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INSIDE Financial reform’s TOP STORIES delicate task —Kathryn manufacturer Wylde of the needs Partnership for New no extra padding ® York City PAGE 2 Page 11 redux Macy’s parade VOL. XXVI, NO. 14 WWW.CRAINSNEWYORK.COM APRIL 5-11, 2010 PRICE: $3.00 route: It’s still up in Meet the the air busiest PAGE 2 Restaurants offer developer job security? Who knew? in the city PAGE 3 Web sites ramp up Gary Barnett has little fight for women debt, pots of cash and PAGE 3 a fair share of secrets

Two dance troupes BY THERESA AGOVINO learn a new step: visitors can tour Gary Barnett’s real merging companies estate empire without ever leaving his PAGE 4 midtown office. A model of his nearly completed condo, 535 West End Avenue, sits just inside the door. Across the room is a mock-up of a hefty slice of the Upper BUSINESS LIVES West Side that includes the two towers he’s already built there, the two under construction and the five he hopes to start in the future.Nearby are models of the hotel/condo he’s putting up on West 57th Street and the 34-story tow- er going up in the diamond district. At a time when the credit crunch and recession have pushed many expe- rienced developers to the sidelines and inexperienced ones to the poorhouse, the ability of Extell Development Co.’s GOTHAM GIGS See BUSIEST on Page 21 Spring in bloom at the makeup counter P. 23 G ANNE FISHER says an ounce of prevention is a good investment P. 23 Street feeds steve munday G MOVERS & SHAKERS The cat lady finds her NY spending niche in medicine P. 24 G GAEL GREENE makes a addiction case for Mia Dona P. 26 TECH TOWN Bankers pitch Albany INDEX Silicon Alley isn’t ‘back’; it never left. And it’s on creative financing. THE INSIDER ______8 rocking. Why Shake Shack is the new Michael’s Lottery , anyone? SMALL BUSINESS ______9

GREG DAVID ______11 The move was made possible by an offer from a BY AMANDA FUNG BY AARON ELSTEIN REAL ESTATE DEALS PLUS ______12 bigger tech-driven marketing firm,which let Trend- sta rent space in its offices at a steep discount in re- CLASSIFIEDS ______18 trendsta, a firm that helps marketers promote turn for online services. For Matt Myers,Trendsta’s with state in dire econom- FOR THE RECORD ______20 products through online social networks, left East co-founder, the arrangement provided an opportu- ic straits, Wall Street’s ever-so-creative EXECUTIVE MOVES ______23 Williamsburg, Brooklyn, last month for a new loft- nity not just to collaborate with an established in- bankers are here to help.They’re pitch- THE WEEK AHEAD ______26 like office in Manhattan’s Flatiron district. The dustry player but also to move to center stage. ing Albany politicians new ways to pa-

THE WEEK ON THE WEB ______27 space has all the high-tech hallmarks, including a “The business is all cooperative,” says the serial per over a $9 billion budget shortfall— Ping-Pong table and a mini-fridge chockful of beer. See SILICON ALLEY on Page 22 and pocket big fees in the process. Their financing and restructuring plans for the cash-starved state include 14

5 selling future lottery-ticket sales to in- REPORT EMPLOYMENT vestors in exchange for money upfront, City’s huge health care jobs machine rolls privatizing the Tappan Zee Bridge,and ELECTRONIC EDITION greatly expanding the borrowing ca- onward. Why immigrants are gaining ground pacity of the Port Authority of New York and New Jersey. Some of these NEWSPAPER PAGES 13-17 See NY’S SPENDING on Page 22 71486 01068 0 20100405-NEWS--0002,0003-NAT-CCI-CN_-- 4/2/2010 8:18 PM Page 1

IN BRIEF DEAN POLL, THE NEW OPERATOR OF TAVERN ON THE GREEN, AND HOTEL UNION HEAD Peter Ward have not been able to reach an agreement for a labor contract covering the 400 workers at the now-closed restaurant, prompting the city to try and break the impasse. According to people familiar with the situation, Deputy Mayor Edward Skyler late last month brokered a meeting between the two. “The city is working with both sides for a speedy resolution so this world-class institution can reopen its doors,” said a spokesman for Mayor Michael Bloomberg. Mr. Poll acknowledged a recent flurry of meetings, though he would not say if progress had been made.The union declined to comment.  BY THE NUMBERS

Weekly shift of the city’s economy SHORT AND SWEET Most markets took Friday off after posting solid gains fueled by signs of a  global recovery. But Friday’s bullish job-gain figures fanned fears that interest rates may rise. $75.6M 59.6 +31% B’WAY TICKET LEVEL of SURGE in receipts in 4 manufacturing Primerica shares weeks ended index in March, on first day of 3/28, up 5.7% showing fastest trading after CASHING IN vs. a year earlier growth in 5 years spinoff from ON CURVES: Source: The Source: Institute for Citigroup Maidenform’s Broadway League Supply Management Source: NYSE chief executive, Maurice Reznik RIDERS UP DOWN UNDER After months of ever-smaller declines, the number of people using the city’s subway system actually turned up in January. buck ennis The magic is in the fit enform. After a successful year—the $466 Profits swell at Maidenform as it million company reported a net income in 2009 of $37 million, a 50% rise over December 2009 figures are not available. 2008—the company initiated a share re- Source: Metropolitan Transportation Authority expands offerings, revamps Web site purchase program last month. Its stock CORRECTIONS mall, Maidenform specialists are going price hit a two-year high of $22.57 last BY ADRIANNE PASQUARELLI door to door,Avon Lady-style,selling such week. Meanwhile, the company’s quarter- A photo appearing in “The Insider” column on March 29 was misidentified as newly elected City Councilman David Greenfield. magical items as a bra that can enlarge ly revenue growth is exceeding that of such get ready,ladies; the Bod Squad is com- women by two cup sizes. Poof! competitors as Inc. Under the federal health bill, subsidies are available for companies with fewer than 50 employees that offer coverage. ing to a mall near you.Maidenform Brands “It’s like a never-ending quest to find Not satisfied, Maidenform—which The March 29 story “What’s in health bill for NY biz” misstated the Inc. is trying to boost sales of its the perfect bra,” says Chief Executive sells its garments at chains from Macy’s maximum number of employees. shapewear—corsetlike de- Maurice Reznik, who showed off some of and Bloomingdale’s to Target and Wal- NFL Executive Vice President Jeff Pash’s name was misstated in signed to make a woman appear slim- his new products last week at the compa- Mart—wants a bigger slice of the $10.1 the March 29 profile of Jay Bauman. mer—by leasing shopping center “Bod ny’s Madison Avenue showroom. billion intimate apparel market. It’s using Ariel Deckelbaum is deputy chair of the corporate department at Squad” kiosks. It also hopes to lure teens At 88, the Iselin, N.J.-based firm is new merchandise and marketing ploys, Paul Weiss Rifkind Wharton & Garrison. His department was with its new “Charmed” intimates line. decades older than most of its customers, along with an expanded e-commerce site, misstated in his profile in the March 29 issue. Also, his And for women who hate shopping at the but this is not your grandmother’s Maid- See MAGIC on Page 21 grandmother fled to Israel after the Communist takeover of Bulgaria. Thrillist currently has e-mails for 16 cities and will soon launch its iPhone application. The facts were misstated in the March 29 profile of Ben Lerer. T.J. Maloney gave Fordham Law School gifts totaling $7 million. The March 29 profile of Julie Lucas erred in calling them grants. Macy’s parade route Arkadium Inc. expects to have more than $9 million in revenues for 2010. That figure was mistakenly used to describe the worth of the firm in the March 29 profile of Jessica Rovello. the parade in] future years,”says a City Hall Kenyanna Scott devotes significant time to pro bono cases in Times Square businesses spokesman “It will be reviewed again next family court. Her ratio of corporate to pro bono work was hope to keep it on year.” overstated in her profile in the March 29 issue. Also, The uncertainty has become a con- Zaldwaynaka Scott was formerly chief of the criminal division at the U.S. attorney’s office in Chicago. That title was misstated. Seventh Avenue tentious issue for the Times Square Demetri Martin’s name was misspelled in his profile in the Jan. business community, which does not want 30, 2006, issue. to lose the parade to Sixth Avenue, one of BY LISA FICKENSCHER the options being considered by the vol. xxvi, no. 14, april 5, 2010—Crain’s New York Business (issn Bloomberg administration. 8756-789x) is published weekly, except for combined issues June the macy’s thanksgiving Day Parade 28/July 5, Aug. 30/Sept. 6, and Dec. 20/Dec. 27, by Crain Com- A mixed blessing munications Inc., 711 Third Ave., New York, NY 10017. Periodicals will run down Seventh Avenue again this postage paid at New York, N.Y., and additional mailing offices. year, the mayor’s office confirmed last “we are thrilled that they looked at it Postmaster: Send address changes to: Crain’s New York Business, week, but whether it continues to do so in carefully and determined that Seventh Av- Circulation Department, 1155 Gratiot Avenue, Detroit, MI 48207-2912. for subscriber service: Call (888) 909-9111.Fax the future is in question. enue works as a route,”says Tim Tompkins, (313) 446-6777.$3.00 a copy, $59.79 one year, $109.79 two years. “No decisions have been made [about president of the Times Square Alliance. (GST No. 13676-0444-RT) ©Entire contents copyright 2010 by Crain Communications Inc. But, he adds, it is disappointing that it was All rights reserved. HERE, KITTY: The hotels along Seventh Avenue are “a one-year decision.”

newscom eager to keep the parade there. The large hotels located in Times

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Recovery on menu Site has at NYC eateries thing, or 2, Surprisingly resilient for women in the downturn, food business is improving; NBC Universal’s iVillage seeks managers feel upbeat to shine in competitive arena

BY LISA FICKENSCHER BY MATTHEW FLAMM

pera, an upscale Mediterranean restau- after buying iVillage for $600 million in 2006,NBC rant near Grand Central Terminal, caters Universal soon proved that it had no idea how to make to midtown workers looking for a reliable the property grow. But it wasn’t for lack of trying. expense account meal or drink before Failed strategies included two attempts to launch a heading home. And like most of its neigh- daily television tie-in, iVillage Live. bors in the area, it was closed on Sunday. Now NBC is sprucing up the women’s online com- But the three-year-old eatery just de- munity again. In the past six months, iVillage has re- cided to open its doors on Sundays and has designed its home page and relaunched some half a unveiled a new, less pricey weekend menu dozen channels, including ones devoted to health, aimed at the leisure crowd. beauty, food and entertainment. Name talent has “Hotels are getting busier, and we’re signed on, including restaurateur Donatella Arpaia, getting their trickle down,”explains Burak hair-colorist-to-the-stars Louis Licari and health ex- Karacam, Pera’s managing partner, who pert Dr. Michael Roizen. adds that “business overall is showing signs This latest effort is part of NBC’s plan to create a of improvement.” portfolio of brands, including cable property Oxygen, In response to this rising demand, that can tap into advertising dollars by targeting fe- restaurants are starting to invest again in male consumers. their future. They are hiring more staff, The campaign comes at a time of intensifying com- sprucing up their dining rooms, extending petition for female consumers on the Web. The for- their hours of operation and investing in mer queen of women’s sites, iVillage lost its No. 1 po- marketing. See SITE on Page 7 Permits up, more jobs in fact, the dining industry has been sur- prisingly resilient throughout the down- turn. Even last year, at the height of the economic crisis,the number of new restau- rant permits, excluding food trucks and vending carts, grew 10.9%, to 4,730, ac- NEW RECIPE: cording to the city’s Department of Health Burak Karacam, and Mental Hygiene. That growth may managing partner at help to explain why the food service sector Pera in midtown, gained 4,400 jobs, growing 2.3% over the just decided to open 12-month period ended February 2010 on Sundays. over the same period a year earlier, accord- ing to the New York State Department of Labor. It was in the top three among sec- [restaurants] across the country,”says Bar- to the rest of the country. tors that saw job growth in the city this bara Byrne Denham, chief economist of Restaurateurs have long been seen as year. Eastern Consolidated Real Estate Invest- poor business managers and unreliable “Restaurants here have done well rela- ment Services, which tracks local employ- employers. But that image is fading with tive to previous recessions in New York, ment data.One explanation is that tourism the rise of large restaurant groups that gen- and they are doing better compared with has remained strong in New York relative See RECOVERY on Page 21

42nd streets, then continued along Sixth Avenue to Herald Square. e is a big-bucks issue Now the city is studying plans to make the pedestrian plazas permanent. Macy’s said in a statement that it was Square are anxious to settle the matter. room rates for nearly a week, until they are “premature” to comment on the route of They do not want to take reservations for sure they can offer a parade view.The com- the parade. “Macy’s is working with the panies that own signs in Times Square are city to address the route,” added a also concerned. The nationally televised spokesman for the department store. Moving the event event features the signs and provides expo- Others familiar with the deliberations WOMEN’S WORK: sure to millions of people across the nation. say that Macy’s prefers Sixth Avenue. One Jodi Kahn, who was of Macy’s concerns throughout the discus- hired to recharge to Sixth could mean Revised pathway iVillage, notes that sion has been whether the greater number traffic has been the loss of $40M last year, the parade moved from of turns along the route raises safety issues increasing. Broadway to Seventh Avenue to accom- as the large helium balloons shift direc- in hotel revenues modate the new pedestrian plazas on tions. Broadway in Times Square. The new According to the Hotel Association of route made four more turns than the , there are 7,244 hotel Broadway route had, including veering rooms along Seventh Avenue compared off of Seventh to pass through Times with 3,097 on Sixth.Moving the parade to Square—a concession the city made to Sixth Avenue would result in a projected Thanksgiving, a holiday that sells out the business community.The parade trav- loss of $40 million in hotel room revenues,  many months in advance and generates top eled along Seventh Avenue from 59th to says the association. buck ennis

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Two dance companies take unusual step toward merger IN THE MARKETS by Aaron Elstein

shop, the merger represented a way Bill T. Jones/Arnie to remain solvent. The 45-year-old Zane joins with Dance dance presenter ran into financial trouble after opening a state-of-the- In muni bonds, the winning bidder Theater Workshop art facility in 2002. As of last year, the dance institution had $4.2 mil- may in truth be the rigging bidder lion of debt. BY MIRIAM KREININ SOUCCAR or decades, the municipal bond business has worked Where it started something like this: Wall Street bankers take two venerable New York dance the idea for this marriage came af- government officials to Yankee games. Government companies are set to merge in ter executives from Bill T. Jones/ F officials return the favor by hiring the bankers to sell bonds to May—an unusual move for inde- Arnie Zane were chosen to partici- pendent-minded arts groups. pate in a program funded by the pay for a new a highway or dormitory.The bonds are bought The 25-year-old Bill T. Doris Duke Charitable Foundation by grandparents Jones/Arnie Zane Dance Company to rethink the way they were run- who spend the is in final negotiations to merge with ning their company, according to winter in Palm Dance Theater Workshop.The two Ben Cameron, program director for Beach. Lather, groups will combine their boards newscom the arts at Doris Duke. Executives and staff into one entity with a new at Bill T. Jones were unavailable for rinse, repeat. name and mission, though the final Bill T. Jones has comment. Wait! The $2.8 details are still being worked out. Mr. Cameron says the arts com- trillion, scratch-my- “We’re very excited about the created more munity will be watching the merger model we’re working on,” says An- closely.“A lot of people are going to back muni market is about to get a lot more exciting, thanks to drea Sholler, executive director of than 100 works pay attention to this because people two cases working their way through federal court in Dance Theater Workshop.“We will have talked about mergers but not Manhattan. Both cases—one criminal, the other civil—allege be creating an entirely new entity.” for his company really seen people do it,” Mr. Cameron says.“Certainly in this cli- that bankers have been colluding for years and cheating Leader to be determined mate,there will be a lot of interest in municipalities out of millions of dollars by paying below- ms. sholler says that the groups how feasible this is or not.” market interest rates on the money governments invested have been working on the merger Michelle Burkhart, director of after selling bonds. since October, and that she expects Mergers in the art world are a industry group Dance NYC, pre- the two boards to sign the final legal rarity. Even in the height of the fi- dicts more dance companies will The criminal case centers on a dicate when Bank of America wanted documents by the end of May.It has nancial crisis, many struggling non- merge as funding becomes tougher California advisory firm called CDR to be the “prearranged winning bid- not been decided yet who will run profit organizations chose to limp to find. Financial Products. Three employees der” on a deal. In another example, the organization. Bill T. Jones/ along rather than give up any con- “Finding different and new ways of that firm agreed to cooperate with BofA and J.P. Morgan allegedly Arnie Zane will move into Dance trol over their mission and opera- of conducting business in the dance the government after pleading were allowed to see a bid from Theater’s building on West 19th tions. world is almost a necessity,” Ms. guilty to bid-rigging,fraud and con- Lehman Brothers and adjust their pric- Street. But for Dance Theater Work- Burkhart says.  spiracy. More interestingly, defense ing so that Lehman got 60% of the lawyers for CDR released a docu- assignment and the other two banks ment last month showing more than split the rest.In yet another instance, a dozen banks, including J.P. Morgan a Piper Jaffray banker gave a Morgan and UBS, are considered by the gov- Stanley executive a “last look”at a deal ernment to be co-conspirators.Nei- so the firm could lower its bid. ther bank would comment, and The banks’ anti-competitive be- none of the banks have been havior “deprived municipalities out charged. But stay tuned. This could of hundreds of millions” says one of get ugly for some banks. the plaintiffs’ lawyers, Michael In the civil case, several munici- Lehmann of Hausfeld. Last month, palities (none in New York state) say Judge Victor Marrero rejected the in a class action that they have ample banks’ motion to dismiss and ruled evidence of banker collusion. Ac- there is sufficient evidence for the cording to court documents, one case to proceed. A hearing is sched- witness used “code language” to in- uled for April 30. Leagues of their own, indeed here’s another thing that makes sen underwriter. the muni bond world such a special Understandably, bankers don’t place: Bankers rarely have to com- like bidding for business. After all, COLLIERS ABR IS NOW REAL MARKET KNOWLEDGE. pete for work—at least, it’s frustrating to put in not in the sense that Only 17% of hours of work for an as- CASSIDY TURLEY. REAL CONNECTIONS. most businesspeople signment only to fall understand the term. $103 billion in short. Of course, local REAL PASSION. Of the $103 billion bond business taxpayers may get a bet- that cities and states was awarded ter deal when bankers REAL RESULTS. raised in the first quar- sweat a bit. ter, only 17% was issued competitively In case you’re won- on a competitive basis, dering, Bank of America We are a national team of dedicated commercial real estate professionals with a according to research by Merrill Lynch raised the history of 100 years of successful client relationships which include $16 billion in Thomson Reuters. The most money in the com- annual transactions, 420 million square feet of managed space and 22,000 Corporate Services locations. Our world-class expertise enables us to deliver integrated, tailored vast majority of muni petitively bid muni offer- solutions around the globe. Our knowledge of local markets and deep industry debt offerings are “ne- ings—about $2.7 billion connections allow us to achieve superior results. We are advocates for our clients gotiated,” meaning the bond issuer in the first quarter.That’s one league and passionate about their long-term success. We are Cassidy Turley. arranges terms directly with its cho- table you want to win.  To learn more, visit www.cassidyturley.com or call 212.758.0800. TOTAL DEBT LISTED ON PALI CAPITAL’S BOOKS when the CAPITAL MARKETS CORPORATE SERVICES LEASING & TENANT REPRESENTATION PROJECT & DEVELOPMENT SERVICES PROPERTY MANAGEMENT brokerage firm’s parent filed for bankruptcy last week. The © 2010 Cassidy Turley. $31.8Mclosely held operation had only $716,000 in assets and lost $18.3 million last year.

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20100405-NEWS--0006-NAT-CCI-CN_-- 4/2/2010 4:31 PM Page 1

2010 april 2 -11 jacob javits center NEW YORK,NEW YORK Mon-Sat: 11am - 10:30pm Sun: 10am - 7pm edited by Valerie Block

There’s something for everyone at the Show...

Nearly 1,000 of the newest vehicles Exotics, concept cars, electric & hybrid cars – the latest technologies! Palm Court Camp Jeep Outdoor Ride & Drive EV Pavilion Indoor Ride & Drive... experience non-emission vehicles a little less royal Kia Motors “Crossover to the Unexpected” Sorento Ride & Drive Hyundai Enter to win a 2010 Genesis Coupe & Racing Academy Weekend hen the palm court in The Plaza Hotel reopens on April Go to autoshowNY.com W12—after an 18-month SAVE TIME… Buy tickets online hiatus—New Yorkers may be surprised Check out our calendar of events by some of the changes. Download our free iPhone App For one thing, it will be less pricey before you get to the Show! and less snooty, promises hotel General Manager Shane Krige.The ladies-who- lunch crowd will feel right at home at

For security purposes, NO backpacks allowed on Show floor. Random security and bag checks. Special rail admission the landmark spot, but Mr. Krige also wants to get business executives in for power lunches packages at LIRR & Metro-North ticket windows. See autoshowNY.com for NY Waterway Combo tickets. and breakfasts. A $29 prix-fixe, three-course lunch menu with a center island buffet bar is An activity of the Greater New York Automobile Dealers Association recorded information: 800.282.3336 meant to appeal to this group. “There is a place here for the business set,” he says. New chef Willis Loughhead—who hails from Geoffrey Zakarian’s Country—researched old Plaza Hotel menus at the New York Public Library to develop a mix of dishes that honors the property’s heritage. One item he surely didn’t find at the library is a roast beef sandwich with horseradish on a pretzel roll. It is one of the items featured on the afternoon New Yorker Tea menu.“Our food was seen as very fussy, complicated and overpriced,” says Mr. Krige. “We’ve taken that to heart.” An afternoon tea menu will cost $45, compared with $65 previously.

Mr. Roman says. “No, I made consumers in trying to keep prices Cheaper by that up.” down. An Amazon spokesman the foursome declined to comment. the friars club is trolling for Amazon’s corporate dollars too. The haunt hard line Stylish dogs of comedians like Jerry Seinfeld hit catwalk recently made it the fight between Jeff Bezos’ cheaper for Amazon and book publishers over the models at the Fashion business folks new e-book pricing has left a bad Institute of Technology’s next to sign up. A taste in publishers’ mouths.The runway show won’t be beautiful, new corporate Seattle giant has made no secret leggy or lean. Instead, they’ll be membership of wanting to hold on to its furry and prone to slobber.The plan, approved $9.99 price tag for most new college’s pet product design and by the board and best-selling e-books. It’s marketing program is hosting its last month, opposed to switching to the second annual pet apparel fashion allows four higher-priced show April 12, during which 14 executives from the same “agency” model that dogs will prance down the company to join at a group rate— Steve Jobs’ Apple will catwalk. $15,000 covers two, making it use on its iPad The event is called “Last basically half-price. Prospects iBookstore, the one Bark for Bryant Park,” in still need to be vetted, but they’re that most major memory of Mercedes-Benz usually accepted within a month publishers prefer. Fashion Week’s last stand at the “as long as they haven’t been Several houses midtown park, but the show will convicted of a horrible crime,” reached agreements take place inside a tent at FIT. kibitzes CEO Freddie Roman last week to change over to the About 350 attendees, (above.) new model on Amazon, but some including buyers from Wal-Mart Though the storied club took a executives were put off by the and Sherpa Pet Group, are hit during the recession, the retailer’s brass-knuckled bullying. expected to see the show, which dining room has roared back “With other retail partners, you will feature canines wearing lately, and membership is growing come to terms and try to make made by the student and has gotten younger, too— things fair,” says an executive who designers. Pet Fashion Week New maybe thanks to those televised was involved in the talks. “Amazon York executive director Mario roasts on Comedy Central. has a very different style.” DiFante will judge the contestants. Carl Icahn and Donald Trump Amazon’s biggest “It will look very much like a are longtime members from the threat was to pull the show in Bryant Park,” says Joan business community. But Al “Buy” buttons from a Volpe, managing coordinator at Smith, great-grandson of the publisher’s books if FIT’s Center for Professional former New York governor and the house didn’t agree Studies. “This is also a head of the Alfred E. Smith to terms. Penguin failed contest. Selected items will be Memorial Foundation, just to settle its differences featured at Pet Fashion Week took advantage of the new deal, and has had all of its events around the world.” Mr. Roman says. The club counts e-books published 1,340 members—900 from as of April 1 delisted Contributors: New York and the rest from from the site. Amazon Lisa Fickenscher, around the world. “We’re has argued that it’s Matthew Flamm, working on three from Zambia,” taking the side of Adrianne Pasquarelli

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tles,” says Andy Chapman, execu- tive director of The Exchange, the FINDING FEMALES Site knows about women buying unit of media services agency Number of Mindshare. Web property unique visitors Continued from Page 3 Glam Media’s rivals argue that the spokeswoman says. iVillage does have the advantage sition to Glam Media in 2007.Oth- network is so vast that marketers don’t Magazine publishers are also of being able to do deals with mar- er rivals include Yahoo’s Shine, always know what they’re getting. getting better at identifying audi- keters that combine a program on Glam Media 78.0M AOL Living and the online exten- Glam responds that it’s designed ences across their networks of sites the Web site with a commercial on a sions of Hearst Magazines, Mered- to take advantage of the increasing and delivering them in big numbers wildly popular NBC show like To- iVillage 29.5M ith and Condé Nast. fragmentation of audiences and the to advertisers, media buyers say. day. Hearst Digital iVillage executives say that 15 way people now use search engines Hearst Digital Media’s network had Even so, media buyers see a free- Media 17.6M years after the site launched, it still to travel around the Web. 17.6 million visitors in February, for-all shaping up in the women’s stands out. “The point is to enable brands to comScore reports, and Condé Nast space. For now, there are no clear AOL Living “We are the original women’s engage with women wherever Digital had 15.3 million. winners or losers. 15.4M Condé Nast digital brand,” says Jodi Kahn, exec- they’re spending time online,” says “They’re all going to battle for Digital utive vice president, who was hired Josh Jacobs, senior vice president of Publishers make gains share of budget,” says MEC’s Mr. 15.3M in 2008 to recharge the site.“That is brand advertising products and “you’re going to see more of Shlachter. “In the end, it will come Meredith a wonderful place to build from.” global marketing. the publishing houses figure out down to how well each of them per- Women’s Network 12.7M The numbers are going in the Glam’s ad revenue was up more how to make it easier for advertisers forms [for advertisers] versus the Data are for February 2010. Source: comScore right direction, Ms. Kahn says. than 25% in the first quarter, a to buy audiences rather than just ti- others.”  Overall traffic grew 20% between September and February, reaching 29.5 million unique visitors,accord- ing to comScore. Traffic at the relaunched enter- tainment channel is up 74% for the same period, reports Omniture, “Top 10 cash management which iVillage uses to track data for its channels. iVillage Food, which Ernst & Young relaunched in November, is up 40%. service providers” Overall, more than 70 new ad- vertisers have come on board, in- cluding Frito-Lay, Cadbury and “ ‘A’ for customer service” iVillage is Phoenix-Hecht ‘the original women’s “National winner-Financial Stability” digital brand,’ Greenwich Associates says Jodi Kahn

Warner Home Video, helping drive up ad revenue by double-digit per- centages in the first quarter com- pared with a year ago, Ms. Kahn says. NBC does not break out dollar figures for the site. Outpacing the market after two down years, it’s not hard for the first quarter to look good. But Ms. Kahn says that the site’s ad revenue growth is “outpac- ing the market handily” and that there’s plenty of room to grow. Spending on U.S. Internet display advertising is expected to rise by 9% in 2010, says eMarketer. “The women’s space is only go- ing to get hotter,” Ms. Kahn says. But iVillage isn’t the only Award-winning business banking starts with a simple premise. Understand our clients’ business goals and focus everything on women-oriented Web property achieving them. Year after year, our people, our products and our treasury management services rank among the best in the whose audience is growing. Media industry. And our relationship managers put them all to work for you. After all, your success is our greatest reward. buyers say that it will have to work harder to keep its edge. To experience award-winning banking, talk with Union Bank® today. In the past, iVillage was a fa- Corporate & Institutional Treasury Services: Commercial Treasury Services: Commercial Banking: vorite of a lot of advertisers, says J. Todd Gregory Les J. Goodwin Bob Dawson Adam Shlachter, head of digital in- Executive Vice President Senior Vice President Senior Executive Vice President vestment at media buying agency 214-922-4244 213-236-5159 213-236-4229 MEC in North America.“It’s going to be a challenge to keep that up with all these competitors,” he says. The biggest competitor of all is Glam Media, a network of some ©2010 Union Bank, N.A. 1,500 women-oriented publishers Union Bank is a proud member of the Mitsubishi UFJ Financial Group (MUFG), representing more than 3,000 sites, one of the world’s largest financial organizations. unionbank.com ranging from mommy bloggers to Source: Greenwich Associates’ 2009 Excellence Awards in Middle Market Banking Source: Ernst & Young 26th Annual Cash Management Survey, based on fee-equivalent revenue. Encyclopedia.com to the company’s Source: Phoenix-Hecht 2010 Treasury Management MonitorTM own Glam.com. Traffic across the five-year-old network’s sites totaled 78 million unique visitors in Febru- ary, according to comScore.

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the focus should be on the structur- al changes that Mr. Ravitch calls for and the fact that his plan doesn’t THE INSIDER raise taxes. “He’s saying, ‘Cuts and limited borrowing for three years on a short-term basis,’which is what we by Daniel Massey and Barbara Benson did in the ’70s,” says Mr. Berger. Without the Ravitch plan, the Leg- islature would “make no cuts and in- crease taxes,” he says. Once a budget is agreed upon, A thumbs-up Mr. Ravitch will turn his attention to a comprehensive study of state Medicaid spending, with a particular eye on long-term care. GREAT RACE Can NY fix schools? to Ravitch’s plan As part of his study, he’ll look at NEW YORK CAME UP 35 POINTS SHORT in its first attempt to win up to $700 home care and personal care million in federal Race to the Top funds—next to last among 16 finalists. Gov. spending, which is the fastest- David Paterson blamed the state’s failure in the first round on legislators’ he man who supervised the city’s budget and growing sector of Medicaid. The Berger commission had inability to institute reforms. helped design a financial rescue plan during the hoped to address long-term care For example, New York received only 27.4 out of a possible 40 points in city’s fiscal crisis in 1976 and 1977, likes the five- costs, but that proved to be too the category aimed at ensuring successful conditions for high-performing year plan proposed by Lt. Gov. Richard Ravitch broad an undertaking.The charter schools. “New York would have a pretty well-rounded application if we executive budget projects $51.5 did improve the charter score,” says Joe Williams, president of pro-charter (below) to address the state’s budget deficit. group Democrats for Education Reform. Stephen Berger billion in Medicaid spending in T“Dick’s plan is not crazy,” says , chairman of fiscal 2010-2011. Mr. Ravitch will A spokesman for New York State United Teachers, which has fought Odyssey Investment Partners and also examine the budget for charters, highlighted the fact that Arizona, which has the highest percentage former head of the Berger potential savings in education and of charter schools in the nation, came in second-to-last out of 41 overall general government efficiency. applicants. commission. “Forget the Charter schools weren’t the only area where New York’s application was borrowing, which is wrong to lagging. Education Secretary Arne Duncan praised the “statewide buy-in” to focus on.” Hudson Square education reform goals of the two winners, Delaware and Tennessee, but New While Mr. Ravitch’s plan in high-speed bid York received only 53.6 out of 65 possible points for getting local education does allow the state to borrow agencies to participate in the state’s reform agenda. New York received only mayor Michael Bloomberg didn’t 10 of 24 points for fully implementing a “statewide data system.” The state to fill existing budget gaps, it jump into a lake—like the mayor of also received low marks for judging teachers and principals on performance, places stringent limits on Duluth, Minn., did to attract picking up only 17 of 28 points in that category. the borrowing and attention to his city’s entry in the Applications for a second round of funding, when a pot of $3.4 billion will Google Fiber competition—but allows for it only if be available, are due June 1. officials at Hudson Square Charter supporters, Mr. Paterson and Mayor Michael Bloomberg have an independent Connection nevertheless hope that framed the Race to the Top battle as critical to helping plug a gaping state review board their community will be selected by budget gap. But while that might be a good pressure tactic, in reality the gives it an OK. the Internet giant for an ultra- money awarded would have to go to new projects and not to fill budget high-speed broadband experiment. holes. “If this money is seen as simply something that is going to be Mr. Berger Hudson Square wrote in its plugging budget holes, that’s not something we’re going to be interested

newscom application that the neighborhood points out that in,” Mr. Duncan told NY1.

“has emerged as a major creative administration source says the hub, home to more than 600 firms governor “has every intention” of and more than 30,000 people.” keeping his promise for 2009 and Google will choose from among 2010, but that “there’s a budget that 1,100 communities nationwide that runs through 2011.”The budget applied, hoping for access to currently being negotiated runs Internet speeds more than 100 through March 31, 2011. times quicker than what most Conceivably, the governor could lay Americans have today. workers off beginning Jan. 1 and still keep his word. The governor also said last week Layoff threat that he wants state workers to forgo a deal-breaker? 4% raises that kicked in April 1.The unions say they’ve offered ideas to the civil service Employees the governor on other ways he can Association reacted angrily to a achieve savings on labor costs. Buffalo News article last week in which the Paterson administration threatened “massive” layoffs. As part A soda tax of a labor agreement on a new ‘agreement’ pension tier reached last June, Gov. David Paterson promised to avert the two sides of the soda tax 8,700 layoffs in 2009 and 2010. But debate have been at war for since the governor is no longer months, but one thing they running for a new term and the apparently agree on is how much budget is a chance to shape his money it costs to wage legacy, insiders wonder if an issue campaign.The he’ll renege on the deal. beverage industry and “We’re very concerned the Alliance for a about our dealings with Healthier New York the Paterson each spent $2.9 administration and their million on their ability to make good on campaigns in the first what they say,” a CSEA two months of this spokesman says. year, according to A Paterson filings. 

For daily political and government news, subscribe to CRAIN’S INSIDER @ www.crainsnewyork.com/insider

8 | Crain’sCPA-1016 New HQ YorkGlobal Business Tomb_6x6_CRAINS.indd | April 5, 2010 1 3/24/10 12:02:40 PM 20100405-NEWS--0009-NAT-CCI-CN_-- 4/1/2010 6:04 PM Page 1

SMALL BUSINESS TV doc’s stitch in time at Kleinfeld was demoralized, and company rev- head count, which M*A*S*H’s Rogers revives bridal shop; enue was at just $6 million. Yet the had fallen to 160, seeks revenue in menswear, diets for brides new team found that the name still now stands at 210, had positive connotations. including 90 seam- wisecracking army doctor, Mr. Rog- “It was amazing to me,” says Mr. stresses, beaders, BY STEVE GARMHAUSEN ers has been an investor and entre- Rogers.“As poorly as it had been run, pressers and fitters. OUT OF THE SWAMP: Wayne Rogers preneur for decades. He has found- they just couldn’t kill the brand.” Even with the and team now have a $25 million firm. t didn’t take a genius to ed two banks, chairs an investment revenue rebound,Mr. see that designer wedding- firm and heads a chain of Southeast- Service is central Rogers is impatient. dress emporium Kleinfeld, a ern convenience stores. cashing in was mostly a matter of He wants to find a should be paying a bigger New York institution, should When Mr. Rogers and his part- rebuilding the company’s once-for- way to translate the dividend.“We’ve got to find a start selling menswear. ners purchased Kleinfeld, the brand midable reputation for customer 7,000 to 8,000 daily hits on Klein- way to take advantage of that,” Mr. “Brides would say: ‘Where can was at a low point. With poor man- service—crucial in a high-end busi- feld’s Web site into more sales. Rogers says.“We’re not exploiting it I  my father get a decent tux? I don’t agement in place, the skeleton staff ness, say retail experts. Kleinfeld’s Likewise, Say Yes to the Dress as fully as we should.” want him looking like 10 years ago,” cracks company Chairman Wayne Rogers. “We’d send ’em to other places, but then we said, ‘Wait a minute; we’re losing a lot of revenue here.’ ” Mr. Rogers—who portrayed Trapper John on the television series M*A*S*H—helped revive the flag- ging company when he and two partners bought it a decade ago. Now they are extending the brand, MORE BANK pumping up revenue at a time when many high-end bridal businesses are suffering from declining sales. Kleinfeld Men, which kicked off FOR YOUR in March, is the latest in a string of initiatives. The company began a partnership last year with Valerie Wilson Travel Inc. to offer cus- tomized honeymoons. It has also begun offering certain products via carefully selected retailers in recent BUSINESS. years. For instance, J&B Bridals, in Chambersburg, Pa., offers a collec- MORE CONVENIENCE. MORE SERVICE. MORE CONTROL. tion designed for Kleinfeld by Alita Graham. A joint venture with a diet prod- uct company is in the works to pro- vide slim-down plans for brides. And then there’s Say Yes to the Dress. The TLC reality show, entering its FREE High-Performance fifth season, is set in Kleinfeld’s TD Bank BusinessDirect Online Banking 35,000-square-foot Chelsea store. Battered bridal market Deposit ‘Til 6pm, Available Next Day bustling as never before, Klein- feld stands out in the high-end Open Early, Open Late bridal market, where the recession has tripped up many firms.Jay Silver, managing director at accounting Live Customer Service 24/7 and consulting firm CBIZ MHM, says his clients in that industry saw 15% to 20% declines in sales be- tween 2008 and 2009. Kleinfeld ex- pects 2010 revenue of $25 million. Its average price tag is $4,500,about quadruple what a typical New York THREE YEARS IN A ROW! bride spends on her dress. “Highest in Customer Satisfaction with Small Business Banking” Mr. Rogers says the key is to “get – J.D. Power and Associates people to talk about Kleinfeld on the Internet, to get brides to say,‘I had a great experience.’ ” Visit your nearest TD Bank, connect to Founded in 1941, Kleinfeld www.tdbank.com made Bay Ridge, Brooklyn, a desti- or call 1-888-751-9000 and open a business account today. nation for brides-to-be. Founders Hedda Kleinfeld Schacter and Jack Schacter sold the store to an investor group in 1990;two owners later,Mr. Rogers partnered with friends Mara Urshel and Ronnie Rothstein to snap up the floundering business; it was, in Mr. Rogers’ words, “a steal.” Best-known for his portrayal of a To sign up for Crain’s twice-weekly SMALL BUSINESS NEWSLETTER, go to TD Bank N.A., formerly Commerce Bank, received the highest numerical score in the proprietary J.D. Power and Associates 2007-2009 Small Business Banking Satisfaction StudiesSM. 2009 study based on 7,226 total responses, measuring 27 financial institutions and measures opinions of small business customers with annual revenues from $100,000 to $10 million. Proprietary study results are based on experiences and perceptions of customers www.crainsnewyork.com/smallbiz surveyed in July-August 2009. Your experiences may vary. Visit jdpower.com. Some restrictions and fees may apply; check your account agreement for more information. | TD Bank, N.A.

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VIEWPOINT Bloomberg’s gotta get moving editor in chief Rance Crain publisher, vp Jill R. Kaplan f mayor michael bloomberg did not know difficult to sell a job at City Hall. It’s a big leap to leave a EDITORIAL last fall how difficult his third term would be, high-paying position in a down economy to join a lame- editor Xana Antunes managing editor Glenn Coleman he surely does now. He had vowed to defy duck mayor. deputy managing editors Valerie Block, predictions of third-term burnout, but given The evidence that the administration is suffering from the Erik Ipsen contributing editor that some of his administration’s top thinkers are third-term blues is accumulating in programs small and Elizabeth MacBride heading for the exits and the mayor has yet to fully large.The mayor’s innovative and controversial anti-poverty columnists Greg David, Alair Townsend politics editor Erik Engquist deliver on his promise of “fresh blood,” there is program, Opportunity NYC, which provided cash payments pulse editor Barbara Benson senior reporters Theresa Agovino, cause for concern. to the poor for changed behavior, was suspended last week Aaron Elstein, Lisa Fickenscher, Two of his three closest advisers, Deputy Mayors Edward because of mixed results. Matthew Flamm, Miriam Kreinin Souccar I reporters James Comtois, Amanda Fung, Skyler and Kevin Sheekey, have resigned, and the third, Patti A few days earlier, a judge ruled that the city Department Daniel Massey, Adrianne Pasquarelli, Harris, will have her attention diverted from city issues by of Education had violated its legal duty to consult with Hilary Potkewitz art director Steven Krupinski her expanded role at the mayor’s philanthropic foundation. affected parents before deputy art directors Carolyn McClain, The brain behind Mr. Bloomberg’s vaunted sustainability shutting schools—a Daniel Mednick The mayor has staff photographer Buck Ennis initiative, Rohit Aggarwala, is following his fiancée to rare setback for the copy desk chief Wendy Zuckerman yet to deliver copy editor Thaddeus Rutkowski California. mayor’s signature research editor Denise Southwood A number of commissioners have left, only to be education reforms.The assistant research editor Maia Blume on his promise editorial/research intern replaced with Bloomberg aides rather than the new Bloomberg health Selena Shen talent that we were promised.The mayor has tried to shake of ‘fresh blood’ crusade has moved www.crainsnewyork.com web editor Brian Tracey things up by temporarily assigning some deputy from the great white senior producer Elisabeth Butler Cordova commissioners to other agencies, but they can hardly be whale of cigarette producer Kira Bindrim expected to transform complex, unfamiliar bureaucracies in a smoking to decidedly EDITORIAL AND ADVERTISING OFFICES matter of weeks. 711 Third Ave., New York, NY 10017-5806 smaller fish, such as editorial: 212.210.0277 Fax 212.210.0799 There have been a few talented additions—Howard trans fats and salt. Instead of the regional transformation advertising: 212.210.0259 Cable craincom nyk Wolfson, for example, a communications maven drafted into augured by congestion pricing, city transportation policy is Fax 212.210.0499 the newly created position of counselor to the mayor—but consumed today with pedestrian plazas and bike lanes. Entire contents ©copyright 2010 Crain Communications Inc. All rights reserved. only a few. Indeed, a hallmark of this administration has The mayor has shown repeatedly that he has the guts and ®CityBusiness is a registered trademark of MCP been its exceptional stability over the first two terms. creativity to reimagine what city government can do. He has Inc., used under license agreement. Restaffing represents a new challenge for the mayor. also, rightly, argued that downturns in the economy are TO SUBSCRIBE: Call 888.909.9111; fax 313.446.6777. There has always been a compelling motivation for precisely the times during which to build the city. But unless $3.00 a copy, $59.79 one year, $109.79 two years. people to leave lucrative private-sector jobs for public Mr. Bloomberg recruits able replacements, probably from www.crainsnewyork.com service: the opportunity to achieve something of historic outside his administration—starting with the vacancies in ADVERTISING AND MARKETING and lasting value. But the political and economic cycles his inner-circle in the City Hall bullpen—he’ll consign his advertising director Trish Henry real estate sales manager Cornelius P. Gore have left Mr. Bloomberg in a position that makes it more administration to playing defense. senior account managers Irene Irvill, Courtney McCombs, William E. Squitieri account executive Anthony Mowad sales manager, classified print & online John Gallagher CRAIN’S ONLINE POLL COMMENTS sales coordinator, print & online Lulé Haznedari newsletter product manager WHAT SHOULD OBAMA’S Alexis Barney credit Todd J. Masura 313.446.6097 TOP PRIORITY BE NOW? marketing director Amy Crossman Soda tax not so sweet director, audience development Date of poll: March 31 John LaMarca 239 votes despite the arguments in your March 22 3 million more square feet of development into assistant circulation manager editorial, “Soda tax is a sweet idea,” real-world already oversaturated Greenwich Village Rosalie Ford

. 68% experience shows that beverage taxes don’t (March 29). His analysis also ignores the fact general manager, interactive Pass a jobs bill Marc Minardo that gets many make people healthier. Arkansas and West that the unique qualities of the Village and Virginia are the only two states with excise taxes surrounding neighborhoods also contribute web developer, interactive more people Chris O’Donnell working. on soda, yet they have some of the highest rates immeasurably to New York’s economic health of obesity in the nation. And according to a and vitality, and that it is in the city’s interest to . 23% NEW YORK PRODUCTION Regulate financial National Cancer Institute analysis of support these as well. production and pre-press director

services so that government data, only 5.5% of the calories in NYU and the city should work together to Michael Corsi

bailouts never . . advertising production manager happen again. 5% 4% the American diet come from the combined find locations for satellite campuses for the category of soft drinks, energy drinks, sports university throughout the city—places like the Suzanne Fleischman Wies drinks and flavored waters. A discriminatory tax financial district or City, which PUBLISHED BY CRAIN COMMUNICATIONS INC. Pass environmental laws Modernize on sugar-sweetened beverages is nothing more eagerly seek 24-hour-a-day communities and that help the U.S. reduce immigration chairman Keith E. Crain its carbon footprint. rules for than a money grab, won’t make an ounce of additional cultural activity. Indeed, NYU’s president Rance Crain millions of difference, and misses the mark on addressing multischool composition makes it uniquely able secretary Merrilee Crain workers and the complex problem of obesity. to work with such a structure. treasurer Mary Kay Crain their —tracey halliday The university’s continued overdevelopment executive vp, operations William Morrow employers. senior vp, group publisher Gloria Scoby Vice president of the Village not only threatens to turn one of group vp, technology, circulation, American Beverage Association our city’s most vibrant and desirable manufacturing Robert C. Adams Washington, D.C. neighborhoods into a company town, it also vice president/production & loses the beneficial effects that location of NYU manufacturing David Kamis chief information officer Paul Dalpiaz A VILLAGE VOICE facilities could have in other parts of the city corporate circulation/audience where they could catalyze or anchor much- development director Kathy Henry columnist greg david creates a false either/or needed economic development. founder G.D. Crain Jr. (1885-1973)

bloomberg news proposition out of New York University —andrew berman chairman Mrs. G.D. Crain Jr. (1911-1996) For this week’s questions: Go to growing and creating jobs over the next 20 years Executive director www.crainsnewyork.com/poll to have your say. and efforts to prevent their shoehorning Greenwich Village Society for Historic Preservation

10 | Crain’s New York Business | April 5, 2010 20100405-NEWS--0011-NAT-CCI-CN_-- 4/1/2010 8:16 PM Page 1

OPINION

force federal laws based on 50 differ- ent interpretations. This would Good, bad & ugly make it more difficult and expensive for New York’s national banks to compete in local markets and defeat the goal of establishing one clear set in financial reform of rules that can be easily monitored and enforced. Finally, Dodd would strip the BY KATHRYN WYLDE Federal Reserve Bank of New York of its authority over hundreds of fi- ith health care out of the way, regu- nancial institutions and make its lation of the financial industry tops the re- president a political appointee. The New York Fed is the anchor of New form agenda in Washington.New York has York’s financial district, managing a lot on the line. some $7 trillion a day in internation- The financial industry employs 530,000 al payments and foreign exchange. New Yorkers and generates another 1.5 million jobs in other sec- Reducing its supervisory role and W undermining its independence from tors, contributing $200 billion a year to the region’s economy. politics constitute significant blows The city stands to gain from bipartisan reform that restores con- to America’s stature among the cen- tral banks of the world. fidence in the U.S. financial system financial system better or safer. For Other congressional committees and puts public outrage over bank example, the “Volcker rule,” named are contemplating new taxes on bailouts behind us. for a venerable New Yorker, would large banks—taxes that would drain The starting point for debate seek to turn the clock back to an era their coffers just when they need to over reform is a bill introduced last when the financial industry was less put their capital to work making month by Senate Banking Com- integrated and less global. Breaking loans to small businesses, financing mittee Chairman Christopher up big banks or limiting their lines home purchases and restarting the Dodd. It directs regulators to of business would not prevent an- construction industry. Steven Mayer, CPA toughen bank reserve requirements, other crisis, but simply make U.S. More federal bank taxes trans- 6 East 43rd Street authorizes more comprehensive and institutions less competitive with late into a multibillion-dollar re- New York, NY 10017 rigorous oversight, amends the their foreign counterparts. duction in New York’s state and lo- www.amper.com 212.682.1600 bankruptcy process to provide for Punishment seems to be the ra- cal revenues. “Seeing Beyond the Numbers...”sm [email protected] the orderly shutdown of troubled tionale for a Dodd provision that We need financial reforms that firms, and establishes strict new would threaten the viability of cred- strengthen the industry. We should oversight of derivative products. it rating agencies by exposing them vigorously oppose actions that These measures are all needed to to huge litigation liabilities, risking would threaten our status as a world avoid another collapse and limit tax- thousands of local jobs and chaos in financial capital and weaken the payers’ exposure. the bond markets. U.S. position of leadership in the But the Dodd bill also contains Another provision would allow global economy. proposals that could seriously dam- states to override federal consumer age New York’s finance-based econ- protection regulations and give state Kathryn Wylde is chief executive of the omy without making the American attorneys general the ability to en- Partnership for New York City.

ment-insured deposits, and neither does consumer lending. Higher Banking business capital requirements might crimp profits, but the word is crimp, not curb. On the other hand, the financial will take a hit reform bill will contain some sort of new consumer finance regulatory body, whether it is independent or inancial reform is in the air. From what we lodged in the Federal Reserve Bank. know so far, the bill won’t do much to restrain Wall Destined to follow are restrictions Street, but it sure will hurt the banking business. on the consumer lending products The key here is the vague way politicians and that can be offered and especially the profits that can be made. Just journalists throw around the words Wall Street. In look at what has happened with new common parlance,Wall Street seems to mean Goldman Sachs, rules on checking account over- F drafts. Bank of America decided to Morgan Stanley,J.P.Morgan Chase,Citigroup,Bank of Amer- end overdraft protection, a move ica and many smaller firms that resemble what we used to call that will cost it $1.8 billion in rev- enue a year. Chase so needs the securities firms. That’s ca do all those things, money that it has launched an ex- far too broad a tent. but in addition they pensive and probably futile cam- Goldman Sachs and lend money to con- paign to convince consumers to Morgan Stanley, de- sumers. About half of continue overdraft arrangements. spite becoming com- Chase’s revenues come The result is that consumer mercial banks in the from retail banking, banking is not going to be very prof- midst of crisis, haven’t mortgages, credit cards, itable. A provocative report from changed their business etc. According to SNL CreditSights last month suggested mix much. They make Financial, Chase ranks that banking would become some- money from underwrit- No.3 in mortgage lend- thing like a “public utility,’’ with ing stocks and bonds, ing and No. 2 in credit much smaller, if somewhat more arranging mergers and GREG cards nationally. predictable, profits. other investment bank- DAVID Despite what you Chase, Citi and Bank of Ameri- ing activities,and what’s have read, there is very ca will obviously respond by empha- called proprietary trad- little in the pending fi- sizing other businesses, but they ing, i.e., risking their money in the nancial reform legislation that will can’t give up on consumer banking. markets. They also are heavily in- curtail the operations of Goldman The irony of financial reform: volved in the hedge fund and private and Morgan. Despite their com- Wall Street will be (almost) as prof- equity business. mercial bank status, neither has de- itable as ever, and consumer banks Chase, Citi and Bank of Ameri- veloped much in the way of govern- will be their stepchild, again.

April 5, 2010 | Crain’s New York Business | 11 20100405-NEWS--0012-NAT-CCI-CN_-- 4/1/2010 6:05 PM Page 1

REAL ESTATE DEALS PLUS LOWS & HIGHS Corzine’s new firm represented MF Global. Average first-quarter rents per NYC sales fall inks E. 52nd deal —theresa agovino square foot when former New Jersey Gov.Jon DOWNTOWN Corzine became chief executive of Office suites from top ranks MF Global Holdings last month, outfit to open he talked about a substantial oppor- tunity to expand its leadership role. hq global workplaces, which $37.47 Lowest of 3 Manhattan submarkets, As it turns out, the derivatives bro- rents out office suites, signed a lease n yet another sign of the devastation wrought down 14% from a year earlier by New York’s real estate recession, the city failed to ker is also expanding physically. It to open a center at 250 Park Ave. has reached a deal to lease approxi- The company is a member of MIDTOWN place in the top 10 metropolitan markets in the mately 62,000 square feet at 55 E. The Regus Group, which has 17 world ranked by the volume of property sales last 52nd St. for about 11 years,real estate sites across the city. The new loca- year. sources say. The firm will keep the tion will replace a center at 300 Park That absence contrasts sharply with the city’s status in roughly 65,000 Ave., according to David Hoffman, $58.71 I square feet of space a broker at Cassidy Turley, who Highest of 3 Manhattan submarkets, 2007, when New York led the list, compiled by Real Capital it has at 717 Fifth along with colleague Robert down 20% from a year earlier Ave. It is slated to Billingsley represented the new Analytics, with a whopping $55.8 billion in sales.The list Source: Jones Lang LaSalle contains all types of sales, including land. move in sometime landlord, AEW Capital Manage- next month. ment. A summer move is planned. In 2008, New York slipped to second place behind Tokyo Negotiations The asking rent for the 15-year before vanishing totally in 2009, a year in which no less than were complicated deal, which covers 29,400 square but noodle shops are still swooping six of the top 10 spots were cities in China. That country’s because the first feet, was about $60 a square foot. in. French pasta shop Nooi has two years of the HQ was drawn to the deal be- signed a 13-year lease for 1,700 sudden dominance was fueled by favorable lending policies deal are a sublease cause of the building’s location and square feet at 370 Lexington Ave. at an at the country’s government-controlled banks, says Dan from Swiss RE, a strong ownership, says the compa- asking rent of nearly $85 a square New reinsurance firm. ny’s broker, Richard Rosenhaus, foot. Marc Frankel, the Newmark Fasulo, managing director at Real Capital. He believes 55 E. 52nd St. York is likely to climb back as lending conditions improve The rest of the president of his eponymous firm. Knight Frank Retail broker who lease is a direct deal —theresa agovino represented Nooi, along with col- this year. with the landlord, Fisher Brothers. league Jeffrey Roseman, says the And the city fared better when only commercial The asking rent for the sublease por- Parisian pasta restaurant has the potential to open properties were ranked, racking up $4 billion in sales to earn tion was about $65 a square foot. “dozens of units in Manhattan.” the seventh spot on the list. London was first with $16 Swiss RE was represented by CB to hit Lex Nooi is expected to open for Richard Ellis Inc. brokers Gregory business in two months. Landlord billion. Back in 2007, New York claimed the top spot with Tosko and Matthew McBride; manhattan’s famed Ollie’s Noo- Sherwood Equities was represented $56 billion in sales. Fisher Brothers negotiated on its dle Shop & Grille filed for bank- in-house by Fred Rosenberg. —theresa agovino own behalf. Jones Lang LaSalle ruptcy protection just last month— —adrianne pasquarelli NATIONAL TRAIN DAY A SPECIAL DAY DESERVES MAY 8, 2010 A SPECIAL FARE. NATIONALTRAINDAY.COM BUY ONE TICKET, GET ONE 50% OFF.

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This offer is valid for one 50% off companion rail fare with the purchase of one regular (full) adult rail fare and is valid for sale April 12, 2010- September 30, 2010 and valid for travel between September 7, 2010- December 10, 2010. Blackouts apply November 23-24, 2010 and November 27-29, 2010. A minimum of 3 days advance reservations required. Offer valid for coach seats only on all Amtrak service except Acela Express and the 7000-8999 Thruways. Up to 2 children ages 2-15 may accompany each adult at half the regular (full) adult rail fare. The original coupon must be surrendered upon ticket purchase. The companion and full fare adult must travel on same itinerary. Offer not combinable with any other discount offers and is subject to any restrictions, blackouts and refund rules that apply to the type of fare purchased. Fares, routes and schedules are subject to change without notice. Once travel has begun, no changes to the itinerary are permitted. Other restrictions may apply. Refer to discount code H836. Amtrak, Acela Express and Discover the Rail Way are service marks of the National Railroad Passenger Corporation.

12 | Crain’s New York Business | April 5, 2010 20100405-NEWS--0013-NAT-CCI-CN_-- 4/1/2010 6:07 PM Page 1

EMPLOYMENT INSIDE EMPLOYMENT TRENDS Growth remains uncertain PAGE 17 “New York is a big city that offers wider opportunities than anywhere else.” —Dr. Pavel Shulman, Coney Island Hospital, Page 16 Minting health care jobs Despite recession, budget cuts, sector employment still rises

BY JUDITH MESSINA efying the carnage on Wall Street and in other key sectors last year, New York City’s economy managed to claw its way to the end of the year with one important claim to fame—job losses below the national rate. DThose searching for answers to what seems like an anomaly should drop in at the Visiting Nurse Service of New York, which last year added 1,200 home health aides. Or they could swing by the Primary Care Development Corp. in Manhattan, whose projects have produced 170 new jobs in the past three years, or they could simply take a look at what’s going on at North Shore-Long Island Jewish Health System.That 14-hospital behemoth added 200 nurses alone to its ranks in 2009. Contrary to expectations, not to mention dire and michael sloan repeated warnings from industry advocates, the city’s health care industry is pumping out jobs just as it has in previous recessions. And it is likely to continue to do so.The needs of an aging population, the rise of new medical technologies, and a huge expansion in the number of insured Americans— courtesy of the Obama health care reform package—will See HEALTH JOBS on Page 14 Immigrants gaining ground

her summer-only, one-woman has never been truer than over the Incomes rise sharply tour-guide business into a year- past decade, during which more in recent years; round effort with employees. than 700,000 people—including “In America, if you work, you Ms. Martinez—have moved in. succeed in personal will see results,” says Ms. Martinez, “Many members of immigrant services, professions who operates her firm, the New groups are very entrepreneurial and York Experience, from her Jackson have founded businesses, even in Heights home. this downturn,” says Andrew Bev- BY CARA S. TRAGER eridge, chairman of the Driver of economy College sociology department. mexican native Lourdes Reyes many immigrants come to New “Others with high skills fill impor- Martinez arrived in Queens only York and end up cleaning hotel tant roles in the area’s economy. three years ago,but she is already on rooms and washing dishes in “New York offers more of a wel- ENTREPRENEUR: a roll. Four days a week, she teach- restaurants. Others write software come mat than any other place be- Lourdes Reyes es English at a private language on Wall Street and treat patients in cause it has so many different im- Martinez, who arrived school in Jackson Heights. On the area hospitals. As a group, immi- migrant groups,” he adds. in Queens three years side she is honing marketing mate- grants have long been an important All told, more than 1.9 million ago, is building a rials that she hopes will help turn driver of the city’s economy,but that See IMMIGRANTS on Page 16 tour-guide business. buck ennis

April 5, 2010 | Crain’s New York Business | 13 20100405-NEWS--0014,0015-NAT-CCI-CN_-- 4/1/2010 6:08 PM Page 1

REPORT EMPLOYMENT

Workforce Studies, concede that health care sector last year is indica- once the industry’s main job engines, health care job growth has slowed in tive. In contrast with the city’s over- are rapidly giving way to primary, Health jobs still rising the recession,but that the long-term all loss of 2.7% of its jobs as of Janu- ambulatory and home care providers trend is for more, not fewer jobs. ary, New York’s private hospitals, as the employment locomotives. “Health care occupies a lot of job nursing homes, doctors offices and Fueled for decades by govern- Continued from Page 13 in the rate of growth,”says Josh Bar- space in our New York economy,” home care agencies added more than ment money, the extraordinarily la- boost demand for services and for ro, an economist with the Manhat- says Jim Tallon, president of the 11,000 positions,an increase of 2.7% bor-intensive industry accounts for the health care workers to deliver tan Institute, a conservative think United Hospital Fund. “It has to 409,800. more than 13% of the city’s private them. tank. “But politically, that’s not the shown us again and again that in pe- Ironically, it is the growing im- work force. It also encompasses vir- “If we really had reforms that way the trend is going.” riods of downturn, it holds the line, perative to deliver more services on a tually all skill levels, from hourly caused people to consume less To be sure, experts, such as Jean and sometimes even grows.” cheaper outpatient basis that helped workers who empty bedpans to neuro- health care, we might see a decrease Moore of the Center of Health What happened in the city’s vast power much of that gain. Hospitals, oncologists who zap brain tumors with multimillion-dollar machines. FOOTING THE HOME CARE BILL More elderly people by 2016, the number of health care IF ANYTHING IS EMBLEMATIC of the dramatic shift in health care employment, it is The cuts come at a time when costs are soaring as chronically low-paid jobs in the state will swell to 1.1 mil- the burgeoning ranks of home health aides, the low-paid, low-skilled, often workers organize and demand more with the help of the powerful health care lion, an increase of 15% over a immigrant front-line workers who push the wheelchairs, cook the meals and help union, 1199 SEIU. In 2002, the union won a key victory with the city’s living wage decade, according to the New York the elderly negotiate life’s daily obstacles. law, which raised hourly pay for home care workers in agencies that Department of Labor.Much of that Home care workers are becoming key players in efforts to have Medicaid contracts with the city. will be spurred by a rapid increase in overhaul the health care cost equation. It is often their work Those workers, roughly half of the home care workers in the ranks of elderly New Yorkers. that keeps patients in their homes and out of high-cost hospitals the city, now make $10 an hour plus $2.50 in health, As a result, health care support oc- and nursing homes. pension and education contributions, compared with an cupations, such as home care “It’s still deemed to be the least expensive setting and is still average of $7.50 for workers not covered by the law, aides—most of whom work in the more cost-efficient,” says Robert Livonius, chief executive of according to 1199. city—will grow even faster,at 27.5% Medfinders, a national health care staffing company. The union wants to expand living wage laws to more over the decade. That compares Be that as it may, the budget for such services is under workers, but making headway will be a heavy lift. with an anticipated 6.2% rise in the intense pressure. In the budget he proposed earlier this year, Opposition to wage hikes is likely to come from home care agencies total number of jobs in the state. Gov. David Paterson targeted total state and federal cuts of that say years of budget cuts and Medicaid rate freezes have left them with Many of those jobs will be at pri- $147 million to home care spending. That comes on the heels operating losses that threaten their survival, not to mention their ability to mary care centers such as those be- of $300 million in cuts since April 2008. continue to create jobs. ing financed by the Primary Care Not surprisingly, the Home Care Association of New York State warns that “If agencies are going to lose money on every hour of care they deliver, they’re Development Corp., a nonprofit providers will have to cut services or staff, or face the fate of 12 home care going to drop out of programs,” says Phyllis Wang, president of the New York State that provides capital and consulting agencies that have closed or merged in the past seven years. Association of Health Care Providers, an advocacy group for home care agencies. services to primary care facilities. PCDC has 16 projects in the pipeline for new or renovated care

14 | Crain’s New York Business | April 5, 2010 20100405-NEWS--0014,0015-NAT-CCI-CN_-- 4/1/2010 6:08 PM Page 2

REPORT EMPLOYMENT GROWTH TO SLOW, NOT STOP centers that are expected to generate health care reform is still unknown. tals aren’t laying off people but are Jobs are expected to increase in several categories. 920 jobs in the city over the next But again, those reductions are in cutting salaries, freezing hiring and PROJECTED NEW YORK CITY REGION PRIVATE HEALTH CARE JOBS three years alone. expected growth, not in absolute relying on attrition to lower their la- Other openings will come in numbers. bor costs. 2006 2016 % growth home care, which last year grew by Be that as it may, job creation is What remains to be seen is how Ambulatory health care services 144,660 194,430 +34% 6,000 jobs in the city, including 100 getting harder. While there is Albany’s gaping fiscal deficits will Hospitals 197,480 199,410 +1% home health aides hired by Bronx- growth in some areas, hospital con- impact its ability to fund health care. Nursing and residential care 75,070 85,870 +14% wood Homecare. This year, the solidations and the recession have But many are betting that the sector TOTAL 417,210 479,710 +15% agency will be looking for another 40 forced layoffs in others.The closures is simply too important to shrink. to 50 to service its growing patient last year of Mary Immaculate and “I would argue that the main in- NEW YORK CITY PRIVATE HEALTH CARE JOBS, FEB. 2000 to FEB. 2010 load.Similarly,Metropolitan Jewish St. John’s hospitals in Queens left dustry of New York is health care,” 2000 2010 % growth Health System, which has seen 18% 2,500 people out of work, and trou- says Howard Berliner, chair of Ambulatory health care services 113,200 173,900 +54% growth in its home care program, is bled St. Vincent’s Hospital may yet health policy and management at Hospitals 157,100 160,900 +2% budgeting this year for another 20 close. In addition, the Health and SUNY Downstate Medical Center. Nursing and residential care facilities 72,100 78,000 +8% nurses and 10 physical therapists. Hospitals Corp. recently said it “It employs too many people and it’s Hospitals, too, are players in the would lay off 3,900 workers over the too big a part of what we do for it to Source: New York State Department of Labor move to outpatient care,a dispersion next two years.Even so,most hospi- get much smaller.”  of services that will require more workers. North Shore-LIJ, for one, opened an ambulatory center in For- est Hills, Queens, last year, adding 100 jobs, and will open another in Flushing later this year that will eventually employ about 200 people. “Over the next three to five years, our growth is going to be mostly in ambulatory care,” says Joseph Cabral, chief human resources offi- cer of North Shore-LIJ. “That’s our strategy.” At the same time, many jobs that in the past were considered un- skilled increasingly don’t fit that de- scription.Even cleaning people now have to be able to log into a comput- er and record that a hospital room is clean and ready for the next patient. Similarly, when North Shore- LIJ had trouble hiring operating room nurses, it simply created and trained a new category of worker, turning minimally skilled workers

Talent. STAFFING UP: The 14-hospital North Shore- LIJ system added 200 nurses in 2009. On a planet of 6.6 billion, into surgical technicians to do oper- ating room chores, which freed up scarce nurses for more skilled tasks. it’s still your most precious resource. Care coordinators in demand with increasing numbers of pa- tients shifting back and forth be- tween hospital, rehab centers and home, care coordinators are also suddenly in great demand. “Coordination and care manage- It’s bigger than all of us. The fact that companies today must ment is going to produce a lot of workers that we didn’t have before,” do so much more with so much less. Which puts a premium says Ronda Kotelchuk,executive di- on the performance of everyone in your organization. It’s why rector of the PCDC. Right Management makes sure your talent strategy aligns with The challenge for the health care sector is finding someone to pay for your business strategy. So each person in your company can all those new jobs at a time when in- reach their full potential. The world of work is changing. Is surance premiums are already sky- your company ready? Sample our thinking on the subject at high and the public purse is nearly empty.Providers are already bracing Right.com/talent for another $1 billion in cuts from Albany, and the impact of federal

April 5, 2010 | Crain’s New York Business | 15 20100405-NEWS--0016-NAT-CCI-CN_-- 4/1/2010 6:09 PM Page 1

REPORT EMPLOYMENT DIVERSE ORIGINS to room-attendant supervisors and Among those is Danabalsingam Top 15 birthplaces of foreign-born New Yorkers Immigrants gaining earn about $25 an hour,according to Udaya Kumar, a Sri Lankan, who Local 6 of the Hotel Trade Council. started with Attitude five years ago. ARRIVED Driving a cab is another entry Last year, his income dropped to 2000 point into the city’s labor market. In about $45,000 from as much as TOTAL OR LATER Continued from Page 13 most recent year for which data are fact,nearly half of New York’s trans- $70,000 in previous years, but he Total 3,051,480 715,871 immigrants worked in the city be- available, the median household in- portation workers are immigrants, considers himself fortunate to still Dominican tween 2000 and 2008, according to a come for immigrants hit $45,000, according to the report. be making a living and to own the Republic 357,224 73,745 January report from state Comptrol- nearly double the level in 1990. house he purchased in 1996. Experience needed China, ex. Hong Kong ler Thomas DiNapoli. Foreign-born Many hotel jobs pay less than “I came here with just the clothes and Taiwan 256,336 67,404 people accounted for 43% of the work that, but the advantage is that they at attitude new york,a Manhat- I was wearing,” says Mr. Kumar, force and constituted a majority in don’t require “immediate” English- tan-based limousine firm, 35% of who arrived in 1986. “The only ad- Mexico 175,760 69,224 fields ranging from personal servic- language skills, says Joseph Spinna- the 60 employees are immigrants. vantage I had was my English.” Jamaica 174,333 32,351 es—including nail salons and dry to, president of the Hotel Associa- Nonetheless, company President Those arriving with skills—and Guyana 143,233 30,389 cleaners—to leisure and hospitality. tion of New York City. He notes, Jeff Rose says that he looks for peo- advanced degrees—often have a Ecuador 137,494 40,497 Proof of their success can be however,that these are not dead-end ple who are fluent in English, with harder time. Corporate human re- found in the numbers. In 2007, the jobs. Room attendants can advance taxi or black-car experience. source departments typically have Haiti 95,305 18,136 Trinidad and Tobago 92,167 16,547 Russia 77,202 13,288 Colombia 75,572 15,482 India 74,403 20,804 Korea 66,068 15,187 Ukraine 64,090 8,037 Poland 63,596 13,501 Italy 63,271 3,283

Sources: U.S. Census Bureau, 2006-2008 American Community Survey; Population Division, NYC Department of City Planning

little familiarity with overseas uni- versities, and little idea how to verify immigrants’ degrees or work history. “Many experience considerable difficulty securing well-paying posi- tions that use their credentials,” says Nikki Cicerani, the New York exec- utive director of Upwardly Global, a nonprofit that helps foreign-born professionals find employment. Dr. Pavel Shulman, who arrived in New York in 1995 with a medical degree from his native Azerbaijan but little English, refused to give up his dream of practicing medicine here. Instead, he taught himself and was able to enter a medical residen- cy program. “I studied English and medicine together,” he says. On the ladder his efforts paid off in 1999,when he landed a job as chief medical res- ident at St. John’s Episcopal Hospi- tal in Far Rockaway, Queens, ulti- mately rising to head of ambulatory care services. Five years ago, the Coney Island Hospital named him to the new position of medical di- rector of palliative care, a post that currently pays about $170,000. Today, Dr. Shulman and his daughter, an ophthalmologist, are among the 46% of the city’s physi- cians and surgeons who were born abroad, according to the comptrol- ler’s report. Immigrants are also strongly represented in the ranks of entrepre- neurs. Among them is Eunhee Ha, a South Korean immigrant who founded Nakwon Food Inc., a Ko- rean takeout eatery and caterer in Flushing, Queens, three years ago. Today, he has six employees. Similarly, Indian immigrant In- drajit Saluja founded Indo-US Me- dia Inc. Today, the Richmond Hill, Queens, newspaper publisher has five employees. “New York is a big city that of- fers wider opportunities than any- where else for immigrants,”says Dr. Shulman. 

16 | Crain’s New York Business | April 5, 2010 20100405-NEWS--0017-NAT-CCI-CN_-- 4/1/2010 6:10 PM Page 1

REPORT EMPLOYMENT NEW YORK CITY JOB MARKET TRENDS The recession in the city dragged on in 2009 as job losses continued. Though we have seen some signs that the worst may be behind us, employment growth this year remains uncertain.

Borough Unemployment Rates City Jobs and Wages More than 405,000 people in NYC were unemployed in February.The Bronx continued to The Bronx was the only borough to see employment growth in the 12 months ended in June have the highest jobless rate, while Brooklyn had the largest number of unemployed. ’09; Manhattan suffered the biggest drop. The average weekly wage was highest in Manhattan.

Employment in New York City Bottom Line on Jobs Income Forecasts From January to February of this year, the city lost 6,500 jobs, most of which BIGGEST GAINS Collectively, New Yorkers are expected to earn were in the private sector. Losses were concentrated in education, construc- Industries with the largest increases in NYC $422.8 billion in 2010. Incomes are anticipated tion and securities. The public sector lost 2,000 jobs, all in city government. jobs from February 2009 to February 2010 to rise at higher rates through 2014. IN THOUSANDS Feb. ’09 Feb. ’10 Net change TOTAL NONAGRICULTURAL 3,700.5 3,608.5 -92.0 CONSTRUCTION 120.5 106.2 -14.3 Construction of buildings 32.6 30.5 -2.1 Specialty trade contractors 79.5 67.4 -12.1 MANUFACTURING 85.0 79.9 -5.1 Durable goods 32.7 29.4 -3.3 Nondurable goods 52.3 50.5 -1.8 TRADE, TRANSPORTATION AND UTILITIES 550.3 534.9 -15.4 Wholesale trade 141.8 135.3 -6.5 Retail trade 286.1 285.0 -1.1 Transportation, warehousing and utilities 122.4 114.6 -7.8 INFORMATION 160.8 159.9 -0.9 Publishing industries (except Internet) 50.9 46.2 -4.7 Film and sound recording 36.4 41.2 +4.8 Broadcasting (except Internet) 27.8 27.8 0.0 BIGGEST LOSSES Telecommunications 23.4 22.2 -1.2 Industries with the largest losses in NYC jobs FINANCE AND 326.0 301.5 -24.5 from February 2009 to February 2010 Recession Trends Depository credit intermediation 48.0 45.0 -3.0 NYC has lost 167,500 jobs since the start of Securities, commodities and related activities 173.0 156.8 -16.2 the recession. Losses are expected to continue Insurance carriers and related activities 55.1 53.8 -1.3 for another three to six months and are project- ed to total between 185,000 and 200,000 jobs. REAL ESTATE 108.2 108.8 +0.6 PROFESSIONAL AND BUSINESS SERVICES 580.9 557.9 -23.0 Professional, scientific and technical services 334.1 320.3 -13.8 EDUCATIONAL AND HEALTH SERVICES 738.2 748.2 +10.0 Educational services 172.1 170.4 -1.7 Health care and social assistance 566.1 577.8 +11.7 LEISURE AND HOSPITALITY 297.8 302.9 +5.1 Arts, entertainment and recreation 66.3 66.9 +0.6 Accommodation and food services 231.5 236.0 +4.5 GOVERNMENT 562.6 540.5 -22.1 Federal government 55.5 56.1 +0.6 State government 49.4 49.1 -0.3 Local government 457.7 435.3 -22.4 *Not all job losses may be reflected because of severance packages that keep people on payroll. Not all job categories are included. Data in the chart are not seasonally adjusted. Monthly figures in the text are Figures are reported and seasonally adjusted by Eastern Consolidated reported and seasonally adjusted by Eastern Consolidated based on data released by the NYS Department of Labor. based on data released by the NYS Department of Labor.

Research: Denise Southwood, Selena Shen; Graphics: Steven Krupinski, Daniel Mednick

April 5, 2010 | Crain’s New York Business | 17 nb14p18-19cl.qxp 4/2/10 1:59 PM Page 18

ACCOUNTING PUBLIC & LEGAL NOTICES

845 REALTY LLC, a domestic Notice of Qualification of 1350 LLC, WCMG LLC, Articles of Org. filed N.Y. Notice of Qualification of HM Limited Liability Company (LLC) filed App. for Auth. filed Sec’y of State Sec. of State (SSNY) 10th day of Infinitum LLC. Authority filed with with the Sec of State of NY on (SSNY) 2/25/10. Office loc.: NY November, 2009. Office in New York Secy. of State of NY (SSNY) on 2/22/10. NY Office location: New County. LLC org. in DE 10/26/99. Co. at 130 West 42nd Street, Suite 3/2/10. Office location: NY County. York County. SSNY is designated as SSNY desig. as agent of LLC upon 704, New York, NY 10036. SSNY LLC formed in Delaware (DE) on agent upon whom process against whom process against it may be design. Agt. upon whom process 11/19/09. SSNY designated as the LLC may be served. SSNY shall served. SSNY shall mail copy of may be served. SSNY shall mail agent of LLC upon whom process mail a copy of any process against proc. to c/o Nat. Reg. Agents, 875 copy of process to 130 West 42nd against it may be served. SSNY the LLC served upon him/her to Ave of the Americas, NY, NY 10001, Street, Suite 704, New York, NY shall mail process to: Davis & Gilbert Sami Katri, 7 E. 14th St., Apt. 518, the Reg. Agt. upon whom proc. may 10036. Reg. Agt. upon whom LLP, 1740 Broadway, NY, NY 10019. NY, NY 10003. General purposes. be served. DE office addr.: 160 process may be served: Spiegel & Address to be maintained in DE: Greentree Dr., Ste. 101, Dover, DE Utera, P.A., P.C. 1 Maiden Lane, NYC 2711 Centerville Rd., Ste. 400, AUCTION 19904. Cert. of Form. on file: SSDE, 10038. 1-800-576-1100. Purpose: Wilmington, DE 19808. Arts of Org. NOTICE OF FORMATION: Camden Townsend Bldg., Dover, DE 19901. Any lawful purpose. filed with DE Secy. Of State, 401 and Cake LLC. Article of Organization Purp.: any lawful activities. Federal St., Ste. 4, Dover, DE 19901. filed with SSNY on 1/29/2010. SSNY Purpose: any lawful activities. has been designated as agent upon Notice of formation of limited liability whom process against it may be LYNN HERMAN ASSOCIATES LLC, a company (LLC). Name: AUM CAPITAL, served and shall mail a copy of any domestic Limited Liability Company LLC. Arts. of Org. filed with the Dept. NOTICE OF FORMATION OF LIMITED process against the LLC to the NEW (LLC) filed with the Sec of State of NY of State of NY on May 05, 2009. Office LIABILITY COMPANY. NAME: YORK County LLC: 321 West 51st on 1/22/10. NY Office location: New loc., New York County. Secretary of EUROPAN BAKERY LLC. Articles of Street. NY, NY 10019. York County. SSNY is designated as State of New York (SSNY) is designat- Organization were filed with the agent upon whom process against ed as agent of LLC upon whom Secretary of State of New York (SSNY) the LLC may be served. SSNY shall process against it may be served. on 02/26/10. Office location: New York BEIGE CAPITAL LLC Arts. of Org. mail a copy of any process against The principal business location and County. SSNY has been designated filed with NY Sec. of State (SSNY) the LLC served upon him/her to The address SSNY shall mail copy of as agent of the LLC upon whom 12/3/2009. Office in NY Co. SSNY LLC, 1763 Second Ave., NY, NY process to is Paul Shin, 2 Rector St., process against it may be served. design. agent of LLC upon whom 10128. General purposes. 16th Fl., New York, NY 10006. SSNY shall mail a copy of process to TELECOMMUNICATIONS process may be served. SSNY shall Management of the LLC shall be by the LLC, 5800 Arlington Avenue, Unit mail process copy to: 1 Penn Plaza, one or more members. Purpose: To 6S, Bronx, New York 10471. Ste. 4501, NY, NY 10119. Purpose: NOTICE OF FORMATION OF BNL engage in any lawful act or activity. Purpose: For any lawful purpose. any lawful activity. Partners LLC Arts. of Org. filed with NY Sec of State (SSNY) on 9/24/09. Notice of Formation of 129 West 29th Office location: New York County. SSNY Notice of Formation of 110th Street Street Nominee, LLC. Arts. of Org. has been designated as agent of LLC Holdings NY, LLC. Arts. of Org. filed filed with Secy. of State of NY (SSNY) upon whom process against it may with NY Dept. of State on 2/1/10. on 12/4/09. Office location: NY be served. SSNY shall mail a copy of Office location: NY County. Sec. of County. SSNY designated as agent of process to: Corporation Service State designated as agent of LLC LLC upon whom process against it Company, 80 State St, Albany, NY upon whom process against it may may be served. SSNY shall mail 12207. Purpose: any lawful activity. be served and shall mail process to the principal business addr.: c/o The process to: c/o Thor Equities LLC, 25 Olnick Organization, Inc., 135 E. 57th W. 39th St., NY, NY 10018. Purpose: Notice of Formation of BRICK-RUN St., 22nd Fl., NY, NY 10022, Attn: Legal any lawful activity. SPORTS PHYSICAL THERAPY, Dept. Purpose: any lawful activity. Name: EXA MEDIA, LLC Art. Of Org. PLLC. Arts. of Org. filed with Secy. of Notice of Formation of JAC AND Filed Sec. of State of NY 102/23/09. State of NY (SSNY) on 10/24/06. MARI LLC. Arts. of Org. filed with Off. Loc.: New York Co. Corporation Office location: NY County. SSNY NOTICE OF FORMATION OF ESK Secy. of State of NY (SSNY) on Service Company designated as designated as agent of PLLC upon Capital Management LLC. Arts. of 12/15/09. Office location: NY agent upon whom process against it whom process against it may be Org. filed with Secy. of State of N.Y. County. Princ. office of LLC: 22 may be served. SSNY to mail copy served. SSNY shall mail process to (SSNY) on 2/11/10. Office location: River Terr., Apt. 17P, NY, NY 10282. of process to THE LLC, C/O CSC, 80 Gurjeet Chadha, 5800 Arlington Ave., New York County. SSNY designated SSNY designated as agent of LLC State Street, Albany, NY 12207. Apt. 3M, Riverdale, NY 10471. as agent of LLC upon whom process upon whom process against it may Purpose: Any lawful act or activity. Purpose: Any lawful activity. against it may be served. SSNY shall be served. SSNY shall mail process mail process to: 10 E. 13th St., 5F, to the LLC at the princ. office of the New York, NY 10003. Purpose: any LLC. Purpose: Any lawful activity. NOTICE OF FORMATION OF Martin Notice of Qualification of GSO lawful activity. Austin Cribbs Consulting LLC. Targeted Opportunity Partners LP. Article of Organization filed with the Authority filed with NY Dept. of State Notice of Qualification of MAFP Secretary of State of NY (SSNY) on on 11/20/09. Office location: NY Notice of Qualification of NAVISS, L.L.C. Ventures LLC. Authority filed with Jan 11, 2010. Office location: NEW County. LP formed in DE on 10/21/09. Authority filed with NY Dept. of State NY Dept. of State on 2/2/10. Office YORK County. SSNY has been des- NY Sec. of State designated as on 3/2/10. Office location: NY County. location: NY County. LLC formed in PUBLIC & ignated as agent upon whom agent of LP upon whom process LLC formed in MO on 12/10/09. NY DE on 12/18/09. NY Sec. of State process against it may be served. against it may be served and shall Sec. of State designated as agent of designated as agent of LLC upon The Post Office address to which the mail process to the principal business LLC upon whom process against it whom process against it may be LEGAL NOTICES SSNY shall mail a copy of any addr. of the LP: c/o GSO Capital may be served and shall mail process served and shall mail process to: process against the LLC served Partners LP, 280 Park Ave., 11th Fl., to: c/o CT Corporation System, 111 c/o CT Corporation System, 111 Notice of Registration of EPHRON- upon him/her is C/O the LLC, Collen NY, NY 10017. DE addr. of LP: c/o 8th Ave., NY, NY 10011, regd. agent 8th Ave., NY, NY 10011, regd. MANDEL ALBIN & HOWARD, L.L.P., IP, Attn: Matthew C. Wagner, 80 The Corporation Trust Co., 1209 upon whom process may be served. agent upon whom process may be a registered limited liability partner- South Highland Avenue. Ossining, Orange St., Wilmington, DE 19801. MO and principal business address: served. DE addr. of LLC: c/o The ship (RLLP). Cert. filed with Secy. of NY 10562. Purpose of LLC: to Name/addr. of genl. ptr. available 618 Spirit Dr., Ste. 125, Chesterfield, Corporation Trust Co., 1209 State of N.Y. (SSNY) on 1/19/2010. engage in any lawful act or activity. from NY Sec. of State. Cert. of LP MO 63005. Arts. of Org. filed with Orange St., Wilmington, DE 19801. Office location: NY Cty. Principal bus. Street address of Principal Business filed with DE Sec. of State, 401 MO Sec. of State, 600 W. Main St., Arts. of Org. filed with DE Sec. of loc.: 299 Broadway, 17th Fl., NY, NY location is: 445 West 23rd Street, Federal St., Dover, DE 19901. Jefferson City, MO 65102. Purpose: State, 401 Federal St., Dover, DE 10007. SSNY designated as agent of Suite 17 D. New York, NY 10011. Purpose: any lawful activity. any lawful activity. 19901. Purpose: any lawful activity. LLP upon whom process against it may be served. SSNY shall mail process to: The RLLP, 299 Broadway, 17th Fl., NY, NY 10007. Purpose: Place your business card in Crain’s Business Connections practice the profession of law. and reach New York City’s

Name of Foreign LLC: VARADERO Top Level Executives GP, LLC. App. for Auth. filed NY Dept. of State: 1/11/10. Jurisd. and date of org.: DE 7/13/09. Cty. off. loc.: NY Cty. Princ. bus. loc.: 1095 Ave. of the Americas, 26th Fl., NY, NY 10036. Sec. of State designated Contact as agent of foreign LLC upon whom process against it may be served. The Sec. of State shall mail copy of John Gallagher process to: 1095 Ave. of the Americas, 26th Fl., NY, NY 10036. [email protected] Addr. of foreign LLC in DE is: National Corporate Research, Ltd., 212.210.0189 615 S. DuPont Hwy., Dover, DE 19901. Auth. officer in DE where Cert. of Form. filed: DE Sec. of State, Townsend Bldg., Dover, DE 19901. Purpose: any lawful activity.

18 | Crain’s New York Business | April 5, 2010 nb14p18-19cl.qxp 4/2/10 2:00 PM Page 19

PUBLIC & LEGAL NOTICES

Notice of Qualification of EQR- Notice of Qualification of PRESTIGA Notice of Qualification of Balfour Notice of Qualification of JAMES Notice of Qualification of CENTRAL Rivertower B, LLC. Authority filed FUNDING, LLC. Authority filed with Beatty Communities, LLC. Authority PASSIN LLC II. Authority filed with PARK REALTY NY LLC. Authority with NY Dept. of State on 1/29/10. Secy. of State of NY (SSNY) on filed with NY Dept. of State on Secy. of State of NY (SSNY) on filed with Secy. of State of NY Office location: NY County. Princ. 02/25/10. Office location: NY County. 2/1/10. Office location: NY County. 2/4/10. Office location: NY County. (SSNY) on 03/22/10. Office location: bus. addr.: 2 N. Riverside Plaza, LLC formed in Delaware (DE) on Princ. bus. addr.: 10 Campus Blvd., LLC formed in Delaware (DE) on NY County. LLC formed in Delaware Ste. 400, Chicago, IL 60606. LLC 02/24/10. Princ. office of LLC: 210 Newtown Square, PA 19073. LLC 2/2/10. SSNY designated as agent of (DE) on 03/16/10. SSNY designated formed in DE on 1/25/10. NY Sec. Sylvan Ave., Englewood Cliffs, NJ formed in DE on 3/18/08. NY Sec. of LLC upon whom process against it as agent of LLC upon whom process of State designated as agent of LLC 07632. SSNY designated as agent of State designated as agent of LLC may be served. SSNY shall mail against it may be served. SSNY shall upon whom process against it may LLC upon whom process against it upon whom process against it may process to: 2112 Broadway, Apt. 7B, mail process to c/o Corporation be served and shall mail process to: may be served. SSNY shall mail be served and shall mail process to: NY, NY 10023. DE address of LLC: Service Co. (CSC), 80 State St., c/o CT Corporation System, 111 8th process to c/o Corporation Service c/o CT Corporation System, 111 8th c/o National Registered Agents, Inc., Albany, NY 12207-2543. DE addr. of Ave., NY, NY 10011, regd. agent Co. (CSC), 80 State St., Albany, NY Ave., NY, NY 10011, regd. agent 160 Greentree Drive, Ste. 101, Dover, LLC: c/o CSC, 2711 Centerville Rd., upon whom process may be served. 12207-2543. DE addr. of LLC: c/o upon whom process may be served. DE 19904. Arts. of Org. filed with DE Ste. 400, Wilmington, DE 19808. DE addr. of LLC: 1209 Orange St., CSC, 2711 Centerville Rd., Ste. 400, DE addr. of LLC: 1209 Orange St., Secy. of State, 401 Federal St., Ste. Arts. of Org. filed with Secy. of State Wilmington, DE 19801. Arts. of Org. Wilmington, DE 19808. Arts. of Org. Wilmington, DE 19801. Arts. of Org. 4, Dover, DE 19901. Purpose: any of DE, State of DE - Div. of Corps., filed with DE Sec. of State, 401 filed with Secy. of State of DE, 401 filed with DE Sec. of State, 401 lawful activity. John G. Townsend Bldg., 401 Federal St., Dover, DE 19901. Federal St., Ste. 4, Dover, DE 19901. Federal St., Dover, DE 19901. Federal St. - Ste. 4, Dover, DE Purpose: any lawful activity. Purpose: Any lawful activity. Purpose: any lawful activity. 19901. Purpose: Any lawful activity. NOTICE OF FORMATION OF CIVITAS ENERGY ADVISORS, LLC. Arts. of Notice of Formation of LEROYAUME Notice of Formation of Gray Gull Notice of Formation of Dana L. Wolf, Org. filed with the Secy. of State of Notice of Qualification of LIBER SERVICES, LLC. Arts. of Org. filed LLC. Articles of Organization filed DMD, MS, PLLC. Arts. of Org. filed NY (SSNY ) on 2/10/10. NY Office CAPITAL, LLC. Authority filed with with Secy. of State of NY (SSNY) on with Secy. of State of NY (SSNY) on with Secy. of State of NY (SSNY) on location: NY County. SSNY is desig- Secy. of State of NY (SSNY) on 4/17/09. Office location: NY County. 03/05/10. Office location: NY County. 3/5/10. Office location: NY Co. nated as agent upon whom process 01/15/10. Office location: NY County. SSNY designated as agent of LLC SSNY designated as agent of LLC SSNY designated as agent of LLC against the LLC may be served. LLC formed in Delaware (DE) on upon whom process against it may be upon whom process against it may upon whom process against it may SSNY shall mail a copy of any 03/10/09. Princ. office of LLC: 711 served. SSNY shall mail process to: be served. SSNY shall mail process be served. SSNY shall mail process process against the LLC served Third Ave., Ste. 1806, NY, NY 10017. Corporation Service Company, 80 to the LLC, c/o Robinson Brog to: Dana L. Wolf, DMD, MS, 2373 upon him/her to The LLC, 201 East SSNY designated as agent of LLC State St., Albany, NY 12207, registered Leinwand Greene Genovese & Gluck, Broadway, Apt. 709, NY, NY 10024. 69th Street, #7S, NY, NY 10021. upon whom process against it may agent upon whom process may be P.C., Attn: Leonard B. Nathanson, Purpose: any lawful activities. Purpose: Any lawful activities. be served. SSNY shall mail process served. Purpose: any lawful activity. Esq., 1345 Avenue of the Americas, to the LLC at the princ. office of the 31st Fl., NY, NY 10105. Purpose: any LLC. DE addr. of LLC: Corporation Notice of Formation of 6 Bedford MICHELLE RUBEL EVENTS & DESIGN Notice of Formation of LAW OFFICES lawful act or activity. Service Co., 2711 Centerville Rd., Street LLC. Arts. of Org. filed with LLC Articles of Org. filed NY Sec. of OF SIDNEY R. BRESNICK, LLC, a Ste. 400, Willmington, DE 19808. Secy. of State of NY (SSNY) on State (SSNY) 3/15/2010. Office in NY Prof. LLC. Arts. of Org. filed with the Arts. of Org. filed with Secy. of State Notice of Qualification of Goldman 2/24/10. Office location: NY Co. SSNY desig. agent of LLC upon SSNY on 11/19/2009. Office location: of DE, Div. of Corps., John G. Sachs ESF Holdings, L.P. Authority County. SSNY designated as agent whom process may be served. SSNY NY County. SSNY has been desig- Townsend Bldg., 401 Federal St., filed with Secy. of State of NY (SSNY) of LLC upon whom process against shall mail copy of process to 103 E. nated as agent upon whom process Ste. 4, Dover, DE 19901. Purpose: on 3/5/10. Office location: NY County. it may be served. SSNY shall mail 86th St., Ste. 12B, NY, NY 10128, against it may be served. SSNY shall Any lawful activity. LP formed in Cayman Islands (CI) on process to: c/o The LLC, 2502 Muir which is also the principal business mail a copy of process to: Sidney R. 10/29/09. SSNY designated as agent Circle, Wellington, FL 33414. location. Purpose: Any lawful purpose. Bresnick, 510 E 80th St. Apt 14A, of LP upon whom process against it Purpose: any lawful activity. CM CAREER MANAGEMENT LLC a NY, NY 10075. Purpose: To Practice may be served. SSNY shall mail domestic Limited Liability Company The Profession Of Law. process to: 200 West St., NY, NY Notice of Formation of MSMG VEN- (LLC) filed with the Sec of State of 10282. CI address of LP: Maples NOTICE OF FORMATION of DENTAL TURES, LLC. Arts. of Org. filed with NY on 2/11/10. NY Office location: NOTICE OF FORMATION OF Global Corporate Services Ltd, P.O. Box PASSION LLC. Arts. Of Org. filed Secy. of State of NY (SSNY) on New York County. SSNY is desig- Agora, LLC. Arts. of Org. filed with 309, Ugland House, Grand Cayman, with Secy. Of State of N.Y. (SSNY) on 03/05/10. Office location: NY County. nated as agent upon whom process Secy. of State of N.Y. (SSNY) on KY1-1104, CI. Name/address of each 2/10/10. Office location: NY County. Princ. office of LLC: Felix Nihamin & against the LLC may be served. 1/19/10. Office location: New York genl. ptr. available from SSNY. Cert. SSNY designated as agent of LLC Associates, PC, 65 W. 36th St., NY, NY SSNY shall mail a copy of any County. SSNY designated as agent of LP filed with Registrar of Exempted upon whom process against it may 10018. SSNY designated as agent of process against the LLC served of LLC upon whom process against LPs, Elizabethan Sq., 4th Fl., Phase be served. SSNY shall mail a copy of LLC upon whom process against it upon him/her to Mike Levine, 11 E. it may be served. SSNY shall mail Four, George Town, Grand Cayman, process to 164 W 96th St., NY, NY may be served. SSNY shall mail process 44th St., Ste. 500, NY, NY 10017. process to: 22647 Ventura Blvd., CI. Purpose: any lawful activity. 10025. Purpose: To practice the pro- to the LLC at the addr. of its princ. General Purposes. #323, Woodland Hills, CA 91364. fession of Dentistry. office. Purpose: Any lawful activity. Purpose: any lawful activity. Notice of Qualification of Equity Notice of Qualification of Kenneth Long-Short HedgeAccess II LLC. NOTICE OF FORMATION OF Notice of Qualification of LINDENKOHL Productions, LLC. Authority filed with Notice of Qualification of The Mangrove Authority filed with NY Dept. of State Spencer and Brooke LLC. Articles HOLDINGS, LLC. Authority filed with NY Dept. of State on 11/25/09. Office Partners Fund, L.P. App. For Auth. on 3/1/10. Office location: NY of Organization filed with the Secy. of State of NY (SSNY) on location: NY County. Princ. bus. addr.: filed with Secy. of State of N.Y. County. Princ. bus. addr.: 4 World Secretary of State of NY (SSNY) on 02/10/10. Office location: NY County. 603 W. 50th St., NY, NY 10019. LLC (SSNY) on 3/3/2010. Office location: Financial Ctr., 250 Vesey St., 6th Fl., Feb. 12, 2010. Office location: NEW LLC formed in Delaware (DE) on formed in DE on 5/21/99. NY Sec. of New York County. LP formed in DE NY, NY 10080. LLC formed in DE on YORK County. SSNY has been des- 12/11/09. Princ. office of LLC: 850 State designated as agent of LLC on 3/1/2010. SSNY designated as 2/19/10. NY Sec. of State designated ignated as agent upon whom process Third Ave., 16th Fl., NY, NY 10022. upon whom process against it may be agent of LP upon whom process as agent of LLC upon whom process against it may be served. The Post SSNY designated as agent of LLC served and shall mail process to: c/o against it may be served. SSNY shall against it may be served and shall Office address to which the SSNY upon whom process against it may CT Corporation System, 111 8th Ave., mail process to: 100 W. 58th St., Ste. mail process to: CT Corporation shall mail a copy of any process be served. SSNY shall mail process NY, NY 10011, regd. agent upon 8F, New York, NY 10019, Attn: System, 111 8th Ave., NY, NY 10011, against the LLC served upon him/her to the LLC at the addr. of its princ. whom process may be served. DE Nathaniel August. DE address of LP: regd. agent upon whom process may is C/O the LLC US Corporation office. DE addr. of LLC: c/o addr. of LLC: The Corporation Trust 615 South DuPont Hwy., Dover, DE be served. DE addr. of LLC: The Agents, Inc., 7014 13th Ave, Suite Corporation Service Co., 2711 Co., 1209 Orange St., Wilmington, DE 19901. Name/address of each genl. Corporation Trust Co., 1209 Orange 202, Brooklyn, NY 11228. Purpose Centerville Rd., Ste. 400, Wilmington, 19801. Arts. of Org. filed with DE Sec. ptr. available from SSNY. Cert. of LP St., Wilmington, DE 19801. Arts. of of LLC: to engage in any lawful act DE 19808. Arts. of Org. filed with of State, 401 Federal St., Dover, DE filed with DESS, P.O. Box 898, Dover, Org. filed with DE Sec. of State, P.O. or activity. Street address of Principal Secy. of State of DE, State of DE, 19901. Purpose: any lawful activity. DE 19903. Purpose: to engage in any Box 898, Dover, DE 19903. Purpose: Business location is: 20 West 64 St., 401 Federal St., Dover, DE 19901. act or activity under the NY LP Law. any lawful activity. New York, NY 10023. Purpose: Any lawful activity. Name: 58 WEST 70th STREET, LLC Art. Of Org. Filed Sec. Of State of NY 02/04/10. Off. Loc.: New York Co. SSNY designated as agent upon whom process against it may be served. SSNY to mail copy of process to THE LLC, Attn: Ray Longwell, 58 W 70th St., New York, NY 10023. Purpose: Any lawful act or activity.

Notice of Formation of a Limited Liability Company (LLC): Name: NATIVE RESONANCE PRODUCTIONS LLC, Articles of Organization filed with the Secretary of State of New York (SSNY) on 01/28/2010. Office location: New York County. SSNY has been designated as agent of the LLC upon whom process against it may be served. SSNY shall mail a copy of process to: C/O NATIVE RESONANCE PRODUCTIONS LLC, P.O. Box 277 Lanesborough, MA 02137. Purpose: Any Lawful Purpose. Latest date upon which LLC is to dissolve: No specific date.

April 5, 2010 | Crain’s New York Business | 19 20100405-NEWS--0020-NAT-CCI-CN_-- 4/1/2010 8:17 PM Page 1

FOR THE RECORD

room 1B36. For questions regarding this STOCK TRANSACTIONS purchased 710,840 shares of common bid, contact Matthew Gaumer at stock at prices ranging from $9.93 to ABOUT THIS SECTION (212) 562-2887 or Following are recent insider transactions at $10.01 between March 18 and March FOR THE RECORD is a weekly listing of information from the public record that [email protected]. New York’s largest publicly held companies 19, in a transaction worth $7,062,709. filed with the Securities and Exchange He now indirectly holds 11,583,900 can help businesspeople in the New York area find opportunities, potential G Human Resources Administration Commission by executives and major shares. new clients and updates on competitors. Seeks competitive sealed bids by 3 p.m. shareholders. Listings are in order of To ask questions or to get more information on this section, contact on April 29 for a commercial cleaning transaction value.The information was G Tiffany & Co. (TIF) Denise Southwood at [email protected]. vendor to provide cleaning services at obtained from Thomson Reuters. James E. Quinn, president, exercised multiple agency facilities. A mandatory options on 100,000 shares of common prebid conference will be held at 10 a.m. G Moody’s Corp. (MCO) stock at prices ranging from $25.85 to on April 15 at 190 Water St., seventh- Berkshire Hathaway Inc., beneficial $32.47 between March 16 and March floor conference room. For more owner, sold 815,905 shares of common 18, in a transaction worth $2,915,750. BANKRUPTCIES CONSTRUCTION SERVICES information, contact Donna Wilson at stock at prices ranging from $29.81 to During the same period, he sold G City University of New York (212) 331-3524. $29.98 between March 18 and March 100,000 shares at prices ranging from The following listings are selected from the Seeks competitive sealed bids by 11 a.m. 19, in a transaction worth $24,437,894. $47.00 to $48.00 in a transaction worth most recent available filings by companies on April 29 for interior renovations of It now indirectly holds 30,992,500 $4,775,055. He now directly holds seeking bankruptcy protection in the existing rooms in the basement and first REAL ESTATE DEALS shares. 86,498 shares. Southern and Eastern Districts of New floor of the nursing lab at York College. York. Information was obtained from U.S. A mandatory prebid meeting and site Companies that would like to have details Raymond W. McDaniel, chairman of G Starwood Hotels & Resorts Bankruptcy Court records available on visit has been scheduled for 10 a.m. on of their recent transactions appear in these the board and chief executive, exercised Worldwide Inc. (HOT) Public Access to Court Electronic Records. April 15 at 94-20 Guy R. Brewer listings should e-mail descriptions options on 100,000 shares of common Kenneth S. Siegel, chief administrative Listings are in alphabetical order. Boulevard in Jamaica. Contact Michelle following this format to stock at $14.06 on March 18, in a officer and general counsel, exercised Bent at (212) 541-0440 or [email protected], with “Real transaction worth $1,406,250. On the options on 104,304 shares of common G EveryDay Medical Products [email protected] estate transaction” in the subject line, or same day, he sold 100,000 shares at stock at $11.39 on March 17, in a 511 Sixth Ave. with questions. enter them online at $29.00 in a transaction worth transaction worth $1,187,501. On the Filed for Chapter 7 bankruptcy crainsnewyork.com/submitadeal. Deals are $2,900,000. He now directly holds same day, he sold 104,304 shares at protection on March 23. The filing cites G Department of Parks and Recreation listed in order of square footage. 162,027 shares. prices ranging from $41.92 to $42.37 in estimated liabilities of $100,001 to Requests competitive sealed bids by a transaction worth $4,392,136. He now $500,000 and estimated assets of $0 to 10:30 a.m. on April 26 for OFFICE G Polo Ralph Lauren Corp. (RL) directly holds 171,973 shares. $50,000. Among the creditors with the reconstruction of the Corporal John A. G Allianz Risk Transfer signed a 10-year, Jackwyn L. Nemerov, executive vice largest unsecured claims are American Seravalli playground, located on Hudson 10,000-square-foot lease at 1330 Sixth president and director, exercised options G Steven Madden Ltd. (SHOO) Federation of Teachers, owed $25,000; Street in Manhattan, and reconstruction Ave., a 534,222-square-foot office on 100,000 shares of common stock at Steven H. Madden, beneficial owner, and Drive Medical Design and of the Lillian Wald playground, located building owned by CWCapital Asset $36.96 between March 17 and March sold 82,580 shares of common stock at Manufacturing, owed $18,944.35. on East Houston Street in Manhattan. Management. John Maher of CB 18, in a transaction worth $3,696,000. prices ranging from $44.41 to $44.76 For further information, contact Juan Richard Ellis Inc. acted on behalf of the During the same period, she sold between March 15 and March 18, in a G Lapform Products Inc. Alban at (718) 760-6771 or tenant. Frank Doyle and Cynthia 100,000 shares at prices ranging from transaction worth $3,680,628. He now DBA Real Life Products [email protected]. Wasserberger of Jones Lang LaSalle $82.11 to $82.47 in a transaction worth directly holds 1,776,400 shares. 1670 Old Country Road, acted on behalf of the landlord. The $8,220,149. She now directly holds Plainview, L.I. Seeks competitive sealed bids by 10:30 asking rent was not available. 7,877 shares. G Veeco Instruments Inc. (VECO) Filed for Chapter 7 bankruptcy a.m. on April 23 for reconstruction of John R. Peeler, director and chief protection on March 19. The filing cites the sitting area and slope retention G The Belstar Group signed a 10-year, Tracey Thomas Travis, senior vice executive, exercised options on 75,000 estimated liabilities of $100,001 to reconstruction at the Dred Scott Bird 8,520-square-foot lease at 1330 Sixth Ave., president of finance and chief financial shares of common stock at $20.74 $500,000 and estimated assets of $0 to Sanctuary in the Bronx. For more info, a 534,222-square-foot office building officer, exercised options on 30,000 between March 23 and March 25, in a $50,000. Among the creditors with the contact Juan Alban at (718) 760-6771 or owned by CWCapital Asset shares of common stock at $38.61 on transaction worth $1,555,500. During largest unsecured claims are Chase [email protected]. Management. Keith Caggiano and March 18, in a transaction worth the same period, he sold 75,000 shares at LOC, owed $89,000; and Swift Roshan Shah of CB Richard Ellis Inc. $1,158,300. On the same day, she sold prices ranging from $42.11 to $43.95 in Financial Loan, owed $36,812. G Housing Authority acted on behalf of the tenant. Frank Doyle 30,000 shares at $82.74 in a transaction a transaction worth $3,204,090. He now Seeks competitive sealed bids by 10 a.m. and Cynthia Wasserberger of Jones Lang worth $2,482,200. She now directly directly holds 178,825 shares. G Ledgewood Cabinet Making Inc. on April 15 for the replacement of LaSalle represented the landlord. holds 78,495 shares. 36 Town Line Court, Hauppauge, L.I. apartment electrical panels. For G iStar Financial Inc. (SFI) Filed for Chapter 7 bankruptcy questions regarding this solicitation, G MX Telecom signed a four-year, G Vornado Realty Trust (VNO) Jay Sugarman, chairman of the board protection on March 24. The filing cites contact Gloria Guillo at (212) 306-3121 6,596-square-foot sublease at 180 Varick Steven Roth, chairman of the board, and chief executive, sold 500,000 shares estimated liabilities of $100,001 to or [email protected]. St. They will occupy the 10th floor of sold 100,000 shares of common stock at of common stock at $4.73 on March 18, $500,000 and estimated assets of $0 to the 350,000-square-foot building owned $75.62 on March 23, in a transaction in a transaction worth $2,364,000. He $50,000. Among the creditors with the GOODS AND SERVICES by Olmstead Properties. Arthur worth $7,561,780. He now directly now directly holds 2,252,680 shares. largest unsecured claims are WCB G Department of Education Spitalnick of The Kaufman holds 8,796,830 shares. Judgment Unit, owed $100,000; and the Seeks competitive sealed bids by 5 p.m. Organization represented the tenant, G Aéropostale Inc. (ARO) Internal Revenue Service, owed on April 20 for professional while Steven Marvin of Olmstead Russell B. Wight, trustee, sold 60,000 Olivera Lazic-Zangas, senior vice $30,000. development of instructional technology Properties represented the sublessor. shares of common stock at prices president and director of design, services. A preproposal conference will The asking rent was $36 per square foot. ranging from $75.45 to $75.88 between exercised options on 6,750 shares of G Reggie Pink Properties be held at 3 p.m. on April 6 on the March 17 and March 22, in a common stock at $3.97 on March 22, in 300 Central Ave., White Plains seventh floor of 182 Remsen St., G Servcorp signed a 10-year, 6,440- transaction worth $4,539,816. He now a transaction worth $26,798. Between Filed for Chapter 11 bankruptcy Brooklyn. To obtain bid documents, square-foot lease at 1330 Sixth Ave.,a directly holds 6,546,500 shares. March 18 and March 22, she sold protection on March 23. The filing cites send an e-mail to 534,222-square-foot office building 71,185 shares at prices ranging from estimated liabilities of $1,000,001 to [email protected] with bid owned by CWCapital Asset G Take-Two Interactive $28.70 to $29.08 in a transaction worth $10 million and estimated assets of number (#R0812040) and title in the Management. Eric Yarbro of CB Software Inc. (TTWO) $2,068,565. She now directly holds $1,000,001 to $10 million. Among the subject line. For more information, Richard Ellis Inc. acted on behalf of the Carl C. Icahn, beneficial owner, 20,662 shares.  creditors with the largest unsecured e-mail [email protected] with the tenant. Frank Doyle and Cynthia claims are Anson & Berger Inc., owed bid number and title in the subject line. Wasserberger of Jones Lang LaSalle $23,356.11; and Chandler Signs, owed acted on behalf of the landlord. $1,268.31. G Department of Environmental Protection DEALS ROUNDUP Requests competitive sealed bids by G Stop Pest Control of New York signed G Wit Inc. 11:30 a.m. on April 8 for graffiti removal a five-year, 5,000-square-foot lease at 212 175 W. 87th St. services throughout the city. Questions W. 35th St., a 16-story, 90,000-square- TRANSACTION SIZE Filed for Chapter 7 bankruptcy regarding this bid should be directed to foot building managed by Kaufman COMPANY (IN MILLIONS) BUYERS/INVESTORS TRANSACTION TYPE protection on March 24. The filing cites project manager Christian Cavender at Management Co. Steven Kaufman and Chaparral Energy Inc. $345.0 CCMP Capital Advisors (Manhattan) GCI estimated liabilities of $500,001 to $1 (718) 595-7178. Barbara Raskob of The Kaufman Deerfield Capital Corp. $25.0 Columbus Nova (Manhattan) GCI million and estimated assets of $0 to Organization represented both the tenant G Department of Transportation BabyAge.com Inc. $15.0 Brook Venture Partners, Alumni Capital GCI $50,000. Among the creditors with the and the landlord in the transaction.The Network (Manhattan) largest unsecured claims are Tatiana Requests proposals by 2 p.m. on May 7 asking rent was $34 per square foot. Voitovitch-Khurgin, owed $69,731.54; for a nonexclusive franchise for C$ cMoney Inc. $15.0 Kodiak Capital Group (Manhattan) GCI and PMI Nutrition International, owed unsubsidized bus lines providing OTHER CapLease Inc. (Manhattan) $15.0 Golden Gate Capital GCI $54,478.13. common carrier express bus service. A G Complete Body Gym signed a 10- Ener1 Inc. (Manhattan) $15.0 Credit Suisse Securities USA’s GCI preproposal conference will be held at 2 year, 14,000-square-foot lease at 22 W. investment arm (Manhattan) p.m. on April 12 at 55 Water St. For 19th St., an 11-story, 185,000-square- Foursquare Solutions Inc. $10.0 Not disclosed GCI GOVERNMENT CONTRACT more information, contact Owiso foot building owned by The Kaufman (Manhattan) OPPORTUNITIES Makuku at (212) 839-6550 or Organization. The gym will occupy U-Systems Inc. $10.0 Sycamore Ventures, Radius Ventures GCI [email protected]. 1,000 square feet of the ground floor. (Manhattan), Lumira Capital Corp., Following are selected contract Daniel Kahn of The Kaufman iD Ventures America opportunities recently announced by New G Health and Hospitals Corp., Bellevue Organization represented the tenant in Wind Works Power Corp. $10.0 Kodiak Capital Group (Manhattan) GCI Hospital Center York City agencies.To learn how to sell the transaction, while Steve Kaufman Longford Energy Inc. $5.6 TowerBrook Capital Partners (Manhattan), GCI goods and services to city government, visit Requests proposals by 5 p.m. on April and Barbara Raskob of The Kaufman Soros Fund Management (Manhattan) www.nyc.gov/selltonyc. For a searchable 23 for the operation of a gift shop at Organization represented the landlord. Selected deals announced for the week ended March 27 involving companies in metro New database of current procurement notices, Metropolitan Hospital. A mandatory The asking rent was $50 per square foot York. GCI: investment represents new money invested in a company for a visit www.nyc.gov/cityrecord. Listings are preproposal conference will be held at 10 for the ground floor, and $15 per square minority stake. source: capitaliq alphabetical by category and department. a.m. on April 15 at 1901 First Ave., foot for the basement.

20 | Crain’s New York Business | April 5, 2010 20100405-NEWS--0021-NAT-CCI-CN_-- 4/2/2010 8:10 PM Page 1

Busiest developer in NYC Recovery on the menu

Continued from Page 1 age could become a crushing burden. Continued from Page 3 spending is still down compared with the years president to press on at a prodigious pace Mr. Barnett’s patience also stands out. For erate millions in revenue, employ hundreds of before the downturn. The catering division of stands out. Today, he easily takes the prize as instance, he made 20 transactions over the workers and have helped to professionalize the USHG’s casual Blue Smoke restaurant is on the most active real estate developer in town, course of about five years to amass the site for industry. pace to see a 60% increase in private events this a kind of industry equivalent of the Energizer his International Gem Center. To be sure, there is no shortage of restau- year compared with last. These are mostly bunny. “I can count on my hands the number of rants that are struggling right now and facing summer picnics for new associates and other Behind that performance are two key ad- guys who can do what he can,” says Alan bankruptcy or closure. And many venerable social events. vantages. Unlike many of his peers, he’s not Miller, a senior director at Eastern Consoli- restaurants did not survive the downturn. Just Vicki Freeman, co-owner of Five Points, a buried in debt. And just as unusually, he also dated. last week,veteran chef Ed Brown shuttered his popular spot downtown, just purchased a new has access to fresh funds via solid relationships Mr. Barnett has chosen an odd time to Eighty One on the Upper West Side. But $10,000 Cappuccino machine and is feeling with such deep-pocketed investors as The build his first major office project in the city, those that have weathered the bad economy confident enough to move forward with a ren- Carlyle Group and a in but he is convinced that the area’s gem mer- are reaping the rewards now. ovation of the 11-year-old restaurant. Abu Dhabi. They have been drawn to the se- chants will spend up to $1,500 a square foot “We are definitely moving forward Some restaurants are investing cretive,independent-minded developer by his for commercial condos in the tower. on a slow, steady climb,” says Jo-Ann 13% heavily in marketing to take advantage roughly 20-year track record of success, most- Makovitzky, co-owner of Tocqueville, SALES GROWTH of the nascent recovery. Willie Degel, Cutting edge in Belgium year to date ly with top-flight residential projects. a French-American eatery in Union at Union Square who owns three Uncle Jack’s Steak- Just last month, the newest of his financial he ought to know, having spent 12 years Square. She recently hired two new Hospitality houses in the city is giving away 20,000 backers, investment firm Angelo Gordon & himself as a diamond dealer in Belgium. An employees, a private events and sales Group $25 gift cards to new customers who Co. partnered with him in one of the biggest Orthodox Jew from Rockland County who manager and a veteran maître d’. join the restaurant’s Facebook page or real estate transactions of recent months, the holds an undergraduate degree from Queens “Our payroll has gone up, but we couldn’t sign up for its Twitter updates.And he hired a $170 million purchase of the Helmsley Carl- College and a master’s degree from Hunter afford it unless our revenues had gone up too,” full-time social media employee. ton House hotel on Madison Avenue, which College, Mr. Barnett started dabbling in real adds the restaurateur. “People are looking to spend and for a rea- Mr. Barnett plans to partially convert to con- estate—buying office properties in Wichita, At Danny Meyer’s Union Square Hospital- son to get back on track,” says Mr. Degel.“But dos. Kan., and Louisville, Ky.—before moving ity Group, same-store sales year to date are up they are spending maybe $75 compared with “He’s really figured out how to develop back from Belgium to the United States in 13%, reports Paul Bolles Beaven, senior man- $100 for their meal here.”He’s also coldcalling high-end real estate in New York,”says Ronen 1995. aging partner of operations at USHG. The financial firms to give away the free cards. Katz, a vice president at Angelo Gordon. Today, Mr. Barnett can’t recall how he met company has 146 more employees today than The Uncle Jack’s Steakhouse on West 56th Like everyone else, of course, Mr. Barnett the broker who sold him on his first Wichita it did a year ago. Street also recently opened for lunch on the property with the promise of a 13% weekend. “Every Christmas we opened seven return on his money. When it Corporate events return days a week for lunch and dinner, and this year comes to other details of his busi- the slow return of corporate private events I decided to stay open and see how we can build ness—and life—the genial,bespec- is helping restaurateurs’ bottom lines, though up lunch.”  tacled Mr.Barnett simply refuses to MAN OF MULTIPLE SECRETS: Gary say. Notoriously private, he refuses Barnett is a to divulge his age, his hobbies, his contrarian who wife’s name or the number of his Magic is all in the fit plays his cards children. (Sources say he is 53, fa- close to the vest. ther to more than five children and grandfather to at least one. Public Continued from Page 2 in a recent report, noting that the company is records suggest his wife’s name is to get it. “currently testing a shapewear program with Ayala.) . The brand has come a long way since its 1997 Victoria’s Secret.” Mr. Barnett piqued the indus- bankruptcy and subsequent rescue by Oaktree try’s curiosity in 1994 when he paid Capital Management.After acquiring Maiden- Increasing cup size $15 million to purchase The Bel- form in 2004, an affiliate fund of Ares Manage- maidenform at home, a new concept, is also nord, a vast, landmarked Upper ment took the brand public five years ago. expected to sell shapewear.Bra and shapewear West Side apartment house—and “They have a very creative team,” says specialists will host parties for potential con- then spent lavishly to restore it.To- Tomima Edmark, president of Andra Group, sumers, educating them on the pros and cons day, units there fetch as much as owner of underwear consultancies of each product, like the new Ultimate Push- $25,000 a month. HisRoom.com and HerRoom.com. She cited Up Bra, which is meant to make a woman ap- That early success may yet come Maidenform’s 2008 role in manufacturing the pear two cup sizes larger. While the company back to haunt him.Last year,a court Breakthrough Backless Bra, which was creat- has only about 20 specialists right now, Mr. ruled that it was illegal for owners ed by a contestant on the ABC television show Reznik expects to recruit more following the of rent-regulated units to deregu- American Inventor. division’s May launch. late them if the property received As a company that pri- Though Maidenform certain tax breaks. He could owe marily sells at department Maidenform sells on retailer Web sites, millions of dollars in rent refunds. stores—which have been including Macy’s, the A year later, he partnered with hammered by the recession is an early company is also investing the Carlyle Group to buy a 13-acre with double-digit sales de- in its own e-commerce tract on the Upper West Side for clines—and competes with leader in overhaul. The redesign, $1.8 billion. So far, he has finished high-profile competitors which cost over $2 million, has taken some hits in the past couple of years. two residential towers there. Two more are like Victoria’s Secret, shapewear will go live at the end of the He recently put plans for a West Side tower for slated to be completed by the end of the year, Maidenform has to stay month and allow con- the medical industry on hold.These days, he’s and construction of another two will start next ahead of the curve. “In sumers to better see and se- enmeshed in battle with condo buyers at one year. Meanwhile, he hopes to soon begin to 2008,we,like other compa- lect products. of his Upper West Side towers, who are de- seek city approval to build five more buildings nies, got scared because the And keeping its eye on manding their deposits back in a dispute over there with a combined 2.9 million square feet world was falling apart,”says Mr.Reznik.“We the younger generation, beginning this July, contract language that many experts say he’s of space. did cut some resources, but we rechanneled Maidenform will launch a line aimed at girls 16 likely to lose. He also may have to fork over To win support, he has already reduced the them into product development, which to 22 years old in 350 stores.The Charmed col- millions of dollars in rent rebates to residents buildings’ size, though some say not nearly proved to be a brilliant move.” lection, which includes polka dot prints and of another of his holdings, The Belnord. enough. bra styles, will help the company cap- “We’ve had problems,”he says.“It’s not fun “No one up here is going to say that it is a Bod Squad kiosks italize on the increasing $1.5 billion juniors to watch valuations go down.” great project,” says Councilwoman Gale the company is especially keen on enhancing market.“They have to target that younger con- That doesn’t mean Mr.Barnett is sounding Brewer, who nonetheless describes Mr. Bar- its share of the shapewear market with its Bod sumer—get them in so they become Maiden- the retreat. nett as an approachable developer who sticks Squad kiosks. Shapewear currently makes up form loyal customers for life,”says brand strate- to his word. about 31% of Maidenform’s sales, but it’s one gist Matt Hogan. The time is right He also sticks to his plans. On West 57th of the fastest-growing sectors in the intimates One cause for concern among analysts is “we see things picking up in New York,” Street near Carnegie Hall, he recently start- industry. U.S. sales grew 8.4%, to $833.8 mil- the company’s failure to concentrate on bigger says Mr.Barnett.“We think this is a great time ed work on a mixed-use tower even though he lion,for the 12 months ended in January,com- bra sizes, despite an explosion of full-figured to build.” has yet to line up an all-important construc- pared with the year-earlier period, according women. While competitors like Warnaco’s Such contrarian views have benefited Mr. tion loan. Mr. Barnett insists the money will to market research firm NPD Group Inc. Olga and America have expanded to Barnett previously. During the boom years, flow for a project that will offer an exception- Maidenform has a 160-square-foot Bod include DDD and G sizes, Maidenform has while many developers were gorging on debt, al location, world-class amenities, and a de- Squad test kiosk in place at the mall in Garden few larger than a DD cup size,though Mr. putting a mere 5% down on projects, Mr. Bar- sign by noted French architect Christian de State,N.J.,and plans to roll out nine more this Reznik says the full-figured market is a focus nett routinely put down 20%. He says he did- Portzamparc. year. “Maidenform is an early leader in the for its Lilyette brand and shapewear division. n’t share his peers’ belief that real estate prices “It is going to be a gift to New York,” says fast-growing shapewear category,” wrote “Everybody [else] is expanding their size would keep soaring and that he worried lever- the undeterred Mr. Barnett.  BB&T Capital Markets analyst Scott Krasik range,” says Ms. Edmark. 

April 5, 2010 | Crain’s New York Business | 21 20100405-NEWS--0022-NAT-CCI-CN_-- 4/2/2010 8:32 PM Page 1

Silicon Alley rocking once again NY’s spending habit

Continued from Page 1 AOL does not disclose its head 5,000-square-foot space on West Continued from Page 1 entrepreneur.“And Madison Square count; Google has about 2,000 em- 21st Street. The 20-person firm, ideas have been nixed before, but af- WHEN ALBANY Park has definitely become the cen- ployees in New York, including which helps online readers find ter the Legislature last week blew its ter of the startup scene.” temps and outside vendors and con- neighborhood news, now has the deadline to approve a budget, MEETS WALL ST. Fledgling tech firms have tractors. Microsoft boasts more room to double its head count. bankers know pressure is growing to Bankers are pitching state flocked to Manhattan over the past than 800 employees in the city, and “It’s not cost-prohibitive to be in find new sources of cash. legislators some expensive ideas year. Many have settled in the Flat- estimates that through its employ- Manhattan anymore,” says founder “In desperate times, some ideas for closing a $9 billion budget gap. iron district—more specifically, in ees and local business partners, it Mark Josephson. might get the kind of hearing they  REFINANCE $3.3 billion in close proximity to Danny Meyer’s contributes more than $12 billion to In fact, average asking rents in couldn’t get when things were good,” bonds backed by tobacco taxes, a wildly popular Madison Square the state’s economy each year. the neighborhood have slipped to says a senior banker who has helped one-time shot that could raise Park burger and milk-shake stand, Overall, tech jobs in the city are around $30 per square foot—com- raise billions of dollars for the state about $700 million. the Shake Shack. rising. After falling to a low of and city in recent years. parable to the levels in Dumbo.  BORROW from future years’ “It is our mecca,” says David 32,900 in January 2004,the number Three years ago, rents were at least a A “scoop and chuck” lottery-ticket sales. Big bucks, Rose, managing principal of Rose of industry positions has rebounded third higher. considering New York’s lottery Tech Ventures, an incubator and strongly;it rose 39%,to 45,600,as of it’s clear that Wall Street already Super recruiting tool monopoly saw $7.7 billion in sales early-stage investment fund located January, according to the New York has the ears of lawmakers and the Pa- and $2.5 billion in operating steps away from the park. state Department of Labor. Anoth- having a prime Manhattan loca- terson administration. For example, income last year. Like a casual-Friday’s version of er 200 posts were added in February tion also makes it easier to recruit the state Senate recently endorsed an  PRIVATIZE the Tappan Zee Michael’s or The Four Seasons, the alone. staff. Since moving to its 3,000- idea pitched last year by Morgan Bridge. This “asset maximization” eatery has become the go-to spot for Such growth has spawned an ex- square-foot space on West 22nd Stanley and Bank of America Mer- proposal in a gubernatorial report tech dealmaking and general net- plosion in local tech networking Street in September, Zeitbyte Digi- rill Lynch that would have the state last year has been dusted off now working. Local techies tweet about groups and mixers, not only around tal Media has hired three employees raise $700 million by refinancing that the span’s repair bill could well their visits daily.Others monitor the Madison Square Park, but also in who live in New Jersey or Queens. $3.3 billion in bonds backed by to- exceed $6.4 billion. stand’s webcam to check the lines other tech hot spots like Dumbo in “They would have never called us bacco taxes. In private, bankers deri-  EXPAND the borrowing capacity and better time their visits. Brooklyn and the meatpacking dis- if we were still in Dumbo,”says Gary sively call the deal a “scoop and of the Port Authority of New York A decade after the great dot-com trict. New York Tech Meetup, Kahn,co-founder of the firm,which chuck” because the state would be and New Jersey. It has $11 billion bust, New York tech firms are back which hosts monthly events that let provides digital video services. scooping out near-term debt obliga- of debt on its books, but bankers in force.Courtesy of the more recent entrepreneurs present their ideas to Meanwhile, the number of angel tions and chucking them out years say annual interest costs eat up implosions in two other indus- a like-minded crowd, has doubled groups and firms in into the future. Careful there: If to- only about a seventh of its $3.5 tries—finance and real estate—they its membership over the past two the area has ballooned. Among the bacco sales drop more than anticipat- billion in gross operating revenue. are snapping up engineering talent years, to 12,000. newer entries are angel groups such as ed over the long term, the state could from Wall Street and leasing ideal “Five years ago, there was an Founder Collective and NYC Seed. be on the hook to repay bondholders. loftlike space at bargain rents.At the event or two a week,”says Trendsta’s In addition,several business incu- In addition,Lt.Gov.Richard Rav- banks is packaging the state’s lot- same time, they are benefiting be- Mr. Myers. “Now there are a few bators have popped up,offering firms itch is calling for the state to borrow tery-ticket revenues into bonds that cause of an increasing number of events per day.” cheap or even free space. Earlier this up to $6 billion in short-term financ- would be sold to investors.This way, New York-based angel and venture There are other signs of progress. year, Polaris Venture Partners set up ing as a bridge to getting its fiscal the state could lock in years’ worth capital funds with money to invest. After years of complaining bitterly Dogpatch Labs near Union Square. house in order. That could mean $30 of revenues upfront—a hefty sum about New York’s critical shortage The free incubator has space for 14 million in fees to Wall Street, where considering New York’s lottery is Strength in numbers of engineering and programming life sciences and technology startups. bankers typically pocket commissions the biggest in the nation, with $7.7 the sheer volume of tech firms in talent, tech firms are finding a lot It follows one set up downtown on of 0.5% for helping states or cities is- billion in revenues and $2.5 billion Manhattan is itself an advantage, as more fish in the talent pool in the Varick Street last year by Polytechnic sue bonds, according to research firm in operating income last year. Lot- entrepreneurs feed off each other’s wake of Wall Street’s implosion. Institute of New York University, in Municipal Market Advisors. tery revenues increased by 1.5% last experience and make contacts at “In the past, MBA students partnership with the city. The flurry underscores how the year and by 5% in 2008. The tricki- meeting places like the Shake would have gone to internships at Not everyone is surprised by the relationship between Albany and est part is that potential investors Shack. There are at least 100 tech Morgan Stanley,” says Mr. Myers, current array of opportunities for Wall Street has deepened in recent might demand the state step in and firms within six blocks of the south- who is seeking interns for his four- tech firms. years. Over the past five years, the pay bondholders if lottery sales ern end of Madison Square Park,ac- person shop. “Now that there are “Hard times are good times for state and its agencies have issued prove lower than expected. That cording to Mr. Rose. fewer jobs out there, those people the tech startup world,” sums up nearly $90 billion in bonds,according could be politically lethal. That doesn’t even include larger are available.” Nate Westheimer, founder of Any- to Thomson Reuters.That translates companies like AOL Inc., which is For some tech companies, the Clip.com,which lets users search for to about $450 million in fees to giants “Asset maximization” based in New York,and Google Inc. hard-hit office market is a godsend. and share excerpts from movies,and J.P. Morgan Chase, Citigroup and deal-hungry bankers are also and Microsoft Corp., which both After growing out of its space in the organizer of the New York Tech Goldman Sachs,plus a host of small- dusting off a year-old “state asset have well-established outposts here. Dumbo, Outside.in moved to a Meetup.  er banks, including Samuel A. maximization” report, which called Ramirez & Co. and Siebert Brand- for inviting private investors to lease ford Shank & Co. (A report last portions of university campuses or FLATIRON DISTRICT DRAWS A CROWD month by Gov. David Paterson’s of- help rebuild the Tappan Zee Bridge. fice said women- and minority- Gauging current investor interest in W. 28th St. owned firms were allocated 29% of these projects is guesswork. For in- the state’s debt underwriting business stance, the state estimated in 2008 last year,compared with 4% in 2007.) that it would cost $6.4 billion to re- W. 27th St. The booming debt business has build the Tappan Zee. But to attract also spawned a thriving derivatives private investors, the massive under- W. 26th St. marketplace, where Wall Street can taking, which would include routing make even more money.The deriva- commuter trains over the bridge,may MADISON tives range from straightforward in- have to be scaled back. W. 25th St. SQUARE PARK terest rate swaps, which help the “It’s unclear how much more Broadway state manage its finances, to credit money could be made from a toll W. 24th St. Shake default swaps, which emerged bridge that’s already generating rev- Shack  around 2005 and are insurance poli- enue,” says Kate Slevin, executive di- W. 23rd St. Madison Ave. cies that allow speculators to bet rector of the Tri-State Transporta- Flatiron whether the state will fail to meet its tion Campaign. Building obligations. Though there are only Another controversial idea mak- W. 22nd St. 141 CDS contracts on New York ing the rounds on Wall Street is in- 6th Ave. 5th Ave. state debt,according to research firm creasing the Port Authority’s debt Park Ave. South W. 21st St. Lexington Ave. Markit, they illustrate investors’ load.The agency already has $11 bil- concerns about the state’s financial lion of debt on its books,according to woes.The cost of insurance,current- its most recent annual report, but W. 20th St. ly half its peak of a year ago, remains bankers point out its annual interest six times as high as in early 2008. costs ate up only about one-seventh W. 19th St. With the state mired in budget- of its $3.5 billion in gross operating balancing politics and conceivably revenues.In other words,it may have running out of cash by June 1, room to borrow even more. W. 18th St. buck ennis bankers see new opportunities.“It’s a “The Port is very conservative,” Locations of some of the scores of tech firms that have set up shop in the area. calling-all-cars situation,” a veteran says an executive who advised the Wall Street adviser says. agency.“But it’s a potential fountain  istockphoto One idea under discussion at the of cash.”

22 | Crain’s New York Business | April 5, 2010 20100405-NEWS--0023-NAT-CCI-CN_-- 4/1/2010 8:32 PM Page 1

The Consumer Confidence Index rose to 52.5 in March, from 46.4 in February BUSINESS LIVES Source: The Conference Board HOT JOBS EXECUTIVE INBOX

DIRECTOR OF Anne Fisher DEVELOPMENT ORGANIZATION Museum of Arts and Design An ounce of JOB DESCRIPTION Provide prevention: a leadership for the museum’s fundraising efforts fine investment MOST IMPORTANT TASK Build a MOST COST-CUTTING MEASURES $20 million endowment fund got thrown under the bus early in CREDENTIALS NEEDED the debate on health care reform. Experience in fundraising and Small businesses are left to their management and a familiarity own devices in limiting expenses. with the philanthropic landscape The fact that the legislation of New York City didn’t include tort reform rankles SALARY Up to the low Dr. Philip Ragno, whose 25-year- $200,000s, recruiters estimate old Long Island cardiology practice RECRUITER Phillips Oppenheim WHO’S THE spends 30 cents of every revenue FAIREST? Maggie dollar on malpractice insurance. DOWNSIDE Raising the final Ford Danielson loves $15 million of the capital campaign “A tremendous amount of money the makeup business. is wasted on defensive medicine,” UPSIDE Working for a museum he says. “Between that and the that has gained in popularity exorbitant price of the since moving to new digs at Columbus Circle insurance, it’s hard to see how costs are going to come down.” The Museum of Arts and Design Dr. Ragno recently merged his celebrates the process by which firm, Island Cardiac Specialists, materials are crafted into works that enhance contemporary life. with Winthrop-University Hospital MAD has had more than 560 in Mineola, L.I., in part so that his exhibitions and welcomes more 130 employees could benefit than 275,000 visitors annually. from lower health insurance rates. —SELENA SHEN Meanwhile, some small firms are following the lead of the large U.S. companies that have launched wellness programs that EXECUTIVE MOVES include incentives for workers with healthful habits. Next Jump Deutsche Bank (www.nextjump.com), an online Americas Holding buck ennis marketing firm in Manhattan with Corp.: John Utendahl, about 100 employees here, 52, joined the firm as GOTHAM GIGS awards $100 prizes to workers vice chairman. He was previously the who use its gym regularly; the chairman of the rewards go into their health Utendahl savings accounts. Next Jump Organization, beginning when he Chief Executive Charlie Kim also founded Utendahl Capital Partners. The Art of Saving Face hired a dietitian, who writes a blog Greentech Capital Advisors: Heather L. on health topics and oversees the Smith, 40, joined the investment bank as company menu, which includes a partner and head of private when rolling out a new cosmetics line, Maggie Ford Danielson, placements. She was previously head of ‘I can a free breakfast every day. structured private placements at a Benefit Cosmetics global makeup trend artist, can advise hundreds Smart. It’s too early to figure Deutsche Bank. make of shoppers per day. ¶ “That’s why I love this job. I can help conceal out Next Jump’s return on FirstService Williams: Frank Edwards, flaws and make people feel better about themselves in 15 to 20 investment. But consider: IBM 51, was named executive managing people minutes,” says Ms. Danielson, 29. ¶ Born and bred in San Francisco, (www.ibm.us.com), which director of the project management started its wellness efforts in service group at the real estate firm. He Ms. Danielson grew up in the business her mother and aunt founded. was previously head of project feel better 2004, estimates that total health management at Studley Inc. She moved to New York seven years ago after graduating from Tufts care costs have declined by more Initiative: Eric Bader, about University, where she majored in economics and French. After five than $100 million as a result. 42, was appointed years at a marketing firm in Manhattan, she returned to her roots.“I On average, according to the chief strategy officer, themselves Wellness Council of America worldwide, a newly missed the makeup,” she admits.“It’s really all I know.” ¶ As early as (www.welcoa.org), for every created position with in 15 to 20 she can recall, Ms. Danielson’s babysitters were the customers.“My the media dollar a company spends on communications minutes’ mother took me to the stores, and I watched her work and the helping employees get healthier, company. He was customers watched me,” she says. ¶ Recently, she introduced Benefit’s it can expect to save $3 down previously president of BradInHand, the road. Nothing coming out of which he co-founded. spring eye-shadow colors—including Nice Melons and Fancy Washington is likely to beat that. Mayer Brown: Josh Cohn, 59, joined the Pansy—at Bloomingdale’s.“Everyone says January is the New Year, law firm as a partner. He was previously but really, it’s cold and dark. Spring is about rebirth,” she says.“It’s a DOES YOUR FIRM encourage employ- a partner at Allen & Overy. ees to make healthy choices? If so, Amalgamated Bank: Joseph E. Brunken, time when women want something brighter and feminine.” how is that working out? Tell us at See EXECUTIVE MOVES on Page 24 —alix strauss www.crainsnewyork.com/execinbox.

April 5, 2010 | Crain’s New York Business | 23 20100405-NEWS--0024-NAT-CCI-CN_-- 4/1/2010 8:19 PM Page 1

RÉSUMÉ REVIEW She speaks for the animals Is your job search all it could be? We ask the experts. Animal Medical Center all businesses, and AMC is well- working with animals? NAME DANIEL RUBIN positioned to deal with it. A long time ago, I had to put a horse SUMMARY chief serves her down. One of the veterinarians I Has AMC been affected by the worked with allowed me to be there Eleven years of experience in , four-footed friends recession? and talked me through the process. and restructuring As with all nonprofits, the economy After the horse was on the ground, PROFESSIONAL EXPERIENCE has had an impact. We’ve been for- the vet put his head in my lap and I  JEN Partners, 2006-present BY KIRA BINDRIM tunate because we’ve had some was able to stay with him. These steady donors, but we’re all strug- vets, who have to deal with animals Vice president and founding member fter nearly three gling to make sure we can make ends that can’t tell you what’s wrong, and Screens deals, negotiates term sheets, develops financial models and decades working in the meet. who have to diagnose from intuition structured transactions  human health care indus- and feel, are incredibly special. This Lehman Brothers Holdings, 2004-2006 try, Kathryn Coyne is Which of your former job skills will help woman made the whole process Associate, investment banking division, global industrial group Aturning her attention to animals. you the most? bearable for me. It stuck with me. Facilitated deal origination and execution, including leveraged buyouts, The newly named chief executive of There are a lot of similari- mergers and acquisitions, and equity and debt financings the Animal Medical Center had ties between human How many pets do you have?  Deloitte, 1999-2002 most recently been CEO of Union health care and animal I love animals and I’ve al- Manager, restructuring services group Hospital in health care. We still ways had animals in my Advised unsecured creditors’ committee and distressed companies New Jersey, need to provide family.Right now I have EDUCATION which closed high-quality care two cats, and one donor  in 2007. She for our patients,not cat that I’m taking care New York University, M.B.A., finance, 2004  MOVERS & and her staff just the animals, of. Over the years, I’ve Paris Creteil University, M.S., financial engineering, 1997 SHAKERS stayed on un- but also their own- also owned seven horses.  Paris Dauphine University, B.S., accounting, 1995 til 2008. ers and the referring Right now,I own one horse Résumé appears in condensed form.  Kathryn veterinarians. It’s named Casino. EXPERT ADVICE Why animals? about finding an Coyne After years of appropriate Daniel needs to quantify the growth of his business and the results of his providing use of re- efforts. A recruiter wants to know at what dollar level the private equity health care for sources, investments were made. He has a number of strong brand names on his humans, I really wanted to do the just like résumé. To aid in his job search, he should start reaching out to them: Give same for animals. It’s always been with any these folks a call and have coffee with them. He should expand his my feeling that animals have, in a other hos- network through resources like LinkedIn and the career services office at sense, no voice, so I wanted to be a pital or NYU’s Stern School of Business. Speaking a second language is an asset part of their voice. business. that Daniel should tap into to make more connections. —connie thanasoulis-cerrachio, career services expert, Vault.com What’s your biggest challenge? When did To contact this candidate or to be featured in “Résumé Review,” e-mail us One of our biggest challenges is you first at [email protected]. competition from for-profit enti- become ties. I think competition is good for interested in

EXECUTIVE MOVES Industries, where he served as senior president of advanced advertising and tracking platform. He was Capital. vice president, corporate controller and strategy and operations. She was previously vice president and general Michael Stamberger, 38, joined as a chief accounting officer. previously senior vice president of manager of CBS.com and managing director and senior sales Continued from Page 23 Deloitte: Guy Langford, 43, was business development and strategy for CBSNews.com. trader in the institutional equities 54, was appointed promoted to U.S. distressed asset debt Cablevision. Kilpatrick Stockton: Carl Salisbury, 50, division. He was formerly a senior sales senior vice president leader. He was formerly an accounting Nixon Peabody: Charles H. Baker, 49, joined the law firm as a partner on the trader and managing director at Pali and director of principal in the New York mergers and joined the law firm as a partner in the insurance recovery team. He was Capital. marketing and client acquisitions services practice. private equity, mergers and acquisitions, formerly a partner at Killian & Newspaper National Network: Doug services in the Valpak of New York: and global sports and entertainment Salisbury. MacDonald, 44, was named vice institutional asset Rod Lowenstein, 46, practice. He was formerly a partner at Burford Group: Aviva president, digital. He was formerly vice management and was named president Paul Hastings. Will, 41, was president of digital sales and product custody division. He at the direct CSCommercial Group: David S. Schneck, appointed managing marketing at Penton Media. was previously senior marketing company, 72, was named executive vice president director at the Akin Gump Strauss Hauer & Feld: Douglas vice president and director of sales and which he bought. He at the real estate services firm. He was investment advisory A. Rappaport, 43, joined the law firm as marketing at Mutual of America Capital will continue in his formerly senior vice president at firm. She was a partner. He was formerly a partner at Management Corp. role as president of Helmsley Spear. previously assistant DLA Piper. Madison Square Garden Inc.: Joseph Yospe, Shape Media, which Angelo Gordon & Co.: Garrett Walls, 53, general counsel and a Bills.com: Jon Pedley, 42, joined the 51, was named senior vice president, he co-founded. was named head of marketing. He was senior litigation financial advisory Web site as vice controller and principal accounting Rainbow Advertising Sales Corp.: Kim most recently at TCW, where he served counsel at Time Warner Inc. president of product management. He officer. He joins MSG from ABM Norris, 49, was named executive vice as group managing director. Holtz Rubenstein Reminick: Glenn C. was previously vice president of product Brooklyn Museum: Paul Johnson, 44, was McCoy Jr., 54, joined as principal in management and marketing at Financial appointed deputy director for charge of the accounting firm’s state and Crossing. development. He was most recently a local tax group. He was formerly a 24 Seven: Bob Nahas, 65, joined the CORPORATE LADDER fundraising consultant for the Getty principal at Ryan Inc. recruitment and work force strategy Foundation and Research Institute. Ticonderoga Securities: William Bauer, clearinghouse as vice president. He had BLOOMBERG AIDE MOVES TO CITI Loughlin Meghji & Co.: John Krupar, 47, 42, was named head of the exchange- been managing director at Herbert joined the professional services firm as a traded funds desk. He joins from Knight Mines Associates. Edward Skyler, 36, will join Citigroup as executive vice president of global managing director. He was formerly a Capital, where he served as a director for Atlantis Health Plan: David Stratton, 40, public affairs, a newly created position, beginning in May. He will be partner at Oliver Wyman. exchange-traded funds sales and was promoted to vice president of sales responsible for all corporate communications and will share leadership of Massey Knakal Realty Services: Cory S. trading. and marketing from director of broker government affairs and investor relations. Mr. Skyler Rosenthal, 28, was promoted to vice K&L Gates: Rajiv and account services. has been with the administration since 2002, when president of executive operations from Khanna, 54, joined the Big Tent Entertainment: Lisa K. Weiner, he first served as press secretary, later becoming first vice president of sales. law firm as a partner in 42, joined the media brand development Lawyers Without Borders: Edward L. the corporate practice firm as director of brand development. communications director and deputy mayor for Turner, 66, was appointed chair of the and co-chair of the She was formerly director of brand operations. As deputy mayor, Mr. Skyler oversaw board of directors. He is a retired former South Asia initiative. management at Random House city agencies such as the Department of partner of Shearman & Sterling. He was previously at Children’s Books. Transportation and the Department of Buildings. He PNC: Basem Pharaon, 42, was named Greenberg Traurig, —maia blume also spearheaded the city’s response to vice president of business development where he chaired the emergencies and served as a top budget, legislative at the financial services organization. India practice group. He was previously a senior vice BTIG: Brad Berk, 38, joined the broker- EXECUTIVE PROMOTIONS and labor negotiator for the mayor. He is the second president at Patriot Capital Funding dealer as a managing director and senior The fastest way to get an announcement into high-level mayoral aide to resign in March. Inc. sales trader in the institutional equities Crain’s is to submit details online. Fill out the form —MAIA BLUME Vindico Group: Matt Timothy, 45, was division. He was previously a senior sales at www.crainsnewyork.com/submit. The appointed president at the ad-serving trader and managing director at Pali Executive Moves column is also available online.

24 | Crain’s New York Business | April 5, 2010 CN013554 3/12/10 11:36 AM Page 1 20100405-NEWS--0026-NAT-CCI-CN_-- 4/1/2010 8:20 PM Page 1 chemex / INSATIABLE CRITIC to train volunteers to provide basic consumer debt collection legal advice. flickr.com Gael Greene THE The seminar will run from 6 p.m. to 9 p.m. at 42 W. 44th St. and is free. Call (212) 382-6600 for more details. WEEK WEDNESDAY, APRIL 14 THE FIVE O’CLOCK CLUB will host a Where Mamma seminar on getting interviews through AHEAD direct and targeted mail from 6:30 p.m. to 8:30 p.m. at 11 Penn Plaza, fifth APRIL 12-18 floor. The fee is $50. For further details, makes Italian call (908) 696-9469 or e-mail [email protected]. CONFERENCES Mia Dona turns out MONDAY, APRIL 12 THURSDAY, APRIL 15 WHAT HE’S It’s NEW YORK ENTREPRENEUR WEEK. THE COOPER UNION INSTITUTE for READING a menu of home Come connect with and learn from Sustainable Design will hold a lecture on how natural gas technology successful entrepreneurs. The TIM ARMSTRONG is busy turning cooking on East Side conference runs from 9 a.m. to 6 p.m. threatens our future from 6:30 p.m. to through April 16 at the Scholastic 8:30 p.m. at The Great Hall, 7 E. AOL Inc. into a new kind of t’s one of those glorious Auditorium, 557 Broadway. Fees are Seventh St. Admission is free. Call content company, but he still finds New York evenings when un- $150 and up, and preregistration is (212) 353-4195 or e-mail time for that most traditional of expected pleasures converge. required. Call (860) 918-0438 for [email protected] for more information. media platforms: the hardcover additional information. Mamma Maria’s tomato ROBINSON ROSE CAPITAL MANAGEMENT book. A longtime runner with a braised meatballs are flavor- FORUMS will host a seminar on what you may bad hip, the AOL chief executive ful and almost fluffy, but not effete- buck ennis recently finished Born to Run, by I VERY GOOD: Spaghetti with seafood MONDAY, APRIL 12 need to do for your retirement savings ly ethereal. And there are four for THE MIT ENTERPRISE FORUM of NYC from 1 p.m. to 2 p.m. at 394 Broadway, Christopher McDougall, about our foursome to share, almost will hold a forum on technology fifth floor. Attendance is free and “ultrarunning” as practiced by buried in fragrant tomato sauce. MIA DONA innovation and entrepreneurship in preregistration is recommended. For the Tarahumara Indians of Mexico. Mia Dona has real energy tonight, 206 E. 58th St. Israel from 5:30 p.m. to 8:30 p.m. at more details, call (917) 549-1595 or “It has a lot about the e-mail [email protected]. crowded but not packed, noisy but (212) 750-8170 Pace University, 1 Pace Plaza, physiology of running,” Mr. multipurpose room, B-level east. Fees we can talk, and here is Donatella www.miadona.com CULTURAL EVENTS Armstrong says. “I’m hoping to are free for members, $50 for Arpaia herself, greeting us in a FRIDAY, APRIL 16 nonmembers in advance and $60 for avoid a hip replacement based black-lace mini and six-inch heels. THE PUBLIC THEATER nonmembers at the door. Call Head to at 425 on that.” Even the bread basket has a per- Lafayette St. at 8 p.m. for a production CUISINE Italian home cooking (212) 618-6580 for more details. The former Google ad sales sonal taste of home with crunchy lit- of Bloody Bloody Andrew Jackson,a chief is also reading D-Day: The tle tarelli—a dark twist, like half a PRICE RANGE Entrées $16 to THURSDAY, APRIL 15 comedy about the seventh president. Tickets cost $60 and can be purchased Battle for Normandy, by Antony pretzel—boiled and baked, Donatel- $22 Join the BUSINESS DEVELOPMENT Beevor, which offers close la explains, and black olive-flavored INSTITUTE for a multicultural social by visiting www.publictheater.org or SERVING Lunch Mon.-Fri.; Dinner calling (212) 967-7555. parallels to the war Mr. Armstrong (alas, the essence is elusive). Our communications leadership forum from 7 days 8 a.m. to 1 p.m. at New York is fighting: bringing growth back guests have already scooped up most SATURDAY, APRIL 17 University’s midtown campus, 11 W. to once-dominant AOL. of the whipped ricotta in a small RESERVATIONS Advised THE PEARL THEATRE COMPANY 42nd St., room 421. The fee is $195. will put on “We need to take the Internet saucer by the time we arrive.Donatel- NOISE LEVEL Bearable For more details, call (800) 830-6687 or a production of The Subject Was Roses,a continent back,” he says. “I’m la sends a double replacement. e-mail [email protected]. play about a family readjusting to life There’s nothing like a messy di- I can’t wait to return. after World War II, at 7:30 p.m. at the paying close attention in that book to how, as a smaller player, you set vorce to bring out the best in some I will definitely go back. NETWORKING RECEPTIONS New York City Center, 131 W. 55th St. TUESDAY, APRIL 13 Tickets range from $30 to $90 and can up the troops and focus on the women. And Donatella has survived I’ll let them simmer awhile. two.The crack-up from Davidburke THE NYC BUSINESS GROUP will hold a be purchased online at areas of attack. It’s fascinating.” NO HATS Never again. free business networking reception www.nycitycenter.org. —MATTHEW FLAMM & Donatella that left the chef run- —maia blume ning David Burke Townhouse on his from 6:30 p.m. to 8:30 p.m. at the own, and now this split from partner Graybar Building, 420 Lexington Ave., 15th floor. Call (212) 864-5407 for at Anthos and Mia just $35, including her meatballs, further details. Dona. She won’t say what motivated broccoli rabe, a green salad with ar- the gifted unknown she helped tichokes, and Grandma’s lemon PROGRAMS & WORKSHOPS launch toward stardom to sever most cream-filled zeppole. MONDAY, APRIL 12 of their ties.(They remain partners at Mussels steamed in white wine PAPERS NYC will hold a workshop on Kefi uptown and Eos in Miami.) But with tomato and house-cured bacon how to get magazines, newspapers and you won’t be surprised to learn there’s sit on a chunk of toast that softens other media outlets to promote your no “name” chef at the range here. with the ooze. In the next round of business for free from 6 p.m. to 8:30 p.m. at Wells Fargo Advisors, 1 Liberty Instead, tonight she’s focused on strikingly good dishes—whole Plaza, 46th Floor. The fee is $29.95. how she enjoyed getting into the wheat spaghetti with mussels,clams, For more information, call kitchen with her Puglia-born moth- shrimp and octopus, cavatelli with (917) 562-5494. er to turn out this menu of home what Italian families call Sunday cooking, part Pugliese, part Nea- ragù for its slow cooked meat, and THE CENTER FOR NEW YORK CITY AFFAIRS politan (like Papa), part favorites of braised short rib on creamy polen- will hold a program on how cities are various aunts, including her name- ta—the centerpiece is her gift, tripe responding to climate change from sake Donata. It’s a winning story in a terra-cotta rectangle with a pile 6 p.m. to 8 p.m. at The New School’s line, and maybe it’s even true. What of garlic toast alongside. Arnhold Hall, 55 W. 13th St., second floor. The event is free; preregistration matters to me is that Zia Laura’s cau- We agree we’ve eaten too much is required. Call (212) 229-5418 or

liflower soup is unlike any other I’ve to consider dessert,but Zia Donata’s e-mail [email protected] for newscom tasted—not just creamy, but almost limoncello cheesecake with pista- more information. a mousse, with a small island of chio ice cream appears and we must arugula pesto afloat in it. Ricotta at least taste. It disappears. SEMINARS PICK OF THE WEEK gnocchi with sausage is a feathery I recall my first visit, just after the TUESDAY, APRIL 13 HEAD TO THE BROOKLYN CENTER FOR THE PERFORMING miracle napped in a melt of caciocav- split.The food was good enough,but Join the ASSOCIATION OF REAL ESTATE WOMEN ARTS’ allo cheese.And the eggplant parmi- the place, without Donatella herself, for a seminar on remaking the Walt Whitman Theatre at Brooklyn College, 2900 giana is remarkably elegant in its ter- was almost empty—soulless and sad. city’s zoning map from 8 a.m. to 10 Campus Road, for a death-defying performance by the a.m. at the Offices of Herrick ra-cotta dish, lightly dusted with With her new cookbook, Do- Feinstein, 2 Park Ave. Fees are $15 for Chinese Acrobats of Hebei. The show begins at 3 p.m.; flour, not dredged before frying, lay- natella Cooks, to promote and a new members and $30 for nonmembers. For tickets are $30 for general admission and $15 for children ered with buffalo mozzarella. television show in the works, it may more information, call (212) 599-6181 “At home my mother inter- be a challenge to keep Mia Dona this or e-mail [email protected]. under 18. Tickets can be purchased at weaves the eggplant layers, but here charged.But the kitchen is doing jus- brooklyncenteronline.org. we lay them out to make individual tice to Mamma’s cooking. “At least THE NYC BAR ASSOCIATION AND THE CITY servings,”she tells us.And prices are now my mother has some place she’s BAR JUSTICE CENTER will hold a session gentle: antipasti mostly $9, pastas willing to eat,” Donatella says.  $15 to $17, entrées $16 to $22. MON. TUES. WED. THURS. FRI. SAT. SUN. Mamma Maria’s pork and sweet Copyright © 2010 by Gael Greene. 4.12 4.13 4.14 4.15 4.16 4.17 4.18 sausage lasagna Sunday supper is Syndicated by www.insatiable-critic.com.

26 | Crain’s New York Business | April 5, 2010 20100405-NEWS--0027-NAT-CCI-CN_-- 4/2/2010 8:09 PM Page 1

THE WEEK ON THE WEB MAR. 29-APR. 4 CRAINSNEWYORK.COM Lawmakers flee for Easter break

lbany lawmakers have apparently never Aheard that March is supposed to come in like a lion and go out like a lamb. Instead, the Legislature left for the holiday weekend

without taming the state’s newscom unruly budget, missing the April 1 deadline to pass a budget for fiscal year 2010-2011. Taking his cue, Gov. David Paterson halted some $2.1 billion in school aid payments, including $924 million that was headed to New York City schools. Mr. Paterson says he will green-light the payments by June 1, the legal deadline, if the state has enough cash by then.The guv also froze all state construction projects, except for a handful of emergency jobs and those paid for with federal stimulus dollars, while his administration launched a war of words with public employee unions, demanding concessions and threatening layoffs.

Mount Sinai Medical Center MAY HAVE HANDED ST. VINCENT’S HOSPITAL A DO-NOT-RESUSCITATE ORDER when it became the latest party to lose interest in the cash-strapped facility. Now the Greenwich Village hospital has just two weeks of cash left—and it’s been running a $120 million annual deficit. With its lenders and the state hesitant about throwing more money at the hospital, bankruptcy may be more likely. … New York’s BILLIONAIRE MAYOR LEARNED A HARD LESSON last week: Bribes don’t always work. Mayor Michael Bloomberg’s pilot project that paid poor families for “good” behavior, like seeing a dentist or opening a bank account, didn’t meet expectations.The plan, which gave families about $3,000 a year and cost $42 million in private money since 2007, will end in August. … A different type of investment made by Uncle Sam seems to be paying off richly.The U.S. GOVERNMENT IS POISED TO REAP an $8 billion profit on the 27% stake it took in Citigroup At Your Side last September. Although the 30% return could shrink (or grow) by the time the government sells all its shares, it’s not too shabby a performance for just six months. … A CALIFORNIA FIRM ALSO MADE A BET ON NYC by taking a bite out of the city’s real estate scene. Santa Barbara-based Yardi Systems bought real estate Web site PropertyShark.com for an undisclosed sum.The site is a go-to info source for property brokers and homebuyers alike. … Meanwhile, TWO AIRLINES TOOK OPPOSING BETS ON THE CITY LAST WEEK. American Airlines made plans to add more flights through New York’s two main airports. It will also invest over $30 million to improve its terminals When it comes to your business, it helps to have a here and partner with JetBlue to connect more international flights in New co‑pilot̶a trusted pair of hands to keep your York and Boston. British Airways, on the other hand, is shutting down its business on course. cargo service at JFK International Airport—and laying off 74 people. —elisabeth butler cordova At Marcum LLP, weʼve been at our clientsʼ sides for more than 50 years. Our experienced advisors offer a wealth HOORAY OY VEY of knowledge, insight and understanding in a wide range of specialized fields from real estate, bankruptcy and VERIZON NYC is wearing a COMMUNICATIONS huge dunce cap after international taxation to family business, mergers and INC. is rumored to flubbing the national finally be on the line “Race to the Top” acquisitions, and business valuation. Their in‑depth with Apple for its competition for up to analyses and value‑added services can help keep your own iPhone. $700 million in federal education business on course̶no matter what the weather. aid. Why fly solo? Put Marcum on your flight plan today. marcumllp.com  marcumgroup.com SUBMIT YOUR OWN #CRAINSHOORAY OR #CRAINSOYVEY ON TWITTER! fotolia

April 5, 2010 | Crain’s New York Business | 27 CN013511 2/19/10 12:39 PM Page 1

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