Goldman Sacked by Fraud Allegations

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INSIDE OPINION TOP STORIES Greg David on Wall St. Crowd-pleasing and NYC musicals make economy Broadway sing ® PAGE 2 PAGE 11

VOL. XXVI, NO. 16 WWW.CRAINSNEWYORK.COM APRIL 19-25, 2010 PRICE: $3.00

Once dust clears, Goldman airlines preparing for merger liftoff sacked PAGE 2 by fraud Prophet of doom seeks his own allegations profit and boom PAGE 3 Charges hit shares, Governors Island: weaken effort to fend What’ll Bloomberg off financial reform do with new jewel? BY AARON ELSTEIN PAGE 3 last week’s move by the Securities and Exchange Commission to charge mighty Goldman Sachs with fraud did more than gut-punch the investment bank’s shares and dent its 24-carat im- age.In the longer term,the lawsuit could have a profound impact on the future shape of the American financial system, coming when the Obama administra- STOCKING UP: tion is struggling to win support for Joe Holtz fills sweeping financial reform legislation. produce bins at Goldman, with its powerful Wash- the Park Slope ington connections and reputation for Food Coop. uncompromising excellence, had been leading the charge to water down some of those reforms. Now it has a battle to fight much closer to home. BUSINESS LIVES Prominently displayed on Goldman Sachs’ Web site are the firm’s 14 guid- GOTHAM GIGS See GOLDMAN on Page 23 Getting down to Earth Day, planting trees P. 25 G ANNE FISHER on trusting employees to larry ford Startlingly create loyal clients P. 25 G MOVERS & SHAKERS Red Cross chief revives steely office charity,helps Haiti P. 26 G GAEL GREENE says The tower prices Mark is on the mark P. 27 RUNAWAY GROWTH Park Slope Food Coop rings up more cash Supply-demand INDEX mismatch resets THE INSIDER ______8 and members than it knows what to do with market by a few years VIEWPOINT ______10

NEIGHBORHOOD JOURNAL ______12 It is a job that reflects the mission of the co-op to BY LISA FICKENSCHER BY THERESA AGOVINO SMALL BUSINESS ______13 cultivate a sense of community,but it also helps solve a growing problem for the organization: finding CLASSIFIEDS ______20 the first sign that Brooklyn’s Park Slope Food enough stuff to do for the nearly 16,000 members in the worst days of the recession, FOR THE RECORD ______22 Coop is unlike any other supermarket in the city are who must work 2.75 hours for the co-op every four many experts predicted that the prices HOT JOBS ______25 the people milling outside wearing orange-and-yel- weeks in order to shop there. of Manhattan properties would col- EXECUTIVE MOVES ______25 low vests. Their task is to accompany shoppers on Founded in 1973, the Park Slope co-op has lapse beneath the weight of a flood of

THE WEEK AHEAD ______27 walks home with their groceries—and then return grown so dramatically in recent years that it has been forced sales. the shopping carts to the Union Street store. See RUNAWAY GROWTH on Page 23 Maybe not. Since the beginning of the year, agreements have been struck on two 16

5 major properties and several smaller REPORT REAL ESTATE ones at prices that have astounded the Building managers’ pivotal role, tenants’ real estate community. The Helmsley Carlton House, a hotel on Madison ELECTRONIC EDITION squeeze play, and largest architecture firms Avenue, last month fetched $170 million—roughly $60 million more than NEWSPAPER PAGE 15 See STARTLINGLY on Page 24 71486 01068 0 20100419-NEWS--0002,0003-NAT-CCI-CN_-- 4/16/2010 7:58 PM Page 1

IN BRIEF Crowd-pleasing AFTER SAINT VINCENT CATHOLIC MEDICAL CENTERS FILED FOR CHAPTER 11 BANKRUPTCY protection last week, other health care facilities had to decide whether to play a role in running musicals pack ’em in what’s left of the system.The St. Vincent’s Hospital closure plan filed with the state Department of Health provides for continuation of ambulatory care services through May 31. On Broadway on track for record grosses Friday, four health care providers filed applications with the state for grants to fund new of Serino Coyne Inc., an ad agency that services.The projects must create urgent care BY MIRIAM KREININ SOUCCAR promotes the theater industry. “There are capacity in the area, but the state also is willing a lot of shows opening with buzz right now, to fund renovations or expansion of nearby despite scathing reviews, The Addams and together they have aroused interest in facilities to boost service capacity and expand Family has been raking in more than $1 Broadway and put it back into the conver- the hours of ambulatory and primary care clinics. million a week at the box office and has a sation.” $15 million advance. HUMMUS KING SABRA IS RELOCATING THIS Next to Normal, an unlikely musical Staging a comeback SUMMER FROM ITS ASTORIA, QUEENS, about a bipolar mother and her family, be- indeed, with less than two months to go headquarters to Richmond, Va., where it has came profitable last month and just won in the 2009/2010 season, the Great White built a larger processing facility.The move will be the Pulitzer Prize. Way has staged a comeback. A weak start completed by Aug. 30, and 154 employees are And both Promises,Promises,the revival to the fall season on Broadway, where at- affected, according to a notice the company filed starring Sean Hayes and Kristin tendance was down 9.3% and box office With total box office grosses for the with the New York State Department of Labor. Chenoweth, and American Idiot, the new grosses dropped nearly 3%, has given way season up 1.4%, to $889 million, from the The 24-year-old company was acquired in 2005 rock musical written by the popular band to a booming spring. same time last year,and a number of shows by Israeli food conglomerate Strauss-Elite, Green Day, are nearly still left to open before the season ends which formed a joint venture three years later sold out in previews. May 23rd, Broadway is on track to make SNAP, SNAP: with PepsiCo called Sabra Dipping Co. In “The fact that Bebe Neuwirth and record grosses this year. Attendance— addition to the Queens location, the $312 these shows have Nathan Lane work the though still trailing last season by 2.8% to million company has two facilities in been selling so room in The Addams date—has recovered much of the previous Farmingdale, L.I., one of which it will retain. well in previews Family; scenes from losses as well, and theater executives pre- is unusual,” says Promises, Promises and dict it will end up flat. THE ECONOMIC CRISIS CAUSED FOUNDATIONS Next to Normal (above Nancy Coyne, right, top and bottom) Broadway wags credit the industry’s TO CUT THEIR 2009 GIVING BY AN ESTIMATED chief executive success this spring with an unusually 8.4% last year, the largest decline ever tracked high number of new musicals by the Foundation Center. Grants made by the coming in,which tend to at- nation’s 75,000 foundations fell to $42.9 billion, tract more media attention from $46.8 billion in 2008.That’s a huge and tourists, and typically contrast to 2008, when grants actually rose by bring in bigger box office about 2.8% over 2007 levels. Nearly 10,000 of numbers. Ten musicals the foundations are based in New York. have opened or will soon open this spring, compared with six BY THE NUMBERS that opened in the fall. In addition, the Weekly shift of the city’s economy fall shows included Irving Berlin’s White FAST START 1Q earnings reports are coming in Christmas, a seasonal produc- strong. J.P. Morgan credited a “broad-based economic recovery” for its 55% jump in profits. tion, and the duds Ragtime and Retail sales, manufacturing are also climbing. Finian’s Rainbow,both of which made quick exits. The musicals opening now 2.5% 2,800 $2.81 are targeted to attract a range RISE in imports CITY JOBS added THE PRICE of a of theatergoers—from twen- in February vs. a in film and music gallon of gas in tysomethings for American year earlier at the sectors since NYC, up 4.5% so Idiot to tweens and their par- Port of NY & NJ Dec. 2009, up far this year ents for The Addams Family— Source: Port 7.1% Source: Energy Authority of NY & NJ Source: Eastern Information another boost for business. marcus by joan photos Consolidated Administration See BROADWAY on Page 24

CAPITAL IDEA Venture capitalists are once again pouring money into promising New York area companies Arriving airline mergers stir u

signed a deal to acquire Spain’s Iberia Air- of things happen here,” says Henry Shake-up would affect lines. Last summer, Midwest Airlines and Harteveldt, an airline analyst with For- ticket prices, flights Frontier Airlines were acquired by Indi- rester Research. “They could decide that anapolis-based Republic Airways. together they can better compete in New Source: PricewaterhouseCoopers as combining carriers After a rough two years in their money- York [airfare wars], so that could actually CORRECTION vie for biz passengers losing industry, airline executives have be good for consumers.” emerged from their bunkers looking for Ground leases at Battery Park City will expire in 2069. This fact Imagining a mega-airline was misstated in a March 29 article on the apartment market in ways to gain market share,cut costs and get that neighborhood. BY HILARY POTKEWITZ a leg up in the pricing wars. the big apple air travel market is “A merger between United and US Air- dominated by a handful of carriers fiercely vol. xxvi, no.16, april 19, 2010—Crain’s New York Business (issn last week’s volcanic eruption drew ways, or even United and Continental, is vying for more passengers. 8756-789x) is published weekly, except for combined issues June the travel industry’s attention away from more probable than not,” Hudson Securi- Combining Arizona-based US Air- 28/July 5, Aug. 30/Sept. 6, and Dec. 20/Dec. 27, by Crain Com- munications Inc., 711 Third Ave., New York, NY 10017. Periodicals another seismic shift in the industry: A ties airline analyst Daniel McKenzie wrote ways with Chicago-based United could postage paid at New York, N.Y., and additional mailing offices. new wave of airline mergers has arrived. last Friday, noting that there’s a current create a mega-airline in New York that Postmaster: Send address changes to: Crain’s New York Business, Reports of merger talks between Unit- sense of “urgency” to consolidate capacity. would leapfrog most of the pack to become Circulation Department, 1155 Gratiot Avenue, Detroit, MI 48207-2912. for subscriber service: Call (888) 909-9111.Fax ed Airlines and US Airways started earlier Any new airline combination that the second-largest carrier at Newark Lib- (313) 446-6777.$3.00 a copy, $59.79 one year, $109.79 two years. this month,and last week Continental Air- emerges would cause a power shake-up in erty International Airport, behind Conti- (GST No. 13676-0444-RT) ©Entire contents copyright 2010 by Crain Communications Inc. lines swooped into the conversation, re- New York that could impact ticket prices nental, which keeps a hub there. All rights reserved. portedly angling for a tie-up with United. and flight availabilities. The newly merged airline would also Just two weeks ago, British Airways “If United and US Airways merge,a lot jump to the No. 2 spot at La Guardia Air-

2 | Crain’s New York Business | April 19, 2010 up some turbulence in NY r photos by joan marcus 20100419-NEWS--0002,0003-NAT-CCI-CN_-- 4/16/20107:59PMPage2 Prophet ofdoom Prophet class services andjustannouncedanal- services class spent twoyearsbeefingupits business- dollars. vertising spendingad- adding flightsandliberally New year elevating York toahubcity, in2008—has spentthepast Northwest itacquired after intheworld largest airline is acoveted market. New Yorkrole gateway, asaninternational andits businesstravelers, tion oflucrative itshighconcentra- With national travel. sengers andfunnelthemtoahubforinter- togathermore systems pas- their feeder toorchestrate trying byairlines driven tional Airport. KennedyInterna- atJohnF. rank fourth Itwould behind DeltaAirLines. port, (and seekinginvestors) housing crashstillbearish Blogger whoforesawthe erh Hisprofit of marginsare north search. bearish—re- ting—and overwhelmingly forhishard-hit- him upto$2,000annually world’s biggestbanksandhedgefundspay and150customersfrom the for hisblog, About5,000peoplehaveregistered pros. investment vard- and Wharton-trained now hastheattentionofHar- insurance, toselllife whousedtomakecoldcalls ate, gradu- TheHoward University feel bold. nel ofmyown.” don’t chan- create adominantdistribution ifI is, hesays.“That channels, distribution enue oraudiencetargetsusingestablished Iexpecttoreach which quickly.” stone, mile- asignificant follow-on round after Iwanttodoaquick insists.“Then start,”he “i justneedafew Customers pay up to $2K annually nies inthecomingweeks. playersandestablishedmediacompa- ty equi- private tioning venturefirms, capital peti- planstostart Middleton Mr. puffery. insightsasopposedto Wall Street istic” get investorswill wherefirm hesays “real- a fledged investmentresearch business, ect:Turning hisblogginghobbyintoafull- ing thehousingmania. dur- apartments made flippingBrooklyn he paidforwiththemoney foot yacht, befoundonhis48- can And thatlibrary Growth General Properties. operator mall and estate bubbleblowups asBearStearns thedemiseofsuch real stunning accuracy dleton’s with BoomBustBlogforecast Mid- Mr. Thedifference is, . for Dummies ence andCreate Demandand books as self-help withsuch and keepsalibrary ablog writes ReggieMiddleton noticed, like manyentrepreneurs BY ELSTEIN AARON Meanwhile, American Airlines has Airlines American Meanwhile, Atlanta-basedDelta—the To thatend, is maneuvering ofthecorporate Much r ideo,4,hasgood reason to 42, Middleton, Mr. reaching rev- That milestoneinvolves Now he’s embarking onhisnextproj- uz ans h oe fInflu- HarnessthePower of Buzz: e RPE onPage 23 See PROPHET million dollars to dollars million trying toget trying Fundraising airlines code-share flightsandrecognize airlines Member helpedfound. American which Alliance, totheOneworld referring York, vicepresident forNew Art says Torno, we’re onalliances,” goingtoconcentrate upinmergermaniayet. caught shows american yet Good or bad for fliers? New Jersey data. New Jersey ing toPort ofNew Authority York and accord- andJetBlue’smillion 13.6million, Delta’s 19.5 Continental’s 24.6million, compared with over thepastyear, airports passengersthroughing 13.1million area placeintheregion,carry- slipped tofourth a $1.3billionterminalatJFKin2007. Itcompleted liance withJetBlueAirways. “We’ve decidedforthemomentthat Despite its efforts, American has American Despite itsefforts, his detailed research. from investment pros for Bust Blog, wins kudos founder of the Boom Reggie Middleton, BEAR WITH HIM: no signsofgetting there’s justnowayaround it.” but Itmaynotbeacross theboard, tor. you’re takingawayacompeti- you merge, iscompetition.When ofprice 1driver No. “The CEOofFareCompare.com. Seaney, Rick says andbadfor consumers,” vestors, othersare notconvinced. prices, leadtolowersay consolidationwill ticket some While in thematterispassenger. United hasdrawnlessunionire. Continental and possible mergerbetween whilethe pairing, a USAirways-United and theUnitedpilotsuniondonotsupport merger withoutsomeofthedifficulties.” getthebenefitsofa can hesays,“you way,” “That passengersintheprocess. ing new gain- frequent flierprograms, others’ each “Mergers are good for airlines andin- are“Mergers goodforairlines The biggeststakeholderwithoutasay The powerful flightattendantsunion CONTINENTAL HOW THEYSTACK UP with Source: Port Authority of NY & NJ data for12 endedJan.31. months ofNY&NJdata Authority Source: Port passengers and passengers THE REGION’S No. 1 a hubat 24.6 Newark buck ennis carrier, million sadnow island mayor’s It’s the five years ago,” says Deputy Mayor for Deputy says five yearsago,” than wedidfouror potential opportunities topropose megaprojects.developers thanleavethedooropenfor quests rather officialswanttomaketargetedre- around, Thistime buildings. in about50historic square 1.4million ofspace feet and nearly proposals for33acresland ofdevelopable ofrequestsed toissuethefirstofaseries for isexpect- city laterthisyear,the 2012.And inlate park thatcouldbebuiltstarting 87-acre detailsofa$200million, cluded the mayor’s First up: a $200 million park says. Pirani Mr. the city’s return overall tothewaterfront,” ect intobeingareal successemblematicof the islandfrom beingthisinteresting proj- forgotten. that timehasseemingly the shores ofManhattanandBrooklyn of theicecream cone-shapedmassjustoff out alegacy or MichaelBloombergtocarve thestageforMay- island tothecity,setting the statecededsolecontrol ofthe172-acre lastweek, base.But military federal former state sparred over thebestcoursefor Governors IslandAlliance. Association’stor oftheRegionalPlan direc- RobPirani,executive think?’”recalls university. ofaLondon-based branch establisha complex; aresort construct ter; anenvironmental research cen- Fair;create hosta2015 World’s were over all themap: in theideasthatcame nors Islandin2006, ofGover-proposals forthedevelopment andstatewhen city BY DANIEL MASSEY be Bloomie’s reallegacy Governors Islandcould 9 2010 19, April “I thinkweknow“I alotmore aboutthe “He’s goingtousehisthirdtermget and The process loststeamasthecity whatdoyou ‘We gotanisland; was, “It HANDLES JFK, enough of domestic of domestic No. 5 travelers at travelers e OENR SADonPage24 See GOVERNORSISLAND UNITED to rank to rank announcement lastweekin- | there Crain’s New York Business 4.3% US AIRWAYS officials solicited La Guardia,it’s passengers at passengers that airport’s that No. 3 WITH million carrier 4.5 bloomberg news | 3 20100419-NEWS--0004-NAT-CCI-CN_-- 4/16/2010 5:06 PM Page 1

Of course, J.P. Morgan is also benefiting from some of the good- SPEAKING OF THE LATE WAMU ... ies it was given by Uncle Sam dur- IN THE MARKETS ing the worst moments of the 2008 CORPORATE EXECUTIVES ALMOST NEVER discuss their Wall Street bankers in crisis. Its investment banking divi- public, but they apparently do so a great deal in private. Thanks to last week’s sion is thriving in part because it ac- hearing before the Senate Permanent Subcommittee on Investigations, we are by Aaron Elstein quired teetering Bear Stearns for $10 privy to some detailed back-and-forth between top officials at Seattle-based a share, or $1.4 billion; even better, Washington Mutual exploring who on Wall Street they should hire to help unload the Federal Reserve agreed to take toxic mortgages as the housing market was falling to pieces in October 2007. on $29 billion of that firm’s most On the afternoon of Oct. 12, Todd Baker, executive vice president for toxic assets. Thanks in part to the corporate strategy and development, sent an e-mail to Chief Executive Kerry Bear Stearns assets, J.P.Morgan re- Killinger and three other WaMu honchos spelling out what he saw as the ported generating $5.5 billion in strengths and weaknesses of Wall Street’s most prominent firms. “We could be bond-trading revenues last quarter, in for a rough road ahead, and hiring the best brains is always wise when the $400 million ahead of Sanford C. stakes are high.” Bernstein & Co.’s forecast. Mr. Baker called Goldman Sachs “our strong first choice,” saying the firm = Remember, too, that regulators was “very expensive” yet had “the smartest banker overall.” However, he handed over the fast-failing Wash- warned: “We always need to worry a little about Goldman, because we need ington Mutual for a paltry $1.9 bil- them more than they need us, and the firm is run by traders.” BofA vs. J.P. Morgan. Discuss lion. While J.P. Morgan immedi- Mr. Killinger responded: “I don’t trust Goldy on this. They are smart, but this ately wrote off around $40 billion is swimming with the sharks.” He preferred Lehman Brothers, though he in mortgages upon acquiring that warned, “We would need to assess if they have the smarts we need.” f there was any doubt that J.P. Morgan Chase & bank’s toxic sludge, it also was able WaMu’s strategy chief was lukewarm to Lehman. While a Lehman banker he Co. has emerged as the strongest of the big banks, to vastly expand its customer- knew well “has been through this before,” he warned deposit franchise for a fraction of that WaMu would need to “stay out of their internal last week’s earnings news ended any questions. what it would have cost otherwise. squabbles…. On the downside, the emotional cost Truly, there was much to love about the House of The latest numbers show that the percentage of loans that are 30 or of dealing with [the banker’s] needs (which often Morgan. Earnings of 74 cents per share exceeded seem more important analysts’ consensus estimates by a dime. The firm reported more days delinquent fell last quar- I ter, suggesting the WaMu loan than ours) is steep. His broad-based improvement in most every housing-related portfolio is at last stabilizing. The loyalty is a plus.” metric. And revenues in its investment banking division bank even saw fit to release $1.9 bil- In the end, the bank lion in loan-loss reserves. hired both Goldman and were strong. Lehman. ’Twas all for Bank of America Meantime, Bank of America, Meanwhile, saw its earnings decline by under new Chief Executive Brian naught, however. WaMu 25%, as the surge in investment banking was offset by Moynihan, showed last week how failed in September problems most everywhere else, including at its prize difficult it can be to make deals pay 2008. acquisition, Merrill Lynch. off after paying full sticker price. bloomberg newsphotos During the darkest days of the 2008 J.P.Morgan’s unexpectedly strong results had analysts financial crisis, the bank agreed to ment management division, of withdrawn.The division was able to hurling huzzahs at bank management, led by Chief Executive pay $50 billion to acquire Merrill. which Merrill is the biggest part, scratch out a 4% gain in net income, Jamie Dimon. “It knows its business, and applies itself The latest quarterly results suggest yanking out $14 billion in assets last thanks to rising markets lifting the appropriately,” says Rochdale Securities analyst Dick Bove. BofA is still having difficulties di- quarter. The unit has suffered mas- value of most assets, but, clearly, gesting that deal. sive outflows every quarter since the Mr. Moynihan and his team must “The record of the past few years indicates that this is not Customers are continuing to flee merger was completed last year,and figure out something—quickly—to common in banking.” the bank’s global wealth and invest- a total of $107 billion has been stop the client exodus. How Schwarzman could get turbo-taxed it may be hard to understand why first glance, not much. Mr. Schwarz- someone like Blackstone Group CEO man’s 2008 comp included $2.3 mil- Stephen Schwarzman,who was paid no lion in carried interest, which at the less than $7.8 billion (yes, billion) in 15% rate suggests $344,645 in taxes 2007,would fight over his income tax owed. Keep in mind that this was bill increasing by a mere $565,217. money accrued to Mr. Schwarzman, Nonetheless, investment firms like not actual cash paid out, but it’s the his are in a snit now that Congress is best data available. Anyway,had that thinking about raising taxes on their been taxed as if it were ordinary in- executives. come, he presumably would At issue is the low tax have owed $909,862. (Last rate for a source of compen- year, he saw a carried-inter- sation for private equity ex- est loss of $759,000, reflect- ecutives, hedge fund man- ing the difficulties Black- agers and the like.It’s called stone and other private carried interest, which is equity firms suffered.) the cut of firm-wide profits So why risk bad publici- that money managers keep ty by lobbying against a tax for themselves.This compensation is hike? Because today’s carried-inter- taxed at the capital gains rate, cur- est income is about as low as it will rently just 15%. But Sen. Charles ever get, says Victor Fleischer,a Uni- Schumer last week revived the debate versity of Colorado law professor and on whether to raise taxes on Wall expert on the tax loophole. Street’s wealthiest,noting that if car- “The next few years might not be ried interest were taxed like ordinary like the boom days of 2006,” he says. income—39.6% for this crowd next “But they do figure to be better than year—it could generate $25 billion in the last two, and if that’s the case, a revenue over 10 years. higher rate of taxation would certain- So, what would a tax increase like ly have an impact on the amount of that cost the CEO of the largest pub- money made by private equity firms.” licly traded private equity shop? At Blackstone would not comment.

PORTION OF ASSETS fund managers are keeping e BusinessBusiness BaBanknk in cash, according to Merrill Lynch. This is 3.5% considered a bearish sign, since it suggests there Sterling4Biz.com 212.757.1100 is little money remaining on the sidelines to buy stocks. Merrill notes that four out of the last five times cash levels fell that low, the stock market fell 7.1% over the next month.

4 | Crain’s New York Business | April 19, 2010 Project9:fp template.qxd 4/13/10 12:08 PM Page 1 20100419-NEWS--0006-NAT-CCI-CN_-- 4/16/2010 4:10 PM Page 1 NEWYORKCITY BOSTON SEATTLE SANFRANCISCO LOSANGELESCHICAGO

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is pleased to welcome the following new tenant NEW YORK,NEW YORK edited by Valerie Block COMPUTER SCIENCES CORPORATION represented by Christopher Krantz and Shannon Rzeznikiewicz Pulitzer publisher know-how to make tasty pies at ATLANTA home. of Jones Lang LaSalle tinkers with Before opened his 450-square-

WASHINGTON,D.C. foot storefront on Grand Street the big time last week, Mr. Bello for years taught the art of making thin- t may be more fluke than crust pizzas at his home, as well as trend, but when the time at places such as Murray’s MILAN LONDON PARIS FRANKFURT MUNICH SÃOPAULO RIODEJANEIRO BEIJING BANGALORE arrived to award the 2010 Cheese. Mr. Bello installed two for leasing information, please contact: I Viking stoves in his new location Pulitzer Prize for fiction last instead of pizza ovens, to replicate Samantha Augarten week, the big commercial the experience of cooking at Heather Kahn publishers didn’t come close. home, but some of his followers Peter R.C. Brindley The prize went to Tinkers, a first are used to working in hotter Blythe R. Kinsler kitchens. novel by Paul Harding from Former student Michael Glazer Theodore J. Koltis nonprofit Bellevue Literary now cooks at Pulino’s, Keith Press—an offshoot of New York University’s School of McNally’s new eatery on the 212.715.0300 Bowery. Raj Dagstani, former Medicine—and the two finalists were from indies Soft Skull director of operations at Per Se, Press and W.W. Norton. who recently took a course, has The last time a small publisher took home the prize for threatened to open a pizzeria. Even superstar sushi chefs Toshio the winning book in fiction was in 1981. Suzuki of Sushi Zen and Noriyuki Financial pressures are making it harder for commercial Kobayashi of Megu have taken houses to take risks on unknown authors. classes with Mr. Bello. “They aren’t picking up a lot of fabulous stuff because “We are serious about teaching people how to make pizza,” he they have such high stakes,” says Bellevue’s editorial says. director, Erika Goldman. The small press will rush out 30,000 trade paperback Sunny days copies of Tinkers, adding to the 15,000 already in print. Soft Skull will also print more copies of its finalist, the short- for Lite alums story collection Love in Infant Monkeys. last week was a good one for Join the Crain’s Community “We are absolutely getting more interesting submissions,” Lite FM notes Denise Oswald, Soft Skull’s editorial director. alumni. Subscribe to Crain’s New York Business— Jim Ryan, the The big houses do know a good thing when they see it: veteran program New York’s must-read resource for the Mr. Harding’s next two novels will be published by Random director who left city’s business leaders House. the radio station to consult in what to do with the January 2008— New York multistory space. after Palace But a former retail dismantling the Print Edition tenant says that the long-running One year subscription – $59.79 expands Palace is planning on-air lineup— • Weekly news analysis of New York’s its realm to build additional has landed a gig banquet space with CBS most important business issues the new york there. Robert Blau, Radio as vice • In-depth reports and trend stories Palace hotel may be president of president of adult contemporary cooking up plans for Lederer programming. He’ll be running • Crain’s annual Book of Lists more banquet space International, the show at Lite rival Fresh 102.7, or a restaurant for which had a luxury as well as an adult contemporary the north wing of leather-goods shop station in Chicago. the old Villard ‘POP’ ART on 51st Street, says, Valerie Smaldone, a popular Houses. “They were going midday DJ who left Lite at The elegant GUESTS WILL smash a to do construction around the same time as Mr. Digital Edition 126-year-old surprise-filled piñata of right away.” Ryan, will debut a one-hour One year subscription – $35 property, built Andy Warhol’s head to The historic weekday talk show, Valerie’s New around a courtyard get their just desserts at property was built York, on WOR’s Web site on • Anytime access to comprehensive on Madison the Brooklyn Museum’s in 1884 by railway April 22. It’s the first original and late breaking business news Avenue and East annual gala on April 22. mogul Henry Villard. programming for WOR710.com. • Crain’s Daily Alert delivered to 51st Street, had In 1977, developer Ms. Smaldone will cover Harry Helmsley your inbox each business day been occupied for built everything from theater to nearly 30 years by The Municipal the 51-story Palace behind it. restaurants to nightlife in her • FREE unlimited access to Crain’s archives Art Society of New York and a show, which will run from 11 a.m. handful of small businesses. It has to noon. been empty since January, when Pupils make most Ms. Smaldone also the MAS moved to new of pizza course teaches a course at the Subscribe today to gain membership to the headquarters.The posh hotel took School of Visual Arts most powerful business community in New York. over the landmark spot, which sits taking a course at on how to across the courtyard from its Gilt Pizza a Casa, chef Mark be an Internet radio restaurant, but it has yet to Bello’s new pizza school personality. announce any new tenant. and retail operation on Go to www.crainsnewyork.com/subscribe A hotel spokeswoman says that the Lower East Side, Contributors: Lisa management is still considering could lead to more than the Fickenscher, Matthew Flamm Project4:fp template.qxd 3/31/10 12:07 PM Page 1

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practice, had 1% each. A hefty 51% of those polled offered no opinion, which probably means they have PENSION TENSION Liu, critics clash THE INSIDER never heard of any of these people. AFTER ATTENDING JOHN LIU’s first appearance as city comptroller at a Crain’s Early polls are largely a measure Breakfast Forum, Business Council of New York State President Kenneth by Erik Engquist of name recognition and don’t Adams asked if the comptroller would favor ditching public pension funds’ accurately predict election results, defined-benefits model, which leaves taxpayers on the hook when investment but they are good for fundraising. returns lag, in favor of a 401(k) approach. Mr. Liu says no way. By releasing her internal poll, Ms. “There’s no difference between the cost of benefits, whether they’re Holtzman could attract donations defined benefits or defined contributions; there is a difference in who bears and scare off competitors. “People the risk,” Mr. Liu says. “In defined benefits, the government bears the risks have been encouraging me to get but also enjoys the fruits [if returns are robust]. For defined contribution Holtzman for AG? into this race for some time, which plans, it’s the participant who bears the risk. ... The idea of getting rid of the is why I did the poll,” says Ms. risk for municipalities and shifting it to retirees is silly.” Holtzman, who calls her showing A Business Council spokesman says: “We disagree. The private sector has Survey says yes “honestly a surprise.” gone to defined-contribution plans because they cost less.” Ms. Holtzman, who lost E.J. McMahon, the flag-bearer for fiscal conservatives in New York, campaigns for the U.S. Senate in he lack of a 1980 and 1992, left public service burned a path to his computer keyboard to react to Mr. Liu. “The city’s pension fund contribution for fiscal 2011 is now projected at $7 billion—more heavyweight in 1993 and has since resisted the urge to run. “I’ve wrestled with that than 10% of the entire budget, and a sevenfold increase since 2001,” he female—or, for that decision, because things have writes on his NY Fiscal Watch blog. Noting that the city’s five pension funds matter, male— changed quite a bit since I was in have an unfunded liability of more than $100 billion, as candidate in the race elected office,” she says. “They’ve estimated by the American Enterprise Institute, Mr. for state attorney general has been more partisan, nastier, and McMahon adds, “For the city comptroller, of all T government has become more people, to belittle the concentrated long-term Elizabeth Holtzman caught ’s dysfunctional. But that’s part of the financial risk associated with the traditional pension attention.The former city reason people are asking me to take system is simply jaw-dropping.” comptroller, congresswoman a look at this race, and that’s why Mr. McMahon and the business council and Brooklyn district attorney I’m going to do it.” have also called for lower benefits for government workers, reasoning that their raised money and commissioned salaries have caught up with private- a poll to assess her chances, and The Bloomberg sector pay. Mr. Liu reacts cautiously to was so encouraged by the results job carousel the idea. that she took a leave of absence “If, in fact, public-sector salaries are there’s talk of Paul Francis, comparable to private-sector salaries, newscom from her law firm last week to former director of operations in the then the overall benefit packages Spitzer administration, stepping should be comparable as well,” the explore a campaign. Attorney Kathleen Rice with 9%, into the deputy mayor post being comptroller says. “It is not a foregone The survey of 500 registered state Sen. Eric Schneiderman and vacated by Edward Skyler.Mr. conclusion that that’s true. That’s a Douglas Democrats by pollster former state homeland security Francis has been employed since question that I’m looking at.” Schoen showed Ms. Holtzman, 68, chief Denise O’Donnell with 4% each, October 2008 as an executive at

with a 20-point lead over six other and Assemblyman Richard Brodsky Bloomberg LP in the financial buck ennis Democrats. Ms. Holtzman was with 2%. Eric Dinallo, a former state products group. He left Albany in favored by 29% of respondents, insurance superintendent, and Sean June 2008, three months after Eliot followed by Nassau County District Coffey, an attorney in private Spitzer resigned as governor. Nassau County Call it (of course) a smackdown? dog day afternoon nassau county when a dog belongs to a JACK RESNICK & SONS Comptroller George press aide and an aspiring Maragos canceled a press politician, any disappearance is pleased to announce the following new leases at conference last Thursday will be short-lived. “at the request of a U.S. Jeff Simmons, spokesman for 250 HUDSON STREET senator,” who turned out the Downtown Alliance and IN HUDSON SQUARE to be Charles Schumer. formerly for city Comptroller Mr. Maragos had been Ed Mangano William Thompson, and Alfonso Writers Guild of America, East warned of a double-digit Quiroz, a one-time City Council 16,000 sq. ft., 7th Floor premium rate increase by candidate in Queens, launched the New York State a massive dog hunt Thursday Represented by David L. Hoffman, Jr., Wendy Miller and David Lebenstein Health Insurance afternoon after their 1-year-old of Cassidy Turley Program, which insures Brussels Griffon, Bruno, state workers and slipped out of his collar and fled and retirees, and the from his dog walker. Bruno’s Republican comptroller two daddies sprang into action Daniel J. Edelman, Inc. was preparing to blame it George Maragos with all the new and old tools 14,000 sq. ft., 10th Floor on the national health of politics—social networking, reform bill championed by Mr. postering and calling in favors. Represented by Mary Ann Tighe and Ken Meyerson Schumer.The senator called NY-1, where Mr. Simmons once of CB Richard Ellis County Executive Edward Mangano, was a reporter, ran a spot on Bruno’s who asked Mr. Maragos to hold off. plight. Bloggers Azi Paybarah and But from there, the stories di- Celeste Katz posted on Facebook. verge: Either Mr. Maragos did not Former council candidate Yetta have his facts straight and was Kurland e-mailed 20,000 people. stopped from falsely blaming the A former top Thompson staffer, federal reform, or Mr. Gayle Horwitz, scoured animal Schumer was prevailed shelters. Volunteers, including 110 East 59th Street, New York, New York 10022 upon to help stop the two from Bruno’s doggie day care 212.421.1300 hike in premiums.Offi- hangout, Spot, blanketed Queens www.resnicknyc.com cially, everyone in- with posters.Thirty hours after volved is now happy: bolting, Bruno was reunited with “The senator, comptroller his masters by a man who’d seen a and county executive will poster on Northern Boulevard. work together to solve the Bruno also boosted his friend health insurance premium in- count on his Facebook page creases,”a county official says. to 529.

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8 | Crain’s New York Business | April 19, 2010 CN013630 4/13/10 1:10 PM Page 1

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VIEWPOINT A real boost for recycling editor in chief Rance Crain publisher, vp Jill R. Kaplan he record of recycling in New York Sporadic educational campaigns and summonses have EDITORIAL City has not been particularly impressive. failed to boost the city’s recycling rate anywhere near the 25% editor Xana Antunes managing editor Glenn Coleman Before 1989, when curbside recycling was goal established by the 1989 law. We’re currently stalled at deputy managing editors Valerie Block, mandated, it was left to scrappy 16%. Half of the materials eligible for the recycling program Erik Ipsen contributing editor entrepreneurs and environmentalists to end up in landfills, costing the city $95 per ton. By contrast, Elizabeth MacBride columnists Greg David, Alair Townsend collect bottles and newspapers.The new separated recyclables can be sold for $20 to $40 per ton, politics editor Erik Engquist municipal program represented a leap sometimes more. pulse editor Barbara Benson senior reporters Theresa Agovino, forward, but it was surpassed long ago by other cities’ efforts. Now the good news.The City Council has come up with Aaron Elstein, Lisa Fickenscher, Mayor Michael Bloomberg’s ill-fated suspension of the a belated but welcome solution: All rigid plastics shall be Matthew Flamm, Miriam Kreinin Souccar T reporters James Comtois, Amanda Fung, recycling effort in 2002 in order to pare the budget broke the recycled. Give us your tired, your poor, your Chinese takeout Daniel Massey, Adrianne Pasquarelli, program’s momentum and ultimately cost more than it containers! Old socks, too.They and other unwanted clothes Hilary Potkewitz art director Steven Krupinski saved. can be dropped into deputy art directors Carolyn McClain, special bins to be Daniel Mednick New Yorkers eventually returned to The Council wants staff photographer Buck Ennis the habit of recycling, but we still aren’t installed citywide—a copy desk chief Wendy Zuckerman to recycle all rigid copy editor Thaddeus Rutkowski very good at it. Our mentality, after promising way to research editor Denise Southwood decades of unlimited trash collection, is capture recyclable assistant research editor Maia Blume plastics; the mayor editorial/research intern that government should haul off textiles, which make up Selena Shen whatever is plopped on the curb, no should agree 10% of the waste www.crainsnewyork.com web editor Brian Tracey questions asked. stream. senior producer Elisabeth Butler Cordova Then there’s the curious mix of istockphoto Legislation has been producer Kira Bindrim materials accepted by the city’s program. We remember to introduced and is EDITORIAL AND ADVERTISING OFFICES 711 Third Ave., New York, NY 10017-5806 recycle bottles and jugs, which is a user-friendly description expected to pass next editorial: 212.210.0277 Fax 212.210.0799 of blow-molded plastic. But confusion reigns about items month. We urge Mr. Bloomberg to sign it into law without advertising: 212.210.0259 Cable craincom nyk such as juice boxes (which are not plastic, but are grouped too much tinkering. Fax 212.210.0499 with plastic) and hangers, toys, yogurt containers, caps and Adding materials to the city’s recycling load won’t increase Entire contents ©copyright 2010 Crain Communications Inc. All rights reserved. lids (which are plastic, but currently are supposed to go in collection costs, because recycling trucks are now returning ®CityBusiness is a registered trademark of MCP the regular trash). How do we interpret those little numbers from their routes half-empty. Meanwhile, trucks collecting Inc., used under license agreement. on medicine bottles? And what about Styrofoam: Is it plastic regular garbage will have less to pick up, so the Department TO SUBSCRIBE: Call 888.909.9111; fax 313.446.6777. or paper? (Answer: neither.) of Sanitation could wring some savings out of that. But the $3.00 a copy, $59.79 one year, $109.79 two years. Some well-meaning folks put all manner of plastic in their real economic and environmental benefits will come from www.crainsnewyork.com recycling bags in an effort to keep it out of landfills. Not diverting more plastic and clothing from landfills to the ADVERTISING AND MARKETING recycling market.That’s the kind of trash talk all New advertising director Trish Henry good.That creates separating headaches for the city’s real estate sales manager Cornelius P. Gore recycling contractor and bogs down the system. Yorkers want to hear. senior account managers Irene Irvill, Courtney McCombs, William E. Squitieri account executive Anthony Mowad sales manager, classified print & online John Gallagher COMMENTS sales coordinator, print & online Lulé Haznedari newsletter product manager Alexis Barney credit Todd J. Masura 313.446.6097 marketing director Amy Crossman Rap bankers’ knuckles director, audience development John LaMarca

istockphoto SAVE WRATH FOR RATINGS AGENCIES expansion program for the next 20 years in senior audience development manager CRAIN’S ONLINE POLL excess of 3 million square feet. Tarek Cotran kathryn wylde’s opinion piece (“Good, bad NYU should purchase and/or lease and/or general manager, interactive SHOULD NYC SPEND & ugly in financial reform,” April 5) makes merge with St. Vincent’s. What the legal entity Marc Minardo some interesting points about Sen. Christopher would be, I leave to others. But under this joint web developer, interactive MILLIONS TO REDEVELOP Dodd’s rather demagogic attempt to regulate venture, a selected portion of the hospital and Chris O’Donnell GOVERNORS ISLAND? the financial industry. While Washington its nursing and emergency care facilities would NEW YORK PRODUCTION should never have too much control, most be retained to serve the lower Manhattan area. production and pre-press director Date of poll: April 12 agree that a “rap on the knuckles” is in order for The balance of the St. Vincent’s space would Michael Corsi 270 votes the Wall Street bullies. then be converted into a mixed-use facility advertising production manager Her short paragraph letting the credit rating offering health care, educational, residential Suzanne Fleischman Wies agencies off the hook for the financial calamity and community services. PUBLISHED BY CRAIN COMMUNICATIONS INC. Yes. It will be great

. we’ve endured is mind-numbing, however.They Think of it as an NYU West Village satellite 60% public space that chairman Keith E. Crain will attract New do need to be punished.They were complicit— campus that contains dormitories, specialized president Rance Crain Yorkers and in virtual collusion—to deceive their own greedy schools or graduate programs, faculty housing secretary Merrilee Crain tourists and pay industry and eventually America. We lead our and community facilities to be shared with West treasurer Mary Kay Crain

off as a long-term lives and construct our financial decisions based Village residents. Many St. Vincent’s employees executive vp, operations William Morrow senior vp, group publisher Gloria Scoby . investment. 40% on assumptions of trust. Standard & Poor’s, could be retained or retrained. “Town & Gown” group vp, technology, circulation, Moody’s and their ilk violated that trust. conflicts between NYU and the broader Village manufacturing Robert C. Adams —thomas mina community could be mitigated, at least in part. vice president/production & Flushing, Queens Needless to say, this is a very basic outline of manufacturing David Kamis No. The Bloomberg administration is chief information officer Paul Dalpiaz threatening massive layoffs of city a concept that would need considerable fine- corporate circulation/audience workers. There are more important NYU SHOULD REVIVE ST. VINCENT’S tuning. But of course, there is no time for that development director Kathy Henry public-works projects to undertake. now. I hope others with far greater political founder G.D. Crain Jr. (1885-1973) here’s a proposal that could possibly save savvy than I might give this real consideration. chairman Mrs. G.D. Crain Jr. (1911-1996) For this week’s questions: Go to St. Vincent’s Hospital—at least a portion of —martin zelnik www.crainsnewyork.com/poll to have your say. it—and serve the development needs of New Panero Zelnik Architects York University, which has announced an Manhattan

10 | Crain’s New York Business | April 19, 2010 20100419-NEWS--0011-NAT-CCI-CN_-- 4/16/2010 12:39 PM Page 1

OPINION

instance, would not need to go before a legislative body, such as the City Council—as they do today. Lay down new law 3. Clearly establish that so-called Community Benefit Agreements play no part in any land-use review by any gov- for land-use plans ernment entity. These privately negotiated agreements are of ques- tionable legal status and have included a wide range of promises— BY STEVEN SPINOLA ranging from local hiring, training programs and mandated wage levels he launch of a New York City Charter Revision to free community rooms, comput- Commission this spring offers an important op- ers for classrooms and other mone- portunity to improve land-use planning and to tary benefits—that have little or no connection to the land use or to the more reasonably balance neighborhood concerns environmental impact of a project. and broader citywide needs.Over the past 20 years, There must be a clear nexus be- we’ve seen imbalances worsen as the official land-use review tween any mitigation required from T a developer and the specific impact process has been misused to address political issues unrelated to of the project,as identified in the en- the projects under consideration. We recommend several tar- vironmental review. Demands for CBAs by local groups have derailed geted City Charter changes to budget, rather than by forcing com- valuable development projects and jump-start growth in New York: munities to ask developers to pay for killed the associated economic- 1. Put the City Planning Commission in desired but unrelated amenities. development benefits. There is no charge of developing the capital budget 2. Amend the City Charter to provide place for such agreements in gov- to allow for greater coordination of that the City Planning Commission makes ernment land-use review. citywide planning activities and city final determinations on all administrative Sound land-use planning is the capital investment to support these land-use permits (such as certifica- foundation for the future improve- initiatives.This change would allow tions, authorizations and special ment, growth and prosperity of the desirable rezoning to take place permits).Decisions about these per- whole city. Let’s not miss this op- along with the creation of infrastruc- mits are based on technical zoning portunity to reform the land-use Download all of the information in ture needed to support new develop- and planning criteria and are best sections of New York’s City Charter. ment. It also would help ensure that made by the land-use experts on the the newly published Book of Lists neighborhood needs are properly commission. Plans for minor Mr. Spinola is president of the Real Estate as an Excel file by purchasing met by addressing them in the city changes in buildings’ setbacks, for Board of New York. CRAIN’S previous record. It did so not be- 2010 cause business was good (2009 rev- No bull, this enues were only half the 2007 total), but because the Fed’s interest rate BOOK OF LISTS policy meant that their borrowing expenses declined by almost 90%. ONLINE Wall St. recovery Voilà, extraordinary profits. Interest rates are creeping up and expected to rise further in the Crain’s Book of Lists digital version contains the op quiz: Which number has more economic sig- coming year. The Independent ranking of New York City companies across all nificance? Budget Office,whose fiscal analysis of Wall Street in the last year has industries – all lists published in print and those 21%.The decline in the stock market, as meas- been well ahead of other experts’, that were published online only, including Top ured by the Dow Jones industrial average late last predicts a solid but much lower se- Management Consultants. week, from its October 2007 peak of 14,164. curities industry profit of $16 bil- 68%.The increase in the stock market,again as measured by lion this year. If the stock market P rally continues, the IBO outlook is $is one-time download puts the information the Dow late last week, from the March 2009 bottom of 6,627. likely to be too conservative, and For me, the answer is 68%, and it is one of the major reasons Wall Street profits should exceed and contacts from Crain’s 2010 Book of Lists at expectations again. Even better, the your ﬁngertips. Use this unique resource to get I am becoming increasingly bullish stock offerings, a boost to underwrit- additional business will encourage new business leads for 2009’s top ranked compa- about the prospects for the New ing. They also give companies the fi- firms to hire again. Bonuses will re- York City economy. nancial clout to merge main strong, even if paid more in nies and to direct your outreach to the largest and Nationally, the stock and acquire,boosting in- stock than in cash. most successful companies across New York’s market is hardly the vestment banking, Wall Predicting the stock market is for business sectors. most reliable predictor Street’s most profitable others.A rally can always falter.Still of the economy (the business.Furthermore,it to be worked out is what effect most frequently quoted is always easier to make banker bonuses paid mostly in stock To download now, go to crainsnewyork.com/lists. cliché is that “the stock money in a rising market will have on spending habits and market has predicted than a falling one, so high-end retail and apartment nine of the last five re- trading will continue to prices. Many other factors, includ- Reach out to New York’s top cessions”). But in New be a very profitable line ing the strength in the national York, the stock market of business. economy,will influence the shape of companies today by purchasing is a much better indica- The rebounding the city’s recovery. Crain’s Book of Lists online. tor because it is so close- GREG stock market is especial- Nevertheless, the rally so far is a ly related to activity on DAVID ly important for New good sign not only that the New Wall Street. York in this economic York recession was far milder than A rising stock market cycle. By now, most the economic woes that afflicted the lures more investors, obviously good people know that Wall Street made country as a whole, but that the city for securities firms here. Rising share an enormous profit last year—$62 could outperform the nation again prices lead companies to float more billion, which was a multiple of the in the coming year.

CRAIN’S WELCOMES outside submissions to its opinion page. You may send a column of 475 words or fewer to [email protected]. Please include the writer’s name, address and telephone number.

April 19, 2010 | Crain’s New York Business | 11 20100419-NEWS--0012-NAT-CCI-CN_-- 4/15/2010 8:13 PM Page 1

NEIGHBORHOOD JOURNAL

FRESH FACE: The Retail rebirth first phase of City Point will rise on the site of the little- missed Albee eyed for fading Square Mall. Fulton Mall Albee Square Mall site. Earlier this After 10-year wait, month, the city Design Commis- two new projects sion approved the design of the first phase of the City Point project are set to sprout in there, which will consist of 50,000 downtown Brooklyn square feet of retail space. The approval was necessary because the entire project will sit on city-owned BY AMANDA FUNG land.The developers are already so- liciting bids from construction fter a nearly decade- firms. long drought, new retail “It will be an incredibly impact- developments are sprout- ful site from a retail perspective,” ing in downtown Brook- says Joe Chan, president of the lyn’s traditional retail Downtown Brooklyn Partnership. Aheart, the Fulton Mall. “With this site going into the site, we’ve got the next major step in The imminent groundbreaking sold to Acadia Realty Trust for $125 In coming months, work is ex- ground, and construction starting a the growth of downtown Brooklyn will be just the beginning for the ag- million. pected to begin at the long-vacant couple of blocks away on the H&M as a shopping destination.” ing retail strip. It was once anchored Acadia, along with other in- by what was then one of the nation’s vestors, including Washington busiest department stores, the flag- Square Partners, quickly unveiled ship unit of now-defunct Abraham plans to build City Point, a 1.5 mil- & Straus.A&S was founded on Ful- lion-square-foot, mixed-use proj- ton Street and was one of the origi- ect,on the site.But the recession and nal retailers that banded together to credit crisis put the project on hold form Federated Department Stores. until last year, when the city inject- Teen retailer Aéropostale is ex- ed federal stimulus funding into it. Motivate. pected to land on the western end of Thanks to the $20 million in tax-ex- Fulton Mall in the fall. empt bond financing, the developers were able to move forward with Celebrate. Catching up with residential the retail portion of City Point. in addition, fashion chain H&M “We are happy to get it going, has agreed to occupy 30,000 square and look forward to building on the Congratulate. feet at 505 Fulton St., a new mixed- site,” says Tom Montvel-Cohen, a use development planned by United representative for the developers of American Land.Work on that proj- City Point. “It isn’t good for anyone ect is expected to begin in fall 2011, on Fulton Street to have an empty according to Albert Laboz,a princi- site.” pal at United American and chair- Not everyone is cheering the retail man of the Fulton Mall Improve- resurgence, however. Some commu- ment Association. nity groups have expressed concern The flurry of retail activity comes that City Point and other new retail developments will jack up rents along the mall,and in so doing,drive ‘We have smaller mom-and-pop retailers out of the neighborhood. been missing John Dew,chairman of Commu- nity Board 2, points out that so far, the retail most of these fears have not materi- alized. In fact, CB2 unanimously piece supported the City Point project, while emphasizing the need for af- of the puzzle’ fordable housing.That is something that the next phase of City Point will provide. Macy’s Gift Cards are the perfect present for clients, customers and “Downtown Brooklyn has his- employees! With each card comes choice, convenience and the magic torically been and will be a regional of “The World’s Most Famous Store”. Plus, they never expire or incur retail destination, so the retail mix fees – making for a smart business decision! after several years of feverish resi- here will continue to be diverse,” Location, location, location! Redeemable at over 800 stores nationwide dential building, which has added says Mr. Chan. and macys.com, Macy’s Gift Cards make shopping a breeze. nearly 5,000 apartments and many younger residents to the area. Affordable housing on the menu Call us today at Herald Square 212-494-4181 or 1-800-452-4440 and “For the past couple of years, we in fact, Mr. Montvel-Cohen notes ask about our volume discounts, or visit us at macys.com/corporategifts. have been missing the retail piece of that the retail space will accommo- the puzzle,” says Mr. Laboz, adding date a mix of tenants and is not de- that his project, together with City signed for big-box retailers. The Point, will fill that void. retail portion of City Point is ex- In the case of the latter project, pected to take 18 months to com- the local community has been plete and will cost an estimated waiting for retail development on $24 million. the site since 2001, when develop- Next up will be the affordable- er Joseph Sitt’s Thor Equities housing component of the massive bought the ground lease for Albee development. Mr. Montvel-Cohen Square Mall for $24 million.Some says the developers are working on improvements were made to the financing for that portion now, and property, which Thor eventually he is optimistic.

12 | Crain’s New York Business | April 19, 2010 20100419-NEWS--0013-NAT-CCI-CN_-- 4/15/2010 5:08 PM Page 1

SMALL BUSINESS WELL-MEANING: John Labati has revived hiring plans at G3 Economic travails translate to cash Translate.

increased the need for translators. Among other assignments, the tors Association, has seen Language services biz Locally,the rising number of im- 107-year-old family business sends 30% revenue growth on says volumes about migrants has also had an impact. At 50 to 70 interpreters daily to the Ad- the part of European

Geneva Worldwide Inc., where ministration for Children’s Services clients since 2009, as a buck ennis surviving hard times government contracts make up 85% in New York. They assist with fam- weaker dollar has brought of business, revenue grew 15% in ily counseling and help caseworkers more foreign firms her way. Translate expects revenue to in- BY DIANE HESS 2009, hitting $5.75 million. investigate alleged abuse or neglect. “Even though there was a reces- crease another 20% this year. He “The government can’t just say sion in the U.S., many European took advantage of the drop in com- ike any new business that it is going to stop servicing the Weaker dollar, stronger sales companies were looking to pick up mercial real estate rates and signed a owner,John Labati,chief Chinese-speaking community, for marian greenfield, owner of ms- translation services here.” says Ms. lease in a new location for an addi- operating officer of G3 example,”says Craig Buckstein,chief greenfield Translations and a former Greenfield. tional 2,000 square feet. And the Translate, was worried operating officer at Geneva. president of the American Transla- For his part, Mr. Labati of G3 hiring plans are back on the table. in mid-2008, when the Lfinancial crisis seemed to be sucking the life out of the U.S. economy. Determined not to let the macro environment pull down his fledgling translation services firm, Mr. Labati reviewed his budget. He nixed plans to add to his eight-person staff, reduced his marketing budget by 10% and began to offer tiered pricing. Meanwhile, G3 Translate got a surge in calls from businesses looking MORE BANK to take advantage of overseas markets. “More than a dozen companies in the consumer goods and pharmaceu- tical sectors came to us in late 2008 FOR YOUR and 2009 to translate surveys and marketing materials as they decided whether or not to launch products in Europe and Asia,” says Mr. Labati. Furthermore, a handful of manufacturing companies, experiencing growth in their Latin American and BUSINESS. European businesses, hired G3 to translate instruction manuals. Rath- MORE CONVENIENCE. MORE SERVICE. MORE CONTROL. er than declining,revenue grew 30% in 2009, to $2.4 million. Pep talk the labor-intensive translation industry—much of it based in mul- FREE High-Performance ticultural New York—is sustained by one crucial factor: No one has in- TD Bank BusinessDirect Online Banking vented a cheap technology able to cope with the complexities of trans- lating a language and culture. Even Deposit ‘Til 6pm, Available Next Day in the hard-hit financial sector, demand rose for translation services as Open Early, Open Late companies reached out to reassure overseas clients that they weren’t go- Live Customer Service 24/7 ing under. “The headlines were startling, and I thought I was going to have to change my business plan entirely,” says Leticia Molinero, president of Leticia Molinero Translation Stu- dio. “But on the contrary, banks in- THREE YEARS IN A ROW! creased their market outreach to clients abroad.” “Highest in Customer Satisfaction with Small Business Banking” One of Ms. Molinero’s cus- – J.D. Power and Associates tomers,a major private banking corporation focused on Latin America, reassured clients through Spanish Visit your nearest TD Bank, connect to www.tdbank.com and Portuguese newsletters, fact or call and open a business account today. sheets and other missives that their 1-888-751-9000 assets were protected. Revenue at Leticia Molinero Translation Stu- dio in 2009 rose 15%, to $200,000. Long-term trends have also boosted the field. U.S. government spending on language services rock- eted to $1 billion last year from $100 million in 2000. The wars in Iraq and Afghanistan, especially, have To sign up for Crain’s twice-weekly SMALL BUSINESS TD Bank N.A., formerly Commerce Bank, received the highest numerical score in the proprietary J.D. Power and Associates 2007-2009 Small Business Banking Satisfaction StudiesSM. 2009 study based on 7,226 total NEWSLETTER, go to responses, measuring 27 ﬁnancial institutions and measures opinions of small business customers with annual revenues from $100,000 to $10 million. Proprietary study results are based on experiences and perceptions of customers www.crainsnewyork.com/smallbiz surveyed in July-August 2009. Your experiences may vary. Visit jdpower.com. Some restrictions and fees may apply; check your account agreement for more information. | TD Bank, N.A.

April 19, 2010 | Crain’s New York Business | 13 20100419-NEWS--0014-NAT-CCI-CN_-- 4/15/2010 8:20 PM Page 1

THANKS FOR NOTHING: The Middletons never got their Judge: Foreclosure rescue firm a fraud loan modified.

illegal business practices by charg- The ruling stems from a suit filed in Brooklyn and southeast Queens, Long Island outfit ing hefty up-front fees to customers last year by state Attorney General a series of Crain’s investigations re- and its CEO ordered on the brink of losing their homes, Andrew Cuomo, whose office in- vealed (see “Mortgage holders are and often doing nothing for them vestigated AMA (which also oper- marks,” Nov. 30, 2008, and “No to halt ‘shameless’ in return. ated as Amerimod) and found the helping hand,” Jan. 11, 2009). business practices Long Island-based American company routinely collected illegal “Amerimod shamelessly victim- Modification Agency claimed to up-front fees from homeowners ized vulnerable homeowners,” Mr.

have modified more than 7,000 facing foreclosure, yet failed to Cuomo said in a statement. “With buck ennis BY DANIEL MASSEY mortgages, but New York Supreme modify their loans. the court’s decision, Amerimod and Court Justice Emily Jane Goodman its owner will no longer be able to terviews with homeowners and for- a state supreme court judge has found that the company “misled its “Victimized vulnerable homeowners” prey on consumers in New York and mer employees reveals a company issued a permanent injunction customers.” Her decision also holds the company targeted home- across the country.” that pulled out all the stops to bring against the self-proclaimed “largest AMA Chief Executive Salvatore owners in parts of New York City An attorney for Mr.Pane did not customers in, but did little or noth- foreclosure-rescue company in the Pane Jr. personally liable for duping where foreclosures were at their return a call seeking comment. ing for them once it had their mon- nation,” ruling the firm engaged in his clients. highest, including neighborhoods A review of court papers and in- ey. Phone calls went unanswered; untrained agents dissatisfied with paltry commissions resigned, leaving customers in the lurch; and homeowners received foreclosure notices despite promises that their homes would be saved. The court decision found Amer- imod made numerous false claims in its advertisements, including mis- representing the number of homes it had saved. The judge also ruled that Amerimod falsely claimed to have a 90% to 100% success rate, to be li- censed by a government agency, and to be affiliated with “legal experts.” In addition, she said, the company violated state law by charging illegal up-front fees, failing to provide contracts in the customers’ language, and neglecting to notify homeowners they could cancel their contracts within five business days. The court denied a request by Mr.Pane to lift a temporary restrain- ing order obtained by Mr. Cuomo freezing various bank accounts and other assets associated with the company.The judge ordered further proceedings to determine the amount of consumer restitution, costs and fees, and civil penalties to be paid by Mr.Pane and Amerimod. Whistleblower: “It’s about time” the case also was referred to the Manhattan district attorney’s office for a criminal investigation. “It’s about time,” says Gary Hosking, a former Amerimod employee, who complained to both the Federal Bureau of Investigation and the Attorney General’s office be- Financial exibility made simple. cause none of the clients he brought in had their loans modified. “They know what they did was wrong, and Imagine having more capital with fewer covenants. Bank of America now they got what they deserve.” Merrill Lynch Business Capital specializes in addressing the complex Aoah and Equintal Middleton nancial needs of mid-sized and large companies. We deliver #exible of St. Albans, Queens, paid AMA $1,990 in December 2007, but in- asset-based nancing solutions of $10 million or more — backed by one stead of getting a lower mortgage of the world’s largest nancial institutions. Whether you seek nancing payment, they got a foreclosure notice. They are still awaiting a for growth, acquisitions, working capital, re nancing, turnarounds and modification. more, it’s no stretch to say we’re simply the best* choice for your business. “[The judge’s] ruling and injunction will ensure that vulnerable Learn more at bankofamerica.com/businesscapital41 or call homeowners will be protected from AMA’s fraudulent business prac- CapitalEyes 1.888.223.1181. Sign up online for , our complimentary tices,”says Aoah Middleton’s attor- bi-monthly leveraged nance e-newsletter. ney, Cyrus Dugger, of South Brooklyn Legal Services. “It [also] serves as a warning to other New York ‘distressed property consultants’ who continue to target New York homeowners.” * Ranked No. 1 U.S. left lead arranger of asset-based loans in volume and number of deals by Thomson Reuters, LPC 1Q 2010. Mr.Cuomo has launched a wide- “ Bank of America Merrill Lynch” is the marketing name for the global banking and global markets businesses of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking af,liates of Bank of America Corporation, including Bank of America, N.A., member FDIC. Securities, strategic advisory, and other investment banking activities are performed globally by investment banking af,liates ranging investigation into the fore- of Bank of America Corporation (“Investment Banking Af,liates”), including, in the United States, Banc of America Securities LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated, which are both registered broker- closure-rescue industry, reaching dealers and members of FINRA and SIPC, and, in other jurisdictions, locally registered entities. Investment products offered by Investment Banking Af,liates: Are Not FDIC Insured • May Lose Value • Are Not Bank Guaranteed. ©2010 Bank of America Corporation. two settlements,filing three lawsuits and issuing subpoenas to 15 other loan modification companies.

14 | Crain’s New York Business | April 19, 2010 20100419-NEWS--0015-NAT-CCI-CN_-- 4/15/2010 5:08 PM Page 1

REAL ESTATE INSIDE Deals Plus Apartment buildings selling, despite J-51 ruling; going Dutch on 6th Ave.; other deals PAGE 18 Largest architecture firms in the New York area PAGE 19

Incredible shrinking office spaces Businesses find downscaling is a sure way to save

BY TINA TRASTER

with sales of her date books and planners down sharply, Alicia Settle had no choice.She had to shrink to survive. When her lease on 5,000 square feet on West 25th Street expired in February, she squeezed her three-person staff into a 1,600-square-foot space nearby on Eighth Avenue. To accomplish that, the president of Per Annum Inc. had to change her business plan to all but eliminate inventory, but it was worth it. She reckons her monthly rent savings comes to $7,500. See SHRINKING on Page 17

SMALLER FOOTPRINTS LIPPE TAYLOR 215 Park Ave. South Square feet before 20,000 by buckphotos ennis Square feet now 16,200 Savings $182,400 per year MADISON MAN: James Whelan (above left) works to retain tenants. ORRICK HERRINGTON UP TO THE TASK: Jeff Ram (above) & SUTCLIFFE oversees a Times Square tower. 51 W. 52nd St. AT THEIR SERVICE: John Soden Square feet before 240,000 (left) and his team are ready to Square feet now 213,000 meet their Chelsea tenants’ needs. Savings $2.6 million per year The new power within Property managers play pivotal role in market where tenant is king

BY JULIE SATOW No more.These days, he’s busy assisting with leasing decisions, implementing marketing strategies and enhancing when jeff ram got his first job as a property manager in tenant satisfaction. 1992, he knew exactly what was expected of him—largely “The role of property manager has evolved,” says Mr. Ram, PER ANNUM because the definition of the job had remained unaltered for who today oversees 1540 Broadway, a Times Square tower with 555 Eighth Ave. decades. Square feet before 5,000 907,000 rentable square feet and 16 tenants. Square feet now 1,600 He would spend his days making sure the lobby was clean In a market where vacancies are rising and rents are Savings $90,000 per year and its floor polished, the security staff both alert and friendly, slipping, landlords are counting on their property managers to and all the mechanical systems in good working order. do whatever is possible to hold See PROPERTY on Page 16

April 19, 2010 | Crain’s New York Business | 15 20100419-NEWS--0016-NAT-CCI-CN_-- 4/15/2010 5:09 PM Page 1

REPORT REAL ESTATE 11 Madison Ave. Manager James Whelan Property managers’ pivotal role COMPANY Cushman & Wake-field SQUARE FEET 2.25 million Continued from Page 15 “We are going to show all the here,” says Mr. Ram. TENANTS 11 on to existing tenants. For the land- green cleaning products that we use, By focusing much of his energy lord, it’s an effort that can spell the and we are offering to replace old in- on giving tenants what they want, PROPERTY MANAGEMENT difference between making money candescent lightbulbs with new flo- even if it costs a bit more, Mr. Ram STAFF 60 and losing it. For the property man- rescent bulbs for free,” Mr. Whelan has helped to keep the building 89% BIGGEST TRIUMPH Assisting ager, it’s one that requires new skill says. occupied. Viacom, the building’s with the sale and transition of the sets in everything from marketing to For Mr. Ram, his more promi- largest tenant, occupies 10 floors. tower in 2003, when MetLife sold finance. nent role can be seen in numerous As the list of responsibilities for it to the Sapir Organization “Property management is cool all ways: For openers, a suited member building managers like Mr.Ram expands, their employers are casting GREATEST REGRET Not leasing their nets far wider. A career path more of 1540 Broadway that once started in the basement, the build- Manager Jeff Ram working on a building’s heating and ing’s prime mechanical systems, has changed retail COMPANY CB Richard Ellis radically. space SQUARE FEET 907,000 before the A better pool real estate TENANTS 16 “i used to have a class of 25 stu- downturn PROPERTY MANAGEMENT dents, and 20 of them were already in 2008 STAFF Roughly 60 security guards, engineers or assistant property managers,” says 11 BIGGEST TRIUMPH Increased Madison Ave.’s Mr. Whelan, who ed her well. At 111 Eighth Ave. in Chelsea, efficiency and cash flow in build- has moonlighted over the past “Some of the things that I 99% of the 2.95 million square feet ing managed in Connecticut, seven years as an adjunct professor learned in the theater, like speaking is occupied, with tenants ranging allowing owner CBRE Investors to at New York University’s Real Es- in front of an audience, are skills from Google to WebMD. For sell it in 2007 at a 42% markup tate Institute. “Nowadays, I have I can transfer to real estate,” she building manager John Soden, that GREATEST REGRET Staying in people coming from the big ac- says. success all comes down to service the role of counting companies, and the big The problem for property man- rendered by a team of nine profes- overseeing banks and insurance companies agers like Ms. Sereduke is that sionals who stand ready to meet ten- mechanical like AIG.” their wages have ants’ every need—fast. operations, And then there’s ‘Some of the not kept pace with “We have a partnership with our rather than Mariellen Sere- the growth in their tenants,” says Mr. Soden. duke. In her previ- responsibilities. As Paul Pariser, co-chief execu- getting into things I learned ous life, Ms. Sere- Today, the man- tive of landlord Taconic Investment property duke was a in the theater ager at a large office Partners, sees it, the key is not what manage- Broadway actress, tower can expect you own but how much you can do ment sooner who once had a role are skills I can to make between with it. in the national tour transfer to real $125,000 and “The spotlight is on property of Camelot with $135,000 a year, management, that’s for sure,” he of a sudden, and that’s fun,” says Jim of his team now regularly accompa- Richard Burton. estate’ according to Bobbi says. “It has always been impor- Peck,chairman of Building Owners nies leasing brokers when prospec- After 10 years on —Mariellen Sereduke McGowan, execu- tant, but now it is being widely and Managers Association Interna- tive tenants stop in for a tour. stage, she jumped tive director of recognized.” tional, which has responded to the The office tower, which CB into real estate in 1990, starting out BOMA’s New York chapter. shift by developing new courses and Richard Ellis acquired last year for as an administrative assistant for a Meanwhile, they have seen their webinars. Subjects range from “en- $355 million from Deutsche Bank, commercial landlord and working bonuses slashed by as much ergy management”to “managing as- is in the final stages of rolling out its her way up the ladder. as 50%. FRIEND sets in receivership.” Five Star Program. It will offer ten- Four years ago, Trinity Real Es- Stress is also rising, courtesy of What’s required these days is not ants a conference room, a gourmet tate hired her as a property manag- the fragile state of the economy. OF THE COURT just mastering new priorities but cafeteria and a 3,900-square-foot er and last year promoted her to “Tenants keep saying to me, ‘I IN RECENT MONTHS, a number of abandoning old ones. In the boom fitness center replete with exercise oversee two SoHo properties: 100 want to stay here,but I cannot com- big property management years, many landlords wanted noth- equipment, full-service locker room and 155 Sixth Ave., with 334,000 mit long-term,’ ” says the Wool- companies have smelled an ing more than to create vacancies and even a masseuse. and 206,000 square feet, respective- worth Building’s Mr. Pincus. opportunity in the growing that could be re-leased at ever-high- “We try to have a ‘yes’ attitude ly.As it turned out,the new role suit- “ ‘Whatever my space needs are to- number of so-called distressed er rents. Those days are gone. day, I don’t know what they will be five years from now.’ ” buildings—those seized by their Success at base 111 Eighth Ave. Adding to the frustration, the creditors or being run by a “the goal in our business these Manager John Soden market is still awash in vacant space, bankruptcy court judge. days is not primarily new tenants, and tenants know they have the up- Firms ranging from market but the retention of current ten- COMPANY Taconic Investment per hand. leader Cushman & Wakefield ants,” says Barry Pincus, property Partners Inc., which has 1,500 people in More demands its management arm, to smaller manager of the 935,000-square- SQUARE FEET 2.95 million foot Woolworth Building in lower “it has gotten more challenging outfits like The Treeline Cos. Manhattan. TENANTS 60 because tenants realize they can have set up special units to His efforts have kept the build- PROPERTY MANAGEMENT ask for more these days,” says Mr. handle this emerging business. ing’s 29-floor base fully occupied, STAFF 9 Whelan, who points to a call he It is a different world in which although the 28-story tower re- got from a tenant who asked to budgets are tight and reporting mains largely vacant—the legacy of BIGGEST TRIUMPH Creating a have its name larger on the build- requirements are strict, but an earlier attempt to convert the diverse roster of tenants, which ing’s facade. one where the potential for space to condos. has sheltered the building from a “They didn’t want to pay any ex- growth is great. Up at 11 Madison Ave., a similar lot of the problems that have tra, but five years ago, we could have “Up until two years ago, focus has the tower’s manager,James been impacting different sectors told them it would cost x, and they lenders had so few distressed Whelan, offering tenants building- GREATEST would have paid it,” he says. “Now, assets that they could handle sponsored blood drives, orchestrat- REGRET we are trying to negotiate with them in-house, says Howard ing a spring concert series in the lob- Not having them.” Schor, vice president of Treeline’s by and staging an ice cream social in enough Then, too, managers are facing new distressed property unit. the summer. time for my much greater pressure from above. “What we have seen, particularly This month,he will be in the lob- As the $200 million building of a family in the last six months, is that by hosting a Green Cleaning Expo decade ago has morphed into to- lenders are getting to a point in honor of Earth Day at the day’s $1 billion property, landlords where they can’t manage the 2.25 million-square-foot building, are that much more determined to level of distress they have.” where Credit Suisse occupies 85% make sure that such assets have a

photos by buckphotos ennis of the space. healthy cash flow.

16 | Crain’s New York Business | April 19, 2010 20100419-NEWS--0017-NAT-CCI-CN_-- 4/15/2010 5:10 PM Page 1

REPORT COMMAND COMPLEX Shrinking spaces COMPOSED COACH

Continued from Page 15 rent tab by 2% off the top. After COGNIZANT “We do feel like sardines,but this factoring in several rent-free COLLABORATIVE is what is necessary if I’m going to months and the landlord’s $34 mil- try and save my company,” she says. lion allowance for the build-out of CONTEMPORARY The recession, coupled with the the space, the cost of the new space cumulative weight of years of rent over the 15 years of the lease will be COUNSEL COZEN increases, is forcing many compa- 16% less. nies to think aggressively about CONFIDENCE ways to reduce their footprints in 40 more lawyers COURAGE the city. a better layout of the new space O’CONNOR “Tenants are scrambling to save that includes fewer columns and a CELEBRATES money, and rent is the second- lot more open-plan space will also largest expense,behind personnel,” offer another benefit—room for an COLLEAGUE says William O. Berkis Jr., senior additional 40 lawyers—according Geoffrey Ferrer, Corporate / Trial Lawyer managing director at Winoker to Moshe Sukenik, executive vice COMMUNICATOR Realty. president of Newmark Knight He ought to know. Just 14 Frank,who helped Orrick design its months ago, he negotiated a down- new office. sizing deal for Lippe Taylor Inc. “We’ve got a reduction in rent, a Whether you need an unrivaled trial lawyer or corporate In that transac- subsidized build- counsel who understands your business, our attorneys tion, the public rela- out, modernization have the training and fl exibility to help you win. tions firm subleased ‘Rent is the and room to grow,” 16,200 square feet of says Managing For worldwide offi ces, visit us at cozen.com. space—the entire second-largest Partner Peter 16th floor—at 215 Bicks. “This is a Park Ave. South. expense, unique moment in The new space time in New York Abby M. Wenzel, Offi ce Managing Partner behind 277 Park Avenue replaces 20,000 real estate.” New York, New York 10177 square feet spread On a far smaller 212.883.4997 | [email protected] over three floors in a personnel’ scale, Metropolis nearby office build- Comics and Col- Geoffrey D. Ferrer, Offi ce Managing Partner 16th Floor, 45 Broadway ing. As a result, the lectibles, which New York, New York 10006 firm will pare its buys and sells com- 212.908.1201 | [email protected] monthly rent by ic books, recently $15,200, or 26%. Better yet, that found a similar solution to its space 550 Lawyers | 24 Offi ces downscaling was accomplished problem. largely by eliminating wasted Faced with rising demand for space. comic books but no money to pay The confi dence to proceed. for larger offices, Chief Operating Inefficient use of space Officer Vincent Zurzolo recently ® “lippe taylor had employees on hired a contractor to reconfigure © 2010 Cozen O’Connor three noncontiguous floors,” says his 2,500-square-foot home near Mr.Berkis,who notes that his client Union Square. had three reception areas, six bath- The contractor shrank Me- rooms and six conference rooms. tropolis’ gallery space, put up a “The company was paying for wast- wall to separate the office from the ed space.” stock area, installed extra-high In one of the largest examples of shelves to take advantage of the downscaling in recent years,Orrick 15-foot ceilings and added one cu- Herrington & Sutcliffe is shifting bicle for each of the company’s its New York operations this four employees. month from a 240,000-square-foot “We thought about leaving space at 666 Fifth Ave. to 213,000 Manhattan, but then we regrouped square feet in the CBS Building and realized we could get so much one block west. more out of the space we are in,”says The big law firm will trim its Mr. Zurzolo. SUBLEASE SYNERGIES NOT ALL COMPANIES HAVE the wherewithal or the legal option to move to smaller space. Instead, some of them are bundling up their underused space and subletting it. Last year, Marilyn Volpe, chief executive of corporate training company COLLIERS ABR IS NOW REAL MARKET KNOWLEDGE. Madison Consulting Group Inc., did just that. Rather than leave the 1,000- square-foot office she rents on Madison Avenue between East 26th and East CASSIDY TURLEY. REAL CONNECTIONS. 27th streets, she decided to sublet an underutilized portion of her office that has a separate entrance. REAL PASSION. That move effectively reduced her $5,000 monthly rent by 20%. “That was $1,000 I could put back into the business for design and REAL RESULTS. research,” she says. Just six months ago, Ms. Volpe realized she could get even more mileage out of subletting space. She now rents cubicles for $500 a month to two We are a national team of dedicated commercial real estate professionals with a salespeople. history of 100 years of successful client relationships which include $16 billion in Julia Clark, the founder of SharedBusinessSpace.com, a recently annual transactions, 420 million square feet of managed space and 22,000 Corporate Services locations. Our world-class expertise enables us to deliver integrated, tailored launched Web site that brings together sublessors and subtenants, says solutions around the globe. Our knowledge of local markets and deep industry there is growing interest in subletting space to complementary connections allow us to achieve superior results. We are advocates for our clients businesses. Lawyers under one roof, for example, refer clients and share and passionate about their long-term success. We are Cassidy Turley. resources. She says her site tries to match people in similar or corollary To learn more, visit www.cassidyturley.com or call 212.758.0800. fields.

CAPITAL MARKETS CORPORATE SERVICES LEASING & TENANT REPRESENTATION PROJECT & DEVELOPMENT SERVICES PROPERTY MANAGEMENT

REPORT REAL ESTATE Deals Plus

Apartment buildings sell, despite ruling buck ennis SHRINKING espite fears that the Stuyvesant Town dec- incentives were designed to spur recently closed on the sale of another landlords to make certain upgrades. J-51 building in northern Manhattan DOWNTOWN ision late last year would stymie sales of apart- The fear is that owners that did so and has three similar deals in contract. ment buildings that received J-51 tax benefits, might have to roll back rents and “Sellers are increasingly savvy.” such properties in northern Manhattan and in even pay tenants substantial re- Additionally, Shimon Shkury, a the outer boroughs are still changing hands bates—both of which would de- managing director at Massey Knakal 81M press the price of their buildings. who is currently marketing three SQUARE FEET freely.The court ruled that it was illegal for owners to But earlier this year,920 Riverside buildings with J-51 benefits, says the D Current size of downtown deregulate rents in properties receiving J-51 tax breaks.Those Drive, a six-story, 71-unit building, ruling has relatively little impact on was sold for $15.7 million to Gold- properties in northern Manhattan and office market farb Properties, according to Robert in the boroughs simply because there Shapiro of Massey Knakal Realty are few buildings where rents reached IMMEDIATE AVAILABILITY Services, who represented the seller. the $2,000 deregulation level. 61 BROADWAY just shy of the $16 PRE-BUILTS FROM The sale price was “The ruling will have an impact 16M 1,000 TO 23,750 RSF million asking price. In that case, the in Manhattan below 96th Street,” SQUARE FEET original owner had deregulated units says Mr. Shkury, noting that there Office space lost downtown since LANDLORD WILL BUILD TO SUIT but then reregulated them in accor- are a substantial number of rent- 2000 due to Sept. 11 attacks dance with the rent stabilization law. regulated units at the $2,000 thresh- FLEXIBLE LEASE TERMS and conversion to residential use FROM 1 TO 10 YEARS “They eliminated their exposure old there. to the ruling,” says Mr. Shapiro, who —amanda fung Source: CB Richard Ellis Inc. MULTIPLE FULL FLOORS CAN BE MADE AVAILABLE · Solid, steady ownership Dutch trader and there’s no better market to ex- the landlord, 139 W. 19th. · Unparalleled tenant services pand to than New York,” says Sam —adrianne pasquarelli · Efficient floorplates · Distinctive classic Art Deco signs NYC lease Seiler, a senior associate at CB attended lobby Richard Ellis Inc., who represented · Beautiful views an amsterdam-based trading firm the tenant along with his colleague Footwear maker · Exceptional access to all downtown transportation is opening its first New York office. Sinclair Li. stands firm · Two blocks from Wall Street Flow Traders has signed a five- In the beginning of June,the firm · Entrances on Trinity & B’way year lease for 5,200 square feet of will move into part of the 24th floor es originals signed an eight-year 1095 Sixth Ave. For additional info, please contact: space at , a 41-story of the tower, sharing the floor with lease renewal at its 25,000-square- Ramona Huegel or David M. Israni building at West 42nd Street owned financial planning firm Dabroes foot office at 450 W. 33rd St. The 16- 212.609.3700 by Blackstone Properties. The ask- Management. story,1.7 million-square-foot building rent was $80 per square foot. Zach Freeman,also from CBRE, ing is owned by Broadway Partners. “We're earning the right to be your next landlord” Established in 2004 as an inde- represented Blackstone. The company will remain on part of GREAT SERVICE pendent arbitrage outfit, Flow —james comtois the ninth floor. Although there was IS ALWAYS GOOD BUSINESS WWW.BSDRE.COM Traders wanted a New York pres- no asking rent for this deal, the aver- ence. “They’re looking to expand, age range for the building has previ- Store nests ously been in the mid- to high $30s in Chelsea per square foot. With its lease slated to expire in a new home furnishings store 2012, ES Originals decided to re- called The Habitat Shop is intent on up. “It was a pretty straightforward ® giving chains such as Bed Bath & Be- renewal,” says Peter Shimkin of yond and The Container Store some Newmark Knight Frank, who along fresh competition in Chelsea. with colleague David Falk repre- The store,founded by interior de- sented the landlord. Mr. Shimkin signer Kenneth Gee, recently signed adds that the deal “made sense for 143 W. 19th St. Anchin, Block & Anchin LLP for 3,000 square feet at both sides.” The asking rent was $100 a square Michael Beyda of Benchmark Accountants and Advisors foot, and the deal is for 15 years, ac- Properties represented the tenant. to the Real Estate Industry cording to sources. —james comtois Rents in the area have remained more stable than in other neighbor- Marc Wieder hoods.The space Gem of a tenant [email protected] would have had signs again an asking rent of nearly $125 a a costume jewelry importer has Robert Gilman square foot just a renewed the lease on its midtown lo- [email protected] few years ago, cation.Jostel & Co.has signed for an- brokers say. other five years in its 11,500-square- “When you foot space at 1261 Broadway.The Howard Krams look at the re- asking rent was $34 per square foot. cession, it’s the The second-generation-owned 143 W. 19th St. [email protected] big businesses jewelry firm occupies the entire that are hurt- ninth floor of the 11-story,121,000- 212.840.3456 ing,” says Mr. Gee, a former editor square-foot office building. for House Beautiful magazine. “It’s Although Jostel has been in the www.anchin.com the small businesses that can really FirstService Williams-owned build- get their foot in the door.” ing for two decades, it renewed for a Mr. Gee plans to roll out 10 ad- short term because of the volatility of ditional New York City outposts the costume jewelry industry. over the next five years; a second lo- “Many costume jewelers have cation could come within a year. seen some problems in the recent The Habitat Shop will open for past due to constant changes in im- business in June. port regulations,” says FirstService Robert K. Futterman & Associ- Williams’ Perry Mesmer, who repre- ates brokers Ariel Schuster and sented both the landlord and tenant. Brandon Singer represented the The new lease goes into effect tenant. Mr. Singer and Jon Krieger, next month. who is also with RKF, represented —james comtois

18 | Crain’s New York Business | April 19, 2010 20100419-NEWS--0019-NAT-CCI-CN_-- 4/15/2010 5:11 PM Page 1

REPORT REAL ESTATE New York Area’s Largest Architecture Firms Ranked by number of area architects

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➚➚PURCHASE THE FULL LIST OF THE NEW YORK AREA’S TOP 25 ARCHITECTURE FIRMS AND ALL OF CRAIN’S BUSINESS LISTS @ WWW.CRAINSNEWYORK.COM/LISTS April 19, 2010 | Crain’s New York Business | 19 nb16p20-21cl.qxp 4/16/10 3:18 PM Page 20

REAL ESTATE PUBLIC & LEGAL NOTICES

Notice of Qualificationof NAVISS, L.L.C. Notice of Formation of LEROYAUME Notice of Formation of a Limited LYNN HERMAN ASSOCIATES LLC, a COMMERCIAL Authority filed with NY Dept. of State SERVICES, LLC. Arts. of Org. filed Liability Company (LLC): Name: domestic Limited Liability Company on 3/2/10. Office location: NY County. with Secy. of State of NY (SSNY) on NATIVE RESONANCE PRODUCTIONS (LLC) filed with the Sec of State of NY LLC formed in MO on 12/10/09. NY 4/17/09. Office location: NY County. LLC, Articles of Organization filed on 1/22/10. NY Office location: New Sec. of State designated as agent of SSNY designated as agent of LLC with the Secretary of State of New York County. SSNY is designated as LLC upon whom process against it upon whom process against it may be York (SSNY) on 01/28/2010. Office agent upon whom process against may be served and shall mail process served. SSNY shall mail process to: location: New York County. SSNY the LLC may be served. SSNY shall to: c/o CT Corporation System, 111 Corporation Service Company, 80 has been designated as agent of the mail a copy of any process against 8th Ave., NY, NY 10011, regd. agent State St., Albany, NY 12207, registered LLC upon whom process against it the LLC served upon him/her to The upon whom process may be served. agent upon whom process may be may be served. SSNY shall mail a LLC, 1763 Second Ave., NY, NY MO and principal business address: served. Purpose: any lawful activity. copy of process to: C/O NATIVE 10128. General purposes. 618 Spirit Dr., Ste. 125, Chesterfield, RESONANCE PRODUCTIONS LLC, MO 63005. Arts. of Org. filed with Notice of Formation of JAC AND P.O. Box 277 Lanesborough, MA NOTICE OF FORMATION of Janeric MO Sec. of State, 600 W. Main St., MARI LLC. Arts. of Org. filed with 02137. Purpose: Any Lawful Purpose. Fashions LLC. Arts of Org filed with POSITION Jefferson City, MO 65102. Purpose: Secy. of State of NY (SSNY) on Latest date upon which LLC is to the Secy of State of New York (SSNY) any lawful activity. 12/15/09. Office location: NY dissolve: No specific date. on 10/9/09. Off loc: NY Cty. SSNY has AVAILABLE County. Princ. office of LLC: 22 been designated as an agent upon Notice of Formation of BRICK-RUN River Terr., Apt. 17P, NY, NY 10282. NOTICE OF FORMATION OF LIMITED whom process may be served and Executive Director, Actors’ Equity SPORTS PHYSICAL THERAPY, SSNY designated as agent of LLC LIABILITY COMPANY. NAME: shall mail a copy of any process the Association, a nationally distin- PLLC. Arts. of Org. filed with Secy. of upon whom process against it may EUROPAN BAKERY LLC. Articles of principal bus. add: 214 W. 39th St, 300, guished labor union of over 48,000 State of NY (SSNY) on 10/24/06. be served. SSNY shall mail process Organization were filed with the NY NY 10018. Purpose: any lawful act. professional actors and stage man- Office location: NY County. SSNY to the LLC at the princ. office of the Secretary of State of New York (SSNY) designated as agent of PLLC upon LLC. Purpose: Any lawful activity. agers, which has focused for nearly on 02/26/10. Office location: New York Notice is hereby given that a license whom process against it may be County. SSNY has been designated 100 years on service to members served. SSNY shall mail process to (#TBA) for Liquor has been applied Notice of Formation of 129 West 29th as agent of the LLC upon whom through contract negotiations and Gurjeet Chadha, 5800 Arlington Ave., for by 157 Brick Oven LLC at retail, Street Nominee, LLC. Arts. of Org. process against it may be served. enforcement, organizing, and policy. Apt. 3M, Riverdale, NY 10471. in a Restaurant, under the ABC Law filed with Secy. of State of NY (SSNY) SSNY shall mail a copy of process to Requires leader who can facilitate Purpose: Any lawful activity. the LLC, 5800 Arlington Avenue, Unit at 157 2nd Ave., NY, NY 10003 for and collaborate with elected volun- on 12/4/09. Office location: NY County. SSNY designated as agent of 6S, Bronx, New York 10471. on-premises consumption. teer Council; at least 10 to 15 years Notice of Formation of MSMG VEN- LLC upon whom process against it Purpose: For any lawful purpose. significant management responsibili- TURES, LLC. Arts. of Org. filed with may be served. SSNY shall mail ties and successes; solid pro-union Notice of Formation of AMBROSIA Secy. of State of NY (SSNY) on process to: c/o Thor Equities LLC, 25 Notice of Registration of EPHRON- CAPITAL LLC. Arts. of Org. filed with orientation; a person of transparency 03/05/10. Office location: NY County. W. 39th St., NY, NY 10018. Purpose: MANDEL ALBIN & HOWARD, L.L.P., Secy. of State of NY (SSNY) on who values strong communication Princ. office of LLC: Felix Nihamin & any lawful activity. a registered limited liability partner- 03/25/10. Office location: NY County. lines and collective action. Associates, PC, 65 W. 36th St., NY, NY ship (RLLP). Cert. filed with Secy. of Princ. office of LLC: 10 W. 46th St., Apply to consulting firm retained for 10018. SSNY designated as agent of Name: 58 WEST 70th STREET, LLC State of N.Y. (SSNY) on 1/19/2010. 7th Fl., NY, NY 10036. SSNY desig- search, Management Consultants LLC upon whom process against it Office location: NY Cty. Principal bus. nated as agent of LLC upon whom may be served. SSNY shall mail process Art. Of Org. Filed Sec. Of State of NY for the Arts, Inc. Visit its website 02/04/10. Off. Loc.: New York Co. loc.: 299 Broadway, 17th Fl., NY, NY process against it may be served. for full job profile and application to the LLC at the addr. of its princ. 10007. SSNY designated as agent of SSNY shall mail process to the LLC office. Purpose: Any lawful activity. SSNY designated as agent upon procedures: www.mcaonline.com - whom process against it may be LLP upon whom process against it at the addr. of its princ. office. Career Options. served. SSNY to mail copy of process may be served. SSNY shall mail Purpose: Any lawful activity. Deadline: May 5th. NOTICE OF FORMATION OF CIVITAS to THE LLC, Attn: Ray Longwell, 58 process to: The RLLP, 299 Broadway, ENERGY ADVISORS, LLC. Arts. of W 70th St., New York, NY 10023. 17th Fl., NY, NY 10007. Purpose: NOTICE OF FORMATION of Stuntbox, Org. filed with the Secy. of State of Purpose: Any lawful act or activity. practice the profession of law. LLC. Arts of Org filed with the Secy NY (SSNY ) on 2/10/10. NY Office of State of New York (SSNY) on TELECOMMUNICATIONS location: NY County. SSNY is desig- 845 REALTY LLC, a domestic 2/23/10. Office location: NY County. nated as agent upon whom process NOTICE OF FORMATION OF ESK Limited Liability Company (LLC) filed SSNY has been designated as an NYC'S MOTOROLA against the LLC may be served. Capital Management LLC. Arts. of with the Sec of State of NY on agent upon whom process may be SSNY shall mail a copy of any Org. filed with Secy. of State of N.Y. 2/22/10. NY Office location: New served and shall mail a copy of any MOTOTRBO SPECIALISTS process against the LLC served (SSNY) on 2/11/10. Office location: York County. SSNY is designated as process to the principal business upon him/her to The LLC, 201 East New York County. SSNY designated agent upon whom process against address: 310 E. 44th Street, Apt M, NY, 69th Street, #7S, NY, NY 10021. as agent of LLC upon whom process the LLC may be served. SSNY shall NY 10017. Purpose: any lawful act. Purpose: Any lawful activities. against it may be served. SSNY shall mail a copy of any process against mail process to: 10 E. 13th St., 5F, the LLC served upon him/her to Notice of Qualification of Warburg New York, NY 10003. Purpose: any Sami Katri, 7 E. 14th St., Apt. 518, Notice of Qualification of LINDENKOHL Pincus (Callisto) Private Equity X, lawful activity. NY, NY 10003. General purposes. HOLDINGS, LLC. Authority filed with L.P. Authority filed with NY Dept. of Secy. of State of NY (SSNY) on State on 3/11/10. Office location: NY 02/10/10. Office location: NY County. BLACKDIVINE, LLC. Appl. for Auth. Notice of formation of limited liability County. LP formed in DE on 3/9/10. LLC formed in Delaware (DE) on filed with Secy. of State NY (SSNY): company (LLC). Name: AUM CAPITAL, NY Sec. of State designated as 12/11/09. Princ. office of LLC: 850 02/12/10. Jurisd. and date of org.: TX LLC. Arts. of Org. filed with the Dept. agent of LP upon whom process Third Ave., 16th Fl., NY, NY 10022. 11/13/08. NY State office loc.: NY Cty. of State of NY on May 05, 2009. Office against it may be served and shall SSNY designated as agent of LLC SSNY designated as agent of LLC upon loc., New York County. Secretary of mail process to the principal busi- upon whom process against it may whom process may be served. SSNY State of New York (SSNY) is designat- ness addr.: c/o Warburg Pincus LLC, be served. SSNY shall mail process shall mail process to: c/o KVB PART- ed as agent of LLC upon whom 450 Lexington Ave., NY, NY 10017, to the LLC at the addr. of its princ. NERS, 60 Broad St., Suite 3502, New process against it may be served. Attn: General Counsel. DE addr. of office. DE addr. of LLC: c/o York, NY 10004. Addr. of LLC in TX The principal business location and LP: c/o The Corporation Trust Co., Corporation Service Co., 2711 is c/o PARACORP INCORPORATED, address SSNY shall mail copy of 1209 Orange St., Wilmington, DE Centerville Rd., Ste. 400, Wilmington, 3610-2 N. Josey Ln #223, Carrollton, process to is Paul Shin, 2 Rector St., 19801. Name/addr. of genl. ptr. 33 East 33rd Street DE 19808. Arts. of Org. filed with TX 75007. Cert. of Form. filed with 16th Fl., New York, NY 10006. available from NY Sec. of State. New York, NY 10016 Secy. of State of DE, State of DE, TX Secy. of State, Corps. Sec., P.O. Management of the LLC shall be by Cert. of LP filed with DE Sec. of 212-532-7400 401 Federal St., Dover, DE 19901. Box 13697, Austin, TX 78711-3697. one or more members. Purpose: To State, Townsend Bldg., Dover, DE www.metrocomradio.com Purpose: Any lawful activity. Purpose: any lawful activity. engage in any lawful act or activity. 19901. Purpose: any lawful activity.

PUBLIC & Place your business card in Crain’s Business Connections LEGAL NOTICES and reach New York City’s Top Level Executives Notice of Qualification of The Mangrove Partners Fund, L.P. App. For Auth. filed with Secy. of State of N.Y. (SSNY) on 3/3/2010. Office location: New York County. LP formed in DE Contact on 3/1/2010. SSNY designated as agent of LP upon whom process against it may be served. SSNY shall John Gallagher mail process to: 100 W. 58th St., Ste. 8F, New York, NY 10019, Attn: [email protected] Nathaniel August. DE address of LP: 615 South DuPont Hwy., Dover, DE 212.210.0189 19901. Name/address of each genl. ptr. available from SSNY. Cert. of LP filed with DESS, P.O. Box 898, Dover, DE 19903. Purpose: to engage in any Let Crain’s New York Business help you secure new clients in 2010. act or activity under the NY LP Law.

20 | Crain’s New York Business | April 19, 2010 nb16p20-21cl.qxp 4/16/10 2:59 PM Page 21

PUBLIC & LEGAL NOTICES

Notice of Qualification of HM Notice of Qualification of JAMES Notice of Qualification of LIBER Notice of Formation of Gray Gull Notice of Qualification of CENTRAL Infinitum LLC. Authority filed with PASSIN LLC II. Authority filed with CAPITAL, LLC. Authority filed with LLC. Articles of Organization filed PARK REALTY NY LLC. Authority Secy. of State of NY (SSNY) on Secy. of State of NY (SSNY) on Secy. of State of NY (SSNY) on with Secy. of State of NY (SSNY) on filed with Secy. of State of NY 3/2/10. Office location: NY County. 2/4/10. Office location: NY County. 01/15/10. Office location: NY County. 03/05/10. Office location: NY County. (SSNY) on 03/22/10. Office location: LLC formed in Delaware (DE) on LLC formed in Delaware (DE) on LLC formed in Delaware (DE) on SSNY designated as agent of LLC NY County. LLC formed in Delaware 11/19/09. SSNY designated as 2/2/10. SSNY designated as agent of 03/10/09. Princ. office of LLC: 711 upon whom process against it may (DE) on 03/16/10. SSNY designated agent of LLC upon whom process LLC upon whom process against it Third Ave., Ste. 1806, NY, NY 10017. be served. SSNY shall mail process as agent of LLC upon whom process against it may be served. SSNY may be served. SSNY shall mail SSNY designated as agent of LLC to the LLC, c/o Robinson Brog against it may be served. SSNY shall shall mail process to: Davis & Gilbert process to: 2112 Broadway, Apt. 7B, upon whom process against it may Leinwand Greene Genovese & Gluck, mail process to c/o Corporation LLP, 1740 Broadway, NY, NY 10019. NY, NY 10023. DE address of LLC: be served. SSNY shall mail process P.C., Attn: Leonard B. Nathanson, Service Co. (CSC), 80 State St., Address to be maintained in DE: c/o National Registered Agents, Inc., to the LLC at the princ. office of the Esq., 1345 Avenue of the Americas, Albany, NY 12207-2543. DE addr. of 2711 Centerville Rd., Ste. 400, 160 Greentree Drive, Ste. 101, Dover, LLC. DE addr. of LLC: Corporation 31st Fl., NY, NY 10105. Purpose: any LLC: c/o CSC, 2711 Centerville Rd., Wilmington, DE 19808. Arts of Org. DE 19904. Arts. of Org. filed with DE Service Co., 2711 Centerville Rd., lawful act or activity. Ste. 400, Wilmington, DE 19808. filed with DE Secy. Of State, 401 Secy. of State, 401 Federal St., Ste. Ste. 400, Willmington, DE 19808. Arts. of Org. filed with Secy. of State Federal St., Ste. 4, Dover, DE 19901. 4, Dover, DE 19901. Purpose: any Arts. of Org. filed with Secy. of State of DE, State of DE - Div. of Corps., Notice of Formation of Egremont Purpose: any lawful activities. lawful activity. of DE, Div. of Corps., John G. John G. Townsend Bldg., 401 Associates LLC. Arts. of Org. filed with Townsend Bldg., 401 Federal St., Federal St. - Ste. 4, Dover, DE NY Dept. of State on 2/24/10. Office Ste. 4, Dover, DE 19901. Purpose: 19901. Purpose: Any lawful activity. BEIGE CAPITAL LLC Arts. of Org. location: NY County. Princ. bus. addr.: NOTICE OF FORMATION of Little Any lawful activity. filed with NY Sec. of State (SSNY) Brown NYC Lexington LLC .Arts of 473 West End Ave., Ste. 8C, NY, NY 12/3/2009. Office in NY Co. SSNY Org filed with the Secretary of State 10024. Sec. of State designated Notice of Qualification of Concierge design. agent of LLC upon whom of New York (SSNY) on 4/1/10. Notice of Formation of 6 Bedford agent of LLC upon whom process Auctions LLC. Authority filed with process may be served. SSNY shall Office location: NY County. SSNY Street LLC. Arts. of Org. filed with against it may be served and shall Secy. of State of NY (SSNY) on mail process copy to: 1 Penn Plaza, has been designated as an agent Secy. of State of NY (SSNY) on mail process to: c/o Geringer & Dolan 3/23/10. Office location: NY County. Ste. 4501, NY, NY 10119. Purpose: upon whom process may be served. 2/24/10. Office location: NY LLP, 5 Hanover Sq., 3rd Fl., NY, NY LLC formed in Florida (FL) on 6/25/08. any lawful activity. SSNY shall mail a copy of any County. SSNY designated as agent 10004, Attn: Harold I. Geringer. SSNY designated as agent of LLC process to: 1838 Second Ave. #136, of LLC upon whom process against Purpose: any lawful activity. upon whom process against it may MICHELLE RUBEL EVENTS & DESIGN NY, NY 10128. Principal business it may be served. SSNY shall mail be served. SSNY shall mail process LLC Articles of Org. filed NY Sec. of address: Coffee Shop, NY, NY 10028. process to: c/o The LLC, 2502 Muir NOTICE OF FORMATION OF BNL to: National Corporate Research, State (SSNY) 3/15/2010. Office in NY Purpose: any lawful act. Circle, Wellington, FL 33414. Partners LLC Arts. of Org. filed with Ltd., 10 E. 40th St., 10th Fl., NY, NY Co. SSNY desig. agent of LLC upon Purpose: any lawful activity. NY Sec of State (SSNY) on 9/24/09. 10016. FL address of LLC: 777 S whom process may be served. SSNY Flagler Dr., Ste. 800, W Palm Beach CM CAREER MANAGEMENT LLC a Office location: New York County. SSNY shall mail copy of process to 103 E. FL 33401. Arts. of Org. filed with FL domestic Limited Liability Company Notice of Formation of AVID Holdings has been designated as agent of LLC 86th St., Ste. 12B, NY, NY 10128, Secy. of State, 2661 Executive (LLC) filed with the Sec of State of LLC. Arts. of Org. filed with Secy. of upon whom process against it may which is also the principal business Center Circle, Tallahassee, FL NY on 2/11/10. NY Office location: State of NY. (SSNY) on 2/23/10. be served. SSNY shall mail a copy of location. Purpose: Any lawful purpose. 32301. Purpose: any lawful activity. New York County. SSNY is desig- Office location: NY County. SSNY process to: Corporation Service nated as agent upon whom process designated as agent of LLC upon Company, 80 State St, Albany, NY 12207. Purpose: any lawful activity. Notice of Qualification of PFS against the LLC may be served. whom process against it may be Notice of Formation of 677 Lexington Holdings, LLC. Authority filed with SSNY shall mail a copy of any served. SSNY shall mail process to: Acquisition, LLC. Arts. of Org. filed NY Dept. of State on 3/26/10. Office process against the LLC served The LLC, c/o Rosemarie Ottomanelli, Notice of Qualification of 1350 LLC, with Sec. of State of NY (SSNY) on location: NY County. LLC formed in upon him/her to Mike Levine, 11 E. 385 First Ave., Apt. 10F, NY, NY App. for Auth. filed Sec’y of State 5/1/02. Office location: NY County. DE on 11/24/09. NY Sec. of State 44th St., Ste. 500, NY, NY 10017. 10010. Purpose: any lawful activity. (SSNY) 2/25/10. Office loc.: NY SSNY designated as agent of LLC designated as agent of LLC upon General Purposes. County. LLC org. in DE 10/26/99. upon whom process against it may whom process against it may be Notice of Formation of LAW OFFICES SSNY desig. as agent of LLC upon be served and shall mail process to: served and shall mail process to: whom process against it may be Notice of Formation of Dana L. Wolf, OF SIDNEY R. BRESNICK, LLC, a c/o Anderson & Rottenberg, P.C., c/o CT Corporation System, 111 8th Prof. LLC. Arts. of Org. filed with the served. SSNY shall mail copy of 369 Lexington Ave., NY, NY 10017, Ave., NY, NY 10011, regd. agent DMD, MS, PLLC. Arts. of Org. filed proc. to c/o Nat. Reg. Agents, 875 with Secy. of State of NY (SSNY) on SSNY on 11/19/2009. Office location: Attn: Charles S. Rich, Esq. Purpose: upon whom process may be served. NY County. SSNY has been desig- Ave of the Americas, NY, NY 10001, any lawful activity. DE addr. of LLC: 1209 Orange St., 3/5/10. Office location: NY Co. the Reg. Agt. upon whom proc. may SSNY designated as agent of LLC nated as agent upon whom process Wilmington, DE 19801. Arts. of Org. against it may be served. SSNY shall be served. DE office addr.: 160 filed with DE Sec. of State, 401 upon whom process against it may Greentree Dr., Ste. 101, Dover, DE Notice of Formation of 110th Street be served. SSNY shall mail process mail a copy of process to: Sidney R. Federal St., Dover, DE 19901. Bresnick, 510 E 80th St. Apt 14A, 19904. Cert. of Form. on file: SSDE, Holdings NY, LLC. Arts. of Org. filed Purpose: any lawful activity. to: Dana L. Wolf, DMD, MS, 2373 Townsend Bldg., Dover, DE 19901. with NY Dept. of State on 2/1/10. Broadway, Apt. 709, NY, NY 10024. NY, NY 10075. Purpose: To Practice The Profession Of Law. Purp.: any lawful activities. Office location: NY County. Sec. of Purpose: any lawful activities. State designated as agent of LLC Notice of Qualification of Equity upon whom process against it may Long-Short HedgeAccess II LLC. Notice of Qualification of Goldman Notice of Qualification of P&A Film be served and shall mail process to Authority filed with NY Dept. of State Notice of Qualification of Kenneth Sachs ESF Holdings, L.P. Authority Fund LLC. Authority filed with NY the principal business addr.: c/o The on 3/1/10. Office location: NY Productions, LLC. Authority filed with filed with Secy. of State of NY (SSNY) Dept. of State on 4/8/10. Office loca- Olnick Organization, Inc., 135 E. 57th County. Princ. bus. addr.: 4 World NY Dept. of State on 11/25/09. Office on 3/5/10. Office location: NY County. tion: NY County. Princ. bus. addr.: 60 St., 22nd Fl., NY, NY 10022, Attn: Legal Financial Ctr., 250 Vesey St., 6th Fl., location: NY County. Princ. bus. addr.: LP formed in Cayman Islands (CI) on S. 6th St., Ste. 3900, Minneapolis, Dept. Purpose: any lawful activity. NY, NY 10080. LLC formed in DE on 603 W. 50th St., NY, NY 10019. LLC 10/29/09. SSNY designated as agent MN 55402. LLC formed in DE on 2/19/10. NY Sec. of State designated formed in DE on 5/21/99. NY Sec. of of LP upon whom process against it 3/19/10. NY Sec. of State designated as agent of LLC upon whom process State designated as agent of LLC may be served. SSNY shall mail as agent of LLC upon whom process FORMATION NOTICE OF THE LIMIT- against it may be served and shall upon whom process against it may be process to: 200 West St., NY, NY against it may be served and shall ED LIABILITY COMPANY (LLC). mail process to: CT Corporation served and shall mail process to: c/o 10282. CI address of LP: Maples mail process to: c/o CT Corporation NAME: SKATE’S, LLC. App. for Auth. System, 111 8th Ave., NY, NY 10011, CT Corporation System, 111 8th Ave., Corporate Services Ltd, P.O. Box System, 111 8th Ave., NY, NY 10011, filed with NY Secretary of State regd. agent upon whom process may NY, NY 10011, regd. agent upon 309, Ugland House, Grand Cayman, regd. agent upon whom process may (SSNY): March 16, 2010 under ficti- be served. DE addr. of LLC: The whom process may be served. DE KY1-1104, CI. Name/address of each be served. DE addr. of LLC: The tious name SKATE’S ART MARKET Corporation Trust Co., 1209 Orange addr. of LLC: The Corporation Trust genl. ptr. available from SSNY. Cert. Corporation Trust Co., 1209 Orange RESEARCH, LLC. LLC originally filed St., Wilmington, DE 19801. Arts. of Co., 1209 Orange St., Wilmington, DE of LP filed with Registrar of Exempted St., Wilmington, DE 19801. Arts. of with DE Secretary of State: February Org. filed with DE Sec. of State, P.O. 19801. Arts. of Org. filed with DE Sec. LPs, Elizabethan Sq., 4th Fl., Phase Org. filed with DE Sec. of State, 401 1, 2010. Office location: New York Box 898, Dover, DE 19903. Purpose: of State, 401 Federal St., Dover, DE Four, George Town, Grand Cayman, Federal St., Dover, DE 19901. County. SSNY designated as agent any lawful activity. 19901. Purpose: any lawful activity. CI. Purpose: any lawful activity. Purpose: any lawful activity. of the LLC upon whom process against it may be served. SSNY shall mail copy of process to 575 Broadway, 5th Floor, New York, New York 10012, ATTN: President/CEO. Purpose: All lawful purposes.

Notice of Qualification of SOUND HARBOR CAPITAL LLC. Authority filed with Secy. of State of NY (SSNY) on 03/29/10. Office location: NY County. LLC formed in Delaware (DE) on 08/21/09. Princ. office of LLC: Michael J. Zupon, CEO, 12 E. 49th St., 36th Fl., NY, NY 10017. SSNY designated as agent of LLC upon whom process against it may be served. SSNY shall mail process to the LLC at the addr. of its princ. office. DE addr. of LLC: c/o Corporation Service Co., 2711 Centerville Rd., Ste. 400, Wilmington, DE 19808. Arts. of Org. filed with DE Secy. of State, Div. of Corps., 401 Federal St., Dover, DE 19901. Purpose: Any lawful activity.

April 19, 2010 | Crain’s New York Business | 21 20100419-NEWS--0022-NAT-CCI-CN_-- 4/16/2010 12:40 PM Page 1

FOR THE RECORD

at (212) 323-1739 or G BBMG signed a 10-year lease for Between March 31 and April 7, he sold [email protected]. 4,850 square feet of space at 20 Jay St. in 51,064 shares at prices ranging from ABOUT THIS SECTION Brooklyn, an 11-story, 443,000-square- $46.40 to $46.68, in a transaction worth FOR THE RECORD is a weekly listing of information from the public record that foot building owned by Two Trees $2,378,002. He now directly holds REAL ESTATE DEALS Development Co. Caroline Pardo 333,221 shares. can help businesspeople in the New York area find opportunities, potential represented the deal for the owner in- new clients and updates on competitors. Firms that would like to have details of their house. There was no broker for the Martin J. Wygod, chairman, sold 48,781 To ask questions or get more information on this section, contact Denise recent transactions appear in these listings tenant, an integrated branding and shares of common stock at prices Southwood at [email protected]. should e-mail descriptions following this marketing firm. The asking rent was $24 ranging from $46.56 to $46.66 between format to [email protected], per square foot. April 5 and April 7, in a transaction with “Real estate transaction” in the subject worth $2,273,063. He now indirectly line, or enter them online at holds 3,652,630 shares. crainsnewyork.com/submitadeal. Deals are STOCK TRANSACTIONS BANKRUPTCIES Seeks competitive sealed proposals by 4 listed in order of square footage. Nan-Kirsten Forte, executive vice p.m. on May 4 for engineering design Following are recent insider transactions at president of consumer services, exercised The following listings are selected from the and related services for retaining walls OFFICE New York’s largest publicly held companies options on 27,500 shares of common most recent available filings by companies citywide. For additional information G PineBridge Investments signed a 15- filed with the Securities and Exchange stock at $17.50 on April 6, in a seeking bankruptcy protection in the regarding this bid, contact John year lease for 111,700 square feet at 399 Commission by executives and major transaction worth $481,250. On the Southern and Eastern Districts of New Katsorhis at (718) 391-2263 or Park Ave., a 39-story, 1.75 million-square- shareholders. Listings are in order of same day, she sold 27,500 shares at York. Information was obtained from U.S. [email protected]. foot building owned by Boston transaction value.The information was prices ranging from $46.44 to $46.54, in Bankruptcy Court records available on Properties.The former global investment obtained from Thomson Reuters. a transaction worth $1,278,885. She Public Access to Court Electronic Records. G Department of Parks and Recreation arm of American International Group now directly holds 18,293 shares. Listings are in alphabetical order. Requests competitive sealed bids by will occupy the entire 97,300-square- G Starwood Hotels & Resorts Worldwide 10:30 a.m. on May 5 for the demolition foot fourth floor and a 14,400-square- Inc. (HOT) G Vornado Realty Trust (VNO) G Di Lorenzo’s Restaurant and Tavern Inc. of handball courts and reconstruction foot portion of the sixth floor. Mitchell Simon M. Turner, president of global Russell B. Wight, trustee, sold 28,800 1086 Mastic Road and construction of tennis courts in Steir and Matthew Barlow of Studley development, exercised options on shares of common stock at $80.08 on Mastic, L.I. Crotona Park in the Bronx, and the brokered the transaction on behalf of the 137,242 shares of common stock at April 6, in a transaction worth Filed for Chapter 11 bankruptcy reconstruction of ball fields in tenant, while John Powers and Peter $11.39 on April 5, in a transaction worth $2,306,422. He now directly holds protection on April 6. The filing cites Highbridge Park in Manhattan. For Turchin of CB Richard Ellis represented $1,562,500. Between April 5 and April 6,487,700 shares. estimated liabilities of $500,001 to $1 more information about this solicitation, the landlord and sublessor Legg Mason 6, he sold 117,564 shares at prices million and estimated assets of $0 to contact Juan Alban at (718) 760-6771 or Inc. The asking rent was not disclosed. ranging from $47.76 to $48.42, in a G John Wiley & Sons Inc. (JW.A) $50,000. Among the creditors with the [email protected]. transaction worth $5,634,598. He now Ellis E. Cousens, executive vice largest unsecured claims are HSBC G Satterlee Stephens Burke & Burke directly holds 36,958 shares. president, chief financial officer and Bank USA, owed $41,826.91; and Go Seeks competitive sealed bids by 10:30 signed a 15-year lease extension for chief operations officer, exercised Green Environmental, owed $7,086.74. a.m. on May 5 for the reconstruction of 49,000 square feet at 230 Park Ave., a 34- Philip Patrick McAveety, executive vice options on 50,000 shares of common a portion of the west side of Ocean story, 1.4 million-square-foot building president and chief brand officer, stock at $24.95 on April 5, in a G Pali Holdings Inc. Parkway Mall in Brooklyn. Contact Juan owned by Monday Properties. Peter exercised options on 37,056 shares of transaction worth $1,247,500. On the 650 Fifth Ave. Alban at (718) 760-6771 or Hennessy and Martin Horner of Jones common stock at $11.39 on April 5, in a same day, he sold 50,000 shares at Filed for Chapter 11 bankruptcy [email protected] with Lang LaSalle represented the law firm transaction worth $421,883. On the $43.63, in a transaction worth protection on April 1. The filing cites questions about this bid. in the transaction, while Jordan Berger same day, he sold 37,056 shares at prices $2,181,500. He now directly holds estimated liabilities of $10,000,001 to of Monday Properties and Paul Amrich ranging from $47.76 to $48.04, in a 138,230 shares. $50 million and estimated assets of G Housing Authority of CB Richard Ellis represented the transaction worth $1,775,590. He now $1,000,001 to $10 million. Among the Seeks competitive sealed bids by 10 a.m. landlord. The asking rent was $50 per directly holds 111,089 shares. G G-III Apparel Group Ltd. (GIII) creditors with the largest unsecured on April 28 for the restoration of square foot. Morris Goldfarb, chief executive, claims are Mandeville Holding Ventures concrete slabs, beams and columns at G Tiffany & Co. (TIF) exercised options on 75,000 shares of Co., owed $20,000,000; and J.P.Morgan stores at Williamsburg Houses. For G Select Corporate Communications James E. Quinn, president, exercised common stock at $4.27 between April 5 Chase, owed $4,500,000. questions about this bid, contact Gloria has signed a renewal for its 8,110- options on 50,000 shares of common and April 6, in a transaction worth Guillo at (212) 306-3121 or square-foot office at 131 Varick St., stock at $25.85 on April 5, in a $320,250. During the same period, he G Plastic Solutions Inc. [email protected]. owned by Edison Spring Street Co. transaction worth $1,292,250. On the sold 75,000 shares at prices ranging 20 Rajon Road Peter Sabesan and Wayne Siegel of same day, he sold 50,000 shares at from $27.00 to $27.46, in a transaction Bayport, L.I. G School Construction Authority Coldwell Banker Commercial Hunter $49.00, in a transaction worth worth $2,025,962. He now directly Filed for Chapter 11 bankruptcy Requests competitive sealed bids by 10 Realty represented the tenant in the $2,450,000. He now directly holds holds 3,274,090 shares. protection on April 1. The filing cites a.m. on April 21 for cafeteria and transaction. Lenny Lazzarino 86,498 shares. estimated liabilities of $500,001 to $1 multipurpose room upgrades with low- represented the landlord. Neither the G Aéropostale Inc. (ARO) million and estimated assets of $100,001 voltage electrical systems at the P.S. 219 length of the lease nor the asking rent G WebMD Health Corp. (WBMD) Julian R. Geiger, chairman, sold 64,216 to $500,000. Among the creditors with annex in Brooklyn. For additional was disclosed. Kevin M. Cameron, director and part- shares of common stock at prices the largest unsecured claims are the New information about this bid, contact time special adviser to the chairman, ranging from $28.38 to $28.90 between York State Department of Taxation and Stephanie Lyle at (718) 752-5854 or G The World Health Organization has exercised options on 72,215 shares of March 29 and April 1, in a transaction Finance, owed $351,801.66; and the [email protected]. signed a 10-year lease for 6,150 square common stock at $39.49 on March 31, worth $1,840,058. He now directly Internal Revenue Service, owed feet of space at 885 Second Ave., also in a transaction worth $2,851,770. holds 30,338 shares. $300,000. GOODS AND SERVICES known as 1 Dag Hammarskjold Plaza, a G Department of Correction 50-story, 815,000-square-foot building G Rock & Republic Enterprises Inc. Seeks competitive sealed bids by 11 a.m. owned by Ruben Cos. The WHO plans 400 West Broadway on May 5 for maintenance services for to relocate this month on the new DEALS ROUNDUP Filed for Chapter 11 bankruptcy refrigeration systems and equipment. building’s 26th floor from its current, protection on April 1. The filing cites Questions regarding this solicitation smaller location at 2 United Nations estimated liabilities of $10,000,001 to should be directed to Cassandra Plaza. Nicky Heryet and Stephen TRANSACTION SIZE $50 million and estimated assets of Dunham at (718) 546-0766. Bellwood of Cassidy Turley represented COMPANY (IN MILLIONS) BUYERS/INVESTORS TRANSACTION TYPE $50,000,001 to $100 million. Among the tenant in the transaction; the building Seacoast Banking Corp. $250.0 CapGen Capital Advisors (Manhattan) GCI G the creditors with the largest unsecured Department of Transportation was represented in-house by Jonathon of Florida claims are Condé Nast Publications, Requests applications by 5 p.m. on June Yormak of Ruben Cos. The asking rents Landis+Gyr AG $165.0 DLJ Merchant Banking Partners GCI owed $1,265,657.87; and Tavex 30 for site proposals for new public at the building run in the high $40s to (Manhattan) Algodonera, owed $725,677.57. plazas from eligible not-for-profit the low $50s. Virgin Money Group Ltd. $151.9 WL Ross and Co. (Manhattan) GCI organizations. For information regarding this bid, contact Vaidila G David Barrett Partners renewed and Summit Housing Partners $100.0 Rothschild Realty Inc. (Manhattan) GCI GOVERNMENT CONTRACT Kungys at (212) 839-6693 or expanded its footprint at 230 Park Ave., VantaCore Partners $100.0 Trilantic Capital Management GCI OPPORTUNITIES [email protected]. signing a 10-year renewal for 5,400 (Manhattan) (Manhattan) square feet of office space at the 34- Achaogen Inc. $56.0 Alta Partners, Arch Venture Partners, GCI Following are selected contract G Health and Hospitals Corp. story, 1.4 million-square-foot building Domain Associates, Frazier Healthcare opportunities recently announced by New Seeks competitive sealed bids by 3 p.m. owned by Monday Properties. The Ventures, Venrock (Manhattan), Versant York City agencies.To learn how to sell on April 30 for security equipment and financial executive search firm’s office is Ventures, Wellcome Trust investment division, 5AM Ventures goods and services to city government, visit installation. A mandatory prebid on the fourth floor. Ivan Hillman of CB www.nyc.gov/selltonyc. For a searchable conference will be held at 10 a.m. on Richard Ellis represented the tenant, Jagran Prakashan Ltd. $50.6 Blackstone Alternative Asset GCI database of current procurement notices, April 20 in the lobby of Metropolitan while Monday Properties and CBRE Management (Manhattan) visit www.nyc.gov/cityrecord. Listings are Hospital Center, 1900 Second Ave. represented the landlord. The asking Boot Ranch Real Estate $50.0 Lehman Brothers Holdings Inc. SB M&A alphabetical by category and department. Contact Ivan Rawls at (212) 562-2552 rent was in the mid-$50s per square foot. asset management arm (Manhattan) or [email protected] for questions EnStorage Inc. $15.0 Canaan Partners, Warburg Pincus GCI CONSTRUCTION SERVICES regarding this bid. G Focus Capital Markets signed a seven- (Manhattan), Greylock Partners, G Department of Design and Construction year renewal for 5,400 square feet at 230 Siemens Technology-To-Business Center, Wellington Partners Venture Capital GmbH Requests competitive sealed bids by 2 G Office of the Chief Medical Examiner Park Ave., a 34-story, 1.4 million-square- p.m. on May 11 for an elevator upgrade Requests competitive sealed bids by 12 foot building owned by Monday Quirky Inc. $6.0 RRE Ventures (Manhattan), Village Ventures, GCI at the Studio Museum in Harlem. A p.m. on May 7 for emergency Properties. The financial executive (Manhattan) Contour Venture Partners (Manhattan), Lowercase Capital, individual investors recommended prebid conference will be generator maintenance and repair search firm’s office is on the fourth floor. held at 10 a.m. on April 29 at the services. A prebid conference will be Monday Properties and CB Richard Selected deals announced for the week ended April 10 involving companies in metro New York. GCI: Growth capital investment represents new money invested in a company for a minority museum, located at 144 W. 125th St. held on April 22 at 10 a.m. at 421 E. Ellis represented the landlord. The stake. SB M&A: Strategic buyer M&A represents a minority or majority acquisition of existing For further information, contact Ben 26th St., room 1018 East. Questions asking rent was in the mid-$50s per shares of a company without the participation of a financial buyer. source: capitaliq Perrone at (718) 391-2614. should be directed to Miriam Acevedo square foot.

22 | Crain’s New York Business | April 19, 2010 20100419-NEWS--0023-NAT-CCI-CN_-- 4/16/2010 7:40 PM Page 1

ization that provides assistance to startup co-ops across the country, Runaway growth says about half the requests he gets Prophet of doom are from low-income communities. Continued from Page 1 hail from all over the city, to earn “The traditional demographic Continued from Page 3 portantly,he knew when to get out.” forced to limit the number of new their work requirement by helping for a food co-op is an upper-middle- 50%, he says, and he’s hired three Brooklyn apartment prices had members. Its balance sheet is so to start food co-ops elsewhere. class area,but that’s not always what staffers to help uncover investments. soared so high by 2005 that Mr. strong—the co-op paid off its mort- It is a response, in part, to what is we are seeing now,” says Mr. Reid, “His work is so detailed, so accu- Middleton concluded he couldn’t gage in January—that general man- already happening across the city. executive director of the Food Coop rate,it’s among the best in the world,” charge enough rent to take on new ager and founding member Joe There are nearly a dozen food co-ops Initiative, based in Minnesota. says Eric Sprott, CEO of Sprott As- mortgages. He sold his holdings Holtz wonders what to do with in various stages of development. set Management,a Toronto firm that about six months before the peak. more than $500,000 in profits. Last Last year, the South Bronx Food 200 co-op startups manages about $5 billion and sub- After a year off to recharge, Mr. year’s revenues were $39 million. Coop opened its doors on Third Av- he’s tracking more than 200 start- scribes to Mr. Middleton’s research. Middleton tried launching a hedge “If we continue to accumulate enue and East 158th Street, while ups currently under development Michael Riley, managing mem- fund and, in late 2007, started a blog cash like this,”he says,“we’ll have to organizers in Brooklyn are making across the country and expects about ber at Coastal Management Group, to demonstrate his expertise. The have a meeting and maybe lower our strides to open co-ops in neighbor- 150 of them to open over the next a Rhode Island investment firm, fund never caught on with prospec- prices again.” hoods such as Fort Greene, Bush- five years. Put another way, the new adds: “On the housing crisis, he was tive investors. The blog, however, For the first time in its history,the wick, Crown Heights and Flatbush. crop equals two-thirds the number way ahead. You see a lot of guys like quickly found an audience as he col- co-op is confronting the fact that it Known for their affinity for nat- of existing food co-ops in the coun- Reggie out on their own, thinking orfully captured the pain that loomed can’t grow its physical space any ural and organic products, food co- try right now. they’re really onto something, and in ahead for so many companies. more. It has purchased all of the ops have long attracted affluent, Still, the co-op model is not for his case, I think he really may be.” available buildings in its path. If the well-educated consumers. But as everyone. Many people find the Finding investors won’t be easy, Early warnings weekend checkout lines get much nutrition becomes one of the hottest work requirement an annoyance. though. A few bloggers have landed in an october 2007 post,Mr.Mid- longer,Linewaiters’Gazette—the co- political issues of the day,New York- And there is no shortage of rules as- backers recently, including Footnot- dleton accurately warned that home op’s aptly named newsletter—won’t ers in all socio-economic groups are sociated with being a member—a ed.org, acquired by investment re- builder stocks were on the verge of be enough to keep shoppers amused. becoming more concerned about status that can be revoked or sus- search firm Morningstar, and total collapse as lenders finally “We’re pushing the capacity of what they eat and clamoring to buy pended if someone shirks their allot- Gothamist.com,by Cablevision.But tightened mortgage standards: the building,” says Mr. Holtz, who healthier food.Co-ops also are gain- ted hours.Members are discouraged most media concerns and venture “People, get in your car ... and drive was the co-op’s first paid employee ing new popularity for their empha- from shopping for nonmembers or capitalists have steered clear. Many [to] every Centex, PHM, DR Hor- in 1975. sis on locally produced products. having a member of their household blogs’ revenues are scant, with few ton community. Are any of them In trying to alleviate the pressure ring them up at the checkout. opportunities to grow and churn out bustling? Every community is get- on the Park Slope store, longtime Benefits for city Recent New York arrival Chris the $10 million to $15 million in rev- ting its arse kicked.” members like Mr. Holtz are now “we are working very hard to make Smith, a Park Slope Food Coop enues that venture capitalists want. In January 2008, six weeks before looking beyond Brooklyn to help the city recognize the benefits of food member of several weeks, says he “The climate for blogs is almost Bear Stearns collapsed, he warned other communities replicate their co-ops,”says David Buckel,a 20-year joined to make new friends, even always lousy,”says Roger Ehrenberg, that the mortgage-heavy firm will success. member of the Park Slope store,who though he and his girlfriend live in founder of IA Capital Partners, “soon be, if not already, in a fight for While there are three other food last month wrote a white paper on Crown Heights. which has invested in BlogTalkRa- its life” and berated the rest of Wall co-ops in the city, including one in the topic to win support from the city. On a recent afternoon, he was dio and Busi- Street “for consis- Flatbush, Brooklyn, that opened in Mr. Buckel points out that the wearing a bright vest and walking nessInsider.com. tently underesti- 1976, they haven’t really caught on. Park Slope co-op last year sold near- shoppers home,waxing enthusiastic Such words fail ‘I respected mat[ing] the severi- Yet some Park Slope members are ly $800,000 worth of food to people about the job. to discourage Mr. ty of this real estate hoping they can help make co-ops receiving public assistance. There “I talk to them while we walk to- Middleton, even the severity of crash.” He also part of the solution to a lack of gro- are other ways the co-op helps the gether,”he says.“I’m from Maryland, though his bearish warned that Gener- cery stores in underserved neigh- community: Members can earn and it’s a nice way to meet people.” blog faces other the coming al Growth Proper- borhoods.They note that prices can their monthly volunteer credit out- It’s a tale Mr. Holtz, the general challenges as the ties wouldn’t be able be as much as 40% less than at oth- side the store by working in soup manager,hears from members again stock market recov- downturn’ to refinance its debt er stores, which have higher labor kitchens, spearheading blood drives and again. “People are here out of a ers. Traffic is only a load and was “most costs. To that end, the Park Slope or cleaning up garbage in their desire for a sense of community,” he quarter of its 2008 likely headed for board recently voted in favor of al- neighborhoods. says of the co-op’s enduring popu- high, according to difficult times.”The lowing the store’s members, who Stuart Reid, who runs an organ- larity.“That’s what drives this.” Quantcast research. mall operator filed Mr. Middleton blames the drop for bankruptcy last year. on fad-chasing investors jumping on “I just respected and understood the bullish bandwagon, and insists the severity of the downturn that was Goldman sacked by fraud charge his remaining audience is loyal and coming,” Mr. Middleton recalls. “I sophisticated. With enough money, crunched the numbers that everyone he believes he can build the Boom else had access to.” Continued from Page 1 also suggest that investors are won- Bust Blog into a research outfit with He says his investment portfolio ing “business principles.” Topping dering if Congress will now be far 10,000 subscribers and $100 million soared 452% in 2008,but fell 39% last the list is one that reads: “Our more likely to approve a strong fi- in annual subscription and advertis- year,when the market’s strong recov- clients’ interests always come first. nancial reform bill that would strict- ing revenue—all in five or six years. ery caught him off guard. Now he’s Our experience shows that if we ly regulate derivative and other If that sounds outlandish,read on. forecasting more trouble. serve our clients well, our own suc- complex securities that Goldman Mr.Middleton’s previous lives in- Government efforts to rescue the cess will follow.” and many others have mined for clude selling insurance via cold calls, banking system have “papered over Less than two weeks ago, Chief huge profits in recent years. and starting an unsuccessful software the wounds, but haven’t cauterized Executive Lloyd Blankfein harked For Goldman itself, the SEC business. His fortunes changed in anything,” he says, warning of big back to that guiding principle. In a charges present perhaps the gravest 2000 when he began dabbling in losses in commercial real estate loans. letter to shareholders, he acknowl- threat to the firm’s standing since Brooklyn real estate. He hunted for It’s a matter of time, he adds, before edged that his firm had bet against 1987, when a federal prosecutor broken-down brownstones and oth- Greece and other heavily indebted residential mortgages in the finan- named Rudolph Giuliani charged er properties in such areas as Fort European nations default and drag

cial meltdown,but he went on to in- bloomberg news the firm’s head of merger arbitrage Greene and Clinton Hill. Although the continent into a major recession. sist that “our short positions were BULL’S-EYE: Chief Executive Lloyd Blankfein with insider trading. The executive he had only $3,000 in savings, Earlier this month, Mr. Middle- not a ‘bet against our clients.’ ” now faces the prospect of an ugly legal duel. pleaded guilty in 1989 to a reduced bankers were eager to lend, and he ton took a break from blogging to Today, Goldman’s virtuous charge of mail fraud and served came to meetings armed with care- tend to his yacht. Cruising the Hud- clients-first claim is open to ques- about three months in prison. In fully prepared spreadsheets showing son River,as the headquarters of Wall tion. The SEC alleges the firm cre- “The suit is very negative from a that case, the damage to Goldman how he could generate enough cash Street’s big banks sparkled brightly, ated a mortgage-backed bond that, reputation point of view,” says Brad proved fleeting at most. to pay the mortgage. He did most of he warned of dark times. He pointed unbeknownst to buyers, was not Hintz, an analyst at Sanford C. For now, the best hope for Gold- the fix-up work himself until he had at Goldman Sachs’ huge new tower only designed to collapse in value Bernstein & Co. man may be that its rivals get enough money to hire contractors. and proclaimed the bank “overval- but had actually been assembled by dragged into court as well. After all, “The first time he walked into my ued.”Bank of America Merrill Lynch a prominent hedge fund manager Fallen paragon analysts say,it’s quite possible Gold- office, he looked like he came from a is worse:“They bought Countrywide who made billions from betting charles massimo, president of man wasn’t the only Wall Street construction crew,”says Phil Laven- and some of the biggest trash out against housing. CJM Fiscal Management, a $200 bank crafting mortgage-backed der, a lawyer who helped Mr. Mid- there.” He hasn’t shorted banks’ Goldman vigorously denies the million investment advisory firm, bonds to the exact specifications of dleton on his real estate deals. “But stocks lately, but plans “to go after charges, but investors are clearly says he is avoiding Goldman’s stock. important hedge fund clients who he’d done his homework. He’d ex- them again” in the near future. concerned that the suit will harm “This is Goldman Sachs, a place then bet against the securities. amined the neighborhoods closely, Mr. Middleton likens himself to Goldman’s reputation and its ability that held itself as what a firm was “We would view it as a positive for knew which buildings were dia- the character in the movie The Sixth to do business. They drove its stock supposed to be like,”he adds.“So the [Goldman’s] stock if other firms were monds in the rough, and his propos- Sense, who sees things no one else down as much as 16% Friday, at one charges make you wonder.” charged as well,”meekly offered Op- als always made sense financially— can.“I see dead countries,companies, point wiping $12 billion off its mar- The hard knocks sustained by penheimer & Co. analyst Chris Ko- which wasn’t necessarily the case municipalities,” he says. “They are ket value. the shares of other banks on Friday towski in a note to clients. with other people’s. And most im- dead and flying high in pricing.”

April 19, 2010 | Crain’s New York Business | 23 20100419-NEWS--0024-NAT-CCI-CN_-- 4/16/2010 7:40 PM Page 1

Startlingly steely tower prices ONE VIEW: Parks and playing fields are among the proposed Continued from Page 1 “Buyers are extremely frustrat- Mr. Latham. uses for the former many expected.Last week’s winning ed,” says Scott Latham, executive There hasn’t been a major de- military base. $193 million bid for 600 Lexington vice president of the capital markets cline, but some investors are jump- Ave., although below the suggested group at Cushman & Wakefield ing in anyway. price, beat most predictions. Mean- Inc. “There is a dramatic supply- In a statement, SL Green Chief while, sources say, bids for 340 and-demand imbalance.” Executive Marc Holliday explained Madison Ave. are running so high That mismatch, which is driving his purchase of 600 Lex. He noted that the final price could top what up prices, is unlikely to last. For that buying opportunities have been the building commanded when it openers, many predict that as bank rare and that improvements in the sold in 2006, as the market was still balance sheets are shored up,regula- leasing and credit markets are sig- climbing. tors will pressure institutions to naling a rebound in the real estate It’s not just trophy midtown write down their bad real estate market. properties that are attracting atten- loans—a move that could trigger a “I think when people see what

tion. A small, mostly vacant office jump in the number of properties for SL Green paid, they might put west 8 / rogers marvel architects / diller scofidio + renfro / mathews nielsen /urban design + building on Sixth Avenue at West sale and a massive repricing of prop- properties on the market,” says 35th Street drew $420 a square foot, erties. Ralph Herzka, CEO of Meridian and another on West 27th Street “I don’t think the current situa- Capital Group, a mortgage broker. Governors Island brought in $346 a square foot. tion is going to last,” says Mr. Haus- “I think this is the start of a recov- That’s especially rich considering purg. “At some point, the banks are ery.” that a major office tower at 1540 going to have to get rid of these Continued from Page 3 which included a marina, confer- Broadway sold for roughly $330 a loans.” Well below average Economic Development Robert ence center and Ferris wheel. square foot last year. That did happen early in the cri- maybe so, but there are still some Lieber. “It’s really important to It’s uncertain whether major The sudden froth in the market sis. In 2008, for example, a group of major obstacles in the market, which come up with a critical mass that New York developers like The Re- has surprised industry experts.They Deutsche Bank-led lenders repos- is still anemic at best. Although mixes uses on the island, so people lated Cos.will return to the drawing note that the large number of buyers sessed seven buildings that Harry leasing activity in the first quarter don’t feel they’re out there alone. table, since this time the city does chasing a small number of proper- Macklowe bought at the peak of the surged 84% from the deeply de- That’s the challenge,but it’s also the not plan to ask for proposals to de- ties seems to be creating a mini- market. Deutsche Bank then sold pressed year-earlier period—reach- opportunity.” velop the entire island. Related pre- bubble. them for 30% to 60% less than Mr. ing 5.7 million square feet, according Other challenges remain, most viously pitched a master develop- “This is really crazy,” says Peter Macklowe had paid. Vulture in- to Cushman & Wakefield—it was notably regaining the confidence of ment plan that included a global Hauspurg, chairman of Eastern vestors salivated over the prospect of still below the five-year average. private investors, who may have health center, aquarium, hotel, con- Consolidated Real Estate Invest- highly leveraged developers, such as Meanwhile, the overall vacancy been turned off by the repeated false ference center and concert shell. A ment Services. “It almost feels like Joseph Moinian, suffering similar rate hit 11.6%, up from 9.6% a year starts in developing the island. The spokeswoman did not return a call we are back in 2007.” fates. Yet most have managed to earlier. Asking rents, a key determi- financing market is also far different seeking comment. hold on. nant of building prices, fell to than it was in 2006. Financing, of course, remains a Headed for a fall In contrast,the three major office $55.38 a square foot. That’s their big question. The city is solely re- back then, the surging economy towers that were put on the market lowest point in three years,and 24% End housing restrictions? sponsible for the island’s operational and an ocean of easy credit drove recently—600 Lex, 340 Madison off their peak. Effective rents, steven spinola, president of the costs—$14 million this year—un- property prices to record highs.The and 125 Park—are all owned by fi- which take into account months of Real Estate Board of New York,adds der the deal announced last week. subsequent Great Recession was nancially healthy operators that free rent and other landlord incen- that federal deed restrictions pro- Some $41.5 million has already supposed to slash real estate prices as could afford to pull their properties tives, are down 50% from their high hibiting permanent housing will been committed to the first phase of much as 60%. from the block if bids fall short. point. turn off many developers: “Unless the park and to infrastructure up- In anticipation,major developers Clearly, a fund led by Hines In- Richard Mack, U.S. CEO of you deal with the restrictions, you’re grades, and an estimated $200 mil- and investment funds raised billions terests was satisfied with the $636- Area Property Partners, is among going to have limited interest.When lion must be spent to upgrade water, of dollars. Their plan was to gobble per-square-foot price that SL those who are betting that prices you take away permanent housing, power and voice and data systems. up properties dumped on the mar- Green Realty Corp. agreed to pay have more room to fall. As a result, you’re taking away a major vehicle “These kinds of large projects al- ket by creditors who had seized for 600 Lex. That’s a modest 18% the firm, which has raised $3 billion for assuring that you’re going to be most always start with very substan- them in foreclosures. discount from the average price of to invest in real estate, is playing it able to generate a few bucks.” tial public commitments for basic That has yet to happen. Instead $772 a square foot at the very peak safe and investing in debt instead. Mr. Lieber says the city will not infrastructure to set the table for the of foreclosing,most banks have opt- of the market in 2008, according to “There is still too much uncer- seek to overturn the deed restrictions private sector to come in,” says ed to restructure and extend bor- Cushman & Wakefield. tainty in the market,” Mr. Mack that prohibit such uses as permanent James Lima, a partner at economic rowers’ loans to keep the properties “Investors were waiting for the says. “Rents are down, and valua- housing and casinos.He won’t tip his development advisory HR&A and off the still-fragile market. dramatic drop in values,” observes tions have to follow suit.” hand as to what exactly the city will the founding president of the Gov- look for in its requests for proposals, ernors Island Preservation and Ed- but says educational uses would be “a ucation Corp. dominant and important”part of the Broadway musicals pack ’em in island’s future. “That’s going to be Making it “self-sustaining” our challenge:Being specific enough nevertheless, the city faces a $5 to give people confidence, and billion budget deficit. “It’s nice to Continued from Page 2 risks.Now they want a major hit,the show opened, that were completely nondirective enough to see new have big-picture thinking, but the “There is more diversity in great title, the star, the spectacle, ignored by theatergoers. The pro- ideas that may be presented.” city already has very high capital ex- what’s being offered—and the de- everything.” duction had suffered bad press for Already, New York University penditures and debt service,” says mographics those shows appeal Some producers are scratching months, with reports about show- has expressed interest in building a Carol Kellermann, president of the to—than ever before,” says Char- their heads over audiences’ re- doctors being brought in after the satellite campus on Governors Is- Citizens Budget Commission. lotte St. Martin, executive director sponse this season. In some cases, Chicago trial run and difficulties on land.The Cornell University Coop- “It is the hope and goal that Gov- of The Broadway League. “That’s critics—who have long had the the set with Bebe Neuwirth, who erative Extension wants to revive its ernors Island eventually will be self- why we’re doing well.” power to make or break a show— plays Morticia Addams. None of proposal to build an environmental sustaining,”insists Leslie Koch,cur- were able to move the market, but this seemed to matter a bit to audi- research center, confirms Executive rent president of GIPEC. Troubling trends in other instances they were ig- ences, who at a show last week Director Don Tobias. “Economic As a step toward that goal, Ms. not everyone is so sanguine, how- nored entirely. screamed and cheered before the times will make it much harder to Koch is working to confront what ever. If attendance numbers do end The critics made a big differ- curtain even opened, and laughed find funds, but we thought it was a she calls the “psychological chal- up lower than last year, it will be the ence,for example,for the show Mil- heartily at all of lead actor Nathan good idea in 2006, and we still do,” lenge” of increasing the visibility of third consecutive annual drop in at- lion Dollar Quartet. Before it Lane’s jokes. he says. a one-of-a-kind site that most New tendance, something that hasn’t opened, it was limping along, earn- The City University of New Yorkers have never experienced. happened in 25 years. ing around 30% of its potential Critic proof York, which had proposed a village The opening of a public high school The grosses are buoyed by the gross. The day after the musical “we all get so worried about bad for up to 10,000 students and staff,is and artist studios should help her ef- large number of premium-priced opened to across-the-board rave re- buzz and [New York Post theater no longer considering development forts to expand the visitor rolls well tickets that are sold for the hit pro- views, ticket sales almost quadru- gossip columnist] Michael Riedel, on the island, a spokesman says. beyond the 275,000 people who en- ductions, but attendance is a pled, according to a spokesman for and this is the perfect indication Other groups that made propos- joyed bike tours,concerts,art instal- stronger indicator of Broadway’s the production. And it’s become that we should not,”Mr.Davenport als in 2006 could jump back into the lations, a Water Taxi Beach and city overall health. one of the most popular choices for says. “There is such a discrepancy mix.Connecticut-based Becker+ views during a 60-day window last “The drop in attendance is a sig- group bookings into the fall, ac- between what we read and what our Becker Associates, which had pro- summer. nificant issue Broadway is facing,” cording to Scott Mallalieu, presi- audience reads and hears. There posed housing in some of the his- “There was a cloud hanging over says producer Ken Davenport. dent of Group Sales Box Office. couldn’t have been a more troubled toric buildings and a fitness facility, the island for some time,” she says. “People want to go to the theater, But with Addams Family,it show than Addams Family six remains interested. California- “The agreement between the city but they’re not going to as many wasn’t just the awful reviews that months ago, and look at their num- based Industrial Realty Group and state means there is now certain- shows, and they won’t take as many came out 10 days ago, when the bers now.” would consider revitalizing its plan, ty and commitment to a strategy.”

24 | Crain’s New York Business | April 19, 2010 20100419-NEWS--0025-NAT-CCI-CN_-- 4/16/2010 12:41 PM Page 1

Nearly 800,000 U.S. households had dropped cable by end-’09 and watch shows only online or on DVD BUSINESS LIVES Source: The Convergence Consulting Group Ltd. HOT JOBS EXECUTIVE INBOX

ADMINISTRATOR AND Anne Fisher PRESIDENT ORGANIZATION Prospect Park Alliance Want loyal JOB DESCRIPTION Manage clients? Trust renovations and restorations of the park your employees MOST IMPORTANT TASKS WHEN CLAIRE CHAMBERS opened Oversee projects, establish the doors to luxury-lingerie store committees and create a Journelle (www.journelle.com), community in Brooklyn on East 17th Street in Manhattan, CREDENTIALS NEEDED she laid down strict rules. To Experience working with city make sure that each bra buyer agencies and government got the right fit, Ms. Chambers officials to raise money instructed her salespeople on RECRUITER Phillips Oppenheim measuring each customer. Her SALARY $150,000-plus rules for returns and exchanges included a 30-day time limit. DOWNSIDE Lobbying elected officials and raising funds in a Just one problem: It didn’t down economy work. In 2008, after about a year in business, Ms. Chambers UPSIDE Working with volunteers threw out the rule book. and organizing events to unite Brooklynites “Instead of giving a bunch of very specific instructions, I Prospect Park Alliance was outlined the overall feeling I want formed in 1987 as a public- the customer to have when she private partnership with the City of New York. The alliance’s leaves our store or our Web annual budget has grown to site”—that of feeling understood about $9 million, up from as a unique person. $200,000 at its inception. Ms. Chambers gave her GOING THE HOLE WAY: Visitors to the park now number Mike Feder and his team salespeople leeway to cater to more than 9 million annually. are drilling holes so that customers’ quirks. For instance, —SELENA SHEN trees can be planted. she now admits that measuring shoppers “can be tricky, because customers range from totally relaxed to very shy and nervous,” EXECUTIVE MOVES she says. “If someone doesn’t buck ennis want to undress all the way, The McGraw-Hill Cos.: employees can find ways to deal.” Keith Fox, 45, was GOTHAM GIGS Ms. Chambers observes: “It appointed president of took a while for me to get used to McGraw-Hill Construction. He was not controlling so many of the previously president details. It requires you to trust of BusinessWeek. your employees’ judgment.” Fordham University: Getting DowntoEarth Her former boss is all for that. David A. Gautschi, 62, was appointed Before Journelle, Ms. Chambers dean of the Graduate School of worked for Katzenbach Partners Business Administration. He had been for the second time this month, Mike Feder rips out a small dean of the Lally School of ‘I want to (www.katzenbach.com), now Management and Technology at bamboo patch that has no business growing near Strack Pond, in part of Booz, which specialized in Rensselaer Polytechnic Institute. be able Queens’ Forest Park Preserve. ¶ “Someone must’ve planted it over the helping huge outfits like the U.S. FlexiSphere: Bob weekend,” says the forestry crew chief for the Department of Parks & Marine Corps get the most out of DeSantis, 54, was to put a what Jon Katzenbach dubs “the named president and Recreation. He usually weeds out non-native species, which overrun informal organization.” chief operating officer at the financial name on local plants.The bamboo bandit hasn’t got a chance. ¶ With the Now he has co-written a book services computing natural resources group, Mr. Feder maintains parks in Brooklyn and called Leading Outside the company. He joins everything Queens.The department has dozens of events planned for Earth Lines. Even a startup can benefit FlexiSphere from from Mr. Katzenbach’s ideas, like Plainfield Asset Management, where he here that’s Day this week. Mr. Feder’s team is busy drilling holes for the 20,000 this one: Let employees make was chief financial officer. trees to be planted on April 24 as part of the MillionTreesNYC most customer-service decisions. CBC Hunter Realty: Sheldon Snyder, 57, alive’ Consider: Journelle projects was appointed senior managing program. ¶ The 41-year-old Long Islander didn’t set out to become a director. He was previously a senior naturalist. He has a degree in Chinese literature, speaks Mandarin and that it will hit $3 million in revenue managing director at The Reise this year. Customers come in Organization. was working at the China Institute in Manhattan when he picked up three times a year for lingerie, ContextWeb Inc.: Tim Murray, 53, was bird-watching a decade ago. He learned to identify all 300 local birds twice the industry average. appointed chief executive at the ad and moved on to botany. ¶ “I want to be able to put a name on exchange company. He was previously DO YOU ENCOURAGE your employees chief operating officer at Dialogic. everything here that’s alive,” says Mr. Feder, who spends most to use their own judgment when The Salvadori Center: Leonisa Ardizzone, weekends searching for rare plants—a hobby he calls “botanizing.” dealing with customers? Tell us at See EXECUTIVE MOVES on Page 26 —hilary potkewitz www.crainsnewyork.com/execinbox.

April 19, 2010 | Crain’s New York Business | 25 20100419-NEWS--0026-NAT-CCI-CN_-- 4/16/2010 12:42 PM Page 1

RÉSUMÉ REVIEW Cross-cultural funding feats Is your job search all it could be? We ask the experts. Red Cross chief wipes How does that compare with amounts people. And what really warmed NAME DEBRA HEITZLER for other disasters? my heart was that this fledgling SUMMARY out deficit, taps new We raised $581 million for the tsu- economy has come back. On every Administrative assistant in the financial nami,and for Katrina,we raised over inch of curb, someone is selling services industry resources to help Haiti $2 billion. But what made [Haiti] something. PROFESSIONAL EXPERIENCE different was that the money mostly came from individual giving rath- Why did you switch to the nonprofit J.P. Morgan, 2008-2009 BY MIRIAM KREININ SOUCCAR er than businesses. world? Executive assistant to managing director and executive director I had 28 years of corporate,and I was Provided administrative services, prepared correspondence, itineraries hen gail mcgovern You went to Haiti twice. What struck you feeling itchy. I wanted to be the new and reports was hired as chief ex- the most? kid on the block somewhere. That’s Bear Stearns & Co., 1988-2008 ecutive of the Ameri- The first trip there was the most dev- why I started in academia, but after Executive assistant to co-head of commercial mortgage department can Red Cross two astating thing I’ve ever seen.The de- a very short period at Harvard, I felt Compiled and approved departmental expenses, oversaw volunteer yearsW ago, the 128-year-old non- ceased were everywhere. But when I wanted to run something again. initiatives, supported managing projects profit had a deficit of $209 million. I went back in March, the debris When I got the call from the Amer- Quality assurance specialist, corporate marketing By the time the current fiscal year was cleared,the deceased were buried ican Red Cross, I thought, “This is Partnered with business units in the production of marketing materials, ends on June 30,the former Harvard and, more important, there were it.” The place is humbling; the mis- served as resource for current and historic corporate information University smiles on the sion is incredible. Sales assistant to managing director, private client services professor and faces of the former presi- Haitian What are the differences in running a EDUCATION dent of Fideli- nonprofit versus, say, Fidelity? Long Island University, B.S., administration, 1981 MOVERS & SHAKERS ty Personal In- The intellectual challenge and the SUNY at Farmingdale, L.I., A.A.S., administration, 1979 vestments will need for business acumen are very Résumé appears in condensed form. have erased it similar in both places. However, EXPERT ADVICE Gail entirely. This when I had to do layoffs at Fidelity, year, to tap people got upset,but they moved on. Debra has captured her career well by starting each line below her job McGovern new donors to In a humanitarian organization, titles with a verb, a very proactive way to demonstrate action. She has raise money for where people are here because they adequately told employers what she does, but not how well she does it. Haiti’s earth- want to give back, any layoff is a Debra should include achievements or accomplishments to augment her quake victims, she turned to new thousandfold more complicated. list of essential responsibilities—for example, if she has saved the high-tech strategies, raising $32 When I had to lay people off at the company money, made a division more efficient or won a departmental million from mobile texting. Ms. Red Cross,people were heartbroken award. These are points that companies may ask about when reading her McGovern, 58, will be honored at that their friends were no longer on résumé, and they should be addressed. the annual dinner being held by the the payroll. In the nonprofit space, —john flato, career services expert, Vault.com Financial Women’s Association in you have to lead not only with your Manhattan on April 26. head but with your heart. If I look To contact this candidate or to be featured in “Résumé Review,” e-mail us back on my career in the for-profit at [email protected]. How much have you raised for Haiti so far? space, I’m realizing I could have Just north of $400 million. used my heart more. bloomberg news

EXECUTIVE MOVES promoted to vice president from director director of asset management at the Quinn Emanuel Urquhart & Sullivan: Scott Bergman, 38, was promoted to vice of management at the full-service real private equity firm. He was most Sandra Bresnick, 45, joined the law firm president of sales and marketing from estate firm. recently vice president and national as a partner in the intellectual property senior director of physical sales and Continued from Page 25 Michael Donuk, 43, was promoted to director at Jones Lang LaSalle. practice and co-chair of the global life marketing. 41, was promoted to president at the director of management. He had been a Media Storm: Jeremy Cornfeldt, 38, was sciences practice group. She was Tom Lorenc, 42, joined as vice president professional development nonprofit. She senior property manager and director of named managing director of digital, a formerly a partner at Sidley & Austin. of engineering. He was formerly director was formerly executive director. operations. newly created position. He was formerly Helen Keller Services for the Blind: of technology at RDAI. Michelman & Robinson: Judith J. Time Inc.: Samantha senior vice president and group client Christopher D. Maher, 43, was named Donnelly Sustainable Sullivan, 45, was named partner in the Fennell, 41, was named director at Carat New York. chairman at the nonprofit organization. Energy Services: New York office. She was formerly a executive director of KBW Inc.: Michael Errichetti, 52, was He currently serves as executive vice Nicholas DAlessandro, partner at White & Williams. corporate sales. She named managing director and head of president and chief retail officer at Dime 55, was named vice HVS Executive Search: Alison Brody- was formerly executive real estate investment banking at the Community Bancshares Inc. president. He was Smith, 42, was named senior vice director of sales at The investment bank. He was previously a The Red Peak Group: James Fox, 35, most recently at president. She was most recently at Huffington Post. managing director at J.P.Morgan. joined the marketing services company KPMG, where he Korn/Ferry International, where she Kayne Anderson Real Kantar Health: Mary Sobiechowski, 55, as chief strategic officer. He was served as a member of served as a client partner. Estate Advisors: David joined the health care consultancy as formerly executive vice president and the construction tax Argo Real Estate: Lynn Whiting, 47, was Friedman, 50, was named managing chief information officer. She was planning director at BBDO New York. planning practice. previously CIO and worldwide director Freshfields Bruckhaus Deringer: Marshall FTI Schonbraun McCann Group: Glenn of technology at Sudler & Hennessey. H. Fishman, 54, joined the law firm as a Brill, 52, joined the consulting firm as a Porter Novelli: Joseph partner. He was previously a partner at managing director in the real estate CORPORATE LADDER Landi, 49, joined the Kramer Levin Naftalis & Frankel. advisory group. He was previously a public relations firm as Walter Stuart, 64, joined as a partner. He private real estate consultant. STRUGGLING TV GUIDE GETS NEW PUBLISHER executive vice president was formerly a partner at Vinson & J&M Construction Management: Sam and director of New Elkins. McClain, 46, was named vice president. LORI O’CONNOR, 35, was named publisher of TV Guide Magazine, owned by York health care. He New York Life He was previously chief operating OpenGate Capital. Ms. O’Connor faces tough challenges as she takes the reins was most recently insurance Co.: Michael officer at Wing Inc. at the magazine, which saw a 35.5% decrease in ad sales revenue from president of Landmark Gordon, 35, was Duff & Phelps: Michael Braverman, 47, was December 2008 to December 2009, according to Communications, promoted to senior named managing director at the financial which he also founded. vice president from advisory and investment banking services Publishers Information Bureau, and was sold off by LECG: Joseph Decilveo, 56, joined the first vice president. firm. He was formerly a managing Macrovision for $1 in 2008. A user-friendly redesign of consulting firm as a managing director. Six Flags Media director at Huron Consulting Group Inc. TV Guide hit newsstands on April 15, and the hope is it He was formerly a senior managing Networks: Thomas Kaplow Communications: Elizabeth will help the publication rebound from a tough few years. director at Huron Consulting Group Haidinger, 46, was McGovern, 32, joined the marketing Ms. O’Connor will be responsible for directing all the Inc. named vice president. Previously, he agency as vice president of the advertising programs and sales teams and expanding Peter C. Hagan, 61, was named a served as vice president of client services consumer lifestyle group. She was managing director. He was most at Genesco Sport Enterprises Inc. most recently at Bloomingdale’s, the publication’s presence online and across mobile recently a consultant. Hilton Worldwide: Conrad Wangeman, 52, where she served as director of platforms. She has substantial experience in advertising, Sonnenschein Nath & Rosenthal: Jeffrey was named area vice president of national media relations. having previously served as advertising sales director H. Koppele, 47, was promoted to partner operations for the Northeast. He was —maia blume and Eastern sales manager for the magazine. Prior to from counsel in the law firm’s tax previously the general manager of joining TV Guide, Ms. O’Connor was in the ad sales practice. Hilton New York. EXECUTIVE PROMOTIONS department of Golf for Women at Meredith Publishing. Alliance for Downtown New York Inc.: The Orchard: Prashant Bahadur, 37, was The fastest way to get an announcement into Jennifer Mikitan, 34, was named director promoted to general manager from Crain’s is to submit details online. Fill out the form —MAIA BLUME of retail attraction. She was previously on- director of retail marketing.at the music at www.crainsnewyork.com/submit. The site sales director at The DeNiro Group. and video distribution company. Executive Moves column is also available online.

26 | Crain’s New York Business | April 19, 2010 20100419-NEWS--0027-NAT-CCI-CN_-- 4/16/2010 12:42 PM Page 1 chemex / INSATIABLE CRITIC registration and $10 at the door. For flickr.com Gael Greene THE additional details, call (646) 278-7050. SEMINARS WEDNESDAY, APRIL 28 Join the URBAN LAND INSTITUTE OF NEW WEEK YORK for a lecture on the stages of development and the impacts of Project Where the dishes Green Light street closures in Times AHEAD Square. The lecture will take place from 7:15 p.m. to 8:15 p.m. at Times Square APR. 26-MAY 2 Info Center, 1560 Broadway. Fees are are on target $40 for members, $65 for nonmembers,

$35 for public sector members and $30 buck ennis CONFERENCES for Young Leaders Group members and Jean-Georges’ Mark WEDNESDAY, APRIL 28 students. Call (800) 321-5011 for more WHAT HE’S CRAIN’S NEW YORK BUSINESS will information. serves top chef’s sponsor a breakfast forum with Chris READING Ward, executive director of the Port DREAM IN COLOR will hold a seminar on idea of comfort food Authority of New York and New Jersey, video marketing strategies to stay ahead HE’S USUALLY REVIEWING SCRIPTS from 8 a.m. to 9:30 a.m. at the Grand of your competition from 5:30 p.m. to for The Dr. Oz Show or reading the ooking at the world Hyatt New York, 109 E. 42nd St. 7:45 p.m. at Select Office Suites, 116 W. Harry Potter series aloud to his through Upper East Tickets cost $70 for an individual and 23rd St., fifth floor. Fees are $10 in son. But Dr. Mehmet Oz found time Side eyes, it sometimes $650 for a table of 10 with registration advance and $20 at the door. Call by April 21. It is $75 for an individual (646) 375-2134 for further details. recently to pick up You Say More seems there’s nowhere to and $750 for a table of 10 thereafter. Than You Think: A 7-day Plan for eat. Maybe that’s why Tickets can be purchased online at THURSDAY, APRIL 29 Using the New Body Language to OLIVE-PEBBLED: A rack of lamb Lthe entire 10021 ZIP code was just www.crainsnewyork.com/events. SCORE NYC will hold a seminar on how Get What You Want, by Janine waiting for The Mark Restaurant by to establish and run a not-for-profit Driver and Mariska van Aalst. Jean-Georges. It’s not to be con- FORUMS business from 10:15 a.m. to 1 p.m. at the “It lets you know how you can THE MARK MONDAY, APRIL 26 fused with the chef ’s four-star tem- Science, Industry and Business Library, tell if people are lying,” he says. ple, Jean Georges, across town. RESTAURANT BY AIA NY MARKETING AND PR COMMITTEE 188 Madison Ave., lower level. Fees are AND THE OCULUS COMMITTEE will host a $49 in advance and $59 at the door. Call “It’s funny, and I like the way it is We’re eating the Alsatian-born JEAN-GEORGES crafted.” chef ’s idea of comfort food, rustic 25 E. 77th St. forum on the changing state of the design (212) 264-4507 or e-mail press from 6 p.m. to 8 p.m. at the Center [email protected]. Dr. Oz, who performs some (212) 606-3030 and classic everyday dishes from his for Architecture, 536 La Guardia Place. 250 heart operations annually, childhood and ours:pizza;a French- www.themarkrestaurantnyc.com The event is free for members and $10 CULTURAL EVENTS says he loves books that man’s take on pasta; and fish, birds FRIDAY, APRIL 30 Pick for nonmembers. Call (646) 742-1700 “educate and entertain” with the and chops “simply cooked.” for more information. Head to the JOYCE THEATER of the turn of a page. In You Say More Crispy calamari with lemon dip CUISINE Eclectic comfort at 175 Eighth Ave. at 8 week and a brie cheeseburger—no matter NETWORKING RECEPTIONS p.m. to celebrate the end of Than You Think, a bit about navel how delicious—may seem laid back PRICE RANGE Entrées $23 THURSDAY, APRIL 29 the Stephen Petronio intelligence did both. The book NY ENTREPRENEURS BUSINESS NETWORK and unambitious in contrast with to $37 Company’s 25th anniversary season. says a person is lying if he directs will host a mixer from 6 p.m. to 10 p.m. Tickets range from $19 to $49 and can his belly button toward the door. designer Jacques Grange’s refined SERVING Breakfast, lunch, at The Arena, 135 W. 41st St. be purchased online at www.joyce.org. The small body shift signals that ambience: the illuminated columns brunch, dinner Admission is free with advance —maia blume and Mondrian-like panels, the he wants to get out of there. RESERVATIONS Advised —BARBARA BENSON beige-and-brown palette, and the To view Crain’s full calendar listings, go to www.crainsnewyork.com/events glorious skylight of the dining NOISE LEVEL Civilized room. From the heat of a hoity crowd,I thought the place would do I can’t wait to return. well. After all, the entrées seem af- I will definitely go back. fordable in this neighborhood. I’ll let them simmer awhile. I was seduced by the intense black NO HATS Never again. truffle fontina melt pizza that evening.I liked the rack of lamb pebbled with black olive crumbs and the quested. The sweet pea soup on swirl of angel hair with basil-pista- parmesan foam is not the miracle of chio pesto and the tiniest Brussels the original that inspires ecstatic sprouts I’ve ever seen. I came by for murmurings across town, but it’s Marcum LLP lunch to taste the “decadent”Croque spring in a shallow soup bowl.I can’t M. the chef had raved about on his guess where the jumbo asparagus blog, and it was good. His secret, he grew but they’re here, properly al confided: Gruyère and Comté in the dente,bathed in lemon and olive oil, is pleased to announce that it classic Mornay with a fried quail egg along with another house gift, a on top. Still, the place left me luke- spiky bouquet of maitake mush- has acquired the New England practices warm. I was distracted by Jean- rooms—crisply singed and smoky. LLP Georges himself at ABC Kitchen, Altogether, except for the one- of UHY Advisors and UHY . his second launch in two weeks. note ennui of fettucine with lemon, Marcum will now have ofﬁces in three of Well, what about The Mark? I parmesan and black pepper, an im- needed to go back.It’s Saturday night pressive performance. New England’s major business markets – Boston, and we’re stuck at a tiny round in a Beyond the dessert list’s classic corner of the lounge. Still, there are warm chocolate cake—a Jean- Massachusetts, and New Haven and Hartford, Connecticut. freesias sending their perfume aloft. George signature—profiteroles and Best of all,the service is smoother,in- a passion fruit Pavlova, pastry chef April 16, 2010 tuitive, on the mark, I’d say. Erik Hubert makes his mark with In just a month, there’s been a whole cakes and tarts brought to the sharp uptick of flavor.I loved winter’s table on a tray and sliced to order, buckwheat fettuccine with Maine mostly sweet and very sweet. Better seafood and big clots of sea urchin, by far: the cassis sorbet and whatev- but the broth is especially powerful in er ices the season brings. I’ve never tonight’s spicy linguine with clams. seen Jean-Georges here except in Sent by the kitchen, hamachi sashi- photographs. But I’m sure he feels mi exquisitely decked out with slices covered, having a veteran like Pierre of avocado, bits of cucumber and Schutz running the kitchen. Mean- radish in a soy-yuzu dressing sings an while, Mr. Vongerichten will hit the oratorio in my mouth. jet stream again soon, sowing global Of course it’s spring, so there are seeds. If Singapore is next and then rhubarb and English peas in the Doha, can Katmandu be far behind? smart onion fondue with the per- fectly grilled veal chop—well-sea- Copyright © 2010 by Gael Greene. marcumllp.com marcumgroup.com soned, caramelized and rare, as re- Syndicated by www.insatiable-critic.com.

April 19, 2010 | Crain’s New York Business | 27 Project9:fp template.qxd 4/13/10 12:06 PM Page 1

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