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GE's Stock Slam Brings Breakup to Light CNYB 03-16-09 A 1 3/13/2009 9:20 PM Page 1 INSIDE Politicians TOP STORIES impede recovery West Side Story —Alair Townsend gives early lift on the to Broadway ® economic crisis PAGE 2 Page 11 Minor party plays major role pushing VOL. XXV, NO. 11 WWW.CRAINSNEWYORK.COM MARCH 16-22, 2009 PRICE: $3.00 millionaire’s tax PAGE 3 BAILOUT: NY Waterway owner Ruling Arthur Imperatore Sr. Magazine defies is looking for a public ad slump, makes transit agency to buy on rents real money on Web his ferry company. PAGE 3 squeezes SPECIAL REPORT landlords May owe back rent; units could return to regulation BY THERESA AGOVINO after 23 years in Stuyvesant Town, Ken Chanko and his family REAL ESTATE dreaded the idea of leaving. But FORECLOSURES HIT with the end of rent regulation for HOME IN NEW YORK their three-bedroom apartment Subprime loans prove looming, Mr. Chanko knew there undoing of thousands was no way they could afford to stay. of householders PAGE 19 buck ennis That could change. Two weeks G ago, a state court effectively barred Auctioneers provide keys landlords from deregulating apart- to unlock frozen real estate ments in buildings that receive cer- sales markets PAGE 19 tain tax breaks. Less than a week G With large leases scarce, later, Mr. Chanko filed a lawsuit landlords subdivide space against his landlord, Tishman and conquer PAGE 22 FERRY SENDS S.O.S. Speyer, demanding a renewal lease at a rent-stabilized rate. NY Waterway’s owner says next berth is Ch. 11 “We were trying to find ways to BUSINESS LIVES stop the decontrol,” says Mr. DADDY & ME Chanko, a public school teacher, need of a rescue. The firm, which transports riders to who says the rent on his apartment Newly jobless fathers BY LISA FICKENSCHER Manhattan from Weehawken and other New Jersey is “much, much less” than the mar- discover the ups and ports, could go bankrupt this year. Its situation is so ket rate of roughly $5,300 a month. downs of stay-at-home when captain chesley sullenberger landed US precarious that the company is preparing a lawsuit PAGE 29 “The court ruling was a relief.” life Airways flight 1549 in the Hudson River in January, against US Airways to recoup the expenses it incurred For landlords, it could well be- NY Waterway ferries arrived at the scene within min- during the rescue effort. come an albatross if, as expected, utes,fishing 142 of the 155 airline passengers from the “We are embattled,”says Chief Executive Arthur Im- thousands of tenants follow Mr. icy water.Then the company transformed its ferry ter- peratore Sr. “The question is whether we can survive.” Chanko’s lead. Meanwhile, land- minals at West 39th Street and in Weehawken, N.J., His list of woes is long. Ridership in February lords are terrified that the ruling into triage centers. dropped 12% from year-earlier levels, to 26,400 daily will not only stop deregulation,but Two months later, NY Waterway is the one in dire See FERRY SENDS S.O.S. on Page 9 See LANDLORDS on Page 8 GE’s stock slam brings breakup to light INDEX NEIGHBORHOOD JOURNAL _ _ _ _ _ _ _ _ _ _ _ _ _12 Finance unit sinks shares; NBC sale DO THE MATH THE INSIDER _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _16 could bolster battered balance sheet GE’s market cap $100 billion SMALL BUSINESS _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _17 Estimated value of GE’s non-finance THE WEEKS AHEAD _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _18 many are popping simultaneously operations $108 billion CLASSIFIEDS _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _26 BY AARON ELSTEIN that GE’s future is in jeopardy. $52 billion EXECUTIVE MOVES _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _28 Last week the once bluest of blue Technology businesses CORPORATE LADDER _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _30 inside general electric co., the chips lost the AAA credit rating it Energy businesses $37 billion See AT DEADLINE on Page 2 conglomerate’s various business held since 1956. Over the past year, TABLE TALK _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _31 NBC Universal $19 billion lines are known as “bubbles.” So its share price has sunk 75%, wiping out more than $300 billion in mar- Market’s “value” for GE Capital -$8 billion ket value, an even bigger oblitera- As of March 13. Source: CreditSights 11 istockphoto 5 tion of wealth than Citigroup’s.This week GE is summoning investors to its Fairfield, Conn., headquarters Although best known for manufac- Now that the good times have em- for the second time since December turing everything from light bulbs phatically ended,it appears the unit ELECTRONIC EDITION so it can again try to assure them to jet engines,its finance arm was its has set aside nowhere near enough that all is not as dire as it appears. biggest source of profit during the reserves to cover the billions in loan NEWSPAPER GE’s problem is fairly simple. boom years that ended in 2007. See GE STOCK on Page 8 71486 01068 0 CNYB 03-16-09 A 2 3/13/2009 8:50 PM Page 1 IN BRIEF THE UJA-FEDERATION OF NEW YORK IS THE LATEST MAJOR NONPROFIT TO BE HIT BY THE deepening recession. The local agency, the largest in the national network, is laying off 52 employees, about 11% of its staff. Fundraising pledges have dropped 10% so far this year, and the group’s $675 million endowment has shrunk by 25%. Last year, the nonprofit raised $153 million in its annual campaign. The UJA, which funds hundreds of nonprofits in New York and abroad, will maintain unrestricted support for most of its member agencies but will reduce other grants modestly. THE 2009 ZAGAT SURVEY TOUTS 35 EATERIES THAT ALLOW DINERS TO BRING THEIR OWN booze.The problem is that most New York restaurants with a BYO policy are flouting the law, risking hefty fines or even forced closure. The New York State Liquor Authority is addressing such common violations with a new series of seminars in the city, starting next week in Brooklyn, that are meant to educate restaurant and bar owners about liquor laws. TIFFANY & CO. IS CLOSING A DOOR BUT OPENING A WINDOW. ON FRIDAY, THE JEWELER announced plans to open a 2,100-square-foot shop in Amsterdam—its first store in the Netherlands. Earlier last week,Tiffany said it will close its underperforming 16-unit Iridesse Broadway bet paying off division, which was launched in 2004 to sell pearl jewelry.The new store, carrying many of photos: marcus joan the same signature designs as the Fifth Avenue location, will help the jeweler gain a stronger at all raising money to mount the show, foothold in Europe. In previews, West Side Story packing which cost $14 million. Surprisingly, the recession so far has done little to dampen PFIZER INC. AWARDED CHIEF EXECUTIVE them in; no shortage of investors investor enthusiasm for Broadway. With JEFFREY KINDLER $13.8 MILLION IN TOTAL a total of 43 shows set to open this sea- compensation last year, a 45% increase from son, Broadway will have more new pro- 2007, even as net income slipped by 2% at the BY MIRIAM KREININ SOUCCAR ductions than in any season in the past pharmaceutical giant, according to a regulatory two decades. The number is equal to filing. Mr. Kindler’s pay includes $175,000 for when kevin mccollum decided to stage a revival of West Side Story, 1986-87, when 43 shows opened as well. personal use of the corporate jet.The company he was embarking on new territory. Some of the productions this year says it has frozen salaries for top executives this The Broadway producer—who has had a string of original hits such were simple one-man shows with limit- year in light of tough economic conditions. ed runs. But those can bring in big prof- However, the majority of senior executive pay as In the Heights, Avenue Q and Rent—had always steered clear of its. You’re Welcome America. A Final Night comes from stock and option grants, not salary. revivals. “You’re lucky if a revival lasts more than one season,” Mr.
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