Landlords Will Survive Stuy Town Verdict

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INSIDE THE TOP STORIES MAYOR’S Should RACE hospitals CRAIN’S ENDORSEMENT pull ® trigger PAGE 10 on a

$200M proton gun? VOL. XXV, NO. 43 WWW.CRAINSNEWYORK.COM OCT. 26-NOV. 1 , 2009 PRICE: $3.00 PAGE 2 Sumner Redstone Court case shows that he’s still got it could tip PAGE 2 How bank bailouts hotel,union are driving up CD interest rates balance IN THE MARKETS, PAGE 4 Mike’s negative ads Management take toll on Bill agreements may THE INSIDER, PAGE 8 no longer hold

Residents fight BUSTED BY LISA FICKENSCHER big government john lam, a Chinese immigrant in the North Bronx who made his fortune in the gar- PAGE 9 ment industry,opened his first hotel in Manhattan in 2003. For newscom nearly four years, the Four Points Sheraton on West 25th Street op- BUSINESS LIVES erated as a nonunion property, just as Mr. Lam wanted. But everything changed in late 2006. That’s when the New York Hotel and Motel THE INSIDE DOPE Trades Council informed Mr. 75 Lam of a 2004 NUMBER of Why illegal trading crackdown will only intensify smaller, budget agreement with hotels that have his hotel operator opened in the city since 2003 BY AARON ELSTEIN vate-prison operator. After all, the govern- that obligated Mr. ment has only so many jail cells to hold all of Lam to pay his GOTHAM GIGS four days after Galleon Group founder Wall Street’s inside traders, so Uncle Sam workers a higher wage and abide by its work rules. Maintaining old homes Raj Rajaratnam was arrested on insider trad- will have to turn to the private sector for help. Mr. Lam balked, pointing out is her specialty P. 21 ing charges, hedge fund manager Bill Ack- Investing in Corrections Corp. could be that his company never signed the G ANNE FISHER talks man appeared before a hotel ball- smart for another reason, too. “It’s agreement and that the hotel oper- about adjusting to the room full of colleagues and suggested THE BEGINNING: also a hedge against your hedge fund ator, Interstate Management, nev- P. 21 The arrest of Raj er mentioned it. nonprofit world a clever way to profit. Rajaratnam on business, because as the SEC ramps Litigation followed, and now a G MOVERS & SHAKERS His advice: Buy stock in Correc- insider trading up …” Mr. Ackman cracked before tions Corp. of America, the big pri- charges See THE INSIDE DOPE on Page 19 federal judge is expected to decide Producer Jeffrey Finn See HOTEL on Page 17 takes the stage P. 22 G GAEL GREENE samples non-deli American P. 23 Landlords will survive Stuy Town verdict

INDEX lords will undoubtedly suffer mighti- stop what people will claim.” Ruling will affect far fewer ly—and some tenants benefit huge- The court’s decision that the SMALL BUSINESS ______5 units, owners than feared ly—for the overwhelming majority, owners of Stuyvesant Town/Pe- NEW YORK, NEW YORK ______6 life will go on as before. ter Cooper Village had illegal- REAL ESTATE DEALS PLUS ______7 “It’s certainly bad for [some], but it’s ly deregulated rents on about BY THERESA AGOVINO AND AMANDA FUNG CLASSIFIEDS ______14 not a decision that will affect tens of 4,000 apartments is a legal mile- thousands of apartments,” says stone.But the key question is just FOR THE RECORD ______16 last week’s appeals court ruling that many Steven Spinola, president of how many more deregulated HOT JOBS ______21 New York landlords had long predicted would the Real Estate Board of units will be affected. Estimates EXECUTIVE MOVES ______21 prove cataclysmic now looks to be nothing of the New York. “There may be range from a mere 5,000 to 75,000. RÉSUMÉ REVIEW ______22 sort. The state’s highest court barred landlords tens of thousands of people Jerry and Rob Two things are already clear. Tishman THE WEEK AHEAD ______23 from deregulating apartment rents in buildings who claim they are owed Tishman Speyer and its part- receiving certain tax breaks. While some land- something, but you can’t See LANDLORDS on Page 18 bloomberg news 43

5 PHOTO ESSAY KEEPING NEW YORK CLEAN P. 12

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IN BRIEF ODDS COSTUME RENTALS, WHICH FOR 22 YEARS SUPPLIED CLOTHES FOR PRODUCTIONS Hospitals’ $200M like Law & Order, filed for Chapter 7 bankruptcy protection this week.The shop was a victim of rising rents during the recession and changes in the way the entertainment industry Cutting-edge but CANCER CARE ON A COLLISION COURSE does business. Revenue fell about 10% last year, ungainly, cell-saving and the company’s landlord increased its rent by THE KEY ADVANTAGE TO PROTON BEAMS is that their charged particle radiation can deliver $5,000 a month two years ago. Meanwhile, doses with great precision and thereby spare healthy tissue from collateral damage. The proton another production-related business, scouting proton therapy is beam deposits most of its energy directly at the cancer site, unlike conventional radiation thera- and location firm Snap Productions, also filed py, which can harm nearby healthy cells. for Chapter 7 bankruptcy protection. a tough sell here A FEDERAL JUDGE SET A TRIAL DATE OF MARCH BY BARBARA BENSON 15, 2010, FOR A LIMOUSINE DRIVER WHO CYCLOTRON opened a hedge fund and is charged with after sen. edward kennedy was diag- Height: 7 feet defrauding investors of about $20 million.The nosed with a malignant brain tumor last 1 Width: 15 feet driver turned hedge fund manager, Alan year, his surgeons first operated and then Weight: 220 tons Fishman of Brooklyn, was the subject of a story sent him off for proton-beam treatment at Cost: $25 million published in Crain’s July 13 issue. Massachusetts General Hospital. He A powerful magnet could have gotten this cutting-edge care at accelerates protons to nearly MANHATTAN MEDIA, PUBLISHER OF NEW YORK any one of seven facilities, including loca- PRESS AND WEST SIDE SPIRIT, IS FINDING tions in Oklahoma City, Houston and ways to expand. It has just acquired online Jacksonville, Fla.—but not in New York. 10 million times per second, and publication Latin Business Chronicle and is Nearly two decades after California’s increases their energy to as much adding it to the business-to-business division it Loma Linda University Medical Center as 250 million electron volts. started last year with the purchase of Latin Trade flipped the switch on the first hospital- magazine and the formation of subsidiary based proton-beam machine in the U.S., Miami Media.Terms of the deal were not New York hospitals are still trying to fig- disclosed. A subscription Web site, Chronicle ure out whether they should follow suit,ei- caters to corporations and government agencies ther individually or as part of a group. interested in doing business in Latin America. Backers insist that New York can simply not afford to be without the world’s most powerful weapon against cancer. BY THE NUMBERS Others advise patience, noting that the next generation of machines will be vastly Weekly shift of the city’s economy cheaper and that jumping in now would only touch off a hypercostly medical arms EVERYWHERE last week, there were signs of growth—from the biggest six-month gain in years race.They also note that the clinical effec- for The Conference Board’s leading indicators to tiveness of proton-beam therapy is still un- a 32% surge in Hamptons home sales. der study. “Whether New York needs [such a machine] is debatable, and that is why proton 1.7% -40% +3.2% beams are an issue that encapsulates so PROTON VACANCY RATE DROP IN VALUE RISE IN PRICE of much in health care,”says a doctor who has BEAM LINE for Manhattan of construction gallon of regular a role in setting state health policy.“This is 2Protons travel through apts. in 3Q; starts in NY area gas in NY in week metal tubing guided by mag- up from 1.3% in Sept. vs. a ended Oct. 19 touching the third rail of health reform.” a year earlier year earlier vs. previous week The sheer size of the device is daunting, nets to the treatment rooms. Source: Source: McGraw-Hill Source: Energy and so is its price tag.A proton-beam treat- CitiHabitats Construction Information Administration. ment center—including a 220-ton, $25 million cyclotron requires a building the “The Holy Grail of radiation therapy is with such a machine.If it entered a consor- THERE GOES THE FUTURE The amount of venture capital size of a football field and an outlay of as to maximize the effect of killing cancer tium with other hospitals, that number flowing to young firms in the New York area in the third much as $200 million. cells and minimize the effect on neighbor- could double. quarter was less than half the year-earlier level. ing tissue,” said Dr. Simon Powell, chair of But the cost to insurers is high. Simple logic the Department of Radiation Oncology at Medicare reimburses $1,134 for each pro- the rationale for spending the money is Memorial Sloan-Kettering Cancer Cen- ton-beam therapy session, nearly 10 times straightforward. Conventional radiation ter, at a May meeting on proton-beam the $120 it grants for conventional radia- therapy typically damages adjacent healthy technology. tion therapy,according to Dr.Powell.Even tissue; proton-beam therapy focuses far By his estimates, Sloan-Kettering at that reimbursement rate, he estimates, a more energy on a far smaller spot. could treat 400 to 500 patients annually proton-therapy center would take at least

Sources: PricewaterhouseCoopers and the National Venture Capital Association CORRECTIONS Scrapper Redstone back The Empire State Building is controlled by a limited liability company that is controlled by the Malkin family and the Estate of Leona Helmsley. This fact was misstated in an Oct. 5 “Real Estate Report” article about lease auditors. Unloads some stock, reduces debt; ratings up com, the outlook for both companies has A Voce, whose executive chef is Missy Robbins, won a star in the vastly improved from a year ago. 2010 Michelin Guide for NYC restaurants, not Locanda Verde, “He had a horrible hand to play at the end whose executive chef is Andrew Carmellini. The fact was misstated CBS Corp. and Viacom Inc. Any voting of last year,” says James Marsh, media ana- in Gael Greene’s Oct. 12 column due to an editing error. BY MATTHEW FLAMM shares that he sold were converted to non- lyst at Piper Jaffray.“Through some stalling, voting shares, so his controlling interest in some legal maneuvering and a bit of luck, vol. xxv, no. 43, october 26, 2009—Crain’s New York Business a year ago, Sumner Redstone looked each company has only dropped to 75% he’s ended up looking pretty smart.” (issn 8756-789x) is published weekly, except for combined issues close to losing his media empire. This from more than 80%. The biggest turnaround in Mr. Red- the 5th week of June and the 1st week of July, the 2nd and 3rd weeks of July, the 4th week of July and the 1st week of August, month, the mogul with nine lives paid off He also avoided having to sell stone’s empire has taken place at the 4th and 5th weeks of August and the 3rd and 4th weeks of nearly $1 billion in debt owed by his fam- off National Amusements’chain CBS.A year ago,as the company was December by Crain Communications Inc., 711 Third Ave., New York, NY 10017. Periodicals postage paid at New York, N.Y., and ily’s company,National Amusements Inc., of movie theaters at distressed battered by the advertising reces- additional mailing offices. Postmaster: Send address changes to: and walked away from disaster. prices. To pay off the rest of the sion, its share price had fallen more Crain’s New York Business, Circulation Department, 1155 Gratiot Avenue, Detroit, MI 48207-2912. for subscriber service: Call And unlike the time Mr. Redstone sur- company’s $1.46 billion debt, he than that of any other media com- (888) 909-9111. Fax (313) 446-6777.$3.00 a copy, $59.79 one year, vived a fire by hanging one-handed from a will sell about 35 of the company’s pany—helping to trip a National $109.79 two years. (GST No. 13676-0444-RT) windowsill, he made this escape look easy. approximately 80 U.S. theaters. Amusements loan covenant that ©Entire contents copyright 2009 by Crain Communications Inc. All rights reserved. Thanks to a rebound in media stocks Even better for the 86- was tied to the value over the past six months,Mr.Redstone was year-old executive chair- of Viacom and

bloomberg news able to raise $946 million selling shares in man of CBS and Via- Sumner Redstone CBS. Mr. Red-

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technology’s sake. “This is not an arms race; it is a cure race,” says Hadley Ford, chief executive of ProCure Treatment M conundrum Centers Inc.,which has six sites operating or in development. Mr. Ford is talking with New York area hospital executives to see if they BIG SCIENCE want to use a facility he’s building in Somerset, N.J., opening in 2012. OVERALL BUILDING Meanwhile, Jack Lefkowitz, a kent miller 60,000 TO 100,000 SQ. FT., to house New York real estate developer who NOW YOU SEE IT: The Limited’s pop-up store in SoHo cyclotron, gantries and treatment rooms owns two radiology businesses, is trying to interest hospitals in using STAFFING a $200 million proton-beam therapy center he’s hoping to construct Dosimetrists (dose calculators): 6 on Manhattan’s Far West Side. He Radiation therapy techs claims that he already has all the Pop up Senior: 12; junior: 12 necessary funding and could start Radiation oncologists: 6 treating patients in late 2011. Engineers and service team: 13 Total staff, including administrative: 63 Beaming up all over and stay in all, five treatment centers are TREATMENT ROOMS operating or planned within 200 GANTRY Cost: $18 million each (excluding gantry) miles of Manhattan. Number: 3 to 5 Faced with all that competition, awhile Height: 37 feet Annual patient capacity: 2,200 New York hospitals may yet pool 3 Width: 35 feet Weight: 110 tons Contains: Treatment table, their resources and build their own Number: 1 per treatment room gantry facility. Local executives have been Limited tests NY retail scene Rotates up to 360 degrees to discussing the new therapy for at and seems to like what it sees direct proton beam. ELSEWHERE least three years, and two are ru- First hospital-based machine mored to be eyeing the West Side installed: 1990 property as a possible site. BY ADRIANNE PASQUARELLI Patients treated worldwide to “The reality is that the first one date: 60,000 out the door will get the recogni- it’s more than just a limited engagement. Machines in use: tion,” says Dr. Louis Potters, pro- Trendy apparel retailer The Limited is extending U.S.: 6; overseas: 18 fessor and chairman of the Depart- its four-day pop-up shop in SoHo through the Machines closest to NYC: ment of Radiation Medicine at the end of December. Mass. General Hospital, Boston; 185 miles away; North Shore-Long Island Jewish Limited had opened a temporary store in mid- Health System. October at 134 Spring St., between Wooster and opened in 2001 He says that while the system is Greene, after a decade-long absence from the Roberts Proton Therapy Center at the U. of Penn., not interested in ProCure’s site,it is New York market. But folks at the Columbus, Philadelphia; 87 miles away; slated to open 12/09 exploring the cost of investing in Ohio-based firm were “pleasantly surprised, as it Robert Wood Johnson University Hospital, New the technology relative to the ben- performed at the same level as one of their top-tier Brunswick, N.J.; 40 miles away; will possibly open efits for patients. Ditto for New stores,”according to a spokeswoman.Sales,which in 2010 York-Presbyterian Hospital. were not disclosed, were high enough to persuade ProCure facility, Somerset, N.J; 43 miles; slated to “I very much like the idea of a the company to extend the life of the 3,400- technology that focuses on the square-foot shop through Dec. 28—a sign, retail open in 2012 pathology and on saving the brokers say,that the retailer might be closer to tak- Sources: Nancy Price Mendenhal, Oncology Issues May/June 2007; IBA Particle healthy tissue,” says Dr. Herbert ing a permanent location here. Therapy; Procure; National Association for Proton Therapy; Loma Linda University Medical Center Pardes, the hospital’s CEO. “With all the availabilities and low rents and Even the latest machines are no obvious short-term opportunities, companies are panaceas. Yes, the price of proton- starting to realize the benefit of locking in low seven years to break even. search,we need to be in the forefront of new beam equipment is plunging: The newest rents for long-term leases,” says Peter Levitan, a Many New York hospitals have tradi- developments,” says Howard Berliner, pro- models, which use superconducting tech- broker at Sierra Realty. tionally been willing to spend whatever it fessor and chair of the Department of nology and weigh a mere 20 tons, cost $20 Asking rents on Spring Street, for instance, takes on state-of-the-art treatments and re- Health Policy and Management at SUNY million. But the trade-offs are that they can have fallen about 25% since the market’s peak two search facilities in order to stay ahead of ri- Downstate Medical Center.“But how many treat only one patient at a time—compared years ago, to just under $300 a square foot, al- vals. But the issues of cost and return on in- of these proton beam centers do we need?” with as many as five for their more expen- though that’s still a big premium to the near- vestment are only part of the picture. New York state health policy-makers sive counterparts—and they have yet to win $160-per-square-foot rents tenants can find on “I don’t want to see potentially useful will ponder that question at a meeting in Al- FDA approval. the less-trafficked West Broadway, brokers say. technology not be developed because it is bany next month. Proton-therapy backers Among the manufacturers of the scaled- expensive, since as a center of medical re- insist that this is not a case of technology for See HOSPITALS on Page 18 Trying on the marketplace for size these days, landlords are willing to accept short- term tenants like Limited, with the hopes of finding a longer-lasting relationship around the corner. revenue from subscriber fees. But ratings at “It gives the tenant the opportunity to see if the MTV—the company’s second-biggest mon- marketplace works for them,” says Jason Pruger of eymaker after children’s giant Nickelo- Newark Knight Frank Retail. from the brink deon—continue to erode, and sales of the Limited’s spokeswoman says that the compa- new video game The Beatles: Rock Band have ny appreciates the street energy and fashion rele- been below expectations.Bernstein Research vance of SoHo, but “would consider multiple stone dumped more than $200 million in dramas like The Mentalist. analyst Michael Nathanson expects net in- neighborhoods before making a final decision” both companies’ stock. NBC Universal’s decision to run The Jay come to fall 13%, to $1.3 billion, in 2009. about a potential Manhattan location. In SoHo, Now the broadcaster’s shares have risen Leno Show nightly at 10 has also helped, al- Some analysts had actually hoped that the retailer would join tenants offering a wide va- more than any other media company’s— lowing CBS to see gains in late news and for Mr.Redstone would lose control of Viacom riety of price ranges,from John Varvatos’luxury to spiking 123% in the past six months. Via- the Late Show with David Letterman. So far because they haven’t been happy with the American Apparel’s basics. com, meanwhile, is up 53%. this season, CBS is rated No. 1 in prime company’s management under Chief Exec- Since Limited’s heyday in the 1980s, when Drawing more than 70% of its revenue time, according to Nielsen. utive Philippe Dauman. sales volume reportedly totaled more than $1 from advertising, CBS remains the media Neither of Mr. Redstone’s companies is “Redstone gets the last laugh,”wrote Pali billion, its popularity has suffered. The chain company most exposed to the ad market. entirely out of the woods, however. Research’s Richard Greenfield in a recent now does just under $400 million in annual Right now, that’s a good thing. Local advertising was hurting even be- note. But even Mr. Greenfield, a frequent sales. Limited Brands Inc., which owns such “If the economy gets better,broadcasting fore the recession, and CBS gets about 20% critic of both companies,last week raised his chains as Bath & Body Works and Victoria’s Se- will be the first ... to feel the uptick,” says of total revenue from that sector, analysts 2010 earnings estimates for CBS. Most an- cret, sold a controlling stake in its namesake Edward Atorino, a media analyst with the say. Battered by the economy, CBS expects alysts expect Viacom to ride cable’s contin- Limited brand to affiliates of Sun Capital Part- Benchmark Co., who rates CBS a “buy.” full-year 2009 operating income to come in ued growth and to increase earnings start- ners Inc. two years ago. Guided by the hard-driving former ac- between $1.7 billion and $1.9 billion.At the ing next year. Under new ownership,Limited is seeking to re- tor Leslie Moonves, CBS has also benefit- high end, that’s a 30% drop from a year ago. And both companies are a lot better off vamp its image. It hopes to expand its store count, ed from good ratings for its hit shows,which Viacom has been hurt less by the recession now that there’s no uncertainty about future with most new stores coming in at about 4,000 include the comedy Two and a Half Men and since its cable channels get nearly half their ownership. square feet instead of the usual 7,000 square feet.

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Wall Street comeback begets IN THE MARKETS surge in Hamptons home sales by Aaron Elstein

Deals up 32%; even ly as they had hoped. “Buyers are actu- Madoff’s digs fetch ally stepping up, but THEY’RE THE TOPS they are cautious,”she more than asking says. “They are buy- Highest rates in the New York area for one-year CDs ing with their heads, BY AMANDA FUNG not their hearts.” 2.0% 1.75% 1.64% 1.40% 1.25% Ally Bank Hudson City Queens County Citibank Astoria Federal The median sales Bancorp Savings Bank home sales in the Hamptons— price for homes south Long Island’s beach oasis for the rich of Route 27, the most and famous—are back in a big way, exclusive part of the with sales volume rising 32% in the Hamptons, jumped third quarter from the same period 67.3%, to $1.84 mil-

last year, according to a new report. newscom lion from the third Source: Bankrate.com The Hamptons real estate mar- PONZI PALACE: Bernie Madoff’s manse sold for $9.41 million. quarter of 2008, ac- istockphoto ket has been hit harder by the reces- cording to the report. sion than the city’s, and a lack of ac- But those figures were tivity on the East End in the first half Street bonuses may be up by as much skewed by a number of high-end Guess who’s driving up CD rates? apparently led to a burst of demand as 40%, have increased confidence, transactions over $5 million, plus all- over the summer. Mr. Miller adds. It encourages peo- cash deals, Mr. Miller says. t’s no secret the $700 billion bank rescue program has Sales surged to 339, up 50% from ple to buy, even in secondary home Another sign of the well-heeleds’ cost taxpayers a fortune. But the bailouts also are hurting the second quarter, according to the markets like the Hamptons. willingness to snap up properties: smaller banks that were healthy enough to turn down the report, conducted by Prudential Vornado Realty Trust Chairman I money. Bailed-out institutions are bulking up their cash Douglas Elliman and appraisal firm No calling a bottom yet Steven Roth paid $9.41 million this Miller Samuel Inc. Median sales third-quarter results alone do month for Ponzi schemer Bernie coffers by offering high interest rates on certificates of deposit. prices for the quarter fell just 2.4%, not a trend make—nor do they prove Madoff ’s 3,000-square-foot beach But those high rates mean smaller banks, which rely more to $810,000, from the year-earlier that the market has hit bottom. manse in Montauk. The sale price heavily on CDs to fund operations, must raise rates, too. period, indicating that the sharp de- “The results look terrific in com- was 6% more than the asking. cline in prices may be nearing an end. parison with where we came from,” That high-end transaction is not That squeezes the small banks’ net interest margins, which represent the “Essentially, you reach a point says Diane Saatchi,a Hamptons bro- even the largest in the Hamptons money they make from lending cash at rates above their cost of funds and where people will sell at the right ker at The Corcoran Group.“Things this year. Brokers cite several sales are their most important source of profit. (Remember, these boring bankers price and buyers will take action,” were grim last year at this time.” that surpassed $10 million. didn’t do crazy things like betting subprime mortgages would never default.) says Jonathan Miller, chief executive Ms. Saatchi attributes the surge Still, the number of sales in the The dilemma is clearly visible at Astoria Financial Corp., the parent of As- of Miller Samuel.“I see it as the first in activity to low interest rates and Hamptons and the North Fork are toria Federal. Last week, the bank said its net interest margin fell last quar- sign that the worst is behind us.” two years of pent-up demand, pri- far off of the highs reached during ter by an unexpected nine basis points, to 2.07%. Credit losses aren’t the big The stock market soaring from marily from people who wanted to the credit boom of 2004 and 2005, problem—in fact, delinquencies dropped by 15% last quarter. the second quarter to the third, as trade up to a bigger house but could- when about 1,050 homes were sold Astoria’s margins are being squeezed,at least in part,by the high CD rates well as recent reports that Wall n’t sell their existing home as quick- in the second quarter of each year. offered by bailed-out rivals including Citibank and Ally Bank, formerly known as GMAC. Ally, for example, offers 2% on a one-year CD with no minimum deposit, reports Bankrate.com, while Chase, which repaid its bailout money, offers local savers a minuscule 0.2% on a $1,000 minimum deposit. For Astoria, the good news is that $4.6 billion worth of CDs, for which it pays interest rates of around 3%, will mature over the next two quarters, and analysts think the bank will able to pay significantly less for fresh deposits. But so long as the stumbling, bailed-out giants need to raise cash, it’s dead certain that they’ll continue offering the highest CD rates, making business more difficult for their smaller, better managed competitors. The little brokerage that beats the market back in 2005, Joel Greenblatt, founder The strategy has been so success- of hedge fund Gotham Capital, wrote a ful that Mr. Greenblatt has opened short tome called The Little Book Formula Investing, which he calls “a That Beats the Market, which con- benevolent brokerage firm” that will tained a simple premise: Investors invest based on the book’s strategy for who buy shares in quality customers who pony up companies at low prices $25,000 and pay a flat 1% an- will find that those stocks nual fee. will outperform. He then Mr. Greenblatt readily Build your business and your CPE credits. explained in crystal-clear admits there’s nothing mag- terms how to identify these ical about his “magic formu- diamonds in the rough and la,” which on Wall Street is when to invest in them. known as “value investing.” Did the book’s strategy He simply selects companies Compliments of Bank of America Merrill Lynch. work? And how: Investors that generate high earnings Looking for a competitive edge in today’s challenging environment? Don’t miss this valuable opportunity who faithfully followed the relative to their assets yet trade to gain insights and earn complimentary CPE credits by attending one of our upcoming CPA seminars. approach would have a gain for low prices. You inevitably ac- Register online today at bankofamerica.com/CPAseminar. of 73% for the five years ending Sept. quire duds—some cheap stocks 30, compared with 5% for the Stan- simply never rally—but can also un- dard & Poor’s 500, Mr. Greenblatt earth tremendous bargains. How to Thrive in Today’s Economy (4 hours CPE credit) said at a conference last week. Over a It can take years to distinguish the November 18, 2009 New York, NY 10-year stretch,what Mr.Greenblatt trash from the treasure, Mr. Green- Marketing Your Accounting Practice (8 hours CPE credit) calls his “magic formula” generated blatt cautions.“Most brokers want to November 19, 2009 Melville, NY an average annualized return of sell what’s working now. Value in- 14.6%, versus just 0.2% for the S&P. vesting takes time to play out.” Seminar is being conducted by King Fish Media who is not affi liated with Bank of America Merrill Lynch and is solely responsible for the information presented in this program. “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 affi 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 affi liates of Bank of America Corporation (“Investment Banking Affi liates”), including, in the United States, Banc of America Securities LLC and Merrill EMPLOYEES AT CITIGROUP, Bank of America and five other bailed-out Lynch, Pierce, Fenner & Smith Incorporated, which are both registered broker-dealers and members of FINRA and SIPC, and, in other jurisdictions, locally registered entities. Investment products offered by Investment Banking Affi liates: Are Not FDIC Insured * May Lose Value * Are Not Bank Guaranteed. ©2009 Bank of America Corporation. companies allowed to earn $1 million or more in annual compensation 66 by “pay czar” Kenneth Feinberg, according to Bloomberg News.

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SMALL BUSINESS

GETTING BROWNIES OUT THE DOOR: Lorin Rokoff (left) and Laura Paterson of Hot Startup bakeries cook up Blondies Bakery. strategies for online shops

Ms. Rokoff, 31, and Ms. Pater- Singapore-based Gill Capital to pro- NYC food firms son, 34, launched Hot Blondies vide upwards of 5,000 brownies a avoid high retail with about $20,000 from their re- month to be sold at the company’s spective savings accounts. The duo Dubai candy store, Candylicious. rents by using Web filled initial orders from Ms. Pater- Other entrepreneurs are starting to hawk wares son’s Manhattan apartment and on a smaller scale. For Danielle Di eventually began renting commer- Vecchio,baking became a way to pay cial kitchen space in the city.In May, the rent between acting gigs.Ms.Di BY KIRA BINDRIM they signed a lease for their own Vecchio, best known for her role as buck ennis kitchen in the Flatiron district. Barbara Giglione on the HBO se- riends were constantly “People keep saying now’s the time ries The Sopranos, launched Biscotti Queens, is still acting, but she open a cupcake store in May, he telling Lorin Rokoff to to get a retail space,” says Ms. Pater- di Vecchio online six years ago. spends downtime during rehearsals turned to a 27-foot white vending turn her baking hobby son. “But things are going well right checking on the bakery. truck. into a career. In April now; we’re handling our costs. We’re Making baking a business “I keep borrowing iPhones to Although the truck is here to 2008, she did, launching just not ready to get into that yet.” “i’d been baking these biscotti for check my e-mail,” she says. stay, Mr. Ekster, 25, is preparing to FHot Blondies Bakery with co- The two hope to open a store years and giving them as gifts for Biscotti di Vecchio products are go brick-and-mortar.He’s negotiat- worker Laura Paterson. The catch: eventually. In the meantime, they’ve friends,” she says.“Finally, someone sold at just a handful of stores in the ing a lease for a store in the East Vil- Hot Blondies’ only store is online. had little trouble getting brownies out said to just make it a business.” New York area, but Ms. Di Vecchio, lage, where he’ll pay more than five Discouraged by high rents and a the door. Trend-tracking e-newslet- Ms. Di Vecchio dashed off an who is in her early 40s, hopes to times what he does to rent a com- slowdown in consumer spending, ter DailyCandy spotlighted Hot e-mail and sent it to the 300 people in open a street store in the next couple mercial kitchen. Hot Blondies is one of several fledg- Blondies in the bakery’s first week, her address book. By the next morn- of years. “It’s a trade-off,” he says. “But I ling bakeries to test the waters with and they also developed followings on ing, she had more than 20 orders. “The Internet provides a way for see this as a long-term business.” e-commerce before settling on a Facebook and Twitter. Since then, Ms. Di Vecchio’s these bakers to follow up easily, get brick-and-mortar shop. By taking Hot Blondies’products are sold at contact list has grown to 5,000 peo- more orders and offer new prod- advantage of social networking to Manhattan’s The Bean coffee shops, ple, and many of her initial cus- ucts,” says restaurant consultant To sign up for Crain’s generate buzz,and jumping on part- and Ms. Rokoff and Ms. Paterson tomers have referred others. Online Clark Wolf. twice-weekly SMALL BUSINESS nerships to grow their customer have deals with wholesalers, caterers orders have doubled each year since But the Web isn’t the only way to NEWSLETTER, go to bases, small bakeries are bootstrap- and even a local cruise line. Last she launched the business. Ms. Di get the dough ball rolling.When law www.crainsnewyork.com/smallbiz ping their way to big sales. month, they signed a contract with Vecchio, who rents a kitchen in school grad Lev Ekster decided to

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October 26, 2009 | Crain’s New York Business | 5 20091026-NEWS--0006-NAT-CCI-CN_-- 10/23/2009 3:38 PM Page 1

NEW YORK,NEW YORK We are pleased to announce the following transaction: edited by Valerie Block

SteelRiver Services, LLC members to take during tough has leased the entire 55th ﬂoor Jackson journals economic times. Equinox is also at 500 Fifth Avenue. selling several Kiehl’s products in making rounds its retail shops, while Kiehl’s our months after his shoppers will be offered free day passes to the gym with their We would like to thank death, the King of Pop online purchases during the Frank A. Coco & lives on. holidays. F The retail value of the locker Diego Rodinó di Miglione Literary agent David Vigliano room Kiehl’s products will come of Cushman & Wakeﬁld, Inc. is shopping a book of the for their assistance in this transaction. to $10 million in the first year— private writings and drawings though of course Equinox is of Michael Jackson, according getting a discount. Meanwhile, to industry sources. Scott Rosen, chief operating officer of Equinox, projects that retail Interested publishing sales in the first year will hit executives have been visiting $1 million. Chris Salgardo, the agent’s midtown offices president of Kiehl’s USA and a to view the material, which member of Equinox TriBeCa, calls the partnership “a natural fit.” comes from the estate of the late pop star. Taking a dive newscom The writings include For leasing information contact: into commercials Harry F. Blair “musings on his craft and various songs,” says an executive 212.716.3741 [email protected] who made the trip, and is only a sample of the treasure trove a new star was born on available from the estate. “There were promises of a lot Broadway last Friday. Sean Kearns Fred Guerrier 212.716.3715 more,” says the executive. , a graduate student [email protected] at New York University’s Tisch Mr. Vigliano has been down this road before. In 2002,he School of the Arts, made his sold the diaries of the late Kurt Cobain for $4 million. Mr. Jackson’s posthumous career includes at least one other book deal. Sources say that the Villard imprint of Random House recently paid $800,000 for Fated, a graphic novel that the pop star was working on before his death. It will be published next June. Mr. Vigliano did not respond to calls seeking comment. and power.” He cuts Business is picking up: Mr. and runs Radcliffe now books in advance and has more than a few repeat six months ago, Lucas Radcliffe customers. He also works part- was cutting hair at pricey SoHo time out of Greenpoint kids store salon DopDop.These days, the Smoochie Baby and is eyeing 40-year-old is hustling around similar partnerships with other Brooklyn, where he has gained stores. notoriety on parenting blogs for FRED GUERRIER gets wet for Crowne Plaza. his affordable haircut house calls. Mr. Radcliffe, who left Shower products DopDop when he was moved to a hit the gym debut on the Great White Way on commission-based position, a 34-foot-high digital billboard on started snagging his own clients fitness club Equinox worked the Crowne Plaza hotel in Times after a friend posted his out a deal with skin-care purveyor Square. information on Brooklyn-based Kiehl’s, putting the company’s The aspiring filmmaker won a parenting boards like the pricey shampoos and soaps into contest the hotel sponsored to Brooklyn Parents of Twins Club. locker room showers in its 48 create an ad for the property’s new He charges $50 per adult and gyms nationwide. Luxury lathers meeting spaces.The hotel just throws in free haircuts for the like Grapefruit Liquid body completed an $85 million kids—but tips are appreciated. cleanser may make the $140 renovation and was looking for a “I bring everything,” he says. monthly fee—one of the highest clever way to get the word out. “All I need is a chair, some water in the city—a bit easier for The 60-second spot shows Mr. Guerrier waking up in the morning at the hotel, being CREATIVE FUNDRAISING pampered by the staff, taking a dive into the pool fully clothed and ROBIN HOOD FOUNDATION showing up at his business board member Gwyneth Pal- meeting sopping wet and smiling. trow is among the artists who The Haiti-born student hopes have this year designed holi- “someone calls me and asks me to day cards for the charity’s do other commercials,” but annual fundraising effort. Oth- concedes that his real passion lies ers donating their work include in making full-length films. Beijing-based Yue Minjun. Contributors: Kira Bindrim, Lisa Fickenscher, Matthew Flamm, Alix Strauss

6 | Crain’s New York Business | October 26, 2009 20091026-NEWS--0007-NAT-CCI-CN_-- 10/22/2009 7:46 PM Page 1

REAL ESTATE DEALS PLUS

owner W&H Properties. square feet for 15 years and signed Lionel on track Newmark Knight Frank brokers on for another 9,000 square feet at Worldwide Plaza Jonathan Fanuzzi and Michael 241 37th St., part of the Bush Termi- for 30 Rock Frantz represented W&H. nal complex in Sunset Park, Brook- rockefeller center will get its —theresa agovino lyn. The asking rent was $23 per very own short-term tenant this hol- sale a good deal square foot. iday season. Lionel Model Trains “The state is increasing efforts to signed a two-month lease for 1,100 Bush Terminal meet the needs of [those] the non- square feet at 30 Rockefeller Center. n this depressed market, appearances can be very tenant grows profit serves,” says The asking rent for the William O’Brien of street-level space was deceptive. the recession continues to weigh M.C. O’Brien Inc., $275 a square foot. When Deutsche Bank sold Worldwide Plaza on on many outfits, but not on Evelyn who repped the tenant. Jay Gilbert,a New- Manhattan’s West Side to George Comfort & Sons and Douglin Center for Serving People Landlord I10 In- mark Knight Frank RCG Longview in the summer, the price was a meager in Need Inc.—which is growing. dustry Associates was Retail broker, repre- The nonprofit,which helps indi- represented in-house sented Lionel. I$590 million.That was a far cry from the $1.8 billion Harry viduals with developmental disabil- by Julius Chabbott. —adrianne Macklowe paid for the tower just two years earlier, and from ities,has renewed its lease for 12,700 —amanda fung POPPING UP: A Lionel store pasquarelli

Deutsche Bank’s $800 million orig- inal first mortgage on the property. “The deal looked terrible, but it wasn’t that bad for Deutsche Bank,” says Ben Thypin, senior market analyst at Real Capital Analytics, noting that the recovery rate for the outstanding debt was 74%. “When comparing how much was owed and what the property sold for, it wasn’t a huge discount.” In fact, Deutsche did better than most. The average recovery rate in New York is currently 70% for holders of defaulted mortgages,according to data compiled by RCA. Nationally, that figure drops down to a mere 60%. —amanda fung

Two apparel firms close to Wal-Mart two apparel companies signed leases for a total of some 9,000 square feet at 1400 Broadway, a building that rents only to fashion tenants. Williamson-Dickie Manufac- turing Co., which manufactures work wear,leased nearly 6,000 square feet for eight years. The asking rent was $45 a square foot. The Fort Worth, Texas-based company plans to move from 485 Seventh Ave. next month, according to its broker, Jack Terzi, president of JTRE. Meanwhile, just down the hall, Montreal-based Gildan is opening its first New York office, says its broker,Brandl Frey of Newmark Knight Frank. The maker of basic apparel inked a deal for 3,200 square feet. Brokers for both firms cited the same reasons for their clients’ interest: the building’s $81 million renovation and its proximity to Wal- Mart Stores’ local buying office. “These aren’t big deals, but they are big names,” says Fred Posniak, a senior vice president of building

BUILDING ACTIVITY $25.8B Expected 2009 NYC construction spending -20% Expected drop from record 2008 spending Source: New York Building Congress

October 26, 2009 | Crain’s New York Business | 7 20091026-NEWS--0008-NAT-CCI-CN_-- 10/23/2009 5:45 PM Page 1

“Among the larger sample size of 744 registered voters, the race is 47% for Mike Bloomberg and 38% GOP’S GUV PICK? It’s positively Erie THE INSIDER for Bill Thompson—only a nine- ERIE COUNTY EXECUTIVE CHRIS COLLINS has point spread,” she says. “The mayor been traveling the state for a few months, by Erik Engquist and Daniel Massey is still under 50%, with 12% raising money and meeting GOP leaders to lay undecided.This is still a very open the groundwork for a gubernatorial campaign. If race, and we are very optimistic.” Rudy Giuliani doesn’t run, party officials would The challenger’s better standing try to pick a nominee—either Mr. Collins or among casual voters will be of little former Rep. Rick Lazio—to avoid a divisive use if they don’t make it to the polls primary. Nov. 3. Motivating them will Although Mr. Lazio is better-known because Mayor’s tough ads require a massive pull-out he ran against Hillary Clinton for the Senate in operation, which Mr.Thompson 2000, Mr. Collins has the inside track. His does not appear to have. résumé fits the campaign theme that a wound Thompson Democratic clubs are behind him Republican needs: He spent 35 years in but lack the manpower they had a business, including 10 rescuing bankrupt few decades ago, and most of the newscom Michael city’s politically active unions are companies, and for 22 months, he has hacked Chris Collins ave a month’s worth of Mayor away at Erie County’s bloated government and Bloomberg either supporting the mayor, ’s negative advertisements damaged remaining neutral or not turned deficits into surpluses. He defeated a Democrat by 30 points to win his challenger, City Comptroller William committing significant resources to his post and enjoys 70% approval ratings in a county where Democrats have Thompson? Surveys suggest they have. In a Mr.Thompson’s campaign. a 2-to-1 registration advantage over Republicans. “In the end, the Republican Party would go with Chris September Marist poll, 22% of likely voters did Collins,” a GOP insider says. “He’s new, he represents the Hnot think highly of Mr.Thompson (below). Now, it’s 31%, Empire Zone kind of change the state needs, and he is actually doing it. according to Marist’s poll last week. Last month, 29% had no strikes out Rick Lazio represents the past.” opinion of Mr.Thompson.Today, it’s 20%.The data suggest Mr. Collins does not assume that the state’s most in the next 30 days, officials at popular Democrat, Attorney General Andrew Cuomo, would

that 9% of the electorate formed an opinion of Mr.Thompson bloomberg news Empire State Development Corp. Rudy Giuliani be unbeatable in a gubernatorial race. Although Mr. Cuomo after the mayor’s attack ads began will present Gov. David Paterson with has been positioning himself as a reformer who would take running, and those new opinions two or three proposals to replace on the Albany establishment, Mr. Collins would try to paint were entirely unfavorable. the state’s beleaguered Empire him as a status-quo politician who would not cut taxes. But at least the comptroller’s Zone program. Mr. Collins can expect significant opposition from the The initiative, designed to dish health care industry and organized labor, because he favors fans have stuck with him. He is out tax breaks to companies that slashing Medicaid and government workers’ pension viewed favorably by 47% of likely create or preserve jobs in depressed benefits and shifting funding to charter schools. areas, has been under fire for years bloomberg news voters, the same as a month ago. Mr. Giuliani’s decision is expected in mid-November. If Rick Lazio Thompson campaign and will sunset in June. Mr. Paterson the former mayor sits out the race, Mr. Collins would have 11 pushed up its expiration by a year. months to raise the $20 million or so needed to run. He has about $500,000 spokeswoman Anne Fenton puts a Dennis Mullen ESDC Chairman in his campaign fund. Mr. Cuomo has more than $10 million. positive spin on the poll, noting says he has three goals for the new that the comptroller is much closer program. First, it must be simpler than the existing one, which to the mayor when all voters, not officials have tried for years to loopholes. Second, it must have Aubertine, David Valesky, Neil Breslin

bloomberg news just likely voters, are counted. streamline and which is full of metrics that clearly reveal whether and Suzi Oppenheimer. taxpayers are getting their money’s “As a husband and a father, I worth. And finally, it must be simply do not believe that someone competitive with other states’ convicted of assaulting a woman incentive programs. should be a member of this “The program should incent chamber,” said Mr. Johnson in his people to grow the new economy first public comment on the matter. and reward capital investment,” Mr. Mullen says. The nays More calls for have it Monserrate’s head the planning commission voted 8-4, with one abstention, to state sen. Hiram Monserrate approve The Related Companies’ (below) is countering calls for his redevelopment of the Kingsbridge removal from office following his Armory, but opponents of the domestic-violence conviction by project in its current form declared noting that other legislators victory anyway. convicted of misdemeanors have Bronx Borough President Ruben faced no such demands. Diaz Jr., who’s orchestrating an effort But some have, including for a living-wage guarantee, pointed Brooklyn’s Roger Green, who was to “no” votes by the Brooklyn, pushed out of the state Assembly Manhattan and public advocate in 2004; Ryan Karben was ousted in representatives on the board, 2006, even though he was not despite intense lobbying from convicted. the city administration. If the commission “I understand the considering Mr. pressure they received,”

Monserrate’s fate m Mr. Diaz says. “But I o c recommends his s also called folks and w e expulsion from the n told them this is state Senate, the 38 important.” votes required won’t be Executives at hard to find. All 30 Related have argued that Republicans want Mr. they would not be able to Monserrate out, as do at finance or lease the least eight Democrats: Liz project if the company Krueger, Craig Johnson, Bill had to guarantee living- Perkins, Brian Foley, Darrel wage jobs. For daily political and government news, subscribe to CRAIN’S INSIDER @ www.crainsnewyork.com/insider

8 | Crain’s New York Business | October 26, 2009 20091026-NEWS--0009-NAT-CCI-CN_-- 10/22/2009 7:24 PM Page 1

NEIGHBORHOOD JOURNAL Bronx area takes on big government

“We’re trying to develop and re- dozen group homes and halfway Mr. Benedetto points out that Use of apartments vitalize this community,” says Mr. houses. On top of that, it is home to four homeless shelters and four for homeless shelter Bonizio. the Sound View Throgs Neck cluster sites have been placed in his The luxury apartment building,a Community Mental Health Center, district over the past year alone. touches off battle project that was started at the peak which treats about 1,500 mentally ill In a letter filed with the court, of the market a couple of years ago, substance abusers weekly on an out- DHS Commissioner Robert Hess with business groups was designed to have a day-care cen- patient basis. acknowledged that his agency ter on the ground floor and two- failed to go through standard pro- BY HILARY POTKEWITZ bedroom apartments renting for Enough, already cedures to set up its Westchester $1,700 a month upstairs. “facilities like that have an im- Square facility. He noted that his he bronx community Residents of the area say that pact on the community,” says Ms. department is facing record de- of Westchester Square is their main objection is that West- Lusk. “We’re drawing a line in the mand for housing, especially for AT ISSUE: A Westchester Square building that up in arms over the sur- chester Square already has about a sand.” families with children. was taken over for use as a homeless shelter. prise takeover of a luxury apartment building Tthere by an arm of City Hall. The Department of Homeless Services has taken over the 38-unit building for use as a transitional shelter for homeless families with children. “The way my community was treated was unacceptable,” says As- semblyman Michael Benedetto. In August, without doing an assess- ment of the neighborhood and without alerting or consulting with community leaders,DHS began using the recently built luxury apartment building at 1564 St. Peter’s Ave. “They literally carried the beds in overnight,” says Sandi Lusk, director of the Westchester Square/Zere- ga Improvement Organization. In protest, Ms. Lusk’s group and local merchants’ organizations have demonstrated for the past five weekends in front of Mayor Michael Bloomberg’s neighborhood campaign office, drawing crowds ranging from a few dozen to 350 people. The organizers also filed a lawsuit against the city last month. They successfully enlisted City Comptroller Bill Thompson to file a motion to intervene on their behalf, on the grounds that DHS did not go through the city’s established administrative procedures in making the deal with the building’s landlord and agent. Latest battle this conflict is the latest in a struggle that the Westchester Square community has been waging against big government. “The biggest problem that this area has is government agencies,” says John Bonizio, owner of Metro Optics Eyewear and president of the Westchester Square Merchants Association. He points out that the square it- self has a city traffic enforcement office, a Department of Traffic office, and separate recruiting facilities for the Army, Navy and Air Force. And that tally does not include the 20 or so social services facilities in the broader 40-square-block community. Along the commercial strip alone, various government agencies with a total fleet of 75 official vehi- cles crowd out many shoppers day after day. Mr. Bonizio and other merchants are trying to establish a business improvement district to spruce up the area that long ago served as the county seat of Westchester but has been in decline for years.

October 26, 2009 | Crain’s New York Business | 9 20091026-NEWS--0010-NAT-CCI-CN_-- 10/22/2009 8:20 PM Page 1

VIEWPOINT Re-elect Michael Bloomberg editor in chief Rance Crain publisher, vp Jill R. Kaplan ichael bloomberg should be re- two key responsibilities of his office. However, his campaign editorial director Greg David elected mayor because he has made has been disappointing. He has reversed his position to EDITORIAL New York better in his two terms in support a millionaire’s tax to win the support of the Working editor Xana Antunes managing editor Glenn Coleman office, because he has demonstrated Families Party. He has also given in to political expediency deputy managing editors Valerie Block, Erik Ipsen the backbone that will be required by suggesting cutting out unspecified “waste,” getting more contributing editor for the looming challenges of the money from Washington, and passing a commuter tax to Elizabeth MacBride columnist Alair Townsend next four years, and because his solve the city’s budget crisis. He knows the last two, at least, senior reporters Theresa Agovino, opponent on Nov. 3, Comptroller William Thompson, has are virtually impossible. Aaron Elstein, Erik Engquist, Lisa Fickenscher, failed to offer a compelling alternative vision for the city. The challenges for Mr. Bloomberg if he is re-elected are Matthew Flamm, Miriam Kreinin Souccar M reporters Barbara Benson, Amanda Fung, Crain’s endorses Mr. Bloomberg. more daunting than those he has faced before. History is Daniel Massey, Adrianne Pasquarelli, Hilary Potkewitz The rhetoric of an election campaign notwithstanding, Mr. cautionary: The track record of third-term mayors is poor, to art director Steven Krupinski Bloomberg’s track record is impressive.The public schools are say the least. Fewer deputy art directors Carolyn McClain, Daniel Mednick better by all measures—learning and graduation rates, to be top-notch people are staff photographer Buck Ennis sure, but also governance and management.The decline in The mayor’s willing to join a lame- copy desk chief Wendy Zuckerman copy editor Thaddeus Rutkowski crime has defied expectations and continues to outpace the policies have laid duck administration, research editor Denise Southwood improvement elsewhere in the country, a direct result of the political opponents assistant research editor Maia Blume editorial/research intern Selena Shen superior leadership of the NYPD. the groundwork ratchet up their www.crainsnewyork.com The mayor’s economic and development policies have laid criticism, and voters tire web editor Brian Tracey for NY to grow senior producer Elisabeth Butler Cordova the groundwork for New York to grow beyond the boom- of the incumbent.The producer Kira Bindrim

and-bust cycles of the past 30 years while creating both budget problems the EDITORIAL AND ADVERTISING OFFICES affordable housing and the beginnings of a greener city. His mayor faces are the 711 Third Ave., New York, NY 10017-5806 editorial: 212.210.0277 Fax 212.210.0799 stewardship of the budget has been responsible, although he most difficult yet, and advertising: 212.210.0259 will have to show himself more willing to cut spending in the more tax hikes would greatly damage the economy. His Cable craincom nyk future than he has in the past. development strategy will need a wholesale overhaul for the Fax 212.210.0499 Entire contents ©copyright 2009 Crain Mr.Thompson, the Democratic candidate, has been the difficult economic times. Continuing to improve schools and Communications Inc. All rights reserved. ®CityBusiness is a registered trademark of MCP subject of an avalanche of negative ads, some of which are reduce crime will be more difficult. Inc., used under license agreement.

quite unfair. He has been a solid comptroller, and over the How he rises to the challenges that await him will TO SUBSCRIBE: past eight years pursued responsible, middle-of-the-road determine whether Michael Bloomberg is remembered as a Call 888.909.9111; fax 313.446.6777. $3.00 a copy, $59.79 one year, $109.79 two years. policies for the budget and the city’s pension, which are the great mayor. www.crainsnewyork.com

ADVERTISING AND MARKETING advertising director Trish Henry real estate sales manager Cornelius P. Gore CRAIN’S ONLINE POLL LETTERS TO THE EDITOR senior account managers Irene Irvill, Courtney McCombs, William E. Squitieri account executives SHOULD THE CITY Anthony Mowad sales manager, classified CRACK DOWN HARDER print & online John Gallagher A good track record sales coordinator, print & online ON CABBIES TALKING Lulé Haznedari newsletter product manager ON CELL PHONES? WYNN RESORTS HAS CASH Alexis Barney FOR AQUEDUCT PROJECT credit Todd J. Masura 313.446.6097 Date of poll: Oct. 21 marketing director Amy Crossman 305 votes while crain’s has a right to its marketing manager Jill H. Bottomley editorial opinion concerning the circulation manager Andrea Richardson Aqueduct project (“Best bet for assistant circulation manager Rosalie Ford Aqueduct project,’’ Oct. 12), it is disturbing that it is based on false general manager, interactive analysis and inaccurate information. Marc Minardo web developer, interactive We take particular issue with the Chris O’Donnell reference to the Beau Rivage Casino in Mississippi having “faltered.” NEW YORK PRODUCTION Beau Rivage is the highest-grossing production and pre-press director Yes. It’s too dangerous to drive and talk casino in its market, maintains the Michael Corsi on a phone—even with a headset—at highest room rate of any hotel along advertising production manager the same time. Suzanne Fleischman Wies the Gulf Coast, and provides more

in tax revenue to the state of newscom PUBLISHED BY CRAIN COMMUNICATIONS INC. Mississippi than any other single REDEVELOPMENT SITE: Aqueduct Racetrack in Queens chairman Keith E. Crain casino. In fact, the Beau Rivage president Rance Crain

. 85% currently outpaces the brand-new secretary Merrilee Crain Hard Rock Casino, built less than a mile away. proceeds of approximately $1.9 billion, giving treasurer Mary Kay Crain Wynn Resorts’ 40-year track record of us free cash for more commitment to New executive vp, operations William Morrow senior vp, group publisher Gloria Scoby

success in the gaming industry is not based York. Bottom line: We don’t have to shop for group vp, technology, circulation, 15% . upon “glitz.” Our success is based on attention credit. manufacturing Robert C. Adams to detail, keen financial analysis and a deep —kim sinatra vice president/production & understanding of local regions. In every market General counsel manufacturing David Kamis where Wynn Resorts is in competition with Wynn Resorts chief information officer Paul Dalpiaz No. A good driver wearing a headset corporate circulation/audience can talk to family or friends as safely the Hard Rock brand, we have outperformed A QUICKER WAY development director Kathy Henry as he can talk to passengers. them, producing approximately 10 times more TO AND FROM JFK in gaming revenue. founder G.D. Crain Jr. (1885-1973) chairman Mrs. G.D. Crain Jr. (1911-1996) For this week’s questions: Go to Moreover, Wynn Resorts recently airline executives are right to be concerned www.crainsnewyork.com/poll to have your say. completed an initial public offering of a about the impact of an Aqueduct racino on

bloomberg news portion of our Macau operations, generating See LETTERS on Page 11

10 | Crain’s New York Business | October 26, 2009 20091026-NEWS--0011-NAT-CCI-CN_-- 10/23/2009 2:39 PM Page 1

DEMOGRAPHIC DRAMA: AGE-GROUP CHANGES FROM 2010 TO 2020

Sources: New York City Planning Department projections and Census Bureau national projections 2010 census will count no average joes in NY

jority of dwelling units house only sand people a week since 2000.” White paper explores one person. After the next census ushers in what city’s uniqueness The paper also explains: the second decade of this century Audit Tax Advisory How the city will show a gain (maybe someone will give this com- means for business of 500,000 residents in the first ing one a memorable name), the decade of the 21st century (and why Census Bureau will begin releasing that gain will be somewhat smaller data in spring 2011. But the 2010 Steve Mayer CPA BY GREG DAVID than that of the preceding 10 years). census will tell us only how many 212.682.1600 Why the city’s white, non- adults and kids there were and www.amper.com the 2010 census is expected to Hispanic segment of the population where they were living at the begin- show that New York City has gained is growing—children and adults ning of the decade. more residents this decade than any alike—while its African-American That’s why Mr. Francese, a de- other city in the country. It will be community is shrinking. mographic trends analyst at Ogilvy one of just a handful of cities in the How immigration is reshaping & Mather in New York and founder Northeast or the Midwest to see a the city and how movement to the of American Demographics maga- population increase. But one person zine, also offers his “2020 vision” in will be missing from the population the report. His analysis of the picture: the average New Yorker. NYC has added changes coming over the next “The concept of an ‘average New decade includes the following Yorker’ is gone, probably forever,” almost 1,000 points: demographics expert Peter Francese New York will become even writes in New York 2010,a new people a week more diverse,and its consumer mar- Crain’s New York Business white pa- kets more complex. per exploring the coming decennial since 2000 New York state and the region tally of every resident in the country. will see more migration to the South “Averages have been replaced by a and the West. complex, multidimensional society Household growth may slow, that defies simplistic labeling.” but demand for second homes will It’s almost a cliché to say that suburbs, and back to the city, is af- grow faster. New York City is unique,but it hap- fecting the makeup of Gotham. “For businesses,” Mr. Francese pens to be true—and that has enor- How New Yorkers between rightly notes, “a deeper awareness mous ramifications for business and the ages of 55 and 64 have made up and understanding of consumer public policy,according to the white the fastest-growing population seg- trends, both locally and nationally, paper. ment in the city. can create a sustainable competitive Besides being the nation’s largest “Who are all these people who advantage.And any business that has city,and the only one that’s made up keep coming to this already densely employees needs to be aware of con- of five counties,New York is distinc- packed city?” Mr. Francese writes. sumer trends, because quite often, tively multiethnic and multicultur- “Despite Americans’ supposed love those trends can have a big impact al: It is the only American city with affair with single-family dwellings on both the availability and the cost more than 2 million Hispanics and in leafy suburbs, and despite eco- of hiring and retaining workers.” 2 million African-Americans, for nomic downturns, the 2010 census The white paper can be purchased instance. Manhattan is the only will show that New York City has (for $199) and downloaded at county in the nation where the ma- added, on average, almost a thou- crainsnewyork.com/white-paper.

LETTERS TO THE EDITOR

traffic (Letters, Oct. 12). However, well as Rockaway and Southeast area—an idea that should interest a one-seat half-hour ride from JFK Queens residents whose commute the new MTA chairman,Jay Airport to Penn Station on the old to Manhattan would be cut by 30 Walder. Long Island Rail Road Rockaway minutes. It would bring upstate cities like right-of-way would eliminate Veteran mass transit advocates Buffalo, Syracuse and Rochester traffic congestion problems from a from the Regional Rail Working half an hour closer to New York. racino at Aqueduct racetrack. Group (RRWG.org) George And 50 million people who pass This route, which would cost far Haikalis and Joseph Clift (a former through JFK annually would be one less than current Metropolitan director of planning for the LIRR) stop from the racino and 10 Transportation Authority mega- propose this solution as part of a minutes from Ground Zero after a projects, would serve thousands of regional rail concept to coordinate quick ride to Penn Station. travelers and casino visitors daily, as all mass transit in the metropolitan —art nudell

October 26, 2009 | Crain’s New York Business | 11 20091026-NEWS--0012,0013-NAT-CCI-CN_-- 10/22/2009 7:26 PM Page 1

STALLED OUT: Toilet cleaning in public spaces is a dirty—and daily— chore, but somebody’s gotta do it. SPRAY AND WASH: Cleaning out the undercarriage of a train takes Metro North employees several hours. TRUE GRIT PHOTOS BY BUCK ENNIS AND TEXT BY ADRIANNE PASQUARELLI hen bleary-eyed commuters arrive on Metro-North trains in the morning, they give little thought to how the trains are cleaned, or why a seat smells fresher and looks plumper than it did the day before. But for Preston Kirk, the operations manager at Metro-North Railroad, the differenceW between a dirty train and a clean one could be fatal. “In the fall, the leaves get trapped in the coils, so we have to spray the condensers,” Mr. Kirk says, explaining that if the air-conditioning filters and coils beneath the train are not cleared of debris, the train could be in danger of overheating. Mr. Kirk, who joined Metro-North in 1983, works at the organization’s Highbridge Car Appearance Facility in the Bronx. He and his team of 26 scrub the interiors and exteriors of 24 passenger cars each day, a process that averages out to about six hours per train. HUGE TASK: Even Across the city, others are doing their part to keep New York shiny and city art needs to stay spiffy, like the clean, from disposing of trash to scrubbing bathrooms. As viruses like 2-ton metal H1N1 spread, the issue of cleanliness becomes even more critical. sculpture by Ivan Chermayeff outside the distinctive ALL ABOARD: Every Solow Building at 60 days, Metro- 9 W. 57th St. North train seats get overturned and disinfected.

BAGGING IT: The city’s Department of Sanitation collects nearly 12,000 tons of garbage each day.

12 | Crain’s New York Business | October 26, 2009 20091026-NEWS--0012,0013-NAT-CCI-CN_-- 10/22/2009 7:26 PM Page 2

BENEATH THE SURFACE: Cleaning algae from one of SCRUBBING UP: the New York At the Hospital for Aquarium’s 15 Special Surgery, tanks can take a doctors remove volunteer diver jewelry, wash three hours. hands and sanitize all equipment before beginning an operation.

EARLY RISERS: Some street sweepers leave for work before dawn to dispose of clutter ahead of the morning rush.

OLD NEWS: About 5 tons of newspapers are recycled every day by the commuters, tourists and shoppers passing through Grand Central Terminal.

WASTE NOT: Disposing of construction scraps from building renovations requires several trips to the dump truck.

ROCK STEADY: It takes only a few minutes to clean a diamond, even a sparkler like this 11.3-carat, emerald-cut Harry Winston gem, priced just under $1 million.

October 26, 2009 | Crain’s New York Business | 13 nb43p14-15cl.qxp 10/23/09 3:01 PM Page 14

COMMERCIAL FINANCE PUBLIC & LEGAL NOTICES

Getting the tough deals done for over 20 Years! NOTICE OF FORMATION OF JMK Notice of Qualification of AIG Equity Notice of Qualification of Geospatial NOTICE OF FORMATION OF The • Fixed Asset Finance Even When You Creative LLC. Article of Organization Sales LLC. Authority filed with Secy. Operating Company LLC. Authority Proton Institute of New York LLC. Are Losing Money filed with the Secretary of State of of State of NY (SSNY) on 10/01/09. filed with Secy. of State of NY Article of Organization filed with the • Equip., A/R, P/O, or inventory-based NY (SSNY) on 07/24/09. Office loca- Office location: NY County. LLC (SSNY) on 9/11/09. Office location: Secretary of State of NY (SSNY) on • Revolving lines of credit tion NEW YORK County. SSNY has formed in Delaware (DE) on NY County. LLC formed in Delaware 09/08/2009 Office location NEW • All industries including real estate, been designated as agent upon 10/01/09. Princ. office of LLC: 70 (DE) on 5/22/09. SSNY designated YORK County. SSNY has been des- fashion, manufacturing whom process against it may be Pine St., NY, NY 10270. SSNY desig- as agent of LLC upon whom process ignated as agent upon whom process [email protected], 201-482-8288 served. The Post Office address to nated as agent of LLC upon whom against it may be served. SSNY shall against it may be served. The Post which the SSNY shall mail a copy of process against it may be served. mail process to: The LLC, 6161 South Office address to which the SSNY any process against the LLC served SSNY shall mail process to c/o Syracuse Way, Ste. 100, Greenwood shall mail a copy of any process upon him/her is C/O the LLC 7014 Corporation Service Co., 80 State Village, CO 80111, also the address against the LLC served upon him/her 13th Ave., #202. Brooklyn, NY St., Albany, NY 12207-2543. DE addr. of the principal office. Address to be is C/O the LLC 80 State Street. REAL 11228. Date of Dissolution: Purpose of LLC: 2711 Centerville Rd., Ste. maintained in DE: 1209 Orange St., Albany, NY 12207. Purpose of LLC: of LLC: to engage in any lawful act or 400, Wilmington, DE 19808. Arts. of Wilmington, DE 19801. Arts of Org. to engage in any lawful act or activity. ESTATE activity. Street address of Principal Org. filed with Secy. of State, DE, Div. filed with DE Secy. Of State, 401 Street address of Principal Business Business location is: 16 W. 23rd St, of Corps., John G. Townsend Bldg., Federal St., Ste 4., Dover, DE 19901. location is: 751 2nd Avenue. New 4th Floor. New York, NY 10010. 401 Federal St., Ste. 4, Dover, DE Purpose: any lawful activities. York, NY 10017. 19901. Purpose: Any lawful activity. OFFICE SPACE Notice of Formation of ANTENA Notice of Formation of GOING APE NOTICE OF QUALIFICATION of LATINA INTERNATIONAL LLC. Arts. Notice of formation of Sanders HOSPITALITY LLC. Arts. of Org. filed Capacity Partners of New Jersey LLC, PARK AVE/54TH ST of Org. filed with Secy. of State of NY Capital, LLC. Articles of Organization with Secy. of State of NY (SSNY) on a NJ limited liability company author- “Mini suite” within tasteful law offices. (SSNY) on 9/8/09. Office location: NY filed with the Secretary of State of 09/16/09. Office location: NY County. ized to do business in New York. One private, windowed office; adjacent large County. SSNY designated as agent of the State of New York (SSNY) on SSNY designated as agent of LLC Application for Authority filed with the room with 2 sect’l workstations & filing cab- LLC upon whom process against it 08/07/09. Office location New York upon whom process against it may Secretary of State of NY (SSNY) on inets. Conf room/video conf/vm/phones/hi may be served. SSNY shall mail County. SSNY has been designated be served. SSNY shall mail process 8/27/08. Office location: New York speed internet avail. 18 month sublease. process to: c/o Law Office of as agent for service of process. to Lile H. Deinard, c/o Dorsey & County. SSNY has been designated Great location. $3500/month. Fernando Ramirez, 80 E. 11th St., SSNY shall mail copy of any process Whitney LLP, 250 Park Ave., NY, NY for service of process. SSNY shall Call 888-748-8748 x109 Ste. 227, NY, NY 10003. Purpose: served against the LLC to Jean 10177. Purpose: Any lawful activity. mail a copy of any process against the any lawful activity. Margo Reid, at the LLC’s principal LLC to c/o Carl A. Gerson, Capacity Coverage Co. of NJ, One International NYC Middle Market Accounting Firm business location, 20 East 9th Street Notice of formation of limited liability 21B, New York, NY 10003. Purpose: Blvd, Mahwah, NJ 07495. Purpose of has office space to sub-let Notice of Formation of CREED BOU- company (LLC). Name: GTR PROP- LLC: any lawful business or activity. NYC Middle Market Accounting Firm has TIQUE, LLC, a domestic LLC. Arts. of any lawful purpose. ERTIES LLC Art. Of Org. filed with office space to sub-let in a Top “A” Org. filed with the SSNY on Secy. of State of NY (SSNY) on Building w/5 windowed offices, 8/27/09. Office Location: New York NOTICE OF FORMATION OF 15 Cubicles, use of Conference Rooms, 08/07/2009. Office location: NY NOTICE OF FORMATION of FOGEL County. SSNY designated as agent of Rashbaum Associates LLC. Article Reception Area, Kitchen, Full Office County. SSNY has been designated NEALE WEALTH MANAGEMENT Support available. For further information as agent upon whom process against the LLC upon whom process against of Organization filed with the LLC. Arts. Of Org. filed with Secy. Of it may be served. SSNY shall mail a Secretary of State of NY (SSNY) on Please contact (212) 404-5403. the LLC may be served. SSNY shall State of N.Y. (SSNY) on 08/04/09. mail a copy of process to: The LLC, copy of any process to: c/o The LLC, 09/11/09. Office location NEW YORK Office location: New York County. 8 East 48th Street, New York, NY County. SSNY has been designated Two West 45th St, Ste 1208, NY, NY SSNY designated as agent of LLC 10036. Purpose: Any Lawful Purpose. 10017. Purpose To engage in any as agent upon whom process against OFFICE SPACE/SUBLET upon whom process against it may lawful act or activity. it may be served. The Post Office be served. SSNY shall mail process address to which the SSNY shall mail Notice of Formation of Cakelab LLC. to: 90 Broad St. Suite 2202, NY, NY a copy of any process against the Arts. of Org. filed with the Secy. of 10004. Purpose: Any lawful activity. NOTICE OF FORMATION of Victor LLC served upon him/her is C/O the Sublet fully furnished State of NY (SSNY) on 8/19/09. Office Valdivia, LLC Article of Organization 3,000 sq ft Office Space, 6 Offices, LLC 425 Madison Ave. New York, location: NY County. SSNY designat- filed with Secretary of State of NY NY 10017. Purpose of LLC:to Conference Room, 3 Work Stations, Notice of Formation of TACHE ed as agent of LLC upon whom (SSNY) on 9/24/09. Office location: engage in any lawful act or activity. Break Room, East 45th Street Location, DIAMONDS, LLC, a domestic LLC. process against it may be served. NY County. SSNY designated as Street address of Principal Business Move-in Condition, 2 years left on lease. Arts. of Org. filed with the SSNY on SSNY shall mail to: c/o G. Hiura, 215 agent of LLC upon whom process location is: 425 Madison Ave. New Reasonable offers will be entertained. 08/20/2009. Office location: NY East 24th Street, #515, NY, NY against it may be served. SSNY shall York, NY 10017. 201-270-4170 10010. Purpose: any lawful activity. County. SSNY has been designated mail a copy of any process to: 130 as agent upon whom process Water St., 3B, N.Y., N.Y., 10005. against the LLC may be served. Purpose: any lawful purpose. Notice of Qualification of De Got Capital, Notice of Formation of GAGOSIAN IP SSNY shall mail a copy of process LLC, App. for Auth. filed Sec’y of LLC. Arts. of Org. filed with Secy. of to: 550 Fifth Ave, NY, NY 11101. State (SSNY) 10/14/09. Office loca- State of NY (SSNY) on 10/5/09. Purpose: Any Lawful Purpose. Notice of Formation of OBBI tion: NY County. LLC org. in DE Office location: NY County. SSNY Acquisition, LLC. Articles of 8/25/09. SSNY designated as agent SEEKING designated as agent of LLC upon Organization filed with Secy. of State of LLC upon whom process against it EMPLOYMENT whom process against it may be NOTICE OF FORMATION OF KTD of NY (SSNY) on 04/08/09. Office may be served. SSNY shall mail copy served. SSNY shall mail process to: Media Corporation LLC. Arts. of Org. location: NY County. SSNY designated of process to Attn: Kenneth De Got, 980 Madison Avenue, NY, NY 10075. filed with Secy. of State of N.Y. (SSNY) as agent of LLC upon whom process 767 Third Ave., NY, NY 10017. DE Purpose: any lawful activity. on 08/14/2009. Office location: New against it may be served. SSNY Professional, Bright, Clever office addr.: American Incorporator, York County. SSNY designated as shall mail process to the LLC, Attn: 1220 N. Market St., Wilmington, DE agent of LLC upon whom process Manager, 16 East 34th St., 10th Fl., and Creative. Please learn more C.R.I.M.M.E.S. INVESTIGATIONS & 19801. Cert. of Form. on file: SSDE, against it may be served. SSNY shall New York, NY 10019. Purpose: any about me at my Web Site SECURITY CONSULTANTS LLC. Arts. Townsend Bldg., Dover, DE 19901. mail process to: 12 Stuyvesant Oval lawful act or activity. of Org. filed with Secy. of State of N.Y. Purpose: any lawful activities. www.PeterSHoffman.com #TH, New York, NY 10009. Purpose: (SSNY) on 9/16/2009. Office location: any lawful activity. New York County. SSNY designated Notice of Registration of Goldstein Name: AE HOSPITALITY GROUP LLC as agent of LLC upon whom process Hill & West Architects, LLP. Certificate Art. Of Org. Filed Sec. Of State of NY against it may be served. The P.O. Notice of Formation of SJB60 of Registration filed with Secy. of 05/26/09. Off. Loc: New York Co. SSNY address to which SSNY shall mail a Holdings LLC. Articles of Organization State of NY (SSNY) on 07/10/09. designated as agent upon whom copy of any process upon him/her is filed with Secy. of State of NY Office location: NY County. SSNY process against it may be served. PUBLIC & C/O the LLC: P.O. Box 984 Peck Slip (SSNY) on 09/16/09. Office location: designated as agent of partnership SSNY to mail copy of process the Station New York, NY 10272. NY County. SSNY designated as upon whom process against it may THE LLC, C/O Patrice Bihina, 150 LEGAL NOTICES Purpose: any lawful act. agent of LLC upon whom process be served. SSNY shall mail process Ludlow Street, Room 1 F, New York, against it may be served. SSNY shall to the LLP, 31-37 West 27th Street, NY 10002. Purpose: Any lawful act. mail process to the LLC c/o Mitchell New York, NY, 10001. Profession to Notice of Qualification of 855 Avenue Kahn, 125 Jericho Turnpike, Suite be practiced by LLP: Architects. NOTICE OF FORMATION OF Jim of the Americas - SFI LLC. Authority 300, Jericho, NY 11753. Purpose: Notice of Qualification of Equitech Greif Photography LLC. Article of filed with NY Dept. of State on 9/18/09. any lawful act or activity. Advisors, L.P. Authority filed with NY Organization filed with the Secretary Office location: NY County. Princ. bus. Notice of Formation of COURTLANDT Dept. of State on 6/9/09. Office loca- of State of NY (SSNY) on 7/7/2009. addr.: 1114 Ave. of the Americas, COMMUNITY ASSOCIATES, L.P. tion: NY County. Princ. bus. addr.: 640 Office location NEW YORK County. 39th Fl., NY, NY 10036. LLC formed Notice of Qualification of River Birch Cert. of LP filed with Secy. of State 5th Ave., 10th Fl., NY, NY 10019. LP SSNY has been designated as agent in DE on 4/3/09. NY Sec. of State Capital, LLC, App. for Auth. filed of NY (SSNY) on 09/28/09. Office formed in DE on 4/8/09. NY Sec. of upon whom process against it may designated as agent of LLC upon Sec’y of State (SSNY) 7/31/09. Office location: NY County. Princ. office of State designated as agent of LP be served. The Post Office address to whom process against it may be location: NY County. LLC org. in DE LP: c/o Phipps Houses, 902 upon whom process against it may which the SSNY shall mail a copy of served and shall mail process to: c/o 7/30/09. SSNY designated as agent Broadway, 13th Fl., NY, NY 10010. be served and shall mail process to: any process against the LLC served CT Corporation System, 111 8th Ave., of LLC upon whom process against it Latest date on which the LP may c/o CT Corporation System, 111 8th upon him/her is C/O the LLC United NY, NY 10011, regd. agt, upon whom may be served. SSNY shall mail copy dissolve is 12/31/2059. SSNY des- Ave., NY, NY 10011, regd. agt. upon States Corporation Agents Inc., process may be served. DE addr. of of process to Attn: Alex Kirk, 75 ignated as agent of LP upon whom whom process may be served. DE 7014 13th Avenue, Suite 202. LLC: c/o The Corporation Trust Co., Central Park West, Apt. 9D, NY, NY process against it may be served. addr. of LP: 1209 Orange St., Brooklyn, NY 11228. Purpose of 1209 Orange St., Wilmington, DE 10023. DE office addr.: CSC, 2711 SSNY shall mail process to the LP Wilmington, DE 19801. Name/addr. of LLC: to engage in any lawful act or 19801. Arts. of Org. filed with DE Centerville Rd., Wilmington, DE at the addr. of its princ. office. Name genl. ptr. available from NY Sec. of activity. Street address of Principal Sec. of State, 401 Federal St., Dover, 19808. Cert. of Form. on file: SSDE, and addr. of each general partner State. Cert. of LP filed with DE Sec. Business location is: 119 West 72nd DE 19901. Purpose: real estate Townsend Bldg., Dover, DE 19901. are available from SSNY. Purpose: of State, 401 Federal St., Dover, DE Street #252. New York, NY 10023. investments and finance. Purpose: any lawful activities. Any lawful activity. 19901. Purpose: any lawful activity.

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PUBLIC & LEGAL NOTICES

NOTICE OF FORMATION OF LIMIT- Notice of Qualification of Estekene Notice of Qualification of ELK MAN- Application for Authority of Marathon Notice of Qualification of Capital ED LIABILITY COMPANY. NAME: Capital GP LLC, App. for Auth. filed HASSET LLC. Authority filed with Legacy Securities (Private Fund) GP, Royalty L.P. Authority filed with NY VISTA REVERSE 23, LLC. Sec’y of State (SSNY) 8/18/09. Office Secy. of State of NY (SSNY) on LLC. Authority filed with NY Dept. of Dept. of State on 10/6/09. Office loca- Application for Authority was filed location: NY County. LLC org. in DE 10/01/09. Office location: NY County. State on 9/11/09. Office location: NY tion: NY County. Princ. bus. addr.: with the Secretary of State of New 8/14/09. SSNY designated as agent LLC formed in Delaware (DE) on County. LLC formed in DE on 7/7/09. 1000 Main St., Houston, TX 77002. York (SSNY) on 09/04/09. The LLC of LLC upon whom process against it 09/29/09. Princ. office of LLC: 489 NY Sec. of State designated as agent LP formed in DE on 4/4/03. NY Sec. was originally filed with the Secretary may be served. SSNY shall mail copy Fifth Ave., 7th Fl., NY, NY 10017. of LLC upon whom process against it of State designated as agent of LP of State of Virginia on 01/04/08. of process to Attn: Peter Carlin, 810 SSNY designated as agent of LLC may be served and shall mail process upon whom process against it may Office location: New York County. Seventh Ave., 39th Fl., NY, NY upon whom process against it may to the principal business addr. of the be served and shall mail process to: SSNY has been designated as agent 10019. DE office addr.: CSC, 2711 be served. SSNY shall mail process LLC: c/o Marathon Asset c/o CT Corporation System, 111 8th of the LLC upon whom process Centerville Rd., Wilmington, DE to Elias Kalimian ELK Investors at the Management, L.P., One Bryant Park, Ave., NY, NY 10011, regd. agt. upon against it may be served. SSNY shall 19808. Cert. of Form. on file: SSDE, princ. office of the LLC. DE addr. of 38th Fl., NY, NY 10036. DE addr. of whom process may be served. DE mail a copy of process to the LLC, Townsend Bldg., Dover, DE 19901. LLC: c/o Corporation Service Co., LLC: National Corporate Research, addr. of LP: c/o The Corporation Trust c/o Jane B. Holzer, 41 East 65th Purpose: any lawful activities. 2711 Centerville Rd., Ste. 400, Ltd., 615 S. DuPont Hwy., Dover, DE Co., 1209 Orange St., Wilmington, Street, New York, New York 10065. Wilmington, DE 19808. Arts. of Org. 19901. Arts. of Org. filed with DE Sec. DE 19801. Name/addr. of genl. ptr. Purpose: For any lawful purpose. Notice of Formation of IC Income and filed with Secy. of State of DE, 401 of State, 401 Federal St., Dover, DE available from NY Sec. of State. Cert. Growth Fund, LLC. Arts. of Org. filed Federal St., Dover, DE 19901. 19901. Purpose: any lawful activity. of LP filed with DE Sec. of State, 401 with Secy. of State of NY (SSNY) on Purpose: Any lawful activity. Federal St., Dover, DE 19901. Notice of Qualification of STREET Purpose: any lawful activity. SNACKS LLC, Authority filed with the 8/26/09. Office location: NY County. Notice of Qualification of Tiger SSNY on 07/23/2009. Office location: SSNY designated as agent of LLC Notice of Formation of EAST 88TH Legatus Partners, LP, App. for Auth. NY County. LLC formed in DE on upon whom process against it may be STREET LLC. Arts. of Org. filed with filed Sec’y of State (SSNY) 8/10/09. Name: MACARON, LLC Art. Of Org. 04/19/2006. SSNY is designated as served. SSNY shall mail process to: Secy. of State of NY (SSNY) on Office location: NY County. LP org. in Filed Sec. Of State of NY 08/03/09. agent upon whom process against 171 Madison Ave., Ste. 1000, NY, NY 09/10/09. Office location: NY County. DE 8/7/09. SSNY designated as Off. Loc.: New York Co. Corp. Serv. the LLC may be served. SSNY shall 10016. Purpose: any lawful activity. Princ. office of LLC: Audrey Orell, 410 agent of LP upon whom process Co. designated as agent upon whom mail a copy of process to: Larocca E. 88th St., NY, NY 10128. SSNY against it may be served. SSNY shall process against it may be served. Hornik Rosen Greenberg & Blaha LLP Notice of Formation of BLACK CLOTH, designated as agent of LLC upon mail copy of process to Attn: Jesse SSNY to mail copy of process to THE 40 Wall St., 32nd Fl., NY, NY 10005. LLC. Arts. of Org. filed with Secy. of whom process against it may be Ro, 101 Park Ave., 47th Fl., NY, NY LLC C/O Corp. Serv. Co. 80 State Address required to be maintained in State of NY (SSNY) on 8/11/09. served. SSNY shall mail process to 10178. DE office addr.: CSC, 2711 Street, Albany, NY 12207. Pupose: DE: CT Corp. Systems 1209 Orange Office location: NY County. SSNY the LLC at the addr. of its princ. Centerville Rd., Wilmington, DE Any lawful act or activity. St, Wilmington DE 19801. Cert of designated as agent of LLC upon office. Purpose: Any lawful activity. 19808. Cert. of LP on file: SSDE, Formation filed with DE Div of Corps, whom process against it may be Townsend Bldg., Dover, DE 19901. 401 Federal St Ste 4, Dover, DE Name/addr. of each gen. ptr. avail. at Notice of Qualification of WHIST served. SSNY shall mail process to: Notice of Qualification of SLG 620 19901. Purpose: Any Lawful Purpose. Mr. Cankut Piyale, 110 W. 40th St., SSNY. Purpose: any lawful activities. EQUITY TRADING LLC. Authority Sixth Funding LLC, App. for Auth. filed with Secy. of State of NY (SSNY) Rm 607, NY, NY 10018. Purpose: any filed Sec’y of State (SSNY) 9/15/09. lawful activity. on 09/22/09. Office location: NY WORKSHOP FOR ARCHITECTURE, Office location: NY County. LLC org. Notice of Qualification of BNCB County. LLC formed in Delaware (DE) LLC, a domestic Professional Limited in DE 1/5/06. SSNY designated as MERGER SUB, LLC. Authority filed on 04/18/08. Princ. office of LLC: 11 Liability Company (PLLC) filed with Notice of Formation of agent of LLC upon whom process with Secy. of State of NY (SSNY) on Madison Ave., NY, NY 10010-3629. the Sec of State of NY (SSNY) on VANDERCHURCH EQUITIES, LLC. against it may be served. SSNY shall 09/30/09. Office location: NY County. SSNY designated as agent of LLC 5/14/09. NY office Location: New Arts. of Org. filed with Secy. of State mail copy of process to Nat. Reg. LLC formed in Delaware (DE) on upon whom process against it may York County. SSNY is designated as of NY (SSNY) on 09/21/09. Office Agents, 875 Ave of the Americas, NY, 09/08/09. SSNY designated as agent be served. SSNY shall mail process agent upon whom process against location: NY County. SSNY designat- NY 10001, the Reg. Agt. upon whom of LLC upon whom process against it to c/o Corporation Service Co., 80 the PLLC may be served. SSNY ed as agent of LLC upon whom proc. may be served. DE office addr.: may be served. SSNY shall mail State St., Albany, NY 12207-2543. shall mail a copy of any process process against it may be served. 160 Greentree Dr., Ste. 101, Dover, process to Capitol Services, Inc., 615 DE addr. of LLC: 2711 Centerville against the PLLC served upon SSNY shall mail process to Judson DE 19904. Cert. of Form. on file: S. Dupont Hwy., Dover, Cnty. of Kent, Rd., Wilmington, DE 19808. Arts. of him/her to John H. Lee, 526 W. 26th Realty, 145 57th St., #5, NY, NY SSDE, Townsend Bldg., Dover, DE DE 19901, which is also the. DE Org. filed with DE Secy. of State, 401 St., Ste. 410, NY, NY 10001. 10022. Purpose: Any lawful activity. 19901. Purpose: any lawful activities. addr. of LLC. Arts. of Org. filed with Federal St., Dover, DE 19901. Purpose: Architecture Secy. of State of the State of DE, 410 Purpose: Any lawful activity. Federal St., Ste. 3, Dover, DE 19901. NOTICE OF FORMATION OF Project Notice of Qualification of Crane Purpose: Any lawful activity. Notice of formation of Limited Liability White LLC. Article of Organization Worldwide Logistics LLC. Authority Name of For. LP: FrontPoint Onshore Company: UVX, LLC Articles of filed with the Secretary of State of NY filed with NY Dept. of State on 9/9/09. Asian Event Driven Fund, L.P. Appl. Organization filed with the Secretary (SSNY) on 08/20/2009. Office location Office location: NY County. Princ. bus. NOTICE OF FORMATION OF AFC for Auth. filed with Sec. of State of of State of New York (SSNY) on May NEW YORK County. SSNY has been addr.: 16680 Central Green Blvd., Communications LLC. Arts. of Org. NY: 9/2/09. Jurisd. and date of org.: 2, 2008. N.Y. Office location: New designated as agent upon whom Houston, TX 77032. LLC formed in filed with Secy. of State of N.Y. DE 8/4/09. NY State office loc.: NY York County. SSNY has been desig- process against it may be served. The DE on 6/17/08. NY Sec. of State des- (SSNY) on 8/3/2009. Office location: Cty. Sec. of State designated as nated as an agent upon whom Post Office address to which the ignated as agent of LLC upon whom New York County. SSNY designated agent upon whom process against it process against it may be served. SSNY shall mail a copy of any process process against it may be served and as agent of LLC upon whom process may be served. Sec. of State shall The Post Office address to which the against the LLC served upon him/her shall mail process to: c/o CT against it may be served. The P.O. mail copy of process to: Two SSNY shall mail a copy of any is C/O the LLC Woods & Lonergan Corporation System, 111 8th Ave., address to which SSNY shall mail a Greenwich Plaza, Greenwich, CT process against the LLC served upon LLP, 292 Madison Avenue, 22nd NY, NY 10011, regd. agt. upon whom copy of any process upon him/her is 06830. Addr. of LP in DE is: 615 S. him/her is: the LLC, C/O M. Bradford Floor. New York, NY 10017. Date of process may be served. DE addr. of C/O the LLC: Anthony Pellecchia, CPA DuPont Hwy., Dover, DE 19901. Randolph ESQ PLLC, 1230 Avenue Dissolution: None Purpose of LLC:to LLC: c/o The Corporation Trust Co., 3117 Richmond Rd. Staten Island, Name/addr. of GP avail. from Sec. of of the Americas, 7th Floor, New York, engage in any lawful act or activity. 1209 Orange St., Wilmington, DE NY 10306. The Principal Business State. Authorized office in DE where NY 10020. Character of LLC: To act Street address of Principal Business 19801. Arts. of Org. filed with DE Sec. Address of the LLC is: 45 Stella Cert. of LP is filed is: DE Sec. of as a trustee and to engage in any location is: 37-39 West 8th Street. of State, 401 Federal St., Dover, DE Place Middlesex, NJ 08846. Purpose: State, Townsend Bldg., Dover, DE lawful act or activity. New York, NY 10016. 19901. Purpose: any lawful activity. any lawful activity. 19901. Purpose: any lawful activity.

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FOR THE RECORD

[email protected] for details. son, Alan Schmerzler and David Green common stock at prices ranging from of Cushman & Wakefield acted on be- $1.70 to $1.71 between Oct. 8 and Oct. ABOUT THIS SECTION G Department of Education half of the landlord. The asking rent for 9, in a transaction valued at $8,703,635. FOR THE RECORD is a weekly listing of information from the public record that Seeks competitive sealed bids by 5 p.m. the multilevel space was not available. The company now indirectly holds on Nov. 12 for sign-language interpreting 166,162,000 shares. can help businesspeople find opportunities in the New York area by providing services for deaf parents, staff and students G Madison Entertainment Associates leads for clients, potential new business and competitors. at Department of Education meetings leased 12,000 square feet on the ground G IAC/InterActiveCorp (IACI) To ask questions or get more information on this section, contact Denise and activities citywide.To obtain bid doc- floor and lower level of 625 Madison Ave., Liberty Media Corp. sold 381,900 Southwood at [email protected]. uments, send an e-mail to vendorhotline@ a 535,334-square-foot, 17-story build- shares of common stock at prices schools.nyc.gov with the bid number ing owned by SL Green Realty Corp. ranging from $19.02 to $19.08 between (#Z1314040) and title in the subject line. The space was previously a restaurant Oct. 13 and Oct. 15, in a transaction There is no fee. For more details, e-mail and lounge, and it’s expected that the worth $7,281,180. It now indirectly [email protected], with the new tenant will use the space the same holds 19,326,700 shares. BANKRUPTCIES Flatbush Avenue in downtown bid number and title in the subject line. way. Newmark Knight Frank’s Jeffrey Brooklyn. An optional pre-bid meeting D. Roseman was the lead broker for the G Och-Ziff Capital Management Group The following listings are selected from the is scheduled for Oct. 27 at 11 a.m. at the transaction, along with Gregg Gropper. (OZM) most recent available filings by companies EDC’s Manhattan offices, 110 William REAL ESTATE TRANSACTIONS There was no tenant rep. The blended Jeffrey C. Blockinger, chief legal officer seeking bankruptcy protection in the St., sixth floor. Bid packages can be asking rent was $163 per square foot. of the investment company, sold Southern and Eastern Districts of New obtained at the offices for a fee of $50 in Data on the latest real estate deals is provid- 400,000 shares of common stock at York. Information was obtained from U.S. cash or in the form of a certified check ed by brokers and/or their representatives. prices ranging from $12.45 to $13.26 Bankruptcy Court records available on or money order payable to NYCEDC. Deals are listed in order of square footage. STOCK TRANSACTIONS between Oct. 8 and Oct. 15, in a Public Access to Court Electronic Records. Questions should be directed to transaction worth $5,192,959. He no Listings are in alphabetical order. Maryann Catalano at (212) 312-3969 or OFFICE Following are selected recent insider longer holds any shares. [email protected]. G Real estate firm Studley signed a 10- transactions at publicly held New York G Amore Beauty & Spa Inc., year lease for the entire 61,000-square- companies that have been filed with the G J.Crew Group Inc. (JCG) dba A Relax Me Beauty and Spa GOODS AND SERVICES foot 11th floor of 399 Park Ave., which SEC by executives and major shareholders. Tracy Cashen Gardner, president of 944 Eighth Ave., Manhattan G Health and Hospitals Corp./North will become its new corporate headquar- Listings are in order of the dollar volume of retail and direct for the apparel store, Filed for Chapter 11 bankruptcy Brooklyn Health Network ters. The 1.7 million-square-foot, 39- the transactions.The information was exercised options on 19,357 shares of protection on Oct. 13. The filing cites Requests competitive sealed bids by story tower is owned by Boston Prop- obtained from Thomson Reuters. common stock at $7.75 on Oct. 8, in a estimated liabilities of $100,001 to 10 a.m. on Oct. 28 for the supplying of erties. Studley’s Mitchell Steir, Michael transaction worth $150,016. On the $500,000 and assets of $50,001 to ClearTone fetal Dopplers for the Colacino and Michael Goldman G CKX Inc. (CKXE) same day, she sold 19,357 shares at $100,000. Among the creditors with the OB/GYN and pediatric department at brokered the transaction. John Powers of Robert F.X. Sillerman, chief executive of $37.51 each, in a transaction worth largest unsecured claims are Hyung Joo the North Brooklyn Health Network. CB Richard Ellis represented the land- the media company, sold 7,850,000 $726,081. She now directly holds Nam, owed $238,997.45; and BNB Bid documents can be obtained at, and lord. The asking rent was not available. shares of common stock at $6.75 each 128,578 shares. Bank, owed $135,079.35. returned to, the purchasing department on Oct. 9, in a transaction worth at 100 North Portland Ave., Brooklyn, G The Krauter Group, a commercial $52,987,500. He now directly holds G AboveNet Inc. (ABVT) G Prevention I Inc. room C-32; the fee is $25, payable by insurance broker, signed a 13-year lease 19,183,300 shares. John Jacquay, senior VP of sales and 154A Hicks St., Brooklyn certified check or money order made for 17,752 square feet covering the 18th marketing for the network services Filed for Chapter 11 bankruptcy out to NYCHHC. Contact Akihiko and part of the 19th floors at 1350 Sixth G Leucadia National Corp. (LUK) provider, sold 11,992 shares of common protection on Oct. 15. The filing cites Hirao at (718) 260-7684 or Ave. The 589,560-square-foot, 35-story Ian M. Cumming, chief executive of the stock at prices ranging from $50.00 to estimated liabilities of $100,001 to [email protected] office building is owned by SL Green holding company, sold 409,810 shares of $50.02 between Oct. 12 and Oct. 14, in $500,000 and assets of $500,001 to to get a free copy of the bid or additional Realty Corp. Brian Waterman and common stock at prices ranging from a transaction worth $599,788. He now $1 million. Among the creditors with information. Lance Korman of Newmark Knight $25.36 to $25.99 between Oct. 13 and directly holds 105,976 shares. the largest unsecured claims are the state Frank repped the tenant, and Howard J. Oct. 14, in a transaction worth Department of Taxation and Finance G Human Resources Administration Tenenbaum and Gary M. Rosen $10,556,073. He now directly holds G J.P. Morgan Chase & Co. (JPM) and the Internal Revenue Service. The Requests competitive sealed bids by represented the landlord. The asking 22,873,600 shares. James E. Staley, chief executive of the amounts of the claims are unknown. 3 p.m. on Nov. 5 for the disposal of rent was $65 per square foot. financial services company, exercised confidential HRA documents citywide. G MasterCard Inc. (MA) options on 15,415 shares of common G Schwelmer Beer Imports North America A mandatory pre-bid conference is G ReachLocal Inc., an online marketing Robert W. Selander, chief executive of stock at $36.45 each on Oct. 14, in a 172 N. 11th St., Brooklyn scheduled for Oct. 28 at 10 a.m. in the firm, signed a lease for 12,000 square the financial services company, exercised transaction worth $561,918. Filed for Chapter 7 bankruptcy seventh-floor conference room at 180 feet on the ninth floor at 112 W. 34th St., options on 48,075 shares of common protection on Oct. 16. The filing cites Water St. Contact Donna Wilson at a 26-story, 800,000-square-foot building stock at $39.00 each on Oct. 9, in a G HMS Holdings Corp. (HMSY) estimated liabilities of $500,001 to (212) 331-3524 or [email protected]. owned by W&H Properties. Erik transaction worth $1,874,925. On the Robert M. Holster, chairman of the data $1 million and assets of $50,001 to Schmall of Studley represented the same day, he sold 43,600 shares at prices processing company, exercised options $100,000. Among the creditors with the G Police Department tenant, and Barry Zeller and Audrey ranging from $210.78 to $213.49, in a on 12,000 shares of common stock at largest unsecured claims is Brauerei Requests competitive sealed bids by Coe of Cushman & Wakefield transaction worth $9,247,850. He now $1.19 each on Oct. 13, in a transaction Schwelm, owed $296,883.66. 11 a.m. on Oct. 30 for a minimum of negotiated on behalf of the landlord. directly holds 137,914 shares. worth $14,280. On the same day, he sold 10,000 turtleneck jerseys in navy blue The asking rent was $43 per square foot. 12,000 shares at $40.11 each, in a G Strait Gate Church Inc. and/or light blue. A sample of each gar- G E*Trade Financial Corp. (ETFC) transaction worth $481,320. He now 120 Madison St., Mamaroneck, L.I. ment, made according to NYPD specs, G Infusion Development, an Citadel sold 5,100,020 shares of directly holds 117,310 shares. Filed for Chapter 11 bankruptcy must be submitted with the completed information technology consulting firm, protection on Oct. 16. The filing cites bid form, along with a certified check for completed the purchase of a 10,000- estimated liabilities of $1,000,001 to $1,000 made payable to the Police Com- square-foot office condo at 599 $10 million and assets estimated at missioner, City of New York. Materials Broadway previously owned by the Blue DEALS ROUNDUP $1,000,001 to $10 million. Among the should be delivered to the office of the Man Group. It acquired the entire fifth creditors with the largest unsecured assistant commissioner, Contract floor of the Ayer Building, a 12-story, TRANSACTION SIZE claims are J.P.Morgan Chase, owed Administration Unit, 51 Chambers St., 193,279-square-foot property.The TARGET COMPANY (IN MILLIONS) BUYERS/INVESTORS TRANSACTION TYPE $75,421.40; and Victor Body-Lawson third floor. Contract documents can be buyer was represented by Lloyd Associates, owed $68,500. obtained at 1 Police Plaza, room #110B. Desatnick of Jones Lang LaSalle, and Busch Entertainment Corp. $2,700.0 Blackstone Group (Manhattan) Perry SB M&A Contact Sgt. Molloy at (646) 610-5940 the seller was represented by Michael Corus Construction Ventures $554.4 Capital (Manhattan), TPG, Lefrak FB M&A with any questions. Glanzberg of Sinvin Realty.The Organization Inc., WL Ross and Co. GOVERNMENT CONTRACT transaction value was not disclosed. (Manhattan), Starwood Capital Group OPPORTUNITIES G Union Square Partnership District JohnsonDiversey Inc. $477.0 Clayton Dubilier & Rice Inc. FB M&A Management Association Inc. G Global Emerging Markets and Kings- (Manhattan) Following are selected contract opportuni- Requests proposals by 5 p.m. on Dec. 4 brook Partners signed subleases for 7,600 TransEnterix Inc. $55.0 Intersouth Partners, SV Life Sciences, GCI ties recently announced by NYC agencies. for subcontracted sanitation services square feet and 7,071 square feet, respec- Quaker BioVentures, Aisling Capital To access a searchable database of procure- for fiscal years 2011-2013, as a tively, at 590 Madison Ave., owned by The (Manhattan), Parish Capital Advisors, ment notices, visit www.nyc.gov/cityrecord. contractor of the Department of Durst Organization. The two compa- Synergy Life Science Partners Listings are in alphabetical order by Small Business Services. Bid nies, whose deals cover most of the 27th CKX Inc. (Manhattan) $53.0 Capital Research and Management Co. SB M&A category and department. documents can be downloaded at floor, are taking over space previously Vyke Communications $15.9 Global Emerging Markets (Manhattan) GCI www.unionsquarenyc.org. Contact occupied by law firm Akin Gump Hana Biosciences Inc. $12.4 OrbiMed Advisors (Manhattan), Perceptive GCI CONSTRUCTION SERVICES Carin Cardone at (212) 460-1200 for Strauss Hauer & Feld. The building is Advisors (Manhattan), Deerfield Management G Department of Transportation additional information. over 1 million square feet and is 43 Co. (Manhattan), Quogue Capital Seeks competitive sealed bids by 11 a.m. stories tall. Zev J. Holzman of Studley AgriNature Inc. $10.8 Global Emerging Markets (Manhattan), GCI on Nov. 12 for the reconstruction of the HUMAN SERVICES/CLIENT SERVICES represented both tenants, and Karen GEM Investment Advisors Inc. G East 78th Street pedestrian bridge over CUNY/LaGuardia Community College Akbarzadeh represented the landlord. The NewsMarket Inc. $4.3 n/d GCI the FDR Drive. Contract documents Requests competitive sealed bids by The asking rent was $65 per square foot. (Manhattan) can be obtained at 55 Water St. from 3 p.m. on Nov. 17 from qualified Long Island University’s $2.7 Peconic Public Broadcasting Inc. SB M&A 9 a.m. to 3 p.m. for a deposit of $100 in hospitals and other health care RETAIL WLIU, 88.3FM, the form of a certified check or money providers to deliver health education as G Abercrombie & Fitch will open a Southampton, L.I. order made payable to the New York well as medical and mental health 15,500-square-foot Hollister store at Selected deals announced during the week of Oct. 5 involving companies in metro New York. City DOT.For additional information, services to students through the Stu- 668 Fifth Ave. The retail property at n/d Not disclosed. FB M&A: Financial buyer M&A represents a minority or majority acquisi- contact Yazzer Fawzy at (212) 487-7858. dent Health Services Center. Bid 666-668 Fifth Ave., measuring 90,000 tion of existing shares of a company with the participation of a financial buyer. GCI: Growth documents can be obtained at 31-10 square feet, is owned by The Carlyle capital investment represents new money invested in a company for a minority stake. SB M&A: G Economic Development Corp. Thomson Ave., room E405, Long Group and Crown Acquisitions. Laura Strategic buyer M&A represents a minority or majority acquisition of existing shares of a company without the participation of a financial buyer. Requests public bids by 11 a.m. on Nov. Island City, Queens. Contact Tawanikka Pomerantz of PBS Realty Advisors source: capitaliq 13 for streetscape improvements along Smith at (718) 482-5590 or represented the tenant; Brad Mendel-

16 | Crain’s New York Business | October 26, 2009 20091026-NEWS--0017-NAT-CCI-CN_-- 10/23/2009 3:38 PM Page 1

hotels here, which The Lam Group The two sides are awaiting Judge manages, will be organized as well. Paul Crotty’s decision in the U.S. Hotel, union balance could tip In the beginning of the conflict, District Court,Southern District of the trades council brought the case to New York. The trades council and Continued from Page 1 honor the union contract that Inter- were put in front of us,” says Robert arbitration. The arbitrator known as The Lam Group declined to com- the matter. state signed and still covered the Gladstone, who owns the property, the impartial chairman ruled that the ment on the case. The case,which largely proceeded employees. “From an organizing “we would never have signed it.” Four Points Sheraton was obligated The union is also gearing up for below the radar screen, shines a light standpoint, [the union’s strategy] is Labor experts say that these hote- to abide by the union contract signed a fight with another Chinese hote- on the tense relationship between the very effective,” says attorney Scott liers are naive to assume that they can by Interstate Management Co., and lier,Sam Chang,who owns 12 of the city’s powerful hotel union and the Wich,who represented Ocean King avoid unionization in one of the he imposed a fine of $35,550 a day— 37 budget hotels he has built in the growing number of new hoteliers like at the time. most pro-labor cities in the country. or more than $1 million a month— city. None of the 12 employs union Mr. Lam, who are challenging the Ocean King dropped its case,and for noncompliance. workers. union’s grip on the industry. today the Wingate is a union hotel. A lot at stake The Lam Group filed a petition “He is certainly on our radar “The majority of hotels that op- A lawsuit filed last month by the the lam case is the most signifi- in State Supreme Court to invali- screen,” says Mr. Ward. erate nonunion pay their employees owner of the Courtyard Marriott cant to date. No other hotel owner date the decision on the grounds The union succeeded in securing extremely low wages with little or no Upper East Side on East 92nd Street has had the money or determination that the company never agreed to ar- a card check agreement with one of benefits at all, and that is exactly the against its hotel operator also points to go this distance. bitration in the first place. The case Mr. Chang’s properties, but the ho- reason they want to operate to the secrecy in these agreements Mr. Lam faces millions of dollars was moved to federal court, and the tel has not yet been built and has nonunion,” says Peter Ward, presi- between management companies in penalties if he loses his fight—and litigation concluded more than a been put on hold because of the dent of the trades council. and the union. “If this agreement the possibility that his eight other year ago. weak economy. Most of these owners entered the market over the past five years, pop- ulating the city with budget brands like Best Western, Holiday Inn Ex- press and Hampton Inn.They were seeking quick profits during a time when the industry couldn’t keep up with the demand for rooms. Some 75 smaller, budget hotels have opened in the city since 2003, according to PKF Consulting, a hotel advisory group. The less sure you are of the The Lam case has significant im- plications for the hotel industry. While most large hotels in the city have been unionized for decades, economy, the more sure you should the union has been able to organize these new hotels mostly by signing card check deals with the hotel be of your advisor. management companies, who agree to apply the agreement to each hotel they operate. “The union is using its interac- tion with the management company alone to reach the owner of the hotel without the owner signing or knowing or authorizing the union arrangements,” says K.C. McDan- iel, a lawyer who represents hotel owners and lenders in management contract deals. Owners bypassed over the past six years or so, the trades council has signed a number of card check agreements with hotel management companies, including Marriott Hotels & Resorts, largely bypassing hotel owners. Under the terms of these deals,the hotel agrees not to interfere in organizing cam- paigns and to recognize the union if a majority of the workers sign authorizing cards. And the employer Helping clients move forward with confidence for 225 years. agrees to settle all labor disputes via arbitration. These deals essentially Who’s helping you? avoid the election process, which gives employers time to sway the workers against the union. But a ruling establishing that Mr. Lam is not bound by an agreement he didn’t sign could be a rebuke to this strategy. Card check agreements have re- For more information, please contact: sulted in other litigation over the past couple of years. One such case Thomas D. Hurlbrink 877 267 0198 involved the Wingate Inn on West 35th Street, which also hired Inter- bnymellonwealthmanagement.com state Management to run the hotel. The hotel’s owner, Lisa Lou of Ocean King, was unaware of the relationship between the union and Interstate and how it imposed a labor contract on the property. According to court documents in that case, Ocean King fired Inter- Investment Management | Wealth & Estate Planning | Private Banking | Family Ofﬁce Services state as its operator in February 2007—the reason was not dis- ©2009 The Bank of New York Mellon Corporation. All rights reserved. Products and services may be provided by various subsidiaries of The Bank of New York Mellon Corporation. closed—and two days later Ms.Lou was informed of her obligation to

October 26, 2009 | Crain’s New York Business | 17 20091026-NEWS--0018-NAT-CCI-CN_-- 10/23/2009 7:41 PM Page 1

apartments rent for under $2,000 a month. Landlords to survive Stuy Town “We have a handful of apart- Hospitals ments that might be an issue,” he Continued from Page 1 Ironically, even for Tishman of the 11,000-unit complex, whose says. Continued from Page 3 ners,plus MetLife—the current and Speyer, which led the group that ac- value has shriveled to about Even those landlords who do down equipment is Littleton, former owners of the complex, required the complex for $5.4 billion $2 billion. face legal problems will see nothing Mass.-based Still River Systems, spectively—will be on the hook for in 2006,the financial damage is sur- For once-fabled Tishman Spey- like the number of cases that will be which has three sites under con- a total of tens of millions of dollars prisingly modest. Controlled by er, Stuy Town is only one of several brought against the owners of struction, including one in New worth of rent rebates. Meanwhile, Chief Executive Jerry Speyer, bil- recent setbacks. Earlier this year, a Stuyvesant Town. For instance, ten- Brunswick, N.J. lawyers will spend years sorting out lionaire art collector and board partnership led by Tishman Speyer ant lawsuits against the landlords of In fact, studies have yet to prove issues such as who is due a rebate, in chairman of the Museum of Mod- defaulted on debt tied to its $2.8 bil- two residential buildings—461 that proton-beam treatment is safer part because the decision offered no ern Art, and by his son and heir ap- lion purchase of 28 buildings in Central Park West and 400 E. 55th or more effective than other types of details on retroactivity or how to im- parent, Rob, Tishman Speyer-led Washington in 2006, but is restruc- St.—involve a total of just under radiation, according to a technical plement a remedy. turing the loan.Tishman Speyer has 200 apartments, according to brief, Particle Beam Radiation Ther- “My phone is ringing off the also written down by at least 25% Christian Siebott, a partner at law apies for Cancer,issued last month by hook,” says Stephen Meister, who One party the $250 million it ponied up for a firm Bernstein Liebhard, which is the Tufts Medical Center Evi- represents landlords. controlling interest in Archstone representing the tenants in both dence-based Practice Center. hoping the Smith. Along with Lehman Broth- cases. The medical jury is struggling to A relative few er, it bought the residential landlord “The landlord doomsday sce- make a decision at a difficult time. still, the bonanza for lawyers and impact will for $22 billion in 2007. nario is a bit overstated,” says Mr. Leaders of state health care in- tenants has profound limits.For one For other landlords,the financial Siebott. dustry groups estimate the impact of thing,the ruling applies to units that come in on low impact of last week’s appeals court One party hoping that the im- budget cuts, new taxes and reforms were decontrolled in buildings that decision will be even more muted. pact will come in on the low side is at about $800 million a year.In light were receiving J-51 tax benefits to side is City Hall “It is not the end of the world,” City Hall,which relies on real estate of those cuts, hospitals here may be renovate their properties. says Adam Leitman Bailey,an attor- taxes for as much as 30% of its rev- tempted to buy the cheaper ma- Mr.Spinola notes that according ney whose law firm represents more enues. Those taxes are based on a chines, but their patient capacity is to city records, in 2005, there were than 1,000 landlords. landlord’s income. The more units too small for the New York market. only 140,000 units in the entire city affected, the bigger the hit for the Facilities would have spent millions receiving J-51 benefits, with a mere Limited exposure city. City taxes paid by Stuyvesant of their increasingly scarce dollars 22,000 of them in Manhattan. funds put only $112 million into the for openers, relatively few land- Town alone in the fiscal year ending that are needed even more urgently That’s crucial because most apart- transaction. What’s more, the com- lords in the outer boroughs have June 30 totaled $40 million. Mayor elsewhere. ments are deregulated when the rent pany wrote down the value of that units that are covered under the de- Bloomberg’s office says it is review- “It’s too early to make the deter- hits $2,000 a month,something that investment to zero last year. cision. Barry Rudofsky of Bronstein ing the ruling’s impact. mination [that proton-beam ma- is rare outside Manhattan. Harder to shrug off will be the Properties is a prime example. His The state, meanwhile may face chines] are everything they are In addition, the city’s Division of damage to Tishman Speyer’s repu- firm owns nearly 75 buildings in a rash of lawsuits. Lawyers note cracked up to be,” says Mr. Berliner, Housing and Community Renewal tation. The joint venture led by Queens, Brooklyn and upper Man- that landlords were just abiding by the health policy professor. “But we estimates that only 35,000 J-51 Tishman Speyer and BlackRock is hattan. While he says more tenants a state rules that allowed them to do know 3 million people in New units have been deregulated since widely expected to default on the may file lawsuits, he notes his expo- deregulate units while using J-51 York state don’t have basic access to 1994 in the city. loans associated with the purchase sure is limited since most of his tax breaks. health care.”

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18 | Crain’s New York Business | October 26, 2009 20091026-NEWS--0019-NAT-CCI-CN_-- 10/23/2009 5:45 PM Page 1

helping your business firm Wilson Sonsini Goodrich & volume jumped to 34 million shares, in a Rosati, while Adobe had Goldman more than double the average of the grow The inside dope Sachs and Latham & Watkins. previous three weeks and the high- Also, in the weeks before the deal, est in nearly a year. Hordes of Wall challenging Continued from Page 1 with Adobe Systems’ $1.8 billion Omniture had conversations with Street advisers had a hand in this economy being interrupted by audience laugh- acquisition of software maker Om- “several other parties,” according to deal. No fewer than six law firms ter. “We shouldn’t joke about that.” niture last month. Adobe made a the filing, including at least three ri- counseled acquirer Merck and its by improving It’s certainly no joke that the formal bid on Sept. 8, according to a val companies that presumably had bankers at J.P. Morgan, while four high-profile Galleon case is the first subsequent regulatory filing, the their own teams of advisers. law firms advised target Schering- your profitability of many insider trading cases to same day Omniture’s stock started Plough and its M&A crew at Mor- come.A look at regulators’data sug- going on a tear that lifted it nearly Merck, Schering-Plough gan Stanley and Goldman. gests how pervasive the practice of 20% before the deal was announced closer to home, it appears insider Will the past few years’ spike in trading on material, nonpublic in- Sept. 15. The result: a fat profit for trading took place in the days before unusual trading activity lead to more formation has become since the lat- those who exhibited “rather fortu- a $47 billion merger was announced Wall Streeters in jail? Time will tell. CBIZ Mahoney Cohen est corporate merger wave began in itous timing,” in the words of Mea- between two of the New York re- But it’s worth noting that on Oct.20, 2004. In short, the favorite pastime suredmarkets, a research firm. gion’s pharmaceutical giants,Merck when Mr. Ackman cheekily made 212.790.5700 of Ivan Boesky and Gordon Gekko Dozens, if not hundreds, of peo- and Schering-Plough. his pitch for Corrections Corp. as a www.cbizmahoneycohen.com is back. ple were in a position to fortuitous- Last March 6, the Friday before hedge against hedge fund prosecu- The New York Stock Exchange ly time the deal. Omniture was ad- the deal was announced, Schering- tions, the company’s shares rose 5%, referred a record 146 suspected insid- vised by Morgan Stanley and law Plough shares rose 8%, and trading hitting a new 52-week high. er trading cases to the Securities and Exchange Commission last year, or 57% more than in 2004. And the SEC brought 61 insider trading cases to court last year, 30% more than the year before. Perhaps most disturbing: The latest figures from the Financial Services Authority in Great Britain reveal that for the past few years,nearly 30% of mergers have shown “abnormal” trading in the companies’ stocks in the days leading up to the deal announcement. ® “The issue is that hedge fund Buy any BlackBerry, get one free. managers all too often feel they’re above the law,” says David Feldman, a veteran mergers-and-acquisitions And get a Small Business Specialist, too. lawyer in Manhattan.“It’s been many years since insider trading was seen as On the network with 5X more 3G coverage than AT&T. a big problem,and people have come Now you can get more done on the go for less. Come in today, buy any do-it-all BlackBerry smartphone and get another to think of it as a victimless crime.” one free. It’s that simple. And to make things even easier, our Small Business Specialist will help get you up and running Not the best timing in no time. 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October 26, 2009 | Crain’s New York Business | 19 Project2 10/22/09 4:16 PM Page 1

Join Crain’s publisher, Jill R. Kaplan, for an intimate discussion with and to celebrate these women at a special luncheon.

MONDAY, NOVEMBER 16, 2009 GOTHAM HALL 12:00 - 2:00PM

Individual Tickets: $250 Tables of Ten: $2,500 Space is Limited

A portion of the proceeds from this event will go to Dress For Success New York, a not-for-profit organization promoting the economic independence of disadvantaged women by providing professional attire, a network of support and career development tools.

Crain’s New York Business recognizes what it means to command incredible power in this city. In the September 21 issue, Crain’s published a list of the 50 most powerful women in New York City. Crain’s will celebrate the achievements of the honorees at an exclusive luncheon. Don’t miss the opportunity to network with these elite women.

For tickets, go to www.crainsnewyork.com/events.

THE 50 HONOREES

1. Heidi Miller 11. Kathryn Wylde 22. Merryl Tisch 31. Joanne Minieri 41. Jennifer Raab Chief Executive President and Chief Executive Chancellor President and Chief President Treasury and Securities Services Partnership for New York City New York State Board Operating Officer Hunter College J.P. Morgan Chase & Co. of Regents Forest City Ratner Cos. 12. Bonnie Hammer 42. Judith Rodin 2. Patricia Harris President 23. Sheila Birnbaum 32. Ellen Futter President First Deputy Mayor NBC Universal Cable Entertainment Co-head, Complex Mass Tort President The Rockefeller Foundation City of New York and Insurance Group American Museum of 13. Christine Quinn Skadden Arps Slate Natural History 43. Vikki Pryor 3. Mary Ann Tighe Speaker Meagher & Flom Chief Executive Chief Executive, New York New York City Council 33. Amanda Burden SBLI USA Mutual Life Tristate Region 24. Ann Moore Chair, New York City Planning Insurance Co. CB Richard Ellis Inc. 14. Sharon Allen Chairman and Chief Executive Commission Chairman Time Inc. 44. Suri Kasirer 4. Indra Nooyi Deloitte 34. Jane Rosenthal President Chairman and Chief Executive 25. Emily Rafferty Co-founder Kasirer Consulting PepsiCo 15. Terri Dial President Tribeca Productions / Chief Executive for North The Metropolitan Museum Tribeca Enterprises 45. Carol Raphael 5. Sallie Krawcheck America Consumer Banking of Art Chief Executive President, Global Wealth and Citigroup Inc. 35. Nina Lannan Visiting Nurse Service Investment Management 26. Pamela Brier President of New York Bank of America 16. Cathleen Black President and Chief Executive Nina Lannan Associates President Maimonides Medical Center 46. Sylvia Rhone 6. Susan Wagner Hearst Magazines 36. Laura Desmond President Chief Operating Officer 27. Ruth Porat Global Chief Executive Universal Motown Records BlackRock Inc. 17. Candace Beinecke Vice Chairman Starcom MediaVest Group Chair Morgan Stanley 47. Laura Walker 7. Andrea Jung Hughes Hubbard & Reed 37. Kay Krill President and Chief Executive Chairman and Chief Executive 28. Judy McGrath President and Chief Executive New York Public Radio Avon Products Inc. 18. Shelly Lazarus Chief Executive Ann Taylor Stores Corp. Chairman MTV Networks 48. Patricia Lynch 8. Katherine Farley Ogilvy & Mather Worldwide Viacom Inc. 38. Pamela Liebman President Senior Managing Director Chief Executive Patricia Lynch Associates Tishman Speyer 19. Diane von Furstenberg 29. Virginia Rometty The Corcoran Group Founder and Owner Senior Vice President 49. Meredith Whitney 9. Marcia Goldstein Diane von Furstenberg Studio IBM Global Sales and 39. Dorothy Herman Chief Executive Chair, Business Finance and Distribution Chief Executive Meredith Whitney Restructuring Group 20. Kirsten Gillibrand Prudential Douglas Elliman Advisory Group Weil Gotshal & Manges U.S. Senator (D-NY) 30. Nancy Peretsman Managing Director 40. Diana Taylor 50. Darcy Stacom 10. Janet Robinson 21. Anna Wintour Allen & Co. Managing Director Vice Chairman Chief Executive Editor in Chief Wolfensohn & Co. CB Richard Ellis Inc. The New York Times Co. Vogue

PROUD SPONSORS: To reserve space in the program, contact Trish Henry at 212.210.0711 or [email protected]. 20091026-NEWS--0021-NAT-CCI-CN_-- 10/22/2009 8:29 PM Page 1

25% of workers think their boss is dishonest about job security BUSINESS LIVES Source: Adecco Group HOT JOBS GOTHAM GIGS EXECUTIVE INBOX

EDITOR IN CHIEF Home Maintenance Anne Fisher MAGAZINE BusinessWeek ‘In the rebecca brainard has repaired barns on her grandmother’s JOB DESCRIPTION Lead the edito- 20-acre farm, fixed her father’s mini-fleet of sailboats, lived in a Making the rial staff of the weekly magazine house geodesic dome she built, and handled post-earthquake leap to a MOST IMPORTANT TASKS Main- tain journalistic integrity, readership preservation work in San Francisco. ¶ “I’m a building buff,” says nonprofit job museum, Ms. Brainard, the sole preservation and maintenance worker for CREDENTIALS NEEDED Ability to the 23 historic homes located in the city’s parks. ¶ Equipped with YOU’VE PROBABLY never heard of oversee an established publication I’m not Mark Mattia, but odds are you’ve a tool-lined van and camera, the 43-year-old Massachusetts SALARY $300,000 to $1 million, supposed seen his work. He was the according to recruiters native has changed broken locks at Bartow-Pell Mansion and marketing mind behind Skittles’ long-running “Taste the Rainbow” RECRUITER In-house to touch repaired a cracked ceiling at King Manor Museum. She documents her work with photos. ¶ “She can tackle any ad campaign. These days, Mr. DOWNSIDE The magazine busi- anything’ Mattia, 51, is applying his selling ness is struggling problem,” says Frank Vagnone, executive director of the Historic skills in a new arena: He’s vice UPSIDE Chance to lead a brand House Trust of New York City, which works with the city’s president of marketing for the under new parent Bloomberg LP Department of Parks & Recreation, Ms. Brainard’s employer. ¶ Liberty Science Center Ms. Brainard landed her job in 2007—after applying as a (www.lsc.org) in Jersey City. Mr. Last week, Stephen Adler an- Mattia has advanced degrees in nounced that he will resign as edi- parks department playground maintenance worker.The math, so the job is a great fit. tor in chief when the sale of the department forwarded her résumé to the trust. ¶ As the Even so, after more than 25 magazine is completed in early caretaker of the Morris-Jumel Mansion Museum, she and her years at big corporations, December. Bloomberg’s chief con- adjusting to the nonprofit world is tent officer, Norman Pearlstine, husband live rent-free in its basement apartment.“In the house museum,” she says,“I’m not supposed to touch challenging. “I was asked to start has tapped longtime pal Jim Kelly, a marketing department almost former managing editor of Time anything unless I wear gloves.” from scratch, so it’s been fast- magazine and Time Inc., “to help —cara s. trager paced,” he says. “At nonprofits, with the transition.” SHE HAS THE TOOLS: Rebecca Brainard is the sole also, you tend to have fewer —AMANDA FUNG preservation worker for 23 historic homes resources, so you have to roll up in city parks, including the your sleeves and do things that Dyckman Farmhouse. aren’t in your job description. Some people may not be EXECUTIVE MOVES comfortable with that.” More executives are giving it a Citi Private Bank: whirl, thanks to a growing demand David Bailin, 49, was for talent. A new survey by appointed managing director and global Bridgestar (www.bridgestar.org), a head of managed job board and social network for investments. He most nonprofit executives, found recently served as 24,000 management job president of openings, mostly because the alternative investment current leadership is retiring. asset management in the global wealth and investment management practice at Curtis Grund, a vice president at Bank of America. human resources consultant ORC Blue Tee Corp.: William M. Kelly, 60, was Worldwide (www.orcww.com), promoted to chief executive at the steel says nonprofits want “business distribution company. He was formerly executives with some volunteer chief operating officer and will continue experience who understand that in his role as president. Cooper Square Realty Inc.: Terry nonprofits operate in a uniquely Moreland, 50, was named executive complex environment, including director of operations at FS Energy, a donors who have become more wholly owned subsidiary of Cooper demanding recently, so you need Square Realty. He was formerly director strong management systems.” of operations at Conservation Services While nonprofits generally Group. can’t match corporate pay, they’re USA Network: Jason Holzman, 37, was trying to catch up. Mr. Grund cites promoted to senior a national study that compared vice president, brand compensation in a sampling of creative, from vice jobs, from HR assistant to CEO, at president, brand for-profit and nonprofit enter- creative. Sierra Realty Corp.: prises. In 2008, businesses Stephen B. Carter, 67, increased compensation by an was appointed senior vice president of average of 7.7%. At nonprofits, residential property management. He pay went up by 19.4%. joins Sierra from Manhattan North Management, where he had been vice IF YOU’VE JUMPED from business to a president and director of property nonprofit, what are the biggest dif- management. ferences you’ve found? Tell us at —maia blume

buck ennis www.crainsnewyork.com/execinbox.

October 26, 2009 | Crain’s New York Business | 21 20091026-NEWS--0022-NAT-CCI-CN_-- 10/22/2009 8:21 PM Page 1

RÉSUMÉ REVIEW The play’s the thing Is your job search all it could be? We ask the experts.

one of those shows that just sticks credible war of words. NAME JANET L. FALK Producer tells how with you. Around four years ago, I OBJECTIVE he brought Oleanna started discussions with David You are staging “talk-backs” after every To work as a skilled strategist who drives Mamet’s team about premiering the performance. Why? revenue and retains clients to Broadway play on Broadway, and start- Because the play is so provoca- EXPERIENCE ed working with Doug tive and controversial, audiences Falk Communications and Research, 2009 Hughes, my first-choice organically start to talk about BY MIRIAM KREININ SOUCCAR Promote executives and events of select clients director because of the it. Inviting people to stay and brilliant work he did on speak their mind has added val- newsPRos, 2006-2008 Media relations counsel leanna—David Mam- Doubt. ue from a marketing perspec- Generated $1 million in new business by securing national news stories et’s play starring Julia tive. It’s been something a Stiles as a student who How did you decide on the lot of people have re- Staten Island Historical Society, 2002-2004 celebrity actors? Director of institutional advancement accuses her professor, lated to. Produced media coverage of Sept. 11-related exhibit, leading to 10% played by Bill Pull- Julia had done the increase in visitors Oman, of harassment—may be the play in London about Are audience most provocative show on the Great five years ago and members fighting EDUCATION White Way. has also been in one and screaming NYU Stern Graduate School of Business, certificate, Careers in Business The play, or two Mamet films, during the talk- Simmons College, B.A. which opened and I had worked backs? Résumé appears in condensed form. Oct. 11 to with Bill Pullman be- We don’t allow MOVERS & EXPERT ADVICE SHAKERS mixed re- fore at the Kennedy that. views, is pro- Center. The goal was In difficult times, corporations frequently review their agencies of record. duced by Jef- to get [experienced Is it tougher to It’s important to note which agencies are landing specific accounts that Jeffrey frey Finn. actors who would be produce on could benefit from your experience. You have a strong background in Oleanna marks able to handle] a play Broadway now, professional services and should follow which agencies are landing new Finn his third run like Oleanna. The re- during the business in this category. Work with an executive recruiter who specializes on Broadway. quirements on the ac- recession? in PR and communications. tors are very intense. A lot more people —camille c. fetter, senior partner, Lucas Group Why did you choose Oleanna? They are engaged in are buying tickets I saw the show when it first pre- rapid-fire dialogue; it’s the week of. It be- To contact this candidate or to be featured in “Résumé Review,” e-mail us miered in 1992 at the [off-Broad- just the two of them up gettyimages comes more of a at [email protected]. way] Orpheum Theater and it was there engaged in this in- nail-biter. FREE SMALL BUSINESS CHECKING. MORE REWARDS IN MORE WAYS.

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22 | Crain’s New York Business | October 26, 2009 20091026-NEWS--0023-NAT-CCI-CN_-- 10/23/2009 1:36 PM Page 1 chemex / INSATIABLE FORUMS CRITIC WEDNESDAY, NOVEMBER 4 flickr.com Gael Greene THE THE FORDHAM INSTITUTE FOR FAMILY AND PRIVATE ENTERPRISE will hold a forum on how to grow your business from 6 p.m. WEEK to 8 p.m. at AllianceBernstein, 1345 Sixth Ave., 41st floor. The event is free. Not Grandpa’s Call (212) 636-8836 or e-mail AHEAD [email protected]. NETWORKING RECEPTIONS NOV. 2-8 TUESDAY, NOVEMBER 3 WHAT SHE’S NETWORKING FOR PROFESSIONALS will favorite dish hold a high-speed networking reception READING CONFERENCES from 6:30 p.m. to 8:30 p.m. at Galway LIZ BERGER, president of the With sophisticated MONDAY, NOVEMBER 2 Hooker Pub, 7 E. 36th St. Fees are $20 THE NATIONAL REALTY CLUB will hold a for members and $30 for nonmembers Downtown Alliance, just finished food, Abe & Arthur’s lunch on developments in New York in advance and $35 at the door for all. Julia Child’s My Life in France, area real estate from 12 p.m. to 2 p.m. Contact (212) 227-6556 or adminnfp@ part of the inspiration behind the is no delicatessen at The Williams Club, 24 E. 39th St. networkingforprofessionals.com. recent Meryl Streep and Amy Fees are $45 for members and $125 for Adams flick Julie & Julia. SEMINARS t’s refreshingly sweet nonmembers. Contact (212) 551-1013 “She felt she wasn’t smart or that a trio of canny private or [email protected]. THURSDAY, NOVEMBER 5 SCORE NYC pretty or sophisticated enough to clubiers—EMM’s Eugene will hold a seminar on TUESDAY, NOVEMBER 3 building a Web site from 10 a.m. to 1 p.m. make a difference,” says Ms. Remm, Mark Birnbaum and Join the ASSOCIATION OF REAL ESTATE at the Science, Industry & Business Berger. “Then she went out and Michael Hirtenstein—would WOMEN for a lunch on where the market Library, 188 Madison Ave., lower level. changed the world.” Iname their first restaurant gamble is headed from 11:30 a.m. to 2 p.m. at Fees are $49 in advance and $59 at the Ms. Berger has a history with for their grandfathers. THRILLING: A pair of crab cakes Club 101, 101 Park Ave., ground floor. door. Contact (212) 264-4507 or the famous female chef. She Abe & Arthur’s may sound like a The event is free for members and [email protected]. remembers her mother preparing delicatessen, but on this rainy $120 for nonmembers. Contact (212) 599-6181 or [email protected]. CULTURAL EVENTS Pick meals from a first edition of Thursday night it’s a hive of hipsters ABE & ARTHUR’S Mastering the Art of French and heel-totterers. At 11 p.m., most 409 W. 14th St. MONDAY, NOVEMBER 2 of the WEDNESDAY, NOVEMBER 4 Join THE COOPER UNION FOR Cooking, the same copy Ms. restaurants are winding down these (646) 289-3930 THE ADVANCEMENT OF week www.abeandarthursrestaurant.com THE RETAIL MARKETING SOCIETY will Berger would later use to teach frugal nights,but in this just-hatched sponsor a conference on consumer and SCIENCE AND ART for its 150th chicklet in the meatpacking district, herself the craft. (Least favorite fashion trends and the sales forecast for anniversary celebration at the Urban lesson: how to peel a tongue.) where Lotus once ruled,waiters race ½ the Christmas season from 8:15 a.m. to Visionaries Award Dinner and silent art The lower Manhattan maven to reset tables for a coven of noctur- CUISINE American comfort 12 p.m. at the Fashion Institute of auction at 7 World Trade Center. nal pretties and the lotharios that Technology’s Katie Murphy Amphi- Cocktails and the auction begin at 6:30 also interviewed Ms. Child for one stride in their wake.On the floor be- PRICE RANGE Entrées $18-$38 theater, West 27th Street at Seventh p.m., and dinner and the awards pre- of her own books, visited the chef’s low, SL, for Simyone Lounge, cele- SERVING Dinner, seven days Avenue, Building D. Admission is $100 sentation begin at 8 p.m.Tickets range re-created kitchen at the Smith- brates a third grandfather. for members and $125 for nonmembers. from $500 to $5,000 for individuals and sonian, and watched every epi- RESERVATIONS Suggested For additional information, contact from $5,000 to $50,000 for tables of 10. sode of The French Chef on DVD. Ten days ago, our foursome was (201) 692-8087 or retailmarketingsoci@ Contact (212) 353-4106 or [email protected]. almost alone in the low-lit dinge, NOISE LEVEL Painful retailmarketingsociety.org. —maia blume “There was a period where I ate a with only an aggressive sound sys- lot of baked Alaska,” she says. I can’t wait to return. tem competing in the just-opened To view Crain’s full list of calendar events, go to www.crainsnewyork.com/events. —KIRA BINDRIM spot. Franklin Becker, a chef I’ve I will definitely go back. been following for years, was the I’ll let them simmer awhile. draw for me. It wasn’t easy to find NO HATS Never again.

the pointedly discreet entrance, and buck ennis once inside, I found the scrims draped on weathered walls,the black- about eating might want to come, I on-black reflected in black mirrors, thought, as we staggered through handsome, moody and mysterious. the inky black to 14th Street.Usual- Then with my first bite of ly I leave a new restaurant hoping popover—crusty and lush,salty,but- the kitchen will shape up. Here the tery and cheesy (Gruyère, pecorino only direction to go is downhill. By and manchego)—my taste buds the time I check in 10 days later, the click on the alert.The place may look die is cast. Mickey Rourke, Sean like drinking and mating, but it Penn and Russell Simmons have al- tastes like a restaurant.We study and ready come by, the chef tells me, ex- debate how to divvy up the menu, a plaining why he is already cooking roster of comfort and the familiar, for 450 many nights. from $9 for lobster bisque to $38 for It’s party night Thursday, with 14 ounces of dry-aged strip. tables of 14 or so getting drunk and Perhaps the garlicky steamed hollering to each other as if they are mussels tucked under grilled country the world. Even the balcony is bread in the black iron pot could be stuffed.So we’re shouting across our plumper, and the day-boat cod with table, interrupted by the miracle of “various cabbages” and puffed rice the popovers, gone, alas, long before might be a tad less cooked. appetizers arrive. Finally, through But I’m thrilled by a pair of crab the manic melee come crab cakes, as cakes—jumbo lumps of crab barely luscious as before, juicy sliders and held together with Old Bay-curried lobster bisque poured from a small mayonnaise, then pan-sautéed and pitcher over lobster bits and green served on summer corn with red pep- apple. Of course the mac & cheese per sauce—and the nutty, caramel- is a must: perfect again. ized sea scallops, delicately cooked Branzino, the whole fish of the and (unnecessarily) crowned with a day,comes boned with just the tail left square of foie gras on a purée of cau- on to hold it together.Tonight,as our liflower and almond.Super-rich mac chocolate brownie Vesuvius arrives, & cheese with a crackle of brown one noisy rabble has been evicted for butter crumbs is right on beat, with a another. It’s almost 11 and the tall, crust just like Mom’s. A generous skinny women are tottering in as we square of brownie oozing chocolate pack up. Much as I’ll long for those ganache with malted-milk ice cream, popovers and fine crab cakes, it’s no plus a big iron pot of “apple Tatin country for old fuddy-duddies like us. cobbler,” clinches the seduction. If they turn up the lights and tone Copyright © 2009 by Gael Greene. down the music,grown-ups who care Syndicated by www.insatiable-critic.com.

October 26, 2009 | Crain’s New York Business | 23 Project5 9/15/09 1:40 PM Page 1

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