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INSIDE! Obama’s TOP STORIES greener Earth IMAX’s 3-D Day moment finally —Valerie Block arrives—no, really! ® Page 9 PAGE 3 Old Navy’s ship tossed about VOL. XXV, NO. 15 WWW.CRAINSNEWYORK.COM APRIL 13-19, 2009 PRICE: $3.00 on choppy seas PAGE 2 Curtis Sliwa takes tourists to seamier Did we hit bottom yet?

side of New York sprout up here and there,”says Dawn NY, NY, PAGE 6 Local economy Fay, the firm’s district president. SPROUTING UP shows signs of life; Even as the city is battered by 63.4 68.1 64.8 SPECIAL REPORT rising unemployment, steep cuts in mayor declares consumer and corporate spending, turning point is here plummeting condo prices and a record drop in office rents, the first +7.2 pts +9 pts +33 pts glimmers of hope that the econom-


BY DANIEL MASSEY ic free fall could be nearing an end NYC Consumer NYC Consumer 6-Month NYC Business are emerging.Based on surveys that Confidence, 1Q v. 4Q Future Confidence, Outlook, March v. Feb. Highest level in NYS; 1Q v. 4Q Also highest Highest level since for months after Wall Street’s track consumer and business confi- city is the only region level in the state—a May; shows markedly collapse last fall, client orders at the dence and reports from real estate that didn’t show a sign that consumers improved expectations New York offices of staffing agency and retail experts, signs of renewal year-on-year decline feel the worst is over for business activity Robert Half International dried up, appear to be poking through the Sources: Siena Research Institute, Nat’l Assn. of Purchasing Management-NY while inquiries from job seekers city’s recession-impacted soil. istockphoto skyrocketed.After the new year,the “I do think we are probably While some wrote off the may- thawing,dismal retail and auto sales SMALL BUSINESS dynamic slowly started to reverse: near the bottom,” Mayor Michael or’s comments as election-year pie- have picked up slightly, and stocks Fewer hopefuls walked through the Bloomberg said last week. “I don’t in-the-sky talk,there are indications have surged. Mortgage rates have Federal stimulus plan aims company’s doors, but clients quiet- know that the economy is going that the intensity of the downturn is hit an all-time low, and home sales to unlock credit, but some ly started hiring again. straight up from here, but I am get- beginning to ease up. Nationally, have begun to stabilize. entrepreneurs are yearning “We’ve seen the shoots starting to ting more optimistic every day.” credit markets have shown signs of See SIGNS on Page 10 for much, much more P. 11 G Washington’s recession treatment is the right medicine for this health Stemming THE NEGOTIATOR: technology company P. 13 Larry Silverstein G may need the Port Hits & Misses: Authority’s A go-between for beautifiers Wall St. financing help, but trades on high style P. 17 don’t think that means he holds a exodus weak hand. BUSINESS LIVES INTERVIEW NYC dilemma: HELL how to keep all Recession leaves that talent in town laid-off on job-hunt BY AARON ELSTEIN treadmill PAGE 21 lots of people cope with tough times by quaffing a cold beer or two. Drew Weinstein hopes folks will soon reach for one of his. Mr.Weinstein,who last October lost his job as a research analyst at in- vestment bank Cowen & Co., has INDEX said goodbye to Wall Street to take a shot at starting Magellanic Brew- THE INSIDER ______4 ery. His plan is to hire other brew- buck ennis REAL ESTATE DEALS ______5 eries to make his beer,a light lager he VIEWPOINT ______8 describes as “a better Budweiser.” TOP COMMERCIAL BANKS ______14 But what Mr. Weinstein may TOP THRIFTS ______15 have in vision, he lacks in money CLASSIFIEDS ______18 and experience. He needs to raise CORPORATE LADDER ______22 The trouble with Larry $2 million to get his new venture WWW.CRAINSNEWYORK.COM hopping so it can compete with the /EXECMOVES EXECUTIVE MOVES nation’s 1,600 other small brew- See/EVENTS AT DEADLINECALENDAR on PageLISTINGS 2 eries. Beer is a tough business, the Why Silverstein refuses to cave on WTC terms See WALL STREET on Page 7 Trade Center site.

15 BY THERESA AGOVINO Today,Mr. Silverstein is on the verge of what could

5 be yet another epic fight.Although he’s earning fat de- sitting in his corner office with stunning views velopment fees at the site,troubled credit markets have ELECTRONIC EDITION of downtown and the harbor,Larry Silverstein exudes forced him to seek help from the Port Authority of a been-there, done-that calm. About to turn 78 next New York and New Jersey to finance two of the three month, he has spent the last eight years enduring multibillion-dollar towers he plans to construct over

NEWSPAPER bruising battles with government officials over his the next six years. Sources say the Port Authority,leery

71486 01068 unfulfilled dream to rebuild the shattered World See SILVERSTEIN on Page 2 0 CNYB 04-13-09 A 2 4/10/2009 8:10 PM Page 1

IN BRIEF NEW YORK CITY’S MUNICIPAL HOSPITALS WILL Turning around Old Navy’s LOSE $277 MILLION IN STATE MEDICAID funding in fiscal 2010.They lost $66 million in fiscal 2009.The New York City Health and Economy major Hospitals Corp.’s 11 facilities are shouldering a disproportionate 56% of the $232 million in net obstacle as Gap’s Medicaid cuts to city hospitals, HHC President Alan Aviles said last week.The state budget once-hip value created several new charity-care funding pools totaling $300 million to help hospitals pay for division revamps treating uninsured patients, but the pools exclude public systems such as HHC. BY ADRIANNE PASQUARELLI CARAVAN TRANSIT, THE BROOKLYN SCHOOL-BUS old navy recently launched a campy com- COMPANY FEATURED in a Nov. mercial campaign featuring talking man- 16 Crain’s article, has run its nequins. Reviews are mixed, but the TV last routes. Owner Jeffrey spots are garnering buzz—something the DeStefano (right) closed the ailing chain has not been able to do for shop late last month, unable to some time. weather a recession that had “They’re doing something that’s get- sliced his company’s revenues in ting awareness half. A one-page document filed in federal out,” says Can- bankruptcy court in Brooklyn last week showed dace Corlett,pres- what’s left of the once-thriving company. A 12- ident of WSL ton hydraulic press, a dual-wheel dolly, a battery Strategic Retail. HOIST SALES: The brand is attempting to regain attention with its ad campaign (left). charger, a grease pump and gear lube are among Old Navy des- the items Mr. DeStefano hopes to sell to help perately needs the pay off creditors. “The last day was the worst help. Its clothing, Though some have a new option for affordable style. Now, day of my life,” he says. once quirky yet speculated that Gap Inc. other value-priced retailers,such as Kohl’s, wearable, has be- might unload the chain, Target and even Wal-Mart, have ramped ANOTHER JEWELER HAS GONE BANKRUPT. come dowdy and which has five New York up their offerings and stolen market share. ULTRA STORES INC., WHICH SELLS AT FASHION predictable. And City locations,experts con- “When [Old Navy] started, it had a lot discounter Daffy’s, Burlington Coat Factory, shoppers notice. tend that a sale is unlikely in of cool stuff you didn’t see in other places, John F. Kennedy International Airport and Same-store this market. but it’s harder and harder to do that now,” other locations, filed for Chapter 11 bankruptcy sales at the 15- Glenn Murphy, Gap Ms. Corlett says. protection late last week.The company cited year-old division Inc.’s chief executive, ex- Industry experts say Old Navy must re- assets of between $10 million and $50 million, have been nega- pressed confidence in the assert itself by improving its products.That and the same amount of liabilities and said it tive for 18 quarters. Old Navy’s net sales, unit at a recent consumer conference. job falls to Mark Breitbard, the chief mer- owes money to more than 100 creditors. including e-commerce, were down about “With its changes, it’s a time for it [Old chandising and creative officer hired in Jewelers have been one of the hardest-hit retail 14% last year.That compares with net sales Navy] to go out and recapture market share January. sectors. Niwaka USA and Fortunoff liquidated declines of 5% and 3%,respectively,at par- and lost opportunity,”he said.The compa- A former Gap employee who worked earlier this year. ent Gap Inc.’s namesake and Banana Re- ny did not comment for this article. alongside legendary retailer Mickey Drex- public chains. ler, Mr. Breitbard helped launch Aber- THOUGH CLOTHIER JONES APPAREL GROUP With Old Navy representing nearly Time to grow crombie & Fitch’s “Greenwich Village-in- HAD A NET LOSS OF $765 MILLION IN 2008, 40% of San Francisco-based Gap Inc.’s mr. murphy can afford to give the brand spired” Ruehl label four years ago. Most Chief Executive Wesley Card $14.5 billion in revenues, the parent or- some time to find its footing. The finan- recently, he was president of Levi Strauss (left) got a raise and a housing dered its lagging child to restructure. Old cially fit Gap Inc. is debt-free and had a & Co.’s retail division. allowance, according to a proxy Navy has hired a new merchandising leader profitable 2008, with earnings up 16%, to Such experience could mean that Mr. statement filed last week. He and launched the ad campaign,and it plans $967 million. And in one relatively posi- Breitbard is capable of shaking up the was awarded total compen- to shutter or shrink some of its 1,067 stores. tive sign for Old Navy,same-store sales re- slumping group, but the results of his ef- sation of $5.5 million, almost “Gap the brand has a potentially great sults were flat for March. forts won’t hit shelves until the fall. Even 38% more than he received in future, but Old Navy is … just dragging,” Even so, some critics express doubts then, they might run into the recession. 2007. Additionally, Mr. Card, says Bob Grayson of retail consultancy The about the brand’s future. When it was “You could be God’s gift to retailing, who is not a New York resident, Grayson Co. founded 15 years ago, Old Navy presented but I don’t know how you’re going to affect was given more than $86,000 for an apartment in the city, $10,000 more than in 2007. Jones’ revenues fell 6% last year, to $3.6 billion. KURT VONNEGUT, LATE AUTHOR OF DARKLY HUMOROUS NOVELS, INCLUDING CLASSICS Silverstein waits for the Port Authority Cat’s Cradle and Slaughterhouse Five,will publish again. In November, Delacorte Press Continued from Page 1 to rise to $200 million in total. Sources say vate venture. Only one of Mr. Silverstein’s will bring out 14 unpublished short stories in a of exposing its balance sheet to speculative he is also sitting on about $800 million in in- three planned towers has found a major ten- collection called Look at the Birdie.The stories office development, only wants to consent surance proceeds. It’s unclear how much— ant—and that tenant is the Port Authority. are undated but are believed to have been to backing one tower. if any—future profit he’ll relinquish to the “A smart pol is going to go after Larry for written early in Mr. Vonnegut’s career, a Even though Mr. Silverstein is the one Port Authority to secure its financing aid. asking for public money on a private deal spokeswoman for the Random House approaching the Port Authority hat in Mr. Silverstein is aware that he risks be- and the Port Authority for giving it,” says Publishing Group said. Mr. Vonnegut died in hand, he wields significant clout in the ne- ing depicted as obstructive in this latest Baruch College professor Doug Muzzio. 2007. And in the fall, Delacorte will begin gotiations. The site’s underground infra- round of talks, as he has been in the Back in 2006, Mr. Silverstein reissuing 15 backlist titles packaged with structure is intertwined across 16 acres, so past. “When people need someone was forced to relinquish his right to artwork by the writer.
the Port Authority needs access to portions to blame, it is easy to blame the real $150 build what was formerly called the of the site controlled by Mr. Silverstein to estate developer,” he says. “I’ve de- MILLION in Freedom Tower after Gov. George development CORRECTION meet its own redevelopment deadlines. veloped a thick skin.” fees from the Pataki held bond financing hostage JetBlue Airways’ shares closed on Friday, April 3, at $4.41. The If the two sides can’t seal a deal in the next World Trade and one editorial page called him information was incorrect in an April 6 “In the Markets” item few weeks, a revised schedule released last Scrapping over every dime Center site “public enemy No. 1.” because of a typographical error. October after years of false starts will be certainly, negotiating a deal will Both the Port Authority and Mr. vol. xxv, no. 15, april 13, 2009—Crain’s New York Business (issn worthless.And it will be virtually impossible not be easy. Mr. Silverstein is notorious for Silverstein declined to comment on the lat- 8756-789x) is published weekly, except for the 1st and 3rd week of for the Port Authority to honor its political- lengthening negotiations by warring for est negotiations, yet Mr. Silverstein seems July, the 1st, 3rd and 5th week of August and the 4th week of December by Crain Communications Inc., 711 Third Ave., New ly and emotionally charged pledge to deliv- each last dime and rehashing issues others troubled by descriptions of him as someone York, NY 10017. Periodicals postage paid at New York, N.Y. and er the Sept. 11, 2001, memorial in time for believed had been settled. who tries to renegotiate settled points in additional mailing offices. Postmaster: Send address changes to: the 10th anniversary of the terrorist attacks. The Port Authority seems more suscep- deals.“I don’t like it when people do that to Crain’s New York Business, Circulation Department, 1155 Gratiot Avenue, Detroit, MI 48207-2912. for subscriber However, Mr. Silverstein is under little tible to public pressure.Sources say its exec- me,” he says. “I sure try not to do that.” service: Call (888) 909-9111. Fax (313) 446-6777.$3.00 a copy, financial pressure to reach a deal quickly. utives fear that helping Mr. Silverstein will Mr. Silverstein won’t discuss his devel- $59.79 one year, $109.79 two years. (GST No. 13676-0444-RT) ©Entire contents copyright 2009 by Crain Communications Inc. His Silverstein Properties has collected an not only siphon money from other crucial opment fees (a spokesman calls them “be- All rights reserved. estimated $150 million in development fees infrastructure projects in the region but will low market”) but says it is wrong to suggest from the site since 2006, a figure expected also pour public resources into a dicey, pri- his long quest to rebuild is financially moti-

2 | Crain’s New York Business | April 13, 2009 CNYB 04-13-09 A 3 4/10/2009 8:11 PM Page 1

ship Money man’s payday Mario Gabelli appears to be Street’s best-compensated

BY AARON ELSTEIN

it looks as if the title of best-paid chief executive on Wall Street be- longs to money manager Mario business until the [economy] Gabelli, who took home an impres- turns around,”says Kirk Palmer of sive $46 million last year. executive search firm Kirk Palmer The founder of Gamco Investors Associates. Inc.’s pay package dwarfs that of Some retail experts say Old many leaders at much larger firms. Navy’s big error was losing sight of J.P. Morgan Chase CEO Jamie its target market. “At this point, it’s difficult Dimon raked in about $20 million in to tell who [Old Navy] is targeting,” says total pay for 2008. Brian Rogers, Karen Harvey of Karen Harvey Consulting. chairman and chief investment offi- cer of T. Rowe Price, received $6.5 Personality lacking million, even though T. Rowe man- the offbeat ad campaign is an attempt to ages more than 10 times as much in reach its typical shopper, which Old Navy assets as Gamco oversees.BlackRock now identifies as a 29-year-old mom look- Inc. hasn’t yet disclosed how much it ing for value.The spots,designed by Crispin paid founder and CEO Larry Fink Porter + Bogusky, star “SuperModelquins,” last year, but the $1.3-trillion-asset which lose clothes and fingers, examine firm paid him $26 their derrieres, and gossip about tattoos. million in 2007. “[Old Navy] thinks they’re being hip Gamco, which 60% and irreverent,” says Richard Jaffe, an ana- manages a compara- DECREASE in asset lyst with Stifel Nicolaus. Other critics say tively modest $20.7 manager the series lacks the spark of past cam- billion of assets for Gamco’s share paigns—such as ones featuring recogniza- mutual fund cus- price last year ble figures like actress Morgan Fairchild CLEAR VIEW: tomers and institu- and fashion editor Carrie Donovan— Richard Gelfond tional investors, experienced what sees all the pieces which imbued the brand with personality. lining up for IMAX. the typical annual report for a finan- A smaller fleet of stores would also cial services outfit might euphemisti- make a rebound easier for Old Navy, ex- cally call “a challenging” 2008.

perts say. It announced a net reduction of buck ennis Assets under management de- 15 locations for 2009 and is exploring clined 33% firm-wide as global stock downsizing other stores, which average markets sank. Gamco shares fell about 20,000 square feet. 60%,while net income tumbled 69%, “In order to fix the company, it’ll take to $25 million,because of investment dramatic measures in terms of their real es- IMAX scores big losses. Revenue dropped 16%, to tate,” Mr. Grayson says.
$245 million. The flagship Gabelli Asset Fund—whose top holdings in- clude such media concerns as Cable- with Monster hit vision and News Corp.—slid 37%, according to fund tracker Morn- ingstar, but that performance was to deliver 3-D fans, expansion the struggling company is on the there have been points when we slightly better than its peer group. path toward a turnaround. thought things were going to Mr. Gabelli started Gamco, vated. Four of his employees died when the to multiplexes put Collecting $5.1 million in happen,” says Chief Executive based in Rye,N.Y.,in 1977 and con- Twin Towers crumbled; neither he nor his domestic box office revenue, Richard Gelfond. But now, fi- trols shares that give him 95% voting two children who work for him were in their struggling outfit IMAX accounted for 9% of the nally,“it seems all the power in board matters. The pay he offices at the time of attacks. “I feel like I on turnaround path movie’s gross on just 2% of pieces have lined awarded himself last year equaled a have an obligation to [rebuild],” he says. screens. And Monsters up.” little less than 20% of total revenue. “This is not about money.” was the specialty ex- Timing is at the Most of his compensation is The three towers are slated to rise be- BY MATTHEW FLAMM hibitor’s second heart of IMAX’s based on an agreement that reserves tween 2012 and 2015. Mr. Silverstein says smash in a row: change in fortunes. him a healthy cut of the firm’s rev- that the timing rests solely with the Port Au- last month, the animated IMAX delivered Headquartered enue, but Mr. Gabelli also collected thority, which still has not delivered any of movie Monsters vs. Aliens scored 10% of domestic in New York and a $2.4 million “incentive fee,” ac- the three sites in their entirety. the biggest opening weekend for box-office for Movies Toronto, the com- cording to a regulatory filing. He He dismisses the notion that his han- a 3-D film and gave studio Watchmen when the pany has spent the takes no salary, bonus or stock dling of the latest negotiations could affect DreamWorks Animation SKG graphic novel adap- are safe past year rolling awards. Gamco’s second-best-paid the project’s schedule and points to his suc- the biggest weekend debut of tation debuted ear- out a digital pro- executive, President Douglas cess at 7 World Trade Center, where re- 2009. lier in the month. from the jection system Jamieson, received $3.8 million. building was not contingent on anyone’s But that was nothing com- Both hits show that’s suitable for Mr. Gabelli’s vast haul was still timetable but his own. The tower was con- pared to what the movie did for why IMAX has recession multiplexes and less than his 2007 take of $71 mil- structed in four years and is now 85% leased. IMAX Corp., the entertain- gone from being the cheaper to use lion. Yet his CEO payout was “All I want is the chance to do what I did at ment technology company that movie theater ver- than its old 70- dwarfed that golden year by Stephen 7 World Trade at the [WTC] site,” he says. used to be known mainly for sion of the prom mm film system. Schwarzman at Blackstone Group He repeats a signature line: “I have no showing nature films on giant geek to the compa- The new tech- and was about equal to that of Lloyd time for green bananas.” He says he feels screens at local museums. ny every studio in Hollywood nology has allowed IMAX to Blankfein at Goldman Sachs Group aches and pains ever more acutely as he Monsters vs. Aliens debuted wants to be in bed with. form joint ventures with movie Inc. For 2008, Messrs. Schwarzman ages.“I feel time passing.I want to build the on 143 IMAX 3-D screens and “I’ve been involved with chains and expand its network of and Blankfein made $350,000 and towers while I can still enjoy them.”
instantly provided evidence that IMAX for about 15 years, and See IMAX SCORES on Page 20 $1.1 million, respectively.

April 13, 2009 | Crain’s New York Business | 3 CNYB 04-13-09 A 4 4/10/2009 4:55 PM Page 1

At Hylan, Our Biggest Concern is Building You THE INSIDER a Solid Foundation. by Erik Engquist and Daniel Massey Hylan Datacom & Electrical provides both commercial and industrial solutions. We specialize in telecommunications, fiber optics, security systems, lighting/electrical Bloomie’s blooming maintenance, electrical contracting, spring campaign aerial and underground utility construction. ven considering the spending standards of Mayor Michael EBloomberg’s past campaigns, his spring blitz of television commercials has some political consultants shaking their heads. Says the manager of another citywide campaign, “$3.2 million in three weeks—that’s October money in April.” buck ennis At Hylan Datacom & Electrical, our philosophy is simple. Competitive pricing, on-going staff eventually because of soaring labor education/training and hands-on senior House feats, costs.The Independent Budget Office management involvement in every project. Gillibrand’s shield says the city will spend $35.2 billion Our multifaceted company’s performance has Call Hylan Today: on the municipal workforce this driven our client satisfaction, which has new york house delegation mem- year, up 6%; the total is projected to earned our reputation as an industry leader Tel: 1-800-55Hylan; 718-313-9000 or bers whom Kirsten Gillibrand beat out reach $38.7 billion in fiscal 2013. and builder for 50 years. Email Us: [email protected] for the Senate post remain potential opponents in the 2010 Democratic primary, a congressional aide says. DA candidates ©2009 Hylan Datacom & Electrical, Inc. All Rights Reserved. But while Reps. Steve Israel, seeking groupies Carolyn McCarthy, Carolyn Maloney and Jerrold Nadler have not ruled out chal- with the race to succeed lenges, insiders doubt they will leave Manhattan District Attorney the House at the peak of their power Robert Morgenthau heating up, to undertake risky campaigns strategists for all three candidates against Ms. Gillibrand. Mr. Nadler, are focusing on voter turnout, for example, has a shot at becoming which is expected to be low. Judiciary Committee chairman. Without a competitive race for However, Manhattan Borough mayor in the Democratic primary, President Scott Stringer could take there will likely be only about on Ms. Gillibrand without giving 150,000 votes. up his seat. That makes endorsements crucial. Unions will matter. But the keys are likely to be whether Cyrus Lofty labor costs Vance Jr. can parlay his expected Quick, pick a banker may spur layoffs backing by Mr. Morgenthau, and whether The New York Times once mayor michael bloomberg’s again supports Leslie Crocker Snyder, threat to lay off 7,000 more city or chooses Mr. Vance or Richard workers may be a negotiating ploy Aborn instead. If Bloomberg to win union concessions on pen- Criminal Justice Coordinator John Saving our sions and health care, but it seems Feinblatt enters the race, The Times Growing your certain he’ll need to return to layoffs becomes even more important.
business. business. RECYCLING Retrofitting city’s law TWENTY YEARS AGO, the city passed a law establishing municipal recycling. Its goal was to divert 25% of the residential waste stream by 1994. The rate today is a meager 17%. The Bloomberg administration and the City Council are beginning negotiations on a revision of the measure, known as Local Law 19. Insiders say the administration wants to get rid of the recycling targets (which it has consistently failed to hit), while “the council seems to be interested in a broader reform effort to strengthen the program and enhance its cost- effectiveness,” according to Eric Goldstein, the Natural Resources Defense Council’s expert on solid waste. In the city’s defense, the law’s tonnage requirements became harder to Switch to the bank that puts your business first. Switch to Sterling. reach as the bottling industry moved from glass to plastic, making recyclables much lighter. But other factors impaired the effort. Mayor Michael Bloomberg For 80 years, Sterling National Bank has attracted business clients by following one temporarily suspended the recycling program in 2002, which got many New simple rule: when your business succeeds, so do we. We have the products you need. And Yorkers out of the recycling habit—and did not save money anyway, subsequent the service you deserve. If switching banks has been on your mind, call Sterling today. analysis showed. Various changes to the program confused people. A recent study predicted that in five years, it won’t cost the city any more to recycle waste than to dump it in landfills. But that’s primarily because of the 8% annual increase in the cost of disposing of regular waste, not the efficiency of the city’s recycling program. Indeed, residents www.sterlingnationalbank.com are recycling less than 40% of the plastic, metal and paper 212.757.1100 accepted by the program. EST.1929. Member FDIC. istockphoto 4 | Crain’s New York Business | April 13, 2009 CNYB 04-13-09 A 5 4/9/2009 4:35 PM Page 1

REAL ESTATE DEALS

THAR SHE GOES TheLadders.com escalates presence Manhattan office rents, per square foot.

“The second will be a little more A bigger imprint tween Fifth and Sixth avenues.The Hot job site expands mature, with prices on the higher asking rent was $36 per square foot. in Hudson Sq., preps end.” for digital imager The second-floor spread has more Since the new site formerly eye2eye digital wants to boost the than double the space that Eye2Eye for a larger home housed another clothing retailer, company’s profile—and impress cli- occupied at 29 W. 15th St. Ms. Wang won’t have to spend too ents, of course—with new office “Our new space is more corporate he employment site much on renovations. Helianthus is space in the garment district. and presentable,” says Domenick Di TheLadders.com, dedi- expected to open by May 1. The year-old firm, which pro- Masi, a partner at Eye2Eye. A SURPLUS of sublease space sparked a 6% drop in overall Manhattan office cated to $100,000-a- Steve Rappaport and Christo- vides digital imaging services for The tenant’s broker was Josh rents in the first quarter. That’s the year-plus jobs, leased an- pher Owles of Sinvin Realty repre- print and Web media clients like Winslow of Winslow & Co. Land- biggest quarterly decline in the 25 other 14,400 square feet sented both the tenant and the Limited Brands and Oxygen TV, lord Adam & Co. Real Estate was years that Cushman & Wakefield Inc. Tin the Hudson Square area,bringing landlord, LF East 21 Property Co. has signed a four-year lease for represented in-house. has been tracking such data. its total office space to roughly —adrianne pasquarelli 5,300 square feet at 48 W. 37th St.,be- —amanda fung 60,000 square feet in three buildings owned by Trinity Real Estate. The company is slated to move into about half of the seventh floor of 304 Hudson St., between Spring and Vandam streets, in May. The rent for the 30-month deal is in the high $20s per square foot. Executives wanted the flexibility MIDTOWN’S of a short-term lease because they plan to eventually house all their em- ployees in one office, says David MOST Carvajal, whose title at TheLad- ders.com is vice president of people. The company also rents space at 137 AGGRESSIVE Varick St. and 205 Hudson St. “We wanted to keep the family as RENT close as possible,” says Mr. Carvajal. Studley brokers Marc Shapses and Jason Schwartzenberg repre- sented TheLadders.com The asking rent in the building is around $34 a square foot.While the Full fl oors of transaction with TheLadders.com was below the asking rent, it ex- 17,320 and 22,437 sq. ft. cludes classic tenant perks like free 810 CORPORATE rent and construction allowances, SEVENTHHEAVEN Pre-built suites from making it more attractive for the landlord. Trinity also opted for this 4,000 – 8,500 sq. ft. arrangement because deals are scarce, the lease is short, and TheLadders.com has been an excel- lent tenant, says Jason Pizer, senior vice president of leasing for Trinity, who worked with his colleague Tom • NEW DRAMATIC LOBBY Lynch on the transaction. “The deal gets us through a rocky • NEW ELEVATOR CABS time,” Mr. Pizer says. “In 2011 [when the lease is up], things in real • NEW ELEGANT CORRIDORS estate should start firming up.” —theresa agovino • NEW ULTRA-MODERN RESTROOMS

• FINANCIALLY STRONG OWNERSHIP

SPRING AWAKENING: Boutique Helianthus is slated to open at 196 Spring St. by May 1. Apparel shop finds ready-made space women’s apparel boutique He- ARTIST’S RENDERING ARTIST’S RENDERING lianthus signed a seven-year lease for 500 square feet on the ground floor of 196 Spring St., between Sul- Demanding Quality. livan and Thompson streets. The Delivering Value. asking rent was $204 a square foot. David A. Falk EVP and Principal 212-372-2271 Larry A. Swiger SVP 212-216-1628 The space,which includes a 300- [email protected] [email protected] square-foot storage basement, will Peter T. Shimkin Sr Managing Director 212-372-2150 Christopher A. Gulden VP 212-356-4105 be the retailer’s second location. [email protected] [email protected] Founder Grace Wang opened a spot Daniel L. Levine Managing Director 212-372-2319 Ashley M. Gee Associate 212-216-1618 810seventh.slgreen.com on La Guardia Place 18 months ago. [email protected] [email protected] “The first store is near NYU, so it’s younger, cuter,” says Ms. Wang. SLG09_0239 810Seventh_AD_JP_Crains.indd 1 4/9/09 12:28:00 PM April 13, 2009 | Crain’s New York Business | 5 CNYB 04-13-09 A 6 4/10/2009 4:57 PM Page 1

NEW YORK,NEW YORK edited by Valerie Block

Where to walk on the wild side he empire state building,Times Square and a Broadway play are must-sees for city visitors. But radio talk-show host Curtis Sliwa (below) is betting that tourists will Talso pay to see a seamier side of the Big Apple. The New York personality and Guardian Angel founder just launched a three-hour tour of the South Bronx, where he’ll point out drug houses, money-laundering fronts, murals of drug dealers, housing projects and chop shops. For the Underbelly Tour, Mr. Sliwa is transporting his guests to the Bronx on the No. 4 train, once known as the Mugger’s Express. “You see the improvement in the South Bronx, but you also see the remnants of the 1970s and 1980s,” says Mr. Sliwa. “There are still abandoned buildings, graffiti, and young men congregating on corners staring out evilly as if you could be their ATM.”

Participants who might start to Manhattan restaurants, including open just such a place. feel creepy about their Bayard’s, will open Harry’s surroundings should take comfort Italian. The new spot is named in the posse of Guardian Angels after Mr. Poulakakos’ partner and But will the Boss Mr. Sliwa is recruiting for the father, the famed restaurateur show up? tours: one Angel per two tourists. behind Harry’s at Hanover Mr. Sliwa, who is marketing Square. It will replace upscale tongues will be wagging at The Underbelly primarily to business diner Gold Kristen Ann Carr Fund’s annual groups and has already led a few, is Street. gala this year. Founded by Bruce also hoping to appeal to families Springsteen’s co-manager Barbara with kids. “Younger people know Carr and her rock writer husband, the South Bronx for the rap and Dave Marsh, the fund raises money new york international hip-hop culture,” he says. for research into deadly sarcoma, a 2009 The tour price is negotiable, he disease that claimed the life of the says, though one group has paid couple’s daughter. $5,000 for an outing, which can But attendees at auto show be booked through the Underbelly istockphoto the April 18 event Web site.The proceeds will be at Tribeca Grill jacob javits used to support the Guardian may be placing bets center april 10 -19 Angels network, which is in 140 Mr. Poulakakos says Gold on whether the Boss Mon-Sat: 11am - 10:30pm Sun: 10am - 7pm cities and 13 countries. Street—which had some and wife Patti Scialfa “management problems”—did will show up amid not meet his standards, so he’s Mr. Springsteen’s Downtown gets dumped the concept, which latest infidelity flap. Italian hospitality included a sushi bar. The new Whether the restaurant will mimic Carmine’s, couple makes s • Cars • Concept Car the financial district is a popular Italian eatery that the date, items al Cars • Green • Economic est Cars & Trucks about to get its first family-style serves heaping platters of low- for auction pare the New Peter New Technologies • Com Italian eatery. In May, priced pasta, chicken parmigiana should raise Poulakakos, the entrepreneur and the like. Mr. Poulakakos says plenty of cash. Go to autoshowNY.com behind a string of successful lower his father had always wanted to They include a 1952 reissue – Check Out Our Calendar Of Events Telecaster – You Can Join Members Express Club FOR LOVE OR MONEY guitar (right) – Save Time . . . Buy Tickets Online! signed by Mr. – Buy Auto Show/Ferry Combo Tickets Online A NEW SURVEY FROM personal finance Springsteen, a trip to The Tonight Web site Minyanville finds that the drooping Show as the guest of E Street economy is adversely impacting people’s Band drummer Max Weinberg, and ethiing fforr everryone sex lives. About 17% of respondents say a European vacation that 2009 Therre’’ss ssomet att tthe Show!! their love lives have been affected by the recession, another 24% say they includes tickets and VIP access to have no financial plan B, and 34% say media pundits’ expert advice makes a Springsteen concert. For security purposes, NO backpacks allowed on Show floor. Random security and bag checks. Special rail admission packages at them more confused about what to do with their money. LIRR & Metro-North ticket windows. See autoshowNY.com for NY Waterway Combo tickets. FREE Shuttle Bus to Show from Contributor: Lisa Fickenscher Manhattan Parking Plaza on 42nd St. (between 9th & 10th Aves.) available all day weekends and from 6pm - 10:30pm Mon-Fri.

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utive, is getting anxious because he boldly laid out their business plans. or arrogance leads them to think that hasn’t heard back from the Federal The outsized assumptions that in- developing a business is easier than it Wall Street exodus Reserve Bank of New York after in- flated the banking bubble can be actually is.” terviews he thought were successful. hard to completely shake. If nothing else, Wall Street vets Continued from Page 1 “I cannot get the HR person to are often experts in exuding the op- MORE ON CAREERS Sweating out “We are not daunted” 35-year-old father of two acknowl- the job-hunt treadmill Page 21 return a phone call,”he says.“I know timism needed to sell a new venture. edges, but he figures it’s worth a I can do something for them, and I mr. weinstein, for instance, pro- Such was the case when boot-camp try—after all, the banking world in know they need people,but for some jects that his startup brewery could participant Anita Wong, who spent which he worked for nearly 10 years ber,and NYSSA officials say they’ve reason, there’s a disconnect.” generate $50 million in revenue by 13 years at Merrill Lynch & Co., is gone for good. “At my age,” he seen a spike in membership so that Little wonder that former 2013. “The risks are daunting,” he pitched an idea for a stress-relief says, “you don’t get many more people can attend the members- bankers want to try to start their says, “but we are not daunted.” program called Melt With Anita. chances to swing for the fences.” only event.“Two years ago,everyone own businesses instead. They will Wall Street refugees may find The program involves squeezing More than 20,000 securities in- would have laughed at this,” ac- become masters of different uni- that their experience is of little use in stress balls and using a foam roller dustry workers in New York have lost knowledges William Drawbridge, verses,but they will have a chance to a startup. Investing in long-term on the hands, neck or feet. their jobs in this recession. And the NYSSA’s director of membership, be their own masters nonetheless. goals or sharing knowledge with in- “One hour of Melt With Anita, Wall Street outflow threatens to turn marketing and development. At an entrepreneur “boot camp” experienced employees is anathema and you’ll feel better,” Ms. Wong into an exodus over the next two Ex-bankers readily acknowledge sponsored by the New York City for many star traders or stock pick- says, adding that people still em- years: The Independent Budget Of- the transition to government work Department of Small Business Ser- ers, says Ari Kiev, a psychologist ployed could follow the program at fice forecasts another 30,000 job loss- can be frustrating. Spencer Cutter, vices last week, about a dozen casu- who specializes in counseling Wall work. “It’d be great to do while on es in the securities industry,or 25% of 40,a former Lehman Brothers exec- alties of the Wall Street collapse Streeters. “Their confidence, naïveté conference calls.”
the city’s best-paid workers.By 2011, total financial job losses could surpass 77,000, when layoffs at insurers and other institutions are included. Fearing a devastating brain drain of smart, ambitious people who no longer can afford to stay in New York, the city plans to spend $45 million to turn former Wall Street ® bankers into entrepreneurs by offer- Now buy ANY BlackBerry, ing them training, office space and even funding for their startups. Those who don’t yearn to become entrepreneurs are being encouraged get another one FREE! to find work with the federal gov- ernment, which has embarked on a radical overhaul of finance regula- Let our Small Business Specialists show you how you can do more with email and save. tion and will need to fill the ranks of its expanding workforces here for A BlackBerry Smartphone lets you get more done on the go; stay on top of your email, open attachments, everything from the Federal Re- edit files and more. 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April 13, 2009 | Crain’s New York Business | 7 CNYB 04-13-09 A 8 4/10/2009 12:27 PM Page 1

VIEWPOINT Fordham’s lessons for NY editor in chief Rance Crain publisher, vp Jill R. Kaplan all street’s recovery is in neighborhood density. It has sacrificed 144,000 square feet editorial director Greg David serious doubt. Clearly, New that could have been developed under current regulations. It EDITORIAL editor Xana Antunes York City’s economy must is spending more than $5 million on a temporary park for managing editor Glenn Coleman become more diversified. But do residents and permanently opening much of its Lincoln deputy managing editors Valerie Block, Erik Ipsen New Yorkers understand what it Center campus to the neighborhood.The school has also contributing editor will take to help make that agreed to consult community groups as the design evolves. Elizabeth MacBride columnist Alair Townsend happen? A key test comes in the Yet neighborhood opposition persists in a so-yesteryear senior reporters Theresa Agovino, next few weeks, when the Planning Commission and the way, with some activists pressing for further reductions in Aaron Elstein, Erik Engquist, Lisa Fickenscher, City Council vote on Fordham University’s $1.6 billion building heights and Matthew Flamm, Miriam Kreinin Souccar W reporters Barbara Benson, Amanda Fung, proposal to expand its Lincoln Center campus.This is HEAD OF THE CLASS density and others Daniel Massey, Adrianne Pasquarelli, exactly the kind of big thinking on which the city’s future Higher-education employment in New York City. demanding a veto Hilary Potkewitz art director Steven Krupinski depends. over future deputy art directors Carolyn McClain, The importance of higher education to the local economy alterations. While Daniel Mednick staff photographer Buck Ennis can’t be overstated. In the last 10 years, employment at New there is always room copy desk chief Wendy Zuckerman York City colleges and universities has grown by more than for negotiation, the copy editor Thaddeus Rutkowski research editor Denise Southwood 20%, to more than 90,000 full-time employees, and the jobs fact is that further www.crainsnewyork.com total easily surpasses 150,000 when contract workers are changes—especially web editor Brian Tracey counted.These are just the sort of middle-class jobs—from downsizing two senior producer Elisabeth Butler Cordova producer Kira Bindrim highly educated teachers to entry-level support staff—that residential towers New York needs. that help finance the EDITORIAL AND ADVERTISING OFFICES 711 Third Ave., New York, NY 10017-5806 Fordham offers both immediate and long-range boosts *Projection. Source: Bureau of Labor Statistics plan—could hurt editorial: 212.210.0277 Fax 212.210.0799 advertising: 212.210.0259 for the city with its plan to revamp the Lincoln Center other parts of the city. Cable craincom nyk campus to alleviate overcrowding—its space per student is For example, Fordham might have to delay planned construc- Fax 212.210.0499 half that at other New York City schools—and expand enroll- Entire contents ©copyright 2009 Crain tion on its Bronx campus. Robbing Peter (the Bronx) to pay Communications Inc. All rights reserved. ment to 11,000 from 8,000. It could break ground a year Paul (the West Side) makes little sense for anyone. A com- ®CityBusiness is a registered trademark of MCP Inc., used under license agreement. from now, providing 5,000 desperately need construction munity veto would set a dangerous and unneeded precedent. TO SUBSCRIBE: jobs, and the additional students will create an estimated 500 Fordham’s plan should be approved on its merits—and to Call 888.909.9111; fax 313.446.6777. permanent Fordham jobs and 200 contract positions. send a signal to other universities that the city stands behind $3.00 a copy, $59.79 one year, $109.79 two years. www.crainsnewyork.com The university has already significantly changed its them, because they hold an important key to New York’s original proposal to help ease community concerns about ADVERTISING AND MARKETING future. senior account managers Cornelius P. Gore, William E. Squitieri commercial real estate sales manager Cory Marks LETTERS TO THE EDITOR account executives Irene Irvill, Courtney McCombs, Anthony Mowad sales manager, classified print & online John Gallagher sales coordinator, print & online Yo! Downtown Brooklyn is growing Lulé Haznedari sales coordinator Anita Perrino credit Todd J. Masura 313.446.6097 CORPORATE TENANTS, newspaper, El Diario/La Prensa; POLL COMMENTS I BELIEVE that higher-end seats are marketing director Amy Crossman RETAILERS MOVING IN and UniWorld, the largest being purchased by out-of-town marketing manager Jill H. Bottomley African-American-owned THE SAD THING about the prices for people who believe that seeing the circulation manager Andrea Richardson assistant circulation manager the characterization of advertising company in the Yankee games is that kids who live Yankees is as good as going to a Rosalie Ford downtown Brooklyn as “bloodied” country. within walking distance of the Broadway show.The Yanks don’t (“Four neighborhoods roll with
Seen great retailers such as stadium will never get to go inside. need the locals! general manager, interactive punches,” April 6) Trader Joe’s, Urban Where are tomorrow’s young fans —ron mullen Marc Minardo web developer, interactive is not only unfair, Outfitters, Aveda coming from? Neighborhood Chris O’Donnell it is inaccurate. Spa and H&M youngsters should be allowed into SIMPLE SOLUTION: Don’t pay any With more open their doors or the park after it is determined attention to the Yankees, and NEW YORK PRODUCTION than $2.4 billion sign leases. what the attendance will be (say, perhaps any major league sport production and pre-press director in development
Experienced a after the third inning or so). that ignores the middle class. Michael Corsi advertising production manager completed or surge in hotel —alan zaitz When attendance and television Suzanne Fleischman Wies under way (and development that ratings drop, their finances will funded) in the last has resulted in the I’LL WATCH a “baseball game” on TV drop, too. Perhaps then the games PUBLISHED BY CRAIN COMMUNICATIONS INC.

two years, annie bissett recently opened Nu or see the minor league games. Go will come back to the true fans and chairman Keith E. Crain downtown Hotel and another to Yankee or Citi “Taxpayer” Stadi- not just the corporate people who president Rance Crain Brooklyn is one of the fastest- 1,000 rooms in construction um and you see the “baseball busi- use them as a party place for secretary Merrilee Crain Mary Kay Crain growing downtowns in America. (including a Sheraton and an ness” hot dog, $5, and $18 parking. financial dealing. treasurer executive vp, operations William Morrow While the global credit crunch and Aloft). Management doesn’t feel we al- Enjoy participation in sports, Gloria Scoby
senior vp, group publisher economic recession are slowing the Attracted more than 3,000 ready paid enough for the stadiums. your kids and your friends. group vp, technology, circulation, pace of development across the new residents to the area, in —larry zuckerberg —ted leibowitz manufacturing Robert C. Adams city and country, it is still addition to the 3,000 housing vice president/production & occurring in this district at a rate units that are under construction. manufacturing David Kamis that would have been unthinkable In short, what the article fails to chief information officer Paul Dalpiaz just a few years ago. highlight is that downtown WHAT’S COMING UP IN CRAIN’S? corporate circulation director Patrick Sheposh Within the past 18 months, Brooklyn is one of the fastest- What downtown Brooklyn has: growing and most dynamic areas Report Real founder G.D. Crain Jr. (1885-1973)
Attracted a prestigious group of the city. New Yorkers on estate chairman Mrs. G.D. Crain Jr. (1911-1996) of tenants, such as corporate law joe chan earn education report firm Weil Gotshal & Manges; the President April 20 April 27 May 4 nation’s largest Spanish-language Downtown Brooklyn Partnership

8 | Crain’s New York Business | April 13, 2009 CNYB 04-13-09 A 9 4/10/2009 12:28 PM Page 1

Prime nologies, despite the trillions the federal government is spending to West Times bail out bad banks and crumbling 218 car companies. He’s even engaging th Street Square in talks with world leaders about a 40 new global agreement on reducing Location greenhouse gases—a decided break from previous administrations. This is progress. ■ ImmediateImmediate availability. Full flflooroor - 13,800 rsfrsf For too long, politicians have ■ ■ whined that we can’t afford this or ExpansionExpansion opportunitiesopportunities GGenerousenerous workletteworkletterr that environmental program. Busi- ■ 24/724/7 buildingbuilding access with conciergeconcierge ■ NNewew eelevatorslevators nesses have whined that they can’t ■ AcrossAcross from the new New York Times buildingbuilding afford this or that environmental regulation.All the while the ice caps have been melting. Now that we’re basically broke,it seems we’ll somehow find the mon- ey to get some programs rolling. Hey, the timing isn’t great for spending a bundle on green initia- tives, but there will always be excus- es for putting them off. And the longer we wait, the more expensive it will be to deal with the crisis. john h.john howard If we had taken measures to re- duce carbon emissions a decade ago, we could be reaping great dividends right now. We might have an infra- structure in place for electric and From doomsday biofuel-powered cars, or wind- and solar-powered utilities. We might have created millions of jobs and to Earth Day been light-years ahead of foreign competitors. It’s shameful that cleaning up y carbon footprint is smaller than that of our planet (or caring for our sick many Americans. I walk to work and don’t and poor,or educating our children) has for so long taken a backseat to 100% COMMISSIONS own a car. I recycle my table scraps at the cutting taxes for the wealthy and PAID ON SIGNING Union Square Green Market compost stand spending our dollars on waging war. every week. And I grow a vegetable garden on I’ve been waiting my whole life for someone in Washington who FOR LEASING INFORMATION, CONTACT: my terrace each summer. not only understands that this must M CAROL SACKS [email protected] 212.452.6055 But yes, as a nation, we create a lot of waste. Sometimes I change but has the courage to push back against those who don’t—like MICHAEL DUBIN [email protected] 212.452.6042 imagine we’re all actors ing to NBC Universal, the oil companies, which are still in a science fiction 89% of consumers re- backing away from next-generation movie where humans sponding to an online energy technologies. can’t stop polluting the poll agreed that they I can feel the balance shifting. LEASING & MANAGEMENT earth even as the folly of have a “personal respon- Maybe it’s because Americans Savittpartners.com our ways becomes sibility to take care of are so demoralized by the recession painfully apparent.It all the Earth.” And a Ya- and so concerned about global ends badly, of course, hoo survey found that warming that the same creepy sci-fi with future generations 77% of consumers con- flick is playing in nearly everyone’s living in caves. sider themselves green. head. As we come up on Equally important, Or maybe it’s because this down- Earth Day 2009,I won- VALERIE we at last have a leader turn has made us realize that if we der: Could we be re- BLOCK who acknowledges the can put our hands on hundreds of writing that script? dangers of climate billions to spread democracy in the I am cautiously opti- change. President Bar- Middle East or rescue titans of in- Want to STAND OUT from the crowd? mistic. Finally, people on the whole ack Obama’s budget reflects his de- dustry,then we should be able to in- Promote your coverage with Crain’s Custom Reprints want to make a difference. Accord- termination to invest in green tech- vest in a cleaner future. What are the benefits of reprints? • Offer a unique opportunity to CRAIN’S ONLINE POLL co-brand your company with a reputable news source Are the Yankees charging too much for tickets this season? • Help underscore your PR efforts by including in press kits and 373 VOTES recruitment pieces Date of poll: April 6 No. If Yankees fans want to • Digital reprints boost your news/press Yes. The go to a brand- web pages and help drive traffic to Yankees are new ballpark your site gouging their to watch the fans to pay team with the Reprint Plaque for the .91% 9% . highest construction payroll in ASK ABOUT OUR REPRINT PRODUCTS: of their new baseball, they HARD COPY REPRINTS • EPRINTS • PLAQUES stadium. are going to BANNERS/BUTTONS • TRADE SHOW COLLATERAL • POSTCARDS have to pay handsomely for it. Contact Lauren Melesio at 212.210.0707 or [email protected] for information on how to turn For readers’ comments, see Page 8. your Crain’s press coverage into great marketing.

April 13, 2009 | Crain’s New York Business | 9 CNYB 04-13-09 A 10 4/10/2009 2:52 PM Page 1

Signs of economic life

Continued from Page 1 ty is a sign that retailers think the In the city, economists are look- economy will pick up in six to eight ing to activity at staffing agencies months—about the time it takes to like Ms. Fay’s as a leading indicator acquire and build out space. of whether the recession has hit bot- There’s even a glimmer of hope tom, because companies will often in an otherwise-dismal residential hire temporary workers when they market, says Miller Samuel Presi- sense that recovery is near. At Aji- dent Jonathan Miller. In the past lon Professional Staffing, Regional few weeks, he’s noticed an uptick in Vice President Andrew Ernst has the number of signed contracts. also seen a change in recent weeks. Pent-up demand and improved liq- “Companies are coming to us— uidity in the market for convention- not a substantial number, but it def- al mortgages has driven the up- COZENCONFIDENCE initely has turned,” he says. swing. It’s being fueled largely by A key component of any poten- first-time home buyers, who can tial turnaround is the city’s con- buy without having to sell first. sumer confidence level, which rose “I’ve seen enough transactions to 7.2 points in the first quarter of the get a sense that things are better year, to 63.4, according to a Siena than we thought they would be go- Research Institute survey.That lifts ing into the spring,”Mr.Miller says. consumer confidence back to where Avoiding the worst Phil Kircher, Trial Lawyer it was in the first quarter of 2008. Future confidence jumped a hefty 9 even on the employment front, points, to 68.1. some economists are guardedly op- “Consumers have taken a deep timistic that lower-than-expected Winning takes confidence. breath and stepped back from the cuts thus far might mean that the economic cliff,” city will be able to Whether you need an unrivaled trial lawyer or corporate observes Douglas steer clear of the counsel who understands your business, our attorneys Lonnstrom, SRI’s ‘It’s good that direst of job-loss have the training and flexibility to help you win. founding director. forecasts. New Yorkers we’re up, but “If you asked For worldwide offices, visit us at cozen.com. are moving beyond me three months the shock of last these are still ago if we’d lose fall’s dismal eco- 300,000 jobs, I’d nomic news, and bad numbers’ say yes, but now optimism about I’m not so sure,” President Barack says James Parrott, Obama’s stimulus chief economist at plan has driven a the Fiscal Policy Geoffrey D. Ferrer, Office Managing Member belief that conditions are going to Institute. 16th Floor, 45 Broadway improve,Mr.Lonnstrom says.But it So far,97,000 jobs have been lost New York, New York 10006 The confidence to proceed. will take time for full confidence to in the city. For months, Mr. Parrott 212.908.1201 | [email protected] return. “It’s good that we’re up, but and other economists have been ® these are still real bad numbers,”Mr. watching for anticipated Wall

© 2009 Cozen O’Connor Lonnstrom says. Street layoffs to show up in official A new report by the National statistics. Only 21,400 securities Association of Purchasing Manage- jobs have been shed so far since an ment-New York is also a good sign. August 2007 peak—not even half of Many Solutions.One Relationship. Although business activity in the the 48,800 that had been expected. city in March fell for the 14th While some former Wall Streeters straight month, the rate of decline may still be collecting severance, $39,225,000 $20,000,000 $30,000,000 $17,500,000 slowed.And,the six-month outlook others might be getting an unex- RevolvingCredit Senior RevolvingCredit RevolvingCredit Facility Credit Facility Facility Facility increased a record 33 points,to 64.8, pected lifeline from federal bailout Provided for Provided for the highest level since May 2008. money, Mr. Parrott says. Provided for Provided for Figures above 50 indicate growth. Even if the economy has neared Indeed, the economy may be be- the bottom, New York City has a ginning to pick itself up off the scrap long way to go to dig itself out. The heap—literally. city entered the recession nine Kevin Gershowitz, who owns six months after most of the nation,and $ $ $ $ 24,750,000 10,250,000 4,500,000 2,610,000 recycling yards in the New York economists expect it to trail the na- RevolvingCredit Senior Secured Senior Secured Term Loan area, says business began collapsing tion on the way out. Citywide, job Facility Credit Facility Credit Facility Provided for in August, but started to stabilize in losses are expected through the Provided for Provided for Provided for mid-January when junk cars, old middle of 2010,according to the In- stoves and scrap from home im- dependent Budget Office, which provements started to trickle in.His predicts that 270,000 positions will yards are still operating at only 60% be shed in all. to 70% of their typical volume, but And not everyone agrees that that’s better than the 50% of a few trends are encouraging. “I’m not re- months ago. ally seeing any signs of a bottom,” says Marisa DiNatale, senior econ- Touchdown omist at Moody’s Economy.com, “we’ve finally landed,” Mr. Ger- who estimates that the city is only a showitz says. “It might be on Mars, third of the way through the reces- but at least we’ve landed.” sion.“New York seems to be getting See why we’ve earned our reputation as a leadingprovider of Brokers and owners of real estate progressively worse rather than a lit- workingcapital financingto growingcompanies. For more information also say the landscape is starting to tle better.” about Webster Business Credit, contact Warren Mino, President, at shift. But if nothing else, after months 212-806-4500 or visit our new website at Websterbcc.com to submit “Up until six weeks ago, there in which local economists were reg- was a lot of kicking of the tires,”says ularly revising their job-loss forecasts an online application for credit or find our nearest office location. Stephen Tarter, co-owner of retail to keep pace with calamitous head- leasing agent Tarter/Stats Realty. lines,most have stood pat for a while. “Now,a lot of deals are being made.” “At least the forecasts have bot- SM In one, a property owner chose tomed out,” says Frank Braconi, Pret A Manger as a tenant from a chief economist in the Office of the

03/09 Websterbcc.com group of eight serious contenders. New York City Comptroller.“That’s
New York • Boston • Hartford • Atlanta • Chicago • Memphis • Charlotte • Portland • Cleveland Mr.Tarter says the increased activi- a good sign in and of itself.”

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NO JOKE: Simon Binder of Greenhouse IT sees little in the federal recovery act Searching that will help his firm. stimulus for a boost Some find little direct impact, but plan could unclog credit

BY KIRA BINDRIM in the past three months, Greenhouse IT’s credit line has been reduced three times by American Express. The eight- person company, which provides flat-rate technology services to small and midsize businesses, has renegotiated vendor contracts and trimmed expenses to deal with declining revenues.But when President Barack Obama unveiled his $787 billion stimulus package in February, the staff found a reason to laugh. “We went through the original bill provision by provision

and saw no items that helped us di- “Less than 1% of the stimulus rectly,” says Simon Binder, Green- package is allocated to small busi- house’s managing partner. nesses,”says George Cloutier, “It was kind of a joke.” chief executive of consulting As big companies like firm American Management Citigroup and General Mo- Services.“The government is tors score billions in bailout saying AIG is too big to fail, bucks, many small business SEEKING but small businesses are too owners are underwhelmed STIMULUS small to care about.” with the stimulus bill. The CASE STUDY That’s also how it feels to Tech firm likes American Recovery and Obama’s plan Barry Cenower, owner of Reinvestment Act allocates Page 13 Acanthus Press, a Chelsea- $730 million to the Small based publisher of design Business Administration to reduce and architecture books. He has re- loan fees and increase lender guar- duced his staff to two people from antees. But entrepreneurs say it as- five, and Acanthus will publish just sumes that banks are lending and two books this year, down from an that businesses want to add to their average of seven. debt load at a time when they’re “Everything has gone under the

concerned about rising expenses. See SEARCHING on Page 12 buck ennis

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April 13, 2009 | Crain’s New York Business | 11 CNYB 04-13-09 A 12 4/9/2009 6:24 PM Page 1

REPORT SMALL BUSINESS

The recession has only exacer- ing taxes and developing grant pro- bated owners’ reluctance. grams. The burden of health care Searching for a stimulus boost “My bank has been more than costs could be eased by letting busi- willing to lend me money,” Mr. nesses form buying pools. Even Continued from Page 11 Committee, praised the move, say- below $10 billion this year. Cenower says. “But why borrow to those in growth areas like green knife,” Mr. Cenower says. ing that it would unlock $21 billion Additionally, many owners also produce a new product when con- products and health care technology The negative reaction spurred in new lending and create or save say that they lack the collateral or sumers aren’t spending?” want guarantees that a percentage of the government to do more for small 60,000 jobs. experience to qualify for a loan from Other factors increase entrepre- contracts will go to small firms. business. Last month, the Obama “We’re trying to loosen up the the agency. neurs’ uncertainty. For example, the For now, owners are doing what administration add- secondary market,” says Al Titone, Credit isn’t even the issue for president is calling on small busi- they can to hang on. Though many ed the purchase of the SBA’s acting district director. some. Ninety percent of entrepre- nesses to provide health care cover- think the lending environment will up to $15 billion in “We want the lenders to lend.” neurs have never applied for an SBA age for all employees, and under his improve when banks themselves are securities backed by But even the securities element is loan, and 58% say they wouldn’t be budget proposal, households mak- stable, “small business owners want SBA loans. Rep. contingent on banks loosening cred- interested even if the loans were eas- ing more than $250,000 face an in- to know where the next dollar is go- SEEKING Nydia Velázquez, it. The SBA usually guarantees ier to obtain, according to the Dis- come tax hike. ing to come from,” Mr. Cloutier STIMULUS chair of the House about $20 billion in loans annually, cover Small Business Watch survey Owners say the government says. “Everything is marginal com- Small Business but new lending is expected to fall in February. should help them directly, by reduc- pared to survival.”
SUPPORTING SMALL BUSINESS DESPITE CLAIMS that the American Recovery and Reinvestment Act largely ignores smaller firms, the law contains a number of provisions that could help entrepreneurs, including: INJECTING $730 MILLION INTO THE SMALL BUSINESS ADMINISTRATION

 $375 MILLION for temporary fee reductions or eliminations on SBA loans; increased SBA guarantee to up to 90% for some loans. www.sba.gov/recovery/index.html  $255 MILLION for new loan program to help businesses meet existing debt payments.  $30 MILLION to expand SBA’s microloan program.  $25 MILLION to increase SBA staffing to meet demand.  $20 MILLION to upgrade agency’s technology.  $15 MILLION to expand the SBA Surety Bond Guarantee program.  $10 MILLION for the agency’s Office of the Inspector General to YOUR BUSINESS IS YOUR LIFE’S WORK. ensure regulatory compliance.
Buying up to $15 billion in securities backed by SBA loans OUR BUSINESS IS TO HELP KEEP IT to encourage banks to lend more.
Letting businesses deduct up to $250,000 for capital FINANCIALLY PROTECTED. investments made in 2009.
Allowing those with annual revenue of less than $15 million to lower taxes by writing off current losses against profits earned in the past five years. LOCAL OPPORTUNITIES At Guardian, we understand your small business needs. Your Guardian representative works right alongside you to help you make the right FASTTRAC NEWVENTURE: This joint financial decisions. Our wide range of financial and employee benefit project of the city’s Economic De- solutions helps you attract and keep key talent, protect your income, velopment and Small Business Ser- and ensure a secure retirement for you and your employees. Our vices departments helps emerg- fi nancial stability cultivated over 149 years, prudent risk management, ing entrepreneurs, with a focus on and reputation for doing the right thing mean we’ll be there for you laid-off financial services workers. now and in the future. To get the right solutions for your business www.nyc.gov/html/sbs/nycbiz/ html/business_courses/ needs, visit us at www.GuardianLife.com. fasttrac.shtml

NEW YORK CITY BUSINESS SOLUTIONS TRAINING GRANTS: L I F E I N S U R A N C E D I S A B I L I T Y I N C O M E I N S U R A N C E L O N G T E R M C A R E I N S U R A N C E I N V E S T M E N T S R E T I R E M E N T E M P L O Y E E B E N E F I T S Subsidies to help small ©2009. Disability income products and Long Term Care Insurance underwritten and issued by Berkshire Life Insurance Company of America, Pittsfi eld, MA, a wholly owned stock subsidiary of The Guardian Life Insurance Company of America businesses instruct employees. (Guardian), New York, NY. Products not available in all states. Product provisions and features may vary from state to state. Investments are offered through Park Avenue Securities LLC (PAS), 7 Hanover Square, New York, NY 10004. PAS is an indirect wholly owned subsidiary of The Guardian Life Insurance Company of America, New York, NY. www.nyc.gov/html/sbs/nycbiz/ PAS is a member FINRA, SIPC. html/home/home.shtml Financial information concerning The Guardian Life Insurance Company of America as of 12/31/07 on a statutory basis: Admitted Assets = $28.3 Billion; Liabilities = $24.6 Billion (including $20.8 Billion of Reserves); and Surplus = $3.7 Billion.

12 | Crain’s New York Business | April 13, 2009 Guardian-Sponsorship_CRAINS_JrP.indd 1 3/3/09 1:11 PM CNYB 04-13-09 A 13 4/9/2009 4:37 PM Page 1

REPORT Our Past Experience Health IT firm’s Ensures Your Future Success no-paper push To Do List:

IN NETWORK: Company sees sales Health care is the 1. Get reliable, affordable Business Class Phone spike as Obama plan biggest sector for Lior Blik’s 2. Add High-Speed Internet and/or Cable TV for digitizing records NIT Connect. hits fever pitch 3. Enjoy the convenience of

BY STEVE WEINSTEIN Time Warner Cable Business Class

three years ago, Lior Blik saw the future, and it was health care. More and more hospitals and medical practices were signing up with NIT Connect, the Manhattan informa- tion-technology consultant and service provider that he founded and heads. Today, the privately held company’s health care division ac-

counts for three-quarters of its near- buck ennis ly $7 million in annual revenue. Thanks to a provision in Presi- health care technology, Mr. Blik dent Barack Obama’s stimulus took a second job as the acting chief package, Mr. Blik thinks sales could information officer at Hoboken www.twcbc.com/NYC 1.877.227.8711 grow by as much as University Medical Center. $10 million next “When I developed NIT Health, 17485-17754-BScraines_jnl year. As he jokingly I decided to let other people manage puts it, “Our future the company day to day, because is definitely bright- I wanted to see it from the other SEEKING er since we hired side,” he says.“I look at it as a learn- STIMULUS Obama as a mar- ing opportunity.” keting consultant.” The Obama administration Reconcilable differences wants all health providers to go pa- one of the biggest problems for perless by 2015. It has put forward a health care IT going forward is the proposal that Brenda Gleason, pres- lack of compatibility among software ident of M2 Health Care Consulting programs needed to transfer records. in Washington,D.C.,calls “a combi- “There needs to be some level of nation of carrot and stick”—award- code enforcement and one compli- ing higher payouts to Medicare ance body,” Mr. Blik says. “Right physicians and hospitals that use elec- now, regulatory requirements make tronic health records,and penalizing it a lot more difficult.” those that don’t. Participating doc- For now, he is encouraging his tors would receive $44,000 over five clients to buy systems that will be years, and hospitals could get much able to integrate upgrades when the more, into the millions of dollars. inevitable happens and the industry The plan is only the latest salvo adapts a compliance standard. as the government wages an all-out When Fran Schwartz, the exec- battle to replace musty files that not utive administrator at Boro Park only take up space and collect dust OB/GYN, hired the firm a few but also impede efforts to track pa- years ago, the first thing NIT did tient records and collect health data was junk previous consultants’work. for research purposes. The Obama “There was a lot of cleanup,”Ms. administration has pledged to bring Schwartz relates. “Vendors would health care into the digital age, pro- sell a cheap product that was OK for viding up to $50 billion in funding. 10 workstations but not 140. Every That’s great for companies like four years, you end up redoing it.” NIT,which advises medical facilities Ms. Schwartz needed to coordi- on hardware and software covering nate information in the practice’s every facet from patient records, four clinics in Brooklyn—and leave family medical histories and lab re- room for growth. NIT not only ad- sults to insurance requirements,bill- vised on medical records but also ing and physician referrals. gave training in everything from us- ing QuickBooks for accounting to Soup to nuts implementing a new telephone sys- nit connect works exclusively in tem. Such a holistic approach is the the New York area. Most of its 80 only way to integrate an electronic employees are techies who spend system, according to Mr. Blik. their time on-site. “Doctors analyze and write the “We help clients choose the right charts,” he says.“But the nurses and solution and then help them imple- the receptionists—they’re the driv- ment it,” Mr. Blik explains. “We go ers of the system.”
out and provide an assessment, do a review, help purchase the software For daily health care news, and train them in how to use it. subscribe to We’re their IT department-for-hire CRAIN’S HEALTH PULSE @ as they go through these changes.” www.crainsnewyork.com/pulse To better familiarize himself with

April 13, 2009 | Crain’s New York Business | 13 CNYB 04-13-09 A 14 4/9/2009 9:16 PM Page 1

REPORT SMALL BUSINESS New York Area’s Largest Commercial Banks

Ranked by total assets 2008 2008 loan types (% of each) 2008 nonper- 2008 2007 2008 2007 Non- total loans forming assets assets net income net income Commercial residential outstanding loans % of Rank Bank Phone/Web site (in millions) (in millions) (in millions) (in millions)& industrial Comm11 ConsumerConsu2 2 ResidentialResi3 3 realNonres estate4 Other 5 (in millions) 6 (in mil.) assets

J.P. Morgan Chase Bank N.A. (212) 270-6000 $1,746,242.0 $1,318,888.0 $10,419.0 $10,732.0 21.20% 12.58% 49.94% 5.40% 10.87% $663,903.0 $16,402.0 0.94% 270 Park Ave. www.jpmorganchase.com 1 New York, NY 10017 Bank of America N.A. 7 (212) 583-8000 $1,471,631.0 $1,312,794.2 $5,894.6 $11,631.2 24.93% 8.58% 42.14% 13.84% 10.52% $712,320.2 $16,142.2 1.10% 9 W. 57th St. www.bankofamerica.com 2 New York, NY 10019 Citibank N.A. (212) 559-1000 $1,227,040.0 $1,251,715.0 ($6,215.0) $2,304.0 23.72% 20.27% 33.37% 10.20% 13.05% $563,235.0 $24,987.0 2.04% 399 Park Ave. www.citibank.com 3 New York, NY 10022 Wachovia Bank N.A. 8 (212) 424-2661 $635,476.0 $653,269.0 ($2,925.0) 9 $4,881.0 23.12% 10.53% 38.85% 17.39% 10.13% $384,990.0 $115.0 0.02% 1755 Broadway www.wachovia.com 4 New York, NY 10019 Bank of New York (212) 495-1784 $195,164.0 $115,672.0 $1,235.0 $1,312.0 19.89% 0.97% 13.14% 3.18% 63.06% $32,827.0 $162.0 0.08% 1 Wall St. www.bnymellon.com 5 New York, NY 10286 HSBC Bank USA N.A. (212) 525-5000 $181,604.1 $184,491.5 ($1,589.7) $221.1 26.30% 25.50% 32.72% 9.20% 6.27% $83,222.6 $1,273.8 0.70% 452 Fifth Ave. www.banking.us.hsbc.com 6 New York, NY 10018 Goldman Sachs Bank USA 10 (212) 902-1000 $162,474.0 n/a ($250.0) n/a 60.04% 3.61% 13.18% 0.20% 22.97% $4,044.0 $0.0 0.00% 85 Broad St. www.goldmansachs.com 7 New York, NY 10004 Capital One N.A. (631) 298-8884 $115,142.3 $97,517.9 ($1,000.4) ($278.1) 17.63% 33.56% 24.96% 19.53% 4.35% $69,487.8 $724.2 0.63% 245 Love Lane www.capitalone.com 8 Mattituck, NY 11952 TD Bank N.A. 11 (888) 751-9000 $101,632.1 $45,486.0 $473.0 $309.3 19.96% 8.20% 29.10% 35.11% 7.64% $51,196.6 $565.4 0.56% 1701 Route 70 East www.tdbanknorth.com 9 Cherry Hill, NJ 08034 Morgan Stanley N.A. 12 (212) 761-4000 $58,058.0 $35,064.0 ($505.0) ($23.0) 63.90% 8.44% 0.03% 5.17% 22.46% $14,846.0 $345.0 0.59% 1585 Broadway www.morganstanley.com 10 New York, NY 10036 Deutsche Bank Trust Co. Americas (212) 250-2500 $50,801.0 $35,424.0 ($4.0) $279.0 27.35% 6.41% 16.90% 5.37% 43.96% $12,861.0 $117.0 0.23% 60 Wall St. www.db.com 11 New York, NY 10005 UBS Bank USA (212) 821-3000 $30,495.0 $25,044.3 $245.8 $258.9 50.91% 47.86% 0.03% 0.01% 1.19% $12,948.2 $0.0 0.00% 299 Park Ave. http://bankusa.ubs.com 12 New York, NY 10171 Banco Popular North America (212) 417-6600 $12,440.9 $13,358.3 ($552.2) ($211.7) 22.70% 1.72% 35.31% 34.63% 5.64% $10,243.7 $457.7 3.68% 7 W. 51st St. www.bancopopular.com 13 New York, NY 10019 Israel Discount Bank of New York (212) 551-8500 $9,445.3 $9,132.4 $34.3 $37.4 65.28% 2.50% 2.24% 18.46% 11.70% $4,002.0 $23.2 0.25% 511 Fifth Ave. www.idbny.com 14 New York, NY 10017 Signature Bank (646) 822-1500 $7,192.2 $5,845.2 $43.4 $27.3 27.35% 4.30% 29.73% 35.93% 2.81% $3,688.2 $41.6 0.58% 565 Fifth Ave. www.signatureny.com 15 New York, NY 10017 Bank Leumi USA (917) 542-2000 $5,761.3 $5,815.5 $20.1 $30.5 72.66% 0.02% 2.98% 13.31% 11.03% $3,626.1 $42.9 0.75% 579 Fifth Ave. www.leumiusa.com 16 New York, NY 10017 Bank of Tokyo-Mitsubishi UFJ Trust Co. (212) 782-4000 $4,565.5 $4,235.1 ($70.2) $9.6 68.80% 0.00% 0.04% 0.00% 31.16% $2,572.8 $50.1 1.10% 1251 Sixth Ave. www.mufg.jp/english 17 New York, NY 10020 Safra National Bank of New York (212) 704-5500 $4,536.8 $4,184.8 $20.7 $33.6 70.77% 6.10% 4.16% 9.19% 9.80% $1,397.5 $0.6 0.01% 546 Fifth Ave. www.safra.com 18 New York, NY 10036 Amalgamated Bank (212) 255-6200 $4,470.6 $4,697.4 ($12.4) $12.0 19.61% 0.41% 52.41% 28.02% 0.04% $2,276.6 $45.5 1.02% 275 Seventh Ave. www.amalgamatedbank.com 19 New York, NY 10001 Mizuho Corporate Bank (USA) (212) 282-3000 $3,281.8 $2,904.8 ($8.9) $43.0 45.42% 0.00% 0.95% 0.00% 53.63% $2,506.8 $1.6 0.05% 1251 Sixth Ave. www.mizuhocbk.co.jp/english 20 New York, NY 10020 New York Commercial Bank (631) 348-0888 $2,697.9 $3,019.1 $17.7 $72.3 30.92% 0.23% 20.76% 31.65% 16.53% $1,675.0 $6.4 0.24% 1601 Veterans Memorial Highway www.nycommercialbank.com 21 Islandia, NY 11749 Hudson Valley Bank (914) 961-6100 $2,411.3 $2,193.3 $32.0 $34.7 21.50% 1.04% 24.32% 52.06% 1.37% $1,626.1 $9.0 0.37% 21 Scarsdale Road www.hudsonvalleybank.com 22 Yonkers, NY 10707 Intervest National Bank (212) 218-8383 $2,200.9 $1,911.0 $8.3 $20.3 0.04% 0.02% 34.69% 65.77% 0.00% $1,652.2 $100.3 4.56% 1 Rockefeller Plaza www.intervestnatbank.com 23 New York, NY 10020 Sterling National Bank (212) 757-3300 $2,196.3 $1,987.9 $19.5 $19.5 52.82% 1.52% 13.30% 9.81% 22.55% $1,244.9 $11.5 0.52% 650 Fifth Ave. www.sterlingbancorp.com 24 New York, NY 10019 Bank of Smithtown (631) 360-9300 $1,863.9 $1,120.6 $18.2 $15.9 3.06% 0.12% 28.93% 68.11% 0.02% $1,688.7 $1.9 0.10% 1 E. Main St. www.bankofsmithtownonline.com 25 Smithtown, NY 11787 Source: SNL Financial, Charlottesville, Va., (434) 977-1600, www.snl.com/bank; additional research by Denise Southwood, Maia Blume and Selena Shen NewYork area includes New York City and Nassau, Suffolk and Westchester counties in New York, and Bergen, Essex, Hudson and Union counties in New Jersey. To qualify for this list, institutions must meet the Federal Deposit Insurance Corp.'s definition of a commercial bank: banks with state or national charters that are supervised by the Comptroller of the Currency, the Federal Reserve or the FDIC. In addition, their U.S. headquarters must be in the New York area, or they must have a significant presence in the area. All figures are for the bank unit only—not the holding company—and are for the years ended Dec. 31. Figures other than those for loan types and nonperforming loans as a percentage of assets have been rounded to one decimal place. Nonperforming loans as a percentage of assets are based on unrounded numbers. Loan type percentages may not add up to 100.00% in every instance because of calculation components' being reported in thousands in the regulatory filings. n/a Not available. 1-Total consolidated commercial and industrial loans as a percentage of total consolidated loans and leases (net of unearned income and gross of reserve). Includes loans made to small businesses. 2-Total consolidated consumer loans as a percentage of total consolidated loans and leases (net of unearned income and gross reserve). 3-Domestic office loans secured by one- to four-family residential properties and domestic office loans secured by multifamily residential properties (five or more units). 4-Consolidated total real estate loans less residential real estate loans. 5-Loans to depository institutions, agricultural production loans, foreign government loans, loans to state and political subdivisions, all other loans and total leases. 6-Total loans and lease financing receivables (net of unearned income). 7-In February 2008, Bank of America acquired U.S. Trust Co. 8-In December 2008, Wachovia Corp., the parent of Wachovia Bank N.A., was acquired by Wells Fargo & Co. 9-Reflects only the first three quarters. 10-The predecessor of Goldman Sachs Bank USA was Goldman Sachs Capital Markets L.P., which acquired Goldman Sachs Bank USA in November 2008 and was established as a commercial bank and renamed Goldman Sachs Bank USA. 11-In June 2008, TD Bank N.A. acquired Commerce Bank/North. 12-In September 2008, Morgan Stanley was granted federal bank holding company status by the U.S. Federal Reserve.

14 | Crain’s New York Business | April 13, 2009 CNYB 04-13-09 A 15 4/9/2009 8:13 PM Page 1

REPORT SMALL BUSINESS New York Area’s Largest Thrifts 2008 loan types (% of each) 2008 Ranked by total assets Non- 2008 total nonper- 2008 2007 Com- residential loans out- forming 2008 assets 2007 assets net income net income mercial & Con- Resi- real standing loans % of Rank Thrift Phone/Web site (in millions) (in millions) (in millions) (in millions)industrial Comm11 sumerConsu22 dentialResi33 Nonresestate44 Other 5 (in mil.) 6 (in mil.) assets

Hudson City Savings Bank (201) 967-1900 $53,906.2 $44,142.1 $436.2 $287.3 0.06% 0.01% 99.68% 0.25% 0.00% $29,491.5 $218.3 0.49% West 80 Century Road www.hcsbonline.com 1 Paramus, NJ 07652 New York Community Bank (516) 683-4100 $30,307.7 $28,348.4 $95.5 $237.4 0.94% 0.15% 75.86% 23.07% 0.05% $20,793.9 $107.3 0.38% 136-65 Roosevelt Ave. www.mynycb.com 2 Flushing, NY 11354 Astoria Federal Savings & Loan Association (516) 327-3000 $21,978.0 $21,735.1 $95.7 $142.8 0.08% 0.09% 93.86% 5.97% 0.00% $16,712.8 $262.6 1.21% 1 Astoria Federal Plaza www.astoriafederal.com 3 Lake Success, NY 11042 Emigrant Bank (212) 850-4521 $11,986.0 $10,948.8 ($257.7) $112.1 15.56% 0.49% 50.52% 22.58% 10.85% $5,855.7 $280.4 2.56% 5 E. 42nd St. www.emigrant.com 4 New York, NY 10017 Investors Savings Bank (973) 376-5100 $7,178.1 $5,865.4 ($67.7) $11.3 0.05% 0.04% 91.10% 8.81% 0.00% $5,661.1 $47.8 0.82% 101 JFK Parkway www.isbnj.com 5 Short Hills, NJ 07078 Apple Bank for Savings (516) 869-7000 $6,856.4 $7,433.0 $31.2 $75.2 0.78% 1.38% 74.28% 23.47% 0.29% $1,636.2 $1.0 0.01% 1395 Northern Blvd. www.theapplebank.com 6 Manhasset, NY 11030 Provident Bank (201) 333-1000 $6,535.1 $6,338.3 $39.9 $37.0 6.83% 2.97% 52.84% 36.62% 0.76% $4,526.7 $60.3 0.95% 239 Washington St. www.providentbanknj.com 7 Jersey City, NJ 07302 Columbia Bank (201) 796-3600 $4,510.6 $4,211.6 $29.5 $31.4 4.45% 0.08% 61.70% 33.78% 0.00% $3,459.9 $52.1 1.24% 19-01 Route 208 North www.columbiabankonline.com 8 Fair Lawn, NJ 07410 Ridgewood Savings Bank (718) 240-4800 $4,235.4 $4,055.7 $17.9 $24.2 0.31% 0.19% 88.35% 11.13% 0.03% $2,828.1 $11.8 0.29% 71-02 Forest Ave. www.ridgewoodbank.com 9 Ridgewood, NY 11385 Dime Savings Bank of Williamsburgh (718) 782-6200 $4,043.0 $3,463.2 $31.8 $26.1 0.00% 0.05% 72.57% 27.38% 0.00% $3,290.6 $7.3 0.21% 209 Havemeyer St. www.dimewill.com 10 Brooklyn, NY 11211 Continued

April 13, 2009 | Crain’s New York Business | 15 CNYB 04-13-09 A 16 4/9/2009 8:13 PM Page 1

REPORT SMALL BUSINESS

2008 loan types (% of each) 2008 Non- 2008 total nonper- 2008 2007 Com- residential loans out- forming 2008 assets 2007 assets net income net income mercial & Con- Resi- real standing loans % of Rank Thrift Phone/Web site (in millions) (in millions) (in millions) (in millions)industrial Comm11 sumerConsu2 2 dentialResi3 3 estateNonres4 4 Other 5 (in mil.) 6 (in mil.) assets

Flushing Savings Bank (718) 961-5400 $3,947.9 $3,336.5 $10.1 $21.4 3.38% 0.01% 67.76% 28.85% 0.00% $2,970.1 $38.7 1.16% 144-51 Northern Blvd. www.flushingsavings.com 11 Flushing, NY 11354 Kearny Federal Savings Bank (201) 991-4100 $2,036.0 $1,999.7 $7.1 $2.5 1.23% 0.28% 82.45% 16.04% 0.00% $1,085.4 $7.3 0.37% 614 Kearny Ave. www.kearnyfederalsavings.com 12 Kearny, NJ 07032 Spencer Savings Bank SLA (800) 363-8115 $1,916.7 $1,876.0 $8.5 $6.7 1.20% 0.10% 82.36% 16.34% 0.00% $1,255.6 $9.2 0.49% 611 River Drive www.spencersavings.com 13 Elmwood Park, NJ 07407 Northfield Bank (718) 448-1000 $1,721.5 $1,379.1 $14.1 $18.1 1.84% 0.26% 39.72% 58.18% 0.00% $590.0 $10.6 0.77% 1731 Victory Blvd. www.enorthfield.com 14 Staten Island, NY 10314 Oritani Savings Bank (201) 664-5400 $1,632.4 $1,273.7 $5.0 $13.6 1.09% 0.02% 49.11% 49.76% 0.03% $1,203.8 $44.1 3.46% 370 Pascack Road www.oritani.com 15 Washington Township, NJ 07676 Maspeth Federal Savings & Loan Association (718) 335-1300 $1,400.1 $1,291.3 $23.1 $19.2 0.42% 0.01% 75.02% 24.55% 0.00% $1,322.9 $48.0 3.72% 56-18 69th St. www.maspethfederal.com 16 Maspeth, NY 11378 Boiling Springs Savings Bank (201) 939-5000 $1,189.3 $1,163.3 $2.7 $5.2 0.01% 0.08% 62.20% 37.70% 0.00% $926.1 $28.5 2.45% 25 Orient Way www.bssbank.com 17 Rutherford, NJ 07070 Emigrant Savings Bank - Manhattan (212) 748-7550 $1,166.6 $1,212.0 ($12.5) $12.5 1.53% 0.29% 98.18% 0.00% 0.00% $463.1 $16.1 1.33% 261 Broadway www.emigrant.com 18 New York, NY 10007 Union County Savings Bank (908) 354-4600 $1,053.5 $1,069.4 ($68.4) $6.2 0.00% 2.19% 90.67% 7.14% 0.00% $132.4 $0.8 0.07% 320 N. Broad St. — 19 Elizabeth, NJ 07207 Emigrant Savings Bank - Bronx/Westchester (718) 329-2050 $991.7 $1,050.9 ($11.3) $10.5 0.00% 0.58% 99.42% 0.00% 0.00% $357.6 $10.2 0.97% 2526 Grand Concourse www.emigrant.com 20 Bronx, NY 10458 Source: SNL Financial, Charlottesville, Va., (434) 977-1600, www.snl.com/bank; additional research by Denise Southwood, Maia Blume and Selena Shen NewYork area includes New York City and Nassau, Suffolk and Westchester counties in New York, and Bergen, Essex, Hudson and Union counties in New Jersey. To qualify for this list, institutions must meet the Federal Deposit Insurance Corp.'s definition of a savings bank or savings institution: banks or institutions with state or federal charters that are supervised by the FDIC or the Office of Thrift Supervision. In addition, their U.S. headquarters must be in the New York area, or they must have a significant presence in the area. All figures are for the thrift only and are for the year ending Dec. 31. Figures other than those for loan types and nonperforming loans as a percentage of assets have been rounded to one decimal place. Nonperforming loans as a percentage of assets are based on unrounded numbers. Loan type percentages may not add up to 100.00% in every instance because of calculation components being reported in thousands in the regulatory filings. 1-Total consolidated commercial and industrial loans as a percentage of total consolidated loans and leases (net of unearned income and gross reserve). 2-Total consolidated consumer loans as a percentage of total consolidated loans and leases (net of unearned income and gross reserve). 3-Domestic office loans secured by one- to four-family residential properties and domestic office loans secured by multifamily residential properties (five or more units). 4-Consolidated total real estate loans less residential real estate loans. 5-Loans to depository institutions, agricultural production loans, foreign government loans, loans to state and political subdivisions, all other loans and total leases. 6-Total loans and lease financing receivables (net of unearned income).

4 3 5 1 7 119 101 2 2 001 7 9 1 3 6 8

6 2 95 17 0

16 | Crain’s New York Business | April 13, 2009 CNYB 04-13-09 A 17 4/9/2009 4:36 PM Page 1

REPORT SMALL BUSINESS HITS & MISSES Middleman firm’s key moves by Tina Traster Beautifiers’ go-between finds style FIXING THE SHOT: IgroupNYC had to rebuild its book of photographers after a partner walked out with most of those clients. brief stint at a talent management agency in the late 1990s helped Robin Krasner discover her calling. In Her agreement with the 100% of the expenses.” relationships with professional 2000, she founded IgroupNYC with a handful of set partner—a longtime friend—was “Friendship doesn’t guarantee matters. More important, she has A informal, however, so after the good business manners,” says Ms. learned to put everything in writing designers and stylists. acrimonious split, the owner was Krasner, who vows that she will when entering a business “These artists had regular clients, so I started my business left with “25% of the business and never again mix personal arrangement.
with a small revenue stream,” Ms. Krasner says. Nearly a decade later, the 42-year-old owner reps top- tier artists and photographers Retirement income guaranteed with accounts that include Vogue, Harper’s Bazaar, Hermès, Caroline Herrera and L’Oréal. With three staffers, IgroupNYC takes a 35% There are no guarantees commission on clients’ fees for hair and makeup work and 25% for photography. in retirement. The company suffered a serious blow in 2006, when a partner who had brought the photography business left with Except maybe this one. most of that talent—which represented a significant portion of IgroupNYC’s clients. A lawsuit settlement, along with support from her husband and family, helped Ms. Krasner through the crisis. “I was raised to believe if you work hard and you’re honest, you reap the rewards,” she says. “I always assume other people behave Guaranteed income for life. the same way.That proved to be a blind spot.” With an income annuity through Fidelity, you can rest assured that you, and your Last year, IgroupNYC had spouse, will always have an income. revenues of $1.2 million, higher (Guarantees are subject to the claims-paying ability of the issuing insurance company.) than expected, and Ms. Krasner says first-quarter 2009 has been strong. HITS Using credit wisely shortly after starting the Whatever your destination, Fidelity has the people, company, Ms. Krasner took out a $100,000 line of credit through the guidance and investments to help you fi nd your way. Small Business Administration “for a rainy day.” It indeed stormed a few years later, when a client’s check was late and she had to come up with CALL 877.202.8257 $65,000 for a production shoot in Brazil. Ms. Krasner repaid the loan CLICK Fidelity.com/annuities64 when the check arrived a week to open an account online later, passing along the interest charges to the client. VISIT Investor Centers located nationwide She doubled her credit line in 2005, a move that gives her peace of mind, given the current stranglehold on lending. But, Ms Krasner says, “I think of a credit Before investing, carefully consider the investment objectives, risks, charges, and expenses of the variable annuity and line as an emergency fund, not a revenue stream.” its investment options. Call or write to Fidelity or visit Fidelity.com for a free prospectus containing this information. Read it carefully. Variable annuities are subject to investment risk. Your principal value may decline. Insurance products are MISSES issued by Fidelity Investments Life Insurance Company (FILI) and, in New York, by Empire Fidelity Investments Life Insurance Mixing personal, professional Company,® New York, N.Y. FILI is licensed in all states except New York. Some insurance products are issued by third-party in 2005, Ms. Krasner expanded her insurance carriers. The contract’s fi nancial guarantees are solely the responsibility of the issuing insurance company. midtown office space, signing a Annuities are distributed by Fidelity Brokerage Services, Member NYSE, SIPC, and/or Fidelity Insurance Agency, Inc. 433459.8.0 lease that tripled her overhead.

April 13, 2009 | Crain’s New York Business | 17 nb15p18-19cls.qxp 4/10/09 12:58 PM Page 18

EXECUTIVE RECRUITER PUBLIC & LEGAL NOTICES

Assoc/Informat’n Scientist: Dvlp/dsgn VP, Risk Management: Frmult IS solt’ns for fxed incme trd’g; Frmlt smlt’n/closd-form mdels for mrtgag Notice of Formation of BK BELTS, LLC. Notice of Qualification of Zaffran, LLC. Amalgamated Life Insurance Arts. of Org. filed with Secy. of State Fictitious name in NY State: Zaffran mrkt data prc’g algrthms; Reqts: prtflios; Dfin specs for intgratd mrtgag Company is committed to pre- Mstr’s in CS, Comp Eng’g, or Bchlr’s risk systm; Prfrm validt’n of intrnl of NY (SSNY) on 03/24/09. Office Consulting, LLC. Authority filed with in same +5 yrs exprnc as Quant pric’g, hedg’g/risk mngmnt mdels; Dvis location: Bronx County. Principal Secy. of State of NY (SSNY) on 2/2/09. venting fraud in regard to the Rsearch/Dvlper/Anlyst or smlr implm- strtegies to hedge macro risks using office of LLC: 3950 Blackstone Ave., Office location: NY County. LLC insurance coverage it issues. #4N, Riverdale, NY 10471. SSNY formed in Delaware (DE) on 12/26/02. nt’g apps to lverag Murex. Skls Req’d: mrtgag instrmnts. Req’ts: MBA or Mstr’s Therefore, Amalgamated Life, Murex, MxML Exchng, MDCS API, in Math/Physcs/Engnrg +2 yrs in job designated as agent of LLC upon SSNY designated as agent of LLC Trdrepositry API, Pre/pst trde wrkflws ofrd or 2 yrs as VP/Asciat/Anlyst in whom process against it may be upon whom process against it may be as required by the New York in murex, Murex scrpt’g/mrkt data cpital mrkets hndl’g pric’g/risk mngm- served. SSNY shall mail process to served. SSNY shall mail process to: State Insurance Department mdule, Java, C, C++, Shell Scrpt’g, nt for mrtgage/asset-backd bonds. Seth Kaplan at the principal office of c/o Falcon & Singer P.C., 14 Harwood Court, Ste. 220, Scarsdale, NY 10583. makes the following statement: SQL, Perl, XSL, XSLT, PHP, XML, Skls req’d: Price RMBS/ABS bonds & the LLC. Purpose: Any lawful activity. DE address of LLC: 874 Walker Road, HTML, Sybse, Mcrsft SQL. MPG measur expsurs w/Murex, Bloomberg, Any person who knowingly and Ste. C, Dover, DE 19904. Arts. of Org. Operations LLC, New York, NY. BondStudio/Intex. MPG Operations LLC, CAPITOL PUBLISHING, LLC filed with DE Secy. of State, Townsend with intent to defraud any insur- Resumes to: Box 0189, 711 3rd Ave, New York, NY. Resumes to: Box 0189, Notice of formation of Capitol Publishing, LLC. Articles of Org. Bldg., Dover, DE 19901. Purpose: any ance company or other person, 3rd flr, NY, NY 10017. 711 3rd Ave, 3rd flr, , NY, NY 10017. lawful activity. filed with Secy. of State of NY files an application for insurance (SSNY) on 01-16-09. Office location: or statement of claim containing LOANS FOR SALE NY County. SSNY designated as Notice of Formation of Fox Evaluation, agent of LLC whom process against LLC. Articles of Organization filed any materially false informa- EVENT SPACE it may be served. SSNY shall mail with Secy. of State of NY (SSNY) on tion,or conceals for the purpose Loans for Sale process to LLC, 79 Madison Ave., 12/15/08. Office location: NY County. of misleading, information con- Commercial lender seeking to sell 16th Floor, NY, NY 10016. Purpose: SSNY designated as agent of LLC Mortgage notes. NY Metro Area. any lawful activity. upon whom process against it may cerning any factual material Please call 212-786-7362 be served. SSNY shall mail process there-to, commits a fraudulent Notice of Formation of GREEN APPLE to the LLC, 1380 First Avenue, #6G, act, which is a crime. They will New York, NY 10023. Purpose: any VENTURES LLC. Arts. of Org. filed with be subject to a civil penalty not OFFICE/RETAIL Secy. of State of NY (SSNY) on lawful act or activity. LEASE MODIFICATION 03/17/09. Office location: NY County. to exceed five thousand dollars SSNY designated as agent of LLC QUANTUM CODERS, LLC Articles of and the stated value of the claim upon whom process against it may be Organization filed with NY Secretary for each violation. REDUCE YOUR RENT served. SSNY shall mail process to c/o of State (SSNY) 7/11/07. Office in NY & Jerome Caulfield, Carter Ledyard & County. SSNY is designated as agent Anyone knowing of a fraudulent Specializing in existing new leases Milburn LLP, 2 Wall St., NY, NY 10005. of LLC upon whom process may be Contact experienced commercial Purpose: Any lawful activity. served. SSNY shall mail copy of act should call Mark Schwartz at: tenant attorney Ira Kaufman process to Corporation Service Co., 80 Amalgamated Life for a free consultation 125E 80 LLC, a domestic Limited State St., Albany, NY 12207, which is Insurance Company 917-484-2206 or also the registered agent upon whom [email protected] Liability Company (LLC) filed with the 333 Westchester Ave. Sec of State of NY on 3/5/09. NY process against the LLC may be Office location: New York County. served. Purpose: Any lawful purpose. White Plains, NY 10604 SSNY is designated as agent upon 800-624-5844 whom process against the LLC may Notice of Formation of E.T. # 6104 - REAL ESTATE be served. SSNY shall mail a copy 6816 LLC. Arts. of Org. filed with NY of any process against the LLC Dept. of State on 3/13/09. Office loca- NOTICE OF FORMATION of New York City Lishenew Corporation OFFICE SPACE served upon him/her to The LLC, 125 tion: NY County. Sec. of State desig- E. 80th St., Parlor Fl., NY, NY 10075 nated as agent of LLC upon whom (D/B/A) A-1 News New York City General purposes. process against it may be served and Corp.. LLC Arts. Of Org. filed with Tribeca Film Center shall mail process to: c/o Joseph Secy Of State of N.Y. (SSNY) on 5/22/08 Office location: NY County Executive office space Notice of Formation of ImageKing Moshkovsky, CPA, 747 3rd Ave., 4th available in Tribeca Film Center Fl., NY, NY 10017, regd. agt. upon SSNY designated as agent of LLC Visuals LLC. Arts. of Org. filed with upon whom process against it may 24-hour security, conference Secy. of State of NY (SSNY) on whom process may be served. Purpose: any lawful activity. be served. SSNY shall mail process rooms, screening rooms, 2/13/09. Office location: NY County. to: principal business location: 327 Long & Short term rentals. SSNY designated as agent of LLC West 36th St. New York, NY 10018 212-941-2000 upon whom process against it may Notice of Qualification of AmSpec Purpose. Any Lawful activity. be served. SSNY shall mail process Services, L.L.C. Authority filed with 1183472 w.o. to: 227 E. 45th St., NY, NY 10017. Secy. of State of NY (SSNY) on Purpose: any lawful activity. 03/23/09. Office location: Bronx Notice of Formation of Rising Creek PUBLIC & LEGAL NOTICES County. LLC formed in New Jersey Partners, LLC. Arts. of Org. filed with EDONICCO LLC, a domestic Limited (NJ) on 06/18/97. Principal office and Secy. of State of NY (SSNY) on Liability Company (LLC) filed with the NJ address of LLC: 360 E. Elizabeth 2/6/09. Office location NY County. NIMA ASSET MANAGEMENT LLC, a Notice of Formation of MP PEARL Sec of State of NY on 5/19/08. NY Ave., Linden, NJ 07036. SSNY desig- SSNY designated as agent of LLC domestic Limited Liability Company LLC. Arts. of Org. filed with Secy. of Office location: New York County. nated as agent of LLC upon whom upon whom process against it may (LLC) filed with the Sec of State of State of NY (SSNY) on 3/5/09. Office SSNY is designated as agent upon process against it may be served. be served. SSNY shall mail copy of NY on 11/21/08. NY Office location: location: NY County. SSNY designat- whom process against the LLC may SSNY shall mail process to the LLC process to The LLC c/o US New York County. SSNY is designat- ed as agent of LLC upon whom be served. SSNY shall mail a copy of at the address of its principal office. Corporation Agents Inc., 7014 13th ed as agent upon whom process process against it may be served. any process against the LLC served Arts. of Org. filed with State of NJ, Ave, Ste 202, Brooklyn NY 11228. against the LLC may be served. SSNY shall mail process to: The LLC, upon him/her to Richard K. Eng, Dept. of Treasury, Div. of Revenue, Purpose: Any lawful activity. SSNY shall mail a copy of any 545 Fifth Ave., Ste. 600, NY, NY Esq., 100 Lafayette St., Ste. 403, NY, P.O. Box 308, Trenton, NJ 08646. process against the LLC served upon 10017. Purpose: any lawful purpose. NY 10013 General purposes. Purpose: Any lawful activity. him/her to John Coleman, Esq., 444 NOTICE OF FORMATION of Gear Madison Ave., Ste. 805, NY, NY Notice of Formation of Alive Idea Media Notice of formation of GetHired, LLC Patrol LLC. Arts. Of Org. filed with the Notice of Formation of Bassin Capital 10022 General purposes. Group LLC. Arts. of Org. filed with Secy. Arts. of Org. filed with Secy. of State Secy. Of State of N.Y. (SSNY) on Advisors, LLC. Articles of Organization of State of NY (SSNY) on 5/15/08. of N.Y. (SSNY) on 2/11/09. Office 1/22/09. Office location: New York filed with Secy. of State of NY (SSNY) Notice of Formation of Roundsquare Office location: NY County. SSNY des- location: NY County. SSNY designat- County. SSNYdesignated as agent of on 02/11/09. Office location: NY Equities, LLC. Arts of Org. filed with ignated as agent of LLC upon whom ed as agent of LLC upon whom LLC upon whom process against it County. SSNY designated as agent Sec. of State of NY (SSNY) on process against it may be served. process against it may be served. may be served. SSNY shall mail of LLC upon whom process against it 3/5/09. Office location: NY County, SSNY shall mail process to: Greg W. SSNY shall mail process to: principal process to: principal business loca- may be served. SSNY shall mail SSNY designated as agent of LLC Brooks, 119 Fifth Avenue, 3rd Fl., NY, business location: Purpose: Any law- tion: 214 East 51st St. #2B, NY, NY process to the LLC, 145 West 67th upon whom process against it may NY 10003. Purpose: any lawful activity. ful activity. 505 E. 79th Street, #10A, 10022 Purpose: Any lawful activity. Street, Suite 46J, New York, NY 10023. be served. SSNY shall mail process NY, NY 10075 12066338 W.O. Purpose: any lawful act or activity. to: c/o Cassandra Carpio, 5 Marine Notice of Qualification of 152 View Plaza, Suite 318, Hoboken, N.J. FRANKLIN STREET, LLC. Authority Notice of Qualification of BRC SPV I, Notice of Qualification of Equity 07030. Purpose: any lawful activity. filed with Secy. of State of NY Notice of Qualification of 140Labs, LP. Authority filed with Secy. of State Residential Services II, LLC. Authority (SSNY) on 02/28/07. Office location: LLC. Authority filed with Secy. of of NY (SSNY) on 2/12/09. Office filed with NY Dept. of State on NOTICE OF FORMATION OF LIMIT- NY County. LLC formed in Delaware State of NY (SSNY) on 3/13/09. location: NY County. LP formed in 3/24/09. Office location: NY County. ED LIABILITY COMPANY. NAME: (DE) on 12/20/06. Principal office of Office location: NY County. LLC Delaware (DE) on 2/6/09. SSNY des- LLC formed in IL on 12/19/08. NY OLIMA VENTURES LLC. Articles of LLC: 152 Franklin St., NY, NY 10013. formed in Delaware (DE) on 3/12/09. ignated as agent of LP upon whom Sec. of State designated as agent of Organization were filed with the SSNY designated as agent of LLC SSNY designated as agent of LLC process against it may be served. LLC upon whom process against it Secretary of State of New York upon whom process against it may upon whom process against it may SSNY shall mail process to: Daniel may be served and shall mail (SSNY) on 03/25/09. Office location: be served. SSNY shall mail process be served. SSNY shall mail process Beltzman, 1270 Broadway, Ste. 1009, process to: c/o CT Corporation New York County. SSNY has been to c/o Troutman Sanders LLP, Attn: to princ. bus. loc.: The LLC, 15 Broad NY, NY 10001, also registered agent. System, 111 8th Ave., NY, NY 10011, designated as agent of the LLC upon Andrew Wilson, Esq., 405 Lexington St., Ste. 2624, NY, NY 10005. DE DE address of LP: 2711 Centerville regd. agt. upon whom process may whom process against it may be Ave., NY, NY 10174. DE address of address of LLC: United Corporate Rd., Ste. 400, Wilmington, DE 19808. be served. Principal office addr.: 2 N. served. SSNY shall mail a copy of LLC: 2711 Centerville Rd., Services, Inc., 874 Walker Road, Ste. Name/address of genl. ptr. available Riverside Plaza, Ste. 400, Chicago, process to the LLC, c/o Drabkin & Wilmington, DE 19808. Arts. of Org. C, Dover, DE 19904. Arts. of Org. from SSNY. Cert. of LP filed with DE IL 60606. Arts. of Org. filed with IL Margulies, Esqs., 291 Broadway, 18th filed with Secy. of State, DE, 407 filed with DE Secy. of State, 401 Secy. of State, Federal & Duke of Sec. of State, 501 S. 2nd St., Rm. Floor, New York, New York 10007. Federal St., Dover, DE 19901. Federal St., Dover, DE 19901. York Sts., Dover, DE 19901. Purpose: 351, Springfield, IL 62756. Purpose: Purpose: For any lawful purpose. Purpose: Any lawful activity. Purpose: any lawful activity. any lawful activities. any lawful activity.

18 | Crain’s New York Business | April 13, 2009 nb15p18-19cls.qxp 4/10/09 12:51 PM Page 19

PUBLIC & LEGAL NOTICES

Notice of Qualification of DSRM NOTICE OF FORMATION of Study Notice of Formation of ODINARES, Notice of Qualification of INTERMIX Notice of Registration of BRONSTEIN Brokerage LLC. Authority filed with Bright Tutors LLC. Arts. Of Org. filed LLC. Arts. of Org. filed with Secy. of AGENT, LLC. Authority filed with Secy. VAN VEEN & SCHUCK, LLP, a NY Dept. of State on 3/5/09. Office with Secretary Of State of N.Y. State of NY (SSNY) on 03/03/09. of State of NY (SSNY) on 03/06/09. domestic LLP. Notice of Reg. filed location: NY County. Princ. bus. addr.: (SSNY) on 12/30/08. Office location: Office location: NY County. Principal Office location: NY County. LLC with the SSNY on 02/19/09. Office 255 Vista Valley Dr., Fruita, CO 81521. New York County. SSNY designated office of LLC: 350 Fifth Ave., Ste. formed in Delaware (DE) on 02/23/09. location: NY County. SSNY has been LLC formed in DE on 12/18/08. NY as agent of LLC upon whom process 4400, NY, NY 10118. SSNY designat- SSNY designated as agent of LLC designated as agent upon whom Sec. of State designated as agent of against it may be served. SSNY shall ed as agent of LLC upon whom upon whom process against it may be process against the LLP may be LLC upon whom process against it mail process to principal business process against it may be served. served. SSNY shall mail process to served. SSNY shall mail a copy of may be served and shall mail location: Study Bright Tutors c/o Bruce SSNY shall mail process to the LLC Corporation Service Co., 2711 process to: The LLP, 150 East 58th process to: c/o CT Corporation Brittain 305 West 76th St. NY NY at the address of its principal office. Centerville Rd., Ste. 400, Wilmington, St., 21st Fl., NY, NY 10155. Purpose: System, 111 8th Ave., NY, NY 10011, 10023. Purpose: Any lawful activity. Purpose: Any lawful activity. DE 19808, which is also the DE To Practice The Profession Of Law. regd. agt. upon whom process may 1181771 m3-Tu a7 address of LLC. Arts. of Org. filed with Jeffrey W. Bullock, Secy. of State, Div. be served. DE addr. of LLC: 1209 NOTICE OF FORMATION of Arvelo ABURR LLC, a domestic Limited of Corps., 401 Federal St., Dover, DE Orange St., Wilmington, DE 19801. Notice of Formation of Morgan Real Architecture+Design, PLLC.Arts. Of Liability Company (LLC) filed with the 19901. Purpose: Any lawful activity. Arts. of Org. filed with DE Sec. of Estate LLC. Arts. of Org. filed with the Org. filed with Secy. Of State of N.Y. Sec of State of NY on 2-4-09. NY State, 401 Federal St., Dover, DE Sect’y of State of NY (SSNY) on (SSNY) on 4/27/07. Office location: Office location: NY County. SSNY is 19901. Purpose: any lawful activity. 03/30/2009. Office location, County of New York County SSNY designated Notice of Formation of RitaSue designated as agent upon whom New York. The street address is: 25 as agent of LLC upon whom process Siegel Resources, LLC. Articles of process against the LLC may be Notice of Formation of Neshgold, L.P. Central Park West 16F, New York, NY against it may be served. SSNY shall Organization filed with Secy. of State served. SSNY shall mail a copy of Application for Authority filed with Secy. 10023. SSNY has been designated mail process to: 123 William St.,NY, of NY (SSNY) on 3/11/09. Office any process against the LLC served of State of NY (SSNY) on 03/02/09. as agent of the LLC upon whom NY 10038 Principal business location: location: NY County. SSNY designated upon him/her to Adrienne Cannella, Office location: NY County. Original process against it may be served. 39 W 19th St., Ste.603 NY, NY 10011 as agent of LLC upon whom process 200 W. 57th St., Ste. 1304, NY, NY jurisdiction: Delaware. SSNY desig- SSNY shall mail process served to: Purpose: To practice architecture. against it may be served. SSNY shall 10019. General purposes nated as agent of L.P. upon whom c/o James Morgan, 25 Central Park mail process to the LLC, 17 West process against it may be served. West 16F, New York, NY 10023. 54th St., 9B, New York, NY 10019. NOTICE OF FORMATION OF Jeffrey Notice of Formation of DRMBRE APT W. Varcadipane PLLC. Article of SSNY shall mail process to the L.P., Purpose: any lawful act. 14D-12A, LLC. Arts. of Org. filed with Purpose: any lawful act or activity. c/o Neil S. Goldstein, Esq., Robinson Organization filed with Secretary of Secy. of State of NY (SSNY) on State of NY (SSNY) 12/01/08 Office Brog Leinwand, et al., 1345 Ave. of the Notice of Formation of STRATEGIC Notice of Formation of SH-MANIA 12/10/08. Office location: NY County. location NY County. SSNY designated Americas, 31 Fl., New York, NY 10105. EXPERIENTIAL GROUP, LLC. Arts. ELEVEN LLC. Arts. of Org. filed with Principal office of LLC: 411 E. 53rd as agent upon whom process may be Purpose: any lawful act or activity. of Org. filed with Secy. of State of NY Secy. of State of NY (SSNY) on St., Unit 6F, NY, NY 10022. SSNY served. Address SSNY shall mail any (SSNY) on 02/18/09. Office location: 03/19/09. Office location: NY County. designated as agent of LLC upon process is 500 W. 56 St., 821. NY, NY NY County. Principal office of LLC: Principal office of LLC: c/o Shoe Notice of Formation of RAINMAKER whom process against it may be 10019. Purpose of PLLC: engage in any 49 W. 27th St., 5th Fl., NY, NY 10001. Mania, 853 Broadway, NY, NY 10003. MANAGEMENT, LLC. Arts. of Org. served. SSNY shall mail process to lawful act or activity. Principal Business SSNY designated as agent of LLC SSNY designated as agent of LLC filed with SSNY on 7/20/07. Office Michael Berger, 62 Sumner Rd., location: 500 W. 56 St. NY, NY 10019. location: New York County. SSNY upon whom process against it may Greenwich, CT 06831. Purpose: Any upon whom process against it may be designated as agent of LLC whom be served. SSNY shall mail process lawful activity. served. SSNY shall mail process to to Corporation Service Co., 80 State the LLC at the address of its principal Notice of Formation of 15 William process against may be served. Street 34-E, LLC. Arts. of Org. filed SSNY shall mail process to: c/o The St., Albany, NY 12207-2543. Notice of Qualification of LionHedge office. Purpose: Any lawful activity. Purpose: Any lawful activity. with Secy. of State of N.Y. (SSNY) on LLC, SHANE L. BENSON, 100 Paulson Recovery Fund, L.P., App. 2/18/09. Office location: NY County. Suffolk St., Apt 1A, New York, NY for Auth. filed Sec’y of State (SSNY) Notice of Formation of Justin Tower, SSNY designated as agent of LLC Notice of Formation of Engel Advisors, 10002. Purpose: all lawful activities. 1/15/09. Office location: NY County. LP LLC. Certificate of Conversion filed upon whom process against it may be LLC. Arts. of Org. filed w/ Sec. of State org. in DE 1/14/09. SSNY designated with Secy. of State of NY (SSNY) on served. SSNY shall mail process to: c/o of NY (SSNY) on 1/15/09. Office Notice of Formation of FEED THE as agent of LP upon whom process 03/13/09. Office location: NY County. Snitow Kanfer Holtzer & Millus, LLP, location: New York County. Principal DOG, LLC. Arts. of Org. filed with against it may be served. SSNY shall SSNY designated as agent of LLC 575 Lexington Ave., 14th Fl., NY, NY business address: 1075 Park Ave., Secy. of State of NY (SSNY) on mail copy of process to c/o LionHedge upon whom process against it may 10022. Purpose: any lawful activity. 02/24/09. Office location: NY County. Apt. 5D, NY, NY 10128. SSNY desig- LLC, 405 Park Ave., Ste. 803, NY, NY be served. SSNY shall mail process SSNY designated as agent of LLC nated as agent for service of process 10022. DE office addr.: CSC, 2711 to the LLC, c/o Robert A. Schachter, against LLC & shall mail a copy to ZULLER & BONDY, LLP a domestic upon whom process against it may Centerville Rd., Wilmington, DE Esq., Robinson Brog Leinwand Limited Liability Partnership (LLP) filed be served. SSNY shall mail process Leonard Witman Esq., Witman 19808. Cert. of LP on file: SSDE, Greene Genovese & Gluck P.C., 1345 Stadtmauer, P.A., 26 Columbia Tpke, with the Sec of State of NY (SSNY) to Corporation Service Co., 80 State Townsend Bldg., Dover, DE 19901. Avenue of the Americas, New York, on 2-12-09. NY office Location: NY St., Albany, NY 12207-2543. Florham Park, NJ 07932. Purpose: Name/addr. of each gen. ptr. avail. at NY 10105. Purpose: engage in any engage in any lawful activity. County. SSNY is designated as agent Purpose: Any lawful activity. SSNY. Purpose: any lawful activities. lawful act or activity. upon whom process against the LLP may be served. SSNY shall mail a NOTICE OF FORMATION of COREY Notice of Qualification of Maiden Re Notice of Qualification of Nehst NOTICE OF FORMATION OF LIM- copy of any process against the LLP DISTASIO, L.AC., PLLC. Articles of Insurance Services LLC. Authority Creations LLC. Authority filed with ITED LIABILITY COMPANY. NAME: served upon him/her to The LLP, 42 Organization filed with the Secretary filed with Secy. of State of NY (SSNY) Secy. of State of NY (SSNY) on WILLIAM STREET HOSPITALITY W. 38th St., Ste. 802, NY, NY 10018. of State of NY (SSNY) on 02/20/09. on 3/5/09. Office location: NY County. 3/20/09. Office location: NY County. LLC. Application for Authority was Purpose: Law Office location: NY County. SSNY has LLC formed in Delaware (DE) on LLC formed in Delaware (DE) on filed with the Secretary of State of been designated as agent upon whom 12/12/07. SSNY designated as agent 7/25/06. SSNY designated as agent New York (SSNY) on 12/11/08. The Notice of Formation of PRODIGY process against it may be served. of LLC upon whom process against it of LLC upon whom process against it LLC was originally filed with the CAPITAL GROUP, LLC. Arts. of Org. The Post Office address to which the may be served. SSNY shall mail may be served. SSNY shall mail Secretary of State of Delaware on filed with Secy. of State of NY (SSNY) SSNY shall mail a copy of any process to: c/o National Registered process to: The LLC, 240 Madison Ave., 11/19/08. Office location: New York on 02/25/09. Office location: NY process against the PLLC served Agents, Inc., 875 Avenue of the 12th Fl., NY, NY 10016. DE address County. SSNY has been designated County. Principal office of LLC: 72 upon him is C/O the PLLC, 217 E. 22 Americas, Ste. 501, NY, NY 10001. of LLC: c/o National Registered as agent of the LLC upon whom Greene St., 2nd Fl., NY, NY 10012. Street, #32, NY, NY, 10010. Date of Address to be maintained in DE: 1209 Agents, Inc., 160 Greentree Drive, process against it may be served. SSNY designated as agent of LLC Dissolution: No Specific Date. Purpose Orange St., Wilmington, DE 19801. Ste. 101, Dover, DE 19904. Arts. of SSNY shall mail a copy of process upon whom process against it may be of PLLC: Acupuncture. Street address Arts. of Org. filed with DE Secy. Of Org. filed with DE Secy. of State, to the LLC, 56 West 45th Street, 4th served. SSNY shall mail process to of Principal Business location: 217 E. State, 401 Federal St., Ste 4., Dover, DE Townsend Bldg., Dover, DE 19901. Floor, New York, New York 10036. the LLC at the address of its principal 22 Street, #32, NY, NY, 10010. 19901. Purpose: any lawful activities. Purpose: any lawful activity. Purpose: For any lawful purpose. office. Purpose: Any lawful activity.

April 13, 2009 | Crain’s New York Business | 19 CNYB 04-13-09 A 20 4/10/2009 7:03 PM Page 1

IMAX scores Monster hit

Continued from Page 3 have all made deals for their coming Revenue fell 8% last year, to $106 oversize screens into multiplexes 3-D releases. million, as the digital systems were around the country. “We believe that 3-D is an expe- being put in place. Simultaneously, studios are rience that the public cannot repli- And IMAX’s success will depend counting more and more on spectac- cate at home, and IMAX extends in part on whether audiences take to ular productions, including 3-D that,” says Chuck Viane, president 3-D. Some observers think that the movies, to draw people away from of distribution for Walt Disney Stu- interest in the format will burn itself their increasingly elaborate home dios Motion Pictures. out, just as it has in the past. theaters. “I would be very surprised if live- Finally,movies have turned out to No profits yet action 3-D movies really become a be safe from the recession, as audi- imax, which hasn’t turned a profit fixture,” says Daniel Engber, a sen- ences escape their troubles by flock- since 2005, is still not out of the ior editor at online magazine Slate. ing to the latest blockbuster picture. woods. He believes that despite advances in BIG SCREEN VIEWS: Night at the Looking to get an extra push The cost of its expansion helped 3-D technology, the movies will ul- Museum 2, Monsters vs. Aliens and Star from IMAX, Disney, Paramount, to widen losses to $34 million in timately turn off viewers by leaving Trek (clockwise from upper left). Warner Bros.and 20th Century Fox 2008 from $27 million in 2007. them with eyestrain and headaches. But while the jury may still be out on 3-D, IMAX notes that it’s not betting everything on the format. Of the record 10 commercial films it will show this year, only five will be in 3-D. The company emphasizes IMAX’s enhanced presentation, which includes a giant screen,crystal- clear projection and high-quality sound,for which audiences pay a pre-

‘For the first time, IMAX has a viable business plan’

mium of up to 50%, or as much as $6 over the price of a regular ticket. Mr. Gelfond also points out that for the first time in 3-D’s history, major directors, including Steven Spielberg and James Cameron, are working in the format. Blockbuster future he argues that the key to IMAX’s growth over the next couple of years will be its ability to choose from a strong slate of blockbusters. “You don’t have to be Alfred Hitchcock to understand that Transformers 2 or Harry Potter [and the Half-Blood Prince] are going to be successful,” he says. Just as important will be the company’s continued expansion of its exhibition footprint, now that its digital system has allowed it to move beyond specially built theaters. IMAX will have 16 commercial screens in the New York area by the end of this year, up from just three a year ago. By 2010, the company will have some 400 commercial screens around the world, compared with 231 at the end of 2008. Research Associates analyst Mar- la Backer projects that IMAX will go into the black this year,with profits of $19 million on revenue of $159 mil- lion.Her projections call for the com- pany to grow by double digits in 2010. “For the first time, IMAX has a viable business plan,” she says.

20 | Crain’s New York Business | April 13, 2009 CNYB 04-13-09 A 21 4/10/2009 12:28 PM Page 1

BUSINESS CORPORATE LADDER Head of contractors group has a builder’s mentality PAGE 22

GOTHAM GIGS The tax master Job-hunt treadmill MIKE SAVAGE, 35, had long dreamed of moving to New Multiple callbacks often lead nowhere York City and running a business. Mr. Savage can claim success as president of The Tax SISYPHUS, 2009: Club, a full-service tax firm Suzanne Grossberg, that works with small business unemployed for over a year, has owners and entrepreneurs. applied for 73 jobs CORPORATE DETECTIVE and been on The multiple interviews. Seattle native landed his first job here with PricewaterhouseCoopers after graduating from college. Working in the dispute, analysis and investigations unit, which aids troubled clients, he assisted with several prominent cases, such as the Xerox investigation in 2000. GOING GLOBAL In 2003, his friend Ted Johnson lured him away to run the new company. The Tax Club now has clients nationwide and abroad.The firm is able to keep prices low and the IRS happy; few, if any, of its clients have been audited, Mr. Savage says.The corporate tax deadline was March 16, so at least he isn’t facing personal filers’ last-minute frenzy. MONEY TALKS Business is booming despite the recession. As the number of layoffs rises, more people are starting businesses.The Tax Club’s services are in high demand, and the firm, which has 250 BY HILARY POTKEWITZ staffers, continues to grow. fter rigorously preparing for dozens of —maia blume interviews in the 15 months since her position was eliminated, Suzanne Grossberg feels that EXPERT OPINIONS she’s running in place. She wakes up every day PARKING FOR LESS right where she started: unemployed. parking is like a competitive Ms. Grossberg, a former development di- sport, and it doesn’t have to be. rector for an Alzheimer’s research foundation, STATS Take advantage of early-bird keeps a meticulous spreadsheet of her efforts. and evening specials to cut She has applied to 73 posts. Of the 42 listings your costs in half. If you arrive she responded to in 2008, she was interviewed 8.1% by midmorning, you can pay Afor 14 positions and made the short list for nine. Since Janu- New York City’s $12 to $25 for approximately ary, she has applied for 31 more jobs; she has interviewed for 12 hours, and parking after five and is waiting to hear from three. unemployment 4 p.m. will cost about $12. Her odyssey started innocuously enough. rate in February These deals are great for the “I was offered ‘the opportunity’ to take a break and go on workday and for evenings at severance, so I took it,” says the 54-year-old Westchester res- dinner or the theater. Don’t bring a big vehicle, because ident, who has 20 years of fundraising experience.“Little did 97,000 you’re going to I know it would be the exact point in time that the recession Number of jobs pay extra would start.” lost in New York money at most Ms. Grossberg’s severance payments ended months ago, City from August garages. but her “break” persists. —margot As of December, more than 65,000 people in the New York 2008 to tohn See RUNNING IN PLACE on Page 23 February 2009 Publisher Sources: Bureau of Labor Statistics, Park It! NYC Eastern Consolidated buck ennis

April 13, 2009 | Crain’s New York Business | 21 CNYB 04-13-09 A 22 4/9/2009 6:24 PM Page 1

BUSINESS LIVES CORPORATE LADDER Denise Richardson A builder’s mentality Trade group’s first Construction jobs are disappearing by the thousands because of the re- PERSONNEL FILE female leader knows cession. Association members have laid off 2,000 people,including their ORGANIZATION General Con- jobs are priority No.1 own staffers and union laborers, tractors Association of New York since September,to roughly 10,000. TITLE Managing director Ms. Richardson is spending a lot BY THERESA AGOVINO of time lobbying in Albany and AGE 49 Washington for more capital-proj- RÉSUMÉ Deputy commissioner, enise richardson ect funds and for New York City’s NYC Department of Environmen- knows how a sour fair share of allotted money. She tal Protection economy affects con- points out that many major projects, PERSONALITY TYPE Homebody struction workers’ including the Triborough Bridge buck ennis families. When she and La Guardia Airport, were built Dwas growing up near Providence, amid economic tumult. portation Authority, where she Ms. Richardson’s boundless en- R.I., her father, a window installer, “We have to make sure the les- bor costs by 25% in an effort to spur awarded more than $2 billion in ergy and exceptional organizational was jobless for months during tough sons of history aren’t lost,” says the more projects. contracts. While at the city’s De- skills also played a big part in her times.That sent her mother to work executive, who has a bachelor’s de- Additionally, the Queens resi- partment of Information Technolo- landing the post,says Mr.Donohoe, and upended the family dynamic. gree in economics and a master’s in dent interacts with public agencies gy and Telecommunications, she who adds that her gender was never “I was a nerdy sort of a kid who public administration and urban that hire contractors to ensure that managed contracts awarded to ad- considered. paid attention to that kind of thing,” and regional planning from Prince- members are aware of bidding dress the Y2K conversion. “I’ve never felt I’ve been singled says Ms. Richardson, the first fe- ton University’s Woodrow Wilson schedules and correct procedures. She joined GCA as deputy direc- out positively or negatively because male managing director of the Gen- School. “Spending on capital struc- tor three years ago and was promot- I’m a woman,” Ms. Richardson in- eral Contractors Association of ture is not pork.” Position-ready ed to the top spot last fall. sists. Her mind-set, she explains, is New York,which represents compa- Helping association members ms. richardson is especially well- “Denise understands the work- similar to that of her members, cre- nies that perform the heavy work on understand labor agreements and suited to her position. She started ings of agencies we do business ating a natural kinship. construction sites. aiding in settling disputes are also her career as a budget analyst at the with,” says John Donohoe, chair- “I think like a contractor,” Ms. “I’m very sensitive to the need to part of Ms. Richardson’s responsi- city Sanitation Department and man of Moretrench American Richardson says. “Someone pres- provide people with jobs,” she says. bilities. Contractors and unions are went on to serve as the procurement Corp. and president of GCA. “It ents a problem, and I just think That need is currently intense. currently working on a deal to cut la- officer for the Metropolitan Trans- makes her very effective in her role.” about how to solve it.”

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22 | Crain’s New York Business | April 13, 2009 CNYB 04-13-09 A 23 4/10/2009 12:29 PM Page 1

BUSINESS LIVES Running in place “Litigation is the [expensive] sport Continued from Page 21 cal law firms, has applied to more of kings.” metro area had been unemployed than 20 firms and survived 24 inter- for 27 weeks or more, according to views. She admits to favoring two unpublished data from the Bureau lucky suits and a pair of lucky shoes of Labor Statistics.The city’s jobless (black leather pumps) for these rate rose to 8.1% in February from meetings. But she hasn’t received 6.9% the month before—the biggest any offers. monthly jump in 30 years. The city Ms. Farwell no longer tells her Let us show you how to avoid lost 97,000 jobs from August 2008 parents about every callback, to to February 2009, says real estate spare them the disappointment. court by resolving disputes. If services firm Eastern Consolidated. “They don’t understand law firms or you must fight, our experienced With so many out of work, em- why it’s taking so long,” she says. ployers have the upper hand. Job attorneys know how to fight hard seekers say that banks and law firms Employers in driver’s seat in particular are known for calling even executive search firms are sur- and efficiently. candidates back for a second, third, prised at the current situation. In a fourth or even ninth round of inter- normal economy, a company would views, only to fill the job internally bring in six people to discuss an Contact Bill Borchard 212-790-9290 / [email protected] or defer the hire. available position, says Michael As the months drag on, each in- Cooke, senior vice president and terview becomes more critical, and partner at The Execu|Search the thrill of the callback is matched Group. That same company might only by the agony of the brush-off. now interview as many as 40 candi- Rejection isn’t easy for Ms. dates, simply because it can. Grossberg, once a tenured adminis- “There is less of a sense of ur- trator for the State University of gency to hire,” Mr. Cooke says. New York system and twice named “They know they have time.” Attorneys at Law the state’s top grant-writer. But time is of the essence for Scott “Never in a million years did I Cameron, a father of three and his 1133 Avenue of the Americas • New York, NY 10036-6799 think I’d have such a hard time get- family’s primary earner. The com- ting a job,” Ms. Grossberg says. mercial architect, who designed cus- www.cll.com Continuous interviewing with tom vaults and safe rooms—most- no end in sight takes a toll, says ly for banks Dhruvi Kakkad, an adjunct pro- and drugmak- fessor of psychology at Fordham ers—at a spe- University. cialty building “People often personalize it, at- firm, lost his tributing their unemployment to job asa project some personal failing or defect, manager in which can lead to feelings of help- November, lessness,” Ms. Kakkad says. “People when branch tend to fixate on the constant rejec- construction tion instead of acknowledging that Lee Ann Farwell started to there are larger external forces at grind to a halt. work—the global financial melt- “I had just down, for instance.” had a great review and a good bump We’ll show you how. in pay,” Mr. Cameron says. He has a Business direction you can actually use. Lucky suits financial cushion for a few more lee ann farwell, a legal mar- months but doesn’t know what he’ll keting associate who lost her job do if a job doesn’t materialize by the in a firm downsizing last June,is one fall. of those who refuse to succumb to Mr. Cameron has already ap- despair. plied for nearly 30 positions. “After “I have to stay upbeat about it,” a while, you do lose some of your says Ms. Farwell, 26. “Whining is enthusiasm,” he says, adding that not going to make a difference.” feeling unproductive is especially To maintain a positive attitude, difficult. the Pittsburgh native has estab- Still, he puts himself out there lished a regimen that involves devot- for every opportunity, even those ing four hours a day to her job search, that don’t involve banks. “Other followed by reading time—legal businesses need project managers dailies, weeklies and law blogs—to too,”says Mr.Cameron,who has al- keep abreast of the industry. lowed himself to get excited about In the past nine months, Ms. an opening at PepsiCo’s headquar- Farwell, who has three years’ expe- ters in Purchase, N.Y. “My skills rience working with prominent lo- definitely transfer,” he says.
JOB SEEKER DO’S AND DONT’S  STAY POSITIVE. Nobody wants to interview a depressed person.  SEND YOUR RÉSUMÉ to friends and business contacts. They will want to help pass it along to their contacts.  FOCUS ON THINGS IN YOUR CONTROL, such as how you direct your job search.  LET GO OF THINGS not in your control, like the broader economy. LLP  ESTABLISH AN INTERVIEW-DAY ROUTINE that helps calm you: Exercise, prepare Marcum & Kliegman your outfit, review a checklist. Certified Public Accountants & Consultants  TALK TO OTHERS in your industry. It helps you realize you’re not alone. An M&K Group Company  DON’T PERSONALIZE REJECTION. It’s not you, it’s the recession.  DON’T ISOLATE YOURSELF. Schedule time with family, friends and community. www.MKLLP.com  DON’T SKIP SOCIAL ACTIVITIES to conduct job research. New York, NY Melville, NY Roseland, NJ Tinton Falls, NJ Greenwich, CT Grand Cayman, BWI Sources: Dhruvi Kakkad, adjunct professor of psychology, Fordham University; Michael Cooke, senior vice president, The Execu|Search Group 212.981.3000 631.414.4000 973.618.0800 732.922.9900 203.861.9700 800.921.0777

April 13, 2009 | Crain’s New York Business | 23 Project5 3/31/09 1:34 PM Page 1

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