e ML ODR onPage35 SMALLWONDERS See money magnets prove tobe sq. ft.,anyone?) food outlets(85 Shoebox-size ing forstorage—we’re basi- notpay- rent.“We’re monthly about$3,000in and pays inMay Sliders opened Simply saidAlo model,” store onEast43rdStreet. andaLotto tween aSubway foot-wide cubbynestledbe- four- 85 square feetinsize—a isonly Sliders Simply eateries, Yet unlikeother messy eaters. there ofnapkinsfor are plenty and ofsodastolemonade, ety from avari- beverages,ranging of Customers havetheirchoice incheckeredpaper.wrapped wiches andfrench fries sand- chicken fried burgers, product—small Angus-beef Itoffersatrendy food joints. isalotlikenearby Terminal, crowds around Grand Central spot popularwiththelunch takeout anew Sliders, Simply BY ADRIANNEPASQUARELLI appear more creative aesthet- tosaveonrent and ies,hoping steered clear. usually ment of Health, tions from the city’s Depart- andregula- rules to stringent operators,subject stand.Food magazine andnewspaper ortheoccasional sellers, scarf or forjewelry were reserved nooks such Traditionally, than 200square feetinsize. shaped retail less properties shoebox- squeezing intotiny, are their own storefronts, eager to open entrepreneurs, food Across Manhattan,local foodtruck.” astationary cally VOL. XXIX,NOS.32,33 NEWSPAPER Yet crop offood- thisnew thecafé! Ishrunk Honey, “We’re aninnovative CrainsNewYork.com/video WATCH CRAIN’S ELECTRONIC EDITION a related videoat a related rv,who n Kruvi, WWW.CRAINSNEWYORK.COM Small wonders Small E OKBUSINESS YORK NEW sales persquarefoot $4,500 inprojectedannual 43rdStreet:85squarefeet, East Small footprints,bigprofits: SIZE MATTERS $2,500 inannualsalesper Bleecker Street:180 squarefeet, square foot $3,000 inannualsalesper Street:10894th squarefeet, square foot $3,400 inannualsalesper Avenue: 212 squarefeet, square foot Meatball Obsession Simply Sliders Bisous CiaoMacarons GelatoBar Screme (pictured) on on West on Sixth on P. 3 THE Ratner onLong Island. partyers plan AND: partyers A-Rod costs Yanks costs PLUS:Dolanvs. A-Rod SPORTING there’s noroominside. there’s outside—because midtown lunchcrowds draws Simply Sliders four-foot-wide Kruvi’s MICROSIZE ME: Fútbol! ® P. 17 NEWS Alon Football! Soccer! Super Bowl FPO

buck ennis DOUBLE ISSUE banned yearsago about middlemen asks citycomptroller chiefLawsky DFS donations tostatepols under fireforgiving Real estateindustry cause stir posh pads Breaks for know if any plan trustees haveintro-know ifanyplantrustees Regulatorsalsowantto hired them. andtheinvestmentfirmsthat 2012, 2007and between acapacity in such thenamesofpeoplewhoacted agents, placement concerning of itspolicy toprovide adescription ment System the New York Employee Retire- City told Services ofFinancial Department Crain’s inNew back York City. are to prison Comptroller Alan Hevesi state thatsentformer of ascandal atthecenter pension-fund middlemen regulators arethat State worried ELSTEIN BY AARON e ok andsubpoenasfrom Gov. New York, massive taxbreaks from thestateof five were revealed to besettoreceive All have twootherthingsincommon. each. dollars tens ofmillions—of ed for to sell millions—in some cases are expect- condominium apartments andtheir New York’s topdevelopers, are They thework ofsome years. residential hasseenin projects thecity They are fiveofthemostambitious BY DANIEL GEIGER on notice pensions puts city Regulator getaway ultimate office the trips mayFishing be SCALING UP TALK ABOUT In a July 29letterobtainedby In aJuly n so al uut theyall August, And asofearly See PLACEMENT AGENTS onPage36 AGENTS See PLACEMENT officialsattheNew York State , AUGUST 12-25, 2013 PRICE:$3.00 e A RASonPage 36 BREAKS See TAX PAGE 37 EDITOR’S NOTE

Waste not FYICRAINSNEWYORK.COM I had to sigh when Crain Com- munications Inc. announced this month it was turning one of my all- Billionaire Bezos pockets time favorite trade papers, Waste & Recycling News, into a smaller The Washington Post online operation for possible sale to n Internet titan ruffled the media outsiders. Waste & Recycling News industry last week. In a surprise move, smartly and even sassily covered Glenn Coleman Amazon CEO Jeff Bezos personally one of the country’s toughest A bagged The Washington Post for $250 million. industries. (Tony Soprano peruses The tech billionaire’s deal comes as newspapers an issue in an early episode.) It also started publishing struggle to shore up advertising revenue. In fact, a few days bloomberg news not long before Crain brought me to New York in before the Post was sold, The New York Times Co. returned The Boston Globe to 1997 to launch InvestmentNews, a paper for financial its local roots by selling the paper to John Henry, owner of the Boston Red Sox, for $70 million. advisers. I never left my new home, although I did In the golden days of 1993, the Times Co. paid $1.1 billion for the Beantown paper. eventually leave InvestmentNews, which became one Speculation that The New York Times would also hit the auction block immediately swirled, of the company’s most profitable startups ever, a fact but Times Publisher Arthur Sulzberger Jr. insisted that his family-controlled paper is not for that I occasionally accept way too much credit for sale. The Graham family owned or controlled the Post for 80 years, and its sale will make the when Crain executives gather. I poached an up-and- Times the last major newspaper to remain in its patriarch’s hands. coming reporter from WRN in the early days of In its most recent quarterly earnings, the Times reported a profit of $20.1 million, compared InvestmentNews, and the sibling rivalry continued as with a year-earlier loss of $87.6 million, on stronger circulation revenue and lower operating the two young Crain brands competed in journalism costs. But ad revenue fell for an 11th straight quarter, even as digital subscriptions jumped by contests and the like. WRN was never as profitable as 35%, to nearly 700,000. InvestmentNews proved to be, but it was a fruitful investment in other ways, not least of all the WRN HILTON CHECKS OUT IPO. Hilton stock.The six-year-old Adap.tv pro- staffers who now will be working elsewhere in the Worldwide’s owner, private-equity vides online video advertising tech- HOORAY! company. If there’s anything I’ve learned about the giant Blackstone Group, reportedly nology used by a number of large MTA COPS hired four banks—Deutsche Bank, brands and ad agencies. On the con- helped mysteries of investing during my years as a financial deliver a Goldman Sachs, Bank of America tent side, AOL is said to be consid- baby boy in journalist, it is this: Being a little more right in your Merrill Lynch and Morgan Stan- ering shuttering or unloading 400 of Penn Station choices and not too wrong can really add up over ley—to prepare for taking the hotel its 900 Patch websites. … FABULOUS after a 32- FAB TAKES FALL. year-old went time. Each week, my colleagues at InvestmentNews chain public. Blackstone bought Former Goldman into labor cover some of the savviest people in the financial- Hilton six years ago for $26 billion in Sachs trader Fabrice Tourre was while waiting a record takeover of a hotel company. found liable on six of seven fraud for the LIRR. advice world, so I’m happy to report that select Crain’s Blackstone is also exploring a sale or claims. The ruling marked a victory New York Business readers next month will begin IPO of its La Quinta motel chain.… for the Securities and Exchange receiving a new email every Saturday called Crain’s FIFTH AVENUE RENTS ROCKET. Rent Commission, which charged the 34- OY VEY! Wealth. It offers links to InvestmentNews’ latest for retail space on Fifth Avenue hit year-old with misleading clients in a A DEAD an all-time high of $3,050 per square failed $1 billion investment deal.Mr. SHARK was stories containing investing intelligence, wealth- foot, according to CBRE Group. Tourre faces unspecified money found on a Queens-bound management wisdom and tax-planning strategies. I The price for space along the posh penalties and a possible ban from the N train. One suspect many Crain’s New York readers will find shopping strip, between West 49th industry. … AN AD BEHEMOTH rider gave the and West 59th streets,rose 22% from EMERGES. Two advertising giants shark a Metro- Crain’s Wealth a reliable dividend from one of Crain Card, a can of a year earlier. Retail- agreed to tie the knot Red Bull and a Communications’ greatest investments. ers like Ralph Lauren ‘This is and become the cigarette for a still seem willing to largest agency in the photo shoot. open their wallets. … shocking and world. The com- THIS WEEK IN CRAIN’S E-TAKEOUT FOR ALL. unprecedented’ bined Omnicom Seamless and Grub- Group and Publicis The grocer will occupy the ground Hub plan to tem- —Randy Mastro, an Groupe will claim a floor in the first office tower slated to IN THE BOROUGHS------3 attorney representing porarily void their ex- stock-market value rise at Hudson Yards, at the corner of IN THE MARKETS------4 trade group Friends of clusive relationships Javits, which was of $35.1 billion and West 30th Street and 10th Avenue. It THE INSIDER ------6 with restaurants now blindsided when Gov. employ more than will be Fairway’s eighth shop in the that the two online Andrew Cuomo changed 130,000. Together, city. … FAREWELL TO TWO. Lower SMALL BUSINESS ------7 food-delivery servic- the date for the New York they generated rev- Manhattan lost its biggest champion BUSINESS PEOPLE ------8 es have merged. Sus- Boat Show at enue of more than when Elizabeth Berger, 53, died of pending the exclusiv- the Jacob K. Javits $22.7 billion last pancreatic cancer. She had led the Al- OPINION ------10 ity deals for 18 Convention Center year, surpassing liance for Downtown New York Inc. STEVE HINDY ------11 months ends an in- WPP of London as since 2007. Meanwhile, Bill Lynch, vestigation of the arrangements by the industry leader. The deal still former deputy mayor for David Dink- GREG DAVID------11 the state attorney general. … AOL needs approval from shareholders ins and a major political strategist in REAL ESTATE DEALS------14 SPLURGES ON AD TECH. In its biggest and the government. … FAIRWAY the city, died at the age of 66. He had acquisition since becoming an inde- HITS UP HUDSON YARDS. Popular su- been chairman of his namesake con- REPORT------17 pendent company,AOL Inc. bought permarket chain Fairway is coming sulting firm since 1999. CLASSIFIEDS ------30 REBUILDING NY Adap.tv for $405 million in cash and to the far West Side of Manhattan. —amanda fung NEW YORK, NEW YORK ------Reopening a restaurant after 37 post-Sandy setbacks. P. 34 SOURCE LUNCH------38 vol. xxix, nos. 32, 33, august 12, 2013—Crain’s New York Business (issn 8756-789x) is published STORIES TO WATCH weekly, except for double issues the weeks of July Fourth, July 29, Aug. 12, Labor Day and Christmas, by Crain Communications Inc., 711 Third Ave., New York, NY 10017. Periodicals postage paid at New York, N.Y., and additional mailing offices. Postmaster: Send address Aug. 16: Deadline Aug. 21: First Aug. 22: Aug. 24: Brooklyn changes to: Crain’s New York Business, Circulation Department, 1155 Gratiot Avenue, Detroit, to register to vote official Democratic Aéropostale Music Festival at MI 48207-2912. for subscriber service: Call (877) 824-9379. Fax (313) 446-6777.$3.00 a copy, $99.95 one in September mayoral debate, expects to report a Floyd Bennett year, $179.95 two years. (GST No. 13676-0444-RT) ©Entire contents copyright 2013 by Crain Communications Inc. All rights reserved. primaries televised on NY1 2Q loss (see P. 4). Field

2 | Crain’s New York Business | August 12, 2013 IN THE BOROUGHS A-Rod’s return QUEENS Trees wreak costs Yankees havoc on Insurance payout could have helped Bombers avoid tax, build for future sidewalks Residents complain BY AARON ELSTEIN city is foisting burden When Alex Rodriguez returned to play third base for the New York of repairs on them Yankees on Aug. 5, he probably lost his chance for the last baseball record he had a realistic shot at setting: largest insurance payout. It works like this: The Yankees hold a policy that protects them BY CHRIS BRAGG in case A-Rod is declared medically unfit to play baseball. When a serious hip injury sidelined the fallen star before this season even It seems like a simple, entirely ra- began, it seemed as though the team could collect on the policy, and tional concept: If roots from a tree its insurer would have been left picking up a hefty portion of the owned by the city crack a city- nearly $100 million remaining on A-Rod’s infamous $275 million owned sidewalk,the city will pay for the needed repairs. contract. Not only would that have saved the Yankees money, but it At least that is what is supposed also would have greatly improved the team’s prospects on the field to happen, but in northeast by essentially providing a financial fresh start. Getting rid of Queens—where trees line the A-Rod’s contract would have sent See A-ROD on Page 33 streets in front of single- and two- family homes—it seldom seems to. There, homeowners say bureau- cratic snafus are instead often forc- ing them to foot the bill. The issue is popping up across the five bor- A-ROD-ONOMICS: Yankees could have saved millions and invested oughs, but it is especially acute in in their future had A-Rod no-play quasi-suburban areas like Little insurance kicked in. Neck, where retiree Anna Stefani- dis resides in a one-story, tree- shaded house. A few months ago, the city is- sued a violation notice to Ms. Ste- fanidis, citing cracks in her stretch of sidewalk. But the real problem is that the violation simultaneously resulted in a so-called nonmone- tary lien on her residence. Such liens remain in place until the vio- lation is resolved and make it diffi- cult for owners to sell their proper-

newscom See TREES on Page 16 2 NYC heavyweights fight STATS AND THE CITY by Emily Laermer GRADING NYC: After state test standards were changed, the number over Nassau Coliseum of students who performed proficiently shrank dramatically. NYC third- to eighth- graders proficient in island’s biggest cable television net- just two the following month. Final 29.6%math, down from 60% in 2012 Team Barclays work and newspaper, while Rechler proposals for the 63-acre property in battles Madison Sq. is the island’s largest office landlord. Uniondale were submitted on Aug. NYC third- to eighth- In the other corner is the Barclays 9. Nassau County Executive Ed graders proficient in Garden for right Center team. Call them the Brook- Mangano is expected to announce a 26.4%reading, down from 46.9% in 2012 to transform arena lyn Globetrotters,coached by devel- victor any day. “Long Island deserves a venue PERCENTAGE POINTS: NYC’s worthy of the third-largest city in 1.4 math-score lag behind students BY MATT CHABAN Local officials the country,”said Arthur Katz,pres- statewide, down from 4.8 last year ident of the Uniondale Chamber of Out on Long Island,it is shaping up are delighted Commerce, noting that the com- STUDENTS enrolled in as the heavyweight bout of the bined population of Nassau and 120KNYC’s 48 Kumon tutoring decade—the Knockout in Nassau at how the bout Suffolk counties is nearly 3 million. centers, up 68.8% in five years County. It’s a winner-take-all con- Both sides are aggressively test in which the prize, potentially has shaped up swinging for the prize, which in- PER-PUPIL SPENDING worth hundreds of millions of dol- cludes a share of ticket sales to $21K in NYC in 2013, up 29% lars over the coming decades, is the in a decade and double the U.S. average events, dinner bills, bar tabs and re- in 2011, the latest data available right to rebuild and run the badly ceipts from the shops that both bid- faded Nassau Coliseum. ders plan to erect around the arena. FOUR-YEAR June 2012 In one corner stands a team cap- oper Bruce Ratner with a bench that The winner will control the proper- high-school graduation tained by Madison Square Garden includes Russian oligarch Mikhail ty for 20 to 30 years. 60.4% Sources: NYC Department of Education, rate, up 40% from 2005 but far from the Co.,a squad led by hometown heroes Prokhorov and Jay Z. Local officials say they are de- U.S. Department of Education, Kumon 2010 U.S. rate of 78.2% James Dolan and Scott Rechler, aid- Round 1 in the contest kicked off lighted at how the bout has shaped ed by MSG Chief Executive Hank in May, with the announcement of up—especially after two previous ADDICTED TO NUMBERS? GET A DAILY DOSE AT @STATSANDTHECITY

Ratner. The Dolans control the four bidders,which was narrowed to See BIG BOUT on Page 33 istock

August 12, 2013 | Crain’s New York Business | 3 IN THE Aéropostale tries makeover MARKETS in time for back-to-school by Aaron Elstein

But teen clothier’s RISKY BETS BACK OF CLOSET fashion-forward Aéropostale is going edgy,with Graphic tees and hoodies are combat boots and camo jackets. taking a backseat. looks, higher prices may be too much

BY ADRIANNE PASQUARELLI

Teens perusing the shelves at Aéro- postale this back-to-school season might be surprised to find racks filled with lacy ruffled tunics, floral anorak jackets and studded combat boots, items far edgier—and more costly—than the retailer’s usual sporty mix of graphic tees and jeans. Faced with slower sales as fickle

teens abandon malls for Facebook newscom and other online hangouts, the brand is taking a page from success- ful competitors Forever 21 and H&M and overhauling its style mix. need to pull their customers back in.” recession,when Aéropostale’s afford- Divine guidance “We are refining our processes to So far, the strategy is not paying able wares were flying off the shelves become faster to market,” said off. On Aug. 8, the company warned and into the arms of bargain-hungry Emilia Fabricant, executive vice that net sales decreased 6%, to $454 shoppers. Executives at Aéropostale for JPMorgan? president of Aéropostale,on a recent million,for the quarter ended Aug.4; declined to comment. conference call,noting that the 980- same-store sales fell 15% for the peri- “Business for them has been unit chain is adopting more fashion- od. This follows declines in the first challenging for the last year,” said erhaps in school you read The Pilgrim’s Progress, the able looks. quarter.Annual sales for last year were Rebecca Duval, a retail analyst at The only problem: The changes $2.4 billion, a slim 2% rise over 2011. BlueFin Research Partners. “They 17th-century work by English preacher John Bunyan might be too drastic and the prices had to do something.” (above) about a man’s arduous journey from the City too high. ‘Challenging’ business Even so, it’s a tough time to test P of Destruction to the Celestial City.The allegory offers “Everyone on Wall Street is Investors are growing impatient. the market—the back-to-school relevance for JPMorgan Chase & Co., a bank on which a slew watching to see if Aéropostale can The company’s stock price is trading shopping season, the second-most make that leap to be more fashion- at about $13, essentially flat with this crucial time of year for retailers, is of federal investigations and lawsuits rest heavy on its yoke. forward,” said Stephanie Wissink, a time last year. It’s a stark contrast to well underway, and spending is on retail analyst at Piper Jaffray. “They the retailer’s performance during the See AÉROPOSTALE on Page 35 —At first, the pilgrim is loath to reserves for “several hundred” out- share with his family the bad news of standing legal proceedings. their imminent demise.Their city “will —“There shall be no more crying, be burnt with fire from heaven.” nor sorrow; for he that is owner of the JPMorgan feels the burn. Recall place will wipe all tears from our eyes.” how CEO Jamie Dimon at first told Aside from his “teapot” misstep his shareholders that the infamous early in the scandal, Mr. Dimon has “London whale” loss was a “tempest in won applause from shareholders for a teapot.” The loss exploded to $6 owning up to the problems and billion and cost several JPMorgan working to fix them. The bank’s officials their jobs, and now the stock price has risen 51% over the Securities and Exchange Commission is past 12 months,better than the 42% reportedly seeking to extract a con- average for its peer group. fession of wrongdoing from the —“I seek an inheritance incor- bank for lax internal controls. Sel- ruptible, undefiled, and that fadeth dom is the SEC so wrathful. not away.” a newnew digitaldigital offeringoffering dedicateddedicated toto —The pilgrim learns the road to a Early this month, the bank said better world will not be quick and pres- that it faces a criminal investigation providingproviding investing,investing, pplanninglanning andand ents unforeseen complications. “I can- into its sales of mortgage-backed not go as fast as I would, by reason of securities during the boom years. wealthwealth managementmanagement intelligenceintelligence to this burden that is on my back.” Until now, the bank’s legal prob- One way to measure JPMorgan’s lems have been about civil trans- high-net-worthhigh-net-worth individuals.individuals. legal burden is the number of words gressions, not potential crimes. used by the bank to describe its —“Do you see yonder shining woes. It took the bank 1,432 words light? ... Keep that light in your eye, to disclose in quarterly filings all the and go up directly thereto.” litigation it was exposed to back in Eventually the plague of inves- the summer of 2009.Then a flood of tigation and litigation will pass. Coming to your inbox on government investigations and law- JPMorgan makes so much money suits from angry customers struck, that it should easily absorb whatev- and a year later it took 7,162 words er costs it may have to bear. The September 7 to recount the courtroom maladies. bank generated $13 billion in earn- Its most recent SEC disclosure on ings just in the first half of this year, the matter took up 8,654 words.The or $2 billion more than Google made bank said it has set aside unspecified in all of 2012. Ⅲ

The decline in investment banking business so far this summer compared with last year, powered by according to RBC Capital Markets, reflecting -19% continued sluggishness on Wall Street. In July, bankers at places like Goldman Sachs and Morgan Stanley reaped $4.5 billion in fees from advising on corporate mergers, making loans, selling shares and other services. That was $1 billion less than the fees the firms generated in July 2012.

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Products and services not available in all areas. Actual speeds may vary. Some restrictions apply. Time Warner Cable Business Class is a trademark of Time Warner Inc. Used under license. ©2013 Time Warner Cable Enterprises LLC. All Rights Reserved. THE Art auctioneers enter e-world INSIDER by Andrew J. Hawkins online sales this year on its way to an Among the prominent skeptics Find buyers online, expected 70 by year’s end—up from is Sotheby’s, which got out of the but live bidding still 45 in 2012. online-only auction business a Experts say the growth is being decade ago because it lost money— draws bigger crowds driven by consumers’ heightened and has no plans to jump back in. comfort with buying everything “We don’t believe we can derive a from clothes and furniture to jewel- significant amount of money from BY THERESA AGOVINO ry and artwork over the Web. In one online-only auctions,” said Amy case, a mouse-wielding buyer even Todd Middleton, Sotheby’s global In June, Christie’s auction of 33 successfully bid more than $1 mil- head of marketing. “We want to fo- works on paper by Willem de Koon- lion in an Artnet-sponsored sale for cus on the high end of the business.” ing brought in more than $300,000. an Andy Warhol print. What Sotheby’s does do,however,is But much more interesting than the For online-only auctioneers,it’s a stream its flesh-and-blood auctions number,which was in line with esti- brave new world. For venerable, online as well as accept bids through mates, was the auction’s venue, or centuries-old players like Christie’s, the Web. lack thereof. selling online provides an opportu- Shareholders of Artnet also have photos: buck ennis The sales took place not in the nity to expand their reason to doubt the Bill de Blasio Bill Thompson legendary auctioneer’s offices in reach to a whole new power of online-only London or New York, but online, audience. For exam- ‘For us, sales. Artnet, a trail- marking the first time Christie’s had ple, Christie’s said, blazer in the space, re- Rivals reverse roles in mayor’s race held an online-only auction of the 73% of the people e-commerce ported a $3.2 million abstract expressionist’s work. It was who buy in its online- loss in 2012, compared mong the candidates for mayor, Public Advocate Bill the 19th of an expected 40 online- only auctions have is a major with a gain of $43,786 de Blasio is often pegged as the liberal firebrand and only auctions this year, a nearly six- never visited a year earlier. The red former city Comptroller Bill Thompson the business- fold increase from the seven it held Christie’s, and 46% growth ink came in a year in A in 2012. are not Christie’s which revenue at the friendly moderate. “Selling online gives us an abili- clients. area’ firm, which also runs But in their scramble for votes in Brooklyn—the borough ty to offer a broader mix of works to While online sales an art-price database they both claim as their base—those roles can get reversed. our customers,” said John Auer- are growing,however, and a network for gal- bach, Christie’s international man- some experts are leries and buyers, fell Case in point: On a muggy August evening, Mr. aging director of e-commerce initia- skeptical about how 6%, to $17.3 million. Thompson stood by the Gowanus Canal to speak at a tives.“For us,e-commerce is a major far the phenomenon While revenue at community rally opposing the 700-unit Lightstone growth area.” will go and how profitable it will be. Artnet’s online-auction division ac- residential project slated for the fetid waterway’s banks. An increasing number of Among other things, they note that tually rose 5%, to $2.3 million, the Christie’s competitors agree. Need- the overwhelming majority of art division still reported a pretax loss of “This isn’t the type of development we need,” Mr. less to say, so do a growing number buyers still prefer to acquire their $1.7 million, compared with a pre- Thompson barked, as the perspiring crowd murmured its of Internet-only auctioneers, in- pieces the old-fashioned way. In tax loss of $1.3 million in 2011. approval. “We need smart growth. Smart development. [In cluding two-year-old Paddle8, fact, less than 2% of the $56 billion Artnet’s chairman and chief ex- which has held seven auctions this worth of art purchased last year was ecutive, Jacob Pabst, said that last a] Thompson administration—that’s what we want to do.” year, en route to a planned 30. Last bought online, according to a study year was an especially tough one for Mr. de Blasio, who has sought to appeal to voters year, it held only two. Meanwhile, by Hiscox,an art insurance firm,and the company, which is based in disenchanted with Mayor Michael Bloomberg, was e-auctioneer Artnet has hosted 37 ArtTactic, an art research firm. See ART AUCTIONEERS on Page 34 conspicuous by his absence. His history with the Gowanus site may explain why.

Locals fighting the Lightstone Mr.Thompson said.“It’s not about development point out that as a Bill de Blasio. It’s about the com- councilman, Mr. de Blasio op- munity.”Was he surprised that Mr. posed the designation of the toxic de Blasio wasn’t at the rally as well? canal as a federal Superfund site,as “A little surprised,”Mr.Thompson did Mr. Bloomberg, who feared conceded. builders would be scared off. Mr. A spokesman for Mr.de Blasio’s de Blasio had even backed a zoning campaign said, “Bill de Blasio sup- variance for the Lightstone site ported the original [Toll Brothers] when Toll Brothers was planning a project because it would have creat- project there. “He enabled it all,” ed permanently affordable housing said Warren Cohen, a rally organizer. and new green space, and helped Mr. de Blasio, who also backed spur the cleanup of the canal.” Toll Atlantic Yards nearby,had cheered Brothers withdrew when the canal the Toll Brothers project’s afford- became a Superfund site; Light- able housing. Neighbors thought stone’s project would open in 2015. the development too large. Both candidates are hustling for “Mr. de Blasio wasn’t on our votes in Brooklyn—Mr. de Blasio side here,”said Marlene Donnelly,an- has the edge among liberal brown- other resident activist.“He was the stone-dwellers and Mr.Thompson one who put through that spot re- in the borough’s minority areas— zoning that’s completely out of and are pitching themselves as the context for a two-block site that champions of the outer boroughs. was done for a particular develop- If Mr. de Blasio’s camp saw the er for their particular use.” Gowanus rally as a case of Mr. Polls suggest Mr. de Blasio is Thompson pandering to the Mr.Thompson’s main adversary in NIMBY crowd, Mr. Thompson the quest to get into a runoff with has relished the opportunity to City Council Speaker Christine challenge the public advocate on Quinn, but Mr. Thompson did not his home turf. seek to highlight the public advo- “He purports to be the outer- cate’s pro-development stance on borough paladin,” scoffed one the Gowanus site. Thompson source. “Bill de Blasio “I don’t know a lot about that,” is leaving us with a big opening.” Ⅲ

MEMBERS CLAIMED by Restaurant Action Alliance 1,000 NYC, which is fighting a proposed ban on plastic-foam containers.

6 | Crain’s New York Business | August 12, 2013 SMALL BUSINESS Crowdfunding 101: Communicate with care in one-on-one conversations and ering opening crowdfunding invest- great content that adds Startups using new meetings. The firm, launched in ments to the average Joe, a move color to the numbers— funding platforms 2011, has revenue in the six figures. that some observers believe could that helps me to make the Mr.Rosen is ahead of the game on lead to communication gaps, either case for where the compa- must learn to talk investor relations. With the Securi- accidental or intentional. ny is going and whether it’s to novice investors ties and Exchange Commission Mr. Rosen, whose minimum in- going to continue to grow gradually loosening restrictions on vestment was $20,000, raised his and my investment is go- crowdfunding as a financing alterna- money on SeedInvest this past spring. ing to appreciate,” he said. BY ELAINE POFELDT tive, more companies are expected to Ryan Feit,a co-founder of SeedInvest Craig Sher, who raised try raising mon- and co-chair of the education and close to $140,000 in bridge hen Jamie Rosen ey this way. But, TIP training committee for the Crowd- financing from investors raised money experts warn, funding Professional Association, on SeedInvest for his busi- through crowd- many startups THINK MOBILE says entrepreneurs need to make it Many investors ness StearClear—a desig- funding for need to focus use phones and clear to anyone investing in a startup nated-driver service that DietBetter, a more on their other devices to that the investments are very risky, offers rides to people leav- startup he runs in Manhattan,he was communications keep up with their need to be diversified and are illiquid. CONSTANT ing hospitals on medica- W investments. CONTACT: more prepared than many entrepre- strategy with in- “If entrepreneurs are not forth- tion or who are otherwise Make sure your DietBetter’s Jamie neurs to keep in close touch with his vestors, and look communications right about it, it’s going to be a very Rosen talks impaired—found that investors. He had raised money for ahead to the long strategy big problem,” he said. frequently with his putting together a simple other ventures. “People want to kick term. addresses that, Investor-relations firms are al- firm’s backers. PowerPoint presentation the tires,” said Mr. Rosen. Currently, says investor- ready touting their services to po- with 12 slides in SeedIn- relations expert buck ennis He ultimately secured $308,000 crowdfunders Jeff Corbin. tential crowdfunders—and the vest’s “data room” helped from about a dozen private investors are allowed to market is growing rapidly. Crowd- Relations:The Art of Communicating address many common questions for DietBetter,which offers an online sell equity only to sophisticated ac- funders raised $2.7 billion globally Value, says that entrepreneurs will from investors who bought convert- social game called DietBet, in which credited investors. However, the in 2012, up from $1.5 billion in have to spend time getting a correct ible notes in the offering. When he dieters wager that they will lose 4% of SEC in July lifted a ban on general 2011, according to research firm valuation of their businesses so they held two recent calls with them, he their body weight in four weeks and solicitations in a decision that will al- Massolution. can price shares appropriately and said,“they were mostly asking about then share the pot of money if they low fundraisers to spread the word Startups that can’t afford outside learn how to communicate a compa- exit strategy.” Ⅲ do. Mr. Rosen says he has enough using more venues, such as social- help will need to master the basics ny’s value outside of a thick prospec- time to communicate regularly with networking sites, which is likely to on their own. tus filled with legalese. To sign up for Crain’s those investors, using digital tools on attract a wider pool of wealthy peo- Jeff Corbin, chief executive of “If I go to a company’s website SMALL BUSINESS newsletter, go to SeedInvest, the New York-based ple with money to invest. KCSA Strategic Communications and see tons of information about its www.crainsnewyork.com/smallbiz. crowdfunding platform he used, and Meanwhile, the SEC is consid- in Manhattan and author of Investor customers, case studies, video—

August 12, 2013 | Crain’s New York Business | 7 BUSINESS $584K Median CFO salary in 2012, up 2.8% from a year earlier PEOPLE Source: Compensation Advisory Partners

EXECUTIVE MOVES PUSHING BOUNDARIES: International House: Chef Alex Stupak proved naysayers wrong when he Calvin Sims, 49, broke new ground with an joined the nonprofit upscale Mexican joint, whose as president and name means “push.” chief executive. He was previously a program officer at the Ford Foundation. Hanover Street Capital: Lee J. Siracuse, 45, joined the financial services firm as vice president and senior asset manager in its NPL asset management group. He was previously a director in the credit-risk management group at the Hypo Real Estate Capital Corp. Cigna Corp.: Scott Evelyn, 50, was promoted to president and general manager for the tristate area at the health insurance company. He was previously president and general manager for Florida. Friedman: Laura Kucera, 38, joined the accounting firm as chief marketing officer. She was previously marketing director, national financial services and capital markets, at Grant Thornton. AddThis: Scott Allan, 47, joined the social-media company as chief marketing officer, a newly created position. He was previously senior vice president, global marketing, at Rakuten LinkShare. Newtek Business Services: Thomas Harkins, 56, joined the business services provider as senior vice president and chief credit and risk buck ennis officer of Newtek Merchant Solutions. He was previously chief GOTHAM GIGS strategy officer at First Payment Services. PwC: Vin Colman, 53, was promoted to U.S. assurance leader at the professional services firm. He was previously East region vice chairman. Miles Everson, 49, was promoted to Turning up the heat U.S. advisory services leader. He was previously U.S. advisory financial services leader. Ackman-Ziff Real Alex Stupak brings ‘punk’ approach to Mexican food Estate Group: Marc Schulder, 39, joined After years of taming butter and flour, chef Alex million to open Empellón Taqueria.The 1,800- as managing director. He was ‘Everyone Stupak is wrangling ingredients with more bite: square-foot restaurant was profitable within two previously habanero peppers to green chorizo. ¶ “I approach weeks, an almost unheard-of feat. ¶ Mr. Stupak investment manager told me at Real Estate everything with a punk-rock mentality,” said Mr. fell in love with cooking as a child in Leominster, Capital Partners. no, I was Stupak. “I very much love provoking.” ¶ Mr. Mass., and grew up watching In Julia’s Kitchen. CBIZ MHM: Gary Rosen, 55, joined the Stupak, 33, shook up the culinary world in 2010 At 12, he talked his way into a dishwasher accounting firm as managing director. going to He was previously managing director when he left his post as head pastry chef at position at a local restaurant. ¶ “I wanted to wash at the Mercadien Group. acclaimed Lower East Side restaurant WD-50 to dishes because I would eventually have the honor Protiviti: Peter Grupe, 55, joined the fail’ business consulting and internal- open innovative Mexican eatery Empellón to peel potatoes,” he said. ¶ He worked in almost audit firm as director. He was Taqueria in the West Village. But getting every type of kitchen—Denny’s, local country previously a white-collar-crime specialist at the Federal Bureau of investors on board with the new concept wasn’t clubs—before attending the Culinary Institute of Investigation. easy. ¶ “Everyone told me no, I was going to fail,” America in Hyde Park, N.Y. He sliced and diced Two Trees Management Co.: Thomas Conoscenti, 32, joined the real estate said Mr. Stupak. “They said I was known for his way through top-rated kitchens, and served as company as director of commercial something, and once you’re known you can’t head pastry chef at Grant Achatz’s modernist leasing, a newly created position. He change.” ¶ As dinners with potential investors shrine, Alinea, in Chicago. ¶ Mr. Stupak is on a was previously executive director of planning and administration at the fell through, Mr. Stupak took a different tack. roll. He plans to finish his first cookbook, expand Downtown Brooklyn Partnership. Rather than prove that the numbers would work, from his current two restaurants to three, and American Friends Musée d’Orsay: Polly Lyman, 58, joined the nonprofit as he decided to talk passionately about his new eventually open the first three-Michelin-starred director of development, a newly idea.Two investors immediately put up $1.1 Mexican eatery. —laura lorenzetti created position. She was formerly

8 | Crain’s New York Business | August 12, 2013 director of annual giving at the United Nations International School. CORPORATE LADDER Mitchell Communications Group: Dipka Bhambhani, 37, joined the strategic BIT.LY DATA CHIEF TAKES ON ROLE AT ACCEL PARTNERS communications firm as director. She was previously a senior strategist at SCIENTIST EMERITUS sure seems like a made-up title. And it is, according to Hilary Mason, who last month exchanged her full- Hill+Knowlton. time role of chief scientist at Bit.ly for this more mythical moniker and a part-time role with the link-shortening website. She has Tracy Shea, 48, joined also started working part-time for investment firm Accel Partners as its data scientist in residence. as vice president, The unorthodox title and work arrangement leaves a lot of flexibility for the founder of HackNY. “This is the chance to work digital and social strategy. He was with smart entrepreneurs with really interesting data problems,” said Ms. Mason. “For example, taxi-hailing app Hailo: How does a taxi previously senior vice arrive at the right place and time? How do we spot fraudulent behavior?” president, digital, at The new title also affords Ms. Mason, 34, the ability to create new products and applications. She recently created Coyne PR. BookBookGoose.com, a website that generates book recommendations randomly, which Ms. Mason feels replicates the Burnham NY: Michael experience of brick-and-mortar book buying. Eventually, Ms. Mason will use the click-through data to guide the Skomsky, 54, was recommendations but does not want to lose the aspect of organic discovery. promoted to director of business “I want to augment human capability,” said Ms. Mason, a 2012 Crain’s 40 Under 40. “We have enough products that just throw development at the permit expediter/codes consultancy, a newly data at us. Our email and phone notifications are out of control. I want to give us the power over that data.” created position. He was previously —EVA SAVIANO buck ennis business development manager. URS Corp.: Jeffrey Rosenstein, 46, joined the engineering, construction and technical services firm as associate general counsel, a newly created position. He was previously a partner at Troutman Sanders. Avison Young: David Kranoff, 32, joined the real estate firm as senior vice president in its New York capital markets group. He was previously a vice president in Jones Lang LaSalle’s real estate investment banking group. Viewpointe: Sean Laurell, 41, was promoted to senior vice president of shared services at the consulting services firm. He was previously vice president of professional services and implementation. BankUnited: Michael Quigley, 50, joined as senior vice president, director of business banking. He was previously vice president at M&T Bank. Ron Austin, 41, joined as vice president, residential lending, for the tristate area. He was previously a loan officer at Real Estate Mortgage Network Inc. Stantec: Donna Walcavage, 66, joined the architecture firm as principal landscape architect. She was previously a landscape architect at AECOM. Tremor Video Inc.: Tim Ware, 46, joined the video advertising solutions company as vice president of mobile and connected TV sales. He was previously mobile and video sales director at The Wall Street Journal. HR&A Advisors Inc.: Kate Collignon, 39, was promoted to managing partner at the real estate firm. She was previously a principal. Shearman & Sterling: Claudius Sokenu, 45, joined the law firm as a partner in its anti-corruption/Foreign Corrupt Practices Act, securities enforcement and white-collar practices. He was previously a partner at Arnold and Porter. Sheppard Mullin Richter & Hampton: Ariel Yehezkel, 39, joined the law firm as a partner in its corporate practice group. He was previously a partner at Kirkland & Ellis. Phillips Nizer: Regina Faul, 50, joined the law firm as a partner in its labor and employment law practice. She was previously a partner at Rivkin Radler. Dentons: Andrew Schifrin, 48, joined the law firm as a partner. He was previously a partner at Dickstein Shapiro. Loeb & Loeb: Michael Grandis, 39, joined the law firm as a partner. He was previously a partner at Ingram Yuzek Gainen Carroll & Bertolotti. —eva saviano

EXECUTIVE PROMOTIONS The fastest way to get an announcement into Crain’s is to submit online. Fill out the form at www.crainsnewyork.com/section/ executive_moves. The Executive Moves column is also available online.

August 12, 2013 | Crain’s New York Business | 9 OPINION CRAIN’S NEW YORK BUSINESS

Double standard on ‘reform’ editor in chief Rance Crain publisher, vp Jill R. Kaplan NYPIRG and Citizens Union, have likewise railed against EDITORIAL n the wake of federal investigators busting New editor Glenn Coleman York legislators for allegedly taking bribes, so- the business community’s campaign contributions. But have managing editor Jeremy Smerd deputy managing editors Valerie Block, called good-government groups are using the these donations really created an uneven playing field? New Erik Ipsen corruption scandals to push a campaign-finance York is a heavily unionized, regulated and taxed state, and assistant managing editor Erik Engquist senior producer, news Elisabeth Butler Cordova reform agenda, even though one has nothing to regularly appears atop lists of the most difficult states in news producer Amanda Fung do with the other. Common Cause NY is which to do business. At most, campaign contributions have contributing editor Elaine Pofeldt columnists Greg David, Steve Hindy, Alair Townsend releasing fortnightly reports that accuse corporate kept businesses from being run off the field. crain’s health pulse editor Barbara Benson senior reporters Theresa Agovino, special interests of buying elected officials’ allegiance with Meanwhile, there is rarely a peep from good- Aaron Elstein, Lisa Fickenscher, Matthew Flamm, campaign contributions. The organization says it’s blaming government groups about the influence on elected officials Daniel Geiger, Adrianne Pasquarelli I reporters Chris Bragg, Matt Chaban, the system, not the businesses, although its press releases by labor unions and the organizations they fund. Andrew J. Hawkins appear to describe quid pro quo exchanges that would, in Apparently it’s fine for these special interests to lobby, web reporters/producers Ken M. Christensen, Nazish Dholakia fact, be illicit. pressure, threaten, art director Steven Krupinski Common Cause first went after the fracking industry, endorse and campaign deputy art director Carolyn McClain There’s rarely a staff photographer Buck Ennis which has been seeking to use upstate a modern drilling for elected officials, but copy desk chief Steve Noveck copy editor Thaddeus Rutkowski technique that has transformed natural-gas extraction peep about the not for businesses to data editor Suzanne Panara elsewhere. It was an odd initial target because the industry support the election of assistant data editor Emily Laermer influence of researcher Eva Saviano has failed for years to get New York state’s permission to pro-business interns Tessa Berenson, Irina Ivanova, candidates. What, pray Laura Lorenzetti, Shannon McMahon, drill a single well with the new method. Common Cause labor unions Elena Popina tell, is the difference? next fingered the city’s real estate industry, ignoring that ADVERTISING, MARKETING AND PRODUCTION this purportedly powerful lobby has failed for decades to Employers, unlike director of sales and marketing persuade legislators to return the city’s 1 million rent- unions, can’t round up Nancy Adler senior account managers Irene Bar-Am, regulated apartments to the free market. thousands of workers David Harkey, Jill Bottomley Kunkes, Courtney McCombs, Suzanne Wilson Cause of Action, a self-styled “government to staff phone banks and go door-to-door at election time. director of custom content Trish Henry accountability” group, got into the act last week, saying that What they can do is cut checks to help candidates who are sales coordinator Lauren Black newsletter product manager Alexis Sinclair Forest City Ratner executives donated to elected officials pro-business, or at least not wholly subservient to labor. To credit Todd J. Masura (313-446-6097) deny businesses that right would be to cede the field director of audience & content who supported their projects (the group might have noted partnership development Michael O’Connor that Forest City was recruited by government to build the entirely to their adversaries, who, by any number of senior marketing manager Catherine Schutten Barclays Center, a big hit in Brooklyn). Others, such as measures, are already winning. director of conferences & events Courtney Williams reprint sales manager Lauren Melesio production and pre-press director COMMENTS Simone Pryce CRAIN’S ONLINE POLL advertising production manager Suzanne Fleischman Wies ONLINE AND INTERACTIVE SERVICES senior web developer, interactive Bike share’s negative spin Chris Tumminello TO SUBSCRIBE: For print and digital subscriptions or customer DOWN CYCLE MODULAR: NOT ALL service, e-mail [email protected] IT’S STACKED UP TO BE or call 877-824-9379 (in the U.S. and Canada) or Re “Citi Bike: Success story or 313-446-0450 (all other locations). $3.00 a copy for media spin?” (online poll, Aug. Re “NY’s modular moment the print edition; or $99.95 one year, $179.95 two 1): Bike share appeals to the arrives” ( July 22): We should years, for print subscriptions with digital access. WHO’S TO BLAME IN THE minute part of the population make mention of Operation www.crainsnewyork.com/subscribe that uses it for only a part of Breakthrough, the prefab TO ADVERTISE: CBS VS. TIME WARNER the year, but it costs the city housing program promoted by Contact Nancy Adler at millions. It doesn’t help public George Romney, Housing and [email protected] or call 212-210-0278. CABLE BLACKOUT? www.crainsnewyork.com/advertise transportation, as most bikers Urban Development secretary FOR INFORMATION ON OUR EVENTS: CBS. The network is asking too much for do not own cars or wouldn’t use buck ennis from 1969 to 1973 (and, yes, programming available free over the air. their cars for the trips that they father of the most recent Contact Courtney Williams at [email protected] or 212-210-0257. TIME WARNER CABLE. It should restore CBS make on a bike. If anything, informed decision. It also Republican presidential www.crainsnewyork.com/events to customers’ screens while talks continue. public transportation loses fares cynically creates a Catch-22 by candidate). Having been when a bike is substituted for decreeing a huge expansion of president of American Motors, TO CONTACT THE NEWSROOM: WHO CARES? I can watch CBS shows online, mass transit.The bike stands video-lottery terminals if the Mr. Romney sought to bring 711 Third Ave., New York, NY 10017-4036 with an antenna or via satellite TV—or not at all. cost the city valuable parking amendment loses. factory efficiencies into the editorial phone: 212.210.0277 fax 212.210.0799 Date of poll: Aug. 5 spaces and revenue because A casino may temporarily construction industry. Nine Entire contents ©copyright 2013 Crain Communications Inc. 336 votes they displaced parking meters. bring increased economic factories were sponsored with All rights reserved. ®CityBusiness is a registered trademark —marty activity, but this is just money government support, and a of MCP Inc., used under license agreement. THE CASE AGAINST transferred from one party to number of owners, architects, CRAIN COMMUNICATIONS INC. BOARD OF DIRECTORS CASINOS IN NEW YORK another; it is not true economic contractors and even labor chairman Keith E. Crain development. While the bill unions joined in.There was president Rance Crain 32% I must express my dismay about states that a casino will not be enthusiasm, ingenuity and treasurer Mary Kay Crain 39% Cindi Crain a bill that puts to a public placed in Manhattan, there is financial backing, and when I referendum in November an no assurance that one will not visited one of the plants, I executive vp, operations William Morrow executive vp, director of strategic amendment to the state consti- be sited in the greater New thought that this was definitely operations Chris Crain tution legalizing up to seven York area in the next few years. a wave of the future. senior vp, group publisher Gloria Scoby 29% more casinos in the state.The —elizabeth shafer, j.d. Yet the experiment failed. vp/production, manufacturing David Kamis language of this bill is so vague Board member, Coalition Many construction projects do chief information officer Paul Dalpiaz that voters cannot make an Against Gambling in New York See COMMENTS on Page 12 founder G.D. Crain Jr. (1885-1973) chairman Mrs. G.D. Crain Jr. (1911-1996) secretary Merrilee Crain (1942-2012) FOR THIS WEEK’S QUESTIONS: CRAIN’S WELCOMES SUBMISSIONS to its opinion pages. Send letters to [email protected]. Send columns of 475 Go to www.crainsnewyork.com/poll to have your say. words or fewer to [email protected]. Please include the writer’s name, company, address and telephone number.

10 | Crain’s New York Business | August 12, 2013 STEVE HINDY America’s disturbing vide, people seem to find reasons to hate each other,just as they do in the Middle East.The tribes of America divide along issues such as gun own- polarization ership, abortion, gay rights, immi- gration and big government. There are religious conservatives or Tea or six years in the early ’80s, I was a Middle East Party conservatives on one side, and correspondent for the Associated Press, based in liberals on the other. There are Beirut and Cairo. I saw my share of bloody ethnic, voting blocs that will accept no compromise on their view of these religious and tribal conflict, of people who were issues. fighting mad. I think civil war is the ugliest mani- Maybe the problem of hu- festation of human nature.I thank the stars for the diversity and mankind is humans. Maybe this is F just the way people are, and we are tolerance of interracial and interreligious marriages in America. doomed, as Jesus is quoted as saying It worries me to see signs of tribalism in this country.White in the Book of Matthew, “to wars and rumors of wars” until the end of Republican suburbs surround mi- The New York Times recently noted time. I hope not. nority Democratic cities like De- that this seemed to ensure Republi- Well, at the very least, everyone troit, Newark, Camden, Hartford, can control of the House of Repre- should be aware that the gridlock in Bridgeport and Trenton. Blue states sentatives. Congressional delega- Washington that results from the and red states are sometimes com- tions in swing states like Wisconsin polarization of our political process pared to the divisions of the Civil and Michigan favored Republicans is merely a symptom of a much War. New York City is racially and even though Democratic voters deeper problem: the tribe mentality ethnically diverse but overwhelm- outnumber GOP voters in those of America. ingly Democratic. Some see this as states, both of which elected Presi- This means, as an example, that a natural clustering of like-minded dent Barack Obama. a small group of Republicans can people. That is true. Then we see a Supreme Court impede efforts to extend health care It seems to me that the political decision that goes against racial to all Americans, to mandate back- and judicial process in America is quotas in college admissions, mak- ground checks for gun buyers, and aggravating this polarization of our ing our university system less di- to enact immigration reform and society. verse, and the Voting Rights Act deal rationally with the millions of The redrawing of congressional gets gutted. illegal immigrants in our midst. districts, fundamentally a once-a- The political fallout is impor- I don’t think this is what the decade duty of the state legislatures, tant, but I think the real danger is Founding Fathers had in mind. It’s has resulted in politically pure Re- tribalism. frustrating, and it makes me mad. publican and Democratic districts. Even where there is no racial di- Let’s hope no one gets fighting mad.

The changes in midtown east Midtown east critics will complement the new office space rising on the far West Side and at the World Trade Center site. It is likely—and every New Yorker zone out on reality should hope—that all the space be- ing proposed will not even meet the demand. If it is too much for the ith the last major effort of the Bloomberg market, the engines of finance and administration headed for a showdown business services will have faltered so much that the city will have big- vote in the City Council by the end of No- ger problems than excess office vember, it is a good time to look at the fun- space. damentals of the plan to rezone the blocks Given the numbers, how can op- north of Grand Central. Actually, it is imperative to do so be- ponents honestly claim that mid- W town east will be transformed into cause opponents of the zoning changes proposed for midtown Shanghai or that the area around east have launched a campaign of hyperbole that bears no rela- Grand Central Terminal will be- come gridlocked? tionship to the plan or the rationale They can’t, but their claims are Crain’s annual Corporate Events and Holiday behind it. designed to further a long-term The basics begin with a fact: agenda. The loudest voices against Parties Guide provides our unique dual-audience Most New York office space is old the rezoning—the Municipal Art of meeting planners and executive decision- and rapidly becoming obsolete, es- Society, members of community makers with expert advice, tips and vendor pecially compared with rival corpo- boards,architect Robert A.M.Stern options when they are scheduling their end-of- rate centers like London and those and lately The New York Times— in the Far East. In the city’s mid- rarely give economic concerns pri- year meetings and holiday events. town east area, three-quarters of the ority. It’s as if they fear market To view the 2012 edition, please visit: crainsnewyork.com/2012CEHP buildings are more than a half- forces. So they seek to craft a plan century old. that gives them the ability to influ- The idea is to spur the construc- ence which buildings get built tion of new, modern, energy-effi- where, and they want a process that For advertising information, Issue Date: 9/9/13 cient and technologically advanced GREG DAVID delivers that. please contact Nancy Adler at Close Date: 8/22/13 office towers over the next two In practice, though, such an ef- (212) 210-0278 or decades (yes, over 20 years). At fort would leave the choice to the [email protected] most, a dozen new skyscrapers will feet of office space in midtown east City Council,where politics rules— be built, adding 4.5 million square and a quarter-million workers to- including campaign contributions, feet of office space and bringing day.All of midtown offers a little less lobbying clout and possible outright 16,000 new jobs to the neighbor- than 200 million square feet of corruption. It would be a disaster. hood. If that sounds like a lot, it is office space. The percentages—es- Upzoning midtown east is a not. The City Planning Commis- pecially the 6% increase in people— modest effort to meet a pressing sion says there are 70 million square puts all this into perspective. need. End of story.

August 12, 2013 | Crain’s New York Business | 11 20130812-NEWS--0012-NAT-CCI-CN_-- 8/8/2013 6:53 PM Page 1

OPINION

FROM THE GROUND UP: Ground-lease arrangements helped the city promote LEONARD GRUNSTEIN development in such areas as Roosevelt Island. ular,ground-leased properties such as Sell city assets those owned by public authorities and corporations. It’s not hard to see why: Real es- tate is a safe place to store wealth and to ease fiscal woes earns a better return than the T-bond.The market views the rental payments under the ground leases as hile the fiscal challenges awaiting New a fully secured priority payment York’s next mayor have been well docu- stream,enabling the city to monetize mented,ideas for solving them have been in them in a way that could yield values of at least 20 times the gross amount short supply.The most-discussed prescrip- they receive annually as rent. tions entail raising taxes, cutting services or These leases are the equivalent of some combination thereof. But one idea that has not yet been very high-quality long-term bonds, W because the high-rise buildings and buck ennis considered is tapping the city’s vast real estate holdings—a move other improvements that are made that could generate billions in ongoing revenue that would to the land secure the rental pay- ceived by the Battery Park City Au- worth at least $300 million and po- ments under them.Thus, if the ten- thority from the ground lessees tentially much more if the city per- otherwise only materialize through other perks, such as profit-sharing ant defaults in paying the rent under could conservatively yield almost $4 mits development on the land. painful tax hikes or spending cuts. arrangements that covered the costs the ground lease, it risks all of its in- billion in net proceeds after paying Remember, these are not city In the past, the city worked with of those tax incentives. vestment in those buildings as well off the bonds—and conceivably parks or government buildings. such public entities as the Battery In these ground-lease arrange- as those of its leasehold mortgage much more. These are for-profit developments Park City Authority, the 42nd ments, tenants are given control of lenders. There are several other stand- that once upon a time needed gov- Street Development Corp., the the land for long periods of time in As such, these ground leases are alone ground-leased developments ernment help to get done.The gov- Roosevelt Island Operating Corp. exchange for developing and im- extraordinarily valuable and can po- that are on land beneficially owned by ernment’s role is now over, and, for and the old Urban Development proving the properties.At the end of tentially yield substantial sums of the city.These properties include the the most part, was extraordinarily Corp. (now the Empire State De- the lease, subject to the exercise of money that can satisfy the city’s im- Grand Hyatt Hotel, adjacent to successful. velopment Corp.) to sponsor the any purchase option, control of the mediate and longer-term budget Grand Central Terminal, as well as The moment is ripe for the city to for-profit development of these and land reverts back to the city. These priorities. other large-scale developments along start monetizing some of these hid- other tracts of land. This was done arrangements enabled the city to In addition, many existing West 42nd Street in the Times den real estate assets. This kind of at a time when the private sector promote development in areas like ground lessees, such as co-op and Square area that are now home to taxpayer windfall would have a dra- needed a push to build on them. Battery Park City, Times Square condominium building owners or high-rise office towers and a hotel. matic impact on the city’s finances— Developing these areas was and Roosevelt Island that were once the owners of premier properties According to its 2011 financial not just with regard to containing made possible through the use of so- barren or in need of redevelopment. like the World Financial Center, report,the New York City Econom- the city’s looming debt crisis but also called ground leases, in which the Those three areas are now thriving. might wish to buy fee title, which ic Development Corp. earned about for making investments in educa- public authorities and corporations The value of this land is signifi- would give them absolute owner- $172.4 million in rent from projects tion,housing and other areas that are retained title to the land and were cant, especially in prime Manhattan ship over the property. The low- like MetroTech and the former Al- needed to secure its future. exempt from paying real estate,sales locations like Battery Park City. interest-rate environment would al- bee Square Mall (now City Point) in It’s time to cash in some chips. and use taxes (a status they continue Whether it is because of the declin- most certainly encourage such Brooklyn and the 42nd Street rede- to enjoy today). This special tax ing value of the euro, the United purchases, and the Federal Reserve velopment, which means that these Leonard Grunstein is an expert in real treatment enabled them to provide States’ relative financial stability or seems poised to keep these rates properties could return more than estate finance who worked on the original incentives to spur development. In low interest rates, there is substantial down for the foreseeable future. $3 billion in revenue.The Brooklyn ground-lease deal for Battery Park City exchange, they received ground global demand for investment in All this means that the approxi- Army Terminal, a 3 million-square- as well as on other public-private projects. rent, payments in lieu of taxes and Manhattan real estate and, in partic- mately $248 million of net rents re- foot complex on 97 acres, is likely in the city.

COMMENTS At the Council of Urban together with educators to improve CRAIN’S READERS WEIGH IN ON WEINER Professionals we help match women family engagement, develop the Continued from Page 10 and professionals of color with leadership capacity of principals ANTHONY WEINER’S political comeback has been the talk (and tweet) of the town not proceed smoothly.They falter board memberships. We’ve learned and maximize existing school because of suddenly weakened after more than 100 placements that infrastructure to improve learning. since recent revelations that he continued to sext various women after he resigned financial backing, technical a diverse board helps institutions There’s an unparalleled wealth in disgrace from Congress. In Crain’s online polls, readers have eagerly registered complications, community align with the communities they of skills, talent and passion in our their views on the mayoral candidate’s tribulations. conflicts, weather, accidents, labor serve while promoting new leaders city’s businesses.They represent an July 24 July 29 unrest and, in general, the who bring access to new networks untapped resource that all of us— Should Who is the biggest beneficiary of unforeseen. A factory with a and donors, and offer fresh schools, business, nonprofits and Anthony Anthony Weiner’s problems? sudden accumulation of enormous perspectives on old problems. policymakers alike—should Weiner Republicans. (45%) manufactured components that it quit the —chloe drew channel to help our schools. His Democratic cannot ship on schedule is a factory Executive director —michael haberman mayor’s opponents. (35%) that is doomed. A large number of Council of Urban Professionals President race? people learned the hard way that PENCIL Yes. (58%) The media. (14%) creating buildings is very different LINKING BIZ AND EDUCATION No. (42%) Eliot Spitzer. (5%) from manufacturing cars. Junior Achievement works with 1,240 votes Someone —samuel c. florman Re “Businesses get call to help more than 200 schools throughout else. (1%) Chairman, Kreisler Borg Florman black students” ( July 29): It’s New York City and Long Island— July 25 381 votes General Construction Co. more important than ever for institutions like the Eagle Academy Is Huma Abedin business to engage with schools in and others that serve high-needs right to remain DIVERSIFYING BOARDS a meaningful way. It’s why students—to make a real-world loyal to husband PENCIL exists—to bring together connection between school and Aug. 6 Anthony Weiner? Whom would you kick off the island Reading “So many nonprofits, so business and education skills to future success. Each year, nearly Yes. (7%) of Manhattan: A-Rod, Anthony Weiner few board members” (Crains improve school and student 4,000 professionals from Fortune No. (40%) or Eliot Spitzer? NewYork.com), I was struck by performance. 500 companies and new-economy how often we hear a similar refrain Eagle Academy for Young enterprises alike volunteer their None of my business. Anthony from corporations and nonprofits Men and P-TECH are great time, energy and expertise to (53%) Weiner. we work with: They too cannot find examples of effective school- impart lessons on financial literacy, 384 votes (59%) board members, especially among business collaboration.Through entrepreneurship, and college and A-Rod. women and professionals of color. PENCIL, businesses are working career readiness to more than (21%) Often, we assemble boards from with more than 300 schools across 65,000 K-12 kids. We are right the limited circles of our networks. the city to create positive change. now recruiting next year’s mentors, Eliot The result? Not much diversity. A I encourage business leaders to and welcome any new companies Spitzer. study by the Urban Institute found think broadly about how to engage that would like to participate. (20%) that, on average, people of color schools and students. College and —joseph a. peri 378 votes hold one in seven nonprofit board career readiness is just one facet of President

seats. it. We help bring businesses Junior Achievement of New York newscom

12 | Crain’s New York Business | August 12, 2013 Let your thumbs decide.

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arranged the deal for Mr. Dworman In its most recent deal, CityMD BARE BONES in partnership with Mark Mandell, agreed to lease a 3,500-square-foot Property tycoon a broker at Cushman. storefront, along with a 1,500- A brokerage team from New- square-foot mezzanine and a 2,000- mark Grubb Knight Frank, led by square-foot basement, at 2398 Broad- Newmark’s New York area presi- way at West 88th Street. expands office dent, David Falk, and broker Peter “We pick neighborhoods with Shimkin, represented Somerset easy access, and being a ground- lvin Dworman, a real estate magnate whose portfolio stretches Partners in the transaction. Messrs. floor business made sense to us,” from New York to San Francisco, has upgraded his Manhattan Falk and Shimkin and their group said Dr. Nedal Shami, chief operat- headquarters. handle leasing at the property. ing officer for CityMD. “There’s Mr. Dworman’s company, the ADCO Group, is taking the Mr.Mosler has a long history with more visibility, and it makes it easi- entire third floor at 450 Park Ave. The firm will occupy a 10,800- Mr. Dworman. The mogul gave Mr. er for patients to get to us.” Asquare-foot space for which asking rents are more than $100 per square Mosler an early career break in the Since opening its first outpost foot—among the priciest in the city for such a low floor. late 1980s when he hired him to help three years ago on the Upper East ADCO will sublease the space for two and a half years from the current reposition San Francisco’s Western Side at 86th Street, CityMD has tenant, Falconhead Capital, then occupy it for three and a half years beyond Merchandise Mart into office space grown to an eight-office chain. At 60 E. 42ND ST. that in a deal that will kick in with the building’s landlord,Somerset Partners. that would cater to mainstream ten- the new Broadway location,the ask- ASKING RENT; TERM: $59 per “This is an office that reflects the fact that Alvin Dworman still has a very ants.“Alvin has always been a mentor ing rent was $250 per square foot. square foot; 10.5 years active business and a substantial presence in the real estate industry,” said to me,” Mr. Mosler said. The deal was brokered by Newmark SQUARE FEET: 12,700 Bruce Mosler, Cushman & Wakefield’s chairman of global brokerage, who —daniel geiger Grubb Knight Frank directly with TENANT; REPS: Hafetz Necheles & the building’s owner, BLDG Man- Rocco; William Cohen and Ryan Kass agement. The new tenant hopes to of Newmark Grubb Knight Frank Dutch retailer Rafe Evans, the Walker Malloy & Dolch of Lansco Corp. represented move in by the end of the year. LANDLORD; REPS: Malkin Holdings; Co. broker who represented the Rituals in negotiations. Dr. Shami said that CityMD’s Mr. Cohen and Mr. Kass lands on Columbus landlord, Park 101 Co. —adrianne pasquarelli ambition is to bridge the gap be- BACK STORY: The litigation law firm Rituals replaces Medici, a mid- tween hospital emergency rooms will take the entire 36th floor at 1 A new cosmetics company is priced shoe store that had been on and primary-care doctors by provid- Grand Central Place. opening its first U.S. location on Columbus Avenue for 20 years but Medical chain ing extended hours and last-minute Columbus Avenue. Rituals, an was priced out. The strip is attract- inks lease access to board-certified physicians where there is a need based on where Amsterdam-based high-end beauty ing a growing number of upscale within neighborhoods. patients live.” store, has signed a 10-year deal for tenants. Korean designer Boyoung CityMD, a Manhattan-based “Unlike other retailers, they have CityMD recently leased its first 1,100 square feet at 420 Columbus Kim just signed on for her first store urgent-care provider, is bucking the information on where their patients outer-borough location in Bay Ave. The asking rent was in the low at 410 Columbus Ave. Fashion longtime medical practice of leasing are coming from,” said Benjamin Ridge, Brooklyn. The company has to mid-$200s per square foot. brand Kate Spade is also opening a space on buildings’ upper floors in Birnbaum, retail managing director plans to add up to 15 locations in the “The space gets a healthy mix of store on the corridor. favor of unfurling its flag at ground- with Newmark Grubb Knight next year. tourists and residential traffic,” said Robin Abrams and Howard floor retail locations as it expands. Frank. “The company can deduce —laura lorenzetti

14 | Crain’s New York Business | August 12, 2013

IN THE BOROUGHS QUEENS

co-op or Trees wreak havoc on sidewalks house of reli- gious wor- Continued from Page 3 on the sidewalk issue and transfer As for the obvious solution of ship. The bill ties in the interim. taxes are being placed on home doing the work themselves, it can was passed The problem faced by Ms. Ste- sales, and that it can often take a be difficult: DIY-minded home- out of com- fanidis and her neighbors is that the long time to get basic city services, owners are required to get city ap- mittee with city Department of Transportation such as hav- proval and a permit for such work. bipartisan issues the liens, but actually ad- ing over- And even then, the city can find support but dressing the problem is up to the 240K grown trees that the work was done improperly failed to Parks Department. That’s the arm TREES in Queens as clipped. and keep the lien on the property. ANNA STEFANIDIS was hit reach the of City Hall responsible for the of 2006 census, 41% In the case with a violation and a lien floor before sidewalk repairs, but unfortunately of city’s total of the liens, More liability forfor crackscracks inin herher sidewalk.sidewalk. the Senate

it is chronically short of funds for the com- In addition, some homeowners buck ennis adjourned in such work. As a result, filling in the plaint is that fear that if they don’t get the city June for the cracks in Queens or anywhere else $2,250 they show up sidewalks fixed,they will be sued by Hall to step up is Queens state Sen. fiscal year. In the meantime, the is- can take months or even years,leav- ESTIMATED average in any title anyone who trips and is injured as a Tony Avella. In late June, he held a sue is only growing in his district. ing homeowners caught in the cost of sidewalk search. That result of the cracks. press conference to protest what he “It’s very widespread,” Mr. middle. repair effectively “This has been an issue for a said was the city’s passing the buck Avella said.“The city is basically re- forces home- number of people in the area,” said to homeowners. lying on the homeowner to fix the Government out of control owners hop- Ms.Stefanidis.“If it’s the city’s prop- “This is a bureaucratic process city’s problem.” The sidewalk question is just $380M ing to sell erty, [it] should be the one to fix it.” that’s broken,” Mr. Avella said. Be Others point the finger of blame another reason why many local NYC PARKS their proper- A Parks Department spokes- that as it may,he said he has yet not elsewhere. The community board’s homeowners feel so frustrated in DEPARTMENT’s ty to either man said that it makes all repairs in heard back from the city since the Mr. Iannece faults local officials for dealing with city bureaucracy, ac- annual budget pay to have the order of their severity.The De- press conference about fixing the failing to unite to force the city to cording to Jerry Iannece, chairman Sources: Parks Department, the damage partment of Transportation has problem. change its policy. Among them is of Community Board 11 in north- Fixr.com fixed, or put maintained that property owners In January, Mr. Avella intro- northeast Queens’city councilman, east Queens. money in es- are the primary parties responsible duced a bill that would require the Daniel Halloran. His effectiveness “This is really just one example crow prior to closing a sale to com- for maintaining the sidewalks next city to repair any sidewalk damaged in the council has been hampered of government run amok,” he said. pensate the buyer for any future re- to their homes. by a tree under its exclusive care,not by his pending trial for bribery in He notes that people are being hit pair cost. One person who wants City just for homes but also for a condo, federal court. Ⅲ

where area youths can learn about lo- FROM cal plants and green-roof technology. AROUND —irina ivanova THE CITY STATEN ISLAND Owners aim for 15 minutes of fame Staten Island business owners are getting a shot at their 15 minutes of fame. After four years of producing a show for the borough’s local Com- munity Television network, Alex Porto,director of Staten Island Eco- nomic Development Corp.’s mem- BRONX bership and outreach, decided it was time to go wider with the message. Green group plants “We wanted to transition to seeds of savings YouTube because we can reach a younger audience,” said Ms. Porto. A Hunts Point nonprofit that advo- To date, SIEDC has produced cates for improvements in the local four webisodes for the site.The first environment is practicing what it was released July 9. Called “Beyond preaches in a most visible way. Last the Ferry,” the series profiles stand- month, the Point Community De- out businesses.It is designed to pro- velopment Corp. turned its own mote corporate networking and at roof green. the same time draw more people to The building is now topped with the island to visit or even to live. 7,500 square feet of sedum, a low- “A lot of younger people can no growing, low-maintenance, flower- longer afford Manhattan or other ing succulent. expensive areas, and we’re offering a “These plants are very well more affordable option,” said Ms. adapted to that environment,” said Porto. Amy Falder,a principal at New York So far, that broader audience is Green Roofs, which installed the only a theory. An episode posted on system. “In a summer drought they YouTube in early July had garnered can just go dormant, and then when a mere 110 views by the month’s end. it rains they can regenerate.” But Chrissy Mazzola, president of The green cover boasts two big local printing company North benefits: reducing water runoff dur- American D.F.,and host of the “Be- ing rainstorms, and reducing the yond the Ferry” spots, reports that nonprofit’s energy bill. A green roof she’s received inquiries from more can cut summer energy costs by up than a dozen businesspeople around to 30%, said Ms. Falder. the city asking her for more informa- “With nonprofits, people will tion on the highlighted companies. give you grants to run programming “Some of the information might and everything else, but nobody not be for the average everyday New wants to give you a grant to pay your Yorker,but it’s good for the business Con Ed bill,” said Maria Torres, community,” said Ms. Mazzola. president of the Point CDC. The second episode will be post- The group plans to use a small ed in early September. roof next door as a “teaching roof,” —laura lorenzetti

16 | Crain’s New York Business | August 12, 2013 BUSINESS OF SPORTS INSIDE The List New York area’s professional sports teams PAGE 19 ‘We hope to do something never done before at this size and scope’ REPORT —Mary Pat Augenthaler, the NFL’s vice president of events, Page 18 Pro soccer gains NYC foothold With two area teams about $300 on tickets to a Red Bulls game and a four-pack of tickets to and a third coming, the New York Cosmos, a team that began play this month at Hofstra leagues are banking University. He also bought a Cos- on city’s fan base mos jersey and jacket. And in 2015, should the newest team, the New York City Football Club, play in a BY HILARY JOHNSON stadium close to his home in Rego Park, Queens, so much the better, Raymond Kimmelman-DeVries is Mr. Kimmelman-DeVries said. one of soccer’s newest fans, and “I have to figure out where I’m among its most enthusiastic. going to go,” he said. “But it’s great The 37-year-old construction to be part of New York City soccer manager turned to right from the start.” the sport in March IF THEY Mr. Kimmelman- after getting “fed up,” DeVries is just the he said, with base- BUILD IT... type of soccer fan ball’s slow pace and New York Red Bulls whom the organiza- lengthy games. Soc- Red Bull Arena tions behind the cer’s athleticism, 90- Opened: 2010 teams, Major League minute matches and Cost: $200 million Soccer and Cosmos international vibe Capacity: 25,000 co-owners Seamus “caught me in a way O’Brien and Sela that something hasn’t New York City FC Sport, are hoping to caught me in a while,” Estimated cost of attract. They are bet- Mr. Kimmelman- proposed stadium: ting big, given soccer’s DeVries said. $340 million current also-ran place The only question Capacity: 25,000 in the pantheon of is which New York- New York Cosmos U.S. sports, not to area soccer team, Estimated cost of mention the headache among two con- proposed stadium: of building stadiums. tenders,and soon to be $400 million But they’re hoping three, he will support. Capacity: 25,000 that the city has

So far, he has spent Sources: MLS, New York Cosmos See SOCCER on Page 18 istockphoto Marketers eye big score from Super Bowl parties

the chance of a windfall in publicity dollars are being spent. have to adapt events designed for Event planners step up their game as and sponsorship dollars. New York is also the capital of the likes of Florida and Texas to the businesses look to sponsorship windfall “Nothing is bigger than New high rollers; having the densest urban environ- York,” said Ben Madden, president National Football League $600M ment in the country. and crowds of New York. of Maxim, the once-mighty young championship game on SUPER BOWL’s DirecTV, for instance, BY MATTHEW FLAMM Organizers of perennials like men’s magazine that garners signif- their turf means a bigger expected needed a location that DirecTV’s Celebrity Beach Bowl icant ad revenue from its signature crowd looking to get past economic benefit could hold an 88,000- Players and fans are not the only and the Maxim Super Bowl Party annual event. “We’ll have to take it the velvet ropes. As a re- to the New York square-foot tent, be ac- ones who will experience something say they have started their prepara- up to another level in terms of the sult, Mr. Madden expects metro area cessible to trucks bring- new in the Meadowlands next Feb- tions at least six months earlier than kind of party we throw.” there to be more events ing in 1 million pounds of ruary when the Super Bowl is held usual, partly to deal with logistical Adding to the pressure is compe- during the week leading up to Sun- sand and be convenient for celebri- for the first time in an open stadium challenges unique to the city. But tition from Manhattan’s formidable day’s game—rather than just the ties taking part in Beach Bowl or in a cold-weather region. Party placing the biggest marketing event nightlife scene, as well as the pres- traditional Friday- and Saturday- Super Saturday Night, when the planners will also be performing of the year in the media and adver- ence of so many top advertising and night spectaculars—and more tent turns into a nightclub. feats of endurance as they attempt to tising capital has also raised the bar marketing executives, who will be postgame parties. The satellite-TV giant chose work their magic amid the traffic for performance—while offering able to check out firsthand how their At the same time, organizers See SUPER BOWL on Page 18

August 12, 2013 | Crain’s New York Business | 17 REPORT BUSINESS OF SPORTS

after the U.S. qualified for the World Cup for the first time since 1950 (it has now qualified six times Soccer grabs city foothold in a row), and two years after the country hosted the World Cup for Continued from Page 17 soccer culture. We’re convinced Originally, the team seemed set on the first time. The league has now enough fans in waiting to make it we’re going to be able to capture that Flushing Meadows, as fans like Mr. grown to encompass 19 teams, 14 worthwhile. in the New York City market.” Kimmelman-DeVries still hope, soccer-specific stadiums, and aver- A city with a population of more For its part, the New York Cos- but now other possibilities are open, age attendance of more than 18,000 than 8 million, including soccer- mos, as part of the second-tier and it may in fact end up in the per game last year, third after foot- hungry immigrants, gives MLS North American Soccer League,are Bronx.In the short term,it may play ball and baseball,according to MLS Commissioner Don Garber,for one, hoping that a less restrictive owner- at Yankee Stadium. statistics. Of course, most teams are confidence in the prospects of the ship structure (as opposed to MLS, still not selling out seats, except in a New York City Football Club, the which controls much of its teams’ ‘Tough act to follow’ few markets such as the Pacific league’s 20th team, co-owned and business) will help it capitalize on The Cosmos hope to build a Northwest and Kansas City. operated by the New York Yankees the storied history of its predecessor stadium in Elmont, L.I., closer to But perhaps new stadiums and and England’s Manchester City. of the same name, which brought the city than its current home at teams in New York City will prove “We have great faith in the New the legendary Pelé to New York and Hofstra University. to be just what’s needed. York market,” Mr. Garber said.“We sold out Giants Stadium in 1977. Jeff L’Hote, founder of LFC In- Regardless, the fact that there believe so many of these people are “We feel that we can help that ternational, a soccer-focused man- will soon be three pro teams reflects soccer fans. We really need more league grow and be as good as or bet- agement consultancy in New York, “extraordinary progress” for the than just one team to capture their ter than MLS,”said Erik Stover,the says the importance of good and game overall, says Sunil Gulati, buck ennis attention.” Cosmos’chief operating officer.“Or well-placed stadiums for teams can- GOAL: Commissioner Don Garber says there’s president of the U.S. Soccer Feder- Mr.Garber added that rather than at the very least be a competitive not be overstated. room for more than one team in the area. ation,the governing body for all soc- cannibalizing fans from the existing league.” Taking into account the Red cer play in the country.Mr. Gulati is Harrison, N.J.-based Red Bulls, the One major investment that both Bulls’ solid and attractive, though also the highest-ranking U.S. offi- rivalry between the two area MLS the New York City Football Club somewhat underfilled, stadium in nationwide, along with a consistent cial in the Fédération Internationale teams will be good for business. and the Cosmos will need to make Harrison, Mr. L’Hote added, “The men’s national team, which just re- de Football Association, and a sen- is in new stadiums, considered by Cosmos and NYCFC have a tough cently won the Gold Cup (a compe- ior lecturer on sports economics at Planting rivalries many as key to developing fans and act to follow. These real brick-and- tition between national teams in Columbia University. “It allows neighborhoods of peo- steady revenue.They will be soccer- mortar stadiums say that the team is North and Central America and the “It says a lot about the growing ple to come together and pound their specific, and built to accommodate here to stay. It will be important for Caribbean) and a No. 1 worldwide movement of soccer generally, and chest and believe they’re better than about 25,000. the Cosmos and for NYCFC.” women’s national team and a new certainly in the city,” Mr. Gulati people across the street,”he said.“It’s Where the NYCFC will play is a Major League Soccer has done women’s professional league. said.“It says a lot about the health of even more a part of our culture, of closely followed and open question. much to drive the growth of soccer MLS formed in 1996, six years the sport.” Ⅲ

contend with the weather. Fox Super Bowl-intensive program- Super Bowl party planners Sports, which will be producing ming.) the Super Bowl telecast, is design- And the NFL will celebrate ing sets for Times Square that can winter with a “Super Bowl Boule- open to the outdoors on a balmy vard” running up Broadway that in- Continued from Page 17 But some economists warn that vertising agencies are based in New day but stay closed and heated cludes a 58-foot-high, 180-foot- Pier 40 on the Hudson River, where the benefits for the local economy York, we can bring a print rep and a against the cold, according to Co- long toboggan run. VIPs will be brought by yacht, and may be smaller than advertised. digital rep to a meeting and really ordinating Producer David Neal. “We hope to do something never materials trucked in between mid- “There’s no doubt that hotels will start that conversation.” (The company will be promoting done before at this size and scope,” night and 6 a.m. The Los Angeles- be full and they’ll be raising rates two Despite all the advantages of the big game and new ESPN com- said Mary Pat Augenthaler, the based company, which headquarters to three times regular prices,but they New York, organizers still must petitor Fox Sports 1 with a week of NFL’s vice president of events. Ⅲ its advertising and marketing muscle won’t be raising wages,” noted Vic- in New York, will give the tent a 10- tor Matheson, a professor of eco- foot firewall made from steel beams nomics of the College of the Holy covered with fire-retardant plywood Cross in Worcester, Mass., who has GETTING PAST THE RED TAPE and rendered by an artist to resemble written on the impact of sporting FINDING A SUPER BOWL party location the Manhattan skyline. events on host cities. That money in Manhattan that could hold an “goes back to corporate headquar- 88,000-square-foot tent sounds Gains expected ters, wherever that is, and to share- difficult enough. But that was nothing “We’ve got a waiting list for holders spread around the world.” compared with getting the city permits sponsors that’s the longest we’ve had He added that other spending figured out. by far,”said Paul Guyardo,chief rev- gets crowded out—that is,locals who Fortunately for DirecTV—which will enue and marketing officer at spend money on Super Bowl events use the tent for two events the day DirecTV, which launched Beach won’t be buying theater tickets, for before the Feb. 2, 2014, game—the Bowl in 2007 and added its night- example.Still,Mr.Matheson expects Bloomberg administration in recent time gala in 2011. gains for the likes of caterers and limo years has created a centralized drivers. And there may be many, less database aimed at enhancing ‘We’ve got a directly measurable benefits. coordination between city agencies “You’re going to have a lot of peo- and speeding up the permit UNDER COVER: A rendering of ple extend their trip and conduct ad- how the tent at Pier 40 will look process. waiting list for ditional business with clients,” said directv David Carter,a principal at consult- “In New York, there are a lot of rules, sponsors that’s ing firm Sports Business Group. regulations and codes,” said Cristin Burtis, executive director of the Office of Citywide Event Coordination and “The Super Bowl provides a back- Management. For DirecTV, it was “really beneficial to have the ability to know what permits were needed in real time so the longest drop to business development.” they could work that out.” For ESPN the Magazine, which It’s also fortunate for event organizers that while next year’s Super Bowl will be the first ever held in the metropolitan we’ve had by far’ hosts a yearly gala tied to its annual area, New York City gets plenty of practice putting on major events, starting every Dec. 31 in Times Square. “Next” issue, 2014 will be a chance Still, New Year’s Eve is probably less of a logistical challenge than the NFL’s Super Bowl Boulevard, which will stretch to integrate online and television up Broadway from West 34th Street to West 44th Street for four days starting Jan. 29. advertising into the party sponsor- “There was a lot of multiple agency coordination, from the Department of Transportation to the Police Department, to ships for the first time. sanitation, to community affairs, to the Department of Buildings, to transit,” Ms. Burtis said. “The effort has been monumental.” Other businesses in New York ‘Move the needle’ In exchange for its efforts, the city is banking on an economic boost in a typically slow time of year for tourism should also do well. A study com- “Our goal is to move the needle and on the kind of international exposure money can’t buy. The Bloomberg administration is also looking to spread the missioned by East Rutherford’s more toward multimedia, and since wealth of events around the city, whether through restaurant promotions, special viewing parties or transportation New Meadowlands (now MetLife) we’re in New York we’ll have an op- programs to and from Super Bowl Boulevard. Stadium in 2010 as part of its Super portunity to do that,” said Lauren “The game is in New Jersey, and a lot of the excitement and energy is going to be in New York City, and our mandate is to Bowl bid estimated that holding the Robinson, event marketing manag- see that it’s not just in Manhattan but all five boroughs,” said George Fertitta, chief executive of NYC & Company, the city’s big game here would provide a boost er at ESPN, which will mark 10 marketing and tourism arm. “We’ve been meeting with the borough presidents [to develop] ideas.” —MATTHEW FLAMM of between $500 million and $600 years of Super Bowl parties with its million to the region. 2014 event.“Because a lot of our ad-

18 | Crain’s New York Business | August 12, 2013 COMING SEPT. 9: THE NY Area’s Professional Sports Teams Top women-owned businesses LIST Ranked by 2012 attendance THE SCOOP TRENDS HEAVY HITTERS New York’s top-paid athletes* he New York Giants and Jets (Nos. 5 and 6 on the list) may com- MOST VALUABLE LOCAL SPORTS TEAMS pete vigorously for the hearts and minds of local football fans, but in at least one case they are united against a common foe: the devel- Value (in billions) oper who is trying to revive plans to build a shopping and entertain- Yankees ment complex once known as Xanadu. TThe teams, which had combined attendance of nearly 1.3 million in 2012, $2.3 have been locked in litigation with the developer, a Canada-based outfit called Triple Five Group. The company plans to build an amusement park and water park, along with what is billed as the world’s largest shopping mall, next to Giants MetLife Stadium in the Meadowlands. The teams contended in a lawsuit filed last year that the amusement and wa- $1.5 $30.3M $28.0M $27.0M ter park would “create more traffic congestion, reduce parking availability, im- Alex Rodriguez Carmelo Anthony Amar’e Stoudemire pair ingress/egress,increase competition for patronage at MetLife Stadium,and New York Yankees New York Knicks New York Knicks undermine plaintiffs’ goodwill with their patrons and their ability to sell or re- Jets new seats,” according to a ruling from a New Jersey judge dismissing the case. But the teams tried again in May with a new lawsuit. $1.3 Not to be outdone, Triple Five last month brought its own suit against the teams and promises to move ahead with construction of the entertainment com- plex and mall now that the New Jersey Sports & Exposition Authority has Knicks signed off on the development, renamed American Dream. The project could give the Meadowlands complex a much-needed jolt, $1.1 given that the New Jersey Devils and Nets have left the area for Newark and Brooklyn, respectively. Although the state picked developers back in 2003,the massive construction Mets site has been mostly quiet since the financial crisis. $25.5M $25.4M $23.6M The Giants,Jets and their legal teams are next scheduled to square off against $0.8 Johan Santana Derek Jeter C.C. Sabathia Triple Five at an Aug. 23 court hearing, according to NorthJersey.com. New York Mets New York Yankees New York Yankees —aaron elstein Source: Forbes *Total annual pay Source: Forbes

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August 12, 2013 | Crain’s New York Business | 19 FOR THE RECORD

Filed for Chapter 7 bankruptcy protec- relocate from its former offices at 1251 STOCK TRANSACTIONS tion on July 16.The filing cites estimated Sixth Ave. The tenant was represented ABOUT THIS SECTION liabilities of $1,000,001 to $10 million by Junji Miyake and Mariyon Robertson Following are recent insider transactions at FOR THE RECORD is a weekly listing of information from the public record that and estimated assets of $0 to $50,000. of Cassidy Turley.The landlord, ATCO New York’s largest publicly held companies can help businesspeople in the New York area find opportunities, potential Properties & Management, was filed with the Securities and Exchange represented by Hunter Berman and Commission by executives and major new clients and updates on competitors. GOVERNMENT CONTRACT Arthur Draznin of Newmark Grubb shareholders. Listings are in order of To ask questions or get more information on this section, contact Crain’s OPPORTUNITIES Knight Frank. The asking rent was $52 transaction value.The information was research department at [email protected]. per square foot. obtained from Thomson Reuters. Following are selected contract opportunities recently announced by New ● The Greater New York Hospital ● JPMorgan Chase & Co. (JPM) York City agencies.To learn how to sell Association signed a lease for 7,300 Marianne Lake, chief financial officer NEW IN TOWN Filed for Chapter 7 bankruptcy goods and services to city government, visit square feet at 555 W. 57th St. The New and executive vice president, exercised protection on July 23.The filing cites www.nyc.gov/selltonyc. For a searchable York-based health care trade association options on 202,033 shares of common Companies that would like to have details estimated liabilities of $100,001 to database of current procurement notices, expanded its lease on the 12th floor of stock at prices ranging from $19.49 to of openings published should submit $500,000 and estimated assets of visit www.nyc.gov/cityrecord. Listings are the 20-story building. The tenant was $46.79 between July 16 and July 23, in a descriptions following this format to $100,001 to $500,000.The creditors with alphabetical by category and department. represented by Josh Kuriloff and Jodi transaction worth $7,804,521. She sold [email protected], with the largest unsecured claims are Basis Roberts of Cushman & Wakefield.The 8,940 shares of common stock at $55.13 “New in Town” in the subject line. Holdings, owed $131,228.09; Good GOODS AND SERVICES landlord, SL Green Realty Corp., was on July 16, in a transaction worth Food to You,owed $44,506.77; and ● Department of Citywide Administrative represented in-house by Elaine $492,891. She now directly holds 1,785 ● DVF Accessories Shop Feather Ridge Farm, owed $21,150.10. Services Anazagasty and Steven Durels. The shares. 440 W. 14th St., Manhattan Seeks competitive sealed bids by 10:30 asking rent was undisclosed. The retail store opened in the ● Mi Casa Es Su Casa Restaurant a.m. on Aug. 26 for a nucleic acid ● MasterCard Inc. (MA) meatpacking district. It is the first Lounge Inc. amplification testing system.To obtain RETAIL MasterCard Foundation sold 12,822 dedicated accessories shop for luxury 140-142 Orchard St., Manhattan copies of the bid or to make inquiries, ● Urban Outfitters signed a lease for shares of common stock at prices designer Diane von Furstenberg. Filed for Chapter 11 bankruptcy contact Jeanette Cheung at 56,700 square feet at 1333 Broadway. ranging from $589.70 to $600.26 protection on July 30. The filing cites (212) 386-0465 or jcheung@dcas The retailer will take three floors. The between July 17 and July 24, in a ● Luksus estimated liabilities of $0 to $50,000 and .nyc.gov. tenant was represented by Keith Fencl transaction worth $7,643,853. It now 615 Manhattan Ave., Brooklyn estimated assets of $0 to $50,000. The and Wade McDevitt of the McDevitt directly holds 12,140,200 shares. The restaurant opened in Greenpoint. creditors with the largest unsecured ● Department of Housing Preservation Co. The landlord, W&H Properties, The 26-seat tasting-menu restaurant is claims are Orchard Street Holdings, and Development was represented by Matt Chmielecki ● Goldman Sachs Group Inc. (GS) attached to beer house and restaurant owed $41,690; Manhattan Beer Seeks competitive sealed proposals by and Andrew Goldberg of CBRE Michael S. Sherwood, co-chief executive Torst. Distributors, owed $744.55; and T. Sept. 10 for one or more qualified Group Inc. The asking rent was and vice chairman, sold 19,338 shares of Edward Wines Ltd., owed $480. vendors to provide eviction prevention undisclosed. common stock at prices ranging from ● Mara’s Bakery & Cafe services to Section 8 tenants in Brooklyn, $160.05 to $161.82 on July 17, in a 88 Livingston St., Brooklyn ● NMP-Group the South Bronx and northern Manhat- ● CVS Pharmacy signed a 15-year lease transaction worth $3,115,076. He now The eatery opened in Brooklyn Heights. 172-179 Madison Ave., Manhattan tan.To obtain copies of the bid or to for 10,400 square feet at 42-56 E. Houston directly holds 340,518 shares. The restaurant serves coffee, sandwiches Filed for Chapter 11 bankruptcy make inquiries, contact Jay Bernstein at St. The pharmacy will move into its and sweets. protection on July 10. The filing cites (212) 863-6657 or [email protected]. ground-floor space this summer.The ● Blackrock Kelso Capital Corp. (BKCC) estimated liabilities of $50,000,001 to tenant was represented by Jason Pruger Virginia Retirement Systems et al. sold ● Sleep Studio $100 million and estimated assets of ● Department of Information Technology of Newmark Grubb Knight Frank.The 229,867 shares of common stock at 73 Wooster St., Manhattan $50,000,001 to $100 million. The and Telecommunications landlord, 298 Mulberry St. Corp., was prices ranging from $10.07 to $10.18 The sleep-focused retail shop opened in creditors with the largest unsecured Seeks competitive sealed proposals by 2 represented by Michael Kadosh and Jedd between July 25 and July 26, in a SoHo. It offers bedding and specialty claims are SLCE Architects, owed p.m. on Oct. 21 for multiple contractors Nero of CBRE Group Inc.The asking transaction worth $2,317,011. It now items from tea to fragrances. $169,578.18; Yates Restoration Group to provide a comprehensive set of rent was $250 per square foot. directly holds 6,040,950 shares. Ⅲ Ltd., owed $117,272.75; and HRH services, including voice, data, mobile ● Strangeways Construction, owed $100,000. wireless services, satellite and managed 87 St. Nicholas Ave., Brooklyn telecommunications services. To obtain The café opened in Bushwick. It serves ● NY Affordable Housing Albany copies of the bid or to make inquiries, DEALS ROUNDUP coffee from Oslo Roasters and baked Associates contact Vito Pulito at (212) 788-6285 goods from Dough. 600 Third Ave., Manhattan or [email protected]. Filed for Chapter 11 bankruptcy TRANSACTION SIZE protection on July 26. The filing cites ● Economic Development Corp. SELLER/TARGET (IN MILLIONS) BUYERS/INVESTORS TRANSACTION TYPE COMPANY MOVES estimated liabilities of $1,000,001 to Requests proposals by 4 p.m. on Aug. 28 Prairie Capital, Concentric $680.0 MB Financial Inc. SB M&A $10 million and estimated assets of for a consultant or consultant team to Equity Partners, Second Companies that would like to have details $1,000,001 to $10 million. The creditors develop, customize, implement and Curve Capital (Manhattan), of recent moves published should submit with the largest unsecured claims are integrate modules for Web-based Lanigan Holdings/Taylor descriptions following this format to 87-3044 LLC, owed $1,102,406.61; corporation-wide software applications. Capital Group Inc. [email protected], with New York City Department of Finance, To make inquiries or to obtain bid Quest Diagnostics Inc./ $485.0 RP Management (Manhattan) SB M&A “Company Moves” in the subject line. owed $44,379; and Goldberg & documents, contact Maryann Catalano Quest Diagnostics Inc., Ibrutinib royalty rights Rimberg, owed $17,526.25. at (212) 312-3969 or bisappsservcs@ ● The Little Glass Slipper nycedc.com. Warburg Pincus $232.9 Spectrum Pharmaceuticals Inc. SB M&A 200 Franklin St., Brooklyn ● Queen Elizabeth Realty Corp. (Manhattan), OrbiMed ● Health and Hospitals Corp. Advisors (Manhattan), The floral shop opened in Greenpoint. 157 Hester St., Manhattan Iroquois Capital (Manhattan), It is the first stand-alone retail boutique Filed for Chapter 11 bankruptcy Requests proposals by 5 p.m. on Aug. 30 Perceptive Advisors for the company, which relocated from a protection on July 17. The filing cites for specialized legal services. To obtain (Manhattan), Deerfield studio in the Pencil Factory at 61 estimated liabilities of $10,000,001 to copies of the bid or to make inquiries, Management Co. (Manhattan), Greenpoint Ave. $50 million and estimated assets of contact Salvatore J. Russo at Quogue Capital (Manhattan), $10,000,001 to $50 million. (212) 788-3300 or salvatore.russo@ Straus Capital Management ● Pig ’N’ Whistle nychhc.org. (Manhattan), Deerfield Capital ● R4 Vascular Inc. (Manhattan), UBS Eucalyptus 497 Third Ave., Manhattan Management (Manhattan), The Irish Pub opened in Murray Hill. It 1270 Sixth Ave., Manhattan BAM Management is the fifth location for the New York- Filed for Chapter 11 bankruptcy REAL ESTATE DEALS (Manhattan)/Talon based chain. protection on July 24. The filing cites Therapeutics Inc. estimated liabilities of $1,000,001 to Companies that would like to have details of CBS Corp. (Manhattan)/ $225.0 Platinum Equity FB M&A $10 million and estimated assets of their recent transactions appear in these CBS Outdoor Ltd. BANKRUPTCIES $1,000,001 to $10 million. The creditors listings should email descriptions following Not disclosed/ $216.0 Centerbridge Partners (Manhattan) GCI with the largest unsecured claims are this format to NDholakia@crainsnewyork Focus Financial Partners The following listings are selected from the Health Line International, owed .com, with “Real estate transaction” in the Dahaam e-Tec Co. Ltd., $105.5 Wilshire Bancorp Inc. SB M&A most recent available filings by companies $78,037; Jay Sturm, owed $39,199.50; subject line, or enter them online at Abacus Capital Group seeking bankruptcy protection in the and Medical Device Evaluation Center, crainsnewyork.com/submitadeal. Deals are (Manhattan), Active USA Southern and Eastern Districts of New owed $12,160. listed in order of square footage. Inc., Imedra #841 Family York. Information was obtained from U.S. Limited Partnership, Dong Bankruptcy Court records available on ● Solera Holdings COMMERCIAL Soo Han MD Inc., DS Public Access to Court Electronic Records. 216 E. 53rd St., Manhattan ● Welocalize signed a lease for 8,500 Han Family Partnership, 15 W. 37th St. Maple Drive Investments/ Listings are in alphabetical order. Filed for Chapter 11 bankruptcy square feet at The Saehan Bancorp protection on July 23.The filing cites language-services firm will take the ● Bronx Shepherds Restoration Corp. Tiger Global Management $87.9 F. Marc de Lacharrière (Fimalac) SB M&A estimated liabilities of $1,000,001 to $10 eighth floor in the building. The tenant (Manhattan)/AlloCiné SA Société Anonyme (98%) 1932 Washington Ave., Bronx million and estimated assets of $0 to was represented by Nick Bates and Joel Filed for Chapter 11 bankruptcy $50,000.The creditors with the largest Weinberg of DTZ. The landlord, Invesco Real Estate $85.0 W.P. Carey Inc. (Manhattan) SB M&A Ltd./Logistics Center protection on July 12. The filing cites unsecured claims are Lawrence Kamber Management, was represented estimated liabilities of $1,000,001 to Morrison, owed $35,000; William in-house by Steve Levy.The asking rent Selected deals announced for the week ended July 20 involving companies in metro New York. $10 million and estimated assets of Paradiso & Associates Inc., owed $3,800; was undisclosed. FB M&A: Financial buyer M&A represents a minority or majority acquisition of existing shares of a company with the participation of a financial buyer. GCI: Growth capital investment $1,000,001 to $10 million. and Clarkson Air, owed $2,537.78. represents new money invested in a company for a minority stake. SB M&A: Strategic buyer ● All Nippon Airways signed a 10.5- M&A represents a minority or majority acquisition of existing shares of a company without the ● Farm to Chef ● West Glen Communications Inc. year lease for 8,450 square feet at 630 participation of a financial buyer. source: capitaliq 420 W. 14th St., Manhattan 1430 Broadway, Manhattan Third Ave. The airline, Japan’s largest, will

20 | Crain’s New York Business | August 12, 2013 A Special Advertising Supplement to Crain’s New York Business

INSIDE

In the Realm of Higher Education, Much Can Change in a Decade THE GUIDE TO Career Advice from A to Z: HIGHER “O” is for “Online Degrees”

Three Key Factors to Consider EDUCATION When Seeking Online Graduate Degree Programs

Continuing Education Resources in the New York City Metro Area A Special Advertising Supplement to Crain’s New York Business THE GUIDE TO HIGHER EDUCATION

SINGAPORE INDIA TOP 30 MBA PROGRAMS In the Realm of SINGAPORE

Higher Education, CANADA CHINA 6% 7% CHINA CANADA Much Can Change 3 3 3 10% E P in a Decade O R U 38

By Margaret Andrews E 4 E

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I agree that it’s nearly impossible to rank univer- decades in executive education, leading the effort sities and programs, since curriculums vary and at both MIT Sloan and Dartmouth’s Tuck School TOP 10 OPEN ENROLLMENT cultures differ. In short, whichever school occu- of Business, as well as leading executive develop- RANKINGS pies the third spot is likely far different than the OGPVCV%JCUG/CPJCVVCP9GoXGDQVJURGPVCNQV E CANADA P O schools in the second and fourth spots. And yes, of time in and around management education, R U 5 institutions spend a surfeit of resources simply and are avid watchers of—and participants in—the E vying for a position on these coveted lists. changes occurring in the industry. So we’ve had a lot to talk about lately. 1  Still, these lists do provide information to students. S E

S T And with a lack of any other agreed-upon standard As is customary, there are two sets of rankings:  E A T T 5 S A of measurement to evaluate pricey universities and one for customized programs that are tailored to T D 9 S E IT programs, the rankings are here to stay. VJGURGEKƂEPGGFUQHCUKPINGEQTRQTCVKQPCPFVJG D N ITE U other for open-enrollment programs tailored to UN I like the Financial Times’ Global MBA rankings the development needs of individual managers. Over the course of a decade, several European because they have been evaluating programs institutions have slid into the coveted top ten as a global cohort for years—and if there were 9JKNG'WTQRGCPUEJQQNUJCXGCNYC[UJCFUVTQPI slots, making for an even U.S.–Europe ratio. ever a degree that begs to be considered in a presence in the custom program market, we global context, it’s the MBA. were surprised to see a major uptick in the num- ber of European schools that snagged spots on TOP 20 OPEN ENROLLMENT First, let’s examine the 2012 FT rankings. The RANKINGS VJGVQRJCNHQHVJGNKUV9GJCXGDGGPYCVEJKPI VQRƂXGUEJQQNUCTG5VCPHQTF*CTXCTF9JCTVQP E 1 these changes occur gradually, but this year we CANADA P (Pennsylvania), London Business School and Co- O FGEKFGFVQFQCVGP[GCTEQORCTKUQPQHVJG R NWODKCHQWTQHVJQUGYGTGKPVJGVQRƂXG U 10 QRGPGPTQNNOGPVTCPMKPIUCPFVJGQRGP E Moving down the list, 10 of the top 10 in 2012 enrollment rankings—and the differences were E were in this group on a “three-year rank” (their P S O dramatic. 1  E R T

average rank over a three-year period) and nine U 4 S A E 9 T E S of the top 10 were in this grouping in 2011. So, The bottom half of the list also offers valuable  T A D T E not a great deal of change. insight into new markets: of those schools T 9 S I D N TCPMGFVJTQWIJVJGTGGZKUVUCVTGOGP- E U *QYGXGTKH[QWNQQMCVVQVJGVQR[QWUVCTVVQ NIT dous variety, including institutions from 22 U see some newer names. And it got me wondering: different countries. Represented are schools in 5QWTEG*CPFCPF/KPF#UUQEKCVGU how has the list changed—not just over the past Norway and South Africa, Peru and Egypt. few years, but also over the past decade? The new data, when compared to rankings from ABOUT THE AUTHOR I soon discovered it has changed quite a bit. the past 10 years, gives way to a slate of ques- Most striking: we went from a three-color pie Margaret Andrews is Associate Dean of Management tions. Are U.S. schools quietly conceding the 2TQITCOUCV*CTXCTF7PKXGTUKV[oU&KXKUKQPQH%QPVKPWKPI EJCTVKPVQCƂXGEQNQTRKGEJCTVKP open-enrollment market? Or perhaps many U.S. 'FWECVKQPCPFVJGHQWPFGTQH/KPFCPF*CPF#UUQEKCVGU YKVJVJTGGPGYEQNQTU9GNEQOG%JKPC+PFKC COCPCIGOGPVEQPUWNVKPIƂTOFGFKECVGFVQUGTXKPIVJG companies are bypassing business schools and and Singapore! Three schools—Indian Institute higher education community. turning to faculty contractors for corporate uni- of Management Ahmedabad, National Universi- XGTUKV[RTQITCOUJKTKPINQYGTEQUVVTCKPKPIƂTOU #V*CTXCTF/CTICTGVFKTGEVUVJG/CPCIGOGPV2TQITCOCV V[QH5KPICRQTGCPF*QPI-QPI756tYGTGPQV the Division of Continuing Education. In addition to direct- and purchasing off-the shelf online programs? ing the program, she teaches courses in management and even in the rankings prior to 2010. Does the nature of open-enrollment programs— organizational behavior, including a new course, Strategy CPF%QORGVKVKQPKP*KIJGT'FWECVKQP6JTQWIJ/KPFCPF Back to the present: the Financial Times published focusing on the needs of individual managers— *CPF#UUQEKCVGU/CTICTGVRTQXKFGUTGUGCTEJUVTCVGI[CPF its 15th annual ranking of the world’s leading pro- lend itself more to local/national institutions? marketing consulting services to a wide variety of higher viders of executive education programs last week. Or is this data an indication of other countries’ education clients. I’ve parsed the data with the help of my friend and increasing clout in the business world? colleague, Marie Eiter. Marie has spent several MoreMore CUNY CUNY NSF NSF Award Award Winners Winners than than Ever Ever Before Before

ore than 20 outstanding CUNY students M in 2013 won National Science Foundation awards of $126,000 each for graduate study in the sciences. No other University system in the Northeast won more.

1-800-CUNY-YES cuny.edu/allstars A Special Advertising Supplement to Crain’s New York Business THE GUIDE TO HIGHER EDUCATION

Career Advice from As more and more universities begin to align their educational platforms with the Internet and remote learning, perception of online degrees in A to Z: “O” is for the professional sphere has begun to shift. Here, higher education “Online Degrees” blogger Maria Rainier and professional recruiter Jorg Stegemann discuss the future of online learning—and why, for many, it’s a sound choice. By Jorg Stegemann

JORG MARIA

Maria, you’re a Reputation, at its heart, is a question of trust—and right What has really changed since 2003 is the surge in social specialist in online now, while the entire U.S. collegiate system is receiving media and mobile devices. While this may not seem related degrees. When I did scrutiny, we are seeing more people willing to consider to online learning, it is most certainly a component of how my MBA back in 2003, alternatives to brick-and-mortar institutions. we process information on a daily basis. Learning doesn’t online learning had a take place in a lecture hall, dorm room or online forum— reputation of being a Brick-and-mortar institutions have been criticized for using learning takes place within the brain. And as technology second-class alternative branding and reputation as a method to arbitrarily increase becomes more integrated into our lives, it will begin to to brick-and-mortar tuition, a process that has impacted the student debt ratio KPƃWGPEGVJGYC[YGCRRTQCEJGFWECVKQPCPFNGCTPKPI+P institutions. Is this still UKIPKƂECPVN[1PVJGQVJGTJCPFQPNKPGGFWECVKQPJCU many ways, online education is the breeding ground for the case today? VQEQPUVCPVN[TGFGƂPGCPFEQODCVCRQQTKOCIGFWGVQ experimentation with, and discovery of, new methods that illegitimate services such as diploma mills and substandard could shape the future of education as a whole. universities. And so online education falls prey to the old saying, “a few bad apples spoil the lot.”

What do decision More employers are beginning to accept online degrees employers who view degrees from traditional institutions as makers in hiring as credible—and according to a survey done by Institution a representation of a deeper commitment. But I think we will companies think of Excelsior College and Zogby International, a market re- see this perception offset by the extracurricular activities of online degrees? UGCTEJƂTOQHGZGEWVKXGUUGGVJGOCUVJGGSWKXCNGPV ambitious online students, such as more work experience QHCDTKEMCPFOQTVCTFGITGG*QYGXGTVJGTGCTGUQOG and applied knowledge.

How will online We are predicting students will become more empow- ly skeptical of online courses can take a class for free, learning evolve over ered as consumers, choosing educational paths that work which means people will become more familiar with the the coming years? YGNNYKVJKPVJGKTDWFIGVUCPFUEJGFWNGUVQHWNƂNNRTQHGU- platform. And while these courses don’t offer a degree sional and educational requirements. path, they serve as a credible source of training, which has incited a new focus on bridging the gap between vocation The biggest trend in online learning right now is the intro- and education. For example, the MOOC site Udacity has duction of Massive Online Open Courses (MOOCs). In a already paired graduates of nutshell, MOOCs are courses offered by top universities courses with companies and industry leaders such as Columbia University (here, seeking relevant skills. In the realm of higher the courses are currently free, but that’s soon to change), education, online and are designed to accommodate hundreds of thou- If we break away from learning is becoming UCPFUQHUVWFGPVU6JKUKUPoVVJGƂTUVKPKVKCVKXGVJCVVQRWPK- MOOCs for a second and versities have taken to enter the online education market, return to traditional online standard practice DWVVJKUKUVJGƂTUVVKOGVJG[CTGDTKPIKPIUQOGVJKPIPGY learning programs, I think we to the table—and possibly cornering the market. will see more students building course schedules with a pairing of online learning and brick-and-mortar classes in In many ways, these MOOCs are forcing administrators order to maximize their productivity. This will allow stu- of universities to consider online learning as a necessary dents to gain work experience through jobs and intern- step in the future of education. Students who were former- ships while studying.

ABOUT THE AUTHORS JORG STEGEMANN MARIA RAINIER Jorg Stegemann, headhunter functions with three major players Maria Rainier is a freelance CPFEGTVKƂGFEQCEJJCUDGGP KPVJGTGETWKVOGPVKPFWUVT[*G blogger. She believes that working in professional recruit- also has recruitment experience online degrees and online OGPVUKPEG*GJCUEQCEJGF with an international scope. universities are the future of thousands of professionals from Jorg blogs on “www.MyJob higher learning. Maria is inter- entry to C-level and found new Thoughts.com | Career advice ested in all things education, jobs for hundreds of candidates. from a headhunter” and is particularly passionate In the past, Jorg held various about life after college. fr.linkedin.com/in/jorgstegemann managerial and corporate Harness change Address global challenges and today’s issues.

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Three Key Factors to Consider When Seeking Online Graduate Degree Programs

By Joshua Kim

So you’re thinking of taking the Guide your research process with the following three factors RNWPIGCPFƂPCNN[IGVVKPIVJCV SPECIALIZATION graduate degree you’ve been As a working professional looking Fortunately, the last few years The advantages of a specialized considering. to advance your career options have witnessed a proliferation program are three-fold. First, the with new training and credentials, of specialized graduate degree curriculum will be aligned most But you have a few requirements you know best what you need programs. These programs are closely with the industry you are You can’t quit your day job, so the program in a graduate program. Having a designed to grant you expertise, working in. This is important not clear idea of your three-, seven- skills, knowledge and credentials only for your future employment, needs to be built around your schedule—this and 10-year career trajectory will that are most applicable within but for leveraging your gradu- is where an online degree program is crucial. better equip you to select the CURGEKƂEKPFWUVT[XGTVKECN(QT ate degree in your current job. But your credentials must also be valuable to 1right graduate program. Seek out example: if you know you want to Readings and assignments will [QWTEWTTGPVQTHWVWTGGORNQ[GTU6JQWIJ*CT- a program where the curriculum work in health care, or information be relevant to your current work, vard Business School may not be realistic, the is most closely aligned with your UGEWTKV[QTƂPCPEGVJGTGKUCP and you may be able to bring in degree you earn must communicate selectivity, URGEKƂEECTGGTIQCNU online master’s program for you. work projects as class assignments. rigor and achievement. FACULTY AND STUDENT ENGAGEMENT So, what should you be looking for when eval- Acquiring new content is not is these relationships that will cata- be asking questions about how uating potential online graduate programs? why you are applying to gradu- lyze both learning and later career engaged the faculty members are 9JCVSWGUVKQPUUJQWNF[QWDGCUMKPIVJG ate school. In our digital age of advancements—and, unlike other with the class, and how classes CFOKUUKQPUQHƂEGTU!#PFJQYUJQWNF[QWCNKIP Massive Open Online Courses web-based activities, relationships are formatted. Find out if students your career and educational goals with decid- (MOOCs), iTunesU and YouTube/ do not scale. spend time with faculty and fellow ing where to apply? EDU, there is no shortage of free, learners in web-based meetings high-quality lessons. Today, the +PGXCNWCVKPICITCFWCVGFGITGG built around conversation and de- value of a graduate degree is program, particularly an online bate, rather than online lectures. In my experience, prospective applicants make directly proportional to the oppor- program, you want a clear idea Also, uncover if collaboration and a common set of mistakes when pursuing their 2 tunities available to form intensive about how well you will be able to communication are prioritized, graduate degree. Applicants place too much and authentic relationships with get to know both your faculty and and if the program’s philosophy is emphasis on the ranking of the program in faculty and your fellow learners. It your fellow learners. You should student-centric. “Best Of” lists that appear in print and online. Rankings may provide some information, but outside of the top ten business or professional PROGRAM SUPPORT graduate programs, they The third attribute with which the institution, and understand Since you’ll be learning online, If you’re have little relevance for to evaluate online graduate your time constraints and family you should also ask how technical programs is the level of program demands; in short, someone who UWRRQTVKUJCPFNGF+FGCNN[[QWT looking to future employment. support. You want to seek a ded- can proactively work to make QPNKPGNGCTPKPIWPKVQTVJGURGEKƂE balance work icated team, a set of education your graduate degree program program, would handle technical with an online A second mistake is to rely professionals who work closely more successful. support. What you want is com- education, on the reputation of the with online graduate students. puter support experts that work in specialization, larger institution in which the Ensure you always have a single Today’s online programs are far online learning, know the program faculty and graduate program is housed. 3point of contact with whom you more media-intensive than in the well and are comfortable helping can discuss questions, issues and past: they rely heavily on video, au- working professionals. And beware support are An excellent undergraduate complaints. Your program should dio, synchronous online meetings, QHTGFƃCIUNKMGVGEJPKECNUWRRQTV institution, or one with other cardinal feature someone who can advo- YGDECOUXQKEGQXGT+2 81+2  that is handled through the exist- well-known graduate curricu- cate for you with the faculty and mobile devices and other tools. ing undergraduate help desk. lums, is not guaranteed to have a strong online graduate program. Your focus should be on the program itself, not the school. ABOUT THE AUTHOR graduate program, designed jointly writing and speaking frequently on with faculty from the Tuck School of topics around innovation and technol- JOSHUA KIM Business and The Dartmouth Institute QI[KPRQUVUGEQPFCT[NGCTPKPI*G Finally, prospective applicants are often dazzled , PhD, Director of Learning and Technology, (TDI) of the Geisel School of Medi- served on the Program Committee by descriptions of “advanced learning technol- MHCDS Program cine. At Dartmouth, Josh serves on for the 2011 EDUCAUSE national ogies” and “state of the art online platforms” multiple committees, including the conference, and as an EDUCAUSE ,QUJWC-KOKUVJG&KTGEVQTQH.GCTPKPI Center of Advancement of Learning Center for Applied Research (ECAR) touted on websites or brochures. Take note: and Technology for Dartmouth’s Mas- (DCAL) and the college-wide working fellow. Josh has authored chapters almost every online graduate program has VGTQH*GCNVJ%CTG&GNKXGT[5EKGPEG group on Technology Enabled Educa- and articles for various publications, /*%&5 RTQITCOVJG%QNNGIGoUƂTUV tion Initiatives. including the introductory chapter to access to a similar set of technologies, and the graduate online/blended degree the ECAR 2010 Student and Infor- presence of “advanced learning technologies” designed for full-time working pro- Josh is an active and enthusiastic OCVKQP6GEJPQNQI[5WTXG[*GYTKVGU does not ensure they will be used effectively. HGUUKQPCNU6JG/*%&5RTQITCOKU participant in the larger educational regularly for U.S. News and World CPOQPVJTGUKFGPVKCNCPFQPNKPG technology community, consulting, Report’s Economic Intelligence A Special Advertising Supplement to Crain’s New York Business

The second advantage is that you will actually learn that your faculty will be the most from—are also part enmeshed in your industry. of your future professional Faculty are an amazing re- network. source for your professional network, and will be future colleagues who will help you both build your professional PGVYQTMCPFƂPFPGYQRRQT- tunities. Finally, a specialized program will mean that your fellow students—the people

A sense of collegiality is of the program as they are particularly important for in their discipline. The only learners who are also work- way to get a true sense of ing professionals. You want faculty engagement—and VQƂPFCRTQITCOYJGTG the opportunities for peer VJGHCEWNV[KUQPCƂTUVPCOG student interaction—is to basis with the students. ask current students or re- Further, the faculty should cent graduates about their take a personal interest in experiences. the career goals and aspira- tions of students, and be as interested in the participants

Deciding to invest in an Choose your online grad- online graduate degree pro- uate degree program very gram is an enormous com- carefully, and ask plenty of mitment that entails both questions. Time spent up- direct costs, like tuition, and front in the research process opportunity costs, like time. will have enormous payoffs +H[QWRNCPVQMGGRYQTMKPI in both your experience as full-time and maintain other a student and in the return commitments, an online you realize for your educa- degree programs means tional investment. UCETKƂEKPIHTGGVKOGNGKUWTG and—sometimes—sleep.

section and the Forbes India division in San Francisco and Daily Sabbatical column. Josh was one of the original found- is best known for his daily In- ers of Quinnipiac University UKFG*KIJGT'FEQODNQI6GEJ- Online. Josh has taught both nology and Learning. http:// on-ground and online courses www.insidehighered.com/ in sociology, marketing and blogs/technology-and-learning higher education leadership. Josh and his wife, a pediatric Josh has a PhD in sociology oncologist at Dartmouth, and demography from Brown have two daughters who will 7PKXGTUKV[*GDGICPJKU be starting their own college ECTGGTQPVJGHCEWNV[CV9GUV ECTGGTUKPCPF Virginia University, helped start Britannica.com’s education A Special Advertising Supplement to Crain’s New York Business THE GUIDE TO HIGHER EDUCATION

College of Staten Island. The CUNY School of Law at City University of New York Queens College Continuing Education Resources in the 8KEVQT[$QWNGXCTF 2 Court Square 5VCVGP+UNCPF0; Long Island City, NY 11101     New York City Metro Area include csi.cuny.edu law.cuny.edu Columbia University Fordham University For more information on the MANHATTAN CAMPUS: Brooklyn Law School 116th Street and Broadway BRONX CAMPUS: institutions listed below, please 'CUVVJ5VTGGV 250 Joralemon Street 0GY;QTM0; 'CUV(QTFJCO4QCF contact them directly 0GY;QTM0; Brooklyn, NY 11201   $TQPZ0;     columbia.edu   Bank Street College of berkleycollege.edu brooklaw.edu MANHATTAN CAMPUS: Education Columbia University School 9GUVVJ5VTGGV 9GUVVJ5VTGGV Boriuca College Christie’s Education Inc. of Continuing Education $TQCFYC[ 0GY;QTM0; New York, NY 10025 9GUVPF5VTGGVVJ(NQQT .GYKUQJP*CNN   0GY;QTM0; $TQCFYC[/%   0GY;QTM0; WESTCHESTER CAMPUS: bankstreet.edu     0GY;QTM0; boriucacollege.edu 9GUVEJGUVGT#XGPWG christies.edu   9GUV*CTTKUQP0; Bard Graduate Center for ce.columbia.edu Studies in Decorative Arts, Borough of Manhattan City College of New York   Design, and Culture Community College (CUNY) (CUNY) CUNY Graduate Center fordham.edu 9GUVVJ5VTGGV 199 Chambers Street 160 Covent Avenue (KHVJ#XGPWG 0GY;QTM0; New York, NY 10016 Hostos Community College 0GY;QTM0; 0GY;QTM0; (CUNY)         bmcc.cuny.edu 500 Grand Concourse bgc.bard.edu ccny.cuny.edu gc.cuny.edu $TQPZ0; Baruch College (CUNY) Bronx Community College The City University of CUNY Graduate School of   1PG$GTPCTF$CTWEJ9C[ (CUNY) New York Welcome Center Journalism hostos.cuny.edu (55 Lexington Avenue) 2155 University Avenue 'CUVPF5VTGGV 9GUVVJ5VTGGV $TQPZ0; Hunter College (CUNY) New York, NY 10010 0GY;QTM0; 0GY;QTM0; 695 Park Avenue      %70;    bcc.cuny.edu New York, NY 10065 baruch.cuny.edu cuny.edu journalism.cuny.edu   Berkeley College Brooklyn College (CUNY) College of Mount St. Vincent CUNY School of Professional hunter.cuny.edu BROOKLYN CAMPUS: 2900 Bedford Avenue 4KXGTFCNG#XGPWG Studies Brooklyn, NY 11210 Iona College &WHƂGNF5VTGGV $TQPZ0; 9GUVUV5VTGGV 0QTVJ#XGPWG Brooklyn, NY 11201     New York, NY 10001 brooklyn.cuny.edu 0GY4QEJGNNG0;   mountsaintvincent.edu  %70;   +10# sps.cuny.edu iona.edu

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Dr.Dr. WilliamWilliam J.J. Fritz,Fritz, InterimInterim President,President, andand Dr.Dr. SusanSusan Holak,Holak, InterimInterim FoundingFounding Dean,Dean, areare proudproud toto announceannounce thethe creationcreation ofof thethe SchoolSchool ofof BusinessBusiness atat thethe CollegeCollege ofof StatenStaten Island.Island.

www.csi.cuny.edu TO PLACE A CLASSIFIED AD, CALL 1-800-444-6007 OR VISIT CRAINSNEWYORK.COM POSITION PUBLIC & LEGAL NOTICES AVAILABLE Notice of Formation of 1061 FIRST Notice of Qualification of Private Equity Notice of Qualification of ASB Notice of Qualification of ANS (WE), LLC. AVENUE, LLC. Arts. of Org. filed with Managers 2013, L.P. App. for Auth. Centurion 415 West Broadway Authority filed with Secy. of State of NY Secy. of State of NY (SSNY) on 06/28/13. filed with Secy. of State of NY (SSNY) Holdings, LLC. Authority filed with (SSNY) on 07/08/13. Office location: Quantitative Analyst Office location: NY County. Princ. on 4/15/13. Office location: NY NY Dept. of State on 7/5/13. Office NY County. LLC formed in Delaware (AllianceBernstein L.P. – New York, NY) office of LLC: 1061 First Ave., NY, NY County. LP formed in Delaware (DE) on location: NY County. Princ. bus. addr.: (DE) on 07/02/13. SSNY designated Maintain & enhance rsrch dtbases used by the 10022. SSNY designated as agent of 4/8/13. SSNY designated as agent of 7501 Wisconsin Ave., Ste. 1300W, as agent of LLC upon whom process buy-side Equities Quant Analysts. F/T. Req’s LLC upon whom process against it LP upon whom process against it may Bethesda, MD 20814. LLC formed in against it may be served. SSNY shall a Master’s degr in Physics, Stat, Finan Math may be served. SSNY shall mail be served. SSNY shall mail process to: DE on 6/25/13. NY Sec. of State mail process to Attn: John J. Suydam, or rel quant field. Exp or grad coursework process to c/o Holland & Knight LLP, 200 West St., NY, NY 10282-2198. designated agent of LLC upon whom 9 W. 57th St., 43rd Fl., NY, NY 10019. must incl the follow’g: hands-on exp wrk’g Attn: Lance Myers, 31 W. 52nd St., NY, DE address of LP: Corporation process against it may be served DE addr. of LLC: c/o Corporation w/ lrg dtsets using data process’g tools such NY 10019. Purpose: To acquire, own, Service Company, 2711 Centerville and shall mail process to: c/o CT Service Co., 2711 Centerville Rd., Ste. as SAS, R or SQL; conduct’g independnt manage, improve, lease, finance, Road, Wilmington, DE 19808. Name/- Corporation System, 111 8th Ave., NY, 400, Wilmington, New Castle Cnty., quant finan rsrch; process’g lrg dtsets or coding refinance and sell the property with an address of each genl. ptr. available NY 10011, regd. agent upon whom DE 19808. Arts. of Org. filed with The sophisticated algorithms to get meaningful address of (1061 First Avenue) and from SSNY. Cert. of LP filed with DE process may be served. DE addr. of Secy. of State of the State of DE, quant results using at least 1 main progrm’g (1142 First Avenue), New York, NY Secy. of State, P.O. Box 898, Dover, DE LLC: The Corporation Trust Co., 1209 Dept. of State, Div. of Corps., John lnguage such as C++; & communicat’g quant together with any other business or 19903. Purpose: any lawful activity. Orange St., Wilmington, DE 19801. G. Townsend Bldg., 401 Federal St., rsrch results to both exprt & non-exprt audiences. activity incidental thereto. Cert. of Form. filed with DE Sec. of Ste. 4, Dover, DE 19901. Purpose: Resumes: T. Correa, AllianceBernstein L.P., NOTICE OF FORMATION OF State, 401 Federal St., Dover, DE Any lawful activity. 1345 Ave of the Americas, New York, NY Stellar888, LLC. Arts of Org filed with Winsor Holdings LLC, Arts of Org filed 19901. Purpose: all lawful purposes. 10105. Job: NEWHHU. with SSNY on 07/08/13. Off Loc: New Secy of State of NY (SSNY) on NOTICE OF FORMATION OF Snow York County, SSNY designated as 5/31/13. Office location: NY County. NOTICE OF FORMATION OF LIMITED Fox LLC. Arts of Org filed with Secy agent of LLC upon whom process SSNY designated as agent upon LIABILITY COMPANY. NAME: HASHEM of State of NY (SSNY) on 6/27/13. TELECOMMUNICATIONS against it may be served. SSNY shall whom process may be served and LLC. Articles of Organization were Office location: NY County. SSNY mail a copy of process to: The LLC, shall mail copy of process against filed with the Secretary of State of designated agent upon whom LLC to principal business address: NYC'S MOTOROLA 108 Forsyth St, New York, NY 10002. New York (SSNY) on 06/05/13. Office process may be served and shall Purpose: to engage in any lawful act. c/o Shane Henty Sutton, P.C., 150 E location: New York County. SSNY has mail copy of process against LLC to: MOTOTRBO SPECIALISTS 58th St, 25th Fl, NY, NY 10155. been designated as agent of the LLC c/o Capital Services Group, LLC 601 MOTOTRBOTM Notice of Formation of Tigris, LLC. Purpose: any lawful act. upon whom process against it may be Cape Eleuthra Rd, Bethany Beach, Professional Digital Two-way Radio Articles of Organization filed with New System provides significant productivity Notice of Formation of NYC Carmine served. SSNY shall mail a copy of DE 19930. Purpose: any lawful act. gains - reliably and affordably. York Secretary of State on June 7, 2013. process to the LLC, c/o Beys Stein Principal Office Location: New York Holdings LLC, Art. of Org. filed NOTICE OF FORMATION OF CEYLAN • Clearer voice capability and enhanced Sec’y of State (SSNY) 4/5/13. Office Mobargha & Berland, LLP, The Chrysler battery life County. Secretary of State designated Building, 405 Lexington Avenue, 7th YAZAR CONSULTING LLC. Arts of • Integrated voice and data for better location: NY County. SSNY designated Org filed with Secy of State of NY productivity and privacy as agent of LLC upon whom process Floor, New York, New York 10174. against the LLC may be served. as agent of LLC upon whom process (SSNY) on 6/26/13. Office location: NY • Text messaging against it may be served. SSNY shall Purpose: For any lawful purpose. • Doubles channel call capacity for Secretary of State shall mail a copy County. SSNY designated as agent the price of one license of any process to the LLC at: 146 mail copy of process to Meister Notice of Qualification of upon whom process may be served Seelig & Fein, 140 E. 45th St., NY, *$100 TRADE-IN PER RADIO West 57th Street, #68A, New York, METSCHOOLS, LLC. App. for Auth. and shall mail copy of process against NY 10017, the Reg. Agt. upon whom Call to learn more or to New York 10019. Purpose: to filed with Secy. of State of NY (SSNY) LLC to: US CORP AGENTS, INC schedule a professional, engage in any lawful act or activity. proc. may be served. Purpose: any on 6/27/13. Office location: NY 7014 13TH AVE STE 202 BKLYN, NY no-obligation survey or lawful activities. on-site demo. County. LLC formed in Delaware (DE) 11228. Principal business address: Notice of Qualification of JMCHAM, Notice of Formation of SEREN 239, on 5/7/13. SSNY designated as agent 212 E 95TH ST 6A NY, NY 10128. LLC. Authority filed with Secy. of LLC. Arts. of Org. filed with Secy. of of LLC upon whom process against Purpose: any lawful act. State of NY (SSNY) on 6/24/13. Office it may be served. SSNY shall mail State of NY (SSNY) on 07/16/13. NOTICE OF FORMATION OF location: NY County. LLC formed in process to: c/o VSS Structured Office location: NY County. Princ. BREAKAWAY HOOPS LLC. Arts of California (CA) on 6/18/13. SSNY Capital II, L.P., 55 E. 52nd St., 33rd Fl., office of LLC: c/o Shvo, 724 Fifth Ave., Org filed with Secy of State of NY designated as agent of LLC upon whom NY, NY 10055. DE address of LLC: 33 East 33rd Street NY, NY 10019. SSNY designated as (SSNY) on 3/28/13. Office location: NY process against it may be served. Corporation Trust Center, 1209 Orange New York, NY 10016 agent of LLC upon whom process County. SSNY designated as agent SSNY shall mail process to: Michael St., Wilmington, DE 19801. Arts. of 212-532-7400 against it may be served. SSNY upon whom process may be served www.metrocomradio.com S. Sher, C.P.A., 15060 Ventura Blvd., Org. filed with DE Secy. of State, shall mail process to the LLC at the and shall mail copy of process Ste. 300, Sherman Oaks, CA 91403, Loockerman & Federal Sts., Dover, DE addr. of its princ. office. Purpose: against LLC to principal business also the address to be maintained in Any lawful activity. 19901. Purpose: any lawful activity. CA. Arts of Org. filed with the CA address: 228 W 149 ST APT 6A NY, PUBLIC & LEGAL Secretary of State, 1500 11th St., NOTICE OF FORMATION OF Notice of Qual. of Scopia EM NY 10039. Purpose: any lawful act. NOTICES 3rd. Fl., Sacramento, CA 95814. 10044.Com LLC. Articles of Management LLC, Auth. filed Sec’y of NOTICE OF FORMATION OF Purpose: any lawful activities. Organization filed with the Secretary State (SSNY) 12/7/12. Office loc.: NY KIKKERLAND RETAIL LLC. Arts of Notice of Qualification of 212 Fifth of State of NY (SSNY) on 04/17/2013. County. LLC org. in DE 12/4/12. SSNY Notice of Formation of WISDOM Org filed with Secy of State of NY Avenue Owner LLC. Authority filed Office location: New York County. desig. as agent of LLC upon whom (SSNY) on 5/31/13. Office location: NY with NY Dept. of State on 6/11/13. GLOBAL PRIVATE, LLC. Arts. of Org. SSNY has been designated as agent process against it may be served. filed with Secy. of State of NY (SSNY) County. SSNY designated as agent Office location: NY County. Princ. upon whom process against it may be SSNY shall mail copy of proc. to Att: upon whom process may be served bus. addr.: 805 3rd Ave., 7th Fl., NY, on 06/06/13. Office location: NY served. The Post Office address to Matthew Sirovich, 152 W. 57th St., 33rd County. SSNY designated as agent of and shall mail copy of process NY 10022. LLC formed in DE on which the SSNY shall mail a copy of Fl., NY, NY 10019. DE off. addr.: CSC, against LLC to principal business 6/4/13. NY Sec. of State designated LLC upon whom process against it may any process against the LLC served 2711 Centerville Rd., Wilmington, DE be served. SSNY shall mail process to address: 666 Broadway, Unit 4, NY, NY agent of LLC upon whom process upon him is 10044.Com LLC, 625 19808. Cert. of Form. on file: SSDE, 10012-2314. Purpose: any lawful act. against it may be served and shall Corporation Service Co., 80 State St., Main Street, 637, New York, NY Townsend Bldg., Dover, DE 19901. mail process to: c/o CT Corporation Albany, NY 12207, regd. agent upon 10044. Purpose of LLC: To engage in Purp.: any lawful activities. NOTICE OF FORMATION OF Law System, 111 8th Ave., NY, NY 10011, whom and at which process may be any lawful act or activity. Office of Shane D. Fuhrman PLLC. regd. agent upon whom process may served. Purpose: Any lawful activity. Notice is hereby given that license Arts of Org filed with Secy of State Notice of Qual. of North 3rd Lender number 1272294 for Beer & Wine has of NY (SSNY) on 6/26/13. Office be served. DE addr. of LLC: 1209 Notice of Qualification of K.G. IM LLC, Auth. filed Sec’y of State (SSNY) been applied for by the undersigned location: NY County. SSNY designated Orange St., Wilmington, DE 19801. Management LLC. App. for Auth. filed 3/26/13. Office loc.: NY County. LLC to sell Beer & Wine at retail in a as agent upon whom process may Cert. of Form. filed with DE Sec. of with Secy. of State of NY (SSNY) on org. in DE 3/22/13. SSNY desig. as restaurant, under the Alcoholic be served and shall mail process State, 401 Federal St., Dover, DE 6/6/13. Office location: NY County. agent of LLC upon whom process Beverage Control Law at 1 University against PLLC to principal business 19901. Purpose: all lawful purposes. LLC formed in Delaware (DE) on against it may be served. SSNY shall Place, Store #2, New York, NY 10003, address: 24 5th Ave, Apt 612A, NY, 5/22/13. SSNY designated as agent NOTICE OF FORMATION OF Beth mail copy of proc. to NRAI, 111 for On-premises consumption. 1 NY 10011. Purpose: any lawful act. Zisman & Company LLC. Arts of Org of LLC upon whom process against Eighth Ave., NY, NY 10011, the Reg. University Place, Store #2, New York, filed with Secy of State of NY (SSNY) it may be served. SSNY shall mail Agt. upon whom proc. may be served. NY 10003. NY TAKUMI INC. NOTICE OF FORMATION OF on 5/1/13. Office location: NY County. process to: c/o Davis & Gilbert LLP, DE off. addr.: 160 Greentree Dr., Ste. TATANY MIRACLE LLC. Arts of Org SSNY designated agent upon whom 1740 Broadway, NY, NY 10019. DE 101, Dover, DE 19904. Cert. of Form. NOISE CANS LLC, a domestic LLC, filed with Secy of State of NY (SSNY) process may be served and shall address of LLC: c/o United Corporate on file: SSDE, Townsend Bldg., Dover, Arts. of Org. filed with the SSNY on on 6/25/13. Office location: NY mail copy of process against LLC to Services, Inc., 874 Walker Road, Ste. DE 19901. Purp.: any lawful activities. 6/18/13. Office location: New York County. SSNY designated as agent principal business address: 500 W. C, Dover, DE 19904. Cert. of Form. County. SSNY is designated as upon whom process may be served Notice of Qualification of Ethos Group 43rd St., Ste 31F, NY, NY 10036. filed with DE Secy. of State, 401 agent upon whom process against and shall mail copy of process Consulting Services, LLC. Application Purpose: any lawful act. Federal St., Ste. 4, Dover, DE 19901. the LLC may be served. SSNY shall against LLC to principal business Purpose: any lawful activity. for Authority filed with the Secretary mail process to: c/o Tanton and address: 1400 2ND AVE, NY, NY Notice of Qualification of 781 EIGHTH of State of New York (SSNY) on Company, 37 W. 57th St., 5th Fl., NY, 10021. Purpose: any lawful act. AVENUE OWNER LLC. Authority filed Notice of Qualification of McGraw-Hill 6/6/2013. Office location: New York NY 10019. General Purposes. with Secy. of State of NY (SSNY) on School Education Holdings, LLC. County. LLC formed in Delaware on Notice of Qualification of Cetera 06/18/13. Office location: NY County. Authority filed with Secy. of State of NY 11/12/2008. SSNY has been designated Notice of Qualification of HUDSON Financial Specialists Services LLC. LLC formed in Delaware (DE) on (SSNY) on 06/24/13. Office location: as an agent upon whom process BOULEVARD SLIVER OWNER LLC. Authority filed with NY Dept. of State 06/14/13. Princ. office of LLC: c/o NY County. LLC formed in Delaware against it may be served. The Post Authority filed with Secy. of State of NY on 7/16/13. Office location: NY Margolin, Winer & Evens LLP, 400 (DE) on 01/31/13. SSNY designated Office address to which the SSNY shall (SSNY) on 07/10/13. Office location: County. Princ. bus. addr.: 200 N. Garden City Plaza, 5th Fl., Garden as agent of LLC upon whom process mail a copy of any process against NY County. LLC formed in Delaware Sepulveda Blvd., Ste. 1200, El City, NY 11530. SSNY designated as against it may be served. SSNY shall the LLC served upon him/her is: c/o (DE) on 07/09/13. Princ. office of LLC: Segundo, CA 90245. LLC formed in agent of LLC upon whom process mail process to c/o McGraw-Hill CT Corporation System, 111 8th Ave., 60 Columbus Circle, NY, NY 10023. DE on 10/23/12. NY Sec. of State against it may be served. SSNY shall Education, Attn: David B. Stafford, 2 New York, NY 10011. The principal SSNY designated as agent of LLC designated agent of LLC upon whom mail process to Wayne R. Lehrhaupt Penn Plaza, 12th Fl., NY, NY 10121. business address of the LLC is: 5215 upon whom process against it may be process against it may be served Esq., Eisman Levine Lehrhaupt & DE addr. of LLC: c/o Corporation N. O’Connor Blvd., Suite 1450, Irving, served. SSNY shall mail process to c/o and shall mail process to: c/o CT Kakoyiannis P.C., 805 Third Ave., NY, Service Co., 2711 Centerville Rd., TX 75039. Delaware address of LLC: Corporation Service Co. (CSC), 80 Corporation System, 111 8th Ave., NY 10022. DE addr. of LLC: 2711 Ste. 400, Wilmington, New Castle 1209 Orange Street, Wilmington, DE State St., Albany, NY 12207. DE addr. NY, NY 10011, regd. agent upon Centerville Rd., Ste. 400, Wilmington, Cnty., DE 19808. Arts. of Org. filed 19801. Certificate of LLC filed with of LLC: CSC, 2711 Centerville Rd., whom process may be served. DE DE 19808. Arts. of Org. filed with with The Secy. of State of the State the Secretary of State of Delaware Ste. 400, Wilmington, DE 19808. Arts. addr. of LLC: 1209 Orange St., Secy. of State of DE, Div. of Corps., of DE, Dept. of State, Div. of Corps., located at: John G. Townsend Bldg., of Org. filed with Secy. of State, Corps. Wilmington, DE 19801. Cert. of John G. Townsend Bldg., 461 John G. Townsend Bldg., 401 401 Federal St., Ste. 4, Dover, DE Div., John G. Townsend Bldg., 401 Form. filed with DE Sec. of State, Federal St., Ste. 4, Dover, DE 19901. Federal St., Ste. 4, Dover, DE 19901. 19901. Perpetual existence. Purpose: Federal St., Ste. 4, Dover, DE 19901. 401 Federal St., Dover, DE 19901. Purpose: Any lawful activity. Purpose: Any lawful activity. any lawful act or activity. Purpose: Any lawful activity. Purpose: all lawful purposes.

30 | Crain’s New York Business | August 12, 2013 TO PLACE A CLASSIFIED AD, CALL 1-800-444-6007 OR VISIT CRAINSNEWYORK.COM PUBLIC & LEGAL NOTICES Notice of Qualification of CENTURION Notice of Qualification of ABV MADISON Notice of Qualification of Rockefeller Notice of Qualification of FLATIRON NOTICE OF FORMATION OF Kathryn REAL ESTATE INVESTORS RT II, LLC. BLOCKER LLC. Authority filed with Global Dividend Growth Fund QP, L.P. LAB VENTURES, LLC. Authority filed Smerling, PH.D. LCSW, PLLC Articles Authority filed with Secy. of State of NY Secy. of State of NY (SSNY) on Authority filed with NY Dept. of State with Secy. of State of NY (SSNY) on of Organization filed with the Secretary (SSNY) on 07/29/13. Office location: 07/22/13. Office location: NY County. on 2/25/13. Office location: NY 06/20/13. Office location: NY County. of State of NY (SSNY) on 5/28/13. NY County. LLC formed in Delaware LLC formed in Delaware (DE) on County. LP formed in DE on 2/12/13. LLC formed in Delaware (DE) on Office location: NEW YORK county. (DE) on 07/26/13. Princ. office of 07/17/13. Princ. office of LLC: c/o NY Sec. of State designated agent of 06/14/13. Princ. office of LLC: 291 SSNY has been designated as agent LLC: 909 Third Ave., 27th Fl., NY, NY Perella Weinberg Partners Capital LP upon whom process against it may Broadway, Ste. 401, NY, NY 10007. upon whom process against it may be 10022-4731. SSNY designated as Management LP, 767 Fifth Ave., NY, NY be served and shall mail process to SSNY designated as agent of LLC served. The Post Office address to agent of LLC upon whom process 10153. SSNY designated as agent of the principal business addr.: 10 upon whom process against it may be which the SSNY shall mail a copy of against it may be served. SSNY shall LLC upon whom process against it Rockefeller Plaza, 3rd Fl., NY, NY served. SSNY shall mail process to any process against the PLLC served mail process to Morrison Cohen LLP, may be served. SSNY shall mail process 10020. DE addr. of LP: The the LLC at the princ. office of the LLC. upon him/her is: 11 Sherri Drive, Attn: Karim N. Momin, Esq. at the to the LLC at the princ. office of the Corporation Trust Co., 1209 Orange DE addr. of LLC: c/o Corporation Manalapan, NJ 07726. The principal princ. office of the LLC. DE addr. of LLC. DE addr. of LLC: Corporation St., Wilmington, DE 19801. Name/addr. Service Co., 2711 Centerville Rd., Ste. business address of the PLLC is: 115 LLC: c/o Corporation Service Co., 2711 Service Co., 2711 Centerville Rd., Ste. of genl. ptr. available from NY Sec. of 400, Wilmington, DE 19808. Arts. of E. 86th Street, New York, NY 10028. Centerville Rd., Ste. 400, Wilmington, 400, Wilmington, DE 19808. Arts. of State. Cert. of LP filed with DE Sec. Org. filed with DE Secy. of State, John Purpose: any lawful act or activity. DE 19808. Arts. of Org. filed with Org. filed with Secy. of State, State of of State, 401 Federal St., Dover, DE G. Townsend Bldg., 401 Federal St., Secy. of State of the State of DE, Div. DE, Dept. of State, Townsend Bldg., 19901. Purpose: all lawful purposes. Ste. 4, Dover, DE 19901. Purpose: Notice of Formation of Sucre Bleu LLC. of Corps., John G. Townsend Bldg., 401 Federal St., Dover, DE 19901. Any lawful activity. Arts. of Org. filed with Secy. of State 401 Federal St., Ste. 4, Dover, DE Purpose: Investments. Notice of Formation of KCD Saxon of NY (SSNY) on 6/11/13. Office 19901. Purpose: Any lawful activity. LLC. Arts. of Org. filed with Secy. of Notice of Formation of AfreSHeet LLC. location: NY County. SSNY designated NOTICE OF FORMATION OF JFX LIN State of NY (SSNY) on 6/24/13. Arts. of Org. filed with Secy. of State as agent of LLC upon whom process Notice of formation of CITYWIDE LLC. Arts of Org filed with Secy of Office location: NY County. SSNY of NY (SSNY) on 06/14/13. Office against it may be served. SSNY shall COMMERCIAL REALTY LLC Arts. of State of NY (SSNY) on 6/11/13. Office designated as agent of LLC upon location: NY County. Princ. office of mail process to: c/o Persia Tatar, 64 Org. filed with the Sect’y of State of location: NY County, SSNY designated whom process against it may be LLC: 666 Greenwich St., PH 22, NY, NY Morton St., #1B, NY, NY 10014. NY (SSNY) on 1/11/2013. Office as agent upon whom process may be served. SSNY shall mail process to: 10014. SSNY designated as agent of Purpose: any lawful activity. location, County of New York. SSNY served and shall mail copy of process 1350 Broadway, Ste. 1010, NY, NY LLC upon whom process against it may has been designated as agent of the against LLC to principal business 10018. Purpose: any lawful activity. be served. SSNY shall mail process MINDFUL CONSULTING LLC, a LLC upon whom process against it address: 173 STANTON ST, #3, NY, to the LLC at the addr. of its princ. domestic LLC, Arts. of Org. filed may be served. SSNY shall mail NY, 10002. Purpose: any lawful act. Notice of formation of Simit & Smith office. Purpose: Any lawful activity. with the SSNY on 5/24/13. Office process to: The LLC, 235 West 56th 100 William Street LLC. Arts of Org location: New York County. SSNY is Notice of Qualification of DRAGON filed with Secretary of State of NY Notice of Formation of 868 BPI LLC, designated as agent upon whom St., Suite 36P, NY NY 10019. Arts. Of Org. filed with SSNY on Purpose: any lawful act. OPERATIONS, LLC. Authority filed (SSNY) on 5/21/13. Office location; NY process against the LLC may be with Secy. of State of NY (SSNY) on County. SSNY designated as agent 5/7/13. Office location: NY County. served. SSNY shall mail process to: SSNY designated as agent of LLC Notice of Formation of Euro Mec Water 08/02/13. Office location: NY County. upon whom process may be served The LLC, 775 Columbus Ave., #8A, upon whom process against it many Group USA, LLC. Arts. of Org. filed LLC formed in Delaware (DE) on and shall mail copy of process against NY, NY 10025. General Purposes. be served. SSNY shall mail process with NY Dept. of State on 7/22/13. 06/24/13. SSNY designated as agent LLC to principal business address: 420 to LLC at Martin Shaw, 350 5th Office location: NY County. Princ. bus. of LLC upon whom process against Lexington Ave, 18th Fl., Ste 1830, CHATSWORTH RIVERSIDE PARK 3 Avenue, #2816, NY, NY 10118. addr.: 250 Park Ave., 7th Fl., NY, NY it may be served. SSNY shall mail NY, NY 10170. Purpose: Any lawful. LLC, a domestic LLC, Arts. of Org. filed Purpose: Any lawful activity. 10177. Sec. of State designated process to c/o Corporation Service with the SSNY on 6/14/13. Office Notice of Formation of DOLLY LENZ location: New York County. SSNY is agent of LLC upon whom process Co. (CSC), 80 State St., Albany, NY Notice of formation of limited liability against it may be served and shall 12207-2543. DE addr. of LLC: c/o REAL ESTATE LLC. Arts. of Org. filed designated as agent upon whom with Secy. of State of NY (SSNY) on company (LLC). Name: SRAR, LLC. process against the LLC may be served. mail process to: c/o Wilk Auslander CSC, 2711 Centerville Rd., Ste. 400, Articles of Organization filed with LLP, 1515 Broadway, 43rd Fl., NY, NY Wilmington, DE 19808. Arts. of Org. 06/20/13. Office location: NY County. SSNY shall mail process to: Cohen & SSNY designated as agent of LLC Secretary of State of New York (SSNY) Frankel, LLP, 11 E. 44th St., Ste. 1800, 10036. Purpose: all lawful purposes. filed with DE Secy. of State, 401 on 6/5/2013. NY office location: NY Federal St., Ste. 4, Dover, DE 19901. upon whom process against it may be NY, NY 10017. General Purposes. served. SSNY shall mail process to County. SSNY has been designated Notice of Formation of Lucida 14A Purpose: Any lawful activity. as agent of the LLC upon whom LLC. Arts. of Org. filed with NY Dept. Douglas Danzig c/o Norton Rose KRH 61ST STREET LLC, a domestic process against it may be served. The LLC , Arts. of Org. filed with the SSNY of State on 7/3/13. Office location: JSK At 200 Riverside, LLC. Appl. for Fulbright, 666 Fifth Ave., 30th Fl., NY, post office address to which the SSNY on 6/7/13. Office location: New York NY County. Sec. of State designated Auth. filed with Secy. of State of NY NY 10103. Purpose: Any lawful activity. shall mail a copy of any process County. SSNY is designated as agent of LLC upon whom process (SSNY) on 07/23/13. Off. loc: NY Co. NOTICE OF FORMATION OF Monarb against the LLC served upon him/ agent upon whom process against against it may be served and shall Orig. juris: DE. SSNY designated as LLC. Arts of Org filed with Secy of her is 1501 Broadway, Ste 2600, NY the LLC may be served. SSNY shall mail process to: c/o CT Corporation agent of LLC upon whom process State of NY (SSNY) on 1/31/13. Office 10036. Purpose: Any lawful purpose. mail process to: The LLC, 795 5th System, 111 8th Ave., NY, NY 10011, may be served. SSNY shall mail location: NY County. SSNY designated Ave., Apt. 2608-10, NY, NY 10065. regd. agent upon whom process process to 200 Riverside Blvd, #16A, as agent upon whom process may be Notice of Formation of GAVECORE General Purposes. may be served. Purpose: all lawful Attn: Amy B. Schneidkraut Kessler. served and shall mail copy of process LLC. Arts. of Org. filed with Secy. of purposes. Purpose: General. against LLC to: 7014 13th Ave, Ste 202 State of NY (SSNY) on 07/02/13. Notice of Qualification of Valutrust Bklyn, NY 11228. Principal business Office location: NY County. SSNY Solutions, LLC. Authority filed with Notice of Formation of 9 Vandam Name of LLC: Brodmktg LLC. Arts. designated as agent of LLC upon NY Dept. of State on 6/24/13. Office Street Associates I LLC. Arts. of of Org. filed with NY Dept. of State: address: 350 W 50th st Apt 3W NY, NY 10019. Purpose: any lawful act. whom process against it may be location: NY County. LLC formed in Org. filed with Secy. of State of NY 7/24/13. Office loc.: NY Co. Sec. of served. SSNY shall mail process to KS on 8/19/10. NY Sec. of State (SSNY) on 7/25/13. Office location: State designated agent of LLC upon NOTICE OF FORMATION OF Boodle the LLC, 505 Park Ave., 8th Fl., NY, NY designated agent of LLC upon NY County. SSNY designated as whom process against it may be Creative LLC. Arts of Org filed with 10022. Purpose: Any lawful activity. whom process against it may be agent of LLC upon whom process served and shall mail process to: c/o Secy of State of NY (SSNY) on served and shall mail process to: c/o against it may be served. SSNY Business Filings Inc., 187 Wolf Rd., 5/11/12. Office location: NY County. Notice of Formation of BIG CITY CT Corporation System, 111 8th shall mail process to: The Company, Ste. 101, Albany, NY 12205, regd. SSNY designated as agent upon REALTY MANAGEMENT, LLC. Arts. of Ave., NY, NY 10011, regd. agent 401 West 45th St., NY, NY 10036. agt. upon whom process may be whom process may be served and Org. filed with Secy. of State of NY upon whom process may be served. Purpose: any lawful activities. served. Purpose: any lawful act. shall mail copy of process against (SSNY) on 07/15/13. Office location: NY KS and principal business addr.: County. Princ. office of LLC: 20803 7500 College Blvd., Ste. 600, NOTICE OF FORMATION OF LIMITED NOTICE OF QUALIFICATION of LLC to principal business address: Biscayne Blvd., Ste. 301, Aventura, FL Overland Park, KS 66210. Cert. of LIABILITY COMPANY. NAME: 519 Conde Nast Entertainment LLC. Arts 285 West Broadway, Room 250 NY, 33180. SSNY designated as agent of Org. filed with KS Sec. of State, 120 WEST 179 STREET, LLC. Articles of of Org filed with Secy of State of NY NY 10013. Purpose: any lawful act. LLC upon whom process against it SW 10th Ave., Topeka, KS 66612. Organization were filed with the (SSNY) on 6/19/13. Office location: NY NOTICE OF FORMATION OF EV Cafe may be served. SSNY shall mail Purpose: all lawful purposes. Secretary of State of New York County. LLC formed in DE on 3/22/13. LLC. Arts of Org filed with Secy of process to the LLC at the addr. of its (SSNY) on 08/05/13. Office location: SSNY designated as an agent upon State of NY (SSNY) on 4/10/13. princ. office. Purpose: Real estate. NOTICE OF FORMATION OF LIMITED New York County. SSNY has been whom process may be served and Office location: NY County. SSNY LIABILITY COMPANY. NAME: designated as agent of the LLC upon shall mail copy of process against LLC designated as agent upon whom NOTICE OF FORMATION OF LIMITED CHADDESLEY LLC. Articles of whom process against it may be to principal business address: 4 Times process may be served and shall mail LIABILITY COMPANY. NAME: 41 WEST Organization were filed with the served. SSNY shall mail a copy of Square, 23rd Fl, NY, NY 10036. Cert copy of process against LLC to: c/o 47 LLC. Articles of Organization were Secretary of State of New York process to the LLC, 519 West 179th of LLC filed with Secy of State of DE US Corp Agents, Inc. 7014 13th Ave, filed with the Secretary of State of (SSNY) on 07/09/13. The latest date Street, New York, New York 10033. located: 401 Federl St, Ste 4 Dover, Ste 202 Bklyn, NY 11228. Principal New York (SSNY) on 04/26/02. Office of dissolution is 12/31/2113. Office Purpose: For any lawful purpose. DE 19901. Purpose: any lawful act. business address: 155 Avenue B NY, location: New York County. SSNY location: New York County. SSNY NY 10009. Purpose: any lawful act. has been designated as agent of the has been designated as agent of the LLC upon whom process against it LLC upon whom process against it Notice of Qualification of AEGIS may be served. SSNY shall mail a may be served. SSNY shall mail a INVESTORS FOREIGN INCOME copy of process to the LLC, c/o A & copy of process to the LLC, 721-725 BLOCKER, L.L.C. Authority filed with K, 47 West 46th Street, New York, Fifth Avenue, Unit 35H, New York, Do You Want To Get Your Company Secy. of State of NY (SSNY) on New York 10036. Purpose: For any New York 10022. Purpose: For any 06/04/13. Office location: NY County. lawful purpose. lawful purpose. In Front Of New York City’s Influential LLC formed in Delaware (DE) on 11/08/12. Princ. office of LLC: NOTICE OF FORMATION OF Hwu Law Notice of Qualification of APC River Goldman Sachs Private Equity Group, Firm PLLC. Articles of Organization Partners, LLC. Articles of Organization Business Professionals? 200 West St., NY, NY 10282. SSNY filed with the Secretary of State of NY filed with the Secretary of State of NY designated as agent of LLC upon (SSNY) on 03/07/2013. Office location: (SSNY) on 6/13/13. Office location: whom process against it may be New York County. SSNY has been NY County. The LLC was formed in served. SSNY shall mail process to designated as agent upon whom DE on 2/6/13. SSNY is the designated c/o Corporation Service Co. (CSC), process against it may be served. The agent upon whom process may be Contact Joanne Barbieri at 80 State St., Albany, NY 12207-2543. Post Office address to which the SSNY served and shall mail a copy of any DE addr. of LLC: c/o CSC, 2711 shall mail a copy of any process process against the LLC to its princi- 212-210-0189 for classified Centerville Rd. - Ste. 400, Wilmington, against the served upon him/her is: pal business address: 60 Madison DE 19808. Arts. of Org. filed with The 11 Broadway, Suite 615, New York, Avenue, Ste 1215, NY, NY 10010. advertising opportunities. Secy. of the State of DE, Div. of NY 10004. The principal business The Certificate of LLC is filed with Corps., John G. Townsend Bldg., address of the LLC is: 11 Broadway, the Secretary of State of Delaware, 401 Federal St. - Ste. 4, Dover, DE Suite 615, New York, NY 10004. 401 Federal Street, Ste 4, Dover, DE 19901. Purpose: Any lawful activity. Purpose: any lawful act or activity. 19901. Purpose: For any lawful act.

August 12, 2013 | Crain’s New York Business | 31 TO PLACE A CLASSIFIED AD, CALL 1-800-444-6007 OR VISIT CRAINSNEWYORK.COM PUBLIC & LEGAL NOTICES Notice of Qualification of 210 BEDFORD Notice of Qualification of CWPY NOTICE OF QUALIFICATION of PJM Notice of Qualification of ASCENT Notice of Qualification of Apria INVESTORS IIA, LLC. Authority filed Construction Investors LLC. Authority WHOLESALE BROKERS, LLC. SPECIAL VENTURES, LLC. Authority Healthcare LLC. Authority filed with with Secy. of State of NY (SSNY) on filed with Secy. of State of NY (SSNY) Application for Authority filed with filed with Secy. of State of NY (SSNY) NY Dept. of State on 7/1/13. Office 07/24/13. Office location: NY County. on 07/25/13. Office location: NY the Secretary of State of New York on 03/25/13. Office location: NY location: NY County. Princ. bus. addr.: LLC formed in Delaware (DE) on County. LLC formed in Delaware (DE) (SSNY) on 2/14/13. Office location in County. LLC formed in Delaware (DE) 26220 Enterprise Ct., Lake Forest, CA 06/27/13. Princ. office of LLC: 10 E. on 02/12/13. Princ. office of LLC: 60 New York County. LLC formed in on 03/21/13. Princ. office of LLC: 142 92630. LLC formed in DE on 3/30/84. 53rd St., 37th Fl., NY, NY 10022. Columbus Circle, 19th Fl., NY, NY Delaware on 11/15/12. SSNY has been W. 57th St., Ste. 4A, NY, NY 10019. NY Sec. of State designated agent of SSNY designated as agent of LLC 10023. SSNY designated as agent of designated as agent upon whom SSNY designated as agent of LLC LLC upon whom process against it upon whom process against it may LLC upon whom process against it process against it may be served. upon whom process against it may be may be served and shall mail process be served. SSNY shall mail process may be served. SSNY shall mail The Post Office address to which the served. SSNY shall mail process to to: c/o National Registered Agents, Inc. to Corporation Service Co. (CSC), 80 process to c/o Corporation Service SSNY shall mail a copy of any process the LLC at the princ. office of the LLC. (NRAI), 111 8th Ave., NY, NY 10011, State St., Albany, NY 12207-2543, Co. (CSC), 80 State St., Albany, NY against the LLC served upon him/her DE addr. of LLC: CSC, 2711 Centerville regd. agent upon whom process may regd. agent upon whom and at 12207-2543. DE addr. of LLC: CSC, is 111 8th Avenue, 13th Floor, NY, NY Rd., Ste. 400, Wilmington, DE 19808. be served. DE addr. of LLC: c/o NRAI, which process may be served. DE 2711 Centerville Rd., Ste. 400, 10011. The principal place business Arts. of Org. filed with Jeffrey W. 160 Greentree Dr., Ste. 101, Dover, DE addr. of LLC: c/o CSC, 2711 Wilmington, DE 19808. Arts. of Org. address of the LLC is 18 Abbott Road, Bullock, Secy. of State, Div. of 19904. Cert. of Form. filed with DE Sec. Centerville Rd., Ste. 400, Wilmington, filed with DE Secy. of State, 401 Hamilton, NJ 08690. Certificate of the Corps., PO Box 898, Dover, DE of State, 401 Federal St., Dover, DE New Castle Cnty., DE 19808. Arts. of Federal St., Ste. 4, Dover, DE 19901. LLC filed with the Secretary of State 19901. Purpose: Any lawful activity. 19901. Purpose: all lawful purposes. Org. filed with DE Secy. of State, Div. Purpose: Any lawful activity. of Delaware located at 401 Federal of Corps., John B. Townsend Bldg., Street – Suite 4 Dover, DE 19901. Notice of Formation of 1125 PARK 16A Notice of Formation of Maine Line 401 Federal St., Ste. 4, Dover, DE Notice of Formation of Professional Dissolution Date: Perpetual. Purpose: LLC. Arts. of Org. filed with Secy. of Productions, LLC. Arts. of Org. filed 19901. Purpose: Any lawful activity. Limited Liability Company: wanta- Any lawful act or activity. State of NY (SSNY) on 06/06/13. with Secy. of State of NY (SSNY) on architect PLLC. Articles of Organization Office location: NY County. Princ. 7/2/13. Office location: NY County. NOTICE OF FORMATION of filed with Secretary of State of NY 35 GROVE LLC, a domestic LLC, office of LLC: c/o Proskauer Rose LLP, SSNY designated as agent of LLC BLUEOCEAN EQUITY MANAGEMENT (SSNY) on 6/6/2013. Office Location: Arts. of Org. filed with the SSNY on Eleven Times Sq., NY, NY 10036. upon whom process against it may be LLC. Arts of Org. filed with NY Secy NY County. SSNY has been designated 5/10/13. Office location: New York SSNY designated as agent of LLC served. SSNY shall mail process to of State (SSNY) on 05/14/2013. Office as agent upon whom process may be County. SSNY is designated as agent upon whom process against it may be princ. bus. loc.: The LLC, 47 Great location: New York County. SSNY is served and shall mail copy of process upon whom process against the LLC served. SSNY shall mail process to Jones St., New York, NY 10012-1196. designated as agent of LLC upon whom against PLLC to principal business may be served. SSNY shall mail process Attn: Steven M. Ellis at the princ. office Purpose: any lawful activity. process against it may be served. address: 66 Crosby Street, #3D, New to: The LLC, 489 Fifth Ave., 7th Fl, of the LLC. Purpose: Any lawful activity. NY, NY 10017. General Purposes. Notice of Formation of EGL Media SSNY shall mail process to: 590 York, NY, 10012. Purpose/character Notice of Formation of SAR III, LLC. Madison Ave., 34th Fl., New York, NY of PLLC: any lawful act. LLC. Arts. of Org. filed with Secy. of AQUARIUM LLC, a domestic LLC, Arts. Arts. of Org. filed with Secy. of State State of NY (SSNY) on 7/9/13. 10022. Purpose: any lawful activity. of NY (SSNY) on 07/19/13. Office Notice of Formation of Matia, LLC. of Org. filed with the SSNY on 7/3/13. Office location: NY County. SSNY location: NY County. Princ. office of Arts. of Org. filed with Secy. of State Office location: New York County. designated as agent of LLC upon whom Notice of Formation of FR GLOBAL LLC: 1 Penn Plaza, NY, NY 10119. of NY (SSNY) on 7/23/13. Office SSNY is designated as agent upon process against it may be served. ADVISORS LLC. Arts. of Org. filed SSNY designated as agent of LLC location: NY County. SSNY designated whom process against the LLC may SSNY shall mail process to: The LLC, with Secy. of State of NY (SSNY) on upon whom process against it may as agent of LLC upon whom process be served. SSNY shall mail process 415 East 52nd St., NY, NY 10022. 07/25/13. Office location: NY County. be served. SSNY shall mail process against it may be served. SSNY to: Gregor S. Bailar and Theresa Y. Purpose: any lawful activities. SSNY designated as agent of LLC to Valley National Bank, 1455 Valley shall mail process to: John E. Cable, Hong, 6653 Sorrel St., Mclean, VA upon whom process against it may be Rd., Wayne, NJ 07470. Purpose: Any Notice of Formation of Gaming 234 West 21st St., #565, NY, NY 22101. General Purposes. served. SSNY shall mail process to lawful activity. Management, LLC. Arts. of Org. filed 10011, also the registered agent. Corporation Service Co., 80 State St., Notice of Formation of Marca Studio with Secy. of State of NY (SSNY) on Purpose: any lawful activities. Albany, NY 12207, regd. agent upon LLC. Arts of Org filed with Secy of NOTICE OF FORMATION OF 3/12/13. Office location: NY County. whom and at which process may be State of NY (SSNY) on 6/27/13. Carlania, LLC. Arts of Org filed with SSNY designated as agent of LLC served. Purpose: Any lawful activity. Notice of Formation of HDL NY L.P. Secy of State of NY (SSNY) on Cert. of LP filed with Secy. of State Office location: NY County. SSNY upon whom process against it may be designated agent upon process may be 6/20/13. Office location: NY County. NOTICE OF FORMATION OF LIMITED of NY (SSNY) on 07/19/13. Office served. SSNY shall mail process to: c/o served and shall mail copy of process SSNY designated as agent upon LIABILITY COMPANY. NAME: 143-48 location: NY County. Latest date on Merle Brown & Nakamura, P.C., 90 against LLC to principal business whom process may be served and 41ST AVENUE, LLC. Application for which the LP may dissolve is 7/16/2113. Broad St., Ste. 2201, NY, NY 10004- address: 533 E 6th Street, #5, NY, shall mail copy of process against Authority was filed with the Secretary SSNY designated as agent of LP 2271. Purpose: any lawful purpose. NY 10009. Purpose: any lawful act. LLC to principal business address: of State of New York (SSNY) on upon whom process against it may c/o Shane Henty Sutton, P.C., 150 E NOTICE OF QUALIFICATION of 04/04/13. The LLC was originally filed be served. SSNY shall mail process GOLDEN CAPITAL GUARANTY LLC, 58th St, 25th Fl, NY, NY 10155. SunBurger 4 LLC. Authority filed with with the Secretary of State of to Satterlee Stephens Burke & Burke a domestic LLC, Arts. of Org. filed Purpose: any lawful act. Secy of State of NY (SSNY) on Delaware on 04/01/13. Office location: LLP, Attn: Kirk O’Ferrall, 230 Park with the SSNY on 3/19/13. Office 7/2/13. Office location: NY County. BMROBOT LLC, a domestic LLC, Arts. New York County. SSNY has been Ave., Ste. 1130, NY, NY 10169. location: New York County. SSNY is LLC formed in DE on 4/19/13. SSNY of Org. filed with the SSNY on 4/30/13. designated as agent of the LLC upon Name and addr. of each general designated as agent upon whom designated agent upon whom Office location: New York County. whom process against it may be partner are available from SSNY. process against the LLC may be process may be served and shall SSNY is designated as agent upon served. SSNY shall mail a copy of Purpose: Any lawful activity. served. SSNY shall mail process to: mail copy of process against LLC to whom process against the LLC may be process to the LLC, 552 Main Street, The LLC, 575 Madison Ave, 10th Fl., principal business address: 261 NOTICE OF FORMATION OF served. SSNY shall mail process to: Roosevelt Island, New York 10044. NY, NY 10022. General Purposes. Madison Ave, 9/Fl, NY, NY 10016. Dominique Levy LLC. Articles of Philippe Berdugo, 106 Central Park Purpose: For any lawful purpose. DE address of LLC: c/o CSC, 2711 Organization filed with the Secretary S, NY, NY 10019. General Purposes GLEIT & DUSZAK, LLP a domestic Centerville Rd, Ste 400, Wilmington, NOTICE OF FORMATION OF BCS of State of NY (SSNY) on 5/23/13. LLP, filed with the SSNY on 7/16/13. APPLE SEEDS PCVST LLC, a DE 19808. Cert of LLC filed with Executive Security, LLC. Arts of Org Office location: New York County. Office Location: New York County. domestic LLC , Arts. of Org. filed with Secy of State of DE located: 401 filed with Secy of State of NY (SSNY) SSNY designated as agent upon SSNY is designated as agent upon the SSNY on 5/23/13. Office location: Federal St, Ste 4, Dover, DE 19901. on 7/11/13. Office location: NY whom process may be served and whom process against the LLP may New York County. SSNY is designated Purpose: any lawful act. County. SSNY designated as agent shall mail copy of process against be served. SSNY shall mail process as agent upon whom process against upon whom process may be served LLC to: Dontzin, Nagy, and Fleissig 719 WEST HAMILTON HEIGHTS to: The LLP, 401 Broadway, Ste. 601, the LLC may be served. SSNY shall and shall mail copy of process LLP, 980 Madison Avenue, NY, NY ASSOCIATES, LLC, a foreign LLC, NY, NY 10013. Purpose: Law. mail process to: The LLC, 10 W 25th against LLC to: 115 Stuyvesant 10075, Attention: Matthew S. filed with the SSNY on 6/21/13. St., NY, NY 10010. General Purposes. Place, Staten Island, NY 10301. Dontzin. Principal business address: Notice of Formation of The Office location: New York County. Principal business address: 1441 30 E 74th St, NY, NY 10075. Brooksville Gates Company LLC. Arts. Good Melts LLC. Arts. of Org. filed SSNY is designated as agent upon Broadway, 3rd Flr, NY, NY 10018. Purpose: any lawful act. of Org. filed with NY Dept. of State on with Secy. of State of NY (SSNY) on whom process against the LLC may Purpose: any lawful act. 3/11/13. Office location: NY County. 06/20/13. Off. loc.: New York Co. be served. SSNY shall mail process NOTICE OF FORMATION OF LIMITED Sec. of State designated agent of SSNY designated as agent of LLC to: The LLC, 369 E. 62nd St., NY, NY Notice of Formation of City Hall LIABILITY COMPANY. NAME: 534 LLC upon whom process against it upon whom process may be served. 10021. General Purposes. Coffee LLC. Arts. of Org. filed with WEST 178 EQUITIES, LLC. Articles of may be served and shall mail SSNY shall mail process to 300 E NY Dept. of State on 2/20/13. Office Organization were filed with the process to: c/o CompassRock Real 62nd St., Ste. 1702, New York, NY Notice of Formation of KRR Queens 3 location: NY County. Princ. bus. addr.: Secretary of State of New York Estate, 810 7th Ave., 40th Fl., NY, NY 10065. Purpose: General. LLC. Arts. of Org. filed with Secy. of 255 Canal St., Ste. 301, NY, NY (SSNY) on 07/22/13. The latest date 10019, principal business address. State of NY (SSNY) on 7/3/13. Office 10013. Sec. of State designated of dissolution is 07/18/2112. Office Purpose: all lawful purposes. Notice of Formation of MALAULALO location: NY County. SSNY designated agent of LLC upon whom process location: New York County. SSNY has LLC. Arts. of Org. filed with Secy. of as agent of LLC upon whom process against it may be served and shall been designated as agent of the LLC NCC360 LLC, a domestic LLC, Arts. State of NY (SSNY) on 6/14/13. Office against it may be served. SSNY shall mail process to: c/o Justin M. upon whom process against it may be of Org. filed with the SSNY on location: NY County. SSNY mail process to: Richard A. Merhige, Zamparelli, Esq., Withers Bergman served. SSNY shall mail a copy of 5/2/13. Office location: New York designated as agent of LLC upon c/o Regency International, 11 East LLP, 430 Park Ave., 10th Fl., NY, NY process to the LLC, 31-10 37th Avenue, County. SSNY is designated as whom process against it may be 26th St., NY, NY 10010. Purpose: 10022. Purpose: all lawful purposes. Suite 500, Long Island City, New York agent upon whom process against served. SSNY shall mail process to: any lawful activities. 11101. Purpose: For any lawful purpose. the LLC may be served. SSNY shall c/o Ralph R. Hochberg, 8 Tanglewood Notice of Qualification of 19 West 24th mail process to: Caputo & Boncardo, Lane, Sea Cliff, NY 11579. Purpose: Notice of Qualification of Amylin Street Owner LLC. Authority filed Notice of Qualification of VRPG CPAS, 538 Westchester Ave., Rye any lawful activity. Pharmaceuticals, LLC. Authority filed with NY Dept. of State on 6/11/13. Holdings, LLC. Authority filed with NY Brook, NY 10573. General Purposes. with NY Dept. of State on 7/1/13. Office location: NY County. Princ. Dept. of State on 6/12/13. Office NOTICE OF FORMATION OF LIMITED Office location: NY County. Princ. bus. addr.: 805 3rd Ave., 7th Fl., NY, location: NY County. LLC formed in DE NOTICE OF QUALIFICATION of LIABILITY COMPANY. NAME: TWO bus. addr.: 345 Park Ave., 3rd Fl., NY 10022. LLC formed in DE on on 5/3/13. NY Sec. of State designated Rosenbloom Advisors, LLC. Arts of Org ROADS PRODUCTIONS LLC. NY, NY 10154. LLC formed in DE on 6/4/13. NY Sec. of State designated agent of LLC upon whom process filed with Secy of State of NY (SSNY) Articles of Organization were filed with 8/8/12. NY Sec. of State designated agent of LLC upon whom process against it may be served and shall on 4/11/13. Office location: NY County. the Secretary of State of New York agent of LLC upon whom process against it may be served and shall mail process to: Duane Morris, LLP, LLC formed in IL on 10/18/12. SSNY (SSNY) on 06/20/13. Office location: against it may be served and shall mail process to: c/o CT Corporation 1540 Broadway, NY, NY 10028, Attn: designated agent upon whom process New York County. SSNY has been mail process to: c/o CT Corporation System, 111 8th Ave., NY, NY 10011, Michael D. Schwamm, Esq. DE addr. may be served and shall mail copy of designated as agent of the LLC upon System, 111 8th Ave., NY, NY 10011, regd. agent upon whom process may of LLC: c/o The Corporation Trust process against LLC to principal whom process against it may be regd. agent upon whom process may be served. DE addr. of LLC: 1209 Co., 1209 Orange St., Wilmington, business: 1551 Mill Trail, Highland served. SSNY shall mail a copy of be served. DE addr. of LLC: 1209 Orange St., Wilmington, DE 19801. DE 19801. Cert. of Form. filed with Park, IL 60035. Cert. of LLC filed process to the LLC, c/o Robert Orange St., Wilmington, DE 19801. Cert. of Form. filed with DE Sec. of DE Sec. of State, Townsend Bldg., with Secy of State of IL located at: Pesce, CPA, 750 Third Avenue, 11th Cert. of Form. filed with DE Sec. of State, 401 Federal St., Dover, DE Duke of York St., Dover, DE 19901. 213 State Capitol, Springfield, IL Floor, New York, New York 10017. State, 401 Federal St., Dover, DE 19901. Purpose: all lawful purposes. Purpose: all lawful purposes. 62756. Purpose: any lawful act. Purpose: For any lawful purpose. 19901. Purpose: all lawful purposes.

32 | Crain’s New York Business | August 12, 2013 bought, its duration or what sort of deductibles are involved. Neither A-Rod return costs Yanks chance to rebuild the Yankees nor Team Scotti would comment. Continued from Page 3 lion contract. Although Mr. Belle’s mann’s coverage. are a select group indeed, with no Interestingly, Mr. Thomas said the Yankees’ payroll below the level contract was only a quarter the size Mr.Thomas estimates that base- more than 50 people around the that baseball’s crackdown on that requires the club to share rev- of A-Rod’s, it was a head-turner ball teams insure half of their play- globe committing cash to under- steroids and other performance- enue with other teams and given it when he signed the five-year agree- ers who have expensive long-term write athlete-disability policies. enhancing drugs could ultimately more flexibility to sign big-name ment in 1996 because it made him contracts. Premiums are typically Apart from Lloyd’s,major providers make it tougher for teams to insure free agents this winter. the first player paid at least $10 mil- 4% of the player’s salary, suggesting include Texas-based HCC Insur- their most expensive contracts. But that rosy scenario came to an lion a year. the Yankees are paying $11 million ance Holdings Inc., a New York That’s because performance- end for the team, at least for now, Stock Exchange-listed company, enhancing drugs have helped play- when A-Rod returned to the lineup A 30-year trend and Pro Financial Services,which in ers recover from injuries that in the while he appeals the 211-game sus- Although player-disability poli- ‘The value of 2007 was acquired by New York- past would have ended their careers. pension handed down by Major cies are seldom discussed publicly, based National Financial Partners For example,in 2007 Yankees pitch- League Baseball for alleged use of they have been a regular part of the contracts Corp. for $73 million. er Andy Pettitte acknowledged us- performance-enhancing drugs. Al- landscape in baseball and other pro- ing human-growth hormone to though the Yankees could be off the fessional sports over the past 30 insured runs The steroid effect help recover from an elbow injury hook if A-Rod’s suspension is up- years, growing commensurately Professional basketball and five years earlier. HGH was prohib- held—or his hip problem flares up with player salaries. One of the first into the billions’ hockey operate leaguewide insur- ited in baseball in 2005, but the ban again—for now,at least,they are back big payouts took place in the mid- ance plans to protect teams from the was essentially unenforced until re- to paying his monstrous contract. 1980s after Washington Redskins cost of losing top performers, but cently. For those keeping score at home, quarterback Joe Theismann had his baseball teams buy coverage on their As baseball cracks down on such baseball’s record for largest insur- leg broken—and career effectively own. The Yankees, who have long drugs, one result could be that more ance payout was set by Albert Belle, ended—when he was sacked on to insure A-Rod’s epic contract over sported the highest payroll in base- careers end sooner and force insurers a slugging outfielder in the 1990s Monday Night Football by the New its existence. ball, seem to have the most experi- to cough up big sums to pay the bal- who was forced by a similar hip in- York Giants’ Lawrence Taylor. Mr. “The face value of the contracts ence in this field. (HCC’s website ance of unpaid contracts. Insurers jury to retire after the 2000 season. Theismann reportedly collected insured certainly runs into the bil- contains a quote from late team would presumably pass along those That injury enabled Mr. Belle’s em- $1.4 million in insurance. lions,” said Mr. Thomas, who has owner George Steinbrenner calling costs to teams in the form of more ployer, the Baltimore Orioles, to re- “That was a fairly small claim insured Bruce Springsteen’s voice the company’s service “first class.”) expensive premiums. ceive a $27 million check from their compared with the numbers going and Pittsburgh Steelers star Troy For A-Rod’s contract, the team “Are players who were juiced up insurer to offset what they still owed around today,” said Jonathan Polamalu’s hair. “It’s really no dif- secured a policy via a Pittsburgh- likely to face a more difficult reha- him under his guaranteed $65 mil- Thomas, group accident and health ferent from any other sort of asset- based firm called Team Scotti. Re- bilitation without performance- underwriter at the Watkins Syndi- protection or business-interruption portedly, the Yankees have insured enhancing substances?” Mr. LISTEN to a discussion at cate of Lloyd’s of London and the coverage.” 80% of A-Rod’s contract, though it Thomas said. “That’s something CrainsNewYork.com/podcasts executive who placed Mr. Theis- Players in this niche of insurance isn’t clear when the policy was everyone is thinking about.”

Big bout in Nassau IN THE COLISEUM: DOLAN VS. RATNER

Continued from Page 3 only it has the expertise to achieve taxpayer-financed attempts to re- the total transformation the Colise- vamp the Coliseum went nowhere. um requires. “Nassau Coliseum Those setbacks prompted the Is- needs to be totally re-created, landers hockey team to skate off to reimagined, repositioned and re- the Barclays Center, which will be branded, and we’ve done that in its home as early as the 2014-2015 Brooklyn,” said Mr. Yormark. season. “We’re thrilled we have two in- Specialty of the house dustry giants prepared to reinvent Garden executives punch back, the Coliseum,” said Mr. Mangano. noting that what the Coliseum For MSG, the contest is an op- needs is what their team has special- portunity to add another gem to the ized in for decades.In addition to its crown of its ever-expanding enter- reinvention of the Garden, in July buck ennis, newscom tainment-venue business, which in- MSG kicked off a $100 million ren- HEAVYWEIGHTS: MSG’s James Dolan (left) is facing off against Forest City Ratner’s Bruce Ratner in bid to rebuild Nassau venue. cludes managing Radio City Music ovation of the LA Forum.The com- Hall, the Beacon Theater and the pany has also pulled off similar LA Forum.For Barclays,coming off “transformations,” as MSG execs Hank Ratner said. “The fact is, we switch added two months to the that the Coliseum fight could go to a blockbuster inaugural year at its like to call them, at Radio City, the do what we say, we build what we build-out process, but now it is the the team that stole the place’s mar- downtown Brooklyn arena,winning Beacon and the historic Chicago say.” company’s cafeteria that has the quee attraction. On the other hand, the Coliseum contract could mark Theatre. As for the Dolans, despite their view of the Coliseum. MSG is home to the Islanders’archri- the first step toward the launch of a “This is exactly what we do,”said business success on Long Island “If we win,I might just be tempt- vals, the Rangers, a fact that will be business that not only competes MSG’s Hank Ratner. “We take with Cablevision and Newsday,they ed to switch it back,” Mr. Rechler glossed over in MSG’s plans for a with the Garden in New York City cherished old buildings, and we are not exactly fan favorites. For one said. huge sports bar in the new facility but around the world. make them great again.” thing, control of the Coliseum with collectibles highlighting the his- What’s more, Garden execs note would give them a virtual lock on lo- No demolition tory of the Garden and the Coliseum. First chapter their team is playing on its home cal entertainment.What’s more,the Not surprisingly, both contest- “The idea that the Rangers are “This could be the first of many turf, where the majority of MSG’s company has a huge challenge ants want a wholesale transforma- going to come in here and build an chapters for us,”said Nets Chief Ex- corporate squad lives. looming on its horizon. MSG was tion of the arena. Both, however, Islanders-themed sports bar with ecutive Brett Yormark, who is lead- “This is our backyard,” Hank recently told by the New York City stop short of demolition.The MSG pillaged memorabilia, it’s enough to ing the Barclays bid along with Ratner said. “The local area knowl- Council that its namesake property, team is proposing a subtle upgrade, make any Strong Islander bulimic,” Bruce Ratner, the chairman of de- edge is second to none.” the one that sits atop Pennsylvania encasing the existing façade in met- said Ed Blumenthal, a Long Island velopers Forest City Ratner. Both contenders also have their Station in Manhattan, needs to al panels meant to give the building mall developer who was one of the Going into the final round, Bar- shortcomings. In Barclays’ case, move out in 10 years to make way for a new sheen.Think of it as the Steve two unsuccessful bidders. He has clays has come out swinging.To the they include long-running contro- an expansion of the station. Jobs treatment.In contrast,the Bar- since teamed up with Barclays. surprise of many in the industry,the versies surrounding Forest City Despite their myriad differences, clays team envisions something that For many locals, the important Brooklyn arena outsold its Man- Ratner’s development of the Bar- both contenders readily agree on looks like the Barclays Center thing is not who wins the fight of the hattan rival this year, pulling in clays Center and the vast Atlantic one thing: The Coliseum is an eye- crossed with a UFO, with glass and decade but that the Coliseum will fi- $46.9 million in tickets between Yards residential development that sore. It is so bad, in fact, that Mr. steel coiled atop the dome. nally get its much-needed makeover. January and June,according to Poll- will someday surround it. Critics Rechler, whose development com- Beyond that, the bells and whis- “As long as they develop the area, star,beating out the Garden by $5.9 note everything from the sacking of pany,RXR,is headquartered direct- tles planned by both teams play dif- which is a big ‘if,’ given all the false million. The reigning titleholder the project’s initial designer,starchi- ly across Hempstead Turnpike from ferent notes, but the song is basical- starts,it’ll be great for us,”said Frank counters that the Garden was tect Frank Gehry, to the fact that the arena, went to great lengths to ly the same. Each team is proposing Borelli, owner of a namesake Italian closed for much of May and all of contracts were repeatedly renegoti- avoid having to look at the thing. more than 300 events a year, and restaurant half a mile down the turn- June as work wrapped up on the $1 ated and promised affordable hous- When he was moving into his office, they are tapping into their respective pike from the Coliseum. billion,three-year renovation of the ing is behind schedule—issues the he had the original plans ripped up networks to line up acts. midtown arena. company blames on the recession. so that his own office faced out the Both plans also have their ironies. LISTEN to a discussion at The Barclays crew insists that “I don’t want to go negative,” opposite side of the building. The For openers, there’s the possibility CrainsNewYork.com/podcasts

August 12, 2013 | Crain’s New York Business | 33 REBUILDING NY Post-Sandy woes hit two UWS eateries hard

bles began around the time Sandy Kefi, Casa Pomona swept into town—even though the seek to reopen after Upper West Side did not lose power. Mr. Psilakis had four restaurants enduring storm, OUT OF POCKET: open at the time, including an out- Co-owners Sid Gupta and flooding, red tape post of his popular MP Taverna in Marion Maur have sunk Irvington, N.Y., on the banks of the much of their own money Hudson River. He was in the midst into rebuilding Casa BY LISA FICKENSCHER of building an MP Taverna in Asto- Pomona.

ria, Queens, in October, but work buck ennis When a frozen pipe burst in Janu- was immediately halted after Sandy, ary, flooding the basements of two and the workers were redeployed to cy expire. The partners couldn’t get December, the partners were The next worry was insurance. neighboring restaurants on the Up- Westchester, where the Irvington the myriad permits they needed, in- $200,000 over budget and had just Casa Pomona submitted a claim for per West Side, their owners never eatery had been destroyed by the cluding their liquor license, until a one staffer left: their executive chef. approximately $500,000 in dam- imagined that three seasons would storm. His insurance claim was de- new one was issued.This involved an The funds were coming straight ages and lost business. Ordinarily, pass before they could reopen. nied, leaving him in precarious fi- inspection by the city’s Buildings out of their pockets.“We believed in such a claim might have taken three But a litany of woes, including nancial condition. Department. Even under normal this concept so much,” Ms. Maur months to process and settle,but be- setbacks as a result of Superstorm “We lost a fortune at that restau- circumstances, such inspections can said, explaining that the neighbor- cause of the volume of claims as a re- Sandy, kept both the acclaimed rant,which put us in a huge debt sit- take weeks to secure. hood lacked a tapas-style restau- sult of Sandy, it took until July for Greek restaurant Kefi, owned by uation,” Mr. Psilakis said. While they waited, the partners rant, a concept drawing crowds the restaurateurs to get approval for celebrity chef Michael Psilakis, and Losing Kefi, a destination restau- retained their staff, shelling out downtown. “When we saw this just part of their claim, which will newcomer Casa Pomona, a tapas rant on the Upper West Side,was an- more than $10,000 or so through restaurant for the first time, we cover their equipment losses. joint helmed by industry veterans,in other huge blow. Now he was forced thought, ‘Gold mine.’ ” That was enough for a third at- limbo for half a year. to rebuild two businesses with a se- Mr.Gupta—whose father,Vijay, tempt at launching the restaurant the Their stories reflect the hardships verely diminished revenue stream. The tapas joint had at one time owned a dozen pair had envisioned as a gold mine. that many small businesses faced in restaurants in the city,including up- They are trying to stay positive. “If the aftermath of Sandy as they nav- A series of setbacks was ‘bleeding scale Indian eatery Dawat on East I’m not, how can I convey that to my igated the thicket of city agencies Casa Pomona’s troubles began in 58th Street—drew money from his staff, who need to convey the feeling that issue the various permits re- September 2012. The Spanish money,’ said other bars and restaurants. to my guests?” asked Mr. Gupta. quired to do business here, the va- eatery was the first joint venture be- Meanwhile, Mr. Psilakis has an- garies of their insurance coverage tween co-owners Sid Gupta, a part- its co-owner Immense devastation other several months of work before and their own dwindling finances. ner in such bars as the Village Pour- Finally in late December, the he can unveil the new Kefi.Workers Now they are beginning to emerge house and Hudson Terrace, and partners were given the green light. have begun to replace waterlogged from their odysseys. Casa Pomona is Marion Maur, who had been part of They cobbled together a new staff walls with new drywall, while Mr. set to reopen in mid-August,and Kefi the management team of SushiSam- and opened the eatery. Five weeks Psilakis spent a recent afternoon recently began reconstruction of its ba in the U.S. She is general manag- September and October. later, the pipe burst. picking out new tiles. downstairs dining room and prep er at Pappardella on the Upper West Then Sandy hit. City agencies The devastation was immense in The Irvington eatery reopened kitchen, which were inundated by Side, which Mr. Gupta owns. were engulfed in the aftermath— both Casa Pomona and Kefi, which within three months of the storm, more than four feet of water from the Just as they put the finishing and the partners’ hopes of getting had 100 seats downstairs, where the while the Astoria outpost opened in burst pipe. touches on the new spot, which they the inspection in a timely manner water level was higher than Kefi’s April—several months later than “We will be building a brand- hoped would become a neighbor- quickly faded. banquettes. The Fire Department anticipated, thanks to Sandy. new restaurant,” said Mr. Psilakis. hood mainstay like Kefi, they dis- “We were bleeding money,” said pumped out the water, but it would “It’s very hard to isolate these Although both eateries were covered that their landlord had let Mr. Gupta, who had budgeted be another three months before the restaurants,” said Mr. Psilakis. “We forced to close on Jan. 26, their trou- the building’s certificate of occupan- $500,000 to open the eatery. By gas was restored. all share the same resources.” Ⅲ Art auctioneers enter e-world

Continued from Page 6 showing a $36,000 gain, thanks Higher-priced items mean higher Manhattan but listed on the Frank- mostly to cost cuts. commissions and bigger margins.” furt Stock Exchange. In addition to Meanwhile, some prominent Meanwhile, at the other end of feeling the effects of a still-weak figures in the art world are them- the spectrum, Christie’s may not be economy, his company had to fend selves betting on the future of selling the art world’s most prized off an unwanted takeover bid last online-only auctions. In June, artist pieces in online-only auctions yet, year. Since then, he has taken steps Damien Hirst and members of the but it doesn’t rule out such a thing to get the business back on track,in- Mellon family, whose patriarch going forward. Mr. Auerbach said cluding shuttering the company’s basically founded the National that serious collectors typically do magazine and its office in Paris. To Gallery of Art in Washington, in- tremendous research on the pieces lure more business, the company vested $6 million in Paddle8. they’re interested in acquiring and earlier this year also abolished the Paddle8 co-founder Aditya have made up their minds long be- 10% commission for sellers. Julka said that the company focuses fore a sale, so they would likely be on art valued at under $100,000, comfortable buying them online. Cost-cutting helps with an average price point of For now, however, the 247-year- Even so, revenue at the firm $10,000. He said art priced at such old firm is selling less expensive dropped 5.2% for the first six levels appeals to a greater group of pieces like those auctioned at the de months of 2013,to $8.6 million,and buyers and is often ignored by big Kooning sale as a way to reach new revenue from auctions plunged auction houses. audiences—and those who may one 20%, compared with the same peri- day buy pieces that cost tens or hun- od a year earlier. The company re- Prized pieces aren’t online yet dreds of millions of dollars. ported a loss of $67,000. However, “It’s just not economical for them “We view online auctions as a

buck ennis in the second quarter of 2013, the to get into this business,” said Mr. great marketing tool,” said Mr. OFFERING ONLINE ‘BARGAINS’: Aditya Julka (left) and Alexander Gilkes of Paddle8 company returned to profitability, Julka. “It isn’t lucrative enough. Auerbach. Ⅲ

34 | Crain’s New York Business | August 12, 2013 MEAT AND GREET: Daniel Mancini keeps Meatball Obsession’s menu small and simple, just like his 212-square- foot shop.

SNO QUEEN: Neesa Peterson’s Imperial Woodpecker Sno-Balls operates out of a 38- square-foot space in the meatpacking district. buck ennis

real estate firm Lansco Corp. “It’s perial Woodpecker Sno-Balls, be- ers, a co-owner of gelato shop Small wonders what they’re doing to fit the mold cause she could wheel her 100-pound Screme,has nice neighbors.Because and not make the mold fit into their ice machine onto the sidewalk each Screme, located in an 18- by 6-foot prototypical requirements.” day. It’s a drastic change from last sliver on the corner of West 94th Continued from Page 1 net—the electronics company aver- Since the mold is limited, most summer, when she was in a pricier Street and Amsterdam Avenue, has ically,are making it work.Some,like ages near $4,600 in sales per square entrepreneurs keep the menu brief, 400-square-foot store on MacDou- no room for indoor seating, it uses Mr.Kruvi,operate cheaper commis- foot, according to investment bank offering just one or two products. gal Street. A restaurant next door to the adjoining patio area of apparel sary kitchens elsewhere in the city Needham & Co. Meanwhile, trendy Such a strategy works twofold: It her new spot at 55 Gansevoort St. shop Upper 90 for its café. and receive daily deliveries to keep supermarket chain Trader Joe’s helps shop owners manage within lends Ms. Peterson some storage and Ms.Meyers has about six tables in stock up. Others take up sidewalk weighs in at $1,750 per square foot. the confines of the space,and it helps refrigeration space, though she keeps the outside space where customers sit space or rely on a friendly neighbor- to market the concept. Mr. Kruvi’s her own fridge, stocked with evapo- to sip espresso or eat sorbet. Two ing shop for extra room. Singular focus store,for example,is better known as rated milk and about 50 flavors of freezers in a 50-square-foot base- “It’s hard to be a food seller and Experts credit the rising popular- the “sliders shop.” syrup, in her own shop. ment space complete the setup,which have a small space,” said Alexandre ity of food trucks and markets such Daniel Mancini operates Meat- can get rather tight—the ice-cream Warzee, who opened a 180-square- as Brooklyn’s Smorgasburg for mak- ball Obsession in a 212-square-foot Good neighbors display counter is long enough for foot café called Bisous Ciao Mac- ing tiny takeout operations seem fea- outpost on Sixth Avenue. “I keep it She declined to say how much three workers,but it’s nearly impossi- arons on Bleecker Street last summer sible. An early pioneer of the trend, simple,”said Mr.Mancini,who sells she pays in rent for the space, which ble for one to walk behind another. and now makes about $2,500 in sales Baked by Melissa opened a nearly four types of meatballs with a dozen is hers until Sept. 30, but the asking Though Screme is open only per square foot. He noted the need 100-square-foot storefront on toppings. “Meatballs are in my rent was about $4,000 a month. It’s nine months of the year, it generates for a sink for hand-washing, a floor Spring Street in 2009—baking blood.” the smallest space the fashion mod- about $3,000 per square foot in an- drain and a three-compartment sink coin-size cupcakes off-premises. Attracting a crowd on the side- el turned snowball seller has ever nual sales,said Ms.Meyers.And the for food prep.“Processes just need to The company has since expanded to walk—lines form,of course,because used, but she’s gotten used to it. space works well enough that the be in place and respected to keep the 10 additional outposts. Unlike na- hungry customers can’t fit inside— “It’s small, but my overhead is company is opening another tiny chaos out.” tional chains,which usually have size makes some businesses stand out staying lower than it would if I was store in Battery Park this year. Though small, these peanut-size requirements of at least 2,000 square even more. Neesa Peterson is one in an actual storefront,” she said, “We’d like to do an indoor café, stores can pack in a big sales punch. feet, local players are more flexible. entrepreneur reaping the benefits of noting that on a warm summer day, but so far we’re managing,” she said. Many of the lucrative ventures boast “If you look at the people operat- such an arrangement. she can sell about 400 snowballs, “We don’t need large locations.” Ⅲ sales between $2,500 and $3,000 per ing in smaller footprints, it’s the lo- She chose a 38-square-foot closet priced from $3 to $9. “It’s a perfect square foot. It’s not too far from the cal, trendier guys,” said Robin in the meatpacking district for her product for right on the sidewalk.” LISTEN to a discussion at sales figures of Apple,a money mag- Abrams, executive vice president at three-year-old seasonal business,Im- Like Ms. Peterson, Nicole Mey- CrainsNewYork.com/podcasts

for $54.The clothier claims its qual- already has 27 namesake stores over- ity and durability beat those of the seas, and recently signed a licensing Aéropostale goes back to school competition. deal to begin opening shops in Mex- But young shoppers might be ico. In addition, although Aéro- Continued from Page 4 that they already have and recogniz- more inclined to pick up the $28 postale has reached its peak domes- the wane. Consumers will shell out ing there’s no need to overspend.” ‘Parents are version at Forever 21. tically with nearly 1,000 stores, an average of $634.78 this season,an Aéropostale’s rivals are also see- “Teens have much better fashion there’s still room for expansion of 8% drop compared with 2012, ac- ing declines because of decreased recognizing alternatives in brands with much 100-unit P.S. shops in the States, cording to the National Retail Fed- mall traffic. American Eagle Out- higher fashion credibility—mainly, said analysts. eration. They are scaling back after fitters recently announced lower- there’s no need fast-fashion retailers Forever 21, Though many rivals, such as last year’s record spending spree than-expected earnings and a 2% Charlotte Russe and H&M,” wrote American Eagle, have failed in the during the period, and also dealing revenue drop for its second quarter. to overspend’ Lindsay Drucker Mann, a retail an- children’s sector, four-year-old P.S. with smaller paychecks from an in- However, Aéropostale is the only alyst at Goldman Sachs, in a recent has resonated with parents for its crease in payroll taxes. chain undergoing a makeover. research report.“Perception of these classic and inexpensive wares. Ms. Duval noted that the trans- brands among teens is high, while “P.S.is the growth vehicle,”wrote Rivals see drops, too formation gives the store the per- Aéropostale’s brand perception and Pamela Quintiliano, a retail analyst “We’ll see spending levels de- sonality Aéropostale sorely lacked: that higher prices might alienate fashion credibility remain low.” at SunTrust Robinson Humphrey, crease a bit,” said an NRF spokes- While American Eagle is known for those loyal shoppers who depended in a recent research report, noting woman, noting that retailers will be its Americana looks, and Aber- on Aéropostale for the best bargains Children’s line that the brand could eventually be- extra-competitive to get shoppers in crombie offers preppy styles, Aéro- on basics. Already, several key items There are some bright spots for come a 500-store chain. Ⅲ the door, offering deep discounts postale is trying to stake its claim as for fall are priced higher than at the company. It is making inroads and promotions.“Parents are taking the place to go for fashion trends. most rivals’ stores—Aéropostale is internationally and with its chil- LISTEN to a discussion at CrainsNewYork.com/podcasts a step back and looking at the items Yet retail insiders are concerned selling a varsity jacket, for example, dren’s line, P.S. from Aéropostale. It

August 12, 2013 | Crain’s New York Business | 35 firms were paid about $370 million minishing, trustee oversight. in fees last year by the city. “The fact that the state comp- Placement agents cited by state Despite shelling out big sums for troller is a one-man band when it investment expertise,the funds’per- comes to the pension fund is what’s Continued from Page 1 system said the funds “don’t use State regulators asked about formance is so-so. During the 12 anomalous,” said Harrison Goldin, duced or recommended any invest- placement agents, and our private- placement agents in the July 29 let- months ended June 30, they gener- a former city comptroller. ment managers or consultants to the equity managers are prohibited ter warning the city pension fund to ated a 12.3% return, a hair worse pension system. from engaging them to do business prepare for its first audit by the state than the 12.4% median return for Ditching Wall Street The inquiry by state regulators re- with New York City pension funds.” since 2004. State law calls on the the largest public pension plans, ac- Another approach that could re- hashes a sensitive issue in the finan- But DFS officials may be asking DFS, the primary regulator of state cording to Wilshire Associates.The duce the pension’s governance con- cial world. Placement agents—bro- questions about placement agents and local pension funds,to audit the funds’ 10-year annualized gain of flicts would be to ditch the funds’le- kers who get paid to connect public because of concerns that the city plans every few years. Agency chief 7.5% was better than their peer gions of Wall Street pros trying to pension funds with investment pro- pension system is ripe for abuse.Un- Benjamin Lawsky declined to com- group’s 7.2% return. outperform the market in favor of fessionals wishing to manage their like the state pension fund, which ment on the letter. Both Democrats running for city low-cost index funds. Taking this money—were banned from calling has one overseer in the comptroller, In the time since the state last ex- comptroller,Scott Stringer and Eliot step would cut the city’s investment on the state pension fund in 2009. the city has dozens of trustees,many amined city pensions, the funds Spitzer, agree that the funds need to fees by 90% without sacrificing re- unsophisticated in investment mat- have taken on riskier investments in be streamlined. DFS’ audit could turns, said Jeff Hooke, chairman of City overturns ban ters, and the funds employ more hopes of higher returns needed to provide political cover for such the Maryland Tax Education Foun- City pension plans followed the than 300 Wall Street firms to man- pay for the benefits promised re- changes, many of which have been dation and co-author of a recent state in banning placement agents, age $140 billion. tirees and guaranteed by the state discussed for years. study examining public pension but the ban was eased in early 2010 The bans originally went into ef- constitution. According to a Pew Mr. Stringer’s funds’ investment costs. shortly after City Comptroller John fect after an explosive pay-to-play Charitable Trust analysis released in approach differs “You could get all the different Liu took office. Mr. Liu contended scandal that revealed the agents January, the city pension funds in slightly from Mr. exposures to markets that the city that placement agents could be use- were paying kickbacks to New York 2009 were 70% funded—below the Spitzer’s. The wants with six index funds,”said Mr. ful in providing opportunities for state pension officials. Mr. Hevesi, 80% threshold considered healthy. Manhattan bor- Hooke. new investment pros to work with the state comptroller at the time, The largest city pension fund has ough president Of course, farming out the city’s the city pension system. pleaded guilty to a felony corruption tripled its investments in “alterna- Scott Stringer proposes consoli- pool of pension money to a handful “Up-and-coming fund managers, charge in 2010 and served 20 tives” like private equity and hedge dating each pen- of index-investing specialists would including many women- and minor- months in prison. funds during the past five years. sion board’s deprive comptrollers of one of their ity-owned firms, can continue to but The mess also ensnared Steven The pension funds form a com- monthly invest- most useful tools: doling out pen- need not feel compelled to engage Rattner, Mayor Michael Bloom- plex economic ecosystem.Each fund ment meeting into sion business to hordes of grateful placement agents,” Mr. Liu said in a berg’s personal money manager, has its own board, meaning there are a single meeting money managers who can con- press release announcing his decision. whom the Securities and Exchange 57 trustees—56 more than the $160 for all trustees. Mr. tribute to their campaigns. After discussing the matter with Commission charged with paying billion state pension fund, where the Spitzer, mean- Even Mr. Spitzer, who made his the pension funds’ board members, Mr. Hevesi’s chief fundraiser $1 state comptroller is the sole trustee. Eliot Spitzer while, wants to reputation as a Wall Street reformer, Mr. Liu amended his policy a few million in placement-agent fees so The city has hired 33 different man- consolidate the said moving the plans’ money to in- months later. He said he would re- his investment firm, Quadrangle agers to handle U.S. stock invest- five funds into a dex funds isn’t the kind of reform he quire full disclosure of all fees and Group, could manage more of the ments, 20 for international stocks, single megafund, like the state pen- supports. terms paid to anyone providing “mar- state pension fund’s money. Mr. 50 for bonds, 174 private-equity sion plan. Such changes are viewed “There is no question that math- keting or placement services that are Rattner paid $16 million in state managers and 30 private real estate skeptically by union-affiliated ematically not everyone can beat the not covered by the placement agent and federal penalties and was managers, according to the city trustees, who don’t want to lose in- market, and it’s almost impossible ban.” banned from the securities industry comptroller’s most recent annual re- fluence on the boards. And, in gen- for a large $140 billion fund to do it,” A spokesman for the city pension for two years. port. Collectively, the investment eral, funds are increasing, not di- he said. “But we all try.” Ⅲ Tax breaks for posh towers cause stir

Continued from Page 1 every trick in the book to give as ing to real estate sources, Mr. Bar- Brothers bought 520 Fifth Andrew Cuomo’s brand-new cor- much money as they can.” nett, who is building the 90-story Ave. and 86 Trinity Place in ruption-busting Moreland Com- In the case of the five super-high- 157 W. 57th St., and Mr. Silver- 2011 and 2012, respectively, mission. end developments, real estate indus- stein, the developer erecting the 80- but appear to have inherited The commission plans to inves- try executives at the very least ap- story 30 Park Place, bought tax the plan to garner tax abate- tigate whether the five developers peared to have underestimated the credits anyway and broke ground on ments from those properties’ building the projects opened their backlash from a bill passed in Albany their projects because of the wide- previous owners. considerable wallets to curry favor in January carving out tax breaks for spread belief at the time that those It was after efforts to renew among state legislators and secure the projects. Now the five develop- areas would again be cleared to re- the tax breaks in high-rise ar- the tax breaks in the very kind of ers—A-list landlords Joseph Sitt, ceive the abatements. eas fell short in recent years quid pro quo Mr. Cuomo is seeking Larry Silverstein, Fisher Brothers, that a narrower effort was to upend. Gary Barnett and Friedman Man- Weird stuff happens framed.In January,a bill spon- “It’s very heavy-duty to have this agement—find themselves in the “There would be these weird pe- sored by Assemblyman Keith commission subpoena you,” said crosshairs of a state investigation. riods where the legislation would be Wright, D-Harlem, and state one top real estate executive. Real estate executives familiar up again,” one source said. “If you Sen. Martin Golden, R- The inquiry is the sharpest with the situation blame the city’s look at it from the point of the real Brooklyn, that paved the way scrutiny yet directed at political giv- labyrinthine tax-abatement rules estate industry, if a project stopped for the breaks for the five ing by real estate sources in an elec- and simple bad timing. At its core, to a dead halt every time tax legisla- buildings was passed by the tion season that has already seen a the Moreland Commission inquiry tion came up for renewal, projects Legislature and signed by the harsh new light fall on the indus- centers on the use of 421a tax abate- would be dying all the time, so de- governor. 157 W. 57TH: One of five projects to get a break try’s lobbying and campaign contri- ments.The program,which was cre- velopers got in the habit of just But now, with penthouse butions. In early August, for exam- ated in 1971 to spur residential plowing ahead.” apartments at 157 W. 57th St. ple, watchdog group Common building, allowed developers to buy According to a report in the Dai- selling for upward of $90 million, where the benefits can still be used. Cause New York criticized millions tax credits from groups that had got- ly News, Mr. Barnett purchased $18 the abatements no longer look like Others have argued that 157 W. of dollars in donations by the real ten them in payment for building af- million in credits that could net his the much-needed shot in the arm 57th St., the property that has gen- estate industry to far-flung upstate fordable units in the city. Alterna- project $35 million of tax savings for real estate development that they erated the most controversy out of legislators. Meanwhile, the power- tively, the developers could receive over 10 years, while Mr. Silverstein were billed as back in the depths of the five, was begun at the height of ful Real Estate Board of New York the abatements by agreeing to de- shelled out about $4.7 million for the recession in 2009,when the push the economic downturn, when few has come under fire for its funding vote 20% of their project to afford- credits. to restore the tax credits was other construction projects were un- of a political action committee that able units. But in 2007, the City The other three developers— launched. derway in the city,and tax breaks ap- will donate money to City Council Council allowed a provision that al- Mr. Sitt, who is building 520 Fifth Some real estate executives insist peared to be an appropriate crutch candidates. lowed those breaks to be used in Ave.; Fisher Brothers, the develop- the imbroglio boils down to a tech- for a building that at the time high-rise districts to lapse, putting er of 86 Trinity Place; and Friedman nicality. They point out that luxury seemed far from a surefire financial ‘Every trick’ areas like midtown and lower Man- Management, builder of 113 Nas- developments like 56 Leonard St. success. “At a minimum,the campaign fi- hattan off-limits to the program. sau St.—found themselves similar- and 150 Charles St., for instance, That property generated much- nance laws in this state are very lax All five of the developments that ly left out.The three had planned on will receive the very same 421a tax needed construction during that pe- and encourage these kinds of dona- are part of the probe—157 W. 57th including at least 20% affordable credits that will erase millions of riod and helped spark a citywide re- tions to gain influence, and we wel- St., 30 Park Place, 86 Trinity Place, housing in order to qualify for the dollars from their tax bills. The rea- bound in high-end housing,ushering come an examination of it,”said Su- 520 Fifth Ave. and 113 Nassau tax abatements. Friedman Manage- son is that those two buildings are in in a boom in residential construction san Lerner, executive director of St.—are within the territory that ment has owned the Nassau Place lower-density areas—TriBeCa and that is expected to generate substan- Common Cause. “They are using was suddenly excluded.But,accord- site since 2005. Mr. Sitt and Fisher the West Village, respectively— tial tax revenue for the city. Ⅲ

36 | Crain’s New York Business | August 12, 2013 HELLUVA TOWN INSIDE Source Lunch How to market on the new health care exchange PAGE 38 Out and About Romeo and Juliet comes The end to Broadway PAGE 39 of an era

On the second-to-last page of her new book of photos, Hotel Chelsea, is Victoria Cohen’s favorite shot. Light pours through the large GILL OF HIS window into a shadowy room, DREAMS: white paint peeling, drapes frayed. Manhattan Fly’s Chris Beyond are brick tenements; on Hessert, a former the horizon, shiny new condos. Wall Streeter, now “It’s so intimate and protected,” runs up to 90 Ms. Cohen said. “The city is there charters a season. for the taking, or you can hide from it.That’s why people came to the Chelsea, to celebrate or start their life, or just to disappear.” That room has since disappeared, as the Chelsea, which was recently sold, undergoes a dramatic renovation into a boutique hotel.The book stands as a testament to what has been lost. Ms. Cohen has been a devotee of the hotel, former home to artists like Patti Smith and Robert Mapplethorpe, since her childhood. She made her first visit 20 years ago as a teenager.To her surprise, management gave her free rein when she started her project. She would get keys to rooms in between guests and spend hours shooting. “I began just documenting the rooms, but it quickly turned into an artistic and emotional experience,” Ms. Cohen said.The resulting book will be on display at a show opening Sept. 17 at SoHo’s Third Streaming gallery at 10 Greene St. —matt chaban Techno is tops

Once popular with club denizens, electronic dance music has become a billion-dollar industry.The genre’s growth came as mainstream artists such as Lady Gaga (below) partnered with EDM producers like Zedd, and festivals such as Electric Zoo introduced the masses to the music, according to Gary Salzman, co-founder of Big Management, who spoke at a recent panel held by Broadcast Music Inc. Now artists like Daft Punk, David Reeling in business Guetta and Skrillex are dominating the charts. According to Soundscan.com’s 2013 midyear Nix that Knicks game: Fishing trips are luring report, track sales have jumped 65.2%, to 46.6 million units from corporate types as a more relaxed way to socialize 28.2 million in 2011.

Some old-school players, buck ennis including Naked Music label owner Jay Denes, are not so enthused BY JEN GELLER HOOKED about the surge. He complained that the music business has become too commercialized. “It is edge-fund manager Michael Prober has enjoyed fishing ever since he was a becoming more and more difficult kid growing up on Long Island, catching fish in the Sound and off the coast 4.2M for actual artists and talented of Montauk with his dad. As he got older, he fished in Florida and out west, NUMBER of recreational people to survive,” he said. Mr. Denes blamed low production and often with his own three boys in tow. ¶ But it wasn’t until about a year ago, angler fishing trips in NY distribution costs, thanks to through a fundraising auction at his child’s school, that he learned about state in 2011 inexpensive music software and social media, for the charter fishing boats in and around New York City, some that cater directly shift. “Technology to the Wall Street crowd. It has become his new favored pastime, and his is the game- $212M changing thing,” preferred way of socializing for business. ¶ Forget Citi Field or Knicks ECONOMIC IMPACT of he said. “For the games: Mr. Prober said fishing is the more civilized way to make a deal.“For people who want my recreational fishing in first time, every- business and want to take me out, I tell them,‘Let’s go fishing,’” he said.“With fishing, we’re on a the state in 2011 one has a voice, Hboat, it’s relaxed, we can talk, and we don’t even have to go far to get there.” ¶ Fishing in New York and the down- side is, that’s a may conjure up images of pulling up an old shoe off a pier, but the city has more than 500 miles of lot of voices.” —shannon shoreline and has made major strides in improving its waterways. Although fish found in the

mcmahon freshwaters of New York Harbor or the East River aren’t usually safe to eat, See FISHING on Page 38 istock

August 12, 2013 | Crain’s New York Business | 37 newscom SOURCE LUNCH: Fishing trips lure business BRIAN GRIFFIN by Barbara Benson Continued from Page 37 Sandy, which nearly decimated the lakes in the Andes with his father. saltwater fishing is available just a industry last fall. Docks and boats After college, he went to work few miles off the shore of Manhat- were destroyed, and debris and oil on Wall Street as an equities trad- tan,and the Hudson attracts migra- were swept into the waterways er, but after the dot-com bubble tory fish that are safe to consume. miles offshore. Although docks in burst, he decided to start his own “It used to be a novelty, fishing some areas still need to be rebuilt, business running saltwater fishing Bringing the Blues with the skyline in the background the water is clear again, and fishing trips around New York. or by JFK with planes flying direct- has mostly come back. With his wife pregnant with ly overhead,but now New York City Mr.McMurray said steady fish- their first child nearly nine years to new exchange has solid fishing, and it’s getting ers kept his business afloat during ago, it wasn’t the ideal time to start more well known,” explained John the financial crisis, though many a new business. And the first year McMurray, owner and operator of smaller and part-time charter boat was much harder than he expected. rian Griffin became That’s a significant shift as well. NYC Fly Fishing, which operates operators went under. He said his “I thought it would be so easy, president and general three charters in and around the city. business is just beginning to recov- just advertising on the Internet,” he manager of Empire Blue How do you reach multicultural, With the Clean Water Act and er, and is up about 5% from a year said. “But the phone wasn’t ringing. Cross Blue Shield in uninsured consumers and explain what fisheries in New York instituting ago, but still well It was really tough.” January.The insurer first the exchange is about? tighter regulations, there has been below where it was ‘It’s one of When Mr. Hes- Brecruited him when he was 21 and a It is really a grassroots effort.We have a great improvement in terms of in 2006 and 2007. sert began taking recent college graduate, tapping him a Hispanic initiative that accesses what can be caught. John Fisher, the those unique out old colleagues for key Empire labor accounts. Mr. every level of communication—dig- “It’s no longer like the Wild West aptly named man- and clients, things Griffin’s career includes being part of ital,print,phone calls—every way we out here, with people fishing things ager of Manhat- things clients started to click. the startup team at U.S. Healthcare touch a consumer.Our initial reach is out of existence. People can catch tan-based bait- Word of mouth and chief executive of Medco’s inter- into the Hispanic market because of some great striped bass, tuna and and-tackle shop remember’ spread, and the national business, where he recently its size. We just announced a rela- flounder right here,” said Mr. Mc- Urban Angler, said business grew from was based in Amsterdam. tionship with Univision, leveraging Murray,who has been running fish- that although his there. His charter, The father of three who married their communications platform in ing charters in the area for 14 years. business has fully Manhattan Fly, his high school sweetheart is leading TV advertising and print. The season goes from April to recovered from docks in the New- Empire, a unit of national insurer December or even January, with Sandy, it still has a port Marina in Jer- WellPoint, during some of the most What investment did Empire make to sell some of the largest fish, such as way to go to get to where it was be- sey City and sails in the waters from significant changes in health care in on the New York exchange? tuna, swimming in these waters in fore the financial crisis. He esti- the Hudson River to the Atlantic. years.New York state is implementing A significant one. I can’t share a the late fall and early winter. mated that sales fell about 40% Starting from scratch eight the Affordable Care Act, and in Oc- budget, but I spend 50% of my time during the depths of the recession. years ago,Mr.Hessert estimated he tober it is launching an insurance mar- on ensuring we will be in a position Sandy’s effect Eric Collins, general manager now takes out 70 to 90 charters a ketplace called the New York Health to succeed. As a Blue Cross Blue Still, the industry has been run- of Capitol Fishing Tackle Co., also season, with weather being the Benefit Exchange. For the first time, Shield plan, we’re the brand con- ning against the current in recent in Manhattan, reported that his biggest factor. His numbers have consumers can shop for insurance on sumers recognize for providers,secu- years. According to the National business is likewise improving and grown steadily. While repeat cus- the small business exchange (known rity,safety and choice.There’s a com- Marine Fisheries Service, New added that fishing is becoming hip tomers year after year are the back- as the SHOP exchange) or the indi- fort level consumers have in the York state had nearly 4.2 million with a new generation.“We are see- bone of his business, he has seen vidual exchange. Blues name.We’re unique- recreational-angler fishing trips in ing a lot of first-time fishers come new business grow about 18% each WHERE ly positioned as the trusted 2011, either through private char- in here wanting to learn about what year for the past several years. What are the challenges of THEY brand in health care,and as ters or party boats or on the shore- to buy and getting our advice,” he “A lot of what we do is catch and selling on the new insurance a result will succeed on the line. And while the pastime em- said. “It seems like it’s becoming release, but some [fish] are great to exchange? DINED exchange. ployed more than 4,100 people and the hot new pastime, particularly cook up to eat,” he said. One of the exciting as- CAPITAL GRILLE added more than $212 million to for people in their 20s.” pects of launching in the WALL STREET What are your concerns? the state economy in 2011, those For Chris Hessert, fishing was a ‘Nice change of pace’ exchange model is to reach 120 Broadway There is an amazing (212) 374-1811 figures were down from the peak of lifelong passion that became a ca- Bryan Donohoe, previously at previously uninsured pop- www.thecapital amount of change occur- 6.2 million trips and $511 million reer. He spent much of his child- Deutsche Bank,said the location of ulations.We are switching grille.com ring over a very short peri- in economic impact in 2007,before hood living as an expat in Central charters such as Manhattan Fly al- from a business-to- od. I feel good from a the financial crisis. and Latin America, where he lows him to fish a lot more than he business to a business-to- AMBIENCE: readiness perspective, but Vibrant, a bit Add to those woes Superstorm learned to fish in the Amazon and ever expected, living here. consumer model. We are noisy; a pleasant there is an enormous chal- “From my apartment in the making all the appropriate country-club lenge in educating New West Village, I’m at the boat in, investments to capture decor Yorkers about how to gain like, 10 minutes,” he said. “It’s just market share. access to the exchange. For THE FEMALE ANGLE a nice change of pace from sitting WHAT THEY ATE: this to be successful, we FISHING MAY BE a time-honored male-bonding tradition between fathers at a desk eight or nine hours a day.” Does that mean you can Two Capital need to spend on public and sons, but don’t count out women entirely. Juliana’s Anglers, a Mr. Donohoe added that he found market directly to New Grille Cobb salads awareness. It is a logistical Manhattan-based group for women fly-fishers, has been reeling in female fishing a refuge during the height Yorkers now? TOTAL: $53.00, challenge to get that fans of the sport for years. of the financial crisis. We’ve historically market- including tip awareness. The group takes its name FISH TALE: The “I’ve taken some clients out, and ed to government, labor from Dame Juliana Berners, a women-only it really is a unique experience for unions and corporate em- What surprised you most Juliana’s Anglers them,” he said. “So many people go ployers. The significant change is a about your first six months at Empire? 15th-century prioress and has more than 40 author of A Treatyse of members. out in a foursome to play golf. It can shift to consumers, both on the The level of intense focus on the Fysshynge Wyth an Angle, the kind of get anonymous after a while. SHOP and individual exchanges. launch of the exchange.We are reor- earliest-known published work Fishing is one of those unique We spent a significant amount of ganizing the entire company around about fly-fishing. More than things that clients remember.” time on how to reach consumers and the consumer. Transparency, health 40-strong, Juliana’s Anglers Mr. Prober, the hedge funder, be successful in our communica- and wellness, culturally appropriate focuses on conservation and said the backdrop of New York City tions. It is a population we really had communications—that’s the shift in education. adds to the wow factor. “We had little experience with. health care. That’s the challenge. The largest such club in the some guys out here a few weeks istockphoto back from Cleveland for work. We How is the marketing different? After Medco was acquired by Express city, Juliana’s Anglers has had a took them out.They were catching We tailor to consumers by providing Scripts, that meant moving to St. Louis. steady membership of 40 to 50 women since its founding in 1995, with fish and looking right at the Empire information that helps them make Is that one reason why you joined new members quickly replacing those who move away. The group organizes State Building. It was very cool.” decisions about our products and Empire? fly-fishing trips in the New York metro area, including Westchester, Mr. Hessert, who estimated services.And on an ongoing basis we St. Louis is a great city, but I wanted Connecticut and New Jersey, and offers a fishing school every spring for that nearly 60% to 70% of his busi- will have conversations about health to stay in New York.I love New York. new members. ness comes from people who work information, positioning consumers My family is here, and my heart is Linda Hotchkiss, a principal at Wind Driven Marketing, a sales and on Wall Street, has seen some in- to manage their own health care. here. marketing consulting firm, is the president of Juliana’s Anglers. She joined teresting patterns over the years. the group more than 10 years ago and found that angling is a great “By the time they are on the boat, stress reliever. “Fly-fishing requires a lot of skill and technique, so the men the hard selling is usually done,” he INSIDE TIP: The regulars at Capital Grille in this sport who come across women who fly-fish have a lot of respect for said.“This is a chance for them to re- them,” she said. “We’re on the same footing because it’s really the skills lax and spend time together. Still, swear that the lobster mac ’n’ cheese is that matter.” —JEN GELLER the head honcho almost always worth every calorie. catches the biggest fish.”

38 | Crain’s New York Business | August 12, 2013 OUT AND SNAPS Feed, Women’s Health join forces to fight hunger ABOUT by Ali Elkin and Theresa Agovino

CULTURE FIX CAREER BUILDER SATURDAY, AUGUST 17, THURSDAY, AUGUST 15 TO SUNDAY, JANUARY 26 Legal professionals will gather to The Museum of Modern Art will showcase discuss THE EFFECTS OF THE SUPREME some of the nation’s most notable artists in COURT’S DOMA HOLDING at the Yale AMERICAN MODERN: HOPPER TO O’KEEFFE. Club.The free two-hour event will The exhibit is pulled from MoMA’s own start at 5 p.m. It will focus on collection of works from 1915 to 1950 and changes to employee benefit plans, includes paintings, drawings, photographs Social Security and other laws that and sculptures.The museum is at 11 W. 53rd will come with the end of the St. and is open seven days a week. Admission Defense of Marriage Act.The is $25 for adults. For more information, visit speaker will be Raina Sedhorn, chair www.moma.org or call (212) 708-9400. of the executive compensation and janette pellegrini/wireimage employee benefits practice group and LAURA FRERER-SCHMIDT, LAUREN BUSH member of the labor and LAUREN and MICHELE PROMAULAYKO at the employment practice group at Aug. 3 Feed/Women’s Health Party Under the Bressler Amery & Ross.The Stars, the kickoff for Run10 Feed10, which registration deadline is Monday, helps fight domestic hunger. Last year, Run10 patrickmcmullan.com Aug. 12.To register, call Feed10 raised $250,000 and generated STEVE BERNSTEIN, DONNA KARAN and BOB CHALONER at Southampton Hospital’s 55th (212) 235-6421. 1 million meals. Annual Summer Party on Aug. 3. The event raised $1.7 million for the hospital.

THURSDAY, AUGUST 22 THURSDAY, AUGUST 22, The Greenwich Village Chelsea TO MONDAY, AUGUST 26 Chamber of Commerce will hold a Of all the outdoor screenings in the city, the BUSINESS EXCHANGE from 11:45 a.m. CENTRAL PARK CONSERVANCY FILM FESTIVAL to 2 p.m. at Tekserve, 119 W. 23rd St. is the probably the most comfortable, held The event will allow local merchants on the grassy slope between Sheep Meadow and entrepreneurs to network and and the 72nd Street cross drive. This year’s grow their businesses.The event will lineup includes classics like West Side Story be moderated by Randie Greenberg, and The Shining, as well as the more recent a business owner, member of the Silver Linings Playbook. There will be five GVCCC board and chair of its free screenings in all. Gates open at 6:30 membership committee.Tickets are p.m., and the movies start at 8. For more $15 for members of the chamber of information, visit www.centralparknyc.org/ commerce and $25 for nonmembers. visit/things-to-do/family-community/ They are available at www.aug2013 film-festival.html. bizexchange.eventbrite.com. janette pellegrini/wireimage TARYN MANNING and TARAJI P. HENSON

patrickmcmullan.com attend the Women’s Health Party Under the Stars DON’T MISS ROMEO AND JULIET HOWARD LORBER and DEBRA HALPERT at Southampton Hospital’s Annual Summer Party. in the Hamptons for Run10 Feed10. SATURDAY, AUGUST 24, TO SUNDAY, NOVEMBER 24 Don’t miss the first BROADWAY REVIVAL of the See more of this week’s Snaps online at CrainsNewYork.com/galleries. Shakespeare classic in more than 35 years. Orlando Bloom and Condola Rashad will star in this production, in which the Montagues are a white family and the Capulets are black. The show is in previews until mid-September, but it’s already a hot ticket, given the play’s popularity and the cast’s star power. Tickets start at $85 and are available via Ticketmaster. The play is at the Richard Rodgers Theatre, 226 W. 46th St. For more information, visit www.romeoandjuliet broadway.com.

OPENING FUNDRAISERS MONDAY, AUGUST 19 SATURDAY, AUGUST 17 The Metropolitan Museum of Art The BIDEAWEE LOVE ON A LEASH WALK in will showcase the work of JULIA Westhampton Beach, L.I., will raise money MARGARET CAMERON, a 19th-century for Bideawee, a Long Island organization British photographer that helps animals in need. Participants can known for her bring their pets on the walk, which kicks off portraits.The at 8 a.m. at the town’s Village Green. artist (in a self- Registration costs $25 and is available portrait, right) online at www.firstgiving.com/ was famous bideawee/walk2013. for her unorthodox WEDNESDAY, AUGUST 21 soft-focus CancerCare will host a HAPPY HOUR AT technique, CK14 to raise funds. The organization making the provides free support services for people images seem more affected by cancer. The happy hour will lifelike, a rare quality in the early days feature an open bar of top-quality liquor, of the camera.The exhibit runs wine and beer, as well as items for noshing. through Jan. 5.The suggested price of It runs from 7 p.m. to 9 p.m. at CK14, 232 admission is $25 for adults. For more W. 14th St. Registration costs $50 and is information, visit www.met available at www.cancercarehappyhour museum.org. atck14-es2.eventbrite.com. MARK YOUR CALENDAR…

TUESDAY, SEPTEMBER 17 CHEFS FROM MORE THAN 50 restaurants around Union Square will prepare their signature dishes with fresh fall ingredients at HARVEST IN THE SQUARE in Union Square Park. The food is paired with wines and beers, many of them from New York. Tickets start at $125, but VIP tickets, which offer an hour and a half of extra time at the festival, are $400. They are available at www.harvest.unionsquarenyc.org. The event starts at 6 p.m. for VIPs and 7:30 for everyone else.

August 12, 2013 | Crain’s New York Business | 39