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Grown Kids Fall Into the Parent Trap

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Grown Kids Fall Into the Parent Trap 20090817-NEWS--0001-NAT-CCI-CN_-- 8/14/2009 8:36 PM Page 1 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.
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