Lenox Hill Red Ink Hits North Shore-LIJ
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20121001-NEWS--0001-NAT-CCI-CN_-- 9/28/2012 6:42 PM Page 1 PUBLIC THEATER’S NEXT STAGE CRAIN’S® PAGE 25 NEW YORK BUSINESS VOL. XXVIII, NO. 40 WWW.CRAINSNEWYORK.COM OCTOBER 1-7, 2012 PRICE: $3.00 Lenox Hill red ink hits North Shore-LIJ The suburban health system’s Midas touch HOMETOWN HERO: hasn’t yet turned Paper Enterprises Manhattan into gold President Jordan Sedler supplies local stores, employs 150 and BY BARBARA BENSON recently bought a similar company in New Jersey. When the behemoth North Shore- Long Island Jewish Health System entered the Manhattan market in May 2010 by acquiring Lenox Hill Hospi- tal, it was as if category-crusher Wal- mart had been dropped onto the Upper East Side. With $6.7 billion in annual rev- enue, the Long Island system had the financial resources to invest more than $100 million in its new Manhattan flagship,from which it could challenge the city’s top hospitals. No matter that Lenox Hill was on track to lose $30 million. The Great Neck, L.I.-based system had already See LENOX HILL on Page 23 Local firm seeks the buck ennis Paper profits Meet the little engine powering Port Morris’ big comeback sweet spot and the like, acquired Worldwide Sales a big victory for a hometown hero of IN THE & Distributing, a New Jersey-based sorts. After all, since setting up shop Is monk fruit the new BOROUGHS seller of household items and dollar- there in 1978, Paper Enterprises has Sweet’N Low? The BRONX store products. helped breathe new life into the area’s race is on to find out To those who follow corporate economy not just by providing jobs,but BY HILARY POTKEWITZ mergers, a small food-service and jani- also by supplying local merchants and BY ADRIANNE PASQUARELLI torial-supply company buying an even attracting business to the neighbor- In August, Paper Enterprises Inc., a smaller variety-store supply firm may hood. The sugar-substitute rivalry is bubbling scrappy Bronx company that supplies not seem like huge news. But in the “Paper Enterprises is one of those up again, and a Chinese melon called monk fruit is the latest target. Local paper cups, soap dispensers, napkins Port Morris section of the Bronx,it was See PAPER on Page 9 manufacturer Cumberland Packing Corp., owner of brands including Sweet’N Low and Sugar in the Raw, is GROWING A BUSINESS GUIDE launching Monk Fruit in the Raw this month. Made from the extract of the What you need to know to cut costs, raise gourd-like fruit, the new sweetener will ELECTRONIC EDITION capital and navigate the many NYC agencies be distributed in orange packets,joining a tabletop rainbow that includes the fa- affecting your bottom line P. 13 mous Sweet’N Low pink. NEWSPAPER See SWEET SPOT on Page 24 20121001-NEWS--0002-NAT-CCI-CN_-- 9/28/2012 6:43 PM Page 1 STATS AND THE CITY TRAFFIC TSUNAMI The combination of hordes of map-reading tourists plus all those pedestrians and motorists madly monitoring their smartphones can be dangerous. Traffic deaths are soaring. FYICRAINSNEWYORK.COM Rise23.3% in NYC traffic fatalities, to 291, in FY 2012, versus year earlier 12,460 Traffic signals in New York City (35% of them in Brooklyn) Public housing could get 120 more dense, less green Seconds that the longest red light in esidents of public housing may soon be NYC should take to turn green parting with some of their parks or parking—or both—if the New York 150 R newscom Red-light cameras in New York City City Housing Authority has its way. As of last week, it has come up with an answer for the eternal question of how to squeeze more housing 200,666 and services into the city’s space-starved landscape: put them on millions of square feet of the Potholes city repaired in FY 2012, agency’s underutilized property (and generate much-needed revenue in the process). down 34% from year earlier The plan to turn what are now parking spots, walkways and parks into at least 1,000 units of Sources: NYC Dept. of Transportation and affordable- and market-rate housing as well as retail space would not displace any public- istockphoto CEOs for cities housing residents, nor result in the demolition of any agency buildings, Chairman John Rhea said BLACK, WHITE AND READ ALL OVER at a breakfast forum hosted by the Association for a Better New York.There could also be a Figures for advertising spending in a sample of 12 local papers and five carrot for residents: Some of the revenue generated from the private development is expected to Hispanic papers around the country show modest growth. be poured back into the sites where the construction is taking place. “This is a landmark in the evolution of NYCHA,” Mr. Rhea said. “A decade ago, it wouldn’t Ad spending, in millions have been possible, because developers would have considered our sites off-limits.” $465.8 $473.4 $439.4 $434.6 $438.1 No sites have been selected, but the idea is that multiple locations will be available to developers. $391.2 Mr. Rhea said that Manhattan would be the most likely place to start. He predicted that money could start flowing into the Housing Authority by the end of 2013. —andrew hawkins U.N.-EVENTFUL OPENING. The Big showed the arrests were sound, but Apple’s annual weeklong stint as the other D.A.’s may yet follow the lead HOORAY! capital of the world is over, and we all of their colleague in the Bronx. ... LINCOLN CENTER has completed its six- 1Q/’11 2Q/’11 3Q/’11 4Q/’11 1Q/’12 2Q/’12 survived. Whew! Iranian President PRISON BREAK FOR LOBBYIST. After year, $1.2 billion redevelopment on time Source: Kantar Media Mahmoud Ahmadinejad behaved earning praise last week from federal and on budget. well at the U.N. General Assembly’s prosecutors for his “substantial assis- ADDICTED TO NUMBERS? GET A DAILY DOSE AT @STATSANDTHECITY opening,at least by his standards.The tance” in the investigation and pros- Israeli delegation walked out in ecution of “numerous other persons,” protest,and the show went on … and a judge gave Richard Lipsky,the lob- on. Meanwhile, President Barack byist convicted of bribing the once- THIS WEEK IN CRAIN’S Obama spoke out for free speech and powerful state Sen. Carl Kruger, a did some of his own with the ladies break. He got three months in jail IN THE MARKETS--------------------------------- 4 over on the set of ABC’s The View.… versus the 71-month max he’d faced. SOARING OVER STATEN ISLAND. THE INSIDER -----------------------------------------------6 New Now politicians are whispering about OY VEY! York’s least-populous borough is get- whom Mr. Lipsky has tipped as hav- CORPORATE LADDER --------------------8 TORNADOES “R” ting the world’s highest Ferris wheel. ing been on the receiving end of his US: NYC has seen FROM AROUND THE CITY --------9 It will be a 625-foot-tall monster that mountains of cold cash. ... MOMA AS seven tornadoes Mayor Michael Bloomberg swears COPYCAT. Not to be outgunned by its in five years. That OPINION --------------------------------------------------------10 compares with will be an attraction “unlike any oth- bigger, older rival, the Museum of three here in the GREG DAVID--------------------------------------------11 er on the planet,” which means it Modern Art now says it,too,wants to preceding two could yet be an even bigger draw than throw open its doors seven days a decades. REAL ESTATE DEALS------------------- 12 that other waterside attraction, the week.The last time it did so was back REPORT: GROWING U.N. Meanwhile, a developer plans in 1975. Now,like the Met, it has de- to build a big outlet mall next door. ... cided that although New York’s A BUSINESS GUIDE --------------- 13 DA BRONX D.A. BALKS. The Bronx streets aren’t paved in gold, its ever- CLASSIFIEDS -----------------------------------------20 district attorney’s office says that un- swelling legions of tourists are a gold country. The company’s revenue for less it can question arresting officers, mine worth tapping full time....FAIR- the fiscal year ended April 1 were up FOR THE RECORD--------------------------- 22 WAY STOCKS UP. BAD OPERATOR? BUSINESS PEOPLE it will no longer press charges against Long famous for its 14%. ... A former NEW YORK, NEW YORK ----------25 those arrested for trespassing in pub- fresh fruits and cheeses, and more re- CEO of the prestigious Hospital for Marci Reaven is the curator lic housing. The move, reported in cently for its aggressive expansion in Special Surgery stands accused of in- SOURCE LUNCH--------------------------------26 behind the first-ever exhibit The New York Times, came after re- the city and beyond, Fairway Market volvement in kickback schemes over exploring New York City’s OUT AND ABOUT ------------------------------27 ports that many of those arrested is planning its biggest sale ever. Last the decade ended in 2007. He al- were tenants or their guests. Critics week, its corporate parent filed plans legedly netted $1.4 million by extort- role in World War II. P. 7 SNAPS--------------------------------------------------------------27 say the arrests are similar to the to raise $150 million via an initial ing hospital vendors and employees. CORRECTIONS NYPD’s hundreds of thousands of share offer. The 11-store chain aims Don’t expect a verdict anytime soon. stop-and-frisk actions annually. Po- to open 90 stores in the Northeast A 2009 kickback case against him is J.H. Cohn and Reznick Group merged Oct. 1, 2012, creating CohnReznick.