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Demand Is Soaring for Luxury Rentals

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Demand Is Soaring for Luxury Rentals 20101018-NEWS--0001-NAT-CCI-CN_-- 10/15/2010 7:42 PM Page 1 INSIDE 40 UNDER TOP STORIES FORTY Remember Acorn? NOMINATIONS Here’s the group open Oct. 25. Go to www.crainsnewyork.com/ that replaced it ® 40under40 PAGE 2 VOL. XXVI, NO. 42 WWW.CRAINSNEWYORK.COM OCTOBER 18-24, 2010 PRICE: $3.00 Demand is soaring Intermix’s new WALDER’SWALDER’S president fashions a growth strategy for luxury PAGE 3 rentals Crain’s endorses for AUDITIONAUDITION state comptroller In iffy market, paying EDITORIAL, PAGE 10 $20K/month is seen as The real story about Savvy technocrat restores MTA credibility smarter than owning Wall Street pay BY AMANDA FUNG IN THE MARKETS, PAGE 4 by closing budget gap. Tell that to next guv. the market for high-end apartments, BY JEREMY SMERD with monthly rents starting at $10,000, BUSINESS LIVES is on fire.Rental units with the same su- jay walder had been head of the per-fancy finishes and building ameni- Metropolitan Transportation ties as the most desirable condos are be- Authority for 10 days when the ing snapped up. state,facing a fiscal crisis,sud- The boom is being driven by high- denly withdrew $143 million net-worth families who can afford to in aid last October. Lower- put a hefty down payment on a $4 mil- than-expected tax revenue lion-plus condo or co-op but choose quickly morphed an antici- not to do so now.Despite a recent firm- pated balanced budget into ing of the city’s residential real estate a $900 million deficit. market, more wealthy New Yorkers are Unable to look to Al- deciding that now is the time to play it bany for a handout, Mr. safe—and rent. Walder was on his own. “The majority of my high-end “He signed on for a voy- clients are in a holding pattern,” ob- age across a calm sea and serves Douglas Heddings, president of actually had to steer the Heddings Property Group, a residen- GOTHAM GIGS MTA through a hurri- See RENTALS on Page 29 Violinist rocks out at cane,” says Assembly- Carnegie Hall P. 31 man Richard Brodsky, ● ANNE FISHER on who chairs the Commit- doing business in China tee on Corporations, Au- Move over, P. 31 thorities and Commissions. A year later, Mr. Walder, ● MOVERS & SHAKERS 51, has closed the gap by con- grande skim NY’s Red Cross chapter solidating departments, elimi- gets a new crusader P .. 32 nating 3,500 positions, reducing ● GAEL GREENE eats at overtime costs and renegotiating double latte the Lambs Club P .. 34 contracts with vendors. He’s taken steps that were once considered political sui- cide:In the same year,he both cut service and raised fares. Tea vendors grab While some of those plans were put in place by his prede- INDEX cessor, Mr. Walder has won praise from transportation experts affordable spaces, and the business community for bringing them to fruition OPINION _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _11 quickly.Mr.Walder says his tough decisions translate into $500 tout health benefits REAL ESTATE DEALS PLUS _ _ _ _ _ _ _ _ _ _ _ _ _ _ _14 million in recurring annual savings and proof that the MTA JAY WALDER riled NEIGHBORHOOD JOURNAL _ _ _ _ _ _ _ _ _ _ _ _ _15 can be trusted to spend taxpayer dollars efficiently. unions and irked BY ADRIANNE PASQUARELLI riders with service CLASSIFIEDS _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _26 Still, he has angered the public and the unions and made the agency an easy target during this political season. and job cuts and fare the original tea party, complete FOR THE RECORD _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _28 And Mr. Walder could soon discover that the past 12 hikes to balance the with hot water, herbal leaves and ket- HOT JOBS books. Next stop: _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _31 months have amounted to little more than a tryout for the tles, is coming to Manhattan. Tea pur- EXECUTIVE MOVES getting Albany’s _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _31 job. Before the MTA board approves a balanced budget paymasters on board. veyors, emboldened by increased de- THE WEEK ON THE WEB _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _33 in December,New Yorkers will elect a new governor.Re- mand and favorable real estate prices, THE WEEK AHEAD _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _35 See WALDER’S AUDITION on Page 30 have begun brewing in the Big Apple. newscom “It’s a perfect time to build a tea business,” says restaurant consultant Clark Wolf. “Coffee seems to have SMALL BUSINESS peaked, and let’s not forget how this country was started.” FUNDING Wrongly denied bank loans P. 3 Tea is the most widely consumed ELECTRONIC EDITION REPORT beverage in the world, besides water, Choking on credit cards P. 17 but it has yet to break into the New York LIST market. Until now. Several vendors, in- NEWSPAPER Fastest-growing companies P. 23 See THE OTHER TEA PARTY on Page 25 20101018-NEWS--0002-NAT-CCI-CN_-- 10/15/2010 7:50 PM Page 1 IN BRIEF Left for dead, local Acorn THE SOUTHAMPTON, L.I.-BASED SHINNECOCK INDIAN NATION HAS TEAMED UP WITH THE wealthy Ilitch family—which built its fortune through the Little Caesars pizza chain and remnant revives activism which owns MotorCity Casino—to fund its casino ambitions, according to Crain’s Detroit Business.The Shinnecocks, who were recently assassination,” says Dan Cantor, executive initiative with Public Advocate Bill de Bla- recognized by the federal government as an Defunded but director of the Working Families Party, sio forced city housing officials to restore American Indian tribe, said they may build up which Acorn helped to start and whose of- Section 8 subsidies to 2,600 poor families. to three casinos on Long Island to improve the defiant, group fice is one flight up from NYCC’s. lives of their 1,200 members, who live in mobile carries banner for The damage was already done by the Targeting the big banks homes on about 800 acres adjacent to the time the Brooklyn District Attorney and mr. kest will meet in the coming weeks upscale Hamptons.The tribe has been looking NY labor’s causes other investigators cleared Acorn of crimi- with executives from Bank of America, for potential sites since 2003, and it’s in talks nal wrongdoing.Its national organization— Citibank, HSBC, J.P. Morgan Chase and with private developers and community leaders. already weakened by its founder’s cover-up Wells Fargo to ask for stepped-up efforts on BY DANIEL MASSEY of his brother’s $1 million embezzlement mortgage modification. If banks won’t SUPERMARKET MAGNATE JOHN CATSIMATIDIS and allegations of voter-registration fraud— move, unions could pull their pension fund IS MAKING A RUN AT FOOD EMPORIUM. a year after doctored videos of a ficti- folded and its entire staff was laid off. money,and NYCC members will engage in The supermarket chain was recently put on the tious prostitute and her companion left the For now, NYCC isn’t focused on elec- their own video activism: YouTube posts of block by its ailing parent,The Great Atlantic & community-organizing network Acorn tions, aside from get-out-the-vote efforts foreclosed homeowners withdrawing their Pacific Tea Co. Mr. Catsimatidis, a billionaire for dead, a new activist group has emerged in black neighborhoods and savings in anger. and a one-time mayoral candidate, says a from its ruins and inserted itself into some an attempt to topple Re- An NYCC study expected confidentiality agreement prevents him from of the city’s most controversial economic publican State Sen. Frank Teachers soon will assert that major discussing a potential purchase, but he development and labor battles. Padavan. It’s not affiliated landlords discriminate confirms, “It’s no secret that we have interest in Longtime relationships with unions, with the WFP, though Mr. union pays against Section 8 tenants; [Food Emporium].”The owner of the liberal elected officials and a 7,000-mem- Kest sits on its board and a lawsuits will follow.The post- Gristedes chain, which has about 30 city ber base have allowed New York Commu- formal partnership is likely.
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