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INSIDE There’s danger in TOP STORIES crowning Say ‘Ah, not again.’ Cuomo Sick-days law back —Greg David on the presumed on council agenda ® front-runner PAGE 4 Page 11 Condé Nast leads mag publishers’ VOL. XXVI, NO. 9 WWW.CRAINSNEWYORK.COM MARCH 1-7, 2010 PRICE: $3.00 charge onto iPad PAGE 2 Pressure Why private equity queen mounts for Lynn Tilton wants to Paterson start up her own bank to quit PAGE 3 Sibling barflies Neutered guv has the Gerbers ride out little support; Ravitch the recession is waiting in the wings PAGE 2 BY ERIK ENGQUIST Scammers target PERFECT PITCHMAN: His efforts at NYC & as the political world buzzes about entrepreneurs Company are credited with bolstering tourism activity when Gov. David Paterson’s tenure SMALL BUSINESS, PAGE 9 here during tough times. will end, the question has changed from whether he can mount an election cam- NEWS paign—the answer was no—to whether he can ANALYSIS BUSINESS LIVES govern at all. With his public and political support evaporat- ing, and a problematic state budget and other crucial issues facing Albany in the next two months, the pressure on him to resign will build. In some ways, it is an acceleration of the inevitable.The Legislature was be- See PRESSURE’S ON on Page 22

EDITORIAL Bowing out, ungracefully PAGE 10 HEALTH CARE HEAVIES Docs, unions, hospitals GOTHAM GIGS ready to fight funding cuts in Albany PAGE 22 Jonathan Levy really is a trailblazer P. 25

G ANNE FISHER writes buck ennis about the benefits of cash reserves P. 25 Owners test G MOVERS & SHAKERS A New York Fed VP market with reflects on the crisis P. 26 G GAEL GREENE still CITY’SNO.1 SELLER P. 27 tower sales loving Picholine How hard-charging adman George Fertitta After long absence, INDEX transformed tourism agency NYC & Co. lenders and buyers NEIGHBORHOOD JOURNAL ______3 city.A former advertising executive who ran his own edge back into fray IN THE MARKETS ______4 BY LISA FICKENSCHER successful firm for more than three decades, Mr.

NEW YORK, NEW YORK ______6 Fertitta faced his biggest test in his new role as chief BY THERESA AGOVINO THE INSIDER ______8 when mayor michael bloombergtapped George executive when the economy tanked in 2008. Fertitta to take over the city’s tourism and market- “Our job was to weather the storm and figure out REAL ESTATE DEALS PLUS ______12 ing agency in June 2006, he was turning to an exec- a way to take advantage of it,” says Mr. Fertitta. manhattan’s catatonic commercial FOR THE RECORD ______18 utive with no ties to the industry and one who rel- By most measures, he accomplished his objec- sales market is showing signs of rousing. CLASSIFIEDS ______20 ished his role as a reformer. tives while transforming the agency from one that Prospective buyers are flocking to HOT JOBS ______25 His mandate was to refashion NYC & Compa- resembled a trade group serving many special inter- the two properties that owners put on

THE WEEK AHEAD ______27 ny into a marketing powerhouse that would attract ests to a professional marketing organization an- the block last month—the office tower more tourists,conventions and splashy events to the See SELLING THE CITY on Page 17 at 340 Madison Ave. and The Helms- ley Carlton House residential hotel at 680 Madison Ave. Meanwhile, 600 09

5 Lexington Ave. hit the market last REPORT NYC TOURISM week, and 125 Park Ave. is expected to Cruise ships discover NY as port of call follow at the end of the month.Both are ELECTRONIC EDITION office towers. PAGE 15 “We haven’t seen this much for sale Plus: City’s largest events at the same time in at least a year or so,” NEWSPAPER See SELLERS on Page 22 71486 01068 0 20100301-NEWS--0002,0003-NAT-CCI-CN_-- 2/26/2010 7:36 PM Page 1

IN BRIEF THE COCA-COLA CO., WHICH OWNS 711 FIFTH AVE.—FORMER HOME OF THE WORLD OF DISNEY store—is considering using the space for its own retail store, according to real estate sources. Unlike the Coca-Cola store that occupied the corner space in the early ’90s, which used only about 3,000 square feet to sell clothing, toys and memorabilia, the new venture will utilize all 61,000 square feet of the retail space vacated by Disney last month, sources say.Though details were not disclosed, the Coca-Cola store is expected to be an “experience” store, similar to the new Disney store in Times Square opening this fall. THE GLOBAL ECONOMIC MELTDOWN PUSHED CONSTRUCTION STARTS IN NEW YORK CITY down by 29% last year, to $16.6 billion, according to an analysis by the New York Building Congress. However, the trade group reported that signs of life emerged in the fourth quarter of last year, when $5.6 billion worth of work began, up 51% from a year earlier. Public-sector work saw the biggest rebound, as construction of roads, bridges and other projects reached $2.9 billion. Construction starts for nonresidential properties like offices, schools and hotels were steady, hitting
$2.4 billion in the last three months. buck ennis BY THE NUMBERS Gerbers are raising the bar

Weekly shift of the city’s economy

THE OLYMPIC TORCH IS EXTINGUISHED. So is   hope for fast economic pickup, after news that everything from consumer confidence and with time-tested lounge act home sales to bank lending plummeted.

$3.63B -2.1% -0.1% tional venues. Scott, 49, the older of the To be sure, the brothers have taken VALUE OF Jan. DROP IN vehicle WEEKLY NY-LA brother duo two brothers by 18 months, lives in Bed- some knocks over the past year, including construction crossings on CHANGE in ford, N.Y.; he manages the business.Their a costly legal dispute involving two of their starts in metro NY, city’s bridges, Bloomberg/ with 30 sites counts up 110% from tunnels in Dec. Crain’s NY Stock tag-team approach has not only won them bars (now closed) in the Hard Rock Hotel year earlier vs. year earlier index 18 years of success in a famously fickle in- in San Diego. What’s more, revenues at Source: McGraw-Hill Source: Metropolitan Starwood Hotels, dustry, but has also helped their company Gerber Group bars that have been open for Construction Transportation Authority plow through the recession intact—and more than a year were off by between 5% Delta Air as fans even to expand beyond their core hotel and 12% in 2009. RISING RENT ROLLS: After swelling for several months in business. Overall, though, with the addition of a row, vacancy levels have been edging downward at an BY LISA FICKENSCHER increasing rate in the past three months. “They both have great strengths, and nine venues last year in W hotels in cities they both understand the industry,” says including Fort Lauderdale, Fla., and San- rande and scott gerber, the nightlife Carlos Becil, vice president of luxury tiago, Chile, Gerber Group’s revenues impresarios behind hot spots such as brands in North America for Starwood were up 25% in 2009 over year-earlier lev- Whiskey and Stone Rose, look nearly Hotels & Resorts Worldwide Inc. “That’s els, to more than $50 million, according to identical. But their roles in the Gerber why they are in so many of our hotels.” Scott Gerber. Group couldn’t be more different. Indeed, the Gerbers operate bars in 12 Late last year,the duo struck a licensing Rande, who lives in Malibu, Calif., and of Starwood’s 36 W hotels. deal with airport food and beverage oper- is married to model Cindy Crawford, cre- “They are our preferred operator,”notes ator HMSHost to open a Stone Rose Bar ates the buzz surrounding their 30 interna- Mr. Becil. See GERBERS on Page 23

Source: CitiHabitats

CORRECTIONS Tim Kemp co-owns the Crosby Street Hotel. His name was misstated in the Sept. 21, 2009, issue. Condé Nast set to lead its rivals o WSKQ-FM lost 69% of its audience among adults aged 25 to 54 when radio research firm Arbitron switched to the Portable People Meter measurement system. The audience decline was launch later this ability to click through to the misstated in the Sept. 21, 2009, issue. Glam publisher making month of Ap- Web, that would be available as Halstead Property estimated that there were 162 residential concrete plans with ple’s iPad. part of sponsorship packages. properties valued at over $10 million being marketed citywide Other pub- last September. However, Halstead was not actively marketing advertisers, agencies lishers, including R&D process them. That fact was misstated in the Sept. 21, 2009, issue. Time Inc., Hearst the aim is not just to plant In the late 1980s, the Koch administration passed zoning Magazines, Rodale Condé Nast’s stylish flag in the changes that prohibited the conversion of factory space to BY MATTHEW FLAMM offices unless the landlord replaced the lost industrial space in and Bonnier, are also at embattled industry’s most prom- the neighborhood. That fact was misstated in the Sept. 28, work on tablet editions. ising new area,but also to begin a 2009, issue. in what might be the media equivalent of But only Condé Nast has process of research and develop- the space race, upscale magazine giant been meeting with advertisers ment as readers and advertisers vol. xxvi, no. 9, march 1, 2010—Crain’s New York Business (issn Condé Nast is putting the pieces in place to and making concrete plans for enter uncharted territory. 8756-789x) is published weekly, except for combined issues June become the first publisher to produce tablet specific issues. “This is a whole new fron- 28/July 5, Aug. 30/Sept. 6, and Dec. 20/Dec. 27, by Crain Com- munications Inc., 711 Third Ave., New York, NY 10017. Periodicals e-reader editions of its titles. Wired, Vanity Executives from S.I. New- tier,” says Sarah Chubb, presi- postage paid at New York, N.Y., and additional mailing offices. Fair and GQ are expected to roll out the dig- house’s magazine empire have Creating dent of Condé Nast Digital,who Postmaster: Send address changes to: Crain’s New York Business, ital versions with their June issues. Glamour spent recent weeks pitching the would not confirm the compa- Circulation Department, 1155 Gratiot Avenue, Detroit, MI magazines 48207-2912. for subscriber service: Call (888) 909-9111.Fax and The New Yorker are likely choices to ap- ad community, including send- for e-readers ny’s plans.“Our goal is to get very (313) 446-6777.$3.00 a copy, $59.79 one year, $109.79 two years. pear a month later, industry sources say. ing out a media kit entitled,“The good at creating these products (GST No. 13676-0444-RT) ‘is a whole ©Entire contents copyright 2010 by Crain Communications Inc. The editions will be compatible with Wired Slate Experience: June for consumers and bring our ad- All rights reserved. virtually any slate tablet computer,but their 2010.” The kit outlines the sort new frontier’ vertisers along with us.” release is being spurred by the high-profile of flourishes, like video and the Achieving these goals won’t

2 | Crain’s New York Business | March 1, 2010 20100301-NEWS--0002,0003-NAT-CCI-CN_-- 2/26/2010 7:36 PM Page 2

Waiting for the train Small banks On the far West Side, OUT IN THE COLD: Bruce MacAffer’s home, push for subway stop at West 43rd Street and 10th Avenue, is a long no steal suddenly has residents walk from the subway. feeling connected Private equity leery of community banks BY AMANDA FUNG with long way to drop seven years ago, Bruce MacAffer moved into The Strand, a 350-unit condominium on West BY AARON ELSTEIN 43rd Street and 10th Avenue. He was drawn by the new Hudson River Park, the area’s vibrant private equity executive Lynn arts scene and the proximity of Hell’s Kitchen, Tilton is an expert in distressed in- with all its restaurants and bars. vesting.With stakes in more than 70 But all that came at a price—his new home companies, she’s helped revive was and still is a long hike from the subway. struggling manufacturers of every- “In the winter it’s a long, cold walk, with the thing from helicopters to auto parts temperature dropping five degrees with every to Isotoner gloves. For her next step,” says the sen- move, she’d like to create—of all NEIGHBORHOOD ior director of real things—a bank that would serve JOURNAL estate for advertis- small and midsize business owners. ing giant WPP Now, with nearly 10% of the na- Group. “Most of tion’s banks in dire straits,this would the other major seem a perfect chance for the chief neighborhoods in the city have subway stops executive of Manhattan-based Pa- within decent walking distance.” triarch Partners to jump-start her For Mr. MacAffer and the neighborhood’s operation by buying a financial in- other 10,000-odd residents, there may be hope stitution on the cheap. yet. Two weeks ago, the Real Estate Board of Not so fast. New York, with support from commercial ten- “Banks may get cheaper,” says ants, business leaders and construction industry Ms. Tilton, whose firm manages $7 leaders, launched a campaign to revive a previ- billion in assets. “A lot of them are ously planned subway station at West 41st Street completely de- and 10th Avenue. The powerful industry trade pendent on group has created a Web site and a petition to corporate and 700 garner support for building the station. residential real Banks described “I have volunteers from the brokerage com- estate, which munity out there collecting signatures from res- are going to as “problem” idents and office tenants,” says Steven Spinola, take a long time institutions REBNY’s president. to recover.” by federal Current plans for the 7 line extension envi- Welcome to regulators sion just one subway stop, at West 34th Street the next step and 11th Avenue. Originally,there were plans to down in the build a second station on West 41st Street. But banking crisis. And it’s a big one. in 2008, those plans were cut back to building Last week, the federal govern- just a shell for a station.And in the past year,even ment declared that 700 banks are those plans were scrapped, making it almost im- “problem” institutions and starved possible to build a station. for cash. But bottom-feeders like Locals still are reeling at having been literal- Ms.Tilton, who likes to say she spe- ly left out in the cold.“There is a huge need,”says cializes in finding diamonds among

See WAITING on Page 14 buck ennis the dust, want no part of them. The regulatory headaches in- volved in buying a bank are one rea- son. Then too, memories are still tion—for GQ—that includes all medium that plays to the company’s fresh of private equity firms suffering the ads from the print edition. strengths.Its design studio is already huge losses by investing in Washing- s onto Apple’s iPad Thus, each download qualifies as a helping advertisers with the new ap- ton Mutual shortly before it failed. “copy” under Audit Bureau of Cir- plications, says Lou Cona, who But more important, the private culations rules. heads the Condé Nast Media equity crowd seems to be convinced be easy. Ad agency executives say consumers—and to what degree Hearst did something Group, which negotiates corpo- the cost of the merchandise will only they’re excited about the possibili- they’ll help the magazine industry. similar with Esquire, but rate ad buys. go down. “PE firms invest in some- ties for both readers and advertis- “Magazines might be dying be- apps from other publishers He adds that there will be thing that’s going to make money, if ers, but are stumped by what kind cause media consumption is so have featured mainly off- a limited number of en- not right now, then soon,” says of ads will suit the devices and how fragmented,” says Derek Leedy, an shoots of the brand, hanced ads in the first tablet Steven Siesser, chairman of the spe- they’ll be priced. They also say account director at West Coast ad like Men’s Health’s editions, as the publish- cialty finance group at law firm many clients are still trying to un- agency Mediasmith Inc. He adds Workouts. er and advertisers Lowenstein Sandler. “Who can say derstand what sorts of digital bells that marketers will be looking at By being first, see what works. when profitability is going to return and whistles work best on Web how popular the devices and the Condé Nast stands Overall, mar- to a lot of the banks?” sites, let alone tablet e-readers that magazine editions are before decid- to attract a lot of me- keters are cheered The challenges are greatest at haven’t hit the market yet. ing if it’s worth creating ads that use dia attention, as well by Condé Nast’s small and midsize banks, the market Advertising executives who’ve the technology. as advertising from efforts. “This is segment private equity firms usually met with Condé Nast must finish companies that want good news,” says target. These banks are starting to their due diligence before they Head start to be part of a cut- AT THE CORE: Brenda White,sen- buckle under the weight of their huge commit. “This is a new language, still,condé nast might be better ting-edge launch. Steve Jobs ior vice president of commercial mortgage portfolios. and there are a lot of unknowns,” positioned than some other pub- The publisher has with Apple’s publishing activation According to a report last month says Robin Steinberg, director of lishers to figure out the advertising drawn criticism over iPad. at Starcom. “And from the Congressional Oversight print investment and activation at equation, since it is already dealing the years for failing to build there hasn’t been good Panel,half of the nation’s banks have MediaVest. with some of the questions. In No- successful digital business- news from the pub- more than triple their capital tied up One of the biggest unknowns is vember, the company launched the es,but the iPad may be the lishing industry in in commercial real estate loans.Some whether tablets will take off with first magazine iPhone applica- kind of design-friendly some time.”
See SMALL BANKS on Page 23

March 1, 2010 | Crain’s New York Business | 3 20100301-NEWS--0004-NAT-CCI-CN_-- 2/26/2010 6:49 PM Page 1

Judgment day for sick days IN THE MARKETS Business groups, ations are merely window dressing. businesses to give workers five sick “The proposed changes are just days and larger ones to provide nine. by Aaron Elstein Working Families nibbling around the edges and not Fines would be levied at a rate of tackling the fundamental problem $1,000 per violation. Party face off on bill that businesses have with this bill,” Both proponents and opponents says Matthew Greller, an attorney at have come up with financial impact Tonio Burgos & Associates, who is data to support their viewpoints. A New Yorker takes on Chicago Merc BY DANIEL MASSEY lobbying against the bill. “It’s an The bill’s backers argue it would cost enormous and devastating financial the city’s businesses just $332 mil- he new york Stock city council legislation com- burden.” lion per year. Business groups Exchange gets the attention, pelling employers to provide work- counter that it would cost business- ers with up to nine paid sick days Suggestions taken es $8.8 billion annually,or nearly 2% Tbut in financial circles, the could be reintroduced as soon as shula warren, chief of staff for of the gross city product. really big player is the Chicago Wednesday, setting the stage for a Councilwoman Gale Brewer, insists But the businesses face a tough Mercantile Exchange. Need proof? battle between business groups in- the business community’s sugges- road. More than three-quarters of tent on killing,or at least gutting,the tions will be incorporated into her the council sponsored the bill last The market value of the NYSE’s bill, and the labor-backed Working new bill—aimed at an estimated 1.5 time around. And several newcom- parent, about $7 billion, is roughly Families Party, which has made its million New York workers who get ers, like Jumaane Williams, Brad one-third of the CME’s, largely passage a top priority. no paid sick time—though she Lander and James van Bramer, who because the Chicago mart has a Business groups expect the new would not offer specifics. rode WFP support into office,are es- bill to contain changes from the one “I don’t think I’ve ever seen a bill pecially staunch backers of the idea. virtual monopoly on much of what that was debated in the council last that’s had more meetings on it,”Ms. “Half of working New Yorkers it trades, ranging from soybeans to year—notably, a shift in the defini- Warren adds.“I hope they’ll see that can’t take a sick day without worry- U.S.Treasury futures. In fact, the tion of a small business, from fewer we’re trying to improve the bill so it ing about their livelihood,” a Work- CME handles about 98% of the 5 than 10 employees to fewer than 20. has an ear to the businesses, non- ing Families Party spokesman says. Neal Wolkoff But the groups, led by an alliance of profits and cultural institutions that “Having to choose between your million Treasury futures contracts bloomberg news the five boroughwide chambers of would be affected by it.” health and your job is a tremendous that trade daily, which generates a fifth of the exchange’s $800 commerce, say the anticipated alter- The bill would require small burden to working families.”
million in annual profits. Many have tried to break Chica- spond as it has to past threats and cut go’s hammerlock over the years with- fees to match ELX, although doing out success. One reason: The CME so could reduce its earnings per not only trades futures, it also clears share by nearly 25%, according to them, which means the exchange Bernstein. guarantees buyers receive what they There’s another reason to think acquired while sellers get paid. It’s Mr. Wolkoff has a better chance of Motivate. nerdy work, but makes competing success against the CME than past with the CME terribly difficult. rivals.Two years ago,the Justice De- Celebrate. Now an upstart may just give the partment said that futures ex- CME a run for its money. Called ELX changes should be barred from own- Futures, it’s a New York-based outfit ing clearinghouses because the Congratulate. created last July and backed by a con- practice inhibits competition. An sortium of big Wall Street firms.ELX official at the Commodity Futures is headed by former American Stock Trading Commission recently said Exchange CEO Neal Wolkoff. that CME customers should be al- To lure customers, Mr. Wolkoff lowed to move their contracts to is offering lower commissions for ELX, something CME has lobbied interest rate futures. ELX charges a hard to prevent. flat fee of nine cents per trade, while In other words, the government the CME charges 11 to 56 cents,ac- seems to be looking for something cording to Sanford C. Bernstein re- like ELX to come along and chal- search. Most likely, CME will re- lenge the mighty Chicago exchange.

CEO gets his McGraw fill last year was a tough one at Here’s the story: Early last year, McGraw-Hill Cos. Earnings fell as the McGraw-Hill said in a press release former BusinessWeek publisher and that it would make no more than owner of Standard & Poor’s did $2.30 a share in 2009. As fate would some painful restructuring. have it, the company made exactly But, at least in the eyes of the three cents more than that, a 7% de- Macy’s Gift Cards are the perfect present for clients, customers and board, what really mattered was that cline compared with the prior year, the company performed a bit better in part because letting 550 employ- employees! With each card comes choice, convenience and the magic than it told Wall Street to expect.For ees go lowered costs. of “The World’s Most Famous Store”. Plus, Macy’s Gift Cards never expire playing the expectations game so ex- In prior years, the board had re- or incur fees – making them a smart business decision! pertly, Chief Executive Harold Mc- quired that earnings grow by 10% in Location, location, location! Redeemable at over 800 stores nationwide Graw III was awarded a $1.3 million order for top executives to qualify for and macys.com, Macy’s Gift Cards make shopping a breeze. cash bonus. He wasn’t awarded any bonuses.But directors decided such a cash bonus in 2008, when the com- hurdle “was not appropriate”last year Herald Square 212-494-4181 or 1-800-452-4440 Call us today at and pany’s profits were higher. in light of the difficult economy.
ask about our volume discounts, or visit us at macys.com/corporategifts. bloomberg news CITIGROUP DIRECTORS who’ve sat on the bank’s board since before the economic crisis began. With last week’s news that some longtime Citi directors would soon leave the 17-member board, the last holdovers are (from left) 4 Richard Parsons, Alain Belda, Andrew Liveris and Judith Rodin. 4 | Crain’s New York Business | March 1, 2010 CN013489 2/5/10 3:29 PM Page 1

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25, the Greatest Show on Earth will Baseball musical Fashion sales have a feminine touch. on deck suit hotel For the first time in its 139- year history, the circus is being while it’s usually the ladies like most hotels in the city, the produced by two women—Nicole who attend Broadway musicals, a Loews Regency could use more Feld, 32, and Alana Feld, 29, the new production in the works guests in its posh rooms. So the daughters of longtime producer hopes to hook the guys, too. Park Avenue property has come up Kenneth Feld. After 30 years at the National Pastime, a musical about with another way to earn money. helm, Mr. Feld decided to step an unbeatable baseball team, is Since last month’s Fashion back to focus on other parts of the slated to open on Week, Regency family entertainment business. the Great White guests have been “Nicole has opened my eyes to Way in 2011. It greeted in the lobby a new way of thinking,” says Mr. will have its first by mannequins Feld, who has worked on the show performance May stylishly clad in suits with his eldest daughter since 1 at the National from upscale Italian 2001. “She brings a definite Baseball Hall of menswear line Isaia contemporary spin to things.” Fame in (left), which is The two sisters grew up Cooperstown. paying a tidy sum to immersed in the circus—their The show is the advertise its $3,000- grandfather was responsible for brainchild of two plus duds. reviving Ringling Bros. in the baseball fanatics, Known for its 1950s.Their childhood was filled playwright Tony power breakfasts at with play dates with clowns and Sportiello and restaurant 540 animal trainers. In an attempt to composer Al Tapper. Park, the Regency modernize the spectacle, the The duo previously attracts the kind of sisters plan to add more collaborated on clientele Isaia multimedia features to the Off-Broadway’s wants, and the production. Sessions and An Evening at the hotel is happy for the extra cash. Carlyle. “Everyone who walks in here Contributors: Lisa Fickenscher, Matthew The team behind National for breakfast is high-powered,” Flamm, Miriam Kreinin Souccar Pastime is working to raise the $7 says Stuart Schwartz, million to $9 million needed for a managing director of the Broadway run. Some financing is hotel. “The men are A BIG DEAL AT CITY’S already in place, but Mr. walking up to suits and SMALL MUSEUMS Sportiello didn’t say how much. feeling the fabrics.” Mr. Sportiello is confident the Hotel guests and From March 1 to May 31, seven local show will attract new audiences. restaurant patrons receive museums are offering two-for-one admis- “A guy who has a bunch of a card that entitles them to sions. Check the museums’ Web sites for choices and sees that there is a a pair of free cufflinks if coupons, or stop by NYC & Company’s musical about baseball is they purchase an Isaia suit information center at 810 Seventh Ave., at probably more inclined to go or jacket at Barneys. West 52nd Street. They include: with that than, say, Billy Elliot,” Mr. Sportiello says. “I wrote this American Folk Art Museum to appeal to a large group of Ringling’s new Asia Society people.” ringmasters Broadway’s last major The Noguchi Museum treatment of the national pastime, when the Ringling Bros. Rubin Museum of Art Take Me Out, written by Richard and Barnum & Bailey Greenberg, won the 2003 Tony for circus opens at Madison The Studio Museum in Harlem best play. Square Garden on March

6 | Crain’s New York Business | March 1, 2010 CN013511 2/19/10 12:39 PM Page 1

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WINE WAR Under lobbies’ influence ramps painted a much sunnier MEMBERS OF A COALITION opposing Gov. David Paterson’s proposal to allow picture.The ramp report is being wine sales in supermarkets rallied in Albany last week, reiterating a claim that redone after Mr. Ketcham used has become a calling card of their campaign: that the measure would force THE INSIDER traffic data from the EIS to more than 1,000 small liquor stores to close, resulting in a loss of more than highlight the discrepancy. 4,500 jobs. Mr. Ketcham is being paid by Proponents of the measure countered with a report by economic by Erik Engquist and Daniel Massey project opponents, but his traffic development consulting firm Appleseed calling those figures “unexamined projections are derived from and highly questionable.” common modeling software that A spokesman for the opposition group, Last Store on the state Department of Main Street, stood by the numbers, saying, “If anything, Transportation trusts. they’re conservative.” The ramps require state and Meanwhile, Assemblyman Micah Kellner, D- Willets Point hits federal approval, and it is possible Manhattan, has written to Attorney General Andrew that the project could not proceed Cuomo and State Liquor Authority Chairman Dennis without them. “At the very least, Rosen, asking them to investigate liquor wholesaler roadblock we have put this off by six Diageo’s relationship to the Last Store on Main Street months,” claims Richard Lipsky, the coalition. The assemblyman questions whether Diageo’s lobbyist for the property owners financial contributions to the group violate state law by triped bass and a dogged traffic engineer group, Willets Point United. attempting to influence purchases of its brands. The plan for the 62-acre site He cites “a smoking gun”: a letter in which Diageo istockphoto helped kill Westway, a massive West Side highway calls for 5,500 housing units, eight project, during the Koch administration. Could two General Manager Joe Lehane offers his support for the acres of open space, 500,000 square coalition and concludes by writing, “I know we can continue feet of office space, 1.7 million highway ramps and the same engineer doom the to count on your support for our industry-leading brands.” mayor’s vaunted Willets Point redevelopment? square feet of retail space, a school, and a hotel and convention center. Mr. Kellner points out that Diageo was party to a 2006 agreement with Local property Building cannot begin until the former Attorney General Eliot Spitzer reaffirming that under New York’s Alcohol S Beverage Control Law, wine and liquor distributors cannot use financial owners fighting it have private parcels on the site are pur- been making that case chased or condemned through inducements to influence the purchase of their products. Companies are eminent domain. allowed to contribute to trade groups, but Mr. Kellner argues that it’s unclear for months—it’s a key whether the firm’s donations to the coalition would qualify for that exception. element of their “We’re trying to have an open and honest debate,” he says. “If someone is Article 78 lawsuit An energetic running afoul of the law, that needs to be brought to the attention of the challenging the proper state authorities.” jobs bill A Diageo spokeswoman denied that the company is doing anything project’s assemblyman Kevin Cahill delayed wrong. “We are simply supporting, as we have in the past, the position we’ve environmental impact the unveiling of his Power for Jobs had on the wine and grocery store issue,” she says. “It’s simply a way for us to buck ennis statement—and reform bill to give the governor and voice our opinion.” appear to have some momentum.Their traffic engineer, Senate a chance to sign on, but they Brian Ketcham couldn’t get their acts together. Mr. Westway nemesis , determined that the two Cahill went ahead last week makes benefits flexible and patently unequal and unfair,” proposed ramps would worsen traffic on the Van Wyck because the program, which awardable in seven-year contracts, concludes the New York City Expressway.The Bloomberg administration has argued that the provides low-cost power to selected which business groups requested. Charter School Center. ramps are necessary to prevent a traffic nightmare at the site. businesses, expires May 15 and Recipients would be judged on the But insurance executive Patrick needs an overhaul. His bill broad economic impact of their Sullivan, the Panel for Educational The EIS showed the massive Willets Point project would emphasizes energy efficiency, capital expenditures and Policy member who requested the generate heavy traffic, but a recent report on the proposed pleasing environmentalists. It operations, not on easily study, says it shows charter school manipulated job-creation metrics. students who share public school Mr. Cahill says fixing the out- buildings (as two-thirds do) on dated program is an important test average get only $305 less in for lawmakers. “We need to prove public funding per pupil. Add in the functionality of Albany,” he private contributions, Mr. Sullivan Moving Ahead in 2010 - The Role of The says. says, and charter students in CFO in Managing Against Overcondencecondence shared buildings “are getting far Dems play more.” The CFO Alliance® invites CFOs and accounting and finance executives to dissect, debate and discuss cognitive biases by old rules Tax amnesty during this exclusive peer-to-peer Breakfast Roundtable. the state democratic Senatorial program struggles (2 CPE Credits) Campaign Committee held a conference call last week to launch tax experts are not surprised that • Understanding the affect cognitive biases have on “a major new campaign targeting state Comptroller Thomas DiNapoli the rational use of financial tools and principles. 22 Senate Republicans who just (below) has found that a tax two weeks ago blocked historic amnesty program has brought the • Identifying and addressing the psychological issues ethics reform from becoming law.” state just $2 associated with decision-making and craft business But Josh Cherwin, executive million out of processes that mitigate the effects of those issues. director of the DSCC, sidestepped an expected • Balancing an ‘overconfident CEO.’ a question on whether Democrats $250 million. THE CFO ALLIANCE would voluntarily adhere to the “I can’t Tuesday, March 9 NEW YORK campaign contribution limits in think of one IS PARTNERED BY the failed reform bill. That seems client that’s

8:00 am - 10:00 am unlikely for this year’s elections. written a One W. 54th Street, New York, NY V Mr. Cherwin says Democrats are check,” says getty images Facilitated by: Dr. Jacqueline M. Wise outraising Republicans by about 2- Wayne Berkowitz, to-1. “We feel very good about our a partner in charge of state and lo- Fordham University, School of Business position,” he says. cal tax at Berdon. He gets plenty of inquiries, prompted by letters from Register Today for the Next the state. “People have been call- CFO Alliance-NYC Breakfast Roundtable Charter report’s ing, saying, ‘I got this notice—I Send Full Name, Title and Company to: mixed responses closed my business 25 years ago!’ ” [email protected] The program excludes nonfilers Greg Wood (484) 437-2750 last week’s Independent Budget and those with post-2006 debts. Office report on charter schools Many liabilities are so old that confirms that “charter school their legitimacy is undeterminable, students get less funding than Mr. Berkowitz says. The two- district students, a disparity that is month program ends March 15.

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8 | Crain’s New York Business | March 1, 2010 20100301-NEWS--0009-NAT-CCI-CN_-- 2/25/2010 5:56 PM Page 1

SMALL BUSINESS

ed and was likely a Ponzi scheme. Even if entrepreneurs feel that a Financing scams a rising threat lender is shady,they sometimes push aside their doubts, warns Ken Springer, a former FBI agent who is don’t report fraudsters, especially if of the “federal government,” offer- founder of private investigation Crooks exploit the tough lending market the scam doesn’t work. ing a $250,000 loan. firm Corporate Resolutions Inc. by posing as private equity brokers It’s hard to say how often such “I thought it was really great the “When people are desperate, lending scams work. But they sure- federal government wanted to give they take desperate measures,” he Ancona made an official report ly do—Ms. Perrotta discovered that me money,” she says. “Then I real- says. “They hope this will be their BY STEVE GARMHAUSEN about the approach, though Ms. the group targeting Mr.Ancona had ized it was probably a scam.” white knight.”
Perrotta mentioned the group to a scammed other businesses out of Mukang Cho, managing princi- s small business lend- friend of hers at the Federal Reserve. hundreds of thousands of dollars. pal at Crown Street Capital, says the ing continues in the “I wasn’t actually robbed, so I The frauds can take other forms. real estate firm passed on a $35 mil- To sign up for Crain’s doldrums,the criminals didn’t expect the authorities to do Leslie Jacobs, a professional home lion loan offer in spring 2008, only twice-weekly SMALL BUSINESS that have long preyed much,” Mr. Ancona says. organizer in New Britain, Conn., because it got a better deal else- NEWSLETTER, go to on consumers with ad- Mr.Bernardo says he believes that recently got a spate of phone calls where.Shortly afterward,he learned www.crainsnewyork.com/smallbiz Avance-fee loan scams are turning businesses, like consumers, typically from a self-described representative that the lending group had disband- their sights on entrepreneurs desper- ate to finance their ventures. Michael Bernardo, chief of the Federal Deposit Insurance Corp.’s cyber-fraud and financial crimes section,says he’s seen the scams sur- face in the small business world in the past six months or so,though the trend hasn’t attracted much atten- RUN YOUR tion because small business owners rarely report it. In an advance-fee loan scam, someone posing as a loan broker promises to deliver a loan in ex- change for an up-front fee. The fee BUSINESS. and the criminal disappear—and the loan never materializes. In the small business twist, says Mr. Bernardo,the scammers often claim to have private equity sources. DON’T RUN This is exactly the claim that a shady middleman made to Steven Ancona, president of Flatiron Real Estate Advisors. Last October, Mr. Ancona, who TO THE BANK. has been seeking funding for a green hotel project, was approached by an unfamiliar group offering a multi- • FREE High-Performance TD Bank million-dollar construction loan. As BusinessDirect Online Banking a favor, he asked a business associate to look into the matter. Good thing he did.Nicole Perrotta asked around • Real-Time Information at the large brokerage house where & Transactions she works as a financial adviser and discovered that “this particular • E-Statements & Check Images group certainly was a scam.” “Had [Mr. Ancona] gone along with what was being proposed,”says • Tiered Levels of Access Ms. Perrotta, “he would have paid the scammers a sizable sum in return • ACH, Wire & for the financing, which never Bill Payment would have happened.” Neither Ms. Perrotta nor Mr. GUARD AGAINST SCHEMERS THREE YEARS IN A ROW! Avoid up-front fees. Some “Highest in Customer Satisfaction with Small Business Banking” financial advisers who help – J.D. Power and Associates companies find venture capital expect retainers, but those arrangements should be Visit your nearest TD Bank, connect to www.tdbank.com approached cautiously. And or call 1-888-751-9000 and open a business account today. “never prepay for any promise of a loan,” says Bob Seiwert of the American Bankers Association. “Make sure the broker gets his fee from the loan proceeds.” Vet the source. “Speak to your accountants, to your lawyer, to your bank,” counsels Jay Silver, a managing director with CBIZ Mahoney Cohen. Make skepticism a habit. The links on phony lenders’ sites might not function, or the lender TD Bank N.A., formerly Commerce Bank, received the highest numerical score in the proprietary J.D. Power and Associates 2007-2009 Small Business Banking Satisfaction StudiesSM. 2009 study based on 7,226 total responses, measuring 27 fi nancial institutions and measures opinions of small business customers with annual revenues from $100,000 to $10 million. Proprietary study results are based on experiences and perceptions of customers might not list a physical address. surveyed in July-August 2009. Your experiences may vary. Visit jdpower.com. Some restrictions and fees may apply; check your account agreement for more information. | TD Bank, N.A.

March 1, 2010 | Crain’s New York Business | 9 20100301-NEWS--0010-NAT-CCI-CN_-- 2/26/2010 3:38 PM Page 1

VIEWPOINT Bowing out, less than gracefully editor in chief Rance Crain publisher, vp Jill R. Kaplan e are grateful that Gov. will presumably determine the nature of the conversations and EDITORIAL David Paterson has realized that whether Mr. Paterson had a role in them. But there is no editor Xana Antunes he cannot be elected to a new reason for New Yorkers to wait. managing editor Glenn Coleman deputy managing editors Valerie Block, term. But the revelations of the A more accomplished governor might deserve a chance to Erik Ipsen last week make it clear that he restore his standing, but Mr. Paterson has struggled from the contributing editor Elizabeth MacBride must do more than end his day he was unexpectedly thrust into the job. His unbalanced columnists Greg David, Alair Townsend budgets, embarrassing treatment of Senate candidate Caroline politics editor Erik Engquist campaign. He must resign. pulse editor Barbara Benson Attorney General Andrew Cuomo has only just begun Kennedy, poor staff management and questionable work senior reporters Theresa Agovino, investigating the conversations that Mr. Paterson and his habits have earned him little leeway. He recently botched the Aaron Elstein, Lisa Fickenscher, W Matthew Flamm, Miriam Kreinin Souccar State Police detail had with a woman who accused a Paterson simple task of picking a team to redevelop Aqueduct. reporters Amanda Fung, Daniel Massey, Adrianne Pasquarelli, Hilary Potkewitz confidant of attacking her. But what we already know is too In Richard Ravitch, we have a lieutenant governor more art director Steven Krupinski damaging to the governor’s credibility for him to run New than capable of leading. deputy art directors Carolyn McClain, Daniel Mednick York any longer. The state must decide staff photographer Buck Ennis Key issues can’t in the next month how copy desk chief Wendy Zuckerman The ex-girlfriend of Paterson aide David Johnson accused copy editor Thaddeus Rutkowski him of a violent assault last Halloween and sought protection be trusted to to close an $8 billion- research editor Denise Southwood assistant research editor Maia Blume in court. Mr. Paterson initially downplayed the incident as a plus deficit. Important editorial/research interns lover’s quarrel and defended Mr. Johnson. He subsequently an untrustworthy decisions with real Emily Laermer, Selena Shen www.crainsnewyork.com claimed that he learned of the seriousness of the allegations governor consequences must be web editor Brian Tracey only last Wednesday. But an administration source told The made.They cannot be senior producer Elisabeth Butler Cordova producer Kira Bindrim New York Times that the governor had been briefed weeks ago. trusted to an Only when the attention began to threaten Mr. Paterson’s untrustworthy, EDITORIAL AND ADVERTISING OFFICES 711 Third Ave., New York, NY 10017-5806 future did he suspend Mr. Johnson without pay. Even more ineffectual governor. editorial: 212.210.0277 Fax 212.210.0799 advertising: 212.210.0259 troubling, Mr. Paterson spoke on the phone with the alleged Recent statements by Assembly Speaker Sheldon Silver Cable craincom nyk victim a day before she was slated to ask a judge for an order give us confidence that a responsible budget can be Fax 212.210.0499 Entire contents ©copyright 2010 Crain of protection. She failed to appear, and the case was dismissed. hammered out even with the executive branch in flux. Mr. Communications Inc. All rights reserved. ®CityBusiness is a registered trademark of MCP The mere fact that the governor spoke with her shows Silver, sensing the need to fill the void in leadership created Inc., used under license agreement. incredibly poor judgment. Moreover, Mr. Paterson said she by the governor’s weakness, finally appears ready to make the TO SUBSCRIBE: initiated the conversation.That was an incredibly structural changes needed to put the state on a sound fiscal Call 888.909.9111; fax 313.446.6777. $3.00 a copy, $59.79 one year, $109.79 two years. disingenuous statement.The governor, it turned out, had footing.The state Senate is still dysfunctional, but there are www.crainsnewyork.com requested through an intermediary that the woman call him. signs that its leaders will follow Mr. Silver’s lead. In earlier appearances before the court, the alleged victim A difficult process would be far more so with a fatally ADVERTISING AND MARKETING advertising director Trish Henry had accused the State Police of asking her to drop her wounded governor at the helm. Mr. Paterson’s resignation real estate sales manager Cornelius P. Gore senior account managers complaint against Mr. Johnson, who was well-known to the would close this latest sorry chapter in Albany’s troubled Irene Irvill, Courtney McCombs, William E. Squitieri troopers on the governor’s security detail. Mr. Cuomo’s probe history and allow New York to move forward. account executive Anthony Mowad sales manager, classified print & online John Gallagher sales coordinator, print & online COMMENTS Lulé Haznedari newsletter product manager Alexis Barney credit Todd J. Masura 313.446.6097 marketing director Amy Crossman director, audience development TV’s Olympics ring true John LaMarca assistant circulation manager WE CAN SAVOR OUR VICTORIES OH, DANNY BOY Rosalie Ford CRAIN’S ONLINE POLL AND STILL BE GOOD SPORTS general manager, interactive when corporate titans begin touring on Marc Minardo what are the broadcasters in Scandinavia, the lecture circuit, you know their days are web developer, interactive WAS NBC’S OLYMPICS Europe, China and Russia feeding their numbered (“Danny Meyer serves new business Chris O’Donnell COVERAGE TOO viewers? I’m certain it’s as biased toward their course,” Feb. 22). NEW YORK PRODUCTION successful athletes as NBC’s coverage is for the In a sure sign that restaurateur Danny PRO-AMERICAN? production and pre-press director United States. Currently, our country has so Meyer’s star has fallen, one need look no further Michael Corsi Date of poll: Feb. 22 little to be proud of. Let’s savor the moment than his 2010 Big Apple BBQ festival, which advertising production manager Heck, no. 300 votes and give these dedicated, hard-working just raised its “FastPass” price a whopping Suzanne Fleischman Wies individuals their due.They’ve worked long and 25%—in one year! And you have to purchase U-S-A! U-S-A! PUBLISHED BY CRAIN COMMUNICATIONS INC. U-S-A! hard to chase their dreams. U-S-A! it four months in advance. Some service. . 17% chairman Keith E. Crain

—secundino fernandez —suzanne gilmour president Rance Crain

Yes. We get just Merrilee Crain 42%. secretary one chance every BEER, WINE, LIQUOR: WHY CAN’T WELL, THERE’S AT LEAST ONE VOTE treasurer Mary Kay Crain William Morrow four years to watch . 41% executive vp, operations the world’s NEW YORKERS BUY IT IN ONE PLACE? FOR ERIC SCHNEIDERMAN AS AG senior vp, group publisher Gloria Scoby greatest athletes group vp, technology, circulation, compete. But we of course new york supermarkets should be i read your article “AG candidates: pluses and manufacturing Robert C. Adams learned very little able to sell wine, and liquor stores should be minuses” (The Insider, Feb. 15). vice president/production & about them No. It’s natural to root able to sell snacks—consumers will benefit As a constituent of state Senator Eric manufacturing David Kamis because NBC was for the home team— with better competition, selection and lower Schneiderman, I believe your readers should chief information officer Paul Dalpiaz fixated on and it’s a largely corporate circulation/audience prices (Opinion, Feb. 22). But why not also know that he is not only a true progressive development director Kathy Henry American athletes American audience give liquor stores the ability to sell beer, as they reformer but a scrupulously honest elected and their that’s paying NBC’s . can in New Jersey and Connecticut? Is that official who cares deeply about his constituents founder G.D. Crain Jr (1885-1973) backstories. Olympics bill. chairman Mrs. G.D. Crain Jr. (1911-1996)

getty images really too ambitious a change for the Empire and about New York. Mr. Schneiderman would For this week’s questions: Go to State? make a superb Attorney General. I look www.crainsnewyork.com/poll to have your say. —michael bradley forward to voting for him. Irvington, N.Y. —batya lewton

10 | Crain’s New York Business | March 1, 2010 20100301-NEWS--0011-NAT-CCI-CN_-- 2/26/2010 3:38 PM Page 1

OPINION

sector jobs.” She articulated the dif- ficulty small businesses face during Bill is unhealthy this Great Recession: “With rising costs and falling profits, it’s harder and harder for these neighborhood businesses to survive.… But instead for businesses of government throwing them a lifeline, we often make the problem even worse.” Amen, Speaker! BY HENRY MEER AND TOM SCARANGELLO Despite its good intentions, this bill is in essence another tax that will hen the city council introduced a paid make the city’s small businesses sick. sick leave bill last fall, we joined our bor- Coupled with the MTA’s recent em- ployee-payroll tax and the city’s nui- oughs’ chambers of commerce in opposi- sance fines that jumped 10% in the tion because of the staggering cost to our past year, this bill will make it hard- businesses. We went to the five-hour hear- er to do business in New York. How ing, but only 10 council members showed up; when we finally can Ms. Quinn say she supports the W city’s small businesses, yet allow this testified, only two remained! bill to see the light of day? We continue to oppose this unfunded mandate because now This bill is expected to be rein- troduced shortly, with only minor is not the time to add another tax on paid sick leave worked great in San changes. Respectfully, we ask the the backs of small businesses. Francisco, but it took San Francisco City Council to support small busi- Let’s be clear: New York City seven months to even implement nesses so that we can grow jobs and businesses of every size support the the idea, and there is no independ- the economy. To be constructive, rights of workers to stay home if they ent data measuring its effectiveness. here is our suggestion to amend this are sick, without fear of retribution. Also,let’s stop the comparison:New bill: Throw it out, and start over. Unfortunately,Councilwoman Gale York’s work force is 4 million, San Please sit down with us to devise a Steven Mayer, CPA Brewer’s paid sick leave bill, with a Francisco’s is 500,000. bill that will actually accomplish 6 East 43rd Street 100% employer-funded scheme, With our 10.6% unemployment something for the economy and em- New York, NY 10017 will hurt the workers it is designed to rate now exceeding the national av- ployees of New York City,instead of www.amper.com 212.682.1600 help. To meet this added financial erage, we found hope in Council helping them move to New Jersey. “Seeing Beyond the Numbers...”sm [email protected] burden during a recession, owners Speaker Christine Quinn’s recent will either slash payroll, cut benefits, State of the City address.She prom- Henry Meer is owner of City Hall Restau- freeze hiring or move to another ised that the council would “support rant in Manhattan, and Tom Scarangello is county or state to survive. our small business community … president of HVAC company Scaran in The sponsors vaguely claim that which provides 50% of all private- Staten Island.

Join the Crain’s Community don’t think I was the only journalist treated to such a meal. Subscribe to Crain’s New York Business— Is Cuomo fated Meanwhile, Mr. Spitzer prom- ised voters that everything would New York’s must-read resource for the change on Day One. True to his city’s business leaders word to voters and to the assurances to be like Spitzer? he had given people like me, in the month after his inauguration, he ov. david paterson’s decision to abandon his proposed sweeping, headline-mak- election campaign comes as a relief to the vast ing reforms for government, reduc- Print Edition tions in health care spending and a One year subscription – $59.79 majority of New Yorkers,who believe that he has major increase in education aid. failed at leading the state in almost every possi- The problem was, he hadn’t se- • Weekly news analysis of New York’s ble way. An unfortunate consequence of his cured his landslide through voters’ most important business issues tenure may be that Attorney General Andrew Cuomo could support of these actions. Special- • In-depth reports and trend stories G interest groups attacked him and waltz into the governor’s mansion next year having made no legislators abandoned him precise- • Crain’s annual Book of Lists clear commitments on the important issues facing the state—a ly because public support for his measures was uncertain. And so he failed to reform state govern- potential repeat of the knew what to do with, ment, cut health care spending or disastrous Spitzer era. Mr. Spitzer was never increase money for education in an Here’s the history forced to say how he effective way. Digital Edition lesson we should not would change Albany. So far, Mr. Cuomo has not taken forget: Eliot Spitzer When I complained a single position on controversial is- One year subscription – $35 may have lost the gover- in a Crain’s column sues. He has endorsed reform of • Anytime access to comprehensive norship and his reputa- about his lack of state government, he gives a good and late breaking business news tion as a result of his vis- specifics, I was invited speech on the high cost of New York its with prostitutes, but to breakfast, where government and the need to consol- • Crain’s Daily Alert delivered to he lost his effectiveness Mr. Spitzer explained idate services, and he’s forceful on your inbox each business day as a leader—long before to me that he wanted to Medicaid fraud—not exactly the • FREE unlimited access to Crain’s archives he actually left power— GREG avoid controversial po- stuff of Profiles in Courage. because of his com- DAVID sitions because he need- No one knows if Mr. Cuomo manding victories in the ed an overwhelming plans to cut education aid, restruc- primary and the general victory in order to shake ture health care spending, limit Subscribe today to gain membership to the election. up Albany. government debt, raise taxes, cut most powerful business community in New York. During his campaign, Mr. He let me in on another secret: taxes, push big economic-develop- Spitzer, then attorney general, cast His big strategy for improving the ment projects downstate or present himself as a reformer. Because he state’s economic prospects would be new ideas for saving the upstate was far ahead in the polls and had to cut spending on health care and economy. Go to www.crainsnewyork.com/subscribe more campaign money than he bolster spending on education. I Sound familiar? CRAIN’S WELCOMES outside submissions to its opinion page. You may send a column of 475 words or fewer to [email protected]. Please include the writer’s name, address and telephone number.

March 1, 2010 | Crain’s New York Business | 11 20100301-NEWS--0012-NAT-CCI-CN_-- 2/25/2010 7:03 PM Page 1

REAL ESTATE DEALS PLUS

PR firm’s loss LOWER PRICES location and will take up residence Property values is also its gain FOR RAW LAND in its new third-floor office by April 1. The new lease includes 1,000 public relations firm Lippe Tay- square feet in the basement for stor- lor Inc. will shed space but gain ef- age.The new office space also offers drop most in NYC ficiency when it moves to 215 Park room to grow,says Mr.Neugeboren. Ave. South in April. $289 Landlord Samco Properties was Lippe Taylor leased 16,200 AVERAGE PRICE per buildable represented in-house by Jeff Smith. dding insult to injury, a new report square feet in the building.The firm square foot paid for property in —amanda fung concludes that the steep drop in commercial currently occupies three floors at east midtown in 2009 235 Park Ave.South.Consolidating property values in Manhattan over the past two on one floor will create a more Shoemaker years was worse than that suffered in any other streamlined work environment, ac- steps up financial cording to the company’s broker, -46.4% center around the globe. Bill Berkis of Winoker Realty Co. DECLINE from peak in 2007 despite the recession, United “This is a far better situation for Footwear Group Inc. is more than A Source: Eastern Consolidated The value of office them,” says Mr. Berkis.“And they’re doubling its office space to 4,400 buildings here as measured not paying rent on an additional square feet in the Penn Plaza district. by cap rate—a building’s 3,800 square feet.” The manufacturer of shoes pri- The asking rent for the five-and- The authorized Canon Copier marily for men has signed a lease to net operating income a-half-year deal was about $38 a dealership has signed a 12-year lease renew 2,100 square feet and tack on divided by its purchase square foot. Lippe Taylor is subleas- for 11,000 square feet at the build- another 2,300 square feet at 10 W. price—sank by an average bloomberg news ing the fully furnished space from ing, which is between Fifth and 33rd St. for seven years. The asking of 55% between 2007 and 2009, according to CB Richard Ellis Xeno Group Inc. The move-in con- Sixth avenues. The asking rent for rent was $36 per square foot. dition was a big draw,says Mr.Berkis. the space was $35 per square foot. “They wanted to stay,” says Inc. In the financial meccas of London, Hong Kong and CB Richard Ellis Inc. brokers “The tenant wanted to be on one David Levy of Adams & Co. Real Tokyo, values declined by 40% to 45%. Rob Hill and Brian Hay represent- floor. This building had large floors Estate, who represented both the ed Xeno. and more usable space, compared tenant and the landlord, Ten West The report attributed New buyers have struggled to line up —theresa agovino with others,”says Brian Neugeboren Thirty Third Associates. “The York’s subpar performance in large sufficient financing for big acquisi- of Savitt Partners, who along with building is a real destination for the part to the local market’s reliance in tions. At the same time, traditional colleague Marc Schoen represented accessory business.” recent years on the sale of commer- lenders, such as banks and insur- Copier dealership the tenant. “They also needed to be United Footwear has located its cial mortgage-backed securities for ance companies, have cut back on consolidates HQ close to public transportation.” showroom and office in the building financing. financing office towers, leaving Superior Office Systems cur- for the past decade, according to Mr. Since those vehicles crashed and prospective buyers unable to close superior office systems is shift- rently occupies 10,000 square feet at Levy. “The landlord wanted to keep burned in the wake of Lehman deals. ing its headquarters a few blocks 240 W. 35th St. The company was them in the building,” he says. Brothers’ collapse in late 2008, —theresa agovino north, to 49 W. 37th St. scattered on different floors at its old —amanda fung

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12 | Crain’s New York Business | March 1, 2010 Project6:fp template.qxd 2/23/10 12:04 PM Page 1

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No matter what happens down the road, Mr. Sheen’s image already CBS plays it cool on Charlie Sheen rehab appears to be suffering. “Marketers should stay away $226,335, according to Ad Age’s an- cently after police were called to me- which aired the week ended Feb.14, from Charlie Sheen in the near fu- There’s cost to halting nual survey of ad prices for prime- diate a dispute between the star and notched nearly 17.7 million live- ture,” says David Schwab, vice pres- Two and a Half Men time broadcast programming. his wife over Christmas. Earlier this plus-same-day viewers, according ident and managing director of But if Mr. Sheen, who has gone month,Mr.Sheen was charged with to Nielsen. Only Fox’s American Octagon First Call, a celebrity mar- for star’s treatment into rehab,is back within a couple of a felony relating to that incident. Idol, NBC’s Olympics coverage and keting consultancy owned by Inter- weeks, the damage to CBS and its CBS’s own NCIS dramas got more public Group of Companies.“It was advertisers will be minimal to nil. Tarnished image viewers that whole week. always fun to play on his bad boy im- BY BRIAN STEINBERG CBS, Warner Bros. and show the network and the show’s pro- At a time of general audience age, but it crosses the line when it creator Chuck Lorre raised eye- ducers certainly have some cause for erosion for broadcast television,Mr. becomes a domestic issue.” what’s Two and a Half Men minus brows late Tuesday by announcing concern. Two and a Half Men is one Sheen’s troubles are more worri- “As for Warner Bros./CBS, it is Charlie Sheen? If you think a sitcom that production on the top-rated of the most popular—and priciest— some for CBS than for any individ- smart for them to stay quiet and ul- is worth little to audiences and ad- program would be “temporarily sus- programs on TV. The average cost ual advertiser. “What happens if it timately tape and air the episodes vertisers without its top-billed star, pended” due to Mr. Sheen’s “deci- of a 30-second ad in the show trails doesn’t go back on and they can’t do once he is back from rehab,”he adds. the answer could be zero. sion today to begin voluntary inpa- only NBC’s Sunday Night Football the show?” asks Ira Berger, director The average cost of a 30-second tient care at a treatment center.”Mr. and ABC’s Grey’s Anatomy. of network broadcasting at inde- Brian Steinberg is TV editor at Advertis- ad in Two and a Half Men is Sheen has been in the headlines re- And its last original episode, pendent ad agency Richards Group. ing Age, a Crain publication. Waiting for train Continued from Page 3 committee of Community Board 4. “The station is important in this area because there is much development going on here.” That goes for companies as well. When Ogilvy & Mather chose to shift its New York operations to 630 11th Ave. in January 2008, the prospect of NEIGHBORHOOD a new sta- JOURNAL tion nearby was one of the reasons management signed a 20-year lease for the 550,000-square- foot building, says Mr. MacAffer, who worked on the deal. His em- ployer, WPP,is Ogilvy’s parent. “The potential of future trans- portation was seen as a plus,”he says. “This neighborhood is growing fast, and it’s one of the last underdevel- oped areas in the city.” All told, there are nearly 18 resi- dential buildings with a total of 15,816 units within a half-mile ra- dius of the potential subway station, according to a survey conducted by REBNY.They include Larry Silver- stein’s two-tower, 1,359-unit Silver Towers, and The Related Compa- nies’ planned 59-story mixed-use tower at 440 W. 42nd St. Most of those towers were built within the past few years; some are still rising. Today, most local residents have to rely on the 42nd Street crosstown bus and cabs to reach the closest ma- jor subway hub at Times Square. Other lucky residents who have moved into the newer luxury towers can use free shuttle buses. But those are offered only during peak hours. “The crosstown bus line is ex- traordinarily slow and unreliable,” says Ms. Berthet. “The shuttles, which aren’t public, just add to the traffic and pollution. The streets are now so overwhelmingly congested.” Rush hour traffic along West 42nd Street and 11th Avenue leading into the Lincoln Tunnel is especially dangerous for pedestrians, some res- idents say,noting they must take that route when walking to the closest subway station on Eighth Avenue. “The station is a no-brainer,” says Marissa Redande, president of the Manhattan Plaza Tenants Associa- tion. “People can’t afford cabs any- more and the MTA will get [more subway fare].”

14 | Crain’s New York Business | March 1, 2010 20100301-NEWS--0015-NAT-CCI-CN_-- 2/25/2010 5:56 PM Page 1

NYC TOURISM INSIDE The city’s largest events, ranked by number of attendees PAGE 17 “We are actively promoting being a family-friendly destination.” —George Fertitta, chief executive, NYC & Company, Page 17

ROCKING THE DOCKS: Cruises on Norwegian’s Gem allow overseas travelers to spend time in New York.

The cruise ships are coming in buck ennis

Terminal increased by 45% in 2009 ing cruise brands, including Holland In struggling industry, an area poised for growth over 2008,and their numbers are ex- America, Princess Cruises and Cu- pected to grow by 58% in 2010. nard, which operates the Queen “The luxury business is where Mary.That ship’s transatlantic cruis- BY JEREMY QUITTNER the real growth is,” says Thomas es port at the Brooklyn Cruise Termi- Spina, director of cruise op- nal in Red Hook. And in ast year,Theresa Fahey of Westchester County traveled with her erations for the New York 2011, Cunard will use the husband and two young children to the Caribbean. But rather than fly City Economic Develop- 45% Queen Victoria year-round, from New York City to Florida, she embarked on her weeklong vacation ment Corp. INCREASE in for winter trips from New The EDC also convinced international York to Florida, the from the Manhattan Cruise Terminal. travelers to NCL Corp. and Carnival Manhattan Caribbean, Central America “I loved the experience so much,” says Ms. Fahey, 39. Corp. to add more ships out Terminal in ’09 and the West Coast. The Faheys were among 870,000 tourists who departed from New York or arrived of New York.NCL’s Norwe- “There are more oppor- L gian Cruise Lines,whose home port tunities for the cruise liners to run to in the city by cruise ship last year. It is a niche segment of the beleaguered travel is Manhattan, will soon add a third the Caribbean year-round and to industry here that is poised for dramatic growth. ship, called the Jewel, to its fleet of sail to Bermuda, Canada and New In addition to more local area residents starting their ocean voyages here, the city is two currently doing year-round England during the summer sea- luring foreign luxury liners that use New York as a port of call, bringing ships full of travel from the city. son,” says Oivind Mathisen, editor free-spending international travelers. “We have made a serious com- of Cruise Industry News. mitment to New York,” says Kevin Moreover, the city would like to About 100,000 international tourists traveled to New York by cruise ship in 2009, Sheehan, chief executive of NCL. book more business on weekdays, according to various industry estimates. International travelers to Manhattan Carnival owns many of the lead- See CRUISE SHIPS on Page 16

March 1, 2010 | Crain’s New York Business | 15 20100301-NEWS--0016-NAT-CCI-CN_-- 2/25/2010 5:57 PM Page 1

REPORT ALL THE fun OF BOWLING AT 300, PLUS OVER 30 NEW ARCADE GAMES. IF YOUR GROUP CAN’T HAVE FUN HERE, THEY MAY HAVE BIGGER ISSUES.

The NEW center at 300. buck ennis WELCOME! Diane Yuschovitz (right), her husband, Bob Charette, son Josh and friend Devin. 300newyork.com • Call Catrina Reid at 212.835.2695 to reserve your event Cruise ships come in

Continued from Page 15 Gem. They spent three days in the since 90% of the ships arrive on city before embarking and another weekends. day on their return. “I hope to come To be sure, the cruise industry back again,” Karola Heiliger says. here was hit hard by the economic In the meantime, the city is well downturn. The price of fuel, which on its way toward recouping its 2004 Want to STAND OUT from the crowd? began to skyrocket in 2008, caused investment of $250 million to reno- some companies to move their lin- vate the Manhattan Terminal and Promote your coverage with Crain’s Custom Reprints ers from New York to ports in Mia- build the Brooklyn Terminal. mi and Fort Lauderdale to be closer Commitments by major cruise to the Caribbean.Some opted to fo- lines to add more—and bigger— cus on European business in re- ships to rotations through the city, What are the sponse to the escalating value of the as well as berthing agreements to euro and the corresponding higher bring passengers, will help fill city benefits of reprints? ticket price. coffers. • Offer a unique opportunity to co-brand your In response to the downturn,Mr. Guaranteed revenue company with a reputable news source Spina traveled to Europe to con- vince some of the cruise companies carnival corp.’s and NCL’s deals • Help underscore your PR efforts there to spend more time in New with the city guarantee about • Great addition to your press kits York. Germany- 500,000 passengers • Great recruitment and retention pieces based Aida now annually through spends three days NYC expects 2017, Mr. Spina • Digital reprints boost your news/press instead of one at says. Additionally, web pages and help drive traffic to your site the port in Man- 1M cruise all ships pay the • Boost employee and company morale hattan, allowing city per passenger some 2,500 pas- passengers and per ton. And sengers to get off since the ships al- the vessel and this year most always sail spend money— full—even if that more than $100 per means cutting tick- person each day, et prices dramati- according to the cally—those book- EDC. ings guarantee revenue for the city. But Mr. Spina still has some “The more people and ships the work to do. He estimates that the city has each year, the more money Reprint (Print & Digital) Plaque number of passengers leaving from we receive from the cruise lines,” and arriving in New York will in- Mr. Spina says. crease to nearly 1 million this year, All of this adds up to more ASK ABOUT OUR REPRINT PRODUCTS: which should bring the figure back tourists—potentially more than HARD COPY REPRINTS • EPRINTS • PLAQUES • BANNERS/BUTTONS • TRADE SHOW COLLATERAL • POSTCARDS to 2007 levels. the terminals can handle. Mr. Spina says the city has held discus- A stopover in New York sions with a cruise ship company, he expects a good chunk of the which he would not name, about growth to come from overseas trav- expanding berthing space in Man- Contact Lauren Melesio at 212.210.0707 or [email protected] for elers like Karola Heiliger and her hattan. information on how to turn your Crain’s press coverage into great marketing. sister Sandra, who are spending “We’ve been approached to try to more time and money in New York. find a spot to accommodate in- In January, the sisters flew here creased business,” Mr Spina says. from Frankfurt for a 10-day “We are in the infancy stages of Caribbean cruise on Norwegian’s finding a property.”

16 | Crain’s New York Business | March 1, 2010 20100301-NEWS--0017-NAT-CCI-CN_-- 2/25/2010 5:58 PM Page 1

REPORT NYC TOURISM

rallying for the expansion of the Ja- travelers about the city’s affordabil- because of the economy,” he says. City’s No. 1 seller cob K. Javits Convention Center— ity. In some ways, it is a letdown But for now, that’s OK with Mr. an issue that is rarely mentioned to- from the giddy international push Fertitta. His focus is to come up day. In large part, it has become Mr. Fertitta orchestrated in his first with a new message to sell the city, Continued from Page 1 counting for one-third of the moot because funding for the ex- two years, when he opened more one that will appeal to families. swering to the mayor. agency—35 of whom replaced peo- pansion dried up and new plans call than 10 offices abroad, bringing the There is no reason, after all, why the The tourism industry here has ple who left. He shrank the board of for a modest renovation.The shift in total of foreign satellites to 18. By Big Apple couldn’t replace a vaca- been hailed as one of the success sto- directors by nearly half to 27 mem- focus illustrates how much the comparison,Orlando has eight such tion to Orlando.Last summer,NYC ries of this recession, with hotel bers, in part by asking for a greater agency has changed direction under offices. & Company promoted the city to rooms 80% filled last year—albeit commitment from them, including Mr. Fertitta. “We have a million tykes by having Sesame Street char- with thrifty spenders—and employ- required attendance at meetings. other battles to fight and objectives Making NYC a family destination acters offer tips on their favorite ment remaining strong, compared The executive committee shrank to accomplish,” he says. the last office to open was in spots around town. “We are actively with other sectors. December’s 86% to 28 members from 34. The most This year, that again includes 2008 in Mumbai. “We’ve slowed promoting being a family-friendly hotel occupancy rate in the city was notable director to depart was for- pounding home the message to U.S. down our international expansion destination,” he says.  a record high, according to PKF mer Chairman Jonathan Tisch, Consulting, which tracks hotel data. head of Loews Hotels,who had held NYC & Company trumpeted a leadership position at the agency the message, especially in the tri- for many years. state area and nearby cities, that Mr. Fertitta, by most accounts, Gotham is a bargain right now.The was not embraced when he arrived. strategy worked.In January,NYC & His predecessor, Cristyne Nicholas, Company boasted that New York was well-liked by agency members. City had surpassed even Orlando, “When George came in, there

Fla., to become the top destination was definitely a change in the tone,” 1 bloomberg news 3 bloomberg news 5 getty images in the country,with its share of fam- says Tracy Nieporent,a longtime ex- ily travel increasing by 6% last year. ecutive board member and a partner “George has been extremely suc- in Myriad Restaurant Group, own- cessful in keeping his eye on the er of Tribeca Grill and Nobu. NYC’s Largest Events ball,” says Michael Stengel, a NYC “When Cristyne was there,” adds & Company director and the mar- Mr. Nieporent, “it was more of a Ranked by number of attendees ket general manager of Marriott ho- family environment.” tels in the city.“He doesn’t rest on his But the mayor didn’t want a cozy 
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March 1, 2010 | Crain’s New York Business | 17 20100301-NEWS--0018,0019-NAT-CCI-CN_-- 2/25/2010 8:22 PM Page 1

FOR THE RECORD

CONSTRUCTION SERVICES 3 p.m. on March 25 for the operation of Deals are listed in order of square footage. G City University of New York a free concert series and a maximum of ABOUT THIS SECTION Requests competitive sealed bids by six kiosks at Orchard Beach, Pelham Bay OFFICE G FOR THE RECORD is a weekly listing of information from the public record that 2 p.m. on March 31 for all labor, material Park, in the Bronx. A site visit will be New York City Department of and equipment for the renovation of part held at 11 a.m. on March 8 at the Environmental Protection has renewed can help businesspeople in the New York area find opportunities, potential of Namm Hall to accommodate a new proposed concession site, in front of the a 20,088-square-foot lease on the eighth new clients and updates on competitors. welcome center at New York City Main Pavilion stage area in Pelham Bay floor of 1250 Broadway, a 39-story, To ask questions or get more information on this section, contact Denise College of Technology in Brooklyn. A Park. For additional information, contact 748,694-square-foot office building Southwood at [email protected]. mandatory prebid meeting and site visit Alexander Han at (212) 360-1397 or owned by Murray Hill Properties. John has been scheduled for 10 a.m. on [email protected]. Morrill of CB Richard Ellis negotiated March 2 at 300 Jay St., Brooklyn. on behalf of the tenant, and Murray Hill Contact Wayne Robinson at G Department of Youth and Community Properties was repped in-house by Eric (718) 473-8961 or Development Levy and A.J. Camhi. The asking rent BANKRUPTCIES largest unsecured claims are Capital [email protected] for Seeks proposals by 2 p.m. on March 23 was $48 per square foot. One, owed $70,043.55; and Bank of questions regarding this bid. to provide literacy services for The following listings are selected from the America, owed $23,164.32. adolescents in grades six through eight G AFD Contract Furniture Inc. has most recent available filings by companies G Department of Design and Construction living in New York City and to support signed a 10-year, 16,200-square-foot seeking bankruptcy protection in the G Fabulous Novelties.com Inc. Seeks competitive sealed bids by 11 a.m. the Adolescent Literacy Program. A lease on the second floor of 810 Seventh Southern and Eastern Districts of New dba Fabulous Manufacturing & Marketing on March 23 for the installation of water preproposal conference will be held on Ave., owned by SL Green Realty Corp. York. Information was obtained from U.S. International mains in the Brookville Boulevard area March 4 at 156 William St., second- The 41-story building 694,000 square Bankruptcy Court records available on 309 Jerusalem Ave. in Queens. For questions regarding this floor auditorium. Contact Daniel feet of space. Lee Feld and Andrew Public Access to Court Electronic Records. Hicksville, L.I. solicitation, contact Ben Perrone at Symon at (212) 513-1820 or Beckler of Feld Real Estate represented Listings are in alphabetical order. Filed for Chapter 7 bankruptcy (718) 391-2614. [email protected] with the tenant, and David Falk, Peter protection on Feb. 17. The filing cites questions. Shimkin and Daniel Levine of G Astoria Surgical Supplies Corp. estimated liabilities of $100,001 to G School Construction Authority Newmark Knight Frank acted on behalf 31-04 60th St., Queens $500,000 and assets of $0 to $50,000. Seeks competitive sealed bids by 11 a.m. G Health and Hospitals Corp. of the landlord. The asking rent was $58 Filed for Chapter 7 bankruptcy Among the creditors with the largest on March 11 for windows, roofs, Seeks competitive sealed bids by 11 a.m. per square foot. protection on Feb. 16. The filing cites unsecured claims are Bulova, owed exterior masonry and parapets at P.S. on March 5 for a Horizon Series single- estimated liabilities of $1,000,001 to $28,681.59; and Capital One Bank, 160 in the Bronx. For questions, contact door plasma storage blood bank freezer G Cosgrove Associates Inc. has renewed $10 million and assets of $0 to $50,000. owed $21,513.16. Rookmin Singh at (718) 752-5843. with eight drawers. For questions its 8,510-square-foot lease on the 16th Among the creditors with the largest regarding this solicitation, contact floor of 747 Third Ave. for five years. The unsecured claims are the state Office of GOODS AND SERVICES Nadine Patterson at (718) 616-4271. 419,000-square-foot building is owned the Medicaid Inspector General, owed GOVERNMENT CONTRACT G Department of Environmental Protection by The William Kaufman Organization. $1,913,453; and MMS, owed $202,500. OPPORTUNITIES Seeks competitive sealed bids by 11:30 Michael Lenchner of Sage Realty Corp. a.m. on March 9 to supply cationic REAL ESTATE DEALS acted on behalf of the owners. There G Austin Shoe Corp. Following are selected contract dewatering polymer at Wards Island in were no brokers on the tenant side. The opportunities recently announced by New 71-24 Austin St., Queens Manhattan. For more information, Companies that would like to have details asking rent was not disclosed. York City agencies.To learn how to sell Filed for Chapter 7 bankruptcy contact Avinash Pawar at of their recent transactions appear in these goods and services to city government, visit RETAIL protection on Feb. 16. The filing cites www.nyc.gov/selltonyc. For a searchable (646) 584-1842. listings should e-mail descriptions estimated liabilities of $100,001 to following this format to G The R Café signed a 15-year, 11,423- database of current procurement notices, G $500,000 and assets of $50,001 to visit www.nyc.gov/cityrecord. Listings are Department of Parks and Recreation [email protected], with square-foot lease at 116 W. 32nd St. The $100,000. Among the creditors with the alphabetical by category and department. Requests competitive sealed proposals by “Real estate transaction” in the subject line. building is owned by Pan Am Equities

18 | Crain’s New York Business | March 1, 2010 20100301-NEWS--0018,0019-NAT-CCI-CN_-- 2/25/2010 8:22 PM Page 2

FOR THE RECORD

and totals 221,227 square feet. David creative director, exercised options on $35.40 on Feb. 10, in a transaction LaPierre of CB Richard Ellis 716,667 shares of common stock at worth $1,770,000. On the same day, she DEALS ROUNDUP represented the owners, and A.J. Camhi, prices ranging from $26.21 to $29.85 on sold 50,000 shares at prices ranging Brad Siderow and Eric Levy of Murray Feb. 12, in a transaction worth from $55.88 to $55.93 in a transaction Hill Properties acted on behalf of the $20,482,506. On the same day, he sold worth $2,795,296. She now directly TRANSACTION SIZE tenant. The asking rent was $95 per 65,008 shares at prices ranging from holds 13,196 shares. COMPANY (IN MILLIONS) BUYERS/INVESTORS TRANSACTION TYPE square foot. $34.77 to $35.16 in a transaction worth RBS Sempra $1,700.0 J.P. Morgan Chase & Co. (Manhattan) SB M&A $2,273,829. He now directly holds G Veeco Instruments Inc. (VECO) Commodities, metals, 100,280 shares. Edward H. Braun, chairman of the oil and European energy STOCK TRANSACTIONS board, exercised options on 138,900 business lines and G BlackRock Inc. (BLK) shares of common stock at $18.97 Asian operations Following are recent insider transactions at Laurence D. Fink, chairman of the between Feb. 11 and Feb. 16, in a Security Benefit Group $400.0 Guggenheim Partners (Manhattan) SB M&A New York’s largest publicly held companies board and chief executive, exercised transaction worth $2,634,933. During of Companies Inc. filed with the Securities and Exchange options on 97,200 shares of common the same period, he sold 138,900 shares CPS Energy’s South Texas $80.0 Nuclear Innovation North America SB M&A Commission by executives and major stock at $37.36 between Feb. 10 and at prices ranging from $35.00 to project, units 3 and 4 (Manhattan) (42.38%) shareholders. Listings are in order of trans- Feb. 11, in a transaction worth $37.02, in a transaction worth Cuadrilla Resources $58.0 The Carlyle Group, GCI action value. The information was $3,631,392. During the same period, $5,023,658. He now directly holds Holding Ltd. Riverstone Holdings (Manhattan) obtained from Thomson Reuters. he sold 55,200 shares at prices 1,030,000 shares. Eroski Sociedad Cooperativa $49.0 W.P. Carey & Co. (Manhattan) SB M&A ranging from $210.10 to $211.59, Limitada de Consumo, G Pepsi Bottling Group Inc. (PBG) in a transaction worth $11,613,555. Robert P.Oates, executive vice president 16 retail facilities Eric J. Foss, chairman of the board and He now directly holds 1,457,610 of data storage, exercised options on Logan Circle Partners $21.0 Fortress Investment Group (Manhattan) SB M&A chief executive, exercised options on shares. 95,000 shares of common stock at prices (unknown minority stake) 697,538 shares of common stock at ranging from $16.56 to $23.61 between Tioga Pharmaceuticals Inc. $18.0 Forward Ventures, Genesys Capital Partners GCI prices ranging from $28.25 to $34.33 on G Polo Ralph Lauren Corp. (RL) Feb. 10 and Feb. 11, in a transaction Inc., Bellevue Asset Management AG, New Leaf Feb. 10, in a transaction worth Ralph Lauren, chairman of the board worth $1,882,400. During the same Venture Partners (Manhattan) $20,814,972. On the same day, he sold and chief executive, sold 120,833 shares period, he sold 105,000 shares at prices OpSec Security Group $11.9 Investcorp Technology Partners (Manhattan) GCI 697,538 shares at $37.54 in a transaction of common stock at prices ranging from ranging from $33.34 to $35.00, in a NMT Medical Inc. $5.8 Glenhill Capital Management (Manhattan), GCI worth $26,185,576. He now directly $78.60 to $79.29 on Feb. 16, in a transaction worth $3,594,375. He now Glenhill Advisors (Manhattan), U Capital Group holds 456,155 shares. transaction worth $9,561,115. He now directly holds 40,316 shares. (Manhattan), Freshford Capital Management, directly holds 517,329 shares. KPO Ventures, individual investors G John L. Berisford, senior vice president Becton Dickinson and Co. (BDX) Effective Measure Pty Ltd. $4.0 Rho Capital Partners Inc. (Manhattan) GCI of human resources, exercised options on G Estée Lauder Cos. (EL) Vincent A. Forlenza, president, Selected deals announced for the week ended Feb. 20 involving companies in metro New York. 149,194 shares of common stock at Ronald S. Lauder, chairman of Clinique exercised options on 57,308 shares of GCI: Growth capital investment represents new money invested in a company for a minority prices ranging from $28.00 to $29.50 on Laboratories, sold 137,500 shares of common stock at $32.49 on Feb. 17, in a stake. SB M&A: Strategic buyer M&A represents a minority or majority acquisition of existing Feb. 11, in a transaction worth common stock at prices ranging from transaction worth $1,861,937. On the shares of a company without the participation of a financial buyer. source: capitaliq $4,290,009. On the same day, he sold $56.20 to $56.83 on Feb. 12, in a same day, he sold 57,308 shares at 149,194 shares at $37.69 in a transaction transaction worth $7,762,801. He now $77.37 in a transaction worth worth $5,623,122. He now directly directly holds 60,735 shares. $4,433,920. He now directly holds and chief executive, exercised options Feb. 16, he sold 176,297 shares at holds 91,882 shares. 102,400 shares. on 113,148 shares of common stock at prices ranging from $23.10 to Sara E. Moss, executive vice president prices ranging from $12.83 to $17.82 $23.21, in a transaction worth G Coach Inc. (COH) and general counsel, exercised options G Aéropostale Inc. (ARO) on Feb. 16, in a transaction worth $4,075,275. He now directly holds Reed Krakoff, president and executive on 50,000 shares of common stock at Julian R. Geiger, chairman of the board $1,806,029. Between Feb. 12 and 30,336 shares.

©2010 American Express Company ©2010

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March 1, 2010 | Crain’s New York Business | 19 nb09p20-21cl.qxp 2/25/10 3:24 PM Page 20

BOOKKEEPING SERVICES INVITATION PUBLIC & LEGAL NOTICES

Kingsborough Community College Name of Foreign LLC: VARADERO Notice of Qualification of Arlon Food Name of Foreign LP: WestRiver RE will host a site review for continuing GP, LLC. App. for Auth. filed NY and Agriculture Partners LP. Authority Finance Fund (MM), LP. App. For Dept. of State: 1/11/10. Jurisd. and filed with NY Dept. of State on Authority filed with Sec. of State accreditation of its Associate in date of org.: DE 7/13/09. Cty. off. 1/15/10. Office location: NY County. 1/21/2010. LP formed in DE on Applied Science: Nursing Program loc.: NY Cty. Princ. bus. loc.: 1095 Princ. bus. addr.: c/o Continental December 16, 2009. NY State Office March 16 - 18, 2010. You are invited Ave. of the Americas, 26th Fl., NY, Grain Company, 277 Park Ave., NY, loc.: NY County. Sec. of State of NY to meet with the visit team and NY 10036. Sec. of State designated NY 10172. LP formed in DE on designated as agent of LP upon share your comments about the as agent of foreign LLC upon whom 12/10/09. NY Sec. of State designat- whom process may be served. Sec. process against it may be served. ed as agent of LP upon whom of State of NY shall mail copy of program in person on March 17 in The Sec. of State shall mail copy of process against it may be served process to: c/o WestRiver Capital, the Tapestry Room from 2:30- process to: 1095 Ave. of the and shall mail process to: c/o CT LLC, 450 Park Avenue, Suite 1203, CORPORATE 3:30pm. Written comments also Americas, 26th Fl., NY, NY 10036. Corporation System, 111 8th Ave., New York, New York 10022. Address MEETING VENUES welcome. Submit to: Dr. Sharon Addr. of foreign LLC in DE is: NY, NY 10011, regd. agent upon of LP in State of formation is: c/o Tanner, Executive Director, National Corporate Research, Ltd., whom process may be served. DE Capitol Services, Inc., 615 South 615 S. DuPont Hwy., Dover, DE addr. of LP: c/o The Corporation DuPont Highway, Dover, Delaware SoHoSoleil Locations: Creative Spaces NLNAC, 3343 Peachtree Road NE, 19901. Auth. officer in DE where Trust Co., 1209 Orange St., 19901. Name and address of author- for Workshops: Strategy, Branding, Suite 500 Atlanta, GA 30326 or Cert. of Form. filed: DE Sec. of Wilmington, DE 19801. Name/addr. ized officer in DE where a copy of LP’s Innovation, Training & Video Shoots [email protected]. All written State, Townsend Bldg., Dover, DE of genl. ptr. available from NY Sec. of cert. of limited partnership is filed is: www.sohosoleil.com 212 431 8824 comments due by March 10, 2010. 19901. Purpose: any lawful activity. State. Cert. of LP filed with DE Sec. Sec. of State of the State of DE, John of State, 401 Federal St., Dover, DE G. Townsend Building, 401 Federal Notice of Qualification of GSO 19901. Purpose: any lawful activity. St., Suite 4, Dover, DE 19901. Targeted Opportunity Partners LP. Purpose: to engage in any lawful act. Authority filed with NY Dept. of State Notice of Qualification of SILVER on 11/20/09. Office location: NY LANE ADVISORS LLC. Authority filed Notice of Qualification of REAL ESTATE County. LP formed in DE on 10/21/09. with Secy. of State of NY (SSNY) on Tiedemann/Pentagram Equity Fund, NY Sec. of State designated as 02/09/10. Office location: NY County. L.P., Authority filed Sec’y of State agent of LP upon whom process LLC formed in Delaware (DE) on (SSNY) 12/8/09. Office loc.: NY COMMERCIAL OFFICE SPACE against it may be served and shall 08/09/07. Princ. office of LLC: Attn: County. LP org. in DE 12/7/09. SSNY mail process to the principal business Elizabeth Bloomer Nesvold, 565 Fifth desig. as agent of LP upon whom addr. of the LP: c/o GSO Capital process against it may be served. TH Ave., 22nd Fl., NY, NY 10017. SSNY PARK /54 - large office in Partners LP, 280 Park Ave., 11th Fl., designated as agent of LLC upon SSNY shall mail copy of proc. to tasteful law suite. 1-2 workstations NY, NY 10017. DE addr. of LP: c/o whom process against it may be Attn: Michael Tiedemann, 535 The Corporation Trust Co., 1209 served. SSNY shall mail process to Madison Ave., 36th Fl., NY, NY available. All amenities. Orange St., Wilmington, DE 19801. the LLC at the addr. of its princ. 10022. DE office addr.: CSC, 2711 888.748.8748 ext. 109 Name/addr. of genl. ptr. available office. DE addr. of LLC: Corporation Centerville Rd., Wilmington, DE from NY Sec. of State. Cert. of LP Service Co., 2711 Centerville Rd., 19808. Cert. of LP on file: SSDE, filed with DE Sec. of State, 401 Ste. 400, Wilmington, DE 19808. Townsend Bldg., Dover, DE 19901. Federal St., Dover, DE 19901. Arts. of Org. filed with Secy. of State Name/addr. of each gen. ptr. avail. at Purpose: any lawful activity. of the State of DE, Div. of Corps., SSNY. Purp.: any lawful activities. John G. Townsend Bldg., Federal & TAX PREPARATION TELECOMMUNICATIONS Notice of Qualification of MAFP Duke of York Sts., Dover, DE 19901. Notice of Qualification of EQR- Ventures LLC. Authority filed with Purpose: Any lawful activity. Rivertower B, LLC. Authority filed NY Dept. of State on 2/2/10. Office with NY Dept. of State on 1/29/10. location: NY County. LLC formed in Notice of Qualification of Mandalay Office location: NY County. Princ. MAXIMIZE YOUR TAX RETURN DE on 12/18/09. NY Sec. of State Vision LLC. Authority filed with Secy. bus. addr.: 2 N. Riverside Plaza, Former “Big 4” CPA/MBA focusing on Small designated as agent of LLC upon of State of NY (SSNY) on 2/2/10. Ste. 400, Chicago, IL 60606. LLC Office location: NY County. LLC Businesses & Individual Tax preparation. whom process against it may be formed in DE on 1/25/10. NY Sec. served and shall mail process to: formed in California (CA) on 1/15/10. of State designated as agent of LLC Also a Quickbooks Pro Advisor who can help c/o CT Corporation System, 111 SSNY designated as agent of LLC upon whom process against it may make sure your business is maximizing 8th Ave., NY, NY 10011, regd. upon whom process against it may be served and shall mail process to: profits & minimizing taxes. Reasonable rates. agent upon whom process may be be served. SSNY shall mail process c/o CT Corporation System, 111 8th served. DE addr. of LLC: c/o The to: c/o National Registered Agents, Ave., NY, NY 10011, regd. agent (212) 868-2511 - [email protected] Corporation Trust Co., 1209 Inc., 875 Avenue of the Americas, upon whom process may be served. Orange St., Wilmington, DE 19801. Ste. 501, NY, NY 10001. Principal DE addr. of LLC: 1209 Orange St., Arts. of Org. filed with DE Sec. of office address: 380 Lafayette St., Wilmington, DE 19801. Arts. of Org. State, 401 Federal St., Dover, DE Ste. 202, NY, NY 10003. Address to filed with DE Sec. of State, 401 19901. Purpose: any lawful activity. be maintained in CA: The LLC, 4751 Federal St., Dover, DE 19901. Wilshire Blvd., 3rd Fl., Los Angeles, Purpose: any lawful activity. To place your Notice of Qualification of LEE EQUITY CA 90010. Arts of Org. filed with CA STRATEGIC PARTNERS FUND RX Secy. Of State, 1500 11th St., Notice of Qualification of Morgan classified ad call AIV, L.P. Authority filed with Secy. of Sacramento, CA 95814. Purpose: Stanley HedgePremier/FrontPoint State of NY (SSNY) on 12/03/09. any lawful activities. Financial Services Fund LP. Authority Office location: NY County. LP formed filed with NY Dept. of State on John Gallagher in Delaware (DE) on 08/07/08. Princ. NOTICE OF FORMATION OF Martin 1/28/10. Office location: NY County. 33 East 33rd Street office of LP: 650 Madison Ave., NY, Austin Cribbs Consulting LLC. LP formed in DE on 12/17/09. NY New York, NY 10016 NY 10022. SSNY designated as agent Article of Organization filed with the Sec. of State designated agent of LP @ 212-210-0189 212-532-7400 of LP upon whom process against it Secretary of State of NY (SSNY) on upon whom process against it may www.metrocomradio.com may be served. SSNY shall mail Jan 11, 2010. Office location: NEW be served and shall mail process to process to the Partnership at the YORK County. SSNY has been des- the principal business addr.: c/o princ. office of the LP. The regd. agent ignated as agent upon whom Morgan Stanley HedgePremier GP of the company upon whom and at process against it may be served. LLC, 522 5th Ave., 13th Fl., NY, NY which process against the company The Post Office address to which the 10036. Regd. agent upon whom can be served is Corporation Service SSNY shall mail a copy of any process may be served: Todd Hand, PUBLIC & LEGAL NOTICES Co. (CSC), 80 State St., Albany, NY process against the LLC served Morgan Stanley & Co., 2000 12207-2543. Name and addr. of each upon him/her is C/O the LLC, Collen Westchester Ave., Purchase, NY NOTICE OF FORMATION OF Lil Foodie NOTICE OF FORMATION OF Funky general partner are available from IP, Attn: Matthew C. Wagner, 80 10577. DE addr. of LP: 1209 Orange LLC. Arts. of Org. filed with Secy. of But Elegant LLC. Arts. of Org. filed SSNY. DE addr. of LP: c/o CSC, 2711 South Highland Avenue. Ossining, St., Wilmington, DE 19801. State of N.Y. (SSNY) on 11/24/09. with the Secy. of State of NY (SSNY) Centerville Rd., Wilmington, DE NY 10562. Purpose of LLC: to Name/addr. of genl. ptr. available Office location: New York County. on 10/05/09. Office location: NY Co. 19808. Arts. of Org. filed with DE engage in any lawful act or activity. from NY Sec. of State. Cert. of LP SSNY designated as agent of LLC SSNY has been designated as agent Secy. of State, State of DE, Div. of Street address of Principal Business filed with DE Sec. of State, 401 upon whom process against it may be of LLC upon whom process against Corps., 401 Federal St., Dover, DE location is: 445 West 23rd Street, Federal St., Dover, DE 19901. served. SSNY shall mail process to: it may be served. SSNY shall mail 19901. Purpose: Any lawful activity. Suite 17 D. New York, NY 10011. Purpose: any lawful activity. 80 John Street, #3G New York, NY process to: 230 Mulberry St., NY, NY 10038. Purpose: any lawful activity. 10012. Purpose: any lawful activity

Notice of Qualification of LionHedge Notice of Qualification of Alene AGD Fund, LLC, App. for Auth. filed Candles, LLC. Authority filed with NY Sec’y of State (SSNY) 11/18/09. Dept. of State on 12/8/09. Office Office location: NY County. LLC org. location: NY County. LLC formed in in DE 11/16/09. SSNY designated as NH on 12/2/08. NY Sec. of State agent of LLC upon whom process designated as agent of LLC upon against it may be served. SSNY shall whom process against it may be mail copy of process to 405 Park served and shall mail process to the Ave., Ste. 803, NY, NY 10022. DE NH and principal business address: office addr.: CSC, 2711 Centerville 51 Scarborough Lane, Milford, NH Rd., Wilmington, DE 19808. Cert. of 03055. Arts. of Org. filed with NH Form. on file: SSDE, Townsend Sec. of State, 107 N. Main St., PO Bldg., Dover, DE 19901. Purpose: Box 4989, Concord, NH 03301. any lawful activities. Purpose: any lawful activity. Let Crain's New York Business Help You Secure New Clients in 2010

20 | Crain’s New York Business | March 1, 2010 nb09p20-21cl.qxp 2/25/10 3:23 PM Page 21

PUBLIC & LEGAL NOTICES

NOTICE OF FORMATION of Notice of Formation of limited liability Notice of Formation of limited liability NOTICE OF FORMATION OF Play Notice of Qualification of MORVEN GP, Manhattan Internal Medicine, PLLC company (LLC). Name: VINOS LIBRES company (LLC). Name: VINOS Me LLC. Article of Organization filed LLC. Authority filed with Secy. of State Art. of Org filed Sec’y of State WINE MERCHANTS, LLC. Arts. of LIBRES LLC. Arts. Of Org. Filed with with the Secretary of State of NY of NY (SSNY) on 01/05/10. Office (SSNY) 1/28/10. Office location: Org. Filed with Dept. of State of NY the Dept. of State of NY on (SSNY) on 12/15/2009. Office loca- location: NY County. LLC formed in New York County. SSNY designated on November 19, 2009. Office loc.: November 16, 2009. Office loc.: New tion NEW YORK County. SSNY has Delaware (DE) on 12/23/09. Princ. as agent of LLC upon whom process New York County. Secretary of State York County. Secretary of State of been designated as agent upon office of LLC: Attn: Robert Heine, 2 against it may be served. SSNY of New York (SSNY) is designated as New York (SSNY) is designated as whom process against it may be Beekman Pl., #13A, NY, NY 10022. shall mail copy of process to 108 agent of LLC upon whom process agent of LLC upon whom process served. The Post Office address to SSNY designated as agent of LLC East 96th St, New York, NY 10128. against it may be served. The princi- against it may be served. The princi- which the SSNY shall mail a copy of upon whom process against it may be Purpose: practice of medicine. ple business and address SSNY shall pal business and address SSNY shall any process against the LLC served served. SSNY shall mail process to the mail copy of process is to M.S. mail copy of process is to M.S. upon him/her is C/O the LLC 11 LLC at the addr. of its princ. office. DE Notice of formation of Manhattan Rapaport, Esp., 6th floor, 18 East Rapaport, Esq., 6th floor, 18 East West 42nd Street, 15th Floor, New addr. of LLC: c/o Corporation Service Patient Advocates, LLC. Arts of Org 48th St., New York, New York 10017. 48th St. New York, New York 10017. York, NY 10036. Purpose of LLC: to Co., 2711 Centerville Rd., Ste. 400, filed with Secy of State of NY (SSNY) Management of LLC shall be by one Management of the LLC shall be by engage in any lawful act or activity. Wilmington, DE 19808. Arts. of Org. on 1/5/10. Office location: NY or more members. Purpose: To one or more members. Purpose: To Street address of Principal Business filed with Secy. of State of DE, 401 County. SSNY designated as agent engage in any lawful act or activities. engage in any lawful act or activity. location is: 11 West 42nd Street, Federal St., Ste. 4, Dover, DE 19901. of LLC whom process against it may 15th Floor, New York, NY 10036. Purpose: Any lawful activity. be served and shall mail process to 40 WEST 69TH OWNERS LLC Notice of Formation of Assiusa, LLC, principal business location: 323 E Articles of Org. filed NY Sec. of State Art. of Org. filed Sec’y of State Notice of Formation of FIFTY WEST Notice of Formation of Global 21st ST, 1A, NY, NY 10010. Purpose: (SSNY) 11/25/09. Office in NY Co. (SSNY) 12/7/09. Office location: NY MANAGEMENT LLC. Arts. of Org. filed Ventures, LLC, Art. of Org. filed Sec’y any lawful activity. SSNY desig. agent of LLC upon County. SSNY designated as agent with Secy. of State of NY (SSNY) on of State (SSNY) 1/6/00. Office loca- whom process may be served. of LLC upon whom process against 12/30/09. Office location: NY County. tion: NY County. SSNY designated NOTICE OF FORMATION of Ripe SSNY shall mail copy of process to it may be served. SSNY shall mail SSNY designated as agent of LLC as agent of LLC upon whom process Catering LLC. Arts. Of Org. Filed with Cowan, Liebowitz & Latman, PC, copy of process to c/o Reinhardt upon whom process against it may be against it may be served. SSNY shall Secy. Of State of NY (SSNY) on 1133 6th Ave., NY, NY 10036-6799 LLP, 44 Wall St., 10th Fl., NY, NY served. SSNY shall mail process to: mail copy of process to 503 9/22/08. Office location: New York Attn: Peter Porcino. Purpose: Any 10005. Purpose: any lawful activities. 40 W. 57th St., 23rd Fl., NY, NY 10019. Broadway, PH, NY, NY 10012. County. SSNY designated as agent lawful purpose. Purpose: any lawful activity. Purpose: any lawful activities. of LLC upon whom process against Notice is hereby given that a license, it may be served. SSNYshall mail Notice of Formation of FUTURE MIL- number 1237234 for Liquor has been Notice of Formation of G3 6NY LLC. NOTICE OF FORMATION OF The Law process to principal business loca- LENNIUM PARK LLC. Arts. of Org. applied for by the undersigned to sell Arts. of Org. filed with Secy. of State Offices of Michelle R. Tepper PLLC. tion 210 E 36th St., Apt 12A, NY, NY filed with Secy. of State of NY same at retail in a Restaurant under of NY (SSNY) on 11/23/09. Office Arts. of Org. filed with Secy. of State 10016. Purpose: Any lawful activity. (SSNY) on 12/17/09. Office location: the Alcoholic Beverage Control Law location: NY County. Princ. office of of N.Y. (SSNY) on 9/2/09. Office loca- NY County. SSNY designated as at 338 Lexington Avenue, New York, LLC: 166 Elizabeth St., NY, NY 10012. tion: New York County. SSNY desig- agent of LLC upon whom process nated as agent of LLC upon whom NOTICE OF FORMATION of ECE NY 10016 for on-premise consump- SSNY designated as agent of LLC against it may be served. SSNY shall process against it may be served. Policy Works, LLC Art. of Org filed tion. — Mapo Tofu Food Corp. upon whom process against it may mail process to: Alex Li, P.O. Box 6, SSNY shall mail process to: 817 Sec’y of State (SSNY) 1/5/10. Office be served. SSNY shall mail process NY, NY 10159. Purpose: engage in Broadway, 5th Floor, New York, NY location: New York County. SSNY ABINGTON CHAMBERLAIN WH to Chet H. Olsen, 1880 Century Park any lawful activity. 10003. Purpose: any lawful activity. designated as agent of LLC upon CLASS A, LLC; Arts. Of Org., filed East, Ste. 618, Los Angeles, CA whom process against it may be with NY Sec. of State (“SSNY”) 90067. Purpose: Any lawful activity. NOTICE OF FORMATION of ALIOMI NOTICE OF FORMATION OF served. SSNY shall mail copy of 11/05/2009. Office in New York LLC. Articles of Organization were Patrimoine Vivant LLC. Arts. of Org. process to c/o Hofheimer Gartlir & County; SSNY designated agent for Notice of Formation of RBP JOINT filed with The Secretary of State of filed with Secy. of State of N.Y. (SSNY) Gross LLP, 530 Fifth Avenue, New service of process with copy mailed VENTURE LLC. Arts. of Org. filed New York (SSNY) on 11/25/2009. on 1/19/10. Office location: New York York, N.Y. 10036. Purpose: any law- to Attn: Todd E. Soloway, Esq., Pryor with Secy. of State of NY (SSNY) on Office location: New York County. County. SSNY designated as agent of ful activities. Cashman LLP, 7 Times Square, New 01/20/10. Office Location: NY SSNY has been designated as agent York, NY 10036; All lawful business County. Princ. office of LLC: 60 LLC upon whom process against it may of the LLC upon whom process Columbus Circle, NY, NY 10023. be served. SSNY shall mail process KAROON.COM LLC a domestic purposes. against it may be served. SSNY shall SSNY designated as agent of LLC to: 420 East 85th Street New York, NY Limited Liability Company (LLC) filed mail a copy of any process to the LLC upon whom process against it may 10028. Purpose: any lawful activity. with the Sec of State of NY on Name: EXA MEDIA, LLC Art. Of Org. at 353 West 56th Street, Apt. 9B, New be served. SSNY shall mail process 12/22/09. NY Office location: New Filed Sec. of State of NY 102/23/09. York, NY 10019. Purpose: For any to c/o Corporation Service Co., 80 York County. SSNY is designated as Off. Loc.: New York Co. Corporation lawful purpose. State St., Albany, NY 12207. agent upon whom process against Service Company designated as agent upon whom process against it Purpose: Any lawful activity. the LLC may be served. SSNY shall Name of LLC: 170 East 83rd Street may be served. SSNY to mail copy mail a copy of any process against LLC. Art. of Org. filed Dept. of State Notice of Formation of Melco Direct of process to THE LLC, C/O CSC, 80 the LLC served upon him/her to The of NY on 12/11/2009. Off. Loc. in NY: LLC filed with Sec. of State NY State Street, Albany, NY 12207. LLC, 603 W. 115th St., Ste. 342, NY, NY Cty. Secy. of State designated as (SSNY) on 11/20/09. Office Location: Purpose: Any lawful act or activity. NY 10025. General Purposes. agent of LLC upon whom process NY County. SSNY designated as against it may be served. Sec. of agent of LLC upon whom process Notice is hereby given that a license State shall mail a copy of process to Notice of Formation of Joseph A. against it may be served. SSNY shall (#TBA) for Wine & Beer has been princ. bus. loc.: c/o Marjorie E. Fiordaliso, LLC. Arts. of Org. filed mail process to: Melco Direct LLC, applied for by 3A CAFE, LLC at Nesbitt, 445 Park Ave., 10th Fl., NY, with Secy. of State of NY (SSNY) on Attn: Jeff Meltzer, 70 W 36th St., Suite retail, in a Restaurant under the ABC NY 10022. Purpose: ownership and 11/6/09. Office location: NY County. 1000, NY, NY 10018. Purpose: Any Law at 161 W. 72 St. NY, NY 10023 operation of real estate. SSNY designated as agent of LLC lawful purpose. for on-premises consumption. upon whom process against it may Notice of Qualification of INLE CAPI- be served. SSNY shall mail process Notice of Qualification of MPN Notice of Qualification of TradeForce TAL PARTNERS GP, LLC. Authority to: 155 W. 68th St., #512, NY, NY Capital Management, LLC. Authority Notice of Qualification of Little Lotta Staffing Solutions of Colorado, LLC. filed with Secy. of State of NY (SSNY) 10023. Purpose: any lawful activity. filed with Secy. of State of NY Music, LLC. Authority filed with NY Authority filed with NY Dept. of State on 02/08/10. Office location: NY (SSNY) on 1/28/10. Office location: Dept. of State on 1/8/10. Office loca- on 1/13/10. Office location: NY County. LLC formed in Delaware (DE) Notice of Qualification of The Fifth NY County. LLC formed in Delaware tion: NY County. Princ. bus. addr.: 85 County. LLC formed in CO on on 02/01/10. Princ. office of LLC: Line, LLC. Authority filed with Secy. (DE) on 4/10/07. SSNY designated 5th Ave., 6th Fl., NY, NY 10003. LLC 3/19/08. NY Sec. of State designated Attn: Eran Penini, 85 4th Ave., #4KK, of State of NY (SSNY) on 11/25/09. as agent of LLC upon whom process formed in DE on 12/29/09. NY Sec. as agent of LLC upon whom process NY, NY 10003. SSNY designated as Office location: NY County. LLC against it may be served. SSNY of State designated as agent of LLC against it may be served and shall agent of LLC upon whom process formed in Missouri (MO) on 7/10/06. shall mail process to: Michael P. upon whom process against it may mail process to: c/o CT Corporation against it may be served. SSNY shall SSNY designated as agent of LLC Neely, 527 Third Ave., Ste. 200, NY, be served and shall mail process to: System, 111 8th Ave., NY, NY 10011, mail process to the LLC at the addr. upon whom process against it may NY 10016, also the address of the c/o CT Corporation System, 111 8th regd. agent upon whom process may of its princ. office. DE addr. of LLC: be served. SSNY shall mail process principal office. Address to be main- Ave., NY, NY 10011, regd. agent be served. CO and principal busi- c/o Corporation Service Co., 2711 to principal office address of LLC: tained in DE: c/o National Registered upon whom process may be served. ness addr.: 15660 E. Hinsdale Dr., Centerville Rd., Ste. 400, Wilmington, 116 W. 121st St., Ste. 2, NY, NY Agents, Inc., 160 Greentree Dr., Ste. DE addr. of LLC: 1209 Orange St., Centennial, CO 80112. Arts. of Org. DE 19808. Arts. of Org. filed with 10027. Arts. of Org. filed with MO 101, Dover, DE 19904. Arts of Org. Wilmington, DE 19801. Arts. of Org. filed with CO Sec. of State, 1700 Secy. of State of DE, 401 Federal St., Secy. of State, 600 W. Main St., Rm. filed with DE Secy. Of State, 401 filed with DE Sec. of State, 401 Broadway, Ste. 200, Denver, CO Ste. 4, Dover, DE 19901. Purpose: 322, Jefferson City, MO 65101. Federal St., Ste. 4, Dover, DE 19901. Federal St., Dover, DE 19901. 80290. Purpose: any lawful activity. Any lawful activity. Purpose: any lawful activity. Purpose: any lawful activities. Purpose: all lawful purposes.

Notice of Registration of M & C Saatchi Sport & Entertainment LLP. Ctf of Reg. filed with Secy. of State of NY (SSNY) on 1/7/2010. Office loca- tion: NY County. LLP formed in Delaware (DE) on 12/17/09. SSNY designated as agent of LLC upon whom process against it may be served. SSNY shall mail process to: Davis & Gilbert LLP, 1740 Broadway, NY, NY 10019. Address of LLP in DE: 160 Greentree Dr., Ste. 101, Dover, DE 19904. Cft of Reg.. filed with DE Secy. Of State, 401 Federal St., Ste. 4, Dover, DE 19901. Purpose: Practice Law and any lawful activities.

March 1, 2010 | Crain’s New York Business | 21 20100301-NEWS--0022,0023-NAT-CCI-CN_-- 2/26/2010 7:24 PM Page 1

ALBANY IN CRISIS Health care lobby prepares Pressure’s on Paterson to fight calls for big cutbacks to quit job throwing its weight behind the soda Continued from Page 1 Unions and hospital groups tax.They are doing so under the ban- coming ever more dismissive of the governor SWEET REVENUE: are hoping to use revenue A pediatrician ner of the Alliance for a Healthier even before a scandal grew last week from a do- appears in this New York,a coalition funding the ads mestic dispute involving one of Paterson’s raised in soda tax as offset; television ad in to generate support for the proposed closest aides.An insider says Assembly Speak- weighing Ravitch role support of a tax on tax on sugar-sweetened beverages. er Sheldon Silver and Mr. Paterson have not sugary beverages. Health Commissioner Dr. spoken for a month. Richard Daines was among those The rift emerged a month ago when Mr. BY BARBARA BENSON thrilled to see the ad during the Paterson selected a team that Mr. Silver did Olympics last week.He is hitting the not trust to redevelop the Aqueduct Race- in an ad that began running last week during media circuit to push the penny-per- track. The speaker then lambasted the gover- the Olympics, a pediatrician grimly delivers ounce excise tax on nondiet sodas and nor for drastically lowering his tax revenue the line,“Helping New Yorkers lose weight is other drinks containing large forecast two weeks after proposing a budget. a matter of life and death.” An offscreen nar- Following the news Friday that Mr. Pater- amounts of added sugar. Mr. Silver all but declared that the governor’s rator then goes on to lament the sickening rise son would not seek election, health care lob- In a sign of just how tough the battle will shift was not accidental. in childhood obesity, and urges Albany law- byists are scrambling to adjust their negotiat- be, the beverage lobby is already fighting back Last week, the speaker derided the gover- makers to tax sugar-laced beverages. ing strategies. Now, they have to factor in with its own ads, which hit the airwaves last nor’s revised budget figure as still too The message is paid for in large part by the whether Lt. Gov. Richard Ravitch will take week. Similar campaigns last year helped to optimistic. Senate Democratic Leader John state’s powerful hospital trade group and biggest over budget negotiations for the politically kill the proposed tax.This year, though, states Sampson piled on. Their aim was to reverse health care union, and for good reason. Hospi- hobbled governor. Mr. Ravitch is known for such as California are also pushing a similar tax the governor’s narrative that the Legislature tals and health care workers want to take the his hawkish views on the severity of the state’s to counter obesity and budget shortfalls. is oblivious to the state’s deteriorating fi- $450 million they expect the tax to generate and budget problems and the need to fix them.On Still, the hospitals and their allies face an nances. use it to mitigate proposed health care cuts. the other hand, he is a former trustee of uphill battle getting a tax passed. That multimillion-dollar campaign is just Mount Sinai Medical Center who has a good “I see the soda tax issue as a public health Distanced Ravitch comes to the fore the opening salvo in what is promising to be understanding of the hospital industry and its issue,” says Sen. Thomas Duane, D-Man- with mr. paterson’s future now in doubt, the toughest budget battle between Albany own financial problems. hattan.“But there is reluctance on the part of legislators are pushing for Lt. Gov. Richard and the state’s big health care lobby in years. my conference in general to increase fees and Ravitch to replace him in budget talks. It’s a With New York state’s tax revenues flagging Reluctant to up taxes taxes.” short step from there to Mr. Ravitch assuming and its deficit soaring,the massive spending on the intense lobbying push comes as New The health care industry also has its eyes the governorship entirely. Medicaid—$51.5 billion in the next budget York health care facilities also face federal fixed on a large new slug of federal funding. Interestingly,Mr.Ravitch’s influence on the year even with the governor’s proposed cuts,up Medicare funding cuts of as much as $15 bil- On Feb. 18, the Obama administration an- governor had been waning. Late in 2009, the 1.8% over this year—is looking ripe for the lion over 10 years if the Obama administra- nounced it would provide $4.3 billion in extra lieutenant governor urged his boss to propose scalpel. Gov. David Paterson’s proposed budg- tion’s latest version of health reform goes Medicaid relief to states, including $407 mil- budget cuts, but Mr. Paterson tried to coax the et calls for $1 billion in increased health care through, according to the Healthcare Asso- lion for New York. Local hospitals are lobby- Legislature into making them jointly. provider taxes and cuts, on top of nearly $4 bil- ciation of New York State. Yet it is still un- ing Albany to make sure that money is used Last month, Mr. Paterson proposed alter- lion in cuts already enacted through six differ- clear where that reform is headed, since last specifically to eliminate those health cuts in- ing Mr. Ravitch’s across-the-board Metropol- ent budget actions over the past two years. week’s health care summit in Washington stead of evaporating into the general budget. itan Transportation Authority payroll tax to With that ominous financial backdrop, provided little resolution on policy issues di- To help drive home the importance of such favor suburban counties. New York hospital executives head to Albany viding Democrats and Republicans. steps, health care lobbyists will be invoking A recent 2,600-word New York Times story this week to lobby lawmakers.Their goal is to “We are trying to bring these facts to bear the name of St. Vincent’s Hospital. Many are on the governor and his advisers did not men- pare back the proposed cuts as legislators in conversations with the legislature and the calling it a powerful symbol of the inadequa- tion Mr. Ravitch. struggle to deliver the state’s budget by its due executive staff,” says Kenneth Raske, presi- cy of Medicaid reimbursement. Now the state’s No. 2 is poised to move up. date of April 1. And the lobbyists will go dent of the Greater New York Hospital Asso- St. Vincent’s Hospital “absolutely … is If Mr. Paterson lingers, “there’s never going to armed with stories of the new poster child for ciation, one of those which funded the soda something we will refer to,” says a HANYS have been a lamer duck than him,” the insider the cost of health care cutbacks: the nearly tax ad, along with others. “The stakes have spokesman.“We need to make sure legislators says. bankrupt St. Vincent’s Hospital in Manhat- never been higher in terms of this budget.” understand that what happened to St. Vin- Another Democratic operative sums up the tan’s West Village neighborhood. To help counter the cuts, the industry is cent’s can happen in their districts, too.”
governor in one word: toast.

perate to raise cash. peak according to Dealogic. This ering that it is a mere 10% below the What also remains to be seen is year, there have already been three price Broadway Partners paid for it Sellers test market how much financing will be available such deals, totaling $2.7 billion. in 2006. to fund the purchases. Terms of such “The better, more established Ms.Stacom says that prospective Continued from Page 1 vice chairman at CB Richard Ellis loans will be far stiffer than before. owners will get funding,” says Ms. purchasers have told her they are says Laurie Grasso, a real estate Inc.,who is marketing all four prop- Lenders are demanding that buyers Grasso. “But banks don’t want to willing to pay a purchase price that partner at law firm Herrick Fein- erties.“They are tired of getting half put up as much as 45% of the purchase make the mistakes of the past.” will give them a yield of at least 6%. stein. “Owners out there are testing a percentage point in the bank.” price themselves. That is as much as Experts predict that the Carlton When the auction for 600 Lex- the market.” Potential buyers and sellers alike nine times the percentage banks set as House will fetch a good price due to ington Ave. begins, sources expect Feeding those first hesitant steps are carefully watching the sales a minimum during the boom years. its rarefied location, its retail space, the suggested bid will be between is a growing sense that the economy process to see whether there will be a Also gone are loans based on forecasts and the possibility that it could be $700 and $800 a square foot. One is stabilizing and that the pool of bounce from the past two disastrous of huge rent increases. converted to an apartment house. party interested in the property says buyers and lenders is deepening. In- years. The three office buildings are Sources say bids already top $150 the latter is just too high, even vestors have poured billions of dol- an excellent barometer of the market Sales drought million, which caused one potential though the building is located in the lars into funds targeted at property because they are all solid properties— easy money fed an explosion in bidder to lose interest. heart of the tony Plaza district.The acquisitions in recent months, and neither trophies nor dogs—typical of Manhattan property sales and Meanwhile, the 740,000- 282,000-square-foot building is big institutional owners like Vorna- the broader Manhattan market. prices from 2004 to 2007. Since square-foot 340 Madison Ave. is owned by Hines Interests, a stable do Realty Corp. have also raised There is also the possibility that some then, both have plummeted. Last commanding attention because it operator with no apparent reason to money to fund shopping sprees.Just of them might not find buyers. year, Manhattan commercial prop- has a positive cash flow and is near- sell,so it could balk at a lower figure, as importantly, major lenders, in- “I don’t know that we can say this erty sales totaled a mere $3.5 billion, ly 100% occupied with many ten- the party says. cluding insurance companies and is a positive trend until we see if and a 93% plunge from 2007, according ants paying above market rents. Its Likewise,Shorenstein Properties investment banks, have signaled where everything sells,” says James to Cushman & Wakefield Inc. midtown location, recent renova- is under no pressure to dump 125 their willingness to dig back into the Kuhn, president of Newmark Signs are emerging that the mar- tion and retail space also add to its Park Ave., should it not command market. What remains to be seen is Knight Frank. ket for commercial mortgage allure. Of course, being one of the the roughly $600-a-square-foot whether buyers and sellers can agree If the bids don’t meet owners’ex- backed securities,whose sales fueled only large office buildings on the price that one source says the com- on what constitutes a fair price. pectations, there is a chance that the the boom, may yet rise from the block accounts for some of the buzz. pany had recently said it was seeking. “Buyers want to put their money buildings could be pulled from the dead. Last year, only four CMBS is- Sources say it is on the market for Shorenstein declined to com- to work, and Manhattan real estate market. These four properties all sues were sold, for a total value of roughly $700 a square foot. That ment, and Hines referred calls to is attractive,” says Darcy Stacom, a have stable owners who aren’t des- $1.6 billion—down 99% from the price may be a bit ambitious consid- Ms. Stacom.

22 | Crain’s New York Business | March 1, 2010 20100301-NEWS--0022,0023-NAT-CCI-CN_-- 2/26/2010 7:25 PM Page 2

Mr. Ross teamed up with several other PE Small banks firms last year to acquire Florida’s BankUnit- Gerbers raise the bar ed,which had $11 billion in assets.Rather than pay a premium, as private equity firms usually no bargain do for an acquisition,the group waited until the Continued from Page 2 successful bars in the San Diego Hard Rock institution failed. It then injected $900 million & Grill at JFK International Airport in the Hotel: the Sweetwater Saloon and the Moon- in fresh capital and persuaded the Federal De- Delta terminal.Delta,which in 2007 began of- stone Lounge, which together brought in $11 Continued from Page 3 posit Insurance Corp. to share losses in the fering the Gerber Group’s signature cocktails million in revenue annually. of these banks, which have between $100 mil- bank’s loan portfolio. Scrubbed clean, the re- on its flights and in its airport club lounges,had lion and $10 billion in assets, will go under as vived bank generated $150 million in net in- pushed for the Gerbers to be in the airline’s ter- Bad blood more borrowers default. come in the second half of last year, according minal at JFK, says Joe Waller, vice president of the relationship with operator Tarsadia In fact, nearly half of the $1.4 trillion in to Office of Thrift Supervision data. business development for HMSHost. Hotels was always rocky. Within months af- commercial mortgages coming due by 2014 Mr.Flowers did even better.He and a group “It’s not the sort of brand that people would ter the lounges opened, Tarsadia wanted to are “under water,” which means the borrower of investors, including hedge fund managers expect in an airport,” he says. “It’s a step up.” raise the rent. They later made claims that owes more than the property’s worth, a sure George Soros and John Paulson, bought Cali- The HMSHost partnership has the poten- Gerber Group security staffers roughed up recipe for painful write-downs and foreclo- fornia’s failed IndyMac Bank last spring and tial to be expanded to more of the 111 airports customers. After contentious negotiations, sures. The congressional panel forecasts up to injected $1.3 billion in new capital. It appears across the country at which the food service Tarsadia locked out Gerber Group’s 150 em- $300 billion in losses for banks, with the the investors have already made their money company has contracts. ployees at the bars and terminated the rela- largest losses starting to hit next year. back—the institution, rechristened OneWest, It is the hotel business, however, that pro- tionship.The Gerber brothers brought a law- Of the major New York banks,Capital One generated earnings of nearly $1.4 billion in the pelled the Gerbers to nightlife fame. The suit against Tarsadia for breach of contract, has the most commercial real estate loans as a last nine months of 2009, according to OTS brothers, who grew up in Hewlett, L.I., got and the case remains in litigation. percentage of capital,at 132%,according to re- data.The feds agreed to shoulder up to $11 bil- their start at Ian Schrager’s Paramount Hotel in “It was the first time something like that search firm CreditSights. Concentrations are lion in loan losses as part of the takeover. 1992. In 1999, Starwood launched its bou- had ever happened to us,” says Scott.“It was a only half as much at bigger banks like Citi- Mr. Flowers, who bought another failed tique W brand and lured the Gerbers away big blow financially.” group and J.P.Morgan Chase. California bank last month, won IndyMac from Mr. Schrager to run its bar programs. Other Gerber Group venues have closed Bank in part because, unlike most private eq- Their business took off. Scott says that the re- over the past year,including the Whiskey club Flowers, Soros, Paulson made money back uity investors,he was already chartered to own cession has made their bars integral in con- in the W Times Square. Starwood decided in “some community banks seemed to have a bank after using his own money to acquire a tributing to hotels’ bottom line. August to shut it down, after an eight-year abandoned or never really practiced sound risk tiny financial institution in Missouri. “We think we are more important than run, in large part because the space was run- management,” CreditSights analyst David Ms. Tilton, eyeing Mr. Flowers’ savvy ever before to the hotels, because we provide down and required a $2 million investment. Hendler sternly noted in a client report last week. strategy, says she plans to build her bank with good cash flow when their rooms are empti- Gerber Group still operates the Living Capital One says its mortgage portfolio “is her own funds rather than with her firm’s. But er,” he says. Room lounge on the seventh floor of the W well-positioned to weather the recession.” with the list of potential takeover targets look- However, when travel is down, so are the Times Square. Scott says the Gerbers are With the outlook for banks so bleak, PE ing so unappealing, she’s filling out the paper- Gerbers’ bar revenues—the downside of looking to add a few more venues in New players are content to wait for them to collapse work so she can secure a government charter hitching their engine to the hotel business. York, where they have six spots. so they can buy the carcasses at steep discounts and start up her own operation. Despite talk of a recovery in hotel occupancies, As glamorous as the business is, the broth- and share loan losses with the government. That’s a slower process than buying banks, the Gerbers have not yet seen the evidence. ers no longer do the club crawl.“I used to be at This has proven to be a lucrative invest- of course.“But I don’t see a rapid comeback in “We are not yet feeling the optimism that my bars all the time,”Scott says.Now,he sticks ment strategy for leading private equity play- anything in the economy,” Ms. Tilton says. people are hoping for this year,” says Scott. to business—even doing the occasional real es- ers Wilbur Ross and Christopher Flowers. “It’s a long journey home.”
Another hit was the loss last year of the two tate deal.“I still have my license!” he says.

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March 1, 2010 | Crain’s New York Business | 23 CN013523realestatedaily_full.ai 2/25/10 3:04 PM 2/25/10 Page 1 2:08:08 PM

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14% of mid- to senior-level job seekers had to relocate from NYC to find new employment in 2009 BUSINESS LIVES Source: Right Management HOT JOBS EXECUTIVE INBOX

DIRECTOR OF EDUCATION Anne Fisher ORGANIZATION Literacy Partners JOB DESCRIPTION Organize Expand during curricula; lead improvement of data collection a recovery? MOST IMPORTANT TASKS Not so fast Assessing program needs; developing partnership A STARTLING STAT: From year-end agreements and subcontracts 2007 to the close of 2009, with community-based small business bankruptcies in organizations New York City shot up 146%, CREDENTIALS NEEDED Five-plus according to Equifax. Gulp. years in the field of adult literacy, “There is no magic bullet for master’s in education or related staying out of Chapter 11,” says field bankruptcy attorney Edward SALARY $75,000 to $80,000 Neiger (www.neigerllp.com), RECRUITER Internal whose clients have included DOWNSIDE In 2008, the Enron and WorldCom, as well as organization lost tens of hundreds of far smaller firms. thousands of dollars worth of “The key is to plan ahead and put funding aside cash reserves during the UPSIDE Helping over 2,000 ‘up’ phase of the business cycle, adults learn to read so you have the resources to see you through the downturns.” The only nationally accredited Some folks do manage to pull adult literacy program in New York, Literacy Partners has been this off. Partners Scott Smith and teaching New Yorkers to read for John Ziegler own Biscuits & Bath over 35 years. (www.biscuitsandbath.com), a —EMILY LAERMER six-shop chain where dogs are trained, groomed, boarded and given vet care. “We would love to MAKE ME A MAP: open more locations,” Mr. Smith EXECUTIVE MOVES Jonathan Levy likes says. “But we’ve always made it to get a feel for a a priority to keep a clean balance HUB International neighborhood. sheet, with excess cash and no Northeast: Joseph debt. That’s what has gotten us Torella, 49, was appointed president of through this recession.” the employee benefit buck ennis Elena Bajic—whose online division at the executive-recruiting business, Ivy insurance brokerage. GOTHAM GIGS Exec (www.ivyexec.com), finds He was previously top MBAs for clients such as vice president of business development Merrill Lynch and Louis Vuitton— at Savoy Associates. Collective: Jason Bigler, 36, joined the has a detailed strategy for media and technology solutions conserving cash. She pays her company as senior vice president of Mapping Things Out employees a combination of product management and strategy. He cash, stock options and bonuses was previously vice president of product that are tied, in part, to the firm’s management at Conductor Inc. like most new yorkers, Jonathan Levy loves giving directions. fortunes. Ms. Bajic puts aside Hilton New York: ‘Getting And his are legit: He designs maps for a living. ¶ Clients of his firm, enough cash to cover expenses Richard Brown, 50, was named culinary lost JLCartography, include Not for Tourists guidebooks for the hip, and for at least five months, ideally director. He was most the forward-thinking TED conferences. He’s currently working on six. “Having cash on hand also recently at the St. is the helps you attract funding from Regis New York, NFT Paris. ¶ “There are always new ways to look at a place, even if angel investors,” she adds. where he was best way it’s been mapped before,” says the 31-year-old Brooklynite. He’s not About a year ago, having executive chef. above asking for directions, but he prefers to figure things out on his funds available allowed Biscuits Haynes & Boone: Kenneth J. Friedman, 52, joined the law firm as a partner in to get own. “Although it’s not always comfortable, getting lost is the best & Bath to add a program that the finance practice. He was most way to get to know a place,” he says. ¶ Mr. Levy grew up learning has rescued more than 4,000 recently a partner in the real estate to know animals, which otherwise would finance practice at Paul Hastings. orienteering on camping trips in the Appalachian Mountains with have been euthanized, from city Robert J. Grados, 40, joined as a partner a place’ his dad, a doctor. During a post-college internship with the U.S. shelters. “We care for them until in the finance practice. He had been a someone adopts them,” Mr. partner in the real estate finance practice Forest Service in Idaho, young Mr. Levy would gather field data all at Paul Hastings. day and then turn it over to guys sitting at fancy computers, who Smith says. “Without our cash ScanScout: Jason Krebs, 38, was named generated maps. ¶ “These guys were the all-powerful people in the position, we would never have executive vice president at the online been able to do this.” video advertising provider. He was forest service,” he recalls. ¶ While earning a master’s in geography previously president of sales and at Hunter College, he blended technology, science and art to give DO YOU FIND IT HARD to build reserves marketing at ShortTail Media Inc., when business is good? Do you have which he co-founded. his maps a colorful flair. “That’s what interests me most,” he says. a system for putting aside cash? Tell us —maia blume —hilary potkewitz at www.crainsnewyork/execinbox.

March 1, 2010 | Crain’s New York Business | 25 20100301-NEWS--0026-NAT-CCI-CN_-- 2/25/2010 7:05 PM Page 1

RÉSUMÉ REVIEW Taking stock of the crisis Is your job search all it could be? We ask the experts. First vice president We wish we had seen the crisis com- better,” but there are much longer- NAME ROBERT J.P. TESTER JR. ing a little earlier and mobilized a lit- term questions:What’s happening to SUMMARY of NY Fed talks about tle faster. our financial system? How does that Dynamic business operations change what we do as a central bank? professional with a history of success preventing a repeat How could you have seen it earlier? Just like the Great Depression was a in technical startups A lot of it is connecting the dots. defining period,I think this will have Identifying where there might be the same long tail. PROFESSIONAL EXPERIENCE BY DANIEL MASSEY connections is a big part of the system Tester-Frers & Co., Brooklyn Heights, 2001-2008 of risk regulation. You’ve heard the When will the local economy recover? Managing director hristine cumming’s 30- perfect storm analogy. It’s never one The city has weathered this better Authored over 30 historical and cultural publications year career at the Federal thing. It’s usually several things com- than expected, but we can’t be sure Law & Order Inc., 1999-2001 Reserve Bank of New ing together. It’s identifying those that we’re really done yet. If we were Director of duplicating and print technologies York began in 1979 when several things that look unrelated but having a more severe recession, then Boosted billings to $1.3 million from $6,000 in one year Cshe moved here from Minnesota for that can build into a perfect storm. you’d be more confident that things EDUCATION a job as an economist. It reached a would turn around quickly, but we St. John’s University, M.A., American history 24-7 frenzy Should the AIG bailout have may be in for a slow adjustment. St. Francis College, B.A., history been handled differently? during the Résumé appears in condensed form. global finan- If AIG had failed, a What will Wall Street look like in MOVERS & cial melt- whole range of others five years? EXPERT ADVICE SHAKERS down. As the would have been There’s a lot that could Robert needs to create a professional summary that lists and quantifies NY Fed’s No. swept into the mess. change as we all step back his top achievements. This will get a recruiter’s attention. He has done 2 ranking offi- That’s the reason to and ask, What do financial staffing work in the past, so he knows what needs to be done in his job Christine cer, she had a intervene in a situa- firms need to do to move in search. He should identify the target and stay focused, have a strong front-row seat tion like that. a stable, steady way going marketing campaign, and research firms and hiring managers. He has Cumming for the crisis forward? The instability of strong ties to St. Francis College, so he should tap into that alumni base and has al- What are the the last couple of years and he’ll have a huge network at his fingertips. ready begun to lasting lessons is something nobody —connie thanasoulis-cerrachio, career services expert, Vault.com reflect on some of the lessons learned. of the crisis? wants to repeat.Fig- There are the uring out what the To contact this candidate or to be featured in “Résumé Review,” e-mail us Any regrets? short-term keys are to avoiding at [email protected]. In the run-up to the crisis, we prob- lessons of “we that is a very im- ably could have been more vigilant. can do this portant job. maryrose devine, federal reserve bank of new york

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26 | Crain’s New York Business | March 1, 2010 20100301-NEWS--0027-NAT-CCI-CN_-- 2/26/2010 2:05 PM Page 1 chemex / INSATIABLE CRITIC information, call (212) 264-4507 or flickr.com Gael Greene THE e-mail [email protected]. WEDNESDAY, MARCH 10 THE GREATER NY CHAPTER OF THE INSTITUTE WEEK OF REAL ESTATE MANAGEMENT will sponsor a seminar on asset and property This grande dame management from 9:30 a.m. to 5:30 p.m. at The New York Helmsley Hotel, 212 E. AHEAD 42nd St., third-floor conference center. Fees are $149 for members and $179 for MARCH 8-14 nonmembers. Call (212) 944-9445 or is still ravishing e-mail [email protected]. CONFERENCES THURSDAY, MARCH 11 WHAT HE’S A freshened-up WEDNESDAY, MARCH 10 Learn about financing options for The MANHATTAN CHAMBER OF COMMERCE businesses at the SMALL BUSINESS READING Picholine has dim will host a conference on 21st-century DEVELOPMENT CENTER AT NEW YORK CITY techniques for mitigating business risk, COLLEGE OF TECHNOLOGY, from 6 p.m. to HOSTING DAILY RADIO and lights, ‘Tiffany’ cheeses reducing costs and creating wealth. The 8 p.m. at the Howard Building, 25 television shows while also free event will run from 6 p.m. to 8 p.m. Chapel St., room 104, Brooklyn. The producing books, a magazine, ike a fabulous older at 1345 Sixth Ave. For additional seminar is free. Call (718) 797-0187 or and a newsletter doesn’t leave woman, Picholine has information, call (212) 473-7805. e-mail [email protected] for more information. Glenn Beck a lot of time to read. weeded out the closet, PROGRAMS & WORKSHOPS But the controversial tried cosmetic surgery, THURSDAY, MARCH 11 CULTURAL EVENTS conservative media star gets survived romantic Join the URBAN LAND INSTITUTE OF NEW SATURDAY, MARCH 13 through at least a dozen titles a breakups and deepened over the buck ennis L SUBLIME: A cheese plate fit for royalty YORK for an economic outlook and real Visit the MUSEUM OF MODERN ART to see month by surfing several books years. And now, after yet another estate forecast for the region and nation Monet’s famous water lily paintings at once. “My books are no makeover, chef-proprietor Terrance by Mark Zandi, chief economist at before the exhibit closes on April 12. different from my TV,” he says. Brennan has lowered the wattage to Moody’s economy.com, and Lloyd The museum, at 11 W. 53rd St., is open PICHOLINE Current titles on his list include evoke a subdued Parisian hotel,with Lynford, chief executive of Reis Inc. The from 10:30 a.m. to 5:30 p.m. Admission 35 W. 64th St. program runs from 7:15 a.m. to 9:30 is $20 for adults. For more information, the recent A Patriot’s History of the velvet drapings, a palette of laven- (212) 724-8585 ders and purples,and new tricks like a.m. at Club 101, 101 Park Ave. Fees are call (212) 708-9400. United States, by Larry Schweikart www.picholinenyc.com $50 for members, $100 for nonmembers foie gras shabu shabu. Pick and Michael Allen, along with a and $45 for public-sector workers and SUNDAY, MARCH 14 1936 critique of the New Deal, Hell True,modish foams and “capsules” NEW YORK CITY of the students. Call (800) 321-5011. Head to Bent for Election, by Paul Warburg. may put traditionalists like me on CENTER, at 130 W. 56th St., week guard,but the transcendent sea urchin CUISINE American contemporary SEMINARS at 3 p.m. for the final “He was one of the economic panna cotta crowned with caviar and PRICE RANGE Prix fixe, $92, TUESDAY, MARCH 9 performance of the Paul Taylor Dance advisers for FDR,” Mr. Beck says. sitting in chilled ocean consommé still $105, $135 SCORE NYC will hold a seminar on Company’s New York season. The Not all of his reading involves rules the Preludes on the $92 three- cultivating a successful green business company will perform Changes, Brief history or politics. “I like SERVING Dinner Mon.-Sat. course menu. Brennan’s creamy risot- from 10:15 a.m. to 1 p.m. at the Science, Encounters and Piazzolla Caldera. everything from Edgar Allan Poe to RESERVATIONS Recommended Industry and Business Library, 188 Tickets range from $10 to $135 and can [Cormac McCarthy’s] The Road,” to—which knocked my socks off in its Madison Ave., lower level. Fees are $49 be purchased at www.nycitycenter.org. truffled excess of duck or rabbit and NOISE LEVEL Sedate in advance and $59 at the door. For more —maia blume Mr. Beck says. “I thought that was wild mushroom eight years ago—sur- as poetic as Poe was in his day.” vives, more focused tonight with wild I can’t wait to return. To view Crain’s full calendar listings, go to www.crainsnewyork.com/events —MATTHEW FLAMM “shrooms” of course, local squash and I will definitely go back. Parmesan from a heritage breed of I’ll let them simmer awhile. cow, Vacca Rosa. Except for a tapas crawl late-night NO HATS Never again. bar hop, I’d not been by in years. But I’ve celebrated Picholine in all its in- carnations, almost hyperventilating a middle course.Artichoke barigoule, in the rarefied air at a tasting in 2002. bottarga and parsley pesto seem rather With a bubble of high expectation a lot of baggage for the delicate gnoc- created by Michelin’s singling it out chi, but that doesn’t stop me. for two stars three years in a row, my A ragù of wild game innards, in- return seems overdue. credibly rich on house-made chest- Banishing Pavarotti for Diana nut tagliatelle from the chef ’s $105 Krall on the sound system didn’t do five-course tasting, is chosen as an much to lower the mean age here, entrée by my mate. And rare wines but it’s hardly an old folk’s spa. And brought by our companion enhance once you start eating, you won’t care the subtle gaminess of my wild Scot- who’s sitting across the way. tish wood pigeon—complete with The ambitious seduction begins buckshot (the menu does warn). with Comté cheese tempura nodding It’s Picholine after all, so cheese like flowers on wooden stems to dip is imperative. From this Tiffany of into cherry marmalade and a trio of cheese carts, the supernal vacherin, amuses: truffled bread crumbs froth- a runny Reblochon-like tomme ing away atop smoked ham bouillon crayeuse, kunik (a double cream in a shot glass, butternut squash pan- American goat) and a nutty, multi- na cotta with cranberry gelée, and in syllabic edible velvet from Switzer- a ceramic spoon, a beet raviolo filled land are divided onto three plates. with pickled celery root. A poached Nut-studded bread, fat dates, quail egg wrapped in toasted brioche quince chutney and onion jam clut- with sturgeon caviar arrives on its ter the table: cheese camp followers. own odd ceramic platform, an extra Tart sorbets are the perfect finale as just for us, I suspect, sent out by chef the table fills again, this time a casting de cuisine Carmine DiGiovanni. call for mignardises—chocolate tuiles The sweet song of raw bay scallops standing up like toast in a slotted hold- shines through a much ado of radish er, bergamot lemon and pistachio sprouts and crunch,citrus soy,all kinds macaroons, apple confit on Breton of basil, and redundant sprinklings of sable cookies, chocolate bonbons. sesame powder.Carefully cooked lob- “I almost forgot,” the captain ster with endive, kumquats and fried cries,running toward us with a saucer vanilla milk confirms that someone, of warm raspberry almond crisps. Brennan or his right hand here, has A stick-to-your-teeth farewell. gone molecular. So far it’s not fatal. Three of us agree to share the risotto Copyright © 2010 by Gael Greene. and the sheep’s milk ricotta gnocchi as Syndicated by www.insatiable-critic.com.

March 1, 2010 | Crain’s New York Business | 27 CN013510 2/18/10 7:52 PM Page 1

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