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Sitt’s empty storefronts P. 9 | The List: Top private school endowments P. 12 | Garment District braces for alterations P. 14

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FROM THE NEWSROOM | JEREMY SMERD | EDITOR IN THIS ISSUE

What the judges said 4 AGENDA 5 IN CASE YOU MISSED IT NEWS THESE DAYS is a commodity. Everyone seems to have 6 ASKED & ANSWERED it (even if they are simply regurgitating other people’s re- POLITICS porting). Crain’s New York Business, however, is different. 7 Digital Most of the stories we write cannot be found anywhere 8 WHO OWNS THE BLOCK startups are what heals else. That’s what makes us indispensable for anyone who 9 REAL ESTATE the city’s economy owns, manages, invests in or works for a New York company. 10 HEALTH CARE If you don’t believe me, just ask the judges at the Society 11 VIEWPOINTS of American Business Editors and Writers. Last week SABEW announced that Crain’s won its top 12 THE LIST journalism award for publications—print or online, daily FEATURES or weekly—with a staff of 50 or fewer and was one of only 14 READY TO WHERE? six news organizations in the country to receive four or These are stories 16 METER CHEATERS more honors. That puts our newsroom of 18 journalists “I haven’t read in league with Bloomberg News publications, Fortune, The anywhere else, and Wall Street Journal, the Associated Press and the Milwau- kee Journal Sentinel. I thought they did I hope you agree with the judges who awarded us an outstanding job SABEW’s General Excellence honors: “The quality, range and impact exhibited by Crain’s New York made it the un- rivaled winner in this category.” As one judge put it, “These P. 20 are stories I haven’t read anywhere else, and I thought they did an outstanding job.”’ Anthony Taccetta Crain’s also received three honorable mentions. Senior reporter Aaron Elstein’s scoop revealed how Donald Trump received the STAR tax break reserved for 20 GOTHAM GIGS households making $500,000 or less. “Smart reporting resulted in Crain’s New York 21 SNAPS Business breaking news on a topic that other news outlets were chasing,” the judges 22 FOR THE RECORD wrote. “The coverage advanced the story of how billionaire Donald Trump got a tax 23 PHOTO FINISH break intended for the middle class—and resulted in a piece that stands out for its sharp but fair writing, and its engaged and approachable storytelling.” CORRECTIONS Elstein and web producer Peter D’Amato shared honors for explanatory report- Clarence Norman Jr. acts as a consultant to the Crown ing on scaffolds, kosher restaurants and a potentially lifesaving crane that is banned Heights Local Development Corp. and will not be involved in a development with BFC Partners. “A in New York. And contributor Jeff Koyen wrote “In search of the hot dog million- curious partnership,” published March 13, misat- aire,” a story the judges said “shed light on an industry whose vendors seem to be on tributed these facts. every street corner in New York, but whose business model was not widely known.” I share this because I am proud of our accomplishments and because we as a news organization owe a debt of gratitude to our readers. We are only as smart as our sources, and many of you are the ones who give us the insight we need to expertly report on issues of importance to the city’s economy. And, of course, your subscription—an investment that should pay dividends—helps us keep the lights on and our journalists busy. Thank you. ON THE COVER PHOTO: BUCK ENNIS

CONFERENCE CALLOUT MAY 11 DIGITAL DISPATCHES

SARAH KAUSS THE SECRET Go to CrainsNewYork.com TO GROWING FAST READ Dr. Norbert Sander, Join Crain’s and the founders of some who in 1974 became of New York’s fastest-growing companies, the first and only New> such as Sarah Kauss of S’well, Yorker to win the New to discuss how to create conditions York City Marathon, for rapid growth while maintaining died March 17. The quality and retaining staff. founder and CEO of The Armory Foundation in Washington Heights NEW YORK ATHLETIC CLUB was 74. [email protected] ■ The owner of a Midtown apartment building on West 41st Street that once operated as an illegal hotel agreed to settle millions Vol. XXXIII, No. 12, March 20, 2017—Crain’s New York Business (ISSN 8756-789X) is published weekly, except for of dollars’ worth of outstanding violations double issues the weeks of June 26, July 10, July 24, Aug. 7, Aug. 21 and Dec. 18, by Crain Communications Inc., 685 Third for $375,000. Ave., New York, NY 10017. Periodicals postage paid at New York, NY, and additional mailing offices. Postmaster: Send address changes to: Crain’s New York Business, Circulation Department, 1155 Gratiot Ave., Detroit, MI 48207-2912. ■ The feud between ex-lovers about who For subscriber service: Call (877) 824-9379. Fax (313) 446-6777. $3.00 a copy, $99.95 one year, $179.95 two years. should control TransPerfect could be over (GST No. 13676-0444-RT) ©Entire contents copyright 2017 by Crain Communications Inc. All rights reserved. soon. The mother of owner Phil Shawe has promised to vote her 1% stake to give Liz Elting a majority hold of the translation firm. BUCK ENNIS

March 20, 2017 | CRAIN’S NEW YORK BUSINESS | 3

P003_CN_20170320.indd 3 3/17/2017 7:46:38 PM WHAT’S NEW March 20, 2017

AGENDAIf the mayor fears Trump’s cuts, why won’t he prepare for them?

ayor Bill de Blasio’s voice was practically trembling at a news conference he called last week to assail the funding cuts New York City is facing under President Don- ald Trump’s spending plan. “It’s extraordinary how many SHORTSIGHTED? Mnegative things have been packed into one budget,” the mayor said, enu- De Blasio has merating the reductions that police, education, housing and other services announced no contingency plans would endure. “New York stands to lose so much.” should proposed federal cuts come Whether Congress will approve a budget that so drastically shifts to fruition. spending to the military from just about everywhere else is an open ques- tion. But de Blasio, by calling the media briefing and urging New Yorkers to rise up in opposition, indicated he is taking the plan seriously. If that is count is projected to reach an all-time high by 2021. Bloomberg’s annual true, he should also prepare for its consequences. ritual of having agency heads find savings of 2% to 3% (on the theory that But he won’t. It is business as usual at the mayor’s budget office, which some positions outlive their usefulness and that practically any operation is making no special effort to create contingency plans or set aside addi- can be more efficient) ended when de Blasio took office in 2014. After tional reserves to offset cuts from Washington in the federal fiscal year objections from budget hawks, he did resume the agency cuts, but the last that begins Oct. 1. “I don’t do hypotheticals,” de Blasio said when asked three rounds have been in the 1% range. how he would cope if the cuts materialize. “We are going to fight.” The mayor’s budget director, Dean Fuleihan, was asked at an event There’s no harm in fighting. Indeed, the last week how the city was preparing for the city should fight for every last dollar it has Getting ready for hypotheticals, as large federal cuts about to be proposed. “Our been getting from Washington—which answer,” he said, “is ‘We cannot accept this.’ already is far less than we pay in taxes. But Bloomberg did before the recession, … Once the public understands [the impact], protesting doesn’t pay any bills. is part of de Blasio’s job they will inform our elected officials, who Getting ready for hypotheticals, as will make the right decisions. That’s not a Mayor Michael Bloomberg did by socking Pollyannish view. I have great faith in the away billions of tax dollars during the mid-2000s boom, is part of a may- American people.” That was Hillary Clinton’s campaign strategy. or’s job. Bloomberg’s savings softened the blow when the recession hit. Deputy City Comptroller Preston Niblack, seated beside the budget De Blasio enjoyed a surge in tax revenues as well and began replenishing director, took a more responsible view. “We’re going to take some cuts,” he the city’s reserves, but he has not made many sacrifices on the spend- said. “There’s a lot of risk. It’s time for the agencies to look more at their ing side—even growing the city’s workforce by 10% to 327,000. The head own operations and do a more significant scrub.” — THE EDITORS

FINE PRINT An unidentified buyer last week paid $49 million—2,600% above the pre-auction estimate—for an ancient Song Dynasty scroll depicting twisting dragons. The sale, one of the priciest ever for a work of Asian art, was part of a Christie’s auction of Chinese relics from the Fujita Museum in Osaka, Japan, and a sign of the strength of Asian buyers. Christie’s sold $263 million worth of art that night, well above estimates.

BY GERALD SCHIFMAN STATS WHERE THE ‘MANSIONS’ ARE

25 WORDS OR LESS

MAYOR BILL DE BLASIO wants the state to enact a “mansion tax”—a 2.5% surcharge on city AND T residential sales exceeding $2 million. Nearly all such sales are in Manhattan; the rest are almost entirely in Brooklyn. HOME SALES GREATER THAN $2 MILLION

I think this is Portion of city home sales from 22.6% H “ E CITY % 2014 through 2016 that would the dog that 7.8 have been taxed under the proposal

chases the car Manhattan’s portion of city “mansion” % sales during that three-year period —Gov. Andrew Cuomo, on 85.6 congressional Republicans’ 4.2% attempt to repeal and replace Residential sales exceeding the Affordable Care Act—which $2 million last year in the 0.3% 0.2% 0.1% could cost New York $4.5 billion 600 SoHo–TriBeCa–Little Italy area, the most in the city Bronx Queens through 2020 Brooklyn Manhattan Staten Island

BLOOMBERG ADDICTED TO NUMBERS? GET A DAILY DOSE AT @STATSANDTHECITY SOURCE: New York City Independent Budget Office

4 | CRAIN’S NEW YORK BUSINESS | March 20, 2017

P004_CN_20170320.indd 4 3/17/2017 7:46:58 PM AGENDA ICYMI CRAINSNEW YORK BUSINESS EDITOR IN CHIEF Rance Crain publisher, vp Jill R. Kaplan executive assistant Devin Arroyo, 212.210.0701 EDITORIAL editor Jeremy Smerd Don’t have Fios yet? You managing editor Brendan O’Connor assistant managing editors Erik Engquist, won’t get it anytime soon Jeanhee Kim, Robin D. Schatz web editor Amanda Fung copy desk chief Telisha Bryan OLUMBIA PROFESSOR UPMANU LALL art director Carolyn McClain has been photographer Buck Ennis trying to get Fios “Triple Play” for his West 121st Street senior reporters Joe Anuta, Aaron Elstein, Matthew Flamm, Daniel Geiger brownstone ever since Verizon hooked up an apart- reporters Rosa Goldensohn, C ment building around the corner on Morningside Avenue. That Jonathan LaMantia, Caroline Lewis data reporter Gerald Schifman was six years ago. web producer Peter D’Amato LOW SPEED: More than a million New Yorkers await Fios. columnist Greg David He was still trying as of last week. That was when the city contributing editors Tom Acitelli, sued the telecommunications giant for failing to make its Theresa Agovino, Erik Ipsen, Cara S. Trager ADVERTISING fiber-optic TV service available to every residence in the five boroughs. The 2008 franchise agreement gave Verizon www.crainsnewyork.com/advertise a 2014 deadline. The company has made Fios accessible to 2.2 million households, but it still has 1.4 million to go. advertising director Irene Bar-Am, [email protected], The lawsuit, however, is unlikely to speed things up. Deploying the service is a major headache. Verizon counts 212.210.0133 more than 35,000 failed service requests and blames them on landlords who won’t let the company into their build- senior account managers Zita Doktor, Rob Pierce, Stuart Smilowitz, ings. The city says Verizon should tunnel under sidewalks to reach subscribers if it can’t run fiber behind neighboring Debora Stein sales coordinator Devin Arroyo, buildings. 212-210-0701, [email protected] Economic forces may be the biggest factor. The company doesn’t make a lot of money from Fios. Operating in- ONLINE general manager come for its wire line business, which includes Fios, came to a mere $40 million last year; for its wireless business, on Rosemary Maggiore, 212.210.0237 [email protected] the other hand, it was close to $30 billion. CUSTOM CONTENT Recently the city asked Verizon to complete the network by the end of next year—after Verizon said it couldn’t director of custom content do so until 2025. Then in a March 10 letter, Verizon threatened to pull the plug on its New York television offerings Patty Oppenheimer, 212.210.0711, [email protected] altogether. “As you know,” the company wrote, “Verizon has the option of opening negotiations for a renewal of the multicultural sales manager Giovanni Perla, [email protected] [franchise] agreement in July. Unfortunately, the city’s intransigence does not create a favorable environment for senior custom marketing manager such negotiations. We would urge the city not to make it impossible for Verizon to continue to provide New York Sonia David, [email protected] EVENTS City residents with a competitive alternative to cable TV. ” www.crainsnewyork.com/events Lall, meanwhile, is making do with Spectrum cable service, which he considers overpriced. When he checked on director of conferences & events Courtney Williams, 212.210.0257, his Fios request last week, Verizon said it still needed his landlord’s approval. [email protected] — MATTHEW FLAMM manager of conferences & events “I am the landlord,” he said. “I told them that six months ago.” Adrienne Yee, [email protected] events coordinator Ashlee Schuppius, [email protected] Bull market AUDIENCE DEVELOPMENT DATA POINT to its perch as a leader among its peers, director of audience & content Wall Street bonuses rose 2%, to $23.9 will be returning to the orchestra she partnership development Michael O’Connor, billion, in 2016, the first increase in NINETY-EIGHT PERCENT OF CITI led in the 1990s. The philharmonic 212.210.0738, [email protected] three years. The average bonus was up BIKE TRIPS ARE SHORTER THAN has run at a deficit since its 2001–2002 REPRINTS 1%, to $138,210. Meanwhile, the indus- season, and its endowment is down to reprint account executive Krista Bora, try earned $17 billion last year, its high- 45 MINUTES, AND NEARLY HALF $183 million from $210 million in 1999. 212.210.0750 est total in four years. ARE LESS THAN 10 MINUTES. PRODUCTION Gateway in danger production and pre-press director Gossip mag deal TEN OF CITI BIKE’S 614 KIOSKS President Donald Trump’s proposed Simone Pryce media services manager Nicole Spell The publisher of the National Enquir- ACCOUNT FOR 7% OF ALL RIDES. budget would eliminate a key infra- SUBSCRIPTION CUSTOMER SERVICE er and Star has acquired celebrity gos- structure grant program that was ex- www.crainsnewyork.com/subscribe sip magazine Us Weekly from Wenner pected to be the largest funding source [email protected] Media for a reported $100 million. Us for the Hudson River tunnel project 877-824-9379 (in the U.S. and Canada). ‘Operation Sticky Fingers’ $3.00 a copy for the print edition; or $99.95 accounted for 65% of Wenner’s $330 known as Gateway. The $25 billion one year, $179.95 two years, for print million in revenue for the fiscal year that A dozen people were charged with steal- effort would increase passenger-train subscriptions with digital access. ended in June. Last year Wenner sold a ing and reselling more than $12 million capacity between New Jersey and New to contact the newsroom: www.crainsnewyork.com/staff 49% stake in Rolling Stone to BandLab in high-end electronics and other mer- York and allow two aging tunnels to be 685 Third Ave., New York, NY 10017-4024 Technologies, a Singapore-based music chandise in what state Attorney General closed for repairs. phone: 212.210.0100 fax: 212.210.0799 tech company. Eric Schneiderman called a “textbook Entire contents ©copyright 2017 example” of organized retail crime. Au- Crain Communications Inc. All rights Hudson Yards gets its first grocer thorities say it’s one of the largest busts reserved. ©CityBusiness is a registered trademark of MCP Inc., used under license Whole Foods has signed a of a retail-theft ring. agreement. 60,000-square-foot lease at Brookfield CRAIN COMMUNICATIONS INC. Office Property’s upcoming mixed- Ivanka drops gems BOARD OF DIRECTORS use development, 5 Manhattan West. Ivanka Trump’s fashion brand has dis- chairman Keith E. Crain president Rance Crain The upscale chain of markets had been continued its fine jewelry line to focus treasurer Mary Kay Crain, Cindi Crain eyeing the spot for about a year. Whole instead on costume jewelry. The move senior executive vp, William Morrow Foods has nine locations in the city and comes on the heels of Nordstrom and executive vp, director of strategic operations Chris Crain plans to open a lower-priced store, 365, other retailers’ decision to drop the executive vp, director of corporate in Fort Greene, Brooklyn, next year. company’s products. The president’s Historic bar to reopen operations K.C. Crain daughter maintains a financial interest senior vp, group publisher David Klein Off the hook The Campbell Apartment has vp/production, manufacturing David Kamis in the brand but no longer holds a lead- dropped the last part of its name chief financial officer Bob Recchia Mayor Bill de Blasio and his aides will ership position. and will reopen as The Campbell in chief information officer Anthony DiPonio not be prosecuted for their fundraising May under new owner the Gerber founder G.D. Crain Jr. [1885-1973] tactics and actions on behalf of donors, A new tune Group. The Grand Central Termi- chairman Mrs. G.D. Crain Jr. [1911-1996] Manhattan prosecutors announced. The New York Philharmonic has secretary Merrilee Crain [1942-2012] nal bar was once office space for Ending a yearlong investigation, the au- tapped Deborah Borda to reinvigorate thorities chastised the mayor but said it the struggling orchestra. Borda, who railroad tycoon John Campbell.

would be difficult to prove criminality. elevated the Los Angeles Philharmonic GETTY IMAGES, BUCK ENNIS

March 20, 2017 | CRAIN’S NEW YORK BUSINESS | 5

P005_CN_20170320.indd 5 3/17/2017 7:47:24 PM AGENDA ASKED & ANSWERED HOMELESSNESS INTERVIEW BY JUDY MESSINA

MUZZY ROSENBLATT BOWERY RESIDENTS’ COMMITTEE

s city of cials race to open shelters and induce developers to build affordable housing, one nonpro t is forging its own way. Bowery Residents’ Committee, led by Muzzy Rosenblatt, is a home- Why not every Aless services provider turned housing developer. In 2015 the time you build group broke ground on a building that will include a 200-bed “ transitional shelter for single, working adults plus 135 units of a shelter, you permanent affordable housing for New Yorkers with low incomes. also build The $63 million project is expected to open on Landing Road in housing? the South Bronx in the fall and is the rst purpose-built shelter to rise in the city in three decades.

You’re a fan of data. What data prompted this initiative? The shelter system is built on the assumption that it is a turnover system. But to have throughput, you need housing, and the drain DOSSIER to housing was completely clogged. In our workforce program, we were seeing more and more people nding jobs, but in the shel- WHO HE IS President and ters that we run for the Department of Homeless Services, fewer CEO of the Bowery Residents’ people were moving out, and they were coming back at a higher Committee rate. Historically, our recidivism was around 4%, but in 2014 the BUDGET $74 million rate went up dramatically to 20%. We had to nd a way to help. EMPLOYEES 824 Why be the developer? SALARY $295,000 We had an aha moment: We could build a 200-bed shelter, take AGE 51 the income that a private developer would have taken out as pro t GREW UP Yorkville and use it to leverage low-income housing. RESIDES Forest Hills, How did you sell the city on the cross-subsidy model? Queens It’s in the public interest to strengthen the nancial condition of EDUCATION B.A. in nonpro ts the city depends on rather than for-pro ts that provide government, Wesleyan University; M.P.A., New York no public bene t. It gives the city more control and so much more University, Wagner Graduate for the same money. The city said, “If we pay the same rent to you School of Public Service that we would pay to a private developer, go nd a site.” SERVICE Before joining BRC, Rosenblatt was acting Can that model be scaled for more or larger projects? commissioner of the Department It’s so replicable! We’re recapturing $400,000 of shelter surplus of Homeless Services under Mayor and reinvesting it. That is $12 million over 30 years that would Rudy Giuliani. have gone right out the window. If you created 2,000 beds, it LOCATION, LOCATION, would generate 1,000 units of housing. Why not every time you LOCATION The Landing Road build a shelter, you also build housing? residence is near a Metro-North station and the West Fordham Road bus, and What does it mean that this is a “purpose-built” shelter? walkable to the 1 train. “We don’t believe BRC’s philosophy is to create communal space in shelters where poor people should be shunted to the residents and staff interact with frequency and mutual respect. edges. [They] should be in thriving The lockers and beds are integrated into the design; there are commercial districts with transportation.” no gang bathrooms at the end of a corridor. Having central air PHILOSOPHY “Homelessness has existed and heat shows that the place is for people to live in, not to be and will continue to exist in society. For the warehoused. For people to become goal-oriented and believe in homeless person, it’s a crisis. Will we be smart enough to take the long view, to recognize that themselves, they need to believe that we believe in them—rather we’re going to have this shelter for 30 years and than how many beds we can shove into this space. let it be a better one?” How did you convince the locals that a shelter would not be a liability? HIS 15 MINUTES In high school Rosenblatt sang “Free to Be Me” in the chorus with actress It’s understandably a hard conversation. The Landing Road resi- Cynthia Nixon. dence is zoned for shelter and housing, but we still met with the community board and local elected of cials. We said, “We are BUCK ENNIS invested in the community, and we’re accessible and responsible.” People appreciated that we came even though we didn’t have to and were intrigued that we are creating something different.

You’re upending traditional models. Should more nonpro ts do that? We should expect nonpro ts to be entrepreneurial, disruptive and problem-solving. ■

6 | CRAIN’S NEW YORK BUSINESS | MARCH 20, 2017

P006_CN_20170320.indd 6 3/17/2017 4:01:43 PM AGENDA POLITICS

City promises to fight for A FRIENDLY FACE: Donovan, NYC’s federal funding. But how? lone GOP Congress member, might be What to do when your mayor has no pull in D.C. BY ROSA GOLDENSOHN de Blasio’s only ally.

ayor Bill de Blasio vowed last week to “We will mobilize, and we will fight federal budget cuts that would gut hold everyone associated with security, housing and human-services this agenda accountable.” programs in the city. He would be better Donovan called the counter Moff letting others make that case in Washington. terrorism money “very nec- The consensus of the city’s business and policy essary” along with heating leaders is that the cuts in President Donald Trump’s assistance, meal deliveries and preliminary 2018 budget must be opposed. After housing support. all, the city stands to lose $190 million in counter- “People in the wintertime terrorism funds, $140 million for schools and $370 need heat—it’s not a want; it’s a million for public housing—just in the first year. The need,” he said. “People with low incomes need sub- and regional economies “so that Republicans from proposal also jeopardizes the Gateway project, which sidies for their housing—it’s not a want; it’s a need. red, nonurban areas get it,” said Carol Kellermann, includes a crucial rail tunnel between New York and And certainly New York City needs the resources to president of the Citizens Budget Commission. “For New Jersey. protect our citizens from our enemies.” example, Gateway is critical to the entire East Coast, But de Blasio is toxic in Republican-controlled Donovan said he would make that case to his Re- not just New York and New Jersey.” If one of the two Washington and hardly has the ear of Trump, who publican colleagues. century-old Hudson River rail tunnels goes out of recently deemed him the worst mayor in city histo- Observers said New York leaders should stress service, it would create a choke point in Amtrak’s only ry. One veteran of New York and Washington politics ways in which cuts would affect members’ districts profitable corridor.■ said Rep. Dan Donovan of Staten Island was “literally the only Republican in Washington who will take de Blasio’s call.” Being the lone GOP member of the city’s congressional delegation, Donovan said, “puts me in a very powerful position” to prevent the reductions. “You’ll see a lot of restoration,” he predicted. The city can stave off the cuts by persuading -Re publicans that they would hurt the region as well as the country eco- nomically and that “If the electeds slashing programs argue our case on that serve voters will threaten their the basis of morality political careers, experts said. or ideology, we will Democrats “have get smashed” limited political sway in Washing- —Kathryn Wylde, ton at the moment, Partnership for NYC so they have to rely on substantive ar- The Top-Ranked MBA You Want. guments and hope the Republicans care enough about jobs and the economy to respond,” The Flexibility You Need. said Kathryn Wylde, president of the Partnership for New York City, a business group. She said the metro region’s $1.3 trillion economic output makes it the country’s biggest asset. “We need to make the case that keeping our region A TOP ONLINE MBA WITH A REAL-WORLD FOUNDATION vibrant is in the interest of all America,” she said. “If the electeds argue our case on the basis of morality or Now you don’t have to choose between Small Classes ideology, we will get smashed.” working and earning your MBA at a top-ranked A student-faculty ratio of 14-to-1 ensures you business school. The Online MBA program get the attention you need. Election consequences at Hofstra University’s Frank G. Zarb School Multinational Experience of Business, the highest-ranked program A global practicum exposes students to the There’s also a political case to be made, experts in the NY metropolitan area, offers ﬂ exibility workings of international business. and a personal education with all the resources said. To pay for a large increase in military spending, Top Faculty and connections that come from an Trump’s budget would eliminate human-services ini- Learn from full-time professors who are experts internationally recognized university. tiatives that are broadly popular, such as a grants pro- in their ﬁ elds. gram that funds Meals on Wheels and school break- Sophisticated Students with extensive fasts. Those losses would be felt by voters in rural and business experience. suburban House districts whose predominantly Re- publican representatives are sensitive to their constit- The Online MBA is one of many programs offered by the Zarb School of uents’ opinions. All House members face re-election Business, including an Executive MBA, an MBA in Manhattan, a full-time next year, by which time the impact of the budget cuts, cohort MBA (that includes a co-op experience), and on campus full and part-time graduate business programs. which would begin this fall, would be felt. Fierce reaction last week signaled the political con- LEARN MORE AT HOFSTRAMBA.COM sequences to local lawmakers, according to New York– based Democratic strategist Neal Kwatra, who has From The Princeton Review, September © 2016 TPR Education. All rights reserved. Used by permission and protected by the Copyright Laws of the United States. The printing, copying, orchestrated advocacy campaigns across the country. redistribution, or retransmission of this content without express written permission is prohibited. “The subtext is, if you are serious about these cuts,

GETTY IMAGES we are deadly serious about our response,” he said.

Ad_ZarbOnLineMBA2017_Crains_A.indd 1 3/9/17 11:05 AM

March 20, 2017 | CRAIN’S NEW YORK BUSINESS | 7

P007_CN_20170320.indd 7 3/17/2017 7:59:57 PM AGENDA WHO OWNS THE BLOCK

70-74 CORNER OF GANSEVOORT ST.

Meatpacking District’s historic renovation Two projects move ahead despite preservationists’ protests

BY TOM ACITELLI

he Landmarks Preservation Com- mission on March 7 approved retailer Restoration Hardware’s request to re- 22 LITTLE W. 12TH ST. develop 55 Gansevoort St. into a 14- This six-floor, 74,478- square-foot commercial Troom guesthouse. The project will unfold building was one of sev- just across from a block-long redevelop- 71 GANSEVOORT ST. eral that investor Wil- ment slated to transform several buildings Romanoff Equities, a White Plains, liam Gottlieb amassed 10 AND 16 LITTLE W. 12TH ST. that prolific New York investor William N.Y.–based investment and develop- in Manhattan before his death in 1999. His grand- Investors Isabel Litterman and Fred Gottlieb once owned and that his estate still ment firm headed by father-son duo Tate acquired these buildings for an Michael and Darryl Romanoff, acquired nephew Neil Bender now partly controls. owns the building. undisclosed sum in 1982. The pair are this 3-story, 21,562-square-foot com- deceased now, but a limited partner- The developments represent a thunder- mercial building for an undisclosed ship they formed in 2000 still owns both clap of change for this long-designated his- sum in 2005. The company took a sites. The building at 16 Little W. 12th $13.5 million mortgage on it in 2007. toric district, which has become a destina- St. is a single-story, 2,970-square-foot commercial space. The 6,130-square- tion for high-end residential, hotel and retail foot commercial building at 10 Little W. development. In 2003 the landmarks commission 12th St. has two apartments. established the area from Washington to Hudson streets and from West 15th to Horatio streets as the Gansevoort Market Historic District. Preserva- tionists have been staving off developers ever since. The Gansevoort plans have been revised to ac- commodate legal challenges and Planning Depart- ment reviews. The Restoration Hardware project had to drop the height of a rooftop addition and add a fiberglass cornice around the redeveloped building’s top to hide a planned windscreen be- 46–74 GANSEVOORT ST. fore the landmarks com- Gottlieb amassed these low-slung mission would approve it. buildings before his death. His grandnephew Bender now owns Last June the com- them. A joint venture between mission signed off on a Bender and Aurora Capital Asso- scaled-back version of ciates, a privately held investment firm in Manhattan, is redevelop- 55 GANSEVOORT ST. the project across Gan- ing the block-long stretch into Delshah Capital, which investor Michael sevoort. But a state Su- 50,000 square feet of retail and Shah founded in 2006, bought the 5-story, preme Court judge in 80,000 square feet of boutique 23,282-square-foot commercial building commercial space. The project for $15.6 million in 2012. In 2015 he February ordered con- will feature more than 500 square leased the entire building to Restoration struction work halted feet of retail frontage. The asking Hardware, which has its flagship store pending the outcome of a rents for the ground floor range around the corner at 9-19 Ninth Ave. from $500 to $600 a square foot, lawsuit filed by neighbor- and the commercial office rents hood group Save Gan- will likely be in the triple digits sevoort, which contends per foot, according to Aurora. the plans run afoul of the historic district’s protections. 69 GANSEVOORT ST. 67 GANSEVOORT ST. The developers expect the case to be resolved Delshah Capital bought this then-2-story, Architects Anne Fairfax and Richard Sam- within the next 60 days. Excavation work contin- 2,950-square-foot property for $8.6 million in mons own the 3-story, 6,146-square- 2012. The address has seen so many eateries foot commercial building. They bought ues along the site, and the Gottlieb estate and co- come and go that foodie blog Eater once named it for $620,000 in 1997. The relatively developer Aurora Capital Associates obtained $55 it one of New York’s 10 most cursed restaurant low price did not include legal fees and million in financing last month. spaces. The property comes with enough air lump-sum payments to later remove rights to build to 10,110 square feet, but no rent-controlled tenants from the build- The project includes a three-level,10,000-square- development plans are filed with the Buildings ing, according to Fairfax. foot Hermès store and a new location for Keith Mc- Department. The entire site was eventually con- Nally’s Pastis restaurant, both to open in the first verted from restaurant to retail space. In mid- 2015 clothier Madewell leased it for 10 years. quarter of next year. ■ GOOGLEMAPS.COM, AURORA CAPITAL ASSOCIATES GOOGLEMAPS.COM, AURORA CAPITAL

8 | CRAIN’S NEW YORK BUSINESS | March 20, 2017

P008_CN_20170320.indd 8 3/17/2017 4:02:15 PM REAL ESTATE

Retail vacancies put the squeeze on Sitt Foreclosure looms as Thor Equities looks to sell BY DANIEL GEIGER

eal estate investor Joseph Sitt has placed a Sitt signed a 20,000-square-foot slew of Manhattan buildings up for sale, lease with Italian clothing label potentially to raise hundreds of millions of Valentino, which was said to dollars as he faces costly retail vacancies in have paid $3,000 per square foot Rhis sprawling portfolio. for the ground floor—a record at The tenuous circumstances reflect the challenges the time. Because retail income facing high-end stores in Manhattan as exorbitant drives so much of a property’s rents, online competition and a drop in tourist spend- value along a shopping corridor ing have forced retailers to pull back on brick-and- like Fifth Avenue, Sitt was able mortar locations. to sell the building last year for Last year retail vacancy rates reached a high of 31% $525 million, a gain of more on Fifth Avenue between 42nd and 49th streets, and than 260%. 8 of the 11 Manhattan retail neighborhoods tracked by real estate services firm Cushman & Wakefield saw Times have changed SITTING EMPTY: Sephora has vacated Sitt’s 597 Fifth Ave. between 0.6% and 8.2% increases in available space. Retail vacancies now blanket The slowdown has stoked speculation that landlords Fifth Avenue. Storefronts for the who bet that retailers would pay princely sums for addresses 511, 522, 592 and 636 sit empty, and bro- corner of Fifth Avenue and West 43rd Street for $130 marquee locations could find themselves in finan- kers say more are opening up. Doll maker American million in 2012 and razed the properties with plans cial distress. Girl will soon leave its home at 609, Spanish apparel to erect a residential tower. As the ultraluxury condo “Sitt could have problems because he bought at brand Massimo Dutti is emptying a corner store at market softened, Sitt managed to sell the site, whose prices no one else would pay,” said Brad Mendelson, a 698, high-end shoe company Stuart Weitzman is said address is 520 Fifth Ave., for nearly $270 million in retail leasing broker at Colliers International. to be planning to exit 675 and menswear brand Erme- 2015, doubling his money. Sitt is the founder of Thor Equities, whose world- negildo Zegna is expected to vacate 663. More space To raise cash, he wants to sell 10 properties in his wide portfolio includes 160 properties worth a total of is open or available on East 57th Street, an offshoot of expansive Manhattan portfolio, but a deal he and a more than $10 billion. The company did not respond the Fifth Avenue luxury retail market. “Luxury ten- partner recently made with San Francisco investment to a request for comment. ants aren’t renting space at the moment,” said Colliers’ firm Shorenstein for 875 Washington St. in the Meat- For months Sitt has tried to draw a high-paying Mendelson. “They’re licking their wounds and hoping packing District fell through. Sitt next plans to sell tenant to the retail space at 597 Fifth Ave., which for the world to become a better place, businesswise.” 25 W. 39th St., a roughly 200,000-square-foot office cosmetics company Sephora vacated March 19. He This is not the first time Sitt has faced changing building where Thor has its headquarters. He hopes recently failed to strike a deal with chocolatier Godiva circumstances. He purchased three buildings on the to fetch at least $200 million. ■ for the 12-story, 70,000-square-foot commercial property he bought for $108.5 million in 2011. Without retail income, several sources say, the building will not produce enough cash to cover its debts, including a mezzanine loan with SL Green Realty. That could give the lender the right to seize the property, something it has done in the past against delinquent borrowers. Other properties in trouble SL Green, one of the city’s largest landlords, also has a mezzanine loan on 590 Fifth Ave., a 19-story, 100,000-square-foot office and retail building Thor purchased for $90 million in 2007. Thor had planned to convert the first and second floors from an AT&T store and a two-level souvenir shop into a flagship retail space for a major tenant. Unable to find a taker, Attend a one-day cyber risk governance and management seminar designed exclusively for the company put the property on the market for $170 executives and board members. million last year. Now Sitt is entertaining offers rang- ing from $140 million to $150 million, according to + Learn to assess cyber threats Bill Shanahan, the CBRE sales broker representing impacting your business. Thor. “Joe had a grand plan for the retail, but he has + Evaluate effectiveness of your decided to sell,” Shanahan said. “Even at today’s price, cybersecurity investments. he still has a large embedded profit that he will realize + Experience a real-world cyber through a sale.” crisis simulation. Sitt’s 100,000 square feet of retail space at the base

of 530 Fifth Ave., an office building that occupies the IN PARTNERSHIP WITH entire block between West 44th and West 45th streets, is also struggling. Sitt and his partner, public real estate company GGP, have been unable to fill a 50,000-square- foot availability at the location. Without a tenant, the owners have delayed a multimillion-dollar plan to SPECIAL NEW YORK OFFER! Use Code: RESOLVENY renovate the space, according to a source. $1,395 The challenges Sitt faces on Fifth Avenue are a sharp turnaround from seven years ago. In 2010 he purchased a 20-story office and retail property at 693 2017 NEW YORK CITY SAN FRANCISCO CHICAGO PRIVATE EVENTS Fifth Ave., known as the Takashimaya Building, for CYBER RESOLVE May 1 August 1 November 7 Upon Request $143 million and kept the retail portion vacant for SEMINARS three years, waiting until he could secure a lofty rent cybervista.net/executives

BUCK ENNIS, GETTY IMAGES for the space. That deal materialized in 2013, when

March 20, 2017 | CRAIN’S NEW YORK BUSINESS | 9

P009_CN_20170320.indd 9 3/17/2017 3:43:20 PM AGENDA HEALTH CARE

A PRIME LOCATION: Ryan, founder and Digital health is helping chairman of Nomad Health, sees New to fuel the city’s economy York City as the preferred hub for Why 100 health care tech firms with nearly $1 billion in venture health startups. funding are calling New York home BY JONATHAN LAMANTIA

evin Ryan, dubbed the God- billion-dollar valuations, such as Zoc- father of NYC Tech by For- doc, Flatiron and Oscar. tune, has founded a stable New York City–based digital health of successful technology companies received $908 million in Kstartups, including online retailer Gilt venture funding last year, a nearly and database company MongoDB. But tenfold increase from 2010, when 15 these days he’s focusing on what might companies raised $93 million, accord- seem like an unsexy business—tempo- ing to CB Insights data in the center’s Bowles, executive director of the cen- practices at NewYork-Presbyterian/ rary medical staffing—with Manhat- report. ter. Bowles recommends that the city Weill Cornell Medical Center. tan startup Nomad Health, an online There are almost 100 city compa- help create a more centralized digital Nomad Health isn’t alone in its hir- job marketplace for doctors. nies in the sector, with at least eight of health ecosystem by forming cam- ing spree. For example, Flatiron, the “The reason digital health is the them employing 50 or more workers. puses with affordable office space and oncology data company, grew from biggest opportunity for New York Their objectives range from optimiz- hosting networking events. 30 employees in May 2014 to 375 by City is that 15 years ago, you would the end of last year, according to the have said the city has talented people Good-paying jobs report. but no successful technology compa- “The city needs to “The city needs to be looking at As companies age—Zocdoc is now nies. Now people would laugh that be looking at where where we are creating good-paying 10 years old—their founders and se- you’d move a company to Boston,” said jobs in the years ahead,” Bowles said. nior executives often break off to Ryan, who sold advertising-tech start- we are creating good- “Jobs in restaurants, in retail and as create new companies. “The seminal up DoubleClick Media for $1.1 billion paying jobs” home health aides have low-paying companies in the beginning are the in 2005. salaries.” Adams and Eves,” said Ryan. The city has emerged as a major —Jonathan Bowles, executive director Health care jobs in the city are pro- What’s still unclear is whether New hub for health care technology compa- of the Center for an Urban Future jected to grow 22.5% in the 10-year York’s health care unicorns will bring nies because they can take advantage period through 2022, but many of returns to investors. Oscar, a health of the area’s renowned academic med- those jobs will be low-paying ones in insurance company founded by Josh- ical centers as potential investors and ing appointment scheduling (Zocdoc) home care. ua Kushner, Kevin Nazemi and Mario testing grounds, according to a new to organizing data on cancer patients Nomad Health has 14 employees Schlosser, lost more than $200 million report from the Center for an Urban (Flatiron). and has raised $4.85 million in financ- last year. Future, a nonprofit research group. Given the industry’s growth po- ing. The company plans to nearly dou- “There’s still a lot of proving that The city is second only to the San tential, digital health should be part ble its headcount by the end of the year needs to be done,” Bowles said, but the Francisco Bay Area in terms of ven- of the mayor’s plan to create 100,000 following “explosive” growth in the sector has “already created thousands ture capital investment in digital jobs that pay more than $50,000 a year number of users, said Dr. Alexi Nazem, of good-paying jobs. That’s a huge health and is home to companies with during the next decade, said Jonathan the company’s chief executive, who benefit for the city’s economy.”■

NYC Health & Hospitals loses De Blasio’s report analyzing the sys- to the latest rankings from The Com- Lenox Hill adopts telemedicine $776M in first half of FY17 tem’s problems and potential solutions monwealth Fund. The report, released for critical care showed 69% of H&H’s patients were this month, compares health access and New York City Health & Hospitals re- either uninsured or Medicaid bene- quality measures between 2012 and Lenox Hill Hospital has started an elec- ported a $776 million operating loss for ficiaries in 2014, with that percentage 2014 or 2013 and 2015, depending on tronic intensive care unit that allows the first half of fiscal 2017, according to rising to 80% for emergency room vis- the data source. a single team to monitor critical-care unaudited financial statements. its. Treating mostly Medicaid patients The state, which entered the top patients at seven Northwell Health H&H is trying to stabilize its financ- is problematic because the insurance quartile for the first time, was among hospitals. es and avoid a projected $1.8 billion program for the poor does not cover those that showed the most improve- Patients who would benefit from budget deficit in fiscal 2020. the full cost of care. ment. It saw gains on eight of 15 pre- the new technology include those un- But the public health system’s oper- A spokesman for H&H downplayed vention and treatment measures, and it dergoing treatment for a stroke, a brain ating loss widened by 84.5% over 2015, the financial loss, citing the timing of jumped from No. 10 to No. 6 in health tumor or a brain bleed, said Dr. Bushra when it lost $420.4 million. After in- government payments and accounting care equity rankings, which take into Mina, director of the medical ICU vestment losses and interest expenses, rules that count noncash costs, such as account income and ethnicity. at Lenox Hill. the system lost $842.6 million. depreciation. New York improved on only two of Mina said the hospital has two Enrollment in MetroPlus, H&H’s The spokesman added that the sys- five measures in access and affordabili- critical-care physicians in the unit, insurance arm, showed modest gains. tem is still on track to reduce the bud- ty, however. Notably, the share of adults including at least one specialist in But the system’s efforts to increase the get gap by $770 million for the current who went without care because of cost neurointensive care. Northwell’s eICU number of patients it serves is in jeopar- fiscal year by increasing revenue and over the course of a year dropped from team can monitor patients when the dy following declines in utilization at its lowering costs. 15% in 2013 to 12% in 2015. doctor is out of the room, potentially hospitals and outpatient clinics, Crain’s Stanley Brezenoff, H&H’s interim The report’s authors emphasized shaving minutes off the response time reported in January. chief executive, is scheduled to appear that states that expanded Medicaid when a patient’s condition changes. The results aren’t directly compa- before the City Council’s health com- access under the Affordable Care Act “It’s an extra safety layer,” Mina said. rable to estimates prepared as part of mittee this week to offer testimony on showed stronger progress than states Northwell, which spent $250,000 to Mayor Bill de Blasio’s turnaround plan the system’s finances. — J.L. that did not. implement the program at Lenox Hill, for H&H. But expenses are growing “That puts the onus on people who has invested millions in the technology faster than revenue—a bad sign for the State moves up would change the current law to be sure across the system, a Northwell spokes- system’s finances, said Charles Brech- in national rankings that the proposals they’re making will man said. er, director of research at the Citizens maintain or accelerate that progress,” Northwell joins NewYork-Presby- Budget Commission. New York came in No. 12 in the coun- said Dr. David Blumenthal, president terian, whose telestroke program lets “That’s not how you close budget try in health system performance, of The Commonwealth Fund. specialists at its regional hospitals use

BUCK ENNIS gaps,” he said. moving up from No. 20, according — CAROLINE LEWIS videoconferencing. —J.L.

10 | CRAIN’S NEW YORK BUSINESS | March 20, 2017

P010_CN_20170320.indd 10 3/17/2017 3:44:11 PM AGENDA VIEWPOINTS

Obamacare replacement merits debate, not drama Despite critics’ hyperbole, it doesn’t look disastrous for New York

THE GOP’S PROPOSED rather than a percentage of the costs. the extension gets a political boost. people had bought insurance on the Affordable Care Act Through March 2021, Gov. Andrew Nearly half the money New York state’s exchange, a little less than two- replacement would Cuomo says, New York would lose would lose in 2021 is because the thirds received a subsidy and the fed- be nothing short of about $4.5 billion. In the last of those Republicans would eliminate the Essen- eral government’s total cost was about “catastrophic” for the four years, the hit would be $2.4 billion. tial Plan, which provides zero-premium $400 million. city’s public hospital The state’s annual health care spend- health care to people with incomes a bit Under the GOP plan, those subsidies system and its low- too high to qualify for Medicaid. Only would be replaced by tax credits. Insur- income patients, the New York and Minnesota take advan- ance for younger New Yorkers would GREG DAVID system’s CEO says. New York could handle tage of that ACA feature, the likely become less expensive, The changes to Med- the reduction in end of which accounts for a while older ones would pay icaid would be “disastrous for patients third of the projected loss in % much more. In addition, the and could create a fiscal crisis for New Medicaid without a the next four years. state would receive signifi- York,” adds a top official of the state fiscal crisis and without The switch to per-capita cant funds—how much isn’t 1.5IMPACT GOP cuts health care association. The insurance aid might not hurt New known—to aid people with market for individuals would sink into forcing anyone from York if the state keeps Med- would have on pre-existing conditions and quicksand, according to the Commu- icaid growth below national NYS spending other costly medical issues. nity Service Society of New York. the program health care inflation—which The Republican plan will Though facts mean little to President Cuomo has done for several be bad for some people and Donald Trump, opponents of the GOP years now. good for others. It isn’t immediately plan should stick to them and put them ing now exceeds $50 billion, and Cuo- The bottom line: New York could clear what the balance will be, but the in context. To wit: New York might not mo’s next budget totals more than handle the reduction in Medicaid with- impact will not be that large. be the best example of the damage the $152 billion. The lost funds would be out a fiscal crisis and without forcing The Republican plan might be bad Republican plan could do. 4% of health spending and 1.5% of all anyone from the program. No mas- for the country and even for New Start with Medicaid. The Repub- spending. The “millionaires tax” extensive increase in the uninsured would York, but hyperbole just undermines a licans’ proposal gradually trims the sion proposed by the governor is worth occur here. responsible debate on the issue. ■ amount sent to states that expanded the $4 billion per year, and because those The individual market is also more program under Obamacare and then rich people would receive a big tax break complicated than the rhetoric sug- GREG DAVID blogs regularly at provides a per-capita amount each year if the Affordable Care Act is repealed, gests. Through January, about 242,000 CrainsNewYork.com.

No to Whole Foods, ‘Citi Broke’ grassicpas.com Why New York’s poor reject fancy grocers and bike sharing

RE “THE PSYCHOLOGY OF POVERTY” (From the and heels, conceivably ride against traffic Newsroom, March 6): Perhaps you’ve and get to work within 45 minutes? Or is BE YOUR heard the cheeky slang for Whole it more practical to take the train? Foods—“Whole Paycheck.” Or “Citi Practically, do Fairway, Whole Foods Broke,” for the bike-share program. and other “department food stores” carry BUSINESS BEST. Do poor communities need the imported groceries that New York’s alternative transportation and chain global constituents actually consume? grocery stores? People in wealthier Not always, and most often not at the neighborhoods can take for granted prices these communities can afford. services they don’t immediately need, Most of these neighborhoods that like a Fairway with generous parking remain populated by non-gentrifiers or a costly bike-share that poses more don’t need bicycles or new grocery risks for seasoned commuters than stores. They need better opportunities benefits. (And hey, not everyone in for economic advancement. poverty is looking to combine their Until people in poor communities workout routine with their commute.) reach an economic level to best It’s a perversion of psychology to try to use these resources, they’ll remain improve a community via the excesses underutilized, regardless of how much symptomatic of wealthy neighborhoods. funding is poured into neighborhood Well-intentioned services such development. The interpretation that as Citi Bike do not represent social many “low-income New Yorkers see mobility. The reality is that people in themselves entrenched in poverty” is too poverty cannot (or wisely choose not simple. It seems more likely that without to) budget $163 annually for a bicycle real, measurable economic advancement, when a MetroCard is a basic necessity most low-income New Yorkers can’t for crossing boroughs and eliminates willfully move up the economic ladder, bike-share problems including luggage, but rather are forcefully shuffled off. The docking, the 45-minute ride limit, and attitude described as “this is too nice for 488 Madison Avenue, 21st Floor risking damage to personal and public the community” should be translated as New York, NY 10022 l 212.661.6166

property. Can a girl from Bed-Stuy “this is nice … for you.” JERICHO, NY l RONKONKOMA, NY l WHITE PLAINS, NY l PARK RIDGE, NJ making $35,000 to $45,000 annually in ZAMANIYA BANKOLE a Midtown office, wearing a blouse, skirt Harlem

March 20, 2017 | CRAIN’S NEW YORK BUSINESS | 11

P011_CN_20170320.indd 11 3/17/2017 11:51:46 AM AGENDA THE LIST NYC’S LARGEST PRIVATE SCHOOL ENDOWMENTS Ranked by endowment size in fiscal year 2015

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12 | CRAIN’S NEW YORK BUSINESS | March 20, 2017

P012_CN_20170320.indd 12 3/17/2017 3:46:11 PM ADVERTISING SUPPLEMENT TO CRAIN’S NEW YORK BUSINESS

REAL ESTATE ON THE MARKET Downtown Brooklyn: A New City Over a Century-old Transit Hub

nies, small creative businesses and back-office Because of the area’s convenient proximity to Man- operations for large Manhattan companies, and hattan and the appeal of the lifestyle of brownstone includes 50 arts organizations and 3,800 hotel Brooklyn, the Downtown population has soared rooms. Residential towers like City Point or AVA to 22,000 and will hit 56,000 by 2025, according DoBro have transformed the landscape from to the Downtown Brooklyn Partnership. Currently, that of low-rises with a single tall building — the there are 6,758 residential units, with 6,000 more 1875 Williamsburg Savings Bank — to some- under construction and 7,000 in the pipeline. thing that looks more like a dense metropolis. There are approximately 17 million square feet of According to Adam Greene, a director of Forest office space. It has been developing at a slower City Ratner. the extraordinary changes in the pace than residential construction but there has area would not have happened without the been a dramatic turnaround in retail offerings. The n 2001, then Mayor Bloomberg called for a task advantage of the existing transportation hub. three City Point residential towers sit atop a shiny force to assess what could be done to enliven “It all begins and ends with transit,” said Greene, new mall with an Alamo Drafthouse Cinema, Cen- Iand improve Downtown Brooklyn. The surround- whose company is currently building Pacific tury 21 and DeKalb Market Hall, a vast food court ing brownstone neighborhoods were thriving but Park Brooklyn, a mixed-used residential and retail with 40 diverse food stalls to rival anything Man- their vitality never seemed to spill over into the complex on 22 acres near the Barclays Center. hattan can offer. DoBro, as it’s called for short, also areas around Borough Hall, the courts, the Brook- has a Trader Joe’s, Shake Shack, Target and Macy’s. lyn Academy of Music or the retail district around One could argue that a world-class venue like Fulton Street. Above and below ground, a heaving the Barclays Center would not have been pos- Construction in Downtown Brooklyn continues transit hub mostly carried people through the sible were it not linked by public transportation apace, in a sense moving backwards toward downtown area to other destinations.Parking lots to all five boroughs and suburban Long Island. the future, says Paul Travis, managing partner, were the area’s most remarkable feature. The area is served by no fewer than 13 subway Washington Square Partners, developers of City lines, 15 MTA buses, the LIRR and the East River Point. “We are returning to what Brooklyn was Then came the rezoning and all bets were off. Ferry. It is also served by both the Brooklyn originally, a center for everything in Brooklyn, Since 2004, the area has blossomed into one of and Manhattan bridges, and roadways like the a downtown that made it a great place in the the most sought-after locations for tech compa- Brooklyn-Queens Expressway. 1920s,” he said. “We are coming full circle.”

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Real Estate Full Page MECH.indd 1 3/14/17 1:32 PM

P014_P015_CN_20170320.indd 14 clothesmakers inMidtown. leading thefightto keep FERRARA AND CHIN FERRARA AND

KARJEAN LEVINE 14 FASHION |

CRAIN’S NEWYORKBUSINESS READY TO WHERE? | are are MAKERS

fashion workers to Brooklyn The mayor’s plan to move of Garment the District could signal the end the could signal

M arc BY JOEANUTA h 20,2017 D city’s economy. city’s of the to amajor sector cause might they damage of the consideration full without through rushed being are say officials elected and insiders business industry—which fashion local to the changes mic more for seis far plans administration’s the is about he didn’t talk What manufacturers. clothing Many are experts skeptical. industry Brooklyn, without disrupting as sector awhole. the facility and other industrial spacesin Sunset Park, firms’ ability to relocate the to Made in New York sive office markets. The success the of plan hinges on ducers inone to survive of country’s the most- expen provision that houses allows and sewing other pro- at floor leasttheir half space for manufacturing, a required many Midtown building owners to reserve remove regulation aspecial that since 1987has proposal would year. Blasio’s De activity each lion in economic roughly $98bil- and accounts for 180,000 people employs around industry, which of fashion the tem at heart the complex- ecosys designers, manufacturers and suppliers ina coexist rezone Garment the inMidtown, District where tration quietly has cooking up been aproposal to Crain’s monthLast Crain’s Brooklyn waterfront to cater to to cater waterfront Brooklyn the center along industrial a new for plans about his at length spoke Blasio de Mayor month, Bill last address City of the State his uring TO ANOTHER WHILE KEEPING learned thatlearned adminis the - IT INTACT LIKE PUZZLES. A PUZZLE FROM PLACE ONE “BUSINESS CLUSTERS “BUSINESS ARE CAN BEDIFFICULT” CAN - AND MOVING AND two Garment Center Capitol buildings on Seventh apairin 1919,when of clothing tycoons built the difficult.” very be from one place to another keeping while it intact can has studied phenomenon.the “Moving a puzzle Ketels, aresearcher at Harvard Business who School nesses that fit together like a puzzle,”saidChristian “Clusters are made up of complex networks of busi- that givesectors acompetitive those advantage. above weight, their employing approximately one- stantial. Clustered businesses tend to punch well COMMUNITY CLOSE-KNIT could be afatalcould mistake, be he said. makes fashion the work. industry Breaking that up andwholesalers showrooms is essential to what tion outfits in close proximity houses,to design sudden you can’t put it back together again.” that vacuum cleaner, leave it and of inparts, all a Supplier Association, group. atrade “You dismantle Manufacturing and of head Garment the Center understand,” said Joseph Ferrara, owner of Ferrara Clustering intoday’s Garment began District benefitsThe ofsticking together be can sub- Ferrara argued that keeping New York’s produc- “It’s to easy apart take something you don’t lary businesses lary talent and ancil- concentration of ofbecause the panies to Boston and biotech com- to Silicon Valley Tech firms flock ofhalf total wages. accounting for try’s workers but third of coun the - 3/17/2017 3:51:56 PM

BUCK ENNIS P014_P015_CN_20170320.indd 15

BUCK ENNIS suggests many designerscurrent the believe cluster warm reaction to deBlasio’s Sunset Park proposal are, harderthe it is to ensure quality. The council’s clients.designer high-end The farther awaythey to put manufacturers, to like close who to their be zoningthe protections without identifying where Bloomberg administration for attempting to remove iers such as Diane von Furstenberg, the criticized group atrade America, representing couture cloth- fromfiercebacklash the industry. in 2009.That effort was ultimately defeated by a beforerules and arezoning came to close securing for last the 50years.” tenancy here has changed dramatically and has been landlords, tenants and nonprofits“Thethe in area. a business-improvement organization representing bara Blair, president of The Garment NYC, District to offices desire. they if violations and freely convert manufacturing space would allow owners tenants, to their legalize cure building’sin their upkeep.the Lifting restriction ing violations, preventing landlords from investing building owner tenants has who illegal or outstand- problems for landlords. Most won’t banks lend to a lawthe inplace. The status quo hascausedserious tacit agreement that zoning the is outdated—and left city has mostly turned ablind eyeto practice—in the to office leased tenantsillegally vacancies.fill to The required to preserve. As aresult, many of have them enough manufacturers they thespaces left fill to are complainingold rules, that there simply aren’t have become increasingly bothered by decades- the state Department of Labor, and building owners declined by 83%,according to statistics from the and West streets. 40th bounded by Broadway, Ninth Avenue and West 34th forpreserved manufacturers inan area roughly Planning to require amount acertain of spacebe by rising rents, Department the of persuaded City ment fearing would pushed District, they be out businesses,unseemly Gar leadersinthe industry in 1984to turn it into an office center and purge TIMES CHANGING ofheart fashion the industry.” wholethe enterprise. Garmentthe is “The District tinkering with creative the engine could undercut and development hub,” that added who said Chin, 40% of U.S. all fashion designers are city. inthe based cutting-edge clothing capital and help explain why ion Week city’s events,the solidify which status as a Space. Thatvitality helpssemiannual drivethe Fash- executive director Trust of Design the for Public companies of own, their according to Susan Chin, remain city inthe to work or industry inthe start of and Design, more than three-quarters of them ion Institute of Technology and Parsons the School students graduated from colleges such as Fash the - bator for emerging talent. year Each thousands of - as a wares incu key serves overseas. also The district big enough production lines to sending justify their ion houses and emerging designers don’t who have But areathe remains a hubvital for fash high-end - ers, as most brands outsource production abroad. Garment employs District about work 5,100factory - pressure of globalization and rising rents. Today the employing some 200,000garment workers. than three-quarters of country’s the clothes and within afew years, Manhattan was producing more The hub quickly awaveattracted of followers, and Avenue West between and 36th West streets. 38th At of time, the Council the Fashion of Designers Blair and building owners have pushed for new “We that are is this happening,” thrilled said Bar Since number the then, of garment workers has Afterthe citybegan redeveloping SquareTimes “It’s really about having incredible this research That clout considerably has shrunk the under - - a commitment and to preserving expanding gar current said. administration “The has demonstrated able plan for future,” the aspokesman for council the breaking apart. stretchedcould be across River East the without it the Garmentthe District. occupy about 1million square feet in even though manufacturers currently square feet of spacefor clothiers, Park provide facility will only 200,000 date. new approval process but has yet to offer a delayed Aprilthe 3 launch date for the iswhich spearheading effort, the beforeting cart the horse.” the on sidesof both river. the “That is put- city encourage garment manufacturing asked Brewer, would who the like to see in Brooklyn, how would that work?” in Manhattan before you have space the earliest.the not to scheduled open until 2020at Brooklynthe manufacturing center is protections by eventhough fall, the producers could have without been could less take thanrules sixmonths, input. changing Because zoning the left little opportunity for meaningful proposal on April 3.Thatframetime it had planned to formally introduce rezoning the officialselected and communityboards, thougheven administration has only just reaching begun out to dent Brewer, Gale plan the view as The half-baked. ground,dle including Manhattan Borough Presi- FLAWS DESIGN ment manufacturing inNew York City.” “Previous attempts tofailed include an accept- Brewer noted also that Sunset the EconomicThe Development Corp., “If you’re going to change zoning the But evenstakeholders looking tosome find mid- NE OFF THEFASHION AVENUE what keeps thecitycompetitive inthenationalandglobalmarketplace, hesaid. inMidtown.Thatproximityis andshowroomsattheirfingertips all thewholesalers, sewing experts emergingorhigh-enddesigners, whorelyonhavingcautioned thatmany donotserve ofthosefirms Data fromJuniperResearchindicatesthatwearable techcouldbea$53billionbusinessby 2019. thatdoublesasaglucosemeter.includes companiesthataredeveloping suchproductsasashirt hasbeencraftingtailor-mademenswearGreenfield Clothiers inWilliamsburg since1977. uniforms,defense contractorthatmanufacturesmilitary have setupshopinSunsetPark, andMartin includingZoomers,more specializedfirms whichmakes clothes, maternity andBestecConcept, a outsuchwares. ofQueensand Brooklynarechurning Butother,factories inChinatownandparts shipping coststhatwouldcomewithmakingthemabroad, Hendlersaid, andmany oftheclothing in thefashionandretailindustries. Hendler, chiefexecutiveofAvalon thatspecializes firm NetWorth, amergerandacquisitionadvisory manufacturing clothes. AndmanyDistrict, fromtheEconomicDevelopment Corp. ofthemare accordingtoa2014report “The ones that are within the Garment Districtdoneedtobethere,”“The onesthatarewithintheGarment hesaid. isalreadyspread well beyond District, theGarment Although thefashionindustry Hendler The BrooklynNavy Yard ishopingtoattracttenantsintheemergingfieldof wearable tech—which Some items,andshorts,aresoeasytoproducethatthey don’t suchassimpleskirts justifythe aremakingwhatwe“Lots oftheseproducers callbudgetormoderate garments,” saidJack AR LY 50% of thecity’s areemployed workers outsidetheGarment 180,000fashionindustry

FACTS industry of thecity’s garment since 1987 manufacturing jobs ANNUAL $98B DECLINE 83 NUMBER OF 180K in thecity employed workers - economic output economic output in clothing in clothing % garment garment centrated inSunset Park and Bay Ridge. garment workers live inBrooklyn, with many con- Department of show Labor that most of city’s the Garment firms. District Statisticsfrom the state landlords would who eager to be rent to displaced square feet of industrial spaceowned by Sunset Park owns an additional facility and there are 2.4million Planning Commission. wrote in a March 3 letter and to Citythe EDC the hub,”try she and agroup of fellow officials elected York City’s status as agarment and fashion indus- sufficientlybeen vetted jeopardizeand could New “We that believe garment manufacturing, ahis - Administration officials countered that the city “We strongly that believe plan this …has not

March 20,2017 been thoughtbeen through at all.” an awful plan,” he said. “It hasn’t strophic for producers. “I it’s think away from cluster the cata can be - proof, Ferrara said, that breaking company folded 10months later, cheaper spaceinSunset Park. The group moved from Midtown to a dies and relocation assistance. across city, the despite subsi- EDC to privately rented spacesscattered stay afloat after they were relocated Point, have to Queens, struggled businesses that operated inWillets ing inHunts Point. But automotive Financialare District now- thriv gers once who operated near the tothem other boroughs. Fishmon- of picking up industries and moving cials’ letter. wrote inresponse offi to elected the - Patchett, president of EDC, the wellscape into future,” the James within Sunset Park’s industrial land- toric area, inthe fit sector will well Last yearLast amember of Ferrara’s The city hastrack amixed record GREENFIELD Brooklyn factory |

C RA — J.A. IN’S NEWYO and staff at his andstaffathis R K BUSINESS ■ 3/17/2017 3:52:09 PM |

P016_P017_CN_20170320.indd 16 down parking deadbeats. deadbeats. down parking Fein andherteamhunt THE BIGPAYBACK:

BUCK ENNIS 16 PARKING’S TOLL |

CRAIN’S NEWYORKBUSINESS COMING COMING THEY’RE THEY’RE FOR YOU FOR Parking finesmaybeacostofdoing business inNewYork, buttheriskof Young not payingthemisabouttogoup

METER CHEATERS BY AARON ELSTEIN

M arc h 20,2017 I to prosecutors. to she said,ing?” adding that major are cases referred ing parking their tickets, what aren’t else pay they - in other ways, Young Fein said. “If people aren’t pay - has jumped 28%since 2013. cording to city the comptroller’s office, athat sum worth of parking uncollectable, fines deemed ac- charged. year Last city the wrote off $250million is around interest when to and be begin penalties lice Department aren’t paid within 90days, which New York Po- each year by the tickets written million parking more than 10 But athird of the fines annually. lion in parking about- $600mil cough upbook some provision of city’s the rule- 110-page traffic recently.” parking division. “We getting started resources only Young Fein, director of Department the of Finance’s the most. cheat that the businesses after coming they’re and growing, is of investigators posse Identifying parking deadbeats can help city the There’s plenty of work to do. Peoplewhoviolate “Our unit was created some 20years ago,” said is to get that money into city coffers. Her coffers. money city into to that get is job it whose Young bureaucrat the is Fein off. or were written uncollected went fines of parking worth dollars’ lion abil n New York half year, nearly last City “ CITY OFFICIALSARECHASING CHASING SOMETHINGELSE” REVENUE ANDMOTORISTS. MAYBE THEYSHOULDBE Ellen Ellen - ing meter receipts amarketplace via on Facebook. dence, such as by acquiring other people’s park- used by to case residents their win using phony try - evi area inthe use at ticket the time the was written. Some by checking meter numbers against meters actual in Photoshop, although Young Fein afake can discern ogy. It’s to easy forge parking meter receipts using previouslythe tickets. dismissed was ordered to pay $18,630 in fines penaltiesand on shals conduct overnight The surveillance. resident addressthe number on night, his home he was every ontruck streetthe outside his house. By changing on more than 50tickets for parking his company doing breaks so law. the lengths toparking their preserve advantage, evenif and motorists have known been to go to great comes. where parking is except free street the when sweeper ing ameter is required and around 3.3million more es, more than 80,000 spaces on streets where pay- One thing investigators are up against is technol- One man Queens managed to avoid paying fines Still, demand and supply are not matched, easily The cityparking has 863licensed lots and garag-

es—she had mar hear parking cas- law judges who administrative gets tipped off by that—she often Fein heard about his. When Young ticketsthe weren’t able to argue that - 3/17/2017 3:55:13 PM FACTS Young Fein said she got one parking no work could have been done at gram and the Industrial and Commercial Abatement ing ticket in 2002, which she promptly the claimed addresses because Ma- Program, through which businesses such as FedEx paid. She now parks her car in a garage. mais’ client, Columbia University, and Verizon can pay reduced or even no fines for Her team of two investigators last didn’t have any property in those plac- certain violations if they waive their right to contest year collected $1.3 million worth of 3.3M es. She persuaded a judge to reinstate them. More than 2,400 business have registered for NUMBER OF STREET fines and penalties from people who parking spaces that are most of the tickets plus levy $136,400 one of the abatement programs, and there are near- had previously refused to pay up. In free citywide in fines and penalties. Mamais is con- ly 200,000 fewer parking ticket hearings than there recognition of her achievement, the testing the ruling in state court. were five years ago. Finance Department’s budget now At a traffic court hearing, an attor- Still, the effort to simplify parking ticket collec- calls for adding two more staffers to ney for Mamais argued that his client tion has itself caused complications. Last year the her fraud investigation unit, which as didn’t intend to deceive the city. “We city agreed to pay $14 million to settle a class-action recently as two years ago consisted of made errors, but those errors were suit brought by abatement program members who just her. $600M not intentional. Those errors were alleged they were wrongly ticketed for violations PARKING FINE REVENUE While Young Fein’s investigators collected by the city not reckless. They were errors, which, that carried fines when they should have been cited sometimes pursue individuals, most- unfortunately, grew exponentially,” for violations that were free under the programs. ly they chase down businesses, which the attorney said, according to a tran- “It all shows how complex parking in the city is,” get the lion’s share of tickets and of- script. Asked about the case, Young said Ken Thorpe, chairman of the New York Truck- ten hire brokers to contest their sum- Fein replied, “You can’t use the street ing & Delivery Association, the group of 700 truck- monses in court. $500M as your personal parking lot.” ing firms that filed the lawsuit. Even with additional staff, it can be UNCOLLECTED The city’s renewed commitment to tricky for the city to collect on parking fine revenue that goes ticket collections will be a boon for the Motorists fight back tickets. Violations can be dismissed unpaid or is written off as consultants hired by businesses to fight While the city cracks down, there’s so much work for only the slightest error, such as uncollectable them. Glen Bolofsky, who has contest- to be done contesting tickets that Bolofsky said he’s an incorrect license plate number or ed parking tickets on behalf of 150,000 producing the first advertisements for his company. address being listed in the summons. The cat-and- individuals and 1,000 business clients through He said the city will surely meet its goal to gener- mouse game leads to some unusual behavior. parkingticket.com, said the city would be better off ate more revenue from parking violations, but it will using its resources to tackle street congestion. come at a cost: making New York an even harder Going after cheaters “They’re chasing revenue and motorists,” he said. place to do business rather than trying to address Manhattan-based Mamais Contracting Corp. “Maybe they should be chasing something else.” parking problems in the first place. managed to get more than 400 tickets dismissed by The city has tried to make paying parking tickets “They are the proverbial hamsters on the wheel,” arguing workers were unloading trucks at the time a bit less onerous for individuals and businesses by he said of officials collecting parking tickets. “I of the violations and shouldn’t have been penalized. adjudicating more cases online rather than in traf- sometimes wonder, What is the city thinking. Are Young Fein’s investigators produced evidence show- fic court. In 2004 it created the Stipulated Fine Pro- they thinking?” ■

Dr. Richard Merkin and

PRESENT THE PRESENT THE 2ND ANNUAL Heritage Healthcare Innovation Awards 2017

LAST CHANCE TO NOMINATE Deadline March 31 crainsnewyork.com/heritage

Save the date: NYC Awards Luncheon, May 22, 2017 Mark Wagar, President, Heritage Medical Systems, Master of Ceremonies Finalists will be awarded in the following categories: ■ Heritage Innovation in Healthcare Delivery Award ■ Heritage Research Investigators in Translational Medicine Award ■ Heritage Healthcare Leadership Award ■ Heritage Healthcare Organizational Leadership Award ■ Heritage Innovators in Healthcare Award

Winners will be profiled in a Crain’s New York Business custom section

The judging and selection process for ﬁ nalists and winners in the 2017 Heritage Healthcare Innovation Awards is independent of the Crain’s New York Business newsroom

March 20, 2017 | CRAIN’S NEW YORK BUSINESS | 17

P016_P017_CN_20170320.indd 17 3/17/2017 3:55:22 PM TO PLACE A CLASSIFIED AD, CALL 1 800 444 6007 OR VISIT CRAINSNEWYORK.COM

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Notice of Qualification of Quogue In- Notice of Formation of PeJulJen LLC Notice of Qualification of 32-40 AND Notice of Qualification of Publicis come, LLC. Authority filed with NY Arts. of Org. filed with Secy. of State of 32-50 93RD STREET, LLC Appl. for Health, LLC. Authority filed with NY Dept. of State on 1/27/17. Office NY (SSNY) on 02/23/17. Office loca- Auth. filed with Secy. of State of NY Dept. of State on 1/13/17. Office lo- location: NY County. LLC formed in tion: NY County. SSNY designated as (SSNY) on 09/15/16. Office location: cation: NY County. Princ. bus. addr.: DE on 6/10/16. NY Sec. of State agent of LLC upon whom process NY County. LLC formed in Delaware 35 W. Wacker Dr., Chicago, IL 60601. designated agent of LLC upon whom against it may be served. SSNY shall (DE) on 09/12/16. SSNY designated LLC formed in DE on 12/31/16. 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TAKE IN THE VIEW: Taccetta threw a bash—for his own birthday—at the United Palace BY LANCE PIERCE in Washington Heights.

In a soiree state A blockbuster event designer relies on his sense of the theatrical

few months into his dream job assisting Broad- went into mourning, and young Anthony, who had begun way producer Richard Frankel on the 2002 acting in school plays, saw theater as a way to draw people ANTHONY TACCETTA musical Hairspray, Anthony Taccetta realized together. Going to his performances “would bring people he’d been dreaming about the wrong job. out of their everyday life for a few hours, so they were able AGE 40 AA lot of a producer’s work comes after the show hits the to enjoy the show,” he explained. “And around the holidays, BORN Florham Park, N.J. stage: dealing with reviews, advertising and ticket sales. it made things more vibrant and uplifting and fun.” RESIDES Hell’s Kitchen “Once it became about box-office receipts and gross profits, By age 30 Taccetta had spent a few years working in the my brain shut off,” Taccetta said. He loved putting the show technical aspects of event production and decided to launch EDUCATION B.F.A. in theater design, Emerson College together—the logistics, the sets, the stress, the deadlines. “I his own firm. Anthony Taccetta Event Design specializes in LOVE HAS NO PRICE TAG loved everything right up until opening night.” nontraditional locations—such as outdoor I want to be Taccetta’s weddings usually start at So he found a job at a company that spe- “ settings and warehouses—for birthday par- $150,000. An over-the-top bar/bat cialized in planning opening-night celebra- working 52 ties, corporate events and weddings. He ap- mitzvah extravaganza can cost as tions. “Who would’ve thought such a job ex- weekends proaches party planning like he did theater much as $500,000. isted?” he asked. a year production. “The vibe of each Broadway BRIGHT IDEA “People don’t under- Taccetta grew up in suburban New Jersey ” show is different,” he said, “and I wanted to stand the value that good lighting in a large, tight-knit Italian family. He and his first cousins incorporate that into my events.” adds,” he said. “It can transform a space. Same with bad lighting. all lived within a block or two of one another, and every Among his first were a pair of blockbuster 40th birthday Whatever the event, you need to Sunday they would gather for dinner at Taccetta’s parents’ parties in the Hamptons. Both clients later hired Taccetta to pay attention to lighting.” house. “To us, a family dinner means 20 to 25 people,” plan their daughters’ bat mitzvahs. For one he transformed PARTY RULE Never put the bar he said. Holidays were a big deal. He would plan seating a Midtown restaurant into a summer carnival. For the other outside the party room. “It kills arrangements and decorations. By 12 he was in charge of he staged a retro Beatles concert in a Manhattan theater. the reception,” he said. “Wherever the holiday decor at his house and his aunt’s house. “And I Taccetta attends each event he produces, currently your bar is, that’s where the party is. You’ve spent all this time and mean every holiday,” Taccetta said. about 30 per year. Revenue was nearly $2 million in 2016. money making a room special, but Tragedy struck when Taccetta was 13: His older brother, “There are 52 weekends in a year, and I want to be working everybody’s outside near the bar.”

BUCK ENNIS Angelo, was killed in a car accident at age 17. The family all of them,” he said. — HILARY POTKEWITZ

20 | CRAIN’S NEW YORK BUSINESS | March 20, 2017

P020_CN_20170320.indd 20 3/17/2017 4:02:50 PM SNAPS

Not only for the birds The leadership and honorees of the National Audubon Society called on guests at the organization’s March 1 gala to fight federal policies they believe will threaten conserva- tion efforts. “Audubon has a million members, who have political muscle to create a firewall in D.C.,” saidDavid Yarnold, president and chief executive. Honoree Frances Beinecke said the environmental movement is “facing a challenge as never before with the new administration.”

Actresses Lili Taylor and Jane Alexander, both Audubon board members and masters of ceremonies, flankDavid Yarnold. The gala raised more than $1.1 million. Frances Beinecke, former president of the Natural Resources Defense Council; Margaret Walker, National Audubon Society board chair; and Carol Browner, senior adviser to the Albright Stonebridge Group, at the event at Gotham Hall.

Dreams Research on MS of fields

The Randall’s Island Park Alliance’s 25th anniversary gala was hosted by Brian Sullivan, co-anchor of CNBC’s Power Lunch. For- mer Yankee Mark Teixeira was among the honorees. The event raised $1.7 million for park stewardship.

The Corinne Dickinson Center for Multiple Sclerosis at Mount Sinai held its 15th annual benefit March 2. Among the attendees wereR obert Friedman, a center advisory board member and chief executive of Bungalow Media & Entertainment; Dr. Aaron Miller, the center’s medical director; actor Blair Underwood, an event honoree; and Dr. Fred Lublin, the center’s director.

Courtney Hall, former Kate Milliken, founder of San Diego Charger and mycounterpane.com and co- co-founder of Hillcrest Ven- chair of the center’s patient ture Partners, and his wife, initiative committee, with Ali Judge LaShann DeArcy Hall Salama, an advisory board of the U.S. District Court for member and president of the the Eastern District of New committee, during the gala York, at the fundraiser, held at The Plaza hotel. The event Feb. 28 in the David H. Koch raised $500,000. Theater at Lincoln Center.

CAMILLA CEREA/NATIONAL AUDUBON SOCIETY, STEPHANIE BADINI, ANGELA PHAM/BFA IMAGES STEPHANIE BADINI, ANGELA PHAM/BFA AUDUBON SOCIETY, CAMILLA CEREA/NATIONAL SEE MORE OF THIS WEEK’S SNAPS AT CRAINSNEWYORK.COM/SNAPS. GET YOUR GALA IN SNAPS. EMAIL THERESA AGOVINO: [email protected].

March 20, 2017 | CRAIN’S NEW YORK BUSINESS | 21

P021_CN_20170320.indd 21 3/17/2017 4:03:31 PM FOR THE RECORD*

NEW IN TOWN such as matcha custard and He now directly holds ■ Raku, an udon part of the 43rd floor and 2013. Cresa represented the salty honey. Unlike at its 49,179 shares. noodle restaurant in the the entire 44th floor of the tenant. The co-landlord, ■ Anyone Comics first location, in Gowanus, East Village, signed a 44-story tower between RXR Realty, was repre- 1216 Union St., Brooklyn diners can order booze to ■ Sequential Brands Group 10-year lease to open its South End Avenue and sented in-house and by a Comic book fans now go with their slice. Inc. (SQBG-O) second restaurant, in a West Street. JLL represented team from Avison Young. have a go-to spot in Crown Al Gossett, director, 1,200-square-foot spot at the landlord, Brookfield The asking rent ranged from Heights for both indie ■ The Meatball Shop purchased 100,000 shares 48 Macdougal St. Eastern Property Partners. Transtar the upper $50s to the high and best-selling titles. The 798 Ninth Ave. of common stock for Consolidated represented Real Estate represented the $70s per square foot. shop’s owner, Dimitrios The fast-casual chain $3.43 per share from the tenant. Compass tenant. The asking rent was Fragiskatos, plans to turn opened its seventh location, March 3 to March 6 represented the landlord. $75 per square foot. ■ InvestCloud signed a the basement into a hub for in Hell’s Kitchen, and it in transactions worth The asking rent for the deal six-year lease for 10,500 artists and gamers. comes with the addition of $343,000. He now directly was not disclosed. ■ Lionsgate Entertainment square feet at 135 E. 57th a cocktail bar, Sidepiece. holds 509,669 shares. signed an early renewal and St. The investment software ■ Choco-Story New York Another distinction is a new COMMERCIAL expansion lease at 530 Fifth firm from West Hollywood, 350 Hudson St. dish, Balls Fondue: chicken ■ Sotheby’s (BID-N) ■ Rauxa signed an 11-year Ave. The entertainment Calif., will open its first Chocolatier Jacques Torres meatballs with melted Swiss Kevin Delaney, chief deal to relocate to 225 and media giant is making New York City office on has opened the city’s first cheese for dipping. accounting officer, Liberty St. and double its room for Starz, its latest the 17th floor of the 32- chocolate museum, in senior vice president and office space to 50,000 square TV network acquisition, story tower. The asking rent SoHo. For $10 and up, controller, sold 1,806 shares feet. One of the largest and will occupy the entire was in the mid-$80s per visitors can get a rundown BANKRUPTCIES of common stock for women-owned independent 34,300-square-foot fifth square foot. The landlord, of chocolate’s history $48.04 per share March advertising agencies, it floor of the 26-story build- Cohen Brothers Realty, and, better yet, sample ■ 531 Management 7 in a transaction worth plans to move from 100 ing. The company had occu- represented itself in-house several varieties. 684 Britton St., Bronx $86,760. He now directly Sixth Ave. by the end of pied 7,000 square feet on as well as the tenant in The company filed for holds zero shares. the year. It will occupy the building’s top floor since the deal. ■ ■ Corner Slice Chapter 11 bankruptcy 600 11th Ave. March 6. The filing cites The latest addition to estimated assets and REAL ESTATE Gotham West Market’s liabilities of $1,000,001 to DEALS ROUNDUP food hall in Hell’s Kitchen $10 million. The creditors RETAIL TRANSACTION SIZE BUYERS/ ■ is a pizzeria that uses only with the largest unsecured E-Lo Sportswear signed TARGET/SELLERS [IN MILLIONS] INVESTORS TRANSACTION TYPE artisanal flour for all its claims are LAL Property a 10-year lease for 34,000 pies. The spot is also a Management Corp., owed square feet at 469 Seventh A portfolio of U.S. first-lien $3,396 DLJ Mortgage SB M&A Ave. residential mortgage loans/ Capital Inc. (Manhattan) coffee shop and a bakery. $5.3 million; A&S Iron The women’s apparel HSBC Bank USA, N.A.; HSBC Works, owed $220,000; and company, which owns Finance Corp. ■ Diamond Reef Junior Carter Mechanical, Nanette Lepore and other TerraForm Global Inc./Altai Capital $2,356.2 Brookfield Renewable Partners SB M&A 1057 Atlantic Ave., owed $195,000. brands, will move from its Baron Capital Management Inc. Management LP (Manhattan); Brooklyn 500 Seventh Ave. space and (Manhattan); EverStream Energy Capital LP; Orion US Holdings 1 LP Management LLC (Manhattan); (Manhattan) ■ Old Fashion Butcher From the owners of Lower take the top two floors of Luminus Management LLC (Manhattan); East Side cocktail bar Shop Inc. the 16-story building. Lee & Omega Advisors Inc. (Manhattan); Attaboy comes this Bed- 23-50 Steinway St., Queens Associates represented the Quentec Asset Management LLC (Manhattan); Renova Energia S.A.; Stuy bar with tropical vibes. The shop filed for Chapter tenant. The landlord, Meyer SunEdison Holdings Corp.; There is a slushie machine 11 bankruptcy March 2. Equities, was represented SunEdison Inc.; The Blackstone Group LP that dispenses Penichillin, a The filing cites estimated in-house. The asking rent (Manhattan); Zimmer Partners LP (Manhattan) frozen version of the Scotch assets of $0 to $50,000 and for the deal was $55 per Allfunds Bank S.A./Banco Santander $1,903.8 GIC Pte. Ltd.; Hellman & FB M&A whisky cocktail Penicillin. liabilities of $100,001 to square foot. S.A.; Eurizon Capital SGR S.p.A.; Friedman LLC General Atlantic LLC (Manhattan); $500,000. The creditors Warburg Pincus LLC (Manhattan) ■ KazuNori, the Original with the largest unsecured ■ Plated, a meal kit Hand Roll Bar Nimble Storage Inc./Fidelity $1,348.6 Hewlett Packard SB M&A claims are Itria Ventures, subscription service Management & Research Enterprise Co. 15 W. 28th St. owed $112,362; My Famous company, inked a 10-year Co.; Renaissance Technologies Don’t expect to find Butcher Shoppe, owed lease for 23,000 square feet Corp. (Manhattan); SC US GF V Holdings Ltd.; Sequoia Capital; Tremblant California rolls and other $57,500; and Sarra Halal to expand and relocate its Capital Group (Manhattan) Americanized sushi Meats, owed $33,046. headquarters to 111 W. 19th St. Veracode Inc./Cross Creek Advisors; $614 CA Inc. (Manhattan) SB M&A offerings at this NoMad The recipe-in-a- In-Q-Tel Inc.; StarVest Partners spot. The new sushi bar, ■ Webcollage Inc. box company will move LP (Manhattan) which has two sister 11 Times Square from 22 W. 19th St. and Permian Resources LLC $600 Pine Brook Road Partners GCI locations in Los Angeles, The cloud-based content occupy the entire third floor LLC (Manhattan); Riverstone is from the folks behind management platform of the 185,000-square-foot Holdings LLC (Manhattan) Sugarfish, the popular provider filed for Chapter building. The landlord, Maplebear Inc. $400 Andreessen Horowitz LLC; GCI Southern California sushi 11 bankruptcy March 3. Kaufman Organization, FundersClub Inc.; Initialized chain that expanded to the The filing cites estimated represented itself and the Capital Management LLC (Manhattan); Khosla Ventures; Flatiron District last year. assets of $50,000,001 tenant in the deal. The Kleiner Perkins Caufield & Byers; to $100 million and asking rent was between Sequoia Capital; Thrive Capital (Manhattan); Valiant Capital Partners; ■ Villanelle liabilities of $500,000,001 the high $60s and $80 per Wellcome Trust, Investment 15 E. 12th St. to $1 billion. The creditors square foot. Division; Y Combinator With parsnips on its dessert with the largest unsecured menu, this American claims are Yahoo, owed ■ Colortree US signed an Selected deals announced for the week ending March 10 involving companies in metro New York. SB M&A: Strategic buyer M&A represents a minority or majority acquisition of existing restaurant offers vegetable- $545,209; Taboola Inc., eight-year lease for 4,716 shares of a company without the participation of a financial buyer. FB M&A: Financial buyer M&A focused dishes sourced owed $411,755; and square feet at 231 W. represents a minority or majority acquisition of existing shares of a company with the participation of from the nearby Union Facebook, owed $295,000. 39th St. The footwear and a financial buyer. GCI: Growth capital investment represents new money invested in a company for a minority stake. Square Greenmarket. headgear retailer, which SOURCE: CAPITALIQ owns the DJ & JuJu label, STOCK TRANSACTIONS plans to use the eighth floor GET YOUR NEWS ON THE RECORD MOVES AND EXPANSIONS as an office and a showroom. * ■ Coty Inc. (COTY-N) The asking rent was $49 To submit company openings, moves or real estate deals, or to receive further information, ABOUTemail [email protected] SECTION. ■ Four & Twenty Sébastien Froidefond, chief per square foot. Katz & Blackbirds human resources officer, Associates represented the For the Record is a listing to help businesspeople in New York find opportunities, potential 634 Dean St., Brooklyn purchased 32,300 shares of tenant, while Adams & Co. new clients and updates on customers. Bankruptcy filings from the eastern and southern The Elsen sisters’ second pie common stock for $18.50 represented the landlord, districts of New York are listed alphabetically. Stock transactions are insider transactions at New York companies obtained from Thomson Reuters and listed by size. Real estate shop, in Prospect Heights, per share March 3 in a 231/249 West 39th Street listings are in order of square footage. offers nontraditional flavors transaction worth $597,550. Associates.

22 | CRAIN’S NEW YORK BUSINESS | March 20, 2017

P022_CN_20170320.indd 22 3/17/2017 4:03:58 PM PHOTO FINISH

Hair and the dog n a winter day in the Flat- or heat, and appointments are spaced iron District, barber Bart- out to mitigate the city’s frenzy. “You lomiej Trybala’s 7-year-old walk in here and can completely relax,” Pomeranian, Nike, sits on a Trybala said. “ ere’s no rush, and we Opatron’s lap as Trybala trims the cus- have Sinatra playing.” tomer’s hair. It’s part of the allure of his Mets stars David Wright and How- shop, Barber Bart. “As long as the client ard Johnson have had their hair cut at is comfortable with it, I let him do it,” Barber Bart , and comedian Jimmy Fal- Trybala said of Nike. “In New York lon used to come in for shaves. Former people love dogs. Some people have politician Anthony Weiner and his son, better relationships with dogs than Jordan, 5, are regulars. with other people.” “Jordan always asks for Nike,” Tryba- Trybala opened his shop 13 years la said. “If Nike is not around, he says ago, with the hook being a leisurely he’s not coming for a haircut.” experience. e chairs o er a massage — GERALD SCHIFMAN PHOTO CREDIT BUCK ENNIS

MARCH 20, 2017 | CRAIN’S NEW YORK BUSINESS | 23

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