Columbia Fireworks Set to Begin
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nb24p01.qxp 6/8/2007 7:22 PM Page 1 TOP STORIES REPORT Dubai owners SMALL revamp Essex BUSINESS House, hope to join Brooklyn B&B’s cash ranks of the elite in on tourist boom PAGE 2 ® PAGE 19 ESPN is no longer the doormat in sports radio war VOL. XXIII, NO. 24 WWW.NEWYORKBUSINESS.COM JUNE 11-17, 2007 PRICE: $3.00 PAGE 3 Tavern on the “ The Richmond Global Green branches order desk features the Columbia latest in ‘state of the art’ out with sauces computer equipment, for sale online staffed by experienced, NEW YORK, NEW YORK, P. 6 professional traders.” fireworks From Scranton to — Richmond Global sales pitch Avignon, Met’s new set to begin boss wins friends ALAIR TOWNSEND, P. 13 Foes mobilize as are stirring up rumors that chemi- Brothers insist on cal and biological weapons could university prepares be studied. staying close, The rancor is symptomatic of search city for FUTURES SHOCK to submit expansion the culture clash that has charac- plan for approval terized Columbia University’s re- adjacent condos lations with its neighbors since the LIVING LARGE, PAGE 36 1960s. Critics paint the politically BY ANNE MICHAUD connected university as Goliath, The swindle and it’s true that the current ap- BUSINESS LIVES after a three-year drumroll, proval process is stacked in Co- PARENTAL BURDEN Columbia University’s plan to de- lumbia’s favor. But the university’s velop 17 acres in West Harlem as a foes will not yield without a fight. Immigrants’ kids on Staten Island satellite campus will go be- “The moment has ar- balance careers, fore city officials next week. rived,” says Manhattan caretaking How a gang of wannabe traders Now the fight begins. 70% Borough President Scott PAGE 35 Many in the neighbor- PERCENTAGE Stringer. “Columbia’s ex- of land that duped investors; fraud in foreign- hood are worried about the Columbia has pansion will greatly benefit displacement of 160 low- amassed in the city of New York.At the exchange futures on the rise income families and some project area same time, we have an ob- artists and businesses, as ligation to protect the sur- BY AARON ELSTEIN well as the 25-story height of pro- rounding community, and that’s posed buildings and the type of re- what this process is all about.” growing up on staten island, Joseph Pappalardo would search Columbia might conduct. On June 18, the Department of look across the bay at the gleaming towers of Manhattan’s While the university says there is City Planning is scheduled to pub- no basis for such talk, opponents See COLUMBIA on Page 8 AT DEADLINE financial district and think that one day he would make it on Wall Street. NEARLY 100 BUSINESS “I was seeing people who had a lot of success in the mar- LEADERS WILL JOIN Chief kets on TV,” says Mr. Pappalardo, 29. “It made me want to Judge Judith Kaye Tuesday at be a part of it.” He got his start four years ago, landing a job NY economy booms, a breakfast rally designed to at a brokerage firm called Richmond Global Ltd., where win pay raises for judges. he sold futures contracts tied to foreign exchange rates. Scheduled speakers include defying U.S. trend Viacom general counsel “Richmond Global takes advantage of the market regard- Michael Fricklas, Partnership less of what direction it is going,” the firm boasted. Brokers for New York City President told clients, many of whom were See FOREIGN on Page 10 Self-employed push Kathryn Wylde, and Zagat Survey publisher Tim Zagat. CRY FOR HELP Beseiged regulator needs more funding P. 10 city to new heights; The business leaders believe widespread job gains that low judicial pay negatively affects commercial litigation in the state. State BY TOM FREDRICKSON legislators have refused to increase judges’ pay, which new york city’s economy is turn- hasn’t been raised in a decade, ing in a star performance in 2007. unless they, too, get a raise. The city should add about 30,000 new jobs in the first six THE TIFFANY & CO. FOUNDATION, months, Crain’s New York Business IN ITS LARGEST GIFT ever, is estimates, and is on track to gain giving $2 million to the about 50,000 for the full year. Museum of Arts & Design to New York’s economy is defying See AT DEADLINE on Page 2 the national economic slowdown. getty images Nearly all sectors—from Wall larry ford Street to construction to retail— KIM FRACZEK, a jewelry maker, works for 24 are booming. herself in a loft residence in Bushwick. 5 COMINGNEXT WEEK Not only have payroll gains New York emerges as the center of made up for virtually all of the jobs action in GLOBAL HEALTH ISSUES. A look lost in the last recession,but the ad- above where it was in 2000, before ELECTRONIC EDITION at the money, the institutions and the dition in recent years of hundreds the last recession and the World idealists who flock to the field. of thousands of self-employed Trade Center attack. NEWSPAPER workers has lifted the economy See NEW YORK CITY on Page 8 71486 01068 0 CNYB 06-11-07 A 2 6/8/2007 6:32 PM Page 1 AT DEADLINE Continued from Page 1 SPACE NK, AN UPSCALE BEAUTY construct a new center for CHAIN BASED IN LONDON,is contemporary jewelry in the looking for five more sites in the museum’s future new home at city as it opens its first U.S. store 2 Columbus Circle.The Tiffany at 99 Greene St., between Jewelry Gallery will be the Prince and Spring streets, on country’s first resource center for Thursday.The chain will target the study of jewelry styles, customers who frequent C.O. materials, techniques and history. Bigelow, Kiehl’s and Bath & The museum is scheduled to Body Works. open in mid-2008. PARADE SIGNED A DEAL WITH THE WORLD TRADE CENTER THE MCCLATCHY CO. that will MEMORIAL FOUNDATION has increase its weekly circulation by hired Joan Gerner as executive 500,000 copies. Starting July 1, vice president for design, all 31 McClatchy dailies, one construction and capital weekly and one twice-weekly NICHE FILLER: planning. Ms. Gerner, a former paper will carry the Sunday ”We believe executive at Bovis Lend Lease, newspaper supplement owned we’re moving into a space is trained as an architect, by Advance Publications.The that’s vacant construction manager and boost comes at a welcome time right now,” says historic preservationist. She will for the magazine, whose circul- GM Scott manage the design and ation has dropped 10% in the Dawson. construction of the memorial, past two years to 32 million museum and museum pavilion, because of newspaper declines. working with the Port Authority of New York & New NEW YORK PROFESSORS WANT levinekarjean Jersey, which is overseeing TIAA-CREF to screen the firms in construction on behalf of the which it invests based on their foundation. records on issues like civil and labor rights, and then put more TECH FIRM MEETMOI HAS RAISED pressure on them to improve ITS FIRST ROUND OF Fixing up the House funding— their performance on such issues. $1.5 million from Acadia The movement was started with Woods Partners, an investment a group of City University of firm that focuses on startups. New York professors and has Lagging Essex House looks to join its elite rivals MeetMoi, founded by Silicon been taken up by New York State Alley veteran Andrew United Teachers, which has BY LISA FICKENSCHER Weinreich, allows registered 100,000 members who users to locate and meet with participate in TIAA-CREF the plaza hotel’s exorbitant renovation has dominated headlines, but it isn’t the only potential dates by text plans.The firm says it offers its messaging from their mobile clients a choice of screened New York grande dame planning to unveil a new look this fall. devices. funds. I The Jumeirah Essex House will step out after completing the city’s second-most expensive hotel makeover. CORRECTIONS The septuagenarian on Central Park South, which has languished for more than a decade, is Alain Ducasse’s new restaurant will be called Adour. The name was misstated in a June 4 “New York, New York” item. hoping to stage a dramatic comeback.The strategy is to break through the barrier that Connecticut congressional candidate Jim Himes was an investment banker at Goldman separates the Essex House from the city’s most elite hotels and to surpass its closest four-star Sachs. His former employer was misidentified in “The Insider” in the June 4 issue. competition, the Pierre and New York Palace hotels, on its way to five-star status. Tom Corson is the general manager of RCA Music Group. His name was misstated in “Corporate Ladder” in the June 4 issue. One measure of progress so far: The Essex House now commands nightly room rates of $400 to $500, nearly the same as its two rivals, according to General Manager Scott Dawson. See ESSEX HOUSE on Page 9 THIS WEEK IN CRAIN’S 37 ALAIR TOWNSEND -------------------13 THE INSIDER------------------------------------14 High Line tab at $117M WEEK IN REVIEW -----------------------16 right to develop the site and thus of retail space, resulting in $20 mil- THE WEEKS AHEAD ----------------17 Report for Durst drive down the MTA’s proceeds. lion of lost revenue, according to the NEIGHBORHOOD says railway would The Durst Organization, which report. It will also compromise retail is partnering with Vornado Realty space, storage and parking spots and JOURNAL------------------------------------------18 stymie development Trust, is one of a handful of compa- cost a developer $26 million in low- nies expected to bid for the develop- er rents.The cost of tearing down the REPORT: SMALL ment rights.