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Mags Dying? Don't Tell the 1%

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Mags Dying? Don't Tell the 1% 20120416-NEWS--0001-NAT-CCI-CN_-- 4/13/2012 7:18 PM Page 1 INSIDE THE LIST TOP STORIES NY AREA’S City Hall LARGEST ENGINEERING rushes to FIRMS cement ® Mike’s PAGE 19 green agenda VOL. XXVIII, NO. 16 WWW.CRAINSNEWYORK.COM APRIL 16-22, 2012 PRICE: $3.00 PAGE 2 Troubled Ann Taylor tries on new suit PAGE 2 FiDi’s apartment king enters new realm with his plans for AIG Building PAGE 3 Tribeca Film Fest wants starring role in deal-making PAGE 3 Might Foursquare be worth ... $1.3B? IN THE MARKETS, PAGE 4 NET RESULTS gettyimages BUSINESS LIVES mismanaged team in the history of the NHL.” How’d the NY Rangers BY DANIEL MASSEY This season, the Blueshirts are a turnaround GOTHAM GIGS tale worthy of a Harvard Business Review case Public Library’s become a great sports In 2003, the New York Rangers failed to qualify study. A collection of young, homegrown players answer man P. 27 for the National Hockey League playoffs for the has led the Rangers to the top record in the East- ● ANNE FISHER Summer turnaround tale? Hint: sixth straight year, despite boasting the highest- ern Conference. They entered the playoffs last intern program trains ever payroll in hockey, prompting Forbes to call week among the favorites to win the Stanley Cup, future techies P. 27 Promote from within the franchise littered with has-beens “the most See RANGERS on Page 26 ● MOVERS & SHAKERS The city’s new real estate maven P. 28 ● GAEL GREENE Benoit Mags dying? Don’t tell the 1% Chelsea bistro comes of age P. 30 Market And Jason Binn, the onetime Forbes, Bloomberg, Jason Binn among maestro of luxury giveaway titles, INDEX those pushing titles aimed at super rich will target readers who have a net tops itself worth of at least $5 million when THE INSIDER _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _8 Bloomberg Pursuits, so that traders he launches Du Jour in September. GREG DAVID _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _11 BY MATTHEW FLAMM and hedge fund managers who In a nod to how the world has Neighbors cry foul SMALL BUSINESS _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _13 spend their days glued to changed in recent years, the quar- Print is making a comeback—for Bloomberg data terminals will now terly magazine will also have a as owners seek big NEIGHBORHOOD JOURNAL _ _ _ _ _ _ _ _ _ _ _ _ _14 the 1%, at least. Even as the maga- receive two magazines that show off monthly digital-only edition, and CLASSIFIEDS _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _22 zine industry bets its future on pix- $30,000 watches. Also last month, a marketing partner in upscale e- addition on the roof FOR THE RECORD _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _25 els, publishers are finding there’s ForbesLife relaunched with a new commerce site Gilt Groupe. EXECUTIVE MOVES _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _27 money to be made catering to the design, newsstand distribution for It’s no secret why high-end BY THERESA AGOVINO THE WEEK AHEAD _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _30 toniest readers of paper and ink. the first time, and a rededication to publishers have gotten print reli- THE WEEK ON THE WEB _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _31 Last month, Bloomberg Markets celebrating the flashier rewards of gion again. Global sales of luxury Among the Chelsea Market shops launched luxury-lifestyle spinoff unbridled capitalism. See PRINT on Page 24 selling artisanal cheese, freshly butchered meats and exotic olive oils are reminders of the building’s 16 5 industrial past,as well as a multime- REPORT REAL ESTATE dia nod to its possible future.Exhib- The Bronx becomes a manufacturing haven ited along an indoor promenade are ads for the Oreo cookies once made ELECTRONIC EDITION Plus: Meet the 70-somethings PAGE 17 there and an architectural model and accompanying video for a pro- NEWSPAPER See CHELSEA on Page 26 71486 01068 0 20120416-NEWS--0002-NAT-CCI-CN_-- 4/13/2012 7:19 PM Page 1 IN BRIEF THE GARMENT DISTRICT IS GROWING, BUT How Bloomberg is fighting GARMENTOS ARE NOT, ACCORDING TO A report from the Fashion Center Business Improvement District. While the neighborhood added about 4,000 jobs during the past five to sustain his green agenda years, most of them came from hotels, restaurants and various film, visual arts and photo studios. “That’s where the real growth is, and the opportunity,” said Barbara Randall, Fewer grand leaps, president of the Fashion Center BID. Overall, the garment district is home to 77,416 jobs—a more small steps to 5.5% increase over 2006.The report found that 51% of the area’s jobs were not fashion-related, get NYC to 2030 goal as many designers have shifted production to lower-cost overseas factories. BY SHANE DIXON KAVANAUGH DESPITE TEPID REVIEWS, THE BROADWAY REVIVAL OF ANDREW LLOYD WEBBER AND The plan to charge tolls for East River Tim Rice’s Evita, starring pop singer Ricky bridges is dead. Capital improvements for Martin, is nearly sold out every night. The subways, parks and other environmentally show took in almost $1.3 million last week— friendly infrastructure have been hobbled. 90% of its potential—making it the highest And most of the candidates jockeying to grossing of all the new musicals. And despite succeed Mayor Michael Bloomberg con- an unusually high average ticket price of $111 tinue to run against his three-term record, for groups, theatergoers “want it regardless of prompting fears among green groups and the ticket price,” said Stephanie Lee, president City Hall insiders that the mayor’s ambi- of Group Box Office Sales. Overall, total tious environmental legacy could be sacri- Broadway box office grosses are up 7.4% this ficed by future administrations. season from the same point last year, according Five years into Mr.Bloomberg’s sweep- tuckernyc.gov/spencer to the Broadway League. Ⅲ ing vision for sustainability across New York,his so-called PlaNYC finds itself at a commuters to Manhattan from Williams- crossroads. Congestion pricing, the origi- Some 120 burg and Greenpoint,Brooklyn,and Long BY THE NUMBERS nal document’s most controversial compo- Island City, Queens. More than 500,000 nent, was torpedoed by outer-borough initiatives creep trees have been planted in all five bor- Weekly shift of the city’s economy pols in Albany. Meanwhile, the city took a oughs, with another half-million to come beating from a recession, a real estate crash into nearly every in the next few years. Other initiatives, LENDING A HAND Company profits are coming and a deadlocked U.S. Congress that to- from installing rooftop gardens to intro- in stronger than expected, but weakness in aspect of city life hiring prompted the Fed to again say it will hold gether have starved funds for mass transit ducing fleets of hybrid buses, also have interest rates low through 2014. and other vital projects. fundamentally transformed the look and Faced with these realities,City Hall has feel of New York. retooled its original environmental blue- “Part of the plan has been geared toward $15B 4 10.2% print for slashing greenhouse gases by 30% changing people’s consciousness, their SALES NYC NUMBER of UNADJUSTED and preparing for a million more people in awareness; to that effect, it’s been a sea retailers ring up Instagram pics unemployment New York by 2030.With 20 months left in Since PlaNYC launched on Earth Day change,” said Steven Cohen, a professor of Mark Zuckerberg yearly, creating rate in NYC in office, the Bloomberg administration 2007,the administration has unleashed,by public affairs at Columbia University and $768M in tax posted before February, up from revenue buying the 9.1% a year ago. knows it’s running out of time to make a its count, more than 120 initiatives that head of the school’s Earth Institute. Source: NYC Econ. company for $1B Source: NYS Dept. difference. creep into nearly every aspect of city life. “[Mayor] Bloomberg has taken the envi- Development Corp.
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