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TOP STORIES BUSINESS Mets ticket sales LIVES soar, but catching New York’s the Yankees is a CEO authors daunting task mean business PAGE 2 ® PAGE 35 Wall Streeters gamble on slippery slope by buying VOL. XXIII, NO. 14 WWW.NEWYORKBUSINESS.COM APRIL 2-8, 2007 PRICE: $3.00 ski resorts PAGE 3 THE YOUNG AND THE RESTLESS Ad pages at Hearst’s teen titles are falling as Condé Nast’s Teen Vogue gains. Bad building Why the long delay in granting Verizon a cable franchise? loans pile up GREG DAVID, PAGE 13 Grocery store chief at area banks joins the GOP, eyes bid for mayor; way too fast,” says Charles An- hospital squabble But hedge funds, tonucci, chief executive of Man- 177 283 328 other developers hattan-based Park Avenue Bank. THE INSIDER, PAGE 15 “Nobody was paying attention to come to the rescue; how fast.” Brooklyn paper’s -19% -6% +3% NJ the epicenter But to a surprising degree, obsession with lenders are being rescued from the I 2007 ad pages, through April I One-year % change Source: MediaWeek flood of bad debt. Hedge funds are Atlantic Yards BY TOM FREDRICKSON buying delinquent loans, some- PAGE 17 times for 100 cents on the dollar, delinquent construction loans and new developers are taking over are soaring in the New York area. from tardy borrowers and finishing Hearst playing Some $108 million worth of projects. REPORT building loans were late in the “There is tremendous liquidity YOUNG fourth quarter, a 161% rise from in terms of redistributing the AND RICH the teen angle the year-earlier period, according debt,” says State Bank of Long Is- G Wall Street makes to data from SNL Financial. land President Thomas O’Brien. young New Yorkers Twenty-eight banks, or 13% of “That’s different than the early wealthier than ever Publisher defies title Elle Girl now live only on the Web. those headquartered in the metro 1990s, when there was an illiquid PAGE 19 That’s not stopping Hearst region, reported having problem debt market, which led to a melt- shakeout, expanding Magazines from pushing further construction loans in the quarter. down in the housing market.” G Some give big into the category. The company New Jersey, where fields were So far, most of the problems in- bucks and their time print, Web offerings boasts two of the biggest titles still turned into subdivisions over- volve two major New Jersey devel- to philanthropy standing,Seventeen and CosmoGirl, night, accounts for most of the opers: Kara Homes and Solomon PAGE 21 as well as newsstand quarterly Teen. delinquent loans—including those Dwek.Both have filed Chapter 11, BY MATTHEW FLAMM G They spend Single-copy sales for Seventeen made by banks in the city. leaving hundreds of millions of enormous sums on grew by 5% in the second half of “New Jersey was expanding See BAD BUILDING on Page 8 the good life PAGE 24 the past few years have been last year. Though CosmoGirl was tough on teen magazines.Venerable down slightly, it remains a top REAL ESTATE INVESTORS sidestep the foreclosure game Page 2 YM vanished, and Teen People and See HEARST on Page 8 AT DEADLINE

CITY IMMIGRATION LAWYERS WERE IN A MAD DASH to the post office Friday to ensure that their clients’ applications Online jewelers for H-1B visas arrive at the U.S. Citizenship and Immigration Services by today.The visas allow skilled, aim at high end ANKUR DAGA, college-educated foreigners to owner of Angara, work in the United States for an inviting place where they could says that the Move into luxury average sale of an up to six years. Demand feel the piece in their hand and see engagement ring typically outstrips supply.The sector; traditional how the gemstones catch the light. on his site has hit CIS grants 65,000 annually. Those industry heavyweights $15,000. Last year, all the slots were retailers are slow never met Evren Bilimer. Just be- gone by May.The American fore Christmas, the young private- Immigration Lawyers to counter threat equity firm director went online Association expects the cap to and bought his new girlfriend a be reached this week. BY ELISABETH BUTLER sparkling triple-sapphire pendant for $2,400 at Angara.com. FIVE GUYS FAMOUS BURGERS until recently, jewelry industry “I’m not a big shopper myself,” AND FRIES is the latest leaders firmly believed that cus- Mr. Bilimer says. “I like the con- See AT DEADLINE on Page 2 tomers would never buy pricey venience of shopping online.” jewelry anywhere but in a store— Angara Inc. was created for people like Mr. Bilimer—those willing to spend big bucks for 14

5 baubles online. The company is one of a number that for the first time are taking e-commerce to the upper reaches of the jewelry mar- ELECTRONIC EDITION ket.They are challenging the long- running dominance of such titans NEWSPAPER

See ONLINE on Page 8 neff david 71486 01068 0 CNYB 04-02-07 A 2 3/30/2007 5:52 PM Page 1

AT DEADLINE

Continued from Page 1 formerly a top executive at Mets on pace to score restaurant company to seize on Meijer Inc., has hired Digital the burger frenzy in New York Pulp to redesign the site ahead City.The Arlington, Va.-based of a fall relaunch.The company franchise signed a 10-year lease has tapped Manhattan’s at 43 W. 55th St., where it will DeVito/Verdi as its national ad record ticket sales open its first Manhattan eatery agency.The moves are part of in August. Asking rent for the Mr. Zigerelli’s plan to grow the own franchise attendance record last location is $118 per square foot, 80-store chain for owner Last year’s success year, selling 4.2 million tickets, and according to Branded Concept Prentice Capital Management, carries over to this they’re on pace to eclipse that record Development, which brokered which purchased Levitz out of in 2007. The Yankees, who open the deal and is designing the bankruptcy in late 2005. season; rival Yankees their home season today,have already space. Five Guys plans to open sold 3.4 million tickets—a 6.2% in- 20 more restaurants in DELUXE ENTERTAINMENT still lead big leagues crease over year-earlier levels. Manhattan over the next five SERVICES GROUP, a Hollywood- years. It operates one eatery in based post production company, BY DAVID JONES Inter-league play Queens and one in Brooklyn. is opening a 40,000-square-foot the yankees come out on top by facility in New York to take the new york mets may have another measure as well. Last year, GAME PLAN: The Mets aim to fill Shea Stadium. A STATE SUPREME COURT JUDGE advantage of the city’s struck out before they could reach they filled nearly 88% of their avail- HAS GIVEN the go-ahead for an production boom.The facility the World Series last year, but their able seats—the best figure in Major antitrust lawsuit filed by will offer film development and exhilarating playoff run is translat- League Baseball—while the Mets highest payroll in baseball, estimated outdoor advertising firm OTR reproduction and also include a ing into robust ticket sales. filled only 75.4%. Both teams are at $194 million last year. Principal Media Group against city digital post-production center. The Mets, whose home opener busy trying to ensure that their stadi- owner George Steinbrenner has been officials and Cemusa, an The company expects to be is set for April 9, have already sold ums are as full as possible to generate willing to shell out astronomical advertising company from partially open by October and 2.4 million tickets, 18% excitement for their moves to sums of money to acquire free agents, Spain. Manhattan-based OTR fully operational in early 2008. more than the team had sold new stadiums in 2009. even though his team has not won argues that it was improperly by this time last year. If the 2.4M “Between now and when the World Series since 2000. shut out when the city granted a RESIDENTIAL CONSTRUCTION IS current frenzy continues,the NUMBER the stadiums open, they’re The Mets, who had a 2006 pay- SURGING of tickets 20-year franchise to Cemusa to in Queens and the Mets will easily top last the Mets have courting high-level corpora- roll of about $101 million, will get a build and sell advertising on city Bronx, although the city is seeing year’s franchise-record 3.5 sold so far tions and executives to buy boost from a reported $20 million- bus shelters, newsstands and on overall decline in activity. In million tickets sold. this year luxury suites and long-term per-year deal with Citigroup Inc. for public bathroom facilities. In the first two months of the year, “The Mets are definitely sponsorship opportunities,” the naming rights to their new stadi- addition to challenging the the number of construction a growth stock right now,” says Dan says Mr. Migala. um, to be called Citi Field. But their exclusive franchise, OTR claims permits issued in Queens Migala,publisher of The Migala Re- Of course, baseball teams must owners may not be able to wait until that a city law that bans signs increased 41% compared with port, a Chicago-based sports mar- win on the field to lure more fans and the stadium opens to boost their pay- near highways and parks violates the same period a year ago, keting newsletter. big-spending commercial partners. roll. The shaky status of the Mets’ the First Amendment. No trial according to Census Bureau However, whether the Mets will To that end,the Mets have chased pitching staff might require the team date has been set. data. Permits in the Bronx be able to catch crosstown rivals the after talented players in recent years to pony up cash for a big-name hurler increased 23%.Those gains Yankees in the sports-business and have become among the biggest before this year’s playoffs. THE NEW CHIEF EXECUTIVE OF nearly offset declines of 28% in game remains an open question. spenders in the National League. LEVITZ FURNITURE, Larry Brooklyn, 25% in Manhattan The Bronx Bombers set their However, the Yankees still have the COMMENTS? [email protected] Zigerelli, has started to overhaul and 24% in Staten Island.The the retailer’s e-commerce site, number of permits issued Levitz.com. Mr. Zigerelli, citywide declined by 5%. I

CLARIFICATIONS Oriel Wines’ Florida salesperson, who was replaced by an outside distributor, was shifted to a regional sales post at Oriel. This fact was not clear in the March 26 “Small Business” column. Foreclosure investors The March 26 list of area hospitals’ highest-paid executives should have indicated that White Plains Hospital Center CEO Jon Schandler received a one-time payment of $620,000 from a supplemental retirement plan as part of his 2005 compensation. take the deals inside THIS WEEK IN CRAIN’S Tactics involve negotiating REAL ESTATE DEALS------10 settlements, adding value SMALL BUSINESS ------11

GREG DAVID ------13 BY TOM FREDRICKSON

THE INSIDER------15 until recently, investors could scoop up a WEEK IN REVIEW ------16 foreclosed home at auction and pretty much be NEIGHBORHOOD assured of flipping it for a substantial return.Things have changed. JOURNAL------17 37 Investors can’t get much of a discount to market REPORT: WEALTHY prices now, as outstanding mortgages are close to the NEW YORKERS ------19 full value, and banks don’t want to let homes go at steep losses. And because housing prices are no CLASSIFIEDS ------32 longer soaring, buyers can’t count on a fast-rising BUSINESS LIVES------35 market to provide a quick profit. THE WEEKS AHEAD ------36 As a result, investors are using new methods to buy CORPORATE LADDER------37 on the cheap or add value.The real action is taking place behind the scenes, in living rooms and offices. EXECUTIVE MOVES------38 39 Investors are buying houses before they even hit BOB LAPE ------39 the courthouse.Their tactics include working with vol. xxiii, no. 14, april 2, 2007—Crain’s New York Business (issn 8756-789x) is published weekly by Crain Communications Inc., 711 Third Ave., New York, NY 10017. Periodicals banks and homeowners on sales in which lenders BUSY YEAR: Sabrina postage paid at New York, N.Y. and additional mailing offices. Postmaster: Send address changes to: Crain’s New York Business, Circulation Department, 1155 Gratiot Avenue, Detroit, accept less than full value for mortgages as well as Kizzie helps home- MI 48207-2912. for subscriber service: Call (888) 909-9111. Fax (313) 446-6777.$3.00 a buying homes directly from owners and adding units owners resolve copy, $59.79 one year, $109.79 two years. (GST No. 13676-0444-RT) ©Entire contents foreclosures, then copyright 2007 by Crain Communications Inc. All rights reserved. to enhance value. Some investors are switching to flips their houses.

See BUYERS on Page 9 buck ennis

2 | Crain’s New York Business | April 2, 2007 CNYB 04-02-07 A 3 3/30/2007 6:47 PM Page 1 New fashion district

tate Board of lord in the neighborhood. “We real- Zoning will legalize New York, has ly should be like the meatpacking office conversions, A SHRINKING MINORITY been discussing district.” Major garment production buildings in the fashion district. the zoning pro- As conversions spread and aver- use nonprofit to posal with the city age area rents rise, however, the protect factory space ADDRESS SQUARE FEET Economic De- strain on the remaining garment 307-313 W. 36th St., between Eighth and Ninth avenues 232,458 velopment Corp. companies will only mount.Produc- and Department tion-related tenants take up little 240 W. 37th St., between Seventh and Eighth avenues 130,766 BY ELISABETH BUTLER of Planning for space within the zoned garment dis- 327 W. 36th St., between Eighth and Ninth avenues 115,763 months. trict, which includes portions of 11 city officials are closing in on a 256 W. 38th St., between Seventh and Eighth avenues 96,736 By legalizing blocks from West 35th to West 40th major rezoning plan designed to previous conver- streets and between Broadway and protect the garment district’s few re- Sources: Garment Industry Development Corp.; PropertyShark.com sions and freeing Eighth Avenue. maining production facilities while up more space freeing up millions of square feet for for offices, New Nonprofit-management model office conversion. York would pro- experts say the city must strictly The plan, which is expected to be vide a powerful enforce any new rules and help announced this month, is likely to economic incen- clothing makers find what manufac- officially recognize the hundreds of tive for landlords turing space is left. covert conversions that have taken to improve their A nonprofit designated to do a bit place in recent years. The garment buildings by ren- of both could help. Some experts district’s current zoning laws, large- ovating facades point to two examples in Brooklyn, ly ignored for years,call for landlords and lobbies. where such organizations have in the area to set aside one square Landlords could helped keep manufacturing jobs. foot of production space for every then attract The Greenpoint Manufacturing square foot they convert for office higher-quality and Design Center offers affordable use. office tenants, space and a host of services to near- Although city officials decline to restaurants and ly 100 small woodworking firms.

comment on specifics, industry in- buck ennis retailers, and the A few miles to the south the siders say the proposal will most ENDANGERED LOOK: Some buildings on West 36th Street are among those with production-related activities. city would gain Brooklyn Navy Yard Development likely change the 1-to-1 set-aside ra- millions of Corp.manages the sprawling former tio to 1-to-3 or even 1-to-5, allow- square feet of naval facility that is now home to al- ing for far more office development. brands and startup fashion houses, those jobs.The group is pressing the less- expensive office space. most 250 companies, most of them Officials are also looking into setting clothiers now produce their goods city to protect the estimated 1 mil- The fashion district is under pres- small. up a nonprofit to help match gar- overseas.Just 29,000 apparel-related lion square feet being used as facto- sure to change partly because its sur- “We need to maintain a certain ment companies with available pro- manufacturing jobs remain in the ry, warehouse, design studio and rounding neighborhoods are explod- cluster of apparel companies in the duction space. city, down 56% since 2000, accord- showroom space. ing with development.Times Square fashion district,” says New York In- “We want to ensure that the gar- ing to the New York State Depart- “We know that a lot of compa- is encroaching from the north, and dustrial Retention Network Execu- ment center continues to be the ment of Labor. nies are gone, and they’re not com- the New York Times Co. building tive Director Adam Friedman, who fashion capital of the world,” says a ing back,” says Sarah Crean, direc- has spurred growth to the west. To supports the nonprofit-manage- spokeswoman for the Department Preserve manufacturing jobs tor of GIDC. “We want the ones the south,Herald Square is undergo- ment model. “Fashion is still a of Planning. keenly aware of that decline, the that are left now to have a chance to ing a retail renaissance,while soaring tremendous part of our economy, The rezoning discussion comes Garment Industry Development stay.” rents in midtown are sending tenants and it gives New York that certain after years of rapidly declining in- Corp., a publicly funded organiza- Ms. Crean, along with executives packing from the east. allure.” dustry employment in the area. tion that works closely with the in- from the Fashion Center Business Im- “We’re the only area in Man- With the exception of a few luxury dustry’s unions, wants to preserve provement District and the Real Es- hattan that’s not cool,” says a land- COMMENTS? [email protected]

Street tests slippery slope BY THE NUMBERS FAMILY FARE NEARS END OF RUN of ski resort ownership The Sopranos, which begins Part 2 of its sixth and final season on April 8, has been a mainstay of New York’s television and film production revival. The says Mr. Starker, who was formerly series has been shot in the city since 1998. Execs take long view with Goldman Sachs. “But the re- on money-losing sites; sort is a long-term investment, not some position you get out of after 30 Seasons 6 aim to make real estate 1 minutes.” Episodes 86 work year-round In the past six months, Wall Street firms have shelled out more Cast and crew than $3 billion to buy renowned ski employed in NYC BY AARON ELSTEIN destinations in places such as Kill- 220 ington, Vt.; Steamboat Springs, Most viewers owning a ski resort has tradition- Colo.; and Whistler, British Co- for a season ally been a recipe for a financial lumbia. But this trail has ended in premiere 13.4 million2 wipeout. Nevertheless, a growing tears many times before, and ana- number of starry-eyed Wall Street lysts reckon that the new resort Emmy nominations 96 executives are trying to cash in on owners are setting themselves up for their favorite winter pastime. bruising falls. Emmy wins 18 Steven Starker, general partner “Skiing is the worst kind of busi- James Gandolfini’s at fast-growing equity trading lindström bekka ness,” says Doug Pratt, a portfolio firm BTIG Inc. in midtown, is manager at hedge fund Mesa Capi- per-episode wrapping up his first season as co- ness during the unusually warm tal Management, who has shorted salary $1 million owner of Windham Mountain, a Christmas season and the month of ski-operator stocks in the past.“Re- Actors arrested since popular Catskills destination that January as a debacle.Still,he expects sorts cost a lot to run, and if the series began he and several partners bought for to profit big down the road by turn- weather doesn’t cooperate, people 6 $25 million. ing the 46-year-old resort into a don’t come.” 1-Includes nine episodes beginning April 8. Mr. Starker has hit a few moguls year-round attraction. American Skiing Co., one of the 2-Fourth season (2002).

along the way: He describes busi- “This has been a bad trade so far,” See STREET on Page 9 gettyimages

April 2, 2007 | Crain’s New York Business | 3 CNYB 04-02-07 A 4 3/30/2007 8:04 PM Page 1

IN THE MARKETS HIGHLIGHTS REEL News Corp. outfoxes -1.2% The rivals, delivers growth Bloomberg/ Crain’s New

➡ York Index juggernaut MySpace.com. Monthly rev- Even its newspapers, a lackluster asset fell 1.2% to Far-flung holdings enues from MySpace—which cut an at best for many companies, have per- end the include several units advertising deal with Google last sum- formed well. Papers from The Times in week at mer—top $30 mil- London to the New 384. The ranked as industry’s best lion, according to Pali York Post managed av- S&P 500 Research analyst erage revenue gains of Index fell Richard Greenfield. nearly 10% over the 1.1%, BY MATTHEW FLAMM He expects that figure past two years, reach- closing at 1421. to more than double ing $4 billion last year. n recent years, media giants in the next year. Overall, News such as Viacom and Time Warner Overseas, satellite Corp.’s earnings hit 87 have spun off subsidiaries and fo- services like Sky Italia cents a share for fiscal cused on core businesses. But not and Star, which 2006,up 26% from the News Corp.Under longtime Chief broadcasts in Asia, year before; revenues RISERS IExecutive Rupert Murdoch, it has have seen revenues rose 6%, to $25.3 bil- 5-DAY 1-MONTH 3-MONTH CLOSING plunged into new types of media as well grow at more than lion. Mr. Greenfield % CHANGE % CHANGE % CHANGE PRICE as into new markets worldwide. 24% annually in the forecasts that earnings Sotheby’s +7.1% +22.5% +43.4% $44.48 That contrarian approach has paid off past two years. They per share will increase handsomely for the company’s share- totaled $2.5 billion in 55% this year,to $1.11, ImClone +5.9% +41.5% +52.4% $40.77 holders. News Corp.’s stock has gained fiscal 2006, which and 18% in 2008. Lifetime Brands +5.1% +8.0% +27.2% $20.89 39% in the past 12 months and is up 9% ended June 30. Analysts are en- Market cap $75 billion NBTY +4.8% +9.0% +27.6% $53.04 so far this year. In the United couraged by a stock Schering-Plough +3.6% +8.7% +7.9% $25.51 True, News Corp. stock looks pricey, States, where News Trailing 12 months P/E 23.4 swap in which Liberty trading at 23.4 times last year’s per-share Corp. generates most N. American sales 56% of total Media will trade its earnings, versus Disney’s P/E of 16.7 and of its revenues, the 19% stake in News SINKERS Time Warner’s lowly P/E of 12.8. But Fox television net- Corp. for News 5-DAY 1-MONTH 3-MONTH CLOSING foxy investors should tune in. The fact is work is poised to fin- Corp.’s 39% interest in % CHANGE % CHANGE % CHANGE PRICE that the company will outgrow its rivals ish the season in first place, thanks to DirecTV. More than 500 million News Take-Two -12.6% +13.2% +13.4% $20.14 for years to come. American Idol and other strong perform- Corp.shares will be retired,boosting EPS. Suffolk Bancorp -6.2% -3.0% -15.3% $32.28 “It has a few of the higher-growth as- ers like 24 and House. Wall Street is even comfortable with sets in the media conglomerate world,” News Corp. has also scored at the box the planned succession from Rupert E*Trade -5.9% -8.1% -5.4% $21.22 says David Joyce, media analyst at Miller office. Led by Ice Age: The Meltdown and Murdoch, 76, to longtime Chief Operat- Cognizant -5.0% -2.1% +14.4% $88.27 Tabak & Co. Walk the Line, the movie division—its ing Officer Peter Chernin. Merrill Lynch -4.7% -2.4% -12.3% $81.67 Among those gems is the Fox Interac- largest moneymaker—saw revenues tive Media division, home to Internet surge to $6.2 billion in fiscal 2006. COMMENTS? [email protected]

STOCKS TO WATCH Energetic performance from Con Edison illuminates shaky state of the markets ANYBODY LOOKING for confirmation of a major shift in the tone of the stock market should look no further than Con Edison. The shares have gained a whopping 17% in the last year, 11% in the last six months alone. The utility has never been terrifically exciting, but it has also never missed a dividend— and these days that counts for a lot with increasingly fretful investors. At its current price the stock has a tidy dividend yield of 4.6%. How quickly they forget. Fact is that Moody’s has posted an unbroken string of double-digit earnings gains stretching back to 2000, and the company looks likely to maintain that performance with its next report late this month. Still, fears of a big decline in Moody’s debt-rating business and mounting criticism of its ratings of some subprime loans helped send the shares down 5% last week and over 10% so far this year. On Wednesday, the NYSE Group is scheduled to become half of the world’s largest—in market capitalization—stock exchange, with the completion of its merger with Paris-based Euronext. Investors rewarded the NYSE, pushing the shares up steeply. In the last year they have gained 19%, compared with a 27% drop in the value of Nasdaq, which recently lost its bid to merge with the London Stock Exchange. charts: lindström bekka

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SAVE TIME BUY TICKETS ONLINE! www.autoshowNY.com Check out our website for more news and latest attractions! NEW YORK,NEW YORK 07 edited by Valerie Block INTERNATIONAL

AUTO USA Network crushes rivals SHOW amed wrestler Triple H (left) stomped all over the

NEW YORK growing sport of mixed martial arts at a recent party for Fthe USA network. USA climbed back into first place April 6-15 among cable channels last year partly on the strength Mon-Sat: 11am-10:30pm of World Wrestling Entertainment matches. Sun: 10am-7pm The hulking heavyweight dismissed the new Jacob Javits Convention Center 11& 12 Aves between 34-39 Sts sport phenomenon—seen on Spike TV, Fox Giveaways, Contests, Sports and MyNetwork—as nothing more Join our Members than a fight. “There’s not a lot of personality. e! Celebrity Appearances Expressy, VIP Club! Lounges, Early Entr & more! Special Discounts & Mor 2007 We can always give you more than you Go to www.autoshowNY.com to find out more! recorded information bargained for,” he said amid a flotilla of 800.282.3336 For security purposes, NO backpacks allowed on Show floor. Random security and bag checks. Special rail admission packages at LIRR & Metro-North media buyers checking out USA’s fall ticket windows. FREE Shuttle Bus to Show from Manhattan Parking Plaza on 42nd St. (between 9th & 10th Aves.) An activity of the Greater New York Automobile Dealers Association programming lineup while nibbling hors d’oeuvres at Danny Meyer’s Modern restaurant at the Museum of Modern Art. Gareb Shamus, chief executive of the International Fight League, retorted that WWE may be entertain- ing, but his fighters “are real-life superheroes; they’re

gettyimages not actors.”

hope to come out 38 W. 38th St., has Room reserved ahead. one feature many for lush lounge “A lot of advertisers don’t: room on stage in Child will certainly for wheelchairs. where patrons once dined on look to reallocate The nonprofit— chef Alain Ducasse’s pricey French those dollars in titles which lost its former delicacies, Jumeirah Essex House [like Wondertime] that space a year ago— is opening an upscale lounge for reach the mom with a continues its mission premium customers.The Essex younger child,” says to cast actors with Club, which will debut in the fall, Disney publishing ex- STAR TURN disabilities.The lead will provide special amenities for ecutive Mary Beth in its current show, top clientele, including a check-in Wright. VALERIE SMALDONE, Tales of the Lost Weiser LLP is pleased to introduce area, business center and bar. Not so fast. the voice of mid- Formicans, is played Dubai-based hotel company Magazines like days on Lite-FM, by actor Nico Phillips, Jumeirah is also plowing $10 mil- Child and the host of will step up to a who has cerebral Weiser Capital lion into creating a new dining others that have failed new microphone. palsy. destination for discriminating in the past year owe The sultry DJ will “There are so LLC palates—expected to open in much of their demise make her Broadway many talented people Management , September.The company has yet to the Internet. Ad- debut on April 26 who can’t even get an our wealth advisory subsidiary. to settle on a chef, but he or she vertisers may still look as a guest speller audition because will be well known, says Scott to magazines for some in The 25th Annual they’re too heavy, or Dawson, general manager of the of their marketing Putnam County the wrong color, or Kelly Foster Central Park South property. needs. But , Spelling Bee. over 60, or deaf, or Though the eatery is unlikely print director for me- blind. So what?” says to boast another Michelin-starred dia buying agency Artistic Director toque like Mr. Ducasse, the GM Mindshare, warns that ad dollars Stephanie Barton-Farcas, who Through Weiser Capital Management, is seeking sophistication. won’t necessarily go straight to founded the $90,000 company in a Registered Investment Adviser, we are “We don’t want it to have an print. “The ad dollars could also 2001 to stage a play about war able to offer affluent individuals, families, identity as a hotel restaurant,” Mr. go online,” she says. refugees. “My view is that if New York City 135 West 50th Street family offices, endowments, and 401(k) Dawson says. He notes that the they’re talented, they should be New York, NY 10020 plans investment advisory and wealth establishment will have its own working.” Tel 212.812.7000 management services including: entrance on Central Park South Off-off theater The new space, which opens in Fax 212.375.6888 and may offer outdoor seating. on the move July with Richard III, will also Long Island • Strategic Asset Allocation A new breakfast spot is also on allow the company to offer acting 3000 Marcus Avenue Lake Success, NY 11042 • Alternative Investments the menu.The revamps are part of after a long search, off-off- classes to people with disabilities. Tel 516.488.1200 • Trust and Estate Planning a $50 million hotel renovation Broadway theater company Nicu’s Fax 516.488.1238 • Insurance Advice that is half completed. Spoon has found a new 2,200- Contributors: Lisa Fickenscher, Matthew Westchester square-foot home.The spot, at Flamm, Miriam Kreinin Souccar 660 White Plains Road • 401(k) Upgrade Services Tarrytown, NY 10591 Tel 914.333.0555 Child’s ads Fax 914.333.0556 Please contact LOCAL FLAVOR Jordan Berlin, CEO up for grabs New Jersey 399 Thornall Street Weiser Capital Management when meredith corp. shut THIS MONTH, business and first-class travelers Edison, NJ 08837 212.375.6687 down Child magazine last week, for the first time will find New York state wines on Tel 732.549.2800 American Airlines’ transcontinental flights out of Fax 732.549.2898 parenting category rivals began eyeing the more than 900 ad pages New York airports. Vineyards include the North www.weiserLLP.com Weiser LLP | Certified Public Accountants they might be able to grab. Fork’s Bedell Cellars and Dr. Konstantin Frank Magazines like Condé Nast’s Vinifera Wine Cellars of the Finger Lakes region. Cookie and Disney’s Wondertime

6 | Crain’s New York Business | April 2, 2007 Project9 3/28/07 1:54 PM Page 1

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unique visitors a month, which puts title,including Lucky and Teen Vogue. challenges, however. Some experts it in seventh place among teen Web Mr. Clinton blames CosmoGirl’s say that today’s teenagers are more Hearst’s teen angle destinations,according to comScore ad page slide on that fact that last sophisticated than their predeces- Media Metrix. year’s big advertising pro- sors. “Advertisers can reach the teen Continued from Page 1 reaching $102 million in 2006. Mr. Clinton expects his grams were not repeated; he target by using ‘older’ titles like newsstand title. Hearst is adding Teen Vogue’s focus on fashion is company’s entire teen busi- 1.5M says that revenues at Seven- Glamour and Cosmo,” says Ms. special inserts and issues to its mix, paying off.“Teen Vogue may be buck- ness—which includes li- UNIQUE teen are growing,even if pages Havlin of MediaEdge:cia. VISITORS to boost circulation even more. ing the trend because it’s not a mass censing deals with JCPen- go to Hearst’s aren’t. He also maintains that Hearst executives say that teens teen title and has a unique editorial ney and a partnership with Web properties Teen Vogue, with its emphasis Circulation stuffers are part of the growth strategy for voice,”says Joanna Havlin,associate television hit America’s Next each month on luxury,has not taken busi- even marketers who like teen the company, which also publishes director of print communications at Top Model—to show double- ness away from Hearst’s titles. magazines argue that their audience juggernaut titles Cosmopolitan and media buyer MediaEdge:cia. “Cos- digit revenue growth in the next two Hearst is so bullish on magazines is smaller than it used to be. O,The Oprah Magazine. moGirl and Seventeen don’t differen- years. (The privately held company that it’s bolstering its offerings. In Jack Hanrahan, U.S. director for “We can service teens with all our tiate themselves that much.” does not disclose revenue figures.) October, CosmoGirl, Seventeen and print communications at media content, and move them along into Despite CosmoGirl’s double-dig- Teen will each be packaged with the agency OMD, complains that Sev- our fashion, beauty and lifestyle ti- Banking on the Web it percentage drop in ad pages for the second issue of Mis Quince, a special enteen and CosmoGirl pad their cir- tles,”says Michael Clinton,Hearst’s hearst is banking on the Web to first four months of this year, Mr. insert targeting Hispanic teens. culation figures by selling to doctors’ publishing director. “And we get to keep it a leader in the teen space.The Clinton says magazines will remain Hearst will also test out a college offices and beauty shops. Seventeen have a good understanding of how company recently relaunched the the force behind that growth. guide in Wal-Mart stores this sum- guarantees advertisers a monthly they’re consuming media.” magazines’ sites, adding video, “We have a digital strategy,a mo- mer, polybagging the publication circulation of 2 million copies; Cos- But while the company bolsters games and original content,and pro- bile strategy and more than 100 with the September CosmoGirl. moGirl promises 1.4 million. its position in the category, the out- viding access to editors and celebri- events around the country,” he says. The strategy resonates with The magazines’ publishers insist look for teen magazines isn’t clear. ties. Hearst also recently acquired “And the only way the reader can many industry observers. that their practices are well within Ad pages at Hearst’s signature eCrush, a suite of social networking learn about all of them is from the “We tell clients that to be success- industry norms. But Mr. Hanrahan teen titles have dropped this year. sites with more games,quizzes,pho- magazines.” ful with this audience, you have to be says, “The publishers need to have One tough remaining rival, Condé to and message boards, and a sort of Company executives point out in traditional and nontraditional me- the courage to sell at the true natu- Nast’s Teen Vogue, is well ahead of PG-13 version of a dating site. that Seventeen and CosmoGirl are dia,” says Michael Wood, vice presi- ral demand.” one-time leader Seventeen in ad pages Altogether, the Hearst Teen thriving on the newsstand. Both dent of Teenage Research Unlimited. and has pulled even in ad revenues, Network now attracts 1.5 million outsell every other young woman’s Publishing to teens presents unique COMMENTS? [email protected]

site redesign for the fall. North America to reach out to “I really see it as my future,” he younger customers, the jeweler’s Online jewelers aim at high end says. Web site is stuck in the past. Happily for Messrs. Krumholtz Cartier.com doesn’t even list prices Continued from Page 1 will allow visitors to click on a piece and Daga, many established jewel- for its products. as Tiffany and Harry Winston, un- and then view a video of a model ers have yet to respond to the threat. dercutting the majors’ prices by as wearing it. Soon, the site will also Tiffany and Fortunoff sell some Cartier online? Not yet much as 50%. feature a live video link to connect jewelry online, but both still keep “they should have a Cartier col- Thanks in part to the big players, the shopper with a salesperson in their big-ticket items locked away in lection selling online,” says Eliza- who are still in a state of denial when Angara’s showroom. their stores. Meanwhile, upper- beth Chatelain, president of MVI it comes to the online threat,Angara “The perception of the Internet is crust outfits such as Graff and Van Marketing Ltd., parent company of expects to ring up $10 million this that it’s very impersonal,” Mr. Daga Cleef & Arpels maintain informa- the Jewelry Consumer Opinion year—its very first in business. says. “Our object is to reverse that.” tion-only Web sites. Council. Ankur Daga, the company’s owner, “[The online jewelers] are not In the absence of any push-back boasts that the average sale of an en- Extension of Blue Nile selling what we’re selling,” says from the major jewelers, Angara has gagement ring on his site has already to help get the message across, Henri Barguirdjian, chief executive managed to earn at least one repeat hit $15,000. Angara gift wraps each purchase of Graff USA, the Manhattan arm customer. Mr. Bilimer proposed to Recent data clearly showed a and includes a handwritten thank- of the London-based company. his girlfriend in mid-March,and they drift of shoppers heading online to you note and a choice chocolate. In “People visit the Web to see what plan to buy their engagement and make major jewelry purchases. many ways, Angara is simply a logi- we’re all about, but for anybody who wedding rings at the site.He’s eyeing

When it came time to make their cal extension of companies like Blue lindström bekka buys $200,000 in jewelry, we want rings listed in the Strong Box section, most expensive jewelry purchases, Nile, which pioneered the concept them to come and look at it.” which range from $3,900 to $82,000. 27% of consumers said that they of selling jewelry online—albeit at by logging its largest single sale to Meanwhile, despite efforts by went online, according to a January lower prices—nearly a decade ago. date, a purchase worth $324,000. Cartier’s new chief executive for COMMENTS? [email protected] survey by the Jewelry Consumer “In 1999, the customer who Manhattan-based Wedding Ring Opinion Council, a market research bought a diamond online was pret- Originals and its Web site have also organization. The figure is double ty adventurous,” says John Baird, a helped to blaze a trail for Angara. the 13.5% that turned to the Inter- diamond expert for Seattle-based According to owner Mel Krum- net just three years ago. BlueNile.com. “Now, so many peo- holtz, WeddingRings.com gen- THE CRAIN’S BEAT SHEET To press its advantage, Manhat- ple know somebody who’s done it.” erates nearly a quarter of his com- tan-based Angara will soon intro- Last year, Blue Nile racked up pany’s sales. Last year, those sales REPORTERS MIRIAM KREININ SOUCCAR duce two new tools designed to sig- $252 million in sales, up 24% from jumped 35%. To maintain that SENIOR REPORTER AARON ELSTEIN SENIOR REPORTER e-mail: [email protected] nificantly upgrade the online 2005. Along the way, it sent a shiver kind of momentum, Mr. Krum- e-mail: [email protected] Covers the business of arts, culture. shopping experience. One program up the spines of top-drawer jewelers holtz is spending $50,000 on a Covers Wall Street. BARBARA BENSON LISA FICKENSCHER SENIOR REPORTER REPORTER e-mail: [email protected] e-mail: [email protected] Covers the tourism, restaurant Works on Health Pulse newsletter. and hotel industries. ELISABETH BUTLER Bad building loans find a market MATTHEW FLAMM SENIOR REPORTER REPORTER e-mail: [email protected] e-mail: [email protected] Continued from Page 1 ings reported at the end of 2006,but Homes to a hedge fund at full value. Covers media and entertainment. Covers retail and apparel. dollars in loans. bankruptcy court records list the The funds call constantly, Mr. TOM FREDRICKSON ERIK ENGQUIST New York Community Bank is bank as a creditor of Kara Homes. Antonucci says.“When a loan gets to SENIOR REPORTER REPORTER saddled with one of the largest be 90 days late, I make a decision on e-mail: [email protected] e-mail: [email protected] delinquent construction debt totals Saved by the buy whether to duke it out or get rid of it.” Covers banking, energy Covers politics and government, but expects to recover the $11 mil- investors savings made two now- One other way to make bad loans and the New York economy. works on Crain’s Insider newsletter. lion it is owed by year-end.The bank delinquent loans to a single devel- seem to go away is by merging. SAMANTHA MARSHALL AMANDA FUNG says one loan comprises the entire oper, Mr. Cama says. Both were for First Morris Bank and Trust— SENIOR REPORTER REPORTER e-mail: [email protected] amount but declined to identify the projects in desirable locations, and which had $1.4 million in delin- e-mail: [email protected] Covers education and international Covers technology and telecom. borrower. another developer has agreed to buy quent construction loans in the business and trade. Similarly,Investors Savings Bank the properties. fourth quarter, or 22% of such debt HILARY POTKEWITZ ANNE MICHAUD SENIOR REPORTER REPORTER of New Jersey in Short Hills, which “When we underwrote the outstanding—was expected to close e-mail: [email protected] e-mail: [email protected] had a construction loan default rate loans, they had good loan-to-value on its own sale last week. It was pur- Covers politics and government, Covers legal issues and transportation. of 9% in the fourth quarter,expects to ratios,” Mr. Cama says. “I’m not chased by Provident Financial Ser- works on Crain’s Insider newsletter. GALE SCOTT clean up its books quickly,says Chief worried about them.” vices for $124 million; the late loans JULIE SATOW REPORTER Financial Officer Domenick Cama. Park Avenue Bank,which had $4 will represent a smaller problem for SENIOR REPORTER e-mail: [email protected] Mr. Cama would not identify a million in delinquent credits in the the combined institution. e-mail: [email protected] Covers hospitals and insurers, source for the $7.7 million in late fourth quarter, recently sold a loan Covers commercial real estate. works on Health Pulse newsletter. building loans that Investors Sav- that it had initially made to Kara COMMENTS? [email protected]

8 | Crain’s New York Business | April 2, 2007 CNYB 04-02-07 A 9 3/30/2007 3:08 PM Page 1

Street tries ski resorts’ slippery slopes

Continued from Page 3 fell by 8% from year-earlier levels, can Skiing’s Steamboat resort. For- That’s exactly biggest operators in the East, at- according to the National Ski Areas tress had just acquired Intrawest what Mr. Starker tests to that. The owner of resorts Association. Corp., owner of the Whistler resort has in mind for including Vermont’s Mount Snow It’s even harder for operators in in Canada, in a $2.8 billion block- Windham Moun- has been unprofitable every year the East to make a buck, since the buster deal last October. Mean- tain. He envisions since its founding in 1997, and it ski season starts later and ends soon- while, American Skiing put its a multiseason at- has accumulated a deficit of nearly er here than in higher Western ele- properties in Maine up for sale. traction, featur- $750 million. vations. Many area resorts run up ing activities and This past winter’s results were huge electric bills as they produce All hail, Vail events such as dreadful due to the warm weather. fake snow. the new buyers aim to imitate golf lessons, con- Attendance at American Skiing’s “If you don’t draw big on a hand- the success of Vail Resorts Inc.Since certs, mountain Eastern properties dropped 23% in ful of holidays and weekends, it’s previous owner George Gillett biking, bungee the 13-week period ended Jan. 28, tough, because not many people in filed for bankruptcy in the early jumping and even contributing to a quarterly operat- the Northeast ski during the week,” 1990s and private equity firm Apol- paintball. He’s buck ennis ing loss of $21 million on revenues says Nolan Rosall,president of RRC lo Management took over, the also adding more BUY! SELL! BIKE! SKI! Windham was hit hard by the warm winter, but of $73 million. Associates Inc., a consulting firm in company has become solidly prof- residential hous- co-owner Steven Starker thinks it can prosper as a multiseason venue. Boulder, Colo. itable, largely by building and sell- ing. In addition, Skiers take a powder Despite the challenges, Mr. ing condominiums on its proper- a planned Cats- in fact, the major problem for ski Starker and other Wall Street exec- ties. The company’s stock hit an kills casino could help lift the re- with his wife and kids on the slopes. resort operators in some regions of utives are keen on buying resorts be- all-time high of $59.32 a share on sort’s fortunes. “It was a headache to drive four the country is that attendance has cause they see opportunities to ex- March 12. Meanwhile,Mr.Starker’s day job or five hours up to Vermont for ski- never returned to the peaks hit 20 ploit the real estate. “Ski resorts are real estate plays keeps him busy. BTIG trades about ing,” he says. “The fact that Wind- years ago.The number of visits to ski Last month,a unit of Fortress In- now, and the name of the game is 40 million shares daily and has dou- ham is about two hours from home resorts in the Northeast has stagnat- vestment Group, a private equity drawing people to them year- bled its head count in the past year, helps a lot.” ed since reaching 14.7 million in the firm in Manhattan, completed the round,” says Chris Woronka, a to 112 people. Buying the resort 1986-87 season. In 2005-06, visits $265 million acquisition of Ameri- Deutsche Bank analyst. gave Mr.Starker more time to spend COMMENTS? [email protected]

frame house will require $200,000 applies only to buildings that are worth of renovations. owner-occupied, Mr. Barney targets Buyers forgo foreclosure auctions “I used to make good money just those that are not. purchasing single-family homes,” Landlords encounter trouble for Continued from Page 2 those who have fallen behind on is in effect from Long Island City to Mr. Siddiqui says. “Not anymore.” many reasons, including divorce, buying foreclosure properties from their mortgage payments. It man- Jamaica as buyers seek parcels suitable Other investors still find it prof- nonpaying tenants or—mostly for landlords, because a new state law dates that those purchasing from for higher-density development. itable to pound the pavement look- rookie landlords—failure to main- makes it harder to purchase owner- homeowners in default make exten- ing for defaulting landlords. tain enough of a cash reserve. occupied homes. sive disclosures. Investors who fail Converting units Manhattan investor Wesley Bar- “People think of landlords as be- “There are as many ways to buy to follow the requirements face the kamal siddiqui has made offers for ney says he sends postcards to owners ing rich,” says Ms. Kizzie, who also property as there are creative ideas in risk of their deeds being canceled for several Queens properties in default when court records indicate they are represents landlords in short sales. our minds,” says Barbara Karnes, up to two years. with the hope of adding units. One more than 90 days late on their mort- “They’re just regular people who can But those who can adhere to the is a single-family residence in gages,then knocks on 80 doors to find also get into trouble.” disclosure rules are finding a growing Woodside that he plans to convert one deal. To avoid running afoul of STRATEGIES number of deals. One such investor, to a three-family.The 100-year-old the Home Equity Theft law, which COMMENTS? [email protected] FOR FORECLOSURE Sabrina Kizzie, owner of SKL Prop- erties of New York, sticks to the reg- INVESTING ulations and also insists that home- G Use lis pendens filings—a owners get their own attorneys. bank’s public notification of late Her proactive stance has led to a lot of business. So far this year, Ms. mortgages—to solicit sale to Kizzie has worked on 11 short sales, capture homeowner’s equity. One Floor Left – 25,324 sf versus four in all of 2006. A short G Buy an existing second lien on sale, which occurs when a home- mortgage for less than full value, owner gets the bank to accept less then buy out first mortgage than the full loan balance, lets bor- holder. rowers walk away without a foreclo- sure on their credit history. G Negotiate a short sale with “I am overwhelmed,” Ms. Kizzie bank, persuading it to release the says. She gets her business through mortgage for less than full value. referrals and the Internet,taking the rights to properties and flipping G Acquire property at auction. them. She says that banks typically G Purchase real estate owned forgive $35,000 to $100,000, which property from bank. REO is the source of her profit. properties are those taken back This year, she has worked with by the bank at auction. Washington Mutual, which has an WWW.11WEST19STREET.COM active subprime lending arm; sub- CHELSEA • FLATIRON • UNION SQUARE prime lender New Century, which may have to file bankruptcy because founder of the Long Island Real Es- of bad loans; and Ocwen Financial, tate Investors Association. a subprime loan servicer that says it • 25,324 sf FOR LEASING INFORMATION Clearly, opportunities exist. The has conducted 20 short sales in the PLEASE CONTACT: number of residential properties in state in the past year. • Full floor identity foreclosure rose 15% in New York Ms. Kizzie actually begins the Michael Kaufman City last year, according to Realty- process by trying to help people 212-471-4320 Trac Inc. The number of new de- keep their houses.Homeowners pay • Newly renovated lobby [email protected] faults in January doubled from six her a fee that she refunds if the bank months earlier, to 2,011, the firm’s won’t agree to relax loan rates or data show. terms. The borrower-friendly ap- • NBI for qualified Tenants Grant Greenspan proach creates a pipeline of short 212-471-4340 Worries over disclosure law sale business when lender forbear- • Close Proximity to Transportation [email protected] though such statistics pique ance is unavailable or insufficient. many buyers’ interest, some people In another strategy, many in- fear to tread in the market here.The vestors are buying single-family new law, called the Home Equity homes before they hit foreclosure THE KAUFMAN ORGANIZATION Theft Prevention Act, is keeping auctions and building multifamily WWW.KAUFMANORGANIZATION.COM some investors from approaching units. In Queens, a land rush of sorts

April 2, 2007 | Crain’s New York Business | 9 CNYB 04-02-07 A 10 3/29/2007 5:30 PM Page 1

REAL ESTATE DEALS Financial firm expands at 505 5th

tenants last year, is now fully leased. has become a good mixed building,” that it licensed earlier this year. American Capital “Rounding the corner into 2007, says Marc Schoen, a broker at The Mr. Schoen represented Tracy adds 3 floors; fashion we had four floors left,” says Paul Hunter Realty Organization,which Evans in this transaction, too, and Glickman, a broker at Cushman & negotiated the deal on behalf of the property owner Kaufman Adler ne- firms sign leases Wakefield Inc., which represented tenant. Cushman & Wakefield Inc. gotiated the deal in-house. Asking the building. “Norges Bank has represented the landlord. Asking rent was $50 a square foot. financial services signed a lease for the 20th floor, and rent was $47 a square foot. —elisabeth butler firm that is bursting at now American Capital Strategies Just one block to the northwest, the seams has expanded has taken the rest,” he says. Tracy Evans Ltd. signed a 10-year its offices at 505 Fifth Other tenants include CIT CBS takes space Ave. American Capital Group and clothing retailer H&M. on Broadway AStrategies, with $11 billion in assets —julie satow under management,has leased floors cbs has signed a deal for 44,200 1700 Broadway: 17 through 19, or 32,600 square feet. square feet, or the entire 10th and CBS has leased two floors. The company already occupies 2 clothiers fill out 11th floors, at 1700 Broadway,be- floors 24 through 28.The new lease in fashion district tween West 53rd and West 54th also expanded its office space at the brings its total occupancy at the of- streets. The asking rent was $55 a building. It currently occupies the fice tower,at the corner of East 42nd two fashion companies are ex- square foot. entire eighth and 40th floors and Street, to more than 77,000 square panding their holdings in the gar- Though CBS headquarters is at part of the ninth; it is taking an ad- feet. The asking rent was $90 a ment district. 55 W. 57th St., several divisions are ditional 13,000 square feet, or the square foot. C-Life Corp., which specializes located around the city. Most re- remainder of that floor, for a total of This is American Capital Strate- in apparel for men and boys, has cently, CBS Radio inked a deal for 56,600. Newmark Knight Frank gies’ third expansion in the past two signed a seven-year lease for 14,500 75,000 square feet in lower Man- represented the landlord in the Tal- years: The firm leased the 24th square feet at 1400 Broadway, at West hattan, at 345 Hudson St. bots transaction; GVA Williams through 27th floors in 2005 and 38th Street. The firm will relocate Columbia University is in the represented Talbots. took the 28th floor in June 2006. from its longtime home at 100 W. 1700 Broadway space, and its lease “There is only one small, 6,000- The leases expire in 2016. 33rd St. this week. 1400 Broadway: Known as a dress building. expires in September. CBS plans to square-foot space left to lease,” Mr. “The company is experiencing The tenant chose the building, move in the fall, says David Falk, a Falk says. The asking rent for the organic growth,” says Douglas Dol- which is owned by W&H Proper- lease for 15,000 square feet at 530 broker at Newmark Knight Frank building’s remaining space is $75 a goff, a broker at CB Richard Ellis ties, partly because of its long histo- Seventh Ave., at West 39th Street, who represented Lawrence Ruben square foot.Other tenants in the 42- who represented the tenant. ry with the fashion industry. doubling its space in the building. Co., the landlord. CB Richard Ellis story building include DC Comics The building, which was devel- “It’s been known as a dress build- The clothier will use the additional represented the tenant. and Hearst Corp. oped a few years ago and opened to ing for the last century, and now it room for the Harvé Benard division Clothing retailer Talbots Inc.has —julie satow

AmericanAirlines, AA.com and We know why you fly are marks of American Airlines, Inc.

We know life can take you virtually anywhere.

10 | Crain’s New York Business | April 2, 2007 CNYB 04-02-07 A 11 3/29/2007 4:14 PM Page 1

SMALL BUSINESS

Whether it will survive is any- Restaurant comes back for seconds one’s guess. The new Mont Blanc has fewer seats than the original— 50, compared with 70. In addition, One year after losing would reopen elsewhere in the area, site caught her eye. Although the the kitchen is smaller and split be- but real estate brokers, patrons and SCALING item did not specify the exact ad- tween the main floor and basement, its lease, Mont Blanc friends all knew that the odds were dress, Ms. Lohmeyer instantly rec- a setup that means Ms. Lohmeyer overwhelmingly against her. She MONT ognized it as the site of Luxia, a needs employees to serve as runners. triumphs over hiatus faced retail rents that worked out to BLANC restaurant she knew well. Most im- She has 16 employees, versus 10 at and high local rents be triple her old monthly outlay of portant, the place was across the the old place. $7,000 for 2,000 square feet of NOTIFIED OF LEASE street from her old location. In fact, But there are also plenty of posi- space. What’s more, the clock was TERMINATION December 2004 she had looked at the place early on tives. Her former chef has returned, BY LOUISE KRAMER ticking. in her search but had been turned off and the restaurant has a patio that LAST DAY AT OLD by the restaurant owner’s price: can accommodate 40 diners in good n a recent evening, Restless clientele LOCATION Feb. 25, 2006 $850,000 as a fixture fee. weather. In addition, she hopes to the bar was packed at with each passing week, the risk FOUND NEW LOCATION Over the months,though,he had appeal to the younger people who Maria Lohmeyer’s grew exponentially that there would ONLINE September 2006 lowered his price at the same time used to frequent Luxia. new restaurant in the be nothing left of her business to that Ms. Lohmeyer had upped how Ms. Lohmeyer is trying to hold SIGNED NEW theater district. Off- save—that she would lose her once- much she was willing to pay. Luxia on to that crowd by retaining Lux- Oduty ushers traded Broadway gos- loyal clientele. LEASE November 2006 remained open throughout. ia’s popular bartender and a few fa- sip. A mom bought her son a birth- “You can’t rely on old people REOPENED November 2006 In September, she agreed to pay vorite menu items even as she adds day drink, and a group of aspiring coming back,” says Arlene Spiegel, OLD BEST SELLER Wiener an undisclosed lower fee to take over her Swiss specialties like fondue and actresses huddled near the door. a Manhattan-based restaurant con- schnitzel, $19.50 the remaining nine years on the 20- Wiener schnitzel. What looked perfectly normal sultant. “Whenever you have a year lease. She saved e-mail addresses from was actually anything but. In fact, change, especially if you’ve been out CURRENT BEST SELLER Wiener “When I added it all up, it was former customers and is alerting Ms. Lohmeyer calls her restaurant’s of business for a while, people find schnitzel, $19.95 still the best deal,” she says. them of her new digs. She is at the mere existence the “miracle on 48th other places to go.” restaurant every day, greeting old Street.”Those who know the place’s To make ends meet, Ms. Loh- Big gamble patrons and welcoming new ones. story are inclined to agree. meyer took a job tending bar at a covered that every decent-sound- to cover the fixture fee, Ms. So far,business has been on par with Just over a year ago, Ms. Loh- friend’s Restaurant Row eatery in ing deal had a problem. A former Lohmeyer gambled everything she the former eatery, complete with meyer’s Swiss restaurant, Mont the afternoons and evenings. She Chinese restaurant, for example, has, taking out a mortgage on her some celebrity guests, including Blanc, lost its lease. A condo devel- reserved mornings for scouring was on the market for $9,000 a apartment in Manhattan and house Stephen Sondheim. oper had snapped up Mont Blanc’s neighborhood streets in search of month, but the space required a in New Jersey. She signed the lease “This is scary,” she says. “I have building, putting an abrupt end to “For Rent” signs, chatting up real pricey renovation. on the morning of Nov. 1 and end- never had so much debt in my entire the restaurant’s quarter-century estate brokers and landlords, and Ms. Lohmeyer’s break came to- ed Mont Blanc’s eight-month ab- life. But I have a good feeling.” run. perusing the Internet.She followed tally unexpectedly last May, when a sence by taking over the kitchen that At the time, she vowed that she every lead doggedly, but soon dis- real estate ad on the Craigslist Web very day. COMMENTS? [email protected]

Tai Chi at dawn on the Huangpu River overlooking Pudong, Shanghai.

And that’s exactly where we fly.

Shanghai, Tokyo and Delhi. Nonstop. Every day.

April 2, 2007 | Crain’s New York Business | 11 CNYB 04-02-07 A 12 3/30/2007 1:45 PM Page 1

VIEWPOINT Grading Spitzer’s budget

editor in chief Rance Crain ov. eliot spitzer roared into office best that can be said is that Mr. Spitzer took a first step, and publisher Jill R. Kaplan with a smashing election victory only a first step, toward creating a rational system. EDITORIAL editor Greg David promising to change Albany’s Education reforms: C- The governor sought to overhaul managing editor Richard Barbieri dysfunctional ways on Day One. Now, the state’s arcane formula for school funding with a projects editor Cynthia Rigg deputy managing editors Valerie Block, after tortuous negotiations over the straightforward scheme that would send most new money to Erik Ipsen budget, he has switched clichés, saying high-need areas like New York City.The Legislature columnist Alair Townsend senior reporters Aaron Elstein, that Rome wasn’t built in a day. He adopted the formula but then made up the difference for Lisa Fickenscher, Matthew Flamm, leaves voters who want fundamental reforms with the queasy high-income areas like Long Island with a special one-time Tom Fredrickson, Samantha Marshall, Anne Michaud, Julie Satow, feeling that even the crusading Mr. Spitzer may not be able to payment. Miriam Kreinin Souccar G Barbara Benson, Elisabeth Butler, accomplish very much. With the hope that he will do better It won’t be clear until at least next year if progress was reporters Erik Engquist, Amanda Fung, Hilary Potkewitz, next year, here’s the report card on Mr. Spitzer’s first budget. made on fixing the funding system. Gale Scott Process: F The biggest problem in Albany is that power is Business taxes: B restaurant critic Bob Lape art director Steven Krupinski concentrated in three people—the governor, Assembly He has switched A compromise that deputy art directors Carolyn McClain, speaker and Senate majority leader—who primarily act at closed a small number Daniel Mednick staff photographer Buck Ennis the behest of special interests.This year’s budget was clichés, saying of tax loopholes used by copy desk chief Wendy Zuckerman negotiated exactly like every other one—by those three large companies was copy editors Michele Arboit, Rome wasn’t Thaddeus Rutkowski officials and their aides without any public oversight and paired with a small research editor Denise Southwood associate research editor little input from the Legislature as a whole. built in a day reduction in the Adrianne Pasquarelli Fiscal discipline: D Admittedly, the robust economy and a corporate tax rate for all www.NewYorkBusiness.com online editor Catherine Tymkiw gusher of tax revenue from Wall Street bonuses and real businesses.This will be online reporter David Jones estate transactions made it difficult for Mr. Spitzer to curb a significant boost to EDITORIAL AND ADVERTISING OFFICES legislators’ desire to spend. But the 8% increase in state- the business climate. 711 Third Ave., New York, NY 10017-5806 funded spending in the budget is double the rate of inflation Charter schools: A editorial: 212.210.0277 Fax 212.210.0799 The governor won a twofold increase advertising: 212.210.0259 and won’t be sustainable when the economy turns down. in the number of charter schools statewide, to 200, Cable craincom nyk Health care reforms: C+ The governor’s most controversial accomplishing something that had eluded his predecessor. Fax 212.210.0499 Entire contents ©copyright 2007 Crain budget proposal targeted a grossly inefficient system— The sharp increase in the number of charter schools will be a Communications Inc. All rights reserved. ®CityBusiness is a registered trademark of MCP health care financing—and would have reduced money for major step toward helping thousands of children locked in Inc., used under license agreement. hospitals by $1.2 billion. As of late last week, the two sides poorly performing schools and increasing pressure on public TO SUBSCRIBE: Call 888.909.9111; fax 313.446.6777. were disputing how much money was actually cut, but the schools to do better. $3.00 a copy, $59.79 one year, $109.79 two years. www.NewYorkBusiness.com

ADVERTISING AND MARKETING advertising director Vanessa Cognard LETTERS TO THE EDITOR business development manager Robert N. Grossman senior account managers Holly A. McKeown, William E. Squitieri account executives Andrew Carlin, Lisa Pearly, Derek Reese, The executive pay controversy Jennifer Siniscalchi, Brigitte Stieglitz western account manager every year. A declining stock price would Ellen Mazen (Los Angeles) 323.370.2477 PERFORMANCE PAY sales manager, classified UNFAIR TO MOST WORKERS Executives need to be held surely get the attention of the print & online John Gallagher accountable when the companies CEO and the board. Along with a newsletter product manager the march 12 issue’s story on they run do poorly, and rewarded few basic regulations fostering Catherine Evans Gittens chief executive pay,“Effort to rein when they do well. Ordinary disclosure, wouldn’t that be much sales coordinator, print & online in pay gathering steam,’’ should employees should be fairly simpler than a whole bunch of Lulé Haznedari sales coordinator Anita Perrino have considered one other issue. compensated and have some committees and finger-wagging credit Pat Grondziak 313.446.6082 For the last decade or more, as measure of job protection. commentators? marketing coordinator Jill H. Bottomley executive pay has skyrocketed even mary horowitz bernard morcheles circulation manager Andrea Richardson in the midst of company President general manager, interactive performance that is mediocre at UNHAPPY SHAREHOLDERS SpaceNow! Corp. Marc Minardo best, lower-level employees have SHOULD BAIL OUT NEW YORK PRODUCTION seen the performance-driven FITTING THE NEW production and pre-press director aspect of compensation increased. i am the owner of a small WITH THE OLD Michael Corsi These nonexecutive employees S corporation, and, believe me, my buck ennis advertising production manager arguably can do far less to pay is directly related to what concerns most ANDREW BERMAN says preservationists Marilyn DeMilta influence share price. And they performance. preservationists (“From bricks to don’t object to contemporary designs. PUBLISHED BY CRAIN COMMUNICATIONS INC. aren’t the ones who set growth or But Julie Gozan of glass towers,” March 19) is not chairman Keith E. Crain other performance targets, either. Amalgamated Bank is wrong “cutting-edge” architecture, but president Rance Crain When companies perform well, when she says, “It’s time for preserving the character of our design for new additions to secretary Merrilee Crain their pay is barely affected. When shareholders to speak up.” city’s invaluable landmarks and historic areas. treasurer Mary Kay Crain they perform poorly, it’s the excuse Why don’t unhappy historic districts. Many of us, in However, in the roughly 2% of executive vp, operations William Morrow used to avoid paying bonuses and shareholders just sell their shares? fact, encourage contemporary See LETTERS on Page 14 senior vp, group publisher Gloria Scoby group vp, technology, circulation, limit pay increases. Also, manufacturing Robert C. Adams benefits—which represent a vice president/production & significant portion of total manufacturing David Kamis compensation for the vast majority WHAT’S COMING UP IN CRAIN’S? chief information officer Paul Dalpiaz of nonexecutive employees—have corporate circulation director Small Real International NY film Patrick Sheposh been axed annually for years, in terms of both health care and business estate business industry founder G.D. Crain Jr. (1885-1973) longer-term retirement plans. report report report report chairman Mrs. G.D. Crain Jr. (1911-1996) This means actual compensa- April 9 April 16 April 23 April 30 tion for most workers is shrinking

12 | Crain’s New York Business | April 2, 2007 CNYB 04-02-07 A 13 3/30/2007 11:16 AM Page 1

RSM McGladrey is the official accounting, tax and business consulting firm of The PGA of America.

HELPING YOU DRIVE RESULTS can. They’re arguing that Verizon won’t pay for the same community Success in business and in golf requires many of the same benefits they do, and that the phone attributes – a drive to achieve, power, accuracy, endurance, company will provide service only in focus and much more. Professional golfer Natalie Gulbis, a higher-income neighborhoods. member of Team RSM McGladrey, exemplifies these qualities. The City Council didn’t give the cable companies’ arguments much Team RSM McGladrey golfers are moving up the credence—probably because Time ranks – much like our clients in New York and Warner and Cablevision aren’t very throughout the country. Our clients rely on us for popular with their constituents,who the accounting, tax and business consulting services want an alternative to their services. The Bloomberg administration ap- that help them avoid the traps and make the green. pears to be more sympathetic as it RSM McGladrey is one of the fastest-growing tries to set the parameters for a fran- professional service firms in the New York chise. The question is, why? region. For more information about RSM Since Bloomberg LP operates a cable network, the mayor has hand- McGladrey (and the audit firms with ed off all decisions about cable ser- which it has a professional services vice to Deputy Mayor Daniel Doc- relationship*), contact toroff. Mr. Doctoroff is a busy man, Don Lipari Steven Mayer and it’s possible he doesn’t have time Managing Director Managing Director to focus on the issue. He certainly 750 Third Avenue 1185 Ave. of the Americas would have no sympathy for Cable- New York, NY 10017 New York, NY 10036 Tel 212.297.4817 Tel 212.372.1261 vision, his enemy in the fight for a [email protected] [email protected] West Side stadium.He may be more john h.john howard favorably inclined toward Time War- ner. But in any event, Mr. Doctoroff no doubt understands that compe- tition is preferable to monopoly. Some sources close to the talks Solving city’s cable *In New York, RSM McGladrey maintains a say the big sticking point is that Ver- professional services relationship with Goldstein izon won’t commit to providing Golub Kessler LLP and McGladrey & Pullen LLP. Though separate legal entities, they can work service throughout the city. The together to serve clients’ needs. RSM McGladrey Inc. and McGladrey & Pullen LLP are member firms of RSM competition crunch company says that isn’t true, al- International, an affiliation of independent accounting though only those on the inside and consulting firms. know for sure what’s going on. ix months ago, the City Council voted to authorize In a way, it doesn’t matter. Veri- zon should have the same easy access a TV franchise for Verizon, opening up the possibility to the TV business that cable com- that for the first time,New Yorkers would see real com- panies have to the phone business. petition for cable service. Now the process seems The cable companies took decades stalled amid a deafening silence from those involved. to build out their networks here,and Verizon should be given the same It’s time to assess what’s going on and what needs to be done to We bring residential S consideration. Of course, the com- allow Verizon to take on Cablevision and Time Warner Cable. pany will develop its New York sys- tem faster if it can actually get some The battlefield can advanced product that revenue by offering its service now. real estate to be easily described.Ver- is winning raves in the A bill is now working its way izon is spending some marketplace. through Albany that would sweep $20 billion to rewire its Despite all the mon- away local control in favor of entire network so it can ey that Verizon is shell- statewide cable franchises. But its provide phone, Internet ing out,cable companies prospects seem dismal, since—as and TV service to all its have the upper hand: anyone who has followed the stadium customers. It has no They have been able to and Moynihan station controversies choice, since customers offer phone service knows—Assembly Speaker Shel- are deserting the com- without facing any of don Silver can usually be counted on pany in droves—as many the regulatory barriers to do whatever Cablevision wants. as 1,000 a week in New GREG that Verizon must clear And the company doesn’t want a York state—to take ad- DAVID before it can offer cable. statewide franchise for Verizon. vantage of the packages To exploit their op- That puts the issue back in the being heavily promoted portunity, the cable hands of Mr.Doctoroff and the city. by cable companies.By the way,Ver- companies are seeking to delay com- How long will they make New izon’s FiOS service is a technically petition from Verizon any way they Yorkers wait for cable competition?

Issue Date: May 14 | Ad Close: April 26 CRAIN’S ONLINE POLL

DO YOU THINK IT’S GOOD NEWS FOR NEW YORK CITY Introducing Crain’s Life: Spring Residential Issue.

IF WAL-MART ABANDONS EFFORTS TO OPEN A STORE HERE? Focused exclusively on residential real estate and presented in A SLIGHT MAJORITY of the 578 a clean, uncluttered environment, the Life Spring Residential respondents to a Crain’s poll say they’d be Issue’s cornerstone is the lure of community. In future issues, No, Crain’s Life will focus on the consumer pursuits of our executive Yes, happy not to have a Wal-Mart in the city, Wal-Mart would readers – Golf, Gifts and Fall Residential. help consumers Wal-Mart is a because the retailer treats workers poorly substandard by offering lower .45% 55%. Join our community and advertise in Crain’s Life Spring and uses cutthroat tactics. The remaining prices and employer and creating more a cutthroat Residential Issue. Space is limited. Contact Vanessa Cognard 45% say they’d like a local Wal-Mart, since competition competitor today at (212) 210-0732. the chain offers lower prices, and more competition would benefit consumers.

For this week’s question: Go to www.NewYorkBusiness.com/poll to have your say.

April 2, 2007 | Crain’s New York Business | 13 CNYB 04-02-07 A 14 3/29/2007 8:38 PM Page 1

LETTERS TO THE EDITOR

Continued from Page 12 districts in the first place. nursing home services will suffer if This $466 million in proposed appropriate body to oversee an New York City that lies within andrew berman the governor’s state budget cuts would be in addition to the affordable housing development designated historic districts, the Executive Director proposals are adopted. over $3 billion in nursing home are wrong (“Developers, city primary job of the Landmarks Greenwich Village Society The governor has proposed funding cuts in the last 10 years. working on affordable Queens Preservation Commission is to for Historic Preservation cutting funding for nursing home Enough is enough. units,” March 19). ensure that new designs fit and care by $466 million in the coming carl s. young Excuse me, who is better to be relate to the character of the NURSING HOMES year alone, with bigger cuts in the President involved than REBNY, one of the district. AT GREAT RISK years ahead.These cuts would end New York Association of Homes most powerful entities ensuring the The problems come not when programs that help improve and Services for the Aging viability of our city? contemporary designs are chosen, crain’s has said much about the residents’ quality of life and care, No one wants a “dead city,” but when subjective and temporal proposed state budget cuts and eliminate needed funding to recruit AFFORDABLE HOUSING which is what New York will determinations about “cutting- their potential effect on hospitals, and keep nurses and aides, cut HAS ROLE FOR REBNY become if there is no room for the edge” architecture take precedence but the impact on nursing homes funding for residents with the diversity of incomes. REBNY’s over maintaining the distinctive will be far more severe. greatest care needs, and ignore affordable housing advocates interest in helping signals that the and irreplaceable qualities that Our state’s elderly, chronically rising labor, food, supply and utility who say that the Real Estate affordable housing crisis is made neighborhoods historic ill and disabled who rely on costs. Board of New York is not the impacting every facet of the city, and I for one am grateful for its interest. alice la brie Resident Harlem Middle Income Mitchell-Lama Cooperative

MISPLACED EFFORTS TO FIGHT HUNGER i read with interest and dismay the March 19 profile of Shyama Venkateswar. It is unfortunate that the Mercy Corps chooses to raise money for a shrine for poverty and hunger in a first-world city. Apart from doing nothing to alleviate poverty, it will only create a sinecure for staff employed by it. Contrary to Ms.Venkateswar’s assertion that income equality has not increased in India, independent studies have shown that while absolute poverty numbers have risen, relative numbers have only improved. Sure, there are plenty of problems in India and other developing countries, but her efforts would be better served by advocating policy prescriptions for that country rather than spending dollars here to reach the next generation here. vijay dandapani

JAVITS EXPANSION SHOULD GO SOUTH crain’s is wrong to support the current plan to expand the Javits center (“History lesson on Javits Center,” March 19). The only way to avoid an inefficient and inadequate vertical expansion or the $400 million to $800 million expense of relocating the Quill bus garage and provide the exhibition and meeting space Javits requires is to utilize the four open blocks to the south. The fact that a city and state engineering and architectural focus on western rail yard development is now in progress ensures that a southern Javits expansion could be built on something close to the current timetable. daniel gutman

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Letters to the Editor: Crain’s New York Business, 711 Third Ave., New York, NY 10017. Fax letters to (212) 210-0799. Send e-mail to Crain’s staffers by using their first initial, their last name and @Crain.com. For example, editor Greg David is at [email protected]. Names are in the list on Page 12. All letters are subject to publication, provided they are signed.

14 | Crain’s New York Business | April 2, 2007 CNYB 04-02-07 A 15 3/30/2007 2:19 PM Page 1

contends that an adjacent mall and a new Metro-North station will create demand on nongame days. BUDGET FALLOUT Hospitals at odds THE INSIDER The projected cost is between $250 THE TENTATIVE BUDGET DEAL reached in Albany last week restores some of the million and $320 million. money Gov. Eliot Spitzer (below) planned to cut from hospitals, but the by Erik Engquist and Anne Michaud agreement came only after heightened conflict between the state’s two leading hospital groups. Filling Brooklyn Tension has always existed between the upstate-oriented Healthcare court vacancy Association of New York State and the downstate Greater New York Hospital Association, even though some institutions belong to both. The Grocer shelves party affiliation gov. eliot spitzer plans to fill a groups’ relationship has been battered by the negotiations, which appear to Brooklyn Supreme Court vacancy have restored $325 million to the budget. rocery store magnate John Catsima- that was created when he elevated HANYS brokered a deal that helped upstate members but left unresolved Theodore Jones Jr tidis (right) made his name in politics . to the Court of the restoration of Medicaid cuts to downstate hospitals. New York City hospitals Appeals. with dual membership in HANYS and GNYHA intervened to get $25 million for raising hundreds of thousands of dollars Mr. Spitzer could have let G city facilities. But in the end, upstate hospitals did better than in previous years. Brooklyn Democrats nominate for Bill and Hillary Rodham Clinton. But now How do downstate interests feel? Says one insider: “Negotiations created their own candidate for he’s changing his party affiliation to a lot of bad blood. I don’t know how they will heal all the relationships that Michael Bloomberg, November’s election. But by Republican, à la as he naming a judge for the rest of have been broken apart. HANYS will have to make some sort of overture to contemplates running for mayor in 2009. 2007, he will effectively be GNYHA.” Last week, Mr. Catsimatidis was awarding a 14-year term, because That’s not how upstate hospitals see it. For years, they stood by powerless as GNYHA and its allies in health honored at the Queens Republican Party Democratic leaders will anoint the governor’s choice. care union 1199 SEIU made pacts with the Legislature. dinner, where organizers say they are Robert Miller, who has run for “They’d cut deals without consulting other groups, and taking him seriously as a potential City Council, and Daniel Feldman, we’d all learn about it after the fact,” says one upstate candidate. He could be in the spotlight executive director of the New York health care source. again later this month as the chair of the state Trial Lawyers Association, That pattern ended this year with HANYS taking the have applied. As a former assistant lead, and upstate hospitals are grateful. “It’s clear in Greek Independence Day parade, which he was deputy attorney general under Mr. working with this governor that he does not respond

able to persuade Fox’s Channel 9 to cover live. news daily Spitzer, Mr. Feldman may have the to the negative ad campaigns and public inside track. displays of GNYHA and 1199,” says Gary Mr. Catsimatidis says he was by Crain’s, says the current design is Fitzgerald, president of the Iroquois actually a Republican years ago the only viable plan for the first Health Care Alliance. —BARBARA BENSON but switched parties to support phase of the expansion “without Coalition plots

the Clintons. He has also raised running afoul of a binding to reform 421-a bloomberg news serious money for GOP candi- constraint: budget, urban design, dates—state Senate Majority security, functionality or process/ assembly housing committee mayor agreed three months ago to Ivan Lafayette suggest that parts of Leader Joseph Bruno and former environmental review.” Chairman Vito Lopez, D-Brooklyn, expand the so-called exclusion zone their Queens districts be included. Gov. George Pataki—and one The analysis argues that the is building a coalition of Assembly in 2008, but not by enough to suit Mr. Lopez also wants 30% of independent, Sen. Joseph benefit of any revision would have members to broaden the zone in Lopez and some of his colleagues. units in an exclusion-zone project Lieberman. to outweigh the costs of delay.The which market-rate apartment For example, Adriano Espaillat to be affordable, up from 20% in And what about Mr. memo also dismisses objections by projects must include affordable would like Washington Heights the council-approved plan. Catsimatidis’ platform? decorators—firms that set up and housing to qualify for 421-a added to the zone, Hakeem Jeffries Real estate interests oppose any “I would continue Mayor break down shows—saying that property tax breaks. wants more of Fort Greene and increase in that percentage or in the Bloomberg’s good work, only do it they represent “managerial The City Council and the Clinton Hill, and José Peralta and size of the exclusion zone. I even better,” he says. challenges” that wouldn’t affect decisions by exhibitors and associations to book the center. Developers make Insiders say that the Spitzer Richard Kelly move on Democrats administration has asked President, Jay Packaging Group Minnesota-based consulting firm concerned that Republicans Convention, Sports & Leisure could soon lose control of the International to evaluate the Senate, the city’s top developers are expansion plan.The current, currying favor with Senate $1.8 billion design resulted from an Democrats. agreement between city officials Last month, a dozen leaders of and the Pataki administration. the Real Estate Board of New York met with Senate Minority Leader “We’ve been with Webster for 15 years. Malcolm Smith to discuss tax-exempt Yankee garages They understand changing market conditions.” financing for 80-20 rental buildings proceeding and the new 421-a tax abatement program. “He was somewhat the city Economic Development supportive of the issues,” says Steven Corp. says parking garage plans for Spinola, REBNY president. the new Yankee Stadium are moving Developers have been forward. significant donors to Senate The EDC’s initial attempt to Majority Leader Joseph Bruno, who find a garage developer failed, but has been their most reliable ally in an amended request for proposals battles over rent regulation. Mr. worked, and the agency expects to Spinola says REBNY has met name a developer soon. periodically with the Democratic Opponents suspect that the Richard Kelly of Jay Packaging explains, “Webster has a good understanding of what we do. They understand minority leadership, but he couldn’t garages will be unprofitable and our customers. They understand where we’re headed. They certainly value long-term relationships.” remember the last time. that the city will get stuck with the At Webster Business Credit, we provide customized asset-based lending services, financing for retailers and bill. But an EDC spokesman cash management services that best meet your company’s financial needs. As Mr. Kelly says, “They’re Javits revision knowledgeable. They’re flexible. They’re trustworthy.” This is how Webster develops trust and grows businesses. See why we’ve earned our reputation as a leading provider of financing to the middle market. Contact would be costly Warren Mino, President, at 212-806-4501 or [email protected] or visit us at Websterbcc.com. altering the design of the Jacob K. Javits Center expansion, which the Spitzer administration is mulling, would increase costs by $17 million for each month the Websterbcc.com

project is delayed, according to an 9/06 analysis by Deputy Mayor Daniel New York Boston Hartford Atlanta Chicago Memphis Charlotte Dallas Doctoroff’s staff. OPPONENTS say the city will get stuck with Webster Business Credit Corporation is a subsidiary of Webster Bank, N.A. Member FDIC. Equal Housing Lender. The Webster Symbol and Webster Business Credit are The Doctoroff memo, obtained unprofitable garages at Yankee Stadium. service marks of Webster Financial Corporation. Webster is registered in the U.S. Patent and Trademark Office.

April 2, 2007 | Crain’s New York Business | 15 CNYB 04-02-07 A 16 3/30/2007 12:34 PM Page 1

WEEK IN REVIEW

to French publisher Hachette ECONOMIC SPOTLIGHT Livre last year. No Signature at Ground Zero citing rising construction costs and other structural problems, the city said Signature Theatre Company will not be part of the planned performing arts center at Ground Zero.The Joyce Theater will be the arts center’s only permanent occupant, and Signature will concentrate on finding another site downtown. bloomberg news Polo buys stake Wal-Mart won’t take Manhattan polo ralph lauren corp. paid WAL-MART STORES INC. reiterated its desire to open a New $175 million in cash for the remaining 50% stake in Ralph York City location but said Manhattan was not on its list of Lauren Media, which operates potential sites. Wal-Mart Chief Executive H. Lee Scott Polo.com. (above) initially told The New York Times that he had given up on the city, but the company later clarified his remarks. Primedia decamps The retailer, which operates more than 20 stores in the New for the South York metro region, has faced strong opposition from local unions and smaller retailers throughout the five boroughs. primedia inc. said Robert Metz, Economy Watch head of its consumer guides group, NYC’s unemployment rate stayed below 5% for a seventh month in February, will replace Chief Executive Dean as the city kept adding jobs. The area’s monthly and annual inflation rates rose. Nelson after the sale of its Microsoft eyes Bloomingdale’s, plans to start enthusiast titles closes. Primedia JANUARY ’07 FEBRUARY ’07 COMPARISON trading under the ticker symbol will also move its corporate 1 DoubleClick NYC jobless rate 4.9% 4.8% 4.5% “M” on June 1 if shareholders headquarters to Atlanta from NYC employment change +18,000 +6,500 +24,5002 doubleclick inc. is being approve a corporate name change Manhattan. NY area inflation change +0.2% +0.6% +3.1%3 courted by Microsoft Corp.The to Macy’s Inc. next month. Manhattan online ad firm, which Observers had believed that the 1-U.S. unemployment rate. 2-Change since December 2006. 3-Inflation rate for the latest is said to be asking for at least New York Stock Exchange was Equity group 12-month period. $2 billion, hired investment bank saving the symbol in hopes of buys Advanstar Morgan Stanley to consider a luring Microsoft Corp. from possible deal, according to The Nasdaq. publisher Advanstar Holdings NYC Hotel Stats Broadway Stats Wall Street Journal. Inc. was acquired by a private In January, average room rates in Attendance and gross climbed in equity group for $1.14 billion. New York City dropped to levels the week ended 3/25, The League Life,Child fold ITT to pay $100M Veronis Suhler Stevenson led the last seen in August, while of American Theatres and Producers after guilty plea consortium, which included occupancy fell all the way back to says. In the comparable week last life magazine will cease Citigroup Private Equity and New year-earlier levels, according to data season, the figures were 233,100 publishing as a weekend itt corp. of White Plains York Life Capital Partners. from PKF Consulting. and $17.1 million, respectively. newspaper supplement on April agreed to pay $100 million in 20. Life relaunched in April 2004 penalties and pleaded guilty to Take-Two tussle as a competitor to Parade but two criminal charges for selling failed to attract new advertisers. classified night-vision technology a dissident group of Take-Two Time Inc. to China.The deal, which comes Interactive Software Inc. plans to after a six-year federal probe, shareholders won their bid to take launch a Web marked the first conviction of a over the beleaguered video game site based on major defense contractor for publisher, and ousted Chief Life’s violating the Arms Export Executive Paul Eibeler. photography Control Act. by year-end. … Meredith Ernst settles Audit tips Corp. folded Boathouse the print edition of Child ernst & young agreed to pay magazine. Its Web site will be $1.6 million to settle Securities the boathouse restaurant in incorporated into a revamped and Exchange Commission Central Park failed to report parenting portal launching in July. charges that it compromised its $2.4 million in gross receipts over Capital IQ’s Weekly Deals Report independence and contributed to a two-year period and owes the faulty accounting by a client, city $381,070 in license fees, TRANSACTION SIZE CBS Radio COMPANY (in millions) BUYER/INVESTOR TRANSACTION TYPE Pittsburgh-based PNC Financial according to an audit by City chief replaced Services Group. Comptroller William Thompson. Paxar Corp. $1,340.0 Avery Dennison Corp. SB M&A —from staff reports and White Plains cbs radio Chief Executive Joel bloomberg news reports Buy Buy Baby Inc. $86.0 Bed Bath & Beyond Inc. SB M&A Warner Books Garden City, L.I. Hollander resigned and was replaced by former CBS Radio Crystal River Capital Inc. $50.0 Not disclosed GCI gets new name Manhattan President Dan Mason, who left in Amtrust Financial Services Inc. $40.0 Not disclosed GCI 2002 amid a management warner books renamed Manhattan shakeup. Mr. Hollander’s itself Grand Central Eyeblaster Inc. $30.0 Private equity investors GCI departure, which was expected Publishing and announced Manhattan later this year, raised speculation plans to move to new Lexington Realty Trust $20.0 Not disclosed GCI that CBS may sell some stations. offices near Grand Central Manhattan Terminal from its current Selected deals announced during the week of March 18 for companies headquartered in metro New The letter M home in the Time & Life HOT WATER: York. GCI: Growth capital investment represents new money invested in a company for a minori- Building at Rockefeller Central Park ty stake. SB M&A: Strategic buyer M&A represents a minority or majority acquisition of existing eatery was shares of a company without the participation of a financial buyer. federated Department Stores Center.The move was rocked by city. bekka lindström bekka Inc., parent of Macy’s and designed to reflect its sale fotolia

16 | Crain’s New York Business | April 2, 2007 CNYB 04-02-07 A 17 3/29/2007 4:09 PM Page 1

NEIGHBORHOOD JOURNAL

side has changed rapidly in recent Brooklyn paper at war with developer years. Many of the prospective BID members reflect those changes:Ital- ian, Romanian and Turkish restau- Forest City-funded program to help district. Since last year, the Sunny- 48th streets and a few blocks along rants; Irish bars; Eastern European Atlantic Yards plan residents get Atlantic Yards jobs. side Chamber of Commerce has Roosevelt Avenue. All the BID grocery stores; and Hispanic spe- pilloried by weekly; “The Brooklyn Paper has not been fair. been steadily gathering support for needs is the City Council’s approval, cialty food stores. Hell, no. When we talk with them, the BID, which would be the 11th which is expected in late April. The new BID aims to start off Queens BID they twist our story around.” in Queens. “We need something that will with an annual budget of about —erik engquist The chamber has already signed make sure Queens Boulevard is sta- $300,000, to be raised by an assess- ready to hit streets up 290 property and business own- bilized and remains vibrant,” says ment on its members.For a storefront ers, ranging from Citibank and John Vogt, president of the Sunny- property valued at $100,000,the BID fter a long struggle Dawn of upgrade Exxon Mobil to a host of local restau- side Chamber of Commerce. He fee would be about $800 per year. for state approval, For- for Sunnyside rants. The BID will extend along hopes to attract more clothing stores Funds would be used to enhance est City Ratner Cos. is both sides of Queens Boulevard from and boutiques. “There’s even talk security and sanitation and make proceeding with its gi- sunnyside looks like it will final- 48th to 58th streets, and will include about a Barnes & Noble,” he adds. streetscape improvements. ant Atlantic Yards de- ly get its own business improvement Greenpoint Avenue from 42nd to The commercial face of Sunny- —hilary potkewitz Avelopment in Brooklyn. But that won’t stop Gersh Kuntzman, editor of The Brooklyn Paper, from contin- uing his relentless front-page as- saults on the project. Mr. Kuntzman may be just BlackBerry® 8800 with GPS warming up.Even the government’s go-ahead for Atlantic Yards in De- cember si- lenced him for only two weeks. Then the onslaught resumed. Nine of the weekly paper’s next 10 editions Because losing your way blasted the $4 billion project on Page 1. could mean losing their business. The exception was the March3 issue, following a major court victory by the developer. The Brooklyn Paper duti- Introducing the BlackBerry® 8800. Only from fully published a story headlined Cingular. It’s the slimmest BlackBerry device “Yards opponents suffer huge set- back” but buried it on Page 15. ever, yet it’s packed with features like built-in “It came in late,” explains Mr. GPS, Push to Talk, and expandable memory, Kuntzman. for small businesses everywhere. He makes no apologies for his harsh coverage of Atlantic Yards and of Forest City’s chief executive,Bruce > Built-in GPS navigation Ratner. Not even for his headline “Ratner picks your pocket—again” > “Pearl-like” trackball and full QWERTY keyboard BUY 3 atop a story about the city budgeting AND GET A $100 million more than previously > $ ® disclosed for project-related work. Access to work and personal email 100 VISA “The role of the headline is to get REWARD CARD > Global connectivity in 125 countries the story read,” says Mr. Kuntzman, with 1- or 2-year service who was a New York Post Brooklyn agreement. Mail-in rebate form bureau chief before taking the reins > Runs on America’s largest high-speed wireless and proof of purchase required. of the free broadsheet in October data network 2005. “Everybody knows that.” He adds that the headline was BlackBerry 8800 fair because “when the mayor tells us from Cingular we haven’t put a ceiling on [public expenditures], that tells us someone is picking our pocket.” Mighty Forest City is not amused.“They call you names,attack your friends, accuse you of being dis- honest and mean,and then,when the teacher is looking,they claim to be an upright student,” says Bruce Bender, a company vice president.“They can write whatever they want, attacking your motives at their leisure,and then Go to www.cingular.com/blackberry-promo and request a consultation with say,‘Wait,we’re legitimate journalists a Cingular Small Business Advisor or visit a Cingular store near you. looking for the truth.’ ” Mr. Kuntzman says Forest City ignores his pleas for comments, *Cingular also imposes monthly a Regulatory Cost Recovery Charge of up to $1.25 to help defray costs incurred in complying with State and Federal telecom regulation; State and Federal Universal which makes it difficult to represent Service charges; and surcharges for customer-based and revenue-based state and local assessments on Cingular. These are not taxes or government-required charges. the developer’s side. He says Forest Coverage is not available in all areas. Limited-time offer. See store for complete details. Other conditions and restrictions apply. See contract and rate plan brochure for details. Subscriber must live and have a mailing address City even stopped sending him press within Cingular’s owned network coverage area. Up to $36 activation fee applies. Offer available at participating locations. Early Termination Fee: None if cancelled in the first 30 days; thereafter $175. Some agents impose additional fees. Unlimited Voice Services: Unlimited voice services are provided solely for live dialog between two individuals. Offnet Usage: If your minutes of use (including unlimited services) on other carriers’ networks (“offnet usage”) releases for a while—a charge the de- during any two consecutive months exceed your offnet usage allowance, Cingular may at its option terminate your service, deny your continued use of other carriers’ coverage, or change your plan to one imposing usage charges for veloper denies. Nonetheless, Forest offnet usage. Your offnet usage allowance is equal to the lesser of 750 minutes or 40% of the Anytime minutes included with your plan. Rebate Debit Card: Allow 10–12 weeks for rebate debit card. Rebate debit card not available at City has given up on the paper. all locations; void where prohibited, taxed, or restricted. Must be customer for 30 consecutive days. Must be postmarked by 6/15/07. VISA Card: Cingular VISA reward card offer valid only with purchase of a qualified Cingular device with activation on a qualified service plan from a participating Cingular Wireless store, DMDR, or Authorized Agent between February 20 – May 15, 2007. Sales tax calculated based on price of unactivated equipment. Certain email systems “Best to just keep your mouth may require additional hardware and/or software to access. The BlackBerry and RIM families of related marks, images, and symbols are the exclusive properties of and trademarks or registered trademarks of Research In Motion Limited closed,” explains James Caldwell, a – used by permission. RIM and Research In Motion are registered in the U.S. Patent and Trademark Office. Other trademarks and service marks are the property of their respective owners. ©2007 AT&T Knowledge Ventures. All rights project supporter who now runs a reserved. AT&T, AT&T logo, Cingular, and Cingular logos are trademarks of AT&T Knowledge Ventures and/or AT&T affiliated companies.

April 2, 2007 | Crain’s New York Business | 17 Project7 10/5/06 3:46 PM Page 1

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WEALTHY NEW YORKERS INSIDE Largest commercial banks in the New York area, ranked by total assets PAGE 26 New York area’s largest thrifts, ranked by total assets PAGE 29 For rich kids, it’s only money Young people risk big pots, when they have time to do it

BY ANDREW MARKS

investing and promptly losing $60,000 on a startup GIANNI MARTIRE, a company doesn’t show up on many college student résumés.But wealthy 23-year-old, is devoting his energies then, not everyone is as rich as Gianni Martire. to a new venture and a The 23-year-old also had the wherewithal to recently leave a charitable foundation. six-figure job at Merrill Lynch to co-found CollegeHotlist.com, a MySpace-style personal networking Web site. “No matter what I do with these business ventures, I’m go- ing to be comfortable, money-wise,” points out Mr. Martire,

whose immigrant parents struck to 241,000 from 193,000 in the past gold in Manhattan real estate.“Los- five years, says Leslie Mandel, who ing all that money was a great learn- maintains The Rich List, a direct- ing experience. I absorbed my les- mailing service. “Most of them, son, and I went on to the next nearly 80%, are in the financial in- thing.” dustry,with the rest split among the Mr. Martire belongs to a rapidly real estate industry, entrepreneurs expanding class of younger New and people with inherited wealth,” Yorkers for whom dropping she says. $60,000 on a business venture or Statistical evidence is hard to $100,000 on a Maserati re- come by when trying to quires no sacrifice. parse those numbers ac- New York has a higher YOUNG cording to age, but those concentration of wealth & WEALTHY who make their living sur- than almost anywhere else veying and working for the GIVING to make in the country—only Cali- a difference city’s affluent say that peo- fornia has more residents Page 21 ple who are 35 and under with non-real estate assets make up an ever-larger pro- PLAYING it of $1 million or more—and safe Page 22 portion of the wealthy in the number of wealthy New New York. SPENDING on Yorkers has been on the rise luxury goods “The growth has been over the past five years. Page 24 exponential,” says Adam Most of that growth is at- Herz, president of hedge tributable to the incredible incomes fund search firm Hunter Advisors on Wall Street,particularly in hedge Corp. “Five years ago, there were a funds and private equity. few guys under 35 making $5 mil- The number of people with in- lion or more. Now we’re in the high vestable assets of more than $1 mil- hundreds, maybe even thousands.

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REPORT WEALTHY NEW YORKERS

Mr. Cronkite, is more difficult for the Wall Street crowd. “It’s a chal- Rich kids risk big pots, when they have time lenge for them just to get out of work and make it to an event on time.” Continued from Page 19 old enough to have a family and to enjoy and maximize my free man, a vice president of real estate His observation is echoed by Taij Goldman Sachs alone must have kids, even if you’re talking about time.” A do-it-yourself mentality is private equity at a major investment Moteelall, the executive director of 100 people who fit that profile.” someone with $10 million or $20 much more prevalent among bank. She says Mount Sinai Hospi- Resource Generation, a Manhat- Because the city’s younger million—they’re less willing to wealthy people in their 40s and 50s, tal’s young advisory board, which tan-based organization that helps wealthy demographic is dominated throw it away like that.” he notes. she chairs, has grown to 500 mem- young people become involved in by hedge fund and other Wall Street The wealthy Gen X-ers have And younger wealthy people are bers from only 30 six years ago.The philanthropy.While New York City professionals, the prevailing trope helped spawn a mini-industry of more than willing to spend in order advisory board is involved with fund- represents its largest constituency— among this group is less a “lifestyles concierge-type services in the city, to save themselves time. If that raising activities for the hospital. 200 members out of a nationwide of the rich and famous” than one of from private jet charters to consult- means paying $8,000 to take a heli- membership of 1,000—none of its the rich and very busy. ants who teach their clients how to copter to the Hamptons instead of Giving back to community city members come from the finance “A lot of these people spend rel- become high-end collectors of art or spending three hours in traffic, kipton cronkite is one of those industry. atively little of the money they’re fine wines. they’ll do it without a thought, says particularly involved rich young “The hedge funds are an un- making,” says Mr. Herz. “When “That’s a big difference between Mr. Henske.“We’re a beneficiary of New Yorkers.At 32,the grandson of tapped resource,” Ms. Moteelall you’re making $5 million or more a younger and older money,” says Mr. that mentality,too,”he adds, Walter Cronkite heads glob- says. year, it’s hard to spend it when Prince. “I’m often essentially a noting that the number of al client services at a major Mr. Martire, who is now devot- you’re working so much, even if you wealth coach to younger people. his younger clients has dou- bank and runs his own com- ing energies to his new venture, as do rent a jet to go to Las Vegas for They’ve got all this money, but they bled in the past five years. 80%OF WEALTHY pany, Kiptonart.com, which well as to a charitable foundation the weekend.” don’t know how to go about getting The wealthy Gen X-ers New Yorkers introduces new collectors to he and his sister have set up with work in the But when these highfliers spend, the things they want.” have a much higher appe- financial the art world and offers ex- their family’s money, is more blunt they are much freer with their mon- tite for risking their money industry posure to emerging artists about it. ey than baby boomers. “They’re Willing to pay for assistance than did earlier generations. who have yet to land a gallery “Too many guys I know are con- into enjoying their money,and don’t the majority of Mr. Prince’s “Younger people are much more show.He also finds the time to serve tent to party and live it up,” says Mr. tend to worry about spending it,” younger clients want someone to willing to invest their money in a on the acquisitions committee at the Martire, who freely admits to enjoy- says Russ Prince, president of take care of the nonwork parts of new idea,” says Mr. Henske. “A lot Whitney Museum, the young advi- ing the perks of wealth, from the big Prince & Associates, a research and their lives and are willing to spend of them come from Wall Street, and sory board at Mount Sinai and the Mercedes he drives and the two-bed- consulting firm that focuses on the heavily for it. they’re accustomed to taking risks. Louvre’s young advisers committee. room apartment he’s buying over- wealthy. Tom Henske, a partner with fi- It is fun for them in a way it’s not for “Most of my friends are involved looking Union Square to the occa- “I just had dinner with a young nancial adviser Lenox Advisors Inc., my older clients.” with charitable or arts causes,”com- sional weekend jaunt with a date to client who thought nothing of agrees that the prevailing attitude But self-indulgence doesn’t de- ments Mr. Cronkite. “They feel it’s Paris. “I’d like to see more of us with dropping $40,000 for a dinner for among his younger clients, whose fine everyone.“Once you make peo- important to use their wealth and less of a sense of entitlement, and eight at Nobu,” recalls Mr. Prince, net worth ranges from $5 million on ple in our age group aware of oppor- positions to help give back to the more of a sense of responsibility.” who’s written many books on advis- up to $50 million, is “I put in long tunities to get involved, they’re community.” ing wealthy clients. “Once you get hours at work, and I want to be able really into it,” says Lauren Silver- That kind of commitment,notes COMMENTS? 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20 | Crain’s New York Business | April 2, 2007 CNYB 04-02-07 A 20,21 3/29/2007 12:30 PM Page 2

REPORT WEALTHY NEW YORKERS

er,” says Mark Kalish, a fund-raising consultant in New York. Making a mark with philanthropy Sebastian Stubbe,34,a founding partner of Landmark Value Invest- ments, contributes about 5% of his raise money for local social service, Community Trust, says: “Today’s Brown, associate director of re- compensation to a total of 15 organ- Select group drawn drug rehabilitation and educational new wealth wants to participate in search at The Center of Philan- izations.He also serves on the board to unique causes; agencies. the philanthropy as a volunteer as thropy at Indiana University. of Seeds for Peace, which brings to- Windfall bonuses are not just well as a contributor. They want Still, nonprofits are pulling out gether Arabs and Jews. enthusiasm is key buying Jaguars and luxury condos more control of the entity—as in all the stops to attract the young and for the under-35 Wall Street set. how things should be run.” rich. Along with bom- Wide-ranging interests They are giving the newly minted When a group’s mis- barding them with invita- mr. stubbe’s wide-ranging philan- BY CARA S. TRAGER masters of the universe the where- sion touches them deeply, tions to hipster fund-rais- thropy is not unusual among his withal to become philanthropists in they support it with their ON3% AVERAGE, ers at clubs, pool halls and peers. “A lot of people in Manhattan mark weissman is committed to their own right. checkbooks as well as their what Americans concert halls, charities are have two to three causes they care charity, but not just any charity. Encouraged by their employers labor, doing everything give of their wooing their most gener- about and are tangentially involved in The 29-year-old New York in- to do the right thing and moved to from planning events to annual income ous Gen X- and Y-ers— 10 others because of friends,” he says. vestment banker, who allocates 10% contribute to causes in which their joining the board. Source: Indiana University’s those born between 1964 Scott Eichel,32,a senior manag- of his annual compensation to phi- friends and colleagues are involved, That the young and Center of Philanthropy and 1983—with board ing director and bond trader at Bear lanthropy, mainly these young donors say they are like- wealthy are assuming lead- positions and invitations Stearns, credits his and his wife’s in- supports lesser- ly to give to more than a dozen non- ership positions is hardly surprising. to join young leadership divisions. volvement in a UJA-Federation YOUNG known nonprofits. profits each year. Religious, educa- After all, they are high-flying pro- These posts allow volunteers to venture philanthropy fund and the & WEALTHY “I give to or- tional, children’s and social service fessionals accustomed to having call some of the shots while provid- Samuel Waxman Cancer Research ganizations that organizations rank high on their list power and control. In the nonprofit ing them with social and profession- Foundation to two avid colleagues. are a little under of recipients. world, however, their take-charge al networking opportunities. In addition, a cousin’s enthusi- the radar and Though there are no statistics on stance can lead to problems. In al- For instance, the recently formed asm spurred the Eichels to support where my money is going to make a the philanthropic habits of New lowing the fresh-faced and well- Young Leadership Council of the Heart Gallery Alabama, which taps difference,” says Mr. Weissman, York’s most affluent post-boomers, heeled to get more of their own way, United Way of New York City got to renowned photographers to take whose annual giving extends to as Naomi Levine, executive director of nonprofits could drift off course. pick the hands-on projects it wants to pictures of orphans to increase their many as 20 organizations. the George H. Heyman Jr. Center pursue.And participants in the UJA- chances for adoption. They include Project Sunshine,a for Philanthropy and Fundraising at Leadership positions Federation of New York’s venture “For us to give, it’s important for group started by a college friend that New York University,estimates that “not every donor really knows philanthropy funds jointly decide the person involved with the chari- dispatches volunteers dressed as like their older counterparts, about about the services the organizations which programs to support with their ty to be passionate,” Mr. Eichel clowns to hospitals throughout the 20% are involved in philanthropy as provide, so there really needs to be a pooled contributions of $50,000 a says.“I truly believe you need to feel country, and Young Wall Street, contributors or volunteers. dialogue so that no one party—the year per donor for three years. their fire.” which he launched last year with Bob Edgar, vice president of donor or the nonprofit—becomes “If you don’t get them in their 20s, some hedge fund professionals to donor services at The New York the source of power,” says Melissa 30s and 40s,it’s hard to get them lat- COMMENTS? 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April 2, 2007 | Crain’s New York Business | 21 CNYB 04-02-07 A 22,23 3/29/2007 12:30 PM Page 1

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22 | Crain’s New York Business | April 2, 2007 CNYB 04-02-07 A 22,23 3/29/2007 12:31 PM Page 2

REPORT WEALTHY NEW YORKERS

cording to James Nelson, the 31- year-old managing partner of bro- A new approach to investing large sums kerage firm Massey Knakal Realty Services. woman of the Financial Planners their American counterparts, and ing days as a commercial banker.He he says. Mr. Nelson says that seasoned Association of New York.“They are can still offer huge growth. bought his first building six years With returns like these, Mr. developers, like his friend Mr. extremely cautious.” “There is still a lot of value to be ago and now has eight projects on Blesso says he has no problems find- Blesso, usually reject hundreds of Peter Shankman exemplifies the uncovered in international mar- his résumé, including a newly com- ing investors for his projects. proposals before they find one good vernal investment angst of New kets,” says Ms. Altfest. pleted 21-unit luxury loft complex This flood of money into the one. York’s young and wealthy. The 34- Other young New Yorkers, such at West 124th Street and Lenox market is a prime example of anoth- “Real estate is too complex year-old president of The Geek as developer Matt Blesso, choose to Avenue. er major investment trend for the nowadays to go into without know- Factory, a global marketing firm, is invest their money in the businesses young wealthy: acting as passive or ing the field cold,” Mr. Nelson says. notorious in his industry for his that made them wealthy in the first Attracting investors subordinate investors in niche proj- “If you’re new to this, you better go chutzpah and risk-taking. place. the returns on his investments ects run by seasoned veterans. The in with someone you know and trust He’s an author and expert sky- The 33-year-old president of have been huge: from 500% to strategy is key for sectors such as real a lot.” diver who is not above running Seg- Blesso Properties first dabbled in 1,000%. “Our goal is to earn sever- estate, where most of the low-hang- way motor scooter races on Man- real estate 10 years ago while work- al million dollars on every project,” ing fruit has already been picked,ac- COMMENTS? [email protected] The returns on Mr. Blesso’s investments have been huge

hattan sidewalks to generate attention for a client. He recently sold AirTroductions, a Web site he created a year ago to help air travel- ers choose seatmates on their busi- ness flights. The primary goal for Mr. Shankman’s investments, though, is slow,safe and steady growth.He du- tifully follows the guidance of his Morgan Stanley manager, who op- erates Mr. Shankman’s mutual fund portfolio with the same conservative ATT name, design and related marks are trademarks of Hyatt Corporation. ©2007 Hyatt Corporation. design and related marks are trademarks of Hyatt Corporation. name, ATT All rights reserved. principles governing most major HY pension funds. Although Mr. Shankman allows himself some money for what he calls “crazy ideas,” he likes to check them over with his manager before he makes a move. “My guy at Morgan Stanley is like a parent,” says Mr. Shankman. “He lets me run around the invest- ment playground as long as I don’t jump into the street.” Influx of clients thanks to people like Mr. Shankman, financial planners, trusts attorneys and other financial babysitters are enjoying a boom.As- sociation chairwoman Ms. Altfest, who is also a vice president at Park Avenue firm L.J.Altfest & Co.,says that this year her firm has experi- enced the largest influx of young wealthy clients since 2000. Ms.Altfest says that the first ma- jor investment made by these young people is usually their own home. Young couples pore over Manhat- tan neighborhoods to find top-val- ue residences. Then they set up CHANGE IS GOOD. COMPLETE AND TOTAL TRANSFORMATION, BETTER. portfolios with a high level of diver- sification. There will be some THE NEWLY RENOVATED HYATT REGENCY O’HARE. stocks, but not many, and only in those companies that have been heavily researched—ditto for pri- vate investments. It’s a $60 million renovation as grand as the space. A dramatic atrium lobby welcomes guests to 10 floors of stunning One of the hottest investment décor and modern furnishings. There’s the sleek new O’H restaurant and Red Bar, plus a new 24-hour Stay Fit gym areas for the young wealthy is over- and Regency Club. And of course, state-of-the-art business capabilities, including 24-hour FedEx Kinko’s, Wi-Fi, seas stocks. Ms. Altfest and her col- a cutting-edge business center and spectacular new spaces for meetings large and small. Feel the Hyatt Touch.® leagues spend a lot of time research- For more information, call 847 696 1234 or visit ohare2007.hyatt.com. ing foreign enterprises, both private and public,for clients hungry for lu- crative opportunities. Most of these concerns are much cheaper than

April 2, 2007 | Crain’s New York Business | 23 CNYB 04-02-07 A 24 3/29/2007 12:33 PM Page 1

Serving the Long Island Business Community for Over 100 Years REPORT Outspending baby boomers

more on luxury goods than baby Outlays on luxury boomers do. goods and services According to a recent American Express Platinum Luxury Survey, Meeting your I Real Estate exceed parents’; the monied young are far more “in- challenges with I Financial and Professional Service Firms traveling in style vested in purchasing material goods.” The group spends 60% innovative I High Net Worth Individuals and Their Families more than baby boomers on fra- BY MARGARET JAWORSKI expertise in: I Manufacturing, Distribution and Retail grance, cosmetics and beauty prod- ucts; 33% more on entertainment; I Nonprofit Organizations marketers love Gen X- and Y-ers and 17% more on personal and I Litigation Services with money. health services. I Tina Wells, chief executive of Pam Danziger,president of Uni- Media and Entertainment Buzz Marketing Group, a tween- ty Marketing, is compiling a major teen research firm, is their idea of a report, Generations of Luxury, that dream customer. contrasts spending between age YOUNG The 26-year-old groups. Preliminary results show spends her self- that in 2006, wealthy consumers & WEALTHY made millions in- under 40 spent 31% more on per- dulging her pas- sonal luxury goods and 13% more on sion for fashion travel than their older counterparts Certified Public 622 Third Avenue 88 Froehlich Farm Blvd. and her fascina- did. Accountants and New York, NY 10017-6701 Woodbury, NY 11797-2921 tion with pop culture. “The Internet and globalization Consultants Tel 212 503 8800 Tel 516 992 5900 Fortunately, her busi- Fax 212 370 3759 Fax 516 992 5800 ness—trend-spotting for such clients as Sony BMG and Procter & Gamble—in- volves global travel, which allows Ms. Wells plenty of opportunities to do what she loves: shopping. Current clothiers of choice include Danish de- signer Ivan Grundahl and French firm Cotélac. Ms. Wells’ shoe collection—250 pairs and growing—con- tains $600 stilettos by Jimmy Choo, $400 boots by Cyd- woq and equally expensive fashion footwear by Karine PERFECT FIT: Arabian and Due Farina. Pro trend- spotter Tina Paying a lot to relax Wells shops for her other passion is well- some of her high-fashion ness.Ms.Wells spends about shoes at Iramo $1,000 a month on mas- in SoHo.

sages, facials and other spa buck ennis services, Pilates classes and organic food. means this group is well-versed in She also shells out $25,000-plus what good service and quality looks annually on spa vacations, which of- like,” says Meredith Kopit, pub- ten include a friend or one of her lisher of 02138, a luxury-lifestyle sisters as a guest. “I’m fashion-ob- magazine targeting “influentials” at sessed, but relaxing experiences are Harvard. the ultimate luxuries,” Ms. Wells “They want to customize their says. experiences and to call the shots,” Over the past decade, market re- Ms. Kopit says. “And if they don’t searchers and luxury marketers have get the service they expect, they’ll increasingly targeted the Tina Wells pick up and go elsewhere.” of the world: wealthy young con- Internet entrepreneur and new sumers who consistently spend millionaire Evan Bailyn, 25, agrees. I’LL TAKE IT Consumers’ likelihood of selecting luxury services rather than more ordinary offerings. EXPERIENTIAL LUXURIES 40 AND UNDER OVER 40 Travel and vacations 50% 45% Personal health services 44% 44% Restaurant dining 42% 31% Home services 26% 24% Source: Generations of Luxury, Unity Marketing CNYB 04-02-07 A 25 3/29/2007 12:32 PM Page 1

REPORT NEW YORK UNIVERSITY Outspending boomers Master’s Degree Information Session

“Service is one of the most impor- jet.“It eliminates the headaches and tant amenities I look for,” he says. delays of commercial travel,” Mr. Tuesday,April 17, 6-8 p.m. Nine months ago, he spent Freedman says. $100,000 plus a hefty annual main- That convenience comes at no tenance fee to join the Ritz-Carlton small cost. Club, which entitles him to three The major offering from New weeks’ vacation at the Ritz-Carlton York-based Marquis Jet is its card- If you’re interested in the power and prestige of an industry-focused Master’s degree from NYU, don’t miss this destination of his choice. holder program, in which partici- informative event. Meet faculty, nd out about admissions requirements, and get your questions answered. Explore the “The service is impeccable, and I pants pay $119,900 for 25 hours of ways an NYU Master’s can accelerate your career or open up new opportunities – all at the highest levels of professional always feel well-cared-for,”Mr.Bai- flight time on a private aircraft. achievement. Reserve your place today. lyn says. “It’s perfect for someone Since its founding in 2001, Mar- who isn’t ready to commit to a per- quis has signed up 3,000 people. manent vacation home.” “About 10% of our clientele are under 35,” says Ken Austin, Mar- Master’s Degrees Offered: quis Jet’s chief marketing officer. Private jets Ms. Wells at Buzz Marketing is • Construction Management • Digital Imaging and Design not likely to become a Marquis Jet • Direct and Interactive Marketing cut the delays cardholder anytime soon. NYU Midtown Center • Fundraising “Private jets aren’t my thing,” 11 W. 42nd Street, 10th Fl. (btwn. 5th and 6th Aves.) of commercial says Ms.Wells, who is content to fly • Global Affairs business or first class. • Graphic Communications Management and Technology travel She chooses hotels according to • Hospitality Industry Studies their atmosphere, amenities and lo- • Human Resource Management and Development For more information and to RSVP: cation. On a recent trip to London, • Management and Systems www.scps.nyu.edu/info she stayed at Myhotel Bloomsbury, • Public Relations and Corporate Communications a hip,feng shui-influenced boutique • Publishing 1-888-998-7204 Ryan Freedman,24,has no trou- property near Covent Garden. ble committing to a second vacation Her favorite form of travel is on • Real Estate home or a new $7 million apartment four wheels, in her customized, • Sports Business on the Upper East Side. $50,000 silver Nissan Murano. “I • Tourism and Travel Management Mr. Freedman, a real estate de- got that car before anyone else was veloper, and his fiancée, Angelina into it,” Ms. Wells says in her best American Management Association Anisimova, daughter of a Russian trend-spotter tone. “I like being 1601 Broadway, 8th Floor (at 48th Street) billionaire, represent the top tier of ahead of the curve.”

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REPORT WEALTHY NEW YORKERS

COMINGS AND GOINGS AMONG AREA BANKS DEBUT New York Commercial Bank, which acquired Atlantic Bank of New York last April, makes its first appearance on the Crain’s list. M&A TREND Interchange Financial Services and Hudson United Bancorp were acquired by TD Banknorth. LOSSES Bank of Tokyo-Mitsubishi UFJ Trust Co. reported a 14% decrease in assets, the largest drop. North Fork Bank experienced the biggest net income decline—a 96% drop. bekka lindström bekka New York Area’s Largest Commercial Banks Ranked by total assets

2006 2006 loan types (% of each) 2006 2006 total nonperformingnonper- loans 2006 2005 2006 2005 Non- loans forming assets assets net income net income Commercial residential outstanding loans % of Rank Bank Phone/Web site (in millions) (in millions) (in millions) (in millions)& industrial Comm11 ConsumerConsu22 ResidentialResi33 real estateNonres4 4 Other5 (in mil.)6 (in mil.) assets

J.P. Morgan Chase Bank N.A. (212) 270-6000 $1,179,390.0 $1,013,985.0 $9,919.0 $5,092.0 23.46% 17.69% 37.91% 6.11% 14.82% $421,833.0 $3,107.0 0.26% 270 Park Ave. www.jpmorganchase.com 1 New York, NY 10017 Citibank N.A. (212) 559-1000 $1,019,497.0 $706,497.0 $9,338.0 $8,830.0 23.53% 18.73% 33.58% 9.01% 15.24% $569,580.0 $2,981.0 0.29% 399 Park Ave. www.citibank.com 2 New York, NY 10022 HSBC Bank USA N.A. (212) 525-5000 $165,673.0 $150,679.5 $1,011.1 $1,016.4 18.61% 23.24% 45.99% 8.06% 4.10% $90,125.2 $302.7 0.18% 452 Fifth Ave. www.banking.us.hsbc.com 3 New York, NY 10018 Bank of New York (212) 495-1784 $85,952.0 $85,868.0 $2,638.0 $1,236.0 17.86% 0.92% 11.83% 2.44% 67.03% $30,726.0 $28.0 0.03% 1 Wall St. www.bankofny.com 4 New York, NY 10286 North Fork Bank (631) 844-1000 $57,902.9 $57,044.8 $37.5 $986.4 13.54% 4.70% 56.18% 23.75% 1.93% $40,015.1 $67.1 0.12% 245 Love Lane www.northforkbank.com 5 Mattituck, NY 11952 Deutsche Bank Trust Co. Americas (212) 250-2500 $39,737.0 $33,675.0 $361.0 $353.0 29.91% 2.81% 1.53% 1.87% 63.89% $11,703.0 $225.0 0.57% 60 Wall St. www.db.com 6 New York, NY 10005 TD Bank USA N.A. (212) 827-7000 $15,429.6 $10,449.5 $37.4 $84.7 56.42% 0.26% 41.67% 1.65% 0.00% $26.6 $0.0 0.00% 31 W. 52nd St. www.td.com 7 New York, NY 10019 Banco Popular North America (212) 417-6600 $12,245.9 $12,003.5 $94.3 $91.5 25.93% 4.78% 32.27% 29.61% 7.42% $8,786.5 $59.3 0.48% 7 W. 51st St. www.bancopopular.com 8 New York, NY 10019 United States Trust Co. N.A. 7 (212) 852-1000 $11,115.3 $7,511.8 $121.6 $10.5 0.84% 19.57% 71.15% 1.51% 6.93% $7,115.5 $0.9 0.01% 114 W. 47th St. www.ustrust.com 9 New York, NY 10036 Israel Discount Bank of New York (212) 551-8500 $8,823.0 $9,105.7 $29.4 $46.0 60.12% 3.75% 3.39% 17.20% 15.73% $3,171.4 $9.3 0.10% 511 Fifth Ave. www.idbny.com 10 New York, NY 10017 Bank Leumi USA (917) 542-2000 $5,761.0 $6,129.1 $22.0 $24.3 73.99% 0.03% 1.60% 12.15% 12.23% $3,027.3 $17.4 0.30% 579 Fifth Ave. www.leumiusa.com 11 New York, NY 10017 Signature Bank (646) 822-1500 $5,400.3 $4,384.9 $33.4 $15.9 44.74% 12.71% 20.04% 17.65% 5.02% $1,703.6 $8.5 0.16% 565 Fifth Ave. www.signatureny.com 12 New York, NY 10017 Commerce Bank/North (201) 825-1000 $4,670.1 $3,782.5 $63.4 $59.5 13.78% 1.89% 45.48% 35.17% 3.68% $1,185.2 $1.2 0.03% 1100 Lake St. www.commerceonline.com 13 Ramsey, NJ 07446 Amalgamated Bank (212) 255-6200 $4,502.7 $4,014.2 $62.0 $26.3 18.01% 0.52% 59.33% 22.09% 0.04% $1,838.2 $6.8 0.15% 275 Seventh Ave. www.amalgamatedbank.com 14 New York, NY 10001 Safra National Bank of New York (212) 704-5500 $4,376.6 $4,365.3 $30.1 $33.4 77.32% 4.74% 6.03% 6.48% 5.46% $1,708.7 $0.6 0.01% 546 Fifth Ave. www.safra.com 15 New York, NY 10036 Bank of Tokyo-Mitsubishi UFJ Trust Co. (212) 782-4000 $4,048.6 $4,708.6 $57.2 $30.6 61.80% 0.01% 0.02% 0.00% 38.18% $2,000.6 $0.0 0.00% 1251 Sixth Ave. www.mufg.jp/english/ 16 New York, NY 10020 Mizuho Corporate Bank (USA) (212) 282-3000 $3,678.5 $3,098.4 $47.2 $26.4 42.53% 0.00% 1.67% 0.00% 55.81% $2,294.2 $8.3 0.23% 1251 Sixth Ave. www.mizuhocbk.co.jp/english/ 17 New York, NY 10020

Continued

26 | Crain’s New York Business | April 2, 2007 Project3 3/1/07 5:49 PM Page 1

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REPORT WEALTHY NEW YORKERS

2006 loan types (% of each) 2006 2006 total nonperformingnonper- loans 2006 2005 2006 2005 Non- loans forming assets assets net income net income Commercial residential outstanding loans % of Rank Bank Phone/Web site (in millions) (in millions) (in millions) (in millions)& industrial Comm11 ConsumerConsu22 ResidentialResi3 3 real estateNonres4 4 Other5 (in mil.)6 (in mil.) assets

New York Commercial Bank 8 (631) 348-0888 $2,980.1 $608.7 $23.4 $2.7 22.38% 1.18% 16.59% 23.83% 36.05% $2,275.5 $1.5 0.05% 1601 Veterans Memorial Highway www.nycommercialbank.com 18 Islandia, NY 11749 Hudson Valley Bank (914) 961-6100 $2,165.8 $2,032.1 $35.1 $31.4 29.04% 1.97% 23.93% 44.16% 1.09% $1,167.6 $3.8 0.17% 35 East Grassy Sprain Road www.hudsonvalleybank.com 19 Yonkers, NY 10710 Intervest National Bank (212) 218-8383 $1,857.8 $1,598.4 $23.0 $17.4 0.05% 0.02% 42.24% 58.50% 0.00% $1,404.4 $1.0 0.05% 1 Rockerfeller Plaza www.intervestnatbank.com 20 New York, NY 10020 Sterling National Bank (212) 757-3300 $1,855.8 $1,963.1 $25.3 $27.2 48.23% 1.08% 13.44% 10.80% 26.44% $1,141.1 $6.0 0.32% 650 Fifth Ave. www.sterlingbancorp.com 21 New York, NY 10019 State Bank of Long Island (516) 437-1000 $1,786.7 $1,597.3 $14.0 ($35.1) 30.27% 1.15% 12.13% 49.23% 7.27% $983.7 $2.2 0.12% 699 Hillside Ave. www.statebankofli.com 22 New Hyde Park, NY 11040 Suffolk County National Bank (631) 208-2350 $1,392.4 $1,407.7 $22.9 $22.3 18.94% 11.55% 25.86% 42.28% 1.36% $889.7 $0.8 0.06% of Riverhead www.scnb.com 23 6 W. Second St. Riverhead, NY 11901 Interaudi Bank (212) 833-1000 $1,215.9 $1,120.6 $7.1 $6.9 30.84% 0.49% 27.93% 36.44% 4.63% $304.1 $0.0 0.00% 19 E. 54th St. www.interaudibank.com 24 New York, NY 10022 Union Center National Bank (908) 688-9500 $1,048.2 $1,098.8 $4.8 $8.4 10.63% 0.11% 50.86% 37.55% 0.85% $550.4 $0.5 0.05% 2455 Morris Ave. www.ucnb.com 25 Union, NJ 07083

Source: SNL Financial, Charlottesville, Va., (434) 977-1600, www.snl.com/bank; additional research by Denise Southwood and Sarah Studley New York area includes New York City and Nassau, Suffolk and Westchester counties in New York, and Bergen, Essex, Hudson and Union counties in New Jersey. To qualify for this list, institutions must meet the Federal Deposit Insurance Corp.’s definition of a commercial bank: banks with state or national charters that are supervised by the Comptroller of the Currency, the Federal Reserve or the FDIC; their U.S. headquarters must be in the New York area. All figures are for the bank unit only, not the holding company, and are for the calendar year. Figures other than those for loan types and nonperforming loans as a percentage of assets have been rounded to one decimal place. Nonperforming loans as a percentage of assets are based on unrounded numbers. Loan type percentages may not add to 100.00% in every instance due to calculation components being reported in thousands in the regulatory filings. 1-Total consolidated commercial and industrial loans as a percentage of total consolidated loans and leases (net of unearned income and gross of reserve). Includes loans made to small businesses. 2-Total consolidated consumer loans as a percentage of total consolidated loans and leases (net of unearned income and gross reserve). 3-Domestic office loans secured by one- to four-family residential properties and domestic office loans secured by multifamily residential properties (five or more units). 4-Consolidated total real estate loans less residential real estate loans. 5-Loans to depository institutions, agricultural production loans, foreign government loans, loans to state and political subdivisions, all other loans and total leases. 6-Total loans and lease financing receivables net of unearned income. 7-On March 27, 2007, Bank of America received approval to acquire U.S. Trust Corp. 8-On April 28, 2006, New York Community Bancorp acquired Atlantic Bank of New York.

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28 | Crain’s New York Business | April 2, 2007 CNYB 04-02-07 A 29 3/29/2007 8:26 PM Page 1

REPORT WEALTHY NEW YORKERS

TOP FIVE THRIFTS HOLD MOST ASSETS TOP FIVE The five largest thrifts account for 70% of the total assets of the institutions on this year’s Crain’s list. STARTUP Ameriprise Bank, established last September, joins the rankings as one of the largest thrifts, with $1.1 billion in assets. NEWCOMER Merrill Lynch Bank & Trust Co., which purchased First Franklin Financial Cos. last year, makes its first appearance on the list. bekka lindström bekka New York Area’s Largest Thrifts Ranked by total assets 2006 loan type (% of each) 20062006 Non- 2006 total nonperformingnonper- loans 2006 2005 Com- residential loans out- forming 2006 assets 2005 assets net income net income mercial & Con- Resi- real standing loans % of Rank Thrift Phone/Web site (in millions) (in millions) (in millions) (in millions) industrial1 sumer2 dential3 estate4 Other5 (in mil.)6 (in mil.) assets

Hudson City Savings Bank 7 (201) 967-1900 $35,507.5 $28,076.2 $277.6 $269.1 0.04% 0.01% 99.42% 0.52% 0.00% $19,100.1 $10.4 0.03% West 80 Century Road www.hcsbonline.com 1 Paramus, NJ 07652 New York Community Bank (516) 683-4100 $26,375.2 $25,623.5 $250.0 $314.2 0.73% 0.02% 79.06% 20.19% 0.05% $18,213.0 $19.7 0.07% 615 Merrick Ave. www.mynycb.com 2 Westbury, NY 11590

Astoria Federal Savings & Loan Association (516) 327-3000 $21,510.8 $22,229.3 $194.2 $248.8 0.15% 0.11% 91.46% 8.28% 0.00% $14,983.9 $59.8 0.28% 1 Astoria Federal Plaza www.astoriafederal.com 3 Lake Success, NY 11042

Merrill Lynch Bank & Trust Co. 8 (212) 449-1000 $14,291.7 $199.1 $55.6 $10.8 0.75% 0.01% 95.67% 3.57% 0.00% $10,454.1 $63.2 0.44% 4 World Financial Center www.merrilllynch.com 4 New York, NY 10080

Emigrant Bank (212) 850-4521 $13,805.9 $10,578.0 $161.5 $124.0 8.96% 0.45% 64.63% 17.62% 8.35% $6,673.8 $129.7 0.94% 5 E. 42nd St. www.emigrant.com 5 New York, NY 10017

Apple Bank for Savings (516) 869-7000 $6,034.5 $5,716.4 $69.5 $67.0 0.00% 2.28% 82.22% 15.54% 0.23% $1,128.9 $0.7 0.01% 1395 Northern Blvd. www.theapplebank.com 6 Manhasset, NY 11030

Provident Bank (201) 333-1000 $5,720.4 $6,010.5 $49.2 $55.6 5.12% 4.85% 55.88% 33.97% 0.20% $3,783.7 $7.3 0.13% 239 Washington St. www.providentbanknj.com 7 Jersey City, NJ 07302

Investors Savings Bank (973) 376-5100 $5,436.7 $5,132.5 $23.8 ($1.3) 0.00% 0.05% 96.17% 3.78% 0.00% $3,284.2 $11.8 0.22% 101 JFK Parkway www.isbnj.com 8 Short Hills, NJ 07078

Columbia Bank (201) 796-3600 $4,093.8 $3,810.0 $35.6 $37.5 5.07% 0.10% 64.06% 30.77% 0.00% $2,853.0 $9.3 0.23% 19-01 Route 208 North www.columbiabankonline.com 9 Fair Lawn, NJ 07410

Ridgewood Savings Bank (718) 240-4800 $3,320.5 $3,275.7 $22.1 $25.8 0.15% 0.21% 93.97% 5.64% 0.04% $1,995.0 $1.7 0.05% 71-02 Forest Ave. www.ridgewoodbank.com 10 Ridgewood, NY 11385

Dime Savings Bank of Williamsburgh (718) 782-6200 $3,118.6 $3,094.0 $34.0 $39.7 0.00% 0.07% 74.41% 25.52% 0.00% $2,703.3 $3.6 0.12% 209 Havemeyer St. www.dimewill.com 11 Brooklyn, NY 11211

Flushing Savings Bank FSB (718) 961-5400 $2,827.6 $2,345.7 $23.0 $24.7 2.87% 0.01% 70.34% 26.78% 0.00% $2,330.7 $3.1 0.11% 144-51 Northern Blvd. www.flushingsavings.com 12 Flushing, NY 11354

Penn Federal Savings Bank (973) 669-7366 $2,333.9 $2,159.3 $12.9 $17.9 0.92% 0.21% 90.80% 8.08% 0.00% $1,738.2 $2.0 0.08% 36 Ferry St. www.pennfsb.com 13 Newark, NJ 07105

Kearny Federal Savings Bank (201) 991-4100 $2,011.7 $2,023.7 $5.2 $15.9 0.30% 0.39% 80.69% 18.62% 0.00% $799.4 $0.9 0.04% 614 Kearny Ave. www.kearnyfederalsavings.com 14 Kearny, NJ 07032

Spencer Savings Bank SLA (800) 363-8115 $1,842.4 $1,728.0 $8.6 $13.4 1.19% 0.13% 85.47% 13.22% 0.00% $1,060.7 $0.3 0.01% 611 River Drive www.spencersavings.com 15 Elmwood Park, NJ 07407

Oritani Savings Bank (201) 664-5400 $1,523.9 $1,013.5 $8.0 $10.0 0.08% 0.06% 64.62% 35.25% 0.00% $677.6 $0.0 0.00% 370 Pascack Road www.oritani.com 16 Washington Township, NJ 07676

Northfield Bank (718) 448-1000 $1,293.6 $1,407.6 $10.8 $13.3 3.07% 0.88% 33.90% 62.03% 0.12% $409.2 $6.3 0.49% 1731 Victory Blvd. www.enorthfield.com 17 Staten Island, NY 10314

Continued

April 2, 2007 | Crain’s New York Business | 29 CNYB 04-02-07 A 30 3/29/2007 8:24 PM Page 1

REPORT WEALTHY NEW YORKERS

2006 loan type (% of each) 20062006 Non- 2006 total nonper-nonperforming loans 2006 2005 Com- residential loans out- forming 2006 assets 2005 assets net income net income mercial & Con- Resi- real standing loans % of Rank Thrift Phone/Web site (in millions) (in millions) (in millions) (in millions) industrial1 sumer2 dential3 estate4 Other5 (in mil.)6 (in mil.) assets

Emigrant Savings Bank - Manhattan (212) 748-7550 $1,280.6 $1,368.6 $11.8 $2.3 0.00% 2.51% 97.49% 0.00% 0.00% $62.9 $0.2 0.01% 261 Broadway www.emigrant.com 18 New York, NY 10007

Maspeth Federal Savings & Loan Association (718) 335-1300 $1,265.9 $1,250.6 $19.8 $25.0 0.12% 0.02% 70.46% 29.40% 0.00% $1,139.3 $11.2 0.89% 56-18 69th St. www2.maspethfederal.com 19 Maspeth, NY 11378

Boiling Springs Savings Bank (201) 939-5000 $1,160.5 $1,143.4 $7.5 $9.2 0.50% 0.10% 54.34% 45.13% 0.00% $828.5 $3.0 0.26% 25 Orient Way www.bssbank.com 20 Rutherford, NJ 07070

Emigrant Savings Bank - Bronx /Westchester (718) 329-2050 $1,127.5 $1,223.6 $9.7 $2.1 0.00% 8.68% 91.32% 0.00% 0.00% $26.9 $0.1 0.01% 2526 Grand Concourse www.emigrant.com 21 Bronx, NY 10458

Ameriprise Bank 9 (212) 437-8624 $1,059.9 n/m n/m n/m 0.00% 12.11% 87.89% 0.00% 0.00% $476.5 $0.0 0.00% 7 World Trade Center www.ameriprise.com 22 New York, NY 10007

Union County Savings Bank (908) 354-4600 $1,050.5 $1,052.1 $6.3 $12.0 0.00% 2.40% 90.93% 6.67% 0.00% $103.0 $0.1 0.01% 320 North Broad St. — 23 Elizabeth, NJ 07207

Synergy Bank (908) 272-3838 $981.2 $968.3 $4.2 $4.2 7.12% 18.85% 37.71% 36.31% 0.00% $770.9 $0.4 0.04% 310 North Ave. East www.synergyonthenet.com 24 Cranford, NJ 07016

Emigrant Savings Bank - Brooklyn/Queens (718) 677-8220 $822.8 $874.3 $5.6 $1.1 0.00% 1.51% 98.49% 0.00% 0.00% $87.1 $0.5 0.06% 1954 Flatbush Ave. www.emigrant.com 25 Brooklyn, NY 11234

Source: SNL Financial, Charlottesville, Va., (434) 977-1600, www.snl.com/bank; additional research by Denise Southwood and Sarah Studley New York area includes New York City and Nassau, Suffolk and Westchester counties in New York, and Bergen, Essex, Hudson and Union counties in New Jersey. To qualify for this list, institutions must meet the Federal Deposit Insurance Corp.’s definition of a savings bank or savings institution: banks or institutions with state or federal charters that are supervised by the FDIC or the Office of Thrift Supervision; their U.S. headquarters must be in the New York area. All figures are for the thrift only and are for the calendar year. Figures other than those for loan types and nonperforming loans as a percentage of assets have been rounded to one decimal place. Nonperforming loans as a percentage of assets are based on unrounded numbers. Loan type percentages may not add to 100.00% in every instance due to calculation components being reported in thousands in the regulatory filings. n/m Not meaningful. 1-Total consolidated commercial and industrial loans as a percentage of total consolidated loans and leases (net of unearned income and gross of reserve). Includes loans made to small businesses. 2-Total consolidated consumer loans as a percentage of total consolidated loans and leases (net of unearned income and gross reserve). 3-Domestic office loans secured by one- to four-family residential properties and domestic office loans secured by multifamily residential properties (five or more units). 4-Consolidated total real estate loans less residential real estate loans. 5-Loans to depository institutions, agricultural production loans, foreign government loans, loans to state and political subdivisions, all other loans and total leases. 6-Total loans and lease financing receivables net of unearned income. 7-On July 14, 2006, Hudson City Bancorp completed the acquisition of Sound Federal Bancorp. 8-On Dec. 30, 2006, Merrill Lynch & Co. acquired First Franklin Financial Cos. 9-Established Sept. 18, 2006.

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30 | Crain’s New York Business | April 2, 2007 Project12 3/28/07 2:14 PM Page 1 nb14p32_33cls_ALT.qxp 3/29/07 4:31 PM Page 32

BOOKKEEPING SERVICES FINANCIAL PLANNER PUBLIC & LEGAL NOTICES

Notice of Qualification of Prudential Bache Notice of Qualification of KTR Leasing LLC. NOTICE OF FORMATION of Animal Vocation Securities, LLC. Authority filed with Secy. of Authority filed with Secy. of State of N.Y. Resources, LLC. Articles of Organization State of NY (SSNY) on 12/31/03, as amended. (SSNY) on 1/10/07. Office location: NY filed with the Secretary of State of NY Office location: NY County. LLC formed in County. Principal business location: 140 (SSNY) on 1/12/07. Office location: NY Delaware (DE) on 3/10/03. SSNY designated Broadway, 43rd Fl., NY, NY 10005. LLC County. SSNY has been designated as as agent of LLC upon whom process against formed in Delaware (DE) on 12/13/04. SSNY agent upon whom process against it may it may be served. SSNY shall mail process to designated as agent of LLC upon whom be served. The Post Office address to BUSINESS SERVICES the principal office of the LLC: 1 New York process against it may be served. SSNY shall which the SSNY shall mail a copy of any Plaza, 13th Fl., Law Dept., NY, NY 10292. mail process to: c/o Corporation Service process against the LLC served upon Arts. of Org. filed with DE Secy. of State, Div. Company (CSC), 80 State Street, Albany, NY him/her is C/O the LLC, P.O. Box 4178, of Corps., Townsend Bldg., Dover, DE 19903. 12207. DE address of LLC: c/o CSC, 2711 Grand Central Station, New York, NY Purpose: any lawful activity. Centerville Road, Ste. 400, Wilmington, DE 10163. Purpose of LLC: to engage in any MAILING SERVICES 19808. Arts. of Org. filed with DE Secy. of lawful act or activity. Notice of Formation of Rizzo Management, State, 401 Federal St., Ste. 4, Dover, DE LLC, Art. of Org. filed Sec'y of State 19901. Purpose: any lawful activity. NOTICE OF FORMATION OF LIMITED LIABILITY Mailhouse (SSNY) 11/28/06. Office location: NY COMPANY. NAME: CHADERTON ADVISORS,LLC. County. SSNY designated as agent of LLC Notice of Qualification of Praesidian Capital Articles of Organization were filed with the Lettershop upon whom process against it may be Management II, LLC. Authority filed with NY Secretary of State of New York (SSNY) on Corporate served. SSNY shall mail copy of process # Political # Dept. of State on 3/5/07. Office location: NY 02/01/07. Office location: New York County. Printing to P.O. Box 923, NY, NY 10185-0923. County. LLC formed in Delaware (DE) on SSNY has been designated as agent of the Non-Profit Purpose: any lawful activities. Latest date 3/2/07. NY Secy. of State designated as agent LLC upon whom process against it may be 914.576.3553 Fulfillment 12/31/2056. of LLC upon whom process against it may be served. SSNY shall mail a copy of process www.newyorkbusiness.com www.ExStarSvc.com 24 hour service served. NY Secy. of State shall mail process to the LLC, 845 3rd Avenue, 6th Floor, New Notice of formation of CHINESE WAH LAI to the principal business address of the LLC: York, New York 10022. Purpose: For any LLC a NYS LLC Formation filed with SSNY 419 Park Ave. South, NY, NY 10016. DE lawful purpose. on 11/16/06. Off. Loc.: New York Co. SSNY address of LLC: c/o Corporation Service Co., designated as agt. of LLC, upon whom 2711 Centerville Rd., Ste. 400, Wilmington, Notice of Formation of 62 PEARL STREET REAL ESTATE process may be served. SSNY shall mail DE 19808. Arts. of Org. filed with DE Secy. of ASSOCIATES, LLC, a domestic Limited copy of process to: The LLC, 20-22 Mulberry State, 401 Federal St., Ste. 4, Dover, DE 19901. Liability Company (LLC). Articles of Street, New York, NY 10013. Purpose: Any Purpose: any lawful activity. Organization filed with Secretary of State OFFICE SPACE Lawful purposes. on 11/29/06. NY Office location NEW YORK Notice of Qualification of Tourneau, LLC. County. Secretary of State is designated as Notice of formation of DP 10 West 33RD LLC. Authority filed with NY Dept. of State on agent upon whom process against the LLC EXECUTIVE OFFICE SUITES Arts. Of Org. filed with Secty. Of State of NY 3/6/07. Office location: NY County. LLC may be served. Secretary of State shall (SSNY) on 3/21/2003. Office location: New formed in Delaware (DE) on 3/1/07. NY mail a copy of any process against the LLC York County. SSNY designated as agent of Secy. of State designated as agent of LLC served upon him/her to C/O THE LLC, 211 212.573.0909 LLC upon whom process against it may be upon whom process against it may be W. 56TH STREET, STE. 10M, NEW YORK, served. SSNY shall mail process to: c/o Diane served. NY Secy. of State shall mail process NY 10019. Purpose: To engage in any lawful Pachetti, 485 Park Ave., NY, NY 10022. to: 3 E. 54th St., NY, NY 10022, principal act or activity. FurnishedOfficesNYC.com Purpose: any lawful activity. business address of the LLC. DE address of LLC: c/o Corporation Service Co., 2711 DCD ASSET MANAGEMENT LLC App. For Notice of Formation: 192 Surf LLC. Art. of Centerville Rd., Ste. 400, Wilmington, DE Auth. filed NY Sec. of State (SSNY) 2/23/07. Org. filed with Sec. of State of NY (SSNY) 19808. Arts. of Org. filed with DE Secy. of LLC was organized in DE on 11/18/05. Office 110 East 55th Street Between Park & Lexington Avenues on 2/22/07. Office loc.: New York County. State, 401 Federal St., Ste. 4, Dover, DE 19901. in NY Co. SSNY desig. As agent of LLC upon SSNY designated as agent of LLC upon Purpose: any lawful activity. whom process may be served. SSNY to mail whom process against it may be served. copy of process to 11 E. 44th St., Ste. 901, One-Of-A-Kind Penthouse In The SSNY shall mail process to: c/o David Selig, Notice of Qualification of Key Energy Services, NY, NY 10017. Principal office at 2711 529 West 42nd Street, Suite 9-M, NY, NY LLC. Authority filed with NY Dept. of State on Centerville Rd., Ste. 400, Wilmington, DE 10036. Purpose: Any lawful activity. 1/17/07. Office location: NY County. LLC 19808. Cert. of Org. filed with SSDE, John G. formed in Texas (TX) on 12/31/06. Secy. of Townsend Bldg., 401 Federal St., Dover, DE Notice of Qualification of AGBH Holtsville, State designated as agent of LLC upon whom 19901. Purpose: Any lawful purpose. L.L.C. Authority filed with NY Dept. of State on process against it may be served. Secy. of 3/8/07. Office location: NY County. Principal State shall mail process to: c/o CT Notice of Formation of 65-15 ALDERTON, business address: c/o Angelo Gordon & Co., Corporation System, 111 8th Ave., NY, NY LLC, a foreign Limited Liability Company L.P., 245 Park Ave., 26th Fl., NY, NY 10167. 10011, registered agent upon whom process (LLC). Articles of Organization filed with LLC formed in Delaware (DE) on 2/22/07. NY may be served. TX and principal business Secretary of State on 1/17/07. NY Office Secy. of State designated as agent of LLC address of the LLC: 1301 McKinney, Ste. location: NEW YORK County. Secretary of upon whom process against it may be served. 1800, Houston, TX 77010. Arts. of Org. filed State is designated as agent upon whom NY Secy. of State shall mail process to: CT with TX Secy. of State, 1019 Brazos, Austin, process against the LLC may be served. Corporation System, 111 8th Ave., NY, NY TX 78701. Purpose: any lawful activity. Secretary of State shall mail a copy of any Spectacular 3,200 sf 10011, registered agent upon whom process process against the LLC served upon 180%Views Fully Furnished may be served. DE address of LLC: c/o The THREE KAYAS LLC Articles of Org. filed him/her to C/O THE LLC, 21 E. 40TH ST., Corporation Trust Co., 1209 Orange St., NY Sec. of State (SSNY) 11/7/06. Office in 12TH FL., NEW YORK, NY 10016. Purpose: Wilmington, DE 19801. Arts. of Org. filed with NY Co. SSNY desig. agent of LLC upon To engage in any lawful act or activity. Also available DE Secy. of State, 401 Federal St., Dover, DE whom process may be served. SSNY shall 3,200 sf TOWER FLOOR 19901. Purpose: any lawful activity. mail copy of process to 257 W. 39th St., DIGITAL PHALANX, LLC, Articles of Org. filed 3 Elevator Banks To Studios 39 - 10th Fl., NY, NY 10018-3106. N.Y. Sec. of State (SSNY) 17th day of January, The Ultimate Medical, Financial Notice of Formation of RHR West 100th Street Purpose: Any lawful purpose. 2007. Office in New York Co. at 9 East 75th Or Professional Suite. LLC. Arts. of Org. filed with Secy. of State of Street, Suite 2C, New York, New York 10021. Notice of Qualification of Squam Ventures, SSNY desig. agt. upon whom process may be Owned & Managed by FULL FLOORIDENTITY NY (SSNY) on 3/31/06. Office location: NY County. SSNY designated as agent of LLC LLC, App. for Auth. filed Sec'y of State served. SSNY shall mail copy of process to 9 upon whom process against it may be served. (SSNY) 10/31/02. Office location: NY East 75th Street, Suite 2C, New York, New For information call: SSNY shall mail process to: c/o CT Corporation County. LLC org. in DE 10/30/02. SSNY York 10021. Reg. Agt. upon whom process 212-319-3458 System, 111 8th Ave., NY, NY 10011, registered designated as agent of LLC upon whom may be served: Spiegel & Utrera, P.A., P.C. 45 BROKERS e-mail: [email protected] agent upon whom process may be served. process against it may be served. SSNY John Street, NYC 10038 1 800 576-1100 PARTICIPATION WELCOME Purpose: any lawful activity. shall mail copy of process to 645 Fifth Ave., Purpose: Any lawful purpose. 18th Fl., NY, NY 10022, the principal office Notice of Formation of Jubilee Time addr. of LLC. Cert. of Form. on file: SSDE, INVESTMENT PROPERTIES OFFICE SPACE Productions, LLC, Art. of Org. filed Sec'y of Townsend Bldg., Dover, DE 19901. State (SSNY) 1/19/07. Office location: NY Purpose: any lawful activities. Coming Up BANKRUPTCY AUCTION MIDTOWN COMMERCIAL County. SSNY designated as agent of LLC on the Calendar Bid Deadline: April 18, 2007 REAL ESTATE upon whom process against it may be served. Notice of Formation of Manhattan Auction Date: May 1, 2007 For All office & loft SPACES SSNY shall mail copy of process to Shukat Endocrinologist PLLC. Arts. of org. filed with 500-50,000 SF Arrow Hafer Weber & Herbsman LLP, Attn: Secy. of State of N.Y. (SSNY) on 1/25/07. 10+/- Acres of Developable Land Allen Arrow, 111 West 57th St., Ste. 111, NY, Office location: NY County. Principal business UNDER MARKET SUBLETS-NO FEE! April 16th 197-225 North Street NY 10019. Purpose: any lawful activities. address: 130 West 12th Street, Ste 7D, NY, Search our listings @ www.midcomre.com NY 10011. SSNY designated as agent of Real Estate Kingston, NY Call Paul 212 947-5500 x 100 Notice of Formation of DPA HAVEN, LLC. PLLC upon whom process against it may • 10+/- Acres of Developable Land Arts. of Org. filed with Secy. of State of NY be served. SSNY shall mail copy of any (SSNY) on 1/14/2005. Office location: NY process against PLLC served upon: 43 April 23rd • Located in the Center County. SSNY designated as agent of LLC Greenwich Avenue, Apt. 1, NY, NY 10014. or Large-Scale Redevelopment Plan LUXURY upon whom process against it may be Purpose: to practice medicine. International Business served. SSNY shall mail process to: c/o • Located in RRR Zone–a One-Family Residential District PROPERTIES The Dermot Company, 320 W. 57th St., Notice of Qualification of Lion Hound Capital 5th Fl., NY, NY 10019. Term: until 1/7/2099. GP LLC. Authority filed with NY Dept. of State • 2006 RE Taxes–$1,502.15 MIAMI BEACH/FLORIDA Purpose: any lawful activity. on 1/17/07. Office location: NY County. LLC April 30th formed in Delaware (DE) on 1/11/07. NY Secy. The New York Film Excellent Opportunity Notice of Formation of 164-11 Jamaica of State designated as agent of LLC upon TRUMP OCEANFRONT CONDOS for Investors and Developers Avenue LLC. Arts. of Org. filed with NY Dept. whom process against it may be served. NY Industry OWN YOUR LUXURY CONDO TODAY! of State on 2/27/07. Office location: NY Secy. of State shall mail process to the principal TRUMP GRANDE & TRUMP TOWERS County. Secy. of State designated as agent of business address of the LLC: 106 Seventh Buy directly from the Developer & Save $$ LLC upon whom process against it may be Ave., #2A, NY, NY 10011. DE address of LLC: Keen Realty, LLC Furnished Condo Hotel units from $325k served. Secy. of State shall mail process to: c/o The Corporation Trust Co., 1209 Orange May 7th 516-482-2700 1-4 Bedrm Residential Condos from $875k c/o Wharton Realty, 20 E. 46th St., Ste. 1200, St., Wilmington, DE 19801. Cert. of Form. filed keenconsultants.com Meeting Planners Guide Ask for details on our FLY-BUY Program NY, NY 10017, principal business address of with DE Secy. of State, Townsend Bldg., Dover, Call Exclusively Baronoff 305.213.3606 the LLC. Purpose: any lawful activity. DE 19901. Purpose: any lawful activity.

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PUBLIC & LEGAL NOTICES EXECUTIVE RECRUITER

Little Green Dreams LLC formation notice. Notice of Formation of Mommies On Demand, Notice of Qualification of PCA Real Estate POSITION AVAILABLE Articles Organization filed w/ NY Sec. State LLC. Articles of Org. filed with NY Sec. of Asset Management, LLC. Authority filed with 12/15/06. LLC office in NY county. NY State (“SSNY”) on 8/1/06. Office in New NY Dept. of State on 3/20/07. Office location: Account Executive - Sec. State designated as agent upon whom York County. SSNY is designated agent for NY County. LLC formed in Delaware (DE) on Modern Healthcare/Modern Physician process against LLC may be served. Principal service of process. SSNY shall mail process 2/5/07. NY Secy. of State designated as agent LLC & Post Office address to which NY to principal business address: 440 West End of LLC upon whom process against it may be Sec. State shall mail copy of any process Avenue, Suite 14C, NY, NY 10024. Purpose: served. NY Secy. of State shall mail process Modern Healthcare, a weekly business magazine for top healthcare against LLC served upon: 601 W57 St. 38c, Any lawful purpose. to: One Market St., Spear Tower Suite 3600, industry executives, is seeking a motivated Account Executive to San Francisco, CA 94105, principal business NY, NY 10019. LLC purpose: To engage in handle print and online sales for the East Coast territory. This person any lawful act or activity. NEW YORK BURGER CO. FRANCHISING address of the LLC. DE address of LLC: c/o LLC Articles of Org. filed NY Sec. of State Corporation Service Co., 2711 Centerville Rd., will be located in the New York City office. Ideal candidate should Notice of Formation of GRYPHON NEW (SSNY) 2/15/07. Office in New York Co. Ste. 400, Wilmington, DE 19808. Arts. of Org. display excellent written and verbal communication skills and display YORK LLC. Arts. of Org. filed with Secy. of SSNY desig. agent of LLC upon whom filed with DE Secy. of State, 401 Federal St., strong time management and organizational skills. This position Dover, DE 19901. Purpose: any lawful activity. State of N.Y. (SSNY) on 6/14/06. Office process may be served. SSNY shall mail requires strong prospecting skills and 50% travel. Must have 3 - 5 location: NY County. Principal business copy of process to Einbinder & Dunn LLP, years related sales experience and knowledge of the healthcare location: 80 West 40th St., Ste. 52, NY, NY 104 W. 40th St., NY, NY 10018. Purpose: Notice of Formation of QUIK PARK BLOOM 10018. SSNY designated as agent of LLC Any lawful purpose. LLC. Arts. of Org. filed with Secy. of State industry is a plus. Please respond with salary history, cover letter upon whom process against it may be served. of N.Y. (SSNY) on 1/23/07. Office location: and resume at our Web site at www.crain.com. SSNY shall mail process to: Rubin, Di Paola Notice of Formation Regatta New York Realty I, NY County. SSNY designated as agent of & Di Paola, 405 Park Avenue, Ste. 802, NY, LLC art. of org. filed Secy. of State NY (SSNY) LLC upon whom process against it may be Crain Communications, Inc offers a competitive salary and benefits, profit NY 10022. Purpose: any lawful activity. 10/24/06. Off. loc. in NY Co. SSNY designated served. SSNY shall mail process to: The as agent of LLC upon whom process may be LLC, 247 W. 37th St., 6th Fl., NY, NY 10018. sharing, and a friendly work environment. We thank you for your interest Notice of Qualification of Cedar Hill Real Estate served. SSNY shall mail copy of process to: Purpose: any lawful purpose. in Crain Communications and invite you to continue to visit our Web site GP, LLC. Authority filed with Secy. of State of 300 Rector Pl, Ste 3R, NY, NY 10280. as positions are updated regularly. N.Y. (SSNY) on 1/24/07. Office location: NY Purpose: Any lawful purpose. County. LLC formed in Delaware (DE) on Notice of Formation The Center for Cultural 1/8/07. SSNY designated as agent of LLC Competency and Professional Development, Crain Communications is an equal opportunity employer. upon whom process against it may be served. Notice of Qualification of ADG L5 Dev. Co. LLC art. of org. filed Secy. of State NY (SSNY) LLC, App. for Auth. filed Sec'y of State SSNY shall mail process to principal business 1/23/07. Off. loc. in NY Co. SSNY designated POSITION AVAILABLE location: Amachie Ackah, 747 Third Avenue, (SSNY) 5/30/06. Office location: NY County. as agent of LLC upon whom process may be To place your classified LLC org. in DE 6/20/05. SSNY designated as served. SSNY shall mail copy of process to: 33rd Fl., NY, NY 10017. DE address of LLC: Research Analyst focusing on HY credit c/o Corporation Service Company, 2711 agent of LLC upon whom process against it 900 Riverside Dr, 6F, NY, NY 10032. Purpose: Centerville Road, Ste. 400, Wilmington, DE may be served. SSNY shall mail copy of Any lawful purpose. with emphasis on healthcare, auto and retail. ad call John Gallagher 19808. Arts. of Org. filed with DE Secy. of process to c/o Alexander S. Ludwig, 645 NYC job location. Written résumés only. Madison Ave., 14th Fl., NY, NY 10022. DE State, 401 Federal St., Dover, DE 19901. Notice of Formation of 40 Mercer LLC. Arts. Millennium Partners LP, attn: Lana Portnoy, @ 212-210-0189 Purpose: any lawful activity. office addr.: Form-a-corp (DE) LLC, 901 666 Fifth Ave., 8th fl., NY, NY 10103 Market St., Wilmington, DE 19801. Cert. of of Org. filed with NY Dept. of State on 2/2/07. Office location: NY County. Secy. of Notice of Formation of WARREN & NEPHEW, Form. on file: SSDE, Townsend Bldg., Dover, DE 19901. Purpose: any lawful activities. State designated as agent of LLC upon LLC, a domestic Limited Liability Company whom process against it may be served. (LLC). Articles of Organization filed with Secy. of State shall mail process to: c/o Secretary of State on 4/9/03. NY Office Notice of Formation of Loft Brands L.L.C. Arts. Marianne Schmitt Hellauer, DLA Piper US location: NEW YORK County. Secretary of of Org. filed with Secy. of State of NY (SSNY) LLP, 6225 Smith Ave., Baltimore, MD 21209. State is designated as agent upon whom on 5/19/06. Office location: NY County. SSNY Purpose: any lawful activity. process against the LLC may be served. designated as agent of LLC upon whom Secretary of State shall mail a copy of any process against it may be served. SSNY shall Notice of Formation of Lighthouse Life process against the LLC served upon him/her mail process to: Bruce J. Grossman, Esq., 301 Agency, LLC. Arts. of Org. filed with NY to C/O DOUGLAS A. LOBEL, P.C., 25W. 43RD Market St., Lemoyne, PA 17043. Purpose: any Dept. of State on 2/13/07. Office location: ST. NEW YORK, NY 10036. Purpose: To lawful activity. NY County. Principal business address: 420 engage in any lawful act or activity. Notice of formation of OPM MANHATTAN Lexington Ave., Ste. 1430, NY, NY 10170. LLC a NYS LLC Formation filed with SSNY Secy. of State designated as agent of LLC NOTICE OF FORMATION OF The upon whom process against it may be WonderFactory LLC. Articles of Organization on 12/23/05. Off. Loc.: New York Co. SSNY designated as agt. of LLC, upon whom process served. Secy. of State shall mail process to: filed with the Secretary of State of New York c/o Stursberg & Associates, LLC, 405 (SSNY) on 02/24/2005. N.Y. Office Location: may be served. SSNY shall mail copy of process to: The LLC, 99 John St., #2310, NY, NY 10038. Lexington Ave., Ste. 4949, NY, NY 10174. New York County. SSNY has been designated Purpose: any lawful activity. as agent of LLC upon process against it may Purpose: Any Lawful purposes. be served. The P.O. address to which the SSNY shall mail a copy of any process Notice of Formation of Kenmare Square Name of LLC: 517 EAST 82ND STREET LLC. against the LLC served upon him/her is C/O Associates, LLC; Arts of Org., filed with NY Arts. of Org. filed NY Sec. of State 10/10/06. the LLC David K. Leitner Esq., Troutman Sec. of State (“SSNY”) 06/01/2004. Office in Princ. off. loc.: NY Cty. Sec. of State designated Sanders LLP., 405 Lexington Avenue, New NY County; SSNY designated agent for service as agent of LLC upon whom process against it CHAUFFEURED TRANSPORTATION York, NY 10174. The Address of the LLC is of process with copy mailed to Thomas J. may be served. Sec. of State shall mail a 28 West 25th Street, New York, NY. 10010. Malmud, Esq., c/o Pryor Cashman Sherman & copy of process to the LLC: c/o Centaur Purpose of LLC: any lawful act or activity. Flynn LLP, 410 Park Avenue, 10th Floor, New Properties LLC, 551 Madison Ave., NY, NY DESTINATION? York, NY 10022, All lawful business purposes. 10022. Purpose: any lawful activity. Notice of Qualification of Rector 469 LLC. Anytime. Anywhere. Authority filed with NY Dept. of State on Notice of Qualification of EOS Education, Notice of Formation of 310 LEX PARKING 10/30/06. Office location: NY County. LLC Outcomes, Science LLC. Authority filed with MGMT LLC. Arts. of Org. filed with Secy. of formed in Delaware (DE) on 10/17/06. Secy. NY Dept. of State on 3/1/07. Office location: NY State of N.Y. (SSNY) on 1/11/07. Office Business Meetings and Events, of State designated as agent of LLC upon County. Principal business address: 437 location: NY County. SSNY designated as Road Shows, and 18-hour days; whom process against it may be served. agent of LLC upon whom process against it Madison Ave., NY, NY 10022. LLC formed in we know where you’re coming from Secy. of State shall mail process to the principal Delaware (DE) on 12/4/03. NY Secy. of State may be served. SSNY shall mail process to: business address of the LLC: c/o Williams designated as agent of LLC upon whom c/o Aronauer, Goldfarb, Re & Yudell, LLP, and we know how to get you there. Real Estate Co. Inc., 380 Madison Ave., NY, process against it may be served. NY Secy. of 444 Madison Avenue, 17th Fl., NY, NY Anytime. Anywhere. NY 10017, Attn: General Counsel. DE address State shall mail process to: Corporation Service 10022, Attn: Michael S. Scher. Purpose: of LLC: c/o Capitol Corporate Services, Inc., Co. (CSC), 80 State St., Albany, NY 12207. DE any lawful purpose. 15 E. North St., Dover, DE 19901. Cert. of address of LLC: c/o CSC, 2711 Centerville Rd., Commonwealth Worldwide provides Form. filed with DE Secy. of State, Div. of Wilmington, DE 19808. Arts. of Org. filed with Corps., Townsend Bldg., Dover, DE 19901. Notice of formation of Limited Liability premium chauffeured transportation DE Secy. of State, Loockerman & Federal Sts., Company (LLC). The Treats Truck, LLC. L.L.C. services for discriminating corporate Purpose: any lawful activity. Dover, DE 19901. Purpose: any lawful activity. Articles of Organization filed with the Secretary clients including senior executives, of State of NY (SSNY) on 12/6/06 N.Y. Office Notice of Qualification of The Carlyle and private aviation passengers. Apartments LLC. Authority filed with Secy. of Notice of Qualification of AGBH Versailles, location: NY County. Business location. SSNY State of N.Y. (SSNY) on 1/16/07. Office location: L.L.C. Authority filed with NY Dept. of State on has been designated as an agent upon whom process against it may be served. The Post NY County. Principal business location: 7701 3/8/07. Office location: NY County. Principal Celebrating Our 25th Year Forsyth, Suite 1025, St. Louis, MO 63105. business address: c/o Angelo Gordon & Co., Office address to which the SSNY shall mail a LLC formed in Delaware (DE) on 1/10/07. L.P., 245 Park Ave., 26th Fl., NY, NY 10167. copy of any process against the LLC served 1982-2007 SSNY designated as agent of LLC upon LLC formed in Delaware (DE) on 2/22/07. NY upon him/her is C/O the LLC. 100 Bank Street, whom process against it may be served. Secy. of State designated as agent of LLC #3A NY, NY 10014. The Principal Business SSNY shall mail process to: c/o Corporation upon whom process against it may be served. Address of the LLC is: 100 Bank Street, Service Company, 80 State Street, Albany, NY NY Secy. of State shall mail process to: CT #3A NY, NY 10014. Purpose/character of 12207. DE address of LLC: 2711 Centerville Corporation System, 111 8th Ave., NY, NY LLC: a bakery business specializing in special Road, Ste. 400, Wilmington, DE 19808. Arts. 10011, registered agent upon whom process orders for pick-up and delivery and service of Org. filed with DE Secy. of State, 401 may be served. DE address of LLC: c/o The from a mobile retail bakery truck. Federal St., Dover, DE 19901. Purpose: any Corporation Trust Co., 1209 Orange St., Wilmington, DE 19801. Arts. of Org. filed with lawful activity. NOTICE OF REGISTRATION of Holtzman DE Secy. of State, 401 Federal St., Dover, DE Helfman, LLP. Certificate filed with the NY 19901. Purpose: any lawful activity. Notice of Formation of TMG Dobie Center Department of State on 4/22/05. Office LLC. Arts. of Org. filed with Secy. of State Location: NY County. SSNY designated as of NY (SSNY) on 1/20/06. Office location: Notice of Formation: AYAT, LLC. Art. of Org. agent of LLP with whom process of service NY County. SSNY designated as agent of filed with Sec. of State of NY (SSNY) on 11/3/06. may be served. SSNY shall mail copy of LLC upon whom process against it may be Office loc.: NY County. SSNY designated as process to Harriet Holtzman, 345 Eighth The World’s #1 Chauffeured Transportation Company served. SSNY shall mail process to: c/o The agent of LLC upon whom process against it Avenue, #5F, New York, NY 10001. Principal Modlin Group LLC, 130 W. 57th St., NY, NY may be served. SSNY shall mail process to: Business Address: 350 Seventh Avenue, 10019, Attn: Avery Modlin. Purpose: any 1623 Third Ave., Suite 23-K, NY, NY 10128. Suite 604, New York, NY 10001. Purpose: lawful activity. Purpose: Any lawful activity. any lawful activities 866.770.1677 or 718.706.5500 • commonwealthlimo.com

April 2, 2007 | Crain’s New York Business | 33 Project4 12/15/06 11:35 AM Page 1

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BUSINESS The old Access Hollywood site was just “AP stories and press releases.” –David Blair Epstein, NBC Universal, Page 37 buck ennis

GOTHAM GIGS Green day BILL DEACON, 34, knows a lot about grass.The Mets’ head groundskeeper keeps the field at Shea Stadium lush and smooth. Big-league grounds- keepers typically earn $75,000 to $85,000 annually. COAST TO COAST Mr. Deacon, born and raised in Canada, majored in turfgrass manage- ment at Penn State. After two years with the Long Island Ducks and four years with the L.A. Dodgers and San Diego Padres, he got a call from the Mets two years ago. “There are only 30 jobs, so when one opens, it’s something you’ve got to consider,” he says. DIRTY, DIRTY To patch divots, he uses Kentucky Blue Grass, which he grows in sod farms in the bullpen and behind the outfield wall. He also likes to work with the infield dirt: “It’s less science, more art.” ON THE JOB The Yankees’ groundskeepers perform a “YMCA”routine as part of their fifth-inning primping of the field; Mr. Deacon’s crew doesn’t engage in mid-game entertainment. “We just try to go out there and help improve game conditions,” he says. —adrianne pasquarelli

EXPERT OPINIONS SETTING THE TABLE: “If I have the resources, I want HOW DO I KNOW things with my name on them to be successful,” says IF I HAVE BEDBUGS? Loews Hotels CEO check mattress seams and Jonathan Tisch. sheets for dark spots from droppings and red smudge buck ennis marks from blood, and check cracks and crevices around the bed for bugs. People traveling often should check luggage; bedbugs can climb aboard a All-business authors suitcase and get off at the next stop. Bites will appear on body parts exposed in sleep—feet, CEOs get recognition, brand extension ankles, arms and necks for those who wear pajamas, and BY MATTHEW FLAMM everywhere for those who don’t. One can get rid of small n a wednesday evening last month, more than 400 movers and infestations by washing and shakers braved frigid weather to sip cocktails inside the glittering vacuuming everything, but Four Seasons Grill Room. Media mogul Barry Diller, football great hire a licensed exterminator Tiki Barber and financier Saul Steinberg were among the guests. for larger problems. 222,000 —dan kass The occasion that brought out New York’s A-list was the launch COPIES SOLD Assistant not of a major company or blockbuster movie but of a book: commissioner, Chocolates on the Pillow Aren’t Enough: Reinventing the Customer Recent book by Donald Department of Trump and Robert Health and Experience, by Loews Hotels Chief Executive Jonathan Tisch. Mental Hygiene This is the world of CEO books, which is See CHIEF on Page 36 Kiyosaki is a best seller O April 2, 2007 | Crain’s New York Business | 35 CNYB 04-02-07 A 36 3/29/2007 8:14 PM Page 1

BUSINESS LIVES

media mention and he says, ‘I’m CEO of Loews Hotels,’ it creates a Chief executive authors mean business broader awareness of his product with business travelers,” says Todd Continued from Page 35 Sattersten, vice president of 800- like no other corner of the publish- CEO-Read, an online bookseller ing universe. Here, writers are su- SALES OF HARDCOVER BOOKS PENNED BY CEOS devoted to business titles. perstars with money but no time. The rewards of authorship include A teaching role the usual ones of ego gratification mr. tisch says that though his and self-fulfillment, as well as the books might raise Loews’profile,his less usual benefit of brand extension. primary motivation has been “put- The bottom line: CEO authors ting out ideas that can help people.” will not be ignored. He’s not alone in liking that part “If I have the resources, I want of being an author.“It’s a bit like be- things that have my name on them ing a teacher,” says Donald Trump to be successful,” says Mr. Tisch, in an e-mail about why he writes. whose latest book is his second ef- Books also let executives explain fort with co-writer Karl Weber. 33,000 32,000 9,000 3,000 1,000 their jobs to people outside their in- Money, power and great media COPIES COPIES COPIES COPIES COPIES dustry. connections can indeed successfully “I think a lot of people don’t un- focus attention on a book.Mr.Tisch The Power of Nice Setting the Table The Power of We Chocolates on the Minority Rules derstand exactly what public rela- got to discuss Chocolates on the Pil- by Linda Kaplan Thaler by Danny Meyer by Jonathan Tisch and Pillow Aren’t Enough by Kenneth Arroyo tions people do,”says Kathy Bloom- low, and his ideas on business in and Robin Koval Karl Weber by Jonathan Tisch and Roldan and Gary Stern garden, chief executive of PR giant general, on all the major television Karl Weber Ruder Finn,whose book,Trust:The networks, and mentions of the Four Source: Nielsen BookScan Secret Weapon of Effective Business Seasons party appeared in the Dai- Leaders,has just been published.“[A ly News, New York Observer and The book] shows the way you think.” New York Times. colleagues to be put off by the extra Linda Kaplan Thaler,chief exec- can’t expect they’re going to do the Becoming an author can also be Though chiefs have advantages, time I was spending [writing],” says utive of Kaplan Thaler Group, got a whole job for you.” a good thing for executives who are they also face obstacles. the chief executive of the Union head start on promotion when she Doing it yourself isn’t cheap. An still working to leave their mark. They are busier than most peo- Square Hospitality Group. and the president of the advertising ambitious publicity campaign can Kenneth Arroyo Roldan,head of ple, or at least they try to appear to Mr. Meyer’s efforts paid off. His agency, Robin Koval, co-authored cost from $50,000 to $80,000, ac- executive search firm Wesley Brown be.And because they’re beholden to book appeared on the extended New The Power of Nice: How to Conquer cording to Rick Frishman, presi- & Bartle, wrote Minority Rules: business partners, shareholders or York Times best-seller list and sold the Business World with Kindness. dent of Planned Television Arts, a Turn Your Ethnicity into a Competi- employees, they must steal private 32,000 hardcover copies, according publicity firm that handles many tive Edge with Gary Stern. moments—Mr. Tisch’s practice is to Nielsen BookScan, which tracks Handling it CEO titles. Whatever its benefit to readers, to go without sleep—to write. about 70% of the retail market.That they sent 1,000 advance copies to Moreover, media attention does the book has opened doors for Mr. For the four years he worked on figure doesn’t include so-called spe- Buzz Agent, a PR firm that special- not guarantee sales.Despite nation- Roldan. Since it was published last Setting the Table: The Transforming cial sales—copies bought for em- izes in word-of-mouth marketing. wide coverage, Chocolates on the Pil- fall,he has received speaking invita- Power of Hospitality in Business, ployees or customers, or sold at The two executives also invested in low has sold only 3,000 copies since tions from Microsoft, AstraZeneca restaurateur Danny Meyer made events—which can run into the print and radio ads, and they hired going on sale in late February, ac- and Interpublic Group. sure that almost nobody noticed. thousands for a business title. two firms to handle publicity in cording to Nielsen. “[The book] is like a business He wrote during the summer when CEO authors are also likelier concert with publisher Doubleday Even so, CEOs aren’t fools—no card for me,” Mr. Roldan says. “I his family was away and whenever than other writers to take the lead in Currency. matter how much they pay to push take it everywhere I go.” he was on a plane. the publishing process. After all, “The publishers have lots of ti- their books. “I didn’t want my family or my they’re used to being in charge. tles,” Ms. Kaplan Thaler says. “You “Every time [Mr. Tisch] gets a COMMENTS? [email protected]

THE WEEKS AHEAD

THIS WEEK’S EVENTS APRIL 4 Hall, fourth floor, James Room. Free. meeting. 6:30 p.m. to 8:30 p.m., Center Plaza. Fee: $269. APRIL 3 NYC Midtown Coaching Center holds (212) 854-4214 or [email protected]. MetLife, 260 Madison Ave., 10th floor. (212) 546-4625. Bedford Stuyvesant Restoration Corp. seminar on branding for your business. APRIL 11 Fee: $10 members, $20 nonmembers. APRIL 19 holds workshop on business plan 6:00 p.m. to 9:00 p.m., SLC Center, 352 Score NYC holds seminar on selling (917) 573-9808 or NYC Business Solutions and development. 6:00 p.m. to 8:30 p.m., Seventh Ave., 16th floor. Fee: $16.50 skills. 10:00 a.m. to 12:30 p.m., New [email protected]. Commerce Bank hold seminar on how 1368 Fulton St., Brooklyn. Free. members, $20 nonmembers. York Public Library’s Science, Industry APRIL 12 to retain key employees. 8:30 a.m. to (718) 636-6924. (516) 944-6454 or [email protected]. and Business Library, 188 Madison Major Lindsey & Africa holds seminar on 10:30 a.m., 2 Wall St. Free. APRIL 3 Ave., lower level. Fee: $40 in advance, doing well with diversity. 7:30 a.m. to 9:00 (212) 618-8714 or [email protected]. Camba Small Business Services holds APRIL 9-15 $50 at door. (212) 264-4507 or a.m., Yale Club, 50 Vanderbilt Ave. Free. APRIL 19 workshop on starting your own business. APRIL 10 [email protected]. (212) 201-3968 or [email protected]. Center for New York City Law, Center 6:00 p.m. to 8:30 p.m., 884 Flatbush New York Society of Security Analysts APRIL 11 for Real Estate Studies and New York Ave., second floor, Brooklyn. Free. holds course on corporate valuation 92nd Street Y holds workshop on APRIL 16-22 City Law Department hold course on (718) 282-2500, ext. 242, or methodologies. 1:00 p.m. to 4:30 p.m., leadership skills for entrepreneurs, APRIL 18 trends in city land use and development. [email protected]. 1177 Sixth Ave., second floor. Fee: $215 managers and chief executives. 7:00 p.m. New York Commercial Real Estate 2:00 p.m. to 6:00 p.m., New York Law APRIL 3 members, $275 nonmembers. to 9:00 p.m., Makor Center, 35 W. 67th Women Network holds forum on School, 47 Worth St. Fee: $40. Association of Real Estate Women (646) 871-3429. St. Fee: $30. (212) 601-1000. housing New Yorkers. 6:00 p.m. to 8:00 (212) 431-2115 or [email protected]. holds lunch program on powerful APRIL 10 APRIL 11 p.m., Harvard Club, 27 W. 44th St. Fee: APRIL 20 women in real estate. 11:30 a.m. to 2:00 Nonprofit Group of Baruch College, Benjamin N. Cardozo School of Law $50 members, $75 nonmembers and $30 Pace University’s Small Business p.m., Club 101, 101 Park Ave., main School of Public Affairs, holds seminar holds forum on shareholder activism and students if preregistered by April 16; Development Center holds workshop floor. Fee: free for members, $110 on technology for nonprofits. 4:00 p.m. the thriving public company. 7:30 p.m. to additional $10 thereafter for all. on QuickBooks and basic bookkeeping. nonmembers in advance, $120 to 6:00 p.m., 151 E. 25th St., room 750. 9:00 p.m., 55 Fifth Ave., first floor. Free. (212) 499-6573 or 9:00 a.m. to 5:00 p.m., 1 Pace Plaza, nonmembers at door. (212) 599-6181. Free. (646) 660-6743 or (212) 790-0831 or [email protected]. [email protected]. room W-404. Fee: $149. APRIL 3 [email protected]. APRIL 11 APRIL 18 (212) 618-6655 or [email protected]. New York Public Library’s Science, APRIL 10 B’nai B’rith Real Estate Unit holds New York Investing Meetup holds —adrianne pasquarelli Industry and Business Library holds Human Resources Association of New lunch program on real estate lessons seminar on making money in the stock workshop on building a business with York holds networking reception. 6:00 learned in three-plus decades. 12:00 market. 6:30 p.m. to 8:30 p.m., 1290 strategic referrals. 5:30 p.m. to 7:00 p.m. to 8:00 p.m., Club 101, 101 Park p.m. to 2:00 p.m., Cornell Club, 6 E. Sixth Ave. Free. (212) 255-7327 or TO LIST YOUR EVENT p.m., 188 Madison Ave., room 018. Ave. Fee: $20. (877) 625-HRNY or 44th St., Ivy Room. Fee: $55 in advance, [email protected]. Free. (212) 592-7000. [email protected]. $65 at door. (212) 885-7239 or APRIL 19 Crain’s lists business meetings online and includes APRIL 3 APRIL 11 [email protected]. Crain’s New York Business holds them in the print edition on a space-available basis. Small Business Administration holds Five O’Clock Club’s Executive Job APRIL 11 networking breakfast and program with Events in New York City with admission fees of less information session on moving a Search Group holds seminar on turning Networking for Professionals holds Gov. Eliot Spitzer. 8:00 a.m. to 9:30 than $300 are considered for the print publication. business forward. 6:30 p.m. to 8:00 p.m., job interviews into offers. 6:30 p.m. to networking reception. 6:30 p.m. to 8:30 a.m., New York Hilton, 1335 Sixth Ave. Listings can be submitted only through the Crain’s 545 Eighth Ave., 17th floor. Free. 8:30 p.m., 11 Penn Plaza, fifth floor. p.m., Westin Times Square, 270 W. Fee: $60 if preregistered by April 12; $70 Web site. To submit a calendar listing, go to (212) 563-0499 or [email protected]. Fee: $50. (914) 788-5482. 43rd St. Fee: $15 members and $25 thereafter. (212) 210-0739 or www.newyorkbusiness.com and click on “Events.” APRIL 11 nonmembers in advance; $30 for all at www.newyorkbusiness.com. Sponsors have a choice of several free or paid list- More meetings online at Barnard College’s New York City Civic door, cash only. (718) 625-1369 or APRIL 19 ing options. All business events will be posted Engagement Program holds forum on [email protected]. Financial Times and WCBS Radio hold online within two business days. www.newyorkbusiness.com APRIL 12 Click on “Events” women shaping public policy. 6:00 p.m. leadership seminar. 12:00 p.m. to 4:00 Crain’s can neither confirm receipt of listings nor say to 7:30 p.m., 3009 Broadway, Barnard Biba4Network holds networking p.m., Alice Tully Hall, 70 Lincoln if or when event listings will appear in the print edition.

36 | Crain’s New York Business | April 2, 2007 CNYB 04-02-07 A 37 3/29/2007 7:50 PM Page 1

BUSINESS LIVES CORPORATE LADDER David Blair Epstein Going multiplatform Dot-com entrepreneur month, according to comScore Me- dia Metrix. And Mr. Epstein has PERSONNEL FILE gets into overhauling moved up to the newly created po- sition of vice president of digital COMPANY NBC Universal Web sites as VP of strategy for NBC Universal Do- Domestic Television Distribution NBC Universal TV unit mestic Television Distribution. TITLE Vice president of digital Giving the love strategy BY MATTHEW FLAMM the new york-based executive AGE 41 will oversee development and mar- RÉSUMÉ Director of interactive, hen he agreed keting for more than half a dozen Access Hollywood; consultant, to revamp Access sites, including those for the Chris Digital Media Farm; co-founder Hollywood’s Web Matthews Show, Maury, Jerry and chief executive, BlairLake Inc. site a little over a Springer and new addition the Steve year ago, David Wilkos Show. PERSONALITY Type A BlairW Epstein wasn’t looking for a “Now that he’s gotten Access Hol- BEST TRAIT Surrounds himself job. The former Internet entrepre- lywoodup and running,there are oth- with smart people neur was in Los Angeles to seek er assets that haven’t gotten the love backing for an off-Broadway show. for years,” points out Stephen But as had happened before, Mr. Andrade, general manager of Epstein.“That’s a problem—and an Epstein was in the right place at the NBC.com.“There’s a big opportuni- opportunity, as credibility becomes

right time. A friend at NBC needed ty there.” important to readers.” buck ennis to hire a digital director for the en- Mr. Epstein’s approach at Ac- Though Mr. Epstein is new to tertainment news magazine, and cessHollywood.com was to make it corporate life, he has a long history But his entrepreneurial edge offer video of talking heads who ap- Mr. Epstein, who had made a for- a go-to site for entertainment news. in digital media. piqued NBC’s interest. pear on the Chris Matthews Show. tune in the dot-com boom, saw an He hired 14 staffers; added features, “He built BlairLake from the And the Jerry Springer site will have opportunity to turn the lackluster including video; and built traffic From law to off-Broadway ground up, and he has expertise not plenty of bits from the program, AccessHollywood.com around. through partnerships with other raised in kansas city, mo., and just in content but in ad sales and which should be catnip for fans. Using the Yiddish word that sites, such as the Drudge Report. trained as a lawyer, he co-founded technology,” says Betsy Bergman, “We’ll have different strategies translates most politely as The day Anna Nicole Smith interactive ad agency BlairLake Inc. vice president of marketing for the for each one,” Mr. Epstein com- “garbage,” Mr. Epstein says that the died, AccessHollywood.com broke in 1995 and sold it just weeks before division, who hired Mr. Epstein. ments. “We’ll be focused on what site “was dreck—AP stories and the news that she was being rushed the dot-com boom ended in 2000. “That combination is critical to the wecan bring to the audience that the press releases.” to the hospital. Traffic almost dou- He then produced shows—includ- success of all those sites.” advertiser would want to utilize as Since the site was relaunched in bled, to 2 million visitors. ing an off-Broadway comedy, Deb- Mr. Epstein is now concentrat- well.” May,traffic has grown nearly 500%, “We operate under the rules and bie Does Dallas—and consulted for ing on expanding the division’s sites to 1.3 million unique visitors a regulations of NBC News,”says Mr. Digital Media Farm. one by one. For example, he plans to COMMENTS? [email protected]

developers. your future begins now.

SEEKING PROPOSALS FOR... New York City Economic Development Corporation (“NYCEDC”) is seeking proposals for the redevelopment of a portion of the Bush Terminal Complex (the “Site”) in Sunset Park, Brooklyn for light industrial uses. The Request of Proposals (“RFP”) offers an opportunity for approximately 130,000 square feet of light industrial development located in an M3-1 zone. Proposals for industrial development should address several goals for the Site including creating new, efficient light industrial space and maximizing employment-intensive industrial uses.

Responses are due no later than 4:00 p.m., Thursday, May 21, 2007. Submission guidelines and requirements are outlined in the RFP and available to download at www.nycedc.com/RFP, or for pick-up at NYCEDC, 110 William Street, 6th Floor, New York, NY, Monday - Friday, 9:30 a.m. to 4:30 p.m.

REQUEST FOR PROPOSALS

April 2, 2007 | Crain’s New York Business | 37 CNYB 04-02-07 A 38 3/29/2007 5:28 PM Page 1

BUSINESS LIVES

EXECUTIVE MOVES

ACCOUNTING & CONSULTING HEALTH CARE attorney’s office for the Southern CBIZ Accounting Tax & Advisory Services: New York-Presbyterian Healthcare System: District of New York. HOT JOBS Fred Lutzeier, 54, joined as president and Wayne Osten, 57, was promoted to senior Amy Walsh, 41, joined as partner. She national managing director of the risk vice president and director from vice had been chief of the business and and business advisory practice. He had president of system development. securities fraud unit at the U.S. WANTED: VICE PRESIDENT been a partner at KPMG. attorney’s office for the Eastern District KPMG: Simon Tong, 33, was promoted to HIGH TECH & NEW MEDIA of New York. OF QUALITY MANAGEMENT director of the U.S. China practice from AOL: Emily Becher, 38, joined as vice McKee Nelson: Steven G. Brody,45, senior manager. president, AOL marketplace. She was joined as partner. He had been a partner ORGANIZATION Visiting Nurse Regional Health Care System Inc. formerly category officer at Yahoo! at King & Spalding. ADVERTISING & COMMUNICATIONS Travel. Susan F.DiCicco, 39, joined as partner. JOB DESCRIPTION Oversee, create and implement staff training, Mediaedge:cia: Lee Doyle, 47, was Scott Robson, 46, joined as editor in chief She had been a partner at King & education and development initiatives promoted to chief executive, North for Moviefone and AOL Television. He Spalding. MOST IMPORTANT TASKS Ensure that VNR complies with regulatory America, from managing partner and had been executive producer at the Los Scott E. Eckas, 43, joined as partner. He head of client services. Angeles Times, where he launched had been a partner at King & Spalding. standards and delivers quality care to patients Rino Scanzoni, 42, was promoted to TheEnvelope.com. Michael M. Gordon, 56, joined as partner. CREDENTIALS NEEDED Minimum of five years of relevant health care chairman, North America, from chief Medio Systems: Gary Bembridge, 42, He had been a partner at King & experience—three in a supervisory role; Master’s degree in public health investment officer. joined as head of U.S. advertising sales, a Spalding. TBA Global: Brian J. Murphy, 57, joined new position. He had been national sales Jennifer Hurley McGay, 37, joined as preferred as senior vice president for branded director of the MSN online services partner. She had been a partner at King SALARY Approximately $180,000, based on experience entertainment. He was formerly chief group at Microsoft. & Spalding. executive at Fearless Entertainment. Return Path: Mike Billingsley, 43, joined Jeffrey Q. Smith, 54, joined as partner. He RECRUITER Human resources department as vice president of sales for the had been a partner at King & Spalding. DOWNSIDE Dealing with the challenge of retaining nurses while FINANCE & INSURANCE Sidley Austin: authentic response division. He was Farid Maluf, 47, joined as maintaining high-quality patient care Lenox Advisors Inc.: Paul E. Karlitz, 36, formerly managing director of sales and partner. He was formerly special counsel joined as managing director. He had managing director of panels at Global at Schulte Roth & Zabel. UPSIDE Chance to be part of one of the city’s oldest home health care been an executive vice president at Market Insite Inc. agencies Wealth Advisory Group. MEDIA & ENTERTAINMENT Northfield Bank: Percy Keynton, 54, was HOSPITALITY & TOURISM Associated Content: Andrew Boer,36, Brooklyn-based VNR has been serving the five boroughs and Westches- promoted to senior vice president from Children’s Museum of Manhattan: Janet joined as vice president of business ter for more than a century. It oversees two agencies—the Visiting Nurse internal auditor. Ralston, 57, joined as deputy director of development. He was formerly director Association of Brooklyn and Empire State Home Care Services—that pro- Harshana Senanayake, 42, was promoted development. She was formerly director of business development at Highbeam vide home health care to 2,700 patients. VNR has about 1,000 employ- to senior vice president from chief of development for the greater NYC Research. ees and a $90 million budget. —AMANDA FUNG information officer. affiliate of the Susan G. Komen Breast City Lights Media Group: Brad Cancer Foundation. Kohlenstein, 29, joined as director of development, television and digital. He EXECUTIVE PROMOTIONS LAW had been a segment producer at VH1’s Crain’s lists the promotion and hiring of New York Blank Rome: Marc Rothenberg, 37, joined Best Week Ever. area senior executives on a space-available basis, as partner. He had been assistant U.S. Kevin Moore, 33, joined as director of director of development. vice president from first vice president. with priority given to positions in New York City. attorney for the District of Columbia. brand entertainment, digital. He had NBC Universal: Deborah Reichig,50, Simon Wasserberger, 36, was promoted to The fastest way to get an announcement into Jenner & Block: Alex Lipman, 42, joined been a senior media buyer at McCann joined as senior vice president, market senior vice president from first vice Crain’s is to submit details online by filling out the as partner. He had been special assistant Erickson. development, a new position. She was president. form at www.NewYorkBusiness.com/submit. U.S. attorney for the Southern District Chachi Senior, 34, joined as director of formerly senior vice president, sales Corcoran Group: Elizabeth Henry,49, The Executive Moves column is also available of New York. production, digital. He was formerly strategy, at Court TV. joined as senior managing director. She online. Kostelanetz & Fink: Sharon L. McCarthy, production manager at Rainbow Media. New Jersey Nets: Petra Pope,43,was had been director of sales at Halstead Crain’s cannot confirm receipt of listings or say 44, joined as partner. She had been chief MCC Theater: Blake West,40,was promoted to vice president, Property. when they will appear. of the violent crimes unit in the U.S. promoted to executive director from entertainment and event marketing, Bill Cunningham, 48, was promoted to from senior director. senior managing director, East Side office Sports Illustrated magazine: Christine from vice president, West Side office. Rosa, 44, was promoted to executive GVA Williams Project Management: director of event marketing and athlete Michael A. DeJohn, 45, was appointed relations from director of event president. He had been a partner at WG BUSINESS BREAKFAST FORUM marketing and athlete and talent Project Management. relations for the Time Inc. title. SL Green Realty Corp.: William S. Elder, 41, joined as senior vice president of Tickets are going fast–sign up today! REAL ESTATE leasing. He was formerly senior vice CB Richard Ellis: Peter Turchin,38,was president and director at Reckson promoted to executive vice president Associates Realty Corp. from senior vice president. Christopher Gulden, 36, joined as vice New York Governor Eliot Spitzer will review his Keith Caggiano, 31, was promoted to president of leasing. He was formerly senior vice president from first vice vice president at Reckson Associates progress on reforming Albany and discuss what president. Realty Corp. Ben Friedland, 31, was promoted to Melissa M. Libner, 29, joined as director he views as the tough issues ahead. He will be senior vice president from first vice of marketing. She was formerly a president. managing director at eEmerge. questioned by Crain’s Editor Greg David and Matthew McBride, 34, was promoted to senior vice president from first vice SERVICES Melissa Russo of WNBC. president. Helen Keller Services for the Blind: Governor Eliot Spitzer Paul Muratore, 42, was promoted to Deborah Samuelson, 47, was promoted to senior vice president from first vice director of resource development from president. public relations associate. Rand Pear, 47, was promoted to senior —adrianne pasquarelli Date: April 19, 2007 Cost To Attend: $60 for individual ticket(s) if pre- Place: Hilton New York registered by April 12 (American Express, SMALL BUSINESS HONOREES 1335 Avenue of the Americas Visa or MasterCard only); $70 thereafter. Time: 8:00-8:30 a.m. Networking Breakfast CITY SEEKS LOCAL ACHIEVERS 8:30-9:30 a.m. Program THE NEW YORK CITY Department of Small Business Services is seeking $600 for table(s) of ten if pre-registered nominations for its 2007 Neighborhood Achievement Awards. The awards will by April 12; $700 thereafter. recognize individuals, companies and community organizations that are enriching the business environment and improving the quality of life in the city’s neighborhoods. YOU MUST BE PRE-REGISTERED TO ATTEND THIS EVENT. ALL TICKETS ARE NON-REFUNDABLE. Representatives of businesses, educational institutions, business improvement districts, local development corporations, merchants To register go to newyorkbusiness.com, or fax your business card and credit card information to associations, nonprofits and others are encouraged to apply or to nominate “Spitzer Breakfast” at 212-210-0499. For more information, call the Events Hotline at 212-210-0739. others for awards in seven categories. Applications can be completed online at www.nyc.gov/sbs. The deadline is Friday, April 13, at 5 p.m. SPONSORED BY: The winners will be honored at a meeting co-hosted by Mayor Michael Bloomberg at Gracie Mansion on July 16.

38 | Crain’s New York Business | April 2, 2007 CNYB 04-02-07 A 39 3/29/2007 4:17 PM Page 1

BUSINESS LIVES TABLE TALK by Bob Lape salad and fresh chickpeas accented perior-grade pork, redolent of rose- Ithaka with vanilla. mary,that plays beautifully off roast- 308 E. 86th St. (between First and Among Ms. Stark’s soulful and ed apples, sunchokes and whole- Second avenues), Manhattan. exciting appetizers ($10 to $19) is a grain mustard. (212) 628-9100. After a seven-year complex,mellow soup of roasted red Pastry chef John Miele (Aureole) run in Greenwich Village,this Greek peppers flavored with smoked baba creates Mediterranean fantasies with taverna of great consistency and qual- ghanouj, yogurt and dried olives. A crunchy kataifi-wrapped bananas ity moves to the Upper East Side. salad of golden beets and blood or- surrounded by honey-tangerine cus- anges, studded with diced avocado tard,frozen lemon custard and man- Maremma and crunchy chickpeas, is dressed in darin-sesame caramel. He also puts 228 W. 10th St. (between Bleecker pomegranate vinaigrette. caramel to fine use in a bittersweet and Hudson streets), Manhattan. Parsnip puree sets off seared div- chocolate ganache tart, which (212) 645-0200. Tuscan-taste trail er scallops. Calamari is done as a comes with malted chocolate semi- master Cesare Casella has fun with duet: Half sautéed and half deep- freddo, and in a salted almond and Tuscan-Texas cuisine at this whim- fried, tender squid are presented milk chocolate napoleon with Turk- sical spot. Guests do, too. with white beans, chorizo, piquillo ish coffee gelato. peppers and garlic toast. If there’s a Mediterranean coun- Marseille Grilled Hudson Valley foie gras, try not touched on by this inspired 630 Ninth Ave.(at West 44th Street), with pumpkin and walnuts, is kitchen, I can’t think of it.The same Manhattan. (212) 333-2323. Perfect rubbed with ras el hanout, a Moroc- holds true for the wine list, which for Times Square-Theater District can spice blend whose reputation as has a few offbeat markups: Gosset dining, chef Andy D’Amico’s Med- an aphrodisiac matches that of foie champagne retailing for $28 appears iterranean mecca provides first-rate gras. Hmmmm, Dr. Freud? on Amalia’s roster at $160. French and North African fare, Amalia mains include one of the Manager Carrie Sumner stylishly quick and friendly service, and im- best paella-type dishes in town, leads a dedicated team of servers who pressive bang for the buck. called mussel and clam fideau. The are justifiably proud of their product. shellfish share a paprika-laced broth Amalia flirts with three stars. Parea with short pasta forms,San Marzano 36 E. 20th St. (between Park Ave- tomatoes and Romanesco cauli- COMMENTS? [email protected] nue South and Broadway), Man- flower. Saffron spikes the roasted hattan. (212) 777-8448. Strikingly Mediterranean sea bass served with handsome contemporary Greek rock shrimp, mashed potatoes and BEST OF BOB LAPE restaurant with innovative small roasted garlic.Grilled tuna or sword- dishes created by Cleveland culi- fish is paired with crisp bistro frites Other Mediterranean-influenced nary star Michael Symon. and a Seville orange hollandaise. restaurants reviewed by Bob Lape: More outstanding entrées:chick- en breast stuffed with chorizo, al- Picholine monds and raisins, rolled in panko 35 W. 64th St. (between Broadway bread crumbs, sautéed, sliced and and Central Park West), Man- bedded on escarole; and smoked hattan. (212) 724-8585. An elegant Berkshire pork porterhouse—a su- redesign,exciting menu and reinvig-

buck ennis orated spirit move Terrance Bren- COUCHES AND KITCHENS: Amalia chef Ivy Stark says relaxing on her sofa helps her dream up nan’s temple of modern Mediter- inspired dishes that suit owner Greg Brier’s tastefully designed new restaurant. ranean cuisine to the top of the list. Axia Taverna 18 Piermont Road, Tenafly, N.J. (201) 569-5999. A highly appealing new Greek restaurant from builder Sensual spot Michael Parlamis, whose firm has done a thousand of them. Designed by Tony Chi, the location features feeds diners’ ids impressive modern cuisine and styl- ish surroundings. Analysis of Amalia colored mosaic tiles, black Murano A Voce ½ chandeliers, bearing beams enclosed AMALIA 41 Madison Ave. (entrance on East reveals masterful in glass, and many cozy enclaves. 204 W. 55th St. (between 26th Street, east of Madison), Man- Downstairs is the more informal Broadway and Seventh Avenue) hattan. (212) 545-8555. Chef Andrew mod Mediterranean; D’Or, which opened only last week. (212) 245-1234 Carmellini showcases the seasonal I love the 88-seat main dining ½ simplicity of Italian cooking. Spare fine fare in lush setting room. Guests sit under top-lit, indi- urban decor with a big piazza, vidually framed reproductions of art CUISINE Modern Mediterranean- many celebs and much noise. malia is a dream of a masterpieces on the leather-clad American new restaurant. barrel ceiling. Pera Mediterranean WINES Any true couch po- Owner Greg Brier entrusts the 120 choices, 22 by Brasserie ½ ERNEST KLEIN tato will recognize the food artistry to another Colorado the glass 303 Madison Ave. (between East name as that of Sig- native, Ivy Stark, a gifted veteran of DRESS No code 41st and East 42nd streets), Man- & CO. Amund Freud’s mother. The connec- three major Manhattan Mexican res- NOISE LEVEL Moderate hattan. (212) 878-6301. Great-look- tion between the great interpreter of taurants who most recently consult- ing, friendly contemporary Turkish FINE FOODS dreams and the 7,000-square-foot, ed on a new restaurant in Beijing.For PRICE RANGE $24-$38 attraction with an emphasis on

ultradesigned hospitality magnet is Amalia, she offers an innovative, WINE MARKUP 100%-450% tender grilled meats, mezes and  Same Day Delivery Vikram Chatwal’s adjacent Dream modern take on Mediterranean salads. Try almost everything with Hotel. rim-American cuisine with flair and CREDIT CARDS All major the $42 Pera Tradition tasting.  Phone Orders Amalia is one of the most strik- good taste. RESERVATIONS Recommended ing settings to appear in many “I love cooking and get my best Tini ½  Corporate Accounts HOURS Lunch, daily, 11:30 a.m.- Manhattan months. The work of ideas when I’m not at work,when I’m 1562 Second Ave. (at East 81st 3 p.m.; Dinner, Sun.-Mon., 5-10  Catered Luncheons SLDesign, it manages to be both relaxing on my sofa,”Ms.Stark says. Street), Manhattan. (212) 628-3131. highly contemporary and as ba- What would Freud say? “Reser- p.m., Tues.-Thurs., 5-11 p.m., The Lentini brothers—host Enzo Located at: Fri.-Sat., 5 p.m.-midnight roque as a European palace.The for- vations, please.” and chef Giuseppe—offer an infor- Sixth Ave. and 55th St. mer carriage house is filled with tex- A tip-off to the source of Ms. = Outstanding mal, lighter, seafood-rich take on tural richness and special touches Stark’s inspiration: a tiny, pointy- = Excellent the food and hospitality of their na- 212.245.7720 = Very good that create glorious eye magic. lidded tagine pot holding an amuse tive Puglia. A raw bar serves Mare- A FULL SERVICE SUPERMARKET Facets include exposed stone and bouche of raki-cured wild salmon = Good Tinis; the regular bar makes 20 brick walls, staircases of brilliantly over marinated onions, black carrot Mar-Tinis.

April 2, 2007 | Crain’s New York Business | 39 Project10 3/28/07 2:08 PM Page 1

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