Postseason Revenues Loom Large
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nb40p01.qxp 9/28/2007 8:42 PM Page 1 SPECIAL No easy SECTION fix for 100 MOST local INFLUENTIAL news —Valerie Block WOMEN IN NYC on WNBC’s BUSINESS 7 p.m. ® newscast PAGES W1-W32 Page 13 VOL. XXIII, NO. 40 WWW.NEWYORKBUSINESS.COM OCTOBER 1-7, 2007 PRICE: $3.00 Postseason revenues TOP STORIES Bank believes its union ties are key loom large to future growth PAGE 2 of Mr. Steinbrenner and the Mets’ Yankees need them Fred Wilpon, it looms as a chance Bollywood grows in to turn a profit, to make big money in just a few games. Owners mint cash as ticket NY as Indian media while benefit to prices soar higher with each round firms multiply Mets is long-term and fans rush to show their loyalty by forking over hefty sums to buy PAGE 3 their official playoff and World Se- BY AARON ELSTEIN ries caps and jackets. Café Gray kills For big-city teams like the Yan- catering biz after let the profits roll.In squeak- kees and Mets, the added revenue ing into the playoffs last week, the collected on the postseason road to only seven months Yankees did more than add anoth- the World Series can easily top $40 NEW YORK, NEW YORK, P. 6 er hard-won entry to their long list million, Mr. McDonnell says. of accomplishments. They saved Though ticket receipts and Hotel execs may owner George Steinbrenner’s ba- merchandise revenues must be abandon Javits con. Sadly, perhaps, the Mets have shared with players and other never faced that kind of pressure. teams, the proceeds from $8 cups expansion plan IRA GOLLER, owner of Murray’s Sturgeon “In the model the Yankees have of beer and $5 hot dogs belong INSIDER, PAGE 14 Shop on Broadway, developed, they have to make the solely to the clubs. For both the says independents World Series to make money,”says Yankees and Mets,a trip to the Fall 6 last-minute are leaving the area Wayne McDonnell, a former Classic is worth a cool $18 million left and right. Madison Square Garden financial in pure profit, according to J.C. Columbus executive who is now a professor of Bradbury, a sports economist at weekend getaways sports management at New York Kennesaw State University in CHANGING NEIGHBORHOOD University. “The Mets aren’t in Georgia. BUSINESS LIVES, PAGE 59 that predicament.” “At the very least, $18 million October baseball is great for covers the price of a good starting AT DEADLINE Stores priced out both fans and owners. For the likes See POSTSEASON on Page 7 ENROLLMENT DROPPED 20% FOR A MORTGAGE broker training course that began Friday at the New York Real on Upper W. Side Unions bringing in Estate Institute.The school’s president, Richard Levine, Mom-and-pop shops move, blames layoffs in the out-of-town muscle mortgage industry for the enrollment decline, noting shut down as rents soar; there hasn’t been a falloff in landlords woo national chains students for other types of Big paychecks draw classes, such as property management and real estate BY ELISABETH BUTLER CORDOVA workers; critics want brokerage. more apprentices after selling Mother’s Day bouquets and Valentine ros- EAST MIDTOWN BUSINESSES es to Upper West Siders for more than 80 years, Embassy SUFFERED through snarled Florists moved to New Jersey in July.The gold lettering on BY TOM FREDRICKSON traffic and limited street access for some deliveries, the glass door is all that remains of the family-owned busi- new york city’s building boom thanks to the General ness at its old Broadway and West 91st Street address. has created so many jobs that Assembly meeting at the Embassy is one of some 20 stores that have shut down unions are reaching out across the United Nations—but they on Broadway between West 72nd and West 93rd streets in country, pulling in as many as See AT DEADLINE on Page 2 See PRICED OUT on Page 10 1,000 temporary workers to sup- buck ennis plement the city’s construction workforce. 40 New York is a magnet for union 5 COMINGNEXT WEEK plumbers, steamfitters, tilers, lath- lindström bekka Small businesses confront the credit ers and other construction workers crisis: a look at ALTERNATIVE FORMS OF invited here by New York union lo- Sachs headquarters rising in Bat- ELECTRONIC EDITION FINANCING. Also, Hits & Misses, and cals when they are at full employ- tery Park City and installing mar- how to fire a client. ment.These “travelers”are helping ble tiles in new luxury condos all NEWSPAPER to build the $2.5 billion Goldman See UNIONS on Page 8 71486 01068 0 CNYB 10-01-07 regular book 2 9/28/2007 6:44 PM Page 1 UNION MOVEMENT: “We see a tremendous AT DEADLINE opportunity” to grow where membership is strong, says CEO Continued from Page 1 presidential campaign, will Derrick Cephas. also enjoyed a business boom move to 7 p.m. from 5 p.m.— from the flood of foreign displacing On the Money, which dignitaries. Area hotels were will go on hiatus. However, a fully booked at premium rates. CNBC spokesman says the The Library Hotel at Madison revamp “doesn’t have anything Avenue and East 41st Street to do with any challengers. It increased its daily rates by up to has to do with what’s best for $50. Restaurants also saw a [our] audience.” healthy increase in business. At Aretsky’s Patroon, on East 46th SPRINT AND T-MOBILE SAID LAST Street between Lexington and WEEK THAT THEY are interested in Third avenues, business easily working with Transit Wireless, jumped 15% as a result of the the company that won the right meeting, says General Manager to build a cell phone network in Andrew Kleinman. “We’ve had the city’s 277 subway stations. a tremendously busy week,” he Transit Wireless will have two notes.The General Assembly years to install a network in six continues this week. stations. It needs to partner with at least one major wireless MACY’S INC. WILL DISTRIBUTE carrier before it can turn on cell LUSH COSMETICS’ natural beauty phone service in those stations. products, sources say.The deal, which is expected to be A $2 MILLION AD CAMPAIGN announced this week, will be the PROMOTING the Nov. 2 ING first partnership of its kind for New York City Marathon and Poole, England-based Lush, the Nov. 1 men’s marathon which has been rapidly opening Olympic trial kicks off this week stores around the globe. Lush on buses and subways and in operates five stores in New York major publications.The ads City, including its recently depict the Olympic torch and renovated Herald Square the Statue of Liberty torch with location. commingled flames. gibbons catheriine JUST FIVE DAYS BEFORE THE MILLENNIUM PARTNERS SPENT LAUNCH OF THE FOX BUSINESS SEVERAL MILLION DOLLARS to Network, CNBC will debut a convert its extended-stay new “after-hours” program property, at 1965 Broadway, to a lineup on Oct. 10.The NBC fractional apartment property, Banking on the union Universal cable channel will its second in Manhattan.The 88 move Fast Money to 5 p.m. from new apartments are adjacent to 8 p.m. and will air the show live. Millennium’s Phillips Club, at Amalgamated seeks more pension, lending business Kudlow & Company, a politics 155 W. 66th St., and are selling and business show that could for between $190,000 and gain a higher profile during the $380,000. I BY TOM FREDRICKSON CORRECTION amalgamated bank, founded 84 years ago by the Amalgamated Clothing Workers, has In a story on female partners in the Sept. 24 Accounting Report, a typographical error altered always stuck to its knitting, serving unions and union members. a quote from Joel Cooperman, managing partner at Citrin Cooperman & Co. The correct quote And it has served them well. In 1924, it became the first bank to issue unsecured credit to is, “It told me that in the next 20 years, women would be promoted on equal terms with men, if we could get them to stay in.” working people, who generally didn’t own homes to put up as collateral. In 1973, it became the first bank in New York City to offer totally free checking. But Amalgamated has not fully capitalized on its union ties, something its owner, the union, THIS WEEK IN CRAIN’S now known as Unite Here, means to change. Derrick Cephas, a no-nonsense attorney and former regulator who was hired as chief VALERIE BLOCK ---------------------------13 executive last year, is trying to revamp the bank. Mr. Cephas intends to open 18 new branches over the next two years, many of them in areas THE INSIDER------------------------------------14 with high concentrations of Unite Here members. He also wants to increase union pension 100 MOST INFLUENTIAL See BANK BUILDING on Page 8 WOMEN IN NYC BUSINESS --------------------W1 NEIGHBORHOOD JOURNAL------------------------------------------50 61 Energy firm wins VC funds SMALL BUSINESS ------------------- 52 REAL ESTATE DEALS--------------53 ConsumerPowerline, sponse,” helping large energy users into a new business: providing ener- CLASSIFIEDS ----------------------------------54 such as Kmart and Sears manage en- gy audits and efficiency upgrades to which helps big users ergy use during periods of peak de- large energy consumers. State gov- THE WEEKS AHEAD ----------------57 mand. Utilities, including Consoli- ernments are expected to require manage demand, gets dated Edison, pay customers if they utilities and energy marketers to WEEK IN REVIEW -----------------------58 $17 million to expand commit to reducing consumption at start offering substantial rebates for BUSINESS LIVES------------------------59 those times.