Wall St. on Easy Street

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® PAGES F1-F18

INSIDE VOL. XXVI, NO. 13 WWW.CRAINSNEWYORK.COM MARCH 29-APRIL 4, 2010 PRICE: $3.00

TOP STORIES Retail salutes the military this spring Wall St.on easy street PAGE 2 Bailouts, cheap money stoked $61B bonanza. made in the former record- “A disproportionate busting year of 2006. The $1T+ amount of government New Ground Zero Now the hard part, as interest rates inch up windfall was so great, it ex- AMOUNT the assistance went to New ceeded the firms’ massive U.S. deployed York banks,” says econo- game plan means to rescue banks vealed just how much money it losses in 2008 and 2007 by and insurers in mist Marisa Di Natale of towers BY AARON ELSTEIN made last year: an astonishing $61 $7.5 billion. New York Moody’s Economy.com. will rise, billion—triple the previous record. There’s a good reason “This is the result.” last monday, when much of the In fact, the data show that New Wall Street didn’t trumpet its stun- In all, the government has de- but will nation’s attention was focused on York Stock Exchange member ning comeback: Nearly all of the ployed a whopping $2.8 trillion to tenants the epic health-care fight in Wash- firms coined more pretax profits in earnings were due to enormous rescue the nation’s financial insti- come? ington, Wall Street quietly re- last year’s second quarter than they government subsidies. See WALL ST.’S on Page 38 PAGES 2-3 Why Random House What’s in is dissing the iPad NEW YORK, NEW YORK, P. 6 health bill BUSINESS LIVES for NY biz Winners: hospitals, docs, pharma, labor. Losers: Get in line

BY HILARY POTKEWITZ

the ink is barely dry on last week’s health care reform bill, but some winners and losers are already emerging in the Big Apple business community. GOTHAM GIGS Among the victors are New Her Easter eggs are York’s pharmaceutical companies, seen in museums P. 39 hospitals and doctors: All will benefit from having more insured cus- G ANNE FISHER So you tomers.Labor unions and the city’s think you can sell that army of self-employed workers are NEW RECIPE: P. 39 business? also claiming victory, because of “Idon’t have a G GAEL GREENE gives the prospect of guaranteed health ‘screw you’ attitude P. 43 anymore,” says Pies ’n’ Thighs a try insurance and the promise of low- Jeffrey Chodorow. er premiums. The losers column includes

health insurers, which face cuts to buck ennis INDEX Medicare Advantage plans, as well as new taxes and other mandates. IN THE MARKETS ______4 High-wage earners and large com- THE INSIDER ______8 panies with retiree benefit obliga- NEIGHBORHOOD JOURNAL ______12 tions will likely suffer tax hits. And REAL ESTATE DEALS PLUS ______12 many small businesses expect to

SMALL BUSINESS ______see their costs increase. BEING CHODOROW 14 “Small business owners are FOR THE RECORD ______33 See WHAT’S on Page 37 CLASSIFIEDS ______34 Hotheaded restaurateur says he’s changed

HOT JOBS ______39 TO YOUR HEALTH (CARE) THE WEEK ON THE WEB ______42 More coverage on Pages 14, 40 pect from the head of China Grill Management,a $200 BY LISA FICKENSCHER million-plus empire of 25 restaurants, five in the Big Apple alone. jeffrey chodorow makes no apologies for the clutter Mr. Chodorow, who talks as if he’s being timed by a 13

5 in his New York City office.A large round table,strewn stop watch, complains that he’s misunderstood by the with piles of papers, books and even clothing, takes up media, which has panned his restaurants for being too most of the space,and the carpeting is stained,while the theatrical and accused him of caring too much about walls need a fresh coat of paint. money and too little about food. The 2003 reality tele- ELECTRONIC EDITION The scene is an odd contrast to the sleek, plush de- vision show The Restaurant, in which Mr. Chodorow sign of his flagship restaurant,China Grill,20 floors be- clashes with chef Rocco DiSpirito and eventually sues NEWSPAPER low in the CBS building—and not what one would ex- See BEING CHODOROW on Page 37 71486 01068 0 20100329-NEWS--0002,0003-NAT-CCI-CN_-- 3/26/2010 9:04 PM Page 1

IN BRIEF THE INDEPENDENT BUDGET OFFICE NOW Trade Center PREDICTS THE CITY WILL SUFFER A NET LOSS of 172,900 jobs—including 152,500 private- sector jobs—in the current downturn. Officials had at one point predicted the city could lose towers rise, but more than 300,000 jobs from the August 2008 peak. A major factor in the improved outlook is a faster-than-expected rebound on Wall Street, the IBO says. Employment is expected to return will they rent? to prerecession levels by 2013. CRAIN’S NEW YORK BUSINESS WON A “BEST Millions of square feet doubling the total of new space in OF THE BEST” AWARD IN THE ONLINE/VIDEO search of tenants. category at the Society of American Business will be added to market Unfortunately, the new buildings Editors and Writers’ annual conference last will be coming on line just as a flood of week.The Crain’s entry,“The Making of a New facing likely office glut space is expected to hit the downtown York Dress,” had already won best audio/video market as large tenants move out. By BY THERESA AGOVINO online report in SABEW’s small Web site 2013, downtown’s vacancy rate may TOWER 4 category, and was additionally honored with the soar to 20% from 9% now, according to overall award, besting entries from The New York after more than a year of bitter Jones Lang LaSalle, as 7 million square Times, The Wall Street Journal and The Financial feuding,financial horse trading and po- feet could hit the market. Times.The winning Crain’s team includes litical wrangling, the Port Authority of Even without the arrival of the new reporter Adrianne Pasquarelli, videographer New York and New Jersey and develop- World Trade Center towers, that sud- Buck Ennis and senior producer Elisabeth er Larry Silverstein last week reached a den supply glut was expected to push TOWER 3 Butler Cordova. Crain’s columnist Greg David tentative agreement that paves the way downtown rents, which have already was honored with a SABEW Best in Business for three office towers to rise at Ground plunged 28% from their 2008 highs, award for column writing. Also last week, Crain’s Zero by 2015. down even further. Currently, Class A Wall Street reporter Aaron Elstein won a The two sides have 120 days to fi- rents in the area are $42 a square foot. prestigious Excellence in Financial Journalism nalize their pact. Then the hard work Cushman & Wakefield Inc.’s Kenneth TRANSPORTATION HUB Award from the New York State Society of can begin—not the actual construction, McCarthy, managing director of re- Certified Public Accountants for “Companies but lining up tenants to fill what will be search for the New York metro region, play Spin the Balance Sheet,” his June 29, 2009, one of the biggest blocks of new office forecasts they’ll fall another 10% in the (Future) Fulton Street story revealing how public companies were space ever to hit the New York market. next year. He adds that in previous re- spinning disappointing financial results. A 2.8 million-square-foot tower TOWER 2 cessions it has taken two to three years Church Street owned by the Port Authority, 1 World for rents once they hit bottom to climb BY THE NUMBERS back up to their pre-downturn levels. Downtown rents Multiyear recovery

Weekly shift of the city’s economy have already “the new buildings will have a HOUSING IS HURTING, dampening effect on rents downtown, and that spells trouble BUILDINGS SPROUTING F for the still-fragile recovery. Sales of new and plunged 28% and it will take time for them to re- existing homes sagged, and half of loan bound,” says David Arena, vice chair- Nearly nine years after disaster struck modifications fell into default in nine months. man of the tristate region at Grubb & Ellis. downtown, a tentative agreement The big question for Silverstein between the Port Authority and +66% -4,900 -5.6% Trade Center,is slated for a 2013 debut. Properties and for the Port Authority Silverstein Properties has cleared the RISE in value of APPAREL manu. DROP in total Tower 4, a 2.3 million-square-foot will be whether rents in their new NY area building jobs lost from flights at JFK Int’l building owned by Silverstein Proper- WTC buildings will suffer along with way to ramp up joint construction starts, to $1.6 Aug. ’08 peak to Airport over 12 billion, in February Feb. ’10, down months ended ties, is also expected to be completed the rest of the market. Rents at the two efforts.The first trees will arrive at the from year earlier 22.5% Jan. 31. that year. Each has a number of leases buildings under construction at the September 11 Memorial this summer Source: McGraw-Hill Source: Eastern Source: Port and commitments already in place— World Trade Center have ranged from Construction Consolidated Authority of NY&NJ ahead of its opening in 500-odd days. largely with various government agen- $57 to $80 a square foot.New,state-of- cies—so the net amount of vacant space the-art properties are in short supply in MORE LIGHTS IN THE WINDOWS: Manhattan residential KEYS vacancy rates have been falling steadily over the last six still in search of tenants will be 2.5 mil- Manhattan, so many believe the new months lion square feet. That amounts to a buildings will appeal to tenants and at- STREETS 2.00% mere 2% of the total amount of office tract higher rents. space downtown. “Many people talk about real estate Greenwich Street, route to be reinstated 1.89% 1.86% 1.87% 1.84% In addition to those buildings, there like it is generic and all the same,” says Fulton Street, route to be reinstated 1.75 is a possibility that Silverstein Proper- Janno Lieber, president of Silverstein’s Church Street -1.9% Liberty Street 1.59% ties could build what’s known as Tower 3 World Trade Center Properties. “It’s 1.50 1.54% West Street by 2015.That would throw another 2.5 not. These are new, beautiful, green -3.0% See WTC on Page 38 1.25 million square feet on the market—

1.00 2010 Sept. Oct. Nov. Dec. Jan. Feb. Source: CitiHabitats CORRECTIONS Military madness takes retail b The King Tut exhibition coming to New York is called “Tutankhamun and the Golden Age of the Pharaohs.” The title was misstated in the March 22 article “Return of the king.” in army greens and olive drabs, including ping up on runways,and now they’re hitting NYU Hospital Center is planning a $65 million musculoskeletal In stores, everything’s institute on East 38th Street, building on its orthopedics-focused everything from cargo pants to utility jack- store shelves. Retailers expect the utility- ambulatory surgery center there. NYU Tisch Hospital is coming up olive green; ets to camouflage-printed T-shirts. wear and cargo pants to attract shoppers re- undergoing a $100 million face-lift. NYU is currently planning to “Starting April 1, our whole store in covering from the recession because they are add private rooms at its Tisch Hospital and the Kimmel Center. trend plays to thrift, ready-to-wear will turn into an ode to olive expected to remain fashionable through These facts were misstated in the March 22 story “Hospitals pump up cardiac centers.” ‘embattled’ consumer drab,”says Stephanie Solomon,fashion di- next year, providing added value. rector at Bloomingdale’s. trend with longevity vol. xxvi, no. 13, march 29, 2010—Crain’s New York Business (issn The upscale department store isn’t the 8756-789x) is published weekly, except for combined issues June BY ADRIANNE PASQUARELLI only retailer joining the army. Big chains “it’s something to invest in,” says 28/July 5, Aug. 30/Sept. 6, and Dec. 20/Dec. 27, by Crain Com- munications Inc., 711 Third Ave., New York, NY 10017. Periodicals like J. Crew and specialty shops like Inter- Colleen Sherin, fashion director at Saks postage paid at New York, N.Y., and additional mailing offices. this thursday, Bloomingdale’s will mix and Olive & Bette’s are featuring mas- Fifth Avenue. “This trend will carry into Postmaster: Send address changes to: Crain’s New York Business, salute our troops. Or, at least, the depart- culine military looks paired with feminine the fall and winter season and has some Circulation Department, 1155 Gratiot Avenue, Detroit, MI 48207-2912. for subscriber service: Call (888) 909-9111.Fax ment store chain will debut new window touches and fabrics. To a lesser extent, the longevity.” (313) 446-6777.$3.00 a copy, $59.79 one year, $109.79 two years. displays at its East 59th Street flagship trend is also popping up in menswear. Overall, retail sales are on the rise— (GST No. 13676-0444-RT) ©Entire contents copyright 2010 by Crain Communications Inc. chock full of the latest apparel trend ex- It has been nearly seven years since the same-store sales in February increased All rights reserved. ploding across the nation—the military last time cargo pants ranked as a fashion 3.9%, on average, over last year, according look. Inside, the store’s racks will be awash must-have.But last fall,the styles were pop- to Kantar Retail. Yet after suffering

2 | Crain’s New York Business | March 29, 2010 20100329-NEWS--0002,0003-NAT-CCI-CN_-- 3/26/2010 9:07 PM Page 2

DEUTSCHE BANK BUILDING

Liberty Street

MAKING THE Memorial Pool MEMORIAL PROJECT WORK: Chief executive SEPT. 11 Joseph Daniels (left) and MEMORIAL West Street Executive Vice President James Connors.

VISITOR CTR. ENTRY

Memorial Pool buck ennis

(Future) Greenwich Street

TOWER 1 One WTC project actually on time PERFORMING ARTS CTR. 9/11 Memorial expected to draw millions FROM HALLOWED SOIL OF GROUND ZERO early, although the 125,000-square- BY MIRIAM KREININ SOUCCAR foot memorial museum that will large- TOWER 1 Builder, Silverstein Properties ly be beneath the memorial will not be 1 World Trade Center (former Freedom Tower) not everything at Ground Zero is ready until the following year. To be completed in 2013 TOWER 4 running hopelessly behind schedule. Nevertheless, much of the hard 105 stories To be completed in 2013 Work on the National September 11 work has already been done. More than 24 stories built now 64 stories planned Memorial, the project that will take up 90% of the contracts have been award- Builder, Port Authority of NY and NJ 4 stories built now half the site, is more than 50% com- ed, 99% of the steel for the memorial Builder, Silverstein Properties PERFORMING ARTS CENTER plete,and is set to open next year on the has been installed, and 60% of its con- No start or completion date set DEUTSCHE BANK BUILDING 10th anniversary of the terrorist at- crete has been poured.The stone to line Demolition to be complete by year’s end tacks. the one-acre pools at the base of the TOWER 2 Possible future site of Tower 5 “In less than 535 days, lower Man- fountains is now being installed. In the 79 stories planned hattan will have an eight-acre green next few months, construction will be- Project on indefinite hold SEPTEMBER 11 MEMORIAL & MUSEUM space with close to 400 trees on it,” says gin on the museum building. The first Builder, Silverstein Properties To open Sept. 11, 2011 Joseph Daniels, chief executive of the trees arrive in September.And the mas- TRANSPORTATION HUB Memorial Pools National September 11 Memorial & sive fountains are expected to be ready Designed by Santiago Calatrava On footprints of old WTC towers Museum. “That’s a pretty big differ- for a test run in the summer of next year. Planned opening, 2014 1 acre each ence from what the businesses and res- “They are the largest urban water- idents have had to deal with for the past falls ever built in America,” says James TOWER 3 VISITOR CENTER nine years.” Connors, executive vice president of Could be built by 2015 Entry to September 11 Memorial & Museum The new memorial is expected to operations for the memorial and muse- 54 stories planned To open Sept. 11, 2012 draw millions of visitors to the area. It um, who was hired this month to over-

buck ennis may even be finished a couple of months See ONE PROJECT on Page 38 l by storm this spring

through the recession, companies want all Apparel Group, which uses mostly black the help they can get from versatile, long- leather, has worked in a military color lasting looks that are on trend. palette to include more browns and khakis To avoid being too edgy,stores are pair- this year. Of course, experts caution that ing the aggressive, masculine looks with shoppers (and stores) should not go over- more feminine fabrics such as chiffon and board with such styles. organza. J. Crew, for example, advertises “You just need one piece—you don’t olive cargo pants paired with a ruffled want a head-to-toe look like you just got blouse and chunky necklace in its spring out of basic training,” says Christene Bar- catalog,and Banana Republic,which is re- berich,editorial director at Refinery 29,an turning to its roots with military and safari online store that also provides fashion HOT FOR styles, is showing the pants with heels. commentary. FATIGUES: The Designers such as Nanette Lepore and Aside from offering longevity as a military look is Tory Burch are also embracing the style, wardrobe staple, experts say military prominent at with ruffled army-green tops, while Oscar clothing is attractive to shoppers for the Bloomingdale’s de la Renta is selling a 1930s-style dress in message it sends. this spring.

green. Even leather manufacturer G III See MILITARY on Page 37 buck ennis

March 29, 2010 | Crain’s New York Business | 3 20100329-NEWS--0004-NAT-CCI-CN_-- 3/26/2010 8:43 PM Page 1

Not a good time to be selling IN THE MARKETS that Battery Park apartment by Aaron Elstein

tentially steep rise is taken into ac- Even sales at more established con- Fannie Mae-backed count in the underwriting of loans. do buildings in the neighborhood are financing dries up, Discussions about the leases are being hit. Denis Timm’s sale of his And you thought the ongoing among more than 2,000 one-bedroom,800-square-foot condo bringing sales to halt residents at 10 buildings, the Bat- at The Regatta fell through last week health care battle tery Park City Authority—the pub- after the buyer was denied a mortgage. BY AMANDA FUNG lic agency set up by New York state was a bloody mess in the 1970s to develop and manage No cash, no deal selling a condominium or co-op the 92-acre area—and Assembly “it is pretty outrageous,” says ashington has dithered in Battery Park City has become all Speaker Sheldon Silver, who repre- Mr. Timm, who pays more than over how to fix Wall Street but impossible because of a lack of sents the area. $2,000 in monthly charges for his for more than a year, financing, according to sellers and A Fannie Mae spokeswoman unit.“Unless someone buys without W brokers in the downtown waterfront says it is currently reviewing terms of a mortgage, it won’t go through.” thanks in no small part to well- neighborhood. The only sales that Last year, The Regatta, one of funded opposition from the have taken place are all-cash deals. two condo buildings that pay the financial services industry. But the One reason is Fannie Mae,which ‘I’ve failed to highest ground rents in the area, be- has tightened its standards nation- came one of the first buildings to ne- dithering days may be coming to an

wide and has temporarily ceased make deals in gotiate with the BPCA to cap the end. Sen. Chris Dodd (far right), bloomberg news purchasing individual mortgages for annual increase at 3% through 2023. condos and co-ops in Battery Park the area Mr. Timm received a letter from chairman of the Senate Banking To get a sense of how high the City. It’s unclear precisely when or his attorney stating that the buyer Committee, and Rep. Barney Frank stakes are,look at all the money at risk why Fannie ceased doing that in the because of this’ failed to get financing from Citi- (near right), who heads the House for J.P. Morgan Chase & Co. from just area,but some say the move has to do Mortgage and Residential Home Financial Services Committee, last three possible changes in the law: with the ground leases there. Funding Corp. because the loan week said they want to pass a regula- G About 10% of the bank’s rev- didn’t meet Fannie Mae guidelines. tory reform bill by Memorial Day.In enues last year—or $10 billion—came More than double “I’ve failed to make deals in the addition, Deputy Treasury Secretary from principal trading and private eq- battery park city, which was cre- the ground lease agreements that ex- area because of this,” says Terry Neal Wolin gave a blistering speech uity investing, according to Credit- ated with landfill from the original ist in Battery Park City to determine Lautin, a broker at Prudential Dou- before the U.S. Chamber of Com- Sights. Those revenues could vanish World Trade Center site, is the only whether they “meet our guidelines.” glas Elliman, who adds that the last merce spelling out what the admin- if the Volcker rule becomes law. neighborhood in Manhattan where “Battery Park City is getting hit deal she closed in Battery Park City istration wants, which includes cre- G Increased regulation could re- residents have to pay rent for the land hard,” says Richard Martin, a senior was an all-cash one in December ating an independent consumer duce revenue at its industry-leading their buildings stand on. Each of the vice president of DE Capital Mort- 2008.“Those are the only deals clos- financial protection agency and sep- derivatives division by 50%,or $3 bil- dozen or so buildings in the area has gage, adding that since the begin- ing,” she said. arating what he called “the business lion, according to a report last year its own ground lease and provisions. ning of the year, his company has According to StreetEasy.com, of banking” from speculative trading from Sanford C. Bernstein & Co. Those ground lease fees, which are failed to complete five to six trans- condo and co-op sales in Battery activities—the so-called Volcker rule. G A proposed tax on bank liabili- factored into residents’ monthly pay- actions in the neighborhood. “Un- Park City last month were down To put it bluntly, these reforms ties could cost J.P.Morgan $1.9 bil- ments,could more than double in two derwriters consider the area a de- 59% from the depressed levels of would change banking considerably lion a year for 10 years, CreditSights years when the leases expire.That po- clining market.” February 2009. more than health care reform will reports, reducing earnings by 9%. change the insurance business. And For what it’s worth,investors don’t if you thought the health care debate seem terribly concerned about tough drew armies of lobbyists, consider regulation.Keefe Bruyette & Woods’ this: Health care companies account bank index is trading at its highest for 12% of Standard & Poor’s 500, level since November 2008. Maybe while financial services companies most investors are confident that make up almost 17% of the index. banks can water down the new rules. Putting Verizon CEO’s pay through wringer with $108 billion in revenue was $17.5 million last year. The and 230,000 employees, Verizon group is behind a resolution, to Communications has lots of assets. be voted on at the company’s an- FiOS broadband service. nual meeting in May, which says A 91 million-customer the board shouldn’t make per- wireless provider that it formance-based stock awards co-owns. Millions of unless Verizon shares ex- land-line users, still. ceed the median per- But one asset that formance of its peers management proba- on the Dow Jones in- bly would prefer to do dustrial average or an- Ivan Seidenberg without is its network of other benchmark select- former employees, the ed by the board. Last Association of BellTel Retirees, which year, Verizon’s stock rose 4%, com- has proved to be one of the noisiest— pared with the Dow’s 19% increase. and most effective—shareholder ad- “Large payouts for below-median vocacy groups around. In 2007, the performance does not adequately group persuaded other investors to align pay with performance,” says vote in favor of a “say on pay” resolu- Bill Jones, the retiree group’s presi- tion, and now every year, sharehold- dent and a former managing director ers get a nonbinding vote on whether at Verizon predecessor Nynex. they approve of the compensation Calling its performance targets granted to CEO Ivan Seidenberg. “appropriate,” Verizon says it oppos- Once again, the retirees are aim- es “arbitrary and subjective limita- ing at Mr. Seidenberg’s pay, which tions” on compensation. bloomberg news

THE “CASH PERQUISITE ALLOWANCE” that Avon Products Inc. granted Chief Finance and Strategy $20,000 Officer Charles Cramb last year. Mr. Cramb was awarded about $13.5 million in total compensation last year. A spokeswoman says the perk was awarded in lieu of tax prep, financial planning or transportation costs.

4 | Crain’s New York Business | March 29, 2010 CN013489 2/5/10 3:29 PM Page 1

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NEW YORK,NEW YORK edited by Valerie Block

Publisher not reading on the iPad andom house inc. will not be jumping on the iPad train anytime soon. RThe world’s largest consumer publisher is the only one among the six major literary houses that has not reached a deal with Apple to sell its titles on the iBookstore. Random House digital chief Madeline McIntosh recently told staffers why. The publisher isn’t sure consumers will actually use the iPad to read books, says an executive familiar with what was discussed at the meeting. Also, the current Amazon sales model is a better deal. Starting April 3, when the iPad lands in stores, Apple is expected to sell new e-books for $12.99 to $14.99. It will keep 30%, with the publisher getting the rest. By contrast, Amazon sells most new e-books at a loss—charging $9.99 per copy but paying the publisher the wholesale price, which would be $13 for a new $26 book. Most publishers prefer to have more control over pricing, which they get with Apple and which they feel will benefit them in the long run. But Random House is opting for the cash. STATE OF THE ART SECURITY Observers also point out that since the publisher hasn’t agreed to Apple’s terms, Amazon can still sell Random House books, like Dan Brown’s The Lost Symbol, for under $10, giving FOR LEASING OPPORTUNITIES Brian D. Gell those titles a competitive edge. 212.984.8064 “It is likely that Random gains a tactical advantage,” says industry consultant Mike [email protected] 535MAD.COM A PARK TOWER DEVELOPMENT Shatzkin. “Their risk is that if the iPad takes off quickly, they’ll have to catch up.” Random House declined to comment.

answer for companies afraid to be the Knicks beat the Denver More bookings seen spending money on such Nuggets. at Blue Hill outings, known as the “AIG effect.” Part of the revenues at the height of the downturn, support the nonprofit, educational Hotel seeks 1,000 BONUS POINTS chef Dan Barber (below) of Blue component at the 80-acre farm. best dressed Hill at Stone Barns—an organic EVERY NIGHT. THE BEST restaurant and farm in Pocantico Cheesy guests of the new Fashion 26 EXCHANGE RATE ON Hills, adjacent to the Rockefeller hotel, opening April 5 in the promotion garment district, ought to put a stylish foot forward when THE MARKET. the parmesan cheese wars are checking in. Manhattan’s first over. Grana Padano and full-service Wyndham hotel will Parmigiano-Reggiano, age-old award the Best Dressed Guest of rivals, shocked the foodie world the Day with a room upgrade— last week when they held their from a standard to a deluxe king— first ever co-promotion, at their choice of fashion magazine Madison Square Garden.The and a mention on the hotel’s Web event kicked off a push to educate site, bestdressedguest.com. U.S. consumers about northern “I’m looking to celebrate how Italian hard cheeses.The someone stands out and how they producers were prodded by the attract attention,” says Zoraida European Union to join forces to D’Alessandro, the hotel’s “style bloomberg news fight newer foes—imitators from seeker” and front office director. State Park Preserve—opened a countries like Argentina. In-store “It doesn’t have to be a whole brand-new corporate event space. demonstrations will be held at outfit; it can be a funky piece of Located in an old hay loft, the Whole Foods, Food Emporium jewelry or fabulous shoes.” room can accommodate 260 and other Even though everyone’s got to Get rewarded faster when you earn an additional 1,000 points for people. But bad timing led to few chains starting have a gimmick in this economy, the every qualifying night you stay from now until 30 April 2010 — up bookings. “The business went in April. $90 million property joins an area to 20,000 points. away last year,” says David Barber, “The idea with few competitors. the chef ’s brother and president is to be The Indigo is located of Blue Hill. stronger two blocks away, and Now, in a sign that companies against sister hotel are ready to spend again on cheeses that Wyndham Garden corporate retreats, the meeting look like our is on West 24th Register at intercontinental.com/1000NY facility is attracting executives cheeses but are imitations,” Street, but neither is and book at 1.877.512.8796. who want to dine in style and use says Cesare Baldrighi, president of considered full-service. Room farming as a team-building Grana Padano. rates at Fashion 26 start at $299 Must be a Priority Club® Rewards member and must register member number in advance exercise. Clients are requesting Chefs Cesare Casella and for a standard queen and hit $399 to participate in this promotion. To register or to obtain a list of participating airlines, Fortunato Nicotra complete offer details and Priority Club Rewards Membership Terms and Conditions, visit multiple-day events, compared whipped up tasty for a deluxe king. intercontinental.com/1000NY or call 1.877.512.8796. © 2010 InterContinental Hotels Group. with half-day lunches in 2009, dishes for attendees, including All rights reserved. Most hotels are independently owned and/or operated. Blue Hill says. basketball legend Magic Johnson, Contributors: Lisa Fickenscher, Matthew The operation even has an who came to nibble and to watch Flamm, Alix Strauss

6 | Crain’s New York Business | March 29, 2010 Project8:fp template.qxd 3/23/10 1:21 PM Page 1

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AAdvantage bonus-mile offer is valid on American Airlines marketed and operated nonstop flights for round-trip travel (or half the bonus for one-way travel) between Chicago O’Hare (ORD) and Beijing, China (PEK), from April 26 through June 30, 2010. Offer applies only to AAdvantage members who purchase and fly on eligible published-fare tickets. Flights operated by our codeshare partners are not eligible for this promotion. Bonus miles will be awarded based on the booking class purchased and do not count toward elite-status qualification. Registration prior to travel is required. American Airlines reserves the right to change the AAdvantage program rules, regulations, travel awards and special offers at any time without notice and to end the AAdvantage program with six months’ notice. For complete details about the AAdvantage program, visit www.aa.com. AmericanAirlines, AAdvantage, AA.com and We know why you fly are marks of American Airlines, Inc. oneworld is a mark of the oneworld Alliance, LLC. © 2010 American Airlines, Inc. All rights reserved. 20100329-NEWS--0008-NAT-CCI-CN_-- 3/26/2010 6:42 PM Page 1

majority of businesses in the city— about 88%—will be subject to the lesser five-day requirement. But the PRIOR APPROVAL Bring it back? THE INSIDER bill stops short of major changes THE PATERSON ADMINISTRATION’S argument that a 17% average increase in called for by business groups, which HMO premiums last year justifies more state oversight—and a return to “prior by Erik Engquist and Daniel Massey prefer a law like one approved in approval,” where the state must assent to any rate changes—is disingenuous, Washington, D.C., in 2008.That one insurance company executive says. Mark Wagar (below), president and measure has exemptions for certain chief executive of Empire Blue Cross Blue Shield, says the state’s own industries, a 12-month waiting increases in taxes and fees drove rates up by 4 percentage points. period before workers are eligible, “The single largest component of any rate increase was the state’s and fewer sick days. actions,” he says. “Eight months after the The second-largest factor driving up small-group premiums was an New battle introduction of the original bill, we increase in hospital costs beyond the normal rate of inflation, he adds; 40% thought there would be more than of premium dollars go to inpatient and outpatient care. Matthew just cosmetic changes,” says “For the state to hold out prior approval as an important tool doesn’t do over sick days Greller, an attorney at Tonio Burgos anything to underlying costs,” says Mr. Wagar. “Because of the health care & Associates, who is lobbying debate, they want to do something that sounds like it’s helping the small against the bill. “Unfortunately, this business customer and the individual customer. But it’s window dressing.” egislation compelling employers to provide is just lipstick on a new pig.” Ms. Brewer insists she has The administration anticipates $70 million in savings if it succeeds in bringing workers with up to nine paid sick days was incorporated the business back prior approval—which ended 10 years ago—because if rates were kept in reintroduced last week by Councilwoman Gale community’s suggestions into the check, fewer people would drop their coverage and enroll in Medicaid. But Mr. Brewer (below). Business groups intent on killing new bill—which is aimed at an Wagar says that people making the switch cannot or at least gutting the bill and the labor-backed estimated 1.5 million New York afford today’s premiums, and that curbing future workers who get no paid sick time. rate increases won’t slow defections to Medicaid. LWorking Families Party, which has made its passage a top “We’ve taken into account the A coalition of small business groups, priority, readied for a battle. concerns of small businesses facing providers, seniors and health consumers is The measure requires tough economic times, so that we advocating for the reinstatement of prior approval. small businesses to give can all come together around this Mr. Wagar counters that it already failed once, and as the right bill at the right time,” that current regulation is sufficient. “Every [health workers five sick days and she says. insurance] product is prior-approved by the larger ones to provide nine, Department of Insurance already,” he says. The with fines of $1,000 per Carrión aiming process takes six to nine months, he says, and violation. includes approval of the initial rate and of the for state office? formula upon which future rate increases are The bill, modeled on one calculated. passed in San Francisco in an albany insider says some New York premiums are up 92% under 2007, contains one significant Bronx politicians want President that system. Barack Obama’s urban policy czar, change from a bill that was Adolfo Carrión, to run for lieutenant newscom debated in the City Council governor.The LG post would set last year—a small business is the former Bronx borough shot because the presumptive supporters through the effort and now defined as fewer than 20 president up for a 2013 mayoral run Democratic nominee, Andrew gathered 22,000 signatures on and excite Latinos, who have Cuomo, is expected to seek an petitions to local representatives. employees rather than 10. pressed for more of a voice in African-American running mate, Out of the five undecided New

That switch means the vast zuma press Albany. But his candidacy is a long preferably with upstate ties, such as York congressmen, four ultimately Buffalo Mayor Byron Brown or 2006 backed reform. LG candidate Leecia Eve.Mr. Carrión also comes with baggage: He failed to pay an architect who Council election designed his home renovation until causes damage the Daily News found out last year. the 18-point victory by David Greenfield (below) in a City Council Picking cherries special election last Tuesday in Albany damages Assemblyman Dov Hikind, who supported rival Joe Lazar.Mr. a democratic assembly insider Hikind could not deliver votes says the chamber was never going from younger and to yield its budget-making mainstream Jews or authority to a financial control from some board, as Lt. Gov. Richard Ravitch Orthodox sects. An proposed. Instead, the Assembly insider says proposed a weaker “review board” aspiring candidates in its budget plan released last and their week. It did adopt Mr. Ravitch’s $6 supporters will no billion borrowing scheme— longer feel obliged to secure the justifying budget watchdogs’ fears support of Mr. Hikind or the that the Legislature would cherry- rabbinical leaders who backed Mr. pick at Mr. Ravitch’s plan. Lazar. Mr. Hikind will find it harder to exert influence on the Brooklyn Democratic organization Working Families’ and could be vulnerable to an reform hammer election challenge, an insider says. He wasn’t the only politician health care reform allowed the humbled by Mr. Greenfield’s Working Families Party—which had victory. Other Lazar endorsers failed spent the winter defending its to deliver: Public Advocate Bill de campaign finance practices—to Blasio, who represented Borough return to the offensive.The party Park during his eight-year City and its mega-affiliate, 1199 SEIU, Council tenure; city Comptroller got national attention for vowing John Liu, who tried to rally Sunset not to endorse any candidate who Park Asians; and Assemblyman Jim voted against the overhaul.The Brennan, whose district includes a WFP picked up 10,000 new online piece of the 44th Council District.

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8 | Crain’s New York Business | March 29, 2010 CN013498 2/12/10 11:39 AM Page 1

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VIEWPOINT Trade Center off the ground editor in chief Rance Crain publisher, vp Jill R. Kaplan he agreement reached last week on the Nevertheless, the Port and Mr. Silverstein, with help from EDITORIAL World Trade Center moves construction the city and state, have reached a sensible compromise. With editor Xana Antunes forward while limiting the risk to the the Port providing $1 billion in backstop financing, Mr. managing editor Glenn Coleman deputy managing editors Valerie Block, public purse. It vindicates the tough Silverstein will commit all of his insurance proceeds and Erik Ipsen contributing editor negotiating stance that the Port Authority Liberty bond financing to build one tower and start a Elizabeth MacBride of New York and New Jersey had taken second.That second tower faces a private market test if it is columnists Greg David, Alair Townsend politics editor Erik Engquist with site developer Larry Silverstein. Both to be completed, for Mr. Silverstein must raise $300 million pulse editor Barbara Benson sides deserve credit for making the necessary concessions. on his own and pre-lease a respectable 16% of the space senior reporters Theresa Agovino, Aaron Elstein, Lisa Fickenscher, To be sure, the delay was excruciating and inexplicable to before Port and government subsidies kick in.The site of the Matthew Flamm, Miriam Kreinin Souccar T James Comtois, Amanda Fung, many New Yorkers, who cannot fathom why, more than third tower will remain open space but with infrastructure in reporters Daniel Massey, Adrianne Pasquarelli, eight years after Sept. 11, no towers stand at Ground Zero. place, should the market justify more construction. Hilary Potkewitz But rushing into a project on the terms initially sought by Our only regret is that it has taken so long to get here. art director Steven Krupinski deputy art directors Carolyn McClain, Mr. Silverstein would have been to repeat the mistake that Daniel Mednick staff photographer Buck Ennis former Gov. George Pataki made in pushing for the copy desk chief Wendy Zuckerman Freedom Tower, now called 1 World Trade Center.That Budget advice for now and forever copy editor Thaddeus Rutkowski research editor Denise Southwood building, farther from mass transit and less attractive to the state senate, the Assembly and the governor have all assistant research editor Maia Blume tenants than Mr. Silverstein’s towers will be, had to be released budget proposals and are hammering out a editorial/research interns Emily Laermer, Selena Shen renamed, redesigned and stuffed with government agencies. spending plan for the fiscal year beginning April 1. With www.crainsnewyork.com The Port Authority’s refusal to finance three additional luck, they’ll finish by midmonth, which in Albany is web editor Brian Tracey senior producer Elisabeth Butler Cordova towers for Mr. Silverstein always made sense to us, especially considered on time. It’s a shame that they waited so long to producer Kira Bindrim

since the developer was not committing his own money.The begin negotiating in earnest, but they can redeem themselves EDITORIAL AND ADVERTISING OFFICES question was whether the agency should finance two of the with the first responsible budget in memory. 711 Third Ave., New York, NY 10017-5806 editorial: 212.210.0277 Fax 212.210.0799 towers without any assurance that tenants would lease them. To wit, a brief checklist of dos and don’ts: advertising: 212.210.0259 Mr. Silverstein made a series of arguments for the Port to Do put residents and businesses ahead of special Cable craincom nyk Fax 212.210.0499 step up, notably that he had no other options because the interests and election campaigns. Entire contents ©copyright 2010 Crain Do consider tax increases only if they are narrow and Communications Inc. All rights reserved. private financing market had dried up.The developer ®CityBusiness is a registered trademark of MCP contends that empty space and low rents at other downtown targeted, and have a public-policy objective. Inc., used under license agreement. buildings does not mean that new towers at Ground Zero Don’t borrow money or refinance debt to pay operating TO SUBSCRIBE: would be white elephants; new, energy-efficient, expenses. Call 888.909.9111; fax 313.446.6777. $3.00 a copy, $59.79 one year, $109.79 two years. technologically superior buildings will draw businesses Don’t count on revenues never before collected. www.crainsnewyork.com regardless. He also expects economic conditions to improve Legislators should clip and save this list for referral ADVERTISING AND MARKETING by the time his buildings open for business, a prediction that whenever lobbyists, unions or donors come calling. Which is advertising director Trish Henry real estate sales manager Cornelius P. Gore did not persuade lenders. to say, they should keep it very handy. senior account managers Irene Irvill, Courtney McCombs, William E. Squitieri account executive Anthony Mowad sales manager, classified print & online John Gallagher CRAIN’S ONLINE POLL COMMENTS sales coordinator, print & online Lulé Haznedari newsletter product manager WOULD YOU HAVE VOTED Alexis Barney credit Todd J. Masura 313.446.6097 FOR OBAMACARE? marketing director Amy Crossman A hole in Hall of Fame director, audience development Date of poll: March 22 John LaMarca 647 votes assistant circulation manager WHERE WAS DREW? management for more than 30 years as a Rosalie Ford registered dietitian and consultant to food and general manager, interactive Yes. The i enjoyed reading your Small Business beverage companies, and I know that education Marc Minardo system is Report on restaurants (March 8), especially the and counseling work. A tax that makes some web developer, interactive

broken and . 38% “Restaurateurs Hall of Fame” feature. As a 20- people switch from sweetened to diet drinks Chris O’Donnell needs to be 50%. fixed now. year veteran of New York City’s restaurant does not mean they will eat right and exercise NEW YORK PRODUCTION industry, I feel that Drew Nieporent of Myriad more, which is the only way they can lower production and pre-press director Restaurant Group (Montrachet, Nobu,Tribeca their risk for diet-related diseases. Michael Corsi Beats me. The bill is more 12% Grill) has contributed as much to the New —robyn flipse advertising production manager . Suzanne Fleischman Wies than 2,000 York restaurant scene as anyone on your list. Bradley Beach, N.J. pages long, Leaving him out is a glaring omission. PUBLISHED BY CRAIN COMMUNICATIONS INC. and not all the —jeff vasser HERE’S AN IDEA: FIRE MTA’S BOARD chairman Keith E. Crain details have No. We need less President Rance Crain come out. president government intrusion in Atlantic City Convention & Visitors Authority the only honest way to solve the secretary Merrilee Crain health care, not more. Metropolitan Transit Authority’s financial treasurer Mary Kay Crain executive vp, operations William Morrow SOUR ON SODA TAX problems (CrainsNewYork.com) is to strip it senior vp, group publisher Gloria Scoby down to its operating functions and remove the group vp, technology, circulation, re: your march 22 editorial, “Soda tax is a present board of directors. manufacturing Robert C. Adams sweet idea”: A great deal about American These people are wasting many billions of vice president/production & lifestyles and diets has changed over the past 50 dollars on construction projects that riders do not manufacturing David Kamis chief information officer Paul Dalpiaz years, contributing to the rising rates of obesity. want or need. And now they’re cutting service! corporate circulation/audience Any correlation linking soda to the problem is New York transit riders will never get the development director Kathy Henry not proof, since correlations do not service they deserve until we have an MTA founder G.D. Crain Jr. (1885-1973)

bloomberg news demonstrate causality; if they did, then the board with a three-quarters majority of bona chairman Mrs. G.D. Crain Jr. (1911-1996) For this week’s questions: Go to increased consumption of bottled water could fide regular daily users of mass transit. www.crainsnewyork.com/poll to have your say. also be linked to obesity. —jefferson chase I’ve been helping people with weight Stamford, Conn.

10 | Crain’s New York Business | March 29, 2010 20100329-NEWS--0011-NAT-CCI-CN_-- 3/26/2010 2:48 PM Page 1

OPINION

will return to its prerecession peak—manufacturing will repre- Sectors to watch sent about 2.4% of jobs. But health and education employment will take a different trajectory, growing from 16.1% of local jobs in 1990 to as jobs rebound 24.5% in 2013. In fact, education and health is one of only three employment sectors that we project will be larger in BY RONNIE LOWENSTEIN 2013 than they were in 2008. Edu- cation and health will grow by iven the severity of the U.S. recession, New 77,800 jobs, leisure and hospitality York City’s fiscal picture looks better today than by 20,500, and other services (from auto repair to personal care) by many would have expected—particularly since 4,600. Financial services; trade, the crisis that began in the housing market spread transportation and utilities; infor- to the financial industry. There are a number mation; and, of course, manufactur- of reasons the city fared better than expected, including the im- ing will all employ fewer workers in G 2013 than in 2008, while the busi- plementation of federal policies that quickly swung the finan- ness and professional services cate- cial sector from record losses to record profits. Another gory will just about return to its prerecession level. reason has to do with fundamental facturing sector took an added shove While the shift under way in the changes in the makeup of local em- from the recession, it didn’t matter makeup of local employment is ployment. as much locally. Manufacturing helping to pull us through the reces- The Independent Budget Of- made up such a small share of the sion, there is reason for concern:We fice now estimates that from the city’s total employment by 2008 are replacing higher-paid jobs with peak of employment in the third that the additional losses did not lower-paying ones. Steven Mayer, CPA quarter of 2008 to the expected have a major effect on overall em- The average private-sector wage 6 East 43rd Street trough in the first quarter of this ployment here. in the city, excluding the extra- New York, NY 10017 year, the city will have lost about Conversely, jobs in the health ordinary levels paid in financial ac- www.amper.com 212.682.1600 152,500 private-sector jobs, or and education sector constitute a tivities, is $61,100, according to the “Seeing Beyond the Numbers...”sm [email protected] 4.7%. The figure is lower than ex- growing share of private employ- latest available data. Our big job pected—which is little comfort to ment here,and the current recession gains are coming in education and the affected workers and their fam- is the first for New York City in health and in leisure and hospitality, ilies and neighborhoods. Nonethe- which manufacturing job losses where wages average $46,800 and less, it’s a fact that employment did have been more than offset by gains $36,100, respectively. Lower pay not drop as far as it did during the in education and health. means less money to spend locally, past two local contractions. Twenty years ago, manufactur- less ripple effect through the econo- This is due in part to the di- ing accounted for 9.0% of private- my, and less city tax revenue. minished role of the manufacturing sector jobs in the city. By the third sector in the city. Although nation- quarter of 2013—when, according Ronnie Lowenstein is director of the ally the steadily declining manu- to our projections, city employment Independent Budget Office.

90,000 teachers, administrators, tradesmen and secretaries, to name NYU’s expansion just a few of the professions represented. For the first time in the city’s history,more people were working in higher education than in manufac- and future of NY turing. By the way, the 90,000 figure understates the sector’s importance, 2010 ere we go again. since colleges employ thousands of april 2 -11 Last week, we learned details of New York contract employees who don’t get counted in the labor statistics. jacob javits University’s long-awaited plan to drastically in- These days,universities thrive by center crease the size of its campus as it sets the stage doing what manufacturers used to for a major increase in its enrollment and its fac- do: They finance themselves on the Mon-Sat: 11am - 10:30pm Sun: 10am - 7pm ulty. As we saw in the long, drawn-out battle over Columbia money people from elsewhere give H them, in this case to educate their University’s effort to accomplish the same goal,once again New children or fund their research. York must balance the desires of a neighborhood for preservation That’s how a city or a country (think China) becomes rich. There’s something for everyone at the Show... and the city’s need to Village, where commu- All development plans in New grow and diversify its nity groups and preser- York leave room for compromise. Nearly 1,000 of the newest vehicles economy. vationists are already That’s how the game is played.NYU Exotics, concept cars, electric & hybrid cars – the latest technologies! Camp Jeep Outdoor Ride & Drive NYU is nothing if sounding the alarm, is a rich and powerful institution, EV Pavilion Indoor Ride & Drive... experience non-emission vehicles not ambitious. It’s claiming that NYU is but it won’t succeed against the Kia Motors “Crossover to the Unexpected” Sorento Ride & Drive looking to add 6 mil- taking over the neigh- naysayers on its own.Last week,The Hyundai Enter to win a 2010 Genesis Coupe & Racing Academy Weekend lion square feet of space borhood. New York Times quoted Robert to its existing 15 mil- It may be doing just Lieber, deputy mayor for economic lion-square-foot “cam- that, and it just may be development, as saying that ap- Go to autoshowNY.com pus” over the next two necessary. proval was not guaranteed and that SAVE TIME… Buy tickets online decades. About 1 mil- Higher education is there was lots of room for discus- Check out our calendar of events lion square feet will be GREG the most vibrant sector sion. That didn’t sound like Bob Download our free iPhone App built at MetroTech in DAVID promising to diversify Lieber to me, so I checked. He told before you get to the Show! Brooklyn as NYU ex- the New York economy. me that the Bloomberg administra- pands its Polytechnic Turning down projects tion supports the NYU plan and arm, and another chunk is allocat- like NYU’s means condemning the that the quote in The Times did not ed to a new campus on Governors city to riding the ups and downs of reflect his interview. Island. Wall Street. For those who care about the For security purposes, NO backpacks allowed on Show ﬂoor. Random security and bag checks. Special rail admission The controversy will center on Last year, colleges, universities packages at LIRR & Metro-North ticket windows. See autoshowNY.com for NY Waterway Combo tickets. city’s prosperity, NYU is a cause An activity of the Greater New York Automobile Dealers Association recorded information: 800.282.3336 NYU’s home base in Greenwich and professional schools employed worth fighting for.

March 29, 2010 | Crain’s New York Business | 11 20100329-NEWS--0012-NAT-CCI-CN_-- 3/25/2010 8:40 PM Page 1

NEIGHBORHOOD JOURNAL

power plant on Steinway Street.The Power plant plans fail to spark row 10-year-old project has proceeded in fits and starts, with local officials crying foul every step of the way. supporting lawsuits against various New energy facility power plants for alleged misdeeds in Going ahead, slowly will be cleaner, but his district. “But since that’s not an the first phase of the Steinway option here,we do support replacing Street facility was completed in Astoria already has [this plant] with a cleaner one.” 2006, and phase two stalled because more than its share NRG has already gathered most of a funding gap. Mr. Gianaris says of the permits it needs for the proj- he would like to see the project ect,which will replace 31 1970s-vin- stalled indefinitely, but the state BY HILARY POTKEWITZ tage turbines with four big units that gave Astoria Energy the go-ahead the company says will generate near- for phase two last April. esidents of astoria, ly twice as much power. It also “It’s not going away,” says Lucille Queens, have long lived promises they will cut particulate Hartman, district manager of with the constant hum emissions by 65%. The project will Queens Community Board 1.“We’re of the six power plants create an estimated 500 construction not happy about any of the plants that in the neighborhood, jobs and is expected to take about 30 impact on our quality of life.” Rand have long complained about the months once permits are obtained. Against the backdrop of new soot and grime that comes with WHO’S GOT THE POWER? NRG Energy plans to overhaul the aging Astoria Gas Turbines plant. power plants and fights over old those plants. Looking for support emissions-belching relics, the up- That is why the announcement “it’s really a refitting and refu- grading of the NRG plant with that NRG Energy is planning to eling of the existing plant, rather the Coalition Helping Organize a Charles Poletti power plant was fi- more efficient equipment and the build a modern power plant to re- than building a new one,” says an Kleaner Environment have all lent nally shut down.The move followed promise of much less pollution place the aging Astoria Gas Turbines NRG Energy spokesman. their support. a long-running battle touched off by seems like a small victory. plant was met with cautious support. The company is already aggres- That is no small feat, given that a scathing 2002 Environmental “We already provide over 80% of “Listen, the best thing would be sively courting community officials the power plant is surrounded by Protection Agency report that had the power to the city, and it’s com- to get rid of the old plant and replace and organizations. Local officials one- and two-family homes, whose named the plant one of the city’s pletely unfair that we have so many it with a power plant someplace from Queens Borough President residents have a history of vocal op- worst polluters. power plants in our area,” says Mr. else,” says City Councilman Peter Helen Marshall and Assemblyman position to their powerful neigh- The community is also em- Vallone. “But we understand that Vallone Jr., who represents Astoria. Michael Gianaris to members of bor’s incursions. broiled in a battle with Astoria En- the city needs power. It just doesn’t He’s spent the better part of a decade Queens Community Board 1 and In early February, the nearby ergy, which is trying to build a new need filthy old plants.”

REAL ESTATE DEALS PLUS

feet available at 2373 Broadway. says Neal Ohm, a broker at Meanwhile, 2360 Broadway, on the CitySites Commercial Realty who RETAIL Empty storefronts corner of West 86th Street, has specializes in Upper West Side REDUCTION about 10,000 square feet of space leasing. “The rent has come down, available. but the availability has gone up.” Asking rents along the strip He adds that the number of nation- on upper B’way range from $195 a square foot to al retailers capitalizing on such $350 a square foot, depending on spaces is “not as strong as it used to $62.30 PROJECTED 2010 average NYC he retail corridor along upper Broadway from factors ranging from the location be.” retail asking rent per square foot and configuration of the space to the Though Urban Outfitters re- West 84th Street to West 100th Street is awash in pressure on the landlord to land a cently took nearly 15,000 square large, empty retail spaces ripe for a national chain’s tenant. Those rents are roughly 20% be- feet on two levels at 2625 Broadway, picking. Brokers from Newmark Knight Frank low the peak levels of two years ago, other stores are pulling back. Gap, and actual taking rents are closer to for example, recently vacated its -21.7% Retail, Robert K. Futterman & Associates and 40% lower. 12,000-square-foot space at 2373 DROP from 2007 average others are out hawking spaces ranging from 6,000 square feet “There are some major vacan- Broadway. Source: Marcus & Millichap Real Estate T Investment Services at 2385 Broadway up to the 12,000 square cies on [that strip] of Broadway,” —adrianne pasquarelli

which provides products that mini- half of debt holders, has been very 136 Madison LLC. Westchester County bakery, which Macklowe-era mize insurance and financial risk, busy in New York. Last month, it The tenant has occupied rough- specializes in wedding cakes, re- renovations pay off will likely move in May.CB Richard bought The Riverton in Harlem. It ly 16,000 square feet on the seventh cently signed a 10-year lease for 900 Ellis Inc. broker John Maher repre- is also slated to take over Stuyvesant floor of the building since 2004, but square feet at 112 Eighth Ave. for its two tenants signed leases for a sented Allianz. Town/Peter Cooper Village. held a sublease for the space. first Manhattan outpost, but not its total of roughly 16,500 square feet at Meanwhile, Servcorp leased —theresa agovino Triumph Learning decided to ex- last. The asking rent for the deal, 1330 Sixth Ave., which was taken over nearly 6,500 square feet for 10 years. pand in the building and sign a lease which includes a 700-square-foot by CWCapital Asset Man- The asking rent was $78 a for the entire space directly with the basement, was $125 a square foot. agement last spring after square foot. Servcorp is an Leasing triumph landlord, according to Ms. Engel. “Lulu is swooping in while the Harry Macklowe failed to Australia-based provider of at 136 Madison Since the removal six months ago prices are low and taking advantage make payments. temporary office suites. It of scaffolding that was part of capital of a decent leasing rate,” says Steve Shortly after taking con- will move into the space, triumph learning, a provider of improvement work, “there has been Rappaport, the Sinvin Realty broker trol, CWCapital tapped which it plans to use as an school test preparation services, has an uptick in leasing activity,”Ms.En- who represented Lulu.He notes that Jones Lang LaSalle to lease office center, this summer. more than doubled its Manhattan gel says. In January, Sunham Home rents are firming up in the area after the building, which brokers CBRE broker Eric Yarbro office space. Fashions, an importer of home tex- dropping 15% in the past year. say is benefiting from a represented Servcorp. The company has signed a lease tiles, signed a 10-year lease for Lulu will open for business in $30 million overhaul begun Ms. Wasserberger says for 35,750 square feet at 136 Madison 18,000 square feet, consolidating its three months,but in the meantime it by Mr. Macklowe. that, with these two leases, Ave. The lease is for at least office and showroom. is looking for additional outposts on “The renovation has re- the building has filled about five years. The asking rent —amanda fung the Upper East and Upper West 1330 Sixth Ave. ally resonated with tenants,” 25,000 square feet so far this was $37 per square foot. sides,says Mr.Rappaport.“They de- says Cynthia Wasserberger, year, bringing its occupancy “We were very happy to liver 25 to 100 cakes each week to a broker at Jones Lang LaSalle who, to about 70%. This month, hedge see the tenant commit to Lower rent a Manhattan—they know they have a along with colleague Frank Doyle, fund Belstar moved into the 8,500 the building,” says Christel key sweetener clientele here,” he explains. represents the building. square feet it leased. She says there Engel of FirstService The Eighth Avenue space for- Allianz Risk Transfer Inc.signed are leases out for three other deals Williams, who, along with lower rents have finally merly housed a clothing boutique. a 10-year lease for 10,000 square that will bring occupancy to 75%. colleague Michael Thomas, opened the door to Man- Landlord The Brodsky Organiza- feet.The asking rent for the deal was CWCapital, a special servicer represented Triumph hattan for Scarsdale-based tion was represented in-house. $75 a square foot. The company, that works out troubled loans on be- Learning and the landlord, 136 Madison Ave. Lulu Cake Boutique. The —adrianne pasquarelli

12 | Crain’s New York Business | March 29, 2010 CN013571 3/23/10 4:24 PM Page 1

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SMALL BUSINESS

In fact, from 2010 to 2013, very small businesses with up to 10 em- What health care reform has in store ployees and average annual wages of less than $25,000 that offer health insurance will be eligible for a 35% ing the sentiments of many small New tax credits credit to help cover the cost. Smallest firms are most apt to benefit; business owners. “These credits are clearly a stim- shockingly, there’s more paperwork, too Mr. Brown has provided health if you’re worried that you’ll have ulus for small business to begin hir- insurance at his five-em- to scramble to find a way to ing,” says Jon Zefi, a tax partner at affect everyone. For small business ployee firm for the past four provide health insurance Eisner. BY ELAINE POFELDT owners, those measures add up to years. Experts say entrepre- 35% this year, don’t be. Employ- Smaller credits will be available, one more mandate: Place a call to neurs like him should imme- OF PREMIUMS ers with 50 employees or on a sliding scale,for firms that have ealth care reform your accountant. diately look into three rami- paid is now more who do not provide up to 25 full-time employees and available to the mandates insurance “I am completely in the dark fications of the $938 billion smallest firms health insurance won’t have pay average annual wages of less coverage for employ- about how the new regulations will bill that President Barack as a tax credit to pay penalties to the Inter- than $50,000. In 2014, the maxi- ees, new taxes on affect me,” says Ryan Brown, the Obama signed last week: tax nal Revenue Service until mum credit will rise to 50% of the high-income earners, owner of Park Slope-based caterer credits, higher taxes and more 2014; smaller businesses don’t have insurance cost, from 35%. Hand insurance law changes that will Choice Cooking Co.—likely echo- paperwork. to provide it. “For the first three years, you can use it for the health insurance you currently provide,” says Bill Rys, tax counsel for the National Federation of Independent Business.“For years four and five, you have to purchase your insurance through [new state exchanges].” After the fifth year, the tax credit disappears. RUN YOUR Wages are higher in New York City than in much of the rest of the country, notes CPA Gary Milk- wick, vice president of operations at The Tax Club in New York City. “It’s not going to help as much as BUSINESS. in,say,Iowa,where the cost of living and wages are lower,” he says. Higher taxes DON’T RUN high-earning entrepreneurs,brace yourselves. “From an accountant’s point of view, all of the taxes are hitting the TO THE BANK. same tax bracket,” says Lewis Taub, tax director in the commercial group at RSM McGladrey’s New York office. “We’re doing a lot of planning • FREE High-Performance TD Bank with our clients to see if it pays to ac- BusinessDirect Online Banking celerate income in 2010.” Starting in 2013, the Medicare • Real-Time Information hospital insurance tax on wages will rise to 2.35% (a 0.9% increase) on & Transactions earnings that exceed $200,000 for individuals or $250,000 for couples. • E-Statements & Check Images These same taxpayers could also be hit by a 3.8% tax on investment in- • Tiered Levels of Access come that’s included in the Recon- ciliation Act. High earners will face an even • ACH, Wire & greater tax bite if there is a rollback Bill Payment of President George W. Bush’s tax cuts, as Mr. Obama has proposed. The top tax rates would increase from 33% and 35%—rising to 36% and 39.6%—while the top tax on capital gains and dividend income THREE YEARS IN A ROW! would jump to 20%, from 15%. “Highest in Customer Satisfaction with Small Business Banking” – J.D. Power and Associates Additional paperwork Visit your nearest TD Bank, connect to www.tdbank.com starting in 2011, employers will or call 1-888-751-9000 and open a business account today. have to start reporting the value of the health plans they provide to employees on their W-2 statements, notes Mr. Rys of the NFIB. As the government ramps up tax collection efforts to pay for health care reform, all business-to-business payments of $600 or more will have to be reported to the IRS on a 1099 form starting in 2012. To nominate someone for Crain’s TOP ENTREPRENEURS AWARD,

TD Bank N.A., formerly Commerce Bank, received the highest numerical score in the proprietary J.D. Power and Associates 2007-2009 Small Business Banking Satisfaction StudiesSM. 2009 study based on 7,226 go to www.crainsnewyork.com/ total responses, measuring 27 ﬁ nancial institutions and measures opinions of small business customers with annual revenues from $100,000 to $10 million. Proprietary study results are based on experiences and perceptions of customers smallbiznominations by April 2. surveyed in July-August 2009. Your experiences may vary. Visit jdpower.com. Some restrictions and fees may apply; check your account agreement for more information. | TD Bank, N.A.

14 | Crain’s New York Business | March 29, 2010 20100329-NEWS--0015-NAT-CCI-CN_-- 3/25/2010 8:05 PM Page 1

CRAIN’S NEW YORK BUSINESS

www.crainsnewyork.com/40under40

Photography by Buck Ennis

F6I Christopher Balfe F6I Andrés Irlando F4I Haru Okuda F15I Jacob Susman F15I Jay Bauman F12I Julia Kahr F16I Kimberly Peeler-Allen F8I Bill Tan F7I Shelley Bernstein F10I Vanessa Lau F7I Seth Pinsky F4I Ali “Dee” Theodore F4I Alexandra Bogen Prosser F10I Ben Lerer F6I Samira Rajan F17I Ricky Van Veen F8I Alisa Bowen F10I Sarah Levy F12I Jordan Roth F7I Gregg Walker F4I Maile Carpenter F10I Josh Lockwood F6I Jessica Rovello F17I Scott Weiner F14I Ariel Deckelbaum F15I Julie Lucas F13I Eugene Schneur F13I Andrea Wenner F14I Alondra de la Parra F8I Alexis Maybank F13I Kenyanna Scott F14I Michael White F13I Glen de Vries F12I Benjamin Millepied F7I Christian Siriano F16I Mathew Williams F15I Katie Grieco F8I Tor Myhren F12I Angela Sun F14I Joseph Zidle 20100329-NEWS--0016-NAT-CCI-CN_-- 3/25/2010 8:05 PM Page 1

NEW YORK’S RISING STARS

Where Are They Now? EDITOR’S NOTE plenty of “40 Under 40” alumni have made news in the Finding crème de la crème past year—some of them because of the in a city rich with talent great things they’re continuing to cutting-edge cardiologist, a practical joker who turned humor into a career, and Glenn Beck’s right-hand man: They’re just three of do, and others the exceptional businesspeople chronicled within the next 11 pages. because This year, as we have done every year for more than two decades, they’ve seen Crain’s New York Business has profiled a dynamic and driven group of their fortunes, NewA Yorkers in our annual “40 Under 40” issue. well, sag.To find Despite the effects of a punishing recession, the young executives and out whether entrepreneurs we have chosen to honor in 2010 have helped their organizations 40s VIDEOS ONLINE they’re sinking prosper by devising defensive strategies and creating goods and services that are in demand. Isaac Mizrahi or swimming, They work in a variety of industries, from finance to food, from In their turn to media to manufacturing.They hail from large conglomerates, Page F18. startups, nonprofits and cultural institutions. But they share common traits: They work hard, they are passionate about their own voices careers, and they pursue their goals tenaciously. CONTRIBUTORS TO LEARN MORE about this year’s 40s honorees, It’s never easy to choose the final 40. We receive hundreds of check out their video interviews at SECTION DESIGNER Carolyn McClain nominations each year, many of them deserving. We look for a www.crainsnewyork.com/40under40. In PHOTO COORDINATOR Daniel Mednick diverse group of men and women who reflect the city’s population. We take into PHOTOGRAPHER Buck Ennis revealing clips, the honorees share surprising account unique personal stories and give credit to those who have overcome challenges details about their achievements and even their COPY EDITORS Wendy Zuckerman, in order to succeed. We especially seek out those who have spurred tremendous Thaddeus Rutkowski missteps on the road to success. At the same VIDEOGRAPHER Steve Raddock growth at their companies and those who have enriched this city with their work. time, see additional photos and browse our VIDEO COORDINATOR Elisabeth Butler Cordova We believe that we have once again identified the best and brightest rising stars in archives for profiles of past 40s, dating back to VIDEO INTERVIEWERS Kira Bindrim, New York. We hope our readers agree. 1991. See what Crain’s had to say about Kate Adrianne Pasquarelli Spade, Brian Williams, Philip Seymour Hoffman WEB DEVELOPERS George Mitra, valerie block and other “40 Under 40” alumni before they were Chris O’Donnell Deputy Managing Editor household names.

F2 March 29, 2010 ❘ www.crainsnewyork.com/40under40 ❘ Crain’s New York Business CN013570 3/23/10 2:11 PM Page 1

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The conﬁ dence to proceed.

NEW YORK’S RISING STARS Alexandra Haru Okuda, 37 Bogen Prosser, Assistant vice president 29 NYC HEALTH AND HOSPITALS CORP. Managing director eEMERGE/SL GREEN REALTY CORP. fter taking violin lessons for two decades, Dr. Haru Okuda chose medicine over a career in classical music. But he knows what it lexandra bogen prosser knows that takes to get to Carnegie Hall: practice, practice, practice. her tendency to drink diet orange “I’d play scales over and over,” he recalls. “My grandfather was an Sunkist soda instead of juice in the opera singer, and he didn’t want to hear any squeaking.” mornings isn’t healthy. But she’s AApplying that lesson, Dr. Okuda is changing medical training at the hoping that the nutrition class she’s Health and Hospitals Corp.’s 11 acute care hospitals and other facilities. takingA will encourage her to eat better as she There, doctors and nurses now hone their skills on Dr. Okuda’s corps of maneuvers through her long days. “sims”: computerized medical mannequins.These smart dummies bleed, It may offer another benefit: potential tenants for cry, even go into cardiac arrest. But unlike real patients, they can endure eEmerge, which provides ready-to-use office space with any number of procedures until a trainee gets it right. flexible lease terms for companies ranging from startups to Dr. Okuda, who attended Brown University and New York Medical huge multinationals. College, has been named director of a $10 million medical “Maybe some of the students want to start nutrition simulation training center that’s slated to open in the Bronx this businesses,” says the Manhattan native, who recently celebrated fall. HHC officials hope that preventing errors through her first wedding anniversary.“I didn’t take the class to get better training will pay off for the corporation as well as for business, but anybody could be a potential client.” patients: One malpractice case can easily cost more than Her marketing instinct is among the reasons Ms. Bogen $1 million. Prosser was promoted when she was only 27 to run eEmerge, a It can be tough to sell the sim concept to division of Manhattan’s largest landlord. But her dedication to traditionalists, says Dr. James Gordon of Harvard the business—which had between $5 million and $10 million in Medical School, director of a sim center at revenue in 2009—doesn’t end after she lands her clients. She Massachusetts General Hospital. But “Haru doesn’t ensures that all her tenants are happy in eEmerge’s two sites, come to the table assuming everyone will agree comprising a total of 100,000 square feet, which she runs with with him,” says Dr. Gordon, who has collaborated help from her staff of 14 while she scouts for additional with Dr. Okuda on sim research. “He is able to engage locations. people in thoughtful conversations and debate.” When a company with very specific technology The hospital corporation has embraced the sims requirements needed space, the University of Pennsylvania idea so enthusiastically that when Dr. Okuda got his first graduate worked tirelessly to provide the proper equipment. mannequin—a beefy pink fellow with an unnerving “Alex made everything happen,” says Jeffrey Peck, a senior tendency to blink in bright light—he named the sim “Al” in managing director at real estate firm Studley, who honor of Chief Executive Alan Aviles. represented the client. “She is one of these people who His schedule is tight these days, but the Tokyo-born doesn’t see problems, only solutions.” emergency medicine specialist still makes time for music. He now —theresa agovino revels in listening to his twin 4-year-old girls play violin. “They have completely different styles and personalities,” he says. “They amaze me every day.” Ali ‘Dee’ —gale scott Theodore, 39 President DEETOWN ENTERTAINMENT INC. Maile Carpenter, 36 Editor-in-chief rom the time he first heard a FOOD NETWORK MAGAZINE popular rap song by Run-DMC at age 13, Ali “Dee” Theodore knew hen she was in second grade, Maile he belonged in music. But it took Carpenter started a class newspaper using two decades and five recording deals an old ditto machine, and spent hours Ffor the entertainer to realize that his true calling searching for recipes in food magazines. was producing soundtracks for the silver screen. That passion has helped her turn Food In 2001, about 20 seconds of a song he wrote NetworkW Magazine into a smashing success, despite a grueling recession made it into American Pie 2, and Mr.Theodore that has taken the lives of more-venerable publications, including Gourmet. had a revelation: Making film soundtracks is a more In 2002, several years after getting her journalism degree at the University secure business than being a solo recording artist. of North Carolina, Ms. Carpenter landed a gig as food editor at Time Out He set about fine-tuning DeeTown Entertainment into an New York, and raised that magazine’s profile in the foodie world. She moved 11-person crew able to write and record anything from a song on to become executive editor of Every Day with Rachael Ray, which was for a movie’s opening credits to a whole soundtrack, in any quickly embraced by consumers. When Hearst Corp. sought out a genre. In 2008, Mr.Theodore won an American Music Award launch editor for its magazine joint venture with the popular Food for the soundtrack to Alvin and the Chipmunks, beating out scores Network, Ms. Carpenter got the call. of contenders such as Mamma Mia! The album went platinum. Food Network Magazine has seen incredible success since its Since then, DeeTown has grown its revenue by more than inception in late 2008; ad sales for 2009 exceeded $18.7 million, 60%, raking in just under $3 million a year by producing songs according to Publishers Information Bureau, and circulation for artists including Miley Cyrus and movies like Speed Racer. reached 1.3 million. “When you go to work and get paid to play a fun ditty on a In a nod to the economy, Ms. Carpenter has kept her costs guitar or whack out a cool drumbeat, that’s a career to love,” Mr. low. Although the recession has been catastrophic for many Theodore says. magazines, it may have been beneficial for hers. Many The musician, who has showbiz in his blood (his mother was families that are trying to save by cooking more at home rely choreographer Lee Theodore, and his aunt was actress Cyd on the magazine’s recipes, designed for cooks at all levels, Charisse), puts his own twist on every entertainment project. which use inexpensive and easily accessible ingredients. “We could have a 30-second conversation, and I hang up Says Joe Angio, who was editor-in-chief of TONY when knowing that Ali will take my expectations—which are usually Ms. Carpenter was food editor there: “You knew from the pretty high—and blow me out of the water,” says Mike Knobloch, beginning that she’d run her own show. She has great president of film music and publishing for Universal Pictures. leadership qualities and an intangible confidence.” —adrianne pasquarelli —maia blume 40s FUN Designer Christian Siriano was rejected by the Fashion Institute of Technology FACTS F4 March 29, 2010 ❘ www.crainsnewyork.com/40under40 ❘ Crain’s New York Business CN013553 3/11/10 7:27 PM Page 1 20100329-NEWS--0020,0021-NAT-CCI-CN_-- 3/25/2010 7:04 PM Page 1

NEW YORK’S RISING STARS Andrés Irlando, 39 Samira Rajan, 36 President, New York region Chief executive VERIZON COMMUNICATIONS INC. BROOKLYN COOPERATIVE FEDERAL CREDIT UNION

ndrés irlando has taught political science, served amira rajan always thought that after she as an intelligence officer in the U.S. Navy Reserve, finished her master’s in public policy at headed up a nonprofit and managed an Internet Harvard University, she’d return to her work startup. But since taking over Verizon’s New York as an economist at the Federal Reserve Bank region, he has been facing his biggest challenges yet. of New York. AWhen the California native joined Verizon in 2005 as director SBut in her last semester, an adviser laid down a challenge. of the Pacific region, the company was embroiled in a public- “He said, ‘How lame are you? You want to understand policy debate over its FiOS technology. Working in external and monetary policy by hanging out in your ivory tower,’ ” Ms. regulatory affairs, Mr. Irlando brought a fresh perspective and Rajan recalls. “ ‘How about you go out there and see where attention to detail that helped him rise through the ranks quickly. the money hits the streets?’ ” He was named to his current role in July 2008. So, degree in tow, the Queens native Mr. Irlando handles public policy, franchising, and government took an unpaid internship in 2001 at and regulatory affairs in the Big Apple. But his main objective is to the fledgling Brooklyn Cooperative recast Verizon as a technology and broadband company—not a telecom Federal Credit Union, which primarily business, or a monopoly. Its revenues certainly make it hard to serves low-income residents of Bushwick forget what a big company Verizon is: Total 2009 revenues topped and Bedford-Stuyvesant. $107 billion, up 10.7% versus 2008 levels, and the firm invests some Ms. Rajan never left. She climbed the credit $1.3 billion a year in the state economy. union’s ranks—starting as an intern answering Mr. Irlando isn’t fazed by his relative newcomer status. (One of his phones and then becoming a loan officer, chief employees has been with Verizon longer than Mr. Irlando has been operating officer and finally, in 2008, chief My adviser said, alive.) “Outside perspective, coupled with humility about what I don’t executive. know and an eagerness to learn, is a good combination,” he says. Under her watch, the credit union’s assets ‘Go out and Mr. Irlando is also responsible for Verizon’s local philanthropic have grown more than 23%, to $9.4 million; the activity.The Verizon Foundation gave $13 million to New York value of its loan portfolio has jumped 32%, to see where the charities last year. $6.9 million; and its membership has increased “He’s a great listener and very thoughtful about what he says,” says 19%, to more than 6,000. She won a $1.15 money hits the William Rapfogel, executive director of the Metropolitan Council on million federal grant and added an array of Jewish Poverty, a nonprofit that has worked with Verizon on several programs, including online banking, accounts streets’ —Samira Rajan projects. “He’s done a tremendous number of good things, and I that give consumers the chance to win cash anticipate a lot more.” prizes for saving, and tax preparation for small —kira bindrim businesses. Plus, she directs Grow Brooklyn, an affiliate that provides services such as foreclosure‘ prevention‘ and tax preparation to low- income Brooklynites. “It’s very easy to get carried away with the big vision of saving the world and lose sight Christopher of the day-to-day balancing of the books, which is life and death for a credit union,” says Clifford Rosenthal, president of the National Federation of Community Development Balfe, 31 Credit Unions. “Samira’s not at all prone to hype.” President MERCURY RADIO ARTS INC. —daniel massey

n 2002, when glenn beck asked christopher balfe to quit his job and run a fledgling media firm, the young technology whiz knew it would be a risk, and not Jessica Rovello, 35 just because he would be taking a 70% pay cut. Mr. Beck, a little-known former Top President ARKADIUM INC. 40 DJ, had recently begun a syndicated talk radio show. Mr. Balfe, who had dropped out of college, was nevertheless a well-paid consultant for Accenture. hen jessica rovello was a child, she was, she says, a I But he had been friends with the conservative radio host since ruthless Monopoly player. More recently, she brought high school, when the Connecticut teenager answered Mr. Beck’s this same intensity to an argument with Kenny on-air call for help with building a Web site. And he was excited Rosenblatt, now her husband, about who was better at by Mr. Beck’s plan to create a multiplatform media company, playing Ms. Pac-Man. When they couldn’t find the video using his new radio show as the base. So Mr. Balfe took the Wgame online in order to settle the score, it sparked an idea. leap. Within nine months, the entrepreneurial pair had quit their “I called my mom and said, ‘Your college-dropout son is jobs at On2 Technologies and set off for India to meet with developers leaving one of the most prestigious consulting firms in and start their adver-gaming company, Arkadium. the country to work for a DJ you’ve never heard of,’ ” “I had great confidence in them,” says Strauss Zelnick, co- he recalls. “She started crying.” founder of media investment firm ZelnickMedia, who was one of Nobody’s crying now. Mr. Beck’s Mercury Radio Arkadium’s first investors. “They listened to the market and were Arts has grown into an innovative powerhouse with 32 realistic about what they were best at.” full-time employees helping produce the controversial Nine years later, the company—which started with just four media star’s daily radio program, books, Web site, people in an office at ZelnickMedia—is worth almost $9 million, monthly magazine, online newsletter, live stage shows and it has 90 employees in New York and Ukraine. Arkadium has and Fox News television program. Revenue has grown developed more than 300 online games for companies including to $26 million in 2009 from $1 million in 2003, ESPN, AARP and Disney. In January, it launched its first game on according to a person familiar with the company. Facebook, Mahjongg Dimensions, and it has already collected more “We look at the opportunities and ask, ‘How are than 300,000 unique players. we maximizing them?’ ” says Mr. Balfe, pointing, Ms. Rovello makes a point of fostering a climate suitable for a as an example, to the subscription and company whose business is creating games. For one thing, she merchandising components of GlennBeck.com. promotes office camaraderie. “There are growth opportunities in each business.” “We have a rotating host at our Monday meetings to get to know Mercury Radio’s chief executive is certainly every part of our business and each of our employees,” she says. glad Mr. Balfe came aboard. On Fridays, she or her husband takes the day off to spend time with “I’m the idea guy,” says Mr. Beck. their young sons, Marco, 2, and Dean, 1.The couple can only hope that their “He’s the guy who knows how to offspring will share their enthusiasm for gaming. “With my luck, I’ll have the make it work.” only kids in the world who don’t want a Wii,” Ms. Rovello jokes. —matthew flamm —emily laermer 40s FUN 37 live in the city;9 are native New Yorkers; 27 own their homes FACTS F6 March 29, 2010 ❘ www.crainsnewyork.com/40under40 ❘ Crain’s New York Business 20100329-NEWS--0020,0021-NAT-CCI-CN_-- 3/25/2010 7:04 PM Page 2

NEW YORK’S RISING STARS

Shelley Bernstein, 36 Gregg Chief of technology BROOKLYN MUSEUM Walker, 38 hen shelley bernstein joined the Brooklyn Museum a decade ago as an Senior vice president assistant in the Egyptian department, she wanted to become a curator. But SONY CORPORATION when the new technology manager asked staffers for suggestions on how to move the museum into the digital age, Ms. Bernstein gave such an informed OF AMERICA answer that he offered her a job. s the son of a human W“I had no [computer] experience whatsoever,” remarks Ms. Bernstein. “It was literally learn as resources executive during you go.” the dealmaking 1980s, Ms. Bernstein—a passionate workaholic who even on weekends leaves her computer only to walk Gregg Walker had a secret her dog—learned fast. Four years later, the Houston native had taken over the technology window into the world of department and started turning the 187-year-old museum into an award-winning high-tech Amergers and acquisitions. innovator. Museums worldwide are now taking lessons from Ms. Bernstein, who flies “In the newspapers, an executive around the globe to speak at conferences. would say,‘We are not in discussions,’ The Brooklyn Museum posts exhibit-related information and videos and runs and I’d know from my father that they were,” applications on Facebook, Flickr, YouTube and MySpace, and it has 43,000 followers Mr. Walker recalls. “It was fascinating to see on Twitter. It was the first institution to allow Web site visitors to help describe its collection when how that sausage was made.” it posted its works online. In 2008, Ms. Bernstein launched Click!, an exhibition at the museum Wanting to be at the center of such industry- that was curated by the public, who chose the photographs to include out of hundreds submitted changing transactions, he joined Goldman Sachs online by artists. Nearly 3,500 people voted on the works, and 20,000 people visited the exhibit. out of Yale Law School and spent a decade “Any other museum would be happy to deliver maybe one of these innovations in a year,” says Mike Ellis, a London-based consultant who doing deals in the media and technology specializes in technology for cultural groups. “Shelley pushes them out of the door at a rate that would make Google blush.” department. His next stop was Viacom, where —miriam kreinin souccar he led the purchase of video game developer Harmonix and the sale of Famous Music. Now the head of corporate development, Mr. Walker makes deals across the far-flung Seth Pinsky, 39 Christian divisions of Sony’s global empire. In his first President year, he brokered a joint venture with IMAX Siriano, 24 and Discovery Communications to create a NYC ECONOMIC DEVELOPMENT CORP. 3-D television network; Sony has a hand in Designer virtually every aspect of the technology. He n the aftermath of Sept. 11, 2001, Seth Pinsky realized his CHRISTIAN V. SIRIANO also worked with News Corp. to bring true calling was in public service. Then a lawyer with Cleary exclusive content from The Wall Street Gottlieb Steen & Hamilton, Mr. Pinsky watched from his office he day that Journal to the Sony Reader. as rescue workers trolled Ground Zero for weeks after the Lehman Brothers “The things we work on are right at the attacks, and was gripped with a desire to help the city rebuild. collapsed in 2008, core of what Sony needs to be successful,” ITwo years later, Mr. Pinsky joined the Economic Development Christian Siriano says Mr. Walker, who is a deacon of Harlem’s Corp., where he spent his first year volunteering for any and had meetings historic Abyssinian Baptist Church. every assignment. Tscheduled with buyers from He also gets to run his own department, “He is one of the fastest learners I’ve ever been around,” says various retailers. They all grappling with the complexities of hiring, Robert Lieber, now deputy mayor for canceled. firing, promotions and bonuses. “That’s a economic development, who tapped Mr. The sassy young designer, good skill set for anybody who wants to Pinsky to succeed him as president of the who had just shown his first solo progress through the corporate world,” he says. EDC in 2007. collection during Fashion Week, Mr. Walker has impressed Sony with his Mr. Pinsky played a key role in knew he needed to be more than a ability to lead. shepherding development projects including runway wonder to succeed in the era of the “This is a place where you get things done the World Trade Center, Atlantic Yards and great recession. He quickly diversified, only if you’re working toward a common the new Yankees and Mets stadiums. But taking on design collaboration goal,” says Robert Wiesenthal,Sony disaster struck again in September 2008 projects—creating a phone and Corporation of America’s chief financial with the collapse of Lehman Brothers, accessories for LG Electronics, a officer, who faced Mr. Walker across the table leaving him with a new mission: cosmetics collection for Victoria’s on the Famous diversifying the city’s Wall Street-centric Secret and a line of low-priced shoes Music deal. economy. Since then, the EDC has for Payless ShoeSource. “People enjoy launched more than 50 initiatives to “I did these projects because I working with foster new businesses, including loan knew I’d be able to have funding,” Mr. him, and that’s programs, training sessions and an Siriano says. “After runway, people forget very important angel investment fund. so quickly.” in the corporate “New York will Last spring, when retailers gained the environment.” always be a confidence to start buying again, Mr. Siriano’s —matthew headquarters city, but upscale line of cocktail frocks and red-carpet- flamm the worst thing would worthy dresses was picked up by Saks Fifth be to just be a city of Avenue. Neiman Marcus later signed on. headquarters,” says Mr. Revenues for Mr. Siriano’s company have jumped Pinsky.“You always need more than 75% since 2008, to nearly $1.2 to have a stable of new ideas.” million, and he expects a 40% increase this year. Managing an agency with The native of Annapolis, Md., who two years ago became the 400 employees, $2.5 billion in youngest-ever Project Runway winner, got his first taste of fashion ongoing capital projects and $240 at the age of 15 when he designed costumes for Bubbles Hair million in revenue for fiscal 2010 is Salon’s annual hairstyling competition. Mr. Siriano is now sharing a tall order, but Mr. Pinsky has an his expertise: A one-hour documentary about how he made it in inexhaustible passion for the job. fashion design is scheduled to air next month on Bravo. “What I say to people when they The young designer’s success comes as no surprise to Project interview with the EDC is that it’s the Runway’s Tim Gunn, who says he realized within 30 seconds of most frustrating job they’ll ever have,” meeting Mr. Siriano that he was special. he says. “But if they care about New “In 29 years of teaching, I had never met a design prodigy until I York, it’s also the most satisfying.” met Christian,” Mr. Gunn says. —kira bindrim —adrianne pasquarelli 40s es 21are cutting back on expenses; 29 are donating more FUN FACTS Crain’s New York Business ❘ www.crainsnewyork.com/40under40 ❘ March 29, 2010 F7 20100329-NEWS--0022-NAT-CCI-CN_-- 3/25/2010 2:37 PM Page 1

NEW YORK’S RISING STARS

Bill Tan, 32 Alisa Bowen, 37 President LANGUAGEMATE Head of consumer publishing THOMSON REUTERS pon immigrating from china at age 15, Bill Tan began high school in the U.S. knowing little rowing up in a small town in rural English. Still, since his parents knew even Australia, Alisa Bowen was a “goody two- less, the teen was tapped as family interpreter shoes” who always excelled, she says— for key appointments like doctor visits. getting straight A’s at college, then putting USeeing how immigrants struggle with language her nose to the grindstone at a PR job. barriers made a deep impression on him and sowed GBut then she dropped everything to spend 18 months the seeds for his future career. backpacking around the world. Meeting people along the LanguageMate, the Manhattan company way who weren’t obsessed with their careers changed what founded by Mr.Tan, helps medical students learn she wanted for herself. “I realized my ambitions were pretty languages online, automates translation and shallow,” Ms. Bowen recalls. “My life was missing passions creates communication tools by using universally and commitments to something bigger than just a job.” recognized icons and imagery. After getting an MBA in London, she joined Reuters on “Our measure of success is whether we can bridge the business development side. Passionate about the institution of communication gaps in health care,” says Mr.Tan. journalism, she soon found herself in the thick of the battle to LanguageMate is helping to do just that at Mount help it survive. “The media industry is being challenged, and I Sinai School of Medicine, where its Web-based language want to be part of finding ways forward that make economic study tool is used to teach medical Spanish. sense,” Ms. Bowen says. “The format is ideal for learning, and it’s online,” says Since her firm merged with Thomson two years ago, she has Dr. Erica Friedman, an associate dean. “I think it is an led the evolution of the financial-information giant’s consumer- amazing program.” focused business.That’s meant finding a broader audience—and The federal government agrees. Mr.Tan, a soft-spoken developing new revenue streams—while providing a storefront New York University graduate, has attracted six National for Thomson Reuters’ subscription products and services. Institutes of Health grants this year alone, giving his company Overseeing the redesign of Reuters.com and the launch of projected revenue of $6 million to $7 million. For now, mobile applications in 17 countries, she has helped grow the Mr.Tan is shunning venture capitalists, who in his company’s global consumer audience over the past two years by 50%, opinion are less passionate about solving social problems. to 30 million unique visitors, according to WebTrends. Revenue “They want [quick] returns, and some of our products for the entire media division fell 8% in 2009, to $365 million, take years to develop,” he says. reflecting the tough advertising market. Mr.Tan was working near the World Trade Center Ms. Bowen’s months of backpacking continue to yield dividends. when the terrorists struck, an event that drove home to “She has a unique ability to work with anybody,” says Chris him the importance of following one’s dreams. Ahearn,Thomson Reuters’ president of media. “I’ve never seen her “I incorporated the business on Oct. 10, 2001, exactly one month lose her calm, and if you’re dealing with a multicultural, multi- after 9/11,” he recalls. personality-type group of individuals, that’s extraordinary.” —barbara benson —matthew flamm Alexis Maybank, 35 Tor Myhren, 38 Founder GILT GROUPE INC. Chief creative officer GREY NEW YORK

isk-taker could be Alexis Maybank’s middle or myhren was elated as he watched the Super Bowl in Miami this year, name. The founder of members-only fashion and not just because he was rooting for the black and gold. The big game site Gilt Groupe Inc. has lived on an Alaskan capped a string of smash advertising efforts for him, including campaigns for glacier, visited the Arctic and hitchhiked in the National Football League and E*Trade. the Andes. But perhaps her biggest risk was E*Trade’s talking baby had made him an overnight celebrity in the ad Rleaving a secure post in investment banking to join eBay Tindustry. Mr. Myhren, who joined Grey New York in 2007, was devising the campaign in 1998, long before e-commerce went mainstream. when the financial services firm was nearly undone by risky investments that spooked There, she worked on launching the company’s Canadian clients and prompted a series of analyst downgrades. Pinning E*Trade’s comeback on and automobile businesses. his tailor-made Web-savvy baby was bold. Three years ago, after receiving her MBA from Harvard “He impressed the hell out of us,” says Nick Utton, E*Trade’s chief marketing officer. Business School, she rolled the dice once again and started “The personal involvement has been a breath of fresh air.” Gilt.The site, which sells designer merchandise at deep At Grey, an old-school ad firm that was kindly described discounts, was an instant success; it now has more than as “staid” before Mr. Myhren joined, the Denver native fills 2 million members and carries more than 700 brands. many roles. Most of his time is spent cultivating young “We took a lot of the experience of sample sales here in talent and playing psychotherapist to his high-profile clients. New York—which we would sneak out of work to attend— He helps define their image—cool, maternal or sharp, but and created the same thrill online,” explains Ms. Maybank. always clever—and then counsels them about putting that Gilt’s revenue-generating power is a thrill, too: The firm face forward. But he still writes the occasional script. brought in $175 million last year and expects to be near “The minute you completely stop doing the creative work, $400 million by December.That has encouraged copycat that’s when you’re done,” Mr. Myhren says. sales sites, including a recent sample-sale venture from eBay. Grey New York’s operating profit shot up 44% in 2009 But Ms. Maybank, who bought her bridal gown through Gilt last as the company won 17 of 19 pitches, adding more year, remains confident. than $600 million in billings. Mr. Myhren oversees “By working directly with the vendors, we have strong relationships,” some 60 accounts. the Upper East Side resident notes. To stay fresh, he travels—he’s visited And she keeps expanding Gilt as well. She’s added more home-decor 43 countries and counting—and takes items and furniture, and debuted a Jetsetter business, which offers luxury on extra creative projects. He recently hotel stays and experiences like skiing with the U.S. ski team. spent two years making a documentary, “You have to have the nerve to take the risks, enough intelligence to City Lax, about inner-city kids who understand which risks are worth taking, and enough talent to get it learn to love lacrosse. done,” says Simon Rothman, founder of eBay Motors, who currently —elisabeth runs e-commerce site Glyde. “Alexis has that unique combination.” butler —adrianne pasquarelli cordova 40s FUN Mathew Williams got thrown off the high school cheerleading squad FACTS F8 March 29, 2010 ❘ www.crainsnewyork.com/40under40 ❘ Crain’s New York Business CN013547 3/11/10 7:01 PM Page 1 20100329-NEWS--0024-NAT-CCI-CN_-- 3/25/2010 6:11 PM Page 1

NEW YORK’S RISING STARS Vanessa Sarah Levy, 39 Lau, 38 Chief operating officer NICKELODEON, MTVN KIDS & FAMILY GROUP Chief financial officer arah levy grew up in front of the tube watching kids’ classics—The Brady Bunch, Scooby-Doo and ALCOA INC., GLOBAL The Flintstones. “I’m still a TV-holic,” says the native New Yorker, who religiously records shows like Gossip Girl on ROLLED PRODUCTS her TiVo. But she’s no couch potato. Ms. Levy turned her love for media into a career. Just out of Harvard College, she joined Walt s far as vanessa lau is SDisney Co., where she worked on the acquisition of Capital Cities/ABC. Her stint there and a summer gig at concerned, if the job Goldman Sachs during her Harvard Business School days helped fine-tune her natural dealmaking skills. isn’t a challenge, she She also learned a thing or two from her dad, Larry Kirshbaum, former chief executive of Time Warner Book doesn’t want it. Back in Group—though he says the learning went both ways. “In high school, she would say to me, ‘I don’t think you’re being 1998, she tired of tough enough,’ ” he recalls. “She is much tougher than I was.” preparingA tax returns at Since joining Nickelodeon in 1998, she has helped the Viacom Inc. moneymaker expand into digital and even PricewaterhouseCoopers in London branded hotels. Ms. Levy, who became chief operating officer of the kids-oriented unit four years ago, spearheaded the and decided to move on. But her acquisition of several companies, including TV channel Noggin and virtual pet community Neopets. managers didn’t want to see her go. They Last year, Ms. Levy led the acquisition of the Teenage Mutant Ninja Turtles franchise for $62 million in a bid to found her a spot in a mergers and attract more boys. In 2012, the green superheroes will join Dora the Explorer and SpongeBob SquarePants with their own acquisitions group, where she computer-generated animated series and a feature film. “Being in the boys’ toy aisle at retailers is a great growth handled billion-dollar deals— opportunity for us,” she says. “I’m always thinking about what is next.” smiling when she read about them —amanda fung in the Financial Times. After two-plus years, she had the M&A drill down pat. “If you wanted to do a deal, I could turn the wheel with a whole Josh Lockwood, 38 room of lawyers and accountants,” says the Hong Kong native. “But why did you want to Executive director HABITAT FOR HUMANITY- NYC do the deal? That piece was missing for me.” So she answered an ad for a corporate hree years ago, Habitat-NYC, which builds affordable housing using volunteer finance and strategy position at McKinsey & labor, tapped Josh Lockwood as its leader. It hasn’t been the same since. Co. After three years of soaking up business “There was a model before he got here, and it revolved around building strategy basics, she single-family homes—until he changed it,” says Doug Paul, a vice chairman engineered a transfer to of Credit Suisse and a longtime Habitat board member. Asia, where she helped TLast year, Habitat-NYC had 85 units of housing under construction, half as many as it built companies develop in the previous 25 years combined. Among those projects was its largest ever, a 41-unit plans for expansion on building in Brooklyn that drew 3,000 applicants. the booming continent. Driving the building explosion is a series of Lockwood-engineered firsts: partnering One of them was with private developers and a state lending agency, and even landing $20 million in aluminum federal stimulus funds. giant Alcoa. Not bad for a guy who grew up on a 200-acre tree farm in Utica, N.Y., and was Executives ranked at the bottom of his class in his first two years at Wesleyan. Since then, Mr. there were so Lockwood—central New York’s top-ranked tennis player from age 10 to 18—has impressed been on a roll. In addition to earning a master’s from Columbia’s School of with her work International and Public Affairs, he has been a Presidential Management that they asked Fellow at the Justice Department, a State Department intern in the Congo her to interview and a managing principal at a leading urban-planning firm. for the post of chief At Habitat, he has switched on his afterburners, drawing inspiration financial officer of from the organization’s mission. “When you speak to one of our family partners about their new home, it can be really life-changing,” says Mr. their Global Rolled Lockwood, whose favorite volunteer job is screw-gunning in drywall. “What people can do in a room in a couple of hours is transformative.” Products division— —erik ipsen now a $6 billion-a- year business, with 15,000 employees across five continents. Ben Lerer, 28 “I didn’t have the 20- THRILLIST year finance track record Chief executive to even warrant going for an interview like this, but s a recent university of pennsylvania graduate in New York, Ben Lerer was if they were bold enough overwhelmed. The city had so much to offer by way of clubs and couture; how was a to offer me a chance, why sophisticated male to know where to go and what to choose? would I refuse?” Ms. Lau The native New Yorker decided to satisfy his own need. In 2005, Mr. Lerer and asks. At age 35, she became college pal Adam Rich co-founded Thrillist.com, a male-focused Web site that offers the company’s youngest CFO. Arecommendations on everything from pants to pizzerias. Mr. Lerer—who admits that he spent a good Soon after Ms. Lau landed chunk of his college years partying for nonentrepreneurial reasons—stalked the city in search of at Alcoa, the ultimate places that guys would be into. test arrived in the form “[Adam and I] would decide to have a drink at 15 different bars on the Upper West Side in one of the global financial night,” he says. crisis.The meltdown has Their, ahem, devotion paid off.Thrillist recently added a 17th city to its network, and its daily cut her unit’s revenues by e-mails now reach more than 1.5 million subscribers.The company, which posted revenues of one-third—her latest challenge. $10 million last year, commands advertising from heavyweights like JetBlue and Heineken. In 2009, the Partnership for New York “With Ben, it’s all about execution,” says Bob Pittman, chairman of Pilot Group, which City picked Ms. Lau for the David invested $250,000 in Thrillist out of the gate. “He also has a wild sense of urgency, which is Rockefeller Fellows Program, which prepares essential when you’re starting a business.” private-sector leaders to help shape the city’s Now approaching 30, Mr. Lerer isn’t worried about losing touch with his audience.The future. Partnership President Kathryn Wylde Thrillist team just unveiled an iPhone application, and will soon redesign their site. says, “She’s modest and very understated, but “Our content has grown up with us a little, but it won’t become things-Ben-is-interested-in-dot- obviously a very powerful person.” com,” he says. —daniel massey —kira bindrim 40s FUN 39 graduated from college; 25 have advanced degrees; 6 have MBAs FACTS F10 March 29, 2010 ❘ www.crainsnewyork.com/40under40 ❘ Crain’s New York Business CN013567 3/19/10 4:07 PM Page 1

Congratulations SARAH LEVY as one of Crain’s New York Business’ 40 Under 40 Rising Stars. We’re so proud of you!

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NEW YORK’S RISING STARS

Angela Sun, 35 Julia Kahr, 31 Chief of staff to President Principal, corporate private equity Daniel Doctoroff THE BLACKSTONE GROUP BLOOMBERG LP ew 20-year-olds are published authors, but Julia Kahr ngela sun’s college was one of them. While running the Yale Daily News in boyfriend warned her college, Ms. Kahr had the idea to write a how-to guide not to go into banking. for landing your dream job. She interviewed 150 Too many sharks, he said. successful executives for job tips, Try consulting; people are Fand the resulting Kaplan guide, Yale Daily Anicer. She tried banking. News Working Knowledge: What to Do in It was classic Ms. Sun—diving into College Now to Get the Job You Want, was murky waters, mastering an unfamiliar well-reviewed by both Fortune and domain, overcoming her fears. “Once Newsweek. you learn the language, it’s not that “It was a little bit of a selfish project,” complicated,” she says of her stint as she admits. “I took a ton of the advice I got a J.P.Morgan Chase investment from those interviews.” banker. “Now I’m not afraid.” The San Francisco native was born Jordan Her gumption comes from her Chinese ambitious. Her father, the founder of immigrant parents, who once enrolled her in an art one of the first credit card Roth, 34 class with graduate students. She was 7. In high companies in the United States, school, the native San Franciscan competed in was a child prodigy who by age 21 President debate to overcome her shyness, though, she says, had degrees from both Harvard JUJAMCYN THEATERS “I argue best in Chinese.” and MIT.Ms. Kahr wasn’t too far When the West Village resident—her altruistic behind, passing the advanced- fire stoked by a volunteer stint at a Chilean placement calculus exam at age 12 ot many producers start orphanage—interviewed at City Hall four years and completing high school and their theater careers with a ago, she could barely name the outer boroughs. college a year early.“When you have hit show, but Jordan Roth But her eagerness (and killer résumé) won a dad who went to Harvard at 16, can claim such bragging her a job as senior policy adviser to Mayor you just grow up thinking it’s rights. As a recent Princeton Michael Bloomberg. Her work on a broad normal,”she says. Ngraduate, he saw a workshop of a quirky portfolio of projects impressed Deputy So when Ms. Kahr was named production called The Donkey Show. He was Mayor Daniel Doctoroff, who invited Ms. principal at Blackstone Group at age 29, so smitten that he raised $250,000 to stage Sun along when he left in 2008 to run the mayor’s becoming the youngest corporate principal at what became a nightclub sensation that ran international company, Bloomberg LP. the $22 billion private equity firm, she’d for six years and turned a profit. “What’s the job?” she asked. had a long history of rising to the Maybe success is in his genes—his “We’ll figure it out,” Mr. Doctoroff replied. occasion. mother, Daryl Roth, is a longtime theater Her specialty. What sets Ms. Kahr apart, says Tony producer with hits like Proof on her The Harvard College and Law School James, president of Blackstone, is the way résumé; his father is real estate magnate graduate has since led the development and she handles problems and wins people’s Steven Roth. But his talent for finding execution of Plan B, a redefining of the company’s trust. As a young associate, she was given the shows that connect with young audiences—the mission; managed the development of products uncomfortable task of firing an executive and kinds Broadway is desperate to attract—is including Bloomberg Sports Baseball and a real- friend at a portfolio company. undeniable. time legal research system; and directed the “She was able to deliver the message and As vice president of Jujamcyn (before acquisition of New Energy Finance, one of only conduct the transition in a way that preserved he took a 50% stake in the five-theater three companies Bloomberg LP has bought in everybody’s dignity,” Mr. James says. “That’s chain), Mr. Roth booked some of the its 27 years. partner-level stuff.” most innovative and successful —erik engquist —hilary potkewitz shows on Broadway, like Tony award- winners Spring Awakening and Hair. “I love curating the shows that will come into our spaces,” says Mr. Benjamin Millepied, 32 Roth, who has a 9-year-old son with NEW YORK CITY BALLET his partner. “It’s about engaging Principal dancer audiences who have not seen themselves reflected in the theater.” usic and movement defined Benjamin Millepied’s childhood. Born in Bordeaux, France, he Now, in addition to overseeing spent his early years in Senegal, where his father trained Olympic athletes, and he adored the country’s Jujamcyn, which has average annual rhythmic drum tunes. The guitar and flute strains of his musician brothers filled the family home. Meanwhile, revenue of around $200 million and is the Mr. Millepied’s mother was a dance teacher who imbued her son third-largest theater chain on with a love for the art form. He knew then, he says, that he wanted to Broadway, Mr. Roth is working on ways becomeM a dancer and choreographer. I was always to attract new audiences and improve the “I was always inspired by music,” says Mr. Millepied, fresh from a rehearsal, wearing a way business is done industrywide. tight gray tank top that shows off his toned arms.“I was always making up dances in the house.” inspired by Currently, he is planning a push for Now he appears on prestigious stages all over the world, and the ballets he creates are 7 o’clock curtains every night of the performed by luminaries such as Mikhail Baryshnikov and dancers with American Ballet music. I was week. Theatre and the New York City Ballet. “He is reinventing how Mr. Millepied came to New York on his own, at the tender age of 16, to study with the always making we look at very old- City Ballet. He became a principal dancer when he was 24. He credits one of his mentors, fashioned things,” legendary choreographer Jerome Robbins, with helping him develop more confidence and up dances says Nancy Coyne, sensitivity. He choreographed his first dance nine years ago and says his style is still evolving. —Benjamin Millepied chief executive of But he has developed a reputation for creating pieces that push the envelope beyond theater ad agency traditional ballet steps and setting them to unconventional music. Serino Coyne. “He’s paid to work for one “He is very gutsy,” says Wendy Perron, editor-in-chief of Dance Magazine. “He is willing to ‘‘ chain, but many of the things he does in the go places that a lot of ballet choreographers don’t.” future will have a positive effect on all of Mr. Millepied has already expanded his repertoire beyond the stage, choreographing for and acting in the movie Black Swan, where he Broadway.” met his current girlfriend, actress Natalie Portman. —miriam kreinin souccar —theresa agovino 40s FUN Alexis Maybank has broken her nose three times Bill Tan took Argentine ta FACTS F12 March 29, 2010 ❘ www.crainsnewyork.com/40under40 ❘ Crain’s New York Business 20100329-NEWS--0026,0027-NAT-CCI-CN_-- 3/25/2010 2:38 PM Page 2

NEW YORK’S RISING STARS

Glen de Vries, 37 President MEDIDATA SOLUTIONS WORLDWIDE

he self-described nerdiest kid at science summer camp, Glen de Vries grew up to be one successful geek. The software-savvy Manhattan native co-founded Medidata a decade ago, after he developed technology that improved the process of scientific research. Medidata, which specializes in the electronic collection and management of data Tfrom clinical trials, now boasts a 700-person global staff in the United States, Japan and the United Kingdom. It has grown into one of the largest freestanding software companies in New York City. Following its initial public offering last June—one of the few IPOs by a New York company during the recession—it has just reported net revenue for 2009 of $140.4 million, up 33% compared with 2008 levels. “It’s really about what we can do that will improve science,” says Mr. de Vries, who studied probabilistic algorithms at the Courant Institute of Mathematical Sciences at New York University and has a degree in molecular biology and genetics from Carnegie Mellon. “He’s absolutely brilliant,” says Tarek Sherif, the chief executive and a co-founder of the company.“He’s open-minded, and he’s very gregarious.” Mr. de Vries sees the firm’s mission as finding the most advantageous way for customers to get their product to market. If there’s a race among drugmakers, “our job is to make the Medidata customer win,” he says. Mr. de Vries, a ballroom dancer and a marathoner, loves a challenge. When Medidata entered the Japanese market, he joked that he would return one year later and make a presentation in Japanese. He did just that—although, he concedes, “my bar Japanese is probably better than my business Japanese.” —barbara benson Kenyanna Eugene Andrea Scott, 37 Schneur, 37 Wenner, 31 Partner JENNER & BLOCK Founder OUT2PLAY INC. Managing director enyanna scott has always OMNI NEW YORK ndrea wenner gave had the drive to see things Wall Street a fair through. While at Bates hen eugene shake when she College, her study-abroad Schneur started her program to Nigeria was emigrated career, working Kcanceled when national elections sparked from the asA a broker’s assistant for widespread unrest. Undaunted, Ms. Scott former Bank of America right out set up her own exchange program there. SovietW Union at age 7, he of Yale University. But she Even after the local university’s electricity moved into an affordable- quickly discovered that and water were cut off and her parents housing complex in Brighton banking didn’t turn her on. urged her to come home to Chicago, she Beach, Brooklyn, where “I wanted to do didn’t quit. Section 8 vouchers helped his something where I was “I learned to live by candlelight and bathe family handle the rent. making a positive impact with a bucket, like everyone else,” she says. He couldn’t have known then on society,” says Ms. As a federal prosecutor in Chicago that he was doing career research. Wenner, who was inspired I wanted to do tackling drug conspiracies and mortgage But the co-founder of Omni New by her parents, both of fraud, Ms. Scott’s tenacity often meant York now makes a living buying and whom are physicians. something to following a case right out of the courtroom. rehabilitating affordable-housing units in Now there are tens of Once, after winning convictions for dozens the tristate area—a majority of which are thousands of New York make a of players in a local drug ring, she drove by Section 8 buildings. City schoolchildren who the housing development where they’d been Mr. Schneur, who grew up thinking are benefiting from her positive impact operating so she could see the results. that the way to a comfortable life was to desire to help others.The —Andrea Wenner “The most frustrating thing was that I be a lawyer or doctor, spent six years Massachusetts native is could see the next set of drug dealers practicing M&A and securities law. executive director of standing at the same corner light poles,” Ms. There he learned discipline and the art of Out2play, a nonprofit that Scott recalls. dealmaking. builds playgrounds at city When she learned that the investigation His life took an unexpected turn after schools. Over the past four ‘years, she‘ has raised $20 million and built would not pursue the suppliers due to budget client Mo Vaughn, a former Mets first 80 playgrounds at elementary schools, mostly in low-income areas. constraints, she realized she wouldn’t stay in baseman, approached him with the idea of An avid soccer and tennis player, Ms. Wenner says that watching government. Not enough follow-through. forming a real estate business using low- kids spend their recess in empty lots “was so contrary to my upbringing.” “I’ve seen hundreds of people come and income tax credits and tax-exempt bond Persuading others to help her fund the project was a daunting task. go, and Kenyanna stands out,” says financing. “I had no credibility,” she recalls. Zaldwaynaka Scott, former chief of the “In 2003, I didn’t even know what low- That is, until she secured her first check for $250,000. Just two criminal division at the Chicago Justice income tax credits were,” says Mr. Schneur. days before graduating from Columbia University’s MBA program, Department. “She had this ability to always Even so, he completed Omni’s first deal for she met Russell Carson, founder of a private equity firm and get it right.” 286 units just six months after forming the firm. chairman of the board of overseers at the business school. Now a partner in white-collar defense and “I got lucky. Omni wouldn’t he here without Gene’s leadership,” “I’m extraordinarily pleased with my investment,” says Mr. Carson. investigations at Jenner & Block, Ms. Scott says Mr. Vaughn. Since then, elected officials have kicked in funds. And in January, represents clients facing grand jury To date, the Cornell University alum has orchestrated 21 deals the Department of Education granted Out2Play $12 million to build 70 investigations and helps guide companies using tax credits. Omni has spent $500 million on purchasing and more playgrounds, which will satisfy the organization’s goal of working in foreign jurisdictions known for revitalizing the city’s most run-down and crime-ridden apartments— constructing 150 by 2012. corruption. She devotes at least half of her most recently it bought the mortgage on a distressed 14-building For her next act, Ms. Wenner would “like to do something in time to pro bono cases in family court, complex in the South Bronx. urban development” at an existing organization—at least until the trying to change some of the patterns she “We’re making money while doing good,” says Mr. Schneur. entrepreneurial bug takes hold again. saw as a prosecutor. —amanda fung —lisa fickenscher —hilary potkewitz 40s e tango lessons in Buenos Aires Ali ‘Dee’ Theodore hosted Yo! MTV Raps FUN FACTS Crain’s New York Business ❘ www.crainsnewyork.com/40under40 ❘ March 29, 2010 F13 20100329-NEWS--0028,0029-NAT-CCI-CN_-- 3/25/2010 7:06 PM Page 1

NEW YORK’S RISING STARS

Ariel Deckelbaum, 38 Joseph Zidle, 37 Partner, deputy chair of corporate litigation Senior director PAUL WEISS RIFKIND WHARTON BANK OF AMERICA MERRILL LYNCH & GARRISON ost wall street types learn about how markets work in ven at a young age, Ariel business school. Joe Zidle Deckelbaum liked to dispense advice. picked up the basics in “Whether or not people took it was parking lots outside of another story,” he jokes. So becoming a MGrateful Dead shows. lawyer was a natural fit. To subsidize his summer travels to the EHe was also following a course set by his Bulgarian band’s concerts near his native New grandmother, whose law career came to an abrupt Hampshire, the teenage Mr. Zidle and a end when the Communists took over her country buddy sold boxer shorts bearing Dead iconography following World War II and she fled to Canada. that cost $2 a pair to produce.They retailed for Selling at Dead As a summer associate at Paul Weiss, he recalls $10 each. one meeting with a client company where he piped “It was a clear lesson in supply concerts was a up, asking questions that the chief executive had a and demand,” grins Mr. Zidle, who hard time answering. Normally, partners would rein broke even on the proposition lesson in supply in an intern causing such an uncomfortable scene— because he quickly spent his profits but they didn’t, because his questions were right on. on tickets and gasoline. and demand “I was nothing at the time. I hadn’t even passed the Today, the former —Joseph Zidle bar,” marvels Mr. Deckelbaum. “People tend to give me more undergarment entrepreneur credit than maybe they should.” operates in a much bigger His understated demeanor, rare in a big-time M&A parking lot, as an investment lawyer, probably comes from his roots in Canada, his strategist at Bank of America birthplace. His father’s career as a doctor with university Merrill Lynch. Mr. Zidle’s insights‘ into‘ markets are devoured by clients, research departments kept the family on the move; in fact, who collectively have $1.3 trillion invested. Last spring, he projected— having spent much of his childhood in Jerusalem and his accurately—that the long bear market in stocks had run out of gas long before teenage years in New York, Mr. Deckelbaum is fluent in most investors grasped that fact. English, French, Hebrew and Chinese. But his summers “He came to Wall Street from a different place than most people, and his college years were spent back home in Montreal. and his insights are more valuable and interesting because of that,” There’s no downplaying his role as lead counsel to private says Alexander Kotchoubey, a portfolio manager at Swiss private equity firm Oak Hill Capital in its recent $1.1 billion sale bank Lombard Odier and a former colleague of Mr. Zidle’s. of Duane Reade pharmacies to Walgreens, or to Time Warner Cable in its $10.9 billion spinoff His ability to spot trends in reams of data comes in part from from Time Warner Inc. last year. his time in the military. After his days of Dead concerts ended, “Ariel’s got great judgment, and he gets all the way down into the details,” says John Mr. Zidle served in the U.S. Army’s intelligence division. Monsky, an Oak Hill partner. “When you walk into a [negotiating] meeting with him by your —aaron elstein side, you can be 200% confident that nothing’s been missed.” —hilary potkewitz Michael White, 38 Alondra de la Parra, 29 Executive chef/partner Conductor ALTA MAREA GROUP PHILHARMONIC ORCHESTRA OF THE AMERICAS t age 29, Michael White earned three stars from The New York aving her baton jubilantly as she led her orchestra through a Times for his cooking at Fiamma performance with dance troupe Morphoses/The Wheeldon Company Osteria. His cuisine also caught the last October, Alondra de la Parra vividly displayed her passion for the attention of Ahmass Fakahany, then music. presidentA of Merrill Lynch, who was impressed Growing up in Mexico City, Ms. de la Parra, who attended concerts enough to invest in his career. ofW all types with her parents, had always gravitated toward the classical realm. Even at a young “I was struck by lightning,” says Mr. White of his age, she found the music compelling. At age 7, she took up the piano. She added cello at partnership with Mr. Fakahany, now chief executive of their age 13. restaurant business, Alta Marea Group, which had gross After graduating from high school, Ms. de la Parra came to New York to attend the revenue of $28 million last year. Manhattan School of Music. Struck by the lack of opportunity for new artists, she Over the past three years, the former banker has funded five founded the Philharmonic Orchestra of the Americas during her sophomore year to fine-dining Italian restaurants—among them Convivio, Alto and serve as a platform for young composers and musicians. Marea, all in midtown—where Mr. White is the executive chef “I felt the urge to do something about it,” she says. “I had the dream.” and a partner, along with veteran restaurateur Chris Cannon. A She raised $70,000 from corporate sponsors—including Mexican broadcaster sixth eatery is set to open downtown in May. Grupo Televisa—for her first concert, held in 2004 at The Town Hall.The Mr. White has not disappointed. Each of the midtown spots event marked the first time a Mexican woman had conducted an orchestra garnered three-star reviews from The Times, as well as a bevy of in New York. Now the 75-musician ensemble, of which she is artistic stars from the prestigious Michelin restaurant guide. director, boasts an annual budget of $1.5 million. “I have as many Michelin stars as Daniel Boulud and Over the years, her orchestra has performed before Mexican President Jean-Georges Vongerichten,” Mr. White crows. Felipe Calderón and former first lady Laura Bush. Ms. de la Parra has The Wisconsin native arrived in the Big Apple in 2002 worked with the Singapore Sun Festival Orchestra, in collaboration with after spending eight years cooking in Italy, where he cultivated actor Geoffrey Rush, and guest-conducted for major orchestras around a style that has put him on the culinary map here. the world. The son of a banker, Mr. White also knows how to balance the Jeffrey Cohen, Ms. de la Parra’s former piano teacher at the Manhattan books. “A lot of chefs are artists and can be a bit quirky, but Michael School of Music, says her work is a natural fit for her. is a businessman,” says Mr. Fakahany. “She can get her ideas across and inspire an orchestra,” he says. In five years, Mr. White says, he wants to have restaurants around the “She connects well to a younger generation and draws in a whole world and revenues of $100 million.Then he corrects himself: “We will new audience.” be a $100 million company.” —maia blume —lisa fickenscher 40s FUN 29 are on Face book; 11are on Twitter FACTS F14 March 29, 2010 ❘ www.crainsnewyork.com/40under40 ❘ Crain’s New York Business 20100329-NEWS--0028,0029-NAT-CCI-CN_-- 3/25/2010 7:06 PM Page 2

NEW YORK’S RISING STARS

Katie Grieco, 39 Jacob Julie Vice president of operations Susman, 36 Lucas, 36 CRAFT WORLDWIDE HOLDINGS Chief executive Associate dean NYU’S STERN ypically risk-averse, Katie Grieco did something OWNENERGY INC. SCHOOL OF BUSINESS entirely out of character 10 years ago: She agreed to open and oversee the construction of Tom Colicchio’s hree years ago, Jacob ulie lucas leaves little to first restaurant, Craft. Susman took his Goldman chance. Before meeting “I’ve never jumped into the deep Sachs bonus money and prospective donors, she Tend of the pool without having some knowledge decided to start his own researches everything from their of what I was getting myself into,” observes business building wind interests to their salary. And she Ms. Grieco. “And this was totally the deep end Tfarms. With all the buzz around role-playsJ meetings with her staff. for me.” alternative energy, he figured he’d “You never want to ask someone for a At the time, she had just two years of quickly raise plenty of cash. dollar amount and have them feel bad,” says experience in the restaurant business, including And then, not much happened. A the perpetual overachiever, who was a year in which she served as Mr. few investors sniffed around. A president of her class in high school. “Being Colicchio’s assistant at Gramercy Tavern, venture capital firm anted up a few a detective is a fun part of the job.” where he had been executive chef. million dollars, but nothing like the That diligence, coupled with her upbeat Nonetheless, she found herself in eight-digit deals Mr. Susman had personality, has made the Boston native charge of directing contractors, expected. Worse, during the fall of a superstar in higher-education fundraising circles. engineers and architects, and hiring 2008, an investor backed out due As assistant dean of institutional the staff to run Mr. Colicchio’s virgin solo to personal financial difficulties. If advancement at Fordham Law School for the venture. a generous supplier hadn’t let him past five years, she grew annual donations by Ms. Grieco’s efforts paid off. Craft delay payments, Mr. Susman nearly 500%, to $17.4 million in 2009. She garnered rave reviews, and a restaurant might have seen his fledgling launched a $100 million campaign in 2008 empire was born. company disappear. and crossed the $90 million mark within 10 “She’s smart,” says Mr. Colicchio. “Looking back, it was the best months. She secured gifts of more than “And I always got the feeling she could lesson I could have had,” he says. “The $100,000 from each of 158 alumni, up from pull off something like this.” business had to mature.” six such gifts before she arrived on the job. She has since repeated the feat seven Today OwnEnergy is well on its “She has a tremendous ability to connect times, overseeing every aspect of way.The nine-person firm is with people,” says T.J. Maloney, chief launching the acclaimed chef ’s restaurants close to starting construction on executive of private equity firm Lincolnshire across the country and then supervising three wind farms in the Great Management Inc. He should know; under their operations—helping Mr. Colicchio build Plains and generated its first revenues her influence, the alum upped his giving a $50 million business. last year—a seven-figure sum, Mr. Susman from a one-time $25,000 gift to two grants Even when she’s off duty, the graduate of says. OwnEnergy has 23 more projects on the drawing board.The totaling $7 million, and he agreed to co- Princeton University and Cornell University’s secret of its success: Mr. Susman makes the ranchers or farmers on hospitality management program can’t escape whose land he builds partners in his projects, which helps overcome from the restaurant business. Her husband, Paul the invariable not-in-my-backyard opposition. Grieco, whom she met while working at The Philadelphia native first grasped the potential of wind energy Gramercy Tavern, owns popular downtown eatery while a project manager in Spain for AES, a big utility.Though the Hearth. future of wind-generated energy is still uncertain (renowned energy When asked if she would ever open her own investor T.Boone Pickens last year delayed plans for a big wind farm place, the mother of two says she already has the in Texas), Mr. Susman is now winning over investors to the venture he best of both worlds. dreamed up in business school. “I feel like I’m a restaurant owner through Paul,” “He’s got the wind-farm business down cold,” says Maria Gotsch, Ms. Grieco says, “but I like that I work for a larger chief executive of the New York City Investment Fund, an investor in company.” OwnEnergy. —lisa fickenscher —aaron elstein Jay Bauman, 38 Vice president NATIONAL FOOTBALL LEAGUE s a boy growing up in Princeton, N.J., Jay Bauman had dreams of playing sports for a living, hopefully for his beloved New York Mets. Although he had a Being a good eye for balls and strikes, like most people he had trouble making solid contact with a good curve ball. In college, the former infielder decided to hang up detective is his cleats to study law. ABut that wasn’t the end of his career in sports. In fact, it was just the beginning. Shortly after a fun part joining prestigious Washington law firm Wilmer Cutler Pickering, he met a partner with contacts in the business side of sports. Within a few years, he’d helped move the Hartford Whalers hockey of the job team to North Carolina. With that deal, suddenly he was the sports-law guy at his firm. —Julie Lucas After a stint at the National Basketball Association working on licensing agreements, nine years ago he joined the National Football League as vice president of legal and business affairs. There, he works on everything from vetting wealthy fans who want to be owners to helping teams line up financing to build new stadiums. Recent assignments include selling the Miami Dolphins to chair the $100 million campaign. developer Stephen Ross, a $1 billion transaction, and helping raise cash for the New York Jets’ and ‘Ms.‘ Lucas was so successful at Fordham Giants’ new $1.3 billion stadium. that NYU—where she earlier worked in “He can deal with complicated projects in a way that leaves everyone feeling good about the development—stole her away to work her result,” says his boss, Jay Pash, an NFL executive vice president. magic for the Stern School of Business. In Perhaps the only downside to his job is that it’s unbecoming for Mr. Bauman to be seen supporting a her new job, which she started two weeks particular team.That’s a tough assignment, considering that he grew up a Jets fan and his favorite player ago, Ms. Lucas has 80,000 alumni to tap,in- was wide receiver Wesley Walker. “Of course, now I root for them all,” he says with a wink. stead of the 16,000 she had at Fordham Law. —aaron elstein —miriam kreinin souccar 40s 27 are married;21 have kids FUN FACTS Crain’s New York Business ❘ www.crainsnewyork.com/40under40 ❘ March 29, 2010 F15 20100329-NEWS--0030,0031-NAT-CCI-CN_-- 3/25/2010 7:07 PM Page 1

NEW YORK’S RISING STARS

Mathew Williams, 39 Kimberly Peeler-Allen, 33 Cardiologist NEW YORK-PRESBYTERIAN/COLUMBIA Principal PEELER ALLEN CONSULTING

eputations in medicine are built on just how special a specialist is. Dr. t age 3, Kimberly Peeler-Allen was a fan of The Mathew Williams is very exceptional indeed. A $142 million testament to MacNeil/Lehrer NewsHour. At 14, she interned for his uniqueness, the Milstein Family Heart Center, opened at New York- U.S. Sen. Pat Schroeder. Opening hate mail amid the Presbyterian Hospital/Columbia University Medical Center in investigation into the Tailhook scandal turned her off January; it features operating rooms designed and equipped just for him. to the idea of running for office, but not to politics. RDr. Williams, Manhattan’s only doctor who is both an interventional cardiologist AWithin a decade, she was working for the U.S. Chamber of and a cardiac surgeon, is among the first in the world to offer hybrid revascularization Commerce, one of the most powerful lobbies in Washington. procedures, which combine catheter-based stenting and traditional bypass surgery. As one of four Democrats in the right-wing chamber’s 30- “By having this ability, we can do less invasive and more durable heart procedures,” says person congressional operation, “I got into a lot of arguments,” she Dr. Williams, the father of a 3-year-old daughter, who believes that the approach reduces recalls. “I learned how people can be completely passionate about things and be the stress of surgery, speeds recovery and potentially improves outcomes. just dead wrong.” His services improve the outcome for New York-Presbyterian/Columbia, too. “The She also learned that political power flows from money and organization, a lesson cardiac services probably bring in the biggest business to the hospital,” she applies today as the only female African-American fundraiser operating Dr. Williams notes. statewide in New York.The Maryland native left the chamber after the The Salt Lake City native endured 16 years of medical training scarring experience of helping elect right-wingers to Congress in 2000, and in order to be dually qualified. His fate as a cardiologist had been became a fundraiser with top city lobbyist Suri Kasirer. sealed when, as a Columbia University undergrad, he shadowed When revenues dipped after Sept. 11, Ms. Peeler-Allen got laid off, so in the chief resident on call.That doctor was Mehmet Oz, now a 2003 the Brooklynite hung out her shingle in lower Manhattan. She scraped famed cardiologist, friend of Oprah and media star. by on $50,000 that year but has since tripled her income by hauling in $1.5 “Matt has this childlike enthusiasm,” recalls Dr. Oz. “I would million a year for Gov. David Paterson, other politicians and nonprofits. With be out at all hours, working on gunshot wounds, head traumas, her savvy pitches and vast list of contacts, the married mom of a 2-year-old doubled and there he was.” the gross of the NAACP Brooklyn chapter’s annual gala to $100,000. When Dr. Oz’s empire expanded, he handpicked Dr. Williams to “She understands donor motivation,” says fundraiser Cynthia Darrison. take over most of his patient referrals. “I trust him,” Dr. Oz says. “And she has relationships with a lot of people. She’s extraordinarily capable.” Dr. Williams is passionate about his drive to create innovative A panicked gubernatorial campaign once called Ms. Peeler-Allen in the cardiac-care treatments. “For me, it would be a failure if I were middle of the night to raise $50,000 by noon. “We did pull that together,” she recalls. “If you unable to advance this approach,” he says. don’t do your job, the campaign collapses. It’s a lot of pressure.” —barbara benson —erik engquist

40s FUN Foodie Maile Carpenter worked the fry station at McDonald’s in high school FACTS

MJ?=C;F;>P?LNCMCHAM?=NCIH Qif`a[haÎmMn_[ebiom_ CHEWING THE BONE AT NEW YORK’S BEST STEAKHOUSE

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F16 March 29, 2010 ❘ www.crainsnewyork.com/40under40 ❘ Crain’s New York Business 20100329-NEWS--0030,0031-NAT-CCI-CN_-- 3/25/2010 5:22 PM Page 2

RISING STARS

Scott Weiner, 36 ALL THE fun OF BOWLING AT 300. Principal NOW WITH OVER 30 OTHER OPPORTUNITIES APOLLO GLOBAL REAL ESTATE TO KICK YOUR FRIENDS’ BUTTS.

s a child, Scott Weiner enjoyed joining his father, a mortgage banker, as he visited properties that needed financing. He The NEW center at 300. hoped one day they’d own a real estateA company together. Unfortunately, that dream ended when the elder Mr. Weiner died suddenly while his son was a high school senior. But the younger Mr. Weiner’s real estate career would make any parent proud. Last year, Mr. Weiner joined the real estate arm of Apollo Global Management, an asset management firm that controls nearly $52 billion. Mr. Weiner is a key player on the team that will funnel more of that hoard into real estate, hoping to pick bargains amid the real estate recession. Additionally, Mr. Weiner was instrumental in starting and then taking public Apollo Commercial Real Estate. He’s now the chief investment officer of the mortgage real estate investment trust. After spending 13 years in senior banking positions at Lehman Brothers and Barclays Capital, Mr. Weiner says, he was ready for a new challenge. “I’ve always wanted to move to the asset management side of the business,” says the married father of two . “It is more entrepreneurial.” Despite his hectic schedule, Mr. Weiner also sits on the board of the Metropolitan Council on Jewish Poverty, a 300newyork.com • Call Catrina Reid at 212.835.2695 to reserve your event nonprofit. Among the strengths that have served Mr. Weiner in his professional and nonprofit roles is his relentless quest to understand every detail of a transaction. “Scott looks at things from every which way to make sure he really knows what’s going on,” says Joseph Shenker, who is chairman and head of the real estate practice at law firm Sullivan & Cromwell, as well as president of the Metropolitan Council. —theresa agovino Ricky Van Veen, 29 Chief executive NOTIONAL

icky van veen has always had a knack for mischief: In sixth grade, he met Josh Abramson, who became his best friend, because they’d both been sent to the principal’s ® office. The duo made their troublemaking official in 1999, launching CollegeHumor.com while Mr. Van Veen was a Your Expert Partner Rstudent at Wake Forest University. The intentionally sophomoric Web Accountants and Advisors site features everything from original videos to roommate confessions. After graduation, Mr. Van Veen moved to New York, where CollegeHumor got its first big break with a 2005 profile in The New Yorker. “That was like our bar mitzvah for becoming part of the city,” he says. Media bigwigs took notice. In August 2006, Mr. Van Veen sold a controlling stake in CollegeHumor to Barry Diller’s IAC/InterActiveCorp, in a deal pegged at $20 million. Last year, he relinquished day-to-day control to become chief of spinoff Notional, which creates programming for TV and the Web. Notional’s series include Chopped on the Food Network and Don’t Sweat It on Home & Garden Television.The company is developing a slew of game shows, as well as Love Taxi, a dating show that will take place entirely in a cab. “Ricky combines strong instincts about what audiences want with the ability to execute ideas,” says former NBC honcho Ben Silverman, now CEO of Electus, the Not All Accounting IAC studio that houses both Notional and CollegeHumor. “He also loves what he does, and that enthusiasm is contagious.” Firms Are Created Equal. Revenue for IAC’s “media and other businesses,” which includes Notional, rose Anchin, Block & Anchin LLP 6% in fourth-quarter 2009 from a year earlier. Accountants and Advisors —kira bindrim

212.840.3456 www.anchin.com 40s FUN Sarah Levy was a rifle instructor FACTS Crain’s New York Business ❘ www.crainsnewyork.com/40under40 ❘ March 29, 2010 F17 20100329-NEWS--0032-NAT-CCI-CN_-- 3/26/2010 12:47 PM Page 1

NEW YORK’S RISING STARS

Web in February 2010. He’s currently an classical station WQXR’s old spot. “entrepreneur-in-residence” at venture Where Are They Now? firm Oxygen Capital Partners, and he is Daymond John, class of 1998, added on the boards of several firms, including “reality TV star” to his résumé. The Richard Beckman, class of 1998, left John Caplan, class of 2008, stepped down Iconix Brand Group in ZocDoc and organizedwisdom.com. founder of FUBU can be seen in prime Condé Nast, where he was most recently as CEO of Ford Models after helping to fall 2009. Mr. Ecko time on ABC’s Shark Tank, produced by CEO of the Fairchild Fashion Group, to sell the agency to investor Stone Tower. remains chief creative Jason Hirschhorn, class of 2008, snagged Mark Burnett. Mr. John’s second book, become CEO of newly formed E5 In May 2009, he launched OpenSky, a officer. the post of co-president of MySpace in The Brand Within, hits stores in April. Global Media, owner of The Hollywood community-based online retail site. February, rising from chief product Reporter and Billboard. Mary Callahan Erdoes, officer. He joined the social networking Sallie Krawcheck, class Frédéric de Narp, class of 2008, class of 2002, was site in April 2009 from Sling Media of 2003, left Citigroup Richard Buery, class of exchanged one gem of a job for another promoted to CEO of Entertainment Group, where he was in 2008 as the credit 2009, was named this year. He left his post as chief of J.P.Morgan Chase’s asset management president. crisis erupted. Last CEO of the Children’s Cartier North America in January and division in a shake-up last September. August marked her Aid Society in July became CEO of Harry Winston. She oversees a business with $1.5 trillion Luis Jiménez, class of 1999, now hosts his return to Wall Street: 2009. He had been in client assets under supervision. morning-drive radio show on Univision- She became president executive director at Marc Ecko, class of 2005, fell victim to owned X96.3 FM. The radio station, of global wealth and Groundwork, a charity the recession. He was forced to sell a 51% Jason Finger, class of 2007, left online formerly called WCAA, recently moved investment management at Bank of he founded in 2002. stake in Marc Ecko Enterprises to restaurant delivery service Seamless from 105.9 FM to a stronger signal at America, charged with integrating its $50 billion acquisition of Merrill Lynch.

Dionne Mack-Harvin, class of 2008, will leave the Brooklyn Public Library, where she is executive director, in June. After 15 years with the organization, she is “interested in exploring new opportunities in public service,” People. according to Libraryjournal.com. Demetri Martin, class of 2006, landed a solo sketch-variety show, Important Things with Demetri Martin,on Comedy Central. He also snagged a lead role in Taking Woodstock, an Ang Lee They’re the DNA film released in summer 2009. Isaac Mizrahi, class of 1990, began in your company’s P&L. selling his Liz Claiborne New York line on QVC in 2009, abandoning the department store arena. He still runs his own fashion business, and he shows regularly at Fashion Week in New York.

Catherine Moellering, class of 2009, lost her gig as president of Best & Co. when the upscale childrenswear maker went bankrupt in June 2009. This February, she landed at The Doneger Group, where she is executive vice president of the market research firm’s Tobe division.

Drew Nieporent, class of 1990, continued his track record of restaurant successes in 2009 with the opening of Corton in TriBeCa.

Kent Swig, class of 1998, made a disastrous foray into residential real estate. He lost the Sheffield 57 apartment complex to foreclosure last year, and said that he might have to file for personal bankruptcy.There are at least $50 million in judgments against him for a variety of failed projects. He’s considering forming a real estate investment trust to raise money.

Christopher Wheeldon, class of 2006, walked away in March from Morphoses, the dance troupe he founded, amid tensions with the executive director. He continues to work as a choreographer for ballet companies around the world.

Howard Wolfson, class of 2005, went to work for Michael Bloomberg’s 2009 re- election campaign, shocking the Democratic campaign strategist’s peers.

Jeff Zucker, class of 1992, was excoriated for NBC’s failed experiment that put Powerful forces are at work around the world today. Forcing Conan O’Brien on The Tonight Show employers to ask some difficult questions of their talent strategy. and Jay Leno into prime time. Even so, the CEO of NBC Universal signed a Right Management can help your company keep pace by making three-year employment contract in sure your talent strategy aligns with your business strategy. Get December with the approval of cable operator Comcast, which has agreed to this right, and it can accelerate performance throughout your buy NBC from General Electric. organization. The world of work is changing. Is your company Julián Zugazagoitia, class of 2004, will ready? Sample our thinking on the subject at Right.com/work swap Manhattan for Kansas City, Mo. The CEO of El Museo del Barrio is taking a similar post with the prestigious Nelson-Atkins Museum of Art.

F18 March 29, 2010 ❘ www.crainsnewyork.com/40under40 ❘ Crain’s New York Business 20100329-NEWS--0033-NAT-CCI-CN_-- 3/26/2010 11:43 AM Page 1

FOR THE RECORD

(212) 627-2020 or [email protected] STOCK TRANSACTIONS sold 192,775 shares of common stock at for more information. prices ranging from $50.00 to $50.23 ABOUT THIS SECTION Following are recent insider transactions at between March 9 and March 11, in a G Office of Management and Budget FOR THE RECORD is a weekly listing of information from the public record that New York’s largest publicly held companies transaction worth $9,639,752. He now Requests proposals by 3 p.m. on May 10 filed with the Securities and Exchange indirectly holds 3,706 shares. can help businesspeople in the New York area find opportunities, potential for consulting services related to finance, Commission by executives and major new clients and updates on competitors. accounting and auditing. For questions shareholders. Listings are in order of G Vornado Realty Trust (VNO) To ask questions or get more information on this section, contact Denise regarding this solicitation, contact Kadi- transaction value.The information was Steven Roth, chairman of the board, Southwood at [email protected]. Anne McGlashan at (212) 788-5821 or obtained from Thomson Reuters. sold 100,000 shares of common stock at [email protected]. $73.61 on March 12, in a transaction G Cablevision Systems Corp. (CVC) worth $7,360,990. He now directly Thomas M. Rutledge, chief operating holds 8,896,830 shares. REAL ESTATE DEALS officer, exercised options on 627,365 BANKRUPTCIES Requests competitive sealed bids by 2 shares of common stock at prices Russell B. Wight, trustee, sold 60,000 p.m. on April 26 for renovation of the Companies that would like to have details ranging from $8.47 to $16.95 between shares of common stock at prices The following listings are selected from the Rugby Branch Library in Brooklyn. A of their recent transactions appear in these March 11 and March 12, in a ranging from $70.52 to $73.56 between most recent available filings by companies mandatory prebid conference has been listings should e-mail descriptions transaction worth $7,340,707. Between March 8 and March 12, in a transaction seeking bankruptcy protection in the scheduled for 10 a.m. on April 15 at following this format to March 9 and March 12, he sold 706,232 worth $4,322,379. He now directly Southern and Eastern Districts of New 1000 Utica Ave., Brooklyn. For further [email protected], with shares at prices ranging from $23.76 to holds 6,606,500 shares. York. Information was obtained from U.S. information, contact Ben Perrone at “Real estate transaction” in the subject line, $24.00 in a transaction worth Bankruptcy Court records available on (718) 391-2614. or enter them online at $16,817,806. He now directly holds G WebMD Health Corp. (WBMD) Public Access to Court Electronic Records. crainsnewyork.com/submitadeal. Deals are 828,488 shares. Martin J. Wygod, chairman of the board, Listings are in alphabetical order. G Health and Hospitals Corp. listed in order of square footage. sold 67,503 shares of common stock at Requests proposals by 4 p.m. on April Hank J. Ratner, vice chairman, exercised prices ranging from $45.56 to $45.62 G Byzantine Holdings 19 for elevator maintenance inspection OFFICE options on 349,669 shares of common between March 12 and March 15, in a 155 E. 34th St. services and third-party test witnessing G CRC Insurance has signed a seven- stock at prices ranging from $4.52 to transaction worth $3,075,861. He now Filed for Chapter 11 bankruptcy in various facilities within the five and-a-half-year, 13,154-square-foot $8.65 between March 10 and March 12, indirectly holds 3,752,130 shares. protection on March 15. The filing cites boroughs. For more information, contact lease on the 36th floor of 140 Broadway, in a transaction worth $2,779,534. estimated liabilities of $100,001 to Clifton McLaughlin at (212) 442-3658. a 52-story, 1.2 million-square-foot Between March 8 and March 12, he sold G Becton Dickinson & Co. (BDX) $500,000 and estimated assets of building owned by Dominion Bond 577,942 shares at prices ranging from Henry P.Becton, lead director, sold $100,001 to $500,000. Among the G School Construction Authority Rating Service. CB Richard Ellis’ Gerry $24.00 to $24.14 in a transaction worth 47,370 shares of common stock at creditors with the largest unsecured Requests competitive sealed bids by 2:30 Miovski and Tom Shirocky acted on $13,886,774. He now directly holds $78.08 on March 12, in a transaction claims are Eastern Funding, owed p.m. on April 1 for the construction of behalf of the landlord, and Joseph 474,871 shares. worth $3,698,650. He now indirectly $120,000; and 155 East 34th Street, blacktop and concrete paved areas at the Genovesi and Casey Lewis of Studley holds 1,275,500 shares. owed $110,000. Bronx High School of Science. For represented the tenant. The asking rent G Evercore Partners Inc. (EVR) questions regarding this solicitation, was $37 per square foot. Bernard J.Taylor, co-vice chairman and Steven L. Zatz, chief medical officer and G The Lenox Condominium contact Stephanie Lyle at chief executive of Evercore Partners Ltd., executive vice president, exercised 44 W. 106th St. (718) 752-5854 or [email protected]. G Cogswell Realty has signed a five- sold 454,300 shares of common stock at options on 116,200 shares of common Filed for Chapter 11 bankruptcy year, 12,809-square-foot lease for the prices ranging from $32.44 to $33.95 stock at prices ranging from $17.50 to protection on March 17. The filing cites GOODS AND SERVICES entire 17th floor of 1350 Sixth Ave., a 35- between March 10 and March 12, in a $27.15 between March 5 and March 12, estimated liabilities of $10,000,001 to G Department of Citywide Administrative story, 585,156-square-foot building transaction worth $15,019,790. He now in a transaction worth $2,730,230. $50 million and estimated assets of Services owned by SL Green Realty Corp. indirectly holds 1,112,920 shares. $10,000,001 to $50 million. Among the Seeks competitive sealed bids by 10:30 Howard J. Tenenbaum and Gary M. G Jarden Corp. (JAH) creditors with the largest unsecured a.m. on April 13 for nursing kits for the Rosen acted in-house on behalf of G Polo Ralph Lauren Corp. (RL) Ian G.H. Ashken, vice chairman and claims are Lenox Condominium Office of Emergency Management. the landlord. The tenant was Ralph Lauren, chairman of the board chief financial officer, exercised Association, owed $30,000; and New Contact Anna Wong at (212) 669-8610 represented in-house by Arthur Stern and chief executive, sold 120,833 shares options on 113,895 shares of common York State Department of Taxation and or [email protected] for more and Eric Sarner. The asking rent was of common stock at prices ranging from stock at $8.60 on March 10, in a Finance, owed $12,000. information. $65 per square foot. $80.22 to $82.00 on March 15, in a transaction worth $979,497. Between transaction worth $9,755,261. He now March 8 and March 11, he sold 75,000 G Northside Tower Realty G Department of Citywide Administrative G U.S. Bank National Association has directly holds 517,329 shares. shares at prices ranging from $34.24 to 1827 Flushing Ave., Ridgewood, Queens Services/Division of Municipal Supply renewed its 7,134-square-foot lease on $34.90 in a transaction worth Filed for Chapter 11 bankruptcy Services the 16th floor of 461 Fifth Ave.,a G NBTY Inc. (NTY) $2,596,000. He now directly holds protection on March 15. The filing cites Seeks competitive sealed bids by 10:30 200,835-square-foot building owned by Glenn Schneider, senior vice president, 891,583 shares. estimated liabilities of $10,000,001 to a.m. on April 1 for clay materials for SL Green Realty Corp. Michael N. $50 million and estimated assets of baseball fields. Contact Anna Wong Burlant of Cushman & Wakefield acted $10,000,001 to $50 million. Among the at (212) 669-8610 or on behalf of the tenant. The asking rent creditors with the largest unsecured [email protected] for further was not available. DEALS ROUNDUP claims are Scher Law Firm, owed details regarding this solicitation. $102,421.05; and Ultimate Security, G MJT Park Investors Inc. has renewed owed $22,795.07. G Department of Parks and Recreation a 5,525-square-foot lease for a term of TRANSACTION SIZE Requests competitive sealed proposals five years at 317 Madison Ave.,a COMPANY (IN MILLIONS) BUYERS/INVESTORS TRANSACTION TYPE G 199 Bowery Restaurant Group by 5 p.m. on May 3 to operate the food 485,461-square-foot building owned by Tommy Hilfiger Corp. $3,201.3 Phillips-Van Heusen Corp. (Manhattan) SB M&A 199 Bowery service at the New Amsterdam pavilion SL Green Realty Corp. Jeffrey China Shouguang $600.0 Capital International Inc., Warburg Pincus GCI Filed for Chapter 11 bankruptcy at Peter Minuit Plaza in Battery Park. Kilimnick of CB Richard Ellis Inc. Agricultural Product (Manhattan), The Blackstone Group’s private protection on March 17. The filing cites For more information about this bid, negotiated on behalf of the tenant. The Logistic Park equity group (Manhattan), Atlantis Investment estimated liabilities of $1,000,001 to contact Pat Kirchner at (212) 344-3491 asking rent was not available. Management Ltd. $10 million and estimated assets of or [email protected]. LQ Inversiones $522.2 Citigroup Inc. (Manhattan) (8.5%) SB M&A $1,000,001 to $10 million. Among the G Eveo Communications Inc. has Financieras S.A. G creditors with the largest unsecured Fire Department of New York signed a five-year, 5,097-square-foot Asian Genco Pte. Ltd. $425.0 General Atlantic, Goldman GCI claims are Citi Urban Management, Requests competitive sealed bids by 4 lease for the fifth floor of 155 Fifth Ave.,a Sachs Group’s merchant owed $429,801.54; and Rewards p.m. on April 15 to provide the 37,281-square-foot building owned by banking division (Manhattan), Network, owed $106,266.30. temporary services of medical personnel. The Eretz Group. Nick Griffin of Norwest Venture Partners, For additional information, contact Winslow & Co. repped the tenant, and Morgan Stanley Investment Kristina LeGrand at (718) 999-1234 or David Greene and Louis Pappas of Management Inc. (Manhattan), PTC India Financial Services Ltd., GOVERNMENT CONTRACT [email protected]. Murray Hill Properties represented the Everstone Capital Ltd. OPPORTUNITIES landlord.The asking rent was $40 per G Health and Hospitals Corp./Queens Care Investment $304.1 Tricadia Capital (Manhattan) SB M&A square foot. Trust Inc. (Manhattan) Following are selected contract Health Network opportunities recently announced by New Seeks competitive sealed bids by 10 a.m. G TPLP Triumph Production signed a Coffee Day Resorts & $219.1 Kohlberg Kravis Roberts & Co. (Manhattan), GCI Hotels Ltd. Standard Chartered Private Equity, York City agencies.To learn how to sell on April 9 for floor and wall tile, brick 4,324-square-foot lease on the 15th New Silk Route goods and services to city government, visit border, marble profile bevel and all floor of 555 Fifth Ave., a 20-story, www.nyc.gov/selltonyc. For a searchable associated supplies. Questions regarding 238,000-square-foot office building Phillips-Van Heusen $200.0 MSD Capital (Manhattan), LNK Partners GCI Corp. (Manhattan) database of current procurement notices, this bid should be directed to Evelyn owned by Atco Properties. Marc Miller visit www.nyc.gov/cityrecord. Listings are Negron at (718) 883-6000 or of Winoker Realty Co. negotiated on Caliburn Partnership Pty. Ltd. $183.8 Greenhill & Co. (Manhattan) SB M&A alphabetical by category and department. [email protected]. behalf of the tenant, and John Lord Lexicon Pharmaceuticals Inc. $75.0 The Invus Group (Manhattan) GCI acted in-house on behalf of the landlord. NGM Biopharmaceuticals Inc. $51.0 Prospect Venture Partners, Rho Capital GCI CONSTRUCTION SERVICES G Housing Authority The asking rent was $55 per square foot. Partners Inc. (Manhattan), The Column Group, G Department of Design and Construction Seeks competitive sealed bids by 10:40 Tichenor Ventures Seeks competitive sealed bids by 2 p.m. a.m. on April 6 for mailbox parts and RETAIL Champion Enterprises $50.0 MAK Capital One (Manhattan), Sankaty GCI on April 22 for window and HVAC accessories. For additional information G François Payard has signed a 15-year, Holdings Advisors, Centerbridge Partners (Manhattan) replacement at the Countee Cullen regarding this solicitation, contact 8,000-square-foot lease at 116 W. MobilEye Vision $37.0 Goldman Sachs Group, merchant banking GCI Branch Library in Manhattan. A Marjorie Flores at (718) 707-5460. Houston St., a 30,000-square-foot Technologies Ltd. division (Manhattan), Menorah Mivtachim mandatory prebid conference will be building owned by Y&H Realty. Holdings Ltd., Leumi & Co. Investment House Ltd. held at 10 a.m. on April 13 at 104 W. G Hudson River Park Trust Ruth Shnay of Sierra Realty Corp. Selected deals announced for the week ended March 20 involving companies in metro New 136th St. For questions regarding this Requests proposals by 11 a.m. on April 1 negotiated for both the landlord and York. GCI: Growth capital investment represents new money invested in a company for a bid, contact Ben Perrone at for 2010 Ford Transit Connect cargo tenant. The rent is approximately minority stake. SB M&A: Strategic buyer M&A represents a minority or majority acquisition of existing shares of a company without the participation of a financial buyer. source: capitaliq (718) 391-2614. vans. Contact Jennifer Sosa at $24,000 a month.

March 29, 2010 | Crain’s New York Business | 33 nb13p34-36cl.qxp 3/26/10 2:04 PM Page 34

ACCOUNTING PUBLIC & LEGAL NOTICES

WCMG LLC, Articles of Org. filed N.Y. Notice of Formation of Gray Gull REQUEST FOR PROPOSALS Sec. of State (SSNY) 10th day of LLC. Articles of Organization filed November, 2009. Office in New York with Secy. of State of NY (SSNY) on Co. at 130 West 42nd Street, Suite 03/05/10. Office location: NY County. 704, New York, NY 10036. SSNY SSNY designated as agent of LLC LEGAL NOTICE design. Agt. upon whom process upon whom process against it may may be served. SSNY shall mail be served. SSNY shall mail process Please note the deadline has been copy of process to 130 West 42nd to the LLC, c/o Robinson Brog extended to Friday, April 30, 2010 Street, Suite 704, New York, NY Leinwand Greene Genovese & Gluck, 10036. Reg. Agt. upon whom P.C., Attn: Leonard B. Nathanson, The Incorporated Village of Hempstead Community process may be served: Spiegel & Esq., 1345 Avenue of the Americas, Development Agency, (VOHCDA) pursuant to Article 15B of the Utera, P.A., P.C. 1 Maiden Lane, NYC 31st Fl., NY, NY 10105. Purpose: any PUBLIC & General Municipal Law of the State of New York is hereby issuing 10038. 1-800-576-1100. Purpose: lawful act or activity. LEGAL NOTICES a REQUEST FOR PROPOSALS (RFP) from qualified firms Any lawful purpose. interested in the redevelopment of a 26+ acre urban renewal area Notice of Registration of EPHRON- known as the North Main Street Urban Renewal Area in the Notice of formation of limited liability MANDEL ALBIN & HOWARD, L.L.P., CM CAREER MANAGEMENT LLC a Village of Hempstead, County of Nassau, State of New York. company (LLC). Name: AUM CAPITAL, a registered limited liability partner- domestic Limited Liability Company LLC. Arts. of Org. filed with the Dept. ship (RLLP). Cert. filed with Secy. of (LLC) filed with the Sec of State of This solicitation seeks to identify a developer or consortia of of State of NY on May 05, 2009. Office State of N.Y. (SSNY) on 1/19/2010. NY on 2/11/10. NY Office location: developers that have demonstrated the capacity, concept and loc., New York County. Secretary of Office location: NY Cty. Principal bus. New York County. SSNY is desig- ability to work with the Village of Hempstead and its Agencies in State of New York (SSNY) is designat- loc.: 299 Broadway, 17th Fl., NY, NY nated as agent upon whom process executing its proposed development plan. ed as agent of LLC upon whom 10007. SSNY designated as agent of against the LLC may be served. process against it may be served. LLP upon whom process against it SSNY shall mail a copy of any The detailed RFP package is available for pick-up during The principal business location and may be served. SSNY shall mail process against the LLC served normal business hours (M-F, 8:30AM-4:15PM) at the Village of address SSNY shall mail copy of process to: The RLLP, 299 Broadway, upon him/her to Mike Levine, 11 E. process to is Paul Shin, 2 Rector St., 17th Fl., NY, NY 10007. Purpose: Hempstead CDA, 50 Clinton Street, Suite 504, Hempstead, NY 16th Fl., New York, NY 10006. 44th St., Ste. 500, NY, NY 10017. 11550. A $50 non-refundable fee made payable to Village of practice the profession of law. General Purposes. Management of the LLC shall be by Hempstead CDA, must be submitted with each request. Copies one or more members. Purpose: To will be mailed at requestors’ expense. Sealed proposals must be engage in any lawful act or activity. NOTICE OF FORMATION OF LIMITED Notice of Qualification of NAVISS, L.L.C. returned to VOHCDA by the deadline of 5:00pm, Wednesday, LIABILITY COMPANY. NAME: Authority filed with NY Dept. of State EUROPAN BAKERY LLC. Articles of on 3/2/10. Office location: NY County. March 31, 2010 Friday April 30, 2010. Contact: Sherina Gonzales - NOTICE OF FORMATION OF CIVITAS Organization were filed with the LLC formed in MO on 12/10/09. NY (516) 485-5737. ENERGY ADVISORS, LLC. Arts. of Secretary of State of New York (SSNY) Org. filed with the Secy. of State of Sec. of State designated as agent of Claude Gooding, AICP on 02/26/10. Office location: New York LLC upon whom process against it NY (SSNY ) on 2/10/10. NY Office County. SSNY has been designated may be served and shall mail process Commissioner location: NY County. SSNY is desig- as agent of the LLC upon whom to: c/o CT Corporation System, 111 nated as agent upon whom process process against it may be served. 8th Ave., NY, NY 10011, regd. agent against the LLC may be served. SSNY shall mail a copy of process to upon whom process may be served. SSNY shall mail a copy of any the LLC, 5800 Arlington Avenue, Unit MO and principal business address: process against the LLC served 6S, Bronx, New York 10471. 618 Spirit Dr., Ste. 125, Chesterfield, upon him/her to The LLC, 201 East Purpose: For any lawful purpose. MO 63005. Arts. of Org. filed with 69th Street, #7S, NY, NY 10021. MO Sec. of State, 600 W. Main St., Purpose: Any lawful activities. Jefferson City, MO 65102. Purpose: any lawful activity. MICHELLE RUBEL EVENTS & DESIGN LLC Articles of Org. filed NY Sec. of Notice of Qualification of GSO State (SSNY) 3/15/2010. Office in NY Targeted Opportunity Partners LP. Co. SSNY desig. agent of LLC upon Authority filed with NY Dept. of State whom process may be served. SSNY on 11/20/09. Office location: NY shall mail copy of process to 103 E. County. LP formed in DE on 10/21/09. 86th St., Ste. 12B, NY, NY 10128, NY Sec. of State designated as which is also the principal business agent of LP upon whom process location. Purpose: Any lawful purpose. against it may be served and shall Notice of Qualification of HM mail process to the principal business Notice of Qualification of 1350 LLC, Infinitum LLC. Authority filed with addr. of the LP: c/o GSO Capital Notice of Formation of LEROYAUME NOTICE OF FORMATION: Camden App. for Auth. filed Sec’y of State Secy. of State of NY (SSNY) on Partners LP, 280 Park Ave., 11th Fl., SERVICES, LLC. Arts. of Org. filed and Cake LLC. Article of Organization (SSNY) 2/25/10. Office loc.: NY 3/2/10. Office location: NY County. NY, NY 10017. DE addr. of LP: c/o with Secy. of State of NY (SSNY) on filed with SSNY on 1/29/2010. SSNY County. LLC org. in DE 10/26/99. LLC formed in Delaware (DE) on The Corporation Trust Co., 1209 4/17/09. Office location: NY County. has been designated as agent upon SSNY desig. as agent of LLC upon 11/19/09. SSNY designated as Orange St., Wilmington, DE 19801. SSNY designated as agent of LLC whom process against it may be whom process against it may be agent of LLC upon whom process Name/addr. of genl. ptr. available upon whom process against it may be served and shall mail a copy of any served. SSNY shall mail copy of against it may be served. SSNY from NY Sec. of State. Cert. of LP served. SSNY shall mail process to: process against the LLC to the NEW proc. to c/o Nat. Reg. Agents, 875 shall mail process to: Davis & Gilbert filed with DE Sec. of State, 401 Corporation Service Company, 80 YORK County LLC: 321 West 51st Ave of the Americas, NY, NY 10001, LLP, 1740 Broadway, NY, NY 10019. Federal St., Dover, DE 19901. State St., Albany, NY 12207, registered Street. NY, NY 10019. the Reg. Agt. upon whom proc. may Address to be maintained in DE: Purpose: any lawful activity. agent upon whom process may be be served. DE office addr.: 160 2711 Centerville Rd., Ste. 400, served. Purpose: any lawful activity. Notice of Formation of LAW OFFICES Greentree Dr., Ste. 101, Dover, DE Wilmington, DE 19808. Arts of Org. OF SIDNEY R. BRESNICK, LLC, a 19904. Cert. of Form. on file: SSDE, filed with DE Secy. Of State, 401 NOTICE OF FORMATION OF BNL Prof. LLC. Arts. of Org. filed with the Townsend Bldg., Dover, DE 19901. Federal St., Ste. 4, Dover, DE 19901. Partners LLC Arts. of Org. filed with SSNY on 11/19/2009. Office location: Purp.: any lawful activities. Purpose: any lawful activities. Coming Up NY Sec of State (SSNY) on 9/24/09. NY County. SSNY has been desig- Office location: New York County. SSNY nated as agent upon whom process on the Calendar has been designated as agent of LLC against it may be served. SSNY shall upon whom process against it may mail a copy of process to: Sidney R. be served. SSNY shall mail a copy of Bresnick, 510 E 80th St. Apt 14A, April 5 process to: Corporation Service NY, NY 10075. Purpose: To Practice Company, 80 State St, Albany, NY The Profession Of Law. Employment 12207. Purpose: any lawful activity. April 12 Notice of Qualification of LINDENKOHL Notice of Qualification of Kenneth HOLDINGS, LLC. Authority filed with Small Business Productions, LLC. Authority filed with Secy. of State of NY (SSNY) on NY Dept. of State on 11/25/09. Office 02/10/10. Office location: NY County. location: NY County. Princ. bus. addr.: LLC formed in Delaware (DE) on April 19 603 W. 50th St., NY, NY 10019. LLC 12/11/09. Princ. office of LLC: 850 formed in DE on 5/21/99. NY Sec. of Third Ave., 16th Fl., NY, NY 10022. Real Estate State designated as agent of LLC SSNY designated as agent of LLC upon whom process against it may be upon whom process against it may April 26 served and shall mail process to: c/o be served. SSNY shall mail process Get breaking news and the day’s top business headlines CT Corporation System, 111 8th Ave., to the LLC at the addr. of its princ. Education NY, NY 10011, regd. agent upon office. DE addr. of LLC: c/o delivered right to your inbox Monday through Friday at 4:00 pm. whom process may be served. DE Corporation Service Co., 2711 May 3 addr. of LLC: The Corporation Trust Centerville Rd., Ste. 400, Wilmington, Co., 1209 Orange St., Wilmington, DE DE 19808. Arts. of Org. filed with Diversity 19801. Arts. of Org. filed with DE Sec. Secy. of State of DE, State of DE, of State, 401 Federal St., Dover, DE 401 Federal St., Dover, DE 19901. 19901. Purpose: any lawful activity. Purpose: Any lawful activity.

34 | Crain’s New York Business | March 29, 2010 nb13p34-36cl.qxp 3/26/10 1:50 PM Page 35

PUBLIC & LEGAL NOTICES

Notice of Qualification of EQR- NOTICE OF FORMATION OF Martin Notice of Qualification of Balfour Notice of Qualification of JAMES Notice of Qualification of SILVER Rivertower B, LLC. Authority filed Austin Cribbs Consulting LLC. Beatty Communities, LLC. Authority PASSIN LLC II. Authority filed with LANE ADVISORS LLC. Authority filed with NY Dept. of State on 1/29/10. Article of Organization filed with the filed with NY Dept. of State on Secy. of State of NY (SSNY) on with Secy. of State of NY (SSNY) on Office location: NY County. Princ. Secretary of State of NY (SSNY) on 2/1/10. Office location: NY County. 2/4/10. Office location: NY County. 02/09/10. Office location: NY County. bus. addr.: 2 N. Riverside Plaza, Jan 11, 2010. Office location: NEW Princ. bus. addr.: 10 Campus Blvd., LLC formed in Delaware (DE) on LLC formed in Delaware (DE) on Ste. 400, Chicago, IL 60606. LLC YORK County. SSNY has been des- Newtown Square, PA 19073. LLC 2/2/10. SSNY designated as agent of 08/09/07. Princ. office of LLC: Attn: formed in DE on 1/25/10. NY Sec. ignated as agent upon whom formed in DE on 3/18/08. NY Sec. of LLC upon whom process against it Elizabeth Bloomer Nesvold, 565 Fifth of State designated as agent of LLC process against it may be served. State designated as agent of LLC may be served. SSNY shall mail Ave., 22nd Fl., NY, NY 10017. SSNY upon whom process against it may The Post Office address to which the upon whom process against it may process to: 2112 Broadway, Apt. 7B, designated as agent of LLC upon be served and shall mail process to: SSNY shall mail a copy of any be served and shall mail process to: NY, NY 10023. DE address of LLC: whom process against it may be c/o CT Corporation System, 111 8th process against the LLC served c/o CT Corporation System, 111 8th c/o National Registered Agents, Inc., served. SSNY shall mail process to Ave., NY, NY 10011, regd. agent upon him/her is C/O the LLC, Collen Ave., NY, NY 10011, regd. agent 160 Greentree Drive, Ste. 101, Dover, the LLC at the addr. of its princ. upon whom process may be served. IP, Attn: Matthew C. Wagner, 80 upon whom process may be served. DE 19904. Arts. of Org. filed with DE office. DE addr. of LLC: Corporation DE addr. of LLC: 1209 Orange St., South Highland Avenue. Ossining, DE addr. of LLC: 1209 Orange St., Secy. of State, 401 Federal St., Ste. Service Co., 2711 Centerville Rd., Wilmington, DE 19801. Arts. of Org. NY 10562. Purpose of LLC: to Wilmington, DE 19801. Arts. of Org. 4, Dover, DE 19901. Purpose: any Ste. 400, Wilmington, DE 19808. filed with DE Sec. of State, 401 engage in any lawful act or activity. filed with DE Sec. of State, 401 lawful activity. Arts. of Org. filed with Secy. of State Federal St., Dover, DE 19901. Street address of Principal Business Federal St., Dover, DE 19901. of the State of DE, Div. of Corps., Purpose: any lawful activity. location is: 445 West 23rd Street, Purpose: any lawful activity. Notice of Formation of FUTURE MIL- John G. Townsend Bldg., Federal & Suite 17 D. New York, NY 10011. LENNIUM PARK LLC. Arts. of Org. Duke of York Sts., Dover, DE 19901. Notice of Formation of 129 West 29th Name: EXA MEDIA, LLC Art. Of Org. filed with Secy. of State of NY Purpose: Any lawful activity. Street Nominee, LLC. Arts. of Org. Notice of Qualification of PRESTIGA Filed Sec. of State of NY 102/23/09. (SSNY) on 12/17/09. Office location: filed with Secy. of State of NY (SSNY) FUNDING, LLC. Authority filed with Off. Loc.: New York Co. Corporation NY County. SSNY designated as Notice of Qualification of MAFP on 12/4/09. Office location: NY Secy. of State of NY (SSNY) on Service Company designated as agent of LLC upon whom process Ventures LLC. Authority filed with County. SSNY designated as agent of 02/25/10. Office location: NY County. agent upon whom process against it against it may be served. SSNY shall NY Dept. of State on 2/2/10. Office LLC upon whom process against it LLC formed in Delaware (DE) on may be served. SSNY to mail copy mail process to: Alex Li, P.O. Box 6, location: NY County. LLC formed in may be served. SSNY shall mail 02/24/10. Princ. office of LLC: 210 of process to THE LLC, C/O CSC, 80 NY, NY 10159. Purpose: engage in DE on 12/18/09. NY Sec. of State process to: c/o Thor Equities LLC, 25 Sylvan Ave., Englewood Cliffs, NJ State Street, Albany, NY 12207. any lawful activity. designated as agent of LLC upon W. 39th St., NY, NY 10018. Purpose: 07632. SSNY designated as agent of Purpose: Any lawful act or activity. whom process against it may be any lawful activity. LLC upon whom process against it served and shall mail process to: may be served. SSNY shall mail Notice of Formation of 6 Bedford c/o CT Corporation System, 111 process to c/o Corporation Service Notice of formation of Manhattan Street LLC. Arts. of Org. filed with Patient Advocates, LLC. Arts of Org 8th Ave., NY, NY 10011, regd. ABINGTON CHAMBERLAIN WH Co. (CSC), 80 State St., Albany, NY Secy. of State of NY (SSNY) on agent upon whom process may be CLASS A, LLC; Arts. Of Org., filed 12207-2543. DE addr. of LLC: c/o filed with Secy of State of NY (SSNY) 2/24/10. Office location: NY on 1/5/10. Office location: NY served. DE addr. of LLC: c/o The with NY Sec. of State (“SSNY”) CSC, 2711 Centerville Rd., Ste. 400, County. SSNY designated as agent Corporation Trust Co., 1209 11/05/2009. Office in New York Wilmington, DE 19808. Arts. of Org. County. SSNY designated as agent of LLC upon whom process against of LLC whom process against it may Orange St., Wilmington, DE 19801. County; SSNY designated agent for filed with Secy. of State of DE, 401 it may be served. SSNY shall mail Arts. of Org. filed with DE Sec. of service of process with copy mailed Federal St., Ste. 4, Dover, DE 19901. be served and shall mail process to process to: c/o The LLC, 2502 Muir principal business location: 323 E State, 401 Federal St., Dover, DE to Attn: Todd E. Soloway, Esq., Pryor Purpose: Any lawful activity. Circle, Wellington, FL 33414. 19901. Purpose: any lawful activity. Cashman LLP, 7 Times Square, New 21st ST, 1A, NY, NY 10010. Purpose: Purpose: any lawful activity. York, NY 10036; All lawful business any lawful activity. purposes. 845 REALTY LLC, a domestic Notice of Formation of MSMG VEN- Limited Liability Company (LLC) filed NOTICE OF FORMATION OF Global TURES, LLC. Arts. of Org. filed with with the Sec of State of NY on NOTICE OF FORMATION of DENTAL Agora, LLC. Arts. of Org. filed with Secy. of State of NY (SSNY) on Notice of Formation of Dana L. Wolf, 2/22/10. NY Office location: New PASSION LLC. Arts. Of Org. filed Secy. of State of N.Y. (SSNY) on 03/05/10. Office location: NY County. DMD, MS, PLLC. Arts. of Org. filed York County. SSNY is designated as with Secy. Of State of N.Y. (SSNY) on 1/19/10. Office location: New York Princ. office of LLC: Felix Nihamin & with Secy. of State of NY (SSNY) on agent upon whom process against 2/10/10. Office location: NY County. County. SSNY designated as agent Associates, PC, 65 W. 36th St., NY, NY 3/5/10. Office location: NY Co. the LLC may be served. SSNY shall SSNY designated as agent of LLC of LLC upon whom process against 10018. SSNY designated as agent of SSNY designated as agent of LLC mail a copy of any process against upon whom process against it may it may be served. SSNY shall mail LLC upon whom process against it upon whom process against it may the LLC served upon him/her to be served. SSNY shall mail a copy of process to: 22647 Ventura Blvd., may be served. SSNY shall mail process be served. SSNY shall mail process Sami Katri, 7 E. 14th St., Apt. 518, process to 164 W 96th St., NY, NY #323, Woodland Hills, CA 91364. to the LLC at the addr. of its princ. to: Dana L. Wolf, DMD, MS, 2373 NY, NY 10003. General purposes. 10025. Purpose: To practice the pro- Purpose: any lawful activity. office. Purpose: Any lawful activity. Broadway, Apt. 709, NY, NY 10024. fession of Dentistry. Purpose: any lawful activities. Notice of Qualification of Equity Notice of Qualification of Mandalay Name of Foreign LLC: VARADERO Long-Short HedgeAccess II LLC. NOTICE OF FORMATION OF Vision LLC. Authority filed with Secy. GP, LLC. App. for Auth. filed NY Notice of Qualification of The Mangrove Authority filed with NY Dept. of State Spencer and Brooke LLC. Articles of State of NY (SSNY) on 2/2/10. Dept. of State: 1/11/10. Jurisd. and Partners Fund, L.P. App. For Auth. on 3/1/10. Office location: NY of Organization filed with the Office location: NY County. LLC date of org.: DE 7/13/09. Cty. off. filed with Secy. of State of N.Y. County. Princ. bus. addr.: 4 World Secretary of State of NY (SSNY) on formed in California (CA) on 1/15/10. loc.: NY Cty. Princ. bus. loc.: 1095 (SSNY) on 3/3/2010. Office location: Financial Ctr., 250 Vesey St., 6th Fl., Feb. 12, 2010. Office location: NEW SSNY designated as agent of LLC Ave. of the Americas, 26th Fl., NY, New York County. LP formed in DE NY, NY 10080. LLC formed in DE on YORK County. SSNY has been des- upon whom process against it may NY 10036. Sec. of State designated on 3/1/2010. SSNY designated as 2/19/10. NY Sec. of State designated ignated as agent upon whom process be served. SSNY shall mail process as agent of foreign LLC upon whom agent of LP upon whom process as agent of LLC upon whom process against it may be served. The Post to: c/o National Registered Agents, process against it may be served. against it may be served. SSNY shall against it may be served and shall Office address to which the SSNY Inc., 875 Avenue of the Americas, The Sec. of State shall mail copy of mail process to: 100 W. 58th St., Ste. mail process to: CT Corporation shall mail a copy of any process Ste. 501, NY, NY 10001. Principal process to: 1095 Ave. of the 8F, New York, NY 10019, Attn: System, 111 8th Ave., NY, NY 10011, against the LLC served upon him/her office address: 380 Lafayette St., Americas, 26th Fl., NY, NY 10036. Nathaniel August. DE address of LP: regd. agent upon whom process may is C/O the LLC US Corporation Ste. 202, NY, NY 10003. Address to Addr. of foreign LLC in DE is: 615 South DuPont Hwy., Dover, DE be served. DE addr. of LLC: The Agents, Inc., 7014 13th Ave, Suite be maintained in CA: The LLC, 4751 National Corporate Research, Ltd., 19901. Name/address of each genl. Corporation Trust Co., 1209 Orange 202, Brooklyn, NY 11228. Purpose Wilshire Blvd., 3rd Fl., Los Angeles, 615 S. DuPont Hwy., Dover, DE ptr. available from SSNY. Cert. of LP St., Wilmington, DE 19801. Arts. of of LLC: to engage in any lawful act CA 90010. Arts of Org. filed with CA 19901. Auth. officer in DE where filed with DESS, P.O. Box 898, Dover, Org. filed with DE Sec. of State, P.O. or activity. Street address of Principal Secy. Of State, 1500 11th St., Cert. of Form. filed: DE Sec. of DE 19903. Purpose: to engage in any Box 898, Dover, DE 19903. Purpose: Business location is: 20 West 64 St., Sacramento, CA 95814. Purpose: State, Townsend Bldg., Dover, DE act or activity under the NY LP Law. any lawful activity. New York, NY 10023. any lawful activities. 19901. Purpose: any lawful activity.

March 29, 2010 | Crain’s New York Business | 35 nb13p34-36cl.qxp 3/26/10 2:04 PM Page 36

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36 | Crain’s New York Business | March 29, 2010 20100329-NEWS--0037-NAT-CCI-CN_-- 3/26/2010 8:44 PM Page 1

What’s in health bill for NY biz Being Chodorow

Continued from Page 1 those companies,” says Viren tion phases out a tax subsidy for pro- Continued from Page 1 The Eventi hotel project is the naturally very skeptical of govern- Mehta, managing member of phar- viding prescription coverage to re- him over the demise of their eatery, largest Mr. Chodorow is engineer- ment,” says Barry Sloane, chief ex- maceutical and biotech investment tirees, according to a recent Credit Rocco’s, contributed to his reputa- ing at the moment and the one that ecutive of Newtek Business Services research firm Mehta Partners. Suisse report. tion for being a hothead. is the most complicated.“It’s like do- Inc. “Now they’re wondering how Drug patents typically last 20 Local giants Verizon and Con “The food press had the coming 10 projects at one time,” he says. much higher their tax burden is go- years from the date of invention.But Ed could potentially see a charge to pletely wrong perception of me,” The Food Parc will feature four ing to be to pay for this.” since it often takes more than a earnings equivalent to at least 0.5% says the lawyer and Wharton different counters and showcase It’s estimated that about a third decade to test a medication, drug- of their market capitalization, ac- School graduate. some of the chefs Mr. Chodorow is of New York businesses with 25 to makers often have only about six cording to the report, while The These days he is trying to recast working with, including Ed Brown, 100 employees offer health insur- years to market a product under New York Times Co. could face a his image.“I was on the fringe [of the the consulting chef at CGM’s Ed’s ance, qualifying them for a subsidy patent before the generics swoop in. first-quarter charge amounting to foodie world] before,but now I’m let- Chowder House at the Empire Ho- under the new law (see the Small 115% of estimated first-quarter ting more people who are influential tel on West 44th Street, as well as Business column on Page 14). As- HOSPITALS AND DOCTORS earnings. in the food community know how I Mr. Pelaccio. suming the failure of any legal chal- work—and I don’t have a ‘Screw you’ lenges to health reform over the next the bill unlocked another $2.1 bil- THE SMALLEST BUSINESSES attitude anymore,” says Mr. Chodor- Talent scouts few years, many small businesses lion for New York hospitals to help ow,who famously took out a full-page investing in restaurants like will face a choice of offering cover- cover the cost of expanding Medic- the smallest of small businesses ad in The New York Times excoriating Fatty Crab that are not controlled by age or paying a penalty. aid, and hopefully, local hospitals and startups appear to be quiet win- critic Frank Bruni for a negative re- his company,Mr. Chodorow says, is Mr. Sloane predicts that compa- ners in this legislative battle. view about the restaurateur’s Kobe like creating a talent scouting divi- nies will widely opt to pay the penal- For freelancers and independent Club, now closed. sion. ty rather than embark on the costly The new law consultants, the bill provides relief, His reformation is taking shape “We joke that it’s our own [indie process of providing insurance. according to Sara Horowitz, in a handful of uncharacteristic film house] Fox Searchlight Pic- applies a bigger founder of the Freelancers Union, projects.The restaurateur, who spe- tures,” he adds. HIGH-WAGE EARNERS which has 85,000 local members. cializes in big and splashy, is quietly It is also a way for him to nurture Medicare “Independent workers have very investing in smaller eateries run by smaller restaurants—like chef The new law applies a bigger episodic income, and sometimes talented chefs such as Zak Pelaccio, Thomas Valenti’s The West Medicare payroll tax to individuals payroll tax to you don’t know how long a dry spell who opened Fatty Crab on the Up- Branch—and insinuate himself into earning more than $200,000 a year will last,”she explains.“Now you can per West Side and Fatty Cue in the foodie community. and to couples earning above couples earning automatically be eligible and be able Brooklyn. Mr. Chodorow is also Most of the restaurants he owns $250,000. Top-bracket finance and to afford insurance instead of going launching a 50,000-square-foot are cash cows, such as his five China legal professionals and many suc- above $250,000 without.” project at the new Eventi hotel on Grills, the first of which opened in cessful small business owners all fall Small businesses with fewer than Sixth Avenue that will include a 1987 in New York. But his detrac- into that category. 50 employees are not required to Basque-style restaurant and an in- tors often point to his numerous The tax will also apply to capital provide insurance. But for several door Food Parc. failures. For example, at 622 Third gains and dividends—a one-two years, those with no more than 25 Perhaps the most unlikely initia- Ave. in midtown, Mr. Chodorow punch when combined with last employees will be offered subsidies tive is his involvement in a gourmet tried out four different restaurants, year’s state millionaire’s tax, which for doing so, provided their average dumpling manufacturing business including Tuscan and Wild Salmon, kicks in when salaries hit $300,000. will see previously uninsured pa- pay is below a certain threshold. in North Bergen, N.J., where he is before finally walking away from the A triple whammy will come for tients get coverage. For example, there are nearly creating a 10,000-square-foot com- 22,000-square-foot space. many high-wage earners when the Having a larger pool of insured 200,000 firms in the city with fewer missary. His partners in the Still, his reputation for getting Bush tax cuts, which reduced pay- New Yorkers is good for the more than 25 employees, paying an aver- dumpling business are chef Joseph deals done and his access to capital ment rates for the highest two tax than 42,000 doctors in private prac- age weekly wage of $950,that would Ng of Chinatown Brasserie and Ed makes him a sought-after business brackets, are allowed to expire later tice in Manhattan—and their staffs. qualify, according to state Depart- Schoenfeld, a veteran restaurateur partner. this year. Each physician employs an average ment of Labor data from September known for his expertise in Chinese “Jeffrey is among the top three of three staffers, according to recent 2009. This group employs more cuisine. The pair is opening Red people we are asked to contact when BIG PHARMA data from the Medical Society of the than 707,000 workers. Farm Kitchen, a 40-seat restaurant we get assignments from hotel com- State of New York. Even health care reform oppo- on Hudson Street, in a couple of panies,” says Steven Kamali, who everything’s coming up roses for “It is so much easier to treat a pa- nents grudgingly admit that the bill months, and Mr. Chodorow is an runs an eponymous hospitality real the city’s pharma giants, Pfizer and tient who has coverage,” says Dr. has its positive points for these mi- investor in the business. estate business. The other two hot Bristol-Myers Squibb. In addition David Hannon, president of the so- crobusinesses. commodities are Stephen Hanson to winning millions of newly insured ciety. “If you’re thinking of starting a Dumpling king and Stephen Starr, he adds. patients and expanded Medicare small business tomorrow, this is a their plan is to serve dumplings At least one deep-pocketed hotel prescription coverage, the drug in- CORPORATIONS good piece of legislation,” Newtek’s at the restaurant that are made at the executive was impressed enough to dustry was awarded 12 years of mar- Mr. Sloane acknowledges. “Now New Jersey facility,a building owned put his own money into Mr.Chodor- ket exclusivity for “biologic”medica- companies with hefty rolls of re- health care won’t be a factor; you by Mr.Chodorow’s meat vendor,Pat ow’s business. Bill Richardson, a for- tions, like vaccines and allergenics. tirees receiving drug benefits will know you’ll be able to supply some La Frieda Wholesale Meats— mer vice chairman and major share- “This is a significant plus for take a hit, because the new legisla- level of insurance to employees.” known for its high-quality products. holder of Mandalay Bay Resort Mr.Chodorow says that the business Group, is an investor in Plunge and plan has “mushroomed”and that he’s Tanuki Tavern at the Gansevoort talking to chefs and gourmet shops Hotel downtown. He is CGM’s only Military looks storm retail across the city—not to mention his investor,according to Mr.Chodorow. own China Grill and Asia de The company pays for its expan- Cuba—about supplying them with sion from its operating cash flow Continued from Page 3 cargo pants, in shades of khaki and more, thanks to popular military dumplings. Some of the dumpling and by securing deals with land- “Right now, the consumer is green, to capture the trend-seeking looks. fillings will also come from Pat La lords—hotel developers that help fighting for her job, her health care. consumer. “When shoppers open up their Frieda. There is no startup date for foot the bill, says Mr. Chodorow. She’s going to battle, and she wants “Non-denim is the next step in closet and see a sea of denim, they the business—and Mr. Chodorow An outside investor would be apparel to give her a tougher look,” the bottoms evolution,” want something else, but has not yet signed the lease for the hard-pressed to sign off on some of says Jamie Ross, creative director at says Ms. Ross. “We’ve BOTTOM OUT still crave the comfort that commissary—but he is shopping for the wacky restaurant names Mr. trend analysis firm The Doneger been so denim, denim, denim has offered,” says dumpling equipment. Chodorow has slapped on his busi- Group. denim. Utility looks much Ms. Pecor. “That’s where “He’s starting to take food very nesses. Consider Brasserio Caviar While cargo pants will never re- more interesting.” 8.8% the cargo pant comes in.” seriously now,” says Mark Pastore, and Bananas (located in the former place jeans as the bottom of choice, But army looks are not chief operating officer at La Frieda home of Rocco’s), English is Italian Cargo looks selling DROP for pant retail experts say the items could sales other than made to order for every re- Meats. Mr. Chodorow credits his (a riff on chef Todd English’s her- chip away at denim’s stranglehold. at olive & bette’s,which tailer. The extra pockets new friendship with Mr. Pastore itage) and Ono,now Tanuki Tavern. U.S. jean sales have stayed strong has four Manhattan bou- jeans in 2009 and slouchier pants could with “pulling me into the food com- Ono is his favorite. It was con- during the recession,inching up 3%, tiques, cargo-inspired Source: NPD Group Inc. alienate some Ann Taylor munity in a way I’ve never been.” ceived after Mr. Chodorow in- to $13.7 billion, for the 12 months looks are already selling customers. The career- The butcher recently accompa- formed his wife, Linda, that he was ended in January, while all other well, in fabric alternatives oriented clothier offers a nied Mr.Chodorow and his team on opening another restaurant and she adult bottoms fell 8.8%, to $22.8 including silk and linen. After a few such items now, but plans to a 10-day tour of Spain, crisscrossing blurted out, “Oh no,” he says. billion, for the same period, accord- rough 2009, owner Stacey Pecor make military a mainstay this fall. the Basque region to sample food at “I haven’t been the best with ing to retail research firm NPD says sales this spring are rivaling “An Ann Taylor shopper is not a some 20 restaurants and “eating our names,” he concedes, adding “I Group Inc. those of 2008.Last year,the compa- very edgy, fashion-forward cus- brains out,”as Mr.Chodorow put it, thought Caviar and Bananas was Even some denim brands, in- ny’s revenue was around $13 mil- tomer,” says Sapna Shah, a principal all in the name of research for the one of the best restaurants we did. I cluding J Brand, Paige and Guess, lion, a 27% drop over 2008. Ms. at retail consultancy Retail Eye Basque-style restaurant he’s open- could never figure out why people have begun offering their own twill Pecor expects 2010 to pick up even Partners. ing in the fall. didn’t like it.”

March 29, 2010 | Crain’s New York Business | 37 20100329-NEWS--0038-NAT-CCI-CN_-- 3/26/2010 8:44 PM Page 1

Wall St.’s $61B year

Continued from Page 1 brokerage, which announced sever- tutions,according to brokerage firm al recruits last week—among them a Keefe Bruyette & Woods. More new head of U.S.equity research and than $1 trillion went to New York a head of U.S. stock trading. banks and insurers via bailouts, While there are a number of signs loans and guarantees. Even ac- that conditions for the financial in- counting rules were tweaked last dustry are looking up, Wall Street year, after heavy pressure from law- won’t approach last year’s record take makers, so that banks could avoid anytime soon. The city’s Indepen- recognizing losses on their worst dent Budget Office last week pro- loans and investments.Most impor- jected that it will post $16 billion in tant (though Keefe didn’t factor this profits this year and no more than into its calculations), the Federal $13 billion “in years following.” Reserve slashed interest rates to es- Tougher regs coming REMEMBERING: sentially zero. A rendering of the Now the government is starting for starters, Washington appears Memorial, which to reel in the lifelines, and with to be serious about overhauling fi- will open on Sept. stricter bank regulation also loom- nancial regulations, which could 11, 2011. ing, business is likely to get more make Wall Street a less prosperous difficult for the city’s financial insti- place for decades to come. And the tutions in the months ahead. Fed, in an effort to reduce the bank- “Between low rates and accounting industry’s dependence on gov- Greenwald asks. “That’s the strug- ing waivers,banks were given a pass,” ernment help,this week will stop ac- One project on time gle for us.” says Christopher Whalen, a manag- quiring mortgage-backed securities, As opening day draws closer,me- ing director at consulting firm Insti- morial officials are laying the emo- tutional Risk Analytics. “Now they Continued from Page 3 tims, firefighters and other groups tional groundwork. Six months ago, will have to stand on their own.” see construction and create a plan to each step of the way.The issues have they opened a “memorial preview Wall Street’s record profits are all operate the site. “It’s an extremely included the decision to display site” in a storefront on Vesey Street the more surprising considering that complicated project.” photographs of the hijackers and with small exhibits, updates on the last year,its denizens did precious lit- Memorial officials estimate that whether the museum pavilion is too construction, and a shop for memo- tle of what they’ve traditionally paid it is also one that will attract 5 mil- sanitized. rabilia. themselves so well to do: raise capi- lion to 7 million visitors each year, Alice Greenwald, director of the The mini-museum has attracted tal, arrange mergers and make heav- making it the biggest attraction in September 11 Museum, says no 500,000 visitors and sold more than ily leveraged trades.Indeed,revenues New York City. The Metropolitan matter what decisions are rendered, $1 million worth of merchandise. for the industry were about half of Museum of Art had 4.5 million vis- they will upset someone. On March 31, a speakers series will 2006’s record amount and only 6% itors last year. “We’re being built so soon after begin in the space, focusing on cur- over 2008’s decimated levels. What they will see is the culmi- the event,” Ms. Greenwald says. rent events and topics related to But while revenues rose modest-

nation of a $700 million construc- “The museum is charting the waters Sept. 11. The series will include a ly, costs plunged—specifically, in- bloomberg news tion effort, half of the funding for for how the history is being told,and presentation by New York Times re- terest expenses, thanks to the fact which came from government that’s a burden.” porter David Rohde, about being that the Fed cut rates to rock-bot- sources and half from corporations held captive for seven months by the tom levels. At Goldman Sachs, for and the public. Last year, Mr. Filling the space Taliban. instance, funding costs fell by 80%. Daniels kicked off a campaign to the museum will include large ar- No matter how carefully they That was a huge advantage, consid- raise an additional $25 million to tifacts, like the World Trade Center plan and how well they prepare the ering that such expenses are typical- create museum exhibitions. cross, mangled firefighting equip- public, memorial and museum offi- ly second only to compensation. In- Memorial executives estimate it ment,and a piece of the North Tow- cials are girding for an outpouring of terest expenses at the city’s five will cost $50 million a year to run the er’s antenna. Also on display will be praise, criticism and every other biggest financial institutions fell by site. In the coming months, Mr. an exhibit that retells the events of emotion imaginable once the site $110 billion. Connors will put together his first Sept. 11, 2001, another one explor- opens. That drop not only fueled record annual operations budget and begin ing the roots of terrorism, and a “You open up the memorial and earnings; it also spared Wall Street hiring the estimated 200 staffers room with pictures and information you don’t know what the reaction the magnitude of job losses that needed to run the memorial and about the victims.The most difficult will be,” says Paula Berry, who lost seemed assured after Lehman museum. exhibit to create, Ms. Greenwald her husband on Sept.11 and was the Brothers collapsed in September Memorial executives are already says, is the one that discusses how only family member to serve on the 2008. shifting their focus to the museum the attacks on Sept. 11 continue to memorial design panel. “It’s very Although 28,300 New Yorkers exhibits, which in some ways pose a reverberate around the world. important for people to know that lost their Wall Street jobs during the much bigger challenge. Museum “The big challenge is, what do it’s a very emotive topic and it is go- worst economic panic since the having bought more than $1 trillion planners have been involved in bit- you do with 9/11 after the cleanup ing to be provocative in the best Great Depression,the fact is,10,000 since the downturn began. Soon— ter disputes with families of the vic- at Ground Zero ended?” Ms. sense of the word.” more Wall Streeters were sacked after what a recent Fed statement during the dot-com implosion of vaguely calls “an extended period”— 2000, according to a report earlier it will also raise interest rates. this month from the Securities In- Rising rates will probably have WTC towers rise; will they rent? dustry and Financial Markets Asso- the biggest impact on smaller banks, ciation. In all, 15% of New Yorkers such as Astoria Financial, Hudson working on Wall Street have lost City Bancorp and New York Com- Continued from Page 2 is obsolete.” tion of showing space at the site un- their jobs since the credit crisis be- munity Bancorp.These institutions buildings that are going to be in Mr. Lieber will likely need that til the Fulton Street station is com- gan unfolding in mid-2007, com- are especially sensitive to rate in- front of a park and memorial.” long grace period, because many plete. pared with 20% after the 2000 bust creases because they fund opera- In the coming months, Mr. brokers remain wary of bringing “The Fulton Street station and and 21% after the crash of 1987. tions largely by borrowing from oth- Lieber needs to win others over to their clients to the site. While there transit hub are critical to anything “The mildness of the downturn er banks or by issuing certificates of that sanguine view. As part of the has been significant progress in re- that has been built down there,”says has surprised everyone,” observes deposit, says Sterne Agee & Leach deal that was reached with the Port cent weeks, Ground Zero has seen a Mr.Weiss.“Where is the infrastruc- Economy.com’s Ms. Di Natale. analyst Matthew Kelley. Authority,the state and the city,Sil- long series of false starts and broken ture we’ve been promised?” Rate hikes won’t be much fun for verstein must pre-lease 400,000 promises over the past nine years. For John Wheeler, a managing Jobs are coming back bigger banks, either. Higher rates square feet at no less than $60 a director at Jones Lang LaSalle, the employment on Wall Street also will depress the value of government square foot in order to secure their Transit headaches transportation projects are just two appears to be recovering faster than bonds, which banks have bought in crucial financial backing to com- among the ongoing concerns in of several that he would like to see it has before. The most recent con- quantity in recent years. They also plete the company’s second tower.It the minds of many is the fate of the near completion. He wants to make traction lasted 21 months, accord- will make it harder for struggling has roughly two and a half years to nearby Fulton Street Transit Center sure the current momentum doesn’t ing to SIFMA, compared with 31 borrowers to refinance—a pressing complete the task. that will connect to Ground Zero’s hit a wall. months after the 2000 collapse and issue for big banks, since they hold “The rent is perfectly acceptable transportation hub. Work on the “This has been a long time in a dismal four-year-long stretch after large amounts of deteriorating real for what will be new, state-of-the- transit center has also been fraught coming,” says Mr. Wheeler. “I 1987. Some banks are gradually be- estate loans and securities that they art space, says Mark Weiss, a man- with delays. It isn’t scheduled to would do a pre-lease, but I want to ginning to hire again here.They in- will have to write down. aging director at Newmark Knight open until 2014. see some more milestones pass—I clude Bank of America Merrill “Banks aren’t ready,” consultant Frank. “So much of the city’s space Mr. Weiss, for one, has no inten- want to see more action.” Lynch and Nomura, Japan’s leading Mr.Whalen says,“for any of this.”

38 | Crain’s New York Business | March 29, 2010 20100329-NEWS--0039-NAT-CCI-CN_-- 3/26/2010 11:43 AM Page 1

27% of CFOs say the greatest lesson of the recession is to place more focus on employee morale BUSINESS LIVES Source: Robert Half Management Resources HOT JOBS PLAYING IT AS IT EXECUTIVE LAYS: Sofika Zielyk’s INBOX egg-painting hobby has become a career. Anne Fisher ENFORCEMENT CHIEF ORGANIZATION Financial Indus- try Regulatory Authority Will you be JOB DESCRIPTION Enforce the able to sell agency’s rules and expose fraudu- lent financial investments your business? MOST IMPORTANT TASKS Bol- IF YOU’RE LIKE MOST ster the organization’s reputation, entrepreneurs, you expect that bring more cases the years of toil you’ve put into CREDENTIALS NEEDED Experi- your business will pay off when ence in litigation and regulation you’re ready to get out. It’s management profitable, so you should have no trouble selling, right? SALARY Current enforcement Maybe, maybe not. Only about chief earns $1.4 million 1 in 100 companies that come up DOWNSIDE Addressing legal chal- for sale each year find a buyer, lenges against the firm according to the U.S. Small UPSIDE Fostering relationships Business Administration and the between enforcement depart- National Federation of ments Independent Business. With bank credit so tight, 1 in 200 may be The Financial Industry Regulatory closer to the mark now. Authority is Wall Street’s self-regu- “Trying to cash out of your latory body. Finra employs approx- business and finding that you imately 2,800 in Washington, can’t is incredibly disappointing,” D.C., and New York and has 15 says John Warrilow. In 2006, district offices across the country. having built his market research —SELENA SHEN firm, Warrilow & Co., to about $5 million in revenues, he got the itch to sell it and start another venture. He found no takers. “I EXECUTIVE MOVES spoke with a business broker who told me the company was too Neuberger Berman: dependent on me,” says Mr. William A. Arnold, 46, was appointed chief Warrilow, who is based in Toronto. financial officer. He Mr. Warrilow sold his firm in was most recently at buck ennis 2008, but in the process of Citigroup, where he making it sellable, he learned served as head of GOTHAM GIGS that most entrepreneurs make corporate finance. the same mistake. The solution: NewOak Capital: Paul A. Valenti, 52, was appointed chief financial officer at the Standardize the service you asset management firm. He was offer, and train employees to previously chief financial officer at provide it consistently. Open Link Financial. No Mere Bag of Shells Thinking of giving your Blank Rome: Philippe M. Salomon, 61, management team equity in your joined the law firm as a partner in the company? Think again. Mr. corporate litigation group. He was for sofika zielyk, the question is not which came first, the chicken previously a partner at Willkie Farr & ‘I would sit Warrilow recommends a long- Gallagher. or the egg, but what kind of egg? ¶ It’s important, because her term incentive plan. “Buyers United States Council next to my delicately painted Ukrainian Easter eggs sell for from around $40 often get scared off by the for International (chicken) to $2,000 (ostrich.) ¶ Raised by Ukrainian parents on the prospect of dealing with a herd of Business: Harold mother Lower East Side, Ms. Zielyk grew up celebrating all the holiday minority shareholders,” he says. McGraw, 61, was Mr. Warrilow found eight ways named chairman. He while she festivals. “At 6, I would sit next to my mother while she painted to fix aspects of your business continues as chairman, president Easter eggs, telling her to put a few lines here, a little star there,” that might prevent you from and chief executive of painted recalls the 48-year-old. ¶ She studied art history at NYU, with getting a fair price—or any price— the McGraw-Hill Cos. ambitions of becoming a curator. But when the holidays came, she’d for it. He wrote Built to Sell: Turn Time Inc. Lifestyle Group: Paul Greenberg, Easter Your Business Into One You Can 41, was named president, digital. He make the exquisite eggs as gifts. Friends and family started asking for Sell. At http://builttosell.com, previously served as executive vice eggs’ them in advance. In her 20s, she finally started selling them—first at you can take a 10-question quiz president and general manager of TV Guide Online. street fairs, where a windy day would end with eggshells on the designed to tell you how sellable Raich Ende Malter & Co.: Paul R. Gordon, sidewalk, and later at crafts shows. ¶ She never dreamed her hobby your business is now. 59, joined the accounting firm as a partner. He was previously a managing would become a career. Yet through her research of traditional HAVE YOU EVER TRIED to sell a director at U.S. Trust. designs, Ms. Zielyk has become an accidental expert on this form of business, or are you trying to sell one Bank of America Merrill Lynch: Douglas folk art. Her eggs have been displayed at the Metropolitan Museum, now? Did you have to make changes, G. Preston, 45, was promoted to chief or are you planning to make any, in compliance officer and will continue in the Museum of Natural History and the Smithsonian. order to find a buyer? Tell us at See EXECUTIVE MOVES on Page 40 —hilary potkewitz www.crainsnewyork.com/execinbox.

March 29, 2010 | Crain’s New York Business | 39 20100329-NEWS--0040-NAT-CCI-CN_-- 3/26/2010 12:15 PM Page 1

RÉSUMÉ REVIEW Sizing up Obamacare Is your job search all it could be? We ask the experts. Health Foundation and their local hospitals? other hospitals. Funds for bad debt NAME CATHERINE F. NELSON Hospitals will benefit because there and charity care will be reduced— SUMMARY chief looks to next will be more paying clients, but will there’s not a lot for HHC in the bill. Marketing professional with experience in be hurt by the fact that per diem Care for undocumented immi- events planning stage of reform debate rates and per-service payments grants is completely left out of the might be reduced.As for New York’s bill, and that’s a big problem for PROFESSIONAL EXPERIENCE residents, some childless adults will HHC. Blue Star Jets, 2009-present BY GALE SCOTT be newly covered, and small-group Marketing and events manager and individual policies should get Why did the debate get so ugly? Worked with 21st Century Fox to secure product placement in he new york State Health cheaper because healthy young peo- Everyone has a personal stake in upcoming film Foundation,a nonprofit re- ple will be forced to get coverage. health care, so it got emotional. GEN ART, 2009-present search group in Manhattan Right now, these premiums are And there’s a lot of money Volunteer coordinator focusing on health policy, so expensive that only people involved.In the U.S.,people Volunteered for week-long film festival Thas closely followed the debate on over 55 and those with chron- in health care—insurance, Niche Media Holdings, 2005-2009 national health reform. Foundation ic illness think they’re worth pharmaceuticals, medicine, Marketing and events associate manager President and CEO James Knickman buying. hospitals—have higher in- Generated 250 successful marketing events says the bill helps many New York- comes than in Canada or City Parks & Community Services, Davis, Calif., 1999-2005 ers but leaves What happens to New York’s Europe. some out. “safety net” hospitals? Assistant director, alternative recreation This is going to Will the rancor fade? Developed events for people with developmental disabilities Did you support create a perfect I think the debate EDUCATION MOVERS & the bill? SHAKERS storm for New will move to the Marquette University, Milwaukee, Wis., B.A., communications studies, It isn’t the bill York’s Health real challenges of 2005 I would have and Hospitals implementing Résumé appears in condensed form. James written, but I Corp. The the plan. We’ll supported the city’s public argue about EXPERT ADVICE Knickman principle of hospitals are those instead. Catherine is an expert marketer and event planner. She needs to redirect extending particularly that strength into marketing herself as a candidate. She should talk to coverage. The challenged, What concerns everyone she knows to find out about job opportunities. She should bill does that in a relatively logical since Medic- peculiar to New expand her network—never asking for a job. One place she can do this is in way, extending Medicaid coverage aid rates will York remain the nonprofit she’s involved in. These people know people. She should and subsidizing coverage for some be reduced unaddressed? also “think big” regarding her job search and brainstorm what she really others. The idea goes back to and 70% of Uncovered im- wants to do. Once she figures that out, go for big brand names in that area Richard Nixon, and it is not so far their patients migrants is the with passion and enthusiasm. Finally, she should condense her résumé. from what John McCain proposed, are on Medic- big one; another She just graduated in 2005; it seems arrogant to have a two-page résumé. so if we weren’t so partisan we’d re- aid. They may challenge for — , career services expert, Vault.com alize we were closer than we think. also see newly New York is connie thanasoulis-cerrachio insured pa- keeping costs What does this mean for New Yorkers tients drift to down. To contact this candidate or to be featured in “Résumé Review,” e-mail us at [email protected].

meg figley

was promoted to senior vice president was most recently at ShopText, where he EXECUTIVE MOVES from vice president at the insurance served as chief operating officer. brokerage. DLA Piper: George South, 43, joined the managing director. He was formerly a He was previously chairman of the Continued from Page 39 Relevant Public Relations: Barton law firm as a partner in the restructuring senior managing director at Muriel litigation services committee at the New his role as senior vice president. He was Horowitz, 60, was appointed president. practice. He was previously a partner at Siebert & Co. York State Society of CPAs. formerly a compliance executive. He was formerly a senior business writer King & Spalding. Edward Jones, 38, joined as managing WGN America: Joshua Richman, 32, was America Scores: Norma Barquet, 62, was and columnist with the Staten Island Katz Media Group: director of institutional sales. He was named vice president of marketing at appointed chief executive at the youth Advance, published by Advance Joe Brewer, 48, was formerly a vice president at Wedbush the national cable network. He was development organization. She was Publications. promoted to senior Securities. previously a senior director at ESPN formerly executive vice president at Girl KBW Inc.: Michael Errichetti, 52, joined vice president and The Jordan Edmiston Group Inc.: Adam Customer Marketing. Scouts of the USA. the investment bank as managing chief information Gross, 39, was promoted to chief IA Interior Architects: Erik Hodgetts, 40, KPMG: Anthony Castellanos, 47, was director and head of real estate officer from senior marketing officer from vice president of was named director of legal services. He promoted to head of the investment banking. He was previously vice president of marketing and communications at the was previously an associate partner and communications and media practice at J.P.Morgan, where he served as a information investment bank. studio director at Butler Rogers Baskett. from tax leader for the communications managing director. technology services at the media sales PeekYou.com: Eric Ludwig, 37, was ChaCha: Steven and media sector at the tax and advisory ScanScout: Adam Lichstein, 42, joined and marketing firm. appointed president and chief operating Goldstein, 42, joined firm. the video advertising provider as senior Old Mutual (Bermuda) Ltd.: Andrew officer of the people-search engine. He the online search Willis Group Holdings: Bryan Eure, 30, vice president and general counsel. He Darfoor, 36, was promoted to president had been director of search engine company as chief and chief executive at the investment marketing at AOL. revenue officer. He services firm. He was formerly general Morrison & Foerster: Anthony Princi, 52, had been at Latino manager and chief operating officer. joined the law firm as a partner. He was Interactive Network CORPORATE LADDER Appssavvy: Calvin Wong, 37, was formerly a partner at Paul Hastings. Inc., where he served promoted to chief operating officer at GolinHarris: James Kelly, 37, was named as executive vice president of global LEADERSHIP EXPERT JOINS NONPROFIT the social media sales firm. He was creative director at the public relations advertising sales. previously executive vice president of agency. He was most recently with Stroock & Stroock & Lavan: KATHRYN C. MAYER, 49, was appointed director of Joel H. product and sales operations. Weber Shandwick, where he served as a Goldberg, 65, joined the law firm’s the Center for Microfinance Leadership at Women’s Mayer Brown: David Bakst, 38, joined senior vice president. investment management practice group World Banking. She was previously the president the law firm as a partner. He was CetraRuddy Inc.: Eugene Flotteron, 38, as a partner. He was previously a partner and founder of KC Mayer Consulting Inc. Ms. Mayer previously at Eiseman Levine joined the architecture and design firm in the asset management group of has been instrumental in promoting leadership Lehrhaupt & Kakoyiannis, where he as an associate principal. He was Willkie Farr & Gallagher. opportunities for women in finance. She created a had been a partner. previously with Swig Equities, where he King & Spalding: James P. Cusick, 51, leadership development program for female John Berkery, 42, joined as a partner. He served as senior vice president. joined the law firm as a partner in the was formerly counsel at Shearman & CoreBrand: Karl litigation practice. He was previously a investment bankers and has worked with Citigroup’s Sterling. Barnhart, 42, was partner at Orrick. human resources team in redesigning the Arent Fox: Andrew D. Kaizer, 54, joined promoted to president David M. Fine, 39, joined as a partner. performance review process. She has also authored the law firm as a partner. He was most at the brand strategy He was most recently a partner at a book, Collaborative Competition: A Woman’s recently at Michelman & Robinson, and communications Orrick. Guide to Succeeding by Competing, which promotes healthy competition in where he was a partner. firm. He was —maia blume the workplace. The Center for Microfinance Leadership designs executive Lebenthal & Co.: Debora Ibrahim, 55, previously a partner joined the wealth management firm as and managing director EXECUTIVE PROMOTIONS education programs in the field. Women’s World Banking is a global network senior managing director of institutional at CoreBrand Communications. The fastest way to get an announcement into of 40 microfinance providers and banks, and works in 28 countries. trading. She was formerly a senior trader Financial Executives Networking Group: Crain’s is to submit details online. Fill out the form —MAIA BLUME at Bank of America. Marc Engel, 53, was named chairman of at www.crainsnewyork.com/submit. The Steve Willis, 50, joined as a senior the internal audit special interest group. Executive Moves column is also available online.

40 | Crain’s New York Business | March 29, 2010 CN013554 3/12/10 11:36 AM Page 1 20100329-NEWS--0042-NAT-CCI-CN_-- 3/26/2010 6:02 PM Page 1

New York’s hometown airline, JETBLUE AIRWAYS CORP., FINALLY PULLED OUT OF ITS HOLDING PATTERN and announced plans to keep its headquarters in Queens.The 10-year-old airline will relocate from Forest THE Hills to Long Island City. Local and state officials had been begging JetBlue for months to stay here, wooing the corporation with an estimated $30 million in incentives to keep 800-plus jobs from moving to sunny WEEK Orlando. Big Apple 1, Mickey Mouse 0. … NEW YORK UNIVERSITY ALSO LAID PLANS FOR ITS FUTURE in the city by proposing a massive expansion ON THE of more than 3 million square feet in Greenwich Village, a new engineering school in Brooklyn and a satellite campus on Governors Island.The 20- year plan would require numerous approvals, not to mention winning over WEB skeptical neighbors and preservationists. Still, the school never mentioned Florida. NYC 2, Orlando 0 …. Less than a week after the Taxi and MARCH 22-28 Limousine Commission ACCUSED TENS OF THOUSANDS OF CAB DRIVERS OF SCAMMING PASSENGERS with undue fares, the TLC’s leader ate a little CRAINSNEWYORK.COM crow over the issue. Partially conceding to leagues of offended taxi drivers, commission Chairman Matthew Daus said many, if not most, of the cases in which cabbies flicked the out-of-town meter button while inside city limits were accidental and charged no extra fare to riders. … Speaking of Sneezing scheming, OWNERS OF THE TWO LARGEST MARBLE AND STONE CONTRACTING COMPANIES working in the city pleaded guilty to tax evasion at health reform on profits they garnered by colluding on contract bids. Vincent Delazzero of Port Morris Tile & Marble Corp. and Ralph Petrillo of Petrillo Stone resident barack Corp. admitted to rigging bids two times and hiding their scheme’s bounty. Obama signed into law newscom —elisabeth butler cordova and barbara benson the biggest health care reform in decades, at once expanding Medicaid and creating Pfederal health insurance premium subsidies to insure more lower- and middle-income HOORAY OY VEY households.The deal, which squeaked through the House of Representatives, didn’t sit well Lawmakers across the country reported receiving threats DEVELOPER THE MTA pulled with some constituents: after the Larry Silverstein, the trigger on law’s signing. Many components of the law won’t take effect for years, but some will require city officials and “doomsday” the Port Authority cuts in bus and employers to act quickly. For instance, within six months after enactment, employers will have have settled on subway service a deal that will to save $93 to extend coverage to employees’ adult children up to age 26, if those dependents are not fill out the million—a mere eligible for other group coverage.The reform means extra money for Medicaid in New York, remaining corner down payment bloomberg news of the Ground on the $400 million it still has to find to where 1 million people are eligible but not enrolled. But it will also cut charity-care payments Zero site. balance its books. to city hospitals while wealthy New Yorkers pay more to support the reform. buck ennis Photo Michel Gibert Photo Michel

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42 | Crain’s New York Business | March 29, 2010 20100329-NEWS--0043-NAT-CCI-CN_-- 3/26/2010 12:15 PM Page 1 chemex / INSATIABLE CRITIC $75 for members and $115 for flickr.com Gael Greene nonmembers. For more information, call THE (212) 541-4530 or e-mail [email protected]. SEMINARS WEEK WEDNESDAY, APRIL 7 DONNELLY SUSTAINABLE ENERGY is Come hungry offering a seminar on building retrofits AHEAD for energy savings and why doing nothing will cost you more. The seminar APRIL 5-11 is from 5 p.m. to 8:30 p.m. at Club 101, to B’klyn hot spot 101 Park Ave., and is free. Call buck ennis (646) 230-1019 or e-mail FORUMS [email protected] for more info. WHAT HE’S Pies ’n’ Thighs satisfies THURSDAY, APRIL 8 Join CRAIN’S NEW YORK BUSINESS for a THURSDAY, APRIL 8 EATING with Southern dishes, breakfast forum with Comptroller John MCGLADREY will host a seminar on Liu on New York City’s recession retirement plan responsibilities for TONY MAY, owner of sleek new if you wait a while experience. The forum will be held at businesses from 1 p.m. to 4:30 p.m. at 114 Italian SD26 on Madison Square the Grand Hyatt, 42nd Street and W. 47th St., 12th floor.The event is free. Park, has a few spring favorites on ies ’n’ thighs caught Grand Central Terminal, from 8 a.m. to Call (212) 372-1508 for further details. his plate these days. “I’m eating a 9:30 a.m. Tickets cost $70 for one and foodiotic attention dish- CULTURAL EVENTS lot of shrimp from Sicily, red ing up crusty chicken in $650 for a table of 10 if you register by April 1, and $75 for one and $750 for a FRIDAY, APRIL 9 prawns. This is the season,” says the dining room at the table of 10 for registration thereafter. AVERY FISHER HALL hosts the AMERICAN the white-haired restaurateur. “We Rock Star Bar, in an open buck ennis A FAVORITE: Banana cream pie Tickets can be purchased online at SYMPHONY ORCHESTRA performing eat them raw, carpaccio-style, Pconcrete yard behind a chain-link www.crainsnewyork.com/events. Schumann’s Scenes from Goethe’s Faust, with borlotti beans and rosemary.” fence under the Willamsburg under the direction of Leon Botstein, at PROGRAMS He’s also enjoying broccoli Bridge. Waiting two years for its re- PIES ’N’ THIGHS 8 p.m. at 10 Lincoln Center Plaza. rabe—he calls it rapini—and pun- birth massaged the myth.By the time TUESDAY, APRIL 6 Tickets cost $25 and can be purchased 166 S. Fourth St. tarelle, winter chicory, with ancho- the trio of chef-owners—Sarah Williamsburg, Brooklyn SCORE NYC is offering a program on online at www.lincolncenter.org. vy sauce, a dish from “Roma.” Buck,Carolyn Bane and Erika Geld- (347) 529-6090 getting and keeping customers with SATURDAY, APRIL 10 Pick zahler—finally fired up the smoker www.piesnthighs.com e-mail marketing from 10:15 a.m. to 1 Though he’s reluctant to admit p.m. at the Science, Industry & Business Head to the AMERICAN of the that he ventures to competing on South Fourth Street, the recent Library, 188 Madison Ave., lower level. FOLK ART MUSEUM at 45 W. opening rivaled the newest from week eateries—“When I don’t eat at the Fees are $49 in advance and $59 at the 53rd St. for the first week of restaurant [SD26], I eat at home,” Danny Meyer or Keith McNally.But CUISINE Southern door. For details, call (212) 264-4507 an exhibit on folk art by female I don’t cross bridges without a reser- or e-mail [email protected]. artists from the 18th and 19th centuries. he says—if he strays, he goes vation. I don’t even go to the Village PRICE RANGE $5 to $12 Admission is $9 for adults, $7 for “where I know the owners.” THURSDAY, APRIL 8 without a confirmed table. SERVING Breakfast, lunch, students and seniors and free for He says Sandro’s on East 81st Frankly, I would not be chewing THE NEW YORK SOCIETY OF SECURITY members and children under 12. The Street “cooks dishes I like.” He brunch, dinner ANALYSTS on this fabulous drumstick and will host a program on how museum is open from 10:30 a.m. to 5:30 also mentions Antonucci’s on the RESERVATIONS Not taken regulation is changing the hedge fund p.m. For more information, call (212) Upper East Side, and the Four swooning over the unlikely combo of industry from 6 p.m. to 8:30 p.m. at 265-1040. tenderest brisket and mayo on mar- NOISE LEVEL Not painful 1540 Broadway, 10th floor. Tickets cost —maia blume Seasons, which he admires for its velous toast if Brooklyn-domiciled classic Philip Johnson design. I can’t wait to return. Eddie Schoenfeld, a restaurant guru, To view Crain’s full calendar listings, go to www.crainsnewyork.com/events —VALERIE BLOCK hadn’t said he’d be driving around I will definitely go back. Manhattan and would pick us up. I’ll let them simmer awhile. He’d been wanting to try Pies ’n’ NO HATS Never again. Thighs, too. A right off the bridge, a left past Peter Luger. We luck into a parking spot and there it is, that rec- tangle of light, but … uh oh … what side thick slices of toast is an aston- are those anxious clots of young’ns ishment … an Ohmygod moment. pawing the bluestone outside? No, None of us are wild about the you dreamer, they are not hanging vinegar-tinged Carolina pulled- around because they just finished pork sandwich. And Tabasco tossed eating and don’t know where to go. into macaroni and cheese is a per- They are waiting for a table. And so version to me. I don’t like minced are we. Forty minutes, they estimate. cole slaw either, but the sweet col- And then … a miracle. After just lards and baked beans are fine. The 20 minutes, we are summoned, led lemonade and iced tea are solid, too, past the frenetic kitchen athletes and not too sweet, the tea not over- the unabashed garbage area into the brewed. What a romp we’re having garage full of noisy campers.It’s a lit- for just $20 a person, all included. tle chilly out here with bare brick Megan, our server, with her gar- walls and concrete floor, but we’ve den of tattoos,never stops smiling as dressed for early spring. We settle on she races up and down the garage odds and ends of chairs at a vintage steps. “You’ve got it,” she says. And kitchen table,with its drawer torn out “I’ve heard you; it’s on its way.” to make way for our knees. We ask her for pie recommenda- “How many pieces come in the tions. Apple and banana are every- $10 fried chicken box?” we ask our one’s favorite, she says. Indeed, the waitress. Three pieces, so we’d bet- banana cream triangle is fine,and tart ter get two boxes for our four. Eddie slices of apple are delicious layered convinces his wife,Elisa,she doesn’t into a substantial buttery crust.It oc- really want the catfish box by letting curs to me that I ought to taste more her choose a side: collards along pies. Uncharacteristically, I choose with our picks, baked beans, cole restraint. I am deliriously happy. I’ve slaw and mac ’n’ cheese. loved visiting this alternative exis- It’s the Fourth of July—in tence. But I probably won’t be back. March—as the tabletop fills up. And Pies ’n’Thighs is best left to the mil- it’s plates, not boxes, with a tower of lennials, the 20- and 30-year-olds, big,fat crackling thighs and a chunky preferably those who live nearby and leg, alongside a jumbo biscuit—alas, love rubbing against each other and sadly stale and dry. But all that dark schmoozing for however long it takes meat for our dark-bird lovers. No to score a table and dinner for $20. need to kill each other over who gets stuck with the breast. And slices of Copyright © 2010 by Gael Greene. juicy brisket slathered with mayo in- Syndicated by www.insatiable-critic.com.

March 29, 2010 | Crain’s New York Business | 43 CN013575 3/25/10 11:58 AM Page 1

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