Grown Kids Fall Into the Parent Trap

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INSIDE MELTDOWN Mayor’s outrage Tracking the fallout from the doesn’t commercial mortgage crisis ring THE true —Alair LENDER Townsend One of New York’s on MTA most conservative ® pay raises bank CEOs faces Page 9 a rough patch PAGE 2 THE VULTURES VOL. XXV, NO. 33 WWW.CRAINSNEWYORK.COM AUGUST 17-23, 2009 PRICE: $3.00 Mezzanine financiers swoop in to pick up distressed JEFF ZUCKER Eatery properties Rose from news PAGE 2 producer to chief executive. fights THE COMMUNITY Foreclosed buyers calorie of rent-regulated buildings leave behind a mess police PAGE 3 Houston’s refuses to LIST submit to NYC law; challenging in court New York Area’s Top Airlines BY LISA FICKENSCHER PAGE 14 california-based restaurant chain Houston’s doesn’t like New York City’s calorie labeling law, and it has refused to submit to it,

buck ennis setting the stage for a battle with city health officials. With more than 30 restaurants across the country, including two in Manhattan, the upscale chain falls under the city’s definition of a JEFF THE PLUMBER company required to include caloric information on its menus here. But diners won’t find calories NBC’s Zucker puts Leno in prime time to plug hole in schedule. listed anywhere at either of the restaurants, on East 53rd Street BUSINESS LIVES Another short-term fix for a CEO short on vision and Third Avenue and East 27th GOTHAM GIGS Street and Park Avenue South. clearest sign to date of broadcast’s been free to go to another network “We feel rather strongly that the Everyone’s favorite BY MATTHEW FLAMM compost collector P. 21 waning stature in a changing me- and compete against his replace- [legislation] does not apply to us,” dia landscape. And it pushes net- ment, Conan O’Brien. says Glenn Viers,a vice president of G ANNE FISHER says the jay leno show, which debuts work TV further along the road to Furthermore, Mr. Leno’s show Hillstone Restaurant Group of Los skip that meeting P. 21 on NBC on Sept. 14, will go down becoming interchangeable with offers a more cost-effective way of Angeles, which owns Houston’s. G MOVERS & SHAKERS in television history, and not sim- cable television, which also “strips” doing business at a time when The city’s Department of ply because it will be the first shows in prime time—running the broadcast’s advertising-supported Health and Mental Hygiene dis- Michael Grandage on broadcast show ever to air five directing Jude Law P. 22 same program every night. model is challenged. agrees.Charged with enforcing the nights a week in prime time. NBC has its reasons for the But few observers believe that calorie rule, the agency fined the G GAEL GREENE The replacement of expensive move. For one thing, it keeps Jay NBC would be taking such a bold two Houston’s for noncompliance gripes and scripted dramas in the 10 o’clock Leno in the family. The former step if it hadn’t spent the past five in December.The chain has no in- gushes hour with a cheap-to-produce Tonight Show host’s contract was seasons in last place in the ratings. tention of complying and will de- about comedy program provides the up this year, and he would have See JEFF THE PLUMBER on Page 20 See EATERY on Page 20 Hotel Griffou P. 23

INDEX Grown kids fall into the parent trap

THE INSIDER ______8

NEIGHBORHOOD JOURNAL ______9 Unable to find work, they join family biz. VIEWPOINT ______10 Will it be part time—or for a lifetime? REAL ESTATE DEALS ______12 of the city’s young professionals SMALL BUSINESS ______13 BY HILARY POTKEWITZ find themselves growing closer to CLASSIFIEDS ______15 their families. Much closer. As in, EXECUTIVE MOVES ______21 as the job market has tightened sitting at the next desk. SeeTHE ATWEEK DEADLINE AHEAD _on ______Page ______2 ______23 and the unemployment rate hits “My dad and I work out of the 9.4%, the highest in 25 years, some same trailer right on the job site,” says Joanna Glass, a recent Syracuse graduate who had planned on work- 33 ing in the wine industry. Instead, 5 she’s taking the early-morning train with her dad out to Queens, to the construction site of a jewelry store, where she spends her day in an of- SIDETRACKED: Joanna Glass works with ELECTRONIC EDITION fice trailer helping coordinate archi- NEWSPAPER her father at a construction site in Queens.

See THE PARENT TRAP on Page 20 buck ennis 71486 01068 0 20090817-NEWS--0002-NAT-CCI-CN_-- 8/14/2009 9:28 PM Page 1

IN BRIEF MELTDOWN Tracking the fallout

SO FAR, $1.57 BILLION IN FEDERAL STIMULUS Sterne Agee & Leach who gives New DOLLARS HAS BEEN APPROVED FOR TRANS- York Community shares a “sell” rating. portation projects in the five boroughs, and A tank of a bank If the bank stuck to the kind of ultra- another $1 billion is likely to be approved. A low-risk lending Mr.Ficalora spoke about little less than half of the funds will go to at Pace,stagnant reserves might not be too complete the Fulton Street Transit Center and big a concern. But New York Communi- the Second Avenue Subway. But none of this hits rough patch ty has expanded in recent years from its federal money has actually been spent by New bread-and-butter multifamily properties York City Transit or the city’s Department of to more complex commercial real estate Transportation to date, according to the office loans for such properties as office build- of state Comptroller Thomas DiNapoli. New Problem loans explode at NY Community ings and retail centers. York Building Congress President Richard It’s not only bearish analysts sounding Anderson says, “if another six months go by and banking empire with $33 billion in assets the alarm. The Securities and Exchange nothing has been expended, there is cause for BY AARON ELSTEIN that’s generated total shareholder returns Commission wrote a letter in May noting alarm.” Gov. David Paterson’s office says it is of 167% this decade and pays one of the the increase in nonperformers and re- working with the city and the Metropolitan joseph ficalorais proud of being known industry’s richest dividends. quested that the bank “comprehensively Transportation Authority to get cash flowing as the most conservative banker in town. “If all banks were as well managed as bridge the gap” in information by disclos- into these projects as quickly as possible. The chief executive of New York Com- New York Community, we wouldn’t have ing more about the “significant changes” munity Bancorp points out that his insti- had this financial crisis,” says Rick Weiss, in its loan portfolio and levels of troubled THE INDEPENDENT BOOKSTORE IS NOT tution has never taken a loss on lending to an analyst at Janney Montgomery Scott. assets. The company complied, and the DEAD YET: POSMAN BOOKS, A MAINSTAY OF owners of apartment SEC took no further action. Grand Central Terminal, will open a new THE buildings—its princi- There’s no other U.S. bank like it New York Community,based in West- outpost inside the Chelsea Market shopping LENDER pal line of business— but even the smartest bankers in the bury, L.I., declined to make Mr. Ficalora arcade on Sept. 1.The bookstore will be on the in nearly 30 years of room can face big problems. Last month, available for an interview. Asked about Tenth Avenue side of the old Nabisco factory banking. New York Community disclosed that lev- stagnant reserves in light of rising trou- building and near the entrance to the new High “There are no banks” that boast the els of nonperforming assets exploded over bled loans, a spokeswoman cited the Line park at West 16th Street. At 800 square same track record, Mr. Ficalora exclaimed the past 12 months, growing tenfold to bank’s tradition of strict lending standards feet, the store will be smaller than Posman’s during a speech last fall at his alma mater, 1.5% of loans.Yet the bank’s reserves to ab- and a long record of nearly always collect- Grand Central location but will include an Pace University. “I’ve been criticized from sorb potential losses not only didn’t keep ing on the few problem loans it has. events space with room for about 100 people. It time to time for not taking enough risk.We pace with growth in the bank’s book of The bank says it took a loss on zero will also feature a food and wine section designed opt not to earn more money because we loans,they didn’t increase at all.As a result, loans in 2007 and on only 0.03% last year, to please the foodies who frequent the market. don’t want to have exposure to the amount the bank has little margin for error if loan vastly better than the average 1.63% of loss that will occur in a turning cycle.” losses prove higher than Mr. Ficalora and charge-off rate for rival banks and thrifts. The Queens native’s tough talk sounds his management team expect. In other words, New York Community BY THE NUMBERS sweet to fans on Wall Street who’ve “They are the only bank in the country argues that it doesn’t need to boost re- watched the 63-year-old Mr. Ficalora not setting aside more reserves, despite serves because even if troubled loan levels Weekly shift of the city’s economy (who started as a humble teller in 1965) nonperforming assets going up material- are growing, those loans historically have transform a small thrift into a 178-branch ly,” says Matthew Kelley, an analyst at See TANK on Page 18 THE FED SAYS the economy has bottomed out. Sadly, the all-important U.S. consumer has yet to get that message and resume spending. REVERSAL OF FORTUNE Looks like a slow, export-led recovery. JOSEPH FICALORA, A widening problem, sitting atop a thinning cash cushion long known for his -93% -35% +0.8% conservative approach Nonperforming assets as a percentage of loans. Reserves as a percentage of nonperforming assets. Last week’s to residential Fall in number of Drop in personal lending at New York housing units in income tax gain in KBW city authorized by receipts in Bank Index; Community Bancorp, building permits second quarter, up 3.4% faces challenges on in June vs. a year vs. a year earlier this year more recent ago NYS Dept. of the Keefe Bruyette commercial U.S. Census Bureau Budget & Woods Inc. loans.

CONTAINER TRAFFIC, in thousands of units.

Sources: Sterne Agee & Leach, SNL Financial. bloomberg news Mezzanine lenders swoop in

CORRECTIONS Rush to foreclose Similarly, Normandy Real Estate Part- then use those positions to seize control of In the Manhattan and Brooklyn offices of U.S. Bankruptcy Court, ners and Five Mile Capital Partners took the properties when their owners fall be- there were 1,132 Chapter 7 and Chapter 11 bankruptcies filed in on properties when slightly longer to foreclose on two build- hind on their debt payments. The supply February, versus 856 a year earlier; 1,584 in March, versus 954 ings owned by battered New York develop- of such debt is mushrooming. in 2008; and 1,986 in April, versus 1,097 a year ago. The figures their owners default; were misstated in a chart that appeared in the Aug. 10 “By The er Scott Lawlor. They spent nine months “The geometric increase in upcoming Numbers” column. opportunities a-go-go purchasing discounted debt that in March See MEZZANINE on Page 18 For details on the Central Park Film Festival, to be held by ultimately gave them the Central Park Conservancy from Aug. 18 to Aug. 22, call the keys to Boston’s (212) 310-6638. The number was incorrect in the Aug. 10 BY THERESA AGOVINO famed John Han- “The Week Ahead” column. cock Tower and an- vol. xxv, no. 33, august 17, 2009—Crain’s New York Business (issn the end came remarkably quickly.Over a other building in Los 8756-789x) is published weekly, except for combined issues the matter of months, Fortress Investment Angeles. 5th week of June and the 1st week of July, the 2nd and 3rd weeks of July, the 4th week of July and the 1st week of August, the 4th Group quietly snapped up deeply dis- Sources say those and 5th weeks of August, the 3rd and 4th weeks of November, counted debt on a investors and others, and the 3rd and 4th weeks of December by Crain Communica- tions Inc., 711 Third Ave., New York, NY 10017. Periodicals postage THE troubled West Side including Black- paid at New York, N.Y., and additional mailing offices. Postmas- VULTURES condo conversion Rock Inc.,are scour- ter: Send address changes to: Crain’s New York Business, Circula- project.Two weeks ing the market for NEXT TO GO? A tion Department, 1155 Gratiot Avenue, Detroit, MI 48207-2912. for subscriber service: Call (888) 909-9111. Fax (313) 446-6777. ago, in an auction debt on distressed default is possible $3.00 a copy, $59.79 one year, $109.79 two years. (GST No. that lasted less then five minutes, Fortress properties that they at Stuyvesant 13676-0444-RT) Town/Peter ©Entire contents copyright 2009 by Crain Communications Inc. used its position to foreclose on the prop- can buy for pennies Cooper Village.

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from commercial mortgage crisis HEALTH CARE REFORM with congress in recess, the center of the debate has shifted to town halls across America. All that’s known for sure at this point about the outcome is that the stakes are huge—and that months of Congressional wrangling lie ahead. In New York, Crain’s asked officials as well as industry leaders to share their thoughts on what could be the most important legislation in decades—or a total nonstarter. HOSPITALS DANIEL SISTO, president, Healthcare Association of New York State (a leading hospital lobbyist) Greatest Hope “That we see a meaningful expansion of coverage so everyone has access to health care and at the same time a ration- al and sustainable reimbursement system where everyone contributes.”

Greatest Fear “That the federal government will do what New York state has done: make promises to expand coverage without raising the revenue to pay for it.” NURSES NEW YORK STATE NURSES ASSOCIATION Greatest Hope “That the American public will see past the distortions of opponents of reform, and will support a single-payer, ‘Medicare for all’ system that is the best choice for fairness and cost savings.”

Greatest Fear “That the rancor of the current ‘debate’ will not only defeat health care reform this year, but will TOLD YOU SO: Tenant make it the political third rail it has been for the leader Linda Kemp thought past 15 years, with legislators even less likely to new owners had overpaid consider changes.” for her building in 2007. It’s now in foreclosure. INSURERS

david neff david NEW YORK HEALTH PLANS ASSOCIATION (a leading insurance lobbyist) Greatest Hope “That the reform plan will use existing com- Bronx is burning mercial health insurers and not rely exten- sively or solely on a government-run plan.”

Greatest Fear “That we’ll have a government-run plan that uses gimmicks and price con- over failed deals trols that do not lead to quality care.”

come from the two buildings’ 490 rent-regulated units Overleveraged buyers would not come close to covering expenses. POLITICIANS of rent-regulated apartments Canada-based bank CIBC lent Mr. Karasick $36.5 SEN. KIRSTEN GILLIBRAND, D-New York million for the deal in 2007 and recently insisted the Greatest Hope create one big mess across city purchase price was “well justified,”even though a secu- That the bill includes a “not-for-profit public rities filing shows the mortgage approval was based on option to lower health care costs for small a monthly operating cost of $301 per unit,less than half businesses and hardworking families.” BY DANIEL MASSEY of what the former owners spent. In a letter to Bronx Rep. Jose Serrano last October, the bank’s general Greatest Fear linda kemp remembers when the hallway floors at counsel called tenant concerns “unwarranted.”But cuts That reform will be derailed by “misinforma- Robert Fulton Terrace were waxed regularly, when in service—maintenance staff was slashed from nine to tion and partisan antics.” tulips, not weeds, bloomed in the garden, and when three—had immediately followed the sale. Then, this mold wasn’t growing in the bathrooms of apartments past May, the tenants’ prediction came true: Robert in the 18-story complex that once was the envy of the Fulton and Fordham Towers fell into foreclosure. Morrisania section of the Bronx.“We were always con- A CIBC spokesman would not comment, since the EMPLOYERS sidered the Building on bank sold the loan to J.P.Morgan Chase, which in turn LAUREL PICKERING, executive direc- THE the Hill,” says the 51- packaged it as part of a commercial mortgage-backed tor, New York Business Group on COMMUNITY year-old president of security that includes more than $3 billion in loans for Health (employers’ lobbyist) the tenant council, who apartment buildings,office complexes and retail strips. has lived in Robert Ful- A J.P.Morgan spokesman declined to comment. Greatest Hope ton since she was 8. “It was a place to live with pride.” Steve Holm, a lawyer for Mr. Karasick, says his “We want to see a fundamental shift That was before April 2007, when New York real client still hopes to restructure the mortgage and hang in the way doctors and hospitals are estate investor Mark Karasick spent $44 million to ac- on to the Bronx properties.“Everyone was planning for paid—paying for value, not volume.” quire the building and its sister property two miles the debt service to be covered by operating income,”he north, Fordham Towers.Tenant leaders suspected that says. “Unfortunately, that didn’t take place.” Greatest Fear Mr. Karasick, whose deals are often seeded by San Now,hundreds of other rent-regulated buildings in “We don’t want to see the erosion of ERISA. This is the law that allows Francisco-based private equity vehicle SFF Realty New York City purchased at the height of the real es- national employers to offer benefits to employees nationally without having Fund, had grossly overpaid for his prize and that in- See BRONX IS BURNING MAD on Page 18 to comply with individual state laws.” istockphotos; by bloomberg news photo gillibrand

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Project Runway alum Jerry Tam IN THE MARKETS files for Chapter 7 bankruptcy by Aaron Elstein

Tam,who had been operating out of he cited the weakened economy and Cashed out life his Broome Street headquarters. the difficulties of operating a busi- insurance to start Listing assets of $6,200 and liabili- ness without financing, lines of Boardroom brawl = startup crawl ties of $2,156,070, he owes money credit, investor interest and daily own clothing line to fewer than 50 creditors,including sales, noting that sales for the past or most banks, a rebounding economy and recovering Elite Model Management, public season were near $0. real estate market would cure their ills. Savoy Bank BY ADRIANNE PASQUARELLI relations firm Funky Lala Produc- Last September, he appeared on could simply use some peace and quiet in its tions, as well as several banks and season five of Project Runway but F boardroom. Shortly after the bank opened its the recession has been tough on delivery companies. was rejected in the first episode when dreams. judges criticized the white jacket and doors last year with a branch in midtown, a Five years ago,Jerry Tam used his Select clientele dress he made from a Gristedes battle for control erupted among its unwieldy life savings to launch his own fash- when the 33-year-old founded shower curtain and tablecloth. Still, board of 22 directors.The control issues have ion label, Form, and quick- Form in 2004, he cashed out a life Mr. Tam had hoped last year’s Pro- cost the bank dearly: In last year’s fourth ly developed a following insurance policy to make ends ject Runway appearance would pro- among the fashion elite.Last meet. The label sold to fewer vide him with the exposure he need- quarter alone, Savoy racked up $2.2 million in week, the designer filed for than 20 boutiques scattered ed to enter a larger market. expenses that people close to the matter say Chapter 7 bankruptcy, a across the country and to “He is very talented, but in the are primarily legal bills.That’s a big tab for a startup bank that dismal end to a season in local shops such as Eva end it seemed like a branding prob- which he barely sold any on Mulberry Street, lem,” says Justin Stefano, executive isn’t yet profitable and currently has $8.7 million in capital. items from his spring Curve on Mercer director of Refinery 29, an online The chief executive and chief lending officer left in January, 2009 collection. Street, and Oak in clothing shop that also provides and a new CEO wasn’t brought in for about three months. The Project Run- Williamsburg, fashion commentary. He added The boardroom brawl caught the attention of regulators, way alum, who was Brooklyn. Though that Form’s designs occasionally the first contestant to larger retailers never lacked focus, consistency and in- who began sniffing around and determined the bank was operating in an get the boot on the carried the label, spiration. “unsafe or unsound” fashion, according to a cease and desist order issued by 2008 season of the Form was recognized In an interview two years ago, the Federal Deposit Insurance Corp. in June. The FDIC order cited such show, says he doesn’t by fashion trend-spot- Mr. Tam told Crain’s about the fi- banking uglies as a “lack of due diligence in loan underwriting and inade- know what he’s going ters such as Vogue and nancial burdens of starting a fashion quate credit administration,” “inadequate loan review function” and “inap- to do next.Mr.Tam’s news DailyCandy. In 2007, business, explaining that he needed propriate loan loss reserve methodology.” follows the bankruptcies of Form won an award for sales of more than $250,000 a year The bank’s management team is now headed by CEO John Tremblay, a high-end designers Eric evening wear from enter- just to cover expenses. While his former Bank of Mid-Jersey president with nearly 40 years in the business. Gaskins and Charles tainment group Gen Art. clothing was pricey—some jackets One of his regime’s first moves was to shrink the board by nearly two-thirds, Chang-Lima, who both EARLY EXIT: Mr. “Form has come a long cost more than $1,000 each—Mr. to eight members who Mr. Tremblay says are working well together. His filed for protection earlier Tam was a Project way, from a no-name label team is also upgrading the bank’s lending policies and procedures. “We are Runway flop. Tam was trying to focus less on the this year. to an award-winning fash- edgy, avant-garde styles he was in the process of resolving [regulators’ concerns],” Mr. Tremblay says. “A major wholesale ‘buy- ion brand with the support known for and more on wearable ing pause’ has forced many compa- of industry notables,” says Mr.Tam. trends that would entice the average nies such as ours to close,” says Mr. As reasons for his bankruptcy filing, consumer. Guess three’s a crowd in IPOs these days here’s a further sign the markets are pulling themselves together: Last Special introductory week was the busiest for initial public offerings since April 2008. rate for Crain’s readers: Of course, after a long drought even a drop of water can feel like a mon- soon. Last week’s flurry consisted of exactly three deals. $ MONTH FOR 3 MONTHS* The biggest came from hotelier Barry Sternlicht, whose private equity Small effort. 99 firm took public a company called Starwood Prop- erty Trust in an IPO that raised $810 million— the largest initial public offering to date this Big reach. year and 62% more than originally envi- sioned.The startup plans to invest in commercial mortgage-backed securities sold It’s easy to be everywhere through the federal government’s public- at once with a Virtual Ofﬁ ce private investment program. from Regus. Assuming the investment bankers involved charge their typical 7% commission, Deutsche Bank, Bank of America-Merrill Lynch and Citi- group have a $57 million pool of fees to divvy up.That oughta pay for a few boxes of Lucite trophies at the closing dinner. Just don’t order too much Dom Perignon: U.S.IPO volume is running 85% With Regus you get: below last year’s pace, according A high-proﬁ le corporate business to Thompson Reuters. address to use as your own BARRY STERNLICHT: His IPO last week

Professional receptionist services bloomberg news was this year’s largest to date. Access to a fully furnished private ofﬁ ce A prestigious local phone number — many SHRINKAGE (212) numbers available THAT’S THE ANNUALIZED PACE at THAT’S THE which big banks are shrinking AMOUNT by Call 1-877-REGUS95 (734-8795) 13% their loan portfolios, according to 2% which Citigroup or visit regus.com/crains today. Sanford C. Bernstein & Co. research. The biggest shrank its loan book in declines last quarter came in commercial and the second quarter. The industrial lending and commercial real estate, but move could bring political 1000 locations | 450 cities | 75 countries residential mortgage and consumer lending in pressure on the bank to do *Terms and conditions apply. See regus.com/crains for details. general also fell at most big banks. more with its bailout money.

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Years of Excellence 45 School of Business 20090817-NEWS--0006-NAT-CCI-CN_-- 8/14/2009 8:38 PM Page 1

Missed Crain’s Small Business Webinar? NEW YORK,NEW YORK edited by Valerie Block Crain’s New York Business hosted a small business webinar featuring officials from small business assistance programs offered by the city, state and federal government. founding families, and John Expanding the “Launny” Steffens, a former brokerage chief, according to Find out how to tap into these programs to access food chain Crain’s sister publication Invest- money for your small business. at Union Square mentNews. “For years I have admired this Go to crainsnewyork.com/webinars to watch the .g.i. friday’s and company, and its component Tim Hortons may parts, immensely,” Ms. Krawcheck webinar anytime. wrote in an internal note to Tbe joining the advisers and employees after she growing list of big retail was named head of global wealth Event Title: chains taking up residence in Union Square. The Riese management at the Bank of Money for Your Small Business America unit. “I promise that I Organization just bought 34 Union Square East— will work for all of you, and with formerly home to Zen Palate—and plans to install the all of you, to the utmost of my Sponsored By: two restaurants there if it can’t find a lucrative tenant in ability, respecting the culture a hurry. that you all have created and building on the business’s Chief Executive Dennis Riese will not divulge what he industry leadership.” paid for the property, but he says that the price came down The former Citi executive nearly 40% from the asking price six months ago.The has ample brokerage-industry experience—she used to run building has been empty for nearly two years. Smith Barney—but she has no www.crainsnewyork.com/webinars Other big-name retailers moving into the trendy direct ties to Merrill, which has neighborhood include Nordstrom Rack and Best Buy. famously promoted from within. Rents have dropped but not by as much as they have in other areas. Grass seeds, Riese operates 80 eateries in the city, always locating high hopes them near major transportation hubs such as Penn Station and Times Square. Union Square is no exception anxious americans looking for “green shoots” of recovery can Join the Crain’s Community to that rule. now grow their own. Designer But while many chefs in the district purchase food from Jill Stern, whose past products Subscribe to Crain’s New York Business— the popular green market there,T.G.I.Friday’s will not join New York’s must-read resource for the them, says Mr. Riese. city’s business leaders “We are not that type of restaurant,” he acknowledges.

stations “have started to reforecast Calling all cars: where they’ll end up for the year,” TV ads’ good pickup says Mary Schiemel, director of local Print Edition broadcast at TargetCast tcm. include the unbreakable vase One year subscription – $59.79 after a year of solid misery, and the squirt-gun necklace, • Weekly news analysis of New York’s the New York television Sallie tests mettle is selling her own Green most important business issues marketplace is showing signs of a Shoots—decorative metal tins turnaround, insiders say.Thanks at Merrill with preplanted grass seeds—on • In-depth reports and trend stories to the “Cash for Clunkers” Jilarious.com. program, which has sallie krawcheck Ms. Stern, whose husband • Crain’s annual Book of Lists brought buyers back to (left) is reaching works on Wall Street, says the auto showrooms, out to Merrill recession provides her with as advertising by carmakers Lynch’s old guard much inspiration as frustration. and dealerships is as she takes control “When people started to use rebounding. of the firm’s pres- the term ‘green shoots’ as a “Every American car tigious army of metaphor for signs of recovery, Digital Edition is on the air again,” says retail brokers, in a ideas started floating around in One year subscription – $35 a local TV sales exec- move to defuse my brain,” she says. utive. “People see some complaints that Thrifty consumers can also visit • Anytime access to comprehensive promise that they can accompanied her Jilarious to buy The ReGift Kit, and late breaking business news put a spot up there and hiring earlier this which is filled with decorative get a return on their month. accessories to take the shame out

• Crain’s Daily Alert delivered to bloomberg news your inbox each business day investment.” Ex-Citigroup of regiving unwanted—and Political races are also helping, senior official Ms. Krawcheck unused—presents. After all, times • FREE unlimited access to Crain’s archives especially now that Mayor Michael has met with former Merrill chief are tough. Bloomberg is no longer the only executives Daniel Tully and David politician spending on television. Komansky, as well as Winthrop Contributors: Kira Bindrim, Aaron El- The New Jersey gubernatorial race Smith, a scion of one of the firm’s stein, Lisa Fickenscher, Matthew Flamm Subscribe today to gain membership to the is heating up, as is the race for most powerful business community in New York. New York City comptroller. “September and October are getting very tight,” says Jeff PRIME SCENE FOR INVESTIGATION Greenberg, New York buyer at Go to www.crainsnewyork.com/subscribe INVESTIGATION DISCOVERY is moving to channel 23 from channel 113 on JL Media. Time Warner Cable on Aug. 19. To raise awareness among advertisers, the Business has improved so network is running a guerrilla marketing campaign. It will include blanketing much from the fourth quarter of Madison Avenue with Post-it notes, along with other gimmicks. 2008—when ad revenue in the market fell more than 30%—that

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wake of Mr. Cuomo’s ill-fated challenge of Carl McCall for the THREE-LEGGED RACE: gubernatorial nomination in 2002. Sens. Malcolm Smith, THE INSIDER “If Cuomo replaces Paterson, John Sampson and Pedro there’d be a need to diversify the Espada Jr. (from left) ticket,” a Democratic consultant campaign for control. by Erik Engquist and Daniel Massey says. “Byron Brown would have to be on the short list.” Another black Democrat from Buffalo, Leecia Eve, ran for lieutenant governor four years ago, but insiders don’t expect her to be a contender in 2010. The top candidates for lieutenant governor in 2006—Ms. Eve and Jon Cohen—quit the race when Eliot ap photo Spitzer chose David Paterson.Among those who criticized the way the WHO’S THE BOSS field emptied out was Nassau Mighty Sampson? County Executive Thomas Suozzi, WHO’S IN CHARGE OF THE STATE SENATE? Weeks after the Democrats regained who will himself potentially be a their majority and ended the June power struggle, the leadership issue candidate for lieutenant governor remains unresolved. The titles are known—Malcolm Smith is president, John in 2010 if Mr. Paterson runs for re- Sampson is conference leader, Pedro Espada Jr. is majority leader—but the bloomberg news newscom election. Mr. Suozzi is not seen as a identity of the ultimate decision-maker remains a mystery. good match for Mr. Cuomo, Insiders say power appears to be shifting toward Mr. Sampson—the because both are downstate Italian- Brooklyn legislator who emerged when Senate dissidents refused to return Buffalo’s Brown American Catholics. to the Democratic conference unless Mr. Smith’s role was reduced. Hiram Monserrate and Mr. Espada’s demand that Mr. Smith be marginalized was ultimately agreed to by the black senators who were once Mr. Smith’s base. NYS short on But because unanimous consent is needed for the conference to do eyed for No. 2 slot bridge financing anything, Mr. Smith was able to retain the title of president at least through December. nsiders say buffalo mayor Byron Brown (above right) the state department of Trans- The smart money now says that senators will vote in January on new lead- portation acknowledges that its ership roles and will vote to give Mr. Sampson a formal title. But an insider says would be a strong contender for lieutenant governor if infrastructure needs are under- state Attorney General Andrew Cuomo (above left) is Mr. Smith is trying to build support and “has no intention of going anywhere.” funded by tens of billions of dollars. Lobbyists, taking no chances, are reaching out to multiple sources to Skip Carrier the Democratic gubernatorial nominee next year. Mr. But its spokesman, ,says advance their clients’ interests. “Until we know for sure, we’re trying to cover Brown is well-regarded, and as an upstate official who people should not get the wrong all the bases: Sampson, Malcolm, Eric Adams, Pedro,” says a source in the impression from a report by state lobbying community. is of Caribbean descent, he would bring ethnic and geo- Comptroller Thomas DiNapoli last I Why Mr. Adams? “Adams seems to be an up-and-coming player and a graphic balance to the ticket. week that warned, “About 37% of rising star in that conference,” the source says. A former state senator, Mr. Brown has legislative expe- highway bridges in New York state rience and friends in the Democratic Senate conference, a plus are either structurally deficient or functionally obsolete.” Only 12% of for Mr. Cuomo. Selecting Mr. Brown would also help expunge bridges are structurally deficient, “If a bridge is unsafe,” says Mr. sion by the black faction, led by any resentment among blacks that might be lingering in the and they are nevertheless safe. Carrier, “we close it.” Malcolm Smith and John Sampson, to make a deal with Sen. Pedro Espada Jr., ending the stalemate. Dog and pony show The race issue, which surfaced for MTA nominee before the coup, is so sensitive that the white senators have been a state senator blasts Democrat- reluctant to raise it, the insider says. ic colleagues for insisting that Jay But if allowed to fester, it could be Walder, the governor’s nominee to divisive, as nonurban Democrats run the Metropolitan Transporta- try to get action from city tion Authority, meet constituents in Democrats on upstate issues. the dozen MTA-served counties before the Senate confirms him. “This exercise is an abuse of our Green’s donations authority,” the legislator says. in the pink Senators are doing it to punish Gov. David Paterson for demonizing since mark green was a late them. “Not very senatorial,” the entrant into the public advocate lawmaker says. race, it was touch and go as to whether he would raise enough money to Racial tension qualify for public bubbles in Senate matching funds.Two Fridays ago, his a democratic insider says racial campaign e-mailed an tension is bubbling within the state urgent appeal that Senate Democratic conference. It said he needed several buck ennis was evident after the June coup, thousand dollars in small donations when a contingent of white by midnight Monday to qualify. suburban and rural Democrats Last week, Mr. Green announced pushed for a power-sharing that he’d reached $150,000 in agreement with the Republicans eligible contributions, $25,000 that would have curtailed black more than required. senators’ influence. His campaign manager says According to the insider, the $30,000 was gathered in eight days. push by the suburban Democrats— That suggests that the campaign Jeffrey Klein, Diane Savino, Brian had passed the threshold before its Foley, Craig Johnson, Darrel Auber- appeal. Candidates prefer to leave tine, William Stachowski and David some margin for error in case any Valesky—was a factor in the deci- donations are ruled ineligible. For daily political and government news, subscribe to CRAIN’S INSIDER @ www.crainsnewyork.com/insider

8 | Crain’s New York Business | August 17, 2009 20090817-NEWS--0009-NAT-CCI-CN_-- 8/13/2009 7:43 PM Page 1

NEIGHBORHOOD JOURNAL

Heights store quickly became the Williamsburg’s shrinking Finger national chain’s top-grossing outlet. Now Mr. Jones has taken his proven act to the Best Buy store in it is GFI’s desire not to go higher.” power of community organizing. partment, he also set up a program the new Gateway Center at Bronx In new hands, tower “People will welcome the building Shortly after arriving to take up under which 35 students are work- Terminal, which had its grand gets downsized, and if they don’t build higher,” says Mr. his post as manager of the branding at the store this summer. opening earlier this month. He has Dray.“We would forgive and forget.” new Best Buy on Fordham Road in “If you’re going to touch a com- already partnered with nearby Hos- the neighborhood —amanda fung the University Heights neighbor- munity, you’ve got to start with the tos Community College to launch a counts its blessings hood,he began attending local com- youth,” Mr. Jones says. music program in the fall. munity board meetings. His hiring practices have also Local officials sound pleased.“It’s illiamsburg, Best Buy manager At nearby Theodore Roosevelt drawn favorable comment in the probably the No.1 retailer of comput- Brooklyn’s condo stirs up Bronx High School, he helped design a neighborhood—85% of employees ers and electronics in the city,and this magnet, is getting business technology curriculum and live in the Bronx, and women make area needs that,” says Ray Salaber- a downscaled resi- in just under a year in the Bronx, set up an internship program at the up more than half the staff. rios, president of the Bronx Overall dential tower more Miami native Mike Jones has al- store that involved 24 students. With the help of all that com- Economic Development Corp. toW its liking, courtesy of the recession. ready demonstrated big-time the With the aid of the state Labor De- munity outreach, the University —hilary potkewitz GFI Development Co., the company behind the controversial Finger Building, recently closed on a $13.2 million construction loan from CIBC, according to sources. Con- struction of the 144 N.Eighth St.development resumed a few weeks ago. “We are proceeding,” says An- drew Zobler,chief executive of GFI. “It is a unique project in probably the best location in Williamsburg.” The developer, which purchased Get a personal Wi-Fi hotspot. the unfinished building in fall 2008, is relaunching the project under a more upbeat name,The Albero (Ital- And a personal small business expert. ian for tree.) Truth be told,the Finger Building wasn’t the name chosen by Only Verizon Wireless has a Small Business Specialist in every store to help you do business better. the previous developer, either. It was the one given to the project by community activists who said developer Mendel Brach’s plan to erect a 16- Come in today and get MiFi™ for less. MiFi is the hotspot you take with story building in the middle of the low-rise area was akin to giving the you, letting you connect up to 5 Wi-Fi–enabled devices to our Mobile whole neighborhood “the finger.” Broadband service. That means five people can browse the Internet, download files and check email all at the same time. All on America’s Largest and Most Reliable 3G Network.

MiFi 2200 $9999 $149.99 less $50 mail-in rebate debit card with new 2-year activation on any Mobile Broadband plan. GREENER: The new building has been renamed The Albero, meaning tree.

The upscale new moniker will also reflect the tower’s planned green design, Mr. Zobler adds. J.D. Power and Associates ranks Verizon Wireless “It got off to a rocky start,” says “Highest in Customer Satisfaction With Small/Midsize Phil Dray, a resident who lives on Business Wireless Service, Two Years in a Row.” the same block. “There has never been an open relationship between the developer and the community.” Verizon Wireless Small Business Toolbox To change that,GFI plans to hold One of the many tools in the . a meeting early next month with the community.The developer will share Call 1.800.VZW.4BIZ Click verizonwireless.com/smallbusiness Visit your local Verizon Wireless store its plans and take questions. “If what they say is true, it would VERIZON WIRELESS COMMUNICATIONS STORES See store for Return/Exchange Policy. be an amazing event,”says Mr.Dray. BRONX NEW! 2150 White Plains Rd. 718-829-3179 NASSAU Massapequa 5070 Sunrise Hwy. 516-797-3880 BUSINESS CUSTOMERS “There should have been meetings NEW! 416 Westchester Ave. 718-292-4111 Westbury 49 Old Country Rd. 516-937-2960 HABLAMOS all along.” MANHATTAN 342 Madison Ave. @ 43rd St. 212-856-6100 SUFFOLK East Northport 4000 Jericho Tpke. 631-499-1820 1-800-899-4249 ESPAÑOL The biggest change, however, is Union Square 859 Broadway 212-206-7587 Smith Haven 1 Smith Haven Mall 631-382-3720 WESTCHESTER the building’s height, which will be 57 W. 57th St. btwn. 5th & 6th Ave. 212-980-4860 Hartsdale 355 N. Central Ave. 914-286-4120 134 W. 34th St. btwn. 6th & 7th Ave. 917-351-8000 downscaled by six stories. For the 100 Wall St. & Water 212-510-6160 past four years, the building has NEW! 4251 Broadway @ 181 St. 212-781-6034 been plagued by stop-work orders, legal disputes and community Visit verizonwireless.com protests. It stood unfinished at 10 to find a club near you. stories when GFI bought it. Late last year, the Board of Stan- Activation fee/line: $35. IMPORTANT CONSUMER INFORMATION: Subject to Customer Agmt, Calling Plan, rebate form and credit approval. Up to $175 early termination fee and other charges. Mobile Broadband is available to more dards and Appeals ruled that the than 280 million people in 259 major metropolitan areas and 250 airports in the U.S. Offers and coverage, varying by service, not available everywhere. Rebate debit card takes up to 6 weeks & expires in 12 months. Limited-time offer. While supplies last. Shipping charges may apply. MiFi is a trademark of Novatel Wireless, Inc. See verizonwireless.com for details. Verizon Wireless received the highest numerical score among wireless providers in the proprietary building could rise to its original J.D. Power and Associates 2008–2009 Business Wireless Customer Satisfaction Study.SM 2008 study based on responses from 2,618 business wireless customers measuring 10 providers and measures satisfaction among wireless height of 16 stories,but according to service decision makers with small/midsize U.S. businesses. Proprietary study results are based on experiences and perceptions of consumers surveyed in January and March 2009. Your experiences may vary. Visit jdpower.com. City Councilman David Yassky’s © 2009 Verizon Wireless. 91750N office, “it is our understanding that

August 17, 2009 | Crain’s New York Business | 9 20090817-NEWS--0010-NAT-CCI-CN_-- 8/13/2009 8:22 PM Page 1

VIEWPOINT A tale of two retailers editor in chief Rance Crain publisher, vp Jill R. Kaplan arlier this month, Mayor Michael Mart—a truth that Wal-Mart opponents never address. editorial director Greg David

Bloomberg joined J.C. Penney Chief New Yorkers with access to transportation head out to EDITORIAL Executive Myron Ullman to snip the Wal-Marts in the suburbs. (Indeed, the overwhelming editor Xana Antunes ceremonial ribbon at the chain’s new majority of the retailer’s workers in its Valley Stream, L.I., managing editor Glenn Coleman deputy managing editors Valerie Block, flagship in Herald Square. Media accounts store are city residents.) An analysis several years ago showed Erik Ipsen cheered this sign of vitality in the city’s that New York City residents spent $125 million a year in the contributing editor Elizabeth MacBride retail sector. chain’s suburban locations. With more Wal-Marts now columnist Alair Townsend No such hurrahs greeted the news in Crain’s last week that ringing the city, the figure is probably more than double that. senior reporters Theresa Agovino, Aaron Elstein, Erik Engquist, Lisa Fickenscher, Wal-Mart is again on the hunt for a place to locate its first Just add up the lost sales-tax revenue. Matthew Flamm, Miriam Kreinin Souccar E reporters Barbara Benson, Amanda Fung, store in the city. Unions vowed an all-out war against the Meanwhile, politicians who decry the city’s lack of Daniel Massey, Adrianne Pasquarelli, country’s largest retailer, and City Council Speaker adequate supermarkets in poor neighborhoods are ignoring Hilary Potkewitz Christine Quinn declared, in essence, “over my dead body.” an obvious solution. Much of Wal-Mart’s success in this art director Steven Krupinski deputy art directors Carolyn McClain, These two retailers must be very different for one to be recession has come from the fact that Americans flock to buy Daniel Mednick embraced by politicians and the other shunned, right? Not food at the chain’s hard-to-beat prices. It also accepts food staff photographer Buck Ennis copy desk chief Wendy Zuckerman really. Penney’s workforce is nonunion; so is Wal-Mart’s. stamps, by the way. copy editor Thaddeus Rutkowski Wages at both retailers are about the same, although benefits It isn’t clear whether research editor Denise Southwood Union leaders www.crainsnewyork.com are probably superior at Wal-Mart. Mr. Ullman is chairman Wal-Mart executives web editor Brian Tracey of the executive committee of the National Retail must know their have the backbone senior producer Elisabeth Butler Cordova producer Kira Bindrim Federation, which adamantly opposes the Obama stand on Wal-Mart needed to enter New administration’s plan to force companies to offer health York. If they do, their EDITORIAL AND ADVERTISING OFFICES 711 Third Ave., New York, NY 10017-5806 insurance; Wal-Mart CEO Mike Duke has endorsed such a is hypocritical strategy will be editorial: 212.210.0277 Fax 212.210.0799 requirement, since his chain already complies. obvious.They must advertising: 212.210.0259 Cable craincom nyk For years, unions and many politicians have castigated find a site that’s already Fax 212.210.0499 Wal-Mart as the Darth Vader of American business— zoned for a big-box Entire contents ©copyright 2009 Crain Communications Inc. All rights reserved. exploiting workers, destroying competitors, ruining store—to make City ®CityBusiness is a registered trademark of MCP communities.The picture was always a distortion, but now it Council opposition irrelevant—and that’s owned by a Inc., used under license agreement. bears no relationship to reality. Wal-Mart is landlord without any major project requiring city approval. TO SUBSCRIBE: Call 888.909.9111; fax 313.446.6777. indistinguishable in its practices from its competitors, with They will need to move quickly after the mayoral election. $3.00 a copy, $59.79 one year, $109.79 two years. one important exception: It is more successful than they are, And they can succeed only if the mayor, who mostly stayed www.crainsnewyork.com because it offers lower- and middle-income Americans out of the last Wal-Mart fray a few years back, wins re- ADVERTISING AND MARKETING better goods at better prices. election and puts his considerable clout on the line. advertising director Trish Henry senior account managers It’s hard to believe that union leaders, and allies like If Wal-Mart penetrates the political moat around the city, Cornelius P. Gore, Courtney McCombs, Speaker Quinn, don’t know how hypocritical their position the rest of the story will be easy to predict.Thousands will William E. Squitieri account executives is. Penney, Home Depot, Kohl’s,Target, Best Buy and other flock for jobs, consumers will make the store the most Irene Irvill, Anthony Mowad big-box retailers continue to open stores in the city with successful in the chain, and poor neighborhoods throughout sales manager, classified print & online John Gallagher nonunion labor and so-so health and retirement benefits. New York will clamor for their own Wal-Mart. It’s all about sales coordinator, print & online These stores charge higher prices here than they can the first store—and whether Wal-Mart and the mayor have Lulé Haznedari newsletter product manager elsewhere because they don’t have to compete with Wal- the courage to make it happen. Alexis Barney credit Todd J. Masura 313.446.6097 marketing director Amy Crossman marketing manager Jill H. Bottomley circulation manager Andrea Richardson ONLINE POLL LETTERS TO THE EDITOR assistant circulation manager Rosalie Ford Should low-flying general manager, interactive Marc Minardo aircraft be banned web developer, interactive over the Hudson? Senator corrects the record Chris O’Donnell NEW YORK PRODUCTION Date of poll: Aug. 10 SEEKING PATIENCE AND week has [been construed as] a Senate earlier this year, and then production and pre-press director 313 votes demand for campaign culminating in the back-and- Michael Corsi PARTNERSHIP—NOT CASH advertising production manager YES. The recent contributions or instruction on forth-and-back-again power shift Suzanne Fleischman Wies collision of a small it is regrettable “pay-to-play” politics (“The earlier this summer. Nothing 52% that a poor choice of Insider,” Aug. 10). PUBLISHED BY CRAIN COMMUNICATIONS INC. plane and a helicopter was an better demonstrates the words as part of a My message at the confusion that a constant state of chairman Keith E. Crain accident waiting to happen, and presentation to the roundtable was the same transition can bring than those president Rance Crain the Federal Aviation Administra- Brooklyn Real message I deliver whenever events that played out in Albany secretary Merrilee Crain tion needs to take immediate treasurer Mary Kay Crain Estate Roundtable people ask for insight into the beginning in June. executive vp, operations William Morrow action to keep low-altitude flights earlier this operations of government in So my message is simple: We away from the river. senior vp, group publisher Gloria Scoby Albany. We have been are all adjusting to the constant group vp, technology, circulation, NO. The FAA can in a constant state of transition—those of us in manufacturing Robert C. Adams vice president/production & find ways to better transition for the past government and people who are 48% 18 months; a active in representing their manufacturing David Kamis monitor the airspace without chief information officer Paul Dalpiaz transition that began interests to government. While banning private aircraft and corporate circulation director with the resignation not clearly stated, my request was helicopter-tour businesses. Patrick Sheposh of Eliot Spitzer, for patience and partnership— G.D. Crain Jr. ERIC ADAMS: continued with nothing more than that. founder (1885-1973) For this week’s questions: “A poor choice chairman Mrs. G.D. Crain Jr. (1911-1996) Go to www.crainsnewyork.com/poll of words” Democrats gaining —eric adams to have your say. a majority in the New York state Senate

landov New York state See LETTERS on Page 11

10 | Crain’s New York Business | August 17, 2009 20090817-NEWS--0011-NAT-CCI-CN_-- 8/13/2009 8:23 PM Page 1

pay more for coverage. Many have had employer contributions to their retirement plans reduced or ended. But transit workers are getting a package totaling 11.85% over three years. They are not being required to accept any productivity or work- rule reforms worth mentioning, although there are plenty to consider, including moving to one op- erator on subway trains from the current two. The mayor can hardly complain, because he set the precedent by agreeing to 4% annual raises— above inflation—for city workers, even after it was clear the economy was tanking. I trust that the unions are grateful.

He also knows that each union

gfffffffff looks at what other public-sector FLAGSHIP RETAIL LOCATION workers have gotten, so claims that his settlements had no bearing on Bank Space Available for the what MTA workers should have re- first time in 40 years

john h. howard ceived fall flat. The arbitrators reduced transit 510 Fifth Avenue workers’ contribution to their Southwest Corner 43rd Street & Fifth Avenue health insurance to a mere 1.5% of base wages. A worker with a salary Entire Ground, Second & Third Floors MTA deal takes of $40,000 will pay only $600 a 34,822 Rentable Square Feet year for coverage. Upon their re- 240 FEET OF WRAPAROUND SIGNAGE tirement, they will continue to re- all of us for a ride ceive generous health benefits. Norman Bobrow • David Badner Transit workers can retire at age 55 with half pay after only 25 years Norman Bobrow & Co., Inc. on the job. Nothing in the arbitra- (212) 682-9790 ayor bloomberg was outraged. When news leaked out that the arbitration panel handling tors’ award changes that. The state Legislature controls the transit workers’ contract was poised to pension provisions for public work- grant a three-year package costing nearly 12% ers.Legislators play patty-cake with of wages, he huffed and puffed. public-employee unions in return “I don’t see how the arbitrators can rule that way if they have for their support and regularly M sweeten provisions concerning dis- to look at the ability to pay, because the straphangers don’t have ability, retirement age and required length of service without any con- the ability to pay more,” and the mayor are look- cessions in return. he said. ing toward their next The MTA is billions of dollars I couldn’t agree more. elections and believe short of the funds needed to mod- But let’s face facts. The they would be well- ernize the system and keep it in governor and the may- served by 38,000 happy good repair. Its latest five-year cap- or control the board of transit workers. ital plan calls for spending $25.5 the Metropolitan Trans- Spare us the out- billion, but the MTA can’t identi- portation Authority. I rage. We have plenty of fy the source of $10 billion of that assume they had some our own. total. say in the choice of the All across this city, The arbitrators said the MTA three members of the people are losing their should use its limited capital funds arbitration panel. I also ALAIR jobs. Many of those to pay for the settlement. assume they were ac- TOWNSEND with jobs have had Our mass-transit system is the tive behind the scenes their pay frozen and backbone of the city’s economy.It is and agreed to the final would love to get 4% hostage to the broken and dysfunc- decision. raises. Many have lost their health tional political system under which So I assume that the governor insurance or have been required to we suffer.

LETTERS continued from Page 10 make it without some kind of pay- per-view online presence, but WEB CANNIBALIZING nobody can quite figure out which NEWSPAPER BIZ model to follow.Their answers are thin, mostly focused on product i would be bullish on print also, rather than market, and as we all if the Web didn’t work against know, that is the kiss of death newspapers (“Pay up or the paper unless your product happens to be gets it,” Aug. 10.) Right now, the the iPod. Web works against print by having Here’s the problem: You can’t the print stories. If you have the get people to buy the paper when print stories online, then why the content is free. Newspapers would you buy newspapers? have to control content, and not What the Web needs to do is just the physical words and letters. work with print by having updates stephen munday They have to control the quality of to newspaper stories. There should PRINT PUBLISHERS the content and the disbursement, be codes after print stories in the NEED A NEW MODEL the former being something newspapers, and if you enter those they’ve largely abandoned, the codes you can access the story the experts quoted in the story latter something they’ve always online, plus updates. on newspapers all sound the same: ignored. —ed drossman The traditional newspaper can’t —jim castrone

August 17, 2009 | Crain’s New York Business | 11 20090817-NEWS--0012-NAT-CCI-CN_-- 8/13/2009 6:39 PM Page 1

REAL ESTATE DEALS PLUS

Josh Kuriloff, a vice chairman at Cushman.“Nobody wants to go and SIGNS OF LIFE SEEN Survival strategy: ask the CFO for $25 million to move.” Manhattan leasing activity, including renewals, in millions of square feet. Mr.Kuriloff adds that landlords Stay where you are are also stepping up efforts to hold on to tenants at a time when leasing activity has slowed dramatical- espite talk of better times just ahead,most New ly. The volume of leased space York companies are still focusing on survival. For swooned 32% to 12.3 million in the first seven months of the year many, that means staying right where they are, from the corresponding period in rather than enduring the trauma of a move. 2008. Nearly a third of leases signed during The good news is that July the first seven months of this year were renewals, according to turned out to be a very strong D month, with tenants leasing 3.1 data from Cushman & Wakefield Inc. That percentage is on million square feet of space—near- a par with last year’s 29%. But both statistics are nearly double ly double the amount a year earlier. the 16.2% share accounted for by renewals in 2006 and are In fact, July ranked as the strongest month since May 2008,when activ- know whether the uptick in activity “I think it is going to be a slow re- significantly higher than the 18.7% in 2007. ity totaled 3.2 million square feet. is an aberration or a signal that leas- covery,” says Mr. Kuriloff. “In this economy, companies are focused on surviving,” says Mr. Kuriloff says it’s too soon to ing is emerging from a slump. —theresa agovino

The asking rent for the deal was to move from 1133 Sixth Ave. in Hill Properties and The Carlyle ing. “They’re not cheap, but they’re Basics are the lure $60 a square foot. The company is November. Group. more reasonable.” on Sixth Avenue expected to move from 6 E. 43rd St. Newmark Knight Frank brokers —theresa agovino This will be Mr. Fischer’s second early next year. Peter Shimkin and David Falk rep- Manhattan location;he already has a in recent months, the landlord at “The landlord resented Corpora- store on Wooster Street, along with 1180 Sixth Ave. has put new artworks was just very accom- tion Service. Mr. Ditching Dumbo two stores in the Hamptons and a in the building’s lobby and offered modating,” says Dan Shimkin says the for downtown Greenwich, Conn., outpost. How- concierge services. For the two out- Posey, a broker at landlord “bent over ever, the Madison Avenue spot, set fits that signed leases for a total of Studley who, with backwards.” For ex- securitas security services to open shortly after Labor Day,will 33,100 square feet, however, what colleague Michael ample, the landlord USA Inc. is moving up the hill to be smaller than the typical Christo- meant the most was the building Goldman,represent- provided free archi- downtown Brooklyn from Dumbo. pher Fischer Cashmere stores. owner’s promise of a reasonable rent ed the tenant. tectural services to The Parsippany, N.J.-based se- “Our concept now is based on lit- and pledge to build out the space to Meanwhile, Cor- design the space. curity services provider,which fields tle jewel-box stores where we can their specifications. poration Service Co. “It is a really well- the security guards at Yankee Stadi- showcase our goods more intimate- The Distinguished Programs leased 15,000 square run building, and my um and other venues, has signed a ly and have a quicker turnaround on Group, which offers insurance pro- feet for 10 years.The client wanted to be on seven-year lease for 8,750 square product,” says Mr. Fischer. “We grams for real estate companies, asking rent for the Sixth Avenue,” says feet at 111 Livingston St. The compa- want to make it a destination point inked a 15-year lease for 18,100 deal was $50 a square Mr. Shimkin. ny is located at 25 Washington St. on the Upper East Side.” square feet at the property, between foot. The provider of The building is The asking rent was $32 per square He plans to open several more lo- West 46th and 47th streets. legal services is slated 1180 Sixth Ave. owned by Murray foot. cations on the Upper East Side Securitas took advantage of “the within the next three years, if the competitive rents,” says William Madison Avenue shop is successful. O’Brien of M.C.O’Brien Inc.,who, —adrianne pasquarelli along with Mark Furst of Colliers ABR Inc., represented the tenant. “They will also pay substantially Down-under space less for utilities,” explains Mr. grabs gallery O’Brien,adding that 111 Livingston used to be home to Nynex and that oh, wow! Miami-based art gallery the building has its own generator. and book seller Our House West of Securitas also boasts three offices Wynwood, aka O.H.W.O.W., is in Manhattan. It coming to the Big will be moving into Apple. The busi- its new Brooklyn WALKING AWAY ness signed a five- office on Dec. 1. Its year lease for 225 new landlord, 111 Forecast third-quarter square feet at 227 Livingston, was changes for U.S. retailers Waverly Place,be- represented in- tween Seventh Av- house. enue and West 11th —amanda fung Street. The asking -9.7% rent for the below- DROP IN FOOT TRAFFIC street-level space Store was $106 a square knits up foot. The location Madison -4.4% formerly housed a Ave. shop DROP IN SALES laundry service Source: ShopperTrak’s Retail Traffic Index but has been vacant proving it’s never for 18 months. too warm for cash- Finding a replace- mere,knitwear designer Christopher ment proved difficult, according to Fischer signed a 10-year lease for Aaron Gavios,the Square Foot Real- about 500 square feet at 1225 Madison ty broker who represented landlord Ave., between East 88th and East Page Management Co. 89th streets. The asking rent was “It’s a nice block, but there’s no nearly $200 a square foot, about a foot traffic,” he says. “This is a desti- third off the prices of a year ago. nation store, so it’ll pull people in.” “The rents are not what they Brad Belmont represented the were last year,” says Faith Hope tenant in negotiations when he was Consolo, the Prudential Douglas a broker at Square Foot. Elliman broker who represented The gallery will open within both Mr.Fischer and 47-88 Tenants three months,following renovation. Corp.,the owner of the co-op build- —adrianne pasquarelli

12 | Crain’s New York Business | August 17, 2009 nb33p13.qxp 8/13/2009 6:27 PM Page 1

SMALL BUSINESS Startup Bit.ly builds clicks one tweet at a time

tor TinyURL). And Bit.ly, enough to warrant a price tag. But Tech firm’s tiny whose links are used for Twitter profitability is a ways off—even Twitter links generate feeds from The New York Times, big-name social networks like The Wall Street Journal and Facebook and Twitter have yet to millions of hits; will CNN, currently accounts for make money. revenues be next? around half of all short URLs “Let’s say a little-known blogger on Twitter. writes something provocative or an amateur videographer posts some- BY KIRA BINDRIM Seeking a revenue stream thing interesting,” says Mr. Cohen. but url-shortening doesn’t “People start sharing, talking and echnology startup exactly pay the bills.Earlier this tweeting about it.If you’re a produc- Bit.ly isn’t just a small month,rival shortener Tr.im al- er, you want that data. If you’re a business: It’s in the busi- most shut down for lack of search engine, you want that data ness of small. funding, and Bit.ly, like many because you want your customers One-year-old Bit.ly of its peers in social network- who are looking for it to be able to Thas four employees, a handful of coming, has yet to find a revenue find that content.” puters and shared space in an unfin- FORERUNNER: stream. For now, the startup is For its part, Betaworks will con- ished office building.But the Manhat- Bit.ly’s growth has part of a network of companies tinue to foot the bill. Chief Operat- tan-based company, which shortens followed Twitter’s. owned by Betaworks Inc., a ing Officer Andy Weissman says the URLs to make them usable (and trace- ap photo technology incubator that pro- company invests almost exclusively able) on Twitter,serves millions of cus- would-be tweeters can not only re- different from building a physical vides Bit.ly with expertise and fund- in social media startups. tomers. And with an eye toward har- place their long URL with a tiny space,” says Bit.ly General Manager ing and that shares its Chelsea office “Innovation occurs at the edges, nessing its growing cache of data, one, but can also track the distribu- Andrew Cohen. “A boat that needs space with the startup. not at the center,” says Mr. Weiss- Bit.ly hopes to soon be one of the very tion and popularity of each link. to hold three to four people is differ- Mr. Cohen says Bit.ly is work- man. “It occurs in weird little pock- few social networking startups with a ent from an ocean liner. A site that ing on potential moneymakers, in- ets where very entrepreneurial, little something called revenue. Lots of users has to sustain millions of unique cluding licensing its data-tracking product-centric people find a prob- Like many social media firms, though bit.ly’s business model users has to be tailored.” services and building a destination lem and want to solve it.” Bit.ly’s evolution was made possible seems simple, its programming is Call Bit.ly the best tailor in town. Web site, where visitors could see by Twitter.Limited by the 140 char- made complex by the sheer number The firm recently secured another which topics and links are getting To sign up for Crain’s acters permitted in each “tweet,” of people who use it—Bit.ly gets up- $2 million in venture funding and is the most attention. As real-time twice-weekly SMALL BUSINESS Twitter users typically employ wards of 225 million clicks per preparing to add a fifth staffer. In data tracking becomes a necessity NEWSLETTER, go to downsized versions of links to out- week, and that number is growing. May,Twitter made Bit.ly its default for tech-savvy marketers, Bit.ly www.crainsnewyork.com/smallbiz side Web sites. Through Bit.ly, “Building a Web site is not too link-shortener (replacing competi- hopes its services prove essential

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August 17, 2009 | Crain’s New York Business | 13 nb33p14.qxp 8/13/2009 8:32 PM Page 1

TOURISM

Average Fares for Domestic Itineraries New York Area’s Top Airlines In first-quarter 2009 Ranked by total passengers at major local airports $325.07 La Guardia John F. Kennedy $325.86 International Newark Liberty $377.87 International Source: Bureau of Transportation Statistics Airline Fuel Consumption and Cost Jet fuel prices for U.S. carriers have dropped to $73.08 a barrel. Fuel has cost airlines $11.6 billion so far this year. Cost per Consumption Cost gallon (in millions of gallons) (in millions) (in dollars) DOMESTIC 2009 4,615.5 $8,049.1 $1.74 Change vs. -13.9% -46.9% -38.3% 2008 INTERNATIONAL 2009 2,048.2 $3,538.2 $1.73 Change vs. -10.1% -47.7% -41.9% 2008 TOTAL 2009 6,663.7 $11,587.3 $1.74 Change vs. -12.8% -47.2% -39.4% 2008 Figures are through May of each year. Source: Bureau of Transportation Statistics On-Time Performance The percentage of on-time arrivals at two of the major local airports has improved in 2009. Newark remains the worst performer.

A flight is considered delayed if it arrives at the gate 15 minutes or more after the scheduled arrival time as reflected in the computer- ized reservation system. *Figures are through June. Source: Bureau of Transportation Statistics Airport Travelers The number of passengers at NY’s major airports fell by 2.8 million in 2008, to 106.3 million. Figures are in millions.

*For the 12 months ended in May. Source: Port Authority of New York and New Jersey ➚➚ SEE ALL OF CRAIN’S BUSINESS LISTS @ WWW.CRAINSNEWYORK.COM/LISTS 14 | Crain’s New York Business | August 17, 2009 nb33p15-17cls.qxp 8/13/09 4:04 PM Page 15

PUBLIC & LEGAL NOTICES REAL ESTATE

Notice of Formation of 35 W. 124TH I-GENESIS, LLC, a domestic Limited NOTICE OF FORMATION OF WIND- NOTICE OF FORMATION OF Erely STREET LLC. Arts. of Org. filed with Liability Company (LLC) filed with UP LLC. Article of Organization filed Zambrano, LLC. Article of OFFICE SPACE Secy. of State of N.Y. (SSNY) on June the Sec of State of NY on 6/9/09. NY with the Secretary of State of NY Organization filed with the State of NY 5, 2009. Office location: New York Office location: New York County. (SSNY) on 07/20/2009. Office loca- (SSNY) on 07/02/2009. Office location: MIDTOWN OFFICE SHARE County. SSNY designated as agent SSNY is designated as agent upon tion New York County. SSNY has New York County. SSNY has been of LLC upon whom process against whom process against the LLC may been designated as agent upon designated as agent upon whom 1-2-3- OFFICES it may be served. SSNY shall mail be served. SSNY shall mail a copy whom process against it may be process against it may be served. The Light, airy, open. Conference room usage. process to: The LLC, 304 Hudson of any process against the LLC served. The Post Office address to Post Office address to which the SSNY Top location, great 1st class facility. Street, 3rd Floor, New York, NY served upon him/her to The LLC, which the SSNY shall mail a copy of shall mail a copy of any process 10013. Purpose: any lawful activity. 121 E. 24th St., 12th Fl., NY, NY any process against the LLC served against the LLC served upon him is Very reasonable. Min 12 months. 10010. General purposes upon him/her is C/O the LLC 448 W C/O the LLC P.O. Box 1811, NY, NY, Call Arthur (212)683-2015 ext 102. Notice of Formation of BEARCITY 37th St, 10C, New York, NY 10018. 10156. Purpose of LLC: to engage in LIMITS, LLC. Arts. of Org. filed NOTICE OF QUALIFICATION OF Purpose of LLC: to engage in any any lawful act or activity. Street NYC Middle Market Accounting Firm has with Secy. of State of N.Y. (SSNY) Medialation LLC Application for Authority lawful act or activity. Street address of address of Principal Business location office space to sub-let Principal Business location is: 448 W on 8/4/08. Office location: New filed with the Secretary of State of New is: P.O. Box 1811, NY, NY, 10156. NYC Middle Market Accounting Firm has 37th St, 10C, New York, NY 10018 office space to sub-let. Sub-lease space in Top York County. SSNY designated as York (SSNY) on 6/17/2009. LLC formed in Georgia on 4/29/2009 NY office Notice of Qualification of Metalskin “A” Building w/7 windowed offices, 11 agent of LLC upon whom process Cubicles, use of Conference Rooms, Reception against it may be served. SSNY location: New York County. SSNY has NOTICE OF FORMATION OF E-CLOUD LLC. Authority filed with Secy. of Area, Kitchen, Full Office Support available. shall mail process to: The LLC, 630 been designated as agent of the LLC SERVICES, LLC. Arts. of Org filed State of NY (SSNY) on 7/17/09. For further information 9th Avenue, #208, New York, NY upon whom process against it may be with Secy. of State of N.Y. (SSNY) on Office location: NY County. LLC Please contact (212) 404-5403. 10036. Purpose: any lawful activity. served. The P.O. address to which the June 30, 2009. Office location: New formed in Delaware (DE) on 7/9/09. SSNY shall mail a copy of any process York County. SSNY designated as SSNY designated as agent of LLC against the LLC served upon him/her agent of LLC upon whom process upon whom process against it may LAW OFFICE OF JOHN GLEACHER, is C/O the LLC, 124 W 109th St, Apt against it may be served. SSNY shall be served. SSNY shall mail process PLLC, a domestic Professional Limited 1A, New York, NY 10025. The Principal mail process to: 286 Madison Avenue, to: c/o Capitol Services, Inc., 1218 PUBLIC & Liability Company (PLLC) filed with Business Address of the LLC is 4437 Suite 1100 New York, NY 10017. Central Ave., Ste. 100, Albany, NY the Sec of State of NY (SSNY) on Dunmore Rd, Marietta, GA 30068. A Purpose: any lawful activity. 12205. DE address of LLC: 615 S. LEGAL NOTICES 4/17/09. NY office Location: New copy of the Certificate of Organization is 1287174 w.o. DuPont Hwy., Dover, DE 19901. Arts. York County. SSNY is designated as filed with Georgia Secretary of State at of Org. filed with DE Secy. of State, agent upon whom process against Corporations Division, 315 West Tower, Notice of Formation of OURI 401 Federal St., Dover, DE 19901. REQUEST FOR the PLLC may be served. SSNY shall #2 Martin Luther King, Jr. Dr., Atlanta, Purpose: any lawful act or activity. mail a copy of any process against SPORTS KOSHER CATERING LLC. GA 30334-1530. Purpose of LLC: to Arts. of Org. filed with Secy. of State PROPOSALS the PLLC served upon him/her to engage in any lawful act or activity. John Gleacher, 136 E. 76th St., of NY (SSNY) on 4/28/09. Office Name: VAD MEDICAL ASSOCIATES, #11A, NY, NY 10021. Purpose: Law location: NY County. SSNY designat- PLLC Art. Of Org. Filed Sec Of State NOTICE OF FORMATION of Sub ed as agent of LLC upon whom of NY 08/04/09. Off. Loc.: New York Holding, LLC. Arts. Of Org. filed with process against it may be served. Co. SSNY designated as agent upon HAMID BEHZADI, MD, FCCP, FCCM, Secy. Of State of N.Y. (SSNY) on SSNY shall mail process to: The LLC, whom process against it may be PLLC, a domestic Professional Limited 5/28/09. Office location: New York 100 W. 33rd St., Ste. 911, NY, NY served. SSNY to mail copy of process Liability Company (PLLC) filed with the County. SSNY designated as agent of 10001. Purpose: any lawful activity. to THE LLC, C/O Garfunkel Wild & Sec of State of NY (SSNY) on 5/31/07. LLC upon whom process against it Travis, 111 Great Kneck Road, Great New York City Department NY office Location: New York County. may be served. SSNY shall mail Kneck, NY. Purpose: Any lawful act or SSNY is designated as agent upon whom Notice of Formation of LMJ 2, LLC. Of Transportation process to: 140 Riverside Drive, Suite Arts. of Org. filed with Secy. of activity. process against the PLLC may be served. 17E, NY, NY 10024. Principal business Request for Proposals SSNY shall mail a copy of any process State of NY (SSNY) on 07/23/09. location: 281 St. Nicholas Ave., NY, NY Office location: NY County. SSNY against the PLLC served upon him/her 10027. Purpose: Any lawful activity. 214 East 45th LLC. Arts of Org filed The NYC Dept. of Transportation seeks Consultant/ to c/o National Registered Agents, Inc., designated as agent of LLC upon with NY Sec of State (SSNY) on Project Management services to assist the 875 Ave. of the Americas, Ste. 501, NY, whom process against it may be 12/31/08. Office: New York County. Department in developing and implementing an AYURVEDIC LIGHT, LLC, a domestic NY 10001. Purpose: Medicine. served. SSNY shall mail process SSNY designated as agent of LLC open enrollment revolving loan or rebate grant Limited Liability Company (LLC) filed to Jay Seeman, Esq., c/o Morrison upon whom process may be served. program for the businesses of Hunts Point to with the Sec of State of NY on Cohen LLP, 909 Third Ave., NY, NY SSNY shall mail copy of process to: upgrade their fleet to cleaner technologies. The Notice of Formation of ONE WORLD 12/11/08. NY Office location: New 10022. Purpose: Any lawful activity c/o Smith & Shapiro, 116 East 27th work will consist of collecting and analyzing LLC, a domestic LLC. Arts. of Org. York County. SSNY is designated as Street, New York, NY 10016. vehicle data, designing and developing a financial filed with the SSNY on 06/23/2009. agent upon whom process against Purpose: Any lawful activity. program to help fund the upgrade costs, prepare the LLC may be served. SSNY shall Notice of Formation of HERNAN Office location: NY County. SSNY has LANDER LLC. Arts. of Org. filed with an educational/outreach component to market been designated as agent upon mail a copy of any process against the program, and performing technical analysis Secy. of State of NY (SSNY) on NOTICE OF FORMATION OF LIMITED whom process against the LLC may the LLC served upon him/her to and other related services as necessary to 08/04/09. Office location: NY County. LIABILITY COMPANY. NAME: SOKOBE be served. SSNY shall mail a copy of Moss & Kalish, PLLC, 122 E. 42nd determine costs and benefits of the program and SSNY designated as agent of LLC LLC. Articles of Organization were filed process to: Howard Luks, PO Box St., Ste. 2100, NY, NY 10168. update and improve the program as necessary. upon whom process against it may with the Secretary of State of New York 226, Mt. Freedom, NJ 07970. General purposes. be served. SSNY shall mail process (SSNY) on 07/16/09. Office location: This RFP is available on NYCDOT Website at Purpose: Any Lawful Purpose. to Hernan Andres Garcia Antigua, New York County. SSNY has been https://a841-dotwebpcard01.nyc.gov/RFP/html/ Notice of Formation of THE HEDAYA 3339 Hull Ave., Apt. 6B, Bronx, NY designated as agent of the LLC upon asp/rfp.asp. A deposit of $50.00 in the form of NOTICE OF FORMATION of Terra EQUITY GROUP LLC. Arts. of Org. filed 10467. Purpose: Any lawful activity. whom process against it may be served. a certified check or money order made payable Productions LLC. Arts. Of Org. filed with Secy. of State of NY (SSNY) on SSNY shall mail a copy of process to the to New York City Department of Transportation with Secy. of State of N.Y. (SSNY) on 1/13/09. Office location: NY County. LLC, 555 Madison Avenue, 33rd Floor, is required to obtain bid/contract documents. Notice of Qualification of NMS Security NO CASH ACCEPTED. Refund will be made only 12/10/08. Office location: New York SSNY designated as agent of LLC upon Services LLC. Authority filed with NY New York, New York 10022. Purpose: County. SSNY designated as agent of whom process against it may be served. For any lawful purpose. for contract Bid/Proposal documents that are Dept. of State on 7/30/09. Office loca- returned in its original condition within 10 days LLC upon whom process against it SSNY shall mail process to: The LLC, 32 tion: NY County. LLC formed in AK on may be served. SSNY shall mail Broadway, Ste. 1211, NY, NY 10004. after the Bid Opening. Due to increased building 12/5/07. NY Sec. of State designated Name of LLC: MARTE, LLC. Articles security bidders should ensure that proper photo process to principal business location: Purpose: any lawful activity. as agent of LLC upon whom process of Org. filed Dept. of State of NY on identification is available upon request. Please 308 East 72nd Street, Ste 15B, NY, NY against it may be served and shall 6/19/09. Office location in NY: New ensure that your company's address, telephone 10021. Purpose: Any lawful activity. Notice of Formation of RYPE SCC LLC. mail process to: c/o CT Corporation York Cty. Principal bus. loc.: c/o and fax numbers are submitted by your company Arts. of Org. filed with Secy. of State of System, 111 8th Ave., NY, NY 10011, Richard P. Altieri, Altieri & Esposito, (or messenger service) when picking up contract Notice of Formation of T.P. DUFFY NY (SSNY) on 12/31/08. Office loca- regd. agt. upon whom process may be LLC, 420 Fifth Ave., 26th Fl., NY, NY documents. For additional information, please RESEARCH & CONSULTING LLC, a tion: NY County. SSNY designated as served. AK and principal business 10018. Secy. of State designated as contact Susan McSherry at (212) 839-4544. domestic LLC. Arts. of Org. filed with agent of LLC upon whom process addr.: 5600 B St., Anchorage, AK agent of LLC upon whom process the SSNY on 06/29/2009. Office loca- against it may be served. SSNY shall 99518. Arts. of Org. filed with AK against it may be served. Sec. of tion: NY County. SSNY has been mail process to: c/o Conway Capital, Commissioner of Commerce, POB State shall mail a copy of process to: designated as agent upon whom 115 Broadway, Ste. 302, NY, NY 110806, Juneau, AK 99811. Purpose: National Corporate Research, Ltd., 10 NOTICE OF QUALIFICATION OF process against the LLC may be 10006. Purpose: any lawful activity. any lawful activity. East 40th Street, 10th Fl., New York, NY Investors of America, Limited Partnership served. SSNY shall mail a copy of 10016. Purpose: any lawful activity. Application for Authority filed with the process to: Thomas P. Duffy, 450 W. Notice of Qualification of MO INDUS- NOTICE OF FORMATION OF Secretary of State of New York (SSNY) 17th St. #1602, NY, NY 10011. TRIES, LLC. Authority filed with Secy. Blossom Preserved Flowers LLC. NOTICE OF FORMATION OF on 6/22/09. N.Y. Office Location: New Purpose: Any Lawful Purpose. of State of NY (SSNY) on 07/31/09. Article of Organization filed with the Scientific & Regulatory Solutions LLC. York County. The limited partnership Office location: NY County. LLC Secretary of State of NY (SSNY) on Article of Organization filed with the was formed in Nevada on 6/18/1996. Notice of Qualification of Axiodyn formed in Delaware (DE) on 05/01/06. May 14, 2009. Office location NEW Secretary of State of NY (SSNY) on SSNY has been designated as agent of Capital Partners LLC, App. for Auth. NYS fictitious name: VF MO INDUS- YORK County. SSNY has been des- 06/26/09. Office location NEW YORK the limited partnership upon process filed Sec’y of State (SSNY) 5/20/09. TRIES, LLC. SSNY designated as ignated as agent upon whom County. SSNY has been designated against it may be served. The address to Office location: NY County. LLC org. agent of LLC upon whom process process against it may be served. as agent upon whom process against which the SSNY shall mail a copy of any in DE 12/9/08. SSNY designated as against it may be served. SSNY shall The Post Office address to which it may be served. The Post Office process against the limited partnership agent of LLC upon whom process mail process to c/o Corporation the SSNY shall mail a copy of any address to which the SSNY shall served upon him/her is C/O Tax Depart. against it may be served. SSNY shall Service Co. (CSC), 80 State St., process against the LLC served mail a copy of any process against MC 019, 600 James S. McDonnell mail copy of process to Attn: Anthony Albany, NY 12207-2543. DE addr. of upon him/her is C/O the LLC 101W, the LLC served upon him/her is C/O Blvd., Hazlewood, MO 63042. The Birbilis, One North End Ave., Ste. 1117, LLC: c/o CSC, 2711 Centerville, Ste. 85th St, #3-5. New York, NY 10024. the LLC P.O. Box 4755, Middletown, Principal Business Address of the NY, NY 10282. DE office addr.: c/o 400, Wilmington, DE 19808. Arts. of Date of Dissolution: Purpose of LLC: NY 10941. Date of Dissolution: N/A, limited partnership is: 135 N. Meramec, CSC, 2711 Centerville Rd., Wilmington, Org. filed with Jeffery W. Bullock, to engage in any lawful act or activi- Purpose of LLC: to engage in any Clayton, MO 63105 Dissolution date DE 19808. Cert. of Form. on file: Secy. of State, 401 Federal St., Ste. ty. Street address of Principal lawful act or activity. Street address 12/31/2020. Purpose of the limited SSDE, Townsend Bldg., Dover, DE 3, Dover, DE 19901. Purpose: Any Business location is: 101W, 85th St, of Principal Business location is P.O. partnership: To engage in any lawful act 19901. Purpose: any lawful activities. lawful activity. #3-5. New York, NY 10024. Box 4755, Middletown, NY 10941 or activity.

August 17, 2009 | Crain’s New York Business | 15 nb33p15-17cls.qxp 8/13/09 4:04 PM Page 16

PUBLIC & LEGAL NOTICES

Notice of Qualification of South Notice of Formation of GS COES Notice of Qualification of D. E. Shaw AQ- NOTICE OF FORMATION OF LIMITED Notice of Formation of Elmont Winston LLC. Authority filed with NY (MGB I), LLC. Arts. of Org. filed with SP Series 6-04, L.L.C. Authority filed with LIABILITY COMPANY. NAME: Amusements L.L.C. Articles of Org Dept. of State on 3/13/09. Office loca- Secy. of State of NY (SSNY) on NY Dept. of State on 5/11/09. Office DEVIANT LLC. Articles of filed with Secretary of State of NY tion: NY County. LLC formed in DE 07/02/09. Office location: NY County. location: NY County. LLC formed in DE on Organization were filed with the (SSNY) on 5/14/2009. NY Office on 2/26/09. NY Sec. of State desig- Princ. office of LLC: One Penn Plaza, 4/3/07. NY Sec. of State designated as Secretary of State of New York Location: New York County. SSNY nated as agent of LLC upon whom Ste. 1612, NY, NY 10119. SSNY des- agent of LLC upon whom process against (SSNY) on 01/13/09. Office location: designated as agent of LLC upon process against it may be served and ignated as agent of LLC upon whom it may be served and shall mail process New York County. SSNY has been whom process against it may be shall mail process to the principal process against it may be served. to: D. E. Shaw & Co., L.P., 120 W. 45th designated as agent of the LLC served. SSNY shall mail process to business addr.: 116 W. 23rd St., 5th Fl., SSNY shall mail process to Robert St., 39th Fl., NY, NY 10036, Attn: John upon whom process against it may Elmont Amusements L.L.C 440 Kent NY, NY 10011. DE addr. of LLC: 615 Brantl, Esq., 52 Mulligan Ln., Liftin, General Counsel, regd. agt. upon be served. SSNY shall mail a copy Ave. Suite PH 2D Brooklyn NY S. DuPont Hwy., Dover, DE 19901. Irvington, NY 10533. Purpose: Any whom process may be served. DE addr. of process to the LLC, 7136 110 St., 11211-5928. The Principal place of Arts. of Org. filed with DE Sec. of lawful activity. of LLC: 1209 Orange St., Wilmington, 3K, Forest Hills, New York 11375. Business address is 440 Kent Ave State, P.O. Box 898, Dover, DE DE 19801. Arts. of Org. filed with DE Purpose: For any lawful purpose. Suite PH2D Brooklyn, NY 11211- 19903. Purpose: any lawful activity. Sec. of State, 401 Federal St., Dover, DE 5928. Purpose: any lawful activity. Notice of Formation of Shade of Braun 19901. Purpose: any lawful activity. LLC. Arts. of Org. filed with the Sec. of NOTICE OF FORMATION of HWM Notice of Formation of Tali Capital Capital Management LLC. Arts. Of Name: 10BIOSYSTEMS LLC Art. Of Advisors LLC. Arts. of Org. filed with State of New York (SSNY) on 02/27/09. NY Office location: NY County. SSNY MINE FOR NINE, LLC App. for Auth. Org. filed with Secy. Of State of N.Y. Org. Filed Sec. Of State of NY Secy. of State of NY (SSNY) on filed NY Sec. of State (SSNY) (SSNY) on 6/16/09. Office location: 04/29/09. Off. Loc.: New York Co. SSNY 5/15/09. Office location: NY Co. has been designated as agent of LLC upon whom process against it may 6/17/09. LLC was organized in DE on New York County. SSNY designated designated as agent upon whom SSNY designated as agent of LLC 5/22/09. Office in NY Co. SSNY desig. as agent of LLC upon whom process process against it may be served. upon whom process against it may be served. SSNY shall mail process to principal business location: 30 as agent of LLC upon whom process against it may be served. SSNY shall SSNY to mail copy of process to THE be served. SSNY shall mail process may be served. SSNY to mail copy of mail process to principal business LLC C/O Sebastian Jayaraj, 430 East to: National Registered Agents, Inc., Waterside Plaza 13H, NY, NY, 10010. Purpose: Any lawful activity. process to 12 E. 86 St., Apt. 703, NY, location: 524 East 72nd St., Suite 63rd Str eet, Apt 3E, NY, NY 10065. 875 Avenue of the Americas, Ste. NY 10028, which is also the principal 23B, NY, NY 10021. Purpose: Any Purpose: Any lawful act or activity. 501, NY, NY 10001, also registered NY business location. Required office lawful activity. agent. Purpose: any lawful activities. SIMCO CAPITAL HOLDINGS LLC, a at 3500 S. DuPont Hwy., Dover, DE NOTICE OF FORMATION of Engle domestic Limited Liability Company 19901. Cert. of Org. filed with SSDE, LLC, Arts of Org. Filed with Secy. of (LLC) filed with the Sec of State of 401 Federal St., Ste. 3, Dover, DE Notice of Formation of ZT Realty Notice of Formation of Douglas State of N.Y. (SSNY) on 6/11/09. NY on 4/15/09. NY Office location: 19901. Purpose: Any lawful purpose. Management LLC. Arts. of Org. filed Elliman Referral, LLC. Application for Office location: New York County: Authority filed with Secy. of State of NY New York County. SSNY is designat- with Secy. of State of NY (SSNY) on 5/20/09. Office location: NY County. SSNY designated as agent of LLC (SSNY) on 07/08/09. Office location: ed as agent upon whom process Notice of Formation of RI Catalogue SSNY designated as agent of LLC upon whom process against it may NY County; orig. jurisdiction: Delaware. against the LLC may be served. Raisonne LLC. Arts. of Org. filed with upon whom process against it may be served. SSNY shall mail process SSNY designated as agent of LLC SSNY shall mail a copy of any NY Dept. of State on 7/8/09. Office be served. SSNY shall mail process to principle location: 15 East 26th St., upon whom process against it may process against the LLC served upon location: NY County. Princ. bus. addr.: to: The LLC, 919 Third Ave., Ste. Suite 9F, NY, NY 10010. Purpose: be served. SSNY shall mail process him/her to The LLC, Attn: Mr. Todd 45 E. 80th St., NY, NY 10021. Sec. of 2307, NY, NY 10022. Purpose: any Any lawful activity. to the LLC, 474 Madison Avenue, Hollander, 147 Waverly Pl., NY, NY State designated as agent of LLC lawful activity. Suite 406, New York, NY 10022. 10014 General purposes upon whom process against it may be Purpose: any lawful act or activity. served and shall mail process to: Notice of Formation of DHJM Development, LLC. Articles of Notice of Formation of 501 1/2 East Cohen Tauber Spievack & Wagner P.C., Notice of Formation of Turtle Rock Organization filed with Secy. of State Notice of Formation of NEAL STREET 83 Street LLC. Arts. of Org. filed with 420 Lexington Ave., Ste. 2400, NY, NY Group LLC. Arts. of Org. filed with of NY (SSNY) on 06/17/09. Office NEW YORK, LLC. Arts. of Org. filed NY Dept. of State on 7/9/09. Office 10170. Purpose: any lawful activity. Secy. of State of NY (SSNY) on location: NY County. SSNY designated with Secy. of State of NY (SSNY) on location: NY County. Sec. of State 5/4/09. Office location: NY Co. as agent of LLC upon whom process 03/18/09. Office location: NY County. designated as agent of LLC upon Notice of Qualification of Rivermist SSNY designated as agent of LLC against it may be served. SSNY shall Princ. office of LLC: c/o Starr & whom process against it may be Shipping Company Limited, App. for upon whom process against it may mail process to the LLC, c/o Harry J. Company, LLC, Attn: Sanford Miller, served and shall mail process to: Auth. filed Sec’y of State (SSNY) be served. SSNY shall mail process Makris, Esq., Milber Makris Plousadis 850 Third Ave., 15th Fl., NY, NY 10022. Mystic Brokerage Inc., 330 6/19/09. Office loc.: NY County. LLC to: Robert W. Jones, 1585 Broadway, & Seiden, LLP, 1000 Woodbury Rd, SSNY designated as agent of LLC McGuinness Blvd., Brooklyn, NY org. in Gibraltar 7/3/08. SSNY desig- 32nd Fl., NY, NY 10036. Registered Ste 402, Woodbury, NY 11797. upon whom process against it may 11222. Purpose: any lawful activity. nated as agent of LLC upon whom agent: Capitol Services, Inc. 1218 be served. SSNY shall mail process process against it may be served. Central Ave., Ste. 100, Albany, NY Purpose: any lawful act or activity. to the LLC at the addr. of its princ. SSNY shall mail copy of proc. to c/o 12205. Purpose: any lawful activities. Notice of Formation of Noema NYC office. Purpose: Any lawful activity. CTC, 111 8th Ave., NY, NY 10011, Notice of Qualification of ALLIED LEGAL LLC. Articles of Organization filed Reg. Agt. upon whom proc. may be Notice of Formation of Cape Sag FUNDING LLC. Authority filed with Secy. with Secy. of State of NY (SSNY) on served. Gibraltar office addr.: Helen Notice of Formation of Next Block Over Management, LLC; Arts of Org., filed of State of NY (SSNY) on 06/19/09. 06/30/09. Office location: NY County. Bonavia, 10 Blackwood Tower, LLC. Arts. of Org. filed with Secy. of with NY Sec. of State (“SSNY”) Office location: NY County. LLC formed SSNY designated as agent of LLC Brympton, S. Barrack Rd., Gibraltar. State of NY (SSNY) on 5/28/09. Office 04/15/2009. Office in New York in Delaware (DE) on 06/16/09. Princ. upon whom process against it may be Art. of Org. on file: Registrar of location: NY County. SSNY designated County; SSNY designated agent for office of LLC: 24 Fifth Ave., #705, NY, served. SSNY shall mail process to Companies, Companies House as agent of LLC upon whom process service of process with copy mailed NY 10011. SSNY designated as agent of the LLC, 1 Morton Square, Apartment Gibraltar, 1st Fl., The Arcade, 30-38 against it may be served. SSNY shall to Attn: Thomas J. Malmud, Esq., LLC upon whom process against it may Loft #5BW, New York, NY 10014. Main St., Gibraltar. Purpose: any law- mail process to: Damon Craig, 487 Pryor Cashman LLP, 410 Park be served. SSNY shall mail process to Purpose: any lawful act or activity. ful activities. Greenwich St., 5th Fl., NY, NY 10013. Avenue, 10th Floor, New York, NY the LLC at the addr. of its princ. office. Purpose: any lawful activity. 10022, All lawful business purposes. The DE addr. of LLC and regd. agent of NOTICE OF FORMATION of Voltaire Notice of Qualification of Spring Hill the company upon whom and at which Legal Management Consulting, LLC. Investment Advisors, LLC. Authority process against the company can be Notice of Qualification of D. E. Shaw CF- Arts. of Org. filed with the Secy of filed with NY Dept. of State on UNIT 4 AT 133 WEST 4TH STREET, LLC served is Corporation Service Co., 2711 SP Series 8-01, L.L.C. Authority filed with State of NY (SSNY) on 12/17/08. 7/17/09. Office location: NY County. Articles of Org. filed NY Sec. of State Centerville Rd., Ste. 400, Wilmington, NY Dept. of State on 5/11/09. Office Office location: NY County. SSNY has LLC formed in DE on 5/21/09. NY (SSNY) 5/8/09. Office in NY Co. SSNY DE 19808. Arts. of Org. filed with Jeffrey location: NY County. LLC formed in DE on been designated as agent upon whom Sec. of State designated as agent of desig. agent of LLC upon whom process W. Bullock, DE Secy of State, Townsend 9/11/07. NY Sec. of State designated as process against it may be served. LLC upon whom process against it may be served. SSNY shall mail copy of Bldg., 401 Federal St., Ste.3, Dover, DE agent of LLC upon whom process against SSNY shall mail process to principal may be served and shall mail process to 133 W. 4th St., Unit 4, NY, NY 19901. Purpose: Any lawful activity. it may be served and shall mail process business: 509 E. 78th St., #4G, NY, process to the principal business 10012. Purpose: Any lawful purpose. to: D. E. Shaw & Co., L.P., 120 W. 45th NY 10075. Purpose: Consulting. addr.: 30 Rockefeller Plz., 41st Fl., PILATES MULTI-TONER LLC Articles St., 39th Fl., NY, NY 10036, Attn: John NY, NY 10112, Attn: Patrick Quinn, 182 Mulberry LLC. Arts of Org filed of Org. filed NY Sec. of State (SSNY) Liftin, General Counsel, regd. agt. upon regd. agt. upon whom process may NOTICE OF FORMATION of with NY Sec of State (SSNY) on 6/26/09. Office in NY Co. SSNY desig. whom process may be served. DE addr. be served. DE addr. of LLC: c/o The (parenthetical) productions llc. Arts 07/15/09. Office: New York County. agent of LLC upon whom process of LLC: 1209 Orange St., Wilmington, Corporation Trust Co., 1209 Orange of Org. filed with Sec. of State of NY SSNY designated as agent of LLC may be served. SSNY shall mail copy DE 19801. Arts. of Org. filed with DE St., Wilmington, DE 19801. Arts. of (SSNY) on 6/18/2009. Office Location: upon whom process may be served. of process to c/o R. Anthony Goldman, Sec. of State, 401 Federal St., Dover, DE Org. filed with DE Sec. of State, 401 New York County. SSNY designated SSNY shall mail copy of process Goldman Properties, 119 Greene St., 19901. Purpose: any lawful activity. Federal St., Dover, DE 19901. as agent of LLC upon whom process to: 185 Canal Street, New York, NY NY, NY 10012. Purpose: Any lawful Purpose: any lawful activity. against it may be served. SSNY shall 10013. Purpose: Any lawful activity. purpose. Notice of Qualification of AG TALF mail process to principal business GP LLC. Authority filed with Secy. of location: P.O. Box 1448. NY, NY Notice of Qualification of VeraPoint State of NY (SSNY) on 06/29/09. 10159. Purpose: Any lawful activity. LLC. Authority filed with Secy. of Notice of Qualification of NATIONAL NOTICE OF FORMATION OF Office location: NY County. LLC State of NY (SSNY) on 06/09/09. METALS, LLC. Authority filed with Gotham Artists LLC. Article of formed in Delaware (DE) on Office location: NY County. LLC Secy. of State of NY (SSNY) on Organization filed with the Secretary 05/22/09. Princ. office of LLC: c/o Notice of Qualification of Crispin formed in Delaware (DE) on 06/11/09. Office location: NY County. of State of NY (SSNY) on 4/7/09 Angelo, Gordon & Co., L.P., 245 Park Capital GP, LLC, App. for Auth. filed 04/23/09. Princ. office of LLC: 825 LLC formed in Delaware (DE) on Office location NEW YORK County. Ave., 26th Fl., NY, NY 10167. SSNY Sec’y of State (SSNY) 5/22/09. Office Third Ave., 32nd Fl., NY, NY 10022. 05/04/09. Princ. office of LLC: 130 E. SSNY has been designated as agent designated as agent of LLC upon location: NY County. LLC org. in DE SSNY designated as agent of LLC 75th St., NY, NY 10021. SSNY desig- upon whom process against it may whom process against it may be 5/21/09. SSNY designated as agent upon whom process against it may nated as agent of LLC upon whom be served. The Post Office address to served. SSNY shall mail process to of LLC upon whom process against it be served. SSNY shall mail process process against it may be served. which the SSNY shall mail a copy of c/o Corporation Service Co. (CSC), may be served. SSNY shall mail copy to the LLC, Attn: Stephen M. Waters SSNY shall mail process to the LLC any process against the LLC served 80 State St., Albany, NY 12207. DE of process to Attn: Michael Cahill, at the princ. office of the LLC. DE at the addr. of its princ. office. DE upon him/her is C/O the LLC 23-09 addr. of LLC: c/o CSC, 2711 375 Park Ave., Ste. 1305, NY, NY addr. of LLC: c/o Corporation Service addr. of LLC: Corporation Service Co., 33rd Street. Astoria, NY 11105. Centerville Rd., Wilmington, DE 10152. DE office addr.: c/o CSC, Co., 2711 Centerville Rd., Ste. 400, 2711 Centerville Rd., Wilmington, DE Date of Dissolution: N/A Purpose of 19808. Arts. of Org. filed with Secy. of 2711 Centerville Rd., Wilmington, DE Wilmington, DE 19808. Arts. of Org. 19808. Arts. of Org. filed with DE LLC: to engage in any lawful act or State, Div. of Corps., John G. 19808. Cert. of Form. on file: SSDE, filed with DE Secy. of State, 401 Secy. of State, Div. of Corps., PO Box activity. Street address of Principal Townsend Bldg., Dover, DE 19901. Townsend Bldg., Dover, DE 19901. Federal St., Ste. 4, Dover, DE 19901. 898, Dover, DE 19808. Purpose: Business location is: 1178 Broadway, Purpose: Any lawful activity. Purpose: any lawful activities. Purpose: Any lawful activity. Sale and distribution of metals. 3rd Floor. New York, NY 10001.

16 | Crain’s New York Business | August 17, 2009 nb33p15-17cls.qxp 8/14/09 2:55 PM Page 17

PUBLIC & LEGAL NOTICES

Notice of Qualification of OneSeven Name of Foreign LLC: JESUE LLC. Notice of Qualification of TRIMARAN Notice of Qualification of Eileen K. Notice of Qualification of ReGen Partners, L.P. App. For Auth. filed with App. for Auth. filed NY Dept. of State: CREDIT MANAGERS BDC LP. Murray LLC. Authority filed with NY Partners II, L.P. Authority filed with Secy. of State of N.Y. (SSNY) on 7/16/09. Jurisd. and date of org.: DE Authority filed with Secy. of State of Dept. of State on 4/6/09. Office loca- Secy. of State of NY (SSNY) on 7/23/2009. Office location: New York 9/24/08. County off. loc.: NY County. NY (SSNY) on 07/30/09. Office location: NY County. LLC formed in DE 6/19/09. Office location: NY County. County. LP formed in DE on 7/20/2009. Sec. of State designated as agent of tion: NY County. LLC formed in on 3/20/09. NY Sec. of State desig- LP formed in Delaware (DE) on SSNY designated as agent of LP foreign LLC upon whom process Delaware (DE) on 06/02/09. Princ. nated as agent of LLC upon whom 6/11/09. SSNY designated as agent upon whom process against it may against it may be served. The Sec. of office of LLC: 1325 Ave. of the process against it may be served and of LP upon whom process against it be served. SSNY shall mail process State shall mail copy of process to: Americas, 34th Fl., NY, NY 10019. shall mail process to: c/o CT may be served. SSNY shall mail to: 623 Fifth Ave., 14th Fl., New York, National Corporate Research, Ltd., SSNY designated as agent of LLC Corporation System, 111 8th Ave., process to: The LP, c/o ReGen NY 10022, Attn: Simon Chelli. DE 10 E. 40th St., 10th Fl., NY, NY upon whom process against it may NY, NY 10011, regd. agt. upon whom Capital Partners LLC, 2109 address of LP: 615 S. Dupont 10016. Addr. of foreign LLC in DE is: be served. SSNY shall mail process process may be served. DE addr. of Broadway, 2nd Fl., NY, NY 10023, Highway, Dover, DE 19901. 615 S. DuPont Hwy., Dover, DE to the Partnership at the princ. office LLC: The Corporation Trust Co., 1209 Att: Elliot H. Herskowitz. DE address Name/address of each genl. ptr. avail- 19901. Auth. officer in DE where of the LLC. DE addr. of LLC: 2711 Orange St., Wilmington, DE 19801. of LP: c/o United Corporate Services, able from SSNY. Cert. of LP filed with Cert. of Form. filed: DE Sec. of State, Centerville Rd., Ste. 400, Wilmington, Arts. of Org. filed with DE Sec. of Inc., 874 Walker Road, Ste. C, Dover, DESS, P.O. Box 898, Dover, DE 19903. 401 Federal St., Dover, DE 19901. DE 19808. Arts. of Org. filed with State, 401 Federal St., Dover, DE DE 19904. Name/address of each Purpose: to engage in any act or Purpose: any lawful activity. Secy. of State of the State of DE, Div. 19901. Purpose: any lawful activity. genl. ptr. available from SSNY. Cert. activity lawful under the NY L.P. Law. of Corps., John G. Townsend Bldg., of LP filed with DE Secy. of State, Notice of Qualification of Soho 401 Federal St., Dover, DE 19901. NOTICE OF FORMATION of 401 Federal St., Dover, DE 19901. Notice of Qualification of The Alchemy Properties General Partner, LLC. Purpose: Any lawful activity. Lovepump United Records LLC. Arts. Purpose: any lawful activity. Music Company, LLC. Authority filed Authority filed with Secy. of State of Of Org. filed with Secy. Of State of NY (SSNY) on 7/8/09. Office location: Notice of Qualification of HF Services with Secy. of State of NY (SSNY) on NOTICE OF FORMATION OF Lil Cin, N.Y. (SSNY) on 11/18/08. Office loca- NY County. LLC formed in Delaware LLC. Authority filed with NY Dept. of 7/28/09. Office location: NY County. LLC. Arts. of Org. filed with Secy. of tion: New York County. SSNY desig- (DE) on 7/7/09. SSNY designated as State on 6/24/09. Office location: NY LLC formed in Delaware (DE) on State of N.Y. (SSNY) on 07/29/09. nated as agent of LLC upon whom agent of LLC upon whom process County. Princ. bus. addr.: 31 W. 52nd 8/22/07. SSNY designated as agent Office location: New York County. process against it may be served. against it may be served. SSNY shall St., NY, NY 10019. LLC formed in DE of LLC upon whom process against it SSNY designated as agent of LLC The Post Office address to which the mail process to princ. bus. loc.: c/o on 5/19/09. NY Sec. of State desig- may be served. SSNY shall mail upon whom process against it may be SSNY shall mail a copy of any The LLC, 552 Broadway, Ste. 6N, NY, nated as agent of LLC upon whom process to: Attn: Steve Smith, 2858 served. SSNY shall mail process to: process against the LLC served upon NY 10012. DE address of LLC: c/o process against it may be served and Ladbrook Way, Thousand Oaks, CA InCorp Services Inc.: 99 Washington him/her is C/O the LLC PO BOX 1182. United Corporate Services, Inc., 874 shall mail process to: c/o CT 91361. Address to be maintained in Ave Ste 805-A Albany, NY 12210- New York, NY 10159. Street address Walker Road, Ste. C, Dover, DE Corporation System, 111 8th Ave., DE: Parasec Incorporated, 40 E. 2822. Purpose: any lawful activity. of Principal Business location is: 100 Division St., Ste. A, Dover, DE 19901. 19904. Arts. of Org. filed with DE Secy. Freeman St., #F107, Brooklyn, NY NY, NY 10011. DE addr. of LLC: 1209 filed with DE Secy. Of State, 401 of State, Townsend Bldg., Dover, DE 11222. Purpose: Any lawful activity. Orange St., Wilmington, DE 19801. Federal St., Ste 4., Dover, DE 19901. 19901. Purpose: any lawful activity. Notice of Qualification of HMX Arts. of Org. filed with DE Sec. of Purpose: any lawful activities. OPERATING CO., LLC. Authority filed Notice of Qualification of COMPETI- State, 401 Federal St., Dover, DE Notice of Qualification of Morgan with Secy. of State of NY (SSNY) on TIVE MEDIA REPORTING, LLC. 19901. Purpose: any lawful activity. BALLYMENA ADVISORS LLC, a for- Creek Capital Management, LLC, 07/13/09. Office location: NY County. Authority filed with Secy. of State of eign Limited Liability Company (LLC) App. for Auth. filed Sec’y of State LLC formed in Delaware (DE) on N.Y. (SSNY) on 5/15/00. Office loca- Notice of Qualification of Kushner IP filed with the Sec of State of NY (SSNY) 12/26/08. Office location: NY 06/16/09. Princ. office of LLC: 750 tion: New York County. LLC formed in Holdings LLC, App. for Auth. filed (SSNY) on 6/25/09. NY office County. LLC org. in NC 8/19/03. Seventh Ave., NY, NY 10019. SSNY Delaware (DE) on 1/4/00. SSNY des- Sec’y of State (SSNY) 6/2/09. Office Location: New York County. SSNY is SSNY designated as agent of LLC designated as agent of LLC upon ignated as agent of LLC upon whom location: NY County. LLC org. in DE designated as agent upon whom upon whom process against it may whom process against it may be process against it may be served. 3/27/09. SSNY designated as agent process against the LLC may be be served. SSNY shall mail copy of served. SSNY shall mail process to SSNY shall mail process to: c/o United of LLC upon whom process against it served. SSNY shall mail a copy of process to Attn: Neil T. Kuyper, 100 c/o Corporation Service Co., 80 State Corporate Services, Inc., 10 Bank St., may be served. SSNY shall mail copy any process against the LLC served Park Ave., 28th Fl., NY, NY 10017. St., Albany, NY 12207-2543. DE addr. Ste. 560, White Plains, NY 10606. DE of process to c/o Nat. Reg. Agents, upon him/her to c/o Atlantic (USA), NC office addr.: 301 W. Barbee of LLC: 2711 Centerville Rd., Ste. address of LLC: 874 Walker Road, 875 Ave of the Americas, NY, NY Inc., 17 State St., 23rd Fl., NY, NY Chapel Rd., Ste. 200, Chapel Hill, NC 400, Wilmington, DE 19808. Arts. of Suite C, Dover, Delaware 19904. Arts. 10001, the Reg. Agt. upon whom 10004-1501. General purposes. 27517. Cert. of Form. on file: SSNC, Org. filed with DE Secy. of State, of Org. filed with DE Secy. of State, proc. may be served. DE office addr.: PO Box 29622, Raleigh, NC 27626. Div. of Corps., 401 Federal St., Ste. Townsend Bldg., Dover, DE 19901. 160 Greentree Dr., Ste. 101, Dover, Please take notice that PR/PR LLC Purpose: any lawful activities. 400, Dover, DE 19901. Purpose: Purpose: any lawful activity. DE 19904. Cert. of Form. on file: was formed on Feb.19, 2009 and arti- Any lawful activity. SSDE, Townsend Bldg., Dover, DE cles of organization were filed with the Notice of Qualification of JENNIFER Notice of Qualification of YYC CAPI- 19901. Purpose: any lawful activities. department of state on Feb. 25, 2009. CREEL, LLC. Authority filed with Notice of Qualification of Physician TAL MANAGEMENT LLC. Authority The principal business location is 185 Secy. of State of NY (SSNY) on Reliance, LLC. Authority filed with filed with Secy. of State of NY Notice of Qualification of PERA West Houston Street, #2H, New York 07/14/09. Office location: NY County. NY Dept. of State on 7/15/09. Office (SSNY) on 07/24/09. Office location: ENERGY MIDWEST LLC. Authority City, in New York county, New York LLC formed in Delaware (DE) on location: NY County. Princ. bus. NY County. LLC formed in Delaware filed with Secy. of State of NY (SSNY) 10014. The Secretary of State is des- 07/06/09. Princ. office of LLC: 155 E. addr.: 10101 Woodloch Forest, The (DE) on 05/21/09. Princ. office of on 07/20/09. Office location: NY ignated as agent of the limited liability 72nd, #7A, NY, NY 10021. SSNY Woodlands, TX 77380. LLC formed LLC: 399 Park Ave., NY, NY 10022. County. LLC formed in Delaware (DE) company upon whom process against designated as agent of LLC upon in DE on 6/13/07. NY Sec. of State SSNY designated as agent of LLC on 07/13/09. Princ. office of LLC: 14 it may be served. The post office whom process against it may be designated as agent of LLC upon upon whom process against it may Wall St., 20th Fl., NY, NY 10005. SSNY address within the state to which the served. SSNY shall mail process to whom process against it may be be served. SSNY shall mail process designated as agent of LLC upon whom secretary of state shall mail a copy of the LLC at the princ. office of the served and shall mail process to: c/o to c/o Juan Trujillo, Arnold & Porter process against it may be served. any process against it served upon LLC. DE addr. of LLC: Corporation CT Corporation System, 111 8th Ave., LLP at the princ. office of the LLC. SSNY shall mail process to the LLC at him or her is 185 West Houston Service Co., 2711 Centerville Rd., NY, NY 10011, regd. agt. upon whom DE addr. of LLC: c/o Corporation the addr. of its princ. office. DE addr. Street, #2H, NY., NY 10014.There is Ste. 400, Wilmington, DE 19808. process may be served. DE addr. of Service Co., 2711 Centerville Rd., of LLC: Corporation Service Co., 2711 no other registered agent for the LLC. Arts. of Org. filed with Secy. of State LLC: c/o The Corporation Trust Co., Ste. 400, Wilmington, DE 19808. Arts. Centerville Rd., Ste. 400, Wilmington, The purpose of the LLC shall be for of DE, Div. of Corps., John G. 1209 Orange St., Wilmington, DE of Org. filed with Secy. of State: Div. DE 19808. Arts. of Org. filed with DE the off-field marketing and represen- Townsend Bldg., 401 Federal St., 19801. Arts. of Org. filed with DE Sec. of Corps., 401 Federal St., John G. Secy. of State, Div. of Corps., 401 tation of athletes and celebrities and Ste. 4, Dover, DE 19901. Purpose: of State, 401 Federal St., Dover, DE Townsend Bldg., Dover, DE 19901. Federal St., Ste. 4, Dover, DE 19901. other activities associated therewith. Design and sale of eyeglass wear. 19901. Purpose: all lawful purposes Purpose: Any lawful activity. Purpose: Any lawful activity.

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August 17, 2009 | Crain’s New York Business | 17 20090817-NEWS--0018-NAT-CCI-CN_-- 8/14/2009 8:34 PM Page 1

MELTDOWN Tracking the fallout from commercial mortgage crisis Tank of a bank hits a bump Bronx is burning mad

Continued from Page 2 debts to other lenders,but expressed even supporters like Janney Mont- Continued from Page 3 the Association for Neighborhood seldom resulted in actual losses. confidence that the customer will gomery Scott’s Mr. Weiss believe tate boom may end up in similar dis- and Housing Development of secu- “The loan-loss allowance looks make good on obligations to New Mr. Ficalora should save for a rainy tress. Optimistic underwriting en- rities filings from a sampling of 10 light,” admits Thomas Kahn, presi- York Community. “There’s no way day by cutting the dividend. abled investors, often backed by pri- multifamily affordable-housing dent of Kahn Brothers, a Manhat- that those loans will ultimately de- vate equity, to snap up rental portfolios in the city showed that tan investment firm that’s one of fault.” Rich dividend a target buildings at bloated prices in highly owners are on average producing New York Community’s largest Market speculation holds that doing so, however, is likely to anger leveraged deals. In many cases, the only 55 cents in income for every shareholders. “What people fail to the delinquent borrower is develop- major shareholders and jeopardize new landlords had unrealistic expec- dollar of debt they owe. Some of the understand is the quality of the er Laurence Gluck, whose Riverton the bank’s ability to execute its growth tations for raising rents, and now most recognizable affordable-hous- bank’s assets.” Houses in Harlem is in foreclosure, strategy. The juicy dividend is the some 70,000 units are in jeopardy. ing stock in the city was studied, in- New York Community’s core or Maurice Mann, co-owner of the source of much of New York Com- That’s left government officials cluding the Riverton Houses,which business is lending to owners of Upper West Side’s Apthorp Build- munity’s fat returns over the years— seeking ways to stem what some are Stellar Management and the Rock- rent-stabilized or rent-controlled ing, a luxury condominium that’s and a reason investors award the stock calling the greatest threat to the city’s point Group defaulted on last year. apartments. In the past, these land- a premium valuation,which the bank neighborhoods since the widespread Deutsche Bank predicts in a sep- lords typically had no trouble mak- has used to finance eight acquisitions landlord abandonments of the ’70s. arate report that the commercial real ing mortgage payments because the Says the CEO: in the past nine years. “It’s a looming disaster, and if it estate “refinancing crisis” will reach properties were fairly priced and the Mr. Kahn believes Mr. Ficalora explodes to even half the level of the an unprecedented level around apartments rent for significantly less ‘There’s no way will soon be shopping for banks now prediction, it’s going to be a huge 2013, as loans that were made dur- than market rates, so vacancies are that the markets show signs of sta- problem,” says Emily Yousouf, an ing the boom in 2005, 2006 and rare.That’s why New York Commu- those loans bilizing. Indeed, he thinks the ex-investment banker and former 2007 mature and are unlikely to nity has never experienced losses on bank’s most profitable days are president of the city’s Housing De- qualify for refinancing without sub- these kinds of loans. will ... default’ ahead, given the failures of aggres- velopment Corp. who is consulting stantial infusions of equity. But the bank in recent years has sive mortgage players like Washing- for the Partnership for New York begun making many more commer- ton Mutual and Lehman Brothers. City and the Rockefeller Founda- Finding new buyers cial real estate loans—the part of the “People have been wrong about tion on the issue. “It’s not only the the distressed properties remain market now weakening significantly. this company for years,” says Mr. tenants who suffer and the buildings valuable and could be attractive to a Its commercial real estate portfolio cutting prices to lure buyers. Both Kahn, adding that he buys New that go downhill, but suddenly the wide range of new owners—at the has more than doubled since 2004,to developers, via spokeswomen, de- York Community’s stock every neighborhoods deteriorate as well.” right prices. Housing advocates and $4.8 billion, and is nearly 50 times nied they are behind on payments to week for his clients. “We still have a Already,3,200 units in dozens of city, state and federal officials would higher than 1999 levels, according to New York Community. lot of confidence in them.” affordable housing complexes have prefer buyers with track records pre- an investor presentation prepared by The bank may be reluctant to in- Yet trust is in terribly short sup- gone into foreclosure, an analysis by serving affordable housing. But so the bank. Commercial real estate crease loan-loss reserves to protect ply for bankers these days. advocacy group Urban Home- far, that end has proven elusive. now accounts for 20% of the bank’s its dividend, one of the most gener- “At this time in America, people steading Assistance Board shows. Banks would first have to restructure loan portfolio. ous in banking.In fact,the $172 mil- do not believe anyone in authority Another 11,100 are in immediate mortgages to levels that can be cov- During a conference call last lion in dividends paid out in the first anywhere,” Mr. Weiss says. “When danger of going under, the organi- ered by the buildings’income,which month, Mr. Ficalora acknowledged half of the year is bigger than New Joe says he got through the last cy- zation contends, citing such factors would probably mean huge write- that a borrower had fallen behind on York Community’s $145 million in cle,historically he is correct,but still as the properties’ depleting reserves downs in the value of their portfo- “some very large loans.” net income. the problem loans are there. This is and high debt burden. As many as lios.It’s something many banks have He said the client was “at least But with the bank holding $340 a ‘show me’ world and he’ll really 55,000 additional units are consid- thus far been unwilling to do. temporarily”using cash to pay down million in nonperforming loans, have to show people.” ered overleveraged and in jeopardy “The biggest challenge in all of of foreclosure as their loans mature. this is the debt on these properties All told, the estimated debt load on has to be written down,”says Priscil- the properties is $6 billion, though la Almodovar, chief executive of the Mezzanine lenders swoop in it is impossible to say what portion state Housing Finance Agency. of that amount is supported by “But this is a private-sector transac- buildings’ income. tion,and we have no stick.That’s the Continued from Page 2 financed with mezzanine debt, from other lenders as they try to Among those already in foreclo- frustration for everyone. If you’re mortgage and mezzanine loan ma- which bridges the gap between the foreclose. For example, to preserve sure is a portfolio of 10 Bronx build- not working with a motivated turities will provide opportunistic buyer’s down payment and the first its investment in the project, ings with 550 units bought in 2007 lender or owner, what do you do?” real estate investors with a vast new mortgage loan. Gramercy Warehouse Funding by Los Angeles-based investor Mil- Help can’t come soon enough for playground in which to seek their Mezzanine debt holders typical- tried to block Fortress from fore- bank Real Estate. On its Web site, the Robert Fulton Terrace tenants, required returns,” says Mark Edel- ly have the first opportunity to foreclosing on Sheffield57. Milbank says it thought the Bronx who have grown weary of contend- stein, head of the global distressed close on a property. Also, foreclo- In other cases, owners are trying buildings were a good investment being with broken intercoms, dirty el- real estate group at law firm Morri- sures involving mezzanine debt are to forestall foreclosure by mezzanine cause of the borough’s potential “to evators and roving rats. son & Foerster. conducted through special auctions lenders, as the Sapir Organization undergo significant gentrification” “It’s considered worse than the In Manhattan alone, there are that can be set up in just a few weeks did earlier this month when it filed a and the prospect of an “improved projects now,” Ms. Kemp says, 130 troubled properties worth $7.5 because, unlike in bankruptcies, no lawsuit against SL Green Realty tenant base.” The company did not pointing to several public housing billion, according to Real Capital court approval is required. Corp. and Gramercy Capital. Sapir respond to a request for comment. complexes at the bottom of her Analytics. With credit markets still alleges the two are abusing their Similarly sunny scenarios are Bronx hill. “That’s the reality: The frozen shut, many owners will be Lost in the stack power as lenders to block it from darkening throughout the city’s projects are maintained better than unable to refinance loans falling due despite the vast and growing ar- signing the leases at 100 Church St. neighborhoods. A January study by Robert Fulton Terrace.” and will have no choice but to de- ray of offerings and even the prom- it needs to qualify for loan exten- fault. ise of a speedy victory, the life of to- sions. Without the extensions, the Eastdil Secured, for example, is day’s vulture is anything but easy. two could foreclose on the building. currently marketing a $100 million For openers, many developers fi- SL Green declined to comment WHAT’S BEING DONE ABOUT IT debt position owned by insurer The nanced their acquisitions through on the suit, but President Andrew GOVERNMENT OFFICIALS, from the feds on down, are pursuing potential Hartford that was used in 2006 to complex, tiered structures. Mathias says the company is likely solutions to confront the overleveraging of the city’s affordable-housing stock. help finance the $5.4 billion pur- Each lender has its own rights, to acquire one or two buildings The city’s Housing Preservation and Development department is chase of Stuyvesant Town/Peter depending on its place in what is through foreclosing on a delinquent redoubling efforts to track data on code violations to more quickly identify Cooper Village by Tishman Speyer called the stack—the pecking order borrower in coming years. Manhat- buildings falling into disrepair. HPD Commissioner Rafael Cestero also wants and BlackRock. The owners had among debt holders. Some lenders’ tan’s largest publicly traded landlord greater power to enforce liens on properties where the city is forced to hoped to deregulate a substantial positions will be completely wiped started mezzanine lending in 1999 conduct emergency repairs—a potential stick when negotiating with lenders. number of units in the sprawling out in the event of a foreclosure. and currently has $600 million out- State officials have proposed a bill that would allow the State of New rent-regulated complex and use the “We are being very cautious,” standing in a total of 29 loans. The York Mortgage Association to insure the refinancing of certain multifamily increased cash flow to pare down says Richard Mack, a partner at company is looking at adding to that affordable-housing loans that have been deemed overleveraged. debt. That didn’t happen, and the AREA Property Partners, formerly total. Rep. Nydia Velázquez recently inserted a provision into what’s been complex has been rapidly burning known as Apollo Real Estate Advi- But both Mr. Mathias and Mr. dubbed the TARP for Main Street bill that would use $2 billion in dividends through rainy-day reserve funds. A sors.“You want to be 100% sure you Mack say that holders of office from bailed-out banks to help restructure financing on apartment properties. default is possible as early as this fall, know the relative rights of the dif- building debt haven’t lowered their The U.S. Treasury Department is considering a proposal to blunt the sources say. ferent lenders.” prices steeply enough to make such accounting impact of any mortgage write-down or foreclosure on banks’ It doesn’t take long for vulture in- If they don’t play their cards care- purchases attractive, given the risk. books in exchange for promises to keep the properties affordable to tenants. vestors to bag their prey. That’s be- fully, mezzanine debt investors can Vacancies are still rising, while rents cause many buildings were partially find themselves buried in lawsuits continue to ebb.

18 | Crain’s New York Business | August 17, 2009 Project5 6/24/09 1:14 PM Page 1

NOT EVERYONE HATES WAKING UP IN THE MORNING.

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Partner: 20090817-NEWS--0020-NAT-CCI-CN_-- 8/14/2009 9:29 PM Page 1

grilled artichoke appe- York’s law that is part of the draft tizer, but one lists the health reform legislation. Eatery flouts NYC law dish as California Arti- The majority of the restaurant chokes and the other industry is backing the federal pro- Continued from Page 1 the 2,691 establishments that fall describes it as Jumbo posal because it would create a na- fend its position in court before an under the regulation. Most of the Artichokes. tional standard . administrative law judge on Sept. 1. fines involved technical issues—the “We don’t operate In New York, the Health De- It is likely the only challenge of its caloric listings were too small to see like any other chain, partment is “always monitoring new kind to the city’s 14-month-old rule well or did not appear close enough and that’s intentional,” entrants to the market,” says Mr. that has resulted in national fast- to the menu items—and they most- says Mr. Viers, adding Marcus. food companies like McDonald’s ly were issued last fall, shortly after that the company is In May, California-based Peet’s buck ennis and pricey chop houses like Capital the agency began enforcing the rule. HOUSTON’S changed its menus to avoid adding calorie counts. “disdainful” of being Coffee & Tea opened its first outlet Grille posting calorie information But Hillstone last year took de- called a chain. in New York at John F. Kennedy In- on their menus. Moreover, as copy- liberate steps to circumvent the city’s Health officials ternational Airport. The health de- cat legislation spreads across the calorie rule, which applies to restau- dishes, also began offering slightly aren’t buying it. “We told Houston’s partment issued a fine because the country like wildfire, and a national rant companies with 15 or more out- different menus at its two Manhat- that their menus are substantially shop’s menu board didn’t list calories. proposal is mulled in Congress, it is lets operating under the same name tan locations.By contrast,the menus similar and that they would need to “It was an oversight,” says Stacey a case that will surely be watched. that also have standardized menus. in the 12 other states in which it op- comply,” says Mr.Marcus.The mat- Lawrence, director of retail market- “For the most part,there is wide- First off, the company changed erates are virtually identical. ter is now for the court to decide. ing for the chain. The new menu spread compliance,” says Elliott the name that appears on its New Some differences are straightfor- Regardless of the outcome in board arrived in July. But Ms. Marcus, an associate commissioner York menus to Hillstone—though ward.The Park Avenue South loca- New York, Houston’s will likely face Lawrence concedes it is challenging of the city Department of Health. the outside sign still identifies the tion offers sushi rolls,while the Citi- other battles. There are 10 states, for restaurants to keep up with vari- Since May 2008, when the Big restaurants as Houston’s.The chain, corp Center eatery does not. Other cities and counties that have enact- ous local ordinances. “It’s not effi- Apple’s calorie law was enacted, the which serves up an eclectic mix of variations are simply in the descrip- ed a similar rule. And now there is a cient,” she says. “We anticipate that agency has issued violations to 336 of burgers, sandwiches and seafood tion. Both restaurants offer a $14 federal proposal modeled on New there will be one standard.” I

out, they pull you back in.” That’s because the family busi- pect Joanna will probably work here Emotional stakes can be higher ness is in distressed real estate. Mr. as long as I have this project. But if The parent trap in a family enterprise, notes Man- Yatrakis’ father, Peter, started Gran- she finds a great opportunity, she is hattan therapist Dr. Jayme Renee ite International Management dur- welcome to leave at any time.” Continued from Page 1 in the number of kids who can’t find Albin. Many of her patients are ing the savings and loan crisis of the Sometimes a temporary job can tects and contractors. a job or have lost their job, coming young adults in their late 20s and 1980s.During that time,he acquired change someone’s mind for good. Ms. Glass had been applying for back to the family business,” says 30s. Over the past year or so, she a few buildings in default in Harlem Recent University of Rhode Island jobs at wine marketers and retailers, Henry Hutcheson,a principal at con- says, she’s seen a marked increase in and the East Village. graduate Andrew Solomon figured he and vineyard tasting rooms since Jan- sultancy Generation Partners, which people reporting anxi- Young Mr. Yatrakis could find a banking job here.No such uary,unsuccessfully.When a position specializes in family business man- ety and stress about ‘The figures it’s now time for luck. After a few weeks, his father as an office assistant opened up at her agement. “Under normal conditions, whether or not to return him to make his mark. broached the topic of working at the dad’s project-management company Junior would’ve kept his job and con- to the family business. psycho- “As the economy wors- executive recruiting firm he’d started in June, she took it, hard hat in hand. tinued on a career path, and Dad “It can lead to a tremen- ened, I thought it would in 1986. The 23-year-old was hesi- “I’m so grateful that I have this would probably sell the business. But dous loss of self-esteem, dynamics be a great time to expand tant.“I didn’t want him to think he was job,”says the 21-year-old,who is still now kids are out there—highly qual- especially if they feel the business,” he says. bailing me out,” says Mr. Solomon, trying to break into the wine indus- ified,highly educated—without jobs. they can’t get a job any- are very There’s been so much who is currently living at home. try. “But it’s not life-sustaining. I’m Where are they going to go?” where else.” student interest lately in His father, Paul, had his own set giving myself six to nine months.” It can be tricky for heavy’ family business manage- of concerns. “I didn’t want Andrew The recession is frustrating ambi- Just when you think you’re out... parents, too. Because ment that Columbia coming into the business because it tions and putting dreams on hold.It’s alberic paradiso, 36, had spent everybody’s got all their Business School last year was easy,” he says. also pushing some young workers years trying to get out of the family eggs in this one basket, established a Family The younger Mr. Solomon start- into situations they never expected business his father had founded— Mr. Hutcheson says, Business Network. It al- ed working at his dad’s Solo Man- and were even trying to avoid: work- International Tool Manufacturing “the psychodynamics are very heavy.” ready has 200 members and count- agement in July while continuing ing for their parents. Corp., a maker of drill parts in But the decision isn’t always ing, says Mayra Reyes, associate di- the search for a “real job.” But after For some, it’s a safe place to tread Queens—by the time he graduated fraught with anxiety. Demetrios Ya- rector of Columbia’s Eugene Lang just three weeks, he found he actu- water (Ms. Glass’ project, for exam- from Columbia Business School last trakis, a 26-year-old business school Entrepreneurship Center. ally liked it.Co-workers offered him ple, is expected to continue through year. He was seeking a new start in student,had been planning on work- Dik Glass, president of Morse- great feedback. The learning curve 2010), but for others, it can be pro- banking or consulting.“Of course,by ing in the green building and renew- Harris Consulting and Joanna’s fa- is steep, to be sure. “But I thought, fessional purgatory. For the parent the time I graduated,” he says, “the able energy field starting in May.But ther,admits he’s thought about what ‘Man, if I could be good at this …’ ” business owners, it can stir a sense of economy was in the sinker.” he was drawn back into the family it would be like if one of his kids took Earlier this month,Mr.Solomon pride—or a sense of obligation that So it’s back to the drill-bit busi- real estate business. “I saw there was over the business.“It’s gone through abandoned his job search. “I’m not mayn stress family relationships. ness. “It’s like in The Godfather,” he too much opportunity in the family my head a few times,” he says. going to waste my father’s time,” he “We are seeing a dramatic increase jokes. “Just when you think you’re business to do something else.” But he’s under no illusions.“I ex- says. “I’m giving this a real shot.”

a tight ship,which has endeared him the division up 3% in the second “We’re going to entertain Amer- to NBC’s cost-conscious parent, quarter, to $1.2 billion, and operat- ica, and we’ll have done it in a cost- Jeff the Plumber General Electric. But the focus on ing profit up 7%, to $595 million. effective way,”says Rick Ludwin,ex- the bottom line has its drawbacks. Overall,NBC Universal’s operating ecutive vice president of late-night Continued from Page 1 Brandon Tartikoff developed pres- Leno will probably not become profit fell 41%, to $539 million, and prime-time series. In many ways, the move is an exam- tigious hits, including L.A. Law, treasured entertainment like ER. which was not out of line with re- But experts remain skeptical ple of the shrewd tinkering that’s Mr. Zucker introduced reality pro- And it is not likely to find an after- sults for other media companies. about the program’s chances for suc- characteristic of Jeff Zucker, chief gramming to NBC with Fear Factor. life in ancillary sales for syndication NBC officials say that cess. Previous experi- executive of NBC Universal and the When Friends and Will & Grace and foreign rights. the Leno show has nothing ments in Monday-to- person most responsible for the Pea- were winding down,he “supersized” to do with the network’s rat- Friday programming— cock Network’s performance the shows with added minutes—a Not building a legacy ings. Executives at News including ABC’s Who throughout this decade. gimmick that served to keep the “putting on Leno five nights a Corp., parent of top-rated Wants to Be a Millionaire, Having failed to develop hits,Mr. network in first place for another week is not the way you build a lega- Fox, also believe that the ad- which at its peak ran four Zucker has re-engineered the sched- year, but had no lasting impact. cy,” says Laura Caraccioli-Davis, supported model no longer nights a week—ulti- ule with an eye on lowering costs— Mr. Zucker’s other achievement executive vice president of enter- works and that changes have mately failed, notes Bill and at the risk of weakening prime was to ascend in Hollywood despite tainment at ad giant Starcom.“It’s a to be made. Carroll, director of pro-

time. his failures.Typically,entertainment short-term play.” Leno will work,NBC says, bloomberg news gramming at consulting “When you think of watching chiefs with his kind of record—in- Mr. Zucker declined to be inter- because it will cost about a JAY LENO firm Katz Television Lenoevery night,that’s the same kind cluding the people he appointed in viewed for this article. Executives at fifth of what a scripted drama Group. of aesthetic with which you watch his wake, Kevin Reilly and Ben Sil- NBC say that his role in the net- costs to produce. Since the program They also wonder if Leno really Judge Judy,” notes Robert Thomp- verman—are shown the door. work’s prime-time standings is both will be topical,it’s likely to be watched belongs in prime time,which tends to son, professor of television and pop- Among viewers 18 to 49 years old, ancient history and irrelevant. live,rather than on a DVR.And it will be powered by big shows like CSI (on ular culture at Syracuse University, the category most important to ad- Today, generally considered the run 46 weeks a year, without repeats. CBS). “The broadcast networks’ who is fascinated with NBC’s move. vertisers, NBC had a 2.8 rating last most profitable show in television, If the show gets just a 1.8 rating strength is in ‘event’ programming,” A one-time Today show execu- season,according to Nielsen.Fox was remains No. 1 in its time slot. And among 18- to 49-year-olds, Mr. says David Scardino, entertainment tive producer, Mr. Zucker was pres- first, with a 3.7, followed by CBS, NBC Universal’s cable networks, Zucker has said,it will be profitable. specialist at ad agency RPA.“A show ident of entertainment from 2000 to with a 3.1, and ABC, with a 2.9. including USA and CNBC, have Generally,prime-time shows need a that’s on five nights a week can’t be an 2004. While predecessors such as Mr.Zucker is known for running continued to shine,with revenue for 2.5 to be successful. event.”

20 | Crain’s New York Business | August 17, 2009 20090817-NEWS--0021-NAT-CCI-CN_-- 8/14/2009 1:57 PM Page 1

733 U.S. CEOs have left their jobs so far in 2009 BUSINESS LIVES Source: Challenger Gray & Christmas HOT JOBS EXECUTIVE INBOX

DIRECTOR Anne Fisher COMPANY Brooklyn Workforce1 Career Center Here’s an idea: JOB DESCRIPTION Running a workforce development program Let’s not have that serves 17,000 new customers a year a meeting MOST IMPORTANT TASKS HOW MUCH TIME DID YOU SPEND Improving operations and IN MEETINGS THIS WEEK? How efficiencies related to sourcing much of it was productive? and matching job candidates Perhaps less than you’d like: A with jobs survey by staffing firm OfficeTeam CREDENTIALS NEEDED (www.OfficeTeam.com) says that Experience in recruiting and 150 senior executives polled at managing a high-volume service the nation’s biggest companies delivery operation think almost a third (28%) of SALARY $90,000 to $110,000 meetings are a complete waste of RECRUITER In-house time, and almost half (45%) said DOWNSIDE Increased number of they and their underlings would people seeking employment get more work done if meetings means doing more with the same were banned one day per week. resources “Businesses are operating with UPSIDE Making a difference in lean teams, so everyone is people’s lives stretched for time,” notes Robert Hosking, OfficeTeam’s executive Since opening in 2004, the Career director. “So the old adage ‘Be Center has helped more than brief, be brilliant, be gone’ 16,000 people land jobs. is DOWN AND especially timely now.” —MIRIAM KREININ SOUCCAR DIRTY: Aurelia In the home of the New York Kaelin collects minute, managers have come up about 2,100 with ways to keep confabs from gallons of table scraps in one day. droning on. Says Brian Janeczko, EXECUTIVE MOVES 38, a serial entrepreneur who recently sold one of his The Blackstone Group: Byron Wien, 76, joined companies, Nu-Kitchen.com, to the investment and Nutrisystem, “I really think the advisory firm as vice reason so much time is wasted in chairman of buck ennis meetings is that people are Blackstone Advisory distracted by their BlackBerrys Services. Most GOTHAM GIGS and iPhones.” His solution: No recently, he served as electronic devices allowed in the chief investment strategist for Pequot Capital, and prior to that, he worked for conference room. Morgan Stanley as chief U.S. Jordan Finger, 35, CEO of investment strategist. Top of the compost heap Internet marketer Ardis Health, American International Group Inc.: believes in frequent, fast get- Harvey Golub, 70, was appointed non- togethers. His staff of 12 executive chairman. He joined the in union square, she’s known simply as the Compost Lady. On huddles every day from 10 to company in June as a director. He was ‘I’m from formerly the head of American Express Mondays, Wednesdays, Fridays and Saturdays, starting at 8 a.m., 10:15. “We stick with one topic,” Co. and continues as a board member at Aurelia Kaelin wheels giant gray garbage bins to a corner of Union Mr. Finger says. “If someone has Campbell Soup Co. Europe, something else they need to talk Korn/Ferry International: Eric Pikus, 35, Square, where a parade of conscientious New Yorkers dump sacks about, they’re encouraged to was appointed global head of consumer so I grew of vegetable peels, coffee grounds and other kitchen cast-offs. ¶ By discuss it one-on-one with the and commercial banking in the right person.” executive search firm’s financial services up with the end of the day, Aurelia’s “customers” will have filled at least And then there’s Queen practice. He will also serve as a member seven 300-gallon trash pails.The contents end up as worm food in Victoria’s method: When she met of the chief executive and board services this’ a giant compost heap run by the Lower East Side Ecology Center. practice. He joins from Heidrick & with her cabinet ministers, she Struggles, where he had been North Eventually, the stuff will make its way back to Union Square as bags sat, but they stood, which American managing partner in the of potting soil for sale at her booth. “I’m from Europe, so I grew up encouraged them to speak diversified financial services practice. quickly. Richard Levychin, 50, a YAI/National Institute with this,” she says. “People here, they don’t know that much about for People with it.” ¶No-nonsense Ms. Kaelin grew up on a small farm in the Swiss partner in CPA firm KBL, does the Disabilities: Eliot P. same thing with his 50 em- Green, 52, was named Alps. She came to the United States in the early 1990s as a midwife, ployees. What do they think of his chair of the board of but found her services weren’t much in demand here. In the four no-sitting rule? Says Mr. Levychin, trustees. He is years she’s been working for the LESEC, she’s happy to report that “They like being employed.” replacing Marcella she’s seen an explosion in the number of people composting. ¶ Fava, who will remain WHAT STRATEGIES have you devised on the board. Mr. Green is a partner at “Who would think you’d have something like this in New York?” for keeping meetings short? Tell us at law firm Loeb & Loeb. —hilary potkewitz www.crainsnewyork.com/execinbox. See EXECUTIVE MOVES on Page 22 she says.

August 17, 2009 | Crain’s New York Business | 21 20090817-NEWS--0022-NAT-CCI-CN_-- 8/14/2009 1:59 PM Page 1

RÉSUMÉ REVIEW Director takes another bow Is your job search all it could be? We ask the experts. NAME FRANCINE E. LYNCH On Broadway, there is so much coming to the Donmar. I’m always Brings Hamlet from competition in any given season that in discussion with a lot of actors at OBJECTIVE London to Broadway you see producers at the peak of their any one time about what they are To find a nonprofit management post merging powers knowing they’ve got to do wanting to do next, and really marketing, communications and fundraising after his success something to sell their product. It’s it’s about their enthusiasm for a EXPERIENCE with Frost/Nixon a very heady atmosphere. Everyone project. Columbia Business School, 2007-2009 is on top of their game there. Director, Institute for Not-for-Profit Management Is he the biggest star you’ve ever Increased 2008 program enrollment 23% Are audiences different in New York? directed? Philanthropy consultant, 2005-2007 BY MIRIAM KREININ SOUCCAR They are generous in Well, I don’t know. I had Judy Lincoln Center for the Performing Arts, 2004-2005 both countries. The- Dench in my previous play. Director, Lincoln Center Corporate Fund, planning and development espite a wealth of cel- atergoing is now There’s a lot of high-profile Raised $5 million annually ebrity power on Broad- such an expensive people that pass through Guardsmark, 2003-2004 way this fall, Jude Law’s hobby that people the Donmar at various Vice president, social responsibility, corporate marketing department star turn in Hamlet is the only go because times. But it’s exciting AXA Financial, 1993-2002 Dhottest ticket around.The play is di- they really want to. watching Jude’s profile rected by Michael Grandage,the 46- That generates a work its magic in London. Vice president, AXA Foundation, corporate communications year-old artis- very excited, en- Managed over 15 nonprofit relationships totaling $8 million-plus in grants tic director of thusiastic, highly Was Hamlet your fastest- Princeton Ballet, Princeton, N.J., 1992-1993 the critically focused group of selling show ever in Director of development acclaimed people. London? EDUCATION MOVERS & Donmar Yes. New York University, Leonard N. Stern School of Business, M.B.A. SHAKERS Warehouse in How did you get Jude University of Vermont, B.A. in art history London. Cur- Law to do Hamlet? Do you ever get starstruck? Résumé appears in condensed form. Michael rently playing Jude and I had been No. I’m pleased to say that in London’s talking about one of the nice bits of EXPERT ADVICE Grandage West End un- him the job is that every- Francine has a multifaceted background in the nonprofit sector. She til Aug. 22, one you meet, should position herself for an executive director position and look at small Hamlet begins wherever they to medium-size organizations that are marketing- and fundraising-driven. previews in New York Sept. 12 and are in their Nonprofit organizations with ties to the corporate world may also be a runs through Dec. 6. The engage- career, are good fit. Thinking out of the box, she might want to explore positions in the ment marks Mr. Grandage’s second wonderful family-office arena; some of these offices need help devising and stint on the Great White Way. He actors who executing philanthropic strategies. scored big with his debut, snagging a just want —susan gluck pappajohn, principal, Phillips Oppenheim Tony nomination for Frost/Nixon in to act, and 2007. hugo glendinning that helps To hire this candidate or to be featured in “Résumé Review,” e-mail us at you to just [email protected]. How does working on Broadway differ get on with from London? the job.

EXECUTIVE MOVES TargetSpot Inc.: Eyal Goldwerger, 39, Fried Frank Harris Shriver & Jacobson: Dorot Inc.: Mark Meridy, 49, joined the EMI Music: Syd joined the Internet radio advertising Beth C. McClain, 48, was promoted to senior services agency as executive Schwartz, 41, was network as chief executive. He was partner from special counsel at the law director and will succeed Vivian Fenster promoted to senior Continued from Page 21 formerly chief executive at XMPie Inc. firm. Ehrlich. Most recently, he served as vice president for Peacock Equity: Lauren Duane Morris: Stefan C. Grant, M.D., 51, David Selden, 35, was promoted to director of operations at the American digital marketing Zalaznick, 46, joined joined the law firm as partner in the partner. He was formerly special counsel. Israel Public Affairs Committee. worldwide. He was the board. She is the intellectual property practice group. He Shahzeb Lari, 33, was promoted to Amalgamated Bank: formerly senior vice president of NBC was most recently a shareholder at partner from associate. Patrick O’Sullivan, 42, president for digital Universal Women and Buchanan Ingersoll & Rooney. Jefferies & Co.: Robert Minkoff, 47, was was appointed strategy, North America. Lifestyle Macquarie Capital (USA) Inc.: Edward named senior vice president and senior executive vice Cook Associates Inc.: Elizabeth McCabe, Entertainment Albert, 37, was named managing trader of trade claims at the investment president and director 42, was appointed managing director of Networks. Peacock director and co-New York office head of banking firm. Most recently, he served of the institutional life sciences at the executive search firm. Equity is a joint investment fund of GE the financial services firm’s restructuring as a vice president at Liquidity Solutions asset management and She was most recently a partner at Capital’s media, communications and and special situations group. He was Inc. custody division. Most Heritage Partners International. entertainment group and NBC most recently a managing director at Lombard & Geliebter: G. Matthew recently, he worked at UBS Global Indoor Direct Inc.: Charlie Rutman, 58, Universal. Fortress Investment Group. Lombard, 38, and Darren M. Geliebter, Asset Management, where he served as joined the board of directors at the 39, co-founded the boutique law firm managing director and head of restaurant digital TV network. He is specializing in U.S. and international infrastructure asset management, currently the North America adviser to trademark law. Mr. Lombard formerly Americas. MPG North America, and previously DOCTOR TO HEAD UP LOCAL BLOOD BANK ran his own practice, and Mr. Geliebter Chadbourne & Parke: Eli Katz, 36, was served as chief executive. was most recently a partner at The Dorf promoted to partner. He was most Everything Channel: Ryan Brock, 37, was DR. CHRISTOPHER D. HILLYER, 50, was named Intellectual Property Group. recently counsel at the law firm. named director of consulting, IPED, at president and chief executive of New York Blood PEN American Center: John Kheit, 40, was promoted to partner the technology sales company. He was Center, effective Sept. 1. He comes from Emory Steven L. Isenberg, 68, from associate. vice president of channels at Access was appointed Philip Pfeffer, 33, was promoted to Markets International Partners Inc. University’s Center for Transfusion and Cellular executive director of partner from associate. Grant Thornton: Alan Dalsass, 38, was Therapies, where he currently serves as director. the literary and Nixon Peabody: Keith Krasney, 51, joined named director and will lead the Dr. Hillyer is also a tenured professor at Emory; human rights the law firm as partner and will co-lead accounting firm’s newly established he became an endowed professor in 2008. organization. He was the securitization and structured finance integrated case solutions practice in the Through the President’s Emergency Plan for AIDS formerly a visiting team. He was most recently a partner at corporate advisory and restructuring Relief, he is working on a U.S. Department of professor of humanities at the McKee Nelson. services group. He was the director of University of Texas, Austin. Lime Wire: Zeeshan restructuring services at BMC Group. Health and Human Services contract that provides Frank Sinatra Enterprises and Rhino Zaidi, 34, was Tremor Media: Montana Triplett, 32, was assistance to five countries in Africa. He has Entertainment: Sara Nemerov, 33, was appointed to head of appointed director of marketing at the also worked with the American Red appointed senior vice president of global, a newly created online video advertising network. She Cross, where he was a medical director. consumer products and brand licensing position. He was most joins from Coca-Cola, where she had Founded in 1964, NYBC provides more at the music companies. She previously recently chief been media and interactive manager. than 1 million pints of blood and blood served as vice president of global operating officer and —maia blume licensing at The Trump Organization. head of business components to approximately 200 Citrin Cooperman & Co.: Anthony DeJesus, development at NABBR. hospitals in the city and is the world’s 47, was promoted to partner. He Babelgum: Amber J. Lawson, 36, joined EXECUTIVE PROMOTIONS largest public cord-blood bank. previously was a director at the the online content platform as publisher The fastest way to get an announcement into —maia blume accounting and consulting firm. of the comedy channel. She was Crain’s is to submit details online. Fill out the form Jeffrey Gittler, 50, was promoted to formerly vice president of programming at www.crainsnewyork.com/submit. The partner from director. and development at maniaTV. Executive Moves column is also available online.

22 | Crain’s New York Business | August 17, 2009 20090817-NEWS--0023-NAT-CCI-CN_-- 8/14/2009 1:56 PM Page 1 chemex / INSATIABLE CRITIC program runs from 9 a.m. to 11 a.m. at flickr.com Gael Greene the Hippodrome Building, 1120 Sixth THE Ave., fourth floor. The fee is $25, and preregistration is required. For more information, call (646) 502-7515 or WEEK e-mail [email protected]. West Village spot SEMINARS THURSDAY, AUGUST 27 AHEAD THE FIVE O’CLOCK CLUB will hold a seminar on turning job interviews into AUG. 24-30 offers from 6:30 p.m. to 8:30 p.m. at the seeks hip heat CUNY Graduate Center, 365 Fifth Ave., C-198. The fee is $50. For more INFORMATION SESSIONS information, contact (516) 425-5456 or Hotel Griffou THURSDAY, AUGUST 27 [email protected]. CAMBA will host a business-loan dishes up retro CULTURAL EVENTS information session from 10 a.m. to 11 Pick WHERE HE in romantic digs a.m. at 884 Flatbush Ave., second floor, MONDAY, AUGUST 24- in Brooklyn. The session is free, and SUNDAY, AUGUST 30 of the TRAVELED preregistration is required. Call Head downtown for the week JOHN FITZPATRICK is a Harley- nce early responders (718) 282-2500 for more details. NEW YORK INTERNATIONAL sighted Leonardo Di- FRINGE FESTIVAL before it ends Davidson man, but not the kind Caprio and Chloë Se- NETWORKING RECEPTIONS on Aug. 30. As more than 200 who sports tattoos. The CEO of vigny at Hotel Grif- TUESDAY, AUGUST 25 companies from around the world the Fitzpatrick Hotel Group North fou, the retreat below JOIN ISLAND ADVANTAGE REALTY for a real perform, you can enjoy the last days of America, which operates two the sidewalk pulsed on the lemming estate networking party from 6:30 p.m. summer attending exciting and properties in Manhattan, has O buck ennis to 9:30 p.m. at Le Poisson Rouge, 158 sometimes quirky shows. All 18 venues an annual motorcycle radar. Now we wait to see if the PERFECTLY COOKED: A scallop dish enjoyed Bleecker St. The event is free for are downtown, and tickets range from trip with his two younger brothers wattage holds and if those who fol- members and $10 for nonmembers, and $10 for kids and seniors to $500 for an low will hang around over $14 cock- two free tickets are available for all-access pass. For more information, for the past decade. tails. Will the fickle darlings come HOTEL GRIFFOU PropertyShark subscribers. For more go to http://fringenyc.org. In June, the trio flew to Paris back for such retro dish-ups as dev- 21 W. Ninth St. information, call (718) 715-1758. and rode to Saint-Tropez, making iled crab croquettes, lobster thermi- (212) 358-0228 SATURDAY, AUGUST 29- stops at vineyards along the way. dor fondue, duck confit poutine PROGRAMS & WORKSHOPS SUNDAY, AUGUST 30 “There are a lot of business- (with melted cheese on top, yikes!), THURSDAY, AUGUST 27 JOIN THE CITY PARKS FOUNDATION for the ½ WIBO people who want to get away from classic steak Diane and “Madame will host a workshop on growing Charlie Parker Jazz Festival, with CUISINE American/retro your business with a Web site.The performances from musicians from suits and ties,” says Mr. Fitzpatrick. Marie Griffou’s sautéed pork cutlets “Biking is a way of escaping.” PRICE RANGE program runs from 5:30 p.m. to 8 p.m. at around the world. On Saturday, the from her 1892 recipe”? $17 to $40 the Upper Manhattan Empowerment festival will take place at Marcus Garvey Several years ago, the On our first visit in June, noting a SERVING Dinner Zone, 290 Lenox Ave. The workshop is Park, East 124th Street and Mount Fitzpatrick brothers took Route 66 weekday haul of VIPs, three of us free, and preregistration is required. Morris Park. On Sunday, it will be held RESERVATIONS Suggested from Chicago to Los Angeles—with were in our predictable modes. Our Contact (212) 684-0854, ext. 0538, or at Tompkins Square Park, East Eighth a truck following them. “This was health-conscious friend had the green NOISE LEVEL Loud to sane [email protected] for more information. Street between Avenues A and B. The festival begins at 3 p.m. both days and is the five-star version,” says the and white asparagus (and didn’t no- hotelier. “The truck was carrying tice how scant the hollandaise was) I can’t wait to return. FRIDAY, AUGUST 28 free. For more information, call SANDLER TRAINING our luggage.” —LISA FICKENSCHER followed by an overcooked round of I will definitely go back. will hold a program (212) 360-8290. on managing your sales team. The —maia blume underseasoned sole in a moat of oys- I’ll let them simmer a while. ter mushrooms and snippets of sugar NO HATS Never again. snaps. In my usual “Let’s live life to the fullest while we can” style, I tried the calabash fried seafood basket, a fritto misto by yet another name, Johnny Swet of Balthazar. with radish rémoulade. It came tiled Our waitress offers specials. I ask with homemade chips curled like about the housemade fettuccine. flowers, big chunks of cod, a duo of Tossed with fresh cranberry beans, giant shrimp and battered oysters, black kale, Parmesan and faintly too thickly crumbed. Mesmerized, I sweetened lemon purée and zest with ate it anyway. The lobster Cobb en- a hint of mint.Bizarre,right? But de- trée wasn’t the Red Eye Grill’s exces- licious, better than my pan-fried sive and perfect Cobb salad but it’s an sweetbreads with roasted cippolini appetizer two might share and an in- and very chewy pickled something spired summer dinner. that could have been a rubber band. Now my guy and I are back a There are pickled carrots, too, on month later, rife with angst because exquisite scallops—three plump, we’ve come without a reservation. perfectly cooked monsters off the day Given that the partners prepped at boat sautéed in brown butter riding bastions of hip like Waverly Bar, in on parsnip purée, with fried Balthazar, Cafeteria, Freemans and parsnip ribbons flying and some- La Esquina, we brace for a little atti- where a hint of honey.The kitchen’s tude, if not cutting humiliation. still slowish but getting more confi- “That won’t be a problem,” the dent. A tall chunk of Tasmanian keeper of the book says promptly, trout is brilliantly presented, too— leading us to a tiny two-top in the crisped skin under a tangle of sheer dark wood-paneled “library” with raw fennel, pickled fennel batons, splashes of ivy-green walls and a stewed heirloom grape tomatoes, wooden duck in flight overhead. It’s and thinnest slices of lightly cured tight in here. Maybe this is purgato- Key lime for acid balance.Chef Jason ry for nobodies,unknowns,walk-ins. Giordano,ex of Mia Dona and Spice If so,our server is oblivious to this so- Market,got into pickles and canning cial profiling and leaps in with enthu- visiting his sister down South,he tells siasm. It’s shadowy and dark—some me. He is cooking to please himself would say romantic, but I get cranki- and serious eaters for when the tren- ly unromantic when I can’t see my detti move on.As the crowd thins out food. Happily, it is also quieter than at 11, it’s even quieter in the library, the “salon”next door.I suspect the din and the two of us linger,surrendering is muffled by the vintage Playboys to a peach and plum cobbler—with marcumllp.com marcumgroup.com and books, the tchotchkes and “art” vanilla ice cream on the side. contributed by the owners that fill the shelves across the way.“We did it Copyright © 2009 by Gael Greene. NEW YORK NEW JERSEY CONNECTICUT PENNSYLVANIA FLORIDA GRAND CAYMAN ourselves,without a designer,”boasts Read more at www.insatiable-critic.com.

August 17, 2009 | Crain’s New York Business | 23 Project5 7/28/09 4:24 PM Page 1

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