Caught in the Storm Ports

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TOP STORIES HEALTH CARE Leading hospitals Fashion houses spending billions on find new strategies biomedical research; as returns soar top hospitals list PAGE 2 ® PAGE 21 Museums recruit wealthy young execs to bolster VOL. XXIV, NO. 12 WWW.CRAINSNEWYORK.COM MARCH 24-30, 2008 PRICE: $3.00 their boards PAGE 2 WALL STREET WOES Big stakes Plaza bags top sushi chef for MARY FREEMAN, in 3-way who lost her job special events at BNY ConvergEx, NEW YORK, NEW YORK, P. 6 has landed many battle for interviews but has French video gotten no offers. game maker puts Newsday moves on Atari Murdoch could PAGE 30 benefit most: News can’t afford to lose BUSINESS LIVES Getting to work BY MATTHEW FLAMM can be a workout advertisers and readers may be PAGE 31 running away from newspapers. But Newsday can’t complain that it’s lonely. VINCENT SPOTO, Three suitors are currently formerly of Credit Suisse, says the courting the Long Island daily,one job market has of struggling Tribune Co.’s crown turned colder. jewels. News Corp.’s swashbuck- ling pirate Rupert Murdoch, jet-

buck ennis setting real estate billionaire and Daily News owner Mort Zucker- man, and Long Island’s Cablevi- sion Inc. are all seeking Newsday’s hand, according to published re- Caught in the storm ports. News of Mr.Murdoch’s interest Mr. McDermott suddenly jobless.The for- was first reported last Thursday on Unemployed financiers INSIDE mer co-head of investment banking at Crainsnewyork.com. AT DEADLINE UBS now spends his days working Whoever Newsday weds could grab a slice, walk the dog G Legal bonanza the phones,plotting his next move as have profound effects on the New THE METROPOLITAN and wait for the call back G City’s pain Wall Street navigates its darkest York newspaper market for years to TRANSPORTATION AUTHORITY G Home prices stretch in almost a decade. come—especially if the groom is plans to recommend a to weaken “I’m reflecting on what to Mr. Murdoch. developer for the Hudson BY AARON ELSTEIN PAGE 3 do,” Mr. McDermott says. Linking Newsday with News Rail Yards to its board on Mr.McDermott is a mem- Corp.’s New York Post “would make Wednesday.The board jeffrey mcdermott left his job as one of Wall ber of one of the city’s fastest- the Post a more formidable com- typically follows the MTA’s Street’s top dealmakers last year to help start a fund growing populations: unem- petitor for advertising,” says veter- recommendations.The board that invests in distressed companies. With the econo- ployed Wall Street financiers. It’s a group that is only an newspaper analyst John Mor- hasn’t set a timetable for my beginning to sag, it seemed like a savvy move. beginning to learn how to cope with empty schedules, ton.“And that is not something the picking a developer. Four But last month, his partner pulled the plug, leaving See CAUGHT UP on Page 7 See 3-WAYon Page 8 teams are vying to build on the 26-acre site on Manhattan’s far West Side: Extell Development Co.; Related Companies; a joint venture between The Paterson’s next crisis: the key issues Durst Organization and Vornado Realty Trust; and Tishman Speyer. Brookfield GOV. DAVID progressives to raise taxes and from Properties pulled out of the He needs budget deal, his own team; PATERSON Mayor Michael Bloomberg to get backed the mayor running last month. tricky decisions could cost him clout on congestion congestion pricing passed. And he pricing, but still must weed out loyalists of predeces- AT LEAST NINE CATERERS, fully run a gantlet of difficult deci- must get a bill sor Eliot Spitzer before they get too INCLUDING CONGLOMERATE BY ERIK ENGQUIST sions in the next fortnight or see his passed. comfortable. Delaware North Cos., are fledgling administration badly “With less than two weeks left bidding to take over the crowned and then castigated damaged. in the fiscal year, he faces a very se- See AT DEADLINE on Page 2 in a frenzied first week as governor, Wall Street’s woes have vere test,” says Mel Miller, a former David Paterson must now success- forced him to abandon a Assembly speaker. “Success or fail- revenue agreement with ure will set the tone for the rest of the Legislature, delaying his administration.” 12

5 talks on the budget, with All this is playing out as Mr. the March Paterson’s past extramarital dal-

31 deadline bloomberg news liances pepper front fast ap- pages and watercooler ELECTRONIC EDITION proaching. conversations. He’s under “Hopefully, the soap NEWSPAPER pressure from See PATERSON on Page 9 71486 01068 0 CNYB 03-24-08 A 2 3/21/2008 8:06 PM Page 1

AT DEADLINE Fashion houses alter plans Continued from Page 1 (BART).Titan said it will concessions at Ellis and Liberty generate $140 million in islands.The contracts expire revenue for San Francisco over next February.The National the life of the contract.The deal to fit changing market Park Service requested takes effect Oct. 1, when CBS proposals, which are due by May Outdoor’s contract with the city 19. Ellis Island is currently run expires.Titan and CBS last three weeks,” says Mark Levy, “We’re focusing more on Eu- by Aramark, while Liberty Outdoor have been vying for Hold sample sales, president of Manhattan-based jun- rope,” says Brian Wolk, co-designer Island is run by Evelyn Hill Inc. city transit contracts across the revamp collections iors line Vanilla Star Jeans, which of the seven-year-old Manhattan- The NPS is combining the two nation. sells in midlevel department stores based line. The clothier sold about contracts and is looking to to prevent returns such as Macy’s and JC Penney. 30% of its tailored dresses and suits increase the number of special MORE THAN 31,300 RUNNERS to European stores for the current events Ellis Island hosts. HAVE APPLIED FOR ENTRY TO Reading the tea leaves spring season,but it is selling 60% of the 2008 ING New York City BY ELISABETH BUTLER CORDOVA to make the best of a bad situa- its wares for fall there. THE HUDSON RIVER PARK Marathon since registration tion, New York clothiers The plan works for TRUST IS CLOSING PORTIONS opened Feb. 25, a 24% increase jungle-print dresses and patent- are finding innovative RECESSION Ruffian because Euro- of the parking garage located on over the first month of leather handbags won’t be enough to ways to deal with the un- pean retailers, known for Pier 40 after structural damage registration last year.That could keep fashion designers in the black sold duds. Some are plan- WATCH being more flexible than was found during an engineer’s translate to about $4.9 million this year. ning to hold major sample their U.S. counterparts survey of the decaying building. in entry fees for the New York As the sinking economy curtails sales. Others are revamping their about payments and shipping re- The decision comes as the Road Runners Club, which consumer shopping sprees, retailers collections. A few are avoiding requirements, are leveraging their trust’s board gets ready to meet organizes the event. Director are thinning out their inventories, turns by reading the tea leaves in strong currencies to snap up high- Thursday to select a plan to Mary Wittenberg says forcing designers to take back crates sales reports and producing fewer end American designs. redevelop Pier 40, which applications are on track to of unsold merchandise. Though no goods. “It’s just easier to deal with,” Mr. accounts for nearly half the surpass last year’s all-time high one likes to talk about “return to Luxury fashion house Ruffian is Wolk says, adding that fall revenues park’s revenues.The board failed of 103,000.The race is still vendor” tactics, it’s becoming a ma- following the money.With the U.S. rose 40% on the strength of Euro- to select a developer at its capped at 38,600 runners, but jor concern for apparel makers at all economy in a tailspin and the dollar pean sales. Later this year, his team meeting last month, hoping to the club keeps a portion of all price levels. sinking fast,it’s betting on the rising will try to further increase foreign work out a compromise among entry fees. Runners will be “This really has hit the fan in the euro for a sales boost. See FASHION on Page 8 competing proposals. chosen by lottery in June. WNYC RADIO HIRED KATHERINE THE CITY COULD NET $127,000 BROWN, FORMER EXECUTIVE PER STUDENT, OR ABOUT $3 YOUTHFUL OUTLOOK: director of Jazz at Lincoln billion a year, if it solved its Jewish Museum board President Robert Center, as its chief operating school dropout problem, Pruzan, left, and officer, a newly created position. according to new estimates from Chairman Joshua Nash Ms. Brown will oversee all non- the education nonprofit are the youngest holders programming aspects of the Directions for Our Youth.The of these posts in its 100- station, such as marketing and first calculation of dropout costs year history. fundraising. WNYC created the specific to New York City is position to coincide with its based on a national study current $57.5 million capital released by Columbia University campaign and its upcoming Teacher’s College last year. move to a new headquarters. Directions for Our Youth came up with the numbers by MANHATTAN-BASED TITAN estimating additional income- WORLDWIDE LAST WEEK BEAT tax revenues paid by graduates, rival CBS Outdoor for the 10- along with cost savings in public year contract to sell ads health care, welfare and criminal throughout the San Francisco justice, minus the price of Bay Area Rapid Transit Direct dropout intervention programs.

THIS WEEK IN CRAIN’S

THE INSIDER------9

GREG DAVID ------11

WEEK IN REVIEW ------12

REAL ESTATE DEALS------16 NEIGHBORHOOD

JOURNAL------20 33 REPORT: New blood on boards HEALTH CARE------21 Midsize museums recruit CLASSIFIEDS ------28

SMALL BUSINESS ------30 the young and affluent

BUSINESS LIVES------31 BY MIRIAM KREININ SOUCCAR THE WEEKS AHEAD ------32 in recent months, families have flocked to the Jewish Museum for CORPORATE LADDER------33 everything from an exhibit of art by the late William Steig, creator of Shrek, to 35 EXECUTIVE MOVES------33 live performances by the latest rock bands for preschoolers. BOB LAPE ------35 The offerings are part of the museum’s grand aim to be a hipper institution and a vol. xxiv, no. 12, march 24, 2008—Crain’s New York Business (issn 8756-789x) is published destination for young families.The youth strategy extends beyond programming, howev- weekly by Crain Communications Inc., 711 Third Ave., New York, NY 10017. Periodicals er.The museum recently elected the youngest board chairman and president in its 100-year postage paid at New York, N.Y. and additional mailing offices. Postmaster: Send address changes to: Crain’s New York Business, Circulation Department, 1155 Gratiot Avenue, Detroit, history: Joshua Nash, 46, and Robert Pruzan, 44, respectively, both financial services executives. MI 48207-2912. for subscriber service: Call (888) 909-9111. Fax (313) 446-6777.$3.00 a “Josh and Robert reflect a constituency that we have identified as key for the Jewish Muse- copy, $59.79 one year, $109.79 two years. (GST No. 13676-0444-RT) ©Entire contents copyright 2008 by Crain Communications Inc. All rights reserved. See MUSEUMS on Page 8 buck ennis

2 | Crain’s New York Business | March 24, 2008 CNYB 03-24-08 A 3 3/21/2008 6:48 PM Page 1

WALL STREET WOES For sale for less, longer Layoffs threaten to put more pressure on real estate market

BY THERESA AGOVINO

recession fears and the credit crunch were already testing the re- silience of Manhattan’s residential real estate market when J.P.Morgan Chase & Co. agreed to buy Bear Stearns Cos. in a fire sale last week. That deal puts further pressure on the residential market because it her- alds even more Wall Street layoffs than pre- 10% dicted, which ESTIMATED would result in decline in prices fewer high- for apartments Bear spawns legal bonanza this year paying positions that have pushed up apart- Stearns employees and sharehold- management of accepting a price far & Barroway and Wolf Popper filed ment prices and insulated Manhat- Four investor, ers to its customers. below the company’s market value. on behalf of Bear employees. By tan from the national housing down- workers lawsuits Four lawsuits against Bear Some of Bear Stearns’ 14,000 Friday, two pension funds had also turn. Even before Bear Stearns’ Stearns were filed last week—two employees have already sued it in filed: the Louisiana Municipal Po- collapse—which by itself could cre- already filed; dozens for shareholders and two for em- federal court, alleging that manage- lice Employees’ Retirement System ate 8,000 pink slips—the industry more in the works ployees. Meanwhile, federal and ment jeopardized their retirement and the Police and Fire Retirement expected 20,000 job losses on Wall state authorities have turned their income by overinvesting those funds System of the City of Detroit. Street during this down cycle. own lawyers loose to investigate in company stock.In addition,insti- Last week, litigation specialist BY HILARY POTKEWITZ factors in Bear’s downfall. tutional clients involved in hun- Quinn Emanuel logged more than Prices to decline “The [collapse] is definitely on dreds of complex deals, including 30 calls from institutional investors “what happened at Bear Stearns is barely a week after Bear Stearns the magnitude of an Enron, and it the purchase of collateralized debt seeking their services. a real ‘wow,’ ” says Ronald Krem- Cos. collapsed into the arms of J.P. could be larger,” says Y. David securities and credit default swaps, Defending all those actions will nitzer, co-chair of the real estate Morgan Chase & Co., it’s clear Scharf, a securities litiga- are looking to sue.They will seek to mean many thousands of billable practice at Pryor Cashman.“I think that the situation is turning into tion partner at Morri- recoup their losses on those vehicles, hours—at rates of up to $1,000 an there is a whole segment of buyers a legal bonanza. son Cohen. which Bear had guaranteed. hour—for J.P. Morgan’s and Bear waiting for the other shoe to drop.” Five law firms have had $1K Some sharehold- “There will be suits flying in Stearns’ outside lawyers. Members Mr. Kremnitzer believes Manhat- teams of lawyers working TOP HOURLY ers accuse Bear every direction,” says Jane Wexton, of that gilded circle include Cad- tan apartment prices could fall up to round the clock to hammer billing rate for Stearns of mislead- a partner at Duane Morris who spe- walader Wickersham & Taft,Skad- 10% this year. out details of J.P. Morgan’s firms’ outside ing them about the cializes in corporate compliance. den Arps Slate Meagher & Flom, And that might only be the be- counsel $2-per-share acquisition of the firm’s financial condi- As usual, plaintiffs’ firms were and Sullivan & Cromwell for Bear ginning. investment bank.A host of others tion right up to the close the first out of the gate last week. Stearns, and Wachtell Lipton Jonathan Miller, chief executive are getting ready to enter the fray, of business on March 14, just two On Monday, Coughlin Stoia Rosen & Katz and Simpson of real estate appraisal and consult- preparing the first of what are ex- days before the agreement was Geller Rudman & Robbins filed a Thacher & Bartlett for J.P.Morgan. ing firm Miller Samuel, believes pected to be dozens of suits repre- struck.Institutional investors allege shareholder suit against Bear the fallout will be more obvious in senting parties ranging from Bear breach of fiduciary duty and accuse Stearns. Later in the week, Shiffrin COMMENTS? [email protected] early 2009, when Wall Street executives receive bonuses for this year’s work. The industry’s crummy performance so far doesn’t bode well for the size of those bonuses, which are Job losses to soar, pain to spread often used for down payments and purchases. Wall Street employees See REAL ESTATE on Page 7 In late February, with the credit city’s economy, and Parrott, an economist at the Fiscal Economists, gripped crisis deepening,the city’s Indepen- its accelerating Policy Institute. “People weren’t by uncertainty, tear dent Budget Office predicted that layoffs will spill 2 sure before, but it seems fairly the number of financial sector lay- over into real es- JOBS IN OTHER clear now.” up their forecasts sectors are offs would reach 12,600 this year tate, restaurants created for each Senior industry executives and 20,000 over the next two years. and retail, econo- Wall St. job now believe that 15% of Wall But a week after J.P. Morgan mists say. Street jobs,or nearly 30,000,could BY DANIEL MASSEY Chase & Co. agreed to buy Bear One thing has be- be lost this year,which augurs Stearns Cos. for the bargain-base- come clear in the past 10 days:The tough times for New eleven months ago, as storm ment price of $2 a share, econo- chances of a deep downturn are Yorkers. The state clouds gathered over Wall Street,the mists are saying that the situation now a lot higher. Department of La- mayor’s top economic advisers de- will get much worse, though they “Clearly, in the past week there’s bor says 3,900 secu- clared that the city would lose 2,000 won’t quantify the magnitude of been the acceptance of recognition rities industry jobs jobs at securities firms in 2008. the dropoff. Wall Street drives the that we’re in a recession,”says James See CONDITIONS on P. 7 illustrations: turner james

March 24, 2008 | Crain’s New York Business | 3 CNYB 03-24-08 A 4 3/21/2008 5:51 PM Page 1

IN THE MARKETS HIGHLIGHTS REEL Saks sacked as revival +1.2% The hits recessionary wall Bloomberg/ Crain’s New York Index Shares on downswing Stephen Sadove, chief executive of Saks, When Saks’ executives launched their rose 1.2% in an early-March earnings statement. turnaround drive three years ago, they set over the as consumers spend For the fiscal year ended Feb. 2, Saks out to achieve an 8% operating margin. previous five reported earnings of Last year, they suc- less on luxury items $47.5 million, or 31 ceeded in doubling

trading days ➡ to end on cents per share, com- their margin to 4.2%— Thursday at pared with a loss of excluding one-time BY ELISABETH BUTLER CORDOVA 322. The $7.3 million the previ- items. The recession S&P 500 ous year, due to re- makes further prog- Index rose ince 2005, Saks Inc. executives structuring costs.Rev- ress unlikely for now. 1.1%, have stitched together an impres- enue in fiscal 2007 “We believe an op- closing at sive turnaround, overhauling came to $3.3 billion, erating margin goal of 1330. marketing and merchandising, up 14% from 2006. 8% will be difficult to and in the process erasing the de- Analysts expect achieve, at least over RISERS Spartment store chain’s once-dowdy image. the retailer to generate the next two or three 5-DAY 1-MONTH 3-MONTH CLOSING Last year, Saks was among the retail earnings of 49 cents years,” partly due to % CHANGE % CHANGE % CHANGE PRICE industry’s best performers, ringing up per share on revenue the company’s inven- Morgan Stanley +19.4% +15.1% -8.6% $49.67 same-store sales of nearly 12% and gen- of $3.4 billion this tory risk and high fixed New York & Company +17.2% +7.5% -13.1% $5.72 erating a healthy profit after losing mon- year. As the economic costs, noted Michelle ey in 2006. outlook continues to Clark,a Morgan Stan- JetBlue Airways +16.1% -8.6% -13.1% $5.56 Sadly, those sunny days have passed. darken,however,those ley analyst, in a recent Sterling Bancorp +14.3% +20.9% +21.5% $17.38 Investors should do their stock shopping predictions are look- Total debt $573 million research report. Liz Claiborne +13.4% +10.4% -9.2% $19.49 elsewhere. Luxury shoppers, especially ing increasingly opti- 2007 same-store sales +11.7% Saks’ shares recent- the sort of upwardly mobile customers mistic, especially as Number of Saks stores 102 ly hit a four-year low, who favor Saks, are reining in their more retailers slash hurt also by delays in an SINKERS spending in the face of a tumbling hous- their own forecasts. expected bid by Ice- 5-DAY 1-MONTH 3-MONTH CLOSING ing market, soaring gasoline prices and At Saks, signs of a landic investment firm % CHANGE % CHANGE % CHANGE PRICE fears of a worsening credit crunch. slowdown are already appearing. Same- Baugur Group to buy the retailer. Bear Stearns -89.5% -92.8% -93.4% $5.96 Even Saks’ executives are sounding store sales rose just 3.8% in the first two Should Baugur give the deal a thumbs- CIT Group -44.7% -59.6% -59.5% $9.63 the alarms. months of 2008, a fraction of the 18% down, Saks’ stock would likely plummet. “We expect to face an increasingly Hess -9.8% -1.7% -7.3% $90.86 jump it achieved at the same time a year It trades at 19.4 times this year’s expected challenging macroeconomic and promo- earlier. In another troubling sign, inven- earnings per share,compared with a mere Public Service Enterprise -8.3% -9.8% -15.4% $41.17 tional environment in 2008 and are tak- tory levels rose 9% in the fourth quarter, 10.6 times for competitor Nordstrom. Blackstone -7.8% -3.0% -35.0% $15.45 ing a more conservative approach to plan- well above anticipated sales growth for ning the business for this year,” noted the first half of 2008. COMMENTS? [email protected]

STOCKS TO WATCH by Erik Ipsen Monster’s stock price speaks louder than jobs data on recession prospects LAST WEEK, shares of online jobs mart Monster.com slid 3% after Wednesday’s announcement that costs in the first quarter would be higher than anticipated. But worries over a shrinking U.S. job market and fears the slowdown will spread overseas halved Monster’s market value in the past year. Next month, the company is expected to post a profit decline of more than 40%, its first earnings dip in five years. Five years ago, a share of Celgene cost six bucks, adjusted for splits. In the past year alone, the biopharmaceutical outfit’s shares have soared 31%, helped by rising sales of cancer drug Revlimid, which can cost as much as $4,500 a month for some treatments. The shares trade at 37 times this year’s earnings, nearly twice the biotech average. Earnings in the current quarter are expected to soar 90%—ending a five-quarter run of triple-digit increases. Rarely have a bank’s connections paid off as richly as they did last week for J.P. Morgan. As the longtime banker for Bear Stearns, J.P. Morgan got the feds’ first call to do what could be the quickie deal of the decade— Bear’s sale for a two-note song. On Wednesday, the bank cashed in again, as a big owner of Visa, which raised $20 billion in an IPO co-led by—-you guessed it—J.P. Morgan. Its shares jumped 26% last week. charts: lindström bekka

4 | Crain’s New York Business | March 24, 2008 Project5 3/21/08 11:19 AM Page 1

Every year, New York City throws out over 400,000 tons of recyclable paper.

That’s enough to ﬁll the Empire State Building.

Recycle magazines, catalogs and other paper. Help ﬁght global climate change.

It’s your city. It’s your earth. For more information call 311 or visit nyc.gov.

The Empire State Building proudly supports a greener NYC. CNYB 03-24-08 A 6 3/21/2008 5:54 PM Page 1

There are other Executive Sedan Companies servicing New York City and Boston, but not at our rates! NEW YORK,NEW YORK edited by Valerie Block TOWN CAR INTERNATIONAL Ready to upgrade to Premium? with provocative lines like “Feeling Call: 212.727.7800 Shelter title Permascrewed?” will appear inside www.towncarinternational.com finds home subways and Metro-North trains. ...See for yourself why we are Corporate America’s Sit, Stay, Good Dog, a ty pennington, star of ABC’s hit Manhattan ad agency, worked on Ground Transportation Solution! reality show Extreme Makeover: the campaign, which also includes Home Edition, is a star on National Public Radio spots. newsstands, too. “The message is vital—we need Following a successful test issue new rules for the next workforce,” of Ty Pennington at Home last says Sara Horowitz, executive May, Hachette Filipacchi Media director of the Brooklyn-based U.S. will up his magazine’s group. “Freelancers are important appearance to four times in 2008. to the city’s economic The year’s first issue hits the street development.” this week with 500,000 copies and Membership at the advocacy 33 pages of ads from the likes of group, known for providing low- Sears, Kohler and KraftMaid. cost health insurance, rose 56%, Despite a difficult environment to 70,000, this past year.The for print advertising and a union is in the process of downturn in the housing market expanding benefits to include that has hurt other titles in the retirement plans and a 10% cell shelter category, Hachette says the phone discount through a startup is a good fit for a stable T-Mobile partnership.

hechler photographers that includes Metropolitan Home and Elle Decor. As a newsstand-driven title, Ty Public toilets Sushi chef Pennington at Home won’t have to in-stalled rely solely on advertising income stars at Plaza or an expensive campaign to build finding a place to go potty will subscriptions. become a little easier now that ron chef Masaharu “We have the New York is getting Morimoto’s public real estate,” says more public bathrooms. appearances will now Chief Executive Spanish outdoor I Jack Kliger, furniture firm Cemusa include events at the newly referring to the just got approval to add refurbished Plaza Hotel. checkout racks four self-cleaning toilets The Food Network star that Hachette to city streets by the end controls of this year. It had already just inked an exclusive deal through its installed one in Madison with catering firm CPS Woman’s Day Square Park on Jan. 10. Weiser LLP is pleased to announce that Events at The Plaza to Special Interest That toilet has been provide his famous sushi division. “If you getting 50 to 80 uses a day. have beachfront property, you can At a quarter per use, that’s Lawrence P. and other signature add a bedroom.” at least $750 in revenue so far. Japanese dishes for parties “The most common reaction and special engagements at we get is ‘Wow, it is really clean,’ ” Freelancers Katie Schwab Cafasso, CPA the 100-year-old landmark says , Cemusa’s have their day director of government and has been admitted into the partnership building. corporate relationships. Sites for Mr. Morimoto (above) freelancers often get a raw deal the additional toilets have not made his Plaza debut last from employers. So the been determined. Freelancers Union, an advocacy The toilets are part of a 20- New York City Mr. Cafasso possesses more than 30 years of Wednesday at a party nonprofit, will kick off a quirky, year, $1.3 billion contract with the 135 West 50th Street experience in the health care industry as both celebrating the reopening $800,000 ad campaign on April 1 city to build street furniture that New York, NY 10020 a public accountant and a senior executive at of the grand ballroom. His that plays on the loners’ sense of includes 330 newsstands and Tel 212.812.7000 health care organizations. As a CPA, he alienation and discontent to drum 3,300 bus shelters. Fax 212.375.6888 sushi station boasted the provides auditing and consulting services, with up membership. longest lines at the event, Contributors: Lisa Fickenscher, Matthew Long Island a focus on integrated delivery systems, For two months, bright which attracted more than Flamm, Amanda Fung 3000 Marcus Avenue hospitals, and nursing homes. magenta, yellow and blue posters Lake Success, NY 11042 600 guests. Tel 516.488.1200 As partner-in-charge of Weiser’s Health He’ll appear next at the Fax 516.488.1238 Care Services Group, Mr. Cafasso leads a official reopening gala for RISING ABOVE IT team of industry experts who provide audit, Westchester NO PART IS TOO SMALL, or cattle-call audition tax, and consulting services such as strategic the entire building on May 660 White Plains Road too tedious, for actress Mimi Weddell. Never planning, performance improvement, clinical 10, once the final touches of Tarrytown, NY 10591 mind the fact that she’s a 99-pound, 93-year- integration, and financial feasibility. a three-year renovation are Tel 914.333.0555 old widow who walks with a cane; the Fax 914.333.0556 completed. He can be reached at 914.517.7424. Mayflower descendant manages to work out New Jersey “Many of our and take dance lessons. In the past 25 years, 399 Thornall Street competitors use outside she’s landed bit parts in Law & Order, Sex and Edison, NJ 08837 contractors for their sushi the City, Hitch and Across the Universe. And Tel 732.549.2800 Steve Rice though she’s flat broke, she insists that the Fax 732.549.2898 stations,” says , only way to get through any difficulty in life is to general manager of CPS “rise above it.” Now, she’s starring in Hats Off, Events, “but no one has a a documentary about her unflagging zest for www.weiserLLP.com Weiser LLP Certified Public Accountants relationship like this with a life, directed by Jyll Johnstone. It opens at the Quad Cinema on March 28.

famous chef.” t.andrew foster

6 | Crain’s New York Business | March 24, 2008 CNYB 03-24-08 A 7 3/21/2008 7:43 PM Page 1

WALL STREET WOES

“The majority of the interviews I before dawn, Mr. Levchuck usually seem to be getting of late are infor- finishes by early afternoon. He says Caught up in the credit crisis mational,” says Mr. Spoto, a 49- the pay is OK. year-old father of two teenage In coming months, more finan- Continued from Page 1 est problem these days is finding daughters who has 25 years of Wall ciers are likely to follow in Mr. dwindling bank balances and an in- ways to pass the time while she waits Street experience. “People say ‘We Levchuck’s footsteps and leave Wall dustry that has lost its appetite for for her next interview. like your background but at the mo- Street behind. talent. To network and to commiserate, ment do not have any specific jobs “There’s a lot of wishful thinking As of the end of January, 3,900 she has turned to Web sites like Link we are hiring for.’ ” that things won’t be so bad,” says people had joined that group since to Wall Street. To ensure she won’t In the meantime,his $405 a week Alan Johnson, managing director at the financial crisis began last sum- spend big stretches of time holed up in unemployment benefits doesn’t pay consultancy Johnson Associ- mer,according to the state Bureau of in her Upper East Side apartment, go very far, and Mr. Spoto is begin- ates. “But I think it will be a couple Labor Statistics. But that 2% cut in she takes her miniature dachshund, ning to wonder if he should work of years before Wall Street firms the Street’s job rolls is only the be- Lola, for frequent walks in Central outside of Wall Street.This week,he start hiring in New York in mean- ginning. Park. and his wife—who doesn’t work— ingful numbers.” With work drying up fast—ini- “I’ve learned to save things to plan to meet with someone about Another newly minted NYSE tial public offerings and corporate do,” she says. “I spread out errands the possibility of entering the fran- alum, Jeffrey Lloyd, is one of rela- merger volume are both down by over time so I have reasons to get out chising business. tively few to get back into finance half from year-ago levels—industry every day.” In the face of the deepening cri- quickly.Last month, he landed a job executives predict staff cuts of at sis in the financial markets, more as a financial adviser at J.P.Morgan

least 15% this year. Even that num- lindström bekka Altered routine Wall Streeters are abandoning their Chase in New Jersey. But he still ber, which seems to be bumped up vincent spoto, who lost his job on old industry. David Levchuck left misses the excitement of his previ- almost daily, would rank as the small hedge funds and brokerages the mortgage-backed trading desk the New York Stock Exchange last ous post. biggest cutback since the bear mar- are also printing pink slips. at Credit Suisse last October, copes year after 23 years as a floor broker. “I lost the job of my dreams,” he ket of 2001 to 2003. Back then, a “You hear of layoffs every day,” by continuing to commute into In January, he embarked on his new mourns. fifth of New York’s securities indus- says John Giesea,president of the Se- Manhattan. Only now he comes career, driving an Arnold Bread try jobs evaporated. curity Traders Association. “There’s into Penn Station just four days a truck.Although each workday starts COMMENTS? [email protected] belt-tightening everywhere.” week, and instead of strolling to his Bad beginnings Just ask Mary Freeman. In De- office overlooking Madison Square this year is off to a brutally fast cember,she lost her job as data man- Park, he takes the subway to an out- HIGH-LEVEL HELP start. Morgan Stanley laid off 1,200 ager at brokerage firm BNY Con- placement firm in midtown. AS MORE FINANCIERS get shown the door, former New York Stock Exchange people in its most recent quarter. vergEx. Frequently, Mr. Spoto lunches clerk Anthony DiMaio is swinging into action. As director of marketplace Citigroup Inc.plans to cut 2,000 in- “I was shocked,” she says. “At no with his network of Wall Street con- outreach for Bold Ministry Inc., he is organizing a series of breakfasts aimed vestment bankers by month’s end. point did I think I would be let go.” tacts, even though that often means at Wall Streeters at a downtown church. In addition to Lehman Brothers Holdings Inc. The 36-year-old Nebraska na- grabbing a quick bite in places like plans to dismiss about 1,400 tive quickly brushed herself off. To the basement food court at Grand offering speeches from executives on how they succeeded in staffers. And those numbers will date,she has landed nearly 20 job in- Central, because his still-employed bouncing back from professional setbacks, the meetings will likely pale next to the carnage ex- terviews but has gotten no offers. friends have little time to spare. In include readings from the Old Testament’s Book of Joshua. pected at 14,000-employee Bear She senses that employers are get- the fall, he had job interviews at “The book is very relevant to what many people on Wall Stearns Cos., following its acquisi- ting increasingly reluctant to hire. Merrill Lynch and Citigroup,but he Street are experiencing today,” Mr. DiMaio says. “It’s about tion by J.P. Morgan Chase & Co. Used to working 15 hours a day, says the job market turned notice- adapting to new times and taking new directions.”

last week. Meanwhile, hundreds of six days a week, she finds her tough- ably colder in January. turner james

sector. Each Wall Street job creates omist for the Bureau of Labor Sta- pers will start going to less pricey two positions in other industries, tistics. stores and buying no-frill brands. Conditions get worse and in 2006 the sector accounted for Spending on luxury goods has al- But there is some reason for op- 5% of the city’s jobs but 23% of its ready been affected and could take a timism. Continued strength in the Continued from Page 3 But much has changed since then. wages, according to the state comp- further hit. health and hospitality sectors could have been cut since September. “Since our forecast was put to troller’s office. Bonuses in 2007 “Consumers are going to be much cushion the blow. City Comptroller If the last round of retrench- bed, we have seen a job loss of alone totaled more than $33 billion. more cost-conscious in terms of their William Thompson says record sur- ments is any sign,the city’s economy 63,000 at the U.S. level—a second spending habits than they have been pluses and prudent spending the is in for a rough time. The Street straight month of declines,” says Ripple effect historically,” says Fred Crawford, past few years should help the city. gave up 40,000 jobs between 2001 IBO Director Ronnie Lowenstein. “the numbers are huge, and if managing director of AlixPartners, a But Mr. Thompson acknowl- and 2003, and the city lost 186,000 “We’ve seen a much more severe those dollars are not circulating in New York-based restructuring and edges an uncertain future. jobs during the same period. contraction of credit.We’ve seen the the New York economy, you have to financial advisory firm. “With the “Obviously, the situation deteri- In its most recent forecast,issued loss of Bear Stearns. And we’ve seen wonder what will happen with the Bear Stearns meltdown and more to orated [last] week,” he says. “How in late February, the Independent a broader range of indicators signal- real estate market and restaurants, come, it weighs heavily on the psy- much? Nobody knows yet.” Budget Office predicted the city ing problems.” and the city and state tax revenues,” chology of everyone.” would lose only 2,000 jobs this year. The biggest issue is the financial says Martin Kohli, a regional econ- Mr.Crawford predicts that shop- COMMENTS? [email protected]

ing, just more slowly: Though me- in the fourth quarter year-over- dian apartment prices were up 5.4% year. Real estate facing new pressure at the end February compared with a year earlier,they had been up 6.4% COMMENTS? [email protected] Continued from Page 3 has a listing for a four-bedroom popular with young investment account for about 23% of units pur- apartment on East 50th Street for bankers, who could be wary of buy- chased in Manhattan,Mr.Miller es- $2.4 million. The sellers are now ing or unable to get financing. MIDCAREER PROGRAM timates. considering a $2 million bid. Manhattan residential sale prices “Four months ago, I wouldn’t Condos challenged fell nearly 7% in the first year of the have really responded [to that bid],” new condo developments, an- LOOKING FOR A FEW GOOD LEADERS recession of 2001-03—the last peri- Ms. Forbes says. other favorite of investment THE CORO NEW YORK LEADERSHIP CENTER is now accepting applications od of mass layoffs, Mr. Miller notes. Additionally, the tighter credit bankers, also face challenges. Banks for Leadership New York, its midcareer leadership program. Leadership New Signs of a slowdown have already market is reducing the pool of eli- are skittish about making loans in York seeks civic-minded candidates from the private, public and nonprofit emerged.The number of sales trans- gible buyers. condo buildings with significant sectors who are committed to strengthening New York City. actions completed through Febru- Banks are demanding higher portions of unsold units. Participants challenge their own approaches to leadership by going ary fell 6.4%. Open houses are no credit scores to write mortgages According to StreetEasy.com, behind the scenes to examine different perspectives of New York City’s most longer crammed. Bidding wars, and are reluctant to give interest- 20% of asking-price reductions so complex urban issues, developing personal leadership skills and learning once common, have become rare. only loans or make ones connected far this year were for new condos, from a diverse group of peers. The part-time program begins in September Sellers are offering buyers unsolicit- to small down payments. versus 13% a year ago. and concludes in May. Coro New York is hosting two information sessions, on ed discounts. Some portions of the market are Still, there are many factors— April 14 and May 8. To get more information, or to RSVP for an information considered more vulnerable than including low mortgage rates, lim- Lower bids session and to apply, visit www.coronewyork.org or e-mail others. For example, sellers asking ited inventory and foreign buyers— [email protected]. The application deadline is May 30. louise phillips forbes, executive $900,000 to $2 million might need that could soften a downturn in vice president at Halstead Property, to trim prices, as that’s the range Manhattan. And prices are still ris-

March 24, 2008 | Crain’s New York Business | 7 CNYB 03-24-08 A 8 3/21/2008 8:08 PM Page 1

of the year. The firm booked $70 million in revenue last year, exclud- Fashion houses alter their retail plans ing licensed sales, says Mr. Kon- heim, who declined to discuss 2008 Continued from Page 2 cession,” she says. projections. sales by showing its collection in The retail crunch also prompted The less prescient are stuck with Paris for the first time. fashion firm Lafayette 148 to piles of leftover goods.But in a fash- Designer Nicole Duke,a 12-year change its strategy. The company ion-loving city like New York, a de- veteran of the fashion industry,took typically sells its year-old merchan- signer’s woes become a bargain more of a baseline approach to the dise to discounters like Daffy’s and shopper’s jackpot. problem. For fall, TJ Maxx. Already Online sample-sale company she is changing the overstocked for Gilt Groupe Inc. has been over- looks of two collec- ‘We saw this spring, those out- whelmed by calls from luxury de- tions, Nicole Clos- lets ordered 40% signers who want to unload excess et and Just Nikki, coming last less merchandise product on its site. Gilt has hosted to make them this year, pushing sales for dozens of tony brands since more appealing to July,’ says a Lafayette 148 to or- launching last November. Dolce & moderately priced ganize its first-ever Gabbana, Lorelei and Rachel Roy department stores, Nicole Miller warehouse sale. all appeared on the site within the like Jacksonville, “We might as past two weeks. Fla.-based Stein executive well sell it our- Mart. selves,” says Debra Sample sale bonanza “I’m always way Clark, Lafayette “for luxury and designer lines, into novelty, but 148’s senior vice they really have very limited options I’ve scaled it back,” president of mar- that don’t diminish their brand val-

Ms. Duke says.“In a recession, peo- keting.The three-day sale starts May neff david ue,” says Alexis Maybank, CEO of ple want to buy something that will 8 at the company’s downtown digs. EURO TRASH: Ruffian’s Claude Morais (left) and Brian Wolk follow the rising currency overseas. Gilt Groupe. “They’re in a really get a lot of miles.” Not all designers were caught tough spot right now.” off-guard by the economic changes. The company is launching its Big spenders keep spending? Nicole Miller executives say they ness, which had tripled in two years, out of underperforming stores. first men’s fashion sale in mid-April she didn’t alter her most expen- took action long before retailers went flat on July 7.” “Everyone said: ‘You’re crazy.It’s with a John Varvatos collection.Gilt sive line, Nicole Duke, trusting in- started cutting back on inventory. The firm, which sells in upscale just the July Fourth weekend,’ ” Mr. has already lined up two months’ stead that the top-line shoppers will “We saw this thing coming last department stores such as Bloom- Konheim says. But the move paid worth of men’s lines. keep spending. “That better cus- July,”says Bud Konheim,chief exec- ingdale’s and Saks Fifth Avenue, off—Nicole Miller didn’t have any tomer has no idea that we’re in a re- utive of Nicole Miller. “Our busi- immediately pulled its collection surplus product on hand at the end COMMENTS? [email protected]

rary Art Center gave a board seat to the Daily News, joined the Queens Lawton Fitt about a decade ago, Museum’s board a few months ago. Museums’ youthful trustees when she was in her early forties and Ms. Werwaiss won him over. an executive at Goldman Sachs. “I was very impressed with Continued from Page 2 suming greater responsibilities at an “We don’t have people knocking Soon after the firm went public,Ms. Gretchen,” he says. “It’s always um,” says Director Joan Rosen- earlier age than in the past,” says down our doors to join our board like Fitt gave the center $1 million, ac- helpful to have a more diverse board, baum. “When we expand the board Debra Oppenheim, a recruiter spe- MoMA does,” says Tom Finkel- cording to sources. Ms. Fitt is now including diversity in age.” with a young group, they feel a re- cializing in nonprofits. “Organiza- pearl, director of the Queens Muse- vice chair of the P.S. 1 board. At the Jewish Museum, Mr. sponsibility for developing the next tions are looking for up-and-com- um of Art.“The best way to build the Nash, president of hedge fund generation of visitors.” ing leaders who have a level of board is to find young, energetic Big bucks Ulysses Management, and Mr. As competition gets tougher longevity and contribution in front people who are happy to be here and the guggenheim Museum hit an- Pruzan,a principal in financial advi- among New York City museums for of them,” she adds. have long-term growth potential.” other kind of jackpot when it ap- sory firm Centerview Partners,have major donors as well as visitors, a In September, the Queens Mu- pointed hedge-funder David recruited a number of younger growing number of institutions are Shot in the arm seum named Gretchen Werwaiss, a Ganek to its board a few years ago. trustees. Five of the 10 executive deepening the pool of potential to be sure, the elite boards of the lawyer at Chadbourne & Parke, Then in his early 40s, Mr. Ganek committee members are under 50, trustees by tapping a new generation city’s largest and most prestigious president. Ms. Werwaiss, 37, is one co-chaired a gala in 2006 that as are 15 of the 37 trustees. of philanthropists. institutions, including the Metro- of the youngest people to head a raked in $4 million,a record for the “The museum’s board has always While it used to take years just to politan Museum of Art and the Mu- New York museum board. art institution. sought to keep this a relevant,vigor- become a trustee—let alone board seum of Modern Art, have yet to Taking a chance on executives Though not all younger trustees ous museum,”Mr.Nash says.“With chairman—more successful young hand over the keys to youngsters. who aren’t yet well-known names on have raised such big bucks, they that, there is a continual need for professionals are now catapulting But wealthy young professionals are the charity circuit can also result in have been instrumental in signing leadership with fresh perspectives.” into these positions. providing a needed shot in the arm unexpected windfalls. up other trustees. “In every sphere, people are as- for many midsize museums. For example, P.S. 1 Contempo- Marc Kramer, chief executive of COMMENTS? [email protected]

choice of Newsday’s main union. 3-way battle for Newsday “We would just like to see some- body come in who would turn it back into a newspaper,” says Dennis Continued from Page 1 ing production and advertising op- News Corp. the Grabhorn, president of Teamsters Daily News needs.” erations with Newsday in a deal that edge in the compe- Local 406, which represents the ma- All three media players would could eventually lead to a sale. Such tition for Newsday. jority of Newsday employees.“Out of benefit from a deal with Newsday. an agreement could lower costs,bol- Mr. Murdoch has those three, the one who knows the Cablevision could build the pa- ster advertising and make the Post a already shown he’s most about the newspaper business is per’s circulation through package profitable business in “five minutes,” willing to dig deep Murdoch.” deals with its subscribers. It could Mr. Murdoch has said in the past. for what he wants, A deal with Newsday could also also offer advertisers both print and Insiders agree that the bidding having just spent aid News Corp. in the battle it television platforms. But the media will become heated. Mr. Morton $5.6 billion to buy JOINT OPERATING AGREEMENT? Newsday and the New York Post. launched with the Times when it conglomerate has no publishing ex- suggests that the price, though far Dow Jones & Co. bought The Wall Street Journal. perience and has mismanaged some lower than it might have been five He has also Mr.Murdoch’s aim is to make the of its properties. years ago, could still approach $400 proved adept at negotiating his way papers in a joint operating agree- Journal a broader paper that could For Mr. Zuckerman, simply million. through regulatory issues that could ment must be losing money. compete with the Times for luxury keeping the Post away from Newsday “The Daily News has got to step prevent the owner of television sta- Newsday’s employees are hoping and consumer advertising. With the would be a victory. The Post is be- up,”says an advertising executive who tions—like News Corp.’s Channels for a white knight. The paper re- addition of Newsday, which has a lieved to lose millions of dollars a does business with all three newspa- 5 and 9—from purchasing a news- cently cut 120 jobs, and its news- lock on an affluent market, that job year, while the News is considered pers. “The leverage of Newsday and paper. room has been shrinking for years. might become a lot easier. marginally profitable. The two pa- the Post combined would be more Mr. Zuckerman, who is also re- Last year, ad revenue fell 8%, to Says Henry Scott, managing di- pers and their media titan owners than the Daily News could handle.” portedly considering a joint venture $480 million,according to TNS Me- rector of consulting company Gan- have been locked in a vicious tabloid Spokespersons for Mr. Zucker- with the Long Island paper, would dia Intelligence. sevoort Media,“With Newsday, you war for more than a decade. man and Cablevision declined to have a more difficult time arranging News Corp.has extensive experi- could give the Times a real run for its The Post is looking to create a comment.A News Corp.spokesman such an agreement,since the News is ence with newspapers and a history of money in its own backyard.” joint operating agreement, accord- did not return a call. profitable. Under the Newspaper investing in its properties. Not sur- ing to The New York Times, combin- Industry observers generally give Preservation Act of 1970, one of the prisingly,the company is the preferred COMMENTS? [email protected]

8 | Crain’s New York Business | March 24, 2008 CNYB 03-24-08 A 9 3/21/2008 3:51 PM Page 1

TRAFFIC PLAN Mayor speaks out MAYOR MICHAEL BLOOMBERG began a two-week drive to win approval of his Stringer tests controversial congestion pricing plan at the Crain’s New York Business school policy breakfast forum last Wednesday, lashing out at elected officials for a lack of THE INSIDER leadership. manhattan borough president The mayor scored a major victory on Friday, when Gov. David Paterson Scott Stringer is siding with parents said he will support the proposal, which would charge drivers $8 to enter by Erik Engquist and Matthew Sollars who oppose Mayor Michael Manhattan south of 60th Street in order to cut congestion and raise some Bloomberg’s strict new policy on the $400 million a year for mass transit. However, Assembly Speaker Sheldon promotion of eighth-graders. Silver says the measure doesn’t have enough votes to pass the Assembly, Mr. Stringer’s opposition and City Council approval is uncertain as well. Javits plans return interrupts a warming of his Both the City Council and the state Legislature must approve congestion relationship with Mr. Bloomberg, pricing by the end of the month, or the city will forfeit a federal grant of to drawing board who publicly mocked him two $354.5 million to implement it. years ago. At the breakfast in lower Manhattan, Mr. Bloomberg criticized members he spitzer administration’s of the City Council and state Legislature, City Comptroller William Thomp- plan to renovate the existing Bidders line up son Jr., New Jersey Gov. Jon Corzine and Rep. Anthony Weiner, D-Queens. Jacob K. Javits Convention Responding to Mr. Weiner’s warning that the federal government would re- T for Starrett City duce transit funding for New York if Center and sell adjoining parcels the city generated its own revenue now appears dead. two more potential bidders have through congestion fees, the mayor emerged for Starrett City, bringing said, “That is one of the stupider Earlier this month, the state the total number of groups things I’ve ever heard said.” gave up efforts to sell a parcel interested in buying the sprawling To local lawmakers who com- Brooklyn complex to at least four. north of Javits that was to have plain that they are reluctant to sup- been used to expand the center. The National Housing Partnership Foundation and the port congestion pricing because it Now, legislators say they will block New York Housing Partnership is unpopular with many of their a scheme to sell a site south of the have both expressed interest in the constituents, Mr. Bloomberg said, bloomberg news center, even though an estimated 5,800-unit complex on Jamaica Bay in “That is not why people were elected. They were elected to lead.” $300 million in proceeds would have been used to finance Brooklyn. Crain’s previously reported that a He intimated that Mr. Corzine’s affordable housing programs. coalition of local labor, religious criticism of congestion pricing was hypocritical, given that the Port

and community groups and the buck ennis Legislators blocked the sale at remains the best hope for satisfying National Development Council, a Authority of New York and New the behest of the Friends of Javits, a all of the project’s disgruntled Manhattan-based nonprofit Go to crainsnewyork.com Jersey—controlled in part by Mr. group representing trade show stakeholders. “Everything is really housing agency, hope to buy the to view video highlights of the Corzine—recently increased its exhibitors, who argue that no one expensive at a time when there is no 46-building development and keep mayor’s appearance. Hudson River tunnel tolls to $8 to has a plan to replace the truck money, and everyone is really it affordable for working New match the proposed congestion marshaling lot on the southern unhappy” with the process so far, Yorkers. fee. Referring to Mr. Corzine’s parcel.Thanks to a required Mr. Duane says. A spokesman for owner Starrett struggles to balance his state’s budget, the mayor said, “If I were him, I environmental review of the parcel, City Associates says no bids are wouldn’t take anything off the table.” sale proceeds probably would not Bear may bring being accepted. He rejected Mr. Thompson’s suggestion that the city could postpone have been available this year congestion fees until the economy improves, yet still qualify for the federal anyway.To fund the housing tax break Union workers funds. Mr. Bloomberg asked U.S. Transportation Secretary Mary Peters, who program, Assembly Democrats joined him at the forum, for a one-word response on whether Mr. Thompson’s have proposed a new bond issue. j.p.morgan chase will inherit Bear set to move proposal was feasible. “No,” she said, in a bit of theater. Patrick Foye Stearns Cos. Meanwhile, ’s ’ $70 million city tax “I don’t know which letter of the word ‘no’ you don’t understand,” the mayor resignation as downstate chairman break after it acquires the securities district council 37 and the City chimed in. Referring to the reduction in pollution that congestion pricing would of the Empire State Development firm. Bear Stearns made the deal Council are close to a compromise achieve, he added that Mr. Thompson would not want to meet with the parent Corp. may delay the formation of a with the Giuliani administration in on a bill to relax the city residency of a child with asthma and explain, “Now is not the time to clean up our air.” task force to study plans for a Javits 1997 for $75 million, but the requirement for 45,000 union expansion and a new convention amount was later reduced.To date, members. The congestion pricing plan requires legislative approval from the state as center. So far, the only confirmed Bear has claimed $37 million in The largest public-sector union well as a “home rule” message from the City Council. Last summer, the task force members are City benefits. in the city has pushed hard since Legislature set a March 31 deadline for passage to match the federal Council Speaker Christine Quinn, However, it isn’t clear whether 2006 to eliminate the prerequisite, deadline for the grant money being dangled, although the U.S. Department of Assemblyman Richard Gottfried and the benefits will be honored, since saying its members—who make an Transportation recently told the Bloomberg administration that the state state Sen. Thomas Duane,all Morgan is expected to eliminate at average of $31,000 a year—can no technically has 90 days from the start of the legislative session, which would Manhattan Democrats. least half of Bear Stearns’ longer afford to live in the five make the deadline April 7. Mr. Duane says the task force workforce. boroughs.

late—with amendments coming weighing on the new governor. The perintendent Preston Felton quit Paterson’s crisis further down the road. Assembly and the Working Fami- last week, as did Patrick Foye, Mr. Paterson has other concerns lies Party have both proposed high- downstate chairman of New York’s as well. When he met with Mr. er tax rates on high-income filers to development agency, after getting Continued from Page 1 “They are all very intent on proving Bloomberg last week, he called the help close a budget gap that could word that Mr. Paterson wanted to opera will fade so the new governor that together, they can govern and mayor’s argument for congestion surpass $5 billion. Senate Republi- bring in his own person. can deal with the pressing decisions address the problems that New pricing in Manhattan “very per- cans are always loath to raise taxes The future of Mr. Foye’s interim he must make in an exceedingly Yorkers care about: property taxes, suasive.” On Friday, he took the and are vowing to fight any increase replacement—Avi Schick, a Spitzer short period of time,” says Mr. educating their kids, providing plunge and blessed the plan, al- for individuals or businesses. loyalist who entered his job with no Miller. health care coverage, and prices at though it is unpopular with many experience in economic develop- Word in Albany is that lawmak- the grocery store and the gas pump.” legislators. It’s a bold move, because Republicans need pet projects ment—is uncertain. Three of Mr. ers of both parties will cooperate An on-time budget is a key goal, Mr. Paterson is trying to repair the but republicans need revenue for Spitzer’s senior advisers left when with the Democratic governor— but Mr. Paterson, citing a recession, relationship between the executive the voter-pleasing projects they fund the governor resigned March 12. not only because they like him per- last week jettisoned an agreement and legislative branches, which Mr. in order to help them retain their ra- The personnel, political and pol- sonally, but also because they want with the Assembly and the Senate Spitzer had destroyed with his zor-thin majority in the Senate. icy decisions present daunting chal- the sex talk to stop before the spot- on how much the state can spend in heavy-handed style. “They have got to get some stuff lenges for Mr. Paterson, says Robert light moves their way. With Senate the next fiscal year. Without a deal The rub,though,is that the Bush for upstate, and they have to have Bellafiore, senior partner at Albany Republican leader Joseph Bruno on available revenue,legislative con- administration is threatening to pull their member items, because it is an public relations firm Eric Mower next in line for the governorship, ference committees could not begin $354.5 million in federal funding election year,” says Ms. Bartoletti. and Associates, and former press Democrats in particular need Mr. meetings on how to spend it. off the table if a congestion pricing As Mr. Paterson deals with the secretary and deputy chief of staff Paterson to solidify his standing. bill is not passed by the end of the budget headache,he is also deciding for Gov. George Pataki. Furthermore, all state legislators Legislators return near deadline month. Some lawmakers believe which inherited department heads “It’s a little bit like the Indiana face the voters this fall. legislators will return to Al- that the state has until April 7,based he wants to keep. He has asked all Jones scene where he’s changing “These legislative leaders are bany on Wednesday, just five days on a technical reading of the federal top staffers to submit resignations, drivers on the truck at 70 miles per very aware that this is an election before the budget deadline. Insid- grant language. Regardless of the though his chief spokesman called hour on a mountain road,” Mr. Bel- year,” says Barbara Bartoletti, leg- ers think it increasingly likely that deadline, passing a bill will be a the move a formality and said that lafiore says. islative director at the New York the Legislature will pass a bare- heavy lift for Mr. Paterson. most resignations won’t be accept- State League of Women Voters. bones budget—perhaps a week The push for a tax hike is also ed.However,acting State Police Su- COMMENTS? [email protected]

March 24, 2008 | Crain’s New York Business | 9 CNYB 03-24-08 A 10 3/20/2008 7:55 PM Page 1

VIEWPOINT 4 crucial issues for Paterson editor in chief Rance Crain publisher Jill R. Kaplan

ssuming albany doesn’t find itself in the increases could prove to be counterproductive, pushing EDITORIAL middle of another scandal and can companies and high-income individuals out of the state. editor Greg David deputy managing editors Valerie Block, concentrate on substance this week, Gov. ECONOMIC DEVELOPMENT. The downstate head of Erik Ipsen David Paterson and the Legislature economic development, Patrick Foye, resigned to clear the assistant managing editor Robert Hordt should focus on issues crucial to the way for Mr. Paterson to bring in someone of his own contributing editor–reports economy and business community. choosing. Mr. Foye’s tenure was problematic. He botched Elizabeth MacBride columnist Alair Townsend Two—congestion pricing and the the expansion of the Javits Convention Center and made senior reporters Aaron Elstein, Erik Engquist, budget—must be completed this month.Two others— little progress on the ambitious Moynihan Station project. Lisa Fickenscher, Matthew Flamm, Samantha Marshall, Miriam Kreinin Souccar reorganizing the state’s economic development effort and The Spitzer administration’s decision to divide leadership reporters Theresa Agovino, Barbara Benson, A Elisabeth Butler Cordova, Amanda Fung, medical malpractice—should not be allowed to slip off the of the Empire State Development Corp. between upstate Daniel Massey, Hilary Potkewitz, Gale Scott, agenda in the usual post-budget malaise. and downstate was a mistake.That choice has meant Matthew Sollars CONGESTION PRICING. It’s time for Mr. Paterson and the fractured leadership restaurant critic Bob Lape art director Steven Krupinski Legislature to support and approve Mayor Michael Mr. Paterson and left the deputy art directors Carolyn McClain, Daniel Mednick Bloomberg’s congestion pricing plan. While there have been administration without staff photographer Buck Ennis many complications and compromises, the plan to charge needs to name a a well-known advocate copy desk chief Wendy Zuckerman drivers a fee for entering Manhattan south of 60th Street is for business interests. copy editors Michele Arboit, single chairman Thaddeus Rutkowski the only way to reduce congestion and raise billions of dollars Mr. Paterson needs research editor Denise Southwood associate research editor for mass transit. After almost a year of intense debate, no one of ESDC to name a single, Adrianne Pasquarelli has offered any alternative that comes close to doing both. statewide chairman of www.crainsnewyork.com It is true that public support for the idea is lukewarm at ESDC, and he would online reporter Kira Bindrim best. But as the mayor said at last week’s Crain’s breakfast be best served by EDITORIAL AND ADVERTISING OFFICES 711 Third Ave., New York, NY 10017-5806 forum, government officials are elected to lead, not just recruiting a high- editorial: 212.210.0277 Fax 212.210.0799 advertising: 212.210.0259 follow the polls.This is a test of that proposition. profile, well-respected figure from the business community. Cable craincom nyk THE STATE BUDGET. With the demise of Bear Stearns, it is MEDICAL MALPRACTICE. One of the most promising Fax 212.210.0499 Entire contents ©copyright 2008 Crain now clear that the city and state economic woes from Wall initiatives of the Spitzer administration has been Insurance Communications Inc. All rights reserved. ®CityBusiness is a registered trademark of MCP Street’s problems will be more severe than most experts had Superintendent Eric Dinallo’s effort to tackle soaring medical Inc., used under license agreement.

expected.The state will be hit particularly hard since 20% of malpractice costs. With health care costs hamstringing many TO SUBSCRIBE: its revenue comes from the securities industry. businesses and Medicaid expenditures overwhelming the Call 888.909.9111; fax 313.446.6777. $3.00 a copy, $59.79 one year, $109.79 two years. The only course is to reduce spending.The state budget state, reform could bring relief to providers while assuring www.crainsnewyork.com has increased 22% in the past four years—more than double that injured patients get compensation.The governor should ADVERTISING AND MARKETING the rate of inflation—and the original Spitzer budget support Mr. Dinallo’s efforts and push for action. advertising director Jeff Adler senior account managers proposed another 5% increase for the coming year.There is Robert N. Grossman, William E. Squitieri plenty of room to pare. With the economy so precarious, tax COMMENTS? [email protected] account executives Andrew Carlin, Robert Christiaanse, Irene Irvill, Courtney McCombs, western account manager Ellen Mazen (Los Angeles) 323.370.2477 LETTERS TO THE EDITOR sales manager, classified print & online John Gallagher newsletter product manager Catherine Evans Gittens sales coordinator, print & online Lulé Haznedari Other side of St. Vincent’s story sales coordinator Anita Perrino credit Pat Grondziak 313.446.6082 marketing director Amy Crossman VILLAGERS SUPPORT St. Vincent’s offers one of the make possible two worthy projects, used by for-profit developers to marketing manager Jill H. Bottomley HOSPITAL PLAN few Level 1 trauma centers on the the renovation of Pier 40 and the seek approval for projects that marketing coordinator Jenny Mashberg West Side, which is needed by modernization of St. Vincent’s. would never be entertained under circulation manager Andrea Richardson assistant circulation manager as longtime Village residents, we people throughout the area. What is ignored is that there is an any other circumstances—a huge Rosalie Ford were very happy to read the March Hopefully, the opponents of the alternative to Related’s Pier 40 entertainment complex in the general manager, interactive 10 editorial “A Village not unto new hospital will not be permitted plan being put forward by the Pier middle of a park, and the Marc Minardo itself,” which accurately reports St. to speak for the large community 40 Partnership, which would not destruction of several historic Vincent’s need for a new hospital. that St. Vincent’s serves so well. require a government bailout for structures in a landmark district NEW YORK PRODUCTION myrna and bernard the pier. Similarly, there is no simply to make way for luxury production and pre-press director Michael Corsi posner substantiation for the claim that condos. advertising production manager Rudin’s $310 million mega-luxury andrew berman Marilyn DeMilta ALTERNATIVES PRESERVE condo project—requiring severe Executive director compromises of the landmark and Greenwich Village Society PUBLISHED BY CRAIN COMMUNICATIONS INC. HISTORIC DISTRICT chairman Keith E. Crain zoning protections which keep the for Historic Preservation president Rance Crain greenwich village is indeed a Village the Village—is the only secretary Merrilee Crain part of the city, as Crain’s points way that St. Vincent’s can update EDITOR’S NOTE: Due to an editing error, the treasurer Mary Kay Crain buck ennis ST. VINCENT’S serves a large community. out, and contributes mightily to it its facilities for the 21st century. letter above appeared in the March 17 issue executive vp, operations William Morrow in terms of tourism, culture and These worthy causes are being with sections not written by Mr. Berman. senior vp, group publisher Gloria Scoby group vp, technology, circulation, businesses that depend on the manufacturing Robert C. Adams We have attended meetings where Village’s unique character as a vice president/production & the very vocal and well-organized humanly scaled, historic manufacturing David Kamis opponents of the plan have neighborhood. WHAT’S COMING UP IN CRAIN’S? chief information officer Paul Dalpiaz presented impractical ways of The editorial supports two corporate circulation director Patrick Sheposh using the old facility with a tunnel projects that clearly threaten that Corporate Top Small to the new hospital, which would character, while positing that boards architecture business founder G.D. Crain Jr. (1885-1973) then be smaller in scale.The fact is proposals by The Related report firms report chairman Mrs. G.D. Crain Jr. (1911-1996) that they certainly do not reflect Companies and Rudin March 31 April 7 April 14 the opinion of all Villagers. Management are the only ways to

10 | Crain’s New York Business | March 24, 2008 CNYB 03-24-08 A 11 3/21/2008 11:51 AM Page 1

clock as he struggled to hold together the company’s multibillion-dollar financing plans.“It’s the worst crisis since the Depression,” he insisted. I wasn’t so sure. After all, he hadn’t been in a position of respon- sibility during any previous crisis— not the drastic cutbacks in the securities industry after the Sept. 11 terrorist attacks, nor the 1998 Russ- ian debt default, nor the bleak times of the early 1990s. Last fall, it was clear that two groups were on the front lines of the economic crunch.The first included overextended consumers stuck with subprime loans and in danger of losing their homes. The second was made up of people like that young executive: traders and finance specialists at the largest companies who couldn’t borrow the hundreds of millions of dollars they needed every day. Everyone else said they could see little impact.I checked in with many john h.john howard bankers and accountants whose clients represent the vital middle market of New York.They were op- www.amper-pc.com timistic that their strong revenue growth would continue. Heeding voices I changed my mind last October when the state comptroller issued his annual report on the securities indus- from the trenches try. He found that Wall Street had accounted for 23% of all income in the city in 2006,up from 20% in years t is startling how one event can change the conven- past. Bonuses exceeded $20 billion. tional wisdom. While Mayor Michael Bloomberg Two weeks ago, I moderated an economic-outlook and others insisted that the city’s panel for the Manhattan Chamber of Commerce. One economy had diversified, the comptroller’s report showed that the op- panelist, a noted national economist, foresaw a mild and posite was true.The economic boom shortI recession. Another respected economist, who heads the of 2004-07 happened because of the city’s Independent Budget Office, predicted that there will be securities industry. If the sector cra- tered, so would the economy. More optimistic experts took relatively small job loss- October shook the city, comfort in other statistics. The city es in finance, no decline but the economy held added 80,000 jobs in 2007,an unex- in the cost of office space its own.Two years later, pectedly high figure, signaling con- and only a slowdown in the bottom fell out, and siderable economic momentum;the the New York economy. a four-year recession led very low office vacancy rate and a Then J.P. Morgan to the loss of 329,000 lack of new construction might keep bought crumbling Bear jobs. I don’t know if this rents high;the strong tourism sector, Stearns for a song.Now, downturn will be as bad, buoyed by the weak dollar, would SAVE TIME - BUY TICKETS ONLINE! everyone is on edge, but it will be serious. continue to add jobs. Somehow, the worried about a finan- The first warning idea took hold that Wall Street www.autoshowNY.com cial panic. sign—one I mostly dis- would shed only 20,000 jobs—the Crain’s readers know GREG counted—came last consensus of the mayor’s economic I have been pessimistic DAVID August during the advisory council early this month. since autumn, arguing credit crisis. I know a Today, all those assumptions are that the economic land- 33-year-old rising star suspect.For me,the lesson is simple: scape replicated what we saw in at a global finance company who Always listen to the people on the 1987.The stock market crash of that found himself working around the front lines.

www.autoshowNY.com CRAIN’S ONLINE POLL SHOULD THE PRESS COVER GOV. DAVID PATERSON’S AFFAIRS? NEW YORK INTERNATIONAL NEARLY 80% of the 446 The press should Give Paterson a break. The lay off. It’s guy was terrific during his respondents think the nobody’s business. inaugural speech. AAUTOUTO SSHOWHOW

media should not obsess . 10% Politicians’ private March 21- 30 about the governor’s 9%. lives are public Mon-Sat: 11am - 10:30pm extramarital affairs. But business. Probe Sun: 10am - 7pm deeper. 21% think that what’s . 12% Jacob Javits Convention Center 69% . Investigate whether 11 & 12 Aves between 34 - 39 Streets “private” for a regular he used campaign person isn’t so for a funds to pay for • Check out our Schedule of Attractions and Events online! politician. hotel rooms. • Exotic Cars, Concept Cars, Nearly 1,000 New Vehicles — Something for Everyone!

For security purposes, NO backpacks allowed on Show floor. Random security and bag checks. Special rail admission packages at LIRR & Metro-North ticket windows. FREE Shuttle Bus to Show from Manhattan Parking For this week’s question: Go to www.crainsnewyork.com/poll to have your say. Plaza on 42nd St. (between 9th & 10th Aves.) available all day weekends and from 6pm - 10:30pm Mon-Fri. An activity of the Greater New York Automobile Dealers Association recorded information: 800.282.3336 bloomberg news March 24, 2008 | Crain’s New York Business | 11 CNYB 03-24-08 A 12 3/21/2008 3:04 PM Page 1

WEEK IN REVIEW For daily news updates, go to www.crainsnewyork.com NYSE, Abu Dhabi ECONOMIC SPOTLIGHT ink trading deal nyse euronext inc. and Abu Dhabi Securities Market entered a joint venture under which NYSE will build a trading system for Abu Dhabi by the end of 2009.The two exchanges will also develop investment products, forge links for listing companies and work together on other new ventures. Liz concludes brand review liz claiborne inc. completed its eight-month strategic review, deciding to keep contemporary apparel brands Kensie and Mac & bloomberg news Jac, the last of 16 labels it put on the auction block last year. The price of power Overall, Liz Claiborne sold eight NEW YORKERS CAN EXPECT their electricity bills to be higher brands, discontinued four, kept next month. The state’s Public Service Commission three and licensed one. approved a 4.7% rate increase for CONSOLIDATED EDISON CO.’s New York City and Westchester customers. Although Alliance claims Economy Watch well below the 11.8% hike sought by Con Ed, the increase Blackstone breach Area prices rose 0.5% in February, but the 12-month increase was the lowest in allows the utility to collect an additional $425 million alliance data systems Corp. four months. The city’s jobless rate leaped 0.9 percentage points in January. annually. The action affects the 40% portion of the bill for says Blackstone Group breached its contract to acquire the JANUARY ’08 FEBRUARY ’08 COMPARISON delivery; the cost of the energy itself isn’t regulated. company for $6.6 billion. NY area inflation change +0.2% +0.5% +3.6%1 Blackstone even rejected Alliance’s NYC unemployment rate2 5.2% 6.1% n/a offer to accept a lower takeover fund group. Mr. Havens is the price—a move Alliance says is NYC employment change n/a n/a n/a Cosmetic latest of Citi Chief Executive aimed at delaying the deal, which 1-Inflation rate for the latest 12-month period. 2-Figures are for December 2007 and January contribution Vikram Pandit’s former Morgan has a final deadline of April 17. 2008. n/a Not available. estée lauder cos. Chairman colleagues to snag senior roles at Leonard Lauder donated $131 the bank. Luxury legroom NYC Hotel Stats Broadway Stats million to the Hotel occupancy and daily room Attendance and gross kept heading Whitney starting in april, JetBlue rate both dropped in January, PKF up in the week ended 3/16, The Museum of Times relents Airways Corp. will charge Consulting says. However, occu- League of American Theatres and American Art in proxy fight passengers an additional $10 to pancy edged up from the year- Producers says. There were 32 (right), the $20 a seat for the seven rows of earlier level of 74.8%, and the room shows playing on Broadway that largest donation the new york Times Co. will seats that offer more legroom. rate topped last January’s $239.42. week, including three in previews. ever made to a add Firebrand Partners founder New York Scott Galloway and Kohlberg & museum. Most Co. Chairman James Kohlberg to CIT forced of the gift ($125 million) will be its board of directors.The decision to tap bank line used to bolster the Whitney’s ends a proxy fight among endowment. Mr. Lauder is Firebrand, Harbinger Capital cit group had to draw on a $7.3 chairman of its board of trustees. Partners and the Times.The two billion bank line of credit to funds had originally nominated finance its lending business for four new directors. small and midsize companies.The Economy delays move, taken when normal sources Atlantic Yards Ross to the rescue of short-term debt dried up, could force the sale of CIT. atlantic yards developer Bruce billionaire Wilbur Ross agreed Ratner said the credit crisis would to buy H&R Block Inc.’s Option Dropped cops delay the project’s planned One mortgage servicing unit for residential and office towers. He $1.1 billion, which would create new york city Police Capital IQ’s Weekly Deals Report insisted, however, that the arena, the second-largest U.S. firm Commissioner Raymond Kelly which will be home to the Nets collecting payments on subprime said he would follow Mayor TRANSACTION SIZE basketball team, would proceed on loans. After the purchase, WL Michael Bloomberg’s mandated COMPANY/LOCATION (in millions) BUYER/INVESTOR TRANSACTION TYPE schedule. Ross & Co. will handle about $95 budget cuts by reducing the North Sound Mortgage $35.0 Not disclosed GCI billion of subprime loans, number of officer hires by 1,000 Investments Corp. Nymex, CME deal including $53 billion worth from next year.The reduction will allow Manhattan H&R. for just over 36,000 officers, down Next New Networks Inc. $15.0 Velocity Interactive Group, Goldman Sachs GCI cme group inc. has agreed to buy from 40,000 eight years ago. Manhattan Group, merchant banking division, Saban Capital Group Inc., Spark Capital, Nymex Holdings Inc. for $9.4 —from staff reports and individual investors billion, two months after making E*Trade bloomberg news reports TargetSpot Inc. $8.6 CBS Radio Inc., Milestone Venture Partners, GCI its initial bid of $11 billion. exec resigns Manhattan Union Square Ventures, Bain Capital Ventures Nymex stockholders will receive Pando Networks Inc. $8.1 Wheatley Partners, BRM Capital, Intel Capital GCI 0.1323 shares of CME and $36 in e*trade financial corp. Manhattan cash for each Nymex share they President and Chief Operating Worktopia Inc. $5.0 Draper Fisher Jurvetson Gotham Ventures, GCI own. Officer R. Jarrett Lilien resigned, Harrison, N.Y. Milestone Venture Partners, High Peaks effective May 16. Mr. Lilien, who Venture Partners, European Founders Fund served as interim chief executive Giant Realm, Inc. $3.5 Edison Venture Fund, Comcast Interactive GCI Citigroup hire Manhattan Capital after Mitchell Caplan left in former Morgan Stanley November, was passed over for the Selected deals announced during the week of March 9 for companies headquartered in metro New York. GCI: Growth capital investment represents new money invested in a company for a minority executive John Havens was named permanent position in favor of landov stake. head of Citigroup Inc.’s trading, Donald Layton. Mr. Lilien will FEW COPS: Budget cuts will pare the police

bekka lindström bekka investment banking and hedge not be replaced. force next year.

12 | Crain’s New York Business | March 24, 2008 Project12 3/19/08 2:59 PM Page 1

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REAL ESTATE DEALS Health care ad agency expands

streets. cording to a source familiar with the at 379 Third Ave., between East 27th Cline Davis signs The asking rent was $55 a square deal.The company declined to com- and East 28th streets. for Times Sq. space; foot, according to Dirk Hrobsky, ment. Mitchell and Jennifer Berg and a broker at CB Richard Ellis Inc., Lee Feld of Feld Real Estate rep- Matthew and Sandy Murzin signed will move in April who with colleague Christian resented the tenant. a 10-year lease for the 460-square- Helgesen represented leaseholder —theresa agovino foot ground-floor space.The asking dvertising agency Integro Insurance Brokers. The rent was $130 a square foot. The Cline Davis & Mann company, a division of the Omni- lease includes a 450-square-foot Inc. has signed a one- com Group, will move in April. Bubble tea on basement. year sublease for about Cline Davis & Mann, which tap on Third The restaurant, called Tease, will 35,000 square feet on specializes in the health care mar- feature hot and cold bubble tea and Athe 25th floor of 4 Times Square,be- ket, is based at 220 E. 42nd St. but two couples are opening a restau- house-made pastries such as cook- tween West 42nd and West 43rd needed some additional space, ac- rant that will specialize in bubble tea ies, biscotti and scones. A Thai bev-

4 TIMES SQUARE will house Cline Davis.

erage, bubble tea is made with tapi- oca pearls and sipped through a wide straw.The store will offer limited seating, with a row of barstools and a few small tables. The four friends all bring skills to the project. Ms. Berg teaches food studies and nutrition as a faculty member at New York University and has extensive restaurant experience. Ms. Murzin teaches baking courses at NYU part-time and will take charge of Tease’s baked goods. A real estate manager at Maxwell- Kates Inc., Mr. Berg negotiated the deal independently.Mr. Murzin has an M.B.A. in finance and works in marketing at Citibank. 711 THIRD AVENUE The four will work in the restaurant and keep their regular jobs for now. If Tease performs well, they will open more locations in the city. William Abramson and Lydia Wong of Buchbinder & Warren WE ARE PLEASED TO ANNOUNCE Realty Group represented owner Culinary Associates in the deal. THE FOLLOWING LEASE RENEWAL: —elisabeth butler cordova Law firm likes CRAIN COMMUNICATIONS INC. view from Fifth stibbe, a Dutch law firm, has signed a 10-year lease for 4,988 2 contiguous full ﬂ oors square feet—the entire 32nd floor—at 489 Fifth Ave., between totaling 98,618 rsf East 41st and East 42nd streets. At $89 a square foot, the rent represents a 25% savings over what Stibbe would have paid at its old of- Represented by fice at 350 Park Ave. Mary Ann Tighe, Ivan Hillman, David Hollander, “Not only is the tenant spending less on rent by relocating,but its new Ken Meyerson & Paul Stimpﬂ e space has wonderful light and com- manding views of Fifth Avenue, the CBRE New York Public Library and Bryant Park,” said Ed Wartels, assistant vice president at CresaPart- ners,who along with broker Marcus Rayner represented the tenant. Scott Klau and Erik Harris of Newmark Knight Frank represented the landlord, Elk Investors. —andrew buck 212.594.2700 Three travel firms slgreen.com in same building three tenants, all of them in the travel industry, have signed leases NEWNEW YORK YORK CITY’S CITY’S LARGEST LARGEST OWNEROWNER OFOF COMMERCIALCOMMERCIAL REAL REAL ESTATE ESTATE for a total of 7,847 square feet at 112 W. 34th St. The asking rent for

SLG-1724 100 Third Tombstone-Crain 8.125x10.indd 1 3/13/08 5:59:50 PM 16 | Crain’s New York Business | March 24, 2008 CNYB 03-24-08 A 17 3/19/2008 5:44 PM Page 1

Stricter requirements on the menu? each deal was $59 a square foot. The building had recently un- This month, a U.S. district judge versy in New York, Sen. Tom championed similar legislation dergone an $80 million renovation, Chains await ruling is expected to issue a ruling on Harkin, D-Iowa, last week intro- since 2004. A spokeswoman for which included the lobby, hallways on calorie-posting; whether to uphold a mandate from duced a similar proposal. Mr. Ms. DeLauro says there is increas- and facade. the city’s Department of Health and Harkin is pushing nationwide legis- ing interest now in the legislation Northwest Airlines signed a Congress weighs in Mental Hygiene that re- lation that would require known as the Menu Education and five-year lease for 3,102 square feet quires some 2,400 restau- restaurant chains with 20 or Labeling Act. on the 21st floor. It was previously rants here—those with 15 or 2,400 more locations to disclose located in Rockefeller Center. Bar- BY LISA FICKENSCHER more locations nation- NUMBER of the number of calories, Larger bill restaurants in ry Goodman of Newmark Knight wide—to post caloric infor- New York that grams of saturated fat, “if this is signed into law by the Frank represented the airline. local chain restaurants are wait- mation on their menu may have to grams of trans fat and mil- president,it would supersede any lo- ShermansTravel Media added ing anxiously to see whether a judge boards. The New York State post calories ligrams of sodium in the cal regulations,” says Charles Hunt, 3,221 more square feet to its exist- will uphold a city rule requiring Restaurant Association filed food on their menus. executive vice president of the New ing 8,000 square feet, also on the them to post caloric information on a lawsuit challenging the rule. A companion bill in the House York City chapter of the restaurant 21st floor. It has a nine-year lease. menu boards. And on Capitol Hill, of Representatives was reintro- association. The firm represented itself in the the federal government is eyeing an Nationwide legislation duced last October by Rep. Rosa deal. even stricter diet. undeterred by the legal contro- DeLauro, D-Connecticut, who has COMMENTS? [email protected] Aeroméxico inked a five-year lease for 1,524 square feet on the 11th floor. Hunter Kass of CB Richard Ellis represented the Mex- ican airline. Barry Zeller of Cushman & Wakefield Inc.represented landlord W&H Properties in all three trans- actions. —andrew buck Bigger showroom for clothing biz fyc apparel group is preparing to expand one of its garment district showrooms. The firm recently signed a 10- year lease for 16,000 square feet at 1384 Broadway, between West 37th and West 38th streets. It will relo- cate from space half that size at 1450 Broadway by early April. The asking rent was $50 a square foot. “They really wanted a fresh space,” says Marc Schoen, a Hunter Realty Organization broker, who represented the tenant. The two- story space was recently renovated, along with the building lobby.

1384 BROADWAY welcomes FYC Apparel. Leisure Activities. They’re all within reach right here in St. Louis. Our great outdoor Building owner Chetrit Group concerts & festivals, professional sports teams, hot nightclubs & gourmet restaurants just was pleased to sign the deal with FYC Apparel,which produces fash- may make you forget why you came here in the first place. Start planning your next ion lines Sunny Leigh and Allison “meeting” at explorestlouis.com or call 800-916-9637. Taylor, among others. “It would be an asset to the build- surprising ing to have such a high-profile tenant come in,” says Manny Syskrot, a Chetrit representative who worked on the deal. —elisabeth butler cordova

March 24, 2008 | Crain’s New York Business | 17

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NEIGHBORHOOD JOURNAL Creating S.I. ferry site worth its salt

Three years ago, the city completed Development Corp. took control of development is not aimed only at City grabs control a $340 million renovation at the ter- leasing the 20,000 square feet of re- commuters. She believes that infor- of stalled effort minal, which it views as the key to tail space available in the St. George mational kiosks slated for the termi- developing the area’s waterfront. terminal,which previously had been nal will help lead tourists to local at- to make St. George “We’re trying to cultivate that handled by a private leasing compa- tractions, including Sailors’ Snug terminal a gateway destination kind of feeling,” says ny. On April 29, at the annual con- Harbor and the Garibaldi-Meucci Jeanne Giordano, a consultant who ference hosted by the Staten Island Museum—and, officials hope, to irst came the saltwater helped develop the hugely successful Economic Development Corp., the nearby stores and restaurants as well. GO, FISH: A saltwater fish tank spiffs up the fish; soon come the retail strategy at Grand Central Ter- city will offer a seminar for business- “Even if 1% of the tourists who ferry terminal for commuters and tourists. shops. As many as 11 minal and is now working on the es interested in renting space. ride the ferry decide to get off and stores will open in com- ferry terminal project. “It’s an op- Kamillah Hanks, a director of patronize the retail,” she says, that ing months in Staten Is- portunity to create a unique asset.” the Downtown Staten Island Coun- traffic will spur development in the City Councilman Michael Fland’s St. George Ferry Terminal. Last year, the city’s Economic cil, stresses that the ferry terminal surrounding neighborhoods. McMahon says the city has dragged its feet on the terminal development for too long,but at last it seems to be pointed in the right direction. 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20 52256-06.indd| Crain’s New 1 York Business | March 24, 2008 2/14/08 3:36:28 PM CNYB 03-24-08 A 21 3/19/2008 6:37 PM Page 1

HEALTH CARE INSIDE Largest hospitals in NY area, ranked by operating expenses PAGE 26 “The lack of federal funding resonates with private givers.” —Sanford Weill, philanthropist and former CEO of Citigroup, Page 23

Medical LEE GOLDMAN of Columbia University contends that the care in city and the state should invest directly in university under research. an hour Walk-in clinics a growing trend; some fret about nurses as staff

BY JOYCE HANSON

helen overstreet woke up one February morning with a sudden, painful urinary tract infection. She was staying in her pied-à-terre near Lincoln Center,and her doctors were all back in Mississippi. “You never know where you’re going to be when you get sick,”Ms.Overstreet said as she waited for her prescription at the Duane Reade drugstore on QUICK RELIEF An overview of the 2 convenience clinic brands in New York.

DR WALK-IN buck ennis G Operated by Washington, D.C.-based MODERN Consumer Health Services SPACE G 4 clinics open in NYC; 42 Square footage of recent lab additions. more planned over 3 years Billions flow G Rents space in Duane Reade drugstores 550,000 G Contracts with Endres Memorial Bowers Medical Group for Sloan-Kettering doctors in science race MINUTECLINIC 300,000 G Based in Minneapolis Columbia University G 1 clinic open in NYC; 20-30 Institutions, donors aim to reclaim city’s stature Medical Center more planned over 3 years G Owned by CVS, based in Woonsocket, R.I.; clinics are BY ANDREW MARKS 230,000 located in CVS drugstores NYU School of Medicine G Staffed by nurse practitioners in january, Yeshiva University’s Albert Einstein College of Medicine opened 40 laboratories for examining everything from new vaccines to the best treatments for 200,000 diabetes. Einstein hopes the 200,000 square feet of modern lab space will lure more of the Albert Einstein (below) Broadway and West 63rd Street. She had seen a sign for nation’s top researchers and help the school claim a bigger piece of the National Institutes DR Walk-In Medical Care, a of Health’s funding pie. clinic in the store’s basement, “The new facilities are crucial to our effort to establish Einstein in a nationwide leadership and had just completed a 15- role in medical research,” says Alan Spiegel, who left his directorship at minute consultation there. The facility is one of a hand- LEADING the NIH’s diabetes institute in 2006 to take the helm at Einstein. ful of such clinics that have RESEARCH The Einstein expansion is one of nearly See BIOMEDICAL on Page 22 opened in the city in the past year—part of a growing nation- COMPETITION: In New York City, al movement toward “conven- NEXT DISCOVERY? Scientists take on PHILANTHROPISTS COLLABORATION research buildings can cost $1,200 ience care.”The two companies cancer, flu and depression, and seek step in as NIH funds yields more than sum a square foot. In some other research in this market plan to open a to- the proteins under it all Pages 23, 24 stay flat Page 23 of the parts Page 24 centers, such as Ann Arbor, Mich., INSIDE costs are a third of that. tal of at least 60 more clinics in See WALK-IN on Page 22

March 24, 2008 | Crain’s New York Business | 21 CNYB 03-24-08 A 22 3/19/2008 6:41 PM Page 1

REPORT HEALTH CARE

Einstein team had to turn to an Is- raeli biotech firm to develop a Biomedical science booms in New York promising drug.“I wish we could be developing that drug right here in the city, but no one’s here,” he adds. Continued from Page 21 Meanwhile, the competition for stacle to bringing in more top scien- After long years of lobbying by a dozen recently completed or under PLANNED the NIH’s $28 billion funding tists—and more NIH dollars—has New York’s business and health care way at the city’s major research insti- budget—which has been flat since been the severe lack of space for cut- communities, the city’s Economic tutions. With the help of a handful EXPANSIONS 2004 and is not slated to increase in ting-edge research. Development Corp.is set to open in of major philanthropists, the city’s Future lab additions in NYC, in square ft. 2009—has grown increasingly in- 2010 at the East River Science Park, medical schools and research univer- tense of late. As states like Texas, State-of-the-art draw a publicly sponsored, privately de- sities are investing billions to add a Pennsylvania and Missouri make in a technological era, having veloped 550,000-square-foot com- whopping 2 million or so square feet big public bioscience investments of the best equipment makes a differ- mercial lab campus on East 29th and hundreds of new medical sci- their own, New York may only be ence. Dr. Harold Varmus, president Street and First Avenue. Seth Pin- ence researchers by 2012. able to keep what it’s got. of Memorial Sloan-Kettering, sky, EDC president, says there have The expansions are part of an at- “The NIH funding decrease re- notes that MSK’s new Zuckerman already been promising conversa- tempt to reclaim New York’s stature flects a brain drain of medical inves- Research Center helped lure Ingo tions with drug companies that in the world of medical research. tigators from the state,”observes Dr. Mellinghoff, a top oncologist at want to take space in the science With five major medical schools Antonio Gotto, dean of Weill Cor- UCLA,to head its human oncology park. and research powerhouses, includ- nell Medical College. “That has and pathogenesis program. “We’re very sensitive to the need ing Rockefeller University and slowed,and New York is now able to “That’s really what’s held us for a bioscience industry to support Memorial Sloan-Kettering Cancer 410,000 attract top researchers. But overall, back, the lack of lab space and infra- our academic centers,” Mr. Pinsky Center, New York City is still at the Mount Sinai (above) there’s still a net negative. Our aim structure,” says Dr. Varmus. says. forefront of many kinds of research, is to turn that around.” The heads of New York’s medical But Lee Goldman, the dean of especially in areas such as neuro- 400,000 The new expansions are likely to institutions also are still pining for a health sciences and medicine at Co- science, the study of HIV and other Weill Cornell Medical College help. In the past two years alone, real bioscience industry in New lumbia University, points out that viruses, and the emerging field of multibillion-dollar fundraising York.In Massachusetts and Califor- public investment, not a thriving structural biology. campaigns at Columbia,Weill Cor- nia, the industry has turned Boston biotech industry, made the Univer- 350,000 nell, NYU School of Medicine, and San Francisco into major drug sity of California San Francisco— Less funding Columbia University Medical Center Memorial Sloan-Kettering and Al- discovery hubs. That status has in where he oversaw a life sciences de- but the revolution in bioscience bert Einstein have produced new return attracted more top-notch re- partment—the single biggest in the past decades,one based on the 260,000 search centers focusing on every- searchers to those cities’ medical recipient of NIH funding in the mapping of the human genome and Rockefeller University (below) thing from cancer and genomics to schools. country. requiring ever-greater investments neuroscience, and more are on the “It’s all about achieving a critical “The real engine of biomedical in technology and space,has to some way from Mount Sinai, Rockefeller mass of medical science, and if you research is the universities,” he says. extent pushed New York into the and Weill Cornell in the next few don’t bring together the academic “If we get the kind of financial sup- background. Its share of NIH fund- years.The state’s commitment to in- discovery side with the companies port from the city and state we need ing, the clearest measure of a state’s vest $600 million in stem cell re- that translate the research into new to help build strong programs, then standing in the world of science, has search over the next 10 years should drugs, it places a ceiling on New believe me, the private sector, and been dropping steadily. spur even more growth. York’s ability to compete with oth- the talent, will come to us.” “We’ve got a lot of work ahead of To a man, the deans at the city’s er states as a medical research cen- us,”says Edward Reinfurt,executive top medical schools say the chief ob- ter,” says Dr. Spiegel, noting that an COMMENTS? [email protected]

director of the New York State sinai:mount owings & merrill the 7th skidmore courtesy of art Foundation for Science, Technolo- gy and Innovation. “We’ve lost part 1998, the portion of NIH funding of our share of the nation’s funding going to New York state has de- over the last 20 years, and it’s a chal- clined nearly 2 percentage points, to Walk-in clinics gaining ground lenge for everyone involved in sup- 8.19%,while funding to Massachu- porting medical research in the state setts and California is down about 1 to regain that share.” percentage point. Continued from Page 21 physician to those hospitals. CHS is to get more criticism from the estab- While New York still ranks third New York doesn’t have a school the city over the next three years. also talking with Montefiore Med- lished medical community. But in the nation in NIH funding, gar- among the top 10 NIH grant recip- Though the American Medical ical Center about a similar affiliation studies show virtually no difference nering more than $1.9 billion in ients.Columbia University Medical Association has given a cautious for clinics planned in the Bronx. in outcomes for patients who receive 2007, it has lost ground to the top Center ranks highest at 12th, fol- blessing to the operations,which of- MinuteClinic, a subsidiary of care from convenience clinics rather two, California and Massachusetts, lowed closely by Mount Sinai fer a menu of treatments for basic CVS Caremark Corp., has 500 loca- than from doctors, according to Mr. over the past decade. Its reputation School of Medicine at 14th.By con- medical problems, some doctors are tions in 25 states.It currently has one Howe.“We all want to deliver high- for doing cutting-edge bioscience trast,California boasts three schools distressed by the trend. CVS-based clinic in Staten Island quality care,” he says. research has also slipped. Since in the top 10, and four in the top 15. DR Walk-In—operated by and intends to establish 20 to 30 Both MinuteClinic and DR Consumer Health Services,based in more over the next 30 to 36 months, Walk-In locations are open seven Washington, D.C.—is staffed with says MinuteClinic Chief Executive days a week. No appointments are physicians from Manhattan-based Michael Howe. required,and visits average about 15 The Thirty-two years ago, Parker Endres Bowers Medical Group. minutes. Patients are charged be- Best pioneered techniques of restorative The other company with expansion ‘Negativity came tween $30 and $200, depending on therapy that foster independence plans in the area, MinuteClinic, the service provided. The facilities staffs its facilities with nurse practi- accept insurance. Route and rapid return to home. If you from providers from tioners. And that is a dangerous dif- “From a public health standpoint, or a loved one are recovering from ference in the view of some doctors. who didn’t get it’s an amazing thing to be out in the Hospital to a surgical procedure, stroke, injury community where people need you,” First, do no harm says Dr.Susan Bowers-Johnson,who or illness, consider the short-term the model’ Home dr.robert goldberg, president of joined the medical group last June. rehabilitation program most in tune the Medical Society of the State of Clinic doctors make $120,000 to with today's seniors. New York,is concerned that what he $150,000 a year, similar to primary Short-term refers to as “nurse kiosks” might do care doctors. Nurse practitioners rehabilitation at 718-289-2163/2164 patients with serious illnesses more make two-thirds of that, says Tine Parker Jewish Institute harm than good. Another firm, RediClinic, made Hansen-Turton, executive director for Health Care Consumer Health Services and a foray into New York but found the of the Convenient Care Association. and Rehabilitation. Endres Bowers run four DR Walk- regulations too onerous, sources say. “Negativity came initially from In clinics in Manhattan. Plans call New York has a law prohibiting the providers who really didn’t under- for 42 more—all in Duane Reade practice of medicine by corpora- stand the model,” Ms. Hansen-Tur- locations—over the next three tions, and some critics have won- ton says, adding that opponents call years,according to Sean O’Donnell, dered whether MinuteClinic may the clinics a “disruptive innovation” president of CHS. run afoul of it. Mr. Howe said he is because they are consumer-driven. DR Walk-In is affiliated with confident the company can operate “People want to feel better right 271-11 76TH AVENUE NEW HYDE PARK, NY 11040-1433 VISIT US AT: Continuum Health Partners and legally in New York, though he was away,” she says. “Plus, people love WWW.PARKERINSTITUTE.ORG Email: [email protected] North Shore-Long Island Jewish not specific about how. the transparency in ... pricing.” systems.The clinics’ doctors may re- Because it is staffed with nurse fer patients without a primary care practitioners, MinuteClinic tends COMMENTS? [email protected]

22 | Crain’s New York Business | March 24, 2008 008212_BestRouteHome_4x4_v1.indd 1 3/6/08 4:40:19 PM CNYB 03-24-08 A 23 3/19/2008 6:39 PM Page 1

REPORT HEALTH CARE LEADING RESEARCH Donor’s Starr power Findings on flu are drives cancer studies nothing to sneeze at Funds back consortium Discoveries at Sinai of major institutions; lead to understanding of risk-taking encouraged pandemics, other viruses

BY JUDITH MESSINA BY CARA S. TRAGER

science is rarely associated with speed. among the recent findings from Dr.Peter But a new consortium of top research institu- Palese’s lab at Mount Sinai School of Medi- tions aims to hasten the pace of discovery by cine is an answer to a question that has long encouraging risk-taking and collaboration puzzled the medical community:Why is win- among researchers. ter the flu season? Established in 2006 by a $100 million,five- It was just the latest in a series of findings year grant from The Starr Foundation, the MICE TRY: Starr has that have caught the attention both of the sci- PETER PALESE Starr Cancer Consortium includes Rocke- given Dr. Jeffrey entific community and the general public. Dr. says the flu is feller University, Memorial Sloan-Kettering Ravetch the Palese, who leads a microbiology department underestimated. resources to test his He recommends Cancer Center, Weill Cornell Medical Col- concept on rodents. with a research budget of $19 million, has vaccination. david neff david lege, Cold Spring Harbor Laboratory,and the neff david emerged as one of the world’s foremost flu ex- Broad Institute of Harvard University and the perts, a scientist whose study of the 1918 epi- Massachusetts Institute of Technology. expertise and resources of the five member demic offers new understanding of the killer planation that never made sense for people Grant recipients must work in teams that institutions, each of which brings its own disease and pandemics in general. who spent summers in air-conditioned spaces include participants from at least two of the strengths to the collaboration. After decades “Based on 1918, we can now gauge the vir- that were just as crowded. five institutions. So far, the consortium has of treating cancer, for instance, MSK has an ulence of the different influenza viruses and Observers expect Dr.Palese’s discoveries to awarded 20 grants to support innovative re- unparalleled collection of tumor samples that what they can and can’t do,” he says.“We have continue.With funding from the National In- search, such as the project undertaken by can be used by researchers. learned from the 1918 pandemic that the flu stitutes of Health and other sources,including Rockefeller immunologist Dr. Jeffrey Ra- The consortium’s focus is to map the genes is very unpredictable.There isn’t only one way the Keck Foundation, Dr. Palese’s research is vetch, who is working with other researchers and uncover the biological mechanisms that for a virus to become highly virulent.” shedding light on viruses in general and the from Rockefeller and MSK on a study that cause cancer, and develop new ways to diag- The pandemic killed 50 million people. vaccines and other medications necessary to could revolutionize the way in which cancer nose and treat the disease. After an outside As part of his probe into the virulent genes combat them. vaccines are developed. board reviews applications and makes recom- and other factors that turned a seasonal ail- “Dr. Palese has an understanding of how “We each bring to it many years of expert- mendations, the executive committee, which ment into a catastrophic killer 90 years ago, influenza viruses work from a molecular ise,” says Dr. Ravetch. “The most important includes the heads of the five institutions, de- Dr. Palese discovered, among other things, standpoint and has a great sense of priority on thing is that The Starr Foundation has given cides which projects will get funded. that the virus is best transmitted when the air what is important to study in this field,” says us the resources to show that [our] concept “The Starr Foundation understands the temperature is cold and the humidity is low— Dr. Terrence Tumpey, a senior microbiologist may work in mice.” benefits of investing in early-stage and col- which typifies the winter season in the North. at the Centers for Disease Control. Indeed, private money is increasingly im- laborative research,” says Bruce Stillman, In contrast,in the tropical zones,the flu is gen- Dr. Palese, who has been at Mount Sinai portant to biomedical research.While the Na- CSHL chief executive. “I’m erally nonexistent year-round. since 1971, converses at the highest levels of tional Institutes of Health bestows billions of convinced that if we could do all NIH FUNDS His research countered the science. But he also offers some down-to- dollars on biomedical research in New York, of science the way philanthropy In May, Crain’s Health conventional wisdom. Experts earth advice: Get your flu vaccine. federal money rarely backs this kind of trail- funds research, we’d be better Pulse lists top grantees. had long opined that the flu was “It’s an underestimated disease,” he says. blazing investigation. Philanthropic dollars off.” To subscribe, go to more prevalent in winter because “We are not using the current vaccines enough.” can fill the gap. www.crainsnewyork.com. people were crowded together The Starr Cancer Consortium unites the COMMENTS? [email protected] inside much of the time, an ex- COMMENTS? [email protected]

$105 million for research from the proceeds of a blockbuster drug he Philanthropy toresearchers’ rescue developed, in appreciation for the support he received from the school over 40 years for his own work. York University and Weill Cornell rewarding that he simply kept go- Big names in NYC Medical College. ing. His current tally for Weill Cor- BIGGEST GIVERS Directed donations step up; some With government funding for nell stands at $500 million. others, often guided by person- medical science research flat and The contributions fund a wide Sanford Weill al experience, direct their money to donations tied to public investment for capital proj- variety of research projects, though $250 million a particular research area. personal interests ects at the city’s top medical schools Mr. Weill jokes that he’s particular- Weill Cornell Medical College The recent $28 million gift from nowhere to be found, this philan- ly interested in Alzheimer’s. Jerome Greene Foundation one of Columbia University Med- thropy is vital. “I’m 75 now.Every time I see Dr. $200 million ical Center’s biggest donors, The BY ANDREW MARKS “Without the generosity of peo- [Norman] Relkin, I tell him to hur- Columbia University Russell Berrie Foundation, brings ple like Mr. Zuckerman and others, ry up,” he says of the director of Medical Center its giving related to diabetes re- memorial sloan-kettering’snew we simply wouldn’t be able to do the Weill Cornell’s memory disorders search and treatment at the school cancer research center would most kind of science needed to under- program. Dr. Jan Vilcek to $63 million. Both the late Mr. likely still be on its wish list if not for stand and cure cancers that we’re do- $105 million Berrie and his mother had diabetes. Morton Zuckerman, whose $100 ing,” says Dr. Harold Varmus, pres- Foundation support New York University The dearth of new funding from million donation to build it was the ident of Memorial Sloan-Kettering, most of the major donors are School of Medicine the National Institutes of Health for largest individual gift ever received which has raised $1.6 billion over financiers and developers, or foun- research helps impel Mr. Weill’s by the hospital. the past five years. dations connected to them. generosity. The real estate and media mogul The biggest of the big givers is For example, The Starr Founda- but made a splash in 2006 with a “The lack of federal funding res- is one of the new superdonors to Sanford Weill, the former head of tion, endowed with $3.5 billion by $100 million grant to fund a cancer onates with private givers,” he says. medical research in New York. In Citigroup, whose $250 million American International Group, the research consortium. “Doing advanced medical research the past five years, such individuals commitment to Weill Cornell insurance and financial giant co- Supergivers often have longtime is a very expensive game, and the or private foundations have com- Medical College last spring was the founded by C.V. Starr and Maurice connections to recipients. schools need our support to do it mitted $100 million or more to Co- single largest ever made to a medical Greenberg, regularly awards mil- In 2005, Dr. Jan Vilcek, a veter- right and do it well.” lumbia University Medical Center, school. He says his first gift—$5 lions to the city’s medical science in- an scientist at the New York Univer- Memorial Sloan-Kettering, New million, in the late 1980s—was so stitutions. It usually donates quietly sity School of Medicine, gave it COMMENTS? [email protected]

March 24, 2008 | Crain’s New York Business | 23 CNYB 03-24-08 A 24 3/19/2008 6:44 PM Page 1

REPORT HEALTH CARE LEADING RESEARCH A one-two drug punch against depression

about 30 studies over the past 30 years, receiv- months with two widely used antidepressants Double-blind approach ing about $300,000 a year in grants. that are marketed under the brand names should eliminate bias Part of the world-renowned New York Lexapro and Wellbutrin and act differently State Psychiatric Institute,which is led by No- on in the brain.In all,the project will involve bel Prize winner Eric Kandel, the service’s 240 patients. BY CARA S. TRAGER work is particularly important in light of the Some doctors already prescribe a combina- questions that have emerged in recent years tion of drugs for depression, and a pilot study in the $17 billionantidepressant arena,a mar- about the extent to which financial ties be- by Dr. McGrath indicated that the drug com- ket rife with competing claims about miracle tween researchers and drug companies affect bo can make patients feel better in as little as meds, psychiatrist Patrick J. McGrath is taking which drugs are prescribed to patients. two weeks.But a controlled study would make credible drug-testing to its highest level. Though the New York State Psychiatric the treatment legitimate, says Dr. Gregory Dr. McGrath is in the midst of launching Institute,located on the Upper West Side,uses Asnis, director of the anxiety and depression a study on the combination of antidepressant grants from drug companies to fund some of program at Montefiore Medical Center. drugs. The study will be controlled and dou- its work, a double-blind study eliminates the “It’s potentially groundbreaking,” he says. ble-blind, with neither researchers nor partic- possibility of bias. As for Dr. McGrath, he hopes the study PATRICK McGRATH hopes his ipants knowing who has received placebos “You can’t deceive yourself with being might give people with depression a faster way study for the Depression versus the real McCoy. overoptimistic and saying that patients are do- to get help. Depending on the study’s results, Evaluation Service will give Meticulous research has established the ing better than they really are,” says Dr. Mc- a drug company might combine the two-drug people a faster way to get help. reputation of the Depression Evaluation Ser- Grath, who promises to publish results regimen by turning it into a single pill. vice, where Dr. McGrath is co-director. The whether they are positive or negative.

service, which also treats patients, has done Subjects will be treated for at least six COMMENTS? [email protected] buck ennis Facility takes city to top in structural biology

using the eight-year-old center’s facilities.The er you get to good ideas for new medicines.” Equipment anchors cylinders—nuclear magnetic resonance spec- The NYSBC grew out of an initiative by NYC in new field trometers—use powerful magnets to immobi- the Partnership for New York City, which lize protein molecules and then bombard them feared that the city was losing talent to better- with radio waves to form detailed pictures of equipped venues, like San Diego and Boston. BY JUDITH MESSINA their structures.The center also houses an ad- “Many investigators were being recruited vanced electron microscope; at Long Island’s and in danger of leaving because they didn’t a tour of the New York Structural Biology Brookhaven National Laboratory,it operates an have the latest equipment,” says Willa Appel, Center can seem like a visit to NASA. Its electron accelerator for X-ray crystallography, chief operating officer of the NYSBC. hangar-sized spaces house seven huge cylin- another technology for imaging proteins. To establish the center,government and pri- ders used to plumb the structure of proteins Such imaging is a key first step in develop- vate donors ponied up more than $45 million; POWER STRUCTURE: that are the building blocks of life. ing new drugs.Ann McDermott is using NMRs 10 member institutions came up with $10.5 The NYSBC empowers The $60 million center, on the campus of to understand the relationship between pro- million. The NYSBC employs about 25 peo- individuals, David City College in Harlem, is the most advanced teins’ structures and the functions they carry ple and has an operating budget of $10 million, Cowburn says. facility of its type in this hemisphere. Its pres- out. Her work is part of a larger project, fund- underwritten by the members and by grants. ence has made New York a clear leader in the ed by a National Institutes of Health grant, to “We are reducing the barriers in certain ar- arcane but revolutionary science of structural study proteins that act as gatekeepers to cells. eas of science and empowering individuals to biology, and it has spawned critical discover- “The goal is to connect [the function] to the do good science faster,” says David Cowburn, ies about HIV, SARS, diabetes and cancer. inner workings of a cell,”says Ms.McDermott, chief executive of the NYSBC. Some 75 scientists and their research teams, a professor of biological chemistry at Columbia

including two Nobel Prize winners, are now University.“The closer you get to that,the clos- COMMENTS? [email protected] buck ennis

sharing, at least of resources. its members. AMDeC is building a “There’s so much that one insti- $10 million mouse-breeding facility Researchers collaborate tution can’t do on its own,” says in Yonkers, and it’s raising another Maria K. Mitchell, president of $10 million to create a Web-based AMDeC, a consortium of about 30 databank of genetic information New York institutions that raises based on the blood samples of 20,000 as funding pressure grows money for collaborative research. ethnically diverse New Yorkers. “New efforts coming on line can Increasingly, funders demand showcase New York and make our that scientists work together to step nologist, had succeeded in breeding work together. While such collabo- investigators more competitive.” up the pace of discovery. Rising costs drive mice with that key trait. One phone ration is not new, it is becoming Sheer numbers help drive joint re- The Bill & Melinda Gates Foun- joint projects; more call and a visit to NYU later, Dr. more institutionalized and arguably search efforts.The city alone has five dation, for one, encourages collabo- Goldstein was driving back up the more important as challenges and major medical schools and numerous rative research. It recently awarded scientists share FDR with a box of the precious an- costs multiply and as funders, eager independent research powerhouses nearly $25 million to the Aaron Di- imals in the passenger seat.The two to hasten the discovery process, de- such as Rockefeller University and amond AIDS Research Center at resources, like mice scientists have continued to collab- mand teamwork. Memorial Sloan-Kettering. Rockefeller University to develop orate,making important discoveries “We’ve all studied together, we AIDS vaccines in cooperation with BY JUDITH MESSINA about the way in which AIDS caus- No scientist is an island know each other, and our students Mount Sinai Medical Center and es neurological damage. “science is no longer one person go back and forth between institu- other institutions. a few years ago, Dr. Harris Gold- “There’s no question in my mind working in a lab,”says Jeffrey Pessin, tions,”says Dr.Joy Hirsch,professor “You take people with strengths stein encountered a roadblock in his that if not for the fact that Dan director of Einstein’s diabetes re- of functional neuroradiology at Co- and if you can come up with fruitful efforts to uncover the biological Littman was in New York City, the search center.“It’s a group effort,be- lumbia University. collaboration, the synergism is workings of HIV. The AIDS re- work we’ve done would not have oc- cause the problems are so complex.” The growing cost and complexi- tremendous,” says MSK chemist searcher, an immunologist at Albert curred,” says Dr. Goldstein. For many years, New York insti- ty of biomedical research are even Derek Tan, who works with biolo- Einstein College of Medicine, Boosted by the city’s unparalleled tutions were protective of their re- bigger factors. The $60 million gists at Weill Cornell Medical Col- needed access to mice that were concentration of scientists, “coop- search. In the mid-1990s, when the worth of equipment and infrastruc- lege and other institutions to iden- highly susceptible to the virus. eration”is increasingly the mantra in city was displaced as the top recipi- ture used for studying the workings tify molecules that can be used to Luckily for Dr. Goldstein, he New York’s famously competitive ent of National Institutes of Health of proteins at the New York Struc- target proteins involved in disease. learned that Dr. Dan Littman, an research community, and scientists funding, voices in the scientific tural Biology Center, for example, is NYU School of Medicine immu- are actively seeking opportunities to community began to call for more well beyond the budget of any one of COMMENTS? [email protected]

24 | Crain’s New York Business | March 24, 2008 Project5 2/22/08 4:11 PM Page 1

My medical Aetna Personal Health history is Record always working for me.

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200872 CNYB 03-24-08 A 26 3/20/2008 6:59 PM Page 1

REPORT HEALTH CARE

Highest-paid Executives at All Area Hospitals New York Area’s Largest Hospitals

Harold Varmus, president and CEO of Ranked by operating expenses Memorial Sloan-Kettering Cancer Center, earned $2.5 million in 2006, making him the 2007 2006 2007 highest-paid executive, garnering 15.6% more operating operating 2007 2007 number of 2007 than runner-up Herbert Pardes, president and expenses expenses number of number of ambulatory inpatient 1 2 3 4 CEO of New York-Presbyterian Hospital. Rank Hospital/Network affiliation Phone/Web site (in millions) (in millions) certified beds employees care visits days New York-Presbyterian Hospital (212) 746-5454 $2,859.65 $2,739.4 2,242 17,723 1,122,785 712,048 2006 525 E. 68th St. www.nyp.org COMPENSATION 1 New York, NY 10021 New York-Presbyterian Healthcare System Harold Varmus, M.D. 6 7 $2,513,820 Executive : Herbert Pardes, M.D., president, chief executive 2006 compensation : $2,174,848 CEO, Memorial Sloan-Kettering Montefiore Medical Center (718) 920-4321 $2,193.08 $2,025.08 1,122 11,3538 2,720,3818 364,972 Cancer Center 111 E. 210th St. www.montefiore.org 2 Bronx, NY 10467 Herbert Pardes, M.D. $2,174,848 Independent CEO, New York-Presbyterian Hospital 6 9 7 Executive : Spencer Foreman, M.D., president 2006 compensation : $1,866,140 Spencer Foreman, M.D. $1,866,140 Memorial Sloan-Kettering Cancer Center (212) 639-2000 $1,511.5 $1,390.5 514 6,220 443,831 137,787 President, Montefiore Medical 1275 York Ave. www.mskcc.org 3 New York, NY 10021 Center Independent Jon B. Schandler $1,749,785* Executive6: Harold Varmus, M.D., president, chief executive 2006 compensation7: $2,513,820 CEO, White Plains Hospital North Shore University Hospital (516) 562-0100 $1,338.05 $1,239.0 915 6,531 676,063 308,086 Medical Center at Manhasset www.northshorelij.com 4 300 Community Drive Guy Sansone Manhasset, NY 11030 $1,500,000 North Shore-Long Island Jewish Health System CEO, Saint Vincent Catholic Executive6: 2006 compensation7 10 Medical Centers Michael J. Dowling, president, chief executive, North Shore-Long Island Jewish Health System : $1,331,805 Mount Sinai Hospital (212) 241-6500 $1,253.311 $1,176.7 1,406 11 8,155 11 738,10011 371,97811 Includes the five highest-paid executives reported by any one 1 Gustave L. Levy Place www.mountsinai.org institution on its 990 tax forms. Compensation does not include 5 New York, NY 10029 contributions to benefit plans and deferred compensation, or Mount Sinai Health System expense account and other allowances. *Includes final payout. Executive6: Kenneth L. Davis, M.D., chief executive 2006 compensation7: $964,325 Beth Israel Medical Center (212) 420-2000 $1,210.55 $1,191.4 1,106 6,535 613,443273,305 First Avenue at 16th Street www.chpnyc.org 6 New York, NY 10003 Continuum Health Partners Inc. Executive6: David Shulkin, M.D., president, chief executive 2006 compensation7: $669,116 Hackensack University Medical Center (201) 996-2000 $1,118.8 $1,108.5 781 6,461 2,676,308 250,150 30 Prospect Ave. www.humc.com 7 Hackensack, NJ 07601 Independent Executive6: John P.Ferguson, president, chief executive 2006 compensation7: $1,055,664 NYU Medical Center (212) 263-7300 $1,076.15 $984.9 1,033 6,574 644,586 239,989 550 First Ave. www.nyumc.org 8 New York, NY 10016 Independent Executive6: Robert M. Glickman, M.D., chief executive12 2006 compensation7: $1,010,704 Long Island Jewish Medical Center (516) 470-7000 $1,065.05 $1,007.0 865 6,01113 559,627 287,045 270-05 76th Ave. www.northshorelij.com 9 New Hyde Park, NY 11040 North Shore-Long Island Jewish Health System Executive6: Michael J. Dowling, president, chief executive, North Shore-Long Island Jewish Health System 2006 compensation7:—10 St. Luke’s-Roosevelt Hospital Center (212) 523-4000 $1,060.75 $1,008.6 1,046 5,565 608,459 259,671 1000 10th Ave. www.chpnyc.org 10 New York, NY 10019 Continuum Health Partners Inc. Executive6: Richard F. Daines, M.D., president, chief executive14 2006 compensation7: $617,603 Maimonides Medical Center (718) 283-6000 $831.05 $738.3 705 5,162 338,570226,705 4802 10th Ave. www.maimonidesmed.org 11 Brooklyn, NY 11219 Independent Executive6: Pamela Brier, president, chief executive 2006 compensation7: $823,599 Westchester Medical Center (914) 493-7000 $669.65 $630.6 635 3,580 90,000 195,426 95 Grasslands Road www.worldclassmedicine.com 12 Valhalla, NY 10595 Independent Executive6: Michael D. Israel, president, chief executive 2006 compensation7: n/d15 Saint Vincent Catholic Medical (212) 604-7000 $660.85 $630.8 662 4,897 792,750 180,100 Centers - St. Vincent’s Manhattan www.svcmc.org 13 and St. Vincent’s Westchester Hospitals 170 W. 12th St. New York, NY 10011 Saint Vincent Catholic Medical Centers Executive6: Guy Sansone, chief executive16 2006 compensation7: $1,500,00017 Winthrop-University Hospital (516) 663-0333 $649.1 $599.0 591 4,345 162,23919 171,071 259 First St. www.winthrop.org 14 Mineola, NY 11501 Winthrop South Nassau University Health System18 Executive6: Daniel P.Walsh, president, chief executive 2006 compensation7: $623,130 Bellevue Hospital Center20 (212) 562-4141 $629.1 $589.0 912 4,70421 587,722 234,696 462 First Ave. www.nyc.gov/hhc 15 New York, NY 10016 NYC Health and Hospitals Corp. Executive6: Lynda D. Curtis, executive director, Bellevue Hospital Center; senior vice president, South Manhattan Health Network 2007 compensation: $245,42322 Staten Island University Hospital (718) 226-9000 $613.05 $599.0 785 4,729 404,439 220,258 475 Seaview Ave. www.siuh.edu 16 Staten Island, NY 10305 North Shore-Long Island Jewish Health System Executive6: Anthony C. Ferreri, president, chief executive 2006 compensation7: $808,666 Kings County Hospital Center20 (718) 245-3131 $608.6 $574.8 700 4,86621 686,427 190,036 451 Clarkson Ave. www.nyc.gov/hhc 17 Brooklyn, NY 11203 NYC Health and Hospitals Corp. Executive6: Jean G. Leon, executive director, Kings County Hospital Center; senior vice president, Central Brooklyn Family Health Network 2007 compensation: $244,02822 bekka lindström bekka

26 | Crain’s New York Business | March 24, 2008 CNYB 03-24-08 A 27 3/20/2008 7:02 PM Page 1

REPORT HEALTH CARE

2007 2006 2007 NOTES operating operating 2007 2007 number of 2007 New York area includes New York City and Nassau, Suffolk and expenses expenses number of number of ambulatory inpatient Rank Hospital/Network affiliation Phone/Web site (in millions) (in millions) certified beds1 employees2 care visits3 days4 Westchester counties in New York, and Bergen, Essex, Hudson and Union counties in New Jersey. Crain’s New York Business uses 5 5 5 5 5, 23 staff research, extensive surveys and the most current references Lenox Hill Hospital (212) 434-2000 $594.1 $637.0 652 3,011 184,558 162,895 100 E. 77th St. www.lenoxhillhospital.org available to produce its lists, but there is no guarantee that these 18 New York, NY 10021 listings are complete. To qualify for this list, a hospital must be Lenox Hill Healthcare Network located in the New York area. Hospitals are ranked by unrounded total operating expenses of separately incorporated facilities, as Executive6: 2006 compensation7 24 Gladys George, president, chief executive : $758,265 identified by Medicare number. Information was supplied by the Bronx-Lebanon Hospital Center (718) 590-1800 $586.75 $522.9 579 3,979 955,652 190,925 hospitals unless otherwise noted. Operating expenses are for calen- 1276 Fulton Ave. www.bronxcare.org dar year unless otherwise noted. n/d Not disclosed. 1-Hospital beds 19 Bronx, NY 10456 only, excluding nursery; as of Dec. 31. 2-Full-time and full-time- Bronx-Lebanon Hospital Center Health Care System equivalent only, including house staff; as of Dec. 31. 3-Includes Executive6: Miguel A. Fuentes Jr., president, chief executive 2006 compensation7: $783,392 emergency room, outpatient, home care, etc.; as of Dec. 31. Jacobi Medical Center20 21 4-Excludes newborns; as of Dec. 31. 5-Unaudited. 6-Chief execu- (718) 918-5000 $547.1 $486.3 457 3,869 739,749 137,689 tive or highest-paid official in 2006. 7-Cash compensation figures 1400 Pelham Parkway South www.nyc.gov/hhc 20 Bronx, NY 10461 were obtained from each hospital and verified against each hospi- NYC Health and Hospitals Corp. tal’s Form 990 for 2006—the latest available—unless otherwise 6 22 noted. Figures exclude contributions to benefit plans and deferred Executive : William P.Walsh, executive director, Jacobi Medical Center; senior vice president, North Bronx Health Network 2007 compensation: $245,423 compensation or expense account and other allowances, unless oth- New York Methodist Hospital (718) 780-3000 $531.25 $499.6 576 3,012 269,044 185,102 erwise noted. 8-Includes data for hospital and affiliated entities 506 Sixth St. www.nym.org consolidated under generally accepted accounting principles. 21 Brooklyn, NY 11215 9-Steven M. Safyer, M.D., became president and chief executive on New York-Presbyterian Healthcare System Jan. 7, 2008. 10-Michael J. Dowling’s compensation of $1,331,805 Executive6: Mark J. Mundy, president, chief executive 2006 compensation7: $921,862 reflects compensation from all health system entities. 11-Based on data from 2006. 12-Robert I. Grossman, M.D., became chief exec- Elmhurst Hospital Center20 21 (718) 334-4000 $521.1 $483.1 545 3,527 718,145 175,229 utive on July 1, 2007. 13-Includes Center for Advanced Medicine, 79-01 Broadway www.nyc.gov/hhc Schneider Children’s Hospital and Zucker Hillside Hospital. 22 Elmhurst, NY 11373 NYC Health and Hospitals Corp. 14-Frank Cracolici became president and chief executive on Sept. 6 22 27, 2007. 15-Hospital did not provide compensation figure. Hospi- Executive : Christopher D. Constantino, executive director 2007 compensation: $231,231 tal is a public benefit corporation and does not file a Form 990. Saint Barnabas Medical Center (973) 322-5000 $516.75 $478.3 601 3,417 174,419 176,515 16-Henry J. Amoroso became president and chief executive on July 94 Old Short Hills Road www.saintbarnabas.com 2, 2007. 17-Guy Sansone’s compensation of $1,500,000 reflects 23 Livingston, NJ 07039 compensation from all health system entities. 18-A member of Saint Barnabas Health Care System Long Island Health Network. 19-Does not include outpatients. Executive6: John F. Bonamo, M.D., executive director 2006 compensation7: $1,124,869 20-Hospital operates on a fiscal year; all data are as of June 30. 21- 5 Does not include affiliated physicians. 22-Compensation is for fis- Newark Beth Israel Medical Center (973) 926-7000 $516.7 $471.4 673 3,200 232,681 151,298 cal year ending June 30, 2007. Figure obtained from hospital, 201 Lyons Ave. www.saintbarnabas.com which is a public benefit corporation and does not file a Form 990. 24 Newark, NJ 07112 23-Includes newborns. 24-Includes current-year compensation Saint Barnabas Health Care System and supplemental employment retirement plan deferred compen- 6 25 7 Executive : Paul A. Mertz, executive director 2006 compensation : $855,086 sation accounted for in previous years, taxable in current year. Brookdale University Hospital Medical Center (718) 240-5000 $478.65 $485.9 530 3,665 287,000 146,284 25-John A. Brennan, M.D., became executive director on Sept. 25, 1 Brookdale Plaza www.brookdalehospital.org 2007. 26-David P.Rosen received compensation of $788,885 from 25 Brooklyn, NY 11212 Jamaica Hospital Medical Center and $500,000 from MediSys MediSys Health Network Inc. Health Network Inc. Executive6: David P.Rosen, president, chief executive 2006 compensation7: $1,288,88526 research: Denise Southwood, Adrianne Pasquarelli, Heather Holland

March 24, 2008 | Crain’s New York Business | 27 nb12p28_29cls.qxp 3/20/08 12:51 PM Page 28

ACCOUNTING BUSINESS SERVICES PUBLIC & LEGAL NOTICES

NOTICE OF FORMATION OF 75 East 2 Street NOTICE OF FORMATION of TAMUNANGUE STRATEGIC VISUAL CONSULTING, LLC, a LLC. Article of Organization filed with the LLC. Arts. Of Org. filed with Secy. Of State of domestic Limited Liability Company (LLC) Secretary of State of NY(SSNY) on 02/27/2008 N.Y. (SSNY) on 6/27/07. Office location: New filed with the Sec of State of NY (SSNY) on Office location NEW YORK County. SSNY has York County. SSNY designated as agent of 8/7/07. NY office Location: NEW YORK County. been designated as agent upon whom process LLC upon whom process against it may be SSNY is designated as agent upon whom against it may be served. The Post Office served. SSNY shall mail process to: c/o process against the LLC may be served. SSNY address to which the SSNY shall mail a copy Lois M. Vitti, Esq., 12 Perry Street, 2C, NY, shall mail a copy of any process against the of any process against the LLC served upon NY 10014. Date of Dissolution: 12/31/2095. LLC served upon him/her to THE LLC, 225 FRANCHISE OPPORTUNITY him/her is C/O the LLC 182 Grand Street, 3E. Principal business location: 317 Pavonia Ave., PARK AVENUE, 24TH FLR., NY, NY 10167. New York, NY 10013. Date of Dissolution: No #8, Jersey City, NJ 07302. Purpose: Any General purposes. specific date Purpose of LLC: to engage in lawful activity. any lawful act or activity. Street address of A & T GOLDEN, LLC, a domestic Limited Principal Business location is: 182 Grand Notice of Qualification of 440 Ninth Avenue, Liability Company (LLC), filed with the Sec of FRANCHISE Street, 3E. New York, NY 10013. L.P. Authority filed with NY Dept. of State on State of NY (SSNY) on 1/23/08. NY Office 1/22/08. Office location: NY County. Principal location:NEW YORK County. SSNY is designated Notice of Qualification of Monarch Alternative business address: 1633 Broadway, Ste. 1801, as agent upon whom process against the LLC Capital LP. Authority filed with NY Dept. of NY, NY 10019. LP formed in Delaware (DE)on may be served. SSNY shall mail a copy of OPP RTUNITY State on 2/1/08. Office location: NY County. 12/6/07. NY Secy. of State designated as any process against the LLC served upon Principal business address: 375 Park Ave., agent of LP upon whom process against it him/her to TERRY F. KWONG, MANAGER, ARE YOU READY TO ANSWER THE CALL? NY, NY 10152. LP formed in Delaware (DE) may be served and shall mail process to: 7-8 CHATHAM SQ., #C3, NY, NY 10038. Join Verizon Wireless’ largest Authorized Retailer... on 3/26/02. NY Secy. of State designated as c/o CT Corporation System, 111 8th Ave., General purposes. agent of LP upon whom process against it NY, NY 10011, registered agent upon whom ® Wireless Zone , the #1 Wireless Communications Franchise may be served and shall mail process to: c/o process may be served. DE address of LP: Notice of Qualification of Mariner Port Chester in America as rated by Entrepreneur Magazine. CT Corporation System, 111 8th Ave., NY, NY The Corporation Trust Co.,1209 Orange St., LLC, App. for Auth. filed Sec'y of State 10011, registered agent upon whom process Wilmington, DE 19801. Name/address of (SSNY) 1/8/08. Office location: NY County. may be served. DE address of LP: c/o CT genl. ptr. available from NY Secy. of State. LLC org. in DE 11/19/07. SSNY designated Franchises available in Corporation System, 1209 Orange St., Cert. of LP filed with DE Secy. of State, 401 as agent of LLC upon whom process against Wilmington, DE 19801. Name/address of Federal St., Dover, DE 19901. Purpose: any it may be served. SSNY shall mail copy of genl. ptr. available from NY Secy. of State. lawful activity. process to 13 Oxford Rd., Hastings on METRO NEW YORK Cert. of LP filed with DE Secy. of State, 401 Hudson, NY 10706. DE office addr.: 160 Federal St., Dover, DE 19901. Purpose: any Notice of Formation of CHAMPION PARKING Greentree Dr., Dover, DE 19904. Cert. of Please contact Chris Connolly at 585-704-7990 lawful activity. 74 LLC. Arts. of Org. filed with Secy. of State Form. on file: SSDE, Townsend Bldg., Dover, [email protected] of N.Y. (SSNY) on 1/30/08. Office location: NY DE 19901. Purpose: any lawful activities. or select franchise info at www.wirelesszone.com Notice of Formation of Mary Alice Orito County. SSNY designated as agent of LLC Psychotherapy Licensed Clinical Social Work upon whom process against it may be served. NOTICE OF FORMATION OF dress code LLC. PLLC, a professional service limited liability SSNY shall mail process to: The LLC, 655 Article of Organization filed with the Secretary company (PLLC). Arts. of Org. filed with Secy. Third Avenue, NY, NY 10017. Purpose: any of State of NY (SSNY) on 3/24/06 Office of State of N.Y. (SSNY) on 10/22/07. Office lawful purpose. location NEW YORK County. SSNY has been location: NY County. SSNY designated as designated as agent upon whom process agent of PLLC upon whom process against Notice of Qualification of Goldman Sachs against it may be served. The Post Office it may be served. SSNY shall mail process Vintage IV PMD QP Fund, L.P. Authority filed address to which the SSNY shall mail a copy to: Corporation Service Company, 2711 with Secy. of State of N.Y. (SSNY) on 1/11/08. of any process against the LLC served upon THIS ADVERTISEMENT IS NOT AN OFFERING. AN OFFERING CAN ONLY BE MADE BY A PROSPECTUS Centerville Road, Ste. 400, Wilmington, DE Office location: NY County. LP formed in him/her is C/O the LLC 131 Essex #5 South. FILED FIRST WITH THE DEPARTMENT OF LAW OF THE STATE OF NEW YORK. SUCH FILING DOES NOT 19808. Purpose: practice the profession of Delaware (DE) on 3/5/07. SSNY designated New York, NY 10002. Purpose of LLC: to CONSTITUTE APPROVAL BY THE DEPARTMENT OF LAW. Licensed Clinical Social Work. as agent of LP upon whom process against it engage in any lawful act or activity. Street may be served. SSNY shall mail process to: address of Principal Business location is: 131 85 Broad Street, NY, NY 10004. DE address Essex #5 South. New York, NY 10002. of LP: 2711 Centerville Road, Ste. 400, EXECUTIVE RECRUITER Wilmington, DE 19808. Name/address of each Notice of Qualification of Meso LLC. Authority genl. ptr. available from SSNY. Cert. of LP filed filed with NY Dept. of State on 1/18/08. with DE Secy. of State, Townsend Bldg., Dover, Office location: NY County. LLC formed in POSITION AVAILABLE DE 19901. Purpose: any lawful activity. Delaware (DE) on 1/9/08. NY Secy. of State designated as agent of LLC upon whom NOTICE OF FORMATION of SYZYGY SOLUTIONS, process against it may be served and shall Associate Director, Real Estate Education Program LLC. Articles Of Org. filed with Secy. Of State mail process to the principal business of N.Y. (SSNY) on 2/04/08. Office location: address of the LLC: 315 E. 68th St., Apt. 4B, (Higher Education Associate) New York County. SSNY designated as agent NY, NY 10021. DE address of LLC: 2711 of LLC upon whom process against it may be Centerville Rd., Ste. 400, Wilmington, DE Baruch College served. SSNY shall mail process to: 48 W 19808. Cert. of Form. filed with DE Secy. of 86th St., #2, NY, NY 10024. Principal business State, Townsend Bldg., Dover, DE 19901. Position Detail: Managerial and Professional location: 48 W 86th St., #2, NY, NY 10024. Purpose: any lawful activity. FLSA Status: Exempt Purpose: Any lawful activity. Compensation: $64,323–$74,483 Commensurate with qualifications and experience GOTHAM DIGITAL VENTURES, LLC, Articles of Notice of Formation of Stonex Natural Stone, Org. filed N.Y. Sec. of State (SSNY) 30th day of Notice Number: MP14812 LLC, Art. of Org. filed Sec'y of State (SSNY) October, 2007. Office in New York Co. at 92 Closing Date: Open until filled with resume reviews beginning 3/20/2008 4/10/07. Office location: NY County. SSNY Perry Street, Ste 4, New York, NY 10014. designated as agent of LLC upon whom SSNY desig. Agt. Upon whom process may be POSITION DESCRIPTION AND DUTIES process against it may be served. SSNY shall served. SSNY shall mail copy of process to 92 mail copy of process to c/o Karaahmetoglu & Luz Perry, Ste 4, New York, NY 10014. Reg. Agt. The Steven L. Newman Real Estate Institute (NREI) at Baruch College provides continuing education, conferences and Firm, LLP, Attn: Barbaros M. Karaahmetoglu, Upon whom process may be served: Albert research for both current practitioners and the region's next generation of real estate professionals. The Associate 1500 Broadway, 21st Fl., NY, NY 10036. Tucker & Associates, LCC 295 Madison Ave. Purpose: any lawful activities. Director of the Real Estate Education Program manages all aspects of the curriculum program, workshops, specialized NYC 10017 212.686.3200 Purpose: Any lawful purpose. education programs, instructional outreach, licensure programs, and curriculum development. Reporting to the Notice of Qualification of Macquarie Equipment Director of the Institute, the Associate Director serves as a key staff member to manage, expand, modify and Finance, LLC. Authority filed with NY Dept. of Notice of Qualification of 224-232 Atlantic State on 2/6/08. Office location: NY County. creatively market the certificate program, as well as support professional development forums, conferences and Avenue Investor, LLC. Authority filed with Principal business address: 2285 Franklin Rd., Secy. of State of N.Y.(SSNY) on 2/8/08. Office special seminars. Other responsibilities will include, but are not limited to: Bloomfield Hills, MI 48302. LLC formed in location: NY County. LLC formed in Delaware Delaware (DE) on 11/27/07. NY Secy. of State I (DE) on 10/29/07. SSNY designated as agent Manages pedagogical development and content for all courses offered in the certificate program; designated as agent of LLC upon whom of LLC upon whom process against it may be I Performs curricular and industry research to competitively analyze current program offerings and course process against it may be served and shall served. SSNY shall mail process to principal mail process to: c/o CT Corporation System, content, identifies current industry trends and implements changes to improve and expand instructional business location: The Dermot Company, Inc., 111 8th Ave., NY,NY 10011,registered agent 320 W. 57th St., 5th Fl., NY, NY 10019. DE opportunities and Institute programming; upon whom process may be served. DE address of LLC: c/o Corporation Service I Manages the Real Estate Certificate Program and all its courses, including budget, staff, adjunct faculty, address of LLC: 1209 Orange St., Wilmington, Company, 2711 Centerville Road, Wilmington, DE 19801. Arts. of Org. filed with DE Secy. registration, and class schedules; DE 19808. Arts. of Org. filed with DE Secy. of State, 401 Federal St., Dover, DE 19901. of State, 401 Federal St., Ste. 4, Dover, DE For full description, please visit our website a www.baruch.cuny.edu. Purpose: any lawful activity. 19901. Purpose: any lawful activity. QUALIFICATION REQUIREMENTS Notice of formation of GG MEDIA LLC. Arts. Notice of Formation of RR REO II LLC. Arts. of Org. filed with the Secy of State of NY of Org. filed with Secy. of State of N.Y. (SSNY) A Bachelor’s Degree and six (6) years of relevant experience are required. An advanced degree in real estate, urban (SSNY)on 2/04/08. Office location: New York on 2/12/08. Office location: NY County. SSNY planning, with at least five years of related experience in general real estate, government, land use, planning and County. SSNY designated as agent upon designated as agent of LLC upon whom process whom process against it may be served. against it may be served. SSNY shall mail zoning policy are strongly preferred. Experience must include course/program development, academic planning SSNY shall mail process to: c/o the LLC, 91 process to principal business location: c/o The and management, contract training, relationship development, budgeting and project management. Must be Fifth Avenue, 7th Floor, New York, NY 10003. LLC, 150 E. 52nd St., 27th Fl., NY, NY 10022. knowledgeable of the regulatory environment affecting education and state licensed courses. Purpose: all lawful activities. Purpose: any lawful activity. TO APPLY Notice of Formation of 160 Montague LLC. Notice of Formation of LP-OREO, LLC. Arts. of Arts. of Org. filed with NY Dept. of State on Org. filed with Secy. of State of NY (SSNY) Please send a cover letter, résumé, three professional writing samples, and the contact information for three 2/13/08. Office location: NY County. Secy. of on 1/23/08. Office location: NY Co. SSNY professional references to: Search Committee: Associate Director, Real Estate, Education Program Position, State designated as agent of LLC upon whom designated as agent of LLC upon whom process against it may be served and shall process against it may be served. SSNY shall ATTN: Ms. Sara Hilska Taylor, The Steven L. Newman Real Estate Institute, Baruch College, CUNY, One mail process to the principal business address: mail process to: The LLC, 120 Broadway, Bernard Baruch Way, Box C-0120, New York, New York 10010 c/o Wharton Realty, 500 5th Ave., 54th Fl., Ste. 1050B, NY, NY 10271. Purpose: any EOE/AAA/IRCA/ADA employer NY, NY 10110. Purpose: any lawful activity. lawful activities.

28 | Crain’s New York Business | March 24, 2008 nb12p28_29cls.qxp 3/20/08 12:51 PM Page 29

PUBLIC & LEGAL NOTICES

Notice of Qualification of Antecip Bioventures Notice of Qualification of 180 Madison ACQUIRE NYC LLC, a domestic Limited Liability Name of Foreign LLC: W&M WEST 40TH Name: Treadwell Farm LLC (LLC). Articles LLC. Authority filed with Secy. of State of PRISA II LLC. Authority filed with NY Dept. of Company (LLC) filed with the Sec of State of STREET LENDER, LLC. App. for Auth. filed NY of Organization filed with Dept. of State of N.Y. (SSNY) on 2/22/08. Office location: NY State on 1/9/08. Office location: NY County. NY (SSNY) on 1/2/07. NY office Location: Dept. of State: 1/11/08. Jurisd. and date of NY on 11/20/07. Office location: New York County. LLC formed in Delaware (DE) on Principal business address: 8 Campus Dr., 4th NEW YORK County. SSNY is designated as org.: DE 9/26/07. County off. loc.: New York County. Secretary of State of NY (SOS) is 2/20/08. SSNY designated as agent of LLC Fl., Parsippany, NJ 07054. LLC formed in agent upon whom process against the LLC County. Sec. of State designated as agent of designated as agent of LLC for service of upon whom process against it may be served. Delaware (DE) on 12/17/07. NY Secy. of State may be served. SSNY shall mail a copy of foreign LLC upon whom process against it process. SOS shall mail copy of process to SSNY shall mail process to: c/o The LLC, 630 designated as agent of LLC upon whom any process against the LLC served upon may be served. The Sec. of State shall mail 530 Park Avenue, NY, NY 10021. Purpose: Fifth Avenue, Ste. 2074, NY, NY 10111, Attn: process against it may be served and shall him/her to CORPORATION SERVICE COMPANY, copy of process to: Wien & Malkin LLC, 60 Any lawful act or activity. Herriot Tabuteau. DE address of LLC: 2711 mail process to: c/o CT Corporation System, 80 STATE STREET, ALBANY, NY 12207. East 42nd Street, New York, NY 10165. Addr. Centerville Road, Ste. 400, Wilmington, DE 111 8th Ave., NY, NY 10011, registered General purposes. of foreign LLC in DE is: c/o National Corporate Notice of Formation of RMG Marriage and 19808. Arts. of Org. filed with DE Secy. of agent upon whom process may be served. Research, Ltd., 615 South DuPont Hwy., Family Therapy LLC. Arts. of Org. filed with State, 401 Federal St., Ste. 4, Dover, DE DE address of LLC: The Corporation Trust LEX34 EQUITIES LLC, a domestic Limited Dover, DE 19901. Auth. officer in DE where Secy. of State of NY (SSNY) on 12/18/07. 19901. Purpose: any lawful activity. Co., 1209 Orange St., Wilmington, DE 19801. Liability Company (LLC) filed with the Sec of Cert. of Form. filed: Harriet Smith Windsor, Office location: NY Co. SSNY designated as Arts. of Org. filed with DE Secy. of State, State of NY on 2-14-08. NY Office location: Division of Corporations, P.O. Box 898, Dover, agent of LLC upon whom process against it Notice of Qualification of Arcoda Global 401 Federal St., Dover, DE 19901. Purpose: NEW YORK County. SSNY is designated as DE 19903. Purpose: any lawful activity. may be served. SSNY shall mail process to: Healthcare Fund, L.P. Authority filed with NY any lawful activity. agent upon whom process against the LLC The LLC, 49 Lambert Rd., Southport, CT Dept. of State on 12/26/07. Office location: may be served. SSNY shall mail a copy of Notice of Formation of SBG1 LLC, Art. of Org. 06890. Purpose: any lawful activities NY County. Principal business address: Notice of Qualification of Charles Street any process against the LLC served upon filed Sec'y of State (SSNY) 1/31/08. Office 529 5th Ave., NY, NY 10017. LP formed in Advisors LLC, App. for Auth. filed Sec'y him/her to Mark M. Altschul, 18 E. 12th St.,1A, location: NY County. SSNY designated as Notice of Formation of THINKTHINKTHINK Delaware (DE) on 12/18/07. NY Secy. of State of State (SSNY) 11/30/07. Office location: NY, NY 10003-4458. Latest date to dissolve: agent of LLC upon whom process against it MUSIC, LLC. Arts. of Org. filed with Secy. designated as agent of LP upon whom NY County. LLC org. in DE 4/9/07. SSNY 12-31-2036 General purposes. may be served. SSNY shall mail copy of of State of NY (SSNY) on 2/19/08. Office process against it may be served and shall designated as agent of LLC upon whom process to c/o Salans, Attn: Francois Chateau, location: NY County. SSNY designated as agent process against it may be served. SSNY Esq., 620 Fifth Ave., NY, NY 10020. Purpose: of LLC upon whom process against it may be mail process to: c/o CT Corporation System, Notice of formation of limited liability company shall mail copy of process to 177 E. 75th any lawful activities. served. SSNY shall mail process to principal 111 8th Ave., NY, NY 10011, registered (LLC). Name: AJIA Holdings LLC. Articles of St., Apt. 9D, NY, NY 10021.DE office addr.: business location: 308 Mott St., Ste. 5A, NY, agent upon whom process may be served. Organization filed with the Department of c/o Agents & Corporations, 1201 Orange Notice of Formation of Urban Organizer, LLC. NY 10012. Purpose: music/entertainment DE address of LP: 1209 Orange St.,Wilmington, State of New York on January 31, 2008. Office St., Wilmington, DE 19801. Cert. of Form. Arts. of Org. filed with Secy. of State of N.Y. company. DE 19801. Name/address of genl. ptr. available location: New York County. Secretary of State on file: SSDE, Townsend Bldg., Dover, DE (SSNY) on 1/25/08. Office location: NY County. from NY Secy. of State. Cert. of LP filed with of New York (SSNY) is designated as agent 19901. Purpose: any lawful activities. SSNY designated as agent of LLC upon whom LOUIS SIMPSON AND SAMUEL'S LLC Articles DE Secy. of State, 401 Federal St., Dover, of LLC upon whom process against it may be process against it may be served. SSNY of Org. filed NY Sec. of State (SSNY) 1/16/08. DE 19901. Purpose: any lawful activity. served. The principal business location and shall mail process to: Helene A. Laval, 255 Office in NY Co. SSNY desig. agent of LLC NOTICE OF FORMATION OF LIMITED LIABILITY the address SSNY shall mail copy of process W. 84th St., #6D, NY, NY 10024. Purpose: upon whom process may be served. SSNY Notice of Qualification of BE&K Construction COMPANY. NAME: ANTIK BOWERY LLC. to is Henry Kang, 52 West 14th St., Suite 2B, any lawful activity. shall mail copy of process to c/o Lazarus & Company, LLC. Authority filed with NY Dept. Articles of Organization were filed with the New York, NY 10011. Management of the Lazarus, P.C., 240 Madison Ave., 8th Fl., NY, of State on 1/7/08. Office location: NY County. Secretary of State of New York (SSNY) on limited liability company shall be by one or Principal business address: 2000 International 10/25/07. Office location: New York County. Notice of Registration of JFK Engineers NY 10016. Purpose: Any lawful purpose. more managers. Purpose: to engage in any LLP. Cert. filed with NY Dept. of State on Park Dr., Birmingham, AL 35243. LLC formed SSNY has been designated as agent of the lawful act or activity. in Delaware (DE) on 12/31/07. NY Secy. of LLC upon whom process against it may be 3/26/07. Office location: NY County. Secy. Notice of Qualification of HIGHMOUNT of State designated as agent of LLP upon ADVISERS LLC. Authority filed with Secy. State designated as agent of LLC upon whom served. SSNY shall mail a copy of process to Notice of Formation of Okin Hill I,LLC. Arts. of process against it may be served and shall the LLC, c/o Lawrence Kramer, 66 Madison whom process against it may be served of State of N.Y. (SSNY) on 4/11/02. Office Org. filed with Secy. of State of NY (SSNY) and shall mail process to: 15 W. 72nd St., location: NY County. LLC formed in Delaware mail process to: c/o CT Corporation System, Avenue, Apartment 3F, New York, New York on 1/24/08. Office location: NY County. SSNY 111 8th Ave., NY, NY 10011, registered agent 10016. Purpose: For any lawful purpose. Apt 5E, NY, NY 10023. Purpose: practice the (DE) on 3/15/02. SSNY designated as agent designated as agent of LLC upon whom profession of engineering. of LLC upon whom process against it may be upon whom process may be served. DE process against it may be served. SSNY address of LLC: 1209 Orange St., Wilmington, NOTICE OF FORMATION of Perfect World served. SSNY shall mail process to: The LLC, shall mail process to: Corporation Service Notice of Qualification of FC-CANAL LLC. DE 19801. Arts. of Org. filed with DE Secy. of Construction LLC. Arts. of Org.filed with Secy. 12 E. 49th St., 17th Fl., NY, NY 10017. Company, 80 State St., Albany, NY 12207. Authority filed with Secy. of State of N.Y. State, 401 Federal St., Dover, DE 19901. Of State of N.Y. (SSNY) on 8/8/07. Office Principal office/principal business location of Purpose: all lawful acts and activities. (SSNY) on 1/17/2008. Office location: New Purpose: any lawful activity. location: New York County. SSNY designated LLC: 17 E. 49th St., 17th Fl., NY, NY 10017. York County. LLC formed in Delaware (DE) as agent of LLC upon whom process against Arts. of Org. filed with DE Secy. of State, 401 Notice of Formation of 412 West 14 Realty on 12/6/2007. SSNY designated as agent of JEWELWEED LLC, a domestic Limited Liability it may be served. SSNY shall mail process Federal St., Ste. 4, Dover, DE 19901. Purpose: LLC. Arts. of Org. filed with Secy. of State of LLC upon whom process against it may be Company (LLC) filed with the Sec of State of to: 136 Bowery Street, #1511, NY, NY 10013. any lawful activity. NY (SSNY) on 9/18/07. Office location: NY Co. served. SSNY shall mail process to: c/o NY (SSNY) on 4/24/06. NY office Location: Principal business location: 136 Bowery SSNY designated as agent of LLC upon whom United Corporate Services, Inc., 10 Bank NEW YORK County. SSNY is designated as Street, #1511, NY, NY 10013. Purpose: any Notice of Qualification of Tandem Global process against it may be served. SSNY shall St., Suite 560, White Plains, NY 10606. DE agent upon whom process against the LLC lawful activity. 949281 j16-W f20 Partners Management, LLC. Authority filed mail process to: The LLC, c/o 433 West 14th address of LLC: 874 Walker Road, Suite C, may be served. SSNY shall mail a copy of St., Ste 429, 3R, NY, NY 10014. Purpose: any with NY Dept. of State on 3/3/08. Office any process against the LLC served upon Dover, Delaware 19904. Arts. of Org. filed location: NY County. LLC formed in Delaware NOTICE OF FORMATION OF LIMITED LIABILITY lawful activities. with DE Secy. of State, Townsend Bldg., Dover, him/her to C/O MARTIN SHAW, 350 5TH COMPANY. NAME: CHELSEA IMAGING (DE) on 2/4/08. NY Secy. of State designated DE 19901. Purpose: any lawful activity. as agent of LLC upon whom process against AVE, STE. 2816, NEW YORK, NY 10118. HOLDINGS, LLC. Articles of Organization Notice of Formation of GM125 REALTY LLC. General purposes. were filed with the Secretary of State of New it may be served and shall mail process to: Arts. of Org. filed with Secy. of State of N.Y. NOTICE OF FORMATION of 44th Street c/o CT Corporation System, 111 8th Ave., York (SSNY) on 01/25/08. Office location: (SSNY) on 1/25/08. Office location: NY Restaurant, LLC Arts. of Org. filed with the Notice of Formation of MARJORIE A. LAU, New York County. SSNY has been designated NY, NY 10011, registered agent upon whom County. SSNY designated as agent of LLC Secy. of State of NY (SSNY) on 10/12/00. process may be served. DE address of LLC: LLC. Arts. of Org. filed with Secy. of State of as agent of the LLC upon whom process upon whom process against it may be served. Office location: NY County. SSNY designated NY (SSNY) on 2/22/08. Office location: NY against it may be served. SSNY shall mail a The Corporation Trust Co., 1209 Orange St., SSNY shall mail process to: 400 W. 14th St., as agent of LLC upon whom process against Wilmington, DE 19801. Arts. of Org. filed with County. SSNY designated as agent of LLC copy of process to the LLC, c/o Weltman & NY, NY 10014. Purpose: any lawful activity. it may be served and shall mail a copy of upon whom process against it may be served. Moskowitz, LLP, 270 Madison Avenue, Suite DE Secy. of State, 401 Federal St., Dover, DE process to LLC, 16 East 40th St., New York, 19901. Purpose: any lawful activity. SSNY shall mail process to principal business 1400, New York, New York 10016-0603. Notice of Qualification of Simon Property NY 10016, LLC’s principal business location. location: 15 W. 72nd St., Apt. 9-0, NY, NY Purpose: For any lawful purpose. Group Administrative Services Partnership, Registered agent of LLC upon whom process 611 SHP LLC, a domestic Limited Liability 10023. Purpose: any lawful activity. L.P. Authority filed with NY Dept. of State against it may be served is Marcel Doron, 16 NOTICE OF FORMATION of Cactus and The on 1/29/2008. Office location: NY County. Company (LLC) filed with the Sec of State East 40th St., New York, NY 10016. Purpose: of NY on 2-15-08. NY Office location: New Notice of Qualification of PlaneTechs, LLC. Peach Productions LLC. Articles Of Org. Principal business address: 225 W. Washington any lawful activity. Authority filed with NY Dept. of State on filed with Secy. Of State of N.Y. (SSNY) on St., Indianapolis, IN 46207. LP formed in York County. SSNY is designated as agent upon whom process against the LLC may 2/14/08. Office location: NY County. LLC 2/19/08. Office location: New York County. Delaware (DE) on 12/3/1993. NY Secy. of Notice of Qualification of VIP Capital formed in Nevada (NV) on 12/28/07. NY Secy. SSNY designated as agent of LLC upon whom State designated as agent of LP upon whom be served. SSNY shall mail a copy of any Management L.P. Authority filed with NY process against the LLC served upon him/her of State designated as agent of LLC upon process against it may be served. SSNY shall process against it may be served and shall Dept. of State on 1/17/08. Office location: whom process against it may be served and mail process to: 603 W 148 St., #10B, NY, NY mail process to: c/o CT Corporation System, to The LLC, 11 W. 18th St., 2W, NY, NY 10011. NY County. LP formed in Delaware (DE) on General purposes. shall mail process to: c/o CT Corporation 10031. Principal business location: 603 W 111 8th Ave., NY, NY 10011, registered agent 12/19/07. NY Secy.of State designated as agent System, 111 8th Ave., NY,NY 10011, registered 148 St., #10B, NY, NY 10031. Purpose: Any upon whom process may be served. DE of LP upon whom process against it may be agent upon whom process may be served. lawful activity. address of LP: c/o The Corporation Trust Co., served and shall mail process to: 152 W. 57th NOTICE OF FORMATION OF Derek Green LLC. Principal business address: 1015 A St., P.O. 1209 Orange St., Wilmington, DE 19801. St., 46th Fl., NY, NY 10019, principal business Article of Organization filed with the Secretary Box 2910, Tacoma, WA 98402. Arts. of Org. Notice of Qualification of GGCP SEQUOIA Name/address of genl. ptr. available from NY address of the LP. DE address of LP: c/o of State of NY (SSNY) on 11/29/07 Office filed with NV Secy. of State, 202 N. Carson PARTNERS, L.P. Authority filed with Secy. Secy. of State. Cert. of LP filed with DE Secy. Corporation Service Co., 2711 Centerville location New York County. SSNY has been St., Carson City, NV 89701. Purpose: any of State of N.Y. (SSNY) on 1/30/08. Office of State, 401 Federal St., Dover, DE 19901. Rd., Ste.400, Wilmington, DE 19808. designated as agent upon whom process lawful activity. location: NY County. LP formed in Delaware Purpose: all lawful purposes. Name/address of genl. ptr. available from NY against it may be served. The post office (DE) on 12/19/05. SSNY designated as agent Secy. of State. Cert. of LP filed with DE Secy. address to which the SSNY shall mail a copy Notice of Formation David Frank Real Estate of LP upon whom process against it may be Notice of Qualification of Highbridge Principal of State, Townsend Bldg., Dover, DE 19901. of any process against the LLC served upon LLC art. of org. filed Secy. of State NY (SSNY) served. SSNY shall mail process to principal Strategies-Offshore Mezzanine Partners Purpose: any lawful activity. him/her is C/O the LLC Derek Green.New York 10/15/07. Off. loc. in NY Co. SSNY designated business location: 800 Third Ave., 23rd Fl., Master Fund, L.P. Authority filed with NY Dept. City, NY 10026. Purpose of LLC: to engage in as agent of LLC upon whom process may be NY, NY 10022, Attn: Mr. Geoffrey Gwin. DE of State on 3/6/08. Office location: NY County. Notice of Qualification of Goldman Sachs any lawful act or activity. Street address of served. SSNY shall mail copy of process to: address of LP: 2711 Centerville Road, Ste. 400, LP formed in Cayman Islands (CI) on 11/8/07. Select Fund II, LLC. Authority filed with Principal Business location is: 100 W. 119th 300 Albany St, 9-C, NY, NY 10280. Purpose: Wilmington, DE 19808. Name/address of each NY Secy. of State designated as agent of Secy. of State of N.Y. (SSNY) on 1/8/08. St., #3A. New York, NY 10026 Any lawful purpose. genl. ptr. available from SSNY. Cert. of LP LP upon whom process against it may be Office location: NY County. LLC formed in filed with DE Secy. of State, Townsend Bldg., served and shall mail process to the principal Delaware (DE) on 11/29/07. SSNY designated Notice of App. for Auth. for foreign LLC named Notice of Qualification of IOC Project 4 LLC, Dover, DE 19901. Purpose: any lawful activity. business address: 9 W. 57th St., 27th Fl., as agent of LLC upon whom process against Ideal Glass Atelier LLC filed with NY Dep. State App. for Auth. filed Sec'y of State (SSNY) NY, NY 10019. CI address of LP: c/o Maples it may be served. SSNY shall mail process to: 3/5/08; formed in DE 10/26/06; NY Office, Principal Location and address to which Sec. 2/11/08. Office location: NY County. LLC org. Notice of Qualification of BR 1355 FIRST Corporate Services Ltd., PO Box 309, Ugland Goldman Sachs Hedge Fund Strategies LLC, of State can mail copy of process: 6 West 9th in DE 2/5/08. SSNY designated as agent of AVENUE 24, LLC. Authority filed with Secy. of House, Grand Cayman, KY1-1104, CI. 1 New York Plaza, NY, NY 10004. DE address St., NY, NY 10011; NY Sec. of State designated LLC upon whom process against it may be State of N.Y. (SSNY) on 1/8/08. Office location: Name/address of genl. ptr. available from NY of LLC: 1209 Orange St., Wilmington, DE as agent upon whom process against the served. SSNY shall mail copy of process to NY County. LLC formed in Delaware (DE) on Secy. of State. Cert. of LP filed with Registrar 19801. Cert. of Form. filed with DE Secy. of company may be served; Office maintained 23-25 Greene St., NY, NY 10013. Reg. Agt. 1/7/08. SSNY designated as agent of LLC of Exempted LPs, Citrus Grove Bldg., George State, P.O. Box 898, Dover, DE 19903. in Juris. of Org.: Delaware Business upon whom proc may be served is CSC, 80 upon whom process against it may be served. Town, Grand Cayman, CI. Purpose: any Purpose: any lawful activity. Incorporators, Inc., 3422 Old Capitol Trail, Ste. State St., Albany, NY 12207. DE office addr.: SSNY shall mail process to principal business lawful activity. 700, Wilmington, DE 19808; Arts. of Org. filed c/o CSC, 2711 Centerville Rd., Wilmington, location: c/o Bluerock Real Estate, LLC, 680 NOTICE is hereby given that a license, number with DE Sec. of State, 401 Federal St., Ste. 4, DE 19808. Cert. of Form. on file: SSDE, Fifth Ave., 16th Fl., NY, NY 10019. DE address 1206196 for a wine and beer has been applied Notice of Qualification of GE Healthcare IITS Dover, DE 19901; Purpose: any lawful activity. Townsend Bldg., Dover, DE 19901. Purpose: of LLC: c/o Corporation Service Company, LLC. Authority filed with NY Dept. of State on for by Soltani Two, LLC to sell wine and beer at any lawful activities. 2711 Centerville Road, Ste. 400, Wilmington, 12/31/07. Office location: NY County. Principal retail at Cocoa Bar II under the Alcoholic Beverage DE 19808. Cert. of Form. filed with DE Secy. business address: 540 W. Northwest Hwy., Control Law at 21 Clinton Street, New York, NY Notice of Formation of Numbers And Media Notice of Qualification of Metropolitan Real of State, P.O. Box 898, Dover, DE 19901. Barrington, IL 60010. LLC formed in Delaware 10002 for on-premises consumption. LLC, Art. of Org. filed with the Sect. of State Estate Equity Management, LLC, App. for Purpose: any lawful activity. (DE) on 9/13/07. NY Secy. of State designated of N.Y. (SSNY) on 12/12/07. Office location: Auth. filed Sec'y of State (SSNY) 10/25/04. as agent of LLC upon whom process against BRONZE EAGLE LLC, a domestic Limited Liability N.Y. Co., SSNY designated as agent of LLC upon whom process against it may be served. Office location: NY County. LLC org. in DE Notice is hereby given a License Number it may be served and shall mail process to: c/o Company (LLC) filed with the Sec of State of SSNY shall mail process to: C/O Numbers 7/18/02. SSNY designated as agent of LLC (PENDING) for on-premises Liquor has been CT Corporation System, 111 8th Ave., NY, NY NY (SSNY) on 10/11/07. NY office Location: And Media LLC, 2266 5th Ave., Suite 136, upon whom process against it may be served. applied for by the undersigned to sell liquor at 10011, registered agent upon whom process NEW YORK County. SSNY is designated as New York City 10037. Purpose: Any Lawful SSNY shall mail copy of process to 535 retail in a Hotel under the Alcoholic Beverage may be served. DE address of LLC: 2711 agent upon whom process against the LLC Purpose. Madison Ave., 26th Fl., NY, NY 10022, the Control Law at 129 Front Street New York, Centerville Rd., Ste. 400, Wilmington, DE may be served. SSNY shall mail a copy of any principal office addr. of LLC. Cert. of Form. on NY 10005 for on premises consumption. 19808. Arts. of Org. filed with DE Secy. of process against the LLC served upon him/her file: SSDE, Townsend Bldg., Dover, DE 19901. FRONT PROPERTY HOTEL CORP. d/b/a State, 401 Federal St., Dover, DE 19901. to THE LLC, 245 CENTRE STREET, NY, NY Purpose: any lawful activities. EXCHANGE HOTEL Purpose: all lawful purposes. 10013. General purposes. CRAINSNEWYORK.COM

March 24, 2008 | Crain’s New York Business | 29 CNYB 03-24-08 A 30 3/21/2008 11:54 AM Page 1

SMALL BUSINESS French firm makes play Sandwich maker for video game pioneer gets in the zone Atari up for further failure. Infogrames aims to “Infogrames would cherry-pick grab remaining stake projects,” says Mr. Pachter. “Info- Queens firm prevails grames kept sure-fire games that BIMMY’S in struggling Atari; would make money and pushed toqualify under BENEFITS riskier game development to Atari, too late for rebound? DAVID G GARDNER, CEO so Atari made bad games.” law expanding $1,500 annual tax of Infogrames credit for 5 years for each BY AMANDA FUNG Divesting assets Empire Zone plan employee hired by 2006, Atari had to sell some of G Up to $1 million in loans at an BY KERRY MURTHA before nintendo, there was Atari. its intellectual properties and interest rate reduced by Throughout the 1970s and 1980s, rights to its games for financial 3 percentage points for 4 years Atari helped define the video game reasons. Last year, as part of a iracles don’t come industry with the Atari 2600 game restructuring, Atari sold its easily. G Tax credits of 8% on the cost of console and the popular tennis ar- development studios. The Bimmy’s found equipment upgrades cade game Pong. company could no longer af- that out the hard Those days are long gone. ford the $10 million to $20 way two years ago. COSTS G Today, video gamers own a million it cost to develop a MThe company, which makes 18 months of effort Nintendo Wii, a Sony video game,since sales vol- prepackaged sandwiches and salads, G About $25,000 in legal and PlayStation or a Microsoft umes were unpredictable, discovered that it might qualify for other professional fees

Xbox so they can play top experts say. hundreds of thousands of dollars in istockphoto games like Grand Theft Auto “You can’t get by on benefits under the state’s Empire and Halo—neither of which was mediocrity,” says Mr. Zone program—even though it helped persuade members of the created by Atari. Brightman. isn’t actually located in such a zone. City Council to craft a bill. Atari Inc. has struggled for years Going forward, Infogrames has Because Bimmy’s,based in Long “There was criticism that this to compete in the video game mar- announced plans to have Atari focus Island City, Queens, planned to ex- might be a giveaway program, even ket against leading game makers on online video games and casual pand its workforce by at least 50 em- though it wasn’t going to cost the like Take-Two Interactive, Elec- games, both burgeoning markets ployees over five years, it could be city a dime,” Mr. Altman says. “But tronic Arts and Activision. The landov that do not require huge production considered a “regionally significant we ultimately convinced them that Manhattan-based firm has been an analyst at Wedbush Morgan budgets. Globally, the online game project”under a new law that sought Bimmy’s is a significant generator of losing money for the past couple of Securities. market is expected to reach $12 bil- to extend Empire Zone benefits to manufacturing jobs.” years, and now its only hope for sur- Atari has been owned and oper- lion in sales in 2011, representing job-generating businesses that lie vival is a buyout offer. ated by a number of different com- one-third of total game revenues. outside zone borders. “Hard to hire” Infogrames Entertainment, a panies since it was founded in 1972 Sales from casual games are project- In December 2007,Bimmy’s be- the company was also helped by French video game maker that al- by Nolan Bushnell, a well-known ed to reach $2 billion next year. came the first company in New York whom it employs. Bimmy’s targets ready owns 51% of Atari, wants to engineer and the founder of kids’ Leading Atari’s efforts will be City to qualify under the law, clear- “hard to hire”workers,including ex- buy the rest of the company and take restaurant chain Chuck E.Cheese’s. former Electronic Arts and Sony ing the way for others and showing felons and those who have been on it private.It plans to refocus Atari by Over the years, its owners includ- Computer Entertainment execu- how difficult it can be to teach the public assistance. having it concentrate on ed Warner Communica- tives David Gardner and Phil Har- city’s bureaucracy a new trick. “This is a manufacturer that can niche markets,such as online ATARI’S LOSS tions and Jack Tramiel— rison, who recently joined Info- Under the law, the state pays for move anywhere but is choosing to video games and casual for the 9 months founder of Commodore, grames as chief executive and the benefits, but local authorities stay here and give people who would games—video games that ended 12/31 maker of one of the nation’s president, respectively. must first draft legislation to per- otherwise be unemployable a are easy to play, which are first personal computers— Despite Atari’s renewed efforts mit regionally significant projects. chance,” Mr. Comry says. aimed at females and older who helped take Atari pub- to manage a turnaround, many in Achieving that took a year and a half Bimmy’s, which distributes its players. $20 lic in the late 1980s. the industry remain skeptical. of pushing; a legion of lawyers, sandwiches, salads and yogurts to MILLION “Infogrames is the only The firm revolutionized “Atari has been living on the idea politicians and accountants; ap- the area’s three major airports, as one that is going to revive the game and computer in- that its brand is strong,” says Mr. proval from the City Council; and well as cafés throughout Manhat- Atari,” says James Brightman, lead dustry by creating Pong, one of the Brightman. “With the exception of the signature of Mayor Michael tan, has 120 employees. Mr. Fread business editor for GameDaily Biz, first commercially successful video people in their mid- to late 30s or Bloomberg. forecasts that over the next five years an AOL company. “Atari is unat- games,and by introducing the Atari older,gamers don’t care about Atari. “We had no road map because he will hire up to 200 additional tractive for anyone else.” 2600 game console, which came Nintendo and Sony is their world.” this was the first project of its kind workers and double annual rev- Infogrames officials declined to with a joystick and allowed con- in the city,” says Marc Newman, as- enues, to $18 million. comment for this story. sumers to play games of all sorts. COMMENTS? [email protected] sociate managing partner at ac- “I have zero debt,” he says. “Any Atari has been bleeding money For a while, Atari thrived. Dur- counting firm Anchin Block & An- dollar benefit I get will go directly since 2006. Last month, it reported ing the 1990s, however, the compa- chin, which had alerted Bimmy’s toward expanding my business.” a net loss of $20 million for the nine ny began losing market share to PHIL HARRISON, owner, Elliot Fread, to its eligibility. Mr. Fread also hopes to establish president of months ended Dec. 31, following competitors like Nintendo, which Infogrames several freestanding kiosks in Man- an $8 million loss during the same had developed its own video game Timing off hattan’s larger office buildings and is period the year before. In a recent console. unfortunately, what amounts to looking into a joint venture with the Securities and Exchange Com- Atari eventually exited the game an expansion of the Empire Zone development corporation to open a mission filing, the company, for console business entirely in order to plan came when the program was sit-down restaurant within the Em- the first time, stated, “Uncertainty focus on game development and under mounting scrutiny for doling pire Zone. from multiple financing and other distribution. But costs for develop- out tax breaks to firms that routine- “Even though Bimmy’s is not woes raises substantial doubt about ing blockbuster games skyrocketed, ly failed to produce jobs. Twenty- physically in our zone, we are work- our ability to continue as a going and it became impossible for Atari eight companies in New York City ing together to improve our eco- concern.” to repeat the success of Pong. currently face being bumped from nomic climate,”says Justin Rodgers, “Atari was an innovator and the program for that reason. director of economic development Financial adviser hired pushed the envelope,” says Mr. “Some city officials worried that for the Greater Jamaica Develop- while there is no opposition to Bushnell.“But it lost its sense of signing this into law would open the ment Corp. the acquisition, Atari has hired fi- who it was.” floodgates for projects that weren’t Several businesses have now pe- nancial adviser Duff & Phelps to In 2000, Infogrames worthy,” says Councilman Leroy titioned the city to become region- evaluate the Infogrames buyout of- bought a controlling Comry, from St. Albans, Queens, ally significant projects, according fer of $1.68 a share in cash—about interest in Atari, which who became a staunch supporter of to Leslie Ramos, executive director $11 million—which represented became the French Bimmy’s bid. of the Mayor’s Office of Industrial barely a 1% premium over Atari’s company’s outpost in Bimmy’s first step was to invite and Manufacturing Businesses. So stock price at the time.The compa- the United States. executives of the nearby Greater Ja- far, two companies—in Brooklyn ny’s shares have plummeted more However, Infogrames maica Development Corp. to tour and the Bronx—have been adopted than 50% this past year and have re- failed to nurture and its 16,000-square-foot facility and by zones and are in the process of cently traded at around $1.50. re-establish the Atari in effect to adopt the company. applying for approval. “The whole company has been brand. In fact, some analysts Next, Robert Altman, Bimmy’s run horribly,” says Michael Pachter, say that the French company set attorney and a registered lobbyist, COMMENTS? [email protected] landov 30 | Crain’s New York Business | March 24, 2008 CNYB 03-24-08 A 31 3/20/2008 8:59 PM Page 1

BUSINESS CORPORATE LADDER CEO of Bill Blass New York takes fashion to the people PAGE 33 catheriine gibbons catheriine

GOTHAM GIGS City caregiver Creative fitness spring might be here, but MELISSA BIERI, 32, is still Busy execs find novel ways to work in workouts thinking about winter coats. As director of annual events at New York Cares, she runs the BY HILARY POTKEWITZ nonprofit’s large-scale initiatives, including the coat aking a morning run had been Robert Cox’s exercise regimen for nearly a decade, and he and toy drives. planned to maintain it after his children were born. STAYING WARM Coat donations “What I didn’t plan for was my kids eventually going to school,” admits the 51-year-old reached a record 94,000 in father of two. Shepherding them to elementary school became his new morning activity. 2007. Ms. Bieri partners with So one day, Mr. Cox brought his sneakers to his office at 7 World Trade Center, where he’s more than 800 groups— a senior editor for Moody’s Investors Service, and tried running home to Washington including police precincts, Heights. He now makes the 11-mile slog up the West Side Greenway three times a week. schools and churches—to collect garments. “People A 90-minute run in the dark might sound extreme, but for Mr. Cox, it means he can get continuously want to get exercise and still have dinner with his family. involved,” she says. Though such a routine appears better-suited to Boulder, Colo., See NOVEL WAYS on Page 32 CLEAN UP The native of Madison, Wis., who moved CYCLIST BRIGADE: From left, Sinan Aktar, Robert Kotch, Murat Aktar here eight years ago, is and David Harris are part of a recruiting for “spring cleaning” T suburban N.J. group that bikes day April 12. She has enlisted across the George Washington 5,500 volunteers, who will help Bridge to work several times a week. do things like plant trees and spruce up parks. FALL FORWARD Autumn’s revitalization project, which focuses on schools, is also in the works. “It’s pretty amazing how in one day you can transform the learning environment of students,” Ms. Bieri says. —adrianne pasquarelli EXPERT OPINIONS WHEN ARE THE LOCAL CHERRY BLOSSOMS OUT? hanami, the Japanese word for enjoying cherry blossoms, serves as a reminder to pause and consider how fortunate we are to be around and see beautiful things.The season lasts from the first bud to the final petals.The first flowers are budding right now and will be here by the end of March or beginning of April; the last group hangs on until the first week of May. Our festival, called Sakura Matsuri, will be held May 3 and 4 and will feature Japanese cultural events, food and music. THE STATS —patrick cullina Vice president of horticulture BRIDGE Brooklyn Botanic Garden 25 85 4 15% TO A MILES FROM MINUTES YEARS INCREASE IN GREAT RIDGEWOOD, RIDE RIDING PRODUCTIVITY N.J., TO TIME TOGETHER ON EXERCISE WORKOUT MIDTOWN DAYS* *Men’s Health istockphoto buck ennis

March 24, 2008 | Crain’s New York Business | 31 CNYB 03-24-08 A 32 3/20/2008 9:01 PM Page 1

BUSINESS LIVES Novel ways to work out PUTTING GYMS IN THEIR PLACE NEW YORK CITY boasts nearly 600 fitness Continued from Page 31 Most office buildings don’t allow than hopping in a taxi. He now centers, but only 16% of residents have than to the Big Apple, plenty of bicycles inside, so several of the pushes the pedals himself. memberships, according to the International New Yorkers manage to work in a Ridgewood riders stash theirs at Health, Racquet and Sportsclub Association. workout in the great outdoors Breakaway Courier’s offices, along- Pulling weight People are more likely to join and stay rather than hitting the gym. These side those of the messengers, where a few nights a week, the 39-year- with a gym membership if the club is directly creative exercisers, usually high they can also shower. old executive pays pedicab driver on the route between work and home, says achievers with jam-packed sched- “It’s really become like a locker Pablo $15 to meet him at the office Adam Campbell, features editor at Men’s ules, want to stay fit without losing room for us,” Mr. Rippas says. at 7 p.m.; then Mr. Itzler gets in the Health magazine. social or family time. Murat Aktar, 44, joined the driver’s seat. The weight of the ve- “If you have to go out of your way to get there, it quickly becomes a “We have four boys, so the op- bridge cyclists about three years ago hicle makes for an intense workout, barrier,” Mr. Campbell says. portunities to isolate and identify to help prepare for a bike-tour vaca- he says. Plus, a rotating list of co- He encourages people to use nearby resources creatively to fight the exercise time are slim to none,” says tion through Provence. He de- workers hitch rides. boredom of a gym routine. And he refutes the notion that exercise takes too James Rippas, 43, an equity analyst “If I hit a string of green lights up much time out of the day. “Just half an hour of ice-skating at Rockefeller at Mizuho Capital Markets. He be- Park Avenue, I can make it home in Center during lunch is something most people wouldn’t think of, but it’s gan cycling to work in Manhattan ‘If I hit green 14 minutes,” Mr. Itzler says. perfect,” Mr. Campbell says. from Ridgewood, N.J., about three For some, pregnancy and the re- Studies show that people work 15% more efficiently on days they years ago after finding a group of lights, I can sultant bundle of joy can spell the exercise, he says. So one can accomplish in eight hours what would normally professionals who did it a few times make it home end of regular exercise. take nine hours and 15 minutes. “And that gives you an extra hour and a a week. “Nobody prepares you as a work- quarter in your day right there,” he says. Up to seven riders meet at 5:30 ing mom for how hard it is to choose

a.m.,saddle up and take the 25-mile in 14 minutes’ between the gym and your chil- istockphoto trip over the George Washington dren,”says Faryl Morse,41,a moth- Bridge. By about 7 a.m., they’re in er of two and founder of trendy Cox’s filing cabinet that he wonders ness suit. Most people assume it’s a midtown, where they peel off to SoHo shoe label Faryl Robin if it might be emitting an odor. clever marketing gimmick and try their respective jobs. Commute Footwear. And every few weeks, he finds to flag him down for a ride. But he time: about the same as it would be scribes his prior fitness routine as But Ms. Morse recently found a himself wearing five jackets home has never taken them up on it. on a bus and subway. “uneven, at best.” workout that fits into her schedule on the subway. “It looks ridiculous, “It might slow me down,” he Rob Kotch, owner of Breakaway At first he was terrified. “It and feeds her interest in design and I know,” he says. says. Courier Systems in Manhattan, or- sounded like the most radical thing architecture. Michael Gazaleh, Mr. Itzler, on the other hand, of- ganized the group.The 50-year-old I’ve ever done,” he says. But the ca- founder of City Running Tours, ten jumps on the pedicab in a busi- COMMENTS? [email protected] says that leading the ride is his only maraderie won him over. meets her at her office in the late af- hope for staying fit.“Left to my own New Yorkers who don’t have an ternoon a few days a week and leads devices, I would not exercise,” he hour-and-a-half commute to play Ms. Morse on a four-mile run that THE WEEKS AHEAD concedes. around with find other novel ways highlights historical buildings. She to include outdoor activities in their insists that having an appointment, THIS WEEK’S EVENTS Hit the road Integrity holds conference on going fitness routines. which costs $60 for up to six miles, MARCH 26 green. 8:30 a.m. to 2 p.m., Newman the jersey boys are not alone. Jesse Itzler, founder of private gives her the required motivation. New York Commercial Real Estate Conference Center, 151 E. 25th St., Roughly 130,000 people in New plane service Marquis Jet, started There are some hazards unique Women’s Network holds forum on room 750. Fee: $150. (646) 312-3231 York commute by bike,according to taking a pedicab to his Upper West to this type of innovative fitness. By effective online and traditional or [email protected]. nonprofit Transportation Alterna- Side apartment from his midtown Friday, for example, so much laun- business networking. 6 p.m. to 8 p.m., APRIL 1 tives. office when he realized it was faster dry has accumulated in runner Mr. Penn Club, 30 W. 44th St. Fee: $50 Camba, Small Business Services, members, $85 nonmembers, $30 holds workshop on successful business students. (917) 434-6180. plans. 6 p.m. to 8:30 p.m., 884 MARCH 26 Flatbush Ave., second floor, Brooklyn. New York American Marketing Asso- Free. (718) 282-2500 or ciation holds program on developing a [email protected]. brand for an evolving market. 6 p.m. to APRIL 1 7:30 p.m., 116 E. 27th St., sixth-floor Sterling National Bank and Singer conference room. Fee: $35 members, Nelson Charlmers hold breakfast on $55 nonmembers. (212) 687-3280, ext. group health insurance. 8 a.m. to 10 222, or [email protected]. a.m., Sterling National Bank, executive MARCH 27 office, 650 Fifth Ave., fourth-floor New York City Business Networking boardroom. Free. Registration required. Group holds networking reception. (212) 575-3404 or 6:30 p.m. to 9 p.m., Banco Popular, 441 [email protected]. Second Ave., lobby. Fee: $15 in advance, APRIL 1 $20 at door. (212) 864-5407. Asian Women in Business holds MARCH 27 workshop on legal structures, taxes and Executive Coaching Group holds record keeping. 6 p.m. to 8 p.m., 358 seminar on how to get the right job. Fifth Ave., suite 504. Fee: $15 members, 8 a.m. to 11:30 a.m., Princeton Club, $25 nonmembers. (212) 868-1368 or 15 W. 43rd St. Free. (646) 943-0250. [email protected]. APRIL 1, 8, 15 MARCH 31-APRIL 6 Career Assistance Center holds course MARCH 31 on finding your career path. 6:30 p.m. FaceToFace Speed Networking holds to 8:30 p.m., St. Bartholomew’s networking reception. 5:30 p.m. to 8 Community Center, 109 E. 50th St. Fee: p.m., Commerce Bank, 469 Seventh $175. (212) 501-8045 or [email protected]. Ave. Fee: $35. (718) 757-6933. APRIL 2 MARCH 31 Citi Smith Barney holds seminar on American Society for Training Devel- women and investing. 6 p.m. to 8 p.m., opment holds networking reception. 1 Penn Plaza, 43rd floor. Free. 6 p.m. to 8 p.m., Patrick Conway’s Pub, Registration required. Space is limited. 40 E. 43rd St., downstairs. Free. (212) (212) 643-5703 or 479-7397 or [email protected]. [email protected]. APRIL 1 APRIL 2 Networking for Professionals holds Business Network International holds networking reception. 6 p.m. to 8 p.m., networking breakfast. 7 a.m. to 8:15 Barna, 365 Park Ave. South. Fee: $10 a.m., Old Castle Pub, 160 W. 54th St. members and $15 nonmembers in Fee: $16. (212) 978-1133. advance; $20 for all at door, cash only. —adrianne pasquarelli (212) 227-6556. APRIL 1 Robert Zicklin Center for Corporate TO LIST YOUR EVENT Listings can be submitted only through the Crain’s More meetings online at Web site. Go to www.crainsnewyork.com and click www.crainsnewyork.com on “Events.” Sponsors have a choice of several free Click on “Events” or paid listing options. All business events will be posted online within two business days.

32 | Crain’s New York Business | March 24, 2008 CNYB 03-24-08 A 33 3/20/2008 7:53 PM Page 1

BUSINESS LIVES CORPORATE LADDER Ann Acierno Door-to-door diva Takes charge of Bill Ms. Acierno says. “I like change.” Sitting in her office, which she’s PERSONNEL FILE Blass trunk-show line; decorated with a brown-and-white cowhide rug and pictures of her three COMPANY Bill Blass New York will build on brand, kids, Ms. Acierno explains how she TITLE Chief executive intends to boost the trunk-show add to sales force line’s current million in sales to $50 AGE 46 million by 2010 and $100 million by RÉSUMÉ President, New York 2013. The company, owned by in- design and merchandising office, BY ELISABETH BUTLER CORDOVA vestment firm Angelo Gordon & Kohl’s Corp.; president of new Co., already turns a profit, she says. business development, Tommy nn acierno expected Hilfiger Corp. congratulations from Building on Blass name her fashionista friends touting the bill blass name to HOMETOWN East Detroit, Mich. when she accepted the draw attention to her brand, Ms. HOBBY Running five to seven position of chief execu- Acierno will cash in on the person- miles a day Ative at Bill Blass New York. Instead, alized service that trunk shows pro- their comments were of a more in- vide. She’ll recruit aggressively, credulous nature. mostly in suburbs across the coun- could work in Ms. Acierno’s favor. “They were like, ‘What are you try,aiming to double her firm’s inde- During tough times, more con- doing?’ ” Ms. Acierno recalls. pendent sales force to 250 in the sumers seek the benefit of buying di-

Maybe they thought the industry next two years. She also plans to ex- rect for lower prices,and it’s easier for buck ennis veteran had lost her mind,taking on pand its offerings, adding casual firms to recruit sales representatives. a clothing line that’s sold door-to- wear to the collection this summer. “You have a lot of people looking for and pricey designer goods,says Nina collection for Tommy Hilfiger door, like Avon—even if it is a li- Ms. Acierno has entered a small supplemental income,”says a Direct McLemore, founder of an epony- Corp. Ms. Acierno also earned ac- censed arm of a storied designer field, but one that has room to grow, Selling Association spokeswoman. mous direct-to-consumer line of colades as general merchandise man- brand. After all, Ms. Acierno has experts say. While direct-to-con- Competitors acknowledge that tailored business suits and special- ager of clothing at the catalog and worked for far more trendy compa- sumer sales of everything from Avon Bill Blass New York has the oppor- occasion dresses. Internet division of Victoria’s Se- nies,like Tommy Hilfiger,Victoria’s to Amway products make up a $15 tunity to grow, even if its prices are cret, where she raised profits at a Secret and Saks Fifth Avenue. billion industry, clothing lines ac- higher than those for typical trunk- Experience counts 20% compound annual rate. But the fashionable redhead says count for only $225 million of the to- show lines,like Juliana Collezione.A ms. acierno will rely on her varied The stylish Short Hills,N.J.,res- that she had resigned from her job at tal, the Direct Selling Association Bill Blass New York reef-print skirt experience to steer Bill Blass New ident may have another edge in run- Kohl’s Corp. to pursue something says.What’s more, no other trunk- goes for $575, and a coral-colored York. In 1996, she helped revamp ning her new charge, since she fits more entrepreneurial just one day show line can boast the name of a fa- evening gown is tagged at $1,295. Saks’ catalog business, Folio. She the profile of her target audience. before Bill Blass New York called. mous designer like the late Mr.Blass. “There is a really huge gap” be- worked alongside Karl Lagerfeld in “I’m not afraid of taking chances,” Even the economic downturn tween department store offerings 2004 to launch his namesake luxury COMMENTS? [email protected]

EXECUTIVE MOVES

ACCOUNTING & CONSULTING president and managing principal at HEALTH CARE Deloitte: Thomas F.Rollauer, 60, rejoined Carter & Burgess. VNR Home Care Services: Mary Jane HOT JOBS as director. He was formerly director of Gigatti, 53, was named interim president global compliance at Citigroup. EDUCATION and chief executive. She had been chief Mahoney Cohen & Co.: Benjamin Gadon, LaGuardia Community College: Jane financial officer at Parker Jewish WANTED: 49, joined as shareholder and tax Tabachnick, 51, was appointed director Institute for Health Care and partner. He was formerly a partner at of NY Designs. She had been business Rehabilitation. DIRECTOR OF ARCHITECTURE Marks Paneth & Shron. development manager at the Industrial AGENCY New York City Department of Parks & Recreation Marcum & Kliegman: Leslie Adler, 42, and Technology Assistance Corp. HIGH TECH & NEW MEDIA joined as general counsel. She had been a Avenue A|Razorfish: Shiv Singh, 30, was JOB DESCRIPTION Work with the chief of design to ensure excel- vice president at Sterling National Bank. FINANCE & INSURANCE promoted to director of strategic lence for all architectural projects in the capital projects division Schonbraun McCann Group: Joseph BC Partners: James Rubin, 40, joined as initiatives from director of enterprise Strickland Jr., 57, joined as partner. He senior partner, effective May 1. He was solutions. MOST IMPORTANT TASKS Review interagency design proposals was previously national director at formerly a partner at One Equity E*Assist: Jeremy Condie, 45, was named and estimates, provide design leadership for architecture and Navigant Consulting Inc. Partners, which he co-founded. president. He had been a senior vice historic preservation divisions Daniel Selmonosky, 42, joined as senior president at Thomson Financial. ADVERTISING & COMMUNICATIONS partner, effective May 1. He was Live Gamer: Josh Kramer, 28, was CREDENTIALS NEEDED Valid New York state registration as an Edelman: Matthew Harrington, 45, was formerly a partner at One Equity appointed chief technology officer. He architect, six years of experience in the field promoted to U.S. president and chief Partners, which he co-founded. was formerly director of technology SALARY $90,000 to $105,000 executive from president, Eastern Rosenthal & Rosenthal: Sheri Fishbein, operations at Oberon Media. Region, effective July 1. 44, was appointed business development Christopher Donahue, 53, joined as senior RECRUITER Internal FreeWheel: Melissa Mulvill, 31, joined as officer. She was formerly advertising vice president, marketing and business DOWNSIDE Facing the agency’s new budget concerns in an sales director. She was formerly director director at DNR. development. He had been group of rich media sales at DoubleClick. U.S. Trust, Bank of America Private manager, games, at Microsoft Corp. increasingly unstable economy WorldLink: Sue Thorman, 58, was Wealth Management: Santo Vicenzino, Managed Systems Inc.: Kevin Hart, 48, UPSIDE Leaving a mark on parks during a busy development period promoted to executive vice president, 39, rejoined as senior fiduciary and was named chief executive. He was business development, from senior vice administrative officer. He was formerly formerly an independent consultant. NYC Parks & Recreation is the steward of almost 29,000 acres of president, business development. vice president and trust officer at Brown NetShelter Technology Media: Eric land—14% of New York City—from Yankee Stadium to Central Park Brothers Harriman Trust Co. Kazanjian, 46, was appointed vice to Greenstreets projects. The department will play a major role in APPAREL & RETAIL Doug Moore, 54, joined as managing president, East Coast sales, a newly Mayor Michael Bloomberg’s PlaNYC 2030. It is charged with Audemars Piguet North America: Dana director and senior financial planner. He created position. He was formerly planting an estimated 220,000 street trees by 2017 with more Hagendorf, 35, joined as vice president of was formerly managing director at Eastern regional sales manager at marketing. She was senior director of Citigroup. Feedburner. than $200 million in funding. —ANDREW BUCK marketing at St. Regis Hotels & Resorts. XShares Securities: Edward F.Lynch, 47, Vettro: Tom Erdman, 47, was appointed was promoted to national sales director senior vice president. He had been vice ARCHITECTURE & DESIGN from regional sales manager. president at AT&T. AKF Group: Daniel C. Jocelyn, 35, was George Moser, 52, was appointed senior promoted to partner and continues as vice president. He was previously a vice electrical commissioning engineer. EXECUTIVE PROMOTIONS president at SPSS. AzoogleAds Inc. consultant director at WPP. Sif Syed, 48, was promoted to partner The fastest way to get an announcement into Zanox Inc.: Christopher Dessi, 33, joined from mechanical engineer. Crain’s is to submit details online. Fill out the form as vice president of advertising sales, HOSPITALITY & TOURISM LAW Stantec: Michael Giaramita, 53, joined as at www.crainsnewyork.com/submit. The North America. He was formerly Travelport: Jon Hall, 36, joined as chief Fulbright & Jaworski: David A. Rosen- senior principal. He had been senior vice Executive Moves column is also available online. director of national ad sales at marketing officer. He had been a See EXECUTIVE MOVES on Page 35

March 24, 2008 | Crain’s New York Business | 33 Project3 3/20/08 4:04 PM Page 1

Broccoli: it’s what happy anniversaries are made of

food bank for new york city commemorates our 25th anniversary this year

But instead of jewelry, flowers or fancy gifts, we’re askingn for your ddollars. Every dollar you give helps provide five meals to those in need. Help make this anniversary one to remeembm er for the 1.3 million New Yorkers who rely on us. Donate now at www.foodbankn nyc.c org or 212.566.7855.

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EXECUTIVE MOVES BUSINESS LIVES

zweig, 45, was promoted to partner from TABLE senior counsel. Katten Muchin Rosenman: Noah Heller, TALK 32, joined as partner. He was an associate by Bob Lape at Kramer Levin Naftalis & Frankel. from the brick oven and people lined and a cod item with skordalia, the Mintz Levin Cohn Ferris Glovsky and Popeo: up for the next table. Bodrum takes garlic-potato mash. Even horiatiki, Victor Mustelier, 47, joined as member. no reservations, but the word is out the Greek tossed salad, proves pa- He was a partner at D’Amato & Lynch. Mitchell Silberberg & Knupp: Paul V. and the hungry hang in. Named for thetic and overpriced. LiCalsi, 57, joined as partner. He was a popular seaside resort in Turkey, Ordering wine here requires formerly a partner at Sonnenschein the restaurant does home-style much arm-waving, and even having Nath & Rosenthal. Turkish with dips and kebabs. a hostess promise to alert our waiter Paul D. Montclare, 59, joined as partner. It has a good-looking setting does not prevail.Kellari Parea Greek He was formerly a partner at Montclare with a slatted-wood ceiling, walnut Bistro is pretty, but pretty much in & Wachtler. tables and a slate floor. Fried cala- need of work. Jane G. Stevens, 54, joined as partner. mari is first-rate here, and the man- She was formerly a partner at COMMENTS? [email protected] Sonnenschein Nath & Rosenthal. ti—dumplings filled with ground Lauren J. Wachtler, 53, joined as partner. lamb and topped with tangy yo- She was formerly a partner at Montclare gurt—are great. The typical Turk- & Wachtler. ish adana kebab incorporating BEST OF BOB LAPE Howard H. Weller, 45, joined as partner. lamb, yogurt, tomato sauce and He was formerly a partner at toasted pide bread is another home Following are other recently reviewed Sonnenschein Nath & Rosenthal. run. Mediterranean-rim restaurants. Bodrum’s hardworking servers MEDIA & ENTERTAINMENT manage to keep up and ingratiate. Anthos American Express Publishing: Dana Cowin, 47, was promoted to senior vice I’d rather go Greek for baklava, 36 W. 52nd St. (between Fifth and president from vice president and and the rice pudding isn’t sweet Sixth avenues), Manhattan. continues as editor in chief of Food & enough, but Bodrum’s magic merits (212) 582-6900. It’s Donatella Wine magazine. revisiting. Arpaia and chef Michael Psilakis Associated Press: Tom Brettingen, 59, (Dona) again, as the youthful chef was promoted to senior vice president KELLARI’S PAREA makes a bid to gain for modern and chief revenue officer, a newly GREEK BISTRO ½ star Greek cuisine the same respect created position, from senior vice 36 E. 20th St. (between Park Ave. South accorded French, Italian and Span- president, global newspaper markets. and Broadway) ish cooking. A remarkable effort. Jane Seagrave, 53, was promoted to (212) 777-8448 senior vice president for global product development from vice president, digital. www.kellari-parea.com Peniche ½ Sue Cross, 47, was promoted to senior CUISINE Greek www.penichetapas.com

vice president of global new media and buck ennis WINES 135 choices, 22 by the glass 175 Main St., White Plains. U.S. print and broadcasts markets from MODERN LEBANESE: At Philippe Massoud’s Ilili, assorted dips, salads, purées, falafel and PRICE RANGE $17.95-$28.95 (914) 421-5012. At Anthony vice president, U.S. newspapers online. grilled goodies go down easily. The bar stays open as long as there is activity. WINE MARKUP 120%-325% Goncalves’ new Portuguese and ImpreMedia: Liz Sarachek Blacker, 39, RESERVATIONS Suggested Spanish tapas restaurant, every- joined as senior vice president of online HOURS Lunch, Mon.-Fri., noon-4 p.m.; thing is intense: flavors, caring sales, a newly created position. She had Dinner, Sun., 5-11 p.m., Mon.-Sat., been chief executive at LSB Global service and striking ambience. Tai- Communications, which she founded. 5 p.m.-midnight; Brunch, weekends, lor meal costs to your appetite. iN Demand Networks: 11 a.m.-4 p.m. Eric J. Petro, 44, was Mediterraneans Pera Mediterranean promoted to senior vice president and chief financial officer. He was a senior ellari’s parea greek bistro Brasserie ½ vice president at Time Warner Cable. is a mouthful, an offshoot of www.peranyc.com David Asch, 38, was promoted to Kellari Taverna in the theater 303 Madison Ave. (between East executive vice president from senior vice test the waters K district. The challenge is getting a 41st and East 42nd streets), Man- president. mouthful. hattan. (212) 878-6301. At this Oxygen Media: Amy Introcaso-Davis, 47, trolled by a staff as attractive as it is The Kellari folks reworked a very great-looking, friendly contempo- joined as senior vice president, original Ilili does Lebanese; programming and development. She was attentive, makes the assorted dips, modern setting into a handsome rary Turkish attraction, the empha- formerly senior vice president at Bravo. Bodrum creates salads, purées, falafel and grilled traditional one with a wood-fired sis is on tender grilled meats, mezes Jane Olson, 42, was named senior vice goodies go down easily.It seats more stone oven and a volcanic-rock bar. and salads. Try almost everything president, marketing and brand strategy, a Turkish buzz; Kellari’s than 300 in its dining room, Nice to eyeball, but … with the $42 Pera Tradition tasting newly created position. She had been vice lounges, and VIP and other areas, The food arrives at a snail’s pace, menu. president and creative director at Bravo. Parea needs work and the bustling bar stays open as even on a slow night. The service is Azza Restaurant and Lounge REAL ESTATE long as there is activity. inept.The seasoning is spastic, with these are difficult times for the Many mezes are small and de- salt either absent or over the top. CresaPartners: Jennifer A. Lamb, 30, was appointed director of administration. food service industry, but there is no signed for sharing as part of larger Baked cheese saganaki is stunning- 137 E. 55th St. (at Lexington Av- She had been office manager at shortage of openings. Many feature platters or presentations. Owner- ly saline and so glued to the bottom enue), Manhattan. (212) 755-7055. Context-TQA. food of the Mediterranean rim.Mo- chef Philippe Massoud’s manage- of the pan as to be impossible to dis- Mezes, couscous and tagines Haveland Estates: Andrea Foertsch, 47, roccan, Algerian, Lebanese, Greek ment team makes figuring gratuities lodge. abound at this exotic,romantic and joined as managing director. She was and Turkish eateries are blossoming, a snap. Printed on the checks are the The salt monster also runs amok colorful Moroccan spot. Boasting previously principal at Melrose Real as exemplified by a three-pack of re- exact amounts to add if you’re tip- on a dish called “yesterday’s lamb” bold gold and red decor and a cor- Estate Strategies, which she founded. cent arrivals. All take plastic and ping 18%, 20% or 22%. No mention dial staff, it aims to be as organic as SERVICES have plenty of noise.Dress is relaxed. of 15%. This is serious money. Four possible, with a great American people sharing two bottles of steak (Featherstone Ranch) to CorrectNet Inc.: Joe Ricca, 44, was appointed executive vice president of ILILI Lebanese wine can run up $70 in prove it. global sales and marketing. He was 236 Fifth Ave. (between West 27th and tips, without having the $56 Wagyu formerly vice president at Clusterseven. West 28th streets) beef kebab. Turkuaz Alex Jansen, 32, joined as vice president, (212) 683-2929 www.turkuazrestaurant.com global enterprise sales. He had been vice www.ililinyc.com BODRUM 2637 Broadway (at West 100th president at Lightport Inc. CUISINE Contemporary Lebanese 584 Amsterdam Ave. (between West Street), Manhattan. (212) 665-9541. Habitat for Humanity-New York City WINES 110 choices, 22 by the glass 88th and West 89th streets) There’s a new owner, chef and at- Rachel Hyman, 40, was named chief PRICE RANGE $14-$56 (212) 799-2806 titude at the seven-year-old Upper operating officer. She had been senior WINE MARKUP 160%-300% www.bodrumnyc.com vice president at Bank of America’s West Side Turkish treat. Authentic community development real estate RESERVATIONS Recommended CUISINE Turkish-Mediterranean and full-range Turkish fare with a group. HOURS Dinner, Mon.-Wed., 5:30- WINES 30 choices, 10 by the glass stunningly generous Sunday 10:30 p.m., Thurs.-Sat., 5:30-11:30 p.m. PRICE RANGE $16-$24 brunch: 100 dishes, $18.95. TELECOMMUNICATIONS WINE MARKUP 125%-190% McGraw Communications: John C. lili is the best reminder yet of RESERVATIONS None taken ILIILI features dishes that are Maguire, 43, joined as director of when Beirut was known as the HOURS Lunch, Mon.-Fri., noon-4 p.m.; designed for sharing. operations. He was formerly a senior Paris of the Middle East. It is Dinner, seven days, 5-11 p.m. staff consultant at Verizon. I = Outstanding SpeechCycle Inc.: one great-looking mod Lebanese R.Todd Barber, 44, = Excellent joined as vice president of sales. He had restaurant, the dressiest of this he new turkish restaurant threesome. Bodrum on the Upper West = Very good been vice president and general manager, Americas, at Converse. The striking copper-and-wood TSide is abuzz with authentic = Good —sarah studley setting with a towering ceiling, pa- cooking, endless free warm bread

March 24, 2008 | Crain’s New York Business | 35 Project1 2/15/08 11:11 AM Page 1

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