Manhattan, Urban Resort
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nb15p01.qxp 4/6/2007 6:56 PM Page 1 TOP STORIES Google’s In limbo: the ad anxious wait soldiers for an H-1B visa advance PAGE 3 ® PAGE 2 About.com seeks brand identity to lure more eyeballs VOL. XXIII, NO. 15 WWW.NEWYORKBUSINESS.COM APRIL 9-15, 2007 PRICE: $3.00 PAGE 3 Russell Simmons tells staffers to NY cops shape up for Oprah NEW YORK, NEW YORK, P. 6 biased, Legislature eases path for HIP Crain’s conversion; money scramble to begin poll finds THE INSIDER, P. 14 Minorities treated Empire Zones yield big benefits differently; overall, amid controversy; city supports NYPD nonprofit funds LOCAL RETREAT: “Many of these BY ANNE MICHAUD classroom projects people are addicted to New York,” says SMALL BUSINESS, P. 19 Pamela Malkani of a striking three in five New Millennium Partners’ Yorkers think that New York City Phillips Club. police treat people differently BUSINESS LIVES based on race, according to a Crain’s New York Business poll.The THE NIGHT SHIFT roger hagadone perception of unequal treatment is New Yorkers who work held most widely in the city’s mi- the graveyard learn to PAGE 31 nority communities, though it is cope. shared by 43% of whites. Manhattan, urban resort At the same time, three-quar- ters of New Yorkers said they have share companies in the world are the time-share model, called frac- a favorable opinion of the New Two major hoteliers now swooping down on the Big tional ownership, has begun to York Police Department. to build time-share Apple. take off in the city. Overall, the poll’s findings sug- In midtown, two hotel groups, The appetite for such properties gest that the city’s historically low properties; others Hilton Grand Vacations Club and has been increasing for the past five crime rates are translating into seeking NYC sites Hyatt Hotels & Resorts,are devel- years, as tourism—and hotel occu- generally positive views of the po- oping the first Manhattan towers pancy rates—hit records. More- lice—even if residents don’t always devoted entirely to time-shares. over, the increasing popularity of support the NYPD’s methods. AT DEADLINE BY LISA FICKENSCHER Others, including Marriott Inter- time shares in such cities as New Survey questions about police ag- national, are scouring New York Orleans, San Diego and San Fran- gression and respectful treatment TISHMAN SPEYER IS BETTING time-share vacation properties for real estate. cisco helped dispel the notion that of young people also turned up sig- THAT THE NUMBER of market- are usually associated with beach These developments come af- time-share owners are interested nificant divisions between white rate apartments at Stuyvesant resorts in Hawaii, Florida and the ter a handful of independent prop- only in beach or skiing locales. and minority respondents. Town and Peter Cooper Caribbean—not with the sky- erties, including the Manhattan Wyndham Vacation Owner- Eli Silverman,a professor at the Village will more than scraper canyons of New York. Club,proved successful.Addition- ship has been looking for a location John Jay College of Criminal Jus- double by 2011. In its debt But some of the biggest time- ally, a more expensive version of See CITY on Page 9 See POLL on Page 8 prospectuses, the company, which acquired the 80-acre development for $5.4 billion earlier this year with The Blackstone Group, assumes Shareholders demand pay approval that 57% of the development, or 6,400 units, will be at market rate within five years. Currently, only 27% of the Morgan Stanley next to face ‘say on pay’ units are market-rate. resolution; many others are targeted GRISTEDES SUPERMARKET lion.That was in addition to his al- OWNER JOHN CATSIMATIDIS BY AARON ELSTEIN ready-disclosed $26 million sign- plans to overhaul his ing bonus and $13 million com- company’s operations, seeking a year ago,Morgan Stanley share- pensation for six months of work. to acquire supermarkets in the holders got some surprising news: Mr.Mack’s cash-out,which the New York region while paring In 2005,new Chief Executive John company says was executed before his holdings in the city. He Mack had exercised stock op- he took the CEO post, left a pow- See AT DEADLINE on Page 2 tions—granted in a previous stint erful group of activist investors with the company—worth $30 mil- irate. Still seething, they hope to use a resolution at Morgan Stanley as the first step in their campaign 15 5 to win greater influence over exec- utive pay. At its annual meeting Tuesday, Morgan Stanley will become this ELECTRONIC EDITION year’s first company targeted by bloomberg news shareholders seeking the right to IN THEIR SIGHTS: CEO John Mack’s $30 million stock option cash-out set off shareholders, who NEWSPAPER See SHAREHOLDERS on Page 8 are presenting a resolution that would let them approve top officers’ compensation. 71486 01068 0 CNYB 04-09-07 A 2 4/6/2007 6:50 PM Page 1 DROP AND GIVE ME $3 BILLION: The Business Solutions Group, headed AT DEADLINE by Anthony DiMarco, generates about 30% Continued from Page 1 rules that it says are less of Google’s ad revenues. says that he is talking to several stringent than U.S. regulations, area supermarket companies, and is targeting small companies although he declined to identify in 12 U.S. markets.The them. At the same time, Mr. exchange, which has $1.8 Catsimatidis has talked to a trillion in global market number of potential buyers, capitalization, lists more than including CVS Pharmacy, for half of the world’s oil and gas some of his stores. In February, companies and half of all he sold eight property leases to mining equity capital raised in Duane Reade. Gristedes 2006. operates 39 stores in the city and three in the surrounding THE ORGANIZERS OF THE suburbs, but it has been hurt by PROPOSED SAVOY BANK have declining profits because of new applied to open their first competitors and soaring costs. branch at Broadway and West 52nd Street, where they intend THE COSTS OF SAINT VINCENT to target the owners of CATHOLIC MEDICAL CENTERS’ immigrant-owned retail and bankruptcy are now certain to food establishments in the exceed $60 million (Crain’s, Theater District (Crain’s, Aug. Nov. 27). As of February, legal 7).The bank is planning to open and other fees related to the a second branch in Washington bankruptcy totaled $58.8 Heights within a year. million; that amount TWO NONPROFITS ARE TAKING includes OVER THE 21ST FLOOR of 90 buck ennis $14.7 Broad St. in the Financial million District. Educational group for law Urban Assembly Inc. will move firm Weil into 6,200 square feet, and Poets Gotshal & Manges and $9.5 & Writers Inc. claimed 7,500 Fired up on front lines million for turnaround square feet. Both 10-year deals consultants Alvarez & Marsal. were completed quickly in order The hospital is hoping to to qualify for the downtown emerge from Chapter 11 in incentives that were set to expire Hungry Google sales unit targets key advertisers June. but were extended last week. CB Richard Ellis represented the THE TORONTO STOCK EXCHANGE tenants in the deals, and BY AMANDA FUNG IS KICKING OFF a campaign this Cushman & Wakefield Inc. week to lure New York negotiated on behalf of property more than 500 people work in the sprawling 300,000-square-foot Chelsea offices of Google companies to list their stock on owner Swig Equities. Asking Inc. Account executive Anthony Malangone, dressed in signature casual and connected to his its exchange.The exchange is rent was about $35 per square phone with a shiny wireless headset, blends right in. touting Canadian securities foot. I On a typical afternoon, the New Jersey native, who joined Google three years ago, is CORRECTIONS prowling for new advertising clients. He calls a tech firm in Michigan but gets no answer. So The Garment Industry Development Corp. is pressing the city to protect an estimated 1 million he dials his next prospect, an executive at a business software provider in Georgia.This time, he square feet of space used for stand-alone factories, cutting rooms and sample rooms in the See GOOGLE on Page 9 zoned portion of the garment district. The use of the space was misstated in an April 2 article. Hudson Yards Catering is the preferred caterer of the Museum of Modern Art. A March 26 article incorrectly stated the organizations’ relationship. THIS WEEK IN CRAIN’S Charter schools on course THE WEEKS AHEAD --------------------9 ramp up 12 to 15 new charter executive director of the nonprofit 33 2 scheduled to open schools a year “while the chancellor Harlem RBI, a large after-school REAL ESTATE DEALS--------------10 in September, others is in position and it is a politically fa- program. He is hoping to open a vorable environment,” says a source charter school in East Harlem. ALAIR TOWNSEND -------------------13 on way as cap is lifted in the DOE. Pent-up demand in his community In addition to the eight under was so great that it took just two days THE INSIDER------------------------------------14 BY SAMANTHA MARSHALL consideration by the department, to collect 300 signatures from par- two are close to final approval by ents eligible to send their children to WEEK IN REVIEW -----------------------16 at least eightnew charter schools State University of New York’s the proposed charter school. NEIGHBORHOOD are slated to open in the city by fall Charter School Institute, the other “There’s a great hunger here for 2008, now that the state’s 100- authorizing body for charter more and better alternatives,” says JOURNAL------------------------------------------17 school limit has been lifted by the schools.