BANKING Online Lending 3.0 P

20140428-NEWS--0001-NAT-CCI-CN_-- 4/25/2014 7:27 PM Page 1

GOTHAM GIGS GOING BOLLYWOOD FPO Priya Pandya’s Indian-dance CRAIN’S® NEW YORK BUSINESS fitness craze P. 8

VOL. XXX, NO. 17 WWW.CRAINSNEWYORK.COM APRIL 28-MAY 4, 2014 PRICE: $3.00

Signature Bank stock price Nasdaq Bank Index 3500 $125 +650% $116.12 3000 100 CLOSING PRICE 2500 75 -5% 2000 50 2518.01 CLOSE 1500 25

1000 0 3/23/04 4/25/14 Note: Monthly closes. Source: Yahoo Finance NY’s most successful bank

Signature Bank bests its BY AARON ELSTEIN of the city’s most romantic restaurants, whose decor of dark wood, stained glass and publicly traded rivals with An accountant and an investment banker, wonder- a fireplace was described by The New York ing if they really wanted to spend a big part of their Times as “dreamy.” remarkably low overhead lives together, decided to meet for dinner in 1999. “It was a place where you got engaged,” Confidentiality was important to both men, so a the investment banker recalled. “And we and almost no dud loans private room was booked at the Box Tree, then one did.” See SIGNATURE on Page 23 buck ennis REPORT BANKING Online lending 3.0 P. 15 THE LISTS Largest commercial banks P. 17 Thrifts P. 18 50-story towers eyed for LICH site Reform had a second Cost to keep full-service hospital in Cobble Hill could be big, tall killer, Cuomo says lyn communities and elbowed aside on high-rise residential towers of a BY BARBARA BENSON a deep field of competitors by pledg- scale never before seen in the heart editorial board meeting with Crain’s. AND DANIEL GEIGER ing to preserve a full-service hospi- of brownstone Brooklyn in order to Guv: Public funding Senate Republicans in Albany tal at the Cobble Hill site. make the deal pencil out, according of campaigns failed have long deemed publicly funded The highest-scoring bid for Long But that pledge comes at a cost. to emails among executives involved elections a waste of taxpayer dollars. Island College Hospital captured The would-be real estate developers in the bid. as unions nixed deal But, according to Mr. Cuomo, the the support of surrounding Brook- of the medical campus are counting Brooklyn Health Partners envi- Senate GOP was ready to make a sions raising at least two soaring res- deal this year to allow them—only idential buildings of up to 50 stories BY CHRIS BRAGG to have labor unions balk. The leg- 17 on the campus of low-rise buildings islators settled for a watered-down 5 that make up Long Island College Republicans aren’t the only roadblock version, setting up a mere pilot pro- Hospital. It has plans to build a 40- to publicly funded elections across gram for the state comptroller’s race. to 50-story condo tower on the site New York,according to Gov.Andrew The outcome was decried by good- of a large parking garage on the cor- Cuomo. Labor unions short- government groups. ner of Atlantic Avenue and Hicks circuited a potential deal to imple- In exchange for public financing NEWSPAPER See TOWERS on Page 24 ment a new system, he said in an See UNIONS on Page 23 71486 01068 0 20140428-NEWS--0002-NAT-CCI-CN_-- 4/25/2014 6:12 PM Page 1

REPORTER’S NOTE

A fair idea FYICRAINSNEWYORK.COM

Last week, several thousand people gathered underneath the rusty Casino operators New York State Pavilion in place their bets Flushing Meadows Corona Park, Queens, to celebrate the 50th he race to open four full- anniversary of the 1964 World’s gambling casinos in New York Fair. Supporters hope the icon’s Tstate got off to a competitive Andrew J. Hawkins recent symbolic “national treasure” start with 22 operators putting in designation by the National Trust bids last week to develop four resorts for Historic Preservation will spur upstate, where Gov. Andrew Cuomo is investors to fund its revitalization. But there was no hoping to jump-start the economy. talk of resurrecting the World’s Fair, the global Most of the interest is in the lower exposition that rides high in the flying-car memories Hudson Valley and the Catskills, of a certain generation of New Yorkers. No talk of a regions close to populous New York galvanizing, multimonth event to spur infrastructure City and its 50 million-plus tourists

and technology investments and outside-the-box each year. istockphoto urban planning that could provide the equivalent of a Genting Group, operator of the casino at Aqueduct Raceway in Queens, last week submitted the B12 shot to the city’s economy. Enter John $1 million application fee for the bid to build a casino in Tuxedo, just 40 miles from the city. Catsimatidis, the oil-and-supermarket mogul who Genting’s plan, say industry experts, is to intercept some of the gamblers who might bypass its ran for mayor last year. We asked Mr. Catsimatidis, Aqueduct casino and travel north to the newer resorts. who had proposed a new World’s Fair as part of his Meanwhile, Empire City Casino in Yonkers hopes to win one of the three licenses that will be quixotic political run, whether the idea still intrigued issued by 2021. It’s warily watching competitors’ interest in nearby Orange County. him.The short answer: “Yes.”Would he spend his Formal proposals for the first four casinos are due June 30, and a decision on which ones are own money to do it? “Sure”—though he would awarded a license is expected by the fall. —lisa fickenscher prefer someone with more hospitality experience to take the reins. How much would it cost? “Here’s my WTC FINANCING DELAYED, AGAIN. would-be rules are less restrictive HOORAY! mathematics,” he said, his eyes dancing. “It would The Port Authority of New York and than anticipated, they will likely take New Jersey postponed until May its years to become effective. … RETAIL NYU LANGONE cost $17 million to tear [the pavilion] down, $42 vote on whether to pledge $1.2 bil- STARTUPS STUFF THEIR BAGS. MEDICAL million to restore it.” If City Hall or Albany paid the lion toward developer Silverstein E-commerce site Etsy acquired CENTER reopened its cost of demolition, a private developer would have to Properties’ construction of 3 World gadget marketplace Grand St. for emergency room, Trade Center. … GUILTY PLEA. $10 million to expand its electronics 18 months after spend only $25 million—or about $1 million a year William Rapfogel, the former CEO offerings. Birchbox, a beauty- Superstorm Sandy damaged over 20 years at 4% interest—to renovate the of the Metropolitan Council on Jew- product delivery site, has raised $60 the facility. structure for a tenant. He plans to pitch the idea to ish Poverty, faces up to 12 years in million in capital and plans to use the both Mayor Bill de Blasio and Gov. Andrew Cuomo prison after he admitted to stealing money for hiring, marketing and $9 million from the nonprofit. In ad- expanding geographically. … “because we need the support of at least one of them dition,David Cohen,the Met Coun- DE BLASIO PUTS OUT THE to create that vision.” Cash-rich tech firms like cil’s former executive director, plead- FIRE(PLACE). Mayor Bill de Blasio OY VEY! Google and Microsoft could purchase fair pavilions ed guilty to stealing $650,000 from has proposed a ban on new wood- NYPD’s call for New Yorkers to tweet the organization. … JETBLUE PILOTS burning fireplaces as a way to help photos of cops with #myNYPD backfired for $50 million each to present their visions of the FLY UNION. when users shared photos of police JetBlue curb air pollution.He brutality. future, providing today’s kids with the same “wow Airways’ pilots voted ‘I’m trying to is also backing laws moment” that Mr. Catsimatidis felt 50 years ago. “It to join the Air Line that would require would be much easier if I was mayor,” he added. “But Pilots Association— get our new many restaurants and with 71% in favor— commercial kitchens I have no regrets.” ending its status as mayor as to install emission the largest nonunion interested in filters on ovens and THIS WEEK IN CRAIN’S U.S. airline. The charbroilers,and that move will likely in- tech as I can’ would encourage re- ap images crease costs for the —Sen. Charles Schumer, frigerated trucks to IN THE BOROUGHS------3 carrier because it will who declared himself a big use battery power in- pitching Barclays Center, Madison IN THE MARKETS------4 have to negotiate ally of the city’s tech stead of diesel fuel. Square Garden and the Javits Center with the union on pay industry … WOODSON IS to host the 2016 Democratic Nation- REAL ESTATE DEALS ------5 and labor rules. … EJECTED. After the al Convention.The last time the con- THE INSIDER ------6 E-CIGS GET SNUFFED? The Food and Knicks failed to reach the playoffs, vention was held in New York was SMALL BUSINESS ------6 Drug Administration wants to ban newly appointed President Phil Jack- 1992. … PAID-SICK-LEAVE CZAR. Julie BUSINESS PEOPLE ------8 the sale of electronic cigarettes to son fired head coach Mike Woodson Menin, the former chairwoman of everyone under the age of 18—the and his entire staff. No word yet on Community Board 1, has been OPINION ------12 first time the $2 billion industry who will be the new coach, but Mr. tapped to lead the Department of GREG DAVID------13 would be federally regulated. The Jackson has ruled himself out, citing Consumer Affairs. She will oversee DNC HEARTS NY. ALAIR TOWNSEND ------14 proposal would not affect medical issues. … the paid-sick-leave law. NEW YORK, NEW YORK e-cig advertising. Though the The de Blasio administration is —emily laermer REPORT: BANKING ------15 Andy Warhol’s Race Riot is among the stars of the spring CLASSIFIEDS ------20 auction season. P. 25 SOURCE LUNCH------26 STORIES TO WATCH THIS WEEK vol.xxx,no.17,april 28,2014—Crain’s New York Business (ISSN 8756-789x) is published week- ly, except for double issues the weeks of June 23, July 7, July 21, Aug. 4, Aug. 18 and Dec. 22, by Crain Communications Inc.,685Third Ave.,New York,NY 10017.Periodicals postage paid April 29: Crain’s April 30: City May 1: Mayor Bill May 4: TD Five at New York, N.Y., and additional mailing offices. Postmaster: Send address changes to: Crain’s New York Business, Circulation Department, 1155 Gratiot Avenue, Detroit, Breakfast Forum Council meets to de Blasio unveils Boro Bike Tour MI 48207-2912. for subscriber service: Call (877) 824-9379. Fax (313) 446-6777. $3.00 a copy, $99.95 one with Westchester discuss municipal affordable-housing year, $179.95 two years. (GST No. 13676-0444-RT) County Executive ID card bill. plan. ©Entire contents copyright 2014 by Crain Communications Inc. All rights reserved. Rob Astorino

2 | Crain’s New York Business | April 28, 2014 20140428-NEWS--0003-NAT-CCI-CN_-- 4/25/2014 5:39 PM Page 1

IN THE BOROUGHS BROOKLYN Block of shops beats the odds Retailers triumph over low foot traffic, high rents, reopened jail

BY CARA S. TRAGER

For years, retailers along the seven- block stretch of Atlantic Avenue in Brooklyn’s Boerum Hill have suf- fered from having too many vehicles racing along the six-lane roadway and too few shoppers and diners LET US PREY: Tour-operator sales agents strolling on the sidewalks. More re- target visitors emerging from the Bowling Green subway station. cently, they’ve seen a spike in rents driven by Barclays Center, located just three blocks away at the far end of Atlantic at Fourth Avenue. But on a single block between Hoyt and Bond streets, a total of 40 buck ennis stores on either side of the thor- oughfare are surviving, and even prospering in some cases. Once lined mostly with a mix of musty an- In Battery Park, a tour de farce tique and used-furniture stores, the retail landscape in the past 10 years has vastly changed.Today, it is of them hope to divert the visitors to bus or boat dotted with a diverse,upscale assort- Statue Cruises says it’s losing big bucks to sales agents tours, often without informing them that the ment of shops selling everything diverting tourists heading to Liberty and Ellis islands packages they offer don’t include stops at the pop- from clothing and accessories to ular monuments. home furnishings and perfumes. Statue of Liberty and Ellis Island. Tourists aren’t the only ones getting duped. “This is a very visible shopping During the past 18 months, scores of sales Statue Cruises, which has the exclusive contract destination, [drawing] people who BY LISA FICKENSCHER agents for various tour operators have descended to ferry people to Liberty and Ellis islands from would shop in parts of Manhattan, on the southern tip of Manhattan, targeting vis- Battery Park, says it is losing hundreds of thou- like SoHo or TriBeCa,” said Paul Battery Park has become a battleground for un- itors the second they emerge from the Bowling sands of dollars a year, and the city, which gets a Bright, owner of Bright Lyons, a witting tourists who are on their way to see the Green subway stop or try to enter the park. Most See TOUR on Page 24 See BLOCK on Page 11 istockphoto STATS AND THE CITY by Nicholas Wells

NEW YORK VS. TEXAS: On a trip through New York last week, Texas Gov. Rick Perry challenged Gov. Andrew Cuomo to a debate over the business climates of each state. Mr. Cuomo declined the invitation, but told Crain’s that his tax-free Start-Up zones have attracted the interest of Texas companies. Here’s how the Empire State stacks up against the Lone Star State. MIGRANT DON’T MESS CAPITAL GRAVY BIG OIL, MECCA WITH TAXES REIGNS TRAIN BIGGER BANKS TEXAS’ oil and gas boom has HIRE RECESSION attracted new residents. New 77% $9.3B $19.1B 52 EDUCATION RECOVERED? York City’s gains have only PORTION of New York AMOUNT of venture VALUE of tax breaks given NUMBER of Fortune 500 barely offset losses upstate residents who think capital invested in to Texas corporations headquartered in both New York they pay too much in New York startups since annually and Texas. The highest-ranked 19.5% 10.5% state taxes, compared 2010 ● 78% of the total goes Texas companies are Exxon- INCREASE between GROWTH in employment in 20.9% with 39% of Texans toward sales-tax refunds Mobil and Phillips 66. New 2000 and 2012 in Texas since 2009, to 12.2 INCREASE IN TEXAS’ and exemptions York’s are Verizon, JPMorgan the portion of New million jobs population between 2000 $5.3B Chase, IBM and Citigroup. New Yorkers with graduate 8.82% TOTAL venture-capital and 2012, to 25 million. TOP New York income- York’s companies on the list or professional New York, meanwhile, funding in Texas since $1.82B employ nearly 3 million people. degrees, compared -0.2% tax rate. New York AMOUNT DECREASE in employment in grew 2.2%, to 2010. Texas VC funds that New York Texas’ have 1.6 million workers with Texas’ 14.5% corporations pay a flat 8.97 19.4 million dwarf New York in sec- businesses get in New York since 2009, to rate of 7.1% million jobs people tors like industry and corporate income-tax ● There are no income energy, semiconductors credits, 44.8% 467% $62K ● The unemployment rate in or corporate taxes in and biotech. New York’s of the total of a $4.06 AMOUNT by which the value of AVERAGE per capita Texas as of March was 5.5%, Texas, but companies big dollars went to billion business- company assets in New York GDP in New York, No. 17 in the nation pay a tax on gross media and entertain- incentive program exceeds Texas’. New York’s compared with $54K ● New York’s was 6.9%, receipts ment, and software companies in 2013 were also in Texas putting it at No. 36 40% more profitable Sources: 2000 U.S. Census, 2012 American Community Survey, Gallup, Tax Foundation, ADDICTED TO NUMBERS? GET A DAILY DOSE AT @STATSANDTHECITY PricewaterhouseCoopers’ MoneyTree report, the New York Times’ United States of Subsidies database, Fortune 500, U.S. Bureau of Labor Statistics, U.S. Bureau of Economic Analysis newscom April 28, 2014 | Crain’s New York Business | 3 20140428-NEWS--0004-NAT-CCI-CN_-- 4/25/2014 5:57 PM Page 1 IN THE MARKETS by Aaron Elstein istockphoto Poll: Red flags for high-speed trading

t’s no secret that best-selling author Michael Lewis and New York state Attorney General Eric Schneiderman Idon’t approve of high-speed trading. What’s surprising is how many people on Wall Street seem to agree with them, according to a survey released last week. But first, there are a couple of caveats to weigh before delving into the details of the report from ConvergEx Group,a brokerage firm that serves institutional money managers. CRAIN’S FIRST LOOK The survey has a wide margin of error of 10 percentage points. What’s more, the sample had only 357 respondents, including 233 fund managers and 73 folks from banks or IS LANDMARKING brokerage firms. Nearly everyone who participated was a ConvergEx customer choosing to answer questions, so

this wasn’t a statistically robust study. geopolitical crisis or other shock. That said, it offers a peek into Even though the value of this OUT OF what the people presumably most survey is primarily anecdotal, it familiar with high-speed trading does suggest a low degree of confi- think of the subject, and its results dence in the market’s mechanics provide food for thought. and a widespread sense, even Fully 70% of those surveyed said among investment pros, that the they doubted that U.S.stock markets tables are tilted. Those are precise- CONTROL? are “fair for all participants,”and only ly the arguments that Mr. Schnei- 18% think they are.In addition,51% derman is making to explain why agreed high-speed trading is harm- he’s probing high-speed trading. TUESDAY, MAY 20, 2014 / NEW YORK ATHLETIC CLUB ful or very harmful, while only 19% “We’re in the early stages of a lot deemed it helpful or very helpful. of investigations,” Mr. Schneider- Another way to look at it is that near- man said at a forum last week spon- ly eight out of 10 investment pros sored by Crain’s. “Whistle-blowers Is the spread of landmarking helping or hurting New York Athletic Club surveyed by ConvergEx don’t buy are starting to come forward, and I New York? Join us as our experts debate the issue. 180 Central Park South the argument that high-speed trad- think we’re going to do substantial New York, NY 10019 ing helps markets function better. work in this area over the next year.” Peg Breen, President, The New York Landmarks Conservancy Interestingly,43% of participants Wall Street isn’t going to wait Nikolai Fedak, Founder and Editor, New York YIMBY 8:00 a.m. - 8:30 a.m.: favored more regulation, while 38% while regulators poke around,which Kenneth T. Jackson, Professor of History and Social Science, Columbia University Registration and Networking Breakfast wanted the same amount, and only seems only fitting for the twitchy 19% wanted less. Perhaps most dis- Steven Spinola world of high-speed trading. As , President, The Real Estate Board of New York 8:30 a.m. - 10:00 a.m.: turbing, 62% of the participants ConvergEx Chief Market Strategist Ronda Wist, Vice President, Preservation, Municipal Art Society of New York Program were “not confident” or “neutral” Nicholas Colas observed, “Make no when asked if our nation’s super- mistake: When 70% of market pro- REGISTER TODAY » crainsnewyork.com/events-landmarknyc Cost to Attend: speedy stock markets could handle a fessionals think the game is unfair, Ⅲ $100 individual ticket(s) surge in volume caused by a sudden that game is going to change.” For more information, contact Adrienne Yee at 212-210-0739 or email [email protected]. $1,000 table(s) of 10 TRILLION Amount of corporate merger You must be pre-registered to attend this event. activity announced so far this year, No refunds permitted. $1.1 according to Thomson Reuters—only For sponsorship information, please contact Cynthia Hutchinson at (212) 210-0145 or the third time since 1980 that a year has gotten off to [email protected]. such a hot start. M&A activity got a lift last week with

istockphoto Valeant’s $45 billion bid for Botox maker Allergan.

4 | Crain’s New York Business | April 28, 2014 20140428-NEWS--0005-NAT-CCI-CN_-- 4/24/2014 7:57 PM Page 1

REAL ESTATE DEALS

occupied a large portion of that Side has evolved north,” said BARE BONES space departed, leaving behind a Matthew Krell, a broker with Unilver inks pricey gaping hole in the retail landscape. CBRE Group’s retail group, who 1 PENN PLAZA But now,with a Whole Foods set handled the deals with Maison ASKING RENT; to open just across the street on the Kayser and Modell’s on behalf of the TERM: $60s per square foot; 10 deal downtown corner, and with the Upper East landlord, the Olnick Organization. years Side’s retail market strengthening “But with the Modell’s deal and now SQUARE FEET: and expanding, the space has been Whole Foods, retailers understand 81,000 pricey new lease has been signed at a TriBeCa office building filled.French bakery and bread mak- that the market has moved farther in a transaction that shows how midtown south’s high rents er Maison Kayser just leased 5,400 uptown, and they’re comfortable TENANT; REPS: Cisco Systems; Lisa Kiell and David Kleiner of Jones Lang have begun to seep southward for top-quality space. square feet at the location, filling the being there.” LaSalle Unilever, the European consumer goods and food colossus, last remaining pocket of vacancy at Maison Kayser was represented 99 Hudson St. LANDLORD; REPS: Vornado Realty has taken the top two levels at —floors 16 and 17. 1535 Third Ave. Earlier, sporting- in the deal by Jones Lang LaSalle Trust; in-house representation by Craig AThe space totals roughly 30,000 square feet and includes exclusive access to goods chain Modell’s significantly brokers Davie Berke and Paul Berk- Panzirer and Jared Silverman an outdoor roof deck, an increasingly popular amenity that tenants have expanded its store at the location to man. The tenant committed to the BACK STORY: Cisco, a major maker of shown a willingness to pay a premium for.The asking rent was $78 per square about 34,000 square feet. The deal space for 15 years. The asking rent networking systems, renewed its lease foot, one of the highest rates in the area. with Modell’s was done last year. was $250 per square foot. for space on the entire ninth floor and The lease appears to validate a bet on the space placed a year and a half ago. “The retail on the Upper East —daniel geiger part of the sixth floor. That’s when a new real estate firm called JCM Holdings purchased the top three floors at 99 Hudson St. for about $18.5 million. JCM was started by two young real estate executives: Matthew Cassin, who was formerly with Tishman Speyer, and David Taylor,who had worked at SL Green Realty Corp. The space, which was an office condominium within the 180,000-square-foot property, was formerly owned by the NAACP Legal Defense and Educa- tional Fund, according to reports. Unilever will use the office for executive staff in the city.The length A FLIGHT WHEN of the lease was not immediately known. Downtown has gained attention in recent months as an increasingly YOU NEED ONE. popular destination for office tenants seeking quality space at a discount compared with midtown AND PLENTY south and midtown. But the deal at 99 Hudson St. shows that prime ac- commodations can still command a hefty premium. WHEN YOU DON’T. Cushman & Wakefield broker Alex Cohen represented Unilever in the deal. JCM was represented by a 180 MORE FLIGHTS A DAY FROM leasing team from CBRE Group led by Paul Amrich, a broker at the NYC THAN ANY OTHER AIRLINE. company.

99 Hudson St. French baker mixes it up

In past years, high-end retailers had a simple rule for taking space on the Upper East Side: Don’t go north of East 86th Street, a busy thorough- fare that many well-heeled shoppers would not cross. Based on a survey of peak day ﬂ ights in August 2013 departing from JFK and LGA. #KEEPCLIMBINGNY Survey includes regional and contract carriers. The 39,500 square feet of retail at 1535 Third Ave., on the corner of East 87th Street, appeared to be on the wrong side of that divide three years ago when a Baby Gap that had

April 28, 2014 | Crain’s New York Business | 5 20140428-NEWS--0006-NAT-CCI-CN_-- 4/25/2014 5:41 PM Page 1

THE ATTORNEY GENERAL ERIC SCHNEIDERMAN ing their apartments. He also re- asserted that half of a leased a list of the 17 largest users INSIDER home-sharing site’s with at least one listing he deemed by Andrew J. Hawkins revenue comes from illegal. Airbnb recently removed illegal hotel operators. 2,000 New York listings from its site, in what the attorney general considered a response to his action. But hostilities between the two AG takes aim at high-flying Airbnb didn’t end there. On April 22 in state Supreme Court in Albany, lawyers irbnb isn’t planning its initial public offering this year— for Airbnb argued that Mr. Schnei- “We will do it at a time when it benefits the company,” derman’s subpoenas were overly CEO Brian Chesky said recently—but when it does go broad because they sought informa- A tion about every user in New York public, assertions by New York’s top law-enforcement officer state. An assistant attorney general last week could affect how investors value the company. said the office cast a wide net because New York Attorney General Eric Schneiderman escalated it had so little data to begin with.The his war with the home-rental business by asserting at a Crain’s company has been firing back at the

buck ennis attorney general on its blog, calling Breakfast Forum that at least half of the site’s revenue in New his subpoena a “government- York City comes from operators of illegal hotels. nies go public with risks of lawsuits passed Hilton.’ They are selling to sponsored fishing expedition.” A spokesman for Airbnb responded by implying that the and regulatory changes hanging investors the idea that this is a hotel Another concern for Airbnb is over them. Mr. Schneiderman’s le- network, and they’re telling the the chilly climate for tech IPOs, Ms. gal efforts certainly qualify,and he is public that they’re not.” Smith said. “So far this year, the 23 attorney general’s close ties with the Just last week, it reportedly received trying to neutralize the company’s Mr. Schneiderman filed an affi- tech IPOs that raised $3.6 billion hotel industry were driving his in- $475 million from several deep- public-relations strategy as well. davit April 21 in support of a sub- have produced a -11.3% post-IPO vestigation, which subpoenaed the pocketed investors, a deal that val- “I would urge all of you interest- poena issued by his office in Octo- return, worse than any other sector,” company’s customer data. ued the company at about $10 bil- ed in what Airbnb is doing to look ber that seeks to identify users of she said. “As a result, investors are “The hotel lobby and the attor- lion.The company’s worth had been at the dramatic difference between Airbnb who operate illegal hotels. likely to be very selective about the ney general say they are concerned pegged at $2.5 billion in 2012. what they’re telling the public about In that document, the attorney gen- types of upcoming tech IPOs they about illegal hotels, yet they are tar- “Investors will value Airbnb by all these nice people trying to make eral claimed that at least two-thirds will add to their portfolios, and will geting thousands of regular New discounting the future value of the ends meet, and what they are telling of the site’s users were illegally rent- likely not pay premium valuations.”Ⅲ Yorkers just trying to make ends company’s cash flow,” said Kathleen people they are seeking investments meet,” the spokesman said. Smith,a principal at IPO investment from as they move toward an enor- It’s unclear how Mr. Schneider- advisory firm Renaissance Capital. mous IPO,” Mr. Schneiderman told QUOTE OF THE WEEK: ‘We’ll be in it at the man’s probe would affect an Airbnb “If added taxes or new regulation the Crain’s audience. offering.His subpoenas have had no adds costs or slows growth, that will “What they are telling investors end with a chance to win’ apparent impact on the fast-grow- be factored into the valuation.” is, ‘We just passed Hyatt in the —GOP gubernatorial candidate Rob Astorino, after a Siena poll showed him 30 points behind Gov. Andrew Cuomo ing company’s ability to raise cash: She noted that plenty of compa- number of hotel rooms. We just

SMALL BUSINESS Postponed billing system causes pain for M.D.s

current version, the ICD-9. Even very disruptive, new digit could designate whether it Practices that started though the ICD-10 system has costs us money and was the right or left ear; the second getting up to speed been used internationally since costs our clients might show whether there was fluid 1992, U.S. medical organizations money,”Mr.Gilbert in the ear; the third would note early are now in limbo fought for the delay because of the said. His own firm whether antibiotics were pre- cost of the change. was putting its scribed; and a fourth could be used But now that it’s here, not every- coders through a to show whether the earache was a BY GALE SCOTT one is happy. 20-week ICD-10 recurring problem. “The delay is unfortunate and training program But physicians fear payment de- delay in requiring all will be costly,” said Sandra Sperry, a when the delay was nials. providers of medical self-described “ICD-10 transition announced. The “If you leave some of those deci- care to use a new specialist” who is chief executive of company will likely mal spaces as zeros, you would get health-records and SPS and Associates, a Brooklyn- slow that timetable, paid a lot less—typically $12 for an billing system to de- based health technology consulting he said. earache instead of $42,” Dr. Doucet Ascribe treatments is giving small firm. Many physi- said. medical offices major headaches. cians,coders and in- If the wrong code was entered, Billing is a big task for small Better record-keeping surance companies the claim would be completely re- buck ennis medical practices.It takes time away Many physicians agree, said Dr. have already spent CRACKING THE CODE: Urologist David Weiner has already started jected, with no reimbursement. from patient care and requires extra David Weiner, a urologist who is time and money learning to use ICD-10, a new health-records and billing system that “Everyone’s been warning us to staff. A federal mandate requiring part of a four-physician practice on buying software and was recently delayed, at his Manhattan practice. set aside enough money to cover doctors to adopt a new set of billing Manhattan’s Upper West Side. So training people on three months of operating expens- codes by Oct. 1, 2014, was about to far, the changeover has mostly cost the new systems. es because a lot of claims are going make everything more complicated. his practice time. According to a February 2014 study team use either ICD-10 or ICD-9 to be rejected, and we won’t have Then, in late March, Congress “I’ve gone to several training ses- commissioned by the AMA, the av- codes for now. money coming in,” she said.“Some bowed to pressure from such groups sions; we’ve all been aware ICD-10 erage cost to small practices will run “I’ve been going to conferences practices were planning on taking as the American Medical Associa- was coming,and we felt pressured to from $57,000 to $226,000.In push- on how to use it [ICD-10],and now out bank loans for that because tion and the Medical Society of the be prepared,” he said, noting that ing unsuccessfully to reject a delay, we’ll have to have refresher courses,” most of us just don’t have that kind State of New York to delay the there is a lot to learn. “The old sys- the Centers for Medicaid & Dr. Doucet said. of money.” changeover. tem had about 13,000 codes, and Medicare Services, a federal agency, ICD-10 gives everyone—the That was the main reason the Physicians, along with hospitals, this one will have about 68,000.” estimated the additional cost of a patient, the providers and the pay- state medical society fought for the other health care providers and in- At AdvantEdge, a national reprieve at more than $1 billion ers—a much better medical record, delay, but Dr. Weiner said the surers,now have at least until Oct.1, physician practice consulting firm nationally. she and others agreed. switchover was unavoidable. “That 2015—and possibly longer—to in Warren, N.J., Bill Gilbert, vice The coming switch has already train’s coming down the track, and convert to the system, which uses a president for marketing, said his cost Dr.Christine Doucet both time Reimbursement risks you can’t stop it,” he said. Ⅲ new set of codes for labeling ail- company has worked with physi- and money. She owns Patchogue “If I treat a patient for an earache ments and treatments.Known as the cians, including about 500 doctors (L.I.) Family Medical Care, a group now, all I have to write is one three- To sign up for Crain’s ICD-10, for International Classifi- in the New York metro area, since with three doctors and three physi- digit code,” she said, but under the SMALL BUSINESS newsletter, go to cation of Diseases, the system is far 2011 to train their staffs in using cian assistants.The practice has pur- new system that code will run out www.crainsnewyork.com/smallbiz. more precise and detailed than its ICD-10. “To delay it for a year is chased a software update that lets its four more decimal places. The first

6 | Crain’s New York Business | April 28, 2014 The cloud that makes business personal.

Banking is more than numbers and passwords. It’s about people. Using 0LFURVRIW'\QDPLFV&502IÀFHDQG

Productivity divisions and branches can better share useful insights. So they can tell which customers are saving for college and which are about to retire.

This cloud sees beyond the numbers. This is the Microsoft Cloud.

Social

Platform Insights

learn more at microsoftcloud.com 20140428-NEWS--0008-NAT-CCI-CN_-- 4/24/2014 7:58 PM Page 1

BUSINESS 1,316 Number of state employees who earned more than Gov. Andrew Cuomo’s $179K in 2013 PEOPLE Source: SeeThroughNY

EXECUTIVE MOVES PRIYA PANDYA, co-founder of Doonya, SMCP: took a leap into the Daniel fitness business after Lalonde, 50, joined earning her M.B.A. the international fashion group as chief executive. He was previously international president of the Ralph Lauren Corp. MTA Metro-North Railroad: Michael J. Yaeger, 52, was promoted to chief mechanical officer. He was previously acting chief mechanical officer. Kevin J. O’Connor, 54, joined as chief transportation officer. He was previously vice president and general manager of rail operations for NJ Transit. Hogan Lovells: Bill Curtin, 44, was reappointed to the board of the law firm as the representative for the Americas. He is a partner at the firm. New York Green Bank: Caroline Angoorly, 49, joined the state-sponsored investment fund as chief operating officer. She was previously principal at GreenTao. Nicholas P.Whitcombe, 48, joined as managing director of investments. He was previously a supervisory senior investment officer in the Loan Programs Office of the U.S. Department of Energy. Barclays Center: Ed Manetta, 58, joined the sports and entertainment venue as director of sports programming. He was previously

buck ennis managing director at Fastlane Communications. GOTHAM GIGS Ernst & Young: Michael Solender, 50, was promoted to global vice chair and general counsel at the professional services organization. He was previously general counsel of Ernst & Young U.S. Ron Hauben, 56, was promoted to Hooray for Bollywood general counsel of the U.S. firm. He was previously deputy general counsel. Viewpointe: William Shute, 48, was Doonya brings Indian-dance fitness to the world promoted to executive vice president of corporate strategy and marketing While pursuing an M.B.A., Priya Pandya worked Washington, D.C., has expanded to Houston and at the managed service and payments ‘I like to provider. He was previously senior in Malawi as a consultant in supply-chain Los Angeles. Ms. Pandya estimates that last year, vice president of product. create management. But in her free time, she found 25,000 people attended Doonya classes, which Cushman & Wakefield: John Elkann, 38, was appointed chairman of the herself teaching local children her favorite feature both top-40 hits and Bollywood ballads. ¶ board of directors. He is chairman things, Bollywood dance moves. ¶ So when she “It’s been very much word-of-mouth,” Ms. and chief executive of EXOR S.p.A. and chairman of Fiat S.p.A. and I like graduated from New York University’s Stern Pandya said. “Most people bring friends, and their American Technion School of Business in 2009, she and friend Kajal friends bring friends.”The company has landed Society: Jeffrey to build’ Desai decided to turn their passion for Bollywood spots on daytime shows such as Oprah and Live Richard, 42,will join as executive vice dance into more than just a hobby.They started With Kelly & Michael, and a partnership with president, effective an Indian-dance-based fitness business called Reebok has helped grow the brand. ¶ In New in May. He is currently vice Doonya, which means “world” in Hindi. ¶ “After York, Doonya offers regular classes at DANY president for being abroad, it became even clearer that I like to Studios and partners with local gyms such as the university development at Columbia University. create things, and I like to build, and this was the New York Health & Racquet Club, and plans to Nickelodeon: Lauren Elchoness, 40, was best thing I could build,” said Ms. Pandya, 33. ¶ open its own branded studio space by the end of promoted to senior vice president of What began with Craigslist ads seeking the summer. ¶ Growing up in Voorhees,N.J., Ms. integrated marketing at the entertainment company. She was interested students and Google searches for rental Pandya learned bharatnatyam, a classical Indian previously vice president of integrated spaces has evolved into an American Council on dance form, from her mom and aunts. “Every marketing. Marc Epstein, 35, was promoted to Exercise-certified company. Doonya, which first time we were together,” she said, “we were senior vice president of sports, offered classes in New York City and learning folk dances.” —nazish dholakia See EXECUTIVE MOVES on Page 10

8 | Crain’s New York Business | April 28, 2014 The Urban Campus

Artist’s Rendering, The Largest, Tenant-only Fitness Center Completion Summer 2014 State-of-the-art facility with in-building access 24/7 amenities include: The most on-site dining options Large private event space Tenant-only conference center WiredNYC WIRED WIRED The leader in sustainability and energy efficiency PlatinumPLATINUM PLATINUM

ESBNYCLEASING.COM • ESBSUSTAINABILITY.COM • 100% COMMISSION ON LEASE SIGNING WIRED WIRED

PLATINUM PLATINUM

William G. Cohen 212-372-2233 • [email protected] Jonathan D. Tootell 212-372-2084 • [email protected] Shanae Ursini 212-400-3327 • [email protected]

CN016619.indd 1 4/24/14 10:21 AM 20140428-NEWS--0010,0011-NAT-CCI-CN_-- 4/25/2014 2:16 PM Page 1

BUSINESS PEOPLE

advisory services firm as managing law firm as partner. She was previously a EXECUTIVE MOVES director. He was previously chief clinical partner at Jones Day. CORPORATE LADDER officer at Golden Living. Squire Sanders: Kenneth Regensburg, 42, Continued from Page 8 Vera Institute of Justice: Jim Parsons, 43, joined the law firm as a partner. He was recreation and new business integrated was promoted to research director at the previously a partner at Reed Smith. A SENSE OF STYLE AT KIMPTON marketing. He was previously vice nonprofit organization. He was Ropers Majeski Kohn & Bentley: Scott president of business development, previously director of the substance-use Bermack, 50, joined the law firm as a STARTING OFF in what he describes as the “stuffy, five-star, white-glove, integrated marketing and partnerships. and mental-health program. partner. He was previously a partner at coattail establishments” of London, Rob Andrews, 34, questioned whether Sesame Workshop Jake Piasecki, 41, was promoted to senior : LeClairRyan. he wanted to pursue a career in the hospitality industry. As the newly vice president of ad sales, New York City. Stephen Sobhani, 38, Lisa Fitzgerald, 35, joined as a senior He was previously vice president of sales joined the nonprofit associate. She was previously an associate appointed director of operations of Kimpton Hotels and Restaurants in New and marketing. educational at LeClairRyan. York City, he now answers that question with a resounding yes. Jennifer Tracy, 41, was promoted to organization as vice Michelle Gordon, 33, joined as a senior At Kimpton, Mr. Andrews said he has found a company that allows staff to senior vice president, integrated president, associate. She was previously an associate show their individual style and doesn’t tell them precisely how to greet a marketing, innovation and sponsorship international, a newly at LeClairRyan. guest. He will oversee the management of all four development. She was previously vice created position. He Samantha Aster, 27, joined as an Kimpton hotels in New York City: Eventi, Ink48, president of digital integrated marketing. was previously director associate. She was previously an associate CrowdTwist: Eric of private-sector engagement at the at LeClairRyan. 70 Park Avenue and the Muse. Rosenthal, 50, joined United Nations Secretary-General’s Goldstein Hill & West Architects: Edith Mr. Andrews joined Kimpton in August the marketing Global Strategy for Women’s and Altamiranda, 31, joined the firm as a 2012 as general manager of Eventi. company as senior vice Children’s Health at the United Nations project designer. She was previously an “He’s got a real knack for bringing president of sales. He Foundation. intermediate architect at Hustvedt people together and moving plans was previously general Spike TV: Matt Califano, 32, was Cutler Architects. forward,” said Ink48 General Manager manager of OpenX. promoted to vice president of program Rosa Amaro, 29, joined Linda Chin, who worked with Mr. Andrews as PageScience: Steve scheduling at the network. He was as a project designer. McEvoy, 53, joined as previously senior director of program She was previously a a colleague and frequently bounced ideas vice president of advertising sales. He scheduling. junior architect at off him. was previously director of digital ad sales FlickerLab: Zartosht Soltani, 40, was Dattner Architects. “I want to make sure we’re a collective, at HealthGuru. promoted to art director at the animation Melody Goldstein,34, collaborative group,” said Mr. Andrews, who Katz Sapper & Miller: Lisa Nilsson Levin, and technology studio. He was joined as a junior hopes to bring creativity to the services 55, joined the tax, accounting and previously broadcast and animation designer. She was offered at each hotel. For instance, at consulting firm as business development designer. previously a junior manager. She was previously vice Tom Chorlton, 35, joined as producer. He architect and computer-aided design Eventi, he introduced “enhanced wine president at Monaco Private Capital was previously a production coordinator operator at SWA. hours,” a twist on Kimpton’s traditional Corp. at Sesame Workshop. —nazish dholakia wine hour that can include guest Grant Thornton: John Cristiano, 42, joined Greg Kaplan, 25, was promoted to speakers, small bites and more. the accounting firm as a managing technical director. He was previously a EXECUTIVE PROMOTIONS “But we’re not trying to standardize director in the transaction advisory production artist. The fastest way to get an announcement into everything. Our guests know they’re services practice. He was previously Tibo Charoppin, 26, was promoted to Crain’s is to submit online. Fill out the form going to get something unique at managing director at FTI Consulting. junior creative director. He was at www.crainsnewyork.com/section/ BDO Consulting: David Friend, 57, joined previously lead animator. executive_moves. The Executive Moves column each property,” Mr. Andrews said. the litigation, investigation and risk- Alston & Bird: Alice Yurke, 52, joined the is also available online. —NAZISH DHOLAKIA

Cross the pond when you want.

Up to 17 ﬂ ights a day from New York to London.

Find your dream fl ight and leave behind the city that never sleeps. With American Airlines and our partner British Airways, you’ll enjoy the convenience of more fl ights and the comfort of more lie-fl at seats from New York to London than any other airline alliance.

aa.com/nytolondon

American Airlines, aa.com and the Flight Symbol logo are marks of American Airlines, Inc. oneworld is a mark of the oneworld alliance, LLC. © 2014 American Airlines, Inc. All rights reserved. 20140428-NEWS--0010,0011-NAT-CCI-CN_-- 4/24/2014 8:01 PM Page 2

IN THE BOROUGHS BROOKLYN FROM Block of shops beats odds AROUND Continued from Page 3 brownstone neighborhoods with low-key yet THE CITY seller of midcentury American furniture that distinctive store designs and displays. opened four years ago, and where a 1960s-era “You still feel the owners’ presence in what BRONX laminated cabinet designed by Raymond they are choosing to display,” said Josef Loewy can be yours for a cool $4,000. Szende, executive director of the Atlantic Playground rink skates Keeping it going is the hard part. A 1,000- Avenue Business Improvement District. square-foot storefront cur- Crucially, the 40 stores also work together, on edge of extinction RETAIL rently rents for as much as referring customers to one another, as well as $9,000 a month, or alerting them to potential threats. Case in Community activists in the Morris Park sec- ROW $108,000 a year. This is point: Last year, when a customer tried to pass a tion of the Bronx have a seeming no-brainer of Along Atlantic double the top price of just counterfeit bill,a retailer phoned the BID office, a plan. They want to replace an abandoned

Avenue between two years ago, according to which, in turn, sent out a warning email blast. buck ennis eyesore of a roller-hockey rink in the Loreto Hoyt and Bond Marcus Goncalves, a li- “We take pride in building a community TEAMWORK: Owners take pride in helping each other out. Playground with a multiuse artificial-turf streets censed real estate broker that helps each other,” said Mr. Szende. sports field. with Brooklyn Real Prop- Many also take pride in—and profit “That rink needs to come down,” said 40 erty Inc. who works out of from—their own e-commerce arms. While a number of stores are part of modest Joanne Rubino, chairwoman of Community STOREFRONTS an office next door to “A lot of stores are showrooms for these chains, all try not to show it. Gant Rugger, a Board 11’s parks committee. Greenhouse & Co., a companies and make their money on the In- Sweden-based menswear chain, features such The $1 million concrete rink was erected in home-furnishings retailer. ternet,” said Mr. Goncalves. quirky design touches as a marble-topped, 2005 but fell idle two years later when the $9,000 The shops also have the kitchen-like center island,as well as copper pots Morris Park Hockey League disbanded. Lo- TOP RENT for challenge of selling in the Downplaying chain connection and pans and cookbooks. The shop, which cals said they want to see a field that can be 1,000-square- foot store shadow of the 11-story Last year, Erica Weiner opened her name- opened recently, is the handiwork of the chain’s used for soccer and baseball replace the rink. Brooklyn House of Deten- sake jewelry store in an 800-square-foot space creative director, a self-proclaimed foodie. “Given our multicultural neighborhood tion, which reopened two after nearly nine years in the business, includ- The small store, where shirts average $125 and the widespread appeal of soccer,a field like 38% years ago and is just down ing wholesaling to small specialty shops as each,“looks like a boutique,but it’s corporate- this would better serve our community,” said PORTION of the avenue to the west, and well as Anthropologie, establishing a store in owned,” said employee Ken Camara. And Tony Signorile, president of the Morris Park shops with more the big-box stores, includ- NoLita in 2011, and launching an when customers enter, he said, workers wel- Community Association. than one location ing Target, that ring the e-commerce site in 2006. The firm sells vin- come and engage them in conversation so they Local state Sen. Jeff Klein—the Senate co- Barclays Center to the east. tage and brand-new pieces,including engage- don’t feel as though they are shopping in a leader—said he backs transforming the rink A mix of newbie entrepreneurs and sea- ment rings that can run as high as $9,000. “corporate store.” The Boerum Hill location and has promised to explore funding options. soned retailers at the helm of multiunit oper- Ms. Weiner said her Boerum Hill outpost also plays to its locale,retailing a cookbook co- Either way, Ms. Rubino said, the commu- ations, the merchants loosely share a strategy attracts mostly customers who have seen her authored by a chef at the Mile End Deli nity is committed to the plan.“We will explore that involves pitching high-priced wares to jewelry online and want to try it on before around the corner on Hoyt Street, between whatever avenues we need to, but we will get it the deep-pocketed denizens of the nearby making a purchase. Atlantic Avenue and Pacific Street. Ⅲ done,” she said. 20140428-NEWS--0012-NAT-CCI-CN_-- 4/25/2014 2:17 PM Page 1

OPINION CRAIN’S NEW YORK BUSINESS

Cannibalizing conservancies editor in chief Rance Crain publisher, vp Jill R. Kaplan wouldn’t give as generously—or at all—if their money were EDITORIAL hree decades ago, the Central Park editor Glenn Coleman Conservancy was a relatively small confiscated and funneled to parks they don’t know, to be managing editor Jeremy Smerd deputy managing editors Valerie Block, organization, supplementing the park’s spent by people they don’t trust. Nor do backers of his bill Erik Ipsen several hundred city employees with two understand that if other parks got free cash every year from assistant managing editors Barbara Benson, Erik Engquist dozen of its own.Today, those personnel the successful conservancies, they wouldn’t develop well-run senior news producer Amanda Fung numbers are reversed, a testament to the conservancies of their own. Why learn to fish if the experts contributing editor Elaine Pofeldt columnists Greg David, Steve Hindy, Alair Townsend conservancy’s top-notch operation and must share their every catch with you? senior reporters Theresa Agovino, This is the rare piece of legislation that would damage Aaron Elstein, Lisa Fickenscher, Matthew Flamm, fundraising success.The result has been a much-improved Daniel Geiger, Adrianne Pasquarelli park that draws 40 million visitors annually—up from 12 every party it affects and actually discourage charity. reporters Joseph Anuta, Chris Bragg, T Andrew J. Hawkins, Irina Ivanova, Thornton McEnery million in 1985—at less cost to taxpayers. Incredibly, a good number of politicians—including Mayor reporter/videographer Ken M. Christensen Brooklyn’s Prospect Park has enjoyed a similar turnaround Bill de Blasio—have news producer Emily Laermer web reporter/producer since the Prospect Park Alliance was founded in 1987. It A misguided idea endorsed at least its Nazish Dholakia now draws 10 million people a year. concept in their art director Steven Krupinski deputy art director Carolyn McClain The success of these conservancies has enhanced the that would desperation to rewrite staff photographer Buck Ennis lives—and property values—of their neighbors. It’s a model the so-called tale of two copy desk chief Steve Noveck damage every copy editor Thaddeus Rutkowski that elected officials across the city should seek to replicate cities. Not surprisingly, data editor Suzanne Panara for the parks in their own districts. party it affects none has proposed a researchers Malik Singleton, Nicholas Wells Yet, in one of the most misguided efforts in memory, 20% tax on big political ADVERTISING, MARKETING AND PRODUCTION and actually sales manager Irene Bar-Am some politicians want instead to cannibalize the campaign accounts to senior account managers Jill Bottomley Kunkes, Courtney McCombs, conservancies. State Sen. Daniel Squadron has written a bill discourage benefit candidates who Suzanne Wilson that would divert 20% of all revenue raised by conservancies raise little money on director of custom content Trish Henry charity account executive Lauren Black with budgets of $5 million or more to city parks that aren’t their own. sales coordinator Cynthia Hutchinson doing as well.The Brooklyn Democrat reasons that the big Conservancies were events coordinator & scheduler Alexis Sinclair conservancies would do just fine with 80% of their current formed to make up for credit Todd J. Masura (313-446-6097) the government’s failure to maintain public parks. For the director of audience & content income, which in Central Park’s case swelled to an partnership development Michael O’Connor unprecedented level in 2012 when hedge-fund billionaire government to ask conservancies to subsidize the parks it senior marketing manager Catherine Schutten John Paulson donated $100 million. still neglects is nothing short of Orwellian and takes the director of conferences & events What the likes of Mr. Squadron don’t get is that donors concept of chutzpah to new heights. Courtney Williams reprint sales manager Lauren Melesio production and pre-press director Simone Pryce advertising production manager CRAIN’S ONLINE POLL COMMENTS Suzanne Fleischman Wies ONLINE AND INTERACTIVE SERVICES general manager Rosemary Maggiore web developer & digital sales Watching the detectives strategist Chris Tumminello TO SUBSCRIBE: son to lift public schools” (April For print and digital subscriptions or customer DANGEROUS WORD A NO-HORSE TOWN? service, e-mail [email protected] 21): In 2012, only 29% of the or call 877-824-9379 (in the U.S. and Canada) or Your April 16 online poll city’s high-school graduating The evidence is overwhelming 313-446-0450 (all other locations). $3.00 a copy for wide images wide / the print edition; or $99.95 one year, $179.95 two

ap asked, “Do you support the class qualified for admission to that New York City’s carriage years, for print subscriptions with digital access. NYPD’s decision to end sur- City University of New York’s horses (online poll, April 18) www.crainsnewyork.com/subscribe DO YOU SUPPORT KNICKS veillance of Muslim communi- baccalaureate programs at its are well treated, and good not PRESIDENT PHIL ties?” Absolutely. How dare the senior colleges.The remaining only for jobs, but also for the TO ADVERTISE: police single out an entire 71% qualified for admission to people who come to the city. Contact Irene Bar-Am at JACKSON’S FIRING OF [email protected] or call 212-210-0133. group of Americans. The most CUNY’s community colleges The mayor needs a reality www.crainsnewyork.com/advertise COACH MIKE WOODSON? dangerous word in the English and associate-degree programs check instead of those large language is “them.” consistent with community- checks from animal-rights or- FOR INFORMATION ON OUR EVENTS: Yes. Mr. Jackson’s track record of 13 NBA Contact Courtney Williams at —joel s. feiner college access policies nationally. ganizations that financed his [email protected] or 212-210-0257. championships as a player and coach speaks CUNY is committed to clos- election. www.crainsnewyork.com/events for itself. ing the achievement gap for —dennis foster MEH ON MERGER TO CONTACT THE NEWSROOM: No. The problem wasn’t the coach. Mr. high-school graduates. One of Re “Comcast, TWC say CUNY’s most innovative pro- Slavery, in any form, of human 685 Third Ave., New York, NY 10017-4024 Jackson should get rid of his overpriced, editorial phone: 212.210.0277 merger can boost biz services” grams, Accelerated Study in As- or nonhuman sentient beings, underperforming players. fax 212.210.0799 (April 21): The single-minded sociate Programs, or ASAP,is is wrong. Entire contents ©copyright 2014 Crain Communications Inc. Date of poll: April 21 focus on big business will di- helping community-college stu- Clearly, tethering a horse to All rights reserved. ®CityBusiness is a registered trademark 118 votes vert even more resources from dents become fully skills- a conveyance for “entertain- of MCP Inc., used under license agreement. the consumer side of these proficient and academically suc- ment,” nostalgia, romance or CRAIN COMMUNICATIONS INC. BOARD OF DIRECTORS businesses, which already pro- cessful in record time. Its any other purpose constitutes chairman Keith E. Crain vide mediocre service at best. three-year graduation rate is exploitation and enslavement president Rance Crain 28% treasurer Mary Kay Crain No This merger would simply be more than three times higher of a living, feeling individual. Cindi Crain concentrating the mediocrity. than the U.S. urban commu- New York City has an oppor- nity-college rate and is serving tunity, by ending this industry, executive vp, operations William Morrow —miriam executive vp, director of strategic 72% as a national educational model. to send a message of kindness operations Chris Crain Yes CUNY CLARIFICATION —michael arena and compassion to its own citi- senior vp, group publisher David Klein Director of communications zens and to people all over the vp/production, manufacturing David Kamis To clarify Kathrine Mott’s and marketing globe. chief information officer Anthony DiPonio opinion column, “A charter les- The City University of New York —mark wiesenfeld founder G.D. Crain Jr. (1885-1973) chairman Mrs. G.D. Crain Jr. (1911-1996) secretary Merrilee Crain (1942-2012) FOR THIS WEEK’S QUESTIONS: CRAIN’S WELCOMES SUBMISSIONS to its opinion pages. Send letters to [email protected]. Send columns of 475 Go to www.crainsnewyork.com/poll to have your say. words or fewer to [email protected]. Please include the writer’s name, company, address and telephone number.

12 | Crain’s New York Business | April 28, 2014 20140428-NEWS--0013-NAT-CCI-CN_-- 4/24/2014 8:02 PM Page 1

ROBERT S. ALTMAN started under the Koch administration,enhanced under Mayors David Dinkins and Rudy Giuliani, and somewhat scaled back during the Tax breaks: What’s Retailers Wholesalers Restaurants Hotels Oil Dealers Social Services Bloomberg administration. Those tax advantages help businesses good for the goose ... choose whether they want to commit to the city—not unlike the tax advantages used by elected officials ecently, there have been articles in the press criti- who invested in New York through cizing certain elected officials for how little in tax- the purchase of real estate. Read Adam Friedlander’s Yet many in the body politic seek es they actually pay while taking “progressive” po- to limit or eliminate programs that How to $ave Big on Workers’ Compensation sitions. I write this not to condemn such officials, encourage commitment. They but rather to praise them, because through their would curtail or eliminate programs Call To Save Today use of tax breaks, they have decided to commit to this city—a for real estate investment, reloca- R tion and energy. Or they would put commitment that carries risk. requirements on such programs Adam Friedlander • 800-394-7004, ext. 206 • [email protected] The mayor, the public advocate, the City Council speaker that would essentially eliminate the www.friedlandergroup.com • www.howtosavebigonworkerscomp.com savings by mandating additional la- and other government officials have investments work. I am pleased that bor costs. It seems counterintuitive *Underwritten by the NYS Insurance Fund, 199 Church St., NY, NY 10007 all shown their confidence in the they have done so.May more people to take advantage of one set of tax city by investing in real estate. Some do the same. breaks while denying a different set did so years back, when they were But after running the numbers to others, especially when the sec- making less money than they do to- and committing to the city, our ond set is designed to keep busi- day. Some own buildings, others elected officials need to understand nesses here. merely apartments. that businesses and investors in New Contrary to popular belief In either instance, they are to be York face the same issues on among some of our elected officials, applauded. They have invested in whether to invest, only on a larger money and investment can go else- the physical plant of this city,taking scale. where. We want to have that money a risk for which there is no guaran- Each day, small and medium- put to work here. When reviewing teed reward and for which there is a size businesses here make decisions the various incentives,these officials potential for loss. These officials on whether to invest hundreds of should keep their own experiences provide housing for people,and,one thousands or millions of dollars in in mind and help others commit to hopes, they properly maintain their their physical plant, workers and New York City, as they have done. buildings or units. equipment. Each choice is a com- They should not risk having these As part of their decision to commitment to the city, because many companies move out. mit to New York through their in- have the option of operating else- vestments,they undoubtedly looked where. Robert S. Altman is an attorney who at the various tax advantages avail- Many are assisted by the various advises small and medium-size companies able—and used them to make the tax-break programs that the city on the city’s business incentive programs.

COMMERCIAL MESSAGE Affordable housing’s Value of nonresidential construction in NYC (in billions) 2004 $4.3 potential downside 2005 $5.3 2006 $6.2 ithin days, Mayor Bill de Blasio is sched- 2007 $9.1 uled to unveil his long-awaited plan to 2008 $8.3 build 200,000 affordable-housing units 2009 $8.8 during the next decade.When the propos- 2010 $13.7 al is revealed, an intense debate will likely 2011 $9.3 erupt over whether it will work and what the costs will be. 2012 $9.0 W 2013 $8.4 Before that happens, a different question should be raised: Is the residential housing boom sweeping the city, as well as Source: New York Building Congress those same developers to build or fi- an intensified push to build more nance more affordable housing, it low-cost housing, endangering the will put further pressure on both economy by squeezing New York’s land and construction costs. industrial and commercial sectors? Already, the squeeze is pressur- Begin with the accompanying ing the recently stable manufactur- chart, which shows that nonresi- ing sector. Industrial businesses, dential construction has declined such as warehousing, will soon find for three consecutive years despite themselves priced out of the city. the relatively strong economic re- Commercial space will become less covery. The numbers for commer- and less economical. cial construction are probably a lot The reason this issue hasn’t got- worse than the chart shows because ten much attention is that almost all “nonresidential” includes hospitals, GREG DAVID big developers construct both resi- universities and other institutions dential and commercial space and that have been on a building binge. are going where the money is. The There isn’t a problem in the short boom will add several million square affordable-housing builders—and term. True, the tech boom has feet of modern space as well. they are a pretty significant group— soaked up all the space in midtown In the long term, however, Eco- are all gung-ho for the de Blasio south—which some say has the nomics 101 will play out. Develop- strategy. lowest office-district vacancy rate in ers are bidding up the price of land Nevertheless, the economy will the country.But downtown is awash because they can make a lot of mon- do well only if New York has the in- in millions of square feet of available ey building luxury housing.If,as ex- dustrial and commercial space to al- space. The Hudson Yards mini- pected, the de Blasio plan requires low it to thrive.

April 28, 2014 | Crain’s New York Business | 13 20140428-NEWS--0014-NAT-CCI-CN_-- 4/24/2014 8:02 PM Page 1

OPINION

Mayor, council must ployer coercion. Several local car of identification for police purposes washes have been unionized, and and, presumably, driver’s licenses. workers’ first round of collective Such cards have been used else- avoid overreach bargaining has won them gains in where, and seem reasonable to me. wages and paid sick days. Still, the What may follow,however,is a push spectacle of mayoral intervention is for noncitizens to be able to vote— e’re not in Kansas anymore, Toto. Com- unsettling. a measure Ms.Mark-Viverito and at pared with our politics today, the The City Council is very likely to least one other council member pass a bill creating municipal ID support. Bloomberg-Quinn era seems as quaint as a cards that would be available to This is breathtaking. It’s a step small town in the Sunflower State. For ex- ALAIR TOWNSEND everyone, including undocumented too far for Mr.de Blasio,and it is be- ample,I don’t remember a mayor ever loud- residents. The mayor supports the yond my comprehension. What ly supporting a union drive to organize private-sector workers. bill, as do many advocates, because possible rationale can there be to W workers aren’t paid much,don’t have the cards could help people gain ac- open voter rolls to people who are Bill de Blasio proclaimed his support for car-wash workers here, job security and, because many are cess to banking services and library not legal residents of the country? It along with Council Speaker Melissa Mark-Viverito. These undocumented, are subject to em- privileges, and provide a valid form is beyond extreme. While small businesses are still absorbing the requirement to provide paid sick leave,one enterprising member of the council has introduced a bill that would require business owners with 10 or more employees to provide paid vacation days. Councilman Jumaane Williams establishes a generous schedule of vacation accruals in his SHOW TRANSACTION FEES bill: one week after one year, two In New York City government, YOU MEAN there are almost no elected officials with any experience BUSINESS in the private sector

weeks after 30 months, and three weeks after five years.Americans are overworked, he says. When asked about the bill’s prospects at a recent event, Speaker Mark-Viverito said that she wants the new sick-leave provisions to be fully implemented first. That was neither a ringing endorsement nor a firm dismissal. Clearly, the vacation bill won’t pass anytime soon, but it waits there in the tall grass, another “progressive” idea to do good. With Michael Bloomberg, we had a tough-minded businessman standing between the citizenry and the way-out fringe members of the council. Most of the time, he had an able ally in Christine Quinn. Now there are almost no elected officials with any experience in the private sector. Most are like Mr. de Blasio, Ms. Mark-Viverito and Mr. Williams—people who have served SM in various government jobs,commu- EMPLOY SPARK UNLIMITED BUSINESS CHECKING nity organizers and advocates of varying stripes.By and large,they are Switch today and get unlimited transactions so you never well-meaning people with limited or pay extra for doing more business. Visit your local branch no experience outside these spheres. It shows, and it matters. It will re- or capitalonebank.com/sparkbusiness. quire more than business organizations’ usual vigilance to make sure A $250 minimum account opening deposit is required. Additional terms, conditions and eligibility standards apply. this government works effectively for Visit a branch to get details and see if this account ﬁts your business. Capital One, N.A., Member FDIC. all parts of our city. Time to buckle up! The ride may get bumpy.

14 | Crain’s New York Business | April 28, 2014 20140428-NEWS--0015-NAT-CCI-CN_-- 4/24/2014 8:03 PM Page 1

BANKING INSIDE The List NY area’s largest commercial banks and thrifts PAGES 17, 18 ‘We can approve loans the banks turn down’ REPORT —Noah Breslow, CEO, OnDeck Capital, Page 16 chris gash The evolution of banking Online lenders are grabbing the small business market—and eyeing larger loans, too

in Manhattan. DECLINING itable area for banks—the risk of defaults is high, BY RONALD FINK Eventually, the new companies, which are and calculating such borrowers’ financial condi- making smaller loans more available but charging SHARE tion takes some effort. Between 2008 and 2013, IN 2012, A YEAR AFTER Ben Bohen and his two partners opened a lot for them, could compete head-to-head with the total value of outstanding small loans (those Waterfront Wines & Spirits in a condo complex near Brook- banks for more profitable,larger loans.“The clash under $1 million) fell by 18%, according to Fed- lyn Bridge Park, the owners needed a round of financing to in- is not [happening] today,” said Ron Suber, presi- eral Deposit Insurance Corp. Call Report data. crease their inventory and advertise more. dent of San Francisco-based Prosper Loans Mar- 18% Online lenders have lower overhead—banks’ Waterfront’s bank, JPMorgan Chase, likely would have ketplace,an online platform that matches individ- DROP in small loans operating costs average about 6% of revenue, wanted much more credit history and collateral than Mr. Bo- ual lenders with borrowers around the country. at banks, 2008-2013 compared with 2% for online platforms. The al- hen and his partners could produce,so they tapped online lend- “But it’s hard not to see it in the near future.” Source: FDIC ternative lenders also use data tools to evaluate ing platform OnDeck Capital, and in a few days got a six- Ironically, the upstarts may be safer for the fi- creditworthiness, thus transferring a loan officer’s month loan of $20,000 based on their cash flow, at a steep nancial system, some academics argue. Most banks are fi- role into automated software. annual rate of 19%.(A Chase spokesperson noted that the bank nanced largely by debt: Short-term deposits are leveraged into Adam Sussman, research director at financial-market con- is the nation’s leading provider of loans backed by the Small long-term loans. Most Web-based platforms match borrowers sultancy Tabb Group,doesn’t expect banks to react much to the Business Administration and that it would not necessarily have with lenders on a dollar-for-dollar basis. In other words, un- new players. Since the financial crisis, banks have been coping turned down Waterfront.) like traditional banks, they employ no leverage at all. with new regulations and higher capital reserve requirements The transaction is an example of a transformation in small “Shadow banks or any intermediary that is transparent and that make small business lending even less appealing. business lending, one that is only beginning to be recognized. doesn’t involve leverage is safe, limited-purpose banking,” said “They once would have stood tall,” Mr. Sussman said, not- Since the financial crisis, banks have been ceding that market Laurence Kotlikoff, a finance professor at Boston University. ing that “this time around, there’s a recognition that they won’t to a variety of online upstarts that some academics are calling It’s not a surprise that banks have been gradually retreating be committed to these businesses, because there are some fun- “shadow banks.” Many such companies are now growing at from small business lending. Although the industry contends damental weaknesses that weren’t present before.” rates of 100% a year or more, and many more are entering the the financial crisis damaged the creditworthiness of small busi- What’s happening in banking looks similar to what has oc- market. OnDeck and Biz2Credit, two of the largest, are based nesses, it is also true that small business lending is a less prof- See EVOLVING on Page 16

April 28, 2014 | Crain’s New York Business | 15 20140428-NEWS--0016-NAT-CCI-CN_-- 4/24/2014 8:03 PM Page 1

REPORT BANKING

demics? They may not be subject to effect, as the banks’ ONLINE $500,000 here, while ex- crises of confidence because they prospecting, distribution PLAYERS tending its terms from a Evolving market don’t borrow short,in the form of de- and performance-moni- maximum of three years posits,and lend long.Online lenders toring systems. to five. also don’t repackage and sell the OnDeck—which, ac- Meanwhile, its exist- Continued from Page 15 Bohen considered the only available loans to cope with that leverage— cording to Crain’s calcula- ing U.S. competitors are curred in other industries disrupted traditional alternative. Also, he likes one of the factors that led to the fi- tions, is the second-largest looking to increase their by software,where big players aban- the convenience of the arrangement. nancial crisis—though that kind of Web-based U.S. small own maximums as they don a particular market segment as OnDeck, like other online lenders, repackaging is starting to change, business player after expand into small busi- too unprofitable, ignore new com- simply debits the store’s bank ac- prompting regulatory concern. Biz2Credit—started in ness lending. Lending petitors who capture that segment, count every day for payments of If loan sales don’t get out of hand, 2007 and will soon have Club, the largest U.S.- and, when new competitors start to principal and interest, which, Mr. Web-based platforms may help re- lent more than $1 billion to based platform—with move upmarket, find it is too late to Bohen said, is more manageable duce the need for taxpayer bailouts small and medium-size ROHIT ARORA $3.8 billion in outstand- respond. than having to set aside cash to make of the financial system regardless of businesses, typically rang- Biz2Credit ing consumer loans glob- Matt Burton, CEO of Orchard, larger payments on certain dates. the extent of the losses of each coming from $100,000 to $5 ally, $2.1 billion of which a startup that links investors with Revenue is up 25% since Waterfront pany. To the extent the platforms million in revenue. was extended only last loans made by Prosper and San used the loan to expand its selection put the system on a firmer footing Noah Breslow, On- year—has announced a Francisco-based Lending Club, ob- and spread the word. and serve companies not getting fi- Deck’s CEO, said his plat- foray into small business served,“I don’t see a single bank put- Of course, banks still supply nancing now, the entire economy form improves upon the lending that will offer ting in new technology.” vastly more credit to businesses of all might be made healthier. “flawed” traditional bank- firms with $100,000 to kinds. At last count, commercial Can the Internet really perform ing model by providing $500,000 in revenue as Filling a gap banks had $1.7 trillion in business such an economic miracle? So sug- “fast, friction-free” financ- much as $100,000 in ini- Many small businesses, which loans outstanding, compared with gests finance professor Mr.Kotlikoff, ing to businesses that com- tial financing. Eventual- have been struggling to get loans, several billion for online lenders. who advocates what he calls “limited- mercial banks don’t want to NOAH BRESLOW ly, its maximum will rise welcome the new players. Almost The loans provided by the new purpose banking,”under which all fi- deal with, except to supply OnDeck to $300,000. That com- half of small businesses in the New platforms aren’t necessarily less nancial companies would be capital- capital through OnDeck’s pares with its current York area told a Federal Reserve risky than those underwritten by ized purely by equity investors. platform. “They’re not in- maximum of $35,000 for Bank survey late last year that getting conventional banks. Indeed, default “I see peer-to-peer as closer” to terested in any business consumer loans. credit was a problem.Mr.Bohen said rates look much higher in the Web- such a system, Mr. Kotlikoff said. with less than $25 million Prosper’s Mr. Suber OnDeck “offered a lot of flexibility in based segment. He added that it’s unnecessary to in revenue,”he said,adding said the company is look- terms of how much we could borrow In the corner known as peer-to- impose capital reserve require- that banks’ typical borrow- ing to do something sim- and the length of repayment terms, peer lending—in which investors ments, such as those that banks er “is very different from ilar. In contrast to On- which was really nice.” originate the loans and bear the risk have, on online companies. Web- the coffee shop or the auto- Deck and Biz2Credit, Waterfront Wines’ loan wasn’t of loss—defaults are estimated to based loan platforms’ capital struc- repair shop [that OnDeck these platforms are peer- cheap. In general, annual interest have reached as much as 30% in ture lacks the asset-liability mis- serves].” to-peer. rates on money offered by the new 2009, though that’s believed to have match, he pointed out. “We can approve loans RENAUD LAPLANCHE So far, regulators seem online models range from the level come down since, thanks to im- To be sure, some of the Web- the banks turn down,” he Lending Club to be encouraging online that a small business would pay for a proved credit analysis. Related based platforms are conduits for said. And the company can lending,though not with- traditional bank loan—5% to 6%— forms of Web-based financing for loans from traditional institutions. do it in a single day. out some concerns. Re- to that charged by merchant cash- small business,which are sometimes For example, OnDeck and searchers for the Interna- advance lenders,which could be up- hard to distinguish from peer-to- Biz2Credit partner with such insti- Expansion into small loans tional Organization of ward of 20%. peer platforms for consumer credit, tutions as Citizens Bank, Deutsche But the loans are on Securities Commissions, But the cost of the OnDeck loan may be no less risky. Bank, Goldman Sachs and Key- OnDeck’s balance sheet, an umbrella group to Waterfront got compares favorably So what makes Web-based plat- Bank for small business lending, not the banks’, so it bears which the Securities and with rates on credit cards,which Mr. forms safer in the eyes of those aca- with the Web platforms serving, in the risk if the loans go sour. Exchange Commission In contrast, Biz2Credit and other nations’ securi- takes none of the credit risk AARON VERMUT ty regulators belong, ob- in its lending operations, Prosper Loans served in a report in Feb- serving purely as a conduit Marketplace ruary that the online

for bank loans. Biz2Credit, finance industry doesn’t photos: ap images, bloomberg news, buck ennis which has already lent $1 currently pose a risk to the We share your billion since it began in 2007, links banking system, but warned that borrowers and lenders such as could soon change with peer-to-peer Axxion USA, though CEO Rohit lending doubling in size each year. PASSION FOR SUCCESS. Arora said Biz2Credit serves as “Even though the current mar- much more than a broker by evalu- ket size is too small to cause systemic ating a business’s creditworthiness risk,” the researchers concluded, “it and monitoring its performance. has the potential to grow to a sizable “We act like a virtual CFO,” Mr. market in a short amount of time.” Arora said.Unlike OnDeck,he not- NEW YORK, NY PAWTUCKET, RI NEW YORK, NY MERIDEN, CT In particular, the regulators worry ed, Biz2Credit “does not take any that traditional banks will be exposed SENIOR REVOLVING REVOLVER/TERM SENIOR SECURED REVOLVING CREDIT FACILITY LOAN/ CREDIT FACILITY CREDIT balance-sheet risk, as all the loans to online lenders’ losses through in- EQUIPMENT LINE FACILITY are originated on behalf of these investments in their loans. However, $6,000,000 $25,000,000 $30,000,000 $3,000,000 stitutions.” Lending Club CEO Renaud La- All told, lenders like OnDeck planche said,the Federal Reserve and and Biz2Credit have extended more other bank regulators he has talked to ASSET-BASED FINANCING than roughly $5 billion to U.S. bor- draw comfort from his business mod- rowers of all stripes. Mr. Arora said el, thanks to what he calls its “perfect At Webster, we care about helping local businesses succeed. That’s why we the market could grow to “hundreds match” between assets and liabilities provide accessible financing that your business needs to achieve its goals. of billions.” and resulting lack of leverage. Talk with us today and together, we’ll find a way to make it happen. For more Other online lenders that spe- “This is where they see banking cialize in consumer loans are ex- 10 years from now,” Mr. Laplanche information about our asset-based financing solutions, contact Warren Mino panding into the small business asserted. at 212.806.4500, or go to websterbcc.com for an application. space. In contrast to OnDeck and In the end, the Web is unlikely to Biz2Credit, these platforms are replace banks entirely for debt financ- NEW YORK BOSTON HARTFORD PHILADELPHIA peer-to-peer. For instance, Prosper ing, even to small businesses. Steven Loans Marketplace, led by CEO Wallman, a former Securities and Aaron Vermut, is expanding from Exchange commissioner who now is Middle Market Banking Excellence Awards: consumer lending into small busi- CEO of Foliofn, an online brokerage Overall Client Satisfaction – National & Northeast ness financing partly by dint of re- system that enables investors to trade ferrals from banks. peer-to-peer loans, pointed out that NYSE:WBS Loan size and terms are increas- technology did away with discount ® ing, seemingly with each passing brokers decades ago, yet full-service Business Credit Websterbcc.com day. U.K.-based Funding Circle, brokers are doing fine today.Similar- which extends loans of up to $1 mil- ly,he sees Web-based platforms con- All credit facilities are subject to the normal credit approval process. *The NYSE ticker symbol of WBS is assigned to Webster Financial Corporation and does not constitute an offer to buy or sell securities by the Company, its subsidiaries or any associated party lion in its home country, recently tinuing to coexist with banks. and is meant purely for information purposes. Webster Business Credit Corporation is a wholly owned subsidiary of Webster Bank, N.A. The Webster Symbol and Webster Business Credit are registered in the U.S. Patent and Trademark Ofﬁce. bought U.S.-based Endurance Cir- “People go to each for very dif- cle and plans to make loans of up to ferent things,” he said. Ⅲ

16 | Crain’s New York Business | April 28, 2014 20140428-NEWS--0017,0018-NAT-CCI-CN_-- 4/24/2014 8:04 PM Page 1

THE New York Area’s Largest Commercial Banks LIST Ranked by total assets

2013 loan types (% of each) 2013 nonperforming Non- 1(1%4%('0 loans 0010 0010 '14#'(& '14#'(& (2101'#'! "4( Commercial Residential residential '$ '$ "(' 30#1 #'4&#%%#('0 #'4&#%%#('0 #'4&#%%#('0 #'4&#%%#('0& industrial (&& 1 Consumer('022 real estate0#3 real(')0 estate4 1") #'4&#%%#('0 #'4&#%%#('0 0010 #'$HPA5GB5Q9 #$% #$ #% %$& & $& & $& #$ #%% & ! " 5GDH@F9PC75 % # # # $& %& $& $%& & #$ #$ %$& ' ( ) * + , 39EEQ5PAH5GD $ $% # #% # $$& & & & %& #$$% # & - %)! .) //"+ CRC65GD % # # #$ %& & %& %& & # #$$ & %% ,),* '%5GD #% # # %& & $ & & & #%$ # & 0 1," 5GDH@%9U4HPD$9EEHG %$ #$ #% # & & & & %$%& # #$ & 2 // .) * (// $ 5ICR5E&G9 $$$ # % # # %& & & %%& $%& #% # & % ,) / 05GD # %$ #% # $ %& %& $& %& & # $ #$ & 0 1," )1* !)5GD1) #$$%% # #$ % $& & & $& & #% #$$% & 3,+)! 4"!"* $ B5Q95GD1) $$$ # # # %& %& & & & #% % # $& ! " HE8F5G)57BQ5GD1) % #$ #$ #% $& %& %& & & #$ # & 2") .) /1 " !" $ $5GS@57RSP9PQ5G80P589PQ #$ $ #% # $ & & & %& & # # & 0PSQRH )* )5GR5G89P5GD $ #$ $$ # #$ %$& $& $& $& & # $ #% & 56, ) " ) 1 * 9SRQ7B95GD0PSQRH #% # # & & & %& & #%% # %& F9PC75Q 1* 2 // .) CPQR(9IS6EC75GD $ $ #$ # # & & %& %& $& # % # $& .,6)! +, ") 4*/, CRV%5RCHG5E5GD % #$ # # & $& & & $& #$$ # $& * $HPA5G)R5GE9V'PCT5R95GD $ # #$ #$ $& & $$%& & & # # & $$ ' 1 ( ") /( )CAG5RSP95GD $ # #$ #$ $& %& & %& & #% # & 3,+)! ", )4 ( %4$9EEHG % #$% # #$ %& & %& $& & #$ # & ' 0// 7 ) * (// ,))"*4 ! % 25EE9V%5RCHG5E5GD % $$ #%%$ # # & %& & & & #$ #% $& 8 //( 9 1 //( ), /* 2 ( : "QP59ECQ7HSGR5GD $ #%%$ #% # $& & $& & %& # # & H@%9U4HPD ,1* ( 3,+)! 5G7H'HISE5P%HPRBF9PC75 $ #$% # # & & & & $%& # #% $& 2 ") .) 4/ 4 ,)(* % HP5E5GD $$ #% #$ #% % & & $% & & & #$ #$ %& .4)! 1 /* )5@P5%5RCHG5E5GD # # #$$ & & & & & #% # $& H@%9U4HPD " + 3,+)! )R9PECGA%5RCHG5E5GD $ %$ #$ # # & & %& & & # # & 9// '/1 ,1 )* , 0 )*// % .4 ; .5 3, , / 7! /))",// 8 % " / <* = 11,), / " ! *( .4> 1 , !/ " 2//" %9U 4HPD 5P95 , /41" 7,)( 1 "" 4 .4++/ 1 2") !") 4 )," , 1 ' -""6 ?41" 1 @ , 4 )," , : "( A B4 /,+( + )!," /,") , "),)4), " 4") ) )! 31 / C",) D "4 7 E" 1+, ,), + , / * ; * ,)! ") ) ), / ! ) )! ) ," "4 ,"1 *( )! 7) // + )! 74 ( )! 31 / 9" )! 3CD7 D 11,), )!, @. ! 1B4 ) " 4") * , )! )!( 4") ! ", ,+, ) " , )! // +,4 " + )! * 4 ,) /(F ) )! !/1, (F 1 + )! ( 11 C 3,4 " )! )! )!" + / )(" 1 + , / " " ) + "")" ! * 4 11 ) 1 , / / A! +,4 " + + , / " " ) + "")" * "1 4 4 11 4* " 5 )( ) " ( ) 11 4 ) & , ( , ") * 4" / 4/ ), )" )1 , )!4" 1" , )! 4/ ) ( +,/, " 1 / 4/ )1 + )) / "/,1 )1 / " 1 / "" ) + 4 1 , 1 "" + " A) / "/,1 )1 , / 1 , 14") , / / " D /41" / " 1 ) " // *4", """ A) / "/,1 )1 "4 / " C"), ++, / " " 4 1 *( ) +4 + ,/( ",1 ), / )," 1 1"), ++, / " " 4 1 *( 4/),+ ,/( ",1 ), / )," +, 4 ,)" 7 "/,1 )1 )) / / ") ) / " /"" ",1 ), / / ") ) / " 5 " ) 1",) ( , "),)4), " , 4/)4 / 14 ), / " + , ) / " / " ) ") ) 1 /,), / "4*1,,", " // )! / " 1 )) / / "" A) / / " 1 / " +, , , */" ) + 4 1 , 7 / 4/ )1 " )! "4 + )) / 4 / 1 ") 4 )4 1 / " FOR ALL CRAIN’S LISTS, VISIT WWW.CRAINSNEWYORK.COM/LISTS

April 28, 2014 | Crain’s New York Business | 17 20140428-NEWS--0017,0018-NAT-CCI-CN_-- 4/24/2014 8:04 PM Page 2

NEXT WEEK: THE Real Capital Analytics’ New York Area’s Largest Thrifts largest NYC real estate LIST Ranked by total assets financings

2013 loan types (% of each) 2013 nonperforming Non- ! loans Commercial Residential residential " # $

& industrial 1 Consumer 2 real estate 3 real estate4

(%&'()*(++,-./01-* ! & & & ' ' ' ' ' & & ' """#$%# #,23(-./0214.-531-* ! & & & ' ' ' ' ' & & ' ( $ )%*+ """.%$/ $ %# ,* *# - 0%(67%33-./%21-* ! & & & ' ' ' ' ' & & ' * $ 0 """3 %3/ %# 1 +2 3% (4 3/().1"%2%)17214.-53&(1- ! & & & ' ' ' ' ' & & ' 33(8.1/.(- """*% *8 + */%# % * 5 + */ ,/*6* 7* 0 $-4%3/()31-* ! & & & ' ' ' ' ' & & ' -%.$ 5 9 $$ + ,* "* """# $ % *$%# 0.% : // - 667%1-*9()214.-53 ! & & & ' ' ' ' ' & & ' ; $+ 0 """*33/ *$%# " % 0)(4.2%-/1-* ! & & & ' ' ' ' ' & & ' %%+ 0%. """3 % + $$=%# < / $ - !+.5)1-/1-* ! & & & ' ' ' ' ' & & ' ; $+ 0 """ # 2 *$%# " % 1.25%&((2214.-531-* ! & & & ' ' ' ' ' & & ' ! 5% """ +2 "%%+*$%# ) +2 "%%+ (7,+:.11-* ! & & & ' ' ' ' ' & & ' ! )% % . """%/# **$%$/ $ %# 5* 7*"$ - .+%214.-531-*(95.77.1+3:,)5; ! & & & ' ' ' ' ' & & ' :* # 0 """+ # %# 1 %%/$ %%1)-0"%2%)17214.-531-* ! & & & ' ' ' ' ' & & ' ,** """ * $8 + */* $2%# 5* 8 /+ - ))./1-.1-* ! & & & ' ' ' ' ' & & ' ,** )%*+ """% *$ %# *. $2%$ 4%"$. 3 - (()/;9.%721-* ! & & & ' ' ' ' ' & & ' > % 1/+ """ $% .8 /+%# 0* $ </*$+ 26%-8%)214.-531-* ! & & & ' ' ' ' ' & & ' ) ? ( $ 4. """3 $ * $2%# ;/#"%%+ ,* - '136%/;"%2%)17214.-531-2&(1- ! & & & ' ' ' ' ' & & ' 33(8.1/.(- """#*3 .8 + */%# ! . 0 *3 . 3-.(-(,-/0214.-531-* ! & & & ' ' ' ' ' & & ' 1 %*+ 0 @ ;/ 6* . - (.7.-526).-53214.-531-* ! & & & ' ' ' ' ' & & ' A $ * """*$%# ). 8% + - 0,/-1+(,-/0214.-531-* ! & & & ' ' ' ' ' & & ' )% """3%# 1 " #14%-214.-531-* ! & & & ' ' ' ' ' & & ' *. $2%$ 0 """.* $* $2*$%# :%% $ - 0(-8% %&%(-"%2%)171-* ! & & & ' ' ' ' ' & & ' . """3%$ + / %$*$%# 1 %$B (4!1-* ! & & & ' ' ' ' ' & & ' ! ;$2/ 0 """$ *$%# ;$2/ "%%+ - 1)4%)"%2%)17214.-531-* ! & & & ' ' ' ' ' & & ' . 0 """* *$%# " % ".)3/%-/)17214.-531-* ! & & & ' ' ' ' ' & & ' C/ $ 0 """8 $ */* $2%# C/ $ (% (5(/1214.-531-* ! & & & ' ' ' ' ' & & ' ; * $ 0 """%2%** $2*$%# 1%2%* - 0% D 07 5 $*$ */ (.* /% // >* ! """$/%#E*$F *++ %$*/ * . 06*$$ ,*$* * *$+ .%/* // (%& '()* 1)%1 $/+ " % ( *$+ ** 088%/ *$+ . %$ $ " % *$+ 1 2 $ ; B :+%$ *$+ G$ %$ %$ $ " - 4% H*/ 8 8% . / $ %$ # # . 5 + */ ? 3% <$ *$ (% 3I + 8 $ %$ %8 * * $2 *$ % * $2 $ %$D * *$ % $ %$ " . * * % 8 + */ .* .* 3 + . 5?<( % . A88 %8 4. 8 03 %$ <$ *++ %$ . G0 . *+H* # $ . " % * * % . # .* * 2$ 8 *$ 3 $ $ . * * // 8 2 * 8% . . 8 %$/ *$+ * 8% . * $+ + ? 5 2 %. .*$ .% 8% /%*$ 3 *$+ $%$3 8% # $2 /%*$ * * 3 $*2 %8 * .* $ %$+ + % %$ + #*/ 3/* 4. 8 2 8% $%$3 8% # $2 /%*$ * * 3 $*2 %8 * * * + %$ $ %$+ + $# 7%*$ 3 3 $*2 #* $% *++ 3 % ' $ $*$ * *//* %$ %#3%$ $ * 3% + $ .%*$+ $ . 2/*% 8 / $2 *$+ * *//* + 8 %# %*/ %$%/ +* + /%*$ *$+ / * $ %8 $ * $ + $%# *$+ 2 % %8 !4%*/ %$%/ +* + %## */ *$+ $+ */ /%*$ !4%*/ %$%/ +* + %$# /%*$ !?%# %88 /%*$ + %$ ! % 8% !8*# / + $ */ 3 %3 *$+ +%# %88 /%*$ + #/ 8*# / + $ */ 3 %3 8 % #% $ !(%$%/ +* + %*/ */ * /%*$ / + $ */ */ * /%*$ !7%*$ % + 3% % $ %$ *2 / */ 3 %+ %$ /%*$ 8% 2$ 2% $# $ /%*$ /%*$ % * *$+ 3%/ */ + %$ *// %. /%*$ *$+ %*/ / * !4%*/ /%*$ *$+ / * 8 $*$ $2 */ $ %8 $ * $ + $%# ! (*//* + * . # %8 %*/ $%$* */ /%*$ *$+ + /%*$

FOR ALL CRAIN’S LISTS, VISIT WWW.CRAINSNEWYORK.COM/LISTS

18 | Crain’s New York Business | April 28, 2014 from le to right: Suny Golovinsky, AVP, Steven Broad, SVP, Michael Paul, SVP, Lissa Baum, EVP & Chief Lending Ocer, Howard Weinberg, FSVP IDB Bank Lends, and Listens, to New York Not-for-Proﬁts

hen Fedcap, a $144 million Manhattan- dollars to not-for-profits, many of which operate un- With Fedcap, the IDB team knew the terms based not-for-profit that offers vocational der unique circumstances with thin margins. were likely to morph mid-deal – but they also knew Wtraining and job services to people with that comes with the territory. “The original approv- disabilities and other employment-related barri- “We are credit people al was very different from what we ended up with,” ers, was seeking bigger offices last year, the process Steven Broad says. “Our bank is flexible enough to got unexpectedly complicated. Though the grow- who are willing to change the deal structure as we progressed, achiev- ing agency was quickly able to find a suitable new ing a better result for all.” space, it simultaneously needed to settle in, sell its IDB understands that the not-for-profit arena, existing space, and later acquire additional space listen,” says Broad. like other areas, may have unusual cash-manage- nearby. “It’s a team business,” adds Lissa Baum, IDB’s ment concerns. Health care facilities, for example, Amid that difficult process, Fedcap’s investment Executive Vice President and Chief Lending Offi- are very transaction-oriented. “Reimbursements are banker asked an IDB Bank Lending team, led by cer. “Our credit approval process is very responsive.” a key part of their income,” says Broad. Steven Broad, if they were interested in providing IDB traces its relationship with not-for-profits back IDB not only finds ways to make loans, but saves long-term financing for the organization. After taking to the earliest days of the State of Israel. IDB’s corpo- its clients money. “We’re very flexible,” says Suny the time to learn more about Fedcap’s mission and rate parent, Israel Discount Bank, assisted charities Golovinsky, an IDB Vice President and a key mem- circumstances, Broad, who has 25 years of experience associated with the fledgling nation since the 1930s. It ber of the team. “And we’re very creative.” More securing loans for hospitals, social service agencies, opened its first U.S. branch on Fifth Avenue in 1962. importantly, Golovinsky adds, “we won’t sell clients and educational institutions in the New York area, Today’s IDB Bank, which is a wholly owned products and services they don’t need just to create said yes. subsidiary of the Tel Aviv-based institution, has the fees.” Ultimately, so did Fedcap. “IDB Bank took a ability to approve its own credit, providing its cli- Fedcap’s McMahon praises IDB’s “tight-knit personal interest in our business, and showed an in- ents with quick, personalized local service. group” and her ability to always get a banker on the depth understanding of it,” says Fedcap’s President Steven Broad arrived at IDB in September 2011 phone. “Real estate in New York City is complicat- and Chief Executive, Christine McMahon. “We did with a mandate to build out a program to provide ed,” she says. “We wanted to increase our square a pretty extensive review of the opportunities out New York area not-for-profits with a knowledge- footage at a reasonable cost while also building a there. IDB had capacity to address our business to- able and sympathetic lending partner. Armed long-term growth strategy. IDB actually enhanced day and our growth goals going forward.” The result with a career’s worth of relationships and a tal- our ability to do that.” was a $28.5 million loan. ented team, Broad excels at creating turnkey bank- Broad says it’s all part of doing business in the IDB Bank has a 52-year history of establishing ing solutions for organizations that don’t always greatest city on earth: “Budgets are being cut; it’s high-touch, customized banking relationships with receive a fair shake from larger lending institutions. a tough regulatory environment. We’re here to middle-market businesses in New York, New Jersey, “We don’t shy away from deals that are very dif- help the community and the institutions that serve and Connecticut, as well as in Florida and California. ferent from one another,” says Broad. “If you look it, helping them do what they do best, which is

Since 2012, it also has loaned hundreds of millions of at our portfolio, it’s very diverse.” helping people.” (

CN016624.indd 1 4/25/14 10:23 AM P020-22CL_CN_20140421.qxp 4/25/2014 3:13 PM Page 20

TO PLACE A CLASSIFIED AD, CALL 1-800-444-6007 OR VISIT CRAINSNEWYORK.COM PUBLIC & LEGAL NOTICES

Amalgamated Life Insurance NOTICE OF QUALIFICATION of Notice of Qualification of 650 Madison Notice of Qualification of GREENLAND Notice of Qualification of BORO EXPION, LLC. Authority filed with Retail Manager LLC. Authority filed LA METROPOLIS DEVELOPMENT I ASSOCIATES LLC. App. for Auth. Company is committed to Secy of State of NY (SSNY) on with NY Dept. of State on 9/25/13. LLC. Authority filed with Secy. of State filed with Secy. of State of NY (SSNY) preventing fraud in regard to the 3/26/14. Office location: NY County. Office location: NY County. Princ. bus. of NY (SSNY) on 03/19/14. Office 11/12/13. Office location: NY County. insurance coverage it issues. LLC formed in NC on 1/1/11. SSNY addr.: 210 Route 4 East, Paramus, location: NY County. LLC formed in LLC formed in Delaware (DE) on Therefore, Amalgamated Life, as designated agent upon whom process NJ 07652. LLC formed in DE on Delaware (DE) on 02/27/14. SSNY 10/18/13. SSNY designated as agent may be served and shall mail copy of 9/19/13. NY Sec. of State designated designated as agent of LLC upon of LLC upon whom process against required by the New York State process against LLC to principal agent of LLC upon whom process whom process against it may be it may be served. SSNY shall mail Department of Financial Services business address: c/o Peter Heffring, against it may be served and shall served. SSNY shall mail process to process to: c/o Botsaris Morris Realty makes the following statement: 900 Ridgefield Dr, Suite 85, Raleigh, mail process to: c/o CT Corporation Greenland US Holding Inc., 515 S. Group LLC, Attn: Guy Morris, 358 NC 27609. Certificate of LLC filed System, 111 8th Ave., NY, NY 10011, Figueroa St., Ste. 17F, Los Angeles, Fifth Ave., Ste. 902, NY, NY 10001. DE with Secy of State of NC located: PO regd. agent upon whom process may CA 90071. DE addr. of LLC: 2711 address of LLC: c/o United Corporate Any person who knowingly and Box 29622, Raleigh, NC 27626-0622. be served. DE addr. of LLC: 1209 Centerville Rd., Ste. 400, Wilmington, Services, Inc., 874 Walker Road, Ste. with intent to defraud any Purpose: any lawful act. Orange St., Wilmington, DE 19801. DE 19808. Arts. of Org. filed with C, Dover, DE 19904. Cert. of Form. insurance company or other Cert. of Form. filed with DE Sec. of Secy. of State of State of DE, DE filed with DE Secy. of State, NOTICE OF FORMATION OF 750 FOOD State, 401 Federal St., Dover, DE Dept. of State, Divs. Of Corps., John Townsend Bldg., Dover, DE 19901. person, files an application for LLC. Arts of Org filed with Secy of 19901. Purpose: any lawful activity. G. Townsend Bldg., 401 Federal St.- Purpose: any lawful activity. insurance or statement of claim State of NY (SSNY) on 03/13/14. Ste.4, Dover, DE 19901. Purpose: containing any materially false Office location: NY County. SSNY Notice of Formation of AGW NYY LLC. Any lawful activity. Notice of Formation of Studio designated agent upon whom Arts. of Org. filed with Secy. of State Leopard, LLC, Art. of Org. filed Sec'y information, or conceals for the process may be served and shall mail of NY (SSNY) on 02/19/14. Office Notice of Formation of Bad Boy of State (SSNY) 12/20/13. Office purpose of misleading, copy of process against LLC to: C/O location: NY County. SSNY desig- Productions OpCo LLC. Arts. of Org. location: NY County. SSNY designated information concerning any fact TORKIAN GROUP 1650 Broadway nated as agent of LLC upon whom filed with Secy. of State of NY (SSNY) as agent of LLC upon whom process material there-to, commits a Suite 910, New York, NY 10019. process against it may be served. on 03/13/14. Office location: NY against it may be served. SSNY shall Principal business address: 1650 SSNY shall mail process to the LLC, County. Princ. office of LLC: 1710 mail copy of process to DePaula & fraudulent insurance act, which Broadway Ste 910, NY, NY 10019. 500 Park Ave., Apt. 14F, NY, NY Broadway, NY, NY 10019. SSNY Clark, 30 W. 22nd St., 2W, NY, NY is a crime and shall also be Purpose: any lawful act. 10022. Purpose: Any lawful activity. designated as agent of LLC upon whom 10010. Purpose: any lawful activities. subject to a civil penalty not to process against it may be served. NOTICE OF FORMATION OF MILFORD SPRING LIGHT LLC, a domestic LLC, THE LAW OFFICE OF GRISEL exceed five thousand dollars and SSNY shall mail process to GIFTS LLC. Arts of Org filed with Secy filed with the SSNY on 3/24/14. Corporation Service Co., 80 State BLANCO-OBREGON, LLC, a domestic the stated value of the claim for of State of NY (SSNY) on 03/18/14. Office location: New York County. St., Albany, NY 12207-2543. PLLC, Arts. of Org. filed with the SSNY each such violation. Office location: NY County. SSNY SSNY is designated as agent upon Purpose: Any lawful activity. on 12/12/13. Office location: New York designated agent upon whom process whom process against the LLC may County. SSNY is designated as agent may be served and shall mail copy of be served. SSNY shall mail process Qualification of Blackstone Tactical upon whom process against the PLLC Anyone knowing of a fraudulent process against LLC to: C/O to The LLC, 161 E. 65th St., NY, NY Opportunities Fund – I L.P. Authority may be served. SSNY shall mail act should call Ellen Dunkin at: TORKIAN GROUP 1650 Broadway 10065. General Purpose. filed with the Sect. of State of NY process to: The LLC, 221 E. 89th St., Amalgamated Life Suite 910, NY, NY 10019. Principal (SSNY) on 3/13/14. Office Loc: NY #1A, NY, NY 10128. Purpose: Law. Insurance Company business address: 700 8th Avenue, NY, Aris & Athan, LLC. Arts. of Org. filed County. LP formed in DE on 2/25/14. NY 10036. Purpose: any lawful act. with Secy. of State of NY (SSNY) on SSNY has been designated as agent Tru Dynamic Group LLC. Arts of Org 333 Westchester Avenue 02/04/14. Off. loc.: NY Co. SSNY of LP upon whom process against it filed with Secy of State of NY (SSNY) White Plains, NY 10604 Notice of Formation of SKYLABS des. as agent of LLC upon whom may be served and shall mail process on 2/4/2014. Office location: New 800-624-5844 MEDIA LLC. Arts. of Org. filed with process may be served. SSNY shall to: 345 Park Avenue, NY, NY 10154. DE York County. SSNY designated agent Secy. of State of NY (SSNY) on mail process to c/o Robinson Brog, address of LP: 200 Bellevue Pkwy, Ste upon whom process may be served 03/28/14. Office location: NY County. et al., Attn: Roger A. Raimond, 875 210, Wilmington, 19809. Name/addr. and shall mail copy of process Notice of Qual. of T Media Sales, LLC, Princ. office of LLC: 16 E. 34th St., 3rd Ave., 9th Fl., New York, NY of genl. ptr. avail from SSNY. Cert. of against LLC to: 134 W. 29th Street Auth. filed Sec'y of State (SSNY) 15th Fl., NY, NY 10016. SSNY 10022. Purpose: General. LP filed with DE Sect. of State, 401 11th Floor, New York NY 10001. 12/6/13. Office loc.: NY County. LLC designated as agent of LLC upon Federal St, Ste 4, Dover, DE 19901. Principal business address: 134 W. org. in DE 8/2/13. SSNY desig. as whom process against it may be Notice of Formation of Recast 431 Purpose: any lawful activity. 29th Street 11th Floor, New York NY agent of LLC upon whom process served. SSNY shall mail process to Warren Street, LLC. Arts. of Org. filed 10001. Purpose: any lawful act. with NY Dept. of State on 11/26/2013. against it may be served. SSNY shall Corporation Service Co., 80 State LIMITED LIABILITY COMPANY. Notice of Formation of CB-GAA LLC. Office location: NY County. Princ. bus. mail copy of proc. to 888 3rd St., St., Albany, NY 12207-2543. Notice of Formation of Limited Arts. of Org. filed with Secy. of State addr.: 1 MetroTech Ctr., Brooklyn, NY Atlanta, GA 30318. DE off. addr.: 160 Purpose: Social media marketing, Liability Company (LLC). Name: FIA of NY (SSNY) on 03/21/14. Office 11201. Sec. of State designated Greentree Dr., Ste. 101, Dover, DE digital media, communications & CORONA HOLDINGS, LLC. Articles location: NY County. Princ. office of agent of LLC upon whom process 19904. Cert. of Form. on file: SSDE, public relations and branding. of Organization filed by the LLC: c/o Hotel Edison, 228 W. 47th against it may be served and shall Townsend Bldg., Dover, DE 19901. Department of State of New York on: St., NY, NY 10036. SSNY designated AKSHAYA LLC, a foreign LLC, filed mail process to: 131 W. 24th St., Apt. Purp.: any lawful activities. 03/06/2014. Office location: County as agent of LLC upon whom process with the SSNY on 3/5/14. Office 2, NY, NY 10011, Attn: Betsy Jacobs, of New York. Purpose: any and all against it may be served. SSNY shall NOTICE OF QUALIFICATION of 33 location: New York County. SSNY is regd. agent upon whom process may lawful activities. Secretary of State of mail process to the LLC at the addr. Peck Slip Holding LLC. Authority designated as agent upon whom be served. Term: until 11/24/2063. New York (SSNY) designated as agent of its princ. office. Purpose: Any filed with Secy of State of NY (SSNY) process against the LLC may be Purpose: all lawful purposes. of LLC upon whom process against lawful activity. on 2/18/14. Office location: NY County. served. SSNY shall mail process to: it may be served. SSNY shall mail a LLC formed in DE on 11/15/13. Grant, Hermann, Schwartz & Klinger, NOTICE OF FORMATION OF NY Shine copy of process to: 115 Broadway, NOTICE OF FORMATION OF The SSNY designated agent upon whom LLP, Attn: Richard L. Hermann, Esq., LLC. Arts of Org filed with Secy of Suite 302, New York, NY 10006. Langer Syringe, LLC. Arts of Org filed process may be served and shall 675 3rd Ave., 26th Fl., NY, NY 10017. State of NY (SSNY) on 10/21/13. with Secy of State of NY (SSNY) on mail copy of process against LLC to: General Purposes. Office location: NY County. SSNY Notice of Formation of Park Avenue 3/10/14. Office location: NY County. c/o CSC, 80 State St, Albany, NY designated agent upon whom process Endocrinology & Nutrition, PLLC. Arts. SSNY designated agent upon whom 12207-2543. Principal business CURL UP AND DYE BAR LLC, Arts. may be served and shall mail copy of of Org. filed with Secy. of State of NY process may be served and shall address: c/o CSC, 2711 Centerville of Org. filed with the SSNY on process against LLC to: Northwest (SSNY) on 04/03/14. Office location: mail copy of process against LLC to: Rd, Ste 400, Wilmington, DE 19808. 01/17/2014. Office loc: NY County. Registered Agent, 90 State St, Ste 700, New York County. SSNY designated Finkelstein Platt LLP, 11 Broadway, Certif. of LLC filed with Secy of State SSNY has been designated as agent Office 40, Albany, NY 12207. Principal as agent of LLC upon whom process Ste 615, NY, NY 10004. Principal of DE: 401 Federal St, Ste 4, Dover, upon whom process against the LLC business address: 29 King St, Apt 1d, against it may be served. SSNY shall business address: 933 Fifth Ave NY, DE 19901. Purpose: any lawful act. may be served. SSNY shall mail NY, NY 10014. Purpose: any lawful act. mail process to: c/o Delaney Corporate NY 10021. Purpose: any lawful act. process to: 243 18th St., NY, NY Services, Ltd., 99 Washington Ave., NOTICE OF QUALIFICATION of 33 10011. Reg Agent: Debra Derecola, NOTICE OF FORMATION OF YTD Ste. 805A, Albany, NY 12210. The professional limited liability com- Peck Slip Acquisition LLC. Authority 85 8th Ave., Apt #5U, NY, NY 10011. Partners LLC. Arts of Org filed with Purpose: to practice the profession pany name is Sander Rabin H+Juris filed with Secy of State of NY (SSNY) Purpose: Any Lawful Purpose. Secy of State of NY (SSNY) on of medicine and any lawful activities. PLLC. The Articles of Organization on 2/18/14. Office location: NY County. 8/23/13. Office location: NY County. were filed with the NY Secretary of LLC formed in DE on 11/6/13. SSNY Notice of Formation of ZHU LAW FIRM, SSNY designated agent upon whom NOTICE OF FORMATION OF 888 CAFE State on March 13, 2014. The designated agent upon whom process PLLC. Arts. of Org. was filed with process may be served and shall LLC. Arts of Org filed with Secy of PLLC’s office is in Westchester may be served and shall mail copy of SSNY on 2/26/14. Office location: New mail copy of process against LLC to: State of NY (SSNY) on 10/22/13. County. Business Filings Inc is desig- process against LLC to: c/o CSC, 80 York. SSNY designated as agent of 7014 13th Ave, Ste 202, Brooklyn, NY Office location: NY County. SSNY nated as the PLLC’s agent for serv- State St, Albany, NY 12207-2543. LLC whom process against may be 11228. Principal business address: designated agent upon whom process ice of process at 187 Wolf Rd Suite Principal business address: c/o CSC, served. SSNY shall mail process to: 1375 Broadway, Ste 600, NY, NY may be served and shall mail copy of 101 Albany NY 12205. The PLLC is 2711 Centerville Rd, Ste 400, 1501 Broadway, 12th Fl. #12127, 10018. Purpose: any lawful act. process against LLC to: c/o TORKIAN managed by a manager. The purpose Wilmington, DE 19808. Certif. of LLC New York, NY 10036. Purpose: to GROUP 1650 Broadway, Ste 910, NY, of the PLLC is to practice law. filed with Secy of State of DE: 401 engage in the practice of Law. NOTICE OF FORMATION OF HALIFAX NY 10019. Principal business address: Federal St, Ste 4, Dover, DE 19901. OF PALISADE LLC.. Application for 1265 Broadway, NY, NY 10001. Notice of Qualification of American Purpose: any lawful act. Notice of Qualification of CHELSEA Authority filed with the Secretary of Purpose: any lawful act. Capital Leveraged Finance RESTAURANT OWNER LLC. Authority State of New York (SSNY) on 12/31/12. Management, LLC. Authority filed Notice of Qualification of Guterman- filed with Secy. of State of NY (SSNY) Office location: NEW YORK County. Notice of Qualification of Ampere with NY Dept. of State on 4/7/14. CPW Partners, LLC. Authority filed on 03/27/14. Office location: NY LLC formed in NJ on 7/8/10. SSNY Solar Owner III, LLC. Authority filed Office location: NY County. Princ. bus. with Secy. of State of NY (SSNY) on County. LLC formed in Delaware (DE) has been designated as an agent with Secy. of State of NY (SSNY) on addr.: 2 Bethesda Metro Ctr., 14th Fl., 3/25/14. Office location: New York on 03/19/14. SSNY designated as upon whom process against it may be 3/10/14. Office location: New York Bethesda, MD 20814. LLC formed in County. LLC formed in Delaware (DE) agent of LLC upon whom process served. The Post Office address to County. LLC formed in Delaware (DE) DE on 8/1/13. NY Sec. of State des- on 3/24/14. SSNY designated as against it may be served. SSNY shall which the SSNY shall mail a copy of on 3/4/14. SSNY designated as agent ignated agent of LLC upon whom agent of LLC upon whom process mail process to c/o Morrison Cohen any process against the LLC served of LLC upon whom process against it process against it may be served against it may be served. SSNY shall LLP, Attn: Y. David Scharf, Esq., 909 upon him/her is: C/O KB PARK, 460 may be served. SSNY shall mail and shall mail process to: c/o CT mail process to: 1721 Breakers West Third Ave., 27th Fl., NY, NY 10022. DE Bergen Blvd Ste 202A, Palisades process to: c/o Corporation Service Corporation System, 111 8th Ave., NY, Blvd., West Palm Beach, FL 33411. addr. of LLC: c/o Corporation Service Park, NJ 07650. The principal busi- Company, 80 State St., Albany, NY NY 10011, regd. agent upon whom Address to be maintained in DE: 160 Co., 2711 Centerville Rd., Ste. 400, ness address of the LLC is: 10 West 12207-2543. Address to be maintained process may be served. DE addr. of Greentree Dr., Ste. 101, Dover, DE Wilmington, DE 19808. Arts. of Org. 33rd St. Ste 1010, NY, NY 10001. in DE: 2711 Centerville Rd., Ste. 400, LLC: c/o The Corporation Trust Co., 19904. Arts of Org. filed with the DE filed with Secy. of State, Div. of Certificate of LLC filed with Secretary Wilmington, DE 19808. Arts of Org. 1209 Orange St., Wilmington, DE Secy. of State, John G. Townsend Corps., John G. Townsend Bldg., of State of NJ located at: 141 Lanza filed with the DE Secy. of State, 401 19801. Cert. of Form. filed with DE Sec. Bldg., 401 Federal St., Ste. 4, Dover, DE 401 Federal St., Ste. 4, Dover, DE Ave Bldg #18C, Garfield, NJ 07026. Federal St., Dover, DE 19901. of State, 401 Federal St., Dover, DE 19901. Purpose: any lawful activities. 19901. Purpose: Any lawful activity. Purpose: any lawful act or activity. Purpose: any lawful activities. 19901. Purpose: all lawful purposes.

20 | Crain’s New York Business | April 28, 2014 P020-22CL_CN_20140421.qxp 4/25/2014 3:18 PM Page 21

TO PLACE A CLASSIFIED AD, CALL 1-800-444-6007 OR VISIT CRAINSNEWYORK.COM PUBLIC & LEGAL NOTICES

Notice of Qualification of ENGINEERS NOTICE OF QUALIFICATION of The Notice of Qualification of Anibar Group Notice of Qualification of EMERALD NOTICE OF QUALIFICATION of GATE FUND II GP LLC. Authority filed Wheels on The Bus Tours, LLC. LLC. Authority filed with Secy. of EXPOSITIONS, LLC. Authority filed Flagtree Systems LLC. Authority filed with Secy. of State of NY (SSNY) on Authority filed with Secy of State of State of NY (SSNY) on 4/1/14. Office with Secy. of State of NY (SSNY) on with Secy of State of NY (SSNY) on 03/13/14. Office location: NY County. NY (SSNY) on 4/2/14. Office location: location: New York County. LLC 03/12/14. Office location: NY County. 01/16/2014. Office location: NY County. LLC formed in Delaware (DE) on NY Co. LLC formed in DE 2/5/14. formed in Delaware (DE) on 4/1/14. LLC formed in Delaware (DE) on LLC formed in TX on 03/04/2009. 03/11/14. SSNY designated as agent SSNY designated agent upon whom SSNY designated as agent of LLC 01/11/94. SSNY designated as agent SSNY designated agent upon whom of LLC upon whom process against process may be served and shall upon whom process against it may be of LLC upon whom process against it process may be served and shall mail it may be served. SSNY shall mail mail process against LLC to princ served. SSNY shall mail process to: may be served. SSNY shall mail process copy of process against LLC to: process to The LLC, 640 Fifth Ave., bus address: 545 8th Ave, Ste 14S, c/o Sentinel Data Centers, 120 West to c/o Corporation Service Co., 80 28411 Northwestern Hwy., Ste. 640, 19th Fl., NY, NY 10019. DE addr. of NY, NY 10018. Cert of LLC filed with 45th St., Ste. 2610, NY, NY 10036, State St., Albany, NY 12207-2543. DE Southfield, MI 48034. Principal busi- LLC: Corporation Service Co., 2711 Secy of State of DE located: Div of Attn: Gilad Rabina. Address to be addr. of LLC: 2711 Centerville Rd., Ste. ness address: New York Co. TX Centerville Rd., Ste. 400, Wilmington, Corps John G Townsend Bldg 401 maintained in DE: Harvard Business 400, Wilmington, DE 19808. Arts. of address of LLC: 1400 Preston Rd, DE 19808. Arts. of Org. filed with Federal St. Ste 4 Dover DE 19901. Services, Inc., 16192 Coastal Hwy., Org. filed with DE Secy. of State, Div. Ste. 400, Plano, TX 75093. Certificate Secy. of State, State of DE, Dept. of Purpose: any lawful act. Lewes, DE 19958. Arts of Org. filed of Corps., John G. Townsend Bldg., of LLC filed with Secy of State of TX State, Townsend Bldg., Dover, DE with the DE Secy. of State, 401 401 Federal St. - Ste. 4, Dover, DE located: Corps Section, PO BOX 19901. Purpose: Any lawful activity. Notice of Formation of Calvary Federal St., Dover, DE 19901. 19901. Purpose: Any lawful activity. 13697, Austin, TX 78711-3697. Manager LLC. Arts. of Org. filed with Purpose: any lawful activities. Purpose: any lawful act. Notice of Formation of Bad Boy Secy. of State of NY (SSNY) on Name of PLLC: Carol L. Goldstein Touring OpCo LLC. Arts. of Org. filed 3/28/14. Office location: NY County. 308 RNYF LLC, a domestic LLC, filed DC PLLC. Arts. of Org. filed with NY NOTICE OF FORMATION OF Triangle with Secy. of State of NY (SSNY) on SSNY designated as agent of LLC with the SSNY on 2/12/14. Office Dept. of State: 2/21/14. Office loc.: J Fund I LLC. Arts of Org filed with 03/13/14. Office location: NY County. upon whom process against it may be location: New York County. SSNY is NY Co. Sec. of State designated Secy of State of NY (SSNY) on Princ. office of LLC: 1710 Broadway, served. SSNY shall mail process to: designated as agent upon whom agent of PLLC upon whom process 2/20/14. Office location: NY County. NY, NY 10019. SSNY designated as The LLC, 826 Broadway, 11th Fl., NY, process against the LLC may be against it may be served and shall SSNY designated agent upon whom agent of LLC upon whom process NY 10003. Purpose: any lawful activity. served. SSNY shall mail process to mail process to: c/o Business Filings process may be served and shall mail against it may be served. SSNY shall Holm & O’Hara LLP, Attn: Michael L. Inc., 187 Wolf Rd., Ste. 101, Albany, copy of process against LLC to: c/o mail process to Corporation Service NOTICE OF FORMATION OF LIMITED Landsman, Esq., 3 W. 35th St., 9th NY 12205, regd. agt. upon whom JD Stettin, 152 W. 57th St, Flr 53, NY, Co., 80 State St., Albany, NY 12207- LIABILITY COMPANY. ABBEY Fl., NY, NY 10001. General Purpose. process may be served. Purpose: NY 10019. Principal business 2543. Purpose: Any lawful activity. CONSULTING, LLC. Articles of practice chiropractic. address: 259 W 70th St, #2R, NY, NY Organization were filed with the Notice of Formation of Quik Park 10023. Purpose: any lawful act. COLOMBIAN ORGANIC CONNECTION Secretary of State of New York Morton LLC. Arts. of Org. filed with Notice of Qualification of Unitas NOTICE OF FORMATION OF BETTER LLC, Arts. of Org. filed with the SSNY (SSNY) 4/3/14. Office location: NY Secy. of State of NY (SSNY) on Global LLC. Authority filed with Secy. BROKERS, LLC. Articles of Organization on 03/05/2014. Office loc: NY County. County. SSNY has been designated 2/24/14. Office location: NY County. of State of NY (SSNY) on 3/17/14. filed with Secretary of State of NY SSNY has been designated as agent as agent of the LLC upon whom SSNY designated as agent of LLC Office location: New York County. LLC (SSNY) on 1/21/14. Office location: NY upon whom process against the LLC process against it may be served upon whom process against it may formed in California (CA) on 8/21/09. County. SSNY designated agent upon may be served. SSNY shall mail process and shall mail a copy of process to be served. SSNY shall mail process SSNY designated as agent of LLC whom process may be served and to: 363 W. 51st St., Apt 3B, NY, NY ABBEY CONSULTING, LLC, 124 to: The LLC, 247 W. 37th St., NY, NY upon whom process against it may be shall mail copy of process against 10019. Purpose: Any Lawful Purpose. Hudson Street, #8A, New York, New 10018. Purpose: any lawful purpose. served. SSNY shall mail process to: York, 10013, Attention Leslie Abbey. National Registered Agents, Inc., 111 LLC to principal business address: Notice of Formation of 18W 125 Assoc. 15 W. 72nd St., #17M, NY, NY THE LAW OFFICE OF GRISEL Purpose: for any lawful purpose. Eighth Ave., NY, NY 10011. Address LLC. Arts. of Org. filed with Secy. of 10023. Purpose: any lawful activity. BLANCO-OBREGON, LLC, a domestic to be maintained in CA: 453 S. Spring NOTICE OF FORMATION OF Pipsticks State of NY (SSNY) on 1/9/14. Office PLLC, Arts. of Org. filed with the SSNY St., Ste. 728, Los Angeles, CA 90013. LLC. Arts of Org filed with Secy of location: NY County. SSNY designated Notice of Qualification of Arhaus, LLC. on 12/12/13. Office location: New York Arts of Org. filed with the CA Secy. of State of NY (SSNY) on 2/7/14. Office as agent of LLC upon whom process Authority filed with NY Dept. of State County. SSNY is designated as agent State, Business Entities, 1500 11th location: NY County. SSNY designated against it may be served. SSNY shall on 3/3/14. Office location: NY County. upon whom process against the PLLC St., Sacramento, CA 95814. agent upon whom process may be mail process to: c/o The LLC, 435 LLC formed in DE on 12/19/13. NY may be served. SSNY shall mail Purpose: any lawful activities. served and shall mail copy of process Fifth Ave., 4th Fl., NY, NY 10016. Sec. of State designated agent of LLC process to: The LLC, 221 E. 89th St., against LLC to: Northwest Registered Purpose: any lawful activity. Anahid & Telly LLC. Arts. of Org. filed upon whom process against it may be #1A, NY, NY 10128. Purpose: Law. Agent, 90 State St, Ste 700, Office 40, with Secy. of State of NY (SSNY) on served and shall mail process to: Allan Albany, NY 12207. Principal business CDV HOLDINGS LLC, Arts. of Org. 03/03/14. Off. loc.: NY Co. SSNY C. Churchmack, 7700 Northfield Rd., Notice of Formation of Recast 24-26 address: 80 Varick St, 10B, NY, NY filed with the SSNY on 02/12/2014. des. as agent of LLC upon whom Walton Hills, OH 44146, principal Park Place, LLC. Arts. of Org. filed 10013. Purpose: any lawful act. Office loc: NY County. SSNY has process may be served. SSNY shall business address. DE address of LLC: with NY Dept. of State on 11/26/2013. been designated as agent upon whom mail process to c/o Robinson Brog, 1209 Orange St., Wilmington, DE Office location: NY County. Princ. bus. Notice of Formation of COREY S. process against the LLC may be et al., Attn: Roger A. Raimond, Esq., 19801. Cert. of Form. filed with DE Sec. addr.: 1 MetroTech Ctr., Brooklyn, NY SCURLOCK, M.D., MEDICAL ADVO- served. SSNY shall mail process to: 875 3rd Ave., 9th Fl., New York, NY of State, 401 Federal St., Dover, DE 11201. Sec. of State designated CATE, PLLC. Arts. of Org. filed with Lincoln Land Services LLC, 324 10022. Purpose: General. 19901. Purpose: all lawful purposes. agent of LLC upon whom process Secy. of State of NY (SSNY) on South Service Rd. Ste 302, Melville, NY against it may be served and shall 03/19/14. Office location: NY County. 11747. Purpose: Any Lawful Purpose. Notice of Formation of ESHGM 2014, Notice of Formation of AIRIA LIVING mail process to: 131 W. 24th St., Apt. Princ. office of PLLC: 224 W. 18th LLC. Arts. of Org. filed with Secy. of LLC. Arts. of Org. filed with Secy. of 2, NY, NY 10011, Attn: Betsy Jacobs, St., Apt. 8A, NY, NY 10011. SSNY NOTICE OF FORMATION OF FIRM State of NY (SSNY) on 03/12/14. State of NY (SSNY) on 04/10/14. regd. agent upon whom process may designated as agent of PLLC upon FOUNDATIONS PARTNERS LLC. Office location: NY County. SSNY Office location: NY County. SSNY be served. Term: until 11/24/2063. whom process against it may be ARTICLES OF ORG filed with Secy of designated as agent of LLC upon whom designated as agent of LLC upon Purpose: all lawful purposes. served. SSNY shall mail process to State of NY (SSNY) on 09/25/2013. process against it may be served. whom process against it may be c/o Tannenbaum Helpern Syracuse & Office location: NY County. SSNY has SSNY shall mail process to the LLC, served. SSNY shall mail process to NOTICE OF FORMATION OF INVISA Hirschtritt LLP, Attn: Brian A. Haskel, been designated as agent upon whom One Morton Sq., Apt. 9CW, NY, NY David Beyda, 295 Fifth Ave., Ste. LOGISTIC SERVICES LLC. Esq., 900 Third Ave., NY, NY 10022- process may be served and shall mail 10014. Purpose: Any lawful activity. 412, NY, NY 10016, regd. agent upon Application for Authority filed with 4775. Purpose: Practice of medicine. a copy of any process against LLC whom and at which process may be Secretary of State of New York (SSNY) to principal business address: 124 W. ETTY BURK, PH.D. LLC, Arts. of Org. served. Purpose: Any lawful activity. on 06/19/2012. LLC formed in Notice of Qualification of COURTNEY 23rd St. Apt 2A NY, NY 10011. filed with the SSNY on 03/19/2014. DISTRICT OF COLUMBIA on ONE MANAGER LLC. Authority filed Purpose: any lawful act or activity Office loc: NY County. SSNY has Notice of Qualification of TASHTEGO 11/17/2010. SSNY has been designated with Secy. of State of NY (SSNY) on been designated as agent upon whom CAPITAL PARTNERS, L.P. Authority as an agent upon whom process 03/19/14. Office location: NY County. CNI CREATE NEW IDEAS LLC, a process against the LLC may be filed with Secy. of State of NY (SSNY) against it may be served. The Post LLC formed in Delaware (DE) on domestic LLC, filed with the SSNY on served. SSNY shall mail process to: on 03/03/14. Office location: NY Office address to which the SSNY 03/11/14. Princ. office of LLC: 1720 2/25/14. Office location: New York 255 W. 84th St. Ste 1E, NY, NY 10024. County. LP formed in Delaware (DE) on shall mail a copy of any process Post Rd., Fairfield, CT 06824. SSNY County. SSNY is designated as agent Purpose: Any Lawful Purpose. 02/18/14. SSNY designated as agent against the LLC served upon him/her designated as agent of LLC upon whom upon whom process against the LLC of LP upon whom process against it is: 1566 33rd St. NW, WASHINGTON, process against it may be served. may be served. SSNY shall mail Notice of Formation of 721 ST. may be served. SSNY shall mail D.C., 20007. The principal business SSNY shall mail process to c/o process to c/o Christina Kallas Esq., NICHOLAS LLC. Arts. of Org. filed process to David Halliwill, 410 Park address of the LLC is: 1566 33rd St. Ceruzzi Properties LLC at the princ. 5009 Broadway, Ste. 604, NY, NY with Secy. of State of NY (SSNY) on Ave., Ste. 530, NY, NY 10022. Name NW, WASHINGTON, D.C., 20007. office of the LLC. DE addr. of LLC: c/o 10034. General Purpose. 04/10/14. Office location: NY County. and addr. of each general partner are NEW YORK address of LLC is: 80 Corporation Service Co., 2711 Princ. office of LLC: 404 W. 145th available from SSNY. DE addr. of LP: MAIDEN LANE, ROOM 302, NEW Centerville Rd., Ste. 400, Wilmington, Doppio Hudson Street LLC. Arts. of St., Unit 0, NY, NY 10031. SSNY c/o Corporation Service Co., 2711 YORK, NY 10038. Certificate of LLC DE 19808. Arts. of Org. filed with DE Org. filed with Secy. of State of NY designated as agent of LLC upon Centerville Rd., Wilmington, DE 19808. filed with Secretary of State of NEW Secy. of the State, Div. of Corps., John (SSNY) on 09/17/13. Off. loc.: New whom process against it may be Arts. of Org. filed with DE Secy. of YORK located at: ONE COMMERCE G. Townsend Bldg., 401 Federal St., York Co. SSNY des. as agent of LLC served. SSNY shall mail process to State, 401 Federal St., Dover, DE PLAZA, 99 WASHINGTON AVE, Ste. 4, Dover, DE 19901. Purpose: upon whom process may be served. the LLC at the addr. of its princ. 19901. Purpose: Any lawful activity. ALBANY, NY 12231. Any lawful activity. SSNY shall mail process to 24 office. Purpose: Any lawful activity. Clinton Ave., Huntington, NY 11743. Notice of Qualification of AEA Investors Purpose: General. Notice of Qualification of RCB3 SBF LP. Authority filed with NY Dept. Rental LLC. Authority filed with NY of State on 2/4/14. Office location: Notice of Qualification of ARCP Dept. of State on 3/24/14. Office NY County. Princ. bus. addr.: 666 5th WELET1401, LLC. Authority filed location: NY County. Princ. bus. Ave., 36th Fl., NY, NY 10103. LP with Secy. of State of NY (SSNY) on addr.: 125 High St., High St. Tower, formed in DE on 12/31/13. NY Sec. of Do You Want To Get Your Company In 03/31/14. Office location: NY County. 27th Fl., Boston, MA 02110. LLC State designated agent of LP upon LLC formed in Delaware (DE) on formed in DE on 2/10/14. NY Sec. of whom process against it may be Front Of New York City’s Influential 03/12/14. SSNY designated as agent State designated agent of LLC upon served and shall mail process to: c/o of LLC upon whom process against whom process against it may be CT Corporation System, 111 8th Ave., Business Professionals? it may be served. SSNY shall mail served and shall mail process to: c/o NY, NY 10011, regd. agent upon whom process to c/o CSC, 80 State St., CT Corporation System, 111 8th process may be served. DE addr. of Albany, NY 12207. DE addr. of LLC: Ave., NY, NY 10011, regd. agent LP: The Corporation Trust Co., 1209 Contact Joanne Barbieri at 212-210-0189 2711 Centerville Rd., Ste. 400, upon whom process may be served. Orange St., Wilmington, DE 19801. Wilmington, DE 19808. Arts. of Org. DE addr. of LLC: 1209 Orange St., Name/addr. of genl.ptr. available for classified advertising opportunities. filed with DE Secy. of State, Div. of Wilmington, DE 19801. Cert. of Form. from NY Sec. of State. Cert. of LP Corps., 401 Federal St., Ste. 4, filed with DE Sec. of State, 401 filed with DE Sec. of State, 401 Dover, DE 19901. Purpose: Any Federal St., Dover, DE 19901. Federal St., Dover, DE 19901. lawful activity. Purpose: all lawful purposes. Purpose: all lawful purposes.

April 28, 2014 | Crain’s New York Business | 21 20140428-NEWS--0022-NAT-CCI-CN_-- 4/25/2014 5:26 PM Page 1

Though the course—in program- Tuition, for those who could afford mobile developer at Vantageous Tech ed triples pay ming iPhone applications—started it, was around $1,000, or about a Inc., a Manhattan-based creator of a in May and ran through the summer, twelfth of what it would be at Gen- video-production app. Access Code worked with the stu- eral Assembly or Flatiron. The Access Code offered many of the Of the 21 students who complet- dents into October. In addition to roughly $200,000 cost was paid for graduates their first glimpse of a dif- Access Code grads ed the 18-week course, 15 have full- teaching iOS coding, the program by grants from Google and the city. ferent sort of career. show the value of time jobs, according to Coalition for included visits from entrepreneurs, More than half the students were “It taught me the basics of pro- Queens founder Jukay Hsu. Another networking opportunities, job- women, and most were African- gramming and opened my eyes to comp-sci education five are freelancing or working part- interview coaching and mentoring. American or Hispanic. Most had the world of being able to design time while developing their own “For us, this is about a long-term college degrees but no tech back- something and push it through to an projects, or remain in school. Only commitment to serving our gradu- ground; one, Michelle Fernandez, app,” said Sky Davis, a Harlem na- BY MATTHEW FLAMM one has left the tech field (another ates and to building this tech ecosys- had a computer-science degree but tive who landed a position as a Web three quit early in the program). tem, and as time goes on we’ll see no skills as a developer. She’s now a designer at Scratch Music Group. General Assembly and Flatiron Just as important, the grads have people’s salaries increasing and in- website developer at Condé Nast. Her ability to do iOS coding won School are not the only tech- moved up the economic ladder: creasing,” Mr. Hsu said. Eli Bierman is another of Access points in the job interview, she said. education programs whose graduates Their average salary is $73,000, The aim was to teach tech skills Code’s success stories: A geography Mr.Hsu is raising money for a new, find jobs.Six months after its inaugu- ranging from about $40,000 to and entrepreneurship to groups of- major at CUNY’s Macaulay Honors larger class. “This is about finding ral class graduated, Access Code, run $100,000. Prior to the program, it ten left out of New York’s thriving College, he graduated last spring pathways to economic mobility,” he by the nonprofit Coalition for was $26,000, with half the students tech scene: women, minorities, im- knowing nothing about coding. He said. “We’re hopeful that as we ex- Queens, is batting better than .700. earning less than $15,000. migrants and low-income residents. was hired out of the program as a pand, we’ll expand the pipeline.” Ⅲ

TO PLACE A CLASSIFIED AD, CALL 1-800-444-6007 OR VISIT CRAINSNEWYORK.COM PUBLIC & LEGAL NOTICES Notice of Qualification of GRAYCLIFF Notice of Qualification of Andera, LLC. Notice of Qualification of MXFe, LLC. Notice of Qualification of GRAYCLIFF NOTICE OF FORMATION OF BitMine MEZZANINE II PARALLEL GP PART- Authority filed with NY Dept. of State Authority filed with Secy. of State of NY MEZZANINE II PARALLEL LP. Partners LLC. Articles of Organization NERS LLC. Authority filed with Secy. on 4/16/14. Office location: NY (SSNY) on 04/08/14. Office location: Authority filed with Secy. of State of NY filed with the Secretary of State of of State of NY (SSNY) on 04/14/14. County. Princ. bus. addr.: 325 NY County. LLC formed in Delaware (SSNY) on 04/14/14. Office location: NY (SSNY) on 03/27/2014. Office Office location: NY County. LLC Corporate Dr., Portsmouth, NH (DE) on 11/26/13. SSNY designated NY County. LP formed in Delaware location: NEW YORK County. SSNY formed in Delaware (DE) on 12/12/13. 03801. LLC formed in DE on 9/22/10. as agent of LLC upon whom process (DE) on 12/12/13. SSNY designated has been designated as agent upon SSNY designated as agent of LLC NY Sec. of State designated agent of against it may be served. SSNY shall as agent of LP upon whom process whom process against it may be upon whom process against it may be LLC upon whom process against it mail process to Corporation Service against it may be served. SSNY shall served. The Post Office address to served. SSNY shall mail process to c/o may be served and shall mail Co., 80 State St., Albany, NY 12207- mail process to Corporation Service Co., which the SSNY shall mail a copy of Corporation Service Co., 80 State St., process to: c/o CT Corporation 2543, regd. agent upon whom and at 80 State St., Albany, NY 12207-2543. any process against the LLC served Albany, NY 12207-2543. DE addr. of System, 111 8th Ave., NY, NY 10011, which process may be served. DE Name and addr. of each general upon him/her is: 80 Broad St., 1702, LLC: c/o PHS Corporate Services, regd. agent upon whom process may addr. of LLC: 2711 Centerville Rd., partner are available from SSNY. DE NY, NY 10004. The principal business Inc., 1313 N. Market St., Ste. 5100, be served. DE addr. of LLC: 1209 Ste. 400, Wilmington, DE 19808. addr. of LP: c/o PHS Corporate address of the LLC is: 80 Broad St., Wilmington, DE 19801. Arts. of Org. Orange St., Wilmington, DE 19801. Arts. of Org. filed with DE Secy. of Services, Inc., 1313 N. Market St., Ste. 1702, NY, NY 10004 Purpose: any filed with Jeffrey W. Bullock, Secy. of Cert. of Form. filed with DE Sec. of State, 401 Federal St., Dover, DE 5100, Wilmington, DE 19801. Arts. of lawful act or activity. State, State of DE, Div. of Corp., State, 401 Federal St., Dover, DE 19901. Purpose: Any lawful activity. Org. filed with Jeffrey W. Bullock, John G. Townsend Bldg., 401 19901. Purpose: all lawful purposes. Secy. of State, State of DE, Div. of NOTICE OF FORMATION OF Federal St., Ste. 4, Dover, DE 19901. NOTICE OF FORMATION OF 3Dream, Corp., John G. Townsend Bldg., 401 Madison Ave Success LLC. Arts of Purpose: Any lawful activity. Notice of Formation of CANA POINT LLC. Arts of Org filed with Secy of Federal St., Ste. 4, Dover, DE 19901. Org filed with Secy of State of NY SOLUTIONS LLC. Arts. of Org. filed State of NY (SSNY) on 1/17/2014. Purpose: Any lawful activity. (SSNY) on 1/17/14. Office location: Notice of formation of 325 EAST with Secy. of State of NY (SSNY) on Office location: NY County. SSNY NY County. SSNY designated agent 118TH STREET HOLDING, LLC, a 04/11/14. Office location: NY County. designated agent upon whom Notice of Qualification of GAIA upon whom process may be served limited liability company. Articles of Princ. office of LLC: 1410 Broadway, process may be served and shall PROPERTIES, LLC. Authority filed and shall mail copy of process against Organization filed with the Secretary 8th Fl., NY, NY 10018. SSNY designated mail copy of process against LLC to with Secy. of State of NY (SSNY) on LLC to principal business address: of State of New York on January 28, as agent of LLC upon whom process principal business address: 150 West 03/31/14. Office location: NY County. 1270 Broadway, Suite 1108, NY NY 2014. Office location: Manhattan. against it may be served. SSNY shall 28th Street, Ste. 402, NY, NY 10001. LLC formed in Delaware (DE) on 10001. Purpose: any lawful act. The Secretary of State of New York mail process to c/o The Golden Purpose: any lawful act. 12/20/13. SSNY designated as agent has been designated for service of Touch Group at the princ. office of of LLC upon whom process against NOTICE OF FORMATION OF GSD process. The Secretary of State of the LLC. Purpose: Any lawful activity. Notice of formation of Trendi NYC LLC it may be served. SSNY shall mail Enterprises LLC. Arts of Org filed New York shall mail a copy of any filed with the Secy. of State of NY process to c/o Corporation Service with Secy of State of NY (SSNY) on Notice of Qualification of TASHTEGO process served against the LLC to: (SSNY) on 4/4/14. Office loc.: New Co. (CSC), 80 State St., Albany, NY 02/03/14. Office location: NY County. MANAGEMENT COMPANY LLC. ROACH BERNARD, PLLC, 300 York County. The principal business 12207-2543, regd. agent upon whom SSNY designated agent upon whom Authority filed with Secy. of State of NY MERRICK ROAD, SUITES 209 & 210, loc. is 401 Park Ave. S., New York, NY and at which process may be served. process may be served and shall (SSNY) on 03/03/14. Office location: LYNBROOK, NY 11563. Purpose: 10016. SSNY designated as agent of DE addr. of LLC: 1000 West St., Ste. mail copy of process against LLC to NY County. LLC formed in Delaware any lawful purpose. LLC upon whom process against it 1400, Wilmington, DE 19801. Arts. of principal business address: 1270 (DE) on 02/18/14. SSNY designated may be served. SSNY shall mail copy Org. filed with Secy. of State, Div. of Broadway, Suite 1108, NY NY 10001. EXECUTIVE TALENT ADVISORS as agent of LLC upon whom process of process to Corporation Service Co., Corps., Townsend Bldg., 401 Federal Purpose: any lawful act. LLC, a domestic LLC, filed with the against it may be served. SSNY shall 80 State St., Albany, NY 12207. Mgmt. St., Dover, DE 19901. Purpose: Any SSNY on 4/7/14. Office location: mail process to David Halliwill, 410 shall be by one or more managers. lawful activity. NOTICE OF FORMATION OF New York County. SSNY is designated Park Ave., Ste. 530, NY, NY 10022. Purpose: Any lawful activity. Pinkhasov & Associates, PLLC. Arts of as agent upon whom process DE addr. of LLC: c/o Corporation Org filed with Secretary of State of NY Qualification of GSO Cactus Credit against the LLC may be served. Service Co., 2711 Centerville Rd., Application for Authority of MedAuth, (SSNY) on 1/9/14. Office location: NY Opportunities Fund LP. Authority filed SSNY shall mail process to The LLC, Wilmington, DE 19808. Arts. of Org. LLC filed with the Secy. of State of NY County. SSNY designated agent upon with the Sect. of State of NY (SSNY) 235 E. 40th St., Ste. 26G, NY, NY filed with DE Secy. of State, 401 (SSNY) on 3/11/14. The LLC was whom process may be served and on 4/3/2014. Office Loc: NY County. 10016. General Purpose. Federal St., Dover, DE 19901. formed in DE 12/12/00. Office loc.: New shall mail copy of process against LP formed in DE on 2/18/14. SSNY Purpose: Any lawful activity. York County. SSNY is designated as PLLC to principal business address: has been designated as agent of LP NOTICE OF FORMATION OF Jupiter agent of LLC upon whom process 260 Madison Ave, Ste 204, NY, NY upon whom process against it may be Highway, LLC. Arts of Org filed with NOTICE OF FORMATION OF Point B against it may be served. The principal 10016. Purpose: any lawful act. Secy of State of NY (SSNY) on Publishing LLC, Arts of Org filed with business loc. and address SSNY shall served and shall mail process to: 345 1/17/14. Office location: NY County. Secy of State of NY (SSNY) on mail copy of process is 80 Broad St., Park Avenue, 31st FL, NY, NY 10154. GLENWILLOW NYC, LLC, a domestic SSNY designated agent upon whom 04/01/2014. Office location: NY 5th Fl., New York, NY 10004. The DE address of LP: 200 Bellevue Pkwy, LLC, filed with the SSNY on 3/26/14. process may be served and shall County. SSNY designated agent upon office address in DE is 203 NE Front Ste 210, Wilmington, 19809. Office location: New York County. mail copy of process against LLC to whom process may be served and St., Ste. 101, Milford, DE 19963. Cert. Name/addr. of genl. ptr. avail from SSNY is designated as agent upon principal business address: 150 West shall mail copy of process against of Formation filed with Jeffrey W. SSNY. Cert. of LP filed with DE Sect. whom process against the LLC may 28th St, Ste 402, NY NY 10001. LLC to principal business address: Bullock, DE Sec. of State, Div. of of State, 401 Federal St, Ste 4, Dover, be served. SSNY shall mail process Purpose: any lawful act. 944 8th Ave, 3rd Floor, New York, NY Corporations, PO Box 898, Dover, DE DE 19901. Purpose: any lawful activity. to Arnie Herrmann, c/o Citrin 10019. Purpose: any lawful act. 19903. Purpose: Any lawful activity. Cooperman, 529 Fifth Ave., NY, NY Notice of Qualification of WHUSA LLC. Notice of Qualification of 650 Madison 10017. General Purpose. Authority filed with Secy. of State of NY Notice of formation of 325 EAST Notice of Qualification of Code Office Manager LLC. Authority filed (SSNY) on 04/02/14. Office location: 118TH STREET, LLC, a limited liability Fellows NY, LLC. Authority filed with with NY Dept. of State on 9/25/13. NOTICE OF FORMATION OF OreBit NY County. LLC formed in Delaware company. Articles of Organization filed NY Dept. of State on 2/12/14. Office Office location: NY County. Princ. LLC. Articles of Organization filed with (DE) on 03/24/14. SSNY designated with the Secretary of State of New location: NY County. LLC formed in bus. addr.: 210 Route 4 East, Paramus, the Secretary of State of NY (SSNY) as agent of LLC upon whom process York on September 20, 2013. Office WA on 1/27/14. NY Sec. of State NJ 07652. LLC formed in DE on on 03/27/2014. Office location: against it may be served. SSNY shall location: Manhattan. The Secretary of designated agent of LLC upon whom 9/18/13. NY Sec. of State designated NEW YORK County. SSNY has been mail process to c/o Tannenbaum State of New York has been designated process against it may be served agent of LLC upon whom process designated as agent upon whom Helpern Syracuse & Hirschtritt LLP, for service of process. The Secretary and shall mail process to: c/o CT against it may be served and shall process against it may be served. Attn: Michael G. Tannenbaum, Esq., of State of New York shall mail a copy Corporation System, 111 8th Ave., NY, mail process to: c/o CT Corporation The Post Office address to which 900 Third Ave., NY, NY 10022-4775. of any process served against the NY 10011, regd. agent upon whom System, 111 8th Ave., NY, NY 10011, the SSNY shall mail a copy of any DE addr. of LLC: c/o Corporation LLC to: 325 EAST 118TH STREET, process may be served. WA and regd. agent upon whom process may process against the LLC served upon Service Co., 2711 Centerville Rd., LLC, ATTN: MANAGING MEMBER, principal business addr.: 511 Boren be served. DE addr. of LLC: 1209 him/her is: 80 Broad St., 1702, NY, Ste. 400, Wilmington, DE 19808. Arts. C/O ROACH BERNARD, PLLC, 300 Ave N #200, Seattle, WA 98109. Cert. Orange St., Wilmington, DE 19801. NY 10004. The principal business of Org. filed with Secy. of State of DE, MERRICK ROAD, SUITES 209 & 210, of Org. filed with WA Sec. of State, Cert. of Form. filed with DE Sec. of address of the LLC is: 80 Broad St., 401 Federal St., Ste. 4, Dover, DE LYNBROOK, NY 11563. Purpose: 801 Capitol Way So., Olympia, WA State, 401 Federal St., Dover, DE 1702, NY, NY 10004. Purpose: any 19901. Purpose: Any lawful activity. any lawful purpose. 98501. Purpose: all lawful purposes. 19901. Purpose: any lawful activity. lawful act or activity.

22 | Crain’s New York Business | April 28, 2014 20140428-NEWS--0023-NAT-CCI-CN_-- 4/25/2014 6:32 PM Page 1

Nothing succeeds like Signature

Continued from Page 1 branch in Brooklyn last year after 34 cap bonuses.” Engaged in the business sense,that is. years at other institutions. Signature’s story began in May Shortly after their meeting, Sig- “I’d follow Zoe anywhere,” said 1999, when Republic National nature Bank was launched by Chief Kleinfeld CEO Ronnie Rothstein. Bank agreed to be acquired by Executive Joseph DePaolo,a former “I’ve known her since 1998, and HSBC for $10 billion. Mr. DePao- senior audit manager at accounting whenever I or my employees need lo, a Bronx native who joined Re- giant KPMG, and Chairman Scott something, she gets on the case.” public’s consumer-banking team in Shay, a former mergers-and- Signature bankers, in turn, are 1988 after serving as the bank’s out- acquisitions specialist at Salomon side accountant, began thinking Brothers. Under their leadership, about his exit as soon as the news Signature has proved to be one of The stock hit. He suspected the new owner the most successful startups in wouldn’t support Republic’s brand banking over the past 20 years. has returned of small-business and consumer The institution now sports 27 banking, which at one time meant branches, $22 billion in assets and about 650% handing out toasters to people who a market value of $5.5 billion. opened accounts. in 10 years CO-FOUNDERS Since going public in 2004, Signa- “My team had a meeting on the Joseph DePaolo (left) ture’s stock has returned about morning of the merger announce- and Scott Shay 650%,or nearly 10 times that of the ment and thought there was no way launched Signature S&P 500 and double that of the a big bank will buy into our concept, Bank in 2001. next-best-performing bank, SVB so let’s plan,” Mr. DePaolo recalled. Financial Group, the parent of Cal- compensated based on their ability Mr. Shay, a disciple of Salomon’s ifornia’s Silicon Valley Bank. to keep clients, and their pay is mortgage-bond king,Lewis Ranieri, Yet it remains almost unknown. docked if borrowers become delin- had a different reaction when the But after repeated business is worth $38 million. No street signs proclaim the exis- quent. Although final lending deci- merger news flashed on his Bloom- meals,Mr.Shay eventually won over Last week, Signature reported a tence of its branches, which are sions are made by senior officers at berg terminal. Mr. DePaolo. The two sealed the 30% increase in first-quarter profits. tucked away in office buildings. It the bank, staffers are given consid- “This is fantastic,” he thought, deal at the Box Tree,where the chair- Net income grew last year by 24%, doesn’t advertise because manage- erable autonomy in how they con- figuring that as banks like HSBC man of Israel’s Bank Hapoalim,who to $230 million, and earnings have ment doesn’t think its clientele of duct their business. and Citi built global franchises, they provided Signature with startup more than quadrupled since 2009, small and midsize businesses would The formula has worked. Only invariably would leave behind small funding, picked up the tab. “He was fueled in part by a well-timed entry work with a bank based on how 0.25% of Signature’s $14 billion in or midsize business clients. Mr. visibly shocked by the price,” Mr. into commercial real estate lending catchy its jingle is. About the only loans, or one-tenth the industry av- Shay, a Chicago native who de- Shay recalled. during the financial crisis. time Signature made news came erage, are more than 90 days delin- scribed his livelihood as “selling used The Israeli bank eventually To grow further, Signature is be- when Ivanka Trump joined its board quent. Overhead is low,with Signa- banks,” sensed that an institution quadrupled its investment in Sig- ginning to look beyond New York to in 2011 before leaving last spring. ture spending 36 cents to generate modeled after vanished New York nature. the New Jersey and Connecticut “It’s true we aren’t in the head- each dollar in revenue, 40% below lenders like Republic or Chemical markets. But Mr. DePaolo doubts lines [much],” Mr. DePaolo said. “I the industry average. Returns are Bank would prosper.He immediate- Looking beyond New York he’ll make a significant acquisition don’t mind.” high, with the bank’s 14% return on ly began looking for executives who Signature launched in May when it’s much cheaper to simply Signature’s success stems from equity 4 percentage points above the could build it from scratch. 2001, staffed with Mr. DePaolo’s hire the best people from rival banks management recruiting groups of industry average.What’s more,Sig- Mr. DePaolo met over breakfast former Republic colleagues in the and build from there. experienced business bankers, from nature has secured a reputation in its at the Grand Hyatt to hear out Mr. top slots, many of whom remain at He explained his strategy in rivals like Citibank and HSBC,who field as a place where seasoned Shay’s big idea,but the veteran com- their posts. The bank has since terms an accountant would appreci- bring clients with them. Famed bankers want to work. mercial banker wasn’t enthusiastic. grown to about 1,000 employees. ate:“Signature does M&A on the in- wedding-dress retailer Kleinfeld, “Bankers can make more money He and his band of Republic Mr.DePaolo was awarded $5.6 mil- stallment plan and at book value.” Ⅲ for instance, became a customer there than anywhere else,” said Bob refugees had put together a list of lion in total compensation last year when its longtime banker, Zoe Ramsey, a banking analyst at FBR eight ideas to pursue—and “Scott’s and holds shares in the bank worth LISTEN to a discussion at CrainsNewYork.com/podcasts Koutsoupakis, joined a Signature Capital Markets.“Signature doesn’t was the eighth,” Mr. DePaolo said. about $18 million. Mr. Shay’s stake

priority, publicly financed elections. mittee, he can!” Mr. Cuomo said, to counter major outside spending Unions block reform Still, there are impracticalities to growing animated.“[If ] 1199 wants on behalf of Senate Republicans. the plan Mr. Cuomo described. For to spend $5 million, they can! “I just think if someone had one, he did not mention any efforts Jonathan Soros wants to spend $10 come to us with that kind of offer, Continued from Page 1 matches small-dollar campaign do- to disarm big spenders who might million, he can! Teachers’ union we would have just laughed at that,” of elections, the governor said, the nations with generous public pay- help Republicans, such as real estate wants to spend $5 million, they can! Mr. Mulgrew said. Senate GOP wanted deep- ments, would also likely diminish interests, who pumped $8 million Well, then, what’s the point of pub- A Senate Republican spokesman pocketed unions and major liberal the clout of business and real estate into New York City elections last lic financing?” said,“We don’t discuss private nego- spenders to agree not to engage in interests that give freely to Republi- year. And other groups would likely Mr. Soros is the son of left- tiations.” heavy outside spending, as allowed cans under current rules allowing pop up.“Getting someone to pledge leaning billionaire George Soros and Some critics believe that Mr. by the U.S. Supreme Court’s 2010 sizable contributions to candidates. not to spend doesn’t make any sense, has been leading an outside-spending Cuomo, who has $33 million in his Citizens United decision.The ruling “The Senate Republicans’ point because there’s always going to be push for publicly funded elections in own campaign war chest, does not allowed unlimited spending by indi- is,‘Don’t ask me to put on handcuffs someone else,” said Karen Scharff, New York. He also spent significant- really want publicly funded elec- viduals, corporations and unions. In and then walk into a fight, when executive director at Citizen Action ly to help Senate Democrats in 2012. tions.The governor has also demon- labor-friendly New York, much of these big Democratic donors can do of New York, a group pushing for According to the New York Post, the strated little enthusiasm about the that spending has come from unions. these [independent expenditures] public financing that is funded by younger Mr. Soros threatened to prospect of Senate Democrats re- “Senate Republicans say to me, with multiple millions of dollars,’ ” labor unions. “It’s not realistic.” spend money this year targeting Mr. turning to the majority. in very heated discussions—they go Mr. Cuomo said. Cuomo, Senate Republican leader Despite his contention that out- many days, late into the night— The governor said he ap- Barbs from the left Dean Skelos and his Democratic co- side spending would undermine Senate Republicans say,‘How about proached big-spending labor lead- Mr. Cuomo has been facing leader Jeff Klein if they did not agree publicly funded elections, Mr. Cuo- this?’”Mr.Cuomo recalled.“ ‘You go ers to see if they would agree to such barbs from his political left for not to publicly funded elections. mo said he will still make them a top get the unions and the big Demo- a deal.“I said,‘You want to pass pub- passing publicly funded elections, Mr. Soros and the state teachers’ priority in the rest of the legislative cratic donors to agree not to do inde- lic finance, just agree that you won’t and the labor-backed Working union did not respond to inquiries. session, which ends in late June. At pendent expenditure committees. do independent expenditure com- Families Party is considering run- Kevin Finnegan, the political direc- the least, he said, publicly financed And we’ll do public financing.’ ” mittees,’ ” he said. ning a candidate against him this tor for 1199, declined to comment. elections help small donors “get into Mr. Cuomo said Senate Republi- Their response? “No way,” Mr. November. His comments could be The union, which is close to Mr. the game” of state politics, which cans, who along with five breakaway Cuomo recalled, laughing. construed as hitting back. Cuomo,spent freely last year to elect has long been heavily influenced by Democrats hold a narrow majority in Mr. Cuomo’s version of events A spokeswoman for Mr. Cuomo Bill de Blasio mayor. special interests. Still, Mr. Cuomo the chamber, were worried about contrasts with the conventional wis- declined to say which unions he had Michael Mulgrew, president of said,publicly funded elections aren’t union spending flooding the system. dom about outside spending that ex- approached about a deal. At another the United Federation of Teachers, the game-changer they were before In 2012, the state teachers’ union ists in national politics, where liberals point of the interview with Crain’s, said that Mr. Cuomo had not ap- Citizens United. spent millions trying to flip the state decry the massive spending by con- however, the governor mentioned proached him with the proposed “Absolutely not. How? How?” Senate to Democrats.In the 2013 city servatives like the Koch brothers. In some groups whose outside spending deal. Mr. Mulgrew added that he fa- Mr. Cuomo said. “It’s the exact elections, health care workers’ union Mr. Cuomo’s telling, deep-pocketed would undermine a system of pub- vors publicly funded elections, but opposite.” Ⅲ 1199 SEIU also spent heavily. unions in liberal New York see licly financed elections. said the issue was not a top legisla- A publicly funded system mod- outside-spending rules as benefiting “[If ] David Koch wants to set up tive priority—and that his union LISTEN to a discussion at CrainsNewYork.com/podcasts eled after New York City’s, which them more than their purported top an independent expenditure com- needed to continue to spend heavily

April 28, 2014 | Crain’s New York Business | 23 20140428-NEWS--0024-NAT-CCI-CN_-- 4/25/2014 7:28 PM Page 1

dors to target confused visitors. Tour operators The wait time to get on Statue Cruises’ ferries can indeed take hours because visitors have to be screened by Continued from Page 3 months because of damage at Ellis metal detectors before they can board percentage of each ticket sale, is los- and Liberty islands, other vendors the boats.But visitors can reduce that ing its cut. With the summer saw an opportunity to entice visitors time by reserving their tickets online tourism season heating up, the to their tours. In addition, one of the (just 30% do that) and joining a tick- melee will only get worse. tour bus companies, Gray Line, be- et-holder line.The wait time has also The ticket agents congregating gan offering a boat tour, and its com- decreased in recent months with the at the border of the park are selling petitors followed it to lower Manhat- addition of extra screening machines. harbor cruises, bus and helicopter tan. They never left, although Gray Still, long lines snaking around the tours and packages that include Line lost its landing dock to a devel- park make the ticket agents’ pitches tickets to major attractions in the more appealing. city such as the Empire State Build- ing, the Intrepid Sea, Air & Space Statue Cruises ‘Negative impact’ Museum, and the 9/11 memorial Gray Line executives said that and museum.They represent at least says passenger Parks officials asked them to comply a half-dozen companies, including with the no-vending rule about a year Gray Line, Skyline Sightseeing volume has ago and that it has refrained from Tours and New York Water Taxi, selling bus tour tickets ever since,but and vendors get paid a commission dropped sharply THE TICKET AGENTS at the park that its competitors have not. represent at least a half-dozen for each ticket they sell. tour companies. “It’s had a negative impact on

buck ennis Gray Line’s revenues,” said Jim Rules violation Murphy, vice president of opera- But the agents are violating city Parks Department has approxi- discuss his company’s relationship tions for Gray Line, which has a sis- rules—and have been able to because oper building a hotel there. mately 160 enforcement officers with the ticket sellers and instead ter company, City Sights, and is of lax enforcement. Parks Depart- Now San Francisco-based Stat- citywide,some of whom are based in compared Battery Park to Times owned by Twin America.Gray Line ment regulations require vendors to ue Cruises is pointing a finger at the certain parks while others go where Square and Central Park, where also partners with Statue Cruises, obtain a permit to sell inside city city for its failure to intervene and they are needed. “people are selling things to tourists running a dedicated bus from mid- parks or even along their perimeter, enforce the rules in what it regards On a recent morning, a sales all the time.” town to Battery Park for visitors including sidewalks, and to pay the as unfair competition and un- agent wearing a white windbreaker, Warrie Price, president of the headed to the monuments. city a percentage of their sales. scrupulous sales practices by com- which identified his company as All Battery Conservancy, worried that Another tour bus operator, Go “We pay 8.5% of our gross receipts petitors. Tours Boats Buses Helicopters,tried “visitors are at times being given er- New York, which operates green for the right to sell in Battery Park, “The city is losing money, and to dissuade a group of tourists from roneous information by these ven- double-decker vehicles,claimed that and these others have no permit to do the Parks Department doesn’t like boarding Statue Cruise boats,point- dors who will tell them to ‘come it does not sell tour packages where that,” complained Michael Burke, this either, but they don’t have the ing out that the line to get on the with me if you want to go to Statue it is not allowed and emphasized that chief operating officer of Statue resources to enforce their own regu- boats was at least three hours long Cruises,’”and instead divert them to it sells bus tours, not boat rides. Cruises, which forks over more than lation,” Mr. Burke said. and that they couldn’t go inside the another tour.“This does not create a “If someone wanted to go on a $3 million a year to the city. A Parks Department spokesman Statue of Liberty without a reserva- good impression of the park.” boat they wouldn’t come to us,” said He said passenger volume has de- conceded that the tour operators are tion. He advised them instead to She added that construction Evan Salz, director of marketing for clined by hundreds of customers a day violating its rules and that the take a New York Water Taxi boat could be a factor in the chaos because Go New York. “We aren’t stealing since these vendors arrived shortly af- agency has asked them to voluntar- tour,which would stop in front of the one-third of the park has been torn Statue Cruises’ customers.” Ⅲ ter Superstorm Sandy struck. When ily comply with the no-vending reg- Statue of Liberty for 15 minutes. up and fenced off to install a bike Statue Cruises’ ferry service to the ulation. But he declined to address Brian McCabe, chief executive path.There are just two entrances to LISTEN to a discussion at monuments was shut down for nine what happens if they do not. The of New York Water Taxi,declined to the park now,making it easy for ven- CrainsNewYork.com/podcasts

50-story towers eyed for LICH site LOSING BIDDER FILES PROTEST DEREK OUBRE, who was part of the Brooklyn Health Partners bid until he left Continued from Page 1 to 400-bed full-service hospital to be money through the federal EB-5 the group March 14, has lodged a complaint with SUNY over Brooklyn Health Street that is part of the LICH cam- built within three years, with medical visa program, which allows foreign- Partners’ bid. Mr. Oubre, who submitted his own bid through his company, pus, according to emails from a fi- offices, affordable and market-rate ers who invest in American compa- private-equity firm Trindade Value Partners, alleges that BHP should be nancial adviser involved in the bid, residences, and commercial space. nies to receive U.S. visas. dismissed because the group wildly underestimated the cost of which were obtained by Crain’s. That would replace Long Island Col- renovating the Long Island College Hospital’s Fuller and Othmer The units in the building would be lege Hospital, which is being sold by Domino approach buildings to create a 300- to 400-bed facility. Francis Cauffman, a firm of 80% market rate and 20% affordable. the state because it has been losing Brooklyn Health Partners’ 81- architects well known for its work in health care, estimated the cost of The Brooklyn Health Partners money for years. page plan won it the right to nego- constructing a 227-bed hospital with ambulatory care services at $800 developers envision constructing A spokeswoman for Brooklyn tiate exclusively with SUNY to buy million. Without on-site ambulatory care, a 284-bed hospital could be built another tower that could be similar Health Partners said the company and redevelop the LICH campus. for $618 million. Additional soft costs would add 50%, pushing the total cost in height and size,but would feature was not yet focused on the residen- The group scored the highest num- closer to $1 billion—far exceeding the $300 million originally estimated. rental apartments, 40% of which tial redevelopment of the site. ber of points in a bidding process Brooklyn Health Partners CEO Merrell Schexnydre, who is a distant would be affordable housing. In the “BHP’s sole focus is closing with the concluded by SUNY in early April. relative of Mr. Oubre, declined to comment on the complaint. “Mr. Oubre emails, the bidders suggest that the State University of New York so it A coalition of community groups raises some serious allegations,” said Jim Walden, the Gibson Dunn & higher ratio of affordable units can begin to provide medical servic- and unions had sued the school sys- Crutcher lawyer who represents a coalition that took SUNY to court over LICH. tem to revamp its bidding process would pass muster with Mayor Bill es to the citizens of Brooklyn, as Mr. Oubre said he filed the protest in hopes that SUNY will reopen the LICH de Blasio’s goal of developing lower- promised,”she said.“When the time for LICH, opening the door for bidding. “I just want a fair process and outcome,” he said. —BARBARA BENSON income housing and help them win is appropriate, we will sit with the Brooklyn Health Partners’ last- the right to build bigger. various community stakeholders round winning bid. As a result of a and discuss how we will build a 21st- court settlement, the bids were Missing information century collaborative product that scored to award higher points for units available to lower-income SUNY’s selection of Brooklyn “Did you notice I said 40%?” all of New York can be proud of.” proposals that included a full- New Yorkers. The company’s plan Health Partners from nine bids was asked John Richard Chantengco,an Brooklyn Health Partners indi- service hospital at LICH. has been largely welcomed by the itself surprising. The group was associate broker with HKS Capital cated in its proposal to SUNY that it To win the right to negotiate City Council. formed specifically to bid for LICH Partners, in an email to Brooklyn plans to raise the roughly $600 mil- with SUNY,Brooklyn Health Part- Like Two Trees, Brooklyn by Mr. Schexnydre, a California in- Health Partners CEO Merrell lion that it believes it will need to ac- ners enlisted the help of HKS Cap- Health Partners would need ap- vestor. It beat out various partner- Schexnydre.“We are spoon-feeding quire the hospital, keep it running ital Partners, which describes itself proval from the administration and ships formed by top players in real our deal to de Blasio.” and refurbish it. That includes $250 as an experienced firm of invest- City Council to receive zoning estate and health care in New York. The calculation—and the sugges- million to buy LICH,$300 million to ment bankers focused on commer- changes that would permit it to con- The next-highest scorer was a group tion that they would like to build 50- build a hospital and $50 million to cial real estate, with its principal of- struct 50-story towers in that area.It led by Peebles Corp., whose $260 story towers—are not part of Brook- run a 150-bed bridge medical facility. fices in Manhattan. is unclear whether Cobble Hill and million proposal included the lyn Health Partners’ winning bid, Crain’s obtained an unredacted Mr. Chantengco, of HKS, pref- the surrounding communities, North Shore-LIJ Health System posted online by the State University version of Brooklyn Health Part- aced his suggestion to build higher which vigorously protested the hos- and Maimonides Medical Center. of New York, LICH’s owner. That ners’ proposal that identifies poten- based on the redevelopment of the pital’s closure and initially embraced Brooklyn Health Partners must proposal specifies only that the com- tial sources of funding from Gold- Domino Sugar plant in Williams- Brooklyn Health Partners as the put down a 10% nonrefundable de- pany will build 1,000 “new residential man Sachs, Blackstone and other burg, Brooklyn. That developer, winner of the bid, will support the posit of $25 million by May 4,or the units” on open space and the former investors. Two Trees Management Co., has firm’s plan for large-scale residential state will negotiate with the Peebles garage site. The bid describes a 300- The group also hopes to raise pledged to make 30% of its 2,300 development. group. Ⅲ

24 | Crain’s New York Business | April 28, 2014 20140428-NEWS--0025-NAT-CCI-CN_-- 4/25/2014 5:09 PM Page 1

HELLUVA TOWN INSIDE Source Lunch Bronx Small change beep weighs in on

The Thompson Hotel already has a development PAGE 26 little brother, Tommie, on the way. The so-called microhotel (lobby Out and About rendering below) aimed at millennial travelers will offer stylish Met Roof Garden opens but tiny rooms (a trend in the PAGE 27 industry) and will open in 2015 in SoHo. A second will sprout in the Flatiron district the following year. Now San Francisco-based Commune Hotels & Resorts—the result of the merger between Thompson Hotels and Joie de Vivre Hotels—revealed to Crain’s that it is developing two more properties in Manhattan to open in 2016, a Thompson as well as yet another hotel brand that will include a residential component. tommie Commune CEO Niki Leondakis would not divulge the name of the new concept or locations for either of the properties, but she said they have signed deals. As for Tommie, Ms. Leondakis described the brand as a high- design “crash pad” that will have a rooftop venue and a full-service restaurant. Rates will be about $250 a night.The rooms will be small but not skimpy.“A lot of attention is focused on the quality of the beds and bathrooms,” she added. ANDY WARHOL’s Commune also operates Gild Race Riot is Hall in the financial district and the expected to sell for Smyth hotel in TriBeCa, which it $50 million at plans to renovate this year. Christie’s. —lisa fickenscher Sample this

Sample boxes are all the rage these days, with customers signing up to receive makeup, snacks and more, paying at least $10 for monthly shipments. But entrepreneur Jeremy Reid (below) persuaded Procter & Gamble and other conglomerates to pay his company to send their new shampoos, nail polishes and snack bars to consumers for free. In return, members supply plenty of demographic data and complete a brief survey within 30 days. With more than 1 million registered The big picture users, PinchMe has quickly become the largest sample-box business in the world, Mr. Reid said. Christie’s, Sotheby’s anticipate another huge auction haul The former finance executive, who moved to New York 18 as art market stays scorching hot months ago, started PinchMe in

his native Sydney in February christiescourtesy of 2013 and launched it in the U.S. in November. He’s raised “in excess of $15 million” from various BY THERESA AGOVINO CASHING IN backers, including ad agency Droga5 and the Stokes family of rt collectors can’t be blamed if they feel as though they’re experiencing déjà vu Australia. He says revenue on an $500M annualized basis is estimated at as a stable of noted artists’ works comes up for sale, again. Christie’s Post-War $450M $10 million in the U.S. alone. and Contemporary Art Evening Auction, starting May 6, features a Francis Product sampling is nothing new. Street teams have long offered Bacon triptych with an estimated price of $80 million. Last fall, a Bacon handouts at festivals and triptych—also with an estimated price of about $80 million—went for $142.4 sporting events. But with PinchMe, brands get million, the most expensive artwork ever sold at auction. ¶ The transaction feedback and the pushed Christie’s haul to a record $691.5 million, making it the highest- opportunity to sell their grossing auction ever. In fact, each of Christie’s last four contemporary products directly to members with the evening auctions in New York has been better than the last, and there’s a chance the streak could “buy now” button. stretch to five amid a still-hot art market. ¶ “It’s possible to beat last year, yes, although we don’t “We will shift Aexpect it, necessarily,” said Koji Inoue, head of the New York evening sales of postwar and money out of Amount Sotheby’s high- events sampling contemporary art at Christie’s. “We do think there will be strong momentum in the room.” ¶ The Christie’s May 13 end estimate for into what we do,” contemporary its May 14 Mr. Reid said. offerings from both Christie’s and Sotheby’s are exceptionally desirable this season, experts say, as sale is expected contemporary —valerie block sellers capitalize on buyers’ insatiable demand. See ART MARKET on Page 26 to bring sale

April 28, 2014 | Crain’s New York Business | 25 20140428-NEWS--0026-NAT-CCI-CN_-- 4/25/2014 2:38 PM Page 1

SOURCE LUNCH: Art market’s big picture RUBEN DIAZ JR.

Continued from Page 25 by Thornton McEnery “I think the market is on a tear, so people are pulling things out of their closets,” said Lisa Austin, principal of Lisa Austin Associates, Borough prez holds an art advisory firm. “Who knows what could happen? Anything could change the market.” out on stadium deal Both auction houses have significant offerings by Jeff Koons, who entered the history books last November when his Balloon Dog n Jan. 1, Ruben Diaz going to have to suffer,but it’s my job

(Orange) sculpture sold at christiescourtesy of Jr. became New York’s as the borough president to be there Christie’s for $58.4 million, mak- THREE STUDIES FOR A PORTRAIT OF JOHN EDWARDS by Francis Bacon longest-serving bor- in front of this administration and ing it the most expensive work by a ough president. His say, “Listen, we really need this. It’s living artist sold at auction. Each tenure in the Bronx going to create jobs here, and it’s go- house features important pieces by position of four canvases made by piece,” said Mr. Levin. began in April 2009,making him the ing to create opportunities here that O Andy Warhol, whose work set a Andy Warhol in 1963 after he saw a Three Studies for a Portrait of John only borough president to straddle will ultimately help the city of New record last fall when Sotheby’s sold spread in Life magazine showing the Edwards. Francis Bacon’s 1984 work the Bloomberg and de Blasio admin- York.” I mean, with new jobs you get his Silver Car Crash for $105.4 mil- violent reaction by Birmingham, depicts a bar manager who became istrations. the new revenue to maybe settle lion. Other works on the docket at Ala.,police to a peaceful protest.The one of the artist’s best friends and Mr. Diaz, 40, a former assembly- some of these contracts. both houses include pieces by work is one of a series by the pop companions. Bacon considered it man and the son of a Bronx political Monet, Picasso and Basquiat. artist focusing on images of death one of his best works and selected it power broker, state Sen. Rev. Ruben Is job creation a must for any new and disaster, and is expected to res- to be in a 1985 retrospective at Diaz,spends a lot of time selling out- development in the Bronx? onate with buyers because of its po- London’s Tate Gallery. Last year, siders on the Bronx’s potentially In a word? Yes.But it needs to be the litical significance. It is expected to Christie’s sold the artist’s Three bright future while contending with right kinds of jobs that help push us sell for an estimated $50 million. Studies of Lucian Freud. the reality of a county that has the forward. Jobs like the ones in Big Electric Chair. Sotheby’s is La Place.This 1948 piece is Al- highest rate of unemployment and Kingsbridge. offering one of the 14 pieces in berto Giacometti’s first sculpture poverty statewide. Warhol’s Electric Chair series. The with multiple people and shows So far, he has enthusiastically How exciting is it to have a City Council last time one was auctioned, it one person standing apart from backed a long-stalled redevelopment speaker from a Bronx district? (Melissa fetched $15 million. Sotheby’s es- four others, suggesting isolation of the Kingsbridge Armory into an Mark-Viverito’s district incorporates the timates this work will bring be- and vulnerability. Sotheby’s antici- ice-skating complex that will create southwest Bronx.) tween $18 million and $25 million. pates it will fetch between $12 mil- 270 living-wage jobs. But he has We’re proud of her. We’re excited.

courtesy of sothebyscourtesy of ny “I think people will go for that,” lion and $18 million. been critical of the proposed sale of The fact that she had her inaugura- BIG ELECTRIC CHAIR by Andy Warhol said Ms. Austin. “With Warhol, Le Pont Japonais. Claude Mon- the Bronx General Post tion in the Bronx was his- you want the chair series,the car se- et’s images of the Japanese bridge Office and the Yankees’ WHERE toric; it was the first time ries. They are very popular.” spanning the lily pond at Giverny plan to build a soccer sta- in the history of the Christie’s contemporary sale on Popeye.Sotheby’s is selling a 6- are familiar to even those who dium next to Yankee Sta- THEY speakership that had hap- May 13 is expected to fetch $500 foot-5 stainless-steel statute of the know nothing about art.They have dium.He has said he is not DINED pened. It was a big day for million, while revenue from its cartoon figure created by Jeff been reproduced on everything yet convinced that they are BRUCKNER BAR us here in the Bronx, for impressionist and modern works,on Koons in 2008 that has never been from coffee cups to tote bags. Yet good deals for Bronxites. & GRILL Puerto Ricans and Lati- May 6, could hit $245 million up for auction. Alex Rotter, head of scenes of the lush garden are also 1 Bruckner Blvd., nos, but it was a really What’s your advice for Bill de Bronx to $360 million. Sotheby’s postwar Sotheby’s New York contemporary highly prized by collectors. Sothe- www.thebruckner huge day for the people of sale on May 14 could draw between art department, said the stylish by’s expects the painting to bring Blasio on how he should bar.com the South Bronx, who $350 million and $450 million. Its piece is “the bookend of the pop art between $12 million and $18 mil- approach the Bronx? have never really had impressionist and modern sale on movement in the U.S.,”and expects lion. It would be a big feather in AMBIENCE: someone at that level who May 7 could drum up $221 million it to sell for about $25 million. the mayor’s cap if he’s the Old-school tavern understood what’s going Jim Beam J.B. Turner Train. meets hip SoBro to $321 million. Mr. one that helps the Bronx renaissance vibe on in their neighborhood. “We are looking at tremendous Koons’ locomotive and carriages, lose that “highest unem- Now they have a partner quality,”said Todd Levin,director of which carry Jim Beam bourbon, ployment borough” title. WHAT THEY ATE: in redeveloping that sec- Levin Art Group, an advisory firm. stretch nine and a half feet. Fash- That’s doable because Spicy chicken tion of the borough. With soup Here are some pieces that are ioned out of stainless steel in 1986, there are so many good Pear salad with Melissa Mark-Viverito, expected to attract attention from it’s part of a series called Luxuryand things in the pipeline, like steak we anticipate and expect wealthy, discerning collectors: Degradation that centers around al- Kingsbridge and the incu- Iced tea big things. Race Riot.Christie’s will auction cohol, and marks a turn toward bators in Hunts Point. PRICE: $72.15, On perhaps the flip side, you off the acrylic and silk-screen com- kitsch in Mr. Koons’ career. including tip Christie’s estimates it will sell for Are you concerned that now have a city planning LISTEN to a discussion at between $25 million and $35 mil- sothebyscourtesy of ny negotiating 151 open commissioner in Carl CrainsNewYork.com/podcasts lion. “It’s a historically important LE PONT JAPONAIS by Claude Monet municipal labor contracts will leave Weisbrod who was being paid in the less money for the Bronx? private sector to help build the soccer It’s always a concern. But the reality stadium next to Yankee Stadium. How is that there have been some monies do you feel about that? LONGTIME AUCTIONEER DROPS THE HAMMER allocated from the previous adminis- On the soccer stadium as a whole,I’ll tration for [long-term repairs to] the say this: I’m not there yet.That said, ONE LONGTIME AUCTION STAPLE will be missing this year. Tobias Hunts Point Produce Market. My I am open-minded. As I said in my Meyer (right), who had presided over Sotheby’s evening hope is that as the mayor moves for- State of the Borough address, with a auctions for years, left the firm at the end of 2013. Savvy and ward in a deliberative fashion with good community-benefits agree- charismatic, Mr. Meyer, who was at the auction house for about the unions, funding for projects like ment, with proper community en- 20 years, had a knack for reading the room. Oliver Barker, Hunts Point will continue, because gagement, I think we can get to a deputy chairman of Sotheby’s Europe, will hold the hammer at we need those just as well. place where folks understand the the evening contemporary sale. economic benefits of the stadium. Meanwhile, in preliminary results released last week, Can you play a role in making sure that But those benefits have to be real and Sotheby’s said net auction sales in the first quarter jumped happens? be felt. It can’t just benefit the royal 40%, to approximately $730 million from the year-earlier Obviously, things being the way family of Abu Dhabi [who co-owns period. Its pretax loss for the first quarter is expected to shrink they are, some particular areas are the franchise] or the Yankees. to $6 million from $32 million in the same period a year ago. The auction house released the numbers prior to its annual meeting on May 6. Daniel Loeb, whose Third Point hedge fund WHO KNEW? Mr. Diaz was elected to his owns roughly 9% of Sotheby’s, is fighting to land three seats on the board as a way to improve results at the company, which he first public office (Assembly in 1997) before

maintains has been hurt by mismanagement. —THERESA AGOVINO bloomberg news his father was (City Council in 2001).

26 | Crain’s New York Business | April 28, 2014 20140428-NEWS--0027-NAT-CCI-CN_-- 4/25/2014 2:47 PM Page 1

OUT AND SNAPS Spring galas bring record windfalls for charities ABOUT by Ali Elkin and Theresa Agovino

CULTURE FIX CAREER BUILDER TUESDAY, APRIL 29 TUESDAY, APRIL 29 For those looking for The Manhattan Chamber of a festive break in the Commerce will host a NETWORKING middle of the NIGHT at Flushing Bank, 225 Park workweek, Wine Ave. South. The event will run from 6 Spectator will host its p.m. until 8 p.m. Registration is annual GRAND TOUR at michael gross available online and is free for MCC the New York Marriott Marquis, 1535 members. Nonmembers can register Broadway.The event will feature tastings for $15. For more information, or to of more than 200 wines from around the register, visit www.manhattancc world, and will run from 7 p.m. to 10 p.m. .org/mcc_events. Tickets cost $225 and are available online isseu diouf at assets.winespectator.com/wso/ THURSDAY, MAY 1 miller photography DAVID WICKS and STEVEN PALADINO at the 10th annual gala html/tourhome.html. Baruch College’s Robert Zicklin JAMES SINGH, HOWARD MILSTEIN, MICHAEL HODIN and JESSICA for Miracle Corners of the World on April 7. It raised $950,000 for Center for Corporate Integrity will LAPPIN at the gala for the American Skin Association on April 21. It raised a the group, which empowers youths to help improve their THURSDAY, MAY 1, hold its 13TH ANNUAL FINANCIAL record $840,000 to support education and research on skin diseases. communities around the globe. THROUGH SATURDAY, MAY 3 REPORTING CONFERENCE at the The New York Philharmonic will Vertical Campus Building, 55 present PIXAR IN CONCERT. The orchestra Lexington Ave. Experts from the will play compositions from the public and private sectors will discuss animation studio’s hit movies, including current regulatory concerns and Wall-E, Finding Nemo and Up, reporting standards. The event begins accompanied by film clips. Tickets range at 8:15 a.m. and ends at 5:15 p.m. The from $40 to $125 and are available cost is $195 for nonprofit and online at www.nyphil.org. The concerts academic personnel, $475 for a single will be at Avery Fisher Hall, 10 Lincoln ticket and $4,000 for a 10-person Center Plaza, and will start at 7:30 p.m. group. Visit https://zicklin.baruch on Thursday night and 8 p.m. on Friday .cuny.edu for more information or to and Saturday nights. register.

DON’T MISS UP ON THE ROOF

TUESDAY, APRIL 29, rick kopstein

THROUGH SUNDAY, NOVEMBER 2 savenok ilya Judges SIDNEY STEIN, FERN FISHER, DEBRA JAMES, SHIRLEY WERNER With the warmer weather comes the CLAIRE WATTS, MARY ANTHONY and JOI GORDON at the Dress KORNREICH and NICHOLAS GARAUFIS at the City Bar Justice Center gala on season debut of the ROOF GARDEN for Success gala on April 3. The event raised $1.3 million for the April 9. It raised a record $1.3 million for the organization, which provides legal COMMISSION at the Metropolitan organization, which helps women get back into the workforce. assistance to those in need. Museum of Art. This year’s site- specific installation is by Dan Graham and Günther Vogt and See more of this week’s Snaps online at CrainsNewYork.com/galleries. features a steel and two-way mirrored-glass pavilion set in rows of hedges (shown in Sweden, right). The museum is open every day. For further information, visit www.metmuseum.org/exhibitions/ listings/2014/dan-graham.

OPENING FUNDRAISERS WEDNESDAY, APRIL 30, THURSDAY, MAY 1 THROUGH SUNDAY, JUNE 8 Pratt Institute will hold its FASHION SHOW, The Foley Gallery will exhibit which features student designs and raises Lauren Henkin’s THE PARK.The funds for scholarships and the school’s fashion photographer is known for her department. The event will honor designers black-and-white landscapes, Stephen Burrows and Byron Lars, and actress mainly of Central Park, depicting Angela Bassett will present the award. the way nature interacts with the Individual tickets start at $250 and are surrounding city.The gallery is available online at www.pratt.edu.The located at 97 Allen St. and is open fashion show will start at 6 p.m. at Center Wednesday through Sunday from 548, 548 W. 22nd St., and will be followed by noon until 6 p.m. a cocktail benefit at the High Line Hotel, 180 10th Ave.

MONDAY, MAY 5 Ballet producers Erin Fogarty and Daniel Ulbricht and the American Cancer Society will hold DANCE AGAINST CANCER at 7 p.m. at the AXA Equitable Theater, 787 Seventh Ave. The event will include a cocktail reception for VIP ticket holders, a ballet performance and a reception. Regular tickets cost $150, and VIP tickets are $300. They are

courtesy foley gallery available at www.dacny.org.

MARK YOUR CALENDAR…

THURSDAY, JUNE 19, THROUGH SUNDAY, JUNE 29 THE LOWER MANHATTAN CULTURAL COUNCIL will host the RIVER TO RIVER FESTIVAL, a free outdoor arts event that takes place all around lower Manhattan. The program features a packed schedule of music, dance and art exhibitions, including a series of concerts curated by composer Paola Prestini and a performance by the Trisha Brown Dance Company. A full schedule and list of locations will be available on May 1 at www.rivertorivernyc.com.

April 28, 2014 | Crain’s New York Business | 27 CN016615.indd 1 4/22/14 4:52 PM