CNYB 07-07-08 A 1 7/3/2008 7:17 PM Page 1

SPECIAL SECTION NBA BETS 2008 ON OLYMPICS; ALL-STAR GAME HITS HOME RUN IN NEW YORK ® PAGE 3 AN EASY-TO-USE GUIDE TO THE VOL. XXIV, NO. 27 WWW.CRAINSNEWYORK.COM JULY 7-13, 2008 PRICE: $3.00 STATISTICS Egos keep THAT MATTER THIS Spitzer’s aides YEAR IN NEW YORK newspaper PAGES 9-43 find it difficult presses INCLUDING: ECONOMY rolling FINANCIAL to start anew HEALTH CARE Taking time off to decompress Local moguls spend REAL ESTATE millions even as TOURISM life. Paul Francis, whose last day business turns south & MORE BY ERIK ENGQUIST as director of operations will be July 11, plans to take his time three months after Eliot before embarking on his next BY MATTHEW FLAMM Spitzer’s stunning demise left endeavor, which he expects will them rudderless,many members be in the private sector. Senior ap images across the country,the newspa- of the ex-governor’s inner circle adviser Lloyd Constantine,who per industry is going through ar- have yet to restart their careers. followed Mr. Spitzer to Albany TEAM SPITZER: guably the darkest period in its A few from the brain trust that and bought a house there, has THEN AND NOW history, with publishers slashing once seemed destined to reshape yet to return to his Manhattan newsroom staff and giants like Tri- the state have moved on to oth- law firm, Constantine Cannon. RICH BAUM bune Co.standing on shaky ground. AT DEADLINE er jobs, but others are taking Working for the hard-driv- WAS The governor’s Things are different in New time off to decompress from the ing Mr.Spitzer,“you really don’t secretary York. THE UNION REPRESENTING scandal that upended have any time to think The Daily News is investing in 450 CEMENT-TRUCK DRIVERS their lives. Looking about what you want to IS Chief operating new color presses. The Wall Street and the city’s concrete “The shock of do next,” Mr. Francis officer, New York Journal is launching a weekend back at Academy of Sciences producers will return to the Spitzer’s fall weighed a scandal says.“So I think it’s nat- magazine.The New York Times,de- bargaining table as early as heavily on every single ural to take some time PAUL FRANCIS spite cutting 100 newsroom jobs, today in an effort to end a one of these people,”ex- [now] to evaluate the has not cut back on coverage. The strike that has disrupted plains a former staffer, options.” WAS Director of New York Post and the New York construction sites across the who asked not to be identified. But the Spitzer crew—most operations Sun continue to publish in the face five boroughs.The workers Those who can afford to are of whom remain devoted to the IS Eyeing return to of unending trails of red ink. walked off their jobs after taking a break to recover from former governor, despite the private sector Most remarkable of all, four negotiations between the intensity of working for Mr. revelation that he slept with dailies—eight counting the Jour- Teamsters Local 282 and the Spitzer and the emotional up- high-priced call girls—clearly nal, Long Island’s Newsday and Association of New York City heaval of his disintegration. needed a break as well. LLOYD CONSTANTINE freebies amNew York and Metro— Concrete Producers failed to Christine Anderson, who as “I think everybody is now, in WAS Senior adviser fight for attention at a time when yield a contract by the July 1 press secretary and then com- his or her own way, facing the most cities can barely support one. expiration of their current munications director was on the question of ‘Where does this IS Not yet back at The troubled economy and deal. Wages and working front lines of Mr. Spitzer’s bat- leave me?’” says Richard Rifkin, Constantine Cannon competition from the Internet— conditions are the sticking tles, is unwinding in the who was deputy attorney gener- See TEAM on Page 8 the two forces hammering the in- points. “There’s a huge desire anonymity of New York City See SPITZER on Page 8 See EGOS on Page 6 on both ends to resolve this as quickly as possible,” says a spokeswoman for Teamsters SALARY GAP Local 282. THE FOURTH OF JULY FESTIVITIES MAY BE OVER, but the sponsors of fireworks Black nurses earn less than whites shows are reeling from cost increases and already beginning to worry about Even with same City,black nurses get paid less than higher prices expected for next their white counterparts. See AT DEADLINE on Page 2 experience, they The Center for Health Work- force Studies at the State Univer- make less money sity of New York in Albany com- COMINGNEXT WEEK pared the salaries of nurses with As banks tighten the spigot on BY GALE SCOTT similar experience and credentials credit, the July SMALL BUSINESS and found that black nurses made REPORT reveals how microlending is nursing has long been a ladder less in almost all cases. filling the void for many companies. up for minority women, but a new For example, black nurses with state study shows that in New York 30 or more years of experience earned an average annual salary of about $81,000, while white nurses 27 with the same experience earned 5 COMMITTED CARE: an average of almost $90,000— Kaaba Chenault 11% more. says she has “never “That sounds like racism to wanted to work ELECTRONIC EDITION me,” says New York City Council- anywhere” but a woman Letitia James.“On the ba- city-run hospital. NEWSPAPER See BLACK NURSES on Page 6 roger hagadone 71486 01068 0 CNYB 07-07-08 A 2 7/3/2008 7:13 PM Page 1

WEEK IN REVIEW AT DEADLINE For daily news updates, go to www.crainsnewyork.com

Continued from Page 1 accommodating place to film a year’s shows. Macy’s Inc., commercial or show. The office points higher than a year ago. Yet official sponsor of the city’s quietly created the YouTube asking rents rose, with the average annual Fourth of July Fireworks channel in February and has hitting $71.59 a square foot. Spectacular, declined to disclose attracted only 271 views and 10 Simultaneously, apartment sales costs for its colossal display. But subscribers. slowed 22%, even as prices the American Pyrotechnics increased 25%, compared with the Association estimates that THE ST. REGIS HOTEL NEW YORK year-ago period. prices for fireworks rose 35% IS SPENDING $1 MILLION TO this year and forecasts another renovate its presidential suite. 15% to 20% hike next year. The five-star hotel on Fifth Con Ed, union Avenue is trying to take reach labor deal THE NEW YORK GIANTS MAY BE advantage of the continued ABLE TO CHARGE MORE FOR growth in the superluxury consolidated edison inc. advertising during the team’s market as international averted a strike with nearly 9,000 games on WFAN-AM next travelers, beckoned by a weak of its workers by reaching a season, thanks to an agreement dollar, visit the city in large tentative labor agreement with the to use Arbitron Inc.’s numbers.The St. Regis says it Utility Workers Union of America controversial Portable People will raise the nightly rate on the Local 1-2.The two sides struck a Meter ratings revamped suite to $15,000 from deal after a three-day cooling-off service. The $13,500. bloomberg news period suggested by Gov. David deal with Paterson.The company agreed to Arbitron will ST. VINCENT’S HOSPITAL Port Authority ditches deadlines continue the current pension plan. be MANHATTAN WILL CONTINUE TO Raises are estimated at about 4% press for a financial exemption THE PORT AUTHORITY OF NEW YORK AND NEW JERSEY annually. to tear down the O’Toole changed the roof design of the World Trade Center’s transit announced Building when it presents more hub after formally scrapping the entire project’s deadlines Ambac falls off today. Since information to the New York and cost estimates. By making the building’s roof static the team sells ads for its games, City Landmarks Preservation New York exchange the Giants will use the meters Commission on July 15. All 10 rather than retractable, officials hope to shave hundreds of to give advertisers detailed of the landmark commissioners millions of dollars off the structure’s cost. The Port Authority, ambac financial group inc.,one audience measurements. have said that they would like of the city’s troubled bond insurers, Preliminary readings from the to protect the building, but St. along with city officials, plans to release new timetables and ceased trading on the New York PPMs last season indicated Vincent’s is hoping to prove budgets for the WTC in September. Stock Exchange after its share that the Giants had more that it cannot carry out its price fell to $1.04. Earlier this year, listeners among men 25 to 54 mission without demolishing the firm lost its AAA credit rating years old than the No. 1 the structure and constructing a Willets Point win forthcoming “Comes With Music” with Moody’s Investors Services, morning drive show, according new facility in its place. program. Verizon Wireless enlisted Standard & Poor’s and Fitch to Arbitron. a divided Queens Community Rhapsody’s subscription music ratings, which accelerated its THE KINGSBRIDGE HEIGHTS Board 7 approved the Bloomberg service, allowing unlimited song downward spiral. CONSUMERS, CORPORATIONS REHABILITATION AND CARE administration’s plan to redevelop downloads for $15 a month. AND BLUE-CHIP ADVERTISERS Center has paid a $38,000 fine 61-acre Willets Point. Despite Ref’s general aren’t the only ones promoting to the state Workers lingering concerns over the city’s themselves on YouTube these Compensation Board to avoid use of eminent domain to seize Grasso vindicated the nba hired Army Maj. Gen. days. The Mayor’s Office of being shut down because it property, the board voted 21 to 15 in Spitzer case Ronald Johnson as senior vice Film, Theatre and operated for more than a year to support construction of housing, president of referee operations, a Broadcasting unveiled its own without workers’ compensation office space, a hotel and a a state appellate court new position to help strengthen the channel on the popular video- insurance. Some 220 workers convention center. dropped the last two charges in an league’s officiating programs sharing site last week, which it have been on strike since executive pay lawsuit against following the Tim Donaghy will use to promote New York February, when the nursing former New York Stock Exchange scandal. Mr. Johnson, who recently City as an affordable and home stopped paying benefits. Lehman shares Chairman retired after 32 years of service as a sink on sale rumor Richard combat engineer, will oversee all Grasso (left). aspects of officiating. shares of Lehman Brothers The ruling THIS WEEK IN CRAIN’S Holdings Inc. sank after rumors ended the surfaced that United Kingdom- case, which B’way strike based Barclays wanted to buy the started five avoided 47 firm at a discount. But the share years ago value recovered somewhat when an when former actors’ equity association and analyst said a fire sale was unlikely New York The Broadway League, which and the bank’s near-term problems bloomberg news state represents producers and theater have been overblown. Lehman Attorney General Eliot Spitzer owners, reached a tentative gave midyear bonuses in the form charged that Mr. Grasso’s $187.5 agreement for a new three-year of stock. million, multiyear compensation labor contract.The parties was too high. negotiated past a midnight deadline before reaching a deal that CIT Group sheds covers both Broadway shows and mortgage business Construction safety touring productions. group launching cit group inc. returned its focus to commercial finance by agreeing the city’s construction New York founder to sell its home-lending business to industry will form an independent Felker dies Lone Star Funds for $1.5 billion in organization to promote work-site INSIDE 2008 THE INSIDER------8 cash, plus $4.4 billion of assumed safety in New York City after nine clay felker, founding editor of debt, and its $470 million people were killed by two tower- New York, died in his home at age 82 City Facts CLASSIFIEDS ------44 manufactured housing portfolio to crane accidents here this with his wife, writer Gail Sheehy, by another buyer at a $170 million year. his side. Mr. Felker, A guide to vital REAL ESTATE DEALS------47 loss. who launched New York in 1968 and effectively stats on NYC PAGE 9 THE WEEKS AHEAD------47 Cell phone music Mixed established the model for modern magazines, vol. xxiv, no. 27, july 7, 2008—Crain’s New York Business (issn 8756-789x) is published weekly signals by Crain Communications Inc., 711 Third Ave., New York, NY 10017. Periodicals postage two cell-phone companies suffered from throat paid at New York, N.Y. and additional mailing offices. Postmaster: Send address changes to: partnered with music providers. the vacancy rate for cancer in recent years. Crain’s New York Business, Circulation Department, 1155 Gratiot Avenue, Detroit, MI 48207-2912. for subscriber service: Call (888) 909-9111. Fax (313) 446-6777.$3.00 a copy, $59.79 one year, Nokia Corp. signed a deal with Manhattan office —from staff $109.79 two years. (GST No. 13676-0444-RT) ©Entire contents copyright 2008 by Crain Warner Music Inc. so that users space climbed to 7.1% reports and Communications Inc. All rights reserved. Ride-along enclosed in Edition 1 can purchase tunes through Nokia’s in the second quarter, bloomberg news music stores or with its nearly two percentage reports

2 | Crain’s New York Business | July 7, 2008 CNYB 07-07-08 A 3 7/3/2008 6:55 PM Page 1

SUMMER EXTRAVAGANZAS NBA’s big plans hinge on Beijing

A poor athletic show- Making a splash in China is the key ing, signs of team dis- to league’s effort to build global franchise cord or unbecoming behavior could damage eyes on the greater prize such the sport’s profile and BY SAMANTHA MARSHALL a performance could pro- set the NBA’s agenda duce: enhanced business op- back by years, he says. the hopes of the portunities.Nowhere are the David Stern, com- GAME ON: The 2008 U.S. Olympic bas- stakes higher than in Chi- missioner of the NBA, Olympic team must ketball team na, which is already the insists that he’s not dominate on the court got a boost last league’s largest over- worried. and behave well off it, observers say. month, when seas market. “The Beijing officials an- Olympics are going to nounced the fi- Stand and deliver demonstrate [basket- nal lineup of the the nba’s interna- ball’s] complete power impressive 12-man tional ambitions could and what has been squad heading to be hampered if the achieved,” Mr. Stern Beijing in August. Olympic players declared at a recent Fans hope that disappoint. press conference. this team can regain “A lot hinges on The NBA, based in the stature lost how the team per- Manhattan, has no of- when the United forms on that ficial role in the games States placed a dis- court,” says themselves, but the 12 mal third in the Wayne Mc- players who will travel to Beijing against his NBA peers isn’t going impression that U.S. players don’t Athens games four Donnell, a will effectively become ambassa- to help the U.S. team’s chances for take the Olympics seriously.Mega- years ago. professor at dors for the NBA brand as well as gold, it has generated plenty of stars, including Kobe Bryant and Though the 25% New York the sport. goodwill with Chinese basketball LeBron James, have dutifully National Bas- CHINA’S University’s The Houston Rockets’ Yao officials. signed on to what is regarded as ketball Associa- estimated Tisch Center Ming has already burnished the one of the strongest teams in share of NBA’s No-show champions tion would wel- international for Hospitali- league’s image by agreeing to play years. But no one from the cham- come a gold revenues ty, Tourism for China’s team, despite a serious reports that some of the pion Boston Celtics accepted, and medal, the and Sports foot injury that is not completely league’s top stars have declined to other team members could bow league has its Management. healed. Though his competing participate have also created an See NBA on Page 6 NY’s record-setting All-Star Game

visitors, according to the city’s City venues help GOING ALL OUT Economic Development Corp. MLB plan big; That would trounce last year’s With New York City as the stage, game in San Francisco,which drew HOT TICKETS: The baseball next week’s All-Star Game festivi- tickets being bid up ties are expected to set records for about 125,000 visitors and brought league is charging more for the city an estimated $65 million. by brokers seats this year. revenue, attendance and TV view- ership. Here are some highlights about the game: Higher television ratings BY HILARY POTKEWITZ one of the biggest highlights 30-SECOND AD SPOTS are reportedly selling for will be the two-hour parade, fea- media watchers anticipated that more than $500,000. turing about 50 Hall of Famers in this year’s All-Star Game at Yan- 175,000 PEOPLE are expected to visit the city over addition to the 64 current All- kee Stadium would be a boon to the long All-Star weekend. Stars. The New York Police De- Fox Sports, but news that 30-sec- partment expects about 1 million ond advertising spots are selling for ALL-STAR EVENTS are projected to generate $148 spectators to clog the streets. more than $500,000 has exceeded million in revenue for the city. In addition, industry watchers expectations. THE NYPD EXPECTS 1 million people to line Sixth expect this year’s game will draw “It sounds a little bit on the high Avenue to watch the pregame parade. more television viewers than in the end,”says Andrew Donchin,senior past because there are plenty of side vice president of national broad- stories holding fans’ attention. casting at the Carat Group,a media game that will probably set records 12. Sixth Avenue will be the “red secondary market sites such as From rumors that Boston Red Sox agency. “But big television events in every way: revenue, attendance carpet” for a pregame parade. And, StubHub. star David Ortiz will compete in the are few and far between these days, and TV viewership. League execu- of course, the game itself will be Fans with a smaller budget can home run derby against his club’s and this game is certainly in de- tives say the Big Apple backdrop is played in the famed Yankee Stadi- catch the FanFest celebration at wishes to speculation about which mand, so I can believe it.” the main reason this year’s event will um in the last year before it is “re- the Jacob K. Javits Convention old-time greats will show up, fans Fox declined to say how many be an over-the-top affair. tired.”The fact that New York has- Center for an average of $25 per will have plenty to focus on. commercial spots it has sold for the n’t had an All-Star game in over 30 person starting Friday, and com- Fox will broadcast parade high- July 15 game, but according to a Bleacher seats for $100 years heightens fan interest. memorative statues have been lights nationally for the first time, spokesman, “the market is defi- “there are things you have in The league priced the best seats placed around the city for fan pho- as part of the its pregame show, nitely healthy.” New York that you couldn’t even for the game at $750, and general to opportunities. “We don’t want while ESPN will broadcast the The All-Star Game’s ad rates come close to in other cities,” says admission seats sold for $150. anybody to be shut out of baseball,” home run derby. Local stations are pale in comparison with the $2 mil- Timothy Brosnan, executive vice Bleacher seats sold for $100.About Mr. Brosnan adds. still fighting for the rights to lion-plus threshold of Super Bowl president of business for Major 21,000 out of the 57,000 tickets The long weekend of baseball- broadcast the parade live. spots but still push the game into the League Baseball. Central Park will were originally priced under $175. themed events is expected to bring upper echelon of televised events. be the venue for a free league-spon- However, tickets are being sold for about $148 million in revenue into COMMENTS? The numbers are emblematic of a sored concert by Bon Jovi on July several times their face value on the city, on top of about 175,000 [email protected] getty images

July 7, 2008 | Crain’s New York Business | 3 CNYB 07-07-08 A 4 7/3/2008 6:01 PM Page 1

NEW YORK,NEW YORK edited by Valerie Block

Magazine arrives with baby pix hen OK! magazine lands on newsstands this week with exclusive pictures of 17-year-old Jamie Lynn Spears (right) and her new daughter, Maddie, the publication should get a baby bump of its own: Publisher Tom MorrissyW expects the celebrity title to sell more than 1 million copies on the newsstand, or at least 10% more than usual. That should help make up for the $1 million that OK! reportedly forked over for rights to the story. But the magazine may also draw flack from critics who feel the photos are glamorizing a teenage mom when teen pregnancy is on the rise. For the gossip rag, it’s all in a day’s work. “We’re just presenting it, and readers can make their own judgments,” says Editor-in-Chief Sarah Ivens. “If there’s criticism from our competitors, it’s because they wish they had [the photos].” OK! is not expecting a bump on the advertising side—marketers generally steer clear of controversy—but Mr. Morrissy says, “It will

be a solid issue with the same amount of ads we had last year.” zumapress 3,000 items every month, ranging Surrealistic SOCIAL NETWORKS from furniture to paintings.The hotel pillows GO SWING Web site gets a 20% commission SWINGERS LOOKING TO connect on sales, which hit $240 million the plaza may have Eloise, but online need look no further than last year, Mr. Bruno says. the St. Regis has Salvador Dalí. Lincolncenter.org. The famed The entrepreneur isn’t done Walking through the stately lobby arts organization last week expanding, either. “Right on the with a bear cub or a pet ocelot launched a social networking heels of this, we are adding were just some of the zany antics another marketplace of vintage site aimed at swing dancers who that the late surrealist pulled when couture and fashion,” he says. attend its Midsummer Night’s he lived in Suite 1501 over a 14- year period beginning in the late Swing series. 1950s. But the site will have to com- Top prices Now, the hotel hopes to pete with Meetup.com, which for free tickets capitalize on its famous guest. already sees plenty of action During the recently opened 10- from the swing community at exotic vacations and nights on week exhibition of his work at the swingdancing.meetup.com. Even the town have long been the Museum of Modern Art, the hotel vegan.meetup.com posts calls to staples of charity auctions. But will offer a special package deal. come out and dance at the Lin- lately, New Yorkers are paying big For $5,000, guests can spend coln Center series. bucks for free tickets to TV shows. one night in Dalí’s suite An anonymous bidder paid overlooking Central Park, get a $3,500 to visit the Rachael Ray private tour of the exhibit and ketplace www.1stdibs.com figures show last year.That prompted the receive a rare 1958 bottle of there are still enough wealthy Healthy Kids benefit auction to Mouton Rothschild, for which the folks to support its next venture: a add two more programs to this fine-jewelry division featuring year’s booty. At press time, $5,000 to $50,000 pendants and potential buyers had bid $450 for diamond-encrusted brooches. a chance to see The Colbert Report, The site, which counts dealers while fans of The View had from East Hampton to Paris wagered $500 to get a close-up among its vendors, has already look at Barbara Walters and signed on 20 jewelry merchants company. for the division that debuts in Of course, people could stand September.They include Camilla in line for hours to get these bloomberg news Dietz Bergeron and Julius Cohen freebies, but time is money in this Dalí’s La Main (Les Remords de conscience) Jeweler. town.The online auction, held at 1stdibs founder Michael Bruno charitybuzz.com, closes on July 8. artist designed the label. expects pieces sold on the site to The tony hotel is not expecting average $25,000.The seven-year- Contributors: Lisa Fickenscher, Matthew overwhelming demand; it old business already sells about Flamm, Adrianne Pasquarelli, Gale Scott purchased just three bottles of the pricey wine. But St. Regis General Manager Scott Geraghty says the OM SHANTI hotel may turn the suite into a permanent Salvador Dalí room, YOGIS HOPING to avoid hoi polloi reflecting the Spaniard’s during their downward dogs can inimitable style. check out Equinox’s just opened Pure, an upscale, eco-friendly yoga studio on the Upper East Side. The Pricey jewelry 20,000-square-foot club features four yoga studios, two studios for private instruction, a Brazilian hardwood footbridge and a 1,200-square-foot verti- to add sparkle cal blossoming vine garden. Members pay a $500 initiation fee and $140 a worldwide recession may be monthly for unlimited classes. Pure originated in Hong Kong. brewing, but online antiques mar-

4 | Crain’s New York Business | July 7, 2008 CN012074 6/4/08 4:51 PM Page 1

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newspaper,” Mr. Morton says. mission is perhaps the biggest reason Even if local papers are part of it hasn’t shrunk its coverage. Egos keep presses rolling publicly traded companies, owning “It’s a function of the family’s them is never just about the money. legacy,” Mr. Morton says. “For that Continued from Page 1 plunged by double digits, according that a newspaper brings. As if the reason,I don’t think you’ll ever see it dustry—are taking a toll here, too. to a research note by Wachovia ana- battle between the News and the Family pride doing the things that are happening But thanks to the giant egos of lyst John Janedis.He also wrote that Post wasn’t enough for Mr. Mur- in the case of the Times, family at other places.” wealthy media barons, including ad linage at the Journal fell nearly doch, he spent $5 billion for Dow history plays a huge role. New York The newspaper mystique, or Rupert Murdoch,Mort Zuckerman 20% in June. Jones & Co. and launched a second Times Co. Chairman Arthur what’s left of it, also explains Mr. and newspaper newcomers the Ad revenue at the News is down newspaper war, pitting the Journal Sulzberger Jr. is the third Sulzberg- Zuckerman’s decision to spend Dolans of Cablevision, the ordinary 8% to 10% so far this year, according against the Times. er to head the flagship paper. He’d more than $100 million on high- rules don’t apply. to an insider.Mr.Zuckerman’s paper He also bid $580 million for rather be vilified by discontented speed color presses. It’s why in- “If decisions were made based on has been offering buyouts to staffers. Newsday ths spring in hopes that a shareholders than change the voting vestors Roger Hertog and Bruce business, there would have been a Mr. Murdoch’s Post is said to lose combined operation would make structure of the stock that keeps the Kovner continue financing the Sun. shakeout long ago,” says newspaper $20 million a year, and attempts to the Post profitable. Mr. Zuckerman company in family hands. And it has even drawn a new analyst John Morton.“But that’s not build its circulation on Sunday to matched his bid. He’s also refused to make the sort generation of would-be moguls,like the case here.” draw more advertising have failed. Both moguls lost out to another of cuts that have taken place around 27-year-old real estate scion Jared “New York may be able to post- pair of headstrong billionaires, the country,most recently at the Los Kushner, who bought the money- Bad times pone the kind of shakeout or repo- Charles and James Dolan,the father- Angeles Times, as parent company losing weekly New York Observer in fact, business is hurting. The sitioning that’s going on elsewhere, and-son team who run Cablevision. Tribune slashes and burns on the fly. two years ago. New York Times Co. may have in- but over time that pain will be felt,” Nobody’s sure what the Dolans will The paper announced last week that “Sure,Treasury bills might be the vestment-grade debt, unlike most says Mike Simonton, a media ana- do with their first newspaper, but it would cut 150 newsroom jobs and way to go, but Jared owns a paper other newspapers, but it’s with “a lyst at Fitch Ratings. they have called Newsday a good 15% of news pages. that influential people read,” says ‘negative’ outlook,” says Standard & None of New York’s moguls strategic fit with their cable business. The New York Times has benefit- Observer Media Group President Poor’s credit analyst Emile Courtney. could be reached for comment. At least they bought a profitable ed from being a national paper and a Bob Sommer. In June, ad page counts in the But no amount of bad news can paper.That is not generally the case. global brand with a growing Internet Times for key categories like real es- stop New York billionaires from “You could make more money business and an upscale readership. COMMENTS? tate,Help Wanted and national auto seeking the power and influence with a government CD than with a But the family’s sense of the paper’s [email protected] Black nurses face salary gap LABOR OF LOVE DESPITE THE LOWER PAY, many minority nurses work at city-run hospitals Continued from Page 1 contracts should make pay discrim- partly out of a sense of mission and commitment, according to a sic facts, if the report is correct, the ination difficult. But a senior-level spokeswoman for the Center for Health Workforce Studies at SUNY-Albany. situation is highly suspect.” black nurse at New York-Presbyter- “They’d rather work in their own communities” than in a private hospital, Ms. James says she will ask the ian Hospital’s unionized Columbia she says. city to look into the findings. campus says that she has experi- Black nurses who were interviewed agree. Researchers who conducted the enced bias. Kaaba Chenault, a head nurse and lactation instructor at Cumberland study,The Hospital Nursing Workforce Diagnostic and Treatment Center, a Brooklyn clinic run by the city’s Health “Wiggle room” in New York, didn’t investigate the and Hospitals Corp., says she feels an allegiance to her patients and to her reasons for the pay gap but intend to the nurse, who asked not to be employer. do so in a second survey,according to named, worked her way up from a “I wanted to be a nurse since I was 10 years old, but I never thought I was a spokeswoman for the center. city-run hospital and was thrilled smart enough,” Ms. Chenault says. “HHC mentored me, and I’ve never One reason for the pay gap, she when Columbia offered her a good wanted to work anywhere else.” says,could be that most private hos- job. pitals, which pay more than the “It never occurred to me to ques- city’s public hospitals, hire more tion the pay they offered,” she says. white than black nurses. But the “But after I’d been there a few nurses tend to get it,” she says. “Mi- nurses at private hospitals are white, study found that even in the same months and started asking around,I nority women either don’t want to versus 20% at city-run hospitals. hospital,white nurses are paid more. found out that white nurses with the rock the boat or don’t know they can The median pay for a staff nurse at same level of experience and the negotiate for more.” those hospitals is $74,325, while it’s Discrimination to blame same certifications were making A spokeswoman for New York- just $66,628 at city-run hospitals. an official at one nurses union $20,000 more than I was.” Presbyterian said, in a statement: Several private hospitals de- who did not want to be identified She complained to management. “We are pleased to have a highly clined to comment. A spokes- blames discrimination. “I had to play the race card,” the skilled and diverse nursing team woman at New York University’s

“White nurses are still in charge grange paul nurse says. She asked her supervisor who are dedicated to quality patient Langone Medical Center says that in many New York hospitals,’’ she if her lower salary had anything to care. We are committed to fair and the hospital does not track pay on says. “They do the hiring, and they “White nurses advance more do with skin color. “Soon after that, equitable salaries for all of our nurs- the basis of race. But she points out value their own.” quickly,”Ms.Cooper says.“I’ve seen I got a big salary increase,” she says. es and have rigorous systems in place that NYU has more minority nurs- Thelma Cooper,a retired Brook- nurses with equal credentials up for The woman believes that even to ensure this.” es than other private hospitals in the lyn nurse who is president of the a promotion, and the non-African- though minimum salaries at her It has been suggested that white city—50% compared with 43%. “I New York Black Nurses Associa- American will usually get it.” hospital are set by contract with the nurses earn more because they are doubt that there’s pay discrimina- tion, a networking and mentoring A spokeswoman for The New nurses union, management has a lot more likely to work at private hospi- tion at NYU,” she says. group, says the findings don’t sur- York State Nurses Association, the of “wiggle room.” tals, which pay better.The study,re- prise her. city’s dominant nurses union, says “They can offer more, and white leased in May, found that 57% of COMMENTS? [email protected]

crete steps. In May,the league formed a part- For NBA, road from Beijing paved with gold nership with Anschutz Entertain- ment Group to build 12 stadiums Continued from Page 3 China contributes more than early talks with the 13-year-old throughout China. The NBA and out at the last minute. $150 million, or between 25% and No. 1 on the Chinese Basketball Association AEG have already collaborated to Mounting the winner’s platform 30%, of the league’s international and government officials about cre- operate the 18,000-seat Beijing would advance the NBA’s goal of income, according to those esti- agenda: an NBA- ating an NBA franchise, but insid- Olympic Basketball Arena. creating separate leagues overseas mates. Much of the China revenue ers forecast that any deal will prob- In addition to creating positive and help it draft more top interna- is derived from NBA partnerships branded, China- ably take a few more years to reach. public relations, such moves offer tional players. with 19 companies in the country. revenue-sharing possibilities. Sta- Late last month, a deal was an- based league Playing nice diums run and marketed according Crown jewel nounced with June Yao Creativity “they have to work through to the NBA and AEG’s standards that’s especially the case in Co.to open 2,000 stores that will sell enormously complex negotiations will enhance the league’s bottom China,the crown jewel of the NBA’s NBA-licensed products. with the government regarding the line. worldwide operations (Crain’s,May The NBA has skin in the game, CBA and how everyone will play “The NBA needs to be able to 15, 2006). The NBA doesn’t dis- with 100 employees in Beijing, million.The unit will spearhead the nice in the sandbox,”says Jeff Sofka, stage quality games in China,” Mr. close financials, but outside sources Shanghai, Hong Kong and Taiwan. league’s efforts throughout Greater founder of New Jersey-based sports Sofka says. estimate that its total revenue has In January,it formed a business sub- China, and at the top of its agenda marketer Bendigo Co. been flat for the past few years, at sidiary, NBA China, with five part- is forming an NBA-branded, Chi- A successful Olympics will help COMMENTS? about $3.5 billion. ners that invested a total of $253 na-based league. The NBA is in the process along,as will more con- [email protected]

6 | Crain’s New York Business | July 7, 2008 CN012117 6/11/08 1:52 PM Page 1

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consumers $25 to $100 a year. Once the Public Service Commission decides which functions Spitzer aides regroup smart meters should have, Con Ed THE INSIDER Continued from Page 1 will file plans for a pilot program within 60 days. al for eight years under Mr. Spitzer by Erik Engquist and Matthew Sollars and special counsel in the governor’s TEAM SPITZER: office. “I, like just about everybody THEN AND NOW Connor’s tax who worked for Eliot, admired him proposal and enjoyed working for him. And MARLENE TURNER Sunset Park development plan then to have this person leave in the WAS Chief of staff to counteract suggestions by his manner he did, and in the time pe- IS Semiretired after 10 years draws ire of business groups Democratic primary opponent that riod he did, was exceedingly diffi- with Mr. Spitzer he’s a part-time legislator with a cult.” growing number of business groups are upset with lucrative law practice, State Sen. Those who have not returned to MARTY MACK Martin Connor early plans for redeveloping the Federal Building in will release his tax work include Marlene Turner, a WAS Deputy Secretary for returns and financial disclosures. lawyer who topped off a decade with Intergovernmental Affairs Sunset Park, Brooklyn.Time Equities, which won the Mr. Connor’s campaign says that Mr. Spitzer as his chief of staff; IS Working for investment bank A Brooklyn Economic rival Daniel Squadron, 28, had downstate development head bid to develop the site with the Prime Solutions Development Corp., aims to set aside as little pledged to do the same if Mr. Patrick Foye, who is traveling Connor did. through Labor Day; and Counsel DAVID NOCENTI as 41% of the 1.2-million-square-foot “I think the facts will speak for David Nocenti, a noted workaholic WAS Counsel building for manufacturing.The rest will themselves,” says a spokesman for who left state government last week. IS Expected to return to NYC the lawmaker.Translation:The Friends say he is not about to rush be retail and office space. PETER POPE The advocates argue that the disclosures may show Mr. into another job. Squadron to be a trust-fund baby. State Police Superintendent WAS Policy adviser project was meant to create Preston Felton retired, and public IS At NYC law firm Arkin Kaplan industrial and manufacturing Ferrer joins security adviser William Howard Rice jobs and that the mix is much resigned in early April and hasn’t CHRISTINE ANDERSON resurfaced in the workforce. lower than what the city had Willets fight WAS Communications director sought in its request for willets point property owners Back to business IS Living in NYC, taking time off proposals. fighting the city’s takeover attempt some have picked up the pieces. PATRICK FOYE Plans for the 1.9-million- have hired Fernando Ferrer, the Richard Baum, chief of staff in the former Bronx borough president AG’s office and secretary to the gov- WAS Downstate chairman of square-foot project, to be called and mayoral candidate. Mr. Ferrer ernor, has moved his family back to Empire State Development Corp. the Sunset Marketplace, include now works for Mercury Public Brooklyn from Albany. In May, he IS Not working; traveling all the adjoining parking lot and Affairs, whose New York office was became chief operating officer of summer two other buildings.The deal closely associated with Gov. George the New York Academy of Sciences, DANIEL GUNDERSEN Pataki. Ferrer is the second political supervising a staff of 30 from his of- requires the city Economic heavyweight retained by the fice on the 40th floor of 7 World WAS Upstate chairman of Development Corp. to buy the Willets Point Industry and Realty Trade Center. Empire State Development Corp. Association: It also has former City Peter Pope, a policy adviser for IS Home in Pennsylvania entire parcel from the U.S. General be in line with reality for the people Council Speaker Peter Vallone Sr. Mr.Spitzer who spent all eight years AVI SCHICK Services Administration. Federal law who own these buildings.” lobbying on its behalf. with him at the attorney general’s WAS Downstate COO of Empire might require the GSA to sell a office, started last week at Manhat- portion of the site to a nonprofit tan law firm Arkin Kaplan Rice. He State Development Corp. group that wants to build a City awaits Small donations, stayed in Albany to help in the tran- IS Leaving his post in supportive housing project there— smart meters says candidate sition of Gov. David Paterson’s ad- September; no destination yet but only if the organization can get ministration. PAUL TONKO consolidated edison meter- councilman David Yassky’s latest the zoning changed, which is a long Mr. Rifkin began last week as WAS President of Nyserda, the shot. readers still ring doorbells in New fundraising letter requests special counsel at the New York state energy agency Carl Hum (above), president of York City, but the utility reads the contributions of up to $175 and State Bar Association. IS the Brooklyn Chamber of meters of 325,000 customers in points out that they are matched 6- Marty Mack, who, like Mr. Running for Congress in Commerce, points out that light Westchester remotely. Con Ed plans to-1 by the city’s public financing Rifkin, spent nearly a decade with Albany manufacturing, primarily of to implement the service for its program. Such gifts would “not Mr. Spitzer, most recently as deputy RICHARD RIFKIN furniture and food, has been rising 275,000 remaining Westchester only help demonstrate the broad secretary for intergovernmental af- WAS Special counsel in the borough in recent years. customers but is waiting for a better support our campaign has fairs, has moved back to his home in IS Special counsel for the state “The original intention that the technology for the five boroughs: achieved, but also help limit the Cortland and is working for an in- bar association city had for the property was smart meters. influence of the large special- vestment bank run by his Cornell industrial uses, and I hope the Smart meters connected to the interest donors that my opponents University roommate. BRUCE GYORY parties can find a way to get back to Internet replace human readers and may attract,” it says.That could be Mr. Mack declines to discuss the WAS Senior adviser the true intention,” Mr. Hum says. report power outages instantly. seen as a knock on Councilwoman 72 hours when it all fell apart. IS Not working Joan Bartolomeo, president of the They tell the utility in real time Melinda Katz, who as chairwoman of “Everything’s still very soon.I’m just Brooklyn EDC, says that changes how much electricity customers are the Land Use Committee receives looking ahead,”he says.“Remember WILLIAM HOWARD can still be made and that the using and show them when energy substantial amounts from real Lot’s wife? If you look back, you WAS Public security adviser objections are premature. “It’s too rates are cheapest, which could save estate interests. turn into a pillar of salt.” IS Seeking a security consulting early to ring alarm bells,” she says. job in the capital region “Felt let down” PATERSON WATCH a consolation for staffers is that PRESTON FELTON Energy benchmarks they shoulder no personal responsi- WAS Superintendent of New for buildings A MEDIA ADVISORY the night of June 30 bility for the administration’s col- York State Police HOT said that Gov. David Paterson “is in lapse, Mr. Francis says, and they ap- IS Retired a bill to require building owners preciate the time they spent with New York City and has no public KRISTINE HAMANN to benchmark energy usage, then schedule.” Those words are often code Mr. Spitzer. develop ways to reduce it, is for “attending fundraisers.” Mr. “It was obviously something WAS Inspector general gathering support in the City Paterson’s spokesman won’t that was very much a personal ac- IS Executive assistant D.A., city Council. Owners would submit reveal his fundraising tion,and as a result we felt let down, Office of Special Narcotics annual energy usage reports using a schedule, the size of his war but we didn’t feel that it was any- federal program. chest or even his objective, thing we could have prevented,” Landlords have “serious but it is known that builders Mr. Francis says. “A lot of people had dedicated significant portions concerns” about how national held an event for the have had to reorganize their lives as of their careers to Eliot Spitzer,” a standards would work here and governor Monday. “New a result,but I think all of us feel loy- former staffer says. “A lot of people worry that the program will lead to al to Eliot Spitzer and grateful to go back and forth. One day they Yorkers across the state are mandated retrofitting, says him for giving us the chance that forgive him, the next day they REBNY President Steven Spinola. responding to Gov. Paterson’s we had.” don’t.” “I don’t have a problem with the agenda for New York,” the But the good will sometimes concept,” Mr. Spinola says. “But a NOT spokesman says. gives way to anger. COMMENTS?

test to require retrofitting needs to bloomberg news “So many of these individuals [email protected]

8 | Crain’s New York Business | July 7, 2008 CNYB 07-07-08 B 5 7/1/2008 5:35 PM Page 1

2008

AN EASY-TO-USE GUIDE TO THE STATISTICS THAT MATTER THIS YEAR IN NEW YORK

ONLINE AT WWW.CRAINSNEWYORK.COM/CITYFACTS THE INTERACTIVE VERSION OF THE CITY’S MOST IMPORTANT ANNUAL DATA GUIDE

July 7, 2008 | Crain’s New York Business | 9 CNYB 07-07-08 A 10 7/1/2008 4:59 PM Page 1

2008 CITY FACTS SPECIAL FEATURES TABLE OF CONTENTS

13 23 34 DEMOGRAPHICS Size, HEALTH CARE Medicaid SMALL BUSINESS Lending, What Makes New York Different? population, fastest-growing dollars, health care inflation employment and other views neighborhoods and diversity and closed hospitals of the economy’s engine Here are the statistics and facts to back up what everyone knows: New York City is a place apart. Page 12 14 24 36 New Yorkers’ ECONOMY Gross city product LAW Top law firms, claims TECHNOLOGY & MEDIA and a breakdown of the city’s against the city and the Venture capital funding and Health budget dollar number of bankruptcies top media companies Life in the city is stressful, but New Yorkers live longer than average 16 25 40 Americans. Here’s EDUCATION Teacher pay, PERSONAL WEALTH TOURISM & how living in the school spending, plus top A portrait of the top 10% of ENTERTAINMENT Broadway city changes New salaries at universities earners, plus NYC billionaires hits, New Yorkers’ pastimes Yorkers’ health. Page 22 18 30 43 EMPLOYMENT Industries REAL ESTATE Office TRANSPORTATION Airport gaining and losing the most, vacancies, retail rents and delays, costs of commuting projected Wall Street layoffs foreclosures in the boroughs and the rising price of fuel

CREDITS Editor: Elizabeth MacBride Research Editor: Denise Southwood 20 32 Copy Desk Chief: Wendy Zuckerman Art Director: Steven Krupinski FINANCIAL RETAIL Infographics: Myra Klockenbrink Illustrations: Otto Steininger Wall Street’s Rising prices, Copyediting: Michele Arboit and Thaddeus Rutkowski meltdown, big deals and consumer spending and a Research: Heather Holland, Gale Scott, Sarah Studley and Amanda Wheat Real Estate: Midtown/Downtown banking’s expansion citywide view of restaurants Proofreading: Robert J. Rosenberg Cover Image: Getty Images Crain’s takes a tour of the city’s two famous skylines. There’s more to these buildings than steel and concrete. Pages 26 and 28 INTERACTIVE CHARTS AND FEATURES ONLINE AT WWW.CRAINSNEWYORK/CITYFACTS

10 | Crain’s New York Business | July 7, 2008 Project5 2/25/08 10:49 AM Page 1

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John Barone, CPA - Partner New York City provides personalized accounting and auditing services to clients in a variety of industries. 135 West 50th Street He specializes in consolidated entities and internal control analysis. Mr. Barone currently New York, NY 10020 serves as President of the Nassau Chapter of the New York State Society of Certified Public Accountants. Tel 212.812.7000 Mr. Barone can be reached at 516.620.8508. Fax 212.375.6888 David Casten, CPA - Principal Long Island brings with him over 30 years of experience, including more than 25 years as a tax 3000 Marcus Avenue partner in a Big Four firm. He has provided tax and related financial accounting services Lake Success, NY 11042 to a diverse client base across a wide variety of industries. In addition, he is an adjunct professor at the Boston University Law School Graduate Tax Program. Tel 516.488.1200 Mr. Casten can be reached at 646.315.6123. Fax 516.488.1238 Howard Cohen, CPA - Partner Westchester provides accounting and audit services, as well as tax services, to private and public 660 White Plains Road companies. He advises clients on financial management issues such as financing, completing acquisitions, and raising capital through public offerings and private placements. In addition, Tarrytown, NY 10591 he has extensive experience in auditing not-for-profit entities, as well as advising and Tel 914.333.0555 consulting with not-for-profit executives. Fax 914.333.0556 Mr. Cohen can be reached at 212.375.6587. Mark Farber, CPA - Partner New Jersey possesses more than 20 years of experience in providing accounting and tax services. He specializes in tax issues surrounding financial services companies including banks, hedge 399 Thornall Street funds, private equity firms, REITs, and foreign inbound investment related to these entities. Edison, NJ 08837 In addition, he has significant experience working with the tax implications and compliance issues of financial institutions in the bankruptcy and restructuring arena having worked on Tel 732.549.2800 some of the largest restructurings. Fax 732.549.2898 Mr. Farber can be reached at 212.375.6559. Remi Forgeas, CPA - Partner www.weiserLLP.com provides audit and transaction services to large international firms, both public and private. As an expert on cross border issues, including differences between US GAAP and International Financial Reporting Standards (“IFRS”), Mr. Forgeas is the lead liaison for the firm's IFRS desk. Mr. Forgeas can be reached at 212.375.6891.

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2008 CITY FACTS W makes hat ewYork N different SIZE 19.7M PEOPLE LIVE in the New York metro region, making it one of the world’s largest. 4 WHERE BROOKLYN WOULD RANK nationally if it were an independent city. Queens would be No. 5. $9.02 AMOUNT OF EVERY $100 that goes to state and local taxes—the highest tax burden of any large U.S. city. $67B NEW YORK CITY EXPENDITURES in 2007, more than spending by 46 of the states. buck ennis PEOPLE 1 1.4M 61,400 $14,115 HISTORY NEW YORK IS THE JEWS LIVE IN NEW NEW YORKERS make AVERAGE INCOME of MOST DIVERSE CITY in YORK CITY, their living directly from the poorest fifth of New 1791 40% 18 acres the world, based on the Westchester and Long the arts, as writers, York City families, 9.5 GEORGE WASHINGTON decided OF AMERICANS can trace their INTERNATIONAL TERRITORY size of its foreign-born Island—the largest performers and visual times lower than the to move the U.S. capital, roots through Ellis Island. Many occupied by the United Nations, population and the community outside artists. average income of the allowing the nation’s financial world cities are immigrant whose arrival in 1950 gave New number of countries Israel. richest fifth. center to develop a commerce- gateways, but New York York City its main claim to the they come from. based culture. NYC is unique embraces that identity like no title of world capital. among its global peers because other. GEOGRAPHY it is not a national capital. 20-25 miles WALL STREET THE DISTANCE UNDERGROUND that New York’s bedrock formed. The top6 After plate collisions, it was thrust GLOBAL FINANCIAL SERVICES upward 270 million years ago, and FIRMS are based in New York. now gives Manhattan a strong foundation for its skyscrapers. $27 trillion TOTAL MARKET CAPITALIZATION 40-45 feet on the New York Stock Exchange, THE DREDGED DEPTH of the New six times that of the London York Harbor, home to the third- Stock Exchange. busiest port in the country. 25% 2,021 AMOUNT OF THE WORLD’S NUMBER OF BRIDGES in New York GOLD BULLION stored beneath City. There are also six tunnels. the Federal Reserve Bank on Wall Street. SOURCES: SIZE: U.S. Census Bureau, July 1, 2007; metro region includes two MSAs: New York-northern New Jersey-Long Island, NY-NJ-PA, and Bridgeport-Stamford-Norwalk. Department of City Planning, U.S. Census Bureau. Independent Budget Office, 2003-04 data. New York City comptroller; National Association of State Budget Officers. PEOPLE: Urban Immigrant Index, George Washington University. UJA- Federation of New York. New York State Department of Labor. Fiscal Policy Institute, 2004-06 data. WALL STREET: Securities Industry and $33.2B Financial Markets Association, as of January 2007. Crain’s research. TripCart. Office of the New York State Comptroller. HISTORY: Mount Vernon Estate & Gardens. Cornell University. The Statue of Liberty-Ellis Island Foundation Inc. United Nations. GEOGRAPHY: Charles TOTAL WALL STREET BONUSES

Merguerian, Hofstra University. Port Authority of New York and New Jersey. City Department of Transportation. in 2007. bloomberg news

12 | Crain’s New York Business | July 7, 2008 CNYB 07-07-08 A 13 7/1/2008 4:38 PM Page 1

2008 CITY FACTS DEMOGRAPHICS New York is the nation’s largest city, but what really sets it apart is its diversity. The United Nations’ 193 countries are all represented in the city’s crazy quilt of neigh- borhoods. Among the languages spoken here: Cherokee, Hawaiian and Irish Gaelic.

Twice the Size A Permanent Exhibition of Diversity New York is the nation’s most populous city. It’s more E.B. White said immigrants give New York its greatness. Some 3 million of the city’s 8.3 million residents are foreign-born. Its than twice the size of the second-largest city, Los status as an immigrant destination means that many of the world’s ethnicities mingle on the sidewalks of New York. Angeles, which is home to about 3.8 million people. MELTING POT POLYGLOT CITY Race or ethnicity of NYC residents in ’06 Languages commonly spoken at home by NYC residents in ’06

Fastest-Growing Neighborhoods Characteristics of New Yorkers Many of the neighborhoods expected to grow the most A New Yorker in 2006 was most likely to be a woman be- between 2010 and 2030 are on the water. From Dumbo in tween 45 and 64. Given that the city’s median family income Brooklyn to Mott Haven in the Bronx and along the West is about $52,000, a typical New Yorker probably shops more Side of Manhattan, New York City has been rezoning its at the new Brooklyn Ikea than on the famed Fifth Avenue. storied waterfront so that housing replaces factories. DEMOGRAPHIC Population 8,214,426* Male 3,914,597 Female 4,299,829 Median age 35.9 Under 5 years 576,606 5 to 19 years 1,586,420 20 to 34 years 1,803,997 35 to 44 years 1,304,428 45 to 64 years 1,945,611 65 years and older 997,364 SOCIAL Total number of households 3,020,284 Average household size 2.66 Average family size 3.48 Foreign-born 3,038,139 Naturalized U.S. citizen 1,552,173 Not a U.S. citizen 1,485,966 Male, married 1,388,250 Female, married 1,281,085 Completed high school or equivalent 1,506,116 Some college; no degree 719,992 Associate’s degree 332,341 Bachelor’s degree 1,041,909 Immigrants’ Birthplaces Graduate or professional degree 717,159 The two largest groups of foreign-born New Yorkers are Dominicans, who represent 12.5% of the immigrant population, ECONOMIC and Chinese, 10%. But the 770,123 Puerto Ricans—not considered foreign-born—outnumber both groups. Number in labor force 4,029,989 Median household income $46,480 Median family income $51,830 378,384 Median earnings for male (full-time) $41,639 303,462 Median earnings for female (full-time) $38,333 Dominican Republic China *This figure is the original population estimate for the city; it was revised to The total number of foreign-born New York City residents in 2006 was 3,038,139. Source: U.S. Census Bureau 8,250,567 in November 2007. Source: U.S. Census Bureau

July 7, 2008 | Crain’s New York Business | 13 CNYB 07-07-08 A 14 7/1/2008 5:20 PM Page 1

2008 CITY FACTS ECONOMY New York City’s economy is entwined with the nation’s, but not always in sync with it. The fallout from the national real estate meltdown and the credit crisis is hitting the city only now. The pain is expected to last into next year.

Real Gross City Product Unemployment Rates Job Forecast: Short Downturn The gross city product for 2008 is expected to be 7.5% The downturn had not shown up in the jobless rate by After hitting 3.745 million last year—the highest level lower than 2007’s $507 billion. Even by 2012, the GCP end-2007. In 2006-07, NYC posted its lowest level since since 1970—the average number of NYC jobs is expect- will not have returned to last year’s level. 1976—the earliest year for which comparable data exist. ed to slip to 3.734 million in ’08 and fall further in ’09.

Breaking Down the NYC Budget Tax Revenues Tax Burdens A full 41% of the city’s 2009 budget will come from various taxes and City tax revenues grew 74.2% between fiscal New York has long ranked among the most tax- local revenues, while 34% of the money spent will go to education. 2002 and 2007, but big growth was expected to ing states in the nation. Here’s how it stacked up WHERE THE 2009 DOLLAR WILL COME FROM end this year, with an increase of only 2.4%. versus some of its economic rivals in 2007. 41¢ 22¢ 9¢ 1¢ Other taxes and Property Federal Unrestricted local revenues tax categorical aid federal/state aid

G G G G

GGG G

19¢ 5¢ 2¢ 1¢ State categorical Prior-year Other categorical Capital inter- aid resources aid fund agreements

WHERE THE 2009 DOLLAR WILL GO 1 21¢ 11¢ Electricity Costs Rough Real Estate in NYC 33¢ Social All other 5¢ 4¢ Education services agencies Fire Health The typical NYC customer paid 21.5% less in June than the typical Westchester customer. The G G G G G suburbanites paid less per kilowatt-hour, but usually live in larger spaces and use more power. 27,192 June 2008 One-year cost percent change Foreclosures in ’07 NYC 300-kWh CUSTOMER Supply $48.70 -1.5% T&D $36.25 +12.8% Total $84.95 +4.1% WESTCHESTER 450-kWh CUSTOMER +11.7% G G G G Supply $61.30 +8.8% 1-year change in foreclosures in ’07 T&D $46.96 +12.6% Total $108.26 +10.4% 16¢ 5¢ 4¢ 1¢ NYC BUSINESS CUSTOMER* Administration Environmental Miscellaneous Higher of justice protection budget 2 education Supply $1,818.45 +0.2% T&D $784.73 +12.1% 1,560 For fiscal year ending June 30. 1-Reflects the allocation of fringe benefits, pensions, debt service, Total $2,603.18 +3.5% judgments and claims, and legal services to the agencies. Excludes the impact of prepayments. 2-Includes labor reserve, general reserve, MTA subsidies and indigent defense services. T&D: transmission and delivery. *A customer with initial demand over Mortgage workouts in Jan.-Feb. ’08 Source: NYC Office of Management and Budget 10 kW, e.g., an office building or large restaurant. Source: Con Edison Sources: RealtyTrac Inc., Hope Now

14 | Crain’s New York Business | July 7, 2008 CN012090 6/9/08 12:35 PM Page 1 CNYB 07-07-08 A 16 7/1/2008 4:41 PM Page 1

2008 CITY FACTS EDUCATION New York has the largest public library system, produces the most life sciences postgrads and is home to some of the most expensive colleges. And its mayor has a most ambitious agenda: turning around the nation’s largest public school system.

The Price of Knowledge Teacher Pay Caps and Gowns City and state support to the New York City Depart- Even after significant raises, New York City public Since the mayor was authorized to take control of NYC ment of Education continues to rise, but federal, private school teachers still are the area’s lowest-paid educators. schools in 2002, higher percentages of students are grad- and nongovernmental aid to public schools is stagnating. Westchester teachers’ median salary is 53% higher. uating. The state law expires in 2009; renewal is uncertain.

Top Administrators’ Compensation Leading Fundraisers Cash for Kids The longtime president of New York University earns nearly $380,000 more The last few years have been boom times for Per-pupil spending by the NYC Department than the chief of the much larger public City University of New York system. university fundraising, as 2007’s totals show. of Education rose 37% over the past decade. No one in the area has topped the $1 million mark yet. PUBLIC INSTITUTIONS Name/title/institution 2006-07 compensation1

Matthew Goldstein, chancellor City University of New York system $469,543$469,543

Shirley Strum Kenny, president State University of New York at Stony Brook $350,300350,300

William P. Kelly, president City University of New York Graduate Center $307,090$307,090

Sean A. Fanelli, president Nassau Community College $260,535$260,535

PRIVATE INSTITUTIONS Colleges’ Book Value Name/title/institution 2005-06 compensation2 Undergrads at New York City’s private universities are paying more and having a harder time getting in. John E. Sexton, president Fall 2007 2007 New York University full-time acceptance Applications Tuition and fees $849,121$849,121 School enrollment rate 2007 2008 2007-08 2008-09 BARNARD 2,295 28.7% 4,574 4,263 $35,190 $37,538 Lee C. Bollinger, president COLUMBIA1 5,613 10.4% 21,343 22,2492 $37,284 n/a Columbia University 2 3 3 $769,725$769,725 COOPER UNION 906 11.0% 2,551 3,044 $33,050 $34,600 FORDHAM4 7,132 42.1% 22,035 23,4002 $32,720 $34,2005 Richard M. Joel, president NEW SCHOOL 6,068 58.0% 7,833 n/a $30,6606 $32,3506 Yeshiva University NYU 19,914 36.6% 34,242 37,026 $35,283 $37,3727 $619,700$619,700 PACE 7,716 78.0% 11,138 11,5922 $29,454 $31,3577 Joseph W. Polisi, president PRATT 3,066 43.0% 4,341 5,0762 $31,080 $32,990 The Juilliard School ST. JOHN’S 11,763 56.0% 27,754 39,000+7 $26,890 $28,7907 $617,839$617,839 n/a Not available. 1-Figures include Columbia College and the School of Engineering and Applied Science. 2-Preliminary. 3-All students receive full scholarships to cover tuition, with an estimated value of $31,500 in 2007-08 and $33,000 in 2008-09. 4-Includes the Lincoln Center and Rose For academic years ended June 30. 1-Includes public funds, retirement pay and other benefits. 2-Includes pay Hill campuses. 5-School estimate; includes tuition only. 6-Figure is for Eugene Lang College The New School for Liberal Arts. 7-School estimate. and benefits. Source: The Chronicle of Higher Education Source: School data

16 | Crain’s New York Business | July 7, 2008 Project3 6/26/08 9:59 AM Page 1

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57758-01.indd 1 6/25/08 4:16:34 PM CNYB 07-07-08 A 18 7/2/2008 2:38 PM Page 1

2008 CITY FACTS EMPLOYMENT About 3,745,000 people work in New York City—more than the entire population of any other U.S. city but L.A. During the last economic expansion, the number of jobs surpassed the previous peak, a sign of the underlying health of the city’s economy.

Industries and Their Wages Borough Unemployment Rates Union Membership Some 331,700 people in New York City were employed Though the Bronx had the city’s highest unemployment A quarter of NY state’s 8.15 million workers were union in finance and insurance in 2006, accounting for about rate in 2007, Brooklyn had the largest number of unem- members in 2007. The percentage belonging to unions is 31% of the city’s total wages. ployed: 59,000 people there were without jobs. holding steady here, in contrast with national results. Total wages, Average in millions wages

TOTAL $260,323.6 $73,268 Construction $6,998.6 $61,073 Manufacturing $5,104.7 $48,464 Wholesale trade $9,913.5 $71,792 Retail trade $9,586.1 $33,849 Transportation and warehousing $4,539.6 $44,169 Information $15,003.2 $97,963 Finance and insurance $80,918.1 $243,974 Real estate $5,964.9 $56,844 Government $28,390.4 $52,275 Not all job categories are included. Source: NYS Department of Labor

Weakness Employment Since the Job Market Peak Bottom Line on Jobs In Finance New York City added almost 214,000 jobs between 2003 and 2007. At New York City added 15,900 jobs so far this year, nearly half year’s end, the number of people employed had surpassed the 2000 peak. of them office-based. Many economists expect the city to lose The broad financial activities jobs in the second half of the year. sector is expected to lose more IN THOUSANDS, BASED ON ANNUAL AVERAGES 7-year than 33,000 jobs from the 2007 2000 2007 net change BIGGEST GAINERS peak through mid-2009. These industries recorded the largest increases in New York TOTAL NONAGRICULTURAL 3,723.1 3,745.0 +21.9 City jobs in the first five months of 2008. CONSTRUCTION 120.5 127.1 +6.6 Construction of buildings 29.5 34.3 +4.4 Specialty trade contractors 83.1 85.0 +1.9 MANUFACTURING 176.8 101.0 -75.8 Durable goods 58.8 38.5 -20.3 Nondurable goods 118.0 62.5 -55.5 TRADE, TRANSPORTATION AND UTILITIES 569.6 570.6 +1.0 Wholesale trade 155.1 149.8 -5.3 Retail trade 281.5 296.2 +14.7 Transportation, warehousing and utilities 133.0 124.6 -8.4 INFORMATION 187.3 165.9 -21.4 Publishing industries (except Internet) 61.1 54.8 -6.3 Motion picture and sound recording 40.2 37.4 -2.8 Broadcasting (except Internet) 26.9 27.8 +0.9 Telecommunications 35.7 24.8 -10.9 BIGGEST LOSERS FINANCE AND INSURANCE 369.9 347.0 -22.9 City The following sectors recorded the largest losses in New York Unemployment Depository credit intermediation 57.9 52.4 -5.5 City jobs in the first five months of 2008. Securities, commodities and related activities 195.4 185.7 -9.7 Insurance carriers and related activities 61.5 56.6 -4.9 REAL ESTATE 104.0 109.1 +5.1 4.8% PROFESSIONAL AND BUSINESS SERVICES 586.5 591.4 +4.9 NYC unemployment Professional, scientific and technical services 320.7 334.0 +13.3 rate in May ’08 EDUCATIONAL AND HEALTH SERVICES 620.1 707.0 +86.9 Educational services 126.5 153.9 +27.4 Health care and social assistance 493.5 553.1 +59.6 LEISURE AND HOSPITALITY 256.7 297.0 +40.3 Arts, entertainment and recreation 56.4 64.6 +8.2 +0.1 Accommodations and food services 200.4 232.3 +31.9 Percentage-point GOVERNMENT 569.4 559.2 -10.3 increase in the NYC Federal government 68.2 56.3 -11.9 unemployment rate State government 49.6 48.7 -0.9 from May ’07 to May ’08 Local government 451.8 454.2 +2.4 Source: Bureau of Labor Statistics Not all job categories are included. Source: NYS Department of Labor

18 | Crain’s New York Business | July 7, 2008 Project2 6/27/08 9:55 AM Page 1 CNYB 07-07-08 A 20 7/2/2008 2:40 PM Page 1

2008 CITY FACTS FINANCIAL Wall Street’s latest, record-breaking boom ended in the middle of last year in one of its biggest busts. Economists expect Wall Street bonuses, which help drive the New York City economy, to drop significantly this year.

Wall Street Top Acquisitions by NY Companies Healthy Markets Kohlberg Kravis Roberts’ purchase of credit card processing compa- Nasdaq has surpassed NYSE Euronext as the world’s largest stock Meltdown ny First Data was the largest acquisition by any NYC firm in 2007. market, trading 3,900-plus firms. Each had record volume in 2007. 33,300 Forecast loss of financial activity jobs from 2007 peak through mid-2009 Source: Independent Budget Office 85 Number of years Bear Stearns was in existence before the fifth-largest Wall Street Profits and Losses Top IPOs in New York State investment bank NYSE Euronext member firms recorded the biggest drop ever in Among NY state companies that held initial public offerings between collapsed combined domestic pretax profits in 2007. January 2007 and June 2008, Blackstone Group raised the most. Amount raised, Company Business in millions -72.9% Blackstone Group Leveraged buyout acquisitions $4,753.3 MF Global $2,921.4 Decline in number of Futures/options brokerage Och-Ziff Capital Asset management firm $1,152.0 IPOs vs. year-earlier Management Group period, as of 7/1/08 Liberty Acquisition Holdings Blank-check company* $1,035.0 Source: Renaissance Capital’s IPOhome.com Trian Acquisition I Blank-check company* $920.0 $82 Billion Figures include overallotment sold. *Formed to acquire other businesses. Source: Dealogic Pretax losses triggered by the subprime crisis at Top Neighborhoods for Bank Branches Wall Street firms in the After half a decade of bank expansion, NYC has 1,599 branches in all. year ended 3/31/08 Rank ZIP code # of branches Neighborhood Source: Standard & Poor’s 1 10022 58 Midtown East 2 10017 54 Murray Hill 3 10021 43 Upper East Side $1 Trillion 4 10019 41 Midtown West 5 10013 35 Chinatown Estimated total cost of 6 10016 32 Murray Hill the credit crisis; more 7 11354 32 Flushing than half of the burden 8 11209 31 Bensonhurst/Bay Ridge 9 10036 28 Clinton will be borne by banks 10 11375 28 Forest Hills Source: International Monetary Fund 11 10001 27 Chelsea 12 11201 25 Brooklyn Heights 13 10018 24 Clinton 14 11385 24 Ridgewood -14.4% 15 10010 23 Gramercy Park Year-to-date decline in the Dow Jones Industrial Average, as of 7/1/08 Source: Dow Jones & Co. $42 Billion Amount of credit losses and write-downs booked by Citigroup since last

year, as of 6/26/08 Banking and retail maps provided by GIS software company ESRI Source: Bloomberg

20 | Crain’s New York Business | July 7, 2008 CN012141 6/18/08 1:23 PM Page 1 CNYB 07-07-08 A 22 7/2/2008 2:44 PM Page 1

2008 CITY FACTS NEW YORKERS’ HEALTH Living in a crowded city carries the “urban health advantage,” since people walk a lot, interact with others, and have access to plenty of hospitals. The life expectancy for New Yorkers is longer than that for the average American: 78.7 years versus 77.8.

AIDS EPICENTER THE CITY’S TOLL IMPORTING HEALTH New York City continues Nearly 1 in 7 adults in New York City described Immigrants bring some problems with to be a center for their mental health as frequently “not good” them, like tuberculosis, but their people living with AIDS. during 2005, versus roughly 1 in 10 adults in overall health is the bigger story. There were 40.8 cases the state and the nation. About 8% of New Foreign-born New Yorkers live longer of AIDS diagnosed for Yorkers suffer from depression, and about 4% than residents born in the U.S, and every 100,000 city from anxiety. The national figures are 7% and their death rates from cancer, heart residents in 2006, compared with 12.8 per 3%, respectively. disease, flu and pneumonia, and 100,000 people nationally. Sources: DOHMH, 2005; NYC Health and Nutrition Examination diabetes are lower. Source: BRFSS Survey, 2004; Kessler et al., 2005 Source: The Health of Immigrants, DOHMH, 2006

MORE DENTAL CARIES Kids in New York City have poorer dental health: 37.8% of its third- grade students have untreated tooth decay, versus 33.1% statewide. Even kids from the city’s wealthiest parents had a higher rate of unfilled cavities: 26.0% versus 23.1% statewide. Source: DOH oral health indicators, 2002-04

THANKS, MIKE EARLIER DIAGNOSIS HELPS In part because of the city’s anti-smoking campaign, New York has a Breast cancer survival odds are better in New York City than in the lower proportion of adult smokers than the rest of the nation. About state overall, with 27.7 deaths per 100,000 women versus 29.4 20% of Americans smoke, while the rate for NYC in 2006 was 17.5%— upstate and 28.6 statewide. Local breast cancer death rates have a 20% drop versus 2002 levels, and the lowest rate on record. been falling as more people are screened and treatments improve. Sources: NYC Community Health Survey; BRFSS Source: DOH, 2005

HEALTHIER LIVERS THE URBAN PAYOFF NYC residents are less likely to die from liver failure due to alcohol The death rate from heart disease in New York City is lower than abuse than people in the rest of the nation. Cirrhosis deaths here that in America: 282 per 100,000 here, versus 288 nationally. are about 5.9 per 100,000, versus 9.4 per 100,000 nationwide. Sources: DOHMH, 2005; CDC, 2005 Sources: DOH, 2003-05; CDC, 2003

GET YOUR EXAM! THIN MANHATTANITES New York City men have a lower rate of prostate cancer than their New Yorkers are gaining weight, but they still weigh less than the peers statewide. The city rate is about159.8 cases per 100,000, average American. Nationally, 25.1% of adults aged 20 and older versus 170.3 per 100,000 statewide. are obese. In the New York area, only 20.3% are. In Manhattan, a Source: New York State Cancer Registry, 2002-04 slim 17.3% are obese. But the pattern is shifting: Obesity rates for NYC kids are essentially the same as those for American children. Sources: Community Health Survey; BRFSS, 2006; City and National Youth Behavior Risk Survey, 2004-06 HIGH ABORTION RATE New York’s abortion rate is much higher than the nation’s. There were 71.8 abortions for every 100 live births in the city in 2006, STEP IT UP 92% of them obtained by residents. Nationally, there were 29.7 abortions per 100 live births in 2004. Despite all those health clubs, 29.0% of people in the New York area report that they get no exercise. Among busy Manhattanites, Sources: DOHMH, CDC the figure is 16.1%. But New Yorkers’ results for walking are off the charts: 71.8% reported that in the previous month, they walked to get to work or to run errands, versus 22.8% of all Americans. DIABETES EPIDEMIC Sources: BRFSS, 2006; DOHMH The diabetes rate in New York City is higher than that in the nation, 9.5% versus 7.1%, probably because of New York’s large black and Hispanic populations. But diabetics in New York City are less likely than their peers throughout the state to lose lower extremities to the disease, probably because there are more podiatrists in the city. Source: CDC, 2004

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TALES OF VIOLENCE FEWER MALIGNANCIES The residents of New York City have higher odds of being Fewer New Yorkers suffer from cancer. The cancer rate for New York City men murdered: While the U.S. homicide rate in 2006 was 5.7 in 2004 was 493.4 per 100,000, compared with 537.6 nationally; New York per 100,000, it was 7.3 per 100,000 in the city. women have a rate of 373.2 per 100,000, versus 403.1 nationally. Source: FBI Uniform Crime Reports Sources: New York State Cancer Registry; CDC

BRFSS: The CDC’s Behavorial Risk Factor Surveillance System. CDC: Centers for Disease Control and Prevention. DOH: New York State Department of Health. DOHMH: New York City Department of Health and Mental Hygiene. of the pregnant women per 100,000 Coney Island residents per 100,000 NYC residents died from illicit in the state over age 44 died from heart disease in 2006, drug use in 2005, versus 11.3 Americans 2/3 live in NYC Source: DOHMH, 2003-05 690.7 the highest rate in NYC Source: DOH 10.3 Sources: DOHMH, Summary of Vital Statistics; CDC, National Vital Statistics Reports otto steininger

22 | Crain’s New York Business | July 7, 2008 CNYB 07-07-08 A 23 7/2/2008 2:46 PM Page 1

2008 CITY FACTS HEALTH CARE

An Army in Scrubs Medicaid Spending in the Expensive State of New York The sector remains a bulwark of the New York City Enacted in 1965, Medicaid pays for the health care of about 3.6 million poor New York state residents. The program cost economy, with the number of workers employed here about $2,260 per New York state resident in 2006, more than twice the national average. growing 18% in the past decade. ALLOCATION OF STATE FUNDS SOURCES OF PROGRAM FUNDS Projections for fiscal 2009 In billions of dollars

Stats, Stat! Inflation: Sky’s the Limit Insurance Coverage Among NY’s Nonelderly NY area health care inflation in 2007 exceeded the A third of NYC residents are enrolled in public coverage, and 1 in 6 are uninsured. There U.S. average of 5.2%, as well as NY’s overall CPI. are 1.2 million uninsured in the city and 2.4 million uninsured in New York state. 160,231 SOURCES OF COVERAGE AMONG Number of full-time- NYC RESIDENTS, 2005-06 equivalent NYC hospital employees in 2006 +23.2% Increase in NYC hospitals’ expenses per adjusted admission, 2001 to 2006 Source: Greater New York Hospital Association CHARACTERISTICS OF NYS RESIDENTS BY SOURCE OF COVERAGE, 2005-06 Nonelderly Employer- Directly population sponsoredpurchasedPublic* Uninsured The Cost of Coverage TOTAL NYS NONELDERLY 16.5 million 58.5% 4.1% 23.1% 14.4% AGE Employers’ health care premiums continue rising at double-digit rates. However, the annual Children 4.8 million 52.8% 3.0% 37.3% 7.0% rates of increase for indemnity and PPO plans slowed in 2007. Adults aged 19 to 64 11.7 million 60.8% 4.5% 17.2% 17.4% ANNUAL FAMILY INCOME Less than $20,000 4.2 million 15.7% 4.3% 53.3% 26.7% $20,000 to $39,999 3.2 million 49.0% 5.5% 26.0% 19.5% $40,000 to $60,000 2.5 million 69.9% 4.2% 14.7% 11.2% More than $60,000 6.5 million 86.6% 3.2% 5.2% 5.1% RACE/ETHNICITY White only (non-Hispanic) 9.5 million 70.8% 4.8% 13.7% 10.7% Black only (non-Hispanic) 2.5 million 46.3% 2.5% 35.5% 15.8% Hispanic 3.0 million 33.8% 2.4% 41.2% 22.6% Other 1.5 million 50.5% 5.3% 25.4% 18.7% Numbers may not add up to total population figure or to 100% due to rounding. *Includes Medicaid, the State Children’s Health Insurance Program and other public insurance (mostly Medicare and military-related). Source: United Hospital Fund

Staten Island Manhattan Brooklyn University SVCMC’s SVCMC’s Eye, Ear Cabrini Jackson Heights Flushing Hospital Medical Jewish Hospital’s St. Joseph’s St. Mary’s and Throat Medical A Shrinking System Hospital Center, North Division Hospital Concord Site Hospital Hospital Hospital Center Dec. 1996 1999 Sept. 2002 Sept. 2003 July 2004 Sept. 2005 Feb. 2008 March 2008 Beginning a dozen years ago, high costs 83 beds Approx. 100 beds Beds n/a 117 beds 221 beds 241 beds 150 beds 236 beds and lower payments drove some NYC 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 hospitals to close. In 2006, the state man- dated more closings to cut beds and costs. Little Neck Union Hospital Brooklyn Hospital Center’s Our Lady of Mercy Beth Israel’s St. Vincent’s Victory Memorial Hospital of the Bronx Caledonian Campus Health Care System’s Herbert and Midtown Hospital I Bronx I Brooklyn I Manhattan Dec. 1996 Feb. 2000 March 2003 Florence D’Urso Pavilion Nell Singer Division Aug. 2006 Scheduled for June I Queens I Staten Island Beds n/a Beds n/a 190 beds Jan 2004 Aug. 2004 250 beds 2008 Beds n/a 226 beds 241 beds Dates reflect the point at which hospitals closed as inpatient facilities; some still operate as outpatient centers. n/a Not available. SVCMC: Saint Vincent Catholic Medical Centers. Source: Crain’s research

July 7, 2008 | Crain’s New York Business | 23 CNYB 07-07-08 A 24 7/2/2008 2:49 PM Page 1

2008 CITY FACTS LAW Lawyers in New York City are rarely out of work. Even in a downturn, competition among firms for good associates and partners remains keen. Though the work may change from mergers to bankruptcies, the legal papers—and the pay—keep flowing.

Top Law Firms Crème de la Course Work Of the top-grossing New York City law firms, the largest increase, 21.4%, was posted by It costs a full-time law student attending a top New York City law school about $120,000 Davis Polk & Wardwell. Partners at top firms typically earn million-dollar-plus salaries. to get a degree. This does not include living expenses in one of the world’s priciest cities.

Gross Profits per Average % of National revenues Number equity partner, compensation, Fall 2007 Fall 2007 Fall 2007 2006 grads rank Firm in millions1 of lawyers2 in millions all partners National total number acceptance employed at 2007 tuition rank Law school enrollment of applicants rate graduation (full-time) 1 Skadden Arps Slate Meagher & Flom $2,170.0 1,858 $2.3 $2,280,000 6 White & Case $1,373.0 1,903 $1.7 $1,375,000 4 Columbia University 1,236 7,292 15.9% 98.9% $43,470 10 Weil Gotshal & Manges $1,175.0 1,112 $2.1 $1,815,000 5 New York University 1,424 7,095 22.9% 96.3% $40,890 13 Sullivan & Cromwell $985.0 615 $3.1 $3,055,000 16 Simpson Thacher & Bartlett $966.0 745 $2.9 $2,875,000 27 Fordham University 1,191 5,884 23.5% 82.3% $39,450 19 Shearman & Sterling $921.0 857 $1.8 $1,735,000 21 Cleary Gottlieb Steen & Hamilton $894.0 913 $2.2 $2,150,000 55 Cardozo-Yeshiva University 948 4,209 27.5% 75.1% $39,470 26 Davis Polk & Wardwell $789.0 579 $2.3 $2,300,000 63 Brooklyn Law School 1,186 4,037 29.4% 66.7% $39,625 33 Debevoise & Plimpton $709.5 594 $2.3 $2,290,000 36 Paul Weiss Rifkind Wharton & Garrison $651.0 610 $2.6 $2,595,000 88 St. John’s University 748 3,094 34.2% 65.7% $38,400 1-For fiscal 2007. 2-Full-time equivalent. Source: The American Lawyer Source: U.S. News & World Report

Claims Against New York City City Payouts Personal injury claims are the most frequently filed and the most costly to settle. In 2006, the average payment for personal In 2006, the amount paid by the city for settlements and injury cases was $68,423. Relatively few claims are for medical malpractice, but they add up to big costs for the city. judgments declined 6.3% versus the previous year’s lev- CLAIMS FILED WHAT THE CITY PAID OUT els. The number of overall claims declined by 4.1%. Percentage of types of claims Top 5 personal injury claim categories, in millions of dollars

Stable Sector Going Under Bankruptcies reached a historic high in 2005, when more than 63,000 were filed in the area. The number dropped significantly in 2006, the first year after the Bankruptcy Abuse Prevention and Consumer Protection Act took effect. In 2007, bankruptcies began climbing again. FILINGS ON FILE TYPES OFTROUBLE $160K Total bankruptcy cases commenced in the New York area Total bankruptcy cases commenced in 2007 in the NY area, by chapter Median starting salary for first-year associates at leading NYC firms in ’07 Source: The National Association for Legal Career Professionals 84,600 Legal services employment in NYC in ’07 Source: Bureau of Labor Statistics

24 | Crain’s New York Business | July 7, 2008 CNYB 07-07-08 A 25 7/2/2008 2:52 PM Page 1

2008 CITY FACTS PERSONAL WEALTH Wealth in New York is a tale of two cities: Manhattan, and the other boroughs, where average salaries were less than $40,000. It’s also a story of volatility. When the bear strikes Wall Street, incomes throughout New York City slip.

The Rundown on the Rich Income Tax Collections The top 10% of income earners in New York City—those earning $96,250 or more—made 60% of all the adjusted gross The city’s personal income tax revenues are volatile. income earned in the city in 2005. While the bulk of their earnings came from wages, nearly a quarter came from capital gains. Collections are forecast to increase 6.4% this fiscal year WHERE THE TOP 10% GOT THEIR MONEY SHARE OF THE WEALTH and then drop 12.9% in 2009. In billions of dollars Percentages of income earned/taxes paid by NYC’s top 10%

Personal Income Forecasts Earnings on the Rise Salaries in the Boroughs Collective earnings among NYC residents are projected Manhattan dwellers had almost five times more per Wages grew in all the boroughs over the five years ended to fall in 2009 but then rise steadily. Americans’ incomes capita personal income in 2006 than people in the in 2006, especially in Manhattan. Wage growth on Stat- are expected to grow at higher rates than New Yorkers’. Bronx. Income on Long Island was also higher. en Island lagged that in the rest of the city and the state.

Dollar Data The Most Affluent New Yorkers Four of the five richest New York City residents in 2007 were self- +70% made billionaires; David Koch Increase in the number inherited an oil fortune. *

of wealthy women in photos: bloomberg news NYS from 2004 to 2007 DAVID CARL MICHAEL RONALD RUPERT *Women with ≥ $2M in investable assets who make/share in household financial decisions Name KOCH ICAHN BLOOMBERG PERELMAN MURDOCH Source: Phoenix Marketing International Age* 68 72 66 65 77

Net worth, in billions of dollars $17.0 $14.5 $11.5 $10.0 $8.8 $1.49M Oil, Leveraged Leveraged Average sale price Source of wealth commodities buyouts Bloomberg LP buyouts News Corp. of an apartment in Manhattan in 4Q 2007 Rank among richest Americans 9 18 25 28 33 Source: The Corcoran Group *As of 2008. Source: Forbes.com

July 7, 2008 | Crain’s New York Business | 25 Project5 7/2/08 3:32 PM Page 1

2008 CITY FACTS $60.66 Garan 2.8 million It houses over w the . G 02 floors; built in 1931 but no Up EMPIRE STATE BUILDING 350 Fifth Ave. 1 Square feet: Rent per sq. ft.: Major tenants: Dreams Inc., Worldwide Of note: businesses and 1,000 has its own ZIP code. Designed as a lightning rod, it’s struck about times a year. 100 tening $97.81 Shows Increase in rent for commercial space in the past five years 1.5 million 1.5 wing signs of sof Renowned Rise in the amount of sublease space on the market in the first quarter ing the past five years, nturn Drop in leasing activity first- quarter 2008 from a year to 5 million square feet earlier, G THE NEW YORK TIMES THE NEW YORK BUILDING 620 Eighth Ave. 52 floors; built in 2007 Square feet: Rent per sq. ft.: Major tenants: Covington & Burling, The Times Co. New York Of note: photographer Annie Leibovitz documented the two-year construc- tion of the building. ket is sho Dow wn mar $87.00 he Ann -7% +3% +67% T Rents shot up dur midto 1.2 million 1.2 Source: Cushman & Wakefield Source: Cushman The building is G TIMES SQUARE TOWER 7 Times Square 47 floors; built in 2004 Square feet: Rent per sq. ft.: Major tenants: Retail, O’Melveny Taylor & Myers Of note: best-known for its prom- inent billboards, particularly the 4-story- high advertisement along the north wall. $187.52 Akin 2.1 million Not The $1 billion Condé G 1.6 million 1.6 G The 120-foot BANK OF AMERICA TOWER 1 Bryant Park 52 floors; under construction Square feet: Rent per sq. ft.: Major tenants: Gump Strauss Hauer & Feld, Bank of America Of note: green skyscraper is opening this year. CONDÉ NAST BUILDING 4 Times Square 48 floors; built in 1999 Square feet: Rent per sq. ft.: available Major tenants: Nast Publications, Skadden Arps Slate Meagher & Flom Of note: Nasdaq sign, the largest in the world, LED display than more cost $37 million. G Serino : $82.00 1.8 million 1.8 Blank $104.01 The 1,621-seat 1.2 million 1.2 When first built, ONE ASTOR PLAZA Broadway 1515 54 floors; built in 1972 Square feet: Rent per sq. ft. Major tenants: Viacom Coyne, International Of note: Minskoff Theatre is on the third floor of the building. G CHRYSLER BUILDING 405 Lexington Ave. 77 floors; built in 1930 Square feet: Rent per sq. ft.: Major tenants: Troutman Rome, Sanders Of note: this was the world’s tallest skyscraper; the Empire State Building surpassed it in 1931. G takes you on a tour of the always-evolving skyline. $133.66 Barclays 3.1 million G Morgan The rooftop was 1.4 million 1.4 Morgan Stanley METLIFE BUILDING 200 Park Ave. 58 floors; built in 1963 Square feet: Rent per sq. ft.: Major tenants: Capital, Service Dreyfus Of note: once used as a helipad, which closed in 1977 after a helicopter crash there killed five people. Crain’s MORGAN STANLEY BUILDING Broadway 1585 floors; built in 1990 41 Square feet: Rent per sq. ft.: Negotiable Major tenants: Proskauer Rose Stanley, Of note: bought the building for only in 1993 million. $176 G $92.69 Ogilvy ites BNP : The tower’s top, 1.7 million 1.7 in the sky- With 238.8 million square feet of office space, midtown is the nation’s largest 238.8 million square feet of office space, midtown is the nation’s With business district—larger than the entire office market of Chicago or Los Angeles. G

In 1986, artistIn 1986, Mural with Blue Major tenants: World- Public Relations wide, Roberts & Holland Of note: nicknamed “David’s is made of Diamond,” 200 tons of copper. ONE WORLDWIDE PLAZA 825 Eighth Ave. 49 floors; built in 1989 million Square feet: 1.7 Rent per sq. ft.: lighted atrium. AXA CENTER 787 Seventh Ave. 54 floors; built in 1986 Square feet: Rent per sq. ft. Negotiable Major tenants: Austin Paribas, Sidley Of note: Lichtenstein painted Roy his large Brushstroke Davis G 2.4 million Barnes 1.6 million 1.6 It was built as the In 1978, dis- In 1978, PARAMOUNT PLAZA Broadway 1633 48 floors; built in 1971 Square feet: Rent per sq. ft.: Negotiable Major tenants: Viacom Tremaine, Wright International Of note: Uris Building on the site of the Capitol Theatre, which dated from 1919. CITIGROUP CENTER E. 53rd St. 153 59 floors; built in 1977 Square feet: Rent per sq. ft.: Negotiable Major tenants: & Noble Booksellers, Kirkland & Ellis Of note: covery of a design flaw prompted structural repairs to ensure that the building wouldn’t collapse in hurricane- force winds. : $77.08 791,993 330,000 G The building .

It is the tallest Breakfast at G and fountain form a backdrop in the 1961 classic SEAGRAM BUILDING 375 Park Ave. 38 floors; built in 1958 Square feet: Rent per sq. ft.: Negotiable Major tenants: Partners,Broadway Capital Markets Wachovia Of note: Tiffany’s mixed-use skyscraper City. in New York CITYSPIRE 56th St. W. 156 77 floors; built in 1988 Square feet: Rent per sq. ft. Major tenants: GlobeOp Financial Services, RJ Palmer Media Services Of note: MIDTOWN REAL ESTATE Hearst Kingdon G : $84.31 856,000 547,000 getty images getty / This was the first The 757-foot-tall G G HEARST TOWER 57th St. 300 W. 46 floors; built in 2006 Square feet: Rent per sq. ft.: Negotiable Major tenants: Corp., Hearst-Argyle Television Of note: office tower in NYC to Green receive the U.S. Building Council’s Gold LEED rating certification. CARNEGIE HALL TOWER 152 W. 57th St. 60 floors; built in 1991 Square feet: Rent per sq. ft. Major tenants: Capital Management, Capital Stone Tower Of note: which is squeezed tower, into 50 feet between Carnegie Hall and The is Room, Russian Tea one of the world’s slimmest tall buildings. Sources: CB Richard Ellis, CoStarSources: CB Emporis Buildings, Grand Group, Central Partnership, s Timesbuilding Web Alliance and Square matthew peytonmatthew

26 | Crain’s New York Business | July 7, 2008 Project5 5/6/08 4:56 PM Page 1

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2008 CITY FACTS Not Not 3.6 million 770,000 Originally built In a pair 1999, loors; built 1932 55 WATER ST. 55 WATER 54 floors; built 1973 Square feet: Rent per sq. ft.: available Major tenants: Depository & Trust Clearing, MBS Clearing Of note: of peregrine falcons, “Jack and Diane,” established a nest on the 14th floor. The building maintains a birdcam on the Internet. AMERICAN INTERNATIONAL 70 Pine St. 66 f Square feet: Rent per sq. ft.: available Major tenants: American International & Group, D’Amato Lynch Of note: for the City Services Corp., the building embodies the vision of Henry Doherty, who rose from office to boy utility magnate. Not .6 million 1 1.3 million 1.3 Paramount The building’s 60 WALL STREET 47 floors; built 1989 Square feet: Rent per sq. ft.: available Major tenants: Cushman & Wakefield, Deutsche Bank Corp. Of note: billion Group paid $1.2 last year for the tower— the highest price ever recorded for a property in lower Manhattan. TWO NEW YORK PLAZATWO NEW YORK Broad St. 125 40 floors, built 1970 Square feet: Rent per sq. ft: Negotiable Major tenants: Oppenheimer, Sullivan & Cromwell Of note: basement was flooded when water in 1992 levels rose in New York Harbor. Not J.P. G 2.3 million DMJM + 712,000 This year, the Plans called for loors; built 1961 Sources: CoStar sites Group, Emporis Buildings, Lower Manhattan Development Corp., building Web ONE CHASE PLAZAMANHATTAN 26-46 Pine St. 60 f Square feet: Rent per sq. ft.: available Major tenants: Morgan Chase, Milbank & McCloy Hadley Tweed Of note: Landmarks Preservation Commission plans to bestow official landmark status on the a which played tower, role in downtown’s revival in the 1960s. G 20 EXCHANGE PLACE20 EXCHANGE 57 floors; built 1931 Square feet: Rent per sq. ft.: Negotiable Major tenants: Harris/Arup, Addison Of note: top and a a pyramid but the taller tower, design was modified to during the money save Depression. G G 1.4 million 1.4 2.4 In 1946, a In 1946, ft.: . G The building is loors; built 1930 G TRUMP BUILDING St. 40 Wall 72 f Square feet: Rent per sq. ft.: $54.56 Major tenants: Continental Casualty, Countrywide Insurance Co. Of note: military transport plane crashed into what was then the Bank of Manhattan Co. Building, killing four people aboard. ONE NEW YORK PLAZAONE NEW YORK 50 floors; built 1970 Square feet: million Rent per sq Negotiable Major tenants: Goldman Sachs, Morgan Stanley Of note: Manhattan’s southernmost skyscraper. G G New G 936,000 It’s called the G loors; built 1913 WOOLWORTH BUILDING 233 Broadway 57 f Square feet: Rent per sq. ft.: $47.94 Major tenants: University,York U.S. Securities and Exchange Commission Of note: Cathedral of Commerce because it resembles European Gothic cathedrals. Not available The Bank of New York, 1.2 million 1.2 G G The BONY building sits at one of Brown 1.2 million 1.2 This tower, BANK OF NEW YORK BUILDING BANK OF NEW YORK St. One Wall 50 floors; built 1931 Square feet: Rent per sq. ft.: Major tenants: Haru Of note: the world’s most famous intersections: Street and Broadway. Wall 1 floors; built 1967 HSBC BANK BUILDING Broadway 140 5 Square feet: Rent per sq. ft.: Negotiable Major tenants: Brothers Harriman, Labaton Sucharow & Rudoff Of note: along with seven other government buildings, was bombed in August by1969 a group of anti- Vietnam war activists led by Sam Melville. No one was killed. G 1.7 million 1.7 The original WORLD Lower Manhattan is the oldest office district in country and, with 89 million square feet of space, still one the largest. Though market has recovered from Sept. 11, the reconstruction of skyline is just beginning. negotiable Cleary Gottlieb Steen & loors; rebuilt 2006 2.1 million TRADE CENTER 250 Greenwich St. 52 f Square feet: Rent per sq. ft.: $74.38 Major tenants: & Darby,Darby Moody’s Of note: building collapsed after the Sept. 11 attacks. which The new tower, opened two years ago, is the first and so far only building to be reconstructed at the Center site. Trade World SEVEN

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G G

ONE LIBERTY PLAZA 54 floors; built 1972 Square feet: Rent per sq. ft.: Major tenants: Hamilton, Goldman Sachs Of note: the world’s tallest structure, was for this to make way demolished in 1968 building, which overlooks the WTC site. G 2.4 million The building loors; built 1985 THREE WORLD FINANCIAL CENTER St. 200 Vesey 52 f Square feet: Rent per sq. ft.: Negotiable Major tenants: American Express Co., Securities and U.S. Exchange Commission Of note: leads to the Winter Garden, a 45,000- square-foot, glass- enclosed space with retail shops and restaurants. ic home wer Manhattan. 2.6 million The domed loors; built 1987 Rise in office rent in the past five years, to $50.28 at the end of 1Q ’08 TWO WORLD FINANCIAL CENTER 225 Liberty St. 44 f Square feet: Rent per sq. ft.: Negotiable Major tenants: Deloitte, Nomura Holding America Of note: tower was designed by renowned architect Cesar Pelli. wers planned in lo Drop in leasing activity 1Q ’08 from a year earlier, to 775,000 square feet w to DOWNTOWN REAL ESTATE 1.6 million 1.6 wnturn is weakening demand in the histor The complex uction of ne loors; built 1986 -38% +31% Long Climb Back of financial services. The economic slump may also delay The do constr ONE WORLD FINANCIAL CENTER 200 Liberty St. 40 f Square feet: Rent per sq. ft.: Negotiable Major tenants: Cadwalader Wickersham Willis of New York & Taft, Of note: was built on landfill adjacent to Battery Park The fill material City. came from the for theexcavation foundation of the World Center. Trade Source: Cushman & Wakefield getty images getty

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2008 CITY FACTS REAL ESTATE 2008 has brought a softening in New York’s real estate markets. The boom of recent years—which drove a bonanza of building projects and caused rents and selling prices to rise in commercial and residential markets—couldn’t last forever.

Manhattan Outlook NYC Construction Spending Retail Rents by Neighborhood Average asking office rents are forecast to drop about Construction expenditures were up across the board in SoHo/NoLIta is projected to post the largest retail rent $15 a square foot by 2012; vacancy rates are expected to the past five years. The nonresidential sector had the rise in 2008: $50 a square foot, to $350. Times Square climb through 2011, then improve slightly. biggest percentage increase. remains the costliest location for retailers.

Home Fresh Housing Sweet Home New York City has added a growing number of residential units each year for the past four years. Manhattan’s share of the total completed last year +4.5% was 6,584 units, 26.6% more than in 2006. Increase in residential NY area rents in ’07 Source: U.S. Bureau of Labor Statistics -48% Drop in NYC residential building permits issued in 1Q ’08 vs. 1Q ’07 Source: U.S. Census Bureau

New York City Foreclosures Office Rents Total foreclosures in the city in 2007 rose almost 12% last year over the year-earlier level. Commercial asking rents in midtown and downtown Manhattan rose 25.4% and 24.0%, Filings in Queens outnumbered those in the other boroughs, jumping 59% versus 2006. respectively, in first-quarter 2008 versus the year-earlier period.

30 | Crain’s New York Business | July 7, 2008 CN012138 6/17/08 10:27 AM Page 1

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2008 CITY FACTS RETAIL Retail statistics offer clues about the items New Yorkers value: clothes and food. City dwellers spend relatively large sums on apparel. And the city’s restaurants and bars are expected to take in $14.9 billion in 2008, more than food stores’ $12.6 billion.

Spending on Apparel Expenditures By Category NY Area Consumer Price Index NY area households spend a bigger share of their income The average NY area household devoted nearly 40% of its Costs in a number of key categories have been rising, on clothing than those in the U.S. as a whole—perhaps annual expenditures to housing in 2005-06. At $263, with increasing prices for fuel/utilities and transportation not surprising for people living in a fashion center. tobacco constituted less than 1% of the total of $59,248. recently putting the biggest squeeze on consumers. PERCENT CHANGES FOR KEY CATEGORIES* Category 2004 2005 2006 2007

All items +3.9% +3.9% +2.6% +3.7%

Apparel +3.4% -0.6% -2.4% -0.3%

Commodities +4.1% +2.2% +1.3% +4.8%

Food/beverages +4.3% +2.5% +2.1% +5.0%

Fuels/utilities +7.9% +21.4% 0.0% +8.3%

Housing +4.1% +4.6% +5.4% +2.9%

Transportation +5.4% +3.0% +1.6% +7.8% The NY area includes NYC, Long Island, the northern suburbs, northern NJ, and parts of Connecticut and Pennsylvania. *Changes are measured from December to December. Source: Bureau of Labor Statistics

Restaurants in New York City The Meal The ZIP codes with the most restaurants are in downtown and midtown Manhattan, in areas where lots of people work. Downtown Brooklyn has a large number; so Deal do the immigrant communities of Bay Ridge and Jackson Heights, hipster Williamsburg, and Ridgewood, an immigrant community also adding young urbanites. $143.06 Avg. meal cost at the 20 most expensive restaurants in NYC in ’08 +109.4% Chg. in avg. meal cost at these restaurants from ’98 to ’08 Source: Zagat Survey

Retail Details $11.8B Est. sales at NYC clothing/ accessories stores in 2008 $1.7B Est. sales at NYC sports/ hobby/book/ music stores in 2008 Source: ESRI Inc.

32 | Crain’s New York Business | July 7, 2008 Project5 7/1/08 5:09 PM Page 1 CNYB 07-07-08 A 34 7/1/2008 4:47 PM Page 1

2008 CITY FACTS SMALL BUSINESS High taxes and a thicket of regulation make New York a tough place for small businesses. That’s bad news for the city’s future. After all, Macy’s was once a little dry goods store, Time Inc. a scrappy startup, and Pfizer just another Brooklyn factory.

On Their Own Employer Size The number of self-employed people with unincorporated businesses has fallen in New The majority of businesses in most industries in New York state have fewer than five York state and nationwide. That’s probably because of robust hiring by businesses. employees. Among professional services firms, 72.3% have fewer than five employees. 2005 total < 20 20-99 100-499 < 500 Arts, entertainment and recreation Number of firms 10,297 9,152 870 190 10,212 Payroll, in billions of dollars $5.0 $1.5 $0.9 $0.9 $3.4 Finance and insurance Number of firms 16,731 14,552 1,302 457 16,311 Payroll, in billions of dollars $83.6 $5.2 $7.3 $8.5 $21.0 Information Number of firms 7,617 6,205 840 259 7,304 Payroll, in billions of dollars $20.2 $1.2 $1.7 $2.0 $4.9 Professional, scientific and technical services Number of firms 55,476 51,109 3,011 732 54,852 Payroll, in billions of dollars $39.5 $8.6 $7.1 $5.7 $21.4 Retail trade Number of firms 60,111 55,372 3,617 560 59,549 Payroll, in billions of dollars $21.1 $4.9 $4.2 $2.0 $11.1 2005 total is for all NYS enterprises. Dollar figures may not add up to the < 500 total due to rounding. Source: U.S. Census Bureau

Steady Renewal Tiny Engines A Loan Story in NYC An estimated three-quarters of New York’s small businesses have no The volume of SBA-guaranteed loans is down for the first seven 61,718 employees, just an owner-operator. months of this fiscal year, as banks tighten their lending standards. Businesses opened in 2006 in New York state 61,190 Businesses closed the same year Some closures may have resulted in succes- sor firms that were not identified as new firms. Figures do not include bankruptcies. Source: U.S. Small Business Administration

Loans by County Top Lenders The SBA guaranteed many more loans in Manhattan than in the Bronx in recent months. Top-ranked lender J.P.Morgan Chase, also the city’s largest bank, has significantly The average loan was about one-third higher in Manhattan: $137,224 versus $103,231. increased its SBA-guaranteed lending in the New York district in recent years.

34 | Crain’s New York Business | July 7, 2008 CN012149 6/18/08 6:21 PM Page 1

® 3 CNYB 07-07-08 A 36 7/1/2008 4:50 PM Page 1

2008 CITY FACTS TECHNOLOGY & MEDIA The tech and media sectors are merging as the Web overtakes the printed page as the primary medium for delivering information and entertainment. The transition may not be easy, as newspaper circulation figures show.

Back On Track Techs In Demand Funding for Firms Drops NYC’s tech sector has been growing since 2003. In 2007, More NYC techies are employed in programming jobs Total technology investment and deal volume in the NY technology-related jobs were up 8.1% vs. 2006 levels but than in any other tech occupation. But among the big- area dropped last year, slipping 28.3% and 0.8%, respec- still short of the 2000 peak, during the dot-com boom. gest groups, software engineers are tops in median pay. tively. Investments are expected to keep falling in 2008.

Major Announced Acquisitions Media Titans Of the 10 largest deals announced in 2008, three have yet to be finalized. Electronic The Web is transforming the world for New York City’s biggest media companies. Time Warner Arts’ unsolicited offer for Take-Two Interactive was rejected by the company. is among those being hit hardest: In 2007, its net income dropped 33%, to $4.4 billion.

2007 revenues, 2007 CompanyTop executive in millionsees1 employNature of business Time Warner Inc. Richard D. Parsons $46,482.0 86,400 Entertainment, media Chairman and online services

News Corp. Rupert Murdoch $28,655.0 53,000 Entertainment, media Chairman, CEO

Time Warner Cable Inc. Don Logan $15,955.0 45,600 Cable TV Chairman and telecommunications

CBS Corp. Leslie Moonves $14,072.9 23,970 Television President, CEO broadcasting

Advance Samuel I. Newhouse Jr. $7,700.02 28,000 3 Newspapers Publications Inc. Chairman, CEO and magazines

1-Numbers are from the most recent 10-K’s. 2-Estimate. 3-As of Sept. 30. Source: Crain’s lists of publicly held and privately held companies

Top 5 Buys Radio Signals TV Giants These products led personal tech Ratings don’t always translate directly into revenues. Among the leading New York WABC is the longtime leader among NYC broadcast spending in metro NY in 2007. area stations, all-news 1010 WINS ranked third in audience share earlier this year, stations, but they’re all losing share to cable television. but it generates revenues only slightly less than those for first-place 106.7 Lite FM. Flat Call letters/ Average Average 1 Average quarter- 2007 estimated channel Affiliation rating share Station/frequencyFormat hour share1 revenues, in millions panels WABC/7 ABC 4.1 10 WLTW-FM/106.7 Adult contemporary 5.1% $62.8 WCBS/2 CBS 2.8 7 WHTZ-FM/100.3 Pop contemporary hits 5.0% $52.3 2 WNBC/4 NBC 2.4 6 WINS-AM/1010 All news 4.2% $57.7 PCs WNYW/5 Fox 1.8 4 WBLS-FM/107.5 Urban contemporary 4.2% $33.2 WPIX/11 CW 1.4 4 Digital still WRKS-FM/98.7 Urban adult contemporary 3.9% $26.2 3 WXTV/41 Univision 1.3 3 cameras WSKQ-FM/97.9 Spanish tropical 3.8% $35.3 WWOR/9 MyNetworkTV 0.8 2 WPAT-FM/93.1 Spanish contemporary 3.7% $23.0 WNJU/47 Telemundo 0.7 2 Inkjet WCBS-FM/101.1 Classic hits 3.7% $18.2 4 WFUT/68 TeleFutura 0.5 1 cartridges WABC-AM/770 News/talk/information 3.6% $23.1 WFUT*/68 TeleFutura 0.5 1 WQHT-FM/97.1 Rhythmic contemporary hits 3.4% $32.3 Portable 5 Figures are for the NY market during May 2008 sweeps, April 24-May 21. Average quarter-hour share is the average number of persons listening to a particular station for at least five minutes Rating, share data are for Mon.-Sun., 7 a.m.-1 a.m., for shows watched digital players during a 15-minute period, expressed as a percentage of total radio listeners in the market. Average quarter-hour share live or recorded on DVR and watched within 7 days. 1 household rating figures are based on Monday through Sunday, 6 a.m.-midnight, people 12+ for winter 2008, Jan. 10 through April 2. In point = 73,919 households. Share is the percentage of TV sets in use that Source: NPD Group case of tied figures, stations are ranked by 2007 estimated revenues. Sources: Arbitron Inc., BIA Financial Network Inc. are tuned to a given station. *Digital. Source: Nielsen Media Research

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2008 CITY FACTS TECHNOLOGY & MEDIA

Total paid circulation dropped at all but two local daily papers in the most recent six-month period. Spanish-language newspaper El Diario New York Area Dailies La Prensa had the largest increase for its weekday edition: 7.6%. The Journal was a distant second, with only a 0.3% gain.

I Average daily paid circulation 1 I Average Sunday paid circulation 2 I Percent change from year-earlier period

2,069,463 1,077,256 703,137 702,488 379,613 108,092 56,875 53,856 46,728 12,689 +0.3% -3.9% -2.1% -3.1% -4.7% -11.7% -4.3% +7.6% -0.6% -2.2% 1,984,1283 1,476,400 704,157 401,315 441,728 125,829 69,311 37,168 None None

+0.8% -9.3% -9.2% -8.6% -4.8% -7.3% -5.3% -1.3% — —

Data are for Audit Bureau of Circulations members in the New York area, including New York City and Nassau, Suffolk and Westchester counties. The 2007 data used to calculate percent changes may or may not be audited figures. 1-Average total paid circulation on Monday through Friday for the six months ended March 31, 2008. 2-Average total paid circulation on Sunday for the six months ended March 31, 2008, unless otherwise noted. 3-Weekend. Source: Audit Bureau of Circulations

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38 | Crain’s New York Business | July 7, 2008 Project6 7/1/08 5:37 PM Page 1 CNYB 07-07-08 A 40 7/1/2008 4:57 PM Page 1

2008 CITY FACTS TOURISM & ENTERTAINMENT More visitors than ever came to New York City last year, a total of about 46 million people. They were drawn by the bright lights, Broadway shows—and the fun to be had by stopping at the top of subway escalators to consult their tourist maps.

Tourists in New York City Big Spenders The estimated number of international visitors in 2007 increased by 20.5% over year-earlier levels, to 8.8 million people. The The weakness of the dollar continues to attract interna- total number of visitors in 2007 is pegged at a record 46 million, 5.0% more than in 2006. tional visitors. Overall visitor spending in New York TOTAL TOURISTS TOP MARKETS FOR WHICH NYC IS #1 U.S. DESTINATION City is estimated to have increased by 13.4% in 2007. Number of visitors in 2007, in millions Number of visitors in 2007, in thousands

Rooms at the Inn Hotel Taxes Grow The average daily room rate at Manhattan hotels increased 12.6% between 2006 and 2007; Hotel tax revenues in NYC are expected to keep growing in coming years, but more slowly. the average hotel occupancy rate climbed 0.9 percentage points during the same period. Collections are forecast to grow 6.2% in fiscal 2009 and to keep climbing through 2012.

Broadway’s Biggest Hits With about 8,500 performances over 20 years, The Phantom of the Opera is the longest- running show in I I Broadway’s history; Box-office gross, in millions Average paid admission Legally Blonde has been $75 playing for a little over a $71.4 year. Yet both were among the top-grossing shows $58.8 $58.2 50 during the 2007-08 $52.1 season, coming in eighth $43.2 $40.2 and seventh, respectively. $36.4 $35.9 $35.6 $35.2 The 2007-08 season ended May 25. 25 Average paid admission is the box- office gross divided by attendance. Figures for Young Frankenstein are estimates. 0 Source: The League of American Theatres and Producers $100.71 $121.84 $93.42 $77.63 $78.54 $102.45 $73.31 $66.48 $75.11 $70.48

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Mention CRAINS when booking and receive a special welcome amenity. $ * RATES FROM 399 Reservations 1.866.448.0478 millenniumhotels.com/premierhotelnewyork/crains *Offer valid through 12/29/08. Based on availability. CNYB 07-07-08 A 42 7/3/2008 10:55 AM Page 1

2008 CITY FACTS TOURISM & ENTERTAINMENT

Top Row Come hear from Congressman Weiner on how tax policy — federal, state and city — is Percentage of seats filled for New York area teams’ home games impacting job creation in New York, and learn how your company may be affected. The likely 2009 mayoral candidate will be questioned by Crain’s editor Greg David and 2007-08 season another journalist on a wide range of city and political issues. 96.6% 78.3% DATE: TUESDAY, JULY 22, 2008 New Jersey TIME: 8:00-8:30 A.M. NETWORKING BREAKFAST New York 8:30-9:30 A.M. PROGRAM Knicks Nets VENUE: GRAND HYATT 2008 season* 42nd Street and Grand Central Terminal COST TO ATTEND: $70 for individual tickets if prepaid by July 15; $75 thereafter. 90.7% 86.7% $650 for tables of ten if prepaid by July 15; $750 thereafter. New York New York Yankees Mets

To register go to crainsnewyork.com, or fax your business card and credit card information to *As of June 22. Source: ESPN.com “Weiner Breakfast” at 212-210-0499.

You must be pre-registered to attend this event. All tickets are non-refundable. For more information, please call the events hotline at 212-210-0739. Venues Visited in NYC See highlights from all Crain’s events online at crainsnewyork.com/video. A full 91% of New Yorkers surveyed had visited a cultural venue or attended a cultural or sporting event in the previous 12 months. Event sponsorship and online video sponsorship opportunities are available. For more information contact Jeff Adler at 212.210.0711 or [email protected]. MUSEUMS Art or design 53.1% Natural history or science 45.1% History, society or culture 30.5% Children’s 15.5% THEATRE/PERFORMING ARTS Broadway musical 47.7% Broadway play 43.2% Off-Broadway performance (100 to 499 seats) 31.7% Pop or rock music performance 28.8% Classical music concert or recital 21.8% Off-off-Broadway performance (fewer than 100 seats) 20.9% Jazz or cabaret performance 20.0% Opera 16.8% Contemporary or modern dance 15.3% Ballet 11.8% OTHER Professional sporting event 37.4% Other* 7.5% Citywide survey was taken in summer 2007. *Includes comedy club, botanical garden, R&B or rap concert, zoo, theater in the park and music in the park. Source: Mayor’s Office of Film, Theatre and Broadcasting

NYC Movies Seen By New Yorkers Locals have a taste for the classics among movies made in NYC, a 2007 survey showed. Results for different boroughs varied; Man- hattanites were more likely to have seen Midnight Cowboy.

42 | Crain’s New York Business | July 7, 2008 CNYB 07-07-08 A 43 7/3/2008 1:56 PM Page 1

2008 CITY FACTS TRANSPORTATION New York City moves—or at least it tries to. About 3.7 million people commute daily via aging subways, trains and roads; almost 300,000 head to and from airports. And what a companionable group they are, especially on the 9 a.m. No. 4 to midtown.

The Price of Fuel Airport Travelers Airports’ On-Time Performance Oil prices are setting records. The annual average cost per While the number of people traveling through JFK and The percentage of on-time flight arrivals at New York’s gallon of regular unleaded gasoline rose nationwide and Newark Liberty international airports is rising, the num- airports has been declining for years. On-time perfor- in NYC in 2007, climbing 9% and 6%, respectively. ber traveling via La Guardia has been flat since 2005. mance is now worst at La Guardia.

source: oil price information service

City Straphangers Commuter Rail Passengers Since seven-day and 30-day passes were introduced in 1998, the numbers of NYC Transit Ridership on the rails has shown steady growth since dropping during the recession in subway and bus riders have increased by approximately 30% and 22%, respectively. 2001-03. The number of passengers is expected to increase again in the next year.

Heavy Traffic The Cost of Commuting Bridge and Tunnel Crossings Suburbanites spend more time and money to make their way to jobs in In the past decade, the number of eastbound vehicles using Manhattan. Generally, the longer the trip, the higher the cost. New Jersey Port Authority bridges and tunnels has increased only 4.9%. commuters tend to pay more than Long Island and Westchester residents. 109.1M Cost of monthly commute Passengers traveling New Jersey Transit Princeton______$366 through JFK, Newark Edison______$279 and La Guardia airports Staten Island Ferry in 2007 Staten Island______Free Metro-North Railroad Tarrytown______$221 Yonkers______$169 NYC Transit 39min. Forest Hills, Queens___$81 Long Island Rail Road Mean travel time Syosset______$211 for NYC residents Jamaica______$160 commuting to work Assumes purchase of a 30-day unlimited MetroCard for Forest Hills commuters and a monthly Sources: Port Authority of NY & NJ, peak ticket for all rail commuters. Travel costs may be incurred beyond those for the transportation 2006 U.S. Census Bureau data systems listed. sources: transit systems

July 7, 2008 | Crain’s New York Business | 43 nb27p44-46cls.qxp 7/2/08 4:31 PM Page 44

Crain's Classified is not responsible forCrain's corrupt Classified files submitted is not responsible by client or for adsCrain's corrupt run under Classified files the submitted wrong is not subheading.responsible by client or for ads corrupt run under files the submitted wrong subheading. by client or ads run under the wrong subheading.

BUSINESS OPPORTUNITY/EVENTS PUBLIC & LEGAL NOTICES

Notice of Formation of Alliance Medical CANDEO CLINICAL/SCIENCE COMMUNI- MERCER STREET DEVELOPMENT LLC, a and Wellness PLLC, Art. of Org. filed CATIONS, LLC, a domestic Limited domestic Limited Liability Company (LLC) Crain's Classified is not responsible forSec’y corrupt of State files (SSNY) submitted 12/12/07. by Office client or adsLiability run underCompany the (LLC) wrong filed subheading.with the Sec filed with the Sec of State of NY on 12-4- location: NY County. SSNY designated as of State of NY on 5-9-08. NY Office loca- 07. NY Office location: New York County. agent of PLLC upon whom process Crain'stion: New Classified York County. is SSNY notresponsible is designat- forSSNY corrupt is designated files submitted as agent upon by clientwhom or ads run under the wrong subheading. Crain'sagainst it Classifiedmay be served. is not SSNY responsible shall mail fored corrupt as agent filesupon submittedwhom process by against client or adsprocess run underagainst thethe LLC wrong may subheading.be served. copy of process to Nat. Reg. Agents, 875 the LLC may be served. SSNY shall mail a SSNY shall mail a copy of any process Ave of the Americas, Ste. 501, NY, NY copy of any process against the LLC against the LLC served upon him/her to Crain's Classified is not responsible for corrupt files submitted by client or ads10001. run Purpose: under the any wronglawful activities. subheading. served upon him/her to The LLC, 75 Joe Sabbagh, C/O Ultimate Realty, 28 E. Maiden Ln., Ste. 408, NY, NY 10038. 14th St., NY, NY 10003. Latest date to Notice of Formation of Alui Properties, General purposes. dissolve: 12-31-2055. General purposes. ENTREPENEURS WANTED LLC. Arts. of Org. filed with NY Dept. of PUBLIC & LEGAL State on 5/20/2008. Office location: NY Notice of Formation of CMF Eckhardt NOTICE OF FORMATION OF NOTICES County. Principal business address: 322 Master Fund L.P. Certificate filed with SUPERDELUXE, Art. of Org. filed Sec’y of Crain's Classified is not responsible forW. corrupt 57th St., filesUnit 42 submitted M1, NY, NY by 10019. client or adsCrain'sSecy. run of underState Classified of the N.Y. wrong is(SSNY) not subheading. responsible on forState corrupt (SSNY) files DEC submitted 1, 2006. Office by client or ads run under the wrong subheading. NOTICE OF FORMATION OF KJF Secy. of State designated as agent of LLC 2/13/2008. Office location: NY County. Location: NY county. SSNY designated as Documentaries LLC article of Organization upon whom process against it may be SSNY designated as agent of LP upon agent of LLC upon whom process against filed with the Secretary of State of NY served and shall mail process to: c/o whom process against it may be served. it may be served. SSNY shall mail copy of (SSNY) on 2/13/08. Office location: New Poles, Tublin et al., LLP, 46 Trinity Pl., NY, SSNY shall mail process to: Citigroup process to SUPERDELUXE, 195 York County. SSNY has been designated NY 10006. Term: until 12/31/2099. Managed Futures LLC, 731 Lexington CHRYSTIE, 701C, NY, NY, 10002. as agent upon whom process against it Crain'sPurpose: Classifiedany lawful activity. is not responsible forAve., corrupt 25th filesFl., NY, submitted NY 10022, byAttn: client or adsPurpose: run under any lawful the purpose wrong subheading. may be served. The Post Office address to Jennifer Magro. Registered agent upon PARADIGM CAPITAL ADVISORS LLC, a which the SSNY shall mail a copy of any whom process may be served: CT NAME OF LLC: Palisander Holdings LLC. domestic Limited Liability Company (LLC) Crain's Classified is not responsible forprocess corrupt against files the submitted KJF Documentaries by client or ads run under the wrong subheading. Corporation System, 111 8th Ave., NY, Arts. Of Org. filed with NY Dept. of State filed with the Sec of State of NY on 6-13- LLC served upon him is C/O KJF NY 10011. Name/address of each genl. on 5/19/08. Office location: NY County. 07. NY Office location: New York County. Crain's Classified is not responsible for corrupt files submitted by client or ads run under the wrong subheading. Crain'sDocumentaries Classified 112 West is not 27th responsible St. 6th flr. for corrupt files submitted by client or adsptr. run available under from the SSNY. wrong Term: subheading. until SSNY designated as agent of LLC upon SSNY is designated as agent upon whom NY, NY Purpose of : to engage in any law- 12/31/2030. Purpose: any lawful activity. whom process against it may be served REAL ESTATE ful act or activity. Street address of process against the LLC may be served. and shall mail process to: Daniel Harrison, Principal Business location is: 112 West SSNY shall mail a copy of any process VISIONS WITH SOLUTIONS, LLC, a 55 East 9th Street, Apt. 14BC, NY, NY AUCTION 27th st 6th flr NY NY 10001. against the LLC served upon him/her to domestic Limited Liability Company (LLC) 10003. Purpose own and manage real Julie Ravage, 603 W. 148th St., Ste. 6, filed with the Sec of State of NY on 3-10- estate and other investments. Notice of Qualification of Phoenix Adlabs NY, NY 10031. General purposes. Theatre Management, LLC. Authority filed Crain's Classified is not responsible for08. corrupt NY Office files location: submitted New York by County. client or ads run under the wrong subheading. AUCTION SSNY is designated as agent upon whom Notice of Formation of WHGA HARRIET with NY Dept. of State on 5/28/08. Office Notice of Formation of Shelter Designs TUBMAN APARTMENTS, L.P. Certificate July 14 • 7pm location: NY County. LLC formed in LLC, Art. of Org. filed Sec’y of State process against the LLC may be served. Crain's Classified is not responsible for corrupt files submitted by client or adsSSNY run shall under mail thea copy wrong of any subheading. process filed with Secy. of State of N.Y. (SSNY) on Crain's Classified is not responsible for corrupt90 Indoor/Outdoor files submitted Parking by Spaces client or adsTennessee run under (TN) theon 2/25/08. wrong NY subheading. Secy. of (SSNY) 3/7/08. Office location: NY March 13, 2008. Office location: New York Waterfront Yonkers Building State designated as agent of LLC upon County. SSNY designated as agent of LLC against the LLC served upon him/her to The LLC, 230 W. 147th St., Unit 1Q, NY, County. SSNY designated as agent of LP $5,000-$7,000 Published Min. Bids whom process against it may be served upon whom process against it may be upon whom process against it may be Crain'sNY 10039. Classified General purposes. is not responsible for corrupt files submitted by client or ads run under the wrong subheading. 516.349.7022 • www.MaltzAuctions.com and shall mail process to: c/o CT served. SSNY shall mail copy of process served. SSNY shall mail process to: The Corporation System, 111 8th Ave., NY, NY to 1 Penn Plaza, #6102, NY, NY 10119. Name of LLC: FRANKEL & GREEN THEATRI- Partnership, 1652 Amsterdam Avenue, 10011, registered agent upon whom Crain's Classified is not responsible for corrupt files submitted by client or adsPurpose: run under any lawful the activities. wrong subheading. CAL MANAGEMENT LLC. Articles of Org. New York, NY 10031. Name/address of MANAGEMENT process may be served. TN and principal filed Dept. of State of NY on 4/18/08. Office each genl. ptr. available from SSNY. Term: business address: 111 Center Park Dr., SP8 INTERNATIONAL LLC, a domestic Shamco Management Corp location in NY: New York County. Secy. of until December 31, 2058. Purpose: any Ste. 1003, Knoxville, TN 37922. Arts. of Limited Liability Company (LLC) filed with Specializing in residential multifamily State designated as agent of LLC upon lawful activity. Org. filed with TN Secy. of State, 312 8th the Sec of State of NY on 12-14-07. NY management since 1980. Full service whom process against it may be served. Ave. N., 6th Fl., Nashville, TN 37243. Crain'sOffice location: Classified New York isnot County. responsible SSNY is for corrupt files submitted by client or adsNotice run of under Formation the of wrong STRANGE subheading. CORE Management Co. specializing in Crain's Classified is not responsible for corrupt files submitted by client or adsSec. run of State under shall the mail wrong a copy of subheading. process to: Marketing, Accounting services, and Purpose: any lawful activity. designated as agent upon whom process PRODUCTIONS, LLC. Arts. of Org. filed c/o Richard Frankel, Richard Frankel Property Management. Please call us against the LLC may be served. SSNY with Secy. of State of NY (SSNY) on Productions, Inc., 729 Seventh Avenue, 12th for quotes or inquiries of your property. Notice of Qualification of The Stillwater shall mail a copy of any process against 06/19/08. Office location: New York Floor, New York, NY 10019. The latest date Call Mike - 732.672.6501 Matrix Fund, LP. Authority filed with Secy. the LLC served upon him/her to SJS County. Principal business location: c/o www.ShamcoManagement.com on which the LLC is to dissolve is of State of NY (SSNY) on 6/17/08. Office Management Corp., 780 Third Ave., Ste. Apple Core Holdings, 1450 Broadway, Crain's12/31/2075. Classified Purpose: any is notlawful responsible activity. for corrupt files submitted by client or ads run under the wrong subheading. location: NY County. LP formed in 2101, NY, NY 10017. General purposes. 40th Floor, New York, NY 10018. SSNY Delaware (DE) on 10/5/07. SSNY desig- Notice of Formation Color By Pergament designated as agent of LLC upon whom TELEPHONE EQUIPMENT nated as agent of LP upon whom process Notice of Qualification of EKARD, LLC. LLC art. of org. filed Secy. of State NY process against it may be served. SSNY against it may be served. SSNY shall mail Crain'sAuthority Classified filed with Secy. is not of State responsible of NY for corrupt files submitted by client or adsshall run mail under process the to: wrong c/o Apple subheading. Core (SSNY) 5/30/08. Off. loc. in NY Co. WILL BUY ALL process to: 41 Madison Ave., 29th Fl., NY, (SSNY) on 6/6/08. Office location: NY Holdings, 1450 Broadway, 40th Floor, New SSNY designated as agent of LLC upon OFFICE TELEPHONE EQUIPMENT NY 10010. Registered agent upon whom County. LLC formed in Delaware (DE) on York, NY 10018. Purpose: Any lawful activity. whom process may be served. SSNY Please Call: 212-Richard. process may be served: Corporation 5/8/07. SSNY designated as agent of LLC Crain's Classified is not responsible forPlease corrupt Call: files 212-742-4273 submitted by client or ads run under the wrong subheading. shall mail copy of process to: Edward Service Co. (CSC), 80 State St., Albany, upon whom process against it may be HOUSEHOLD NAME, LLC, a foreign David Esq, 3 Becker Farm Rd, Roseland, Crain's Classified is not responsible forNY corrupt 12207. filesDE address submitted of LP: c/o by CSC, client or adsserved. run underSSNY shall the mail wrong process subheading. to Limited Liability Company (LLC) filed with Crain's Classified is not responsible for corrupt files submitted by client or adsNJ run07068. under Purpose: the wrongAny lawful subheading. purpose. 2711 Centerville Rd., Ste. 400, princ. bus. loc.: 2 Wall St., NY, NY the Sec of State of NY (SSNY) on 8-9-07 Wilmington, DE 19808. Name/address of PUBLIC & LEGAL 10005. DE address of LLC: 2711 Notice of Qualification of Whitehall Street using the fictitious name HOUSEHOLD each genl. ptr. available from SSNY. Cert. Centerville Rd., Ste. 400, Wilmington, DE Employee Funds 2008 GP, L.L.C. Authority NAME TEXAS, LLC. NY office Location: of LP filed with DE Secy. of State, 401 NOTICES 19808. Arts. of Org. filed with DE Secy. filed with Secy. of State of N.Y. (SSNY) on New York County. SSNY is designated as Federal St., Ste. 4, Dover, DE 19901. Crain's Classified is not responsible for corrupt files submitted by client or ads run under the wrong subheading. of State, 401 Federal St., Ste. 4, Dover, 5/8/08. Office location: NY County. LLC agent upon whom process against the Notice of Qualification of Atticus Purpose: any lawful activity. DE 19901. Purpose: any lawful activity. formed in Delaware (DE) on 2/28/08. SSNY LLC may be served. SSNY shall mail a Fundamental Holdings, LLC. Authority filed designated as agent of LLC upon whom copy of any process against the LLC with Secy. of State of N.Y. (SSNY) on Notice of Qualification of GS TACS Active Crain's Classified is not responsible for corrupt files submitted by client or ads run under the wrong subheading. NOTICE OF FORMATION OF LIMITED LIA- process against it may be served. SSNY served upon him/her to Bob Johnson, 400 5/30/08. Office location: NY County. LLC Continuous (U.S. Large Cap), LLC. Authority filed with Secy. of State of NY BILITY COMPANY. NAME: 2B. RYCH LLC. shall mail process to: 85 Broad St., NY, NY N. Loop 1604, Ste 202, San Antonio, TX formed in Delaware (DE) on 5/20/08. SSNY (SSNY) on 6/5/08. Office location: NY Articles of Organization were filed with the 10004. DE address of LLC: 1209 Orange St., 78232. General purposes. designated as agent of LLC upon whom County. LLC formed in Delaware (DE) on Secretary of State of New York (SSNY) on Wilmington, DE 19801. Cert. of Form. filed process against it may be served. SSNY 7/19/06. SSNY designated as agent of 05/14/08. Office location: New York County. with DE Secy. of State, P.O. Box 898, Dover, Notice of Formation RCM and AJM Family shall mail process to: The LLC, 767 Fifth Crain's Classified is not responsible for corrupt files submitted by client or ads run under the wrong subheading. Crain's Classified is not responsible for corrupt files submitted by client or adsLLC run upon under whom the process wrong against subheading. it may SSNY has been designated as agent of the DE 19903. Purpose: any lawful activity. LLC No. 1 art. of org. filed Secy. of State Ave., 12th Fl., NY, NY 10153. DE address be served. SSNY shall mail process to LLC upon whom process against it may be NY (SSNY) 6/29/07. Off. loc. in NY Co. Crain'sof LLC: Corporation Classified Service is not Co., responsible 2711 forprinc. corrupt bus. filesloc.: Goldman submitted Sachs by Asset client or adsserved. run SSNY under shall the mail wrong a copy subheading. of process Notice of Formation of Wood River NY SSNY designated as agent of LLC upon Centerville Rd., Ste. 400, Wilmington, DE Management L.P., One New York Plaza, to the LLC, c/o Alfred Dunner Inc., 1411 LLC. Arts. of Org. filed with Secy. of State whom process may be served. SSNY shall 19808. Arts. of Org. filed with DE Secy. of NY, NY 10004. DE address of LLC: 1209 Crain'sBroadway, Classified New York, New is not York responsible 10018. forof corrupt NY (SSNY) files on submitted6/6/08. Office by location: client or adsmail run copy under of process the wrongto: c/o Joseph subheading. State, P.O. Box 898, Dover, DE 19903. Orange St., Wilmington, DE 19801. Arts. Purpose: For any lawful purpose. NY County. SSNY designated as agent of Michaels IV, Esq, Dunnington, Bartholow Purpose: any lawful activity. of Org. filed with DE Secy. of State, LLC upon whom process against it may & Miller, 477 Madison Ave, 12th Fl, NY, Townsend Bldg., Dover, DE 19901. Notice of Formation of EAST 191 LLC. be served. SSNY shall mail process to: NY 10022. Purpose: Any lawful purpose. NOTICE OF FORMATION of Office Greeners Crain'sPurpose: Classifiedany lawful activity. is not responsible forArts. corrupt of Org. files filed submittedwith Secy. of byState client of or adsLeonard run underB. Pack, the Esq., wrong Wechsler subheading. & LLC. Arts. Of Org. filed with Secy. Of State of N.Y. (SSNY) on 4/29/08. Office location: Cohen, LLP, 17 State St., 15th Fl., NY, NY Crain's Classified is not responsible forN.Y. corrupt (SSNY) fileson 4/28/08. submitted Office location: by client New or adsNotice run of under Qualification the wrong of DFS subheading.Funding NY County. SSNY designated as agent of 10004. Purpose: any lawful activity. York County. SSNY designated as agent of L.L.C. Authority filed with NY Dept. of LLC upon whom process against it may LLC upon whom process against it may be State on 5/28/08. NYS fictitious name: Dell be served. SSNY shall mail process to: NOTICE OF FORMATION of BCDR Solutions To place your served. SSNY shall mail process to: P.O. Box Funding Services LLC. Office location: NY 191 E. 7th St., Apt. 4, NY, NY 10009. LLC. Article of Organization filed with the 1855, NY, NY 10021. Principal business County. Principal business address: One Purpose: any lawful activity. Secretary of State of NY (SSNY) on location: 404 E. 66th Street, Apt. 8L, NY, NY Dell Way, Round Rock, TX 78682. LLC 03/04/08. Office location: NY County. SSNY 10065. Purpose: Any lawful activity. formed in Delaware (DE) on 11/16/04. NY Notice of Formation of Harborview has been designated as agent upon whom classified ad call Secy. of State designated as agent of LLC Preservation GP II, LLC. Arts. of Org. filed process against it may be served. The Post Notice of Formation of Hornstein Studios upon whom process against it may be with Secy. of State of NY (SSNY) on Office address to which the SSNY shall mail LLC. Arts. of Org. filed with Secy. of State served and shall mail process to: c/o CT 6/6/08. Office location: NY County. a copy of any process against the LLC of N.Y. (SSNY) on 6/16/08. Office loca- Corporation System, 111 8th Ave., NY, NY Principal bus. loc.: 60 Columbus Circle, served upon him is C/O the BCDR tion: NY County. SSNY designated as 10011, registered agent upon whom NY, NY 10023. SSNY designated as agent Solutions LLC, 151 1st Avenue #238, N.Y., John Gallagher agent of LLC upon whom process against process may be served. DE address of of LLC upon whom process against it may N.Y., 10003. Date of Dissolution: No specif- it may be served. SSNY shall mail process LLC: 1209 Orange St., Wilmington, DE be served. SSNY shall mail process to: ic date. Purpose of LLC: to engage in any to princ. bus. loc.: c/o The LLC, 315 W. 19801. Arts. of Org. filed with DE Secy. of c/o Corporation Service Co., 80 State St., lawful act or activity. Street address of 39th St., Ste. 1305, NY, NY 10018. State, 401 Federal St., Dover, DE 19901. Albany, NY 12207. Purpose: any lawful Principal Business location is: 151 1st @ 212-210-0189 Purpose: any lawful activity. Purpose: any lawful activity. activity. Avenue #238, N.Y., N.Y., 10003

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Crain's Classified is not responsible forCrain's corrupt Classified files submitted is not responsible by client or for adsCrain's corrupt run under Classified files the submitted wrong is not subheading. responsible by client or for adsCrain's corrupt run under Classified files the submitted wrong is not subheading. responsible by client or for adsCrain's corrupt run under Classified files the submitted wrong is not subheading.responsible by client or for ads corrupt run under files the submitted wrong subheading. by client or ads run under the wrong subheading.

PUBLIC & LEGAL NOTICES

Notice of Formation of HARON FAMILY, Notice of Qualification of Julius Baer BLINK ENTERTAINMENT, LLC, a foreign Notice of Qualification of HB Onshore Notice of Qualification of Bagel Cafe, LLC. LLC amended to D.R.Y., LLC. Arts. of Org. Investment Management LLC. Authority Limited Liability Company (LLC) filed with Fund, LLC. Authority filed with NY Dept. Authority filed with Secy. of State of N.Y. filed with Secy. of State of N.Y. (SSNY) on filed with Secy. of State of NY (SSNY) on the Sec of State of NY on 5-29-08. NY of State on 4/14/08. Office location: NY (SSNY) on 5/21/08. Fictitious name in NY Crain's Classified is not responsible for3/4/1999. corrupt Office files location: submitted NY County. by client or adsCrain's9/7/04. run Office under Classified location: the wrong is NY not County. subheading.responsible LLC forOffice corrupt location: files New submitted York County. by clientSSNY or adsCounty. run underLLC formed the wrongin Delaware subheading. (DE) on State: Bagel Cafe NY, LLC. Office location: SSNY designated as agent of LLC upon formed in Delaware (DE) on 5/3/04. SSNY is designated as agent upon whom 4/7/08. NY Secy. of State designated as NY County. Princ. bus. loc.: 429 Third whom process against it may be served. designated as agent of LLC upon whom process against the LLC may be served. agent of LLC upon whom process against Ave., NY, NY 10016. LLC formed in SSNY shall mail process to: The LLC, c/o process against it may be served and shall SSNY shall mail a copy of any process it may be served and shall mail process Delaware (DE) on 11/6/07. SSNY desig- Crain'sK&R Realty Classified Management is not Inc., responsible 37 W. 65th formail corrupt process files to the submitted principal office by clientof the or adsagainst run underthe LLC theserved wrong upon subheading.him/her to to: c/o Highbridge Capital Management, nated as agent of LLC upon whom St., 2nd Fl., NY, NY 10023. Term: until LLC: 330 Madison Ave., NY, NY 10017, The LLC, 303 Fifth Ave., Ste. 1606, NY, LLC, 9 W. 57th St., 27th Fl., NY, NY process against it may be served. SSNY 12/31/2049. Purpose: any lawful activity. Attn: General Counsel. Arts. of Org. filed NY 10016. General purposes. 10019, principal business address of the shall mail process to: c/o Cyruli Shanks with DE Secy. of State, 401 Federal St., Crain'sLLC. Registered Classified agent is upon not whom responsible forHart corrupt & Zizmor, files LLP, submitted 420 Lexington by clientAve., or ads run under the wrong subheading. Ste. 2320, NY, NY 10170. DE address of Notice of Formation of Soha Retail Ste. 3, Dover, DE 19901. Purpose: any Crain'sNotice of ClassifiedFormation of is Ladi not Ladi responsible forprocess corrupt may files be served: submitted CT Corporation by client or ads run under the wrong subheading. Manager LLC. Arts. of Org. filed with lawful activity. International Trading LLC filed with NY System, 111 8th Ave., NY, NY 10011. DE LLC: c/o Corporation Service Co., 2711 Secy. of State of NY (SSNY) on 3/7/08. Dept of State on 5/12/08. Office Location: address of LLC: c/o The Corporation Trust Centerville Rd., Ste. 400, Wilmington, DE. Crain's Classified is not responsible for corrupt files submitted by client or adsCrain's run under Classified the wrong is not subheading. responsible for corrupt files submitted by client or ads run under the wrong subheading. Cert. of Form. filed with DE Secy. of State, Office location: NY Co. SSNY designated NOTICE OF FORMATION of ABILTO LLC. NY County, Secy of State designated as Co., 1209 Orange St., Wilmington, DE 401 Federal St., Dover, DE 19901. as agent of LLC upon whom process Arts. Of Org. filed with Secy. Of State of agent of LLC upon whom process against 19801. Cert. of Form. filed with DE Secy. Purpose: any lawful activity. against it may be served. SSNY shall mail N.Y. (SSNY) on 6/03/08. Office location: it may be served and shall mail process to of State, 401 Federal St., Dover, DE process to: The LLC, c/o Artimus the principal business address c/o Taiwo New York County. SSNY designated as 19901. Purpose: any lawful activity. Notice of Qualification of 767 Fifth Lender Construction Inc., 37 West 65th St., NY, agent of LLC upon whom process against Oladele, 1735 Townsend Ave 3B Bronx NY Crain'sNY 10023. Classified Purpose: any is not lawful responsible activities. for corrupt files submitted by client or ads10453. run underPurpose: the Any wrong lawful subheading.activity. Notice of formation of BMF Trading LLC. LLC. Authority filed with NY Dept. of State it may be served. SSNY shall mail process on 6/2/08. Office location: NY County. to: National Registered Agents, Inc., 875 Articles of Organization filed with Secy. Of Notice of Formation of 36 BEDFORD LLC. Notice of Qualification of The Partners Principal business address: 800 Boylston Ave. of the Americas, Ste 501, NY, NY State of N.Y. (SSNY) on 4/21/08. Office Arts. of Org. filed with Secy. of State of (Brand Consultants) LLC. Authority filed St., Ste. 1900, Boston, MA 02199. LLC 10001. Principal business location: 880 Crain's Classified is not responsible forLocation: corrupt New files York submitted County. SSNY by clientdesig- or ads run under the wrong subheading. N.Y. (SSNY) on 4/13/07. Office location: with Secy. of State of NY (SSNY) on nated as agent of LLC upon whom process formed in Delaware (DE) on 5/29/08. NY Crain's Classified is not responsible for corrupt files submitted by client or ads5th runAve., under Ste 5C, the NY, wrongNY 10021. subheading. Purpose: Secy. of State designated as agent of LLC NY County. SSNY designated as agent of 4/29/08. Office location: NY County. LLC against it may be served. SSNY shall mail Any lawful activity. upon whom process against it may be LLC upon whom process against it may formed in Delaware (DE) on 4/28/08. process to: 2226 N. Lincoln, Apt. 4A, served and shall mail process to: c/o CT be served. SSNY shall mail process to SSNY designated as agent of LLC upon Chicago, IL 60614. Principal business Notice of Qualification of Fintech Real Corporation System, 111 8th Ave., NY, NY princ. bus. loc.: c/o The LLC, 45 W. 8th whom process against it may be served. location: 251 E. 32nd St., Apt. 2H, NY, NY Estate Holdings LLC. Authority filed with 10011, registered agent upon whom St., 2nd Fl., NY, NY 10011. Purpose: any Crain'sSecy. of ClassifiedState of N.Y. is(SSNY) not responsibleon 5/5/08. forSSNY corrupt shall filesmail process submitted to: Davis by client& or adsCrain's10016. run underPurpose: Classified the Any wrong islawful not activity. subheading. responsible for corrupt files submitted by client or ads run under the wrong subheading. lawful activity. Gilbert LLP, 1740 Broadway, NY, NY process may be served. DE address of Office location: NY County. LLC formed in LLC: c/o The Corporation Trust Co., 1209 Delaware (DE) on 5/2/08. SSNY designat- 10019. Address to be maintained in DE: Notice of formation of C. Anson Hedges Notice of Formation of L & L Realty Holdings 160 Greentree Dr., Ste. 101, Dover, DE Designs LLC. Arts. of org. filed with Secy. Orange St., Wilmington, DE 19801. Arts. ed as agent of LLC upon whom process of Org. filed with DE Secy. of State, LLC. Arts. of Org. filed with Secy. of State of against it may be served. SSNY shall mail 19904. Arts. of Org. filed with DE Secy. Of Of State of N.Y. (SSNY) on 5/23/08. Office N.Y. (SSNY) on 6/3/08. Office location: NY State, 401 Federal St., Ste 4., Dover, DE location: New York County. SSNY designat- Loockerman & Federal Sts., Dover, DE Crain's Classified is not responsible forCrain's corrupt Classified files submitted is not responsible by client or for adsprocess corrupt run underto filesprincipal the submitted business wrong subheading. location: by client c/o or adsCrain's run under Classified the wrong is not subheading. responsible for corrupt files submitted by client or ads19901. run Purpose: under the any wronglawful activity. subheading. County. SSNY designated as agent of LLC Fintech Advisory Inc., 375 Park Ave., Ste. 19901. Purpose: any lawful activities. ed as agent of LLC upon whom process upon whom process against it may be 3804, NY, NY 10152. DE address of LLC: against it may be served. SSNY shall mail Notice of Qualification of MSLOF I, L.L.C. served. SSNY shall mail process to: c/o Notice of Formation of 23RD STREET, LLC. 2711 Centerville Rd., Ste. 400, Wilmington, process to: 66 Madison Avenue, #2B, NY, Authority filed with Secy. of State of N.Y. Moses & Singer LLP, Attn: Daniel S. Rubin, Arts. of Org. filed with Secy. of State of DE 19808. Arts. of Org. filed with DE Secy. NY 10016. Principal business location: (SSNY) on 4/30/08. Office location: NY 405 Lexington Ave., NY, NY 10174. Purpose: N.Y. (SSNY) on 2/14/05. Office location: Crain'sof State, 401 Classified Federal St., is notDover, responsible DE 19901. for corrupt files submitted by client or ads66 Madison run under Avenue, the #2B, wrong NY, subheading.NY 10016. County. LLC formed in Delaware (DE) on any lawful activity. NY County. SSNY designated as agent of Purpose: Any lawful activity. 1028885 w.o. 4/3/08. SSNY designated as agent of LLC Purpose: any lawful activity. LLC upon whom process against it may upon whom process against it may be Notice of Qualification of Woodbine Capital be served. SSNY shall mail process to: Substance of Registration as a Registered Notice is hearby given that a license, served. SSNY shall mail process to: c/o Management LLC. Authority filed with NY c/o Gilbride, Tusa, Last & Spellane LLC, Limited Liability Partnership of GERMAN serial number 1210566 for beer and CT Corporation System, 111 8th Ave., NY, Dept. of State on 5/19/08. Office location: Crain's708 Third Classified Avenue, 26th is Fl., not NY, responsible NY 10017. for corrupt files submitted by client or ads run under the wrong subheading. RUBENSTEIN LLP (LLP). Certificate of Crain'swine has Classifiedbeen applied is for not by responsiblethe under- forNY corrupt 10011, registered files submitted agent upon by whom client or ads run under the wrong subheading. NY County. LLC formed in Delaware (DE) Purpose: any lawful activity. Registration filed with the Secy. of State of signed to sell beer and wine at retail in a process may be served. Principal office of on 5/6/08. NY Secy. of State designated as N.Y. (SSNY) on May 21, 2008. Office loca- restaurant under the Alcoholic Beverage Notice of Formation of Limited Liability LLC: 1585 Broadway, 37th Fl., NY, NY Crain'sagent of LLC Classified upon whom is not process responsible against fortion: corrupt New York files County. submitted SSNY designated by client or ads run under the wrong subheading. Control Law at 263 W. 30th St New York, Company (LLC): Egan Wealth Group LLC. 10036. Cert. of Org. filed with DE Secy. of it may be served and shall mail process to as agent of LLP upon whom process NY 10001 for on premises consumption. Articles of Organization filed with the Sec. State, 401 Federal St., Ste. 4, Dover, DE the principal business address: 900 3rd against it may be served. SSNY shall mail Buddha Foods, Inc. dba Mooncake Foods Crain's Classified is not responsible for corrupt files submitted by client or ads run under the wrong subheading. of State of NY (SSNY) on May 6, 2005. 19901. Purpose: all lawful purposes. Ave., Ste. 202, NY, NY 10022. DE address Crain'sprocess to Classified c/o The Partnership, is not responsible 200 West for corrupt files submitted by client or ads run under the wrong subheading. of LLC: c/o The Corporation Trust Co., NY office location: New York County. Notice of Formation of LIZZANO REALTY 70th Street, Suite 8B, New York, NY Notice of formation of Culinary Tech 1209 Orange St., Wilmington, DE 19801. SSNY designated agent to serve process. LLC, a domestic LLC. Arts. of Org. filed 10023. Purpose: is the practice of law. Center, LLC. Arts. of Org. filed with the Arts. of Org. filed with DE Secy. of State, SSNY shall mail a copy of process vs. with the SSNY on 03/17/08. Office loca- Sect’y of State of NY (SSNY) on P.O. Box 898, Dover, DE 19903. Purpose: Crain'sLLC c/o the Classified LLC to 481 is Eighth not responsible Avenue fortion: corrupt NY County. files SSNY submitted has been by designat- client or ads run under the wrong subheading. Notice of Qualification of Canoe Ventures, 6/13/2008. Office location, County of any lawful activity. 1549, New York, NY 10001. Purpose of ed as agent upon whom process against LLC. Authority filed with NY Dept. of State New York. The street address is: 424 the LLC: any and all lawful activities. the LLC may be served. SSNY shall mail a on 6/6/08. Office location: NY County. West 33rd Street, Ste. 240, New York, NY Notice of Formation of Elyse Pasquale Crain'scopy of process Classified to: The is LLC, not 145 responsible East for corrupt files submitted by client or ads run under the wrong subheading. Principal business address: 333 3rd Ave., 10001. SSNY has been designated as Productions, LLC. Arts. of Org. filed with HIMMA LLC, Articles of Org. filed N. Y. 116th St., Ste. 3, NY, NY 10029. Purpose: NY, NY 10010. LLC formed in Delaware Sec. of State (SSNY) 24th day of April, agent to the LLC upon whom process Secy. of State of NY (SSNY) on 8/6/07. (DE) on 4/1/08. NY Secy. of State designat- Any Lawful Purpose. Office location: NY County. Princ. bus. 2008. Office in New York Co. at 131 against it may be served. SSNY shall mail Crain's Classified is not responsible for corrupt files submitted by client or adsed as run agent under of LLC the upon wrong whom subheading. process process served to: The LLC, 424 West loc.: 230 E. 18th St., NY, NY 10003. SSNY Varick Street, Suite 1026, New York, New NOTICE OF FORMATION of Woo Jung A. against it may be served and shall mail 33rd Street, Ste. 240, New York, NY designated as agent of LLC upon whom York 10013. SSNY design. agt. upon Cho, PLLC. Arts. Of Org. filed with Secy. process to: c/o CT Corporation System, whom process may be served. SSNY shall 10001. Purpose: any lawful activity process against it may be served. SSNY Crain's111 8th Ave., Classified NY, NY 10011, is not registered responsible for corrupt files submitted by client or adsOf State run underof N.Y. (SSNY) the wrong on 3/27/08. subheading. Office Crain's Classified is not responsible for corrupt files submitted by client or adsmail run copy under of process the wrongto 131 Varick subheading. Street, shall mail process to: Levine Plotkin & agent upon whom process may be served. location: New York County. SSNY desig- Suite 1026, New York, New York 10013. Notice of Qualification of Goldman Sachs Menin, LLP, 1740 Broadway, 22nd Fl., NY, DE address of LLC: c/o The Corporation Crain's Classified is not responsible fornated corrupt as agent files of submittedPLLC upon whom by client or ads run under the wrong subheading. Reg. Agt. upon whom process may be Global Alpha Employee Fund, LLC. NY 10019. Purpose: any lawful activity. Trust Co., 1209 Orange St., Wilmington, process against it may be served. SSNY served: Spiegel & Utrera, P.A., P.C. 1 Authority filed with Secy. of State of NY DE 19801. Arts. of Org. filed with DE Secy. shall mail process to: 49 West 76th Street, (SSNY) on 6/5/08. Office location: NY Notice of Formation of AGARWAL REALTY, Maiden Lane, NYC 10038 1 800 576-1100 of State, 401 Federal St., Dover, DE 19901. #2D, NY, NY 10023. Principal business County. LLC formed in Delaware (DE) on LLC. Arts. of Org. filed with NY Dept. of Purpose: Any lawful purpose. Crain's Classified is not responsible for corrupt files submitted by client or adsPurpose: run under any lawful the activity. wrong subheading. location: 49 West 76th Street, #2D, NY, NY 1/27/06. SSNY designated as agent of State on 5/9/08. Office location: NY Notice of Formation of Rottet Architecture 10023. Purpose: The practice of law. LLC upon whom process against it may County. Secy. of State designated as agent Notice of Formation of Elite Home and Design Studio, NY, PLLC. Arts. of be served. SSNY shall mail process to of LLC upon whom process against it may Services, LLC. Arts. of Org. filed with Org. filed with NY Dept. of State on NOTICE OF FORMATION of JCP VENTURES princ. bus. loc.: Goldman Sachs Asset be served and shall mail process to: 30 Secy. of State of NY (SSNY) on 5/9/08. Crain's Classified is not responsible for corrupt files submitted by client or ads run under the wrong subheading. 6/5/08. Office location: NY County. LLC. Arts. Of Org. filed with Secy. Of State Management L.P., One New York Plaza, Crain'sFieldstone Classified Court, New isCity, not NY responsible 10956. forOffice corrupt location: files NY submitted Co. SSNY designated by client or ads run under the wrong subheading. Principal business address: 1540 Kirby of N.Y. (SSNY) on 6/17/08. Office loca- NY, NY 10004. DE address of LLC: 1209 Purpose: any lawful activity. Crain'sas agent Classifiedof LLC upon iswhom not process responsible for corrupt files submitted by client or ads run under the wrong subheading. Dr., Houston, TX 77019. Secy. of State tion: New York County. SSNY designated Orange St., Wilmington, DE 19801. Arts. against it may be served. SSNY shall mail Crain's Classified is not responsible for corrupt files submitted by client or ads run under the wrong subheading. designated as agent of PLLC upon whom as agent of LLC upon whom process of Org. filed with DE Secy. of State, Notice of Formation of Strassburger process to: Diane Schottenstein, 165 process against it may be served and against it may be served. SSNY shall mail Townsend Bldg., Dover, DE 19901. Crain's Classified is not responsible forMeats corrupt LLC, filesArt. of submitted Org. filed Sec’y by clientof or adsWest run End under Ave., theApt. 4D, wrong NY, NY subheading. 10023. process to: 400 E 70th St., Suite 803, NY, Purpose: any lawful activity. State (SSNY) 4/26/02. Office location: NY shall mail process to: c/o CT Corporation Purpose: any lawful activities. NY 10021. Principal business location: County. SSNY designated as agent of LLC System, 111 8th Ave., NY, NY 10011. 400 E 70th St., Suite 803, NY, NY 10021. Notice of Qualification of Kamas Holdings, upon whom process against it may be Purpose: practice architecture. Notice of Qualification of Wolfensohn Capital Purpose: Any lawful activity served. SSNY shall mail copy of process LLC, App. for Auth. filed Sec’y of State Partners Holdings, L.P. Authority filed with Notice of Qualification of Talos Investment (SSNY) 5/19/08. Office location: NY to 446 W. 14th St., NY, NY 10014. Secy. of State of NY (SSNY) on 4/17/08. Purpose: any lawful activities. Management LLC. Authority filed with NY DOJEAN LLC, a domestic Limited Liability County. LLC org. in DE 3/6/08. SSNY des- Office location: NY County. Princ. bus. loc.: Dept. of State on 6/16/08. Office location: Company (LLC) filed with the Sec of State ignated as agent of LLC upon whom 1350 Ave. of the Americas, Ste. 2900, NY, NY County. Principal business address: of NY on 5-3-05. NY Office location: New process against it may be served. SSNY Notice of Qualification of Anthion Partners, NY 10019. LP formed in Delaware (DE) on 570 Lexington Ave., NY, NY 10022. LLC York County. SSNY is designated as shall mail copy of process to c/o Trevor LP, App. for Auth. filed Sec’y of State 4/7/08. SSNY designated as agent of LP agent upon whom process against the Belton, 105 E. 34th St., Ste. 125, NY, NY (SSNY) 3/28/08. Office location: NY upon whom process against it may be formed in Delaware (DE) on 6/14/07. NY LLC may be served. SSNY shall mail a County. LP org. in DE 3/27/08. SSNY des- served. SSNY shall mail process to: c/o Secy. of State designated as agent of LLC 10016. DE office addr.: c/o CSC, 2711 ignated as agent of LP upon whom Corporation Service Company (CSC), 80 upon whom process against it may be copy of any process against the LLC Centerville Rd., Wilmington, DE 19808. process against it may be served. SSNY State St., Albany, NY 12207, registered agent served and shall mail process to: c/o CT served upon him/her to C/O Alan P. Cert. of Form. on file: SSDE, Townsend shall mail copy of process to Attn: David upon whom process may be served. DE Corporation System, 111 8th Ave., NY, NY Raines, Esq., 535 Fifth Ave., 25th Fl., NY, Bldg., Dover, DE 19901. Purpose: any Moradi, 471 Broadway, #2, NY, NY 10013. address of LP: c/o CSC, 2711 Centerville 10011, registered agent upon whom NY 10017. General purposes. lawful activities. DE office addr.: c/o CSC, 2711 Centerville Rd., Ste. 400, Wilmington, DE 19808. process may be served. DE address of Rd., Wilmington, DE 19808. Cert. of LP on Name/address of each genl. ptr. available LLC: 1209 Orange St., Wilmington, DE file: SSDE, Townsend Bldg., Dover, DE from SSNY. Cert. of LP filed with DE Secy. of 19801. Arts. of Org. filed with DE Secy. of 19901. Name/addr. of each gen. ptr. avail. State, 401 Federal St., Dover, DE 19901. State, 401 Federal St., Dover, DE 19901. www.crainsnewyork.com at SSNY. Purpose: any lawful activities. Purpose: any lawful activity. Purpose: any lawful activity.

July 7, 2008 | Crain’s New York Business | 45 CNYB 07-07-08 A 46 7/3/2008 6:02 PM Page 1

BEST OF BOB LAPE

Following are the best restaurants ican restaurant with elegant service The Monday Room and Third avenues), Manhattan. Wildwood Barbeque ½ reviewed so far this year. and wines to match the inspired www.public-nyc.com. (212) 308-0830. More mealtime www.brguestrestaurants.com cooking of ex-Compass chefs John 210 Elizabeth St. (between Prince music from Lello Arpaia (Scarlatti, 225 Park Avenue South (at East CulinAriane Fraser and Vera Tong. and Spring streets), Manhattan. Cellini, Bellini), who brings time- 18th Street), Manhattan. www.culinariane.com (212) 343-7011. A jewel box of wine honored classics to a roomy, com- (212) 533-2500. In a playful urban- 33 Walnut St., Montclair, N.J. Eighty One wonders paired with chef Brad fortable East Side location. rustic setting designed by David (973) 744-0533. A tiny, modern www.81nyc.com Farmerie’s exciting, eclectic small Rockwell, former NYC motorcycle American jewel in a residential part 45 W. 81st St., Excelsior Hotel (be- plates, set within the restaurant Irving Mill ½ cop “Big Lou” Elrose lays on a full of Montclair boasts some of the tween Central Park West and Public. www.irvingmill.com range of “Q” styles. state’s best food. Fine service extends Columbus Avenue), Manhattan. 116 E. 16th St. (between Union to that of the wines you bring. (212) 873-8181. Chef Ed Brown’s Adour Alain Ducasse ½ Square East and Irving Place), Zero Otto Nove ½ www.adour-stregis.com Manhattan. (212) 254-1600.A de- 2357 Arthur Ave. (between East Allen & Delancey The St. Regis, 2 E. 55th St. (be- lightful new urban rustic setting for 86th Street and Crescent Avenue), www.allenanddelancey.net tween Madison and Fifth avenues), ex-Gramercy Park chef John Schae- the Bronx. (718) 220-1027. Roberto 115 Allen St. (at Delancey Street), Manhattan. (212) 710-2277. Here’s fer’s intelligent seasonal American Paciullo honors his native Salerno Manhattan. (212) 263-5400. The Alain again, with a more casual, cooking. The Tap Room compo- with southern peasant cuisine, four-star Monteverde team does wine-centric bid for New Yorkers’ nent draws a lively young crowd. wood-fired oven pizza and atmos- double duty with a comfortably hearts and wallets. Steep markups! pheric surroundings. crowded mecca for new American Peniche ½ food and a warm welcome at the Bar Boulud ½ www.penichetapas.com early crossroads of immigration. www.danielnyc.com 175 Main St., White Plains. EXPLORING CAREERS 1900 Broadway (between West (914) 421-5012. At Anthony Gon- Ammos buck ennis 63rd and West 64th streets), Man- calves’ new Portuguese and Span- GROUP SEEKS www.ammosnewyork.com new modern American eatery is an hattan. (212) 595-0303. The most ish tapas restaurant, everything is HOST BUSINESSES 52 Vanderbilt Ave. (between East elegant and extraordinary experi- accessible and reasonable eatery in intense: flavors, caring service and 44th and East 45th streets), Man- ence, accomplished and exciting. chef Daniel Boulud’s empire, this striking ambience. THE GREATER NEW YORK hattan. (212) 922-9999. Wunder- charcuterie/bistro/wine bar near COUNCILS’ Exploring program kind chef David Ogren brings real South Gate Lincoln Center is jammed for Shelly’s Tradizionale ½ seeks businesses to host creative fire to the handsome www.jumeirahessexhouse.com/ lunch, dinner and brunch. www.shellysnewyork.com sessions offering high school Mediterranean-Greek eatery near southgate/ 41 W. 57th St. (between Fifth and students the chance to explore Grand Central Station. Jumeirah Essex House, 154 Central Brasserie Cognac ½ Sixth avenues), Manhattan. various industries and make Park South (between Sixth and www.cognacrestaurant.com (212) 245-2422. Shelly Fireman’s better decisions about career DeGrezia Seventh avenues), Manhattan. 1740 Broadway (at West 55th Street), seafood-first trattoria features tow- choices. www.degreziaristorante.com (212) 484-5120. The contemporary, Manhattan. (212) 757-3600. A classy ering raw bar platters but keeps Exploring puts together 231 E. 50th St. (between Second seasonal American cuisine of Chef yet affordable bistro with well-made serious steaks and the best potato groups of 15 to 25 students. and Third avenues), Manhattan. Kerry Heffernan (Eleven Madison French classics, warm hospitality pie in town. They meet at the host busi- (212) 750-5353. Regional seasonal Park) stars in a coolly elegant, Tony and handsome surroundings. nesses after school for four or Italian cuisine with sophistication, Chi-designed restaurant overlook- Tommaso ½ more sessions, learning about but no attitude, in handsome East ing Central Park. Fiorini ½ www.tommasoinbrooklyn.com educational requirements, Side surroundings. A 21-year-old www.fiorinirestaurant.com 1464 86th St. (between 14th and Tengda Asian Bistro salaries and what people in comes of age beautifully. 209 E. 56th St. (between Second 15th avenues), Dyker Heights, their selected fields actually do. 286 Katonah Ave. (next to the post Brooklyn. (718) 236-9883. At age 35, Dovetail For more information, office), Katonah, N.Y. the happy duet of Tommaso Ver- please call Exploring director www.dovetailnyc.com (914) 232-3900. A colorful and = Outstanding dillo’s soul-satisfying southern Ital- Bob Hayes at (212) 651-2808, 103 W. 77th St. (between Columbus appealing pan-Asian attraction = Excellent ian cooking and his operatic tenor www.nyexploring.org and Amsterdam avenues), Manhat- serving hefty portions of delicious = Very good continues to pull a large, diverse or visit . tan. (212) 362-3800. Seasonal Amer- food with style, and big drinks. = Good audience from far and wide.

Crain's Classified is not responsible forCrain's corrupt Classified files submitted is not responsible by client or for adsCrain's corrupt run under Classified files the submitted wrong is not subheading. responsible by client or for adsCrain's corrupt run under Classified files the submitted wrong is not subheading. responsible by client or for adsCrain's corrupt run under Classified files the submitted wrong is not subheading. responsible by client or for ads corrupt run under files the submitted wrong subheading. by client or ads run under the wrong subheading.

PUBLIC & LEGAL NOTICES

Notice of Qualification of Agile Partners Notice of Formation of Reade Street Studio, NOTICE OF FORMATION OF ABEND & Notice of Qualification of Dada Notice of Qualification of Royalty Pharma Technologies, LLC. Authority filed with LLC. Article of Organization filed with the SILBER, PLLC. Article of Organization Entertainment, LLC. Authority filed with US Partners 2008, LP. Authority filed with Secy. of State of NY (SSNY) on 6/3/08. Secretary of State NY(SSNY) on 9/04/2007. filed with the Secretary of State of NY Secy. of State of NY (SSNY) on 6/12/08. Secy. of State of NY (SSNY) on 6/2/08. Office location: NY County. LLC formed in Office location New York County. SSNY (SSNY) on 4/30/2008 Office location NEW Office location: NY County. Princ. bus. Office location: NY County. LP formed in Delaware (DE) on 12/19/08. SSNY desig- has been designated as agent upon whom YORK County. SSNY has been designated loc.: 225 W. 34th St., Ste. 501, NY, NY Delaware (DE) on 3/26/08. SSNY desig- nated as agent of LLC upon whom process against it may be served. The Post as agent upon whom process against it 10122. LLC formed in Delaware (DE) on nated as agent of LP upon whom process process against it may be served. SSNY Office address to which the SSNY shall mail may be served. The Post Office address to 8/6/07. SSNY designated as agent of LLC against it may be served. SSNY shall mail shall mail process to: c/o National a copy of any process against the LLC which the SSNY shall mail a copy of any upon whom process against it may be process to princ. bus. loc.: 110 E. 59th Registered Agents, Inc., 875 Avenue of served upon him/her is C/O the LLC 103 process against the LLC served upon served. SSNY shall mail process to: c/o St., Ste. 3300, NY, NY 10022. DE address Crain's Classified is not responsible forCrain'sthe corrupt Americas, Classified files Ste. submitted 501, is NY, not NY responsible by10001. client or for adsCrain'sReade corrupt run Street, under Classified files 4th the Floor. submitted wrong is New not York subheading. responsible by NY client or for adsCrain'shim/her corrupt run underis Classified C/O files the the submitted LLC wrong is 151 not WEST subheading. responsible by client74TH or for adsCrain'sCorporation corrupt run under Classified files Service the submitted Co., wrong is not80 State subheading. responsible by St., client or for adsof corrupt LP: run c/o under Corporation files the submitted wrong Service subheading. byCo., client 2711 or ads run under the wrong subheading. Address to be maintained in DE: 160 10013. Date of Dissolution: N/A. Purpose of STREET, 7C. NEW YORK, NY 10023. Albany, NY 12207. DE address of LLC: Centerville Rd., Ste. 400, Wilmington, DE Greentree Dr., Ste. 101, Dover, DE 19904. LLC: to engage in any lawful act or activity. Purpose of PLLC: to engage in the prac- 2711 Centerville Rd., Ste. 400, 19808. Name/address of each genl. ptr. Arts. of Org. filed with DE Secy. Of State, Street address of Principal business tice of law. Street address of Principal Wilmington, DE 19808. Arts. of Org. filed available from SSNY. Cert. of LP filed with 401 Federal St., Ste. 4., Dover, DE 19901 . location is: 103 Reade Street, 4th Floor. Business location is: 419 PARK AVENUE with DE Secy. of State, PO Box 898, Dover, DE Secy. of State, Townsend Bldg., Dover, Purpose: any lawful activities. New York, NY 10013. SOUTH. NEW YORK, NY 10016. DE 19903. Purpose: any lawful activity. DE 19901. Purpose: any lawful activity.

Notice of Qualification of 932 Carroll LLC. Notice of Qualification of 111 15 ST LLC. Notice of Qualification of 1402 Sterling Notice of Qualification of 2255 Concourse Notice of Qualification of 382 Eastern Authority filed with NY Dept. of State on Authority filed with NY Dept. of State on LLC. Authority filed with NY Dept. of State LLC. Authority filed with NY Dept. of State LLC. Authority filed with NY Dept. of State 6/6/08. Office location: NY County. LLC 6/6/08. Office location: NY County. LLC on 6/6/08. Office location: NY County. LLC on 6/6/08. Office location: NY County. LLC on 6/6/08. Office location: NY County. LLC formed in Delaware (DE) on 5/30/08. NY formed in Delaware (DE) on 5/30/08. NY formed in Delaware (DE) on 5/30/08. NY formed in Delaware (DE) on 5/30/08. NY formed in Delaware (DE) on 5/30/08. NY Secy. of State designated as agent of LLC Secy. of State designated as agent of LLC Secy. of State designated as agent of LLC Secy. of State designated as agent of LLC Secy. of State designated as agent of LLC upon whom process against it may be upon whom process against it may be upon whom process against it may be upon whom process against it may be upon whom process against it may be served and shall mail process to the prin- served and shall mail process to the prin- served and shall mail process to the prin- served and shall mail process to the prin- served and shall mail process to the prin- cipal business address: c/o Hudson Realty cipal business address: c/o Hudson Realty cipal business address: c/o Hudson Realty cipal business address: c/o Hudson Realty cipal business address: c/o Hudson Realty Capital LLC, 250 Park Ave. So., 3rd Fl., Capital LLC, 250 Park Ave. So., 3rd Fl., Capital LLC, 250 Park Ave. So., 3rd Fl., Capital LLC, 250 Park Ave. So., 3rd Fl., Capital LLC, 250 Park Ave. So., 3rd Fl., NY, NY 10003. DE address of LLC: c/o NY, NY 10003. DE address of LLC: c/o NY, NY 10003. DE address of LLC: c/o NY, NY 10003. DE address of LLC: c/o NY, NY 10003. DE address of LLC: c/o Corporation Service Co., 2711 Centerville Corporation Service Co., 2711 Centerville Corporation Service Co., 2711 Centerville Corporation Service Co., 2711 Centerville Corporation Service Co., 2711 Centerville Rd., Ste. 400, Wilmington, DE 19808. Rd., Ste. 400, Wilmington, DE 19808. Rd., Ste. 400, Wilmington, DE 19808. Rd., Ste. 400, Wilmington, DE 19808. Rd., Ste. 400, Wilmington, DE 19808. Arts. of Org. filed with DE Secy. of State, Arts. of Org. filed with DE Secy. of State, Arts. of Org. filed with DE Secy. of State, Arts. of Org. filed with DE Secy. of State, Arts. of Org. filed with DE Secy. of State, P.O. Box 898, Dover, DE 19903. Purpose: P.O. Box 898, Dover, DE 19903. Purpose: P.O. Box 898, Dover, DE 19903. Purpose: P.O. Box 898, Dover, DE 19903. Purpose: P.O. Box 898, Dover, DE 19903. Purpose: any lawful activity. any lawful activity. any lawful activity. any lawful activity. any lawful activity.

46 | Crain’s New York Business | July 7, 2008 CNYB 07-07-08 A 47 7/3/2008 6:04 PM Page 1

REAL ESTATE DEALS Expanding media firm invests for the future

Broadway.The asking rent was $90 12th floor. It currently has about been adding lawyers, 4,500 square feet on [212]Media signs for a square foot. 4,000 square feet on the 21st floor of and now it needs more the 28th floor of the Park Ave. South; will Italian designer Mercedes Desio the same building. space. It inked a 10- building.With the ex- and Colombian designer Alberto The company, which sells to year lease for 16,000 pansion, ICICI will lease more space in Villalobos signed a 10-year lease for stores such as Macy’s and Dillard’s, square feet at 33 White- take over the entire the space.They decided to combine will move to the new space in the hall St., between Bridge floor in the 58-story adjoining building their backgrounds to market a mix fall. The asking rent was $55 a and Pearl streets. The building. of European and Latin American square foot. asking rent was in the “The reason for enture development home accessories. Federal Knitwork president low- to mid-$50s per the expansion is that firm [212]Media has “New Yorkers travel a lot, so we Mark Pnini says the company need- square foot. they were recently taken office planning will offer them the tastes they ac- ed space because of growth. Sales The firm is dou- granted branch sta- to a new level. quire throughout their travels,” ex- have been increasing about 20% a bling its current space, tus,” says broker Joe The company, plains Ms. Desio. year. taking over the entire Hilton of Grubb & whichV owns and operates a portfolio Opening in August,the shop will Newmark Knight Frank brokers 16th floor of the build- Ellis Co., who repre- of digital media firms, signed a 10- sell everything from sofas to wall Brian Waterman and Michael ing. It plans to move in sented the tenant. year lease for 8,000 square feet at 460 decorations.However,because of its Frantz represented the landlord, November. “Before that, they Park Ave. South, between East 30th limited space,Etós will not sell beds, W&H Properties, a partnership led Managing Partner were only a represen- and East 31st streets. It hopes to although Ms. Desio would like to by real estate investor Peter Malkin. Alan Russo says one 33 WHITEHALL ST. will house tative office and move in the fall. add them as the store expands. Lance Korman, a broker at benefit of the new Russo Keane & Toner. couldn’t do banking.” In about three years, the compa- Jason Maurer and Jeffrey Rose- Newmark, represented Federal space is that it allows Brokers Harry ny will take over another 8,000 Knitwork. all of the firm’s lawyers Blair and Sean Kearns square feet at 450 Park Ave. South,a —theresa agovino to be located on one floor. Current- of GVA Williams negotiated for the building that is connected to the 460 ly, the firm is spread out over two building’s owner, 500 Fifth Inc. Park building. Once [212]Media floors at 26 Broadway. Renovations will be finished by the rents the additional space, the two Wine bar goes after Mr.Russo says the firm needs the fourth quarter. offices will be joined. The asking young 30s crowd additional space because it has hired —damian ghigliotty rent for each office was $50 a square about nine additional lawyers in the foot. Both buildings are owned by vino 313 is bringing a classy bever- past two years, bringing its total to The Moinian Group. age to Murray Hill pub crawlers. 24.The firm plans to eventually hire Two tenants move [212]Media is currently in about The startup wine bar recently signed eight more attorneys. to West 36th St. 5,000 square feet at 72 Madison a 10-year lease for 1,000 square feet Scott Cahaly and Daniel Suozzi, Ave. Neal Shenoy, managing part- at 201 E. 31st St., at Third Avenue. brokers at The Staubach Co., repre- a cosmetics company and a finan- ner of the company,says the firm has The asking rent for the space,which sented the law firm.CB Richard El- cial research firm have signed five- been growing rapidly, adding about includes a basement, was $105 a lis Inc. brokers Jonathan Cope and year leases at 53 W. 36th St., between 20 employees over the last year to square foot. Edward Goldman negotiated on Fifth and Sixth avenues.The asking bring total employment to 35. He “Murray Hill is big on the young behalf of the landlord,Broad Finan- rents were about $45 a square foot. expects to add another 10 people by 20s scene, but I’m going after the cial Center. Broker Benjamin Fastenberg of the end of the year. young 30s—an upscale,sophisticat- Mr. Cope says Russo Keane & CB Richard Ellis Inc. represented Mr. Shenoy says the deal is a 67 E. 11TH ST. will be the new home of ed crowd,” says Jill Park, a partner Toner is the first law firm in the Tarte Cosmetics, which will move great fit because it offers some im- international design shop Etós. with Vino Five Group, the compa- building. Most of the tenants are into 3,500 square feet on the ninth mediate expansion space while re- ny behind Vino 313.The bar’s name technology and financial firms. floor this month. The company is serving additional room for more is derived from its location at East “The owner of the building wanted moving from a smaller location at growth later on. man of Newmark Knight Frank Re- 31st Street and Third Avenue. a law firm,” he says. “They were 224 W. 35th St., between Seventh Roshan Shah and Paul Walker, tail represented the landlord. Ms. The wine bar will be a change for looking to create a good balance [of and Eighth avenues. brokers at CB Richard Ellis Inc., Desio and Mr. Villalobos were rep- the neighborhood; the space for- tenants].” “The company’s been doing real- represented [212]Media. Newmark resented by Peter Gonzales,a lawyer merly housed a children’s hair salon. —theresa agovino ly well as of late,” says Mr. Fasten- Knight Frank brokers Michael who runs his own firm in Miami. Ms. Park expects to open for busi- berg. “This was a necessity, due to Dreizen and Andrew Udis negoti- —adrianne pasquarelli ness in September. growth.” ated on behalf of Moinian. Brad Schwarz of Sierra Realty Indian bank adds Broker Steve Hirsh of Colliers —theresa agovino Corp. represented Vino Five midtown space ABR Inc. represented Integrity Re- Teen apparel maker Group.The landlord was represent- search Associates, which will move triples its space ed by Josh Prottas of Working Real- india’s second-largest bank is ex- into 3,500 square feet on the 10th Home furnishings ty Ltd. panding its operations and office floor in September.The firm is cur- a blend of cultures federal knitwork corp. is more —adrianne pasquarelli space in midtown. ICICI Bank has rently located at 1115 Broadway,be- than tripling its space at 1400 Broad- signed a 10-year lease for an addi- tween West 24th and West 25th two international designers way, between West 38th and West tional 6,100 square feet at 500 Fifth streets. are opening a 2,000-square-foot 39th streets. The company, which Growing law firm Ave., at the corner of East 42nd Robert Kaplan, senior director home furnishings and interior de- manufactures Say What? brand teen expands downtown Street. The asking rent was $75 a for landlord Hidrock Realty Inc., sign shop called Etós at 67 E. 11th St., clothing, just signed a 10-year lease square foot. negotiated both leases in-house. between University Place and for about 13,100 square feet on the law firm Russo Keane & Toner has The bank currently occupies —damian ghigliotty

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July 7, 2008 | Crain’s New York Business | 47 Project1 7/3/08 11:13 AM Page 1

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