmington, DE 19808. Arts. of Org. filed Townsend Bldg., Dover, DE 19901. Purpose: Wilmington, DE 19801. Arts. of Org. filed with DE Secy. of State, 401 Federal St., Ste. any lawful activity. with DE Secy. of State, Div. of Corps., 4, Dover, DE 19901. Purpose: own interest Townsend Bldg., Dover, DE 19901. Purpose: in real estate operating entity. Notice of Qualification of TSI 217 Broadway, any lawful activity. LLC. Authority filed with Secy. of State of N.Y. Notice of Formation of WEH CPS, LLC. Arts. of (SSNY) on 1/2/07. Office location: NY County. NOTICE OF FORMATION OF LIMITED LIABILITY Org. filed with Secy. of State of NY (SSNY) on LLC formed in Delaware (DE) on 12/15/06. COMPANY. NAME: KAILASH PARTNERS, 6/4/07. Office location: NY Co. SSNY designated SSNY designated as agent of LLC upon LLC. Articles of Organization were filed with as agent of LLC upon whom process against whom process against it may be served. the Secretary of State of NewYork (SSNY) on it may be served. SSNY shall mail process SSNY shall mail process to: Becker, Glynn, 04/23/07. Office location: New York County. to: Cheryl Gardner, Thelen Reid Brown Melamed & Muffly LLP, 299 Park Ave., NY, SSNY has been designated as agent of the Raysman & Steiner LLP, 875 Third Ave, NY, NY 10171, Attn: Richard N. Chassin, Esq. DE LLC upon whom process against it may be NY 10022, also registered agent. Purpose: address of LLC: c/o The Corporation Trust served. SSNY shall mail a copy of process to any lawful activities. Co., 1209 Orange St., Wilmington, DE 19801. the LLC, c/o Sanjiv Chand, 65 Hamilton Drive, REAL ESTATE Arts. of Org. filed with DE Secy. of State, Roslyn, New York 11576. Purpose: For any Notice of Qualification of TSI Somers, LLC. Townsend Bldg., Dover, DE 19901. Purpose: lawful purpose. OFFICE SPACE Authority filed with Secy. of State of N.Y. any lawful activity. (SSNY) on 1/2/07. Office location: NY County. Notice of Formation of Susan Krieger, LLC formed in Delaware (DE) on 12/15/06. Notice of Qualification of CSFB Holt LLC. L.AC., PLLC, a professional service limited IMMEDIATE OFFICE SPACE SSNY designated as agent of LLC upon Authority filed with Secy. of State of N.Y. liability company (PLLC). Arts. of Org. filed whom process against it may be served. (SSNY) on 5/29/07. Office location: NY with Secy. of State of N.Y. (SSNY) on Space by the day, week, month, year and even virtual. SSNY shall mail process to: Becker, Glynn, County. Principal business location: 11 5/7/07. Office location: NY County. SSNY Madison Ave., NY, NY 10010. LLC formed in 212.573.0909 Melamed & Muffly LLP, 299 Park Ave., NY, designated as agent of PLLC upon whom NY 10171, Attn: Richard N. Chassin, Esq. DE Delaware (DE) on 12/6/01. SSNY designated process against it may be served. SSNY VornadoFurnishedOffices.com as agent of LLC upon whom process against A address of LLC: c/o The Corporation Trust shall mail process to: 306 W. 18th St., Apt. 90 Park 909 Third 330 Madison 770 Broadway Co., 1209 Orange St., Wilmington, DE 19801. it may be served. SSNY shall mail process 3C, NY, NY 10011. Purpose: practice the COMPANY Arts. of Org. filed with DE Secy. of State, to: c/o Corporation Service Company, 80 profession of Acupuncture. Townsend Bldg., Dover, DE 19901. Purpose: State St., Albany, NY 12207. DE address of AUCTION OFFICE SPACE any lawful activity. LLC: 2711 Centerville Rd., Wilmington, DE REQUEST FOR PROPOSALS 19808. Arts. of Org. filed with DE Secy. of State, 401 Federal St., Dover, DE 19901. Notice of Formation of BBQ, Requests for Proposals $50,000,000.00 Purpose: any lawful activity. AUCTION 212-947-5500 LLC. Arts. of Org. filed with Secy. of State of PORTFOLIO LIQUIDATION N.Y. (SSNY) on 5/23/07. Office location: NY Notice of Qualification of CUIP Albee RENOVATION AND FOR ALL OFFICE, RETAIL & LOFT SPACES County. Principal business location: The New York City, Brooklyn, Queens Square Retail LLC. Authority filed with NY DAVID R. MALTZ & CO., INC. LLC, 179 Lexington Ave., NY, NY 10016. OPERATION OF THE 500–50,000 SF Dept. of State on 6/12/07. Office location: SSNY designated as agent of LLC upon Auctioneers, Liquidators, Appraisers UNDER MARKET SUBLETS – NO FEE! NY County. LLC formed in Delaware (DE) whom process against it may be served. PELHAM BIT , BX Search our listings @ www.midcomre.com on 6/8/07. NY Secy. of State designated as SSNY shall mail process to: Steven M. The City of New York Department of Parks & 3-DAY LIQUIDATION EVENT • 33 PROPERTIES Call Paul 212 947-5500 x 100 agent of LLC upon whom process against it Cooperman, Esq., c/o Morrison Cohen LLP, Recreation requests proposals for the renovation and may be served and shall mail process to: PROPERTIES WILL BE SOLD INDIVIDUALLY 909 Third Ave., 27th Fl., NY, NY 10022. operation of the Pelham Bit Stables, located off Shore MEDICAL SPACE c/o MacFarlane Partners, LLC, 201 Spear Purpose: any lawful activity. Road, Bronx. MULTI-FAMILY, REDEVELOPMENT, INDUSTRIAL, St., 14th Fl., San Francisco, CA 94105, Medical Opportunity – Prime Inwood All proposals must be submitted no later than Wednesday, MIXED-USE, 1-3 FAMILY HOUSES & VACANT LOTS Notice of Qualification of CEA Autumn Attn: Thomas C. Klugherz. DE address of medical space for rent. Owner will build LLC: c/o Corporation Service Co., 2711 August 15, 2007 at 3 p.m. Parks will hold a proposer to suit 5000-48,000 sf. On Broadway. Management, LLC, App. for Auth. filed SELLS AUGUST 16, 22 & 23, 2007 Sec'y of State (SSNY) 5/11/07. Office location: Centerville Rd., Ste. 400, Wilmington, DE meeting and site tour on Tuesday, July 31, 2007 at 11 Call 718-585-5669 PROPERTIES ARE LOCATED THROUGHOUT THE NY County. LLC org. in DE 4/3/07. SSNY 19808. Arts. of Org. filed with DE Secy. of a.m. All interested parties are urged to attend. or email: [email protected] designated as agent of LLC upon whom State, 401 Federal St., Dover, DE 19901. Purpose: any lawful activity. For more information, contact: Gabrielle Ohayon, BRONX, MANHATTAN, YONKERS, MT. VERNON, process against it may be served. SSNY Project Manager, Parks & Recreation, Division of MT KISCO, SYRACUSE & LIBERTY, NY shall mail copy of process to 101 E. Kennedy Revenue and Concessions, 830 Fifth Avenue, the Advertise on Blvd., Ste. 3300, Tampa, FL 33602. DE office Name of LLC: RIVERBED REALTY ADVISORS LLC. Arts. of Org. filed NY Sec. of State Arsenal-Central Park, Room 407, New York, NY 10021 • 2% Broker Participation • addr.: c/o Corp. Creations Network, 1308 or call (212) 360-1397 or download the Request for Delaware Ave., Wilmington, DE 19806. Cert. of 5/3/07. Princ. off. loc.: NY Cty. Sec. of State FOR DETAILED INFORMATION PLEASE VISIT www.newyorkbusiness.com designated as agent of LLC upon whom Proposals document at www.nyc.gov/parks. You can Form. on file: SSDE, Townsend Bldg., Dover, also email her at [email protected]. DE 19901. Purpose: any lawful activities. process against it may be served. Sec. of State shall mail a copy of process to the TELECOMMUNICATION DEVICE FOR THE DEAF www.MaltzAuctions.com LLC, 325 Hudson St., Ground Floor, NY, NY Call John Gallagher (TDD) 212-504-4115 Notice of Formation of Fairway Construction 10013. Purpose: any lawful activity. AUCTR’S TEL: (516) 349-7022 • FAX: (516) 349-0105 Group, LLC. Arts. of Org. filed with Secy. of State of N.Y. (SSNY) on 6/11/07. Office REQUEST FOR PROPOSALS DAVID R. MALTZ, AUCTIONEER DCA #762794 @ 212-210-0189 location: NY County. SSNY designated as RICHARD B. MALTZ, LICENSED REAL ESTATE BROKER agent of LLC upon whom process against it may be served. SSNY shall mail process REQUEST FOR PROPOSALS to principal business location: The LLC, DB0016 - Investment Banking, Accounting, Actuarial and Legal Experts to assist the c/o Fairway Central Services, LLC, 2284 LUXURY PROPERTIES Twelfth Ave., NY, NY 10027. Purpose: any Insurance Department in its review of EmblemHealth’s Conversion Proposal. lawful activity. Pursuant to Section 7317(j) of the Insurance Law, the Superintendent of Insurance ("the RYE, NEW YORK Superintendent") is authorized to hire independent financial, health, legal and other experts and NOTICE OF FORMATION of Queen of Harlem consultants to assist in the review of EmblemHealth’s proposal to convert to a for-profit stock LLC. Arts. of Org. filed with Secy. of State of corporation. To enable the New York State Insurance Department (“NYSID”) to carry out its NY (SSNY) on 10/05/06. Office location: functions in connection with the review of EmblemHealth's proposal, the NYSID seeks New York. SSNY designated as agent of LLC upon whom process against it may be investment banking, accounting, actuarial and legal consultants to provide additional expertise served. SSNY shall mail process to: Cinotti and guidance. The consultants retained by the NYSID will be called upon to obtain, analyze and LUXURY COUNTRY PROPERTIES & Buck, 50 , Ste. 1911, NY, NY examine information provided by EmblemHealth; provide the Superintendent with advice about 10004. Principal business location: 287 the fairness of the proposed transaction to existing contract holders and members; opine about Edgecombe Ave., Ste. 1C, NY, NY 10031. the value of the assets (minus outstanding liabilities) of EmblemHealth at the time of the Purpose: Any lawful act. proposed transaction, as well as the pricing of the contemplated initial public offering, and the tax implications of the conversion. In addition, the consultants will be expected to prepare Notice of Qualification of RCPI written reports that identify and analyze issues relevant to the NYSID’s review of the 22234849, L.L.C. Authority filed with Secy EmblemHealth proposal, and perform such other and further tasks as the Superintendent of State of NY (SSNY) on 06/18/07. Office deems necessary to thoroughly review the proposed transaction. location: New York County. LLC formed in Delaware (DE) on 06/05/07. SSNY designated The work will be performed at: NYS Insurance Department, One Commerce Plaza, as agent of LLC upon whom process against Suite 1850, Albany, NY 12257 Parsonage Point ~ On Long Island Sound it may be served. SSNY shall mail process One of the most important waterfront properties ever offered, this private peninsula to: National Registered Agents, Inc., 875 Proposals will be due on Friday, August 31st at 4:00pm and should be sent to the contacts offers the rare opportunity to create your own paradise, only 35 minutes from Manhattan. Avenue of the Americas, Ste 501, New York, listed below. 2.58 acres, with a private crescent beach, 950’ of water frontage and open water vistas. NY 10001. NRAI is Registered Agent as well. To obtain a copy of the RFP or for more information please contact: A remarkable setting, bordering conservation land. Rye, NY...... Price upon request Address required to be maintained in home Rye Office 914.960.0296 jurisdiction: 160 Greentree Drive, Ste 101, Karol O’Sullivan, Chief Budgeting Analyst, 100% Local MLS Listings houlihanlawrence.com Dover, DE 19904. Arts of Org filed with Secy NYS Insurance Department, of State, Div of Corporations, John G. One Commerce Plaza, Albany, NY 12257 #1 RANKED GLOBAL NETWORK. Townsend Bldg., Federal & Duke of York Phone: (518) 474-6848 • Fax: (518) 486-6809 FAMILY OWNED, FAMILY RUN...SINCE 1888. Streets, P.O. Box 898, Dover, DE 19903. BEST OF BOTH WORLDS. Purpose: Any lawful purpose. Email: [email protected]

28 | Crain’s New York Business | July 30, 2007 nb31p28_29_30_31cls.qxp 7/26/07 4:59 PM Page 29

PUBLIC & LEGAL NOTICES

Notice of Qualification of TSI Croton, LLC. Notice of Formation of 75 East End LLC. Notice of Formation of PWVA, LLC. Arts. of Notice of Formation of BLUE SEA Notice of Qualification of FrontPoint Fixed Authority filed with Secy. of State of N.Y. Arts. of Org. filed with NY Dept. of State on Org. filed with Secy. of State of N.Y. (SSNY) CONSTRUCTION CO. LLC. Arts. of Org. filed Income Opportunities Fund GP, LLC. (SSNY) on 1/2/07. Office location: NY County. 4/13/07. Office location: NY County. Secy. of on 5/9/07. Office location: NY County. SSNY with Secy. of State of N.Y. (SSNY) on Authority filed with NY Dept. of State on LLC formed in Delaware (DE) on 12/15/06. State designated as agent of LLC upon designated as agent of LLC upon whom 3/17/1999 as amended. Office location: NY 4/24/07. Office location: NY County. Principal SSNY designated as agent of LLC upon whom process against it may be served and process against it may be served. SSNY County. SSNY designated as agent of LLC business address: 2 Greenwich Plz., whom process against it may be served. shall mail process to: c/o Alexico Group LLC, shall mail process to: Peggy Ann Wallace, upon whom process against it may be served. Greenwich, CT 06830. LLC formed in SSNY shall mail process to: Becker, Glynn, 150 E. 58th St., 33rd Fl., NY, NY 10155, 303 Park Ave. So., # 1151, NY, NY 10010. SSNY shall mail process to: Three Park Avenue, Delaware (DE) on 11/9/01. NY Secy. of State Melamed & Muffly LLP, 299 Park Ave., NY, principal business address of the LLC. Purpose: any lawful activity. NY, NY 10016. Purpose: any lawful activity. designated as agent of LLC upon whom NY 10171, Attn: Richard N. Chassin, Esq. DE Purpose: any lawful activity. process against it may be served and shall address of LLC: c/o The Corporation Trust Notice of Qualification of Chilton Strategic mail process to: c/o CT Corporation System, Notice of Qualification of North Carolina Notice of Qualification of Pandit Investors, LP. Co., 1209 Orange St., Wilmington, DE 19801. Value Partners II, L.P. Authority filed with NY Authority filed with NY Dept. of State on 4/23/07. 111 8th Ave., NY, NY 10011, registered agent Arts. of Org. filed with DE Secy. of State, State Credit Fund I, L.P. Authority filed with Dept. of State on 6/19/07. Office location: NY upon whom process may be served. DE Secy. of State of N.Y. (SSNY) on 5/29/07. Office location: NY County. LP formed in Townsend Bldg., Dover, DE 19901. Purpose: County. Principal business address: 1266 E. Delaware (DE) on 7/14/05. NY Secy. of State address of LLC: 1209 Orange St., Wilmington, any lawful activity. Office location: NY County. Principal Main St., 7th Fl., Stamford, CT 06902. LP DE 19801. Arts. of Org. filed with DE Secy. of business location: 11 Madison Ave., NY, NY designated as agent of LP upon whom formed in Delaware (DE) on 3/11/05. NY Secy. process against it may be served and shall mail State, 401 Federal St., Dover, DE 19901. Notice of Qualification of TSI East 51, LLC. 10010. LP formed in North Carolina (NC) on of State designated as agent of LP upon whom Purpose: any lawful activity. 8/4/04. SSNY designated as agent of LP process to: Vikram S. Pandit, Old Lane Authority filed with Secy. of State of N.Y. process against it may be served and shall Holdings, LLC, 500 Park Ave., NY, NY 10022, (SSNY) on 1/2/07. Office location: NY County. upon whom process against it may be mail process to: c/o CT Corporation System, served. SSNY shall mail process to: c/o principal business address of the LP. DE Notice of Formation of Ascend TC, LLC. Arts. LLC formed in Delaware (DE) on 12/15/06. 111 8th Ave., NY, NY 10011, registered agent address of LP: c/o Corporation Service Co., of Org. filed with Secy. of State of N.Y. (SSNY) SSNY designated as agent of LLC upon Corporation Service Company, 80 State St., upon whom process may be served. DE Albany, NY 12207, registered agent upon 2711 Centerville Rd., Ste. 400, Wilmington, DE on 6/25/07. Office location: NY County. SSNY whom process against it may be served. address of LP: 1209 Orange St., Wilmington, 19808. Name/address of genl. ptr. available designated as agent of LLC upon whom SSNY shall mail process to: Becker, Glynn, whom process may be served. NC address DE 19801. Name/address of each genl. ptr. of LP: c/o CT Corporation System, 225 from Secy. of State. Cert. of LP filed with DE process against it may be served. SSNY shall Melamed & Muffly LLP, 299 Park Ave., NY, available from NY Secy. of State. Cert. of LP Secy. of State, 401 Federal St., Dover, DE mail process to: Corporation Service NY 10171, Attn: Richard N. Chassin, Esq. DE Hillborough Place, Raleigh, NC 27603. filed with DE Secy. of State, 401 Federal St., Name/address of each genl. ptr. available 19901. Purpose: any lawful activity. Company, 80 State St., Albany, NY 12207. address of LLC: c/o The Corporation Trust Dover, DE 19901. Purpose: any lawful activity. Purpose: any lawful activity. Co., 1209 Orange St., Wilmington, DE 19801. from SSNY. Cert. of LP filed with NC Secy. of Arts. of Org. filed with DE Secy. of State, State, 2 South Salisbury St., Old Revenue Notice of Qualification of BLT 14 LLC. Authority Notice of Formation of Richardson Family Townsend Bldg., Dover, DE 19901. Purpose: Building Complex, Raleigh, NC 27603. filed with Secy. of State of N.Y. (SSNY) on Limited Partnership. Certificate filed with Notice of Formation of NYCollective Partners any lawful activity. Purpose: any lawful activity. 5/29/07. Office location: NY County. Principal Secy. of State of NY (SSNY) on 5/22/2007. LLC, Art. of Org. filed Sec'y of State (SSNY) business location: 11 Madison Ave., NY, NY Office location: NY County. Principal business 4/30/07. Office location: NY County. SSNY Notice of Qualification of TSI Hawthorne, LLC. Notice of Qualification of D. E. Shaw CAQ-SP 10010. LLC formed in Delaware (DE) on location: 25 Columbus Circle, 64A, NY, NY designated as agent of LLC upon whom Authority filed with Secy. of State of N.Y. Series 2-01, L.L.C. Authority filed with NY 8/15/06. SSNY designated as agent of LLC 10019. SSNY designated as agent of LP upon process against it may be served. SSNY shall (SSNY) on 1/2/07. Office location: NY County. Dept. of State on 6/14/07. Office location: NY upon whom process against it may be served. whom process against it may be served. mail copy of process to c/o NY Collective for LLC formed in Delaware (DE) on 12/15/06. County. LLC formed in Delaware (DE) on SSNY shall mail process to: c/o Corporation SSNY shall mail process to: Jeffrey A. Lowin, the Arts, 315 Bleecker St., #313, NY, NY 10014. SSNY designated as agent of LLC upon 6/9/06. NY Secy. of State designated as agent Service Company, 80 State St., Albany, NY Esq., Morrison Cohen LLP, 909 3rd Ave., NY, Purpose: any lawful activities. whom process against it may be served. of LLC upon whom process against it may be 12207. DE address of LLC: 2711 Centerville NY 10022. Name/address of each genl. ptr. SSNY shall mail process to: Becker, Glynn, served and shall mail process to: D. E. Shaw Road, Ste. 400, Wilmington, DE 19808. Arts. available from SSNY. Term: until 5/21/2107. Notice of Formation of VICINITAS, L.P. Melamed & Muffly LLP, 299 Park Ave., NY, & Co., L.P., 120 W. 45th St., 39th Fl., Tower of Org. filed with DE Secy. of State, 401 Purpose: any lawful activity. Certificate filed with Secy. of State of N.Y. NY 10171, Attn: Richard N. Chassin, Esq. DE 45, NY, NY 10036, Attn: Bertrand C. Fry, Federal St., Ste. 4, Dover, DE 19901. (SSNY) on 11/28/2006. Office location: NY address of LLC: c/o The Corporation Trust General Counsel, registered agent upon Purpose: any lawful activity. Notice of Qualification of TSI West 76, LLC. County. SSNY designated as agent of LP upon Co., 1209 Orange St., Wilmington, DE 19801. whom process may be served. DE address of Authority filed with Secy. of State of N.Y. whom process against it may be served. Arts. of Org. filed with DE Secy. of State, LLC: 1209 Orange St., Wilmington, DE 19801. (SSNY) on 1/2/07. Office location: NY County. SSNY shall mail process to: 690 Eighth Arts. of Org. filed with DE Secy. of State, Notice of Qualification of Mount Daly Partners, Townsend Bldg., Dover, DE 19901. Purpose: LLC. Authority filed with Secy. of State of N.Y. LLC formed in Delaware (DE) on 12/15/06. Avenue, 5th Fl., NY, NY 10036. Name/address any lawful activity. 401 Federal St., Dover, DE 19901. Purpose: SSNY designated as agent of LLC upon of each genl. ptr. available from SSNY. Term: any lawful activity. (SSNY) on 7/6/07. Office location: NY County. Principal business location: c/o Sopris Capital whom process against it may be served. until 12/31/2056. Purpose: any lawful activity. SSNY shall mail process to: Becker, Glynn, Notice of Qualification of TSI Midwood, LLC. Notice of Formation of AJA Group, LLC. Arts. Associates, LLC, 350 Park Ave., 24th Fl., NY, Melamed & Muffly LLP, 299 Park Ave., NY, Authority filed with Secy. of State of N.Y. of Org. filed with NY Dept. of State on 6/28/07. NY. LLC formed in Delaware (DE) on 5/31/07. Notice of formation of DaniCon Pharma NY 10171, Attn: Richard N. Chassin, Esq. DE (SSNY) on 1/2/07. Office location: NY County. Office location: NY County. Secy. of State SSNY designated as agent of LLC upon whom Consulting, LLC. LLC articles were filed with the address of LLC: c/o The Corporation Trust LLC formed in Delaware (DE) on 12/15/06. designated as agent of LLC upon whom process against it may be served. SSNY shall Sec. of State of New York (SSNY) on 6/14/07. Co., 1209 Orange St., Wilmington, DE 19801. SSNY designated as agent of LLC upon process against it may be served and shall mail process to: c/o Corporation Service N.Y. Office location: NY County. SSNY has Arts. of Org. filed with DE Secy. of State, whom process against it may be served. mail process to the principal business Company, 80 State St., Albany, NY 12207. DE been designated as agent upon whom process Townsend Bldg., Dover, DE 19901. Purpose: SSNY shall mail process to: Becker, Glynn, address of the LLC: c/o CorpDirect Agents, address of LLC: 2711 Centerville Rd., Ste. against it may be served. SSNY shall process any lawful activity. Melamed & Muffly LLP, 299 Park Ave., NY, Inc., 225 W. 34th St., Ste. 910, NY, NY 10122, 400, Wilmington, DE 19808. Arts. of Org. filed to principal business address : The LLC, 207 NY 10171, Attn: Richard N. Chassin, Esq. DE registered agent upon whom process may with DE Secy. of State, 401 Federal St., Ste. 4, West 98th St., #2AA, New York, NY 10025. address of LLC: c/o The Corporation Trust be served. Purpose: any lawful activity. Dover, DE 19901. Purpose: any lawful activity. Notice of Qualification of Rock New York Purpose: any lawful activity. Co., 1209 Orange St., Wilmington, DE 19801. (183 Madison Avenue) LLC. Authority filed Arts. of Org. filed with DE Secy. of State, Notice of Qualification of CGDO, LLC. NOTICE OF FORMATION OF LIMITED with Secy. of State of NY (SSNY) on 2/14/07. Notice of Qualification of William Jennings Townsend Bldg., Dover, DE 19901. Purpose: Authority filed with NY Dept. of State on LIABILITY COMPANY. NAME: J. PEARCE, Office location: NY County. LLC formed in Bryan Group, LLC. Authority filed with NY any lawful activity. 6/15/07. Office location: NY County. Principal LLC. Articles of Organization were filed with Delaware (DE) on 2/13/07. SSNY designated Dept. of State on 6/22/07. Office location: NY business address: 1266 E. Main St., 7th Fl., the Secretary of State of New York (SSNY) as agent of LLC upon whom process against County. LLC formed in New Jersey (NJ) on Notice of Qualification of D. E. Shaw AQ-SP Stamford, CT 06902. LLC formed in Delaware on 05/17/07 with an existence date of it may be served. SSNY shall mail process to: 7/31/06. NY Secy. of State designated as agent Series 4-09, L.L.C. Authority filed with NY (DE) on 7/21/06. NY Secy. of State designated 06/15/07. Office location: New York County. c/o National Registered Agents, Inc., 875 Ave of LLC upon whom process against it may be Dept. of State on 6/13/07. Office location: NY as agent of LLC upon whom process against SSNY has been designated as agent of the of the Americas, Ste 501, NY, NY 10001, also served and shall mail process to: 39 Lexington County. LLC formed in Delaware (DE) on it may be served and shall mail process to: LLC upon whom process against it may be registered agent. Address to be maintained in Circle, Matawan, NJ 07747. NJ address of the 10/26/06. NY Secy. of State designated as CT Corporation System, 111 8th Ave., NY, NY served. SSNY shall mail a copy of process DE: 160 Greentree Dr., Ste 101, Dover, DE LLC: 100 Canal Pointe Blvd., Ste. 108, agent of LLC upon whom process against it 10011. DE address of LLC: c/o The Corporation to the LLC, 15 Stuyvesant Oval, Suite 5B, 19904. Arts. of Org. filed with DE Secy. Of Princeton, NJ 08540. Arts. of Org. filed with may be served and shall mail process to: D. Trust Co., 1209 Orange St., Wilmington, DE New York, New York 10009. Purpose: For State, 401 Federal St., Ste 4., Dover, DE 19901. NJ State Treasurer, 225 W. State St., Trenton, E. Shaw & Co., L.P., 120 W. 45th St., 39th Fl., 19801. Arts. of Org. filed with DE Secy. of any lawful purpose. Purpose: any lawful activities. NJ 08608. Purpose: any lawful activity. Tower 45, NY, NY 10036, Attn: Bertrand C. State, 401 Federal St., Dover, DE 19901. Fry, General Counsel, registered agent upon Purpose: any lawful activity. whom process may be served. DE address of Notice of Qualification of AGMB 400 Mineola, CHAUFFEURED TRANSPORTATION L.L.C. Authority filed with NY Dept. of State LLC: 1209 Orange St., Wilmington, DE 19801. Notice of Formation of Target Reach Group Arts. of Org. filed with DE Secy. of State, 401 on 7/5/07. Office location: NY County. LLC LLC, Art. of Org. filed Sec'y of State (SSNY) formed in Delaware (DE) on 5/4/07. NY Secy. Federal St., Dover, DE 19901. Purpose: any 6/8/05. Office location: NY County. SSNY DESTINATION? lawful activity. of State designated as agent of LLC upon designated as agent of LLC upon whom whom process against it may be served and process against it may be served. SSNY Anytime. Anywhere. Notice of formation of Career Women’s Initiative, shall mail process to: c/o CT Corporation shall mail copy of process to 447 West 45th System, 111 8th Ave., NY, NY 10011, LLC. Articles of Organization filed with Secy. St., Apt. 3B, NY, NY 10036. Purpose: any State of NY (SSNY) on 01/22/2007. Office registered agent upon whom process may be Business Meetings and Events, lawful activities. served. DE address of LLC: The Corporation Location: New York County. SSNY designated Road Shows, and 18-hour days; as agent of LLC upon whom process against Trust Co., 1209 Orange St., Wilmington, DE Notice of Formation of Cipriani Acquisition, 19801. Arts. of Org. filed with DE Secy. of we know where you’re coming from it may be served. SSNY shall mail process to: LLC. Arts of Org filed with Secy of State of 430 E. , Apt 12C, New York, NY State, 401 Federal St., Dover, DE 19901. and we know how to get you there. NY (SSNY) on 07/31/02. Office location: Purpose: any lawful activity. 10028. Attn: Melissa McClenaghan Martin. New York County. SSNY designated as Anytime. Anywhere. Purpose: Any lawful activity. agent of LLC upon whom process against it may be served. SSNY shall mail process to: Notice of Qualification of D. E. Shaw CH-SP Notice of Qualification of PVE Associates, LLC. c/o Marshall E. Bernstein, Esq., Robinson Series 2-06 (C), L.L.C. Authority filed with NY Commonwealth Worldwide provides Authority filed with Secy. of State of N.Y. Brog Leinwand Greene Genovese & Gluck, Dept. of State on 6/14/07. Office location: NY premium chauffeured transportation (SSNY) on 7/11/07. Office location: NY County. LLC formed in Delaware (DE) on P.C., 1345 Ave of the Americas, 31 Fl, New services for discriminating corporate County. Principal business location: 401 York, NY 10105. Purpose: To engage in any 5/24/06. NY Secy. of State designated as Broadway, 24th Fl., NY, NY 10013. LLC lawful business. agent of LLC upon whom process against it clients including senior executives, formed in Delaware (DE) on 7/3/07. SSNY may be served and shall mail process to: D. and private aviation passengers. designated as agent of LLC upon whom Notice of formation of STEPHEN R. RAMSAY E. Shaw & Co., L.P., 120 W. 45th St., 39th Fl., process against it may be served. SSNY shall DMD, P.L.L.C. a NYS LLC Formation filed Tower 45, NY, NY 10036, Attn: Bertrand C. mail process to: c/o Corporation Service with SSNY on 03/21/07. Off. Loc.: New Fry, General Counsel, registered agent upon Celebrating Our 25th Year whom process may be served. DE address of Company, 80 State St., Albany, NY 12207. DE York Co. SSNY designated as agt. of LLC, 1982-2007 address of LLC: 2711 Centerville Rd., Ste. upon whom process may be served. SSNY LLC: 1209 Orange St., Wilmington, DE 19801. 400, Wilmington, DE 19808. Arts. of Org. filed shall mail copy of process to: The LLC, 257 Arts. of Org. filed with DE Secy. of State, 401 with DE Secy. of State, 401 Federal St., Ste. 4, Lexington Avenue, New York, NY 10016. Federal St., Dover, DE 19901. Purpose: any Dover, DE 19901. Purpose: any lawful activity. Purpose: Any Lawful purposes. lawful activity.

Notice of Qualification of Normandy NV NOTICE OF QUALIFICATION OF Clerestory Notice of Qualification of D. E. Shaw CH-SP Westchester Owner, LLC. Authority filed with Capital Advisors LLC. Application for Authority Series 4-01 (C), L.L.C. Authority filed with NY Secy. of State of N.Y. (SSNY) on 6/29/07. filed with the Secy. of State of New York (SSNY) Dept. of State on 6/13/07. Office location: NY Office location: NY County. LLC formed in on 4/12/07. N.Y. Office Location: New York County. LLC formed in Delaware (DE) on Delaware (DE) on 6/12/07. SSNY designated County. LLC formed in Delaware on January 5, 9/20/06. NY Secy. of State designated as as agent of LLC upon whom process against 2007. SSNY has been designated as agent of agent of LLC upon whom process against it it may be served. SSNY shall mail process to: LLC upon whom process against it may be may be served and shall mail process to: D. c/o CT Corporation System, 111 8th Ave., NY, served and shall mail process to the principal E. Shaw & Co., L.P., 120 W. 45th St., 39th Fl., NY 10011, registered agent upon whom business address of the LLC: 11 East 44th Tower 45, NY, NY 10036, Attn: Bertrand C. process may be served. DE address of LLC: Street, Suite 1603, New York, NY 10017. DE Fry, General Counsel, registered agent upon whom process may be served. DE address of c/o The Corporation Trust Company, 1209 address of LLC: 2711 Centerville Rd., STE The World’s #1 Chauffeured Transportation Company Orange St., Wilmington, DE 19801. Arts. of 400, Wilmington, DE 19808. Arts. of Org. filed LLC: 1209 Orange St., Wilmington, DE 19801. Org. filed with DE Secy. of State, 401 Federal with DE Secy. of State, Division of Corporations, Arts. of Org. filed with DE Secy. of State, 401 St., Ste. 4, Dover, DE 19901. Purpose: real 401 Federal Street, Suite 4, Dover, DE 19901. Federal St., Dover, DE 19901. Purpose: any 866.770.1677 or 718.706.5500 • commonwealthlimo.com estate investment. Purpose: any lawful activities. lawful activity.

July 30, 2007 | Crain’s New York Business | 29 nb31p28_29_30_31cls.qxp 7/26/07 5:00 PM Page 30

PUBLIC & LEGAL NOTICES

NOTICE OF FORMATION of Global Medical Notice of Qualification of Horizon Arbitrage Notice of Formation of CNJ HOLDINGS, Notice of Qualification of Chester 11 Park NOTICE IS HEREBY GIVEN THAT A LICENSE, Associates, PLLC, a professional service Fund, LP. Authority filed with Secy. of State of LLC. Arts. of Org. filed with Secy. of State Avenue, L.L.C. Authority filed with Secy. of NUMBER 1193628, FOR BEER AND WINE HAS limited liability company (PLLC). Arts. of N.Y. (SSNY) on 3/14/07. Office location: NY of N.Y. (SSNY) on 9/11/06. Office location: State of N.Y. (SSNY) on 5/22/07. Office BEEN APPLIED FOR BY THE UNDERSIGNED Org. filed with Secy. of State of NY (SSNY) County. LP formed in Delaware (DE) on 3/9/07. NY County. SSNY designated as agent of location: NY County. LLC formed in Delaware AROOJ CORP. TO SELL BEER AND WINE AT on 4/24/07. Office location: NY County. SSNY designated as agent of LP upon whom LLC upon whom process against it may be (DE) on 5/18/07. SSNY designated as agent RETAIL IN A RESTURANT UNDER THE SSNY designated as agent of PLLC upon process against it may be served. SSNY shall served. SSNY shall mail process to: The LLC, of LLC upon whom process against it may be ALCOHOLIC BEVERAGE CONTROL LAW AT whom process against it may be served. mail process to: 470 Park Ave South, 4th Fl 1350 Broadway, Ste. 210, NY, NY 10018. served. SSNY shall mail process to: c/o The 92 THIRD AVENUE, IN THE COUNTY AND SSNY shall mail process to: 4 Brook Avenue, South, NY, NY 10016, Attn: Horizon Asset Purpose: any lawful activity. Cheshire Group L.L.C., 475 Fifth Ave., 12th CITY OF NEW YORK FOR ON-PREMISES Edison, NJ 08820. Purpose: practice the Management, Inc., registered agent upon Fl., NY, NY 10017, Attn: Ms. Susan Hewitt. CONSUMPTION. AROOJ CORP. BY M. profession of Medicine. whom process may be served. DE address of 45 LLC, a domestic Limited DE address of LLC: United Corporate Services, ZISHAN, PRES. LP: 1209 Orange St., Wilmington, DE 19801. Liability Company (LLC) filed with the Sec Inc., 874 Walker Rd., Ste. C, Dover, DE NOTICE OF FORMATION OF LIMITED LIABILITY Name/address of each genl. ptr. available from of State of NY (SSNY) on 4/14/05. NY 19904. Arts. of Org. filed with DE Secy. of Notice of Formation of National Specialty COMPANY. NAME: XPRESSPA HOUSTON SSNY. Cert. of LP filed with DE Secy. of State, office Location: NEW YORK County. SSNY State, 401 Federal St., Ste. 4, Dover, DE Publications L.L.C. Arts. of Org. filed with Secy. TERMINAL D, LLC. Articles of Organization 401 Federal St., Ste. 4, Dover, DE 19901. is designated as agent upon whom process 19901. Purpose: any lawful activity. of State of NY (SSNY) on 6/01/2007. Office were filed with the Secretary of State of New Purpose: all lawful purposes. against the LLC may be served. SSNY shall location: New York County. SSNY designated York (SSNY) on 04/20/07. Office location: mail a copy of any process against the LLC DAVID GUYER, LLC Articles of Org. filed NY as agent of LLC upon whom process against New York County. SSNY has been designated Notice of Qualification of AIREA Capital, LLC. served upon him/her to THE LLC, 2221 Sec. of State (SSNY) 5/1/07. Office in NY Co. it may be served. SSNY shall mail process as agent of the LLC upon whom process Authority filed with Secy. of State of N.Y. ROYCE STREET, BROOKLYN, NY 11234. SSNY desig. agent of LLC upon whom to: National Specialty Publications LLC, 425 against it may be served. SSNY shall mail a (SSNY) on 6/18/07. Office location: NY County. General purposes. process may be served. SSNY shall mail copy Fifth Ave. Apt.# 46A New York, New York copy of process to the LLC, 150 East 58th Principal business location: 115 Broadway, of process to 279 Central Park W., #16B, NY, 10016. Purpose: any lawful activity. Street, 7th Floor, New York, New York 10155. Ste. 403, NY, NY 10006. LLC formed in Notice of Formation of 159 West 24th Partners NY 10024. Purpose: Any lawful purpose. LLC. Arts. of Org. filed with Secy. of State of Purpose: For any lawful purpose. Delaware (DE) on 4/30/07. SSNY designated Name of LLC: 2148 Broadway Holdings LLC. N.Y. (SSNY) on 5/29/07. Office location: NY as agent of LLC upon whom process against it Notice of Qualification of Dunlop General Arts. of Org. filed NY Sec. of State 4/30/2007. County. SSNY designated as agent of LLC Notice of Qualification of DB SAM LLC. may be served. SSNY shall mail process to: Partner, LLC, App. for Auth. filed Sec'y of Princ. off. loc.: New York Cty. Sec. of State upon whom process against it may be served. Authority filed with NY Dept. of State on 7/5/07. c/o Corporation Service Company, 80 State State (SSNY) 7/29/04. Office location: NY designated as agent of LLC upon whom SSNY shall mail process to: c/o 159 West Office location: NY County. LLC formed in St., Albany, NY 12207. DE address of LLC: County. LLC org. in DE 7/28/04. SSNY process against it may be served. Sec. of 24th Street Management LLC, Attn: Eric S. Delaware (DE) on 6/28/07. NY Secy. of State 2711 Centerville Rd., Ste. 400, Wilmington, DE designated as agent of LLC upon whom State shall mail a copy of process to principal Gray, , Ste. 402, NY, NY 10003. designated as agent of LLC upon whom process 19808. Arts. of Org. filed with DE Secy. of process against it may be served. SSNY bus loc.: 2148 Broadway Holdings LLC, 115 Purpose: all lawful purposes. against it may be served and shall mail process State, Townsend Bldg., Dover, DE 19901. shall mail copy of process to 39 Broadway, E. 57th St., Ste. 1102, NY, NY 10022. The to: 1345 Ave. of the Americas, 46th Fl., NY, NY Purpose: any lawful activity. 36th Fl., NY, NY 10006. DE office addr.: c/o latest date at which the LLC may dissolve 10105, principal business address of the LLC. Notice of Formation of AEROSCAPE-NYC CSC, 2711 Centerville Rd., Wilmington, DE LLC. Arts. of Org. filed with Secy. of State of is: 12/31/2057. Purpose: any lawful activity. DE address of LLC: The Corporation Trust Co., NOTICE OF FORMATION of Professional 19808. Cert. of Form. on file: SSDE, Townsend N.Y. (SSNY) on 6/14/07. Office location: NY Bldg., Dover, DE 19901. Purpose: any lawful 1209 Orange St., Wilmington, DE 19801. Arts. Service Limited Liability Corporation (PLLC) Notice of Qualification of D. E. Shaw Alloy of Org. filed with DE Secy. of State, Div. of County. SSNY designated as agent of LLC activities. Pride Medical, PLLC Articles of Organization upon whom process against it may be Power Acquisition Holdings, L.L.C. Authority Corps., Townsend Bldg., Dover, DE 19901. filed with the Secretary of State of News filed with NY Dept. of State on 6/14/07. Office Purpose: any lawful activity. served. SSNY shall mail process to: DLA Notice of Formation Inch Fitness Limited York (SSNY) on 06/1/2007. N.Y. Office Piper US LLP, 1251 Avenue of the Americas, Liability Company art. of org. filed Secy. of location: NY County. LLC formed in Delaware Location: New York County. SSNY has been (DE) on 3/30/06. NY Secy. of State designated Notice of Qualification of Jefferies Capital NY, NY 10020, Attn: Xavier Jones. Purpose: State NY (SSNY) 5/9/07. Off. loc. in NY Co. designated as an agent upon whom process any lawful activity. SSNY designated as agent of LLC upon as agent of LLC upon whom process against Partners IV LLC. Authority filed with Secy. of against it may be served. The Post Office it may be served and shall mail process to: D. State of NY (SSNY) on 5/13/05. NYS fictitious whom process may be served. SSNY shall address to which the SSNY shall mail a copy Notice of Qualification of Arden Institutional mail copy of process to: 18 Mercer St, 6th Fl, E. Shaw & Co., L.P., 120 W. 45th St., 39th Fl., name: Jefferies Capital Partners IV Manager. of any process against PLLC served upon Tower 45, NY, NY 10036, Attn: Bertrand C. Office location: NY County. LLC formed in Advisers II MS Feeder, L.P., App. for Auth. filed NY, NY 10013. Purpose: Any lawful purpose. him/her is C/O the PLLC 3867 Broadway, Sec'y of State (SSNY) 5/18/07. Office location: Fry, General Counsel, registered agent upon Delaware (DE) on 1/18/05. SSNY designated Lower level, New York, NY 10032. whom process may be served. DE address of as agent of LLC upon whom process against NY County. LP org. in DE 4/16/07. SSNY Notice of Qualification of Hygrove Select LP, Purpose/Character of PLLC: Healthcare. designated as agent of LP upon whom App. for Auth. filed Sec'y of State (SSNY) LLC: 1209 Orange St., Wilmington, DE 19801. it may be served. SSNY shall mail process to: Arts. of Org. filed with DE Secy. of State, 401 The LLC, 520 Madison Ave., 12th Fl., NY, NY process against it may be served. SSNY shall 1/22/04. Office location: NY County. LP org. Notice of Qualification of Asharoken Capital mail copy of process to Attn: Averell H. in DE 1/21/04. SSNY designated as agent of Federal St., Dover, DE 19901. Purpose: any 10022, Attn: Brian Friedman. DE address of Fund LP. Authority filed with Secy. of State of lawful activity. LLC: c/o Corporation Service Co., 2711 Mortimer, 375 Park Ave., 32nd Fl., NY, NY LP upon whom process against it may be N.Y. (SSNY) on 4/18/07. Office location: NY 10152. DE office addr.: c/o CSC, 2711 served. SSNY shall mail copy of process to Centerville Rd., Ste. 400, Wilmington, DE County. LP formed in Delaware (DE) on 4/13/07. 19808. Cert. of Form. filed with DE Secy. of Centerville Rd., Wilmington, DE 19808. Cert. 399 Park Ave., 4th Fl., NY, NY 10022. DE Notice of Qualification of CSFB Strategic SSNY designated as agent of LP upon whom of LP on file: SSDE, Townsend Bldg., Dover, office addr.: c/o CSC, 2711 Centerville Rd., Partners Parallel Fund II-B, L.P. Authority filed State, Townsend Bldg., Dover, DE 19901. process against it may be served. SSNY shall Purpose: any lawful activity. DE 19901. Name/addr. of each gen. ptr. avail. Wilmington, DE 19808. Cert. of LP on file: with Secy. of State of N.Y. (SSNY) on 6/6/07. mail process to: 801 Second Ave., 8th Fl., NY, at SSNY. Purpose: any lawful activities. SSDE, Townsend Bldg., Dover, DE 19901. Office location: NY County. LP formed in NY 10022. DE address of LP: Corporation Notice of Qualification of FrontPoint Leveraged Name/addr. of each gen. ptr. avail. at SSNY. Delaware (DE) on 1/9/03. SSNY designated as Trust Center, 1209 Orange St., Wilmington, DE Notice of Qualification of Battery Park High Multi-Strategy Fund GP, LLC. Authority filed Purpose: any lawful activities. agent of LP upon whom process against it 19801. Name/address of each genl. ptr. Yield Opportunity Fund, L.P., App. for Auth. with NY Dept. of State on 4/24/07. Office may be served. SSNY shall mail process to available from SSNY. Cert. of LP filed with filed Sec'y of State (SSNY) 6/4/01. Office location: NY County. Principal business Notice of Qualification of Caminus Capital principal business location: c/o Credit Suisse DE Secy. of State, P.O. Box 898, Dover, DE location: NY County. LP org. in DE 5/30/01. address: 2 Greenwich Plz., Greenwich, CT Partners, LLC, filed under the original name Securities (USA) LLC, 11 Madison Avenue, 19903. Purpose: all lawful purposes. SSNY designated as agent of LP upon 06830. LLC formed in Delaware (DE) on Rye-Vencil Capital, LLC, App. for Auth. filed 16th Fl., NY, NY 10010, Attn: Edward S. Nadel. whom process against it may be served. 6/14/04. NY Secy. of State designated as Sec'y of State (SSNY) 2/21/02. Office location: DE address of LP: 2711 Centerville Road, Ste. SSNY shall mail copy of process to 2 World agent of LLC upon whom process against it Notice of Qualification of I-DONTICS, LLC. NY County. LLC org. in DE 2/14/02. SSNY 400, Wilmington, DE 19808. Name/address of Financial Ctr., Bldg. B, NY, NY 10281. DE may be served and shall mail process to: Authority filed with Secy. of State of N.Y. designated as agent of LLC upon whom each genl. ptr. available from SSNY. Cert. of LP office addr.: c/o CSC, 2711 Centerville Rd., c/o CT Corporation System, 111 8th Ave., (SSNY) on 6/12/07. Office location: NY process against it may be served. SSNY shall filed with DE Secy. of State, 401 Federal St., Wilmington, DE 19808. Cert. of LP on file: NY, NY 10011, registered agent upon whom County. Principal business location: 532 Park mail copy of process to Attn: Joseph W. Dover, DE 19901. Purpose: any lawful activity. SSDE, Townsend Bldg., Dover, DE 19901. process may be served. DE address of LLC: Ave., NY, NY 10065. LLC formed in Delaware Vencil, 51 W. 95th St., NY, NY 10025. DE Name/addr. of each gen. ptr. avail. at SSNY. 1209 Orange St., Wilmington, DE 19801. (DE) on 4/25/07. SSNY designated as agent office addr.: c/o CSC, 2711 Centerville Rd., Notice of Qualification of Horizon Asset Purpose: any lawful activities. Arts. of Org. filed with DE Secy. of State, of LLC upon whom process against it may be Wilmington, DE 19808. Cert. of Form. on file: Management Services Income Fund, LP. served. SSNY shall mail process to: c/o SSDE, Townsend Bldg., Dover, DE 19901. Authority filed with Secy. of State of N.Y. 401 Federal St., Dover, DE 19901. Purpose: Notice of Qualification of Blackstone any lawful activity. Corporation Service Company (CSC), 80 State Purpose: any lawful activities. (SSNY) on 3/7/07. Office location: NY County. St., Albany, NY 12207. DE address of LLC: c/o Customized Commodities Master Fund II L.P., LP formed in Delaware (DE) on 3/1/07. SSNY CSC, 2711 Centerville Rd., Ste. 400, App. for Auth. filed Sec'y of State (SSNY) Notice of Qualification of Lanexa Global Notice of Qualification of CHANNEL designated as agent of LP upon whom Wilmington, DE 19808. Arts. of Org. filed with 3/14/07. Office location: NY County. LP org. in Management, LP, filed under the original name PARTNERS, LP. Authority filed with Secy. of process against it may be served. SSNY shall DE Secy. of State, PO Box 898, Dover, DE DE 3/13/07. SSNY designated as agent of LP Camber Global Management, LP, App. for State of N.Y. (SSNY) on 12/24/01. Office mail process to: 470 Park Ave South, 4th Fl. 19903. Purpose: any lawful activity. upon whom process against it may be served. Auth. filed Sec'y of State (SSNY) 5/5/06. Office location: NY County. LP formed in Delaware South, NY, NY 10016, Attn: Horizon Asset SSNY shall mail copy of process to Attn: J. location: NY County. LP org. in DE 4/10/06. Management, Inc., registered agent upon (DE) on 12/10/01. SSNY designated as Tomilson Hill, 345 Park Ave., NY, NY 10154. Notice of Qualification of 708 Third Avenue SSNY designated as agent of LP upon whom whom process may be served. DE address of agent of LP upon whom process against it DE office addr.: c/o CSC, 2711 Centerville Rd., Associates, LLC. Authority filed with Secy. of process against it may be served. SSNY shall LP: 1209 Orange St., Wilmington, DE 19801. may be served. SSNY shall mail process to: Wilmington, DE 19808. Cert. of LP on file: State of N.Y. (SSNY) on 5/3/07. Office location: mail copy of process to 101 Park Ave., 21st Name/address of each genl. ptr. available from The LP, 153 E. 53rd St., 48th Fl., NY, NY 10022. SSDE, Townsend Bldg., Dover, DE 19901. NY County. LLC formed in Delaware (DE) on Fl., NY, NY 10178. DE office addr.: c/o CTC, SSNY. Cert. of LP filed with DE Secy. of State, DE address of LP: 15 East North St., Dover, Name/addr. of each gen. ptr. avail. at SSNY. 4/25/07. SSNY designated as agent of LLC 1209 Orange St., Wilmington, DE 19801. Cert. 401 Federal St., Ste. 4, Dover, DE 19901. DE 19901. Name/address of each genl. ptr. Purpose: any lawful activities. of LP on file: SSDE, Townsend Bldg., Dover, available from SSNY. Cert. of LP filed with DE upon whom process against it may be Purpose: all lawful purposes. served. SSNY shall mail process to principal DE 19901. Name/addr. of each gen. ptr. avail. Secy. of State, PO Box 898, Dover, DE 19903. Notice of Qualification of BMOF I LLC, App. at SSNY. Purpose: any lawful activities. Purpose: any lawful activity. business location: The LLC, 708 Third Ave., for Auth. filed Sec'y of State (SSNY) 12/3/04. Notice of Qualification of KBCM Bridge LLC. 15th Fl., NY, NY 10017, Attn: Merchants’ Office location: NY County. LLC org. in DE NOTICE OF FORMATION of PowerPlays Authority filed with NY Dept. of State on National Properties, Inc. DE address of LLC: Notice of Qualification of Aventurana LLC. 11/30/04. SSNY designated as agent of LLC Coaching, LLC. Arts. Of Org. filed with Secy. 6/6/07. Office location: NY County. Principal c/o Corporation Service Co., 2711 Centerville Authority filed with NY Dept. of State on upon whom process against it may be served. Of State of NY (SSNY) on 06/27/07. Office business address: c/o KeyBank, 127 Public Rd., Ste. 400, Wilmington, DE 19808. Arts. of 10/27/06, as amended. Office location: NY SSNY shall mail copy of process to 345 location: New York County. SSNY designated Sq., Cleveland, OH 44114. LLC formed in Org. filed with DE Secy. of State, Townsend County. LLC formed in Delaware (DE) on Park Ave., NY, NY 10154. DE office addr.: as agent of LLC upon whom process against Delaware (DE) on 5/16/07. NY Secy. of State Bldg., Dover, DE 19901. Purpose: real estate 7/10/00. NY Secy. of State designated as c/o CSC, 2711 Centerville Rd., Wilmington, it may be served. SSNY shall mail process to: designated as agent of LLC upon whom ownership and any other purposes permitted agent of LLC upon whom process against it DE 19808. Cert. of Form. on file: SSDE, The LLC, 2576 Broadway, #243, New York, process against it may be served and shall by applicable law. may be served and shall mail process to: c/o Townsend Bldg., Dover, DE 19901. Purpose: NY 10025. Purpose: any lawful activity. mail process to: c/o Corporation Service Co., Kelley Drye & Warren LLP, 101 Park Ave., NY, any lawful activities. 80 State St., Albany, NY 12207, registered NY 10178, Attn: Elisheva S. Teitz, registered Notice of Qualification of Okapi Management Notice of Formation of 56 South Second LLC. agent upon whom process may be served. DE agent upon whom process may be served. LLC. Authority filed with Secy. of State of N.Y. NOTICE OF FORMATION of iRolls Multimedia Arts. of Org. filed with Secy. of State of N.Y. address of LLC: 2711 Centerville Rd., Ste. DE address of LLC: c/o Corporation Service (SSNY) on 5/22/07. Office location: NY LLC. Arts. of Org filed with Secy. of State of (SSNY) on 2/3/05. Office location: NY County. 400, Wilmington, DE 19808. Arts. of Org. filed Co., 2711 Centerville Rd., Wilmington, DE County. LLC formed in Delaware (DE) on N.Y. (SSNY) on 6/14/06. Office location: NY SSNY designated as agent of LLC upon whom with DE Secy. of State, 401 Federal St., Dover, 19808. Arts. of Org. filed with DE Secy. of 5/1/07. SSNY designated as agent of LLC County. SSNY designated as agent of LLC process against it may be served. SSNY shall DE 19901. Purpose: any lawful activity. State, Townsend Bldg., Dover, DE 19901. upon whom process against it may be served. upon whom process against it may be mail process to: c/o Thomas P. Higgins, Esq., Purpose: any lawful activity. SSNY shall mail process to: c/o Corporation served. SSNY shall mail process to: iRolls 36 W. 44th St., Ste 911, NY, NY 10036. Name: BROADWAY 41 LLC Art. Of Org. Filed Service Company (CSC), 80 State St., Albany, LLC, 58 W 56th St. #3, NY, NY 10019. Purpose: any lawful activity. Sec. Of State of NY 5/3/07. Off. Loc.: New Notice of Qualification of Traxis Emerging NY 12207. DE address of LLC: c/o CSC, 2711 Purpose: any lawful activity. York. Co. SSNY designated as agent upon Markets Opportunities Onshore Fund GP LLC. Centerville Rd., Ste. 411, Wilmington, DE Notice of Qualification of Jupiter Capital GP, whom process against it may be served. Authority filed with Secy. of State of N.Y. 19808. Arts. of Org. filed with DE Secy. of Notice of Qualification of CRP/Extell 99 West LLC. Authority filed with Secy. of State of N.Y. SSNY to mail copy of process to The LLC (SSNY) on 6/25/07. Office location: NY State, Lockerman & Federal St., Dover, DE Side LLC. Authority filed with Secy. of State (SSNY) on 6/13/07. Office location: NY County. C/CO Bernath & Rosenberg 1430 Broadway, County. Principal business location: 600 Fifth 19901. Purpose: any lawful activity. of NY (SSNY) on 3/22/07. Office location: Principal business location: 115 E. 89th St., 13th Flr. , NY, NY 10018. Purpose: Any Ave., 20th Fl., NY, NY 10020. LLC formed in NY County. LLC formed in Delaware (DE) Ste. 8A, NY, NY 10128. LLC formed in lawful activity. Delaware (DE) on 4/30/07. SSNY designated FORMATION NOTICE OF THE LIMITED on 3/6/07. SSNY designated as agent of Delaware (DE) on 6/12/07. SSNY designated as agent of LLC upon whom process against LIABILITY COMPANY. NAME: BLACK SWAN LLC upon whom process against it may be as agent of LLC upon whom process against it Name of LLC: Regal Digital LLC. Arts. of Org. it may be served. SSNY shall mail process to: VENTURES, LLC. Art. of Org. were filed with served. SSNY shall mail process to: c/o CT may be served. SSNY shall mail process to: filed with Secy. of State of NY (SSNY) on c/o Corporation Service Company (CSC), 80 the NY Secretary of State (SSNY) on May 21, Corporation System, 111 Eighth Ave, NY, NY c/o Lowenstein Sandler PC, 65 Livingston 1/25/2006. Office location: NY County. SSNY State St., Albany, NY 12207, registered agent 2007. Office location: New York County. SSNY 10011. Address to be maintained in DE: c/o Ave., Roseland, NJ 07068. DE address of LLC: designated as agent of LLC upon whom upon whom process may be served. DE designated as agent of the LLC upon whom The Corporation Trust Company, 1209 Orange c/o Corporation Service Company, 2711 process against it may be served and shall address of LLC: CSC, 2711 Centerville Road, process against it may be served. SSNY shall St., Wilmington, DE 19801. Arts. of Org. Centerville Rd., Ste. 400, Wilmington, DE mail process to: c/o Andy Ranley, 128 W. 75th Wilmington, DE 19808. Cert. of Form. filed mail a copy of process to Rosalind Resnick, filed with DE Secy. Of State, 401 Federal 19808. Cert. of Form. filed with DE Secy. of St., Ste. 4B, NY, NY 10023, registered agent with DE Secy. of State, Townsend Bldg., Dover, 39 Fifth Avenue, Apt. 15B, New York, NY St., Ste 4., Dover, DE 19901. Purpose: any State, 401 Federal St., Ste. 4, Dover, DE 19901. upon whom process may be served. Term: DE 19901. Purpose: any lawful activity. 10003. Purpose: All lawful purpose. lawful activities. Purpose: any lawful activity. until 12/31/2046. Purpose: any lawful activity.

30 | Crain’s New York Business | July 30, 2007 nb31p28_29_30_31cls.qxp 7/26/07 5:00 PM Page 31

PUBLIC & LEGAL NOTICES

NOTICE OF FORMATION OF Growfire Advisory SUSAN TEEGER MEDICAL PRACTICE, PLLC Notice of Qualification of WILLIAM REALTY, Notice of Qualification of 656-676 Amsterdam Notice of Formation Designs by Krista LLC Services LLC. Article of Organization filed with Articles of Org. filed NY Sec. of State (SSNY) LLC. Authority filed with Secy. of State of Owner LLC. Authority filed with NY Dept. of art. of org. filed Secy. of State NY (SSNY) the Secretary of State of NY (SSNY) on 5/16/07. Office in NY Co. SSNY desig. agent N.Y. (SSNY) on 6/28/01. Office location: NY State on 6/14/07. Office location: NY County. 4/25/07. Off. loc. in NY Co. SSNY designated 4/24/07 Office location NEW YORK County. of LLC upon whom process may be served. County. Principal business location: 13 LLC formed in Delaware (DE) on 6/13/07. NY as agent of LLC upon whom process may SSNY has been designated as agent upon SSNY shall mail copy of process to c/o South William St., NY, NY 10004. LLC Secy. of State designated as agent of LLC be served. SSNY shall mail copy of process whom process against it may be served. The Newhouse & Shey LLP, 3 W. 35th St., 9th Fl., formed in Delaware (DE) on 6/5/01. SSNY upon whom process against it may be served to: Krista Scheider Berkowitz, 345 W. 48th Post Office address to which the SSNY shall NY, NY 10001. Purpose: To practice medicine designated as agent of LLC upon whom and shall mail process to: 60 Columbus Circle, St, 4D, NY, NY 10036-1354. Purpose: Any mail a copy of any process against the LLC process against it may be served. SSNY 20th Fl., NY, NY 10023, principal business lawful purpose. served upon him/her is C/O the LLC 280 Notice of Qualification of BLT II LLC. Authority shall mail process to: 17 Battery Place, 9th address of the LLC. DE address of LLC: 2711 Madison Avenue, Suite 912. New York, NY filed with Secy. of State of N.Y. (SSNY) on Fl., NY, NY 10004. DE address of LLC: 615 Centerville Rd., Ste. 400, Wilmington, DE Notice of Qualification of Valiant Entertainment 10016. Purpose of LLC: to engage in any 5/25/07. Office location: NY County. Principal South DuPont Hwy., Dover, DE 19901. Cert. 19808. Arts. of Org. filed with DE Secy. of LLC. Authority filed with Secy. of State of N.Y. lawful act or activity. Street address of business location: 11 Madison Ave., NY, NY of Form. filed with DE Secy. of State, State, 401 Federal St., Dover, DE 19901. (SSNY) on 5/24/07. Office location: NY Principal Business location is: 280 Madison 10010. LLC formed in Delaware (DE) on Townsend Bldg., Dover, DE 19901. Purpose: Purpose: any lawful activity. County. LLC formed in Delaware (DE) on Avenue, Suite 912. New York, NY 10016. 5/9/06. SSNY designated as agent of LLC any lawful activity. 4/26/07. SSNY designated as agent of LLC upon whom process against it may be served. Notice of Qualification of GRM Properties II upon whom process against it may be served. Notice of Formation of 110 Holding, LLC. SSNY shall mail process to: c/o Corporation Notice of Formation of ACP Lincoln Garages, LLC. Authority filed with Secy. of State of N.Y. SSNY shall mail process to principal business Arts of Org filed with Secy of State of NY Service Company, 80 State St., Albany, NY L.L.C. Arts. of Org. filed with Secy. of State (SSNY) on 5/29/07. Office location: NY location: 455 E. 86th St., #17B, NY, NY (SSNY) on 05/17/01. Office location: New 12207. DE address of LLC: 2711 Centerville of NY (SSNY) on 2/25/02. Office location: County. Principal business location: 11 10028, Attn: Jason Kothari. DE address of York County. SSNY designated as agent of Road, Ste. 400, Wilmington, DE 19808. Arts. NY County. SSNY designated as agent of Madison Ave., NY, NY 10010. LLC formed in LLC: c/o Corporation Service Company, 2711 LLC upon whom process against it may be of Org. filed with DE Secy. of State, 401 LLC upon whom process against it may be Delaware (DE) on 11/19/03. SSNY designated Centerville Road, Ste. 400, Wilmington, DE served. SSNY shall mail process to: 110 Federal St., Ste. 4, Dover, DE 19901. served. SSNY shall mail process to: c/o CT as agent of LLC upon whom process against 19808. Arts. of Org. filed with DE Secy. of Holding, LLC, 110 East 42nd Street, New Purpose: any lawful activity. Corporation System, 111 8th Ave., NY, NY it may be served. SSNY shall mail process to: State, 401 Federal St., Ste. 4, Dover, DE York, N.Y. 10017. Purpose: To engage in 10011, registered agent upon whom process c/o Corporation Service Company, 80 State 19901. Purpose: any lawful activity. any lawful business. Name of For. LP: Davidson Kempner Event may be served. Purpose: any lawful activity. St., Albany, NY 12207. DE address of LLC: Driven Equities Fund LP. Appl. for Auth. filed 2711 Centerville Rd., Wilmington, DE 19808. Notice of Formation of EAI Alternatives LLC. Notice of Formation of International Fine Art with Sec. of State of NY: 3/22/07. Jurisd. and Notice of Formation of 401 East 90th Street Arts. of Org. filed with DE Secy. of State, 401 Arts. of Org. filed with NY Dept. of State on Gallery, LLC. Arts. of Org. filed with Secy. of date of org.: DE 3/15/07. NY State office loc.: LLC. Arts. of Org. filed with Secy. of State of Federal St., Dover, DE 19901. Purpose: any 5/14/07. Office location: NY County. Secy. of State of NY (SSNY) on 6/7/07. Office location: NY Cty. Sec. of State designated as agent N.Y. (SSNY) on 6/8/07. Office location: NY lawful activity. State designated as agent of LLC upon NY Co. SSNY designated as agent of LLC upon whom process against it may be served. County. SSNY designated as agent of LLC whom process against it may be served and upon whom process against it may be served. Sec. of State shall mail copy of process to: upon whom process against it may be served. Notice of Qualification of R.M. Sincerbeaux shall mail process to the principal business SSNY shall mail process to: The LLC, 120 The LP, 65 E. 55th St., 19th Fl., NY, NY 10022, SSNY shall mail process to: c/o Hakim Capital Management, LLC, App. for Auth. filed address of the LLC: 5 E. 42nd St., NY, NY West 58th St., Ste 3D, NY, NY 10019. the registered agent of the LP upon whom Organization, 3 W. 57th St., NY, NY 10019. Sec'y of State (SSNY) 4/11/07. Office location: 10017. Purpose: any lawful activity. Purpose: any lawful activities. process may be served. Addr. of LP in DE is: Purpose: any lawful activity. NY County. LLC org. in DE 4/10/07. SSNY National Corporate Research, Ltd., 615 S. designated as agent of LLC upon whom Notice of Qualification of D. E. Shaw CH-SP process against it may be served. SSNY shall Name of LLC: JR Grafik Design LLC. Arts. of DuPont Hwy., Dover, DE 19901. Name/addr. of Name of For. LLC: 110 Church Owner LLC. Series 5-01 (C), L.L.C. Authority filed with NY mail copy of process to Attn: Richard M. Org. filed with NY Dept. of State on 5/31/2007. GP avail. from Sec. of State. Authorized office Appl. for Auth. filed with Sec. of State of NY: Dept. of State on 6/14/07. Office location: NY Sincerbeaux, 525 E. 72nd St., Apt. 39H, NY, Office location: NY County. Secy. of State in DE where Cert. of LP is filed is DE Sec. of 4/27/07. Jurisd. and date of org.: DE County. LLC formed in Delaware (DE) on NY 10021. DE office addr.: c/o CSC, 2711 designated as agent of LLC upon whom State, Townsend Bldg., Dover, DE 19901. 4/26/07. NY State office loc.: NY Cty. Princ. 12/19/06. NY Secy. of State designated as Centerville Rd., Wilmington, DE 19808. Cert. of process against it may be served and shall Purpose: any lawful activity. bus. loc. c/o The Sapir Organization, 384 agent of LLC upon whom process against it Form. on file: SSDE, Townsend Bldg., Dover, mail process to: c/o Business Filings Inc., Fifth Ave., NY, NY 10018. Sec. of State of NY may be served and shall mail process to: D. DE 19901. Purpose: any lawful activities. 187 Wolf Rd., Ste. 101, Albany, NY 12205, NOTICE OF FORMATION OF LIMITED designated as agent of LLC upon whom E. Shaw & Co., L.P., 120 W. 45th St., 39th Fl., registered agent upon whom process may be LIABILITY COMPANY. NAME: PERFECT process may be served. Sec. of State shall Tower 45, NY, NY 10036, Attn: Bertrand C. Notice of Qualification of D. E. Shaw CF-SP served. Term: until 12/31/2047. Purpose: any IMAGE LLC. Articles of Organization were mail copy of process to the LLC: c/o The Fry, General Counsel, registered agent upon Series 5-08 (C), L.L.C. Authority filed with NY lawful activity. filed with the Secretary of State of New York Sapir Organization, 384 Fifth Ave., NY, NY whom process may be served. DE address of Dept. of State on 6/14/07. Office location: NY (SSNY) on 05/14/07. Office location: New 10018. Addr. of LLC in DE is National LLC: 1209 Orange St., Wilmington, DE 19801. County. LLC formed in Delaware (DE) on Notice of Qualification of EB Personal Risk York County. SSNY has been designated Corporate Research, Ltd., 615 South DuPont Arts. of Org. filed with DE Secy. of State, 401 12/19/06. NY Secy. of State designated as Management Solutions, LLC. Authority filed as agent of the LLC upon whom process Hwy., Dover, DE 19901. Authorized office in Federal St., Dover, DE 19901. Purpose: any agent of LLC upon whom process against it with NY Dept. of State on 4/20/07. Office against it may be served. SSNY shall mail a DE where Cert. of Form. is filed: DE Sec. of lawful activity. may be served and shall mail process to: D. location: NY County. LLC formed in Delaware copy of process to the LLC, 1407 Broadway, State, Townsend Bldg., Dover, DE 19901. E. Shaw & Co., L.P., 120 W. 45th St., 39th Fl., (DE) on 3/2/07. NY Secy. of State designated New York, New York 10018. Purpose: For Purpose: any lawful activity. TAG BUILDERS LLC Articles of Org. filed NY as agent of LLC upon whom process against any lawful purpose. Tower 45, NY, NY 10036, Attn: Bertrand C. Fry, General Counsel, registered agent upon Sec. of State (SSNY) 5/31/07. Office in NY Co. it may be served and shall mail process to: c/o SSNY desig. agent of LLC upon whom NOTICE OF FORMATION OF LLC: AVERLINK. Notice of Qualification of CSFB Strategic whom process may be served. DE address of CT Corporation System, 111 8th Ave., NY, NY process may be served. SSNY shall mail copy Artic. of Org. filed w/ Sec. of State of NY on Partners III-B, L.P. Authority filed with Secy. of LLC: 1209 Orange St., Wilmington, DE 19801. 10011, registered agent upon whom process of process to 307 7th Ave., NY, NY 10001, 05/22/07. NY Off. Loc.: NY County (SSNY) is State of N.Y. (SSNY) on 6/6/07. Office location: Arts. of Org. filed with DE Secy. of State, 401 may be served. Principal business address: 6 which is also the principal business location. designated as agent upon whom process NY County. LP formed in Delaware (DE) on Federal St., Dover, DE 19901. Purpose: any E. 42nd St., NY, NY 10017. Arts. of Org. filed Purpose: Any lawful purpose. against it may be served. Principle Business 12/7/04. SSNY designated as agent of LP lawful activity. with DE Secy. of State, Townsend Bldg., upon whom process against it may be served. Dover, DE 19901. Purpose: any lawful activity. Address is: 130 West 15th Street 14m, NY, NY 10011. Purpose: Int. Business Development. SSNY shall mail process to principal business Notice of Formation of FREMEN LLC. Arts. of PHOENIX INVESTMENTS AND DEVELOPMENT location: c/o Credit Suisse Securities (USA) Org. filed with Secy. of State of N.Y. (SSNY) LLC, a domestic Limited Liability Company Notice of Qualification of TA Operating LLC. Notice of Qualification of Goldman Sachs Real LLC, 11 Madison Avenue, 16th Fl., NY, NY on 5/21/07. Office location: NY County. SSNY (LLC) filed with the Sec of State of NY Authority filed with Secy. of State of N.Y. Estate Opportunities Fund 2006, L.P. Authority 10010, Attn: Edward S. Nadel. DE address of designated as agent of LLC upon whom (SSNY) on 6/07/07. NY office Location: (SSNY) on 6/13/2007. Fictitious name in NY filed with Secy. of State of N.Y. (SSNY) on LP: 2711 Centerville Road, Ste. 400, process against it may be served. SSNY shall NEW YORK County. SSNY is designated as State: TCA Operating LLC. Office location: 5/22/07. Office location: NY County. LP Wilmington, DE 19808. Name/address of each mail process to principal business location: agent upon whom process against the LLC NY County. Principal business location: formed in Delaware (DE) on 11/15/06. SSNY genl. ptr. available from SSNY. Cert. of LP filed c/o Brian Brille, 800 Fifth Ave., Apt. 21F, NY, may be served. SSNY shall mail a copy of 24601 Center Ridge Rd., Westlake, OH 44145. designated as agent of LP upon whom with DE Secy. of State, 401 Federal St., Dover, NY 10021. Purpose: any lawful activity. any process against the LLC served upon LLC formed in Delaware (DE) on 7/8/1993. process against it may be served. SSNY shall DE 19901. Purpose: any lawful activity. him/her to DESENA & ASSOCIATES, LLP, SSNY designated as agent of LLC upon mail process to: 85 Broad Street, NY, NY NOTICE OF FORMATION OF HARMONEX LLC, 225 BROADWAY, STE. 901, NEW YORK, NY whom process against it may be served. 10004. DE address of LP: 2711 Centerville Notice of Qualification of Crestview Partners Arts. Of Org. filed with SSNY on 03/08/01. 10007. General purposes. SSNY shall mail process to: 400 Centre St., Road, Ste. 400, Wilmington, DE 19808. (Erisa), L.P. Authority filed with NY Dept. of Off. Loc.: NY County, SSNY designated as Newton, MA 02458. DE address of LLC: Name/address of each genl. ptr. available State on 5/25/07. Office location: NY County. agent of LLC upon whom process against it 1209 Orange St., Wilmington, DE 19801. from SSNY. Cert. of LP filed with DE Secy. of Principal business address: 667 Madison Ave., may be served. SSNY shall mail a copy of Arts. of Org. filed with DE Secy. of State, State, Townsend Bldg., Dover, DE 19901. NY, NY 10021. LP formed in Delaware (DE) on process to: The LLC, 161 Madison Ave., 401 Federal St., Ste. 4, Dover, DE 19901. Coming Up Purpose: any lawful activity. 2/14/05. NY Secy. of State designated as agent 12th/FL, NewYork, NY 10016. Purpose: to Purpose: any lawful activity. of LP upon whom process against it may be engage in any lawful act. on the Calendar Notice of formation of LLC. Name: Royal served and shall mail process to: c/o CT Notice of Qualification of CSFB Strategic Drama LLC. Arts. of org. filed with Sec. of Corporation System, 111 8th Ave., NY, NY Notice of formation of Just In Title Agency, Associates II, L.P. Authority filed with Secy. of St. of NY (SSNY) 6/15/07. Office loc. NY 10011, registered agent upon whom process LLC. Arts. of Org. filed with the Secy. of State State of N.Y. (SSNY) on 6/6/07. Office location: County. SSNY designated as agent of LLC may be served. DE address of LP: c/o The of NY (SSNY) on 7/3/07. Office location: New August 6th NY County. LP formed in Delaware (DE) on upon whom process against it may be Corporation Trust Co., 1209 Orange St., York. SSNY designated as agent of LLC upon Education 1/9/03. SSNY designated as agent of LP upon served. SSNY shall mail copy of process to: Wilmington, DE 19801. Name/address of genl. whom process against it may be served. whom process against it may be served. SSNY The LLC, 201 W 72nd St, 8I, NY, NY 10023. ptr. available from Secy. of State. Cert. of LP SSNY shall mail process to Principal business shall mail process to principal business location: Purpose: Any legal purpose. filed with DE Secy. of State, 401 Federal St., location: 280 Madison Ave., Suite 705B, NY, c/o Credit Suisse Securities (USA) LLC, 11 Dover, DE 19901. Purpose: any lawful activity. NY 10016. Purpose: Any lawful act. August 13th Madison Avenue, 16th Fl., NY, NY 10010, Attn: Notice of Qualification of GS Capital Partners Small Business Edward S. Nadel. DE address of LP: 2711 VI Employee Master Fund, L.P. Authority filed Notice of Qualification of El-Ad 250 West LLC. Notice of Formation of CB High Point, LLC. Centerville Road, Ste. 400, Wilmington, DE with Secy. of State of N.Y. (SSNY) on 4/30/07. Authority filed with NY Dept. of State on Arts. of Org. filed with Secy. of State of NY 19808. Name/address of each genl. ptr. Office location: NY County. LP formed in 6/15/06. Office location: NY County. LLC (SSNY) on 6/15/07. Office location: NY Co. available from SSNY. Cert. of LP filed with Cayman Islands (CI) on 2/14/07. SSNY formed in Delaware (DE) on 5/18/06. NY Secy. SSNY designated as agent of LLC upon whom DE Secy. of State, 401 Federal St., Dover, designated as agent of LP upon whom of State designated as agent of LLC upon process against it may be served. SSNY shall August 20th DE 19901. Purpose: any lawful activity. process against it may be served. SSNY shall whom process against it may be served and mail process to: National Registered Agents, Unions in New York mail process to: 85 Broad St., NY, NY 10004. shall mail process to the principal business Inc., 875 Ave of the Americas, Ste 501, NY, NY Notice of Qualification of D. E. Shaw AQ-SP CI address of LP: c/o M & C Corporate address of the LLC: c/o The El-Ad Group Ltd., 10001, also registered agent. Purpose: any Series 3-06, L.L.C. Authority filed with NY Services Ltd., P.O. Box 309GT, Ugland House, 575 Madison Ave., 22nd Fl., NY, NY 10022, lawful activities. Dept. of State on 6/13/07. Office location: NY South Church St., George Town, Grand registered agent upon whom process may be County. LLC formed in Delaware (DE) on Cayman, CI, BWI. Name/address of each genl. served. DE address of LLC: The Corporation 7/18/06. NY Secy. of State designated as ptr. available from SSNY. Cert. of LP filed with Trust Co., 1209 Orange St., Wilmington, DE agent of LLC upon whom process against it Registrar of Exempted LPs, Elizabethan Sq., 19801. Arts. of Org. filed with DE Secy. of may be served and shall mail process to: D. 4th Fl., Phase Four, George Town, Grand State, 401 Federal St., Dover, DE 19901. E. Shaw & Co., L.P., 120 W. 45th St., 39th Fl., Cayman, CI. Purpose: any lawful activity. Purpose: any lawful activity. Tower 45, NY, NY 10036, Attn: Bertrand C. Fry, General Counsel, registered agent upon COHEN INDUSTRIES I, LLC Articles of Org. Notice of Qualification of D. E. Shaw Composite whom process may be served. DE address of filed NY Sec. of State (SSNY) 5/16/07. Office Side Pocket Series 4, L.L.C. Authority filed LLC: 1209 Orange St., Wilmington, DE 19801. in NY Co. NY desig. agent of LLC upon with NY Dept. of State on 6/14/07. Office Arts. of Org. filed with DE Secy. of State, 401 whom process may be served. SSNY shall location: NY County. LLC formed in Delaware Federal St., Dover, DE 19901. Purpose: any mail copy of process to c/o Gary Cohen, (DE) on 9/20/06. NY Secy. of State designated lawful activity. 8 Far Hill Ln., Pleasantville, NY 10570. as agent of LLC upon whom process against Purpose: Any lawful purpose. it may be served and shall mail process to: D. Notice of Formation of 554 East 82 LLC. Arts. E. Shaw & Co., L.P., 120 W. 45th St., 39th Fl., of Org. filed with Secy. of State of N.Y. (SSNY) Notice of Formation of YA ASSOCIATES, LLC. Tower 45, NY, NY 10036, Attn: Bertrand C. on 7/10/07. Office location: NY County. SSNY Arts. of Org. filed with Secy. of State of N.Y. Fry, General Counsel, registered agent upon designated as agent of LLC upon whom (SSNY) on 7/13/1999. Office location: NY whom process may be served. DE address of process against it may be served. SSNY shall County. SSNY designated as agent of LLC LLC: 1209 Orange St., Wilmington, DE 19801. mail process to principal business location: upon whom process against it may be served. Arts. of Org. filed with DE Secy. of State, 401 c/o The LLC, 151 E. 81st St., Ste. 1E, NY, NY SSNY shall mail process to: Three Park Avenue, Federal St., Dover, DE 19901. Purpose: any 10028. Purpose: any lawful activity. NY, NY 10016. Purpose: any lawful activity. lawful activity.

July 30, 2007 | Crain’s New York Business | 31 CNYB 07-30-07 A 32 7/26/2007 7:52 PM Page 1

SMALL BUSINESS

IN A NUTSHELL If the ballet shoe fits, franchise it FRENCH 17 years ago, friends and business French Sole’s store sales have Group. “The second biggest risk is SOLE Maker of luxury flats associates warned him that the bou- jumped by nearly 50%. Orders from where you put your store.” finally hits it big; tique—devoted solely to flats— retailers,including Harrods in Lon- At this point,another worry is the EMPLOYEES 12 wouldn’t survive. don and Henri Bendel in Manhat- flood of competition, since virtually STORES CARRYING THE BRAND competition from But, he says, “We don’t try to be tan—which generate 45% of Mr. every shoe retailer sells ballet flats at 300 worldwide low-end products all things to all people.” By special- Ochart’s revenue—are up 30%. lower prices. Mr. Ochart is counting izing and remaining attentive to Mr. Ochart began working with on the superior design of his shoes, PROJECTED 2007 SALES More quality, Mr. Ochart proved the a franchise attorney late last year. as well as the reputation he began than $14 million BY LYNNE MILLER naysayers wrong. High prices and Together, they fleshed out the building on the Web three years ago, NUMBER OF STYLES low rent—the store, on East 71st French Sole concept, establishing to differentiate his product. About 500 usiness is brisk at Street, is only 350 square feet— everything from the average store “People know the name,”he says. French Sole, a specialty helped him turn a profit quickly. size (about 700 square feet) to the “People know we’re authentic.” BEST SELLER Passport, in shoe shop on the Upper French Sole has a loyal following; franchise fee ($35,000). napa leather or suede kid, with East Side. It’s so good, in patrons have included Katie Couric, “It’s a big investment [for manu- Audrey Hepburn as muse hand-stitched quilted uppers, fact, that owner Randy Liza Minnelli,Elizabeth Taylor and facturers] to have a retail store, but unlike many ballet-style shoes on contrasting toe cap and BOchart has recently opened a sec- the Duchess of York. in this day and age it’s the only way the market, French Sole’s have de- adjustable cord, is $225 ond store, in Palm Beach, Fla. to go,” says Ellen Campuzano, di- tails like adjustable drawstrings to That’s just the beginning. By Surge in popularity rector of Fashion Facts Folio, an help create a perfect fit. One model, year-end, French Sole franchised mr. ochart’s initial success and e-newsletter for the shoe and acces- the Pearl, has a leather sole and lin- product, not a trendy product.” stores will open in seven cities, in- broad experience in the industry sory industry. ing, and is available in an array of Mr. Ochart points to Audrey cluding at least two in South Flori- would have been enough to justify a In picking the best locations for colors. A metallic silver version of Hepburn,who regularly wore ballet da. As many as 20 franchised out- modest expansion. What made him his franchises, Mr. Ochart is em- Pearl sells for about $150. flats in the 1950s,as his inspiration. posts are expected to be in operation shoot for a 20-unit franchise opera- ploying the same strategy he used as Because all French Sole shoes are Tee shoe’s classic styling and com- by the end of 2008. tion was the sudden surge in the a wholesaler: targeting markets handmade, Mr. Ochart has staked fort give it appeal that transcends It took a long time, but Mr. popularity of ballet flats. stocked with the kind of affluent out the top of the market in terms of the whims of fashion, he says. Ochart, who began making high- Department store sales of the shoppers who are his regulars. quality. French Sole franchisees can only end shoes modeled after ballet slip- shoes have grown by more than “The biggest risk is what your “He will be the last one standing, hope that Mr. Ochart is correct. pers nearly 30 years ago, has hit it 170% in the past year, according to product is,” says Marshal Cohen, offering the best-quality shoe avail- big. When he opened his first shop retail trend tracker NPD Group. chief industry analyst at the NPD able,”Mr.Cohen says.“It’s a lifestyle COMMENTS? [email protected]

Neighborhood Journal Queens group mobilizes to block Jamaica rezoning

with one- and two-family homes. posal. “The plan will destroy the Development is part In many places, the avenue is lined character of the community.” of mayor’s PlaNYC; with two- and three-story store- —hilary potkewitz front buildings. how green is B’klyn The plan calls for mixed-use Gateway’s housing mall’s expansion? zoning for larger retail stores and 12-story residential buildings, both gains at high cost pponents of a pro- of which would attract more traffic. posed rezoning of a “Just because Hillside Avenue is plans to more than double the massive slice of Ja- a main street doesn’t mean you have size of the giant, suburban-style

maica, Queens, are to develop every bit of it,” says Mr. Gateway Center mall in the far- lindström bekka working feverishly to Bearak. flung Brooklyn community of Oline up members of the City Coun- In testimony before the City Spring Creek have put the The city is working to increase Revenue from the sale of the cil to either modify the plan or reject Council last week, congress Execu- Bloomberg administration in an bus service to the mall, but Mr. commercial property would finance it when it comes up for a crucial vote tive Vice President for Planning Pa- odd position. Ketcham estimates that 90% of the affordable-housing develop- next month. The Queens Civic tricia Dolan called for changes to The mayor cheers the scheme shoppers will arrive by car, generat- ment. Congress, a group that claims to the proposal, including the removal because it includes construction of ing 40,000 automobile trips per day. “The new affordable homes will represent more than 100 civic or- of Hillside Avenue from the rezon- 2,200 subsidized homes, bringing The expanded mall alone will ac- help New York’s working families ganizations in the borough, is lead- ing altogether. She called the plan a the mayor closer to his goal of creat- count for 0.6% of all of the city’s car- stay in New York City, and the new ing the opposition. “grossly inappropriate level” of de- ing 165,000 new or preserved af- bon dioxide emissions, he says. retail will provide opportunities for The Jamaica Plan is designed to velopment. fordable units. The project, which long pre- them to spend their dollars in Brook- retail and housing develop- The group claims to have the But the expansion undermines dates PlaNYC, cannot proceed lyn’s economy,” says Neill Coleman, ment in a 268-block area and is part support of three local councilmem- one of the basic goals of the mayor’s without city approval because it re- an assistant commissioner at the De- of Mayor Michael Bloomberg’s bers: David Weprin of Hollis,James PlaNYC—cutting emissions of quires a change to the site’s residen- partment of Housing Preservation PlaNYC. The rezoning would be Gennaro of Fresh Meadows, and greenhouse gases by pursuing “tran- tial zoning. However, the adminis- and Development. the largest yet under the Bloomberg Thomas White of Richmond Hill. sit-oriented development.” The tration appears inclined to support He notes that the plan includes administration, but the outcome is All have said they favor altering the mall is more than a mile from the it and local Councilman Charles 70,000 square feet of smaller spaces unclear. plan to accommodate neighbor- nearest subway station, the last stop Barron will, too, if it guarantees for community-based businesses “There are folks in all demo- hood concerns. on the No. 3, and includes 8,000 enough low-income housing and and restaurants, a “town center” at graphics of Queens who are not The City Planning Commission parking spots. jobs for residents of Spring Creek the entrance to the shopping center happy with this plan,” says Corey approved the rezoning in July,and it “If the mayor’s serious about and nearby Canarsie and East New and a grand boulevard through the Bearak, executive vice president of now goes to the council for a vote. PlaNYC, he’s got to reject Gateway York. affordable-housing site. Space is the Queens Civic Congress. “And Typically, the council defers to the Center II,”says traffic engineer Bri- Under the plan, The Related set aside for a 1,650-seat public there a lot of people on the council wishes of its local members on de- an Ketcham, who runs a not-for- Companies would add about high school as well as community who have citywide aspirations, who velopment issues. profit consulting firm in Cobble 684,000 square feet of retail space facilities. wouldn’t want this [project] to be “[Passage] will set a bad prece- Hill, Brooklyn.“If you read the lan- over four years to the 227-acre de- City officials say Gateway Cen- held against them.” dent for future rezonings,” says Ge- guage of PlaNYC, it talks about velopment site between the Belt ter helps capture consumer spend- Local opposition centers on nie Rudmann, co-chair of the Ad people walking.If they let this [proj- Parkway and Flatlands Avenue, just ing that was being lost to malls on plans for Hillside Avenue, a com- Hoc Committee of Community ect] go through, the plan is nothing west of John F. Kennedy Interna- Long Island. mercial strip that runs through areas Board 12, which opposes the pro- but show.” tional Airport. —erik engquist

32 | Crain’s New York Business | July 30, 2007 CNYB 07-30-07 A 33 7/26/2007 7:16 PM Page 1

BUSINESS “The women who have joined are making up for the kids who can’t pay.” –Angel Alejandro, Bronxchester Boxing Club, Page 34

GOTHAM GIGS Air tech HILTON SUE, 50, is an air- Women get in the ring quality inspector for Airtek Environmental Corp., which tested the air after the July 18 Fighting spirit boosts boxing gyms around city explosion that rocked the Grand Central area. Mr. Sue won’t disclose his salary, but public-sector testers make about $55,000 a year. ENVIRO-FRIENDLY He came here from 12 years ago to be near his parents, who had immigrated to the Bronx. Mr. Sue, who had studied civil engineering, was soon certified to do asbestos and lead inspections. “I was always interested in the environment,” he says. ALICIA ASHLEY, a licensed professional AIR APPARENT His main duty boxer, says, “The is testing for asbestos fibers. A sport has grown a lot typical assignment involves for women.” collecting samples inside buildings that have suffered water leaks or wall damage. RECOVERY After the recent disaster, Mr. Sue and four colleagues tested and retested for traces of hazardous material. “I’ll be here forever,” he says. He worked at Ground Zero for nine months. “That was the biggest emergency,” he says. —adrianne pasquarelli

EXPERT OPINIONS WHAT’S NEXT AFTER HARRY POTTER? i recommend Susanna Clarke’s Jonathan Strange & Mr. Norrell. It’s also about magicians and is as creative and exciting as the Harry BY LISA FICKENSCHER Potter books.The characters are adults. ost male boxers in their late 20s start to think about hanging up their It’s nice to read about gloves. But Alicia Ashley was 29 when she became addicted to the sport. adult The former professional dancer and Baruch College graduate has concerns. made up for lost time, winning nine amateur and professional There’s also championships. Philip Pullman’s Even an upcoming 40th birthday isn’t slowing her down. “I love the “His Dark action,” she says. Materials” trilogy. Michael While Ms. Ashley is one of only 11 licensed professional female Chabon’s new book, The boxers in the state, her enthusiasm is shared by See WOMEN on Page 34 Yiddish Policemen’s Union, and Miranda July’s short-story collection, No One Belongs WOMEN ACCOUNT FOR: Here More Than You, are fun. M —sarah mcnally of membership of boxers at the gym of membership Owner Gleason’s Printing House Fitness Church Street McNally Robinson Gym & Squash Club Boxing Gym Booksellers 25% 60% 20% photos: buck ennis

July 30, 2007 | Crain’s New York Business | 33 CNYB 07-30-07 A 34 7/26/2007 7:18 PM Page 1

BUSINESS LIVES TABLE TALK by Bob Lape in small, square cast-iron skillets. Some highly recommended platos principales, all served with rice and black beans, are boneless beef short Agave and kisses on L.I. ribs in a chile piquin salsa, a tortilla pie of shrimp and jumbo lump crab Besito serves upscale layered with spiced tomato salsa and a poblano cream sauce, and tacos de Mexican food with cochinita pibil. The latter is tender pork seasoned with achiote and affection; get ready cooked in a banana leaf with more of for din and gloom BESITO those pickled onions and sweet 402 New York Ave. plantains. The succulent chunks of t’s noisy as hell and dark Huntington, L.I. meat are for sandwiching in warm, inside Besito, restaurateur (631) 549-0100 house-made tortillas. John Tunney III’s trailblazing For dessert, whipped cream- Mexican eatery and agave ½ crowned pumpkin flan is appealing, lounge in Huntington.But the CUISINE Mexican and a chocolate twist on tres leches Iroomy ethnic watering hole and cake tastes better than it sounds. It restaurant has method in its murky WINES 25 choices, eight by the is vanilla sponge cake and chocolate madness. glass, and 50 tequilas ganache, topped with chopped When the menu proves unread- DRESS No code peanuts,whipped cream and choco- able due to tiny print and low light late sauce. levels in the dining room, a friendly NOISE LEVEL Wicked Several dishes needed salt in a re- waitress will offer a small squeeze-it PRICE RANGE $17-$26 cent visit. Perhaps it went to the flashlight bearing the Besito logo lusty margaritas. Besito claims to WINE MARKUP 100%-350% for you to use, telling you to take it sell more Patrón Reposado than home with you. Every squeeze then CREDIT CARDS All major anyone, and even sports four of the and afterward will remind you of RESERVATIONS only 44 bottles made of Gran Patrón Besito, Spanish for “little kiss.” Recommended Burdeos, a hyper-high-end agave As eyes adjust to the gloom, and retailing for $500 to $750 a bottle. ears to the merry din of the tequila- HOURS Dinner daily, 5-11 p.m.; Clearly, Besito does a lot right. tippling set three deep at the bar, the Brunch weekends, 1-5 p.m. This prototype has been followed by visual and culinary merits of this = Outstanding another “Little Kiss” in Roslyn, and Long Island hot spot become clear. = Excellent Mr. Tunney is negotiating to open Mr. Tunney, whose great-great more in Port Jefferson, L.I., and buck ennis = Very good uncle was Jack Dempsey nemesis HOT SPOT: Huntington, L.I., restaurant Besito features good Mexican food in a dining room = Good Park City, Utah, and at a Connecti- Gene Tunney, has punched up his decorated with wrought-iron lanterns and slender eucalyptus beams. cut casino. Visions of going public atmospherics with wrought-iron are dancing in his head. lanterns, colorfully striped ban- the sauce for chef Lake’s roasted With the check comes another quettes and a ceiling of slender eu- with precision at Besito. a rich mole redolent of nuts won wild salmon dish garnished with gift: a tiny Mexican worry doll. Put calyptus beams. Other entradas ($6 to $13) hap- universal approval. crisp bananas, pineapple and pico de it under the pillow at night, we are Chef Matthew Lake provides the pily touching familiar flavor bases Patrons are given a handy glos- gallo. The glossary also includes a told, and in the morning all your firepower; his work is familiar to are tortilla soup with avocado and sary of Mexican cooking terms, so heat scale for the chiles, from a low worries will be gone. So you leave Manhattanites from Rosa Mexicano chicken, red snapper-filled tacos the menu is easily parsed, with the of 3 for anchos to 10 for habaneros. Besito with a worry doll, a flash- and 27 Standard. A Rosa practice topped with pickled onion,corn tor- aid of the flashlight.The word man- Food is artfully presented at Be- light, pleasant memories and a de- now standard in upscale Mexican tillas stuffed with crabmeat, and chamanteles,Spanish for “table stain- sito, with side dishes such as the sire to return. restaurants is the tableside prep of zestily accented ceviches. A “spe- er,” is identified as one of the seven baked cheese queso fundido, with guacamole in a lava stone bowl,done cial” enchilada of shredded duck in mole preparations of Oaxaca. It’s chorizo, onion and cilantro, served COMMENTS? [email protected]

members are women. Printing the United States, and 107 in the ROSENBERG House also offers a complimentary New York area, according to gov- & ESTIS, P.C. Women in the ring $88 one-hour boxing session to its erning body Boxing USA. There new clients. isn’t much financial incentive to ad- is pleased to “It gives them a taste of the pro- vance beyond amateur status, with announce Continued from Page 33 For the first time in its 97-year histo- gram,” says the gym’s general man- professional purses ranging from thousands of New York women who ry, Everlast Worldwide Inc. intro- ager, Ralph Anastasio. $200 per round to as much as that are hitting the ropes and heavy duced a line of women’s gloves,heavy “Then it leads to an increase $10,000 for a main event, punching bags at gyms across the bags and hand wraps last October. in business.” says promoter Arnie Rosen- William Byers, Jr. city. Women’s interest in boxing Thousands of women thal. The growing popularity of reaches all corners of the city, in- were introduced to the sport One-two punch ❖ women’s boxing is a boon to the cluding gyms like Bronxchester in fitness classes at their local sport and the businesses that sup- Boxing Club,located in the midst of gyms. To be sure, the 2004 $10K the sport suffered a dual port it. Cash-strapped fight centers the Castle Hill housing projects. In movie Million Dollar Baby MAXIMUM blow in 2005 when it was not like the legendary Gleason’s Gym in June, the not-for-profit club built a sparked women’s interest as professional admitted into the 2008 Bei- Elvira A. Kisish purse for a Brooklyn—which has a 25% female women’s locker room by reducing well. The benefits of the main event in jing Olympic Games and it membership—are increasingly rely- the size of the men’s. sport were illustrated by the women’s boxing lost its only real celebrity, ❖ ing on women to survive. Trainers “We barely make ends meet,”says sleek body of actress Hilary Muhammad Ali’s daughter, are getting more business, too. For- Angel Alejandro,who runs the gym. Swank.“The movie gave us a spike,” Laila Ali, who took a hiatus from mer boxer Ray Velez began working “But the women who have joined are says Bruce Silverglade, owner of boxing to focus on her new role with Michael A. Pensabene with women boxers seven years ago, helping pick up the financial burden Gleason’s. the TV show Dancing with the Stars. and now they represent 40% of his of running the place and making up More recently, Fox Sports Net Eventually, another national star have become partners clients. for the kids who can’t pay.” presented its first all-women’s will surface, say boxing experts. As Even New York City sports- championship card on March 22.Its more women lace up, they are of the firm. equipment makers see opportunities. Seeking a challenge success led to a second all-women’s grooming the next generation of most women who box are educat- card on July 12.A third date is being boxers. Ms. Ashley,for one, is train- ed and have the financial resources discussed.“Women’s boxing is a rat- ing a 9-year-old at Gleason’s Gym. 733 Third Avenue, to pursue their interest. ings draw,” says George Greenberg, “The sport has grown a lot for New York, NY 10017 The swanky Printing House Fit- executive vice president of program- women,” says Ms. Ashley. “When I Telephone: 212-867-6000 ness & Squash Club in the West ming for the cable network. started fighting, there was only one Village saw an opportunity six years But the number of women who competition for women. Now, there Fax: 212-551-8484 ago when it hired two-time Golden are seriously participating in the are at least four.” www.RosenbergEstis.com Gloves champion Jennifer Santiago sport is small. There are just 2,189 as a trainer. Now, 60% of its boxing registered amateur female boxers in COMMENTS? [email protected]

34 | Crain’s New York Business | July 30, 2007 CNYB 07-30-07 A 35 7/26/2007 7:54 PM Page 1

BUSINESS LIVES CORPORATE LADDER Kristine Johnson, Chris Wragge WCBS’s top story at 11 Duo set out to make the noon slot, the duo hope to help Channel 2 end its run as local tele- PERSONNEL FILE broadcast required vision’s longtime ratings loser. Mr. Wragge, who had led the COMPANY WCBS-TV Channel 2 viewing, but their sports desk since 2004, and Ms. KRISTINE JOHNSON Johnson, who had anchored NBC’s competition is stiff Early Today, established themselves TITLE Anchor quickly after taking over the 5 p.m. AGE 35 BY MATTHEW FLAMM newscast in November. They con- INDISPENSABLE GADGET tinue to lead that broadcast. mong the qualities that “We are difference-makers,”says BlackBerry WCBS’s new 11 p.m. Mr.Wragge, referring to the ratings CHRIS WRAGGE news anchors share is boost that has occurred on their TITLE Anchor their tendency to draw watch at 5 p.m. He adds of rival on the past when they newscasts on WNBC and WABC, AGE 37 Alook at a teleprompter. “We’re going to hunt them down PERSONALITY TYPE Type A For Chris Wragge, who attend- and catch them.” ed the University of New Hamp- shire on a football scholarship,read- Tall order WABC, are newer to the scene, but ing the news live on television is like many other CBS teams have tried have developed a rapport with New

playing in a game. and failed to do that. Turnover York audiences. buck ennis “There’s that same nervousness among on-air talent and program- WCBS has high hopes for the you get in your belly when you’re ming missteps going back to the 11 o’clock team. General Manager 80%, and the increase among 18- to ness offsets her colleague’s energy. down by six points and have to move mid-1990s have kept Channel 2’s Peter Dunn says they have the one 49-year-olds is 79%, versus 61% a “With her, what you see is what the ball eight yards,” says Mr. news shows from gaining traction. thing necessary for a successful year ago. you get,” says Gary Brown, news di- Wragge, who got his start calling According to Nielsen Media Re- show: chemistry. “They genuinely People who have worked with rector at KGTV in San Diego, who plays on a New Hampshire station. search, for the first two weeks of like each other,” Mr. Dunn says. the two aren’t surprised to see them worked with Ms. Johnson at WPRI Co-anchor Kristine Johnson July, WCBS was in fourth place at in marquee positions in the nation’s in Providence, R.I. honed her future journalism skills as 11 p.m.—behind channels 4, 7 and Little steps biggest TV market. The co-anchors say they want an Air Force brat growing up on 41—among viewers aged 25 to 54, some numbershave improved in the “He’s got an exuberance that con- New York viewers to feel comfort- bases around the world. “I had to advertisers’ target audience. The month that Mr. Wragge and Ms. nects with the viewer,” says Mark able with them, no matter how bad learn how to make new friends and market’s anchor chairs are manned Johnson have been on at 11 p.m. A Ockerbloom,an anchor on Fox 25 in the news gets. “You search for light new connections,” she says. by formidable rivals. Chuck Scar- year ago,only 71% of 25- to 54-year- Boston. He hired Mr. Wragge fresh moments,”Mr.Wragge says.“We’re Younger by more than 10 years borough and Sue Simmons have led olds watching Channel 2 as 11 p.m. out of college at WMUR in Man- not just talking heads.” than their predecessors, Jim Rosen- WNBC’s 11 p.m. broadcast for 27 approached stuck around for the chester, N.H. field and Dana Tyler, who moved to years. Bill Ritter and Liz Cho at news. The retention rate for July is Ms. Johnson’s low-key natural- COMMENTS? [email protected]

EXECUTIVE MOVES

ACCOUNTING & CONSULTING Wimsatt, 33, was named managing associate at Thacher Proffitt & Wood. HOT JOBS Alvarez & Marsal Transaction Advisory director and portfolio manager. He had Lovells: Veronica Mullally, 49, joined as Group: Michael Tamulis, 33, joined as been portfolio manager and analyst at partner. She had been partner at Orrick managing director and head of technical Levin Capital Strategies. Herrington & Sutcliffe. WANTED: CHIEF FINANCIAL OFFICER accounting activities. He had been chief Platinum Funding Group: Dina Niron, 36, Reed Smith: Eric Piasta, 38, joined as a . financial officer at Main Street Resources was promoted to vice president of partner. He had been an associate at COMPANY BDO Seidman: Carl W. Pergola, 45, was business development from business Schulte Roth & Zabel. Alloy Inc. promoted to executive director, development officer. Tannenbaum Helpern Syracuse & JOB DESCRIPTION Overseeing financial operations consulting, from national director, Praesidian Capital Investors: James A. Hirschtritt: Kenneth M. Block, 61, joined litigation and fraud investigation. Fisher, 47, joined as partner. He was as partner. He had been partner at MOST IMPORTANT TASK Managing budget through a number of Deloitte & Touche USA: Gregory T. formerly senior managing director at Thelen Reid Brown Raysman & Steiner. acquisitions Durant, 48, was promoted to regional AC Finance. CREDENTIALS NEEDED Proven financial management experience managing partner, Northeast, from MEDIA & ENTERTAINMENT global lead client service partner. HEALTH CARE Capitol Music Group U.S.: Syd Schwartz, SALARY Former CFO’s total compensation was $418,950 in 2006 EngenderHealth: Dr. Isaiah Ndong, 55, was 39, was named senior vice president, FINANCE & INSURANCE promoted to vice president for programs digital strategy. He had been senior vice RECRUITER Internal AXA Equitable: Barbara Goodstein, 46, from director, Action for West Africa president, digital strategy, at Virgin DOWNSIDE Company showed a per-share loss of 58 cents in fiscal was promoted to chief innovation officer Region-Reproductive Health Project. Records. 2006 from executive vice president, marketing Mark Trozzi, 62, was promoted to vice National CineMedia: Michael Eaton, 37, and product development. president for operations and continues as joined as senior vice president of UPSIDE Restructuring efforts are expected to result in a profit this year Guardian Life Insurance Co. of America: chief financial officer. marketing. He had been chief executive Former CFO Gary Yusko resigned earlier this month for undisclosed Margaret W. Skimmer, 56, was named New York-Presbyterian Hospital: Gloria D. officer at Henchman Entertainment, executive vice president, individual Reeg, 56, was appointed chief investment which he co-founded. reasons. Mr. Yusko was appointed to the job in March 2006. Founded in products distribution. She had been a officer. She had been trustee and Office Media Network: Keith Turco, 46, 1996, the teen marketing firm is making a renewed push for expansion. senior vice president at Principal treasurer for Casey Family Programs. was named director of market In April, it bought Channel One Communications from Primedia Inc.; it Financial. development, Eastern region. He had purchased Frontline Marketing the same month for $5.8 million. Alloy John Flannigan, 39, was promoted to HOSPITALITY & TOURISM been senior sales consultant at CB spun off catalog retailer Delia*s Inc. in 2005. senior vice president and corporate New York Philharmonic: Alan Gilbert,40, Commercial Real Estate Services. —KIRA BINDRIM controller from vice president. was named music director. He had been Sherman’s Travel magazine: Ernie Barbara Snyder, 51, was appointed senior chief conductor and artistic adviser at Renzulli, 58, was named publisher. He vice president, chief actuary. She had the Royal Stockholm Philharmonic had been president and publisher of been chief actuary at MassMutual Orchestra. Absolute New York magazine. Financial Group. Solomon R. Guggenheim Foundation: Turner Broadcasting System Inc.: Walker Frank Wander, 49, was promoted to Eleanor R. Goldhar, 57, was named Jacobs, 35, joined as senior vice president, REAL ESTATE SERVICES senior vice president. He continues as deputy director of external affairs. She new media ad sales. He had been a Hines: Jason Alderman, 29, was promoted Lighthouse International: M. Stephen chief information officer. had been an executive officer at the 92nd senior vice president at Reuters to vice president from project manager. Soltis, 61, was named chief financial Ironshore Inc.: Peter McKeegan, 46, was Street Y. Americas Media Group. Matt Weinreich, 41, was promoted vice officer and chief administrative officer. named senior vice president of IronPro. Working Mother magazine: Dana Fellows, president from project manager. He was formerly an independent He had been executive vice president for LAW 34, joined as Eastern advertising Massey Knakal: Josh Davis, 30, joined as financial consultant. Mercator Risk Services. Hunton & Williams: Steven H. Becker, 40, director. She had been regional sales director of information technology. He —adrianne pasquarelli KBW Asset Management Inc: John B. joined as partner. He had been an manager for Entrepreneur magazine. had been a director at Patriarch Partners. and sarah studley

July 30, 2007 | Crain’s New York Business | 35 Project2 7/24/07 11:09 AM Page 1

FAST MEETS FREE WITH AMERICA’S MOST RELIABLE WIRELESS BROADBAND NETWORK.

GET A PC5750 PC CARD FREE VZW PC5750 PC Card: $50 2 year price – $50 mail-in rebate. With new 2 year activation on a $59.99 BroadbandAccess plan. Activation fees, taxes and other charges req’d.*

Our BroadbandAccess network with EVDO Rev A gives you: Fast uploads — typical speeds of 500 – 800 Kbps Fast downloads — typical speeds of 600 Kbps – 1.4 Mbps Wireless freedom — no need to search for Wi-Fi hot spots

TO KEEP YOUR BUSINESS MOVING.

We’ll pay for the service you've used. 1-800-670-0222 vzw.com

SM Now you can Test Drive America's Most Reliable Wireless Broadband Network for 30 days. If we're not the best broadband experience you've had, take your number elsewhere and we'll pay for the service you've used. Credit/Refund for activation and plan access.

VERIZON WIRELESS COMMUNICATIONS STORES See store for Return/Exchange Policy.

MANHATTAN 57 W. 57th St. 100 Wall St. & Water  Westbury Smith Haven Visit the Verizon Wireless Store 342 Madison Ave. btwn. 5th & 6th Ave. (Closed Sat & Sun) 49 Old Country Rd.  1 Smith Haven Mall & 43rd St. 212-980-4860 212-510-6160 516-937-2960 631-382-3720 inside Circuit City and BJ’s. 212-856-6100 581 Broadway NASSAU SUFFOLK WESTCHESTER Staffed with Verizon Wireless employees. Union Square  1/2 block south of Houston Rockville Centre  Bay Shore White Plains Verizon Wireless 859 Broadway 212-431-4613 265 Sunrise Hwy. South Shore Mall  The Westchester Mall in select locations. 212-206-7587 516-594-0346 631-968-5432 914-286-4100  Hablamos Español

Test Drive: BroadbandAccess plan required. Customer must pay all other charges, incl. taxes and surcharges. Early termination fee applies unless device is returned. *Our Surcharges (incl. Fed. Univ. Svc. of 11.3% of interstate and int’l telecom charges (varies quarterly), 4¢ Regulatory and 70¢ Administrative/line/mo., and others by area) are not taxes (details: 1-888-684-1888); gov’t taxes and our surcharges could add 6%–34% to your bill. Activation fee/line: $35 ($25 for $59.99 BroadbandAccess plan). IMPORTANT CONSUMER INFORMATION: Subject to Customer Agreement, Calling Plan, rebate form and credit approval. Up to $175 early termination fee. If more than 5GB/line/month, we presume use is for non-permitted uses and may limit throughput speed or terminate service; see brochure for prohibited and permitted usage. Speed claim based on our network tests with 5MB FTP data files without compression. Actual throughput speed varies. BroadbandAccess is available to more than 202 million people in 242 major metropolitan areas in the U.S. Rev A device req’d for Rev A speeds. Offers and coverage not available everywhere. Network details and coverage maps at vzw.com. © 2007 Verizon Wireless.