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Occupancy Drop Forces Layoffs at Hotels

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Occupancy Drop Forces Layoffs at Hotels CNYB 01-12-09 A 1 1/9/2009 8:03 PM Page 1 INSIDE Adding TOP STORIES up the numbers Fresh faces will —Greg David looks at job hit the runway losses in past for Fashion Week ® recessions. PAGE 2 Page 11 Homeowners left in lurch by mortgage VOL. XXV, NO. 2 WWW.CRAINSNEWYORK.COM JANUARY 12-18, 2009 PRICE: $3.00 modification firm PAGE 3 BERNIE’S VICTIMS Fledgling Sports Museum struggling to survive PAGE 3 Fans give K-Rod, Sabathia the thumbs-up NEW YORK, NEW YORK, P. 6 SPECIAL REPORT catherine gibbons catherine PHYLLIS MOLCHATSKY AGE 61 YEARS INVESTING WITH MADOFF 7 LOSSES $2 million REAL ESTATE FAMILY SCIONS POISED sitting at her desk in the Rockland TO GAIN IN BAD MARKET County branch office of a brokerage firm one day in 2001, Phyllis Molchatsky no- G Durst, Cohen, Rudin have stephen munday ticed her pinky finger shaking. Tests re- more experience P. 15 vealed she had Parkinson’s disease. Ms. G Brokers dust off old leases Molchatsky was just 53. for new recession P. 24 She had grown up on Manhattan’s Lower East Side, started at the firm at 17, G Tenants begin to shorten and worked her way up to office manager. their time horizons P. 25 Her doctor told her that to slow the dis- Bernie’s Bagman ease’s progress, she needed to quit her job. The good news was that by living modest- Merkin sucked into maelstrom of Madoff’s scheme; ly and investing wisely, she had amassed a small fortune of nearly $2 million. suits expected from faithful clients who lost billions “I told my broker,‘This is all the mon- ey I have,’ ” Ms. Molchatsky recalls. “ ‘I “Ezra has been a very loyal friend to me and so can’t work anymore. I don’t have a high BY AARON ELSTEIN many others,” says Rabbi Yaakov Kermaier of the tolerance for risk.’ ” Fifth Avenue Synagogue, where Mr. Merkin serves The broker advised her to invest with j. ezra merkin had it all. He managed nearly as president. Bernard Madoff ’s mutual funds. BUSINESS LIVES $7 billion out of a plush Park Avenue office. He was Last month, the world learned that Mr. Merkin “He showed me the years of safe, mod- chairman of one of the nation’s largest lenders, played another role altogether: He was the second- est returns,”she explains.“He told me,‘This SHOP TILL YOU DROP GMAC, and he served on the boards of prominent largest source of cash for Bernard Madoff and his al- is the fund that will let you sleep at night.’” Die-hard fashion fans nonprofits.He is a trustee of Carnegie Hall and heads leged $50 billion Ponzi scheme. Ms. Molchatsky lost everything. She find the postholiday one of New York’s most prestigious synagogues. See BERNIE’S BAGMAN on Page 8 See BERNIE’S VICTIMS on Page 8 discounts irresistible PAGE 31 INDEX Occupancy drop forces layoffs at hotels IN THE MARKETS _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _4 Housekeeping staffs take the biggest hit; THE INSIDER _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _12 CLASSIFIEDS _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _28 upcoming events, new properties offer hope SMALL BUSINESS _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _30 pink slip parade. NEIGHBORHOOD JOURNAL _ _ _ _ _ _ _ _ _ _ _ _ _30 BY LISA FICKENSCHER Tourists have skipped town, CORPORATE LADDER _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _33 leaving in their wake plummeting EXECUTIVE MOVES _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _33 now that the holiday season— occupancy rates and hotel man- TABLE TALK _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _34 one in which deep discounts kept agers who have little choice but to SeeWEEK AT IN DEADLINE REVIEW _ _ _on _ _ _ _ _ _ _ _Page _ _ _ _ _ _ _ _ _ _ _ _ _ _2 _ _ _ _ _ _ _ _ _ _ _ _35 Big Apple hotels hopping—is trim their staffs. over, the industry is joining the Nearly every hotel in the city, from Marriott properties to the Waldorf-Astoria to budget brands 02 5 like Comfort Inn, are either tem- porarily laying off employees, re- ducing hours, eliminating jobs en- ELECTRONIC EDITION tirely or planning to do so soon. Some are closing entire floors. Housekeepers are taking the buck ennis NEWSPAPER See HOTELS on Page 8 MUJO PEREZIC, shown with some employees at The Kimberly hotel, has started making cuts. 71486 01068 0 CNYB 01-12-09 A 2,3 1/9/2009 8:05 PM Page 1 ter will be full—more than 70 designers IN BRIEF showed at the tents in September. It says major designers, including Carolina Her- THE NUMBER OF VISITORS TO THE STATUE OF New faces on deck rera and Tommy Hilfiger, will still strut LIBERTY AND ELLIS ISLAND INCREASED 5.2% their wares. last year, to 3.6 million.The number could have The remaining big names will help been even greater, however, if passengers could smaller designers catch the eye of editors pass through security more quickly, according to for Fashion Week and buyers who wouldn’t schlep around the Statue Cruises, the ferry city to see their creations in showrooms. company that transports visitors to the national monuments. Hefty price tags “There was plenty of customer Big-name designer dropouts open door “if you’re a big name, you could show in demand,” but long lines were a Westchester and Anna Wintour would deterrent, says Terry MacRae, chief executive of call the limo,” says Susan Scafidi, an in- the company. BY ADRIANNE PASQUARELLI tellectual property and fashion law professor at Fordham University ADELPHI UNIVERSITY IS LAUNCHING fur-trimmed jackets and chic gowns School of Law. “But if you’re an NEW YORK CITY’S FIRST EARLY-MORNING are not the only things debuting on the emerging designer, you have to M.B.A. program in the spring. Called runways at Fashion Week at Bryant make things as easy as possible.” amMBA, it is expected to boost the Garden Park next month. The eight-day But getting in doesn’t mean City, L.I., school’s revenues and enrollment. event will feature some fresh faces getting a bargain, despite the Adelphi charges $850 per credit, and the when it begins Feb. 13. faltering economy. Event program requires 66 credits. Classes will run With the retail industry still reel- price tags are still hefty. once a week from 7 a.m. to 8:50 a.m. at ing from a dismal holiday season Full-scale runway produc- Adelphi’s Manhattan Center, located and shoppers shunning luxury pur- tions, with lighting, music, downtown near the financial district.This is chases, Fashion Week is set to ar- models and backstage per- not the first time Adelphi has offered an offbeat rive like an ostentatious cousin sonnel can range from M.B.A. program. In the 1970s, it offered everyone would prefer to ignore. $100,000 to more than M.B.A. courses on the Long Island Rail Road. In recent weeks, big-name de- $750,000, according to the signers like Vera Wang, Betsey Council of Fashion Designers HIT WITH DECLINES IN FUNDING FROM THE Johnson and Carmen Marc Val- of America. ECONOMIC CRISIS AND THE MADOFF SCANDAL, vo have opted out of the extra- To meet that nut,emerging Planned Parenthood Federation of America vaganza at the tents, deciding designers are seeking more last week laid off about 30 employees, or 20% of instead to cut their costs in antici- corporate sponsors and part- its staff, according to a source who works for the pation of decreasing attendance nering to reduce costs. Ms. nonprofit. Part of the group’s losses stem from and interest. Kunz is teaming up with at the closing of the Florida-based Picower least two other designers to Foundation, which shut down in December Publicity boost show her collections at one of because its assets were managed by Bernard but the dropouts are paving the larger tents, decreasing Madoff.The foundation was one of Planned the way for smaller designers her venue expenses by nearly Parenthood’s major donors.
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