Caught in the Storm Ports
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nb12p01.qxp 3/21/2008 7:45 PM Page 1 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 re- quirements, 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.