NYU's First Abu Dhabi Class Rivals the Ivies Media Moguls Top Salary List

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INSIDE REPORT TOP STORIES FORTUNATE 100 Hot new career Firms yield on boss switcheroo: pay; investors target generous directors health coach ® PAGE 2 PAGE 15 Big Apple Greeters gets cold reception VOL. XXVI, NO. 25 WWW.CRAINSNEWYORK.COM JUNE 21-27, 2010 PRICE: $3.00 PAGE 2 Subway woes drag NYU’s first on ... and on ... for Second Ave. shops Abu Dhabi PAGE 3 Signs of life, finally, class rivals in mortgage-backed securities market the Ivies PAGE 4 Elite crop may validate Like those Sexton’s Arab plan, and Bryant quiet president’s critics Park tulips? BY MIRIAM KREININ SOUCCAR You can new york university’s controversial buy them campus in Abu Dhabi will open in Sep- NEW YORK, NEW YORK, P. 6 tember with an inaugural class of students rivaling those of the Ivy League. The university accepted 189 students out of 9,048 applicants, and 150 from 39 countries have committed to attend, NYU will announce on Mon- day.That yield of 79.4%—a data point that’s monitored closely by colleges—is slightly better than Harvard Universi- See NYU on Page 24

BUSINESS LIVES Media GOTHAM GIGS moguls top Merchantdirector has seen it all before P. 25 G ANNE FISHER salary list on cocotos tom starting a business at fiftysomething P. 25 Edge out Wall Street G MOVERS & SHAKERS Edie Falco says her new bosses at the trough, drug is ice cream P. 26 despite dismal market G GAEL GREENE on Bar LEBRON-ONOMICS Artisanal’s rebirth P. 27 BY AARON ELSTEIN

Contract with star would boost Garden’s after years of domination by Wall INDEX Street, Crain’s Fortunate 100 ranking of revenue and stock price. Will he jump? the city’s best-paid executives has a sur- THE INSIDER ______8 prising new set of leaders.Media-related NEIGHBORHOOD JOURNAL ______9 Garden’s New York Knicks,the company’s stock has executives took the top four slots in 2009. BY MATTHEW FLAMM VIEWPOINT ______10 jumped.In May,when the Cavaliers lost in the play- Predictably,their rise was made pos-

REAL ESTATE DEALS PLUS ______12 offs, possibly lowering the chances that Mr. James sible in part by Wall Street’s calamitous every publicly traded company has a growth would stay in Cleveland, shares spiked 12%. year, but what is surprising is that so SMALL BUSINESS ______14 strategy, and Madison Square Garden Inc., which Analysts expect that any improvements to the many media executives did so awfully CLASSIFIEDS ______20 became its own company earlier this year, has sever- hapless Knicks’ roster will increase the flow of dol- well despite dismal conditions in their FOR THE RECORD ______22 al. The strategy with the most promise even has a lars that follow from higher ratings on the MSG ca- own businesses. EXECUTIVE MOVES ______25 name. It’s called LeBron James. ble television network and more enthusiastic crowds In fact, that seeming contradiction

THE WEEK AHEAD ______27 With every suggestion that the Cleveland Cav- at the Garden. But a contract with Mr. James, who has caused more than raised eyebrows. aliers forward might sign with Madison Square See LEBRON-ONOMICS on Page 24 See MEDIA MOGULS on Page 24 25

5 NEXT WEEK TH ANNIVERSARY ISSUE We asked. You answered. Crain’s readers offer 25 big 25 people who’ll be shaping the city’s recovery ELECTRONIC EDITION ideas to make New York City better, smarter, stronger, Why New York can’t shake its Wall Street addiction

NEWSPAPER 2 wealthier and just maybe a little friendlier. Plus: Alair Townsend’s inductees in our first Hall of Fame

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IN BRIEF ONLY SIX INDUSTRIES IN NEW YORK CITY HAVE POSTED JOB LOSSES SO FAR THIS YEAR, AS Health coaches the city rebounds rapidly from the recession, according to an analysis of state Department of Labor data by real estate services firm Eastern Career switchers find Consolidated.Telecommunications led the way, gigs rewarding, though with 1,500 losses.The other industries to shed jobs were apparel manufacturing, securities, not always financially advertising, local government and publishing. Overall, the city has added 79,200 jobs this year, including 58,800 in the private sector, BY LISA FICKENSCHER erasing nearly one-half of the estimated 173,000 that were lost in the downturn. julia haramis was already stressed out from working increasingly long hours. But THE TWO MOST IMPORTANT TONY AWARD when her paycheck was slashed, the vice WINNERS—MEMPHIS (WHICH WON BEST president at a large investment-manage- musical) and La Cage Aux Folles (best musical ment company in New York had had revival)—have seen big boosts in ticket sales as enough. a result. A spokeswoman for Memphis said A year ago,when most people feared for ticket sales for the show have increased a their jobs, she quit hers and enrolled in the whopping 300% in less than one week, Institute for Integrative Nutrition to be- although she wouldn’t disclose a dollar amount. come a health coach. La Cage sold more than $250,000 worth of The decision was not a rash one. The tickets the day after winning the Tony, more Brooklyn Heights resident had already than twice the usual daily figure. Although the embraced a healthier lifestyle, teaching box-office bumps are appreciated, theater yoga on the weekends.Now,Ms.Haramis, insiders caution that they usually don’t last. “A 31, is offering advice to people who are liv- show doing middling numbers isn’t going to all ing the life she rejected for herself. of a sudden join the million-dollar-a-week “I have a lot of clients who have stress- club,” says Ken Davenport, a producer. ful corporate jobs, and they believe that I can understand their situation because I THE BLUESTONE GROUP IS CLOSE TO BUYING was there,” she says. THE DEBT ON SIX TROUBLED SOUTH BRONX residential buildings owned by Sam Suzuki, Great timing who was ordered to prison last week for failing ms.haramis is among a growing group of to make necessary repairs at one of his six career-switchers who are choosing health- buildings.The outstanding debt on the five related jobs. Their timing couldn’t be bet- loans, secured by the six buildings, is $13.15 ter. There is an unprecedented focus on million, according to The Dime Savings Bank. food these days—both at a local level and The borrower was current on loan payments nationally—from Mayor Michael Bloom-

until September.The debt has been on the berg’s obsession with getting New Yorkers levinekarjean market for four to six weeks, a Dime spokesman to eat right, to first lady Michelle Obama’s said, receiving a lot of interest. anti-obesity campaign. Even popular tele- people are seeking professional help to rein Enrollment at schools that offer nutri- vision shows like The Biggest Loser and in their diets. tion training—such as IIN of Manhattan, celebrity-chef-hosted Jamie Oliver’s Food The demand is creating a cottage in- where Ms. Haramis received her certifi- BY THE NUMBERS Revolution shine a spotlight on the impor- dustry where practitioners can charge as cate—has exploded as ex-bankers and oth- tance of good nutrition. As a result, more much as $250 an hour. er professionals make the leap.Enrollment Weekly shift of the city’s economy SUMMER ARRIVES this week, but the economy seems to be cooling. A surprise rise in jobless benefits claims and a weak manufacturing Since then,it has grown to a network of report are examples. 300 volunteers who have welcomed more Big Apple Greeter than 88,000 visitors from all 50 states and 124 countries. More than 80% of those -$70M 30% $26.9M who use the service come from abroad. DROP in value PORTION of city’s VALUE of Volunteers spend several hours with visi- of NYC pension eateries forecast residential tors, taking them to neighborhoods that funds’ BP stock to get an A under buildings getting faces cash crunch between blowout new NYC grading permits in April, don’t ordinarily attract tourists—places and May 31 system down 50% from like University Heights,Dumbo in Brook- Source: NYC Source: Dept. of a year earlier willing to give up. A lifelong New York- lyn and Woodside in Queens. Comptroller’s Office Health & Mental Source: U.S. Census Corporate donors now Hygiene Bureau er—she is married to 1010 WINS senior contributing much less correspondent Stan Brooks—and an Seeking a lifeline OVER THE HUMP While the jobless rate in NYC is higher alumnus of New York University and others have copied the model: Big Ap- than a year earlier, it’s well below its December peak and Hunter College, Ms. Brooks started Big ple Greeter has spawned at least 15 other slightly below the 9.7% national average. BY LISA FICKENSCHER Apple Greeter in response to negative greeter organizations around the world. comments she heard about New York City Last week, its prominent board mem- in the 18 years since Lynn Brooks found- bers—among them real estate mogul ed Big Apple Greeter, she has never con- Douglas Durst—started the “Save Big fronted such a bleak future. If the organi- The nonprofit Apple Greeter” campaign, asking for do- zation—which matches tourists with local nations from its volunteers and past visi- volunteer tour guides—does not raise has spawned at tors. about $300,000 by September, it will fold. In addition, Big Apple Greeter is also “This is a make-or-break time for us,” least 15 similar requesting donations from tourists when says Ms. Brooks, who gave up her salary a they complete their application to be as- few months ago. organizations signed to a guide. The service is free, and Source: Department of Labor The problem: Corporate donations— many tourists usually give something after which Big Apple relies on to cover the ma- their visit, but the organization has never vol. xxvi, no. 25, june 21, 2010—Crain’s New York Business (issn jority of its $600,000 annual budget—have sought money up front. Less than 10% of 8756-789x) is published weekly, except for combined issues June dried up.This year,the organization is run- its budget comes from such donations,says 28/July 5, Aug. 30/Sept. 6, and Dec. 20/Dec. 27, by Crain Com- munications Inc., 711 Third Ave., New York, NY 10017. Periodicals ning on one-half of the amount it requires. during her travels. Ms. Brooks. postage paid at New York, N.Y., and additional mailing offices. Its 2009 and 2010 fundraisers have been fi- “People said they would never visit New Its volunteers and visitors are a loyal Postmaster: Send address changes to: Crain’s New York Business, nancial flops; the most recent one, in May, York, that it’s too dangerous,” she recalls. group. Ms. Brooks recalls that after Sept. Circulation Department, 1155 Gratiot Avenue, Detroit, MI 48207-2912. for subscriber service: Call (888) 909-9111.Fax netted just $29,000. Nearly two decades ago, while working 11, her office was flooded with calls from (313) 446-6777.$3.00 a copy, $59.79 one year, $109.79 two years. as executive director of the International past visitors. (GST No. 13676-0444-RT) On a mission ©Entire contents copyright 2010 by Crain Communications Inc. Center in New York, Ms. Brooks thought “They said, ‘Let me know if my volun- All rights reserved. despite deep cuts to an already shoe- Big Apple Greeter would become the teer is OK,’or,‘My town would like to help string staff and budget, Ms. Brooks is not equivalent of a part-time job for her. New York City. What can we do?’ ”

2 | Crain’s New York Business | June 21, 2010 20100621-NEWS--0002,0003-NAT-CCI-CN_-- 6/18/2010 8:02 PM Page 2 catch on Second Avenue country and even abroad. The nutrition program at the Clayton College of Natur- businesses not al Health in Birmingham, Ala., which offers an online curriculum, has been simi- larly deluged. “There are many more job opportuni- digging subway ties available for health coaches these days as corporations, insurance companies, medical centers and individuals are beginning to hire them,” says Bailey Stoler, vice Customers, sales down drastically president of IIN,which was founded nearly 20 years ago, when people signed up for as years of construction loom the program mostly to improve their own health. Over the past five years, the school beefed up its business marketing program. BY ADRIANNE PASQUARELLI E. 92nd St.

More than money last week, the Metropolitan Transportation on average, health coaches earn between Authority confirmed that Phase 1 of its Second $100 and $150 per hour,and those who are Avenue Subway line is on track for 2016 savvy marketers can earn up to six-figure completion. Yet many merchants along the dust- salaries. But it’s more than money that laden, noisy strip see no light at the end of the GOOD FOR YOU: draws most people into the field. They are tunnel.They just don’t think they can last that Newly minted health dissatisfied in some way with their own long. coach Julia Haramis lives. Becoming healthy, shedding weight “How are we going to survive between now (center, in apron) and having more energy are their personal and 2016?” laments Robert Schwartz, who prepares a nutritious dish. goals, which eventually become the selling opened therapeutic shoe store Eneslow at 1504 point of their services. Second Avenue, between East 78th and 79th “Advertising is a grueling business,” streets, 13 months ago. He says business is says Lisa Cummings, 41. “I thought, down about 40% from his initial expectations DELIZIA ‘There has to be a better lifestyle.’ ” thanks to decreased foot traffic and the subway The pizzeria’s A few years ago,she quit her high-pow- work, which began four months ago in front business has ered job as an associate creative director, of his store. been sliced by E. 86th St. the chaos. earning a certificate from IIN in 2009. The subway project will extend the Q line Many of her clients are people who up Second Avenue from East 63rd Street to couldn’t stick with diets, and she provides East 103rd Street. Since construction began healthy recipes for them to follow. For three years ago, nearly 18 businesses have those who hate to cook, she teaches them shuttered, ranging from wine shops and how to make better choices at restaurants. diners to drugstores and kitchenware Six years ago, Robert Notter walked shops. Many stores report sales declines of at IIN has more than doubled since last away from a successful career as a Web pro- as much as 50% this year due to the year, when it introduced an online dis- grammer for financial institutions to be- combined forces of construction and the tance-learning program. The yearlong come a health coach. recession. class—the only one of its kind in New “I was always tired,and I had headaches To provide some relief, the York—attracts students from all over the See HEALTH COACHES on Page 23 Manhattan Chamber of Commerce has formed a Second Avenue Resource Coalition of legislators, small businesses and city agencies. Meanwhile, marketing initiatives from the coalition and independents Next stop, prison are also under way to draw visitors HEIDELBERG to the hurting neighborhood. SECOND AVENUE RESTAURANT “It’s a perfect storm,” says Barry Its sidewalk seating area has and was intrigued when his wife’s nephew, Schneider, co-chair of Community been halved. Limo driver was sick Gary Gelman, broached the idea of start- Board 8’s Second Avenue Subway E. 79th St. of going nowhere; ing a hedge fund. task force. “The subway Family members say Mr. Fishman construction collided with the now he’s going away wanted to help Mr. Gelman, a problem economic downturn, and the gambler. Mr. Gelman, also charged, is a victims are the businesses on fugitive. Second Avenue.” BY AARON ELSTEIN “[My father] thought that stable em- Troubled businesses include ployment and a good business would solve many restaurants.Truncated a limousine driver who became presi- Gary’s gambling addiction and personal sidewalks, reduced from 15 dent of a hedge fund was sentenced to debt,” Mr. Fishman’s daughter wrote in a feet to seven feet, have forced prison Friday after helping cheat investors letter to the court.“My father was wrong.” some, such as Heidelberg out of nearly $20 million. Restaurant near East 85th Money vanished ENESLOW Alan Fishman, 50, of Brooklyn, was Street, to halve their street- Less foot traffic given a prison term of 37 months by U.S. the two men ran the AR Capital Glob- side dining capacity. spells bad District Judge Denise Cote, the mini- al Fund, telling prospective investors they Patrons also must deal news for a shoe mum under federal guidelines. Mr. Fish- would buy shares in overseas real estate with unsavory views, store. man, who pleaded guilty to a conspiracy companies and would trade currencies, oil debris and noise. Annual charge, is also to pay a $160,000 fine and and other commodities. In fact, client permits for outdoor cafes make restitution, said his lawyer, Don money was invested in three Ukrainian range from $350 to $400 Savatta. stocks or parked in a Ukrainian money- per seat, sources say, and The sentencing marks the end of one of market fund. Investors, many of whom many merchants are the more unusual Wall Street fraud cases were elderly, got worried when their ac- seeking refunds. to emerge in recent years. count balances started to show unex- “It’s impacted our plained changes. Virtually all the cus- sidewalk café, where it Helping out a relative tomers’ money vanished in 2006. was once a pleasure mr. fishman, who immigrated from the Mr. Fishman “does regret, and is for people to sit and E. 71st St. former Soviet Union at age 15 with his ashamed, that he did not have the disci- have lunch or a beer CAFE GRECO family, was a driver and board member at pline and the courage to prevent the mis- on a hot day,” says The restaurant Dial Car,one of the biggest black-car serv- representations made to potential in- Diana Klapach, had to reroute deliveries and ices for Wall Street banks and law firms. vestors,” Mr. Savatta wrote in a letter to Heidelberg’s pickups. But he saw his career as a “road to nowhere” Judge Cote. Continued on P. 23 buck ennis

June 21, 2010 | Crain’s New York Business | 3 20100621-NEWS--0004-NAT-CCI-CN_-- 6/18/2010 6:49 PM Page 1

Mortgage-backed securities IN THE MARKETS are back, and Morgan’s got ’em by Aaron Elstein

New deal a good sign way, including a $1.2 billion transaction to refinance the Bank of for key real estate America Tower at 1 Bryant Park. SpongeTech feels like Universal financing product Sources say Deutsche Bank is also working on a deal,as is a partnership he stock fraud case of Goldman Sachs, Citibank and BY THERESA AGOVINO involving SpongeTech Delivery Starwood Capital. Cantor Fitzger- Systems ald plans an offering by early 2011. T looks to be the biggest two weeks ago, when J.P.Morgan “There are people out there who lawsuit of its kind involving a New Chase began selling roughly $720 need money, and we have to find York-based company in many years. It million worth of commercial real es- ways to help them get it,” says An- tate loans, Fitch Ratings awarded thony Orso, global head of real es- also has something in common with much of the deal its top AAA rating. tate finance at Cantor. another infamous New York fraud, The deal’s success was welcome Mr. Orso says bankers learned Universal Express. news in the real estate industry, from the lax lending standards of the SpongeTech—the subject of a May advocate stamford chris preovolos/the which is hoping that the transaction boom. One reason that standards signals the return of a crucial fund- slipped,he notes,was the huge com- 9, 2010, article in Crain’s—was a maker of SpongeBob ing source: commercial mortgage- petition for deals. Now, there are far SquarePants sponges. Prosecutors last month charged CEO backed securities, which as recently bloomberg news fewer firms chasing borrowers. Michael Metter (above) with faking no less than 99% of his as three years ago funded a quarter IN THE WINGS: a refinancing of 1 Bryant Park Fitch praised the J.P. Morgan company’s sales while he made millions of dollars from selling of all real estate deals. deal for its strong underwriting “The CMBS market is slowly standards. Among other factors, the shares at inflated prices. In addition, the Securities and starting to come back,” says Barbara 2009, there were half a dozen deals deal wasn’t underwritten based on Exchange Commission filed civil fraud charges against Mr. Duka, a managing director at Stan- amounting to merely $2.6 billion. optimistic projections of income dard & Poor’s. “It is certainly not This year,there have already been streams, as was common during the Metter and some associates. freeze. what it once was,but we have to start more deals—eight—which have boom, but on current income. Universal Express, meanwhile, The SEC alleges that Mr. somewhere.” raised twice as much money, $5.2 Experts suggest that if lenders was a luggage-delivery outfit whose Halperin contributed to the Typically, these securities are billion. That doesn’t even include try to push the envelope too far, the management team seems to have SpongeTech fraud by issuing “false packages of real estate loans that are the new J.P.Morgan transaction. nascent revival of CMBS deals will devoted relatively few resources to and baseless” opinion letters that diced up and sold to investors.Their Experts attribute the tentative fizzle.The market also faces a major shipping suitcases and much more enabled Mr. Metter and associates rise helped fuel the real estate boom— comeback of CMBS to investors hurdle in the form of potential fed- to selling billions of near-worthless to distribute worthless shares to and, ultimately,a series of disastrous ready to plow into real estate again, eral financial reforms. One propos- shares, issuing blizzards of press re- gullible investors. deals that triggered the bust. believing that it is safe now that al includes accounting rules that leases and blaming short-sellers for In his filing,Mr.Halperin argues In 2007, there were 90 CMBS property values have plummeted. In would require lenders to keep the their woes.When a federal judge or- that the SEC’s claims are baseless. deals in the United States valued at addition, real estate developers are entire value of a loan on their books dered CEO Richard Altomare in 2007 To prove fraud, the SEC must es- $231.3 billion, Dealogic says. The desperate for cash to buy new prop- even after it was sold.That would tie to cough up $1.7 million in penal- tablish “scienter,” or recklessness next year, there were four transac- erties and refinance existing ones. up too much of an issuer’s capital, ties, Mr. Altomare refused to pay amounting to scienter, Mr. tions totaling $4.4 billion. And in No wonder more deals are on the says Ms. Duka. and continued selling Universal Ex- Halperin’s attorneys wrote, citing press shares in violation of the court the SEC case against Universal Ex- order. The fed-up judge eventually press. Scienter, Mr. Halperin’s sent Mr. Altomare to prison. lawyers helpfully explain, means “a The two companies became mental state embracing intent to de- linked more closely when one of the ceive, manipulate or defraud” in- folks ensnared in the SEC’s vestors. Mr. Halperin, who has 38 SpongeTech case, a lawyer named years of legal experience, described Jack Halperin, cited Universal Ex- himself as an “unwitting victim” of press to argue that a federal judge the SpongeTech scheme who pro- e’re your partner. should deny the agency’s request for vided good-faith legal services at his a preliminary injunction and asset ordinary hourly rate. Helping you turn ideas into growth and profits. Putting responsibility on brokers $29,000,000 $8,500,000 $12,500,000 $39,225,000 Senior Credit Senior Revolving Senior Credit Revolving Credit financial reform threat- The change,if adopted, Facility Credit Facility Facility Facility ens to make Wall Street less could take a bite of up to Provided for Provided for Provided for Provided for profitable in many ways, 7% out of broker profits at from reining in complex Morgan Stanley,Ticondero- derivatives trades to forcing ga Securities analyst Dou- banks to wager less aggres- glas Sipkin said last week. $11,000,000 $15,000,000 $17,500,000 $24,750,000 Revolving Credit Revolving Credit Revolving Credit Revolving Credit sively on stocks or bonds. A change in the law Facility Facility Facility Facility Professionals who recom- would also greatly affect Provided for Provided for Provided for Provided for mend investments to ordinary folks registered investment advisors, who are one group especially likely to see have long operated as fiduciaries to their livelihoods reduced. their clients. They compete with The House version of the bill be- brokers, and some fear losing what ing hammered out in Congress they see as a competitive advantage. would require stockbrokers to use a “Whenever I explain that I’m a ASSET-BASED FINANCING ® “fiduciary duty” of care, which fiduciary and a client’s interests means they would assume responsi- legally come first, but a broker isn’t bility when their investment advice held to the same standard, I’ve nev- See why we’ve earned our reputation as a leading provider of working capital financing to growing companies. goes bad. Brokers at such firms as er heard a person say they want the Merrill Lynch have been able to dodge lower level of protection,” says Ian For more information about Webster Business Credit, contact Warren Mino, President, at 212-806-4500 or this responsibility in the past as long Yankwitt,president of advisory firm visit us at Websterbcc.com to submit an online application for credit or find our nearest location. as they offered “suitable” invest- Tortoise Investment Management ments to customers. in White Plains. Visit Websterbcc.com NYSE:WBS* .EW9ORKs"OSTONs0HILADELPHIAs(ARTFORDs0ORTLAND THE AMOUNT of U.S. household savings kept in Treasury or municipal * The NYSE ticker symbol of WBS is assigned to Webster Financ ial Corporation and does not constitute an offer to buy or sell securities by the Company, its subsidiaries or any associated party and is meant purely for informational purposes. bonds, according to research firm Gluskin Sheff. That may be low, but the

Webster Business Credit Corporation is a subsidiary of Webster Bank, N.A. Member FDIC. Equal Housing Lender. The Webster Symbol and Webster Business Credit are registered in the U.S. Patent and Webster Bank, N.A. percentage has doubled since 2007 as investors leave stocks for more Member FDIC 3% Trademark Ofﬁce. conservative investments.

4 | Crain’s New York Business | June 21, 2010 Project1:fp template.qxd 6/4/10 1:12 PM Page 1

You can pull ideas out of thin air.

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NEW YORK,NEW YORK edited by Valerie Block

Own a piece of the park FREEHow to Win Contests, Grants & Incentives for Small Businesses reative fundraising has become a must for any nonprofit, Cand Bryant Park’s business improvement district is no exception.To wrangle some extra cash, its executives dreamed up Shop Bryant Park, a catalog MONEY on the park’s website that hawks the same plants and flowers growing at the A SMALL BUSINESS EVENT midtown oasis. Soon, items for sale will kritzalis katherine PRESENTED BY CRAIN’S include replicas of the green café tables and chairs. Even its trash cans will be available.The shop went live last week. “It will help support our operations,” says Daniel Biederman, president of Bryant Park Corp. “And we will patiently grow this so it can be one of our mainstay sources of revenues by 2015.” Everything from hydrangea plants for $29.95 to tulip bulbs for $32 to a collection of shade border plants for $213 can be purchased online. A coloring book for $11.95 depicting the park WEDNESDAY, JUNE 30 | 8:00 - 10:30 AM is part of the collection aimed at children. “We wanted to go for more than a mug or CROWNE PLAZA TIMES SQUARE T-shirt,” says Mr. Biederman, who hopes to eventually open a gift shop in the park. this month of longtime General rise above its rivals soon. Indeed, a Hear Speaker Christine Quinn Manager Betty Ellen Berlamino. second deal last week, for discuss what the city is doing Sources say the trouble started last Adrienne’s Pizza Bar, sold 99 over summer when new management two days. InBundles has already for small business. at parent Tribune Co. ordered Ms. signed up three months’ worth of Berlamino to fire WPIX’s well- restaurants, including chef John regarded news director, Karen LaFemina’s The Orchard and Apizz Join us on Wednesday, June 30th Scott. (Ms. Scott filed an age- and Angelo Sosa’s Xie Xie. Mr. Sosa for Free Money: How to Win discrimination suit last week.) won Top Chef’s season opener. Insiders add that Ms. Scott’s Contests, Grants and Incentives Turning island controversial replacement, Bill for Small Business. Included in the ticket price is into a circus Carey, reported to Chicago Urban touches for a comprehensive whitepaper (valued at $59) that will headquarters and not to Ms. shopping tourists fed-up execs who have Berlamino, who was unhappy detail 40+ grants and contests that you can apply for considered running away and with just about everything he did. california-based Forever 21 to win free money for your small business. joining the circus should head to That included using foulmouthed wants its new Times Square Governors Island to see if they can YouTube curiosity The Kid From flagship to reflect New York’s master the skills needed for a Brooklyn as a commentator, gritty urban environment.To that Go to www.crainsnewyork.com/events to register, career under the big top. hiring several on-air personalities end, the clothing store is Trapeze School New York has with troubled pasts, and launching fashioned with the trappings of a or fax your business card and credit card information to applied for a permit to operate a the “Cash Grab” stunt during May city street. Inside the 91,000- "Small Business Event" at 212.210.0499. For more rig on the island, according to the sweeps, which brought a slew of square-foot location, shoppers will information, call our events hotline at 212.210.0739. corporation that runs the 172-acre complaints from viewers. find a yellow taxicab, construction site in New York Harbor.The Sources say Ms. Berlamino school—which has a permanent, resisted the “frat house” Cost to Attend: $79 for individual ticket(s) if indoor location at 518 W. 30th St. atmosphere encouraged by the and a summertime outpost in Tribune execs, who eventually registered by June 23; $89 thereafter; $750 for Hudson River Park’s Pier 40— forced her out. Ms. Berlamino and table(s) of ten if registered by June 23; $890 says it hopes to set up shop this a WPIX spokeswoman declined thereafter. The Crown Plaza Times Square is located week. And right next to the to comment. apparatus, the Big Apple Circus at 1605 Broadway at 49th St. plans to offer free family workshops. Clown wannabes can More coupons learn to juggle and spin plates. for restaurants scaffolding and street carts. “It’s a great way for us to Friday’s grand opening will Presenting Sponsor support the city and have our is there room for yet another feature a photo booth, a manicure performers in a unique and group discount site in New York? station and gift cards. beautiful setting,” says Gary With Groupon, LivingSocial and “We want our store to be as Dunning, executive director of the others offering deals, e-mail boxes special to Times Square as Times Big Apple Circus, who hopes to are getting way too crowded. Square is to the world,” says Larry open a circus-themed camp on the Still, some die-hard foodies Meyers, a Forever 21 executive vice island one day. may want to add another to their president. list. InBundles launched last And forget long lines—they week, offering deep discounts to are notoriously slow at Forever 21 City Sponsors Inside story New York restaurants. Its first in Union Square.The new shop at Channel 11 deal, for Jimmy’s No. 43, sold just has more than 150 dressing rooms 22 coupons in two days. Groupon, and 32 cash registers. television insiders are shaking by contrast, sells hundreds to their heads over the turmoil at thousands per deal. Founder Danny Contributors:Theresa Agovino, WPIX Channel 11, which Lyu thinks that focusing solely on Lisa Fickenscher, Matthew Flamm, culminated with the firing earlier restaurants will help InBundles Carl Gaines, Adrianne Pasquarelli

6 | Crain’s New York Business | June 21, 2010 CN013784 6/15/10 11:20 AM Page 1

We repeat,

in business.

Welcome to the new . Re-imagined, With unrivaled access to the world’s most reﬁ ned and re-focused to deliver the insight inﬂ uential leaders and companies. And the you need now. In brief and in depth. trusted perspective you need to succeed.

FAMILY MATTER Conflict of interest? billion budget by borrowing is that NEW YORK SENATE DEMOCRATIC LEADER JOHN SAMPSON (below) found Mr. Paterson said he will not sign himself playing defense against two charges Friday. He confirmed a report any budget that includes deficit that he provided an internal Senate memo to a lobbyist for a bidder to install THE INSIDER financing. video slot machines at Aqueduct Racetrack, but said he did not violate laws Both the Senate and the or ethics rules. Assembly plans favor using some He also defended himself against charges that he intervened to suppress by Erik Engquist and Jeremy Smerd form of debt to plug the gap. Never negative testimony at a hearing on whether the state should grant a license to mind that the state, with about $60 Shining Star Home Care, a home care agency co-owned by his sister. billion of debt as of March 31, has Sources told Crain’s the Brooklyn lawmaker made at least one call to a the second-highest level of nonprofit group, pressing it not to speak against the application, which is indebtedness in the country after slated for a vote by state health officials this month. California. Mr. Sampson said the proposed agency, which was created to work with Lawmakers crafting the city minority populations, was important to his community, according to someone budget have been waiting for the briefed on the call. Mr. Sampson’s representatives made similar calls to other state to decide how much aid the groups that depend on the state for funding. city will get.The city’s fiscal year “He played no role whatsoever in any decisions relating to Shining Star ends June 30, but without state and remains a steadfast supporter of enhanced services and protections for funding, insiders say they must special-needs and disadvantaged populations,” a spokesman for Mr. realistically make final decisions on Sampson said. what services to ax by June 28, too. Mr. Sampson’s sister, Yvette Henriquez, has a 20% stake in Shining Star, a for-profit company that is applying to the state Department of Health buck ennis Lieber staying on to operate a “special-needs population” certified home health agency, or CHHA. Competition for the lucrative CHHA licenses is intense because the indefinitely state has a moratorium on issuing them. The Department of Health created a State gov’t faces deputy mayor for Economic pilot to issue 10 CHHA licenses for special-needs populations. Shining Star is Development Robert Lieber was vying for one of two remaining slots. supposed to work his last day Friday, Ms. Henriquez’s relationship with Mr. Sampson June 28 shutdown but is instead staying on until a was not disclosed on the state application or at replacement is named.The mayor’s public hearings. office remains mum on when that Shining Star’s majority owner, Yechiel ov. David Paterson has finally drawn a line in the will happen, but front-running Landau, a Brooklyn real estate executive and sand: If lawmakers don’t pass a budget by June candidate and former financier owner of YTM Development and Construction, has Robert Steel had been expected to be contributed about $20,000 to city and state 28, he will shut state government down.The named last week. Insiders suspect political campaigns. move would be unprecedented in the state.The the delay stems from residency If approved, Shining Star would get much question is whether Mr. Paterson, issues or conflicts of interest that of its funding from the state through unencumbered by any election aspirations, has the guts to Mr. Steel must sort out.The former Medicaid. G Goldman Sachs executive, head of Mr. Sampson’s involvement has make good on his threat. Wachovia Bank and U.S.Treasury stunned health care providers. “It was a The budget is more than two and a half months late. Each undersecretary lives in Connecticut member of his family, and it should week the legislature passes “extender bills” to fund the and remains chairman of The Aspen have been disclosed. Mr. Sampson has government’s operations.The governor has used those bills as Institute, a board member at Wells power over the entire health Fargo and a member of the the opportunities to push through cuts he had proposed in his department budget,” says a former FDIC Advisory Committee on department official. “It is incredibly budget.The problem for lawmakers hoping to plug a $9.2 Economic Inclusion. inappropriate to talk to groups who oppose the application.” —BARBARA BENSON © 2010 Cassidy Turley. newscom

City won’t make the cut. BP lawsuit The Partnership for New York on the Horizon? City, together with the Port Authority of New York & New bp’s oil disaster is spilling red ink Jersey, launched the NextGen at the city and state pension funds. Alliance to drum up support in The city funds’ BP holdings have Washington for bringing the lost about $70 million of their value technology to New York. But since the Deepwater Horizon sank, according to Kathryn Wylde, and the state fund has taken a hit of president of the partnership, the approximately $30 million. But the head of the FAA wants NextGen state fund’s long-term losses are to debut someplace smaller. “We larger.That tranche of BP shares want it to start in New York,” she CASSIDY TURLEY cost $157 million, and it is now says, “because if it can’t work here, it worth about $90 million. A won’t work.” REPRESENTED spokesman for state Comptroller Tom DiNapoli, who manages the state Bowery Residents’ Committee, Inc. fund, says, “We’re looking at this Albany: bills by very closely to see what options we the thousands in its lease of 104,500 sf have available in terms of litigation.” after months of at 127 West 25th Street, New York, NY inaction, Albany is NextGen humming with activity. David Lebenstein deadline More than 1,000 bills in the Robair Reichenstein Senate alone were acted a deadline is upon on one day last Debra Wollens approaching for the week, as lawmakers Edward Kent Federal Aviation attempt to clear their Administration to pick dockets before the 2010 Erik Sznip two cities to pilot so-called session ends.The typical Acted as advisors NextGen technology to June rush vexes good- reduce flight delays. government groups, but 212.758.0800 | www.cassidyturley.com Transportation advocates legislative staffers insist are worried that New York newscom that each bill is vetted.

CAPITAL MARKETS CORPORATE SERVICES PROJECT & DEVELOPMENT SERVICES PROJECT LEASING PROPERTY MANAGEMENT TENANT REPRESENTATION For daily political and government news, subscribe to CRAIN’S INSIDER @ www.crainsnewyork.com/insider

8 | Crain’s New York Business | June 21, 2010 20100621-NEWS--0009-NAT-CCI-CN_-- 6/17/2010 4:36 PM Page 1

NEIGHBORHOOD JOURNAL Laundromat overload in the Bronx

here, or more clothing stores,” he ators in the Northeast and—just to thinking about his future. Throggs Neck says, lamenting that the landlord come totally clean—is the owner of “I figured at some time I’m going merchants pine for database project wasn’t done last Splish-Splash. He bought the 35- to stop being an entertainer, and I year. The next time a local store be- year-old Suds in the City Laundro- was hoping to run the Laundromat more variety on strip; comes vacant, he says, the associa- mat in July and renamed it. afterwards,” he says. In fact, he in- tion will be better prepared.“Some- corporated the name Splish-Splash Elvis’ plans thwarted times good things do come out of Don’t be cruel ... 20 years ago with a view to running john dutkiewiczjohn controversy,” he says. less than a year later, he is a Laundromat someday. He and his SINGING BLUES: Gene DiNapoli as Elvis. BY HILARY POTKEWITZ Maybe so,but for the time being, heartbroken over the looming ar- wife invested $100,000 in the place. Gene DiNapoli is singing the blues rival of the mega-competitor. True, The pair work weekdays at their n a modest com- in more ways than one. The 44- he still performs his doo-wop and Laundromat, and will even deliver pride in doing the pickups and mercial strip in the year-old Throggs Neck native is one Elvis act on the wedding-and-casi- to the elderly, about 25% of their drop-offs himself. Throggs Neck section of the top-ranked Elvis imperson- no circuit on weekends, but he’s also customers. Mr. DiNapoli takes “Elvis delivers,” he jokes. of the Bronx, word spread fast that con- Ostruction going on inside a former Washington Mutual branch was transforming the space into a huge 24-hour Laundromat. In many parts of the city, residents and local merchants alike would have celebrated the replacement of yet another empty bank branch with just about anything— just as long as it wasn’t illegal. But up on East Tremont Avenue in the Bronx, many locals worked themselves into a lather over the news.Merchants noted that the new laundry at 2492 is not the area’s second but its third, with the Splish- Splash across the avenue and Wash World just down the block. “Had we known this was hap- pening,we would’ve approached the landlord to see what we could do to get something else there,” says John Cerini, president of the Throggs Neck Merchants Association and owner of the Capital Shield Insur- ance Agency, which operates out of a storefront in the same strip. It’s not that he has anything against the wash-rinse-spin set or new faces in general. “Trust me,I wish every merchant here success, and we want new businesses to come to Throggs Neck, too,” he says.“But our objective is to put stores here that would be unique to the neighborhood, that wouldn’t be duplicates or redundant.” Businesses want more input in many ways, it’s a common tale. All over the city, empty storefronts are seen as bad news for landlords and for nearby businesses because they bring down the image of a neighborhood. Still, most local business owners would like to have a role in shaping the mix in their commercial kingdom. To that end,Mr.Cerini has started to gather the names and numbers of all the commercial landlords in Throggs Neck so that the next time there’s a vacancy, the merchants association can try to work with the landlord to select the next tenant. “From an economic perspective, we could use other stores [there],” says City Councilman James Vacca. “A large Laundromat will over- whelm small mom-and-pops, and that community does not need one.” Mr. Cerini had been in talks two years ago with Modell’s, Barnes & Noble and Payless about coming into the neighborhood when the local Blockbuster Video closed, but they said the space was too small. “We’d love to have a shoe store

June 21, 2010 | Crain’s New York Business | 9 20100621-NEWS--0010-NAT-CCI-CN_-- 6/18/2010 2:23 PM Page 1

VIEWPOINT Time to reform reformers editor in chief Rance Crain publisher, vp Jill R. Kaplan alls for reform in Albany tend to the bill. But that does not get the Legislature, or BIDs, off the EDITORIAL trigger agreement from state legislators, hook.The dense, sweeping language of the bill portends all editor Xana Antunes managing editor Glenn Coleman who proudly call themselves reformers sorts of unpredictable consequences for BIDs, nonprofits and deputy managing editors Valerie Block, and tick off changes they’ve made in other businesses. Well-advertised public hearings would Erik Ipsen contributing editor recent years. But the essential dysfunction provide some of the sunshine this legislation needs before it Elizabeth MacBride columnists Greg David, Alair Townsend of the place remains. One example this advances another inch. politics editor Erik Engquist month was Senate bill 7096-A, sponsored Which brings us back to Mr. Schneiderman: How could pulse editor Barbara Benson senior reporters Theresa Agovino, by Eric Schneiderman, a Manhattan Democrat who actually he push a bill all the way through his chamber without even Aaron Elstein, Lisa Fickenscher, has some reform credentials to his credit.This piece of alerting a key constituency, let alone asking for feedback? Matthew Flamm, Miriam Kreinin Souccar C reporters James Comtois, Amanda Fung, legislation is not one of them. BID executives only found out about the legislation after it Daniel Massey, Adrianne Pasquarelli, Hilary Potkewitz, Jeremy Smerd S. 7096-A was, as far as we can tell, essentially written by had passed the Senate. When they asked senators why they art director Steven Krupinski the labor union 32BJ SEIU. It passed the Senate 33-28 on voted for such a measure, they discovered that lawmakers had deputy art directors Carolyn McClain, Daniel Mednick June 1 with unanimous Democratic support and one not read the bill and had no idea BIDs would be affected. staff photographer Buck Ennis Republican vote. Its primary purpose is to require “prevailing If this is what lawmakers call reform, we need something copy desk chief Wendy Zuckerman copy editor Thaddeus Rutkowski wages”—currently around $22 plus benefits—to be paid to stronger. A revolution might do. research editor Denise Southwood janitorial and other low-level workers who are employed, assistant research editor Maia Blume editorial researcher Selena Shen directly or indirectly, by utility companies. editorial interns Carl Gaines, Emily Laermer, A vote for Domino Sugar plan David Montalvo, Blaire Porter But if that interference with the free market and www.crainsnewyork.com usurpation of the state’s minimum-wage law were not a city council subcommittee this week will take up a web editor Brian Tracey senior producer Elisabeth Butler Cordova problematic enough, the bill defines business-improvement massive development proposed for the Domino Sugar site in producer Kira Bindrim

districts as public agencies, thereby catching them in the Williamsburg. Irrespective of the objections of the local EDITORIAL AND ADVERTISING OFFICES same net as Consolidated Edison and National Grid. BIDs council member, the subcommittee should approve the 711 Third Ave., New York, NY 10017-5806 editorial: 212.210.0277 Fax 212.210.0799 are nongovernmental organizations funded by property project, as should the full council later this summer. advertising: 212.210.0259 owners to provide extra services in commercial districts. The Domino project is atypical. Its primary developer, the Cable craincom nyk If utilities were forced to overpay their cleaning crews, they nonprofit Community Preservation Corp., has as its mission Fax 212.210.0499 Entire contents ©copyright 2010 Crain could recover their costs by jacking up rates—an unfortunate the building of affordable housing.To subsidize the project’s Communications Inc. All rights reserved. ®CityBusiness is a registered trademark of MCP outcome for all New Yorkers, but not one that would 660 affordable units, as well as to provide a profit for its Inc., used under license agreement.

fundamentally change big power providers. BIDs, however, equity partner, Isaac Kataan, it would build 1,540 market-rate TO SUBSCRIBE: are another story.The day such a bill took effect, BIDs would apartments.These unsubsidized units would also fund four Call 888.909.9111; fax 313.446.6777. $3.00 a copy, $59.79 one year, $109.79 two years. have to lay off people who clean streets, assist homeless acres of parks and playgrounds, an esplanade and restoration www.crainsnewyork.com

people, plant and water flowers, drive free buses and more. of the historic sugar refinery. Space is set aside for a school, a ADVERTISING AND MARKETING Public concerts, fairs and other events would be canceled supermarket and community events. advertising director Trish Henry because the bill subjects BID directors to felony charges if a Council member Stephen Levin says the project is too big real estate sales manager Cornelius P. Gore senior account managers subcontractor pays a roadie less than the prevailing wage. and could be scaled back without cutting the number of Irene Irvill, Courtney McCombs, William E. Squitieri account executive Many small vendors would not participate in BID-sponsored affordable units. But he has no data to support his claim, and Anthony Mowad events. Entry-level jobs would vanish. he would be hard-pressed to find an unsubsidized project sales manager, classified print & online John Gallagher After an outcry from BIDs, the bill’s Assembly sponsor, with more than 30% of units reserved for low-income renters. sales coordinator, print & online Democrat Michael Gianaris, promised to remove them from The council should support the Domino plan as is. Lulé Haznedari newsletter product manager Alexis Sinclair credit Todd J. Masura 313.446.6097 marketing director Amy Crossman director, audience development CRAIN’S ONLINE POLL COMMENTS John LaMarca senior audience development manager Tarek Cotran

SHOULD THE MTA general manager, interactive Marc Minardo REIMBURSE SECOND web developer, interactive AVENUE BUSINESSES GOP to rule in 2010? Chris O’Donnell huge problem. Until the “questionable NO INCUMBENT IS SAFE NEW YORK PRODUCTION FOR LOST SALES? practices” of the inspectors are cleaned up, they greg david cited the races for governor and should hardly be the ones issuing ratings. production and pre-press director Yes. If the Michael Corsi Date of poll: June 15 Senate as evidence that Republicans will have —klea theoharis 223 votes project is advertising production manager hurting local trouble in 2010 despite anger at Democratic Suzanne Fleischman Wies businesses, incumbents (“Long, hard road for No. The MTA has never A FRIEND TO THE SOUTH BRONX PUBLISHED BY CRAIN COMMUNICATIONS INC. reimbursed businesses they should be Republicans,” June 7). Mr. David correctly compensated chairman Keith E. Crain for lost revenue; it notes that in both of those races, the dr. izquierdo, “Doc,” is a friend, mentor, Rance Crain shouldn’t have to by the MTA. president Republican candidates are behind in the polls, client and second dad (“Doctor’s dream secretary Merrilee Crain start now. but on the whole, conservative candidates in realized in South Bronx,” May 24).The treasurer Mary Kay Crain both national and state elections are raising Richard Izquierdo High School is just another executive vp, operations William Morrow .

39% . 43% unprecedented sums of money and gaining example of his tireless efforts to contribute to senior vp, group publisher Gloria Scoby group vp, technology, circulation,

greater media coverage. No incumbent is safe, the South Bronx and innovate for communities manufacturing Robert C. Adams

vice president/production & . and every seat will be contested heavily. of color. His other baby, the Urban Health 18% —om pandya Plan, now led by his daughter Paloma manufacturing David Kamis Hernandez and a team of world class chief information officer Paul Dalpiaz No. The MTA is already cutting back on service corporate circulation/audience and laying off workers; it can’t afford to pay all EATERY GRADES: WHO’S RATING WHOM? professionals, is a state-of-the-art, federally development director Kathy Henry the small businesses. qualified health center that is the cornerstone founder G.D. Crain Jr. (1885-1973) great article regarding the restaurant letter- of the system required by health care reform, chairman Mrs. G.D. Crain Jr. (1911-1996) For this week’s questions: Go to grading system (“Final rules for NYC and the recipient of numerous national awards. www.crainsnewyork.com/poll to have your say. restaurant grades announced,” I’m proud to be associated with Dr. Izquierdo. CrainsNewYork.com, June 15). But there’s a —jason martin

10 | Crain’s New York Business | June 21, 2010 20100621-NEWS--0011-NAT-CCI-CN_-- 6/18/2010 2:01 PM Page 1

OPINION

ed, he would allow huge increases in insurance costs, designed to create New York state the kind of public storm needed to spur action. The current governor didn’t have the stomach for that approach and of malpractice instead froze rates for two years as claims continued to mount. The two-year rate freeze expires he cost of malpractice insurance is a crushing at the end of the month, and Crain’s burden on hospitals and doctors in New York.De- reported last week that the governor spite high premiums, the two insurers offering is proposing “reforms’’ including the new tax and a new panel to set rates— coverage in New York are essentially insolvent be- a way to allow larger increases in fu- cause the state hasn’t allowed them to charge as ture years when he’s no longer much as they need. So what does Gov. David Paterson propose around. Malpractice insurance rates T will rise about 6%, far less than they to do? He wants to levy a new tax on drivers and homeowners should.Not included are any legal re- to bail out the insurance companies. forms that might actually reduce malpractice costs. I haven’t a clue why for hospitals in the state No one who supports tort re- drivers and homeown- exceeds $1 billion, the forms is proposing that victims go ers should do that, and I state Department of uncompensated.The idea is to bring suspect neither does Health said last week. New York in line with the kind of li- anyone else. But we do No one in state govern- ability laws that exist elsewhere in know what’s wrong ment could put a figure the country, to deter frivolous suits with the malpractice on the total for all health and to make the compensation more system in New York. care providers in New directly related to the injuries. The state’s very liber- York. By any measure, Prospects for such changes have Steven Mayer, CPA al tort laws encourage it’s a lot of money. always been problematic because 6 East 43rd Street lawsuits, very expensive GREG And yet those pay- Assembly Speaker Sheldon Silver is New York, NY 10017 settlements and extraor- ments are still not a trial lawyer. It is worth noting that www.amper.com 212.682.1600 DAVID sm dinarily large jury ver- enough. The insurers, he has never been willing to disclose “Seeing Beyond the Numbers...” [email protected] dicts—all with lucrative technically insolvent,are how much he earns from the law fees for trial lawyers. only kept in business be- firm where he is of counsel.He’s not

Someone has to pay the bill. A cause the state does not require equal the only one to blame: Trial-lawyer advisoryad4x7.ai 1 5/27/10 11:36 AM neurosurgeon in parts of the state reserves to those of other insurers. cash has bought many allies in both can pay $300,000 a year in insurance Mr.Paterson derailed an effort to houses of the legislature,and among premiums.An obstetrician on Long fix things two years ago.When Eliot Republicans, as well. Island pays nearly $200,000. As a Spitzer was governor, then-Insur- If there is to be a tax, it should be result, obstetricians are reportedly ance Superintendent Eric Dinallo a separate line on every auto- and leaving the area, and some localities convened a task force to come up homeowners-insurance bill. Then are without anyone to deliver babies. with malpractice reforms. He made New Yorkers would understand the The malpractice-insurance bill it clear that if changes weren’t enact- costs of the malpractice mess. JOIN CRAIN’S

rector of the Congressional Budget ADVISORY Office—found that repealing the Estate tax leaves federal estate tax would create as many as 1.5 million jobs. Repealing the state’s death tax PANEL would be equally beneficial. A 2008 business in fear Connecticut Department of Rev- enue Services study showed that the 26 states without estate taxes pro- BY BRUCE NEVINS duced twice as many new jobs and their economies grew nearly 50% ’m passionate about wine. more from 2004 to 2007 than the 24 I buy wines from all over the world and sell them at states with such taxes. affordable prices in my Manhattan store. If customers Despite clear evidence that the Looking for readers to share estate tax ruins family businesses like my wine selections, they buy more, and I do well. If and destroys jobs, some in Congress views and opinions. not, I have to work harder at my picks—or face going are recommending a “compromise.” out of business. For many family businesses, in- I cluding mine, this just means that Stocking wine is expensive. The costs of doing business in the company will die a slower death. Grand Central Terminal,where one of my family-owned stores It is not a solution. Sen. Kirsten Gillibrand has not- is located, are astronomical. tional state estate tax, ranging from ed that “cutting taxes” would enable When the value of all of our busi- more than 5% to 16%. So New York New York businesses to “create more ness assets is tallied up, I would ap- residents could owe more than 70% of jobs” and encourage other business- pear—on paper—to be very well off. everything they own. es to “relocate to the state.” Cutting Sign up for FREE today. And for that,the IRS will punish me Many lawmakers don’t under- the estate tax is a good place to get and likely force my family out of stand what it takes to stay in busi- started. www.crainsnewyork.com/advisory business when I die. ness.If they did,they’d be pushing to New York’s congressional dele- My success has created my prob- repeal, not reinstate, the estate tax. gation needs to understand a simple CRAIN’S NEW YORK BUSINESS lem: the estate tax. In a study for the American Fam- business fact of life: A vote for the The federal estate tax expired at ily Business Foundation, Duquesne estate tax is a vote to kill small busi- the end of last year,but it will automat- University Professor Antony Davies nesses and jobs. ically come back to life Jan. 1, 2011, found that abolishing the federal es- unless Congress prevents it. Families tate tax would create or save as many Bruce Nevins is the president, CEO and of the deceased will then owe the gov- as 100,000 businesses annually. In owner of Grande Harvest Wines in Grand ernment 55% on all assets over $1 mil- another study, published last year, Central Terminal and owner of WineWise lion. New York residents pay an addi- Douglas Holtz-Eakin—former di- in Greenwich, Conn.

June 21, 2010 | Crain’s New York Business | 11 20100621-NEWS--0012-NAT-CCI-CN_-- 6/17/2010 8:12 PM Page 1

REAL ESTATE DEALS PLUS HARD LANDING Marketer cate its space and move to 63 Madi- A tale of two son Ave., at East 28th Street. There, consolidates it will settle in a portion of the 400,000 square feet of space that $259M TOTAL VALUE of publicis modem, formerly known CBS inherited at the building with development/vacant land city submarkets as Modem Media, will be consoli- its acquisition of CNET, according dating its two offices into a larger to sources. Dan Posey of Studley, properties in 2009 Manhattan office. who represented CBS College ower manhattan has become the land of polar The digital marketing agency Sports, declined to comment. has sublet 56,000 square feet from —amanda fung opposites, boasting as it does the submarkets with 85 10th Ave. the highest and lowest vacancy rates CBS College Sports at , -75% in the entire between West 15th and West 16th DROP from peak year of 2005 city. streets. The sublet is for six years. Brits oust antiques At 8.9%, the City Hall/insurance submarket The asking rent for the space was on Bleecker Sources: CPEX Real Estate, NYC Department of Finance enjoys the distinction of having the lowest vacancy rate, according $48 per square foot. L Publicis Modem, a subsidiary of the retail evolution of the West to a recent report from Jones Lang LaSalle.That performance giant advertising holding company Village from antiques shops and David Baker, represented landlord was helped by the neighborhood’s many government tenants, Publicis Groupe, is expected to move Bohemia to high-end fashion con- Beck Street Capital. “They dipped which haven’t been as affected by the recession, and its relatively into the entire third-floor space by tinues. Burberry recently signed a below that level during the reces- August. It currently has 10-year lease to open a sion,but they’ve come back strong.” small size (18 million square feet), says James Delmonte, vice offices at 75 Ninth Ave. third Manhattan loca- James Nelson of Massey Knakal president and research director at JLL. and 4 Herald Square. tion for Burberry Brit, was also involved with brokering the Not surprisingly, the financial district, a submarket that “The space is ready to its weekend-wear line, deal for the landlord. boasts 43 million square feet of office space, has the highest move into,” says Gordon at 369 Bleecker St.,at Such activity arrives from upscale Ogden of Byrnam Charles Street. clothiers, including designers Marc rate: 13.9%.The bank-led recession hit financial firms that Wood, who along with The asking rent for Jacobs and Michael Kors and French populate the neighborhood especially hard. colleague Joseph the 1,800-square-foot retailer A.P.C.Burberry replaces Les Thanhauser represented space,which includes a Pierre Antiques, which, along with “Government tenants tend to and other financial firms, the area’s the tenant. storage basement, was many longtime bookstores in the stay put,” says Mr. Delmonte. “Fi- vacancy rate stands at 11.8%—a The new office is $525 a square foot, area, has had to give way to neigh- nancial tenants are more volatile.” mere 1.2 percentage points higher near Publicis Modem’s sources say. borhood gentrification in recent Oddly enough, the submarket than it was two years ago. Ninth Avenue location, “On the most months. just west of there, the World Trade The good news may yet prove and the agency wanted 369 Bleecker St. prime blocks of Burberry Brit is expected to open Center area,has been the city’s most short-lived. Merrill’s lease for 2.5 to remain in the neigh- Bleecker, rents were in for business in November. It was stable in the past two years. Despite million square feet at the WFC ex- borhood, adds Mr. Ogden. excess of $500 a square foot,” says represented by Joan Siegel of Siegel including the World Financial Cen- pires in 2013. Meanwhile,CBS College Sports, Joel Isaacs, the Isaacs and Co. bro- Consultants. ter, home to Merrill Lynch & Co. —theresa agovino a subsidiary of CBS Corp., will va- ker who, along with colleague —adrianne pasquarelli

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12 | Crain’s New York Business | June 21, 2010 CN013793 6/17/10 2:52 PM Page 1

In honor of Crain's New York Business' 25th Anniversary and commitment to New York City, the Empire State Building will shine blue and white on the evening of June 28th.

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SMALL BUSINESS Now, that is a niche business

far, Mr. Cuccia has the market all to about the term coined A drag queen clothier and two other small himself, which is how he planned it. by Internet business firms are finding places on the ‘long tail’ “I wanted to continue to serve a guru Chris Anderson particular community,” says Mr. to describe the way KINGS OF QUEENS: Alex correctly for a size 14 man. Cuccia, whose business is located in digital marketing cre- Bartlett (left) and Vincent Cuccia of Planet Pepper BY BRUCE W. FRASER “They were taking a square peg the garment district. “I like drag ates opportunities for and trying to put a round dress on it,” queens a lot, and felt this was a good more focused busi- buck ennis ntil planet pepper, says Vincent Cuccia, who had a ca- bridge from the nonprofit world into nesses to find more narrowly sliced one that creates manuals for do-it- options were very lim- reer in fundraising and grant writing making money. I’ve also loved peo- customer segments at the end of a yourself green roofers and another ited for drag queens for different theaters and universi- ple who create illusions and dress up, market’s long tail.But a quick survey that has established a community for who needed outfits ties in the New York City area before and I wanted to help them do better.” of the New York City market uncov- would-be graphic designers to post and dresses. Well, just it occurred to him that there might Talk about the long-tail effect. ered three business startups in hith- their creations and have them rated. Uthink: dresses that are proportioned be a market in drag queen clothes.So Business experts are still arguing erto unimaginable niches, including To launch,all of the entrepreneurs made a few key moves:They avoided startup costs,focused on a price point that works and approached the business as an enterprise, not just a pas- sion. Mr.Cuccia,who is already break- ing even with $25,000 in revenue so far this year, found a business organization that helped him avoid startup costs. Business Outreach Center Network in New York helped Mr. Cuccia construct a business and marketing plan, connected him to lawyers and accountants and helped him obtain a small grant from the New York State Commission for the Blind and Visually Handicapped, since he is visually impaired. Green support the bocn provided similar help to Ukqnpna]oqnui]j]caiajp Atom Cianfarani, a Brooklyn sculp- tor and green roof consultant who, odkqh`gjksjk^kn`ano* along with Brooklyn architect Lori Gibbs, self-published the Green-It- Yourself Guidebook, which makes green roofing affordable for the average homeowner. The book sells for $40, and the company expects $90,000 in revenues during its first season—spring-summer, obviously. Pricing and revenue models are critical for niche businesses. Myoats, formed in 2008 and based in Fort Greene, Brooklyn, has more than 40,000 registered users who rate each others’ graphic designs. The site is the brainchild of Wunmi Atewolo- gun, whose experience as a freelance art director and Web designer allowed him to become an expert in the field of user-experience design. De- spite its high number of users, it’s grappling with the YouTube/Face- book dilemma: how to produce revenue. With the help of a microloan, Mr. Atewologun says he’s working ® When you partner with Union Bank, you’ll have convenient global treasury management services in over 30 countries. You’ll on a revenue-generating system that also have access to a bank that brings a wide range of solutions to your domestic and international operations. Our newest will reward all participants. Global Treasury Service solution will simplify everything from opening overseas accounts to setting up a single online payment Mr. Cuccia found his sweet spot platform. So there’s no limit to how far your business can go. with dresses that sell for $200 to $600 and styled wigs for $100 to $150. With Union Bank, the world can be an easy place to do business. Call us today. He’s going deeper into his market by offering men’s jackets, coats and Commercial Banking: Commercial Treasury Corporate & Institutional Specialized tuxedos for $600 to $1,500. Services: Treasury Services: Financial Services: Mr. Cuccia works with Alex Robert Garrett Les J. Goodwin Tim Farrell Grant Ahearn Bartlett, a veteran Broadway design- Senior Vice President Senior Vice President Vice President Senior Executive Vice President er in both wardrobe and wigs who in- 415-705-7160 213-236-5159 917-639-4437 213-236-7514 vested several thousand dollars in the enterprise. “When I met Bartlett,” says Mr. Cuccia,“everything came together— and he even came with a client list. I thought, ‘I can sell this.’ ”

©2010 Union Bank, N.A. To sign up for Crain’s Union Bank is a proud member of the Mitsubishi UFJ Financial Group (MUFG), twice-weekly SMALL BUSINESS one of the world’s largest financial organizations. unionbank.com NEWSLETTER, go to www.crainsnewyork.com/smallbiz

14 | Crain’s New York Business | June 21, 2010 20100621-NEWS--0015-NAT-CCI-CN_-- 6/17/2010 3:35 PM Page 1

EXECUTIVE PAY INSIDE FORTUNATE 100 New York area’s highest-paid CEOs PAGE 17 “If you’re angry about excessive pay, you should focus on the directors.” —Lisa Lindsley, AFSCME, Page 19 chris gash Facing the music on boss pay BY AARON ELSTEIN Led by Verizon and others, companies Compensation committees draw fire grant more power to shareholders for easy money; directors face ouster

after years of pressure from shareholders market. Nonetheless, even some of the com- vincent teseis the Zelig of New York board- der fire like never before thanks to decisions angry about top executives getting paid mil- pany’s staunchest critics say Verizon’s com- rooms. He shows up just about everywhere. he made last year at Cablevision Systems lions of dollars while producing disappoint- pensation practices are improving, although He’s parlayed a career in public service Corp., where he heads the board committee ing results, Verizon Communications agreed not exactly at a lightning pace. that includes stints as a Port Authority of that determines how much top executives get to change its ways on pay last year. “Slowly but surely, they’re getting better,” New York & New Jersey vice chairman and compensated. It eliminated free flights on the corporate says Bill Jones,president of the Association of state director of economic development dur- Last December, Mr. Tese signed off on a jet for a retired chief executive and officially BellTel Retirees, a group of 100,000 former ing the Cuomo administration into seats on five-year contract for Chief Executive James granted shareholders a say in how the compa- Verizon workers who sponsored an unsuc- approximately 25 corporate and nonprofit Dolan, whose family controls the company. ny paid its top people. For good measure, the cessful shareholders’ resolution to reduce Mr. boards, including KeySpan Corp., Mack- Investors weren’t upset by the dollar amounts board even whacked 14% off CEO Ivan Sei- Seidenberg’s “performance” bonus. Cali Realty Corp., Madison Square Garden involved—including a guaranteed $1.5 mil- denberg’s pay, leaving him with a still-hefty After years of battling over excessive pay, and The Municipal Art Society of New York. lion salary, up to $6 million in annual bonus, $17.5 million. shareholders are finally beginning to win For years, the 67-year-old’s director ca- plus at least $7 million in yearly stock grants. True, the company had good reason to ground as more companies pledge to grant reer unfolded without a hitch. He wasn’t No,what stuck in critics’throats was the con- make that cut. It came in a year when Veri- them increased power over compensation even badly singed by the demise of Bear tract’s promise that Mr. Dolan would go on zon’s operating income fell 17% and its shares decisions. Last month, shareholders at Mo- Stearns,where he was lead director when the getting paid if he leaves “for any reason” upon hugely underperformed compared with the See MORE PAY POWER on Page 16 investment bank collapsed.But now,he’s un- See COMPENSATION on Page 19

June 21, 2010 | Crain’s New York Business | 15 20100621-NEWS--0016-NAT-CCI-CN_-- 6/17/2010 3:36 PM Page 1

REPORT EXECUTIVE PAY A NEED TO ALIGN INTERESTS

Ivan Seidenberg’s total Verizon operating income compensation (in millions) (in billions) More pay power to shareholders $21.3 $20.5 $20.3 $16.9 $19.3 $15.6 $17.5 $13.4 $14.0 Continued from Page 15 gress.The provision is one of the less them entirely in shares. As a result, $12.6 torola Inc. and Occidental Petrole- controversial matters in the bill and CEO Lloyd Blankfein, for one, saw um Corp. voted against the pay has a good chance of becoming law. his total compensation shrivel to packages awarded to the CEOs— about $900,000 last year from $40 the first time investors in the Unit- Wall Street changes, too million in 2008. Most banks also ed States have risen up in such a way. even wall street is changing. now promise to claw back pay 20062005 2007 2008 2009 20062005 2007 2008 2009 Expect more action in the years Goldman Sachs, citing the need “to earned by executives for financial Source: Company reports

to come as say-on-pay votes become ensure that our employees are ac- performance that later proves to bloomberg news more common. Washington law- countable for the future impact of have been inflated—or worse. makers are mulling making such their decisions,” declared last year Financial firms are increasing them more in stock that takes years tion practices, J.P. Morgan Chase votes mandatory for publicly traded that no members of its management cash salaries and reducing bonuses, to vest than in cash. said earlier this year that it would re- companies as part of the financial committee would receive cash which typically account for the vast Among companies that have voke grants of stock to employees reform bill currently before Con- bonuses; instead they would get bulk of compensation, and paying moved furthest to reform compensa- who cause “material financial or rep- utational” harm. In a widely praised move, it also pledged to do the same for members of the 16-member operating committee that runs the bank who fail “to properly identify,raise or assess,in a timely manner and as rea- sonably expected, risks and/or con- cerns with respect to risks material to People. the firm or its business activities.” Of course, having been at the epicenter of the biggest financial collapse in decades and receiving billions of dollars in federal assistance goes a long way toward ex- They’re the DNA plaining why banks have emerged as leaders on compensation reform. in your company’s P&L. Such shifts at nonfinancial companies including Verizon, on the other hand, have been more modest. Different from banks there’s a simple reason for that, says Paul Hodgson,a senior research analyst at The Corporate Library. “Business at telecommunications companies hasn’t collapsed like it did at banks or for media companies,” so companies like Verizon are less vul- nerable to shareholder pressure. That is precisely what the company’s retirees found out last month when they put a measure to make it harder for Mr. Seidenberg to get a “performance”bonus to a vote at the shareholders’ meeting. The retirees wanted the board to award performance-based bonuses only if the company performed at least as well as the median company in a peer group selected by directors. Under the present system, they noted, Mr. Seiden- berg and other top execs could get large bonuses even if Verizon’s total shareholder return put it in the bot- tom quartile of its peer group. “Large payouts for below-median performance … do not adequate- ly align pay with performance,” the retirees said in their proposal. Verizon opposed the measure. In a letter to shareholders, human resources chief Marc Reed said impos- ing an “arbitrary limitation” would “unduly restrict the [board’s] ability to design and administer a competitive compensation program.” In the end,only 30% of shareholders supported the retirees’ proposal. They’re the real power in your R&D pipeline. The real edge in your Still, Mr. Jones says he’s pleased execution. And the real reason for those stellar quarters. They’re with other steps Verizon has taken in the past year that he hopes will your people. And these days, to keep pace with the changing better align executives’ interests demands of the marketplace, organizations must work to with those of shareholders. Among maximize the alignment of their talent and business strategies. other things, he points to the company’s scrapping of a contract for The world of work is changing. Is your company ready? Sample Mr. Seidenberg and its decision not our thinking on the subject at Right.com/people to renew any outstanding executive- employment agreements.Those decisions reduce the amount of money guaranteed to executives.

16 | Crain’s New York Business | June 21, 2010 20100621-NEWS--0017-NAT-CCI-CN_-- 6/17/2010 8:16 PM Page 1

REPORT EXECUTIVE PAY New York Area’s Fortunate 100 Chief executives ranked by 2009 compensation (Figures in thousands, unless otherwise noted)

43+6:/9> $49'1 /3)+39/;+ 59/43 #94)0 9.+7 )425+38'9/43 #'1'7> 43:8 51'3 '<'7*8 '<'7*8 )425+38'9/43 @7+;+3:+ 3+>+'7 "'30 @'-+ 425'3>@9/)0+7 /3@ /3@ /3@ /3@ /3@ /3@ /3@ /3@2/11/438 949'1@7+9:73

'7/4 '(+11/ 1<3> =E5BC>AB =3 " +1 '72'?/3 )9A9DB)1C5;;9C5(149> =3 ) ( +81/+ 443;+8 )>A? ) !./1/55+ ! ':2'3 ,913>< =3 , '3/+1 :** >ACA5BB =E5BC<5=CA>D? $/249.> 7289743- %" =3 %" = < 16 4:/8 '2/11+7/ &89;9?#>AA9B =C5A=1C9>=1;&# THOMAS JOYCE /).'+1 '77+11 ==1;H1?9C1;#1=175<5=C =3 $"/ WALL STREET’S best- #'2:+1 !'12/8'34 =C5A=1C9>=1;DB9=5BB#1389=5B>A? # paid CEO is one of its '79/3 7'301/3 1A45=>A? least-known. Jersey City, N.J.-based Knight +,,7+> +<0+8 *9<5-1A=5A =3 *-. Capital Group Inc. ":5+79 :7*4). $5FB>A? $-) specializes in executing stock trades for ;'3 #+/*+3(+7- ,5A9I>=><=B =3 ,0 discount brokers. It '2+8 473+1/:8 A9BC>; #H5AB)@D922> #/ does not make risky '2+8 41'3 12;5E9B9>=)HBC5A? , trades for its own accounts—a big reason $.42'8 4>)+ !=978C1?9C1;A>D? =3 $ * why the firm has been "'15. #).14889+/3 E5A3>A5&1AC=5AB =3 ,( able to avoid the +33+9. .+3':19 <5A931=G?A5BB> .& problems that hammered so many of ':7+3)+ /30 ;13:(>3: =3 "! its rivals. Knight is one 1+33 7/99 *9<5-1A=5A12;5 =3 *- of Wall Street’s better 4.3 " #97'3-,+1*@7 &AD45=C91;9=1=391; =3 &(+ turnaround stories in recent years, having '3440 >;71C5 &1;<>;9E5> " brought in Mr. Joyce, a 3*7' 44>/ &5?B9> =3 && veteran of Merrill Lynch, in 2002 to rescue it ++ +389+7894)0 ;51385A> &) from a trading scandal. 7/'3 :5+77+':19 #1AB8#3"5==1=>B ## It took a while, but Mr. /).'+1 $ #97/'3+8+ " ><=B>;49=7B =3 """ Joyce delivered. Last year’s revenue of $1.2 +,,7+> /3*1+7 &69I5A =3 & billion was double 4.3 +88 5BB>A? ) 2005’s level. ';/* #34<@7 #543>51;C8)>;DC9>=B =3 #) "4(+79 7+/,+1* $1B41@%#.A>D? =3 $' :1/'3 " +/-+7 KA>?>BC1;5 =3 (% 2'3:+1 ./7/)4 &89;;9?B ,1=5DB5=>A? &, '7) 411/*'> )"A55=(51;CH>A? )" 7'30 4>3+ ,5A9B:=1;HC93B =3 ,()! = < 28 "4(+79 ! +11> 1=:>6$5F/>A:#5;;>=>A? ! JOHN HESS 1':8 1+/3,+1* ;3>1 =3 THE AVERAGE price of oil "43'1* +72'3)+@7 D4B>=9CH1=3>A? =3 ! dropped 30% in 2009. !+9+7 # 7':8 ;;91=355A=BC59=>;49=7 That brought welcome "43'1* 7'2+7 A966>=>A? relief to consumers, but lousy news for Hess "4(+79 +37/0843 #5C"965 =3 #* Corp. Net income fell '3/+1 # ). %38 09661?9C1;#1=175<5=CA>D?%0# two-thirds, and it managed something $/249.> "/3- ( 1A4 =3 ( seldom seen in the oil "4(+79 & #+1'3*+7 #1BC5A1A4 =3 # business: an '> 7/11 ==*1H;>A)C>A5B>A? $$ unprofitable quarter at the outset of 2009. '70 ! 7/8847' 5ACI;>21;>;49=7B =3 *0 Natural-gas prices also #9+;+3 " 47'3-+7 **>A? ** fell, further pressuring #41 '7+7 5;75=5>A? " Hess. Mr. Hess’ compensation was +3 /)08 >>C">3:5A =3 " halved, although the 4<'7* & :93/)0 &1AC=5AB =3 & $14 million he received 7/98 %'3@!''88).+3 )C1AF>>4>C5;B(5B>ACB->A;4F945 =3 %* can hardly be considered punitive. &/11/'2 ! ':*+7 BCK5"1D45A>B " photos: bloomberg news

June 21, 2010 | Crain’s New York Business | 17 20100621-NEWS--0018-NAT-CCI-CN_-- 6/17/2010 8:17 PM Page 1

REPORT EXECUTIVE PAY

43+6:/9> $49'1 /3)+39/;+ 59/43 #94)0 9.+7 )425+38'9/43 #'1'7> 43:8 51'3 '<'7*8 '<'7*8 )425+38'9/43 @7+;+3:+ 3+>+'7 "'30 @'-+ 425'3>@9/)0+7 /3@ /3@ /3@ /3@ /3@ /3@ /3@ /3@2/11/438 949'1@7+9:73

4.3 &7+3 %<=93><A>D? =3 %# "4(+79 71/). *A1=B1C;1=C93>;49=7B =3 *( &/11/'2 % /)0+> )51;549A>A? ) :3)'3 /+*+7':+7 $/)DA>=5GC =3 $/. "/).'7* '3*1+7 5665A95BA>D? =3 *<'7* :*=93:9=B>=> . 75 "'15. ??4 &D2;93)5AE935=C5A?A9B5A>D? =3 & KEITH MEISTER 3*7+' :3- E>=&A>4D3CB =3 ,& AT 36, Mr. Meister is the youngest executive on +< 7'30,479 >138 =3 % the Fortunate 100. He 48+5. " &7/-.9 )395=C96931<5B>A? )#) also may be the most #9+5.+3 #'*4;+ )1:B =3 )!) reclusive. He serves as right-hand man to Carl "/).'7* '1> A>14A94759=1=391;)>;DC9>=B =3 ( Icahn at Icahn /).'+1 $'7-4,, ">A1;)?135><=B =3 "%(" Enterprises, helping +43'7* # #).1+/,+7 (575=5A>=&81A<135DC931;B =3 ($ run his $7.3 billion asset-investment /).'+1 "49. =C5A?D2;93A>D?>6> * boards where Mr. Icahn 48+5. " 742+0 -1A=13>A>D? =3 -( is a big shareholder. '7> :91+7 DC><1C931C1&A>35BB9=7 =3 & +;/3 :70+ >=B>;941C5449B>= =3 '741* & )7'<@ #3A1F 9;;>B #& /11'7* # 7+=1+7 A5FA>D? =3 7'3)/8)4 #4:?' >7=9I1=C*538=>;>7H)>;DC9>=B>A? *) &+81+> " '7* >=5B??1A5;A>D? =3 $/ 81 +/9. +/89+7 318==C5A?A9B5B & JAY BROWN /).'+1 '8)/9+11/ ,>A=14>(51;CH*ADBC,$% IN 2008, Mr. Brown returned to try to save 7+* 473(+7- ><=B>A? #*" MBIA Inc., the insurer of '3+ $ 1,+78 89;4A5=B&;135(5C19;)C>A5B =3 &" municipal bonds that &+8943 /)08 ;;5781=H>A? / faces huge losses from its decision to guarantee #9+;+3 & 1+8/4 D=A14BCA55C>A? $ the value of billions of 48+5. & 74<3 # =3 # dollars in subprime '2+8 # $/8). ">5FB>A? " mortgages. He faces a monumental task. In the 41/3 4**'7* %) &81A<135DC931;B =3 %) & meantime, Mr. Brown is 48+5. " /)'147' $5F/>A:><A? =3 $/ doing what he can by '3+9 "4(/3843 $5F/>A:*9<5B> $/* trying to split off MBIA’s healthy municipal- 477/8 41*,'7( ??1A5;A>D? guarantee business "4(+79 !4114)0 BBDA1=C =3 0 from all the junk it’s on the hook for. ';/* $ '2'2494 $>AC8)C1A(51;CH9=1=35>A? $( "/).'7* '7'8). +=9E5AB1;<5A931=>A? +# /).'+1 43- AA>F;53CA>=93B =3 (- &/11/'2 1>33 C;1B9A->A;4F945>;49=7B =3 -- /).'+1 ++ *>F5AA>D? =3 *-& #9'31+> +7-2'3 5=AH)3859= =3 ) 7/) 7'834,, &1;;>A? &"" 85 "/).'7* '70++ ,9C1<9=)8>??5 =3 ,) = < JANET ROBINSON NO SURPRISE, +37> +73'3*+? #) =3 #. last year was tough for The #)499 40 A55=89;;> " Times Co. By cutting #/243 4774<8 A55=89;;> " operating costs 17%, it returned to the black; "/).'7* "4(/3843 )38>;1BC93>A? )" still, earnings were ';/* & &'11/8 <2139=1=391;A>D? =3 ! 90% below 2007 >= 41C1 ?A>E9454 2H @D9;1A =3 (54F>>4 )8>A5B 1;96 FFF 5@D9;1A 3>< >E9454 2H 1?9C1; ' 1 )C1=41A4 &>>AJB 2DB9=5BB F9C8 1449C9>=1; A5B51A38 2H 5=9B5 )>DC8F>>4 )5;5=1 )85= levels. Ms. Robinson— 1=4 ;19A5 &>AC5A $5F />A: 1A51 9=3;D45B $5F />A: 9CH 1=4 $1BB1D )D66>;: 1=4 -5BC385BC5A 3>D=C95B 9= $5F />A: 1=4 5A75= BB5G D4B>= 1=4 +=9>= 3>D=C95B 9= $5F 5AB5H *89B A1=:9=7 9B 21B54 >= ;9BC >6 C85 ;1A75BC ?D2;93;H 85;4 3>A: 1A51 1=4 9=3;D45B %B F8> F5A5 F9C8 C8>B5 3>6 C859A 69B31; H51AB G53DC9E5B <1H B81A5 C85 % C9C;5 1=4 >A 81E5 1449C9>=1; C9C;5B G53DC9E5 175B 1A5 45A9E54 6A>< one of only five women 29>7A1?8931; 9=6>A<1C9>= 49B3;>B54 9= C85 3>GH BC1C5<5=CB 1=4 <1H =>C A56;53C A535=C 29AC841HB 1B5 B1;1A95B 1A5 C1:5= 1B 49B3;>B54 6A>< C85 )D<<1AH >= *12;5 1=4 1A5 =>C 1==D1;9I54 6>A 5G53DC9E5B 5H54 6>A ;5BB on the list—was helped C81= 1 6D;; 69B31; H51A ;; 69=1=391; 41C1 1A5 45A9E54 6A>< C85 <>BC A535=C !B 1E19;12;5 1B >6 ?A9; *85 <>BC A535=C 41C1 6>A 3>D78 535<25A 1A5 6>A C85 H51A 5=454 9= 1=4 C85 <>BC A535=C 41C1 6>A 3>A C85 H51A 5=454 9= >= 41C1 1A5 45A9E54 6A>< 3>< C85 ) 1B >6 #1H >= 1=4 69=1=391; 697DA5B by the finding that over 81E5 255= A>D=454 C> >=5 4539<1; ?;135 $49'1 )425+38'9/43 A5?A5B5=CB C85 BD< >6 21B5 B1;1AH 2>=DB =>= 5@D9CH 9=35=C9E5 ?;1=B 7A1=C 41C5 619A E1;D5 >6 >?C9>= 1=4 BC>3: 1F1A4B 1=4 >C85A 3>= )1;1AH <1H 25 ?194 6>A 1 6D;; >A 2008 and 2009, she ?1AC91; H51A 96 C85 5G53DC9E5 3><<5=354 5H<5=C 4DA9=7 C85 H51A 43+6:/9> /3)+39/;+ 51'3 A5?A5B5=CB 31B8 1F1A4B 51A=54 9= 3>==53C9>= F9C8 B8>AC 1=4 ;>=7 C5A< 9=35=C9E5 ?;1= 1F1A4B 79E5= 9= C85 ;1BC H51A 59/43 '<'7*8 A5?A5B5=CB C85 177A571C5 7A1=C 41C5 619A E1;D5 >6 B5AE935 1=4 ?5A6>A<1=35 21B54 >?C9>= 1F1A4B 79E5= 9= C85 ;1BC H51A #94)0 '<'7*8 A5?A5B5=CB C85 177A571C5 7A1=C 41C5 619A E1;D5 >6 B5AE935 1=4 ?5A6>A<1=35 21B54 BC>3: 1F1A4B 79E5= 9= C85 ;1BC H51A 9.+7 was granted 350,000 )425+38'9/43 A5?A5B5=CB C85 E1;D5 >6 25=569CB 1=4 ?5A@D9B9C5B 79E5= 9= C85 ;1BC H51A 3+>+'7 949'1 7+9:73 A5?A5B5=CB C85 381=75 9= BC>3: ?A935 ?;DB 1=H 49E945=4B ?194 >E5A C85 <>BC A535=C 69B31; H51A = < $>C <51=9=76D; #A #D44 stock options in excess 2531<5 % >= D7 #A A=7 2531<5 % >= ?A9; 97DA5 =>C 31;3D;1C54 2531DB5 C85 BC>3: F1B =>C CA149=7 6>A C85 5=C9A5 69B31; H51A %= #1H #A >A=5;9DB A5C9A54 1B % 1=4 "1<25AC> =4A5>CC9 2531<5 % #A )38;>BBC59= 2531<5 % >= #1H #A 5=BC5ABC>3: A5B97=54 1B % >= 52 1=4 819A<1= A93 ;51385A 1BBD<54 C85 1449C9>=1; A>;5 >6 % #A 5975A A5B97=54 1B % >= of the limit. They were 52 #9=4H #514B 1=4 *8><1B & >8=B>= 2531<5 3> %B #A )5;1=45A ?;1=B C> ;51E5 C85 % ?>B9C9>= >= D;H #A 1A5A ;56C C85 % ?>B9C9>= >= D=5 (>25AC D79= 2531<5 % #A voided and replaced "1D45A ;56C C85 % ?>B9C9>= >= D=5 1=4 12A9I9> A541 2531<5 % #A -A978C 2531<5 % >= 1=D1AH 1=4 ;56C C85 ?>B9C9>= >= 53 #93815; ( 81<2A5;;> 2531<5 % #A 1B39C5;;9 2531<5 % >= #1H #B ;65AB 2531<5 % >= 1= #A 93:B 2531<5 % >= D7 #A ;5B9> A5C9A54 1B % >= 53 1=4 )1A18 #1C85F 2531<5 % #A ">=7 2531<5 with “deferred- %>=#1H #A #1A:552531<5%>=)5?C payment stock- PURCHASE THE LIST OF THE NY AREA’S HIGHEST-PAID NON-CEOs AND ALL OF CRAIN’S BUSINESS LISTS appreciation rights.” WWW.CRAINSNEWYORK.COM/LISTS —AARON ELSTEIN

➚➚ @ mcmullan,patrick bloomberg news

18 | Crain’s New York Business | June 21, 2010 20100621-NEWS--0019-NAT-CCI-CN_-- 6/17/2010 3:36 PM Page 1

REPORT EXECUTIVE PAY

Compensation committees come under fire COMMITTEE WARFARE COMPANIES where 20% or more of investors refused to vote in Continued from Page 15 sation committee directors at New CEOs and skilled at finding ways to At Long Island-based NBTY, favor of re-electing compensation selling Cablevision. York companies including Time link executive pay with perform- investors were angry over the com- committee members in 2009 “The executive may receive ex- Warner, Omnicom Group, insurer ance. pany’s policy to pay “gross-ups,” or traordinary payments regardless of Assurant and vitamin-maker NBTY. It sounds simple enough, but di- the taxes associated with perks Agilent Technologies leaving or staying with the compa- This year,25 companies besides Ca- rectors inclined to hold the line on awarded to top executives. As a re- AK Steel ny,” said investor-advisory firm blevision have faced shareholder re- executive pay face huge pressures. sult,54% last year refused to support RiskMetrics Group in a report rec- volts over compensation issues, ac- For starters, most compensation the re-election of compensation Anadarko Petroleum ommending that shareholders vote cording to RiskMetrics. committees turn to consultants who committee member Aram Garabe- against the re-election of Mr. Tese typically assure directors that even dian. A spokesman says Mr. Apartment Investment and the two other compensation In an ideal world the most seemingly extravagant Garabedian was seated anyway be- and Management committee directors to the board. “if you’re angry about excessive compensation packages are in fact cause “he was elected in accordance Assurant Last month, Cablevision in- pay, you should focus on the direc- both reasonable and competitive. with company bylaws.” vestors did just that.In fact,Mr.Tese tors most responsible for it,” says And compensation committee mem- For the same gross-ups reason, AT&T received fewer than 40% of votes bers who raise too many issues about 51% of shareholders at Manhat- cast. That’s a stunningly low figure pay could be asked by fellow direc- tan-based Assurant last year re- CIT Group considering that investors typically Directors tors to leave. fused to vote in favor of re-electing Eli Lilly offer near-unanimous support to “You don’t want to cross some- compensation committee member whomever management recom- inclined to hold one who might be in position to Charles John “Bud” Koch. A Equifax mends for the board, as was the case the line on exec scratch your back later,” Ms. Linds- spokesman didn’t respond to a re- Fidelity National with two Cablevision directors not ley says. quest for comment on why Mr. Information Services involved in determining executive Further complicating matters for Koch was seated. pay. They were elected with 98% pay face huge shareholders is the fact that in- Legg Mason support. vestors usually lack the power to Cablevision coup Mr.Tese didn’t return a call seek- pressures vote compensation committee mem- the story is much the same at Ca- Lorillard ing comment. bers off the board. Often, the best blevision, which announced that NBTY they can do is withhold votes from a Mr.Tese and the other two compen- In the crossfire director in the hopes that a tangible sation committee members were re- Omnicom Group as the wars over pay between top sign of low support will send a sig- elected to the board despite getting Peabody Energy executives and shareholders esca- nal. This Kremlinesque system of so little support from shareholders late, directors like Mr. Tese are in- Lisa Lindsley, director of capital board elections may soon end, how- last month. Pepco Holdings creasingly finding themselves sit- strategies at the American Federa- ever, because the financial reform A spokeswoman says the directors’ ting in the crossfire. In fact, in the tion of State, County and Munici- bill approved by the Senate requires “independent insight, experience SanDisk past few years, targeting compensa- pal Employees, which campaigned directors to resign unless they are and counsel make them valuable Textron tion committee members has be- against compensation committee elected with a majority of votes. assets.” come a regular part of the arsenal for members at American Internation- In the meantime, growing anger There’s another reason: The Time Warner activists enraged over excessive pay. al Group last year. over executive pay means that some Dolans are free to seat whomever XTO Energy Last year, large numbers of In an ideal world, Ms. Lindsley New York area companies’compen- they want on the board because the shareholders rose up and refused to says,compensation committee mem- sation committees are feeling the family has voting control over the Source: RiskMetrics Group endorse the re-election of compen- bers should be free of personal ties to heat. company.

ALPHABETICAL LISTING OF FIRMS COMPANY RANK COMPANY RANK

Aéropostale Inc.------31 Jefferies Group Inc. ------56 Alcoa Inc. ------36 Jones Apparel Group Inc. ------74 Alleghany Corp.------79 Knight Capital Group Inc. ------16 AllianceBernstein Holding ------38 L-3 Communications Holdings Inc.------26 Ambac Financial Group Inc.------100 Loews Corp. ------82 American Express Co. ------18 Loral Space & Communications Inc. ------64 Ann Taylor Stores Corp. ------44 Marsh & McLennan Cos.------25 Annaly Capital Management Inc. ------8 MasterCard Inc.------43 AOL Inc. ------6 MBIA Inc.------81 Arrow Electronics Inc. ------90 McGraw-Hill Cos. ------71 Assurant Inc. ------87 Medco Health Solutions Inc. ------29 Atlas Air Worldwide Holdings Inc. ------91 MetLife Inc. ------40 Automatic Data Processing Inc.------69 MSCI Inc. ------96 Avon Products Inc. ------59 Nasdaq OMX Group Inc.------30 Bank of New York Mellon Corp. ------35 New York Community Bancorp Inc. ------84 Becton Dickinson & Co. ------57 New York Times Co.------85 BGC Partners Inc.------49 News Corp. 12 BlackRock Inc. ------19 NorthStar Realty Finance Corp.------88 Bristol-Myers Squibb Co. 14 ------NYSE Euronext Inc.------55 Broadridge Financial Solutions Inc. 63 ------Och-Ziff Capital Management Group ------41 Cablevision Systems Corp. 15 ------Omnicom Group Inc. ------52 CBS Corp. ------3 OSI Pharmaceuticals Inc. ------83 Celgene Corp.------47 Pall Corp.------94 Children's Place Retail Stores Inc. ------78 PepsiCo Inc. ------23 Coach Inc. ------60 Pfizer Inc.------27 Cognizant Technology Solutions Corp. ------73 Philip Morris International ------7 Colgate-Palmolive Co. ------22 Phillips-Van Heusen Corp.------32 Comtech Telecommunications Corp.------77 Prudential Financial Inc.------21 Consolidated Edison Inc. ------70 Public Service Enterprise Group Inc.------58 C.R. Bard Inc. ------42 Regeneron Pharmaceuticals Inc. ------65 Dun & Bradstreet Corp. ------80 Saks Inc. ------62 Estée Lauder Cos. ------51 Scholastic Corp. ------99 Evercore Partners Inc. ------17 Scientific Games Corp. ------61 Foot Locker Inc. ------48 Sealed Air Corp. 54 Fortress Investment Group ------5 ------Sirius Satellite Radio Inc. 2 Gamco Investors Inc. ------1 ------SL Green Realty Corp. 33 G-III Apparel Group ------86 ------Gleacher & Co. 24 Starwood Hotels & Resorts Worldwide Inc.------50 ------Tiffany & Co. Greenhill & Co. ------97, 98 ------67 Time Warner Cable Inc. Griffon Corp. ------39 ------20 Time Warner Inc. Henry Schein Inc. ------93 ------11 Tower Group Inc. Hertz Global Holdings Inc. ------45 ------92 Hess Corp.------28 Transatlantic Holdings Inc. ------53 Hudson City Bancorp Inc.------37 Universal American Corp. ------89 Icahn Enterprises ------75 Verisk Analytics Inc.------34 International Business Machines Corp. ------9 Verizon Communications Inc. ------13 Interpublic Group of Companies Inc.------66 Viacom Inc.------4 ITT Corp.------46 Vitamin Shoppe Inc.------95 Jarden Corp.------10 Vornado Realty Trust ------76 J.Crew Group Inc. ------72 Warnaco Group Inc. ------68

June 21, 2010 | Crain’s New York Business | 19 nb25p20-21cl.qxp 6/18/10 4:08 PM Page 20

EXECUTIVE PUBLIC & LEGAL NOTICES RECRUITER Notice of Formation of VMV US Notice of Qualification of FULTON FORECLOSURE STORE 1 LLC. Arts. of Org. filed with OWNER LLC amended to FULTON POSITION AVAILABLE Secy. of State of NY (SSNY) on LESSEE LLC. Authority filed with 05/13/10. Office location: NY County. Secy. of State of NY (SSNY) on Seeking a full charge bookkeeper. Princ. office of LLC: c/o VMV Group, 4/14/10. Office location: NY County. Duties include accounts payable, Attn: Cristina Constance V. Rowell, LLC formed in Delaware (DE) on accounts receivable, payroll, bank 16 W. 16th St., NY, NY 10011. SSNY 4/13/10. SSNY designated as agent designated as agent of LLC upon of LLC upon whom process against reconciliations, tax returns. whom process against it may be it may be served. SSNY shall mail Must be proficient in Quickbooks, served. SSNY shall mail process to process to: c/o Regi Corp., 15 W. interest in the arts a plus. Please fax the LLC at the addr. of its princ. 34th St., 8th Fl., NY, NY 10001. DE your resume to 212-628-4182. office. Purpose: Any lawful activity. address of LLC: United Corporate Services, Inc., 874 Walker Rd., Ste. Notice of Formation of Excelolife LLC. C, Dover, DE 19904. Arts. of Org. Arts. of Org. filed with Secy. of State filed with DE Secy. of State, 401 of NY (SSNY) on 3/16/10. Office Federal St., Ste. 4, Dover, DE 19901. REAL ESTATE Location: NY Co. SSNY designated Purpose: any lawful activity. as agent of LLC upon whom process against it may be served. SSNY shall Notice of Formation of 166 Suffolk OFFICE SPACE mail process to: the LLC, 2110 First Street LLC. Arts. of Org. filed with Avenue New York, NY 10029. NY Dept. of State on 5/27/10. Office THREE WINDOWED PRIVATE Purpose: Any lawful Activity. location: NY County. Princ. bus. addr.: 825 3rd Ave., 37th Fl., NY, NY 10022. OFFICES available in Boutique CPA NOTICE OF FORMATION of Sec. of State designated as agent of firm tower suite, located near Grand Blackman’s Block Productions LLC. LLC upon whom process against it Central. Access to kitchen and confer- Arts of Org filed with the Secy of may be served and shall mail process ence room with East River exposure. State of New York (SSNY) on to: c/o CT Corporation System, 111 A reception desk and other admin space 4/12/10. Office location: NY County. 8th Ave., NY, NY 10011, regd. agent are also available. The offices can be rented SSNY designated as an agent upon upon whom process may be served. individually or collectively. Although not whom process may be served and Purpose: any lawful activity. required, tenants in synergetic profes- shall mail a copy of any process to sions will be considered as well. the principal business address: 555 NOTICE OF FORMATION OF LIMIT- Call 212-953-5550 W 151 St., #63, NY, NY 10031. ED LIABILITY COMPANY. NAME: Purpose: any lawful act. OM-AH-HUM REALTY LLC. Articles of Organization were filed with the OFFICE SPACE Notice of Formation of GTI LLC. Arts. Secretary of State of New York WESTCHESTER of Org. filed with Secy. of State of NY (SSNY) on 03/31/10. The latest date (SSNY) on 05/17/10. Office location: of dissolution is 12/31/2060. Office NY County. SSNY designated as location: New York County. SSNY OFFICE /PROFESSIONAL SPACE agent of LLC upon whom process has been designated as agent of the OFFICES/WESTCHESTER against it may be served. SSNY shall LLC upon whom process against it RYE BROOK- 800 WESTCHESTER AVE. mail process to Jason Halpern, 401 may be served. SSNY shall mail a 2 fully furnished offices in law suite West St., Third Fl., NY, NY 10014. copy of process to the LLC, c/o w/secy station. One Windowed; reception, Purpose: Any lawful activity. Eastport, 34 West 33rd Street, 6th fax, telephone, internet, photocopy, Floor, New York, New York 10001. library, 2 conf rm, indoor parking. Notice of Formation of APPERLATIVE Purpose: For any lawful purpose. Call Efraim (914)696-5555 Notice of Formation of WELLBUILT Notice of Formation of International IPD LLC. Arts. of Org. filed with Secy. Daycare New York, LLC, filed under LLC. Arts. of Org. filed with Secy. of of State of NY (SSNY) on 06/02/10. the original name Children’s World State of NY (SSNY) on 4/28/10. Notice of Formation of MENS REA Office location: NY County. Princ. New York, LLC, Art. of Org. filed Sec’y Office location: NY County. SSNY LLC. Arts. of Org. filed with Secy. of office of LLC: 61 Irving Pl., Apt. 5C, of State (SSNY) 11/13/09. Office loc.: designated as agent of LLC upon State of NY (SSNY) on 05/11/10. PUBLIC & NY, NY 10003. SSNY designated as NY County. SSNY designated as whom process against it may be Office location: NY County. Princ. agent of LLC upon whom process agent of LLC upon whom process served. SSNY shall mail process to: office of LLC: 40 Riverside Dr., Unit LEGAL NOTICES against it may be served. SSNY shall against it may be served. SSNY shall 400 W. 55th St., 7H, NY, NY 10019. 4, NY, NY 10023. SSNY designated mail process to Attn: Mitchell Kidd at mail copy of proc. to c/o Reinhardt Purpose: any lawful activity. as agent of LLC upon whom the princ. office of the LLC. Purpose: LLP, 44 Wall St., 10th Fl., NY, NY process against it may be served. BOOST FUNDING LLC a domestic Any lawful activity. 10005. Purpose: any lawful activities. SSNY shall mail process to the LLC Limited Liability Company (LLC), filed Notice of Formation of Pressprich Funding II, LLC, Art. of Org. filed at the addr. of its princ. office. with the Sec of State of NY on Purpose: Any lawful activity. 1/6/09 currently known as BOOST Notice of Formation of Avenue of the Notice of Formation of DELAFIELD Sec’y of State (SSNY) 7/9/09. Office PAYMENT SOLUTIONS LLC. NY Americas 1707, LLC, a limited liability ART CONSULTANTS, LLC. Arts. of loc.: NY County. SSNY designated Office location: New York County. company. Art of Org filed with the Org. filed with Secy. of State of NY as agent of LLC upon whom Notice of Formation of Deer Stags SSNY is designated as agent upon Sec of State of New York (SSNY) on (SSNY) on 05/06/10. Office location: process against it may be served. LLC. Arts. of Org. filed with Secy. of whom process against the LLC may 3/2/10. Office located in New York NY County. Princ. office of LLC: SSNY shall mail copy of proc. to c/o State of NY (SSNY) on 5/7/10. be served. SSNY shall mail a copy County. SSNY has been designated 159 W. 53rd St., #19F, NY, NY 10019. Lehman & Eilen, Attn: Leslie Marlow, Office location: NY Co. SSNY desig- of any process against the LLC for service of process. SSNY shall SSNY designated as agent of LLC Esq., 50 Charles Lindbergh Blvd., nated as agent of LLC upon whom served upon him/her to The LLC, mail copy of any process to the LLC upon whom process against it may #505, Uniondale, NY 11553. Purp.: process against it may be served. 527 Madison Ave., 16th Fl., NY, NY c/o James E. Bishop, 902 Clint Moore be served. SSNY shall mail process any lawful activities. SSNY shall mail process to: Hartman 10022. General Purposes. Road, Suite 220, Boca Raton, Florida to the LLC, Attn: Kristin Dunlap at & Craven LLP, c/o Neal Dorman, 488 33487. Purpose: any lawful purpose. the princ. office of the LLC. NOTICE OF FORMATION OF PRO- Madison Ave., NY, NY 10022. NOTICE OF FORMATION of Type One Purpose: Any lawful activity. FESSIONAL SERVICE LIMITED LIA- Purpose: any lawful activities. Records LLC. Arts of Org filed with Notice of Formation of Lindsay Smith BILITY COMPANY. NAME: JONATHAN the Secy of State of New York (SSNY) Architect PLLC, a professional serv- Name of LLC: Diana Rabin Accounting KOBLENZER, MD PLLC. Articles of NOTICE OF FORMATION of VELVET- on 4/1/10. Office location: NY County. ice limited liability company (PLLC). LLC. Arts. of Org. filed with NY Dept. Organization were filed with the THOMAS, LLC. Arts of Org filed with SSNY designated as an agent upon Arts. of Org. filed with Secy. of State of State: 5/27/10. Office loc.: NY Co. Secretary of State of New York the Secy of State of New York (SSNY) whom process may be served and of NY (SSNY) on 4/29/10. Office Sec. of State designated agent of (SSNY) on 06/04/10. Office location: on 3/17/10. Office location: NY shall mail a copy of any process to location: NY County. SSNY designat- LLC upon whom process against it New York County. SSNY has been County. SSNY has been designated 16192 Coastal Hwy, Lewes, DE ed as agent of PLLC upon whom may be served and shall mail designated as agent of the PLLC as an agent upon whom process may 19958. Principal business address: process against it may be served. process to: c/o Diana Rabin, 16 W. upon whom process against it may be served and shall mail a copy of 175 W. 79 St., #8B, NY, NY 10024. SSNY shall mail process to: Menaker 23rd St., 4th Fl., NY, NY 10010, regd. be served. SSNY shall mail a copy of any process to the principal business Purpose: any lawful act. and Herrmann LLP, 10 E. 40th St., agt. upon whom process may be process to the PLLC, 16 East 79th address: 314 W 117 St., 6G, NY, NY NY, NY 10016, Attn: Robert F. served. Purpose: any lawful act. Street, Suite 42, New York, New York 10026. Purpose: any lawful act. NOTICE OF QUALIFICATION OF Herrmann, Esq. Purpose: practice 10075. Purpose: For the practice of Peninsula Life Solutions LLC. the profession of architecture. Notice of Qualification of 33 CANAL the profession of Medicine. Name of For. LLC: SuttonBrook Application for Authority filed with the STREET LLC. Authority filed with Secy. Eureka Fund GP LLC. App. for Auth. Secretary of State of New York (SSNY) Notice of Formation of Bedford of State of NY (SSNY) on 05/13/10. Notice of Qualification of AMERICA-CV filed NY Dept. of State: 4/21/2010. on 9/14/2009. NY Office Location: Grove, LLC. Articles of Organization Office location: NY County. LLC NETWORK, LLC. Authority filed with Jurisd. and date of org.: DE 4/19/10. New York County. LLC formed in filed with the Secretary of State of formed in Delaware (DE) on 04/26/10. Secy. of State of NY (SSNY) on Cty off. loc.: NY Cty. Princ. bus. loc.: Delaware on 3/26/2009. SSNY has NY (SSNY) on 04/20/2010. Office Princ. office of LLC: c/o Naomi 06/08/10. Office location: NY County. 598 Madison Ave., 6th Fl., NY, NY been designated as agent of LLC Location: New York County. SSNY Blumenthal, Manager, 125 E. 17th LLC formed in Delaware (DE) on 10022. Sec. of State designated as upon process against it may be has been designated as an agent St., NY, NY 10003. SSNY designated 10/14/09. Princ. office of LLC: 13001 agent of foreign LLC upon whom served. The P.O. address to which upon whom process against it may as agent of LLC upon whom process NW 107th Ave., Hialeah Gardens, FL process against it may be served. the SSNY shall mail a copy of any be served. The Post Office address against it may be served. SSNY shall 33018. SSNY designated as agent of The Sec. of State shall mail copy of process against the LLC. Served upon to which the SSNY shall mail a copy mail process to the LLC at the addr. LLC upon whom process against it process to: 598 Madison Ave., 6th him/her is C/O the LLC. Corporation of any process against the LLC of its princ. office. DE addr. of LLC: may be served. SSNY shall mail Fl., NY, NY 10022. Addr. of foreign Service Company, 80 State Street, served upon him is C/O the LLC c/o Corporation Service Co., 2711 process to the LLC at the princ. LLC in DE is: Corp. Service Albany, NY 12207. The Principal Bedford Grove, 2109 Broadway, Centerville Rd., Ste. 400, Wilmington, office of the LLC. DE addr. of LLC: Company, 2711 Centerville Rd., Ste. Business Address of the LLC is: #775, New York, NY 10023. Purpose DE 19808. Arts. of Org. filed with 2711 Centerville Rd., Wilmington, DE 400, Wilmington, DE 19808. Auth. 1010 Wisconsin Ave., N.W., #620, of LLC: to engage in any lawful act Secy. of State - DE, Div. of Corps., 19808. Arts. of Org. filed with Secy. officer in DE where Cert. of Form. Washington, DC 20007. Dissolution or activity. Street address of Principal John G. Townsend Bldg., 401 of State, Div. of Corps., 401 Federal filed: DE Sec. of State, Townsend date: N/A. Purpose of LLC: To Business location is: 2109 Broadway, Federal St., Dover, DE 19901. St., Ste. 4, Dover, DE 19901. Bldg., Dover, DE 19901. Purpose: engage in any lawful act or activity. #775, New York , NY 10023. Purpose: Any lawful activity. Purpose: Any lawful activity. any lawful activity.

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PUBLIC & LEGAL NOTICES

Name of For. LLC: SPCP GROUP IV, Name of For. LLC: LEVEL RADAR Notice of Qualification of ALCLEAR, Notice of Qualification of Kairon Notice of Qualification of PANDEMIC LLC. App. for Auth. filed NY Dept. of HOLDING, L.L.C. App. for Auth. filed LLC. Authority filed with Secy. of Capital, LLC, App. for Auth. filed MEDIA, LLC. Authority filed with Secy. State: 5/18/10. Jurisd. and date of NY Dept. of State: 4/2/2010. Jurisd. State of NY (SSNY) on 05/05/10. Sec’y of State (SSNY) 4/7/10. Office of State of NY (SSNY) on 05/18/10. org.: DE 7/14/09. Cty off. loc.: NY and date of org.: DE 3/19/10. Cty off. Office location: NY County. LLC location: NY County. LLC org. in DE Office location: NY County. LLC Cty. Sec. of State designated as loc.: NY Cty. Sec. of State designated formed in Delaware (DE) on 4/6/10. SSNY designated as agent of formed in Delaware (DE) on 05/15/09. agent of foreign LLC upon whom as agent of foreign LLC upon whom 01/21/10. Princ. office of LLC: 595 LLC upon whom process against it Princ. office of LLC: 240 Centre St., process against it may be served. process against it may be served. Madison Ave., 39th Fl., NY, NY may be served. SSNY shall mail NY, NY 10013. SSNY designated as The Sec. of State shall mail copy of The Sec. of State shall mail copy of 10022. SSNY designated as agent of copy of process to Attn: Avinash agent of LLC upon whom process process to: c/o The LLC, Two process to: Level Global, L.L.C., 888 LLC upon whom process against it Sarma, 111 Broadway, 10th Fl., NY, against it may be served. SSNY shall Greenwich Plaza, Greenwich, CT 7th Ave., 27th Fl., NY, NY 10019. may be served. SSNY shall mail NY 10006. DE office addr.: CSC, mail process to c/o Corporation 06830. Addr. of foreign LLC in DE is: Addr. of foreign LLC in DE is: 2711 process to c/o Corporation Service 2711 Centerville Rd., Wilmington, DE Service Co., 80 State St., Albany, NY 615 S. DuPont Hwy., Dover, DE Centerville Rd., Ste. 400, Wilmington, Co. (CSC), 80 State St., Albany, NY 19808. Cert. of Form. on file: SSDE, 12207-2543. DE addr. of LLC: 160 19901. Auth. officer in DE where DE 19808. Auth. officer in DE where 12207-2543. DE addr. of LLC: c/o Townsend Bldg., Dover, DE 19901. Greentree Dr., Ste. 101, Dover, DE Cert. of Form. filed: DE Sec. of State, Cert. of Form. filed: DE Sec. of State, CSC, 2711 Centerville Rd., Ste. 400, Purpose: any lawful activities. 19904. Arts. of Org. filed with Secy. Townsend Bldg., Dover, DE 19901. Duke & York St., Dover, DE 19901. Wilmington, DE 19808. Arts. of Org. of State, Div. of Corps., 401 Federal Purpose: any lawful activity. Purpose: any lawful activity. filed with Secy. of State of the State Notice of Formation of STERN St., Ste. 4, Dover, DE 19901. of DE, 401 Federal St., Dover, DE MARCELLUS HOLDINGS, LLC. Purpose: Any lawful activity. Notice of Formation of GOTHAM Notice of Qualification of Hylas 19901. Purpose: Any lawful activity. Arts. of Org. filed with Secy. of State ONE, LLC. Arts. of Org. filed with Management, LLC, filed under the of NY (SSNY) on 05/06/10. Office Notice of Formation of ICER Real Secy. of State of NY (SSNY) on original name Hylas Capital Notice of Qualification of MQ Absolute location: NY County. Princ. office of Estate Services, LLC. Articles of 05/03/10. Office location: NY County. Management, LLC, Authority filed Return Strategies - Asia LLC. LLC: 667 Madison Ave., 24th Fl., Organization filed with Secy. of State Princ. office of LLC: c/o Guido Sec’y of State (SSNY) 3/22/10. Office Authority filed with NY Dept. of State NY, NY 10021. SSNY designated as of NY (SSNY) on 02/10/10. Office Pompilj, Vivaldi Real Estate, Ltd., 236 loc.: NY County. LLC org. in DE on 5/21/10. Office location: NY agent of LLC upon whom process location: NY County. SSNY designated E. 78th St., NY, NY 10075. SSNY 11/19/09. SSNY desig. as agent of County. LLC formed in DE on 4/5/10. against it may be served. SSNY as agent of LLC upon whom process designated as agent of LLC upon LLC upon whom process against it NY Sec. of State designated as shall mail process to Timothy P. against it may be served. SSNY shall whom process against it may be may be served. SSNY shall mail copy agent of LLC upon whom process Terry at the princ. office of the LLC. mail process to the LLC c/o Icer served. SSNY shall mail process to of proc. to 623 Fifth Ave., 25th Fl., against it may be served and shall Purpose: Any lawful activity. Brands, LLC, 1385 Broadway - 16th Corporation Service Co., 80 State NY, NY 10022. DE office addr.: CSC, mail process to the principal busi- Fl., New York, NY 10018. Purpose: St., Albany, NY 12207-2543. 2711 Centerville Rd., Wilmington, DE ness addr.: 125 W. 55th St., 10th Fl., Notice of Formation of LN2 CREAM- any lawful act or activity. Purpose: Any lawful activity. 19808. Cert. of Form. on file: SSDE, NY, NY 10019. DE addr. of LLC: c/o ERY CAFE, LLC, a domestic Limited Townsend Bldg., Dover, DE 19901. The Corporation Trust Co., 1209 Liabiltiy Company. Arts of Org filed Notice of Qualification of MREPGlobal4, Notice of Formation of ICER of 236 Purp.: any lawful activities. Orange St., Wilmington, DE 19801. with Secretary of State of NY on LLC, Authority filed Sec’y of State W. 139th Street, LLC. Articles of Arts. of Org. filed with DE Sec. of 4/22/2010. Office location: Nassau (SSNY) 2/1/10. Office loc.: NY County. County. The street address is: 20 Organization filed with Secy. of State NOTICE OF FORMATION of A Book State, P.O. Box 898, Dover, DE LLC org. in DE 1/28/10. SSNY desig. Birchwood Park Drive, Syosset, NY of NY (SSNY) on 02/10/10. Office Apart LLC. Arts of Org filed with the 19903. Purpose: any lawful activity. as agent of LLC upon whom process 11791. SSNY has been designated location: NY County. SSNY designat- Secy of State of New York (SSNY) on against it may be served. SSNY shall as agent of the LLC upon whom ed as agent of LLC upon whom 4/29/10. Office location: NY County. Notice of Formation of SYAN ADVI- mail copy of proc. to Attn: Sarah process against it may be served. process against it may be served. SSNY designated as an agent upon SORS, LLC, a domestic LLC. Arts. Withers, 135 E. 57th St., 16th Fl., NY, SSNY shall mail process served to SSNY shall mail process to the LLC whom process may be served and of Org. filed with the SSNY on NY 10022. DE office addr.: CSC, the LLC at street address. Purpose: c/o Icer Brands, LLC, 1385 Broadway shall mail a copy of any process to 01/18/2002, name changed to read: 2711 Centerville Rd., Wilmington, DE any lawful act of activity. - 16th Fl., New York, NY 10018. the principal business address: 333 EAST WIND ADVISORS, LLC on 19808. Cert. of Form. on file: SSDE, Purpose: any lawful act or activity. E. 34 St., #8D, NY NY 10016. 01/29/2002. Office location: NY Townsend Bldg., Dover, DE 19901. Purpose: any lawful act. County. SSNY has been designated Notice of Formation of CROCO LLC. Purp.: any lawful activities. as agent upon whom process Articles of Organization filed with Secy. Notice of Formation of 70-74 East End of State of NY (SSNY) on 03/26/10. Notice of Qualification of PCA Notice of formation of Gordon against the LLC may be served. Avenue LLC. Arts. of Org. filed with Office location: NY Co. SSNY desig- Advisors, LLLP. Authority filed with Strategy Group LLC. Art. Of Org. filed SSNY shall mail a copy of process Secy. of State of NY (SSNY) on 5/14/10. nated as agent of LLC upon whom Secy. of State of NY (SSNY) on with Secy. of State of NY (SSNY) on to: Joshua Schwartz, 215 W. 98th Office location: NY Co. SSNY desig- process against it may be served. 4/29/10. Office location: NY County. 5/20/10. Office Location: New York St., Apt 4A, NY, NY 10025. nated as agent of LLC upon whom SSNY shall mail process to the LLC LLC formed in North Carolina (NC) County. SSNY designated as agent Purpose: Any Lawful Purpose. process against it may be served. SSNY c/o Robinson Brog Leinwand Greene on 3/6/08. SSNY designated as of the LLC upon whom process shall mail process to: The Brearley Genovese & Gluck, PC, Attn: Leonard agent of LLC upon whom process against it may be served. SSNY shall Local Connections Psychotherapy School, 610 E. 83rd St., NY, NY 10028. B. Nathanson, Esq., 875 Third Ave, against it may be served. SSNY shall mail a copy of any process to: c/o LCSW, PLLC Date of filing of the Purpose: any lawful activities. 9th Fl., New York, NY 10022. mail process to the NC address of the LLC, 14 Horatio Street, Apt. 17D, Articles of Organization: April 8, Purpose: any lawful act or activity. LLC: 5915 Farrington Road, Ste. New York, NY 10014, attn: Tracey 2010. County within which the office Notice of Formation of LLC. Bend is located: New York The Secretary 202, Chapel Hill, NC 27517. Arts. of Gordon. Purpose: To engage in any Notice of Qualification of FRC Advisors Oil, LLC (LLC) filed Arts. of Org. with of State is designated as agent of Org. filed with NC Secy. of State, lawful act or activity. LLC. Authority filed with Secy. of State Secy. of State of NY (SSNY) on the limited liability company upon P.O. Box 29622, Raleigh, NC 27626. of NY (SSNY) on 5/21/10. Office location: 4/21/2010. Office location: New York whom process against it may be Purpose: any lawful activity. NY County. LLC formed in Delaware County. SSNY designated as agent Notice of Formation of WELL BUILT served. The street address of the (DE) on 5/20/10. SSNY designated as of the LLC upon whom process may ENTERPRISES LLC. Arts. of Org. office: c/o Paul Scherer & Company, agent of LLC upon whom process Name: A&J REAL PROPERTIES LLC be served and SSNY shall mail filed with Secy. of State of NY 1440 Broadway, New York, NY against it may be served. SSNY shall Art. Of Org. Filed Sec. of State of process to c/o Gerald F. Stack, Esq., (SSNY) on 04/29/10. Office location: 10018. Date of dissolution: mail process to: c/o Katten Muchin NY 03/31/2010. Off. Loc.: NY Co. Hiscock & Barclay, LLP, One Park NY County. Princ. office of LLC: Perpetual Purpose of Business: Rosenman LLP, 575 Madison Ave., SSNY designated as agent upon Place, 300 South State Street, Attn: Mitchell Kidd, 61 Irving Pl., Apt. Licensed Clinical Social Work NY, NY 10022, Attn: Robert Grundstein. whom process against it may be Syracuse, NY 13202-2078. Purpose: 5C, NY, NY 10003. SSNY designated served. SSNY to mail copy of any business permitted under law. as agent of LLC upon whom DE address of LLC: c/o United Manhattan Dental Health PLLC. Corporate Services, Inc., 874 Walker process to THE LLC, c/o Paras process against it may be served. Diamond Corp., 592 Fifth Avenue, SSNY shall mail process to the LLC Notice of the formation of the above Road, Ste. C, Dover, DE 19904. Arts. ONE CENTRAL PARK SOUTH named Professional Limited Liability of Org. filed with DE Secy. of State, 3rd Floor, New York, NY 10036. at the addr. of its princ. office. Purpose: Any lawful act or activity. CRETERIUM, LLC a domestic Purpose: Any lawful activity. Company (“PLLC”) Articles of 401 Federal St., Dover, DE 19901. Limited Liability Company (LLC) filed Organization filed with the Department Purpose: any lawful activity. with the Sec of State of NY (SSNY) of State of NY on 3/5/2010. Office Notice of Formation of NYC DENTAL on 9/8/2006. NY office Location: New NOTICE OF FORMATION of David C. Location: County of New York. The Notice of Formation of FOURTH FLOOR HOLDINGS, LLC. Arts. of Org. filed York County. SSNY is designated as Prince LLC. Arts of Org filed with the street address is: 29 W. 57th St., Ste. OFFICE ASSOCIATES, LLC. Arts. of with Secy. of State of NY (SSNY) on agent upon whom process against Secy of State of NY (SSNY) on 1200, NY, NY 10019. The Secretary of Org. filed with Secy. of State of NY 05/11/10. Office location: NY County. the LLC may be served. SSNY shall 05/04/10. Office location: NY County. State of NY (“SSNY”) has been desig- (SSNY) on 06/01/10. Office location: SSNY designated as agent of LLC mail a copy of any process against SSNY designated as agent upon whom nated as agent of the PLLC upon NY County. SSNY designated as upon whom process against it may the LLC served upon him/her to The process may be served and shall mail whom process against it may be served. agent of LLC upon whom process be served. SSNY shall mail process LLC, Greener Cohen LLP, 444 a copy of any process against the SSNY shall mail a copy of any such against it may be served. SSNY shall to Corporation Service Co., 80 State Madison Ave. Ste. 805, NY, NY LLC to its principal business address: process served to: The LLC, 29 W. 57th mail process to c/o Arnold M. Phillips, St., Albany, NY 12207-2543. 10022. General Purpose 320 East 57th St. #4F, NY NY 10022. St., Ste. 1200, NY, NY 10019. Purpose: 654 Madison Ave., 6th Fl., NY, NY Purpose: Any lawful activity. Purpose: to engage in any lawful act. To practice the profession of Dentistry. 10065. Purpose: Any lawful activity. Notice of Qualification of 54-56 IRVING Notice of Qualification of Ivanka PLACE LLC. Authority filed with Secy. Notice of Qualification of AG-Metropolitan Notice of Qualification of CME Group Notice of Qualification of Chilton Trump Marks II LLC. Authority filed of State of NY (SSNY) on 05/13/10. 711 Fee Purchaser, L.L.C. Authority Index Holdings LLC. Authority filed Pan-Asia Access LLC. Authority filed with Secy. of State of NY (SSNY) on Office location: NY County. LLC filed with NY Dept. of State on 5/5/10. with NY Dept. of State on 5/13/10. with NY Dept. of State on 6/3/10. 11/10/2009. Office location: New formed in Delaware (DE) on 04/26/10. Office location: NY County. Princ. Office location: NY County. Princ. Office location: NY County. Princ. bus. York County. LLC formed in Princ. office of LLC: c/o Naomi bus. addr.: 245 Park Ave., 26th Fl., bus. addr.: 20 S. Wacker Dr., addr.: 4 World Financial Ctr., 250 Delaware (DE) on 11/04/2009. SSNY Blumenthal, Manager, 125 E. 17th NY, NY 10167. LLC formed in DE on Chicago, IL 60606. LLC formed in DE Vesey St., 6th Fl., NY, NY 10080. LLC designated as agent of LLC upon St., NY, NY 10003. SSNY designated 5/4/10. NY Sec. of State designated on 1/29/10. NY Sec. of State desig- formed in DE on 5/25/10. NY Sec. of whom process against it may be as agent of LLC upon whom process as agent of LLC upon whom process nated as agent of LLC upon whom State designated agent of LLC upon served. SSNY shall mail process to: against it may be served. SSNY shall against it may be served and shall process against it may be served whom process against it may be c/o National Register Agents, Inc., mail process to the LLC at the addr. mail process to: c/o CT Corporation and shall mail process to: c/o CT served and shall mail process to: CT 875 Avenue of the Americas, Ste. of its princ. office. DE addr. of LLC: System, 111 8th Ave., NY, NY 10011, Corporation System, 111 8th Ave., Corporation System, 111 8th Ave., NY, 501, New York, NY 10001. Address c/o Corporation Service Co., 2711 regd. agent upon whom process may NY, NY 10011, regd. agent upon NY 10011, regd. agent upon whom required to be maintained in home Centerville Rd., Ste. 400, Wilmington, be served. DE addr. of LLC: The whom process may be served. DE process may be served. DE addr. of jurisdiction: 160 Greentree Drive, Ste DE 19808. Arts. of Org. filed with Corporation Trust Co., 1209 Orange addr. of LLC: 1209 Orange St., LLC: The Corporation Trust Co., 1209 101, Dover, DE 19904. Arts. of Org. Secy. of State - DE, Div. of Corps., St., Wilmington, DE 19801. Arts. of Wilmington, DE 19801. Arts. of Org. Orange St., Wilmington, DE 19801. filed with Secretary of State of John G. Townsend Bldg., 401 Org. filed with DE Sec. of State, 401 filed with DE Sec. of State, 401 Arts. of Org. filed with DE Sec. of Delaware Jeffrey W. Bukkock, 401 Federal St., Dover, DE 19901. Federal St., Dover, DE 19901. Federal St., Dover, DE 19901. State, P.O. Box 898, Dover, DE Federal Street, Dover, DE 19901. Purpose: Any lawful activity. Purpose: any lawful activity. Purpose: any lawful activity. 19903. Purpose: any lawful activity. Purpose: any lawful activities.

June 21, 2010 | Crain’s New York Business | 21 20100621-NEWS--0022-NAT-CCI-CN_-- 6/17/2010 8:14 PM Page 1

FOR THE RECORD

listings should e-mail descriptions seven-year renewal for its 5,045 square between June 2 and June 8, in a following this format to feet of office space at 10 E. 53rd St.,a transaction worth $8,842,773. It now ABOUT THIS SECTION [email protected], with “Real 38-story, 350,110-square-foot building directly holds 13,452,800 shares. FOR THE RECORD is a weekly listing of information from the public record that estate transaction” in the subject line, or managed by Cassidy Turley.The firm enter them online at will remain on the ground floor and G Coach Inc. (COH) can help businesspeople in the New York area find opportunities, potential crainsnewyork.com/submitadeal. Deals are concourse level. Jim Frederick and Dick Michael F. Devine, executive vice new clients and updates on competitors. listed in order of square footage. Michaels of Cassidy Turley represented president, chief financial officer and To ask questions or get more information on this section, contact Denise the landlord in the transaction in- chief accounting officer, exercised Southwood at [email protected]. COMMERCIAL house. There were no brokers for the options on 194,915 shares of common G The Culinary Academy of New York tenant. The asking rent was $200 per stock at prices ranging from $26.21 to signed a nine-year, 32,250-square-foot square foot. $34.84 on June 3, in a transaction worth renewal and expansion at 154 W. 14th $6,144,277. On the same day, he sold St., a 12-story, 140,400-square-foot 39,399 shares of common stock at BANKRUPTCIES Brooklyn. For information about this building owned by Abner Properties Co. STOCK TRANSACTIONS $42.00 in a transaction worth bid, contact Juan Alban at (718) 760- Louis Prisco of Colliers International $1,654,758. He now directly holds The following listings are selected from the 6771 or [email protected]. represented both the landlord and Following are recent insider transactions at 59,478 shares. most recent available filings by companies tenant in the transaction. The asking New York’s largest publicly held companies seeking bankruptcy protection in the GOODS AND SERVICES rent for the building is $106 per square filed with the Securities and Exchange G Becton Dickinson and Co. (BDX) Southern and Eastern Districts of New G Department of Education foot. Commission by executives and major Henry P.Becton, lead director, sold York. Information was obtained from U.S. Requests competitive sealed bids by 4 shareholders. Listings are in order of 77,103 shares of common stock at prices Bankruptcy Court records available on p.m. on June 23 for remote note-taking G Financial Services Volunteer Corps transaction value.The information was ranging from $68.34 to $71.20 between Public Access to Court Electronic Records. services. In order to obtain bid signed a 10-year lease for 17,774 square obtained from Thomson Reuters. June 4 and June 8, in a transaction worth Listings are in alphabetical order. documents, send an e-mail to feet of space at 10 E. 53rd St., a 38-story, $5,379,472. He now indirectly holds [email protected] with 350,110-square-foot building managed G OSI Pharmaceuticals Inc. (OSIP) 1,176,770 shares. G Bridge Associates of Brodheadsville bid number (#B1598040) and title in by Cassidy Turley.The firm will occupy Astellas Pharma US Inc. purchased P.O. Box 177, Woodmere, L.I. the subject line. For more information, the entire 35th and 36th floors. Jim 7,563,330 shares of common stock at G Time Warner Cable (TWC) Filed for Chapter 11 bankruptcy contact Myra McCrann at Emden of CB Richard Ellis and Ira $57.70 between June 4 and June 7, in a Landel C. Hobbs, chief operating protection on June 2. The filing cites (718) 935-2300 or Rovitz of Grubb & Ellis Co. represented transaction worth $434,891,488. It now officer, exercised options on 57,000 estimated liabilities of $100,001 to [email protected] with the the tenant in the transaction, while Jim indirectly holds 57,232,400 shares. shares of common stock at prices $500,000 and estimated assets of bid number and title in the subject line. Frederick and Dick Michaels ranging from $23.48 to $35.60 on June $500,001 to $1 million. Among the represented the landlord in-house. The G Estée Lauder Cos. (EL) 4, in a transaction worth $1,716,877. On creditors with the largest unsecured G Department of Sanitation asking rent was $65 per square foot. Leonard A. Lauder, officer, director and the same day, he sold 57,000 shares of claims is Phil D’Orta, owed $50,000. Requests proposals by 1 p.m. on July 22 beneficial owner, sold 175,000 shares of common stock at prices ranging from for architectural- and engineering- G Meryl Diamond has signed a five-year common stock at prices ranging from $54.57 to $54.65 in a transaction worth G Kent Contracting Inc. design services. An optional pre- renewal for 13,000 square feet at 1375 $57.75 to $59.31 between May 27 and $3,111,315. He now directly holds 37-25 56th St., Woodside, Queens proposal conference will be held at 10 Broadway, a 26-story, 403,000-square- June 3, in a transaction worth 12,343 shares. Filed for Chapter 7 bankruptcy a.m. on July 1 in the 12th-floor foot building owned by Statecourt $10,252,691. On June 4, he sold 16,500 protection on May 28. The filing cites conference room at 44 Beaver St. For Enterprises Inc.The firm occupies the shares at prices ranging from $57.46 to G Vornado Realty Trust (VNO) estimated liabilities of $500,001 to $1 further information on the RFP,contact entire 24th floor. Noel Flagg and $58.15 in a transaction worth $949,078. Michelle Felman, executive vice million and estimated assets of $0 to Jim Marks at (917) 237-5547 or Michael Frantz of Newmark Knight He now indirectly holds 2,869,170 president of acquisitions, sold 37,075 $50,000. Among the creditors with the [email protected]. Frank represented the tenant in the shares. shares of common stock at $77.27 on largest unsecured claims are Scottdale transaction, while Perry Mesmer and June 1, in a transaction worth Insurance, owed $132,415.17; and First G Economic Development Corp. Marty Meyer of Colliers International Ronald S. Lauder, beneficial owner and $2,864,852. She now directly holds Central Savings Bank, owed Requests proposals by 4 p.m. on June 28 represented the landlord.The asking rent chairman of Clinique Laboratories, sold 7,768 shares. $115,712.89. for environmental-testing, remediation for the space was $36 per square foot. 125,000 shares of common stock at and monitoring services with respect to $59.36 on June 3, in a transaction worth G TAL International Group Inc. (TAL) G Randall Meat Market Inc. hazardous-waste collection, G McKinney Rogers has signed a 10- $7,419,388. He now directly holds Brian M. Sondey, president, chief 2300 Randall Ave., Bronx identification and analysis for various year lease for 12,000 square feet at 444 60,735 shares. executive and director, sold 90,000 Filed for Chapter 11 bankruptcy city-owned properties within the five Madison Ave., a 42-story, 467,500- shares of common stock at prices protection on May 28. The filing cites boroughs. For information, contact square-foot building owned by G MasterCard Worldwide (MA) ranging from $21.05 to $24.22 between estimated liabilities of $500,001 to $1 Maryann Catalano at (212) 312-3969 or Westbrook Partners. The firm will be The MasterCard Foundation sold June 1 and June 8, in a transaction worth million and estimated assets of [email protected]. moving to the eighth floor. Greg Taubin 44,100 shares of common stock at prices $2,043,875. He now directly holds $1,000,001 to $10 million. Among the and Jason Perla of Studley represented ranging from $197.51 to $202.73 382,863 shares. creditors with the largest unsecured G Economic Development Corp. the tenant in the transaction, while Paul claims are Consolidated Edison, owed Requests proposals by 4 p.m. on Aug. 16 Amrich and Patrice Hayden of CB $198,596.03; and Cuba Tropical Inc., for the development of a vacant Richard Ellis represented the landlord. owed $103,968. industrial property located within the The asking rent was $60 per square foot. DEALS ROUNDUP Bathgate Industrial Business Zone in G Twenty Plus the Bronx. An optional informational G Cote de France Inc. has signed a 505 Eighth Ave. session will be held at 10 a.m. on July 19 seven-year renewal for 11,525 square TRANSACTION SIZE COMPANY (IN MILLIONS) BUYERS/INVESTORS TRANSACTION TYPE Filed for Chapter 11 bankruptcy at 110 William St., sixth floor. For feet at 48 W. 37th St., an 18-story, protection on June 3. The filing cites further information, contact Maryann 169,853-square-foot building owned by Kroll Inc. (Manhattan) $1,130.0 Altegrity Inc. SB M&A estimated liabilities of $100,001 to Catalano at (212) 312-3969 or Forty Eight Thirty Seven Associates. Greenstar Environmental Ltd. $197.1 Montagu Private Equity Ltd., FB M&A $500,000 and estimated assets of $0 to [email protected]. The firm will continue to occupy the Global Infrastructure Partners $50,000. Among the creditors with the entire fifth floor. David Levy and Joseph (Manhattan) G largest unsecured claims are Wilshire Health and Hospitals Corp. Friedman of Adams & Co. Real Estate National Financial $121.3 Not disclosed GCI State Bank, owed $63,636; and Seeks competitive sealed bids by 2 p.m. on represented both the tenant and the Partners Corp. (Manhattan) Intermission Inc., owed $20,000. June 29 for comprehensive maintenance landlord in the transaction. The asking Hana Biosciences Inc. $100.0 Warburg Pincus (Manhattan), GCI and repair service for refrigeration and air- rent was $29 per square foot. Deerfield Management Co. (Manhattan), conditioning units. For information, con- Deerfield Capital (Manhattan) G GOVERNMENT CONTRACT tact Aurelio Morrone at (718) 883-6000 Foursquare signed a four-year, 7,675- Castlight Health Inc. $60.0 Oak Investment Partners, GCI OPPORTUNITIES or [email protected]. square-foot lease at 36 Cooper Square. U.S. Venture Partners, Venrock The company will occupy the entire sixth (Manhattan), Wellcome Trust investment Following are selected contract G Health and Hospitals Corp. floor. Jason Schwartzenberg and Marc division, Foundation Medical Partners, opportunities recently announced by New Requests competitive sealed bids by 10 Shapses from Studley represented the Morgan Stanley Investment Management York City agencies.To learn how to sell p.m. on June 23 for refrigeration tenant in the transaction, while Daniel Inc. (Manhattan), Maverick Capital Ltd. goods and services to city government, visit supplies for the North Brooklyn Health Creighton of Tarter Stats O’Toole Green Dragon Gas Ltd. $50.0 GLG Partners Inc. GCI www.nyc.gov/selltonyc. For a searchable Network’s engineering and maintenance represented landlord Hartz Mountain (Manhattan) database of current procurement notices, department. Contact Deborah Royster Industries Inc.The asking rent at the OptiNose AS $48.5 Avista Capital Holdings GCI visit www.nyc.gov/cityrecord. Listings are at (718) 260-7694 or building is $35 per square foot. (Manhattan) alphabetical by category and department. [email protected]. Malibu Apartments $33.4 The Mulholland Group SB M&A G USS Holding and Gridley & Co. have at 8602 N. Lamar Blvd., (Manhattan) CONSTRUCTION SERVICES G Housing Authority signed a joint seven-year lease to share Austin, TX G Department of Parks and Recreation Requests competitive sealed bids by June 7,446 square feet of space at 10 E. 53rd Inotek Pharmaceuticals Corp. $18.0 Rho Capital Partners Inc. GCI Seeks competitive sealed bids by 10:30 25 for tree-pruning and crown reduction St., a 38-story, 350,110-square-foot (Manhattan), Pitango Venture a.m. on July 13 for reconstruction of in the Bronx, Brooklyn and Manhattan. building managed by Cassidy Turley. Capital, Care Capital, MedImmune Ventures Inc., Bio*One Capital Pte Ltd., the greenhouse in Forest Park, For further information about bidding Both companies will occupy the entire Devon Park Bioventures Queens. Contact Juan Alban at on this project, contact Sabrina 24th floor. Patrick Robinson and (718) 760-6771 or Steverson at Lindsay Ornstein of Centric Real Estate China Swine Genetics Inc. $2.4 T Squared Capital (Manhattan), GCI Chestnut Ridge Capital, [email protected] with (212) 306-6771 or Advisors represented the tenants in the individual investors questions regarding this solicitation. [email protected]. transaction, while Jim Frederick and Dick Michaels represented the landlord Selected deals announced for the week ended June 12 involving companies in metro New York. G Department of Parks and Recreation FB M&A: Financial buyer M&A represents a minority or majority acquisition of existing in-house. The asking rent was $65 per shares of a company with the participation of a financial buyer. GCI: Growth capital investment Seeks competitive sealed bids by 10:30 REAL ESTATE DEALS square foot. represents new money invested in a company for a minority stake. SB M&A: Strategic buyer a.m. on July 7 for the construction of a M&A represents a minority or majority acquisition of existing shares of a company without the skate park and the reconstruction of a Companies that would like to have details RETAIL participation of a financial buyer. source: capitaliq portion of J.J. Byrne Playground in of their recent transactions appear in these G Metropolitan National Bank signed a

22 | Crain’s New York Business | June 21, 2010 20100621-NEWS--0023-NAT-CCI-CN_-- 6/18/2010 6:50 PM Page 1

have good food,service or merchandise, we can’t help them.” Rocky ride for Second Avenue merchants Some neighborhood residents are taking matters into their own hands. Jared Stone, a Columbia Continued from Page 3 “There’s a stigma with Second lord, MacArthur Properties—said trucks to the area have longer grace University MBA student who has administrator. Avenue now,” he says. it would be impossible to establish a periods before being issued parking lived at Second Avenue and East Like Heidelberg, Café Greco, To update merchants on its relocation fund for businesses. tickets. Last month, it distributed a 81st Street for four years, recently near East 71st Street, and Delizia, at progress,the MTA appointed a full- “The MTA is doing everything resource guide to all Second Avenue teamed up with some business own- East 92nd Street,are also facing busi- time community liaison. Represen- in its power to help the businesses on businesses that lists contacts for ers to create a blog that highlights ness declines. Café Greco owner tatives from the transit organization Second Avenue,” says a spokesper- every type of problem.Now,with an daily specials from merchants on the Frank Sofroniou reports patron also meet with neighborhood com- son, “but we are not able to provide extra $10,000 of funding from State strip. The promotions will link to drops of 30% this year,and he has had munity groups, and they have post- cash assistance.” Sen. Liz Krueger, the coalition is social-networking sites like Face- to reroute food drop-offs and ed “Shop 2nd Avenue” signs to formulating a more specific market- book and Twitter. garbage pickups due to huge fences spread the word. Marketing fixes ing plan for the area. “People don’t want to shop and a trench at his doorstep. Mr. But at a hearing last week with the manhattan Chamber has or- “We can bring people to the somewhere if they associate it with Sofroniou, who also owns residential the City Council’s transportation ganized a coalition to help,and it has door, but it’s up to the [business misery,” explains Mr. Stone, who properties along the avenue,has been committee,the MTA—which is be- held two meetings so far. It is work- owners] to take it from there,” says launched 2ndAvenueShopper.com forced to drop rents for potential ten- ing sued by several Second Avenue ing with the Department of Trans- Nancy Ploeger, president of the late last week.“Focusing on the mer- ants by $300 to $400 monthly. commercial tenants and their land- portation to ensure that delivery Manhattan Chamber. “If they don’t chants will be a better sell.” Health coaches catch on TD BANK Continued from Page 3 I couldn’t get rid of,” says Mr. Not- ter,36,who also taught Pilates before latching on to a career in nutrition. Although he had no background MEANS in health,he’s been so successful that IIN asked him to teach the marketing portion of its class. One tip he often gives clients is to start each morning with breath- ing exercises. His website promises such results as improving confi- BUSINESS. dence and self-esteem,as well as developing healthy, lasting relationships.He charges between $395 and $495 per month for sessions, or $175 to $250 an hour. Corporate workshops garner $500 per hour. Ms. Haramis says her new career is “more soul-fulfilling.” It’s a good thing, too, because she’s earning just 25% of her former salary,not including her bonus. A big saver and me- thodical planner who used numerous spreadsheets to project her budget, Ms. Haramis gave up her house cleaner, pedicures, cabs and meals out. As she builds her busi- The power of relationships and experience And, as part of the globally respected ness, she hopes to increase her income. is essential to your success. TD Bank offers a TD Bank Financial Group, we have the higher level of personal service, local security, stability and capital strength Helping others, helping themselves decision making and innovative solutions. you need in a banking partner. for now, she draws satisfaction from the variety in her life. “No two • Asset Based Lending Put the power of TD Bank to work for days are alike,” she says, as she prepares to host a potluck dinner in her • Commercial Real Estate you. Call 1-888-751-9000 or connect to home, with some of her clients each • Corporate Banking www.tdbank.com. bringing a dish. • Equipment Financing Massage therapist Shelly Zagor, 53, will complete the IIN course in • Cash Management July and looks forward to the career • Healthcare Financing shift. “Massage is very one-sided,” says Ms. Zagor, whose clients include celebrities such as Don King. “I’m giving,and the person is receiving. There is no exchange.” She plans to market herself pri- marily to women in their 40s, 50s and 60s. “Women either have children,careers or both,”says the moth- er of a 14-year-old son, “and they tend to not take care of themselves.” One of her biggest coups so far is helping her husband, Steve, reduce his consumption of Coke and can- TD Bank Financial Group is a trade name of The Toronto-Dominion Bank. Used with permission. For detailed credit ratings for TD Bank Financial Group and TD Bank, N.A., visit dy. “He really has cut down on sug- http://www.td.com/investor/credit.jsp | Equal Housing Lender | TD Bank, N.A. ar,” says Ms. Zagor. “It’s a big deal for him.”

June 21, 2010 | Crain’s New York Business | 23 20100621-NEWS--0024-NAT-CCI-CN_-- 6/18/2010 7:29 PM Page 1

years, and you don’t recover from that overnight,”Mr.Rishe warns.“A LeBron-onomics lot of people are looking at the cur- NYU’s global plans rent roster and thinking that even if Continued from Page 1 A Knicks team that starred Mr. you add another topflight support- Continued from Page 1 In March, the university an- becomes a free agent on July 1,could James would also boost MSG Net- ing player [with Mr. James], that’s ty’s, which has the highest yield in nounced an ambitious plan to grow have an exponential impact on the work ratings and bring an immediate not going to be enough.” the United States. And the median its home campus by around 6 mil- company’s revenue and stock price. $10 million to $20 million bounce in But even with the team’s trou- total SAT score for the incoming lion square feet over 20 years, an ex- He’s not the only card up Madi- revenue, according to Patrick Rishe, bles, Madison Square Garden has Abu Dhabi class is projected to be pansion that could cost the univer- son Square Garden’s sleeve. The a professor of economics at Webster performed well. In its first quarter 1470, a score that would be more sity about $6 billion. In addition to company will soon begin an $850 University and director of consulting since it was spun off from Cablevi- than acceptable at Princeton, Stan- covering all the expenses—as yet million reconstruction of its name- firm Sports Impacts. sion Systems Corp., the new com- ford or Columbia. undetermined—to build and run sake arena that will include a host of Down the road, if the Knicks pany’s revenues rose 9% over the In fact,the number of high-caliber the campus in Abu Dhabi,the rulers pricey luxury suites. It also plans to start making it to the playoffs, the year-earlier period, to $307 million. students that chose NYU Abu Dhabi there have given NYU $50 million make low-rated cable music channel annual spike could be worth $25 It had net income of $17 million, was so great that the school increased for its New York operations,and Mr. Fuse a higher-profile outlet for a million to $50 million. And Mr. compared with a loss of $2 million the size of its entering class from an Sexton says that is just the begin- stepped-up concert business. Rishe would expect the value of the in the first quarter last year.Its stock initial 100 to 150,one-third of whom ning of such gifts. But nothing would compare to Knicks franchise, which Forbes put has risen 16% since its February de- are coming from the United States. Additionally, by getting more having the 6-foot-8-inch MVP at $586 million in December, to in- but, closing at $21.48 on Friday. “From the beginning, we hoped U.S. students to study abroad, the help the Knicks get to the playoffs crease by as much as $150 million. And sports teams are only one that NYU Abu Dhabi would be the university will free up space in New for the first time since 2004. part of the business.Mr.Ratner sees ‘World’s Honors College,’ ” says York, allowing it to enroll more stu- Madison Square Garden execu- New ways to capitalize room for growth in a transformed John Sexton, president of NYU, dents here. Currently, 60% of NYU tives are prohibited from talking the gains would come from spon- arena that will attract even more who hopes to build enrollment in students study abroad, a figure the about Mr. James until next month, sorships, higher ticket prices, playoff events than the nearly 300 it now Abu Dhabi to 2,000 by 2020. “Our university wants to increase to 80%. but they can explain how the com- games, eventual subscriber fee in- hosts every year. And he says that inaugural class exceeds even these In working to realize such goals, pany is poised for growth. creases from cable and satellite oper- the company has built up its sports, aggressive goals. By the available however, Mr. Sexton has in essence “We have given the team more ators—and rocketing ad rates on the media and entertainment assets to measures, they are arguably the put himself in the position of pro- flexibility than it’s ever had, as far as MSG Network, the company’s main the point where the three divisions most selective and internationally moting the Arab emirate. changing over its roster,” says Chief source of profits. can promote each other’s growth.In diverse entering class in the world.” Many observers express concern Executive Hank Ratner,referring to “The addition of LeBron would particular, he’s hoping to create NYU Abu Dhabi is the first step that the labor force that’s building the $35 million in salary cap leeway put [the network] at a different lev- more sports and entertainment in Mr. Sexton’s ambitious plans to the luxurious NYU Abu Dhabi that will allow the Knicks to pick up el,”says Rich Golden,executive vice franchises that can fill Madison create a “global university,” with full campus, to be completed in 2014, two top-tier free agents.“And when president of client services at HN Square Garden venues and feed the degree-granting campuses in New will not receive the kind of protec- a team [reaches] the playoffs, that Media & Marketing Inc. company’s content to cable net- York,the United Arab Emirates and tions from which U.S. workers ben- obviously affects revenue.” But Madison Square Garden ex- works Fuse, MSG and MSG Plus. China,along with a number of exist- efit. Mr. Sexton says he will soon be The rebuilt arena, which will be ecutives may only be dreaming if “People didn’t understand MSG’s ing study-abroad programs around announcing a group of three NYU constructed in the off-seasons over they think that Mr. James will assets and its strategy when it was the world. NYU is the largest non- personnel of high ethical caliber the next four years,will offer new ways choose the Knicks over the Chicago part of Cablevision,” Mr. Ratner profit university in the nation, with who will be tasked with overseeing to capitalize on a revitalized Knicks Bulls, for instance, or staying in says.“Now, people are starting to see 43,000 students in New York, and the building process. These assur- team,including rentals of 78 new lux- Cleveland.“The Knicks were one of how the assets are related to each Mr. Sexton hopes that by giving ances do little to quell critics. ury suites and 40% more points of sale the worst-managed franchises in other, and with that understanding both faculty and students the oppor- for Garden merchandise. professional sports in the past five will come more opportunity.” tunity to live overseas, the university Tarnished reputation will grow in both stature and size and andrew ross, president of the be able to better compete with its Ivy NYU chapter of the American As- Over at Viacom, CEO and long- League rivals. sociation of University Professors, time Redstone legal adviser Philippe At the same time, the funding worries that the relationship with Media moguls on top Dauman got $34 million.There,op- that Mr. Sexton expects and has al- Abu Dhabi will ultimately hurt erating income grew by 15%, while ready received from his partners in NYU’s reputation.“If workers’rights Continued from Page 1 why should they? revenues fell 7% and cash flow from Abu Dhabi will help pay for a much- there are affected,it could put a black In the cases of three names atop our Since Mr. Karmazin joined Sir- operations fell by 43%. needed expansion at home and bol- stain on NYU’s name,” he says. list—the heads of Sirius XM, CBS ius six years ago, the satellite radio Viacom says Mr. Dauman’s pay ster the university’s finances.Despite Though there are a handful of and Viacom—investor advisory provider has suffered billions in net was in part based not on cash flow, the recent completion of the largest American universities with branches firm Glass Lewis gave all of them losses. Last year, its stock price fell or even free cash flow, but on what fundraising campaign in the univer- in the Gulf,a number of U.S.colleges failing marks for their compensa- as low as 6 cents a share.Not to wor- the company calls “operating free sity’s history, NYU has a mere $2.5 have turned down offers to partner tion practices. ry, though. Last summer, Mr. Kar- cash flow,”which Viacom defines as billion endowment, compared with with Arab governments to provide “There was pretty horrible linkage mazin forfeited his worthless op- cash flow minus capital expendi- Harvard’s $26 billion.That amounts higher education.Columbia Univer- between pay and performance at tions and was awarded 120 million tures and a nearly $1 billion hit from to around $50,000 per student at sity declined the chance to open a law these companies,” says Glass Lewis in fresh options—the major reason shutting down a financing program. NYU,versus $1.3 million at Harvard school in Qatar, for example. Managing Director Warren Chen. why his pay reached $43.5 million Ignore all that messy stuff and cash and $1.7 million at Princeton. “We have decided to focus on en- The three have something else in last year. flow soared 17%, the company says. “We don’t have the dollars to com- hancing the international perspec- common, as well. All trace their Sirius declined to comment. Even a company spokesman ac- pete for talent and students,”Mr.Sex- tives of our core teaching and re- roots back to legendary media CBS and Viacom, for their part, knowledges that Viacom’s regulato- ton says.“So how do we compete? We search mission here in New York by mogul Sumner Redstone, chairman measured their top executives’ perry filing describing Mr. Dauman’s say, ‘If you come to NYU, one out of opening a series of flexible Global of both Viacom and CBS. formance in ways that are literally pay “is not as clear as it should be” as every four semesters,you can teach in Centers—starting with Amman, Mr. Redstone has long been able hard to understand. to which definition of cash flow was Shanghai or Abu Dhabi.’ This is a Beijing, Mumbai and Paris—rather to reward himself and his deputies actually used to compensate him. tremendous talent magnet.” than attempting to build new de- richly with nary a peep from share- Sinking revenues As for the rationale behind Mr. Mr.Sexton is already in talks with gree-granting campuses abroad,” holders because he controls 80% of cbs’s leslie moonves, for example, Gabelli’s chart-topping $43.6 mil- different partners in China, and ex- Lee Bollinger, Columbia’s presi- the class of stock that gives him un- was awarded $43 million last year, lion,that is refreshingly simple.Un- pects to sign a deal in the next few dent, wrote in an e-mail. challenged control at both Viacom nearly all of which was a perform- der a 2008 agreement with his months to create a campus there. Mr. Sexton insists that Abu and CBS. Sirius XM Chief Execu- ance-related bonus that he got even as board, he pockets 10% of his firm’s “It’s a terrific idea and a very Dhabi has become more open to tive Mel Karmazin used to be Mr. CBS revenues slid by 7% and operat- pretax profits and gets management unique model that John is trying to Western ways and that the trend to- Redstone’s top deputy as Viacom’s ing cash flow more than halved. fees on top of that. Like Mr. Red- create,”says Laura Anglin,president ward tolerance will only continue. president. While CBS swung back to profitabil- stone, he holds the vast bulk of his of the Commission on Independent He even has some supporters in sur- Meanwhile, Viacom’s largest ity after a dismal 2008, net earnings company’s voting shares and has no Colleges and Universities. “He’ll be prising corners. Abraham Foxman, shareholder after Mr. Redstone is were still 82% below 2007 results. worries about shareholder disquiet. able to reach an even greater number national director of the Anti- none other than Mario Gabelli,who Even by the metrics used by the One other media executive had of faculty and students.” Defamation League, thinks the heads fund manager Gamco In- board to determine pay, CBS’s per- an awfully good 2009. AOL Chief Even so,the strategy carries enor- marriage between NYU and Abu vestors Inc. formance wasn’t good. Adjusted op- Executive Timothy Armstrong mous risk. The creation of NYU Dhabi has great promise. In fact, Mr. Redstone declined to com- erating income dropped by $750 earned the sixth slot on our list with Abu Dhabi, announced in October Mr. Foxman sees it as not only a ment. million, about $350 million short of $25.5 million in compensation, of 2007, has attracted widespread crit- game-changer for NYU, but poten- The three media companies jus- the board’s own target. In addition, which $15 million came from op- icism, mainly because the partner tially one for the whole world. tify their CEOs’ pay largely by not- “free cash flow,”which the board also tions granted after the company’s country has a poor human-rights “The UAE is a moderate Arab ing that their chiefs did relatively watches, fell by 50%. Nonetheless, spinoff from Time Warner. Mr. record,little value for free speech and and Muslim country,” Mr. Foxman well during a dismal economy. In CBS directors handed Mr. Moonves Armstrong could have done even a tolerance for anti-Semitism. says.“The fact that they’re willing to the case of Sirius,the board gave Mr. a $30 million raise, citing “solid un- better. Instead, he turned down a When asked about these issues, open up to American Western cul- Karmazin a huge new pile of options derlying performance of operations $1.5 million bonus, citing his Mr. Sexton brushes them off. He ture,education and systems is some- when it became clear that the ones within management’s control.” painful decision to lay off hundreds believes that for NYU to become a thing I think we should encourage, he got when he joined the struggling A CBS spokesman declined to of employees as part of a restructur- top-tier university, expansion is because it opens up avenues of com- company would never pay off. And comment. ing. paramount, and the risks are low. munication.”

24 | Crain’s New York Business | June 21, 2010 20100621-NEWS--0025-NAT-CCI-CN_-- 6/18/2010 12:42 PM Page 1

$10,000 The gift given to every staffer at O, The Oprah Magazine to celebrate its 10th anniversary BUSINESS LIVES Source: Advertising Age HOT JOBS EXECUTIVE INBOX

EXECUTIVE DIRECTOR Anne Fisher ORGANIZATION Big Brothers Big Sisters of New York City Over 50? Start JOB DESCRIPTION Provide services a business to youth through volunteer match- ing programs IN HER 25 YEARS at J.P. Morgan Chase, Glory DeSimone MOST IMPORTANT TASKS Estab- managed human resources lish budget, maintain sustainable through three big mergers and business model ended up as a senior vice CREDENTIALS NEEDED Leader- president working closely with ship and management skills, Chief Executive Jamie Dimon. involvement in social causes, Great, but “I got to a point where experience with nonprofits I wasn’t learning anything anymore RECRUITER DHR International ,” she says now. In the fall of 2007, she quit SALARY Mid- to high $100,000s and started her own HR firm, DOWNSIDE Demand for services, Glory DeSimone & Associates, growing competition for resources with offices on Madison Avenue, and she is the sole employee so UPSIDE Building on reputation, far. increasing community programming “I have no sales background For more than 150 years, the at all, so I really started with no organization has matched youths idea of how to develop new with adult mentors, reaching over business,” she says. “And I wasn’t 4,000 each year. Employs staff of quite prepared for having to do 100 and has an annual operating everything myself. I used to have budget of about $9 million. 200 people working for me. With —SELENA SHEN TRIUMPHANT a startup, suddenly it’s just you.” RETURN: Daniel A report by Challenger Gray & Sullivan directs The Christmas said the fastest-growing Merchant of Venice cohort of newbie entrepreneurs in Central Park. EXECUTIVE MOVES last year was made up of people in their 50s and 60s, blaming Viacom Inc.: Thomas widespread layoffs. In the New E. Dooley, 53, was buck ennis York area, many in that age range promoted to chief launched their own businesses operating officer, a GOTHAM GIGS newly created not because they lost their old position. He was jobs, but because they wanted a formerly senior fresh challenge. executive vice Marc Green was 58 when he president, chief financial officer and co-founded Axion International chief administrative officer. Holdings three years ago. Based in Preston Bailey Designs: Xoua Vang, 35, Familiar Merchant was appointed chief executive at the New Providence, N.J., it uses proprietary technology licensed event designer and tastemaker company. when The Merchant of Venice opened the Delacorte Theater in He was formerly at NBC Universal, ‘Movies from scientists at Rutgers where he served as senior director of Central Park nearly 50 years ago, Daniel Sullivan drove cross- University to turn No. 2 recyclables strategy and business operations. into durable, lightweight, BBDO North America: take up a country to see it. It was the first play Mr. Sullivan—then an English Jen Neal, 37, joined corrosion-proof railroad ties and the advertising agency as chief major and budding actor at San Francisco State University—ever marketing officer. She was most recently year of saw in New York. ¶ Now the 70-year-old director, whose credits bridge-building materials. at PHD, where she served as executive Axion’s first big customer was vice president and managing director of your life, include Broadway hits like Proof, is directing the Public Theater’s the U.S. Army, which built two the New York office. first staging of Merchant since.The play, which opens June 30, stars tank bridges at Fort Bragg, N.C., Muss Development: and the Al Pacino, but celebrity actors don’t ruffle Mr. Sullivan. He is more using the company’s plastics. It Jeffrey Kay, 36, was went public in 2008 and reported named chief operating impressed with the crowds who wait in line, often all night, to get work is 2009 revenues of $1.4 million. officer and senior vice the infamous free tickets for Shakespeare in the Park. ¶ “The kind of president of public Mr. Green spent most of his affairs at the real boring’ commitment people make to be there gives a spectacular energy to previous working life in finance. estate company. He an audience,” says Mr. Sullivan, who realized he wanted to direct “How to estimate expenses, set was formerly director after trying both acting and directing with the Lincoln Center up cash flows, write a solid of Mayor Michael Bloomberg’s Office business plan, present the of Operations. Repertory Company early in his career. ¶ Now, despite five-hour- company to investors—my Terra Capital Partners: Adam F.Kies, 40, per-day rehearsals for Merchant, Mr. Sullivan is gearing up to direct joined the real estate investment background gave me experience manager as director. He was previously a a commercial run of this season’s nonprofit Broadway hit Time with all of that,” he says. vice president at Ascent Real Estate Stands Still, starring Laura Linney. ¶ The one thing he will not do is Advisors. HOW OLD WERE YOU WHEN YOU Reed Smith: Jonathan B. Ross, 35, joined movies. “I’ve done movies,” Mr. Sullivan says. “They take up a year LAUNCHED YOUR BUSINESS? Wish the law firm’s finance and investment of your life, and the work is boring.” you had started sooner,or later? Tell us at See EXECUTIVE MOVES on Page 26 —miriam kreinin souccar www.crainsnewyork.com/execinbox.

June 21, 2010 | Crain’s New York Business | 25 20100621-NEWS--0026-NAT-CCI-CN_-- 6/17/2010 8:15 PM Page 1

RÉSUMÉ REVIEW Summer break for Falco Is your job search all it could be? We ask the experts. Actress taking some relationship tends to grow roots in from me as I can get. In this show, NAME VERONICA YOUNG your system. [Lorraine] was a great distance from SUMMARY time off before return me. Physically, her life circum- Are you drawn to dark and complex char- stances, how she looks … that’s Bilingual human resources, payroll and to Nurse Jackie acters? what I gravitate toward. administration professional I don’t think of the characters as PROFESSIONAL EXPERIENCE dark, but rather complicated. I tend Do people still ask you about The Arbitron Inc., 2006-2008 BY ALIX STRAUSS to choose characters as far away Sopranos’ ending? They do.They ask if I understood it, Bilingual research specialist/interviewer: Solicited participation in radio his wide night, the off- if I liked it,and will there be a movie, surveys across the country; collected information about listening Broadway hit starring Edie which I’ve no idea about. The fact tendencies to determine trends Falco as a lonely woman that people are still thinking about it Delaware Cornerstone Builders Inc., 2005-2006 recently released from and asking about it three years later Bilingual receptionist and administrative assistant: Performed payroll Tprison,will close June 27 after an ex- is an unbelievable thrill. and HR functions for more than 200 union and nonunion employees; tended run. Ms. Falco—famous for generated payroll and assisted comptroller with year-end closings her roles playing complicated On Nurse Jackie, your character self- Preferred Meal Systems, 2004-2005 women in Showtime’s Nurse Jackie medicates. What’s your drug of choice in Accounting and human resources: Responsible for material transfers and HBO’s real life? among warehouses; worked directly with VP of operations and senior The Sopra- I’ve fallen victim to all of them, and management to identify cost reductions and lowered production costs nos—plans to understand the pleasures, but these by 20% per meal take the sum- days,I’d have to say ice cream.There EDUCATION MOVERS & mer off to are nights where I’m on my second SHAKERS spend time bowl of mint chocolate chip and I University of Maryland, B.A., Spanish language and literature, 2009 with her chil- think, “Good thing the kids are Résumé appears in condensed form. Edie dren. In the asleep.” EXPERT ADVICE fall, she’ll re- Veronica can improve her résumé by including her biggest results to date Falco turn to her Where were you during the Tony Awards? and highlighting her HR experience. She should stress how she got things hectic sched- At a pizza party with my kids, who ule, which in- are 5 and 2, and some friends. I done and how it benefited her employer. Veronica has great bilingual cludes a third season of Nurse Jackie. haven’t been home on a Sunday for qualifications that she should accentuate in this tough economy. Also, weeks, so I looked forward to it. when writing a résumé, she should be sure not to bury the lead in When the show closes, will you have sep- narrative. She should list every great accomplishment in the beginning of aration anxiety? Which is the tougher role: acting or be- each work experience, use bullets and quantify everything she can. Absolutely. I got a wave of that to- ing a mom? —connie thanasoulis-cerrachio, career services expert, Vault.com day. I got really sad during the part I’ve been an actor longer, but being where the two characters are danc- a mom is so consuming—you’re a To contact this candidate or to be featured in “Résumé Review,” e-mail us ing and getting drunk.I get attached mom when you’re asleep,at home,at at [email protected]. playing these people,and to the peo- newscom work; it never goes away. At home, ple I’m working with. The pretend I’m never an actor.

EXECUTIVE MOVES vice president at the aerospace and was formerly vice president of was formerly director of properties at development at the Marketing defense company, and he will continue partnership marketing. JetBlue Airways. Accountability Partnership. in his role as chief financial officer. Houlihan Smith: Mark Ahasic, 32, joined as vice president G2: Michael Dennelly, Continued from Page 25 Dan Azmon, 47, was promoted to vice Christopher Daniels, of business development and strategic 36, was promoted to management practices as a partner. He president, and he will continue in his 48, joined the planning. He had been a senior manager group director of was formerly a partner at Dorsey & role as controller and principal investment banking at SH&E. digital strategy at the Whitney. accounting officer. firm as a managing Hallmark Channel: Laura Sillars, 44, was marketing services Cushman & Wakefield: W.P. Carey & Co.: Jason E. Fox, 37, was director. He was named senior vice president of lifestyle agency. He was Thomas Bomba, 48, promoted to managing director from previously chief programming. She was most recently formerly lead strategic was named co-head of executive director at the investment- financial officer at vice president of original programming planner for the the commercial real management company. Paramount at HGTV. relationship marketing estate firm’s business L&L Holding Co.: Simon Wasserberger, 40, International Bank. Westbeth Center for the practice. consulting unit. He joined the real estate investment Arent Fox: Mark S. Radke, 55, joined the Arts: Ronni Denes, 59, Cozen O’Connor: Guy A. Bell, 36, was was formerly a company as managing director. He was law firm as a partner. He was previously was elected president promoted to member from associate in managing director at formerly a senior partner in the agency a partner at Dewey & LeBoeuf. of the board at the the law firm’s global insurance group. Jones Lang LaSalle. group at CB Richard Ellis. Hearst Magazines Digital Media: Lucy nonprofit, which William F. Davis, 33, was promoted to Kevin Daly, 38, was promoted to senior Nickelodeon: Frank Tanki, 41, was Maher, 37, joined as executive director of provides affordable member from associate in the business director from director. promoted to senior vice president of network programming. She was most live-work spaces for law group. L-3 Communications Corp.: Ralph G. Nickelodeon partnership marketing and recently at Forbes, where she served as artists. She currently Asaf Hahami, 37, was promoted to D’Ambrosio, 42, was promoted to senior operations, a newly created position. He executive editor. serves as the vice member from associate in the business Compensation Advisory Partners: Eric president for external affairs at The law group. Hosken, 39, was named partner at the Cooper Union for the Advancement of Baker & McKenzie: Edward Hansen, 49, CORPORATE LADDER executive-compensation consulting Science and Art, and she will continue joined the law firm as a partner. He was firm. He most recently served as a in that role. formerly a partner at Morgan Lewis & principal at Korn/Ferry International. Zemoga: Jason Brandt, 44, was named Bockius. REAL ESTATE INDUSTRY VET JOINS COLLIERS Paul Hastings Janofsky principal of client strategy and AppNexus: Brandon Atkinson, 37, joined JAMES EMDEN, 63, has joined Colliers International as vice chairman. He & Walker: Palmina development at the digital innovation the online-advertising-solutions was previously with CB Richard Ellis, joining the firm when it was called Fava, 37, joined the firm. He was previously chief value company as vice president of client law firm as a partner architect at WPP’s Enfatico. services. He was previously solution Edward S. Gordon Co., where he served as executive vice president. in the litigation Simulmedia: Courtenay director for business-service automation Throughout his 35-year career, Mr. Emden has been responsible for more department. She was Harry, 35, joined the at Hewlett-Packard. than $500 million in New York area leases, previously a partner in media marketing NBC News: Ryan Osborn, 30, was including Viacom Inc.’s 450,000-square-foot DLA Piper’s litigation company as vice promoted to director of social media deal at 1515 Broadway and Omnicom department. president of product from producer. Group’s 300,000-square-foot lease at 220 E. KPMG: Brian Trauman, 37, joined the marketing sales, a Inform Technologies: Matt Zelesko, 39, 42nd St. In his new role, he will be accounting and advisory firm as newly created was appointed chief technology officer principal and East Region leader of position. She had at the Web solutions developer. He was responsible for developing the tenant economic and valuation services. He was previously been with previously chief executive. representation division, acquiring new formerly a partner in the tax-controversy Leap Media Group, which she co- —maia blume business and furthering the expansion of the and transfer-pricing practice at Mayer founded. world’s third-largest commercial real estate Brown. TargetCast tcm: Lisa Spielman, 45, joined EXECUTIVE PROMOTIONS services firm. Clear: Jim Smith, 52, was appointed the media agency as senior vice The fastest way to get an announcement into chief operating officer and a member of president and director of business —MAIA BLUME Crain’s is to submit details online. Fill out the form the board of directors at the secure- development. She was formerly senior at www.crainsnewyork.com/submit. The identification platform for travelers. He vice president and director for business Executive Moves column is also available online.

26 | Crain’s New York Business | June 21, 2010 20100621-NEWS--0027-NAT-CCI-CN_-- 6/17/2010 8:16 PM Page 1 chemex / INSATIABLE CRITIC managing its financial crisis from 6 p.m. flickr.com Gael Greene to 8:30 p.m. at the McCann-Erickson THE Building, 622 Third Ave., 23rd floor. The program is free for members and $30 for nonmembers. Call WEEK (212) 972-3035 or e-mail [email protected] for further details. Spanish accent WORKSHOPS AHEAD WEDNESDAY, JUNE 30

Head to the NEW YORK PUBLIC LIBRARY’S bloomberg news JUNE 28-JULY 4 SCIENCE, INDUSTRY AND BUSINESS for Bar Artisanal LIBRARY to hone your interviewing skills from 6 p.m. to 7:30 p.m. at 188 Madison WHAT HE’S CONFERENCES & SEMINARS Ave., lower-level room 018. The event is Terrance Brennan MONDAY, JUNE 28 free. For additional information, call READING AMERICAN INSTITUTE OF ARCHITECTS’ NY (917) 295-6975. revamps corner spot Marketing & PR and Professional RUDY GIULIANI does a lot of Practice committees host a seminar on CULTURAL EVENTS reading these days without on West Broadway leveraging ideas to build business from 6 MONDAY, JUNE 28 touching a page. “I have a Kindle p.m. to 8 p.m. at Tafel Hall, 536 La Attend the launch party for the 11th [app] on my iPad and on my ike doctors Without Guardia Place. The event is free for year of the MIDTOWN INTERNATIONAL computer,” says the former Borders racing to a ca- members, $10 for nonmembers. For THEATRE FESTIVAL, which runs from mayor, who ran New York City tastrophe, Terrance more information, call (917) 324-2765 July 12 to Aug. 1. The party will or e-mail [email protected]. feature previews of upcoming shows from 1994 through 2001. “It’s Brennan swooped buck ennis and a live performance by jazz band probably increased my reading by downtown to the island STICKS TO THE PAN: Artisanal paella WEDNESDAY, JUNE 30 Ham & Eggs. So head to Sweet 30%.” Lof TriBeCa to rescue the racy-look- CRAIN’S NEW YORK BUSINESS will hold Caroline’s, 322 W. 45th St., from 7:30 At the moment, he’s ing corner that was briefly Trigo,in- a small business symposium keynoted p.m. to 9:30 p.m. to celebrate. Tickets devouring Antony Beevor’s D-Day: stalling Bar Artisanal. His opus was BAR ARTISANAL by New York City Council Speaker cost $10. For more information, call The Battle for Normandy, which 268 West Broadway predictably cheesy—after all, in re- Christine Quinn. A white paper (866) 811-4111. has a 4½-star rating (out of 5) fining his uptown Picholine into a (212) 925-1600 detailing over 40 grants and contests www.barartisanal.com that offer free money for small SUNDAY, JULY 4 from Amazon.com reviewers. For Michelin two-star over the years, it a visual experience of the epic was Brennan who awakened New businesses is included with the ticket Celebrate Independence Pick price. The conference runs from 7:30 Day in style with a BEACH of the World War II invasion, he rented York appetites for the cheese trolley. a.m. to 10:30 a.m. at the Crowne Plaza PARTY PICNIC from 2 p.m. the classic movie The Longest But another of Brennan’s passions is CUISINE Spanish week Times Square, 1605 Broadway.Tickets to 5 p.m. at New York Day on his iPad for $3.99. “I love Spain, so it was not a huge surprise PRICE RANGE $14 to $29 are $79 for an individual and $750 for a Water Taxi’s South Street my iPad,” he raves. to learn that overnight, he’d rejig- table of 10 with registration by June Seaport Beach before boarding the gered his TriBeCa annex to give Bar SERVING Dinner seven days, 23, and $89 and $890, respectively, Circle Line Downtown’s Zephyr for a Mr. Giuliani, a Republican who Artisanal a Spanish accent. brunch Saturday and Sunday thereafter, and can be purchased online five-hour buffet-dinner cruise and great ran for president in the last at www.crainsnewyork.com/events. views of the city’s Fourth of July election and might do so again, “It wasn’t really focused enough,” RESERVATIONS Doesn’t hurt fireworks display.Tickets start at $299 just finished George Melloan’s he says. “French, but also Mediter- WEDNESDAY, JUNE 30 ranean, a little Italian, some Span- NOISE LEVEL Could get noisy and can be purchased online at The Great Money Binge: Spending Join the AMERICAN BUSINESS FORUM ON www.nyctrip.com. Our Way to Socialism, which he ish. It didn’t have enough soul.” I can’t wait to return. EUROPE to find out how Greece is —maia blume Well, now it does. It has flamenco calls “excellent.” I will definitely go back. —ERIK ENGQUIST late on Fridays, a sparkling Cava To view Crain’s full calendar listings, go to www.crainsnewyork.com/events brunch with a Spanish guitarist,and I’ll let them simmer awhile. luscious paella with rice authenti- NO HATS Never again. cally stuck to the baking dish. You can get sloshed on its creative san- grias—white wine with pisco, man- paçoca, so we order two. I like pota- go and pineapple,for instance—and to, chorizo and fried egg flat bread Birds of a Feather there’s a dense rum-spiked almond better than the ham with oregano, cake you won’t want to overlook. guindilla pepper and clams in the Wrapped in floor-to-ceiling mul- shell standing like sentinels—more lioned windows with the subtle dis- of a photo op than a luscious mouth- tortion of antique glass and a vast Eu- ful. We’re planning to share paella ropean train-station feel, the place but, by the time we’ve tasted all the already had good bones.Add a splash above—plus gigante beans with bot- of paint and a new sound track.It did- targa,liquid foie gras ravioli,a starter n’t hurt that the colors of the existing of wild mushrooms, asparagus and logo were those of the Spanish flag,or soft egg, and silken fideos negros that General Manager Louis Andia, (inky black noodles) with squid, late of Pamplona and Pipa, just hap- piquillo peppers and blobs of aioli— pens to be the son of a Sevillian bull- we agree we can’t eat another bite. fighter.(Brad Pitt will play him in the It’s a shock to find the place so movie.) Chef Ayesha Nurdjaja, most empty on Memorial Day two weeks recently at Chelsea’s Il Bordello and a later, when I return for that paella veteran of Felidia, was a less obvious with friends.But it’s definitely worth fit, but if Brennan can channel Span- this second trek downtown.It has all ish, why not Nurdjaja? the rice stuck-to-the-pan socarrat A Brennan fan since 1990, I’m that defines a good paella, with here early with friends who consider seafood that is miraculously not At Marcum LLP, we’re spreading our wings̶entering new markets and enhancing our him a giant and are unlikely to utter overcooked.Lobster,mussels,clams, services. Recently we expanded into the New England region, adding offices in Hartford, a negative burp.But you can trust me. even the shrimp are tender. Hake The kitchen is still in rehearsal, could not be more perfectly roasted, New Haven and Boston, and growing our team to more than 950 professionals in quick to deliver white gazpacho— and chorizo, clams and a grassy 15 offices spanning the East Coast. It’s the kind of growth you’ve come to expect the classic distillation of grape, gar- green sauce add pizzazz to its bland lic,almond in four little cups so each sweetness. Properly moist chicken from Marcum, and just one of the reasons we’re recognized among the nation’s top of us can taste—and then a bit slow sits in a substantial puddle of a splen- 20 accounting and advisory firms. with the rest of our order, but then, did lemon-garlic-pimento sauce. so are we. Given all the tastes that came be- We decide to focus on tapas, flat fore, a fourth entrée is overkill. But More talent. More resources. breads and starters (entradas). I’m I can’t resist a chance to taste faba- More experience. unhappy with the sweetness of da, the Spanish version of cassoulet, Coming together for you. piquillo pepper jam under the salt a bean stew that will be perfect on cod croquetas that transport me back warm, blustery nights come winter. to evenings warming up for dinner in the bars of Seville and Barcelona. Copyright © 2010 by Gael Greene. marcumllp.com marcumgroup.com The four of us can’t agree on one Syndicated by www.insatiable-critic.com.

June 21, 2010 | Crain’s New York Business | 27 Project3:fp template.qxd 6/10/10 12:38 PM Page 1

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