A TIGHT SPOT There Are More Cars in Manhattan Than Ever, and It’S Killing the Parking Industry PAGE 14

CRAINSNEW YORK BUSINESS

NEW YORK BUSINESS® FEBRUARY 19 - 25, 2018 | PRICE $3.00

A TIGHT SPOT There are more cars in Manhattan than ever, and it’s killing the parking industry PAGE 14

VOL. XXXIV, NO. 8 WWW.CRAINSNEWYORK.COM NEW MATH THE LIST FEMALE FOR Most active FINANCE MANHATTAN venture TITAN’S HOME capital rms LATEST BUYERS P. 10 VENTURE P. 7 P. 12 NEWSPAPER

P001_CN_20180219.indd 1 2/16/18 7:40 PM FEBRUARY 19 - 25, 2018 CRAINSNEW YORK BUSINESS

ON THE COVER

PHOTO: BUCK ENNIS

FROM THE NEWSROOM | BRENDAN O’CONNOR | MANAGING EDITOR If not now, when?

“THIS IS NOT THE TIME to jump to some con- clusion not knowing the full facts,” House Speaker Paul Ryan said Feb. 15, the day after 17 people, mostly students, were shot and killed at Marjory Stoneman Douglas High School in Parkland, Fla. Full or otherwise, here are some facts we do know: rough the rst seven weeks of this year, the U.S. endured 30 mass shootings, dened as four or more individuals being shot “at the same general time and location,” according to the Gun Violence Archive, an independent nonprot. Last year there were 346 mass shootings, down from 383 in 2016. But the carnage is accelerating: Four of the ve deadliest shootings have taken place since 2012, and three of those four gunmen used an AR-15 assault rie. At the top of that list is Stephen Paddock’s October attack in Las Vegas that claimed 58 lives P. 14 and injured more than 500 others. His use of a bump stock—a low- cost accessory that turns a legal semiautomatic weapon into an illegal IN THIS ISSUE machine gun—prompted widespread support for legislation to ban 14 PARKING IN REVERSE the device, but Congress has yet to take up the issue. Calls for a con- UP FRONT Uber and Lyft crushed taxis. gressional task force to examine the causes—and perhaps cures—of Is the garage business next? 3 EDITORIAL the shooting epidemic have been met with similar inaction. Plan to develop city jails ankfully more progress has been made here at home. One near courts is a winner month aer the December 2012 Sandy Hook school shooting in 4 IN CASE YOU MISSED IT Connecticut that killed 20 children and seven adults, Gov. Andrew Congestion pricing’s Cuomo signed the SAFE Act, banning the sale of semiautomat- slow rollout ic weapons—including the AR-15—and expanding background 5 HEALTH CARE checks for all sales of guns and ammunition. Florida Sen. Marco Shrinking the state’s nancial Rubio’s response back then was less robust, summed up by his tweet burden for elder care that there was “plenty of time for policy debate later.” 6 ASKED & ANSWERED No time like the present. Since #MeToo began, this P. victims-services organization 20 has seen greater demand 20 GOTHAM GIGS An aspiring pilot changes 7 REAL ESTATE course and becomes a JetBlue Manhattan homes haven’t mechanic ARTS & CULTURE BREAKFAST been great investments 21 SNAPS MARCH 15 8 VIEWPOINTS Photos from the city’s biggest A bigger paycheck after Trump fundraisers and charity events Finding funds from tax cuts, the effect of nontraditional sources cybersecurity regulations and 22 FOR THE RECORD Our tally of the week’s buys, Join Arlene Sorkin of IlluminArt support for a trash overhaul busts and breakthroughs Productions and other industry leaders to discuss strategies 23 PHOTO FINISH for building supportive FEATURES Employment levels in the partnerships with noncultural Financial District are agencies, such as the 10 THE LIST on the rise Sanitation, Transportation and New York’s most active CORRECTION Correction departments. venture capital rms Several property locations near Newtown Creek CON EDISON 12 SALLIE FORTH were misidenti ed in “E-commerce delivers CONFERENCE CENTER An investment rm run by increased demand for local warehouse 8:30 to 10:30 a.m. and for women is nding space,” published Feb. 12. An updated ver- [email protected] momentum sion is available at CrainsNewYork.com.

Vol. XXXIV, No. 8, Feb. 19, 2018—Crain’s New York Business (ISSN 8756-789X) is published weekly, except for double issues the weeks of Jan. 1, June 25, July 9, July 23, Aug. 6, Aug. 20 and Dec. 24, by Crain Communications Inc., 685 Third Ave., New York, NY 10017. Periodicals postage paid at New York, NY, and additional mailing of ces. Postmaster: Send address changes to: Crain’s New York Business, Circulation Department, PO Box 433279, Palm Coast, FL 32143-9681. For subscriber service: Call 877-824-9379. Fax 313-446-6777. $3.00 a copy, $99.95 one year, $179.95 two years. (GST No. 13676-0444-RT) ©Entire

2 | CRAIN’S NEW YORK BUSINESS | FEBRUARY 19, 2018 FEBRUARY 19, 2018

AGENDAA smart jail plan from the city, and sooner than expected

e have given Mayor Bill de Blasio and the City Council a fair amount of grief over the years, but last week they got something right. eir plan to develop or expand jails on city-owned sites near the courthouses in Brook- lyn,W the Bronx, Manhattan and Queens is a winner on many levels. Above all, it is a necessary step toward the closure and ultimate demolition of the Rikers Island complex, an abomination beyond hope because of its remote location, poor design and dilapidated infrastructure. Even if Rikers’ violent culture could somehow be expunged—a dubious prospect at best—its physical state ensures that it would remain a money pit. Huge numbers of guards are required because of poor sight lines, doors that inmates readily unlock and innumerable, easily found objects and materials that can be fashioned into weaponry. Rikers’ isolation deters visits by family members and attorneys, and detainees must be awakened well before dawn to waste or euent. Would the congressman rather his constituents visit their begin the cumbersome, expensive process of getting them to and from incarcerated relatives or await trial in a distant borough? e critics will their oen pointless court appearances—an exhaustive process that is the have to get over the perceived slight and instead thank the council mem- opposite of rehabilitative. bers who welcomed jails in their district. Doing so took courage because e new or renovated facilities will keep jails scare voters. Not that they should: e inmates closer to courts, family and attor- Guards and inmates will be fewer in city’s neighborhood jails, including a deten- neys while awaiting trial—which 90% of tion center in Downtown Brooklyn and the Rikers’ detainees are doing. Guards and number and safer, while programs Tombs in Chinatown, haven’t kept those inmates alike will be fewer in number and will reduce crime. What’s not to like? areas from thriving. at the Bronx is the safer, with space for programs to reduce only borough slated to get a new facility is recidivism and foster employment. In sum- cause for celebration, not protest. mary: less crime, lower cost. What’s not to like? Staten Island, where crime is lowest, won’t get a jail. But that is no favor Well, some Bronx elected ocials le out of the planning did complain, to the borough. ough overtaxed by an unfair bail system, jails serve a pur- mostly about being excluded and about “fair share”—which makes no pose. eir problems—notably guards and inmates attacking each other— sense. U.S. Rep. José Serrano said the jail would add to the Bronx’s burdens are inside, not out. e new facilities will curb such issues through design, of garbage, sewage and truck trac. Excuse us, but detainees are people, not counseling, education and job training. Kudos all around. — THE EDITORS

FINE PRINT When tenants miss rent payments, landlords can ding their credit scores. But paying on time has no effect. In fact, 30% of city renters have no score. A pilot program launched last week by city Comptroller Scott Stringer and Bronx nonpro t Banana Kelly aims to change that. Stringer estimates that for tenants with scores, 76% would see them improve, 18% would experience no change, and 6% would lose points.

BY GERALD SCHIFMAN ST A 25 WORDS OR LESS PANA-MONIUM TS

CARGO VOLUME at the Port of New York and New Jersey has been increasing—and A It’s harder for men to faster since the Bayonne Bridge began accommodating larger, Panamax ships in June. ND TH E “ TEUs* from July to December (in millions) see the same oppor- Number of jobs supported by the port, a 35% increase 2013 2.85 from four years ago tunities. That’s a prob- 400K CIT Y

lem because many 2014 3.04 Business and personal venture capitalists income produced from $90.5B port activities in 2016, 2015 3.28 make choices based 21.2% more than 2014’s total

on their experiences” 2016 3.21 Federal, state and local tax —Vicki Saunders, founder of SheEO, a revenues generated by port crowdfunding platform that supports $8.5B industry operations, 19.7% 2017 3.48 greater than the 2014 estimate women-owned startups (see “Closing the gap,” page 10) *Twenty foot–equivalent units, a standard size for a shipping container

ADDICTED TO NUMBERS? GET A DAILY DOSE AT @STATSANDTHECITY. SOURCES Port Authority, AP IMAGES New York Shipping Association

FEBRUARY 19, 2018 | CRAIN’S NEW YORK BUSINESS | 3

P003_CN_20180219.indd 3 2/16/18 8:00 PM IN CASE YOU MISSED IT CRAINSNEW YORK BUSINESS president K.C. Crain senior executive vice president Chris Crain group publisher Mary Kramer

EDITORIAL Congestion plan not stuck in managing editor Brendan O’Connor assistant managing editors Erik Engquist, neutral, Cuomo’s of ce insists Jeanhee Kim, Robin D. Schatz copy desk chief Telisha Bryan OV. ANDREW CUOMO included nothing about conges- art director Carolyn McClain photographer Buck Ennis tion pricing in budget amendments he sent the Legis- senior reporters Joe Anuta, Aaron Elstein, lature last week. Lest anyone read that as an ominous Matthew Flamm, Daniel Geiger G reporters Will Bredderman, sign for the plan, his oce insisted that driving fees to ease traf- Jonathan LaMantia, Caroline Lewis c and help fund mass transit could still be part of the revenue data reporter Gerald Schifman and spending package due April 1. Recommendations from his web producer Chris Kobiella FixNYC panel will be part of budget negotiations, said a Cuomo columnist Greg David contributors Tom Acitelli, Theresa Agovino, spokesman, who characterized the trac tweaks the governor Yoona Ha, Miriam Kreinin Souccar, did include in the amendments as crucial steps toward making Cara S. Trager to contact the newsroom: congestion pricing a reality, whether in the budget, in the rest of www.crainsnewyork.com/staff the legislative session or at some point aer that. 212.210.0100 e notion of charging automobiles for entering Manhattan 685 Third Ave., New York, NY 10017-4024 ADVERTISING south of 60th Street faces skepticism from outer-borough and BABY STEPS: For now, the governor is addressing only FixNYC’s least-contentious proposals. www.crainsnewyork.com/advertise suburban state legislators in both parties. Many want conces- advertising director Irene Bar-Am, sions such as half-price MetroCards for the poor and reduced 212.210.0133, [email protected] bridge tolls. With those negotiations far from complete, Cuomo’s budget amendments included only FixNYC’s least- senior account managers Lauren Black, Zita Doktor, Rob Pierce, contentious proposals: a city pilot program to penalize drivers who block the box, studying buses’ role in congestion Stuart Smilowitz and reforming the use of parking placards. e governor also called on FixNYC to outline the logistics for tracking senior marketing coordinator Charles Fontanilla, 212.210.0145 and charging all cabs and for-hire vehicles—a rare area of consensus in the state capital. At present, only green and [email protected] yellow taxis pay such a fee; the Ubers of the world pay sales taxes, of which a small fraction goes to mass transit. sales coordinator Devin Arroyo, e governor’s budget amendments also included ways to soen the impact of the new federal tax law, which caps 212.210.0701, [email protected] CUSTOM CONTENT individuals’ deductions for state and local taxes paid. Among the options are replacing the state income tax with a director of custom content payroll tax and creating charitable entities that would enable New Yorkers to make deductible donations to fund Patty Oppenheimer, 212.210.0711, health care and education in lieu of paying taxes. But the state Senate’s Republican leadership has said there is not [email protected] custom project manager Danielle Brody, enough time to incorporate such sweeping changes in the 2018–2019 budget. — WILL BREDDERMAN [email protected] EVENTS www.crainsnewyork.com/events director of conferences & events Top nosh DATA POINT parities of $15,000 to $50,000 between Courtney Williams, 212.210.0257, e team of Acme Smoked Fish and what women and men made annually AS OF JUNE, THE MANHATTAN [email protected] Zucker’s Bagels made a Guinness world for “substantially similar work.” manager of conferences & events record for the largest bagel-and-lox DISTRICT ATTORNEY’S OFFICE HAD Adrienne Yee, [email protected] sandwich. ey stued 40 pounds of COLLECTED $730 MILLION IN ASSET Creative hire events coordinator Ashlee Schuppius, cream cheese and 30 pounds of smoked Observer Media Group named Ben [email protected] salmon into a 213-pound bagel at FORFEITURES THROUGH FEDERAL Robinson its editor in chief. Robinson, AUDIENCE DEVELOPMENT Acme’s Greenpoint smokehouse. AND STATE LAW ENFORCEMENT AND former chief creative ocer at ril- group director, audience development list, takes over for Ken Kurson, who Jennifer Mosley, [email protected] CORPORATE SETTLEMENTS. The walls of justice resigned nine months ago. REPRINTS Under the federal Visual Rights Act, 21 reprint account executive Lauren Melesio, grati artists were awarded $6.7 mil- Legal U-turn 212.210.0707 lion from Jerry Wolko, who conceded spray showers for children, with a third Aer Leonia, N.J., retailers complained PRODUCTION he had for decades let gratists deco- becoming a sunken performance space. of a big drop in sales, the municipality production and pre-press director rate his Long Island City warehouses, rescinded its rush-hour ban on non- Simone Pryce a tourist attraction known as 5Pointz, Is that all you’ve got? Tut-tut resident motorists using its side streets media services manager Nicole Spell before he destroyed their work in 2013. e Metropolitan Museum of Art’s to avoid trac jams around the George SUBSCRIPTION CUSTOMER SERVICE recently ended “Michelangelo: Divine Washington Bridge. e ban had been www.crainsnewyork.com/subscribe Candy land Drasman and Designer” show was the enacted last month. — CHRIS KOBIELLA [email protected] Sugar Factory plans to open the rst 10th-most-attended in its history. e 877.824.9379 (in the U.S. and Canada). $3.00 a copy for the print edition; or $99.95 of three candy museums in New York three-month exhibit drew 702,516 vis- one year, $179.95 two years, for print in the summer. e global restaurant itors. e No. 1 show, “ e Treasures of subscriptions with digital access. chain said it will display exhibits on the Tutankhamun” in the late 1970s, pulled Entire contents ©copyright 2018 history of candy at the former Lime- in more than 1.3 million people. Crain Communications Inc. All rights light club in Chelsea. Admission: $25. reserved. ©CityBusiness is a registered Funeral Hearst trademark of MCP Inc., used under license Albany’s new top dog Hearst Communications took another agreement. Gov. Andrew Cuomo introduced New whack at recently acquired Rodale, lay- CRAIN COMMUNICATIONS INC York’s “rst dog.” Captain, a 14-week- ing o 119 people, 84 of them in New chairman Keith E. Crain old puppy, is a Siberian husky–German York. e remaining 116 sta members vice chairman Mary Kay Crain shepherd–malamute mix. “Keeps me up are to move to Hearst Tower by April. We’ll rejoice in remembering president K.C. Crain all night, that dog,” Cuomo said. Since last month’s $220 million acquisi- Crooner Vic Damone died Feb. 11 senior executive vice president Chris Crain tion, Hearst has cut 265 employees. from complications of a respiratory secretary Lexie Crain Armstrong Fountains of youth illness. He was 89. The Brooklyn- editor-in-chief emeritus Rance Crain chief nancial of cer Robert Recchia Fountains from the 1964 World’s Fair Bad habit leads to Vice born singer’s career lasted from in Flushing Meadows–Corona Park Elizabeth Rose, who was a project man- the 1940s until 2002. His hits founder G.D. Crain Jr. [1885-1973] will ow again. e Parks Department ager at Vice Media from 2014 to 2016, is included “On the Street Where You chairman Mrs. G.D. Crain Jr. [1911-1996] plans to spend $5 million to convert suing the company, accusing it of sexual Live” and “An Affair to Remember.”

GETTY IMAGES, FLICKR GOVERNOR ANDREW CUOMO two of them into a mist garden and discrimination. Rose discovered dis-

4 | CRAIN’S NEW YORK BUSINESS | FEBRUARY 19, 2018

P004_CN_20180219.indd 4 2/16/18 7:55 PM HEALTH CARE

State looks to shrink financial burden for elder care Aging baby boomers affect budget deliberations BY CAROLINE LEWIS

s New York’s pop- save an estimated $180 million restrict the number of licensed ulation becomes in scal year 2019 and $270 home-care-services agencies grayer, the Cuomo million the following year. in each plan to 10. administration But some state legislators Such proposals will Ais putting forth a number of and advocates have raised con- “increase barriers to access” budget proposals this year to cerns that the reforms could for those who need care, the Assemblyman Dick Gottfried “If at any point they decide shrink the nancial burden of disrupt access to home-care nonpro t New York Legal at the budget hearing. “at to relocate to the community, elder care on the state. services for the elderly—the Assistance Group argued in seems not only cruel to people we’ll create an opportunity to “Many of us predicted a care preference for most aging testimony on the budget. who want to be in their homes re-enroll in a managed long- demographic wave would hit Americans—while shiing Meanwhile advocates are but contrary to what we have term care plan.” state Medicaid programs as a more people into nursing concerned that a proposal to said is our policy in New York Part of the reason elder- result of the baby-boom gen- homes. kick people who have been in a for many years.” care services strain the bud- eration aging,” said Jason Hel- nursing home for longer than get is that New York, unlike gerson, the state’s Medicaid Barriers to access six months o of their Medic- ‘Stress on the system’ some other states, does not director, at a budget hearing in e state is looking to save aid managed-care plans would Helgerson countered that set an arbitrary limit on its Albany last week. “We’re now money in part by raising the be risky. once people are permanently number of Medicaid slots for beginning to see evidence in score patients would have to “at gives a managed long- placed in nursing homes, it home- and community-based New York state of that wave achieve on a needs assessment term care plan an enormous doesn’t make sense for the services. coming to our shores.” to qualify for enrollment in incentive to unload high- state to pay for a plan to man- “ere’s stress on the sys- e growing need for elder a Medicaid managed long- cost home-care patients into age their care in addition to tem overall,” Helgerson said. care is now the No. 1 driver of term care plan, which facil- nursing homes, knowing that paying for the facility. “We need to think about state Medicaid costs. e long- itates access to home- and in a few months that person “We’re just saying we don’t creative ways to expand the term-care reforms proposed community-based services. who is now institutionalized want to pay for care manage- continuum of services in cost-

in the executive budget would Another proposal would will be o their books,” said ment twice,” said Helgerson. eective ways.” ■ ISTOCK

FEBRUARY 19, 2018 | CRAIN’S NEW YORK BUSINESS | 5

P005_CN_20180219.indd 5 2/16/2018 6:42:44 PM ASKED & ANSWERED NONPROFITS INTERVIEW BY MIRIAM KREININ SOUCCAR

ARIEL ZWANG SAFE HORIZON

afe Horizon, a national nonpro t that helps victims of We have a three- domestic violence, child abuse, sexual assault and hu- year, $27 million man traf cking, has never been busier or more relevant. “ grant from the NYPD Former investment banker Ariel Zwang took the helm in S2008. Since then it has broadened its scope and grown its annu- to place victims’ al operating budget to $78 million from $54 million. advocates in every precinct. The NYPD is leading the way Safe Horizon is the nation’s largest victim-services organization. What does in the U.S. it do in New York? Most of our work has historically been in domestic violence, but we work with victims of all crimes and abuse. We have shelters and operate the city’s domestic-violence, rape-crisis and crime-victims hotline. We have a mental health clinic and offer legal services. We help around 250,000 New Yorkers a year in some way.

What is your largest program here? In terms of money and staff, it’s the domestic-violence shelter program. We have 700 beds in eight locations, so people can sleep safely knowing whoever has been abusing them can’t reach them.

Any new programs? We have a three-year, $27 million grant from the NYPD to place one or two victim advocates in every precinct plus nine NYCHA devel- opments. By September we will be in 86 locations. The NYPD is leading the way in the U.S.

What changes in the eld have you seen during your 10-year tenure? The degree to which society is talking about domestic violence and sexual assault. The turning point was football player Ray Rice in 2014, when tapes showed him punching his wife in the elevator DOSSIER and dragging her out like a sack of potatoes. Now Harvey Weinstein and #MeToo is, I hope, a sustained turning point also. People think WHO SHE IS CEO, rape is a stranger attacking them in an alleyway, but overwhelmingly Safe Horizon sexual assault is by someone who knows the victim. AGE 54 Should we be shocked that a Harvard-educated, former Rhodes scholar who BORN Upper West Side worked in the White House was accused of abusing two wives? RESIDES Upper West Side People in any walk of life can be abusive—the CDC reported that EDUCATION Bachelor’s in applied 1 in 4 American women will experience domestic violence in her math and MBA, Harvard lifetime. The stereotype that abuse couldn’t happen to af uent EARLY LIFE CRISIS “In my late victims is a real problem, because it keeps so many from seeking 20s, after working in investment help available to them. People who perpetrate domestic abuse over banking and management consulting, a long time are able to do so by being reasonable and affable in I realized I didn’t want to look back in public—choosing to be violent only in private. 50 years and say that I helped clients gain market share. I wanted to say I’d How has the recent attention on sexual harassment affected your work? done my small part in making the world a It is encouraging more women to come forward because they feel better place.” now people might believe them. From October to December 2017, FAMILY TIES Zwang’s father was a we saw a 40% increase in calls to the hotline compared with 2016. school principal, and her mother, a social worker. Her daughters, ages 16 and 20, Has Safe Horizon received more funding lately because of the attention? are also interested in social justice. Ninety percent of our support comes from the government. But we POLITICAL CHOPS Zwang was a did see a 50% increase, to $186,000, in online giving from October White House fellow in 1999 and 2000, to December versus 2016. People are voting with their hearts. appointed by President Bill Clinton. BUCK ENNIS What needs to be done in the workplace to deal with sexual harassment? Companies need to make sure they have a code of conduct that’s very clear that unwanted sexual behavior is not tolerated. They need brave managers to enforce that, even when it’s someone senior, important or who makes a lot of money for the company. When workplaces start taking this seriously, it will make a dramatic change in our country. ■

6 | CRAIN’S NEW YORK BUSINESS | FEBRUARY 19, 2018

P006_CN_20180219.indd 6 2/16/18 4:25 PM REAL ESTATE

Surprise: Manhattan homes were poor investments during past decade Values have risen by only about 20% since January 2008—before in ation and expenses BY JOE ANUTA

he typical Manhat- have renanced at some point, than taxes for condos, which $191,000 down payment on a on her investment—growing it tan home was a poor making a 4% rate a safer bet. are higher, and assuming that house—and the opportunity to $315,000—but paid $3,000 investment during “It is the leverage that allows taxes did not go up between cost of using that same money a month in rent over the same the past 10 years, you to make so much more 2008 and 2017 oers the most in other ways, such as stock time period, she would end up Taccording to data released on your money,” said Jona- conservative estimate: $56,000 and bond investments. Assum- roughly in the same place as this month. than Miller, who prepared the in total property taxes paid. ing a 5% opportunity cost is if she had bought the median A report from Douglas Douglas Elliman report. Listings website StreetEasy conservative, the annualized home, lived there for the past Elliman Real Estate showed the But leveraging a home only typically estimates closing return of a portfolio evenly decade and then sold it. median price of a home rose delivers greater returns than an costs at up to 5% on the buying divided between equities and Granted, all of these esti- from $955,000 in 2008 to $1.14 all-cash purchase if the home side and up to 8% on the sell- xed income during the past mates are approximate, and million last year, an annualized value grows at a faster rate ing side. For the median Man- 10 years was 6.5%. there are many cases outside of return of 1.8% before closing than the mortgage interest rate hattan home bought in 2008 Plugging all these numbers the norm. costs, taxes, maintenance and being paid. at has not been and sold last year, that would into the net-present value for- e fact that home values mortgage interest. the case for most Manhattan add up to roughly $139,000. mula means that the median did not signicantly rise is ose costs would have put borrowers. Crain’s then asked Street- homeowner would have lost largely attributable to the mar- the typical buyer well into the Easy to put these assumptions about $27,000, which rep- ket peaking in late 2007, taking red. Figuring out by how much The tax man and values into a net-present resents 14% of the down pay- a nosedive and slowly ratchet- can be estimated by making a en there are property value formula, which is based ment. at could be thought ing back up since then. few conservative assumptions. taxes. Martha Stark, a former on the premise that returns of as the cost of living in the “People tend to forget that To start with, most Man- city nance commissioner, from an investment are worth house over that time. prices dropped in 2009,” said hattanites nance their home. crunched the numbers and less the longer you have to And what if that same Grant Long, senior econ- In 2008 the going interest rate found that the median co-op wait to get them. Net-present owner had instead rented a omist for StreetEasy. “And was 5% on a 30-year mortgage owner would have forked value can also be used to com- Manhattan apartment and while the rate of recovery has with 20% ($191,000) down, over $6,206 to the city in pare returns from a particu- invested the $191,000 down been impressive, it hasn’t been though owners likely would 2008. Using this rate rather lar investment—in this case a payment? If she made 5% a year outstanding.” ■

Are you ready for corporate tax change?

Congress has passed the most sweeping tax law changes since 1986. These tax changes will impact public and private companies, pass-throughs, and multinational corporations, not to mention their owners and executives.

EisnerAmper’s tax professionals are ready to help with how these changes impact venture capital funds and portfolio funds.

The fact is, every year thousands of corporate clients rely on EisnerAmper’s experience and knowledge. So, are you ready for tax law changes in 2018 and beyond? We are.

Learn more at EisnerAmper.com/TAXCHANGE

FEBRUARY 19, 2018 | CRAIN’S NEW YORK BUSINESS | 7

P007_CN_20180219.indd 7 2/16/18 7:35 PM VIEWPOINTS

Cuomo says Trump tax law hurts, but my paycheck just grew Republicans intend to portray Democrats’ criticism as rhetoric

MY PAYCHECK went up it next year. I’ve done some estimating. rating has jumped from 36% 4.4% last week, the Because I rent my living quarters and in December to 41% earlier most it has increased don’t pay mortgage interest, my cur- this month, according to this decade. Did your rent itemized deductions a tracker on take-home pay go up? are not much more than I will be paying the data jour- And if so, how did it the $10,000 cap on state lower federal nalism site a ect your view of the and local deductions in vethirtyeight. Republican tax cut, the federal law. My guess taxes for 2018 com that com- GREG DAVID which has been so is that the reduction in bines all the vociferously criticized my tax rate will more than and can spend polls on the bill. (ere is also a corruption trial by New York politicians? o set what I lose in deduc- the newfound subject. e generic con- underway involving a former top aide Much of the discussion of the new tions. Because a signicant gressional ballot, which to the governor.) tax law has been about macroeconom- percentage of my income cash asks likely voters whether Republicans clearly understand this, ics—its broad impact on the econ- comes from freelancing, they prefer Democrats and the smartest ones are determined omy. Now it is time to look I might also be able to benet or Republicans in the upcoming mid- to feature the bill in their campaigns, at microeconomics—how it from all those special breaks terms, puts the Democratic lead at six noted a very interesting New York a ects the behavior of indi- % for what’s called pass-through or seven points, down from double dig- Times story this month, even in blue viduals and companies—and income. its at the end of last year. e growing states like ours. e president’s tweets the political impact on this In any event, the bottom realization that Democrats’ rhetoric are a big problem for the GOP, but the 41TRUMP’S year’s midterm elections. line is that I will be paying about the tax bill being an assault on polls show that while Americans are What happened for me last approval rating, lower federal taxes for 2018 the middle class is not the whole truth skeptical that the tax reform will ben- up from 36% week is that my withholding and can spend the newfound must be a factor. et them, they are open to being con- in December was adjusted for the expected cash. More and more people Even Gov. Andrew Cuomo’s stand- vinced. Whoever wins that argument impact of the Republican tax are coming to the same conclu- ing in the polls dropped sharply, may win the 2018 elections. ■ cuts. e next question is whether the sion, and this is being reected in the though insiders are divided on how withholding reduction will reect a political polls. much that is attributable to his hope- GREG DAVID blogs regularly at decline in my tax bill when I compute President Donald Trump’s approval lessly exaggerated attacks on the tax CrainsNewYork.com.

Carters should recycle waste, not tired arguments City is right to pursue overhaul of commercial garbage collection BY ERIC A. GOLDSTEIN AND JUSTIN WOOD

f there’s one thing we’ve learned one. at would cut the distance that that details the benets and initial chal- over the years, it’s that the private their diesel-powered trucks travel by lenges of its system, which has already waste-hauling industry is far bet- one-half to two-thirds, slashing carters’ helped the environment and workers ter at recycling tired arguments dangerous nighttime driving in every with low-emissions trucks, green jobs Ithan actual waste. Some players in the neighborhood and cutting air pollu- and recycling and food-rescue services private hauling industry once again tion as well. Injuries to workers and for thousands of customers. contend that New York City should pedestrians surely would decrease as As New York’s Department of San- abandon its e ort to reform a broken new safety requirements, more sensible itation and Business Integrity Com- and inecient collection system. route plans and other reforms become mission design a similar system here, e need for major reform has never criteria for hauler selection. we must learn from L.A.’s startup dif- been more urgent. As a ProPublica Major cities including San Jose, Seat- culties. New York needs rigorous exposé revealed, illogical routing, tle, San Francisco and most recently oversight of pricing, enforceable cus- driver fatigue and unsafe equipment Los Angeles have adopted variations of tomer-service standards, absolute price continue to cause high rates of fatalities a zoned system, in which the city selects transparency and waste assessments by and injuries to workers and the public, commercial waste and recycling com- independent authorities. even as the industry claims to be safer. panies for commercial districts through Other cities have adopted cleaner, Private haulers killed seven pedestrians competitive bidding and negotiates greener and fairer waste systems, and and cyclists last year alone and have contracts that set high, enforceable New York can benet from their expe- caused 43 deaths since 2010. highly skilled at recycling. Really? At standards on waste diversion, customer rience. Given the urgent need to make e current system also lacks trans- least 11 have been cited for illegally service, eciency and air quality. our urban centers more sustainable, parency. In particular, small businesses throwing recyclables, garbage and even Seattle’s switch to zoning led to equitable and livable, the biggest mis- lack the leverage to negotiate fair prices compost in with landll-bound trash. more ecient collection, high waste- take would be to allow environmen- and service agreements with haulers. A Unsurprisingly, the city’s commercial diversion rates and fair pricing that tally destructive and unfair commercial 2016 city study found that small busi- recycling rate, as reported by the car- rewards businesses that recycle and waste collection to continue. ■ nesses on average pay 38% more than ters themselves, lags way behind that of compost. San Jose has a zone system and larger ones for similar waste services. Seattle, San Francisco and San Jose. public-private partnerships to develop Eric A. Goldstein is the New York City And under the current scheme, All of these problems can be reme- state-of-the-art recycling facilities and environment director at the Natural businesses have no idea what hap- died by a modern, rational commercial high diversion from landlls while Resources Defense Council. Justin pens to the recyclables they carefully waste-collection system that divides maintaining customer rates comparable Wood is the director of organizing and separate from garbage to comply with the city into zones and provides for with those in surrounding areas. strategic research at New York Lawyers

GETTY IMAGES, BUCK ENNIS new city rules. e haulers claim to be competitive bidding by carters for each L.A. just released a progress report for the Public Interest.

8 | CRAIN’S NEW YORK BUSINESS | FEBRUARY 19, 2018

P008_P009_CN_20180219.indd 8 2/16/18 4:19 PM Living up to cybersecurity regs will not be easy for New York Workers who can stop threats are in short supply BY KIRSTEN BAY

ver the past week, news e state agency now requires hundreds their license revoked and be ned up to establishes the need to gain clear con- came out that Olympic De- of banks, insurers and other companies 1% of total assets. New York is setting sent from consumers about the use of stroyer malware crippled to maintain a cybersecurity program a precedent at the state level, and these their information. Violators risk nes of internet networks at the that includes written protection poli- rules may become the basis of federal almost $25 million or 4% of global turn- OWinter Olympics, the hack of 145.5 mil- cies, minimum standards of risk-based law in order to avoid a fragmented regu- over, whichever is greater. lion Americans’ data was far worse than technology, the appointment of a chief latory landscape. Although there is clear nancial Atlanta-based credit-reporting agency information security ocer and the e city’s reputation as the world’s motivation for organizations to ensure Equifax rst disclosed, and U.S. intel- disclosure of cyber breaches within 72 top nancial hub depends on the state’s compliance, meeting the basic require- ligence chiefs consider rogue groups’ hours, among other things. ability to protect the delicate balance be- ments will not be so easy. e global cyber activities the biggest threat facing e point is to prevent ascoes like tween data security and consumer ben- shortfall of information-security work- the U.S. that of Equifax, which experienced one e ts driven by data. ers is expected to reach 1.8 million by In other words, it was a typical week of the worst cyber breaches of all time It is not the only nancial center con- 2022. A gold rush for such professionals in the internet age. last year. ieves stole Social Security sidering a tougher approach. Singapore has led to aggressive recruitment of chief We are at the dawn of an era in which numbers, credit card details, birth dates has a bill that sets out statutory obliga- information security ocers, accompa- risk emerges, mutates and evolves with and addresses. e extent of the attack tions to be implemented by a cyberse- nied by inated salary expectations. increased virulence. Yet the biggest risk was not fully or transparently reported curity commissioner. Cyber criminals are proving creative may be complacency, which presents an at rst, creating confusion and ultimate- And the 28 European Union govern- too, meaning any set of rules won’t be opportunity for cyber criminals. ly highlighting vulnerabilities within the ments are collaborating in the biggest bulletproof. But this is not a battle that New York’s Department of Financial industry. shakeup of E.U.-wide privacy laws with any CEO can aord to lose. ■ Services intends to bring this compla- Any organization—or executive the introduction of the General Data cency to a juddering halt with sweep- within such a business—found to be in Protection Regulation on May 25. is Kirsten Bay is president and CEO at ing measures that grew teeth last week, breach of New York’s new safeguards measure provides guidance on how per- Dallas-based Cyber Adapt. She has when aected businesses faced a dead- will be held accountable, and those that sonal data should be stored and what to advised the White House and the U.K. line to prove they were in compliance. fail to le for certi cation could have do in the event of a cyberattack. It also Parliament on cybersecurity. GETTY IMAGES

Welcome NASDAQ Corporate Headquarters To 4 Times Square A leading global provider and an iconic global ofﬁce tower come together to power the future of workspace.

145,000 SF

Special thanks to $140M+ Capital New Lobby and Entrances Improvement State-of-the-Art Exclusive Amenity Floor New Elevator Cabs with Destination Newmark Knight Frank *\ZOTHU >HRLÄLSK Program Dispatch Controls Michael Ippolito Robert Tanzman Completed New Core Bathrooms Vice Chairman Senior Director Large, Open Floor Plans Daniel Katcher Jared Thal Senior Managing Director Executive Managing Director Column-friendly Floor Plates

Thomas Bow Rocco Romeo Tanya Grimaldo The Durst Organization One Bryant Park 212.257.6610 212.257.6630 212.257.6515 New York, NY 10036 [email protected] [email protected] [email protected] 212.257.6600 | www.durst.org

FEBRUARY 19, 2018 | CRAIN’S NEW YORK BUSINESS | 9

P008_P009_CN_20180219.indd 9 2/16/18 4:04 PM THE LIST MOST ACTIVE VENTURE CAPITAL FIRMS Ranked by the number of 2017 investments in New York metro area–based startups

CLOSING THE GAP TRENDS INVESTMENT ESCALATION ith the tech eld still predominantly male, this year’s On average, the amount of venture funding invested in list of Crain’s top venture capital rms is marked by a New York metro area rms has grown by 36% in each of positive development: three companies run by women the past ve years. Total amount (in billions) took spots in the ranking. e Female Founders Fund $12 $11.5 $4.3B (No.W 13), BBG Ventures and Forerunner Ventures (tied for No. 16) AMOUNT INVESTED each made at least nine investments in New York metro area startups $10 in local rms in Q3 last year. 2017, a record high “ere’s been a massive increase in awareness of how challenging $8 for a single quarter it is for female founders to be funded,” said Vicki Saunders, a Toron- to-based entrepreneur and the founder of SheEO, a crowdfunding $6 platform that supports women’s startups. “Wom- en see the world through a dierent lens than $4 % men, which informs how they come up with their ideas. It’s harder for men to see the same oppor- $2 tunities. at’s a problem because many venture 2012 2013 2014 2015 2016 2017 2.2SHARE of VC capitalists make their choices based on their ex- funding for periences.” DONE DEALS women-owned Just 4.4% of all venture capital deals went to NUMBER OF companies last investments Even though spending totals are skyrocketing, the women-owned companies in 2017, according to number of deals with New York rms has dipped year PitchBook. And their share of funding was even in NYC startups by slightly in each of the past two years. slimmer: a mere 2.2%. 275 Number of deals Crain’s top Firms like the trio on Crain’s list are striving to x the imbalance. e 24 last year 756 771 Female Founders Fund and BBG Ventures, both established within the 741 731 past six years, devote all of their funding activities to early stage start- 667 ups led by women. And though Forerunner Ventures doesn’t exclusive- 567 ly invest in women’s businesses—it previously funded once-small New NUMBER OF listed York operations Bonobos and Warby Parker—founder Kirsten Green rms that made tness- has made a point of supporting them. is year that included Away, a class subscription smart-luggage company in NoHo started by two women in 2015. Still, 3 service ClassPass one evening out the statistics will take decades. of their biggest “I think it’s going to take a generation to shi this,” Saunders said. investments “I expect hundreds and thousands of female-run funds to spring up SOURCES: Crain’s research, DJX 2012 2013 2014 2015 2016 2017 worldwide.” VentureSource — GERALD SCHIFMAN SOURCE: PwC/CB Insights MoneyTree Explorer

10 | CRAIN’S NEW YORK BUSINESS | FEBRUARY 19, 2018

P010_P011_CN_20180219.indd 10 2/16/18 4:01 PM

#$!# !# $" $ " " " "

FOR ALL CRAIN’S LISTS, GO TO CRAINSNEWYORK.COM/LISTS.

FEBRUARY 19, 2018 | CRAIN’S NEW YORK BUSINESS | 11

P010_P011_CN_20180219.indd 11 2/16/2018 3:03:47 PM through through nance. toempower women teamareworking KRAWCHECK P012_P013_CN_20180219.indd 12

BUCK ENNIS, BLOOMBERG, NEWSCOM 12 FINANCE |

CRAIN’S NEWYORKBUSINESS and her and her

FEBRUARY 19,2018 S FORTH SALLIE this age of Time’s Up and #MeToo, an investment by andrm run for women thingto thebest that be happened ever to Krawcheck’s business.edgling In As it turns out, President Trump’s Donald just might prove victory surprise at the time. at the thinking were president,” to have going recalled afemale Krawcheck investment speci rm “We clients. female to serve tailored cally an Ellevest, her venture, newest to launch time perfect the be would Krawcheck allie 2016 election before day the the presidential gured #MeToo moment the to marshal executives looks most powerful One ofWall Street’s BY AARON ELSTEIN 2/16/18 3:54 PM has an undeniable appeal. es that she thought the bank was “ e time is right for something responsible for. Management dis- like this,” Krawcheck said. “I really agreed. “I was red because I’m a feel this was what I was put on Earth woman,” she said later. to do.” Krawcheck resurfaced the next e rst woman to run a major year at Bank of America, put in Wall Street rm (two, actually: Mer- charge of the division that housed rill Lynch and Smith Barney), Kraw- Merrill Lynch. e bank’s board check is going all-in to seize the mo- praised her work stabilizing the rm mentum. She’s traveling across the amid the postcrisis exodus of nan- U.S. to spread the word about El- cial advisers and her “disciplined levest, patiently elding press calls. and proactive” risk management. Earlier this month she launched a But aer less than two years, she nancial talk show on Yahoo featur- was sent packing. e reasons were ing the closing line “More money, unclear, but the CEO who brought more power.” her in had been replaced by Brian Her idea is resonating. Aer Moynihan, and there were whispers only 15 months in business, El- that he resented her for outshining levest manages $67 million in assets him. (A BofA spokeswoman didn’t spread over 10,000 accounts, and regulatory lings buy or sell shares of big nancial rms. Questioning respond to a request for comment.) show it is growing at twice the rate of Wealthfront, one of Citigroup CEO Sandy Weill’s many acquisi- the second- fastest-growing investment startup on tions once earned her an irate phone call from the New heights record. Krawcheck has raised about $45 million in empire builder himself. Aer angling for a role in the Obama adminis- venture capital funding from investors including But Weill took a dierent tone when he called tration, Krawcheck, then in her mid-40s, entered a former Commerce Secretary Penny Pritzker and ve years later looking for Krawcheck’s help. Citi’s period of “meandering and wandering.” In 2013 she tennis star Venus Williams. reputation was soiled by a 2002 scandal involving an acquired a women’s professional network, 85 Broads, “Sallie knows the space and has put together a inuential analyst at the bank’s Smith Barney divi- which she renamed Ellevate Network. Ellevate mem- strong team,” said Jenny Abramson, managing part- sion, who raised his rating on AT&T’s stock in hopes bers talked about their diculties with Wall Street, ner of Rethink Impact, a venture capital rm that that Weill, a board member at the telecom giant, inspiring her to develop Ellevest. backs women-owned startups and was the lead in- would help his children get into the exclusive 92nd e rm is in its early days, but Krawcheck may vestor in Ellevest’s latest funding round. Street Y nursery school—an arrangement the press have tapped in to something big. Nothing in the busi- described as a “kid pro quo.” Krawcheck, who had ness world speaks as loudly as money, and if enough Balancing act by then risen to CEO of Bernstein and been dubbed women entrust her with their funds, Ellevest could Female-focused nancial rms have been tried Wall Street’s “last honest analyst” on the cover of develop into a shareholder advocate with the clout to many times before, oen with disappointing results Fortune, held out until Weill tripled his oer. pressure companies into abolishing the gender pay because it’s not easy to position half of humanity as In 2005 she was promoted to chief nancial of- gap and better supporting women’s careers. As em- an underserved niche market. LearnVest launched cer for all of Citi but returned to Smith Barney powering as it is for women to negotiate for raises or in 2009 with $75 million in VC backing, but fewer two years later to put out another re. e previous promotions, Krawcheck said, there are limits to what than 10,000 people signed up for its standard invest- chief had been ousted amid rumors of an aair with they can achieve individually. ment plan. ree years ago the rm was acquired by CNBC star Maria Bartiromo, to whom he’d given a “With Time’s Up, #MeToo and the marches, insurance company Northwest Mutual. ride from China on Citi’s corporate jet while leaving women are coming together,” she said. “ at works. Krawcheck acknowledges that for a long time she colleagues behind to arrange their own travel home. Being separated doesn’t work.” thought a female-focused investment rm was “a re- e Wall Street Journal also reported that there was In the meantime Krawcheck is busy stang up ally dumb idea,” she said. “I thought it was so sexist, “growing unease” among unidentied investors Ellevest and broadening its product suite to include so condescending.” about Krawcheck’s “suitability” as CFO. nancial planning, career coaching and private But she also recognizes that the mainstream in- “Give me an eng break,” Krawcheck growled banking services. While two-thirds of the rm’s 52 vestment world simply hasn’t served women all that when recalling the episode. employees are female, men work there, too. well. Women in general have lower incomes than She le Citi for good in 2008 aer proposing to “We allow guys,” Krawcheck pointed out. “We men, which means they have less to save for retire- reimburse Smith Barney clients for investment loss- love diversity.” ■ ment. Women also keep 71% of their assets in cash, according to BlackRock, rather than invest in stocks. Closing that wealth gap hasn’t been a high priori- ty on Wall Street, where more than 80% of senior ABOVE THE GLASS jobs are held by men, according to the U.S. Equal Employment Opportunity Commission, and the percentage of Wall Street jobs held by women has THE LIST OF WALL STREET’S LEADING women remains frustratingly short. Just 39% of nancial actually declined since the nancial crisis. jobs were held by women in 2015, according to the latest gures from the U.S. Equal Employment “ e industry is by men for men,” Krawcheck Opportunity Commission, down from 43% a decade earlier. The picture is even bleaker in the C-suite, said, “even if they don’t mean it to be.” where women hold 19% of senior jobs, down from 20% in 2007. Here are some exceptions. Ellevest’s way of challenging the patriarchy is to operating committee, the ● MICHELLE NEAL, CEO of BNY oer low-cost investment options based on a cli- highest percentage of any Mellon Markets ent’s age and income and an estimate of how much major bank) she’ll reasonably need for a home and retirement. e rm’s investment advice also accounts for the fact that women’s earnings tend to peak earlier than men’s and mothers are more likely than fathers to interrupt their career to take care of children. No minimum amount is required to open an account, ● ELLEN ALEMANY, CEO of and the rm avoids using industry jargon such as CIT Group “outperformance” and “tax-loss harvesting.” ● BARBARA DESOER, CEO of “No one has come into this with ideas as well Citibank N.A. thought out or engineered as Sallie,” said April Ru- ● ADENA FRIEDMAN, CEO of ● BLYTHE MASTERS, CEO of ● SHELLEY O’CONNOR, co-head din, president of e Rudin Group, a consultancy Nasdaq Digital Asset Holdings of wealth management at that serves wealth-management rms. Morgan Stanley Krawcheck has been succeeding in the man’s ● MARIANNE LAKE, CFO of ● KATHLEEN MCCARTHY, global world of Wall Street ever since 1995, when she JPMorgan Chase ( ve women co-head of real estate at ● KAREN SEYMOUR, general worked as a research analyst at Sanford C. Bernstein sit on JPMorgan’s 11-member Blackstone Group counsel at Goldman Sachs & Co., advising institutional investors on when to

FEBRUARY 19, 2018 | CRAIN’S NEW YORK BUSINESS | 13

P012_P013_CN_20180219.indd 13 2/16/18 3:56 PM TRANSPORTATION

PARKING IN REVERSE Uber and Lyft crushed taxis. Is the garage business next? BY MATTHEW FLAMM AND DANIEL GEIGER

s head of Garage Management Co. for the past 30 years, Gordon Hamm has seen peaks and val- leys in New York’s parking business. But he’s never seen anything like the past 18 months. Despite a healthy economy and record employment in a city that’s more crowded than ever, business at his company’s 57 garages is down across the board. And it’s not just Garage Management that’s su ering. Interviews with other parking industry leaders showA a sector on the verge of a shakeup as operators struggle with rising labor costs and declining demand for a parking space for an evening, a day or just a couple of hours. e problem goes deeper than any swing in the economy. New Yorkers are changing how they get around. Parking operators have been hit by a one-two punch: more people using Ly and Uber, which has slowed Manhattan trac to a crawl and thus discouraged those with personal vehicles from driving into the city. “e younger generation doesn’t have cars, and they don’t need them with the advent of Ly and Uber,” Hamm said. “Everyone in the parking business right now is trying to get their own store in order.” He and his fellow garage operators have looked into restructuring their leases with their landlords. “is is like the correction of the 2007 mar-

BUCK ENNIS ket crash,” he said. “It will test people.”

14 | CRAIN’S NEW YORK BUSINESS | FEBRUARY 19, 2018

P014_P016_CN_20180219.indd 14 2/16/18 3:47 PM “IT’S A BULLET TO THE HEART. WE JUST CAN’T ADJUST TO THIS TYPE OF CHANGE”

e trend has been building for a while, said transportation analyst Charles Komano, who con- siders congestion the main factor behind the drop in commercial parking revenue. He points to an annual survey by the New York Metropolitan Transporta- tion Council that counted 720,000 cars entering the Manhattan central business district daily in 2016, a 5% drop from 2011. He calls that a signicant decline, given that Manhattan job growth was nearly 14% during the same period, according to the state GOING UP: Menz has three Department of Labor. automated garages in the city and a fourth on the way. Business down, wages up Unlike the vehicles in Midtown, that trend may now be accelerating. e past year and a half has seen a 10% slide in the number of “transient units”—cars that park by the day or hour—at Manhattan garages, TECH HAS HURT GARAGE OWNERS. according to the Metropolitan Parking Association, a trade group. ose cars make up the bulk of busi- IT ALSO COULD SAVE THEM ness at commercial parking lots. Even worse, the decline has come as labor costs are rising. On Dec. 31 the minimum wage rose to NEW YORK PARKING GARAGES are reeling from ride-sharing and rising costs. But Timothy Menz $13 an hour for businesses with 11 or more employ- thinks he has a solution: automated garages. ees—a 44% jump since 2016. “They have zero payroll,” he said. “ at’s a bullet to the heart,” said Rafael Llopiz, That is no small matter. As Menz explained, “In valet-attended garages, labor is the biggest cost president of the trade group. “We just can’t adjust to after the lease.” And it is getting bigger, with the city’s minimum wage in the midst of an unprecedent- ed three-year, 67% climb to $15 an hour. this type of change.” Menz knows about costs. He once headed operations for Valet Anywhere, one of several high-tech Operators say the pressures can be seen across valet-parking services that sprang up a few years ago before collapsing beneath the weight of a la- the country, or wherever Uber and Ly have taken bor-intensive business model. But in 2016 he moved over to Willoughby Operating Co., which owns the hold and added to congestion. Studies have shown city’s only fully automated parking garages, offering daily, transient service. that while taxis also contribute to trac, e-hail oper- A sort of vending machine for cars, an automated garage uses a pallet and hydraulic lifts to put a ators are a more signicant factor, as their eets are vehicle into storage within three minutes of the driver inserting a credit card, and can return it in the not capped by regulations and can grow as large as same amount of time. A stacking system lets the garage hold more cars per cubic foot than any con- the market will bear. ventional parking operation. Owners of human-operated garages cannot convert them into automated “It’s the same problem in Chicago, Boston, New ones, however; the structure and system have to be built together. York and other cities,” said Alan Lazowski, chief ex- Menz, Willoughby’s vice president of operations, would not comment on how well its three New York ecutive of Laz Parking, the nation’s second-largest locations are doing, but said that they are in high-demand areas—two in Manhattan, one in Brooklyn— parking operator, with 2,800 locations. and that the company is stepping up growth. It is now building what he said will be the largest auto- In New York, garage operators may face an ad- mated parking facility in North America, with hundreds of spaces, as part of the towering City Point ditional danger from the most prominent proposed mixed-use development in Downtown Brooklyn. cure for trac ills: a congestion-pricing plan that Parking apps are also blossoming. Chicago-based SpotHero, which launched in New York ve years would charge vehicles to enter the city’s core. Gov. ago, says its business here was up 114% in 2017. The app lets users reserve and pay for spaces Andrew Cuomo is considering a proposal that would through their phone, while garage operators can adjust prices based on demand—and offer deals. phase in fees over several years, eventually reaching Although the industry as a whole may be suffering, certain neighborhoods have had growth spikes, $11.52 for personal vehicles entering Manhattan be- at least on the app. low 60th Street during prime working hours. “We see a lot of people park on the outskirts,” said CEO Mark Lawrence, referring to garages on the at would encourage more people to leave their West Side Highway or near tunnels. He believes they are avoiding driving their own cars into Midtown cars at home, which is why the industry pooled its and either taking mass transit or an Uber to their destination. resources to help ght o a similar eort led by Rival ParkWhiz, also based in Chicago, called December the best month the app has had since it Mayor Michael Bloomberg in 2008. ere would be expanded to New York in 2013. President Dan Roarty chalked it up to the same phenomenon that has “an immediate drop of about 12% in the number of powered growth for Lyft and Uber: Everyone is doing everything on smartphones. “People are using motor vehicles entering the central business district apps for transportation,” he said. “More and more they make us part of the mix.” — M.F. on a typical weekday,” said Komano, who worked on a congestion-pricing plan for the advocacy group MoveNY. If the fees are used to improve mass transit, “the 12% would go as high as 20%,” he added. unoccupied, industry leaders suggest that they wait which allow thousands of people with government e parking industry supports fees on for-hire inside garages instead of cruising. connections to park on the street without paying. vehicles, but is against the congestion- pricing ap- “Parking has to be part of an ecosystem of intel- Uber, which says most of its rides are outside of proach the governor is considering. ligent transportation,” Lazowski said. “It’s possible congested areas, insists it is working to ease trac “A blanket congestion-pricing plan is not a fair for Uber drivers to hang out in garages and when even beyond its support of congestion pricing. e tax,” said Llopiz, pointing out that there are already they’re summoned, they leave from that facility. company sees a dying parking-garage business as levies on garage customers, including bridge and Uber and Ly and other ride-hailing apps have a re- good for the city because it could prompt the garag- tunnel tolls and an 18% sales tax. at’s money the sponsibility to be part of the solution to congestion.” es’ redevelopment into necessary projects, such as city will lose if it piles on another fee and discourag- at suggestion is unlikely to y. Even transpor- aordable housing. es people from driving, he said. tation experts who want less of Ly and Uber in the “Uber’s long-term goal is to end the reliance on Llopiz, former CEO of Manhattan-based parking- city’s core say those vehicles must circulate to re- personal vehicles and move to a mix of public trans- garage company Icon/Quik Park, and others would spond quickly to ride requests. portation and services like Uber,” a spokeswoman like to see garages given a role in cutting down on Komano believes operators would be better o said. “We are encouraged to see this trend continuing. congestion. Noting that ride-hail vehicles in the pushing the city to charge higher rates for curbside Freeing up parking spaces and garages means more central business district spend a third of their time parking and to crack down on the misuse of placards, space for aordable housing, parks and other spaces

FEBRUARY 19, 2018 | CRAIN’S NEW YORK BUSINESS | 15

P0014_P016_CN_20180219.indd 15 2/15/2018 6:23:53 PM P0014_P016_CN_20180219.indd 16

BUCK ENNIS 16 TRANSPORTATION |

CRAIN’S NEWYORKBUSINESS vehicles for every one in use by the service. A small vehicles Asmall one for by inuse service. the every ownership inurban areas—by as much as adozen trip. have found But been to services both depress car designated zone, whereas usersmake Zipcar around cate acar on street the and leave it anywhere within a company, has more than 2,000across city. the in Brooklyn, Zipcar, while car-sharing original the 550 cars inits ReachNow Rival eet. has 250 cars upbers, more than 60%from ayear ago, with about followingthe year, now has more than 84,000mem- in Brooklyn in2014and branched out into Queens Car-sharing Car2go, launched which service ership are working also against industry. the term trends expanding alternatives to car own- cause of parking the industry’s troubles, long- Shifting gears transportation into needs account as it rezones. insomethem neighborhoods and is taking Department of City Planning has reduced parking construction mandates entirely. e parking mandate.) and Downtown Brooklyn already have no (Mostsense. of Manhattan below Street 110th car ownership, building garages make little with mass-transitborhoods options and low projects, arecognition of that fact the - inneigh parking requirements inaordable-housing that can New bene t all York City residents.” Car2go is a free-oating service, meaningCar2go users islo- afree-oating service, ough congestion may primary the be Transit advocates have pushed for ending In or city 2016the eliminated loosened

F EBRUARY 19,2018

ROOMSPARE: TO Park onWest 46thStreet co-director of research the center. “How isgoing this choices that didn’t exist before,” said Susan Shaheen, ting together pieces the of mobility on these based such as Citi Bike. Via, Ford Chariot and evenbike-share operators a network of options that would include Ly, Uber, Center at University the of Berkeley. California, studiesby Transportation the Sustainability Research car or forgo purchase the of one, anew according to but percentage meaningful of users give up own their “What we’re is more seeing and more people put- becoming of part services the see Some experts A Quik AQuik ness will be obliterated.” be ness will road 10or 15years. Maybe by parking the then busi- amenity,” he said. “But we are looking down also the investmenta good for aresidential development. reduction inrent. But for now he feels agarage is still operator inone of his buildings recently asked for a area for residents. turned into aretail property, or acommon agym standard for garages, that so it could someday be ings, however, considerably than higher 10-foot the “People are more inclined to buy have ifthey that Katz knows of industry’s the troubles: A parking its basement. have e spacewill 14-foot- ceil Hudson Yards with alarge parking garage in Equities, has plans for aresidential tower in CEO of real estate investment Sherwood rm convertedes can be to other Je uses. Katz, future-proo ng building garag designs so - shared than privately owned—have begun say arecles—which experts more likely to be ticipation of shi the to autonomous vehi- nancing models.” “pose serioustrouble to airport most modern trendif the continues or accelerates, it could sultant to write recently that journal inatrade signi cantbeen enough for one aviation con- or public transportation. e have shortfalls revenue—astheir more customers e-hails use declines inparking proceeds—a key source of thated some are airports already sharp seeing demand for parking inourShe not cities?” - to aect automobile the market as well as the Some architects and developers, inan- ■

2/15/2018 6:24:15 PM EXECUTIVE MOVES Advertising Section New hires, promotions and board appointments. Place your listing at crainsnewyork.com/execmoves or contact [email protected]

❚ ACCOUNTING ❚ NONPROFITS ❚ TRANSPORTATION ❚ HEALTH CARE

The Bonadio Group Breakthrough New York HNTB Corporation COPE Health Solutions The Bonadio Group, Breakthrough New York Michael Sweeney COPE Health Solutions upstate New York’s larg- has named Beth Onofry serves as HNTB’s East is pleased to announce est independent provider executive director. Region president and that Arthur (Art) Byrd executive vice president, of accounting, tax, and Onofry brings more than has joined the firm as overseeing the firm’s consulting services, has 15 years of leadership Northeast, Mid- Atlantic Executive Vice President hired Glenn Hoffman, experience in the higher and Southeast Divisions, and Chief Financial Offi- CISA, to join the firm’s education and nonprofit responsible for more than cer. In this role, Art will Enterprise Risk Management division. sectors, helping students access outstanding 2,000 professionals. provide our clients with expert advisement Glenn has over 20 years of experience in the educational opportunities and reach their on financial pro formas, financial analytics information technology industry. potential. Most recently, she was Deputy and managed care strategy. Art has more Director of Academic Programs and Student HNTB Corporation than 25 years of experience in health care fi- Support at TEAK. Stephen Dilts oversees nance, most recently overseeing finance and more than 300 multidis- operation areas for New York City Health + ❚ FINANCE ciplinary transportation Hospitals’ OneCity Health subsidiary. Mr. The NHP Foundation professionals in the New Byrd spent more than 22 years of his career York City region, provid- City National Bank The NHP Foundation with EmblemHealth, including as Emblem’s ing leadership in strategic CFO and as operational executive for their City National Bank (NHPF) names Karen planning, building and risk-bearing multi-specialty medical group, hired Davi Tserpelis as Caldwell CFO, Treasurer. enhancing strong client AdvantageCare. a senior vice president Previously CFO, Executive relationships and supporting major project and Long Island regional VP for NYCHA, (NYC pursuits and delivery. business manager. Based Housing Authority), in Long Island, Tserpelis Caldwell brings extensive will lead and grow City knowledge of the affordable housing National’s business banking team, serving industry and will oversee cash management entrepreneurs and their businesses in the for NHPF and all of its entities, preparation, area. overview of financial statements, coordina- tion of audits and tax returns. It’s not ofﬁcial until it’s seen in ❚ ❚ LAW PROFESSIONAL SERVICES

Norton Rose Fulbright The Bachrach Group LTD Melissa Wilk has joined CRAIN’S Norton Rose Fulbright is pleased to announce TBG as a Managing Di- the addition of Purvi rector for our Corporate EXECUTIVE MOVES Maniar to the healthcare Services Division in the transactions team. Ms. NY Office. Melissa has Maniar is joining the extensive experience Submit your listing: St. Louis and New York recruiting for Executive offices as Senior Counsel and brings with Admins / Office Support www.crainsnewyork.com/execmoves her a wealth of experience in transaction / Human Resources professionals for PE, legal guidance and strategic advice. Hedge Funds, Asset Management, Family Offices, Buy / Sell side firms along other Fortune 500 companies

POST YOUR EVENT WITH CRAIN’S

Share your event with the Crain’s audience of inﬂuential NYC business executives with our new and improved Events Calendar

■ Three levels of event postings, each with unique beneﬁts ■ Events are promoted on the crainsnewyork.com website and in our weekly events calendar newsletter ■ Ability to post multiple photos, event logo, speaker info and agenda plus links to your site

To discuss opportunities, contact Debora Stein at [email protected] or visit crainsnewyork.com/events

FEBRUARY 19, 2018 | CRAIN’S NEW YORK BUSINESS | 17

P017_CN_20180219.indd 17 2/14/2018 2:48:55 PM TO PLACE A CLASSIFIED AD, CALL 1 212-210-0189 OR EMAIL [email protected]

PUBLIC & LEGAL NOTICES

Notice of formation of HEALTH POINTE Notice of Formation of CS 771 Ninth Notice of Qualification of TRIBECA Notice of Qualification of FLIGHT CLUB OF NEW YORK, LLC Arts. of Org. filed LLC. Arts. of Org. filed with Secy. of GROWTH FUND GP, LLC Appl. for Auth. NEW YORK LLC Appl. for Auth. filed with the NY Sect’y of State (SSNY) on State of NY (SSNY) on 1/4/18. Office filed with Secy. of State of NY (SSNY) with Secy. of State of NY (SSNY) on 1/30/2018. Office located in NY Coun- location: NY County. SSNY designated on 12/27/17. Office location: NY Coun- 01/22/18. Office location: NY County. ty. SSNY has been designated as as agent of LLC upon whom process ty. LLC formed in Delaware (DE) on LLC formed in Delaware (DE) on agent of the LLC upon whom process against it may be served. SSNY shall 12/21/17. SSNY designated as agent 10/05/17. NYS fictitious name: against it may be served. SSNY shall mail process to: c/o The LLC, 134 W. of LLC upon whom process against it FLIGHT CLUB NEW YORK (DE) LLC. mail process to: c/o Independent Living 29th St., 4th Fl., NY, NY 10001. Pur- may be served. SSNY shall mail proc- SSNY designated as agent of LLC Systems, LLC, 810 7th Ave, NY, NY pose: any lawful activity. ess to Brian Hirsch, 99 Hudson St., upon whom process against it may be 10019. Purpose: any lawful act. 15th Fl., NY, NY 10013. DE addr. of served. SSNY shall mail process to LLC: 251 Little Falls Dr., Wilmington, c/o Corporation Service Co. (CSC), 80 Notice is hereby given that a license, DE 19808. Cert. of Form. filed with State St., Albany, NY 12207-2543. DE Notice of Qualification of PURE number 1307962 for beer, wine, and Secy. of State, State of DE, Div. of addr. of LLC: c/o CSC, 251 Little Falls GROWTH MCS LLC Appl. for Auth. filed cider has been applied for by the under- Corps., 401 Federal St., Dover, DE Dr., Wilmington, DE 19808. Cert. of with Secy. of State of NY (SSNY) on signed to sell beer, wine, and cider at a 19901. Purpose: Any lawful activity. Form. filed with Secy. of State, John 02/06/18. Office location: NY County. retail in a restaurant under the Alcohol- G. Townsend Bldg., 401 Federal St., LLC formed in Delaware (DE) on ic Beverage Control Law at 620 East Notice of Qualification of EMERGING Ste. 4, Dover, DE 19901. Purpose: 02/15/17. Princ. office of LLC: 680 6th St, New York, NY, 10009 for on VARIANT CAPITAL MANAGEMENT, LP Any lawful activity. 5th Ave., 8th Fl., NY, NY 10019. premises consumption. Appl. for Auth. filed with Secy. of State SSNY designated as agent of LLC 620 East 6th Street Café LLC, d/b/a of NY (SSNY) on 11/09/17. Office loca- upon whom process against it may be Against the Grain tion: NY County. LP formed in Delaware Arts. of Org. of 74 Beach Road, LLC served. SSNY shall mail process to (DE) on 11/08/17. Princ. office of LP: filed with SSNY on 1/2/18. Office in the LLC at the princ. office of the LLC. Notice of formation of Bethel Road LLC Attn: Santiago Jariton, 3 Columbus Cir- NY County. SSNY is LLC’s agent to re- DE addr. of LLC: c/o The Corporation Arts. of Org. filed with the NY Sect’y of cle, 15th Fl., NY, NY 10019. Duration ceive process, will mail to WeWork c/o Trust Company, Corporation Trust Cen- State (SSNY) on 11/1/2017. Office lo- of LP is Perpetual. SSNY designated as Pale Horse Realty, LLC, 85 Broad ter, 1209 Orange St., Wilmington, DE cated in NY County. SSNY has agent of LP upon whom process Street, New York NY 10004. General 19801. Cert. of Form. filed with Jeffrey been designated as agent of the LLC against it may be served. SSNY shall purpose. W. Bullock, Townsend Bldg., 401 Fed- upon whom process against it may be mail process to the Partnership at the eral St., #4, Dover, DE 19901. Pur- served. SSNY shall mail process to: princ. office of the LP. Name and addr. Notice of Qualification of VILLAGE APTS pose: Any lawful activity. CMT Portfolio Advisors, 150 W 56th of each general partner are available 4DS LLC Appl. for Auth. filed with Secy. St., Apt. 4508, NY NY 10019. Purpose: from SSNY. DE addr. of LP: c/o Corpo- of State of NY (SSNY) on 09/27/17. Of- any lawful act. ration Service Co., 251 Little Falls Dr., fice location: NY County. LLC formed in Notice of Qualification of CK ROYALTY Wilmington, DE 19808. Cert. of LP filed Delaware (DE) on 09/20/17. SSNY AND INVESTMENT MANAGEMENT, LLC with Secy. of State of the State of DE, designated as agent of LLC upon whom Appl. for Auth. filed with Secy. of State Notice of formation of Dean Fine Build- Div. of Corps., John G. Townsend Bldg., ing LLC. Arts of Org filed with Secy. of process against it may be served. of NY (SSNY) on 02/08/18. Office loca- Federal & Duke of York Sts., Dover, DE SSNY shall mail process to c/o Gibson, tion: NY County. LLC formed in Dela- State of NY (SSNY) on 11/8/17. Office 19901. Purpose: Any lawful activity. location: NY County. SSNY designated Dunn & Crutcher LLP, Attn: Steven ware (DE) on 11/13/17. SSNY desig- Klein, 200 Park Ave., NY, NY 10166. nated as agent of LLC upon whom proc- agent upon whom process may be Notice of Qualification of EMERGING DE addr. of LLC: Corporation Service ess against it may be served. SSNY served and shall mail copy of process VARIANT GP LLC Appl. for Auth. filed Co., 251 Little Falls Dr., Wilmington, shall mail process to c/o Corporation against LLC to principal business ad- with Secy. of State of NY (SSNY) on DE 19808. Cert. of Form. filed with Service Co., 80 State St., Albany, NY dress: 12 E 49th St., 11th Fl., NY, NY 11/10/17. Office location: NY County. Secy. of State of DE, Div. of Corps., 12207-2543. DE addr. of LLC: 251 Lit- 10017. Purpose: any lawful act. LLC formed in Delaware (DE) on John G. Townsend Bldg., 401 Federal tle Falls Dr., Wilmington, DE 19808. 11/09/17. Princ. office of LLC: Attn: St., Dover, DE 19901. Purpose: Any Cert. of Form. filed with Secy. of State, Notice of Qualification of MIC CAPITAL Santiago Jariton, 3 Columbus Circle, lawful activity. 401 Federal St., Dover, DE 19901. Pur- PARTNERS (US) LLC Appl. for Auth. 15th Fl., NY, NY 10019. SSNY desig- pose: Investment advisor. filed with Secy. of State of NY (SSNY) nated as agent of LLC upon whom Notice of Qualification of INTEGRATED on 12/20/17. Office location: NY Coun- process against it may be served. ASSETS III LLC Appl. for Auth. filed with ty. LLC formed in Delaware (DE) on SSNY shall mail process to the LLC at Secy. of State of NY (SSNY) on Notice of Qualification of APOLLO HD 11/09/17. SSNY designated as agent the princ. office of the LLC. DE addr. 01/31/18. Office location: NY County. MANAGEMENT, L.P.Appl. for Auth. filed of LLC upon whom process against it of LLC: c/o Corporation Service Co., LLC formed in Delaware (DE) on with Secy. of State of NY (SSNY) on may be served. SSNY shall mail proc- 251 Little Falls Dr., Wilmington, DE 01/29/18. SSNY designated as agent 02/09/18. Office location: NY County. ess to c/o Akin Gump Strauss Hauer & 19808. Cert. of Form. filed with Har- of LLC upon whom process against it LP formed in Delaware (DE) on Feld LLP, One Bryant Park, NY, NY riet Smith Windsor, Secy. of State of may be served. SSNY shall mail proc- 11/27/17. Duration of LP is Perpetual. 10036. DE addr. of LLC: c/o Corpora- the State of DE, Div. of Corps., John ess to c/o Corporation Service Co. SSNY designated as agent of LP upon tion Services Co., 251 Little Falls Dr., G. Townsend Bldg., Federal & Duke of (CSC), 80 State St., Albany, NY 12207- whom process against it may be Wilmington, DE 19808. Cert. of Form. York Sts., Dover, DE 19901. Purpose: 2543. DE addr. of LLC: c/o CSC, 251 served. SSNY shall mail process to c/o filed with Secy. of State of DE, Dept. of Any lawful activity. Little Falls Dr., Wilmington, DE 19808. Corporation Service Co. (CSC), 80 State, Div. of Corps., John Townsend Cert. of Form. filed with DE Secy. of State St., Albany, NY 12207-2543. Bldg., Dover, DE 19901. Purpose: Any State, John G. Townsend Bldg., 401 Name and addr. of each general part- lawful activity. NOTICE OF FORMATION OF MULTIVARI- ner are available from SSNY. DE addr. ATE SOLUTIONS, LLC. Articles of Organi- Federal St. - Ste. 4, Dover, DE 19901. of LP: c/o CSC, 251 Little Falls Dr., Wil- zation filed with the Secretary of State Purpose: Any lawful activity. mington, DE 19808. Cert. of LP filed Notice of Qualification of NEW APO of NY (SSNY) on 12/12/2017. Office with The Secy. of State of the State of NYC OWNER, LLC Appl. for Auth. filed location: NEW YORK County. SSNY has Notice of Formation of AVALANCHE DE, Dept. of State, Div. of Corps., John with Secy. of State of NY (SSNY) on been designated as agent upon whom FALLS LLC Arts. of Org. filed with Secy. G. Townsend Bldg., 401 Federal St., 12/21/17. Office location: NY County. process against it may be served. The of State of NY (SSNY) on 01/30/18. Of- Ste. 4, Dover, DE 19901. Purpose: LLC formed in Delaware (DE) on Post Office address to which the SSNY fice location: NY County. Princ. office Any lawful activity. 12/04/17. SSNY designated as agent shall mail a copy of any process of LLC upon whom process against it against the LLC served upon him/her of LLC: 299 Park Ave., 42nd Fl., NY, NY may be served. SSNY shall mail proc- is: 121 MADISON AVE, SUITE 7H, NEW 10171. SSNY designated as agent of BASIL REALTY LLC. Arts. of Org. filed ess to c/o Corporation Service Co., YORK, NY 10016. LLC upon whom process against it may with the SSNY on 12/22/17, with an 80 State St., Albany, NY 12207-2543. The principal business address of the be served. SSNY shall mail process to existence date of 01/01/2018. Office: DE addr. of LLC: 251 Little Falls Dr., LLC is: 121 MADISON AVE, SUITE 7H, the LLC, Attn: General Counsel at the New York County. SSNY designated as Wilmington, DE 19808. Cert. of Form. NEW YORK, NY 10016. Purpose: any princ. office of the LLC. Purpose: Any agent of the LLC upon whom process filed with Secy. of State of the State lawful act or activity lawful activity. against it may be served. SSNY shall of DE, John G. Townsend Bldg., 401 mail copy of process to the LLC, 51 Federal St., Ste. 4, Dover, DE 19901. Notice of Qualification of THE OMARA NOTICE OF FORMATION OF EMILY JER- West 14th Street, New York, NY Purpose: Any lawful activity. PROJECT LLC Appl. for Auth. filed with OME ENTERTAINMENT, LLC. Articles of 10011. Purpose: Any lawful purpose. Secy. of State of NY (SSNY) on Organization filed with the Secretary of KATHERINE BURGHARDT KRAMER LAW 01/10/18. Office location: NY County. State of NY (SSNY) on 12/13/2017. NOTICE OF FORMATION of Fortitude Sol- OFFICE PLLC. App. for Auth. filed with LLC formed in Delaware (DE) on Office location: NEW YORK County. utions, LLC. Articles of Organization of the SSNY on 12/01/17. Originally filed 10/19/17. SSNY designated as agent of SSNY has been designated as agent Fortitude Solutions, LLC were filed with with the Secretary of State of Vermont LLC upon whom process against it may upon whom process against it may be Secy of State of New York (SSNY) on on 11/04/2016. Office: New York be served. SSNY shall mail process to served. The Post Office address to 1/2/18. Office location: NY County. County. SSNY designated as agent of c/o Corporation Service Co. (CSC), 80 which the SSNY shall mail a copy of SSNY is designated as agent of the the PLLC upon whom process against it State St., Albany, NY 12207-2543. DE any process against the LLC served LLC upon whom process against it may may be served. SSNY shall mail copy of addr. of LLC: c/o CSC, 251 Little Falls upon him/her is: 575 PARK AVENUE, be served and shall mail a copy of the process to the PLLC, 79 Court Street, Dr., Wilmington, DE 19808. Cert. of NEW YORK, NY 10065. The principal process to 245 Park Avenue, 18th Suite 3, Middlebury, VT 05753. Pur- Form. filed with DE Secy. of State Corps. business address of the LLC is: 575 Floor, NY NY 10167. Purpose is: all pose: For the practice of the profession Div., 401 Federal St., Dover, DE 19901. PARK AVENUE, NEW YORK, NY 10065. lawful acts or activities. of Law. Purpose: Any lawful activity. Purpose: any lawful act or activity

18 | CRAIN’S NEW YORK BUSINESS | FEBRUARY 19, 2018

P018-19_CN_20180219.indd 18 2/16/2018 11:53:41 AM TO PLACE A CLASSIFIED AD, CALL 1 212-210-0189 OR EMAIL [email protected]

PUBLIC & LEGAL NOTICES

Broome Street Penthouse, LLC. Arts. of NOTICE OF FORMATION OF James Seo Notice of Formation of UNTIL ONE HUN- Notice of Qualification of VBG 990 AOA Org. filed with the SSNY on 01/11/18. Commercial, LLC. Articles of Organiza- DRED TWENTY, LLC Arts. of Org. filed MEMBER LLC Appl. for Auth. filed with Office: New York County. SSNY designat- tion filed with the Secretary of State of with Secy. of State of NY (SSNY) on Secy. of State of NY (SSNY) on ed as agent of the LLC upon whom proc- NY (SSNY) on 12/07/17. Office loca- 01/11/18. Office location: NY County. 01/09/18. Office location: NY County. ess against it may be served. SSNY shall tion: NEW YORK County. SSNY has SSNY designated as agent of LLC upon LLC formed in Delaware (DE) on mail copy of process to the LLC, c/o Jer- been designated as agent upon whom whom process against it may be 12/01/17. SSNY designated as agent ry Feeney, 33 East 33rd Street, 4th process against it may be served. The served. SSNY shall mail process to c/o of LLC upon whom process against it Floor, New York, NY 10016, which also Post Office address to which the SSNY Matthew H. Kamens, 1650 Market St., may be served. SSNY shall mail proc- serves as the registered agent address. shall mail a copy of any process Ste. 2800, Philadelphia, PA 19103. ess to c/o Corporation Service Co., 80 Purpose: Any lawful purpose. against the LLC served upon him/her Purpose: Any lawful activity. State St., Albany, NY 12207-2543. DE is: Registered Agent Solutions, Inc., 99 addr. of LLC: 251 Little Falls Dr., Wil- Washington Ave., Suite 1008, Albany, mington, DE 19808. Cert. of Form. filed Notice is hereby given a license, NY 12260. The principal business ad- Notice of formation of Trufflery LLC. Arts with DE Secy. of State, Div. of Corps., number 1306543 for on-premises dress of the LLC is: 30 W 60th Street, of Org filed with Secy of State of NY John G. Townsend Bldg., 401 Federal Liquor has been applied for by the Floor 2, New York, NY 10023. Purpose: (SSNY) on 12/11/17. Office location: NY St. - Ste. 4, Dover, DE 19901. Pur- undersigned to sell liquor at retail in any lawful act or activity. County. SSNY designated agent upon pose: Any lawful activity. a Restaurant under the Alcoholic whom process may be served and shall Beverage Control Law at 81 East NOTICE OF FORMATION OF NERVE Los mail copy of process against LLC to: US 7th Street, New York, NY 10003 for Tres Preservation, LLC Application for Corp Agents Inc 7014 13th Ave #202 BK NOTICE OF FORMATION of Fresh Har- on premises consumption. Jamie Authority filed with the SSNY on 01-11- NY 11228. Principal business address: vest Valley, LLC. Articles of Organiza- Coffee, LLC D/B/A Abraco 18. Office: New York County. SSNY 796 9th Ave 2 NYC 10019. Purpose: any tion filed with Secretary of State of New designated as an agent of LLC upon lawful act. York (SSNY) on 12/26/2017. Office lo- whom process against it may be cation: New York County. SSNY desig- ROCKWELL PRESS, LLC, Arts. of Org. served. SSNY shall mail a copy of proc- nated agent upon whom process may filed with the SSNY on 10/27/2017. ess to 251 Little Falls Drive, Wilming- Notice of formation of Andreas Gomoll be served and shall mail copy of proc- Office loc: NY County. SSNY has been ton, DE 19808. Purpose: any lawful LLC. Arts of Org filed with Secy. of ess against LLC to its designated regis- designated as agent upon whom proc- activity. State of NY (SSNY) on 12/7/17. Office tered agent: United States Corporation ess against the LLC may be served. location NY County. SSNY designated Agents, Inc., 7014 13th Ave., #202, SSNY shall mail process to: The LLC, Notice of Qualification of G&S INVEST- agent upon whom process may be Brooklyn, NY 11228. Principal Busi- 345 Haines Road, Bedford Hills, NY ORS CONSTRUCTION MANAGEMENT served and shall mail copy of process ness address: 447 Broadway, 2nd 10507. Purpose: Any Lawful Purpose. LLC Appl. for Auth. filed with Secy. of against LLC to principal business ad- Floor, New York, NY 10013. Purpose: State of NY (SSNY) on 01/24/18. Of- dress: 350 E 79th Street, New York, any lawful act. fice location: NY County. LLC formed in NY 10075. Purpose: any lawful act. Notice is hereby given that a license, Delaware (DE) on 01/19/18. SSNY number 1307943 for beer, wine, and designated as agent of LLC upon whom Rothman Orthopaedics of New York, cider has been applied for by the under- process against it may be served. GREY HOUSE NYC LLC, Arts. of Org. PLLC. Articles of Org. filed Sec. of signed to sell beer, wine, and cider at a SSNY shall mail process to the LLC, filed with the SSNY on 01/08/2018. State (SSNY) on 12/4/17. Office: 29 retail in a restaurant under the Alcohol- 211 E. 43rd St., 25th Fl., NY, NY Office loc: NY County. SSNY has been E. 19th St., 7th Fl., NY, NY 10003, NY ic Beverage Control Law at 620 East 10017. DE addr. of LLC: 251 Little designated as agent upon whom proc- County. SSNY desig. agent of LLC 6th St, New York, NY, 10009 for on Falls Dr., Wilmington, DE 19808. Cert. ess against the LLC may be served. upon whom process may be served. premises consumption. 620 East 6th of Form. filed with Secy. of State, 401 SSNY shall mail process to: The LLC, SSNY shall mail copy of process to Nix- Street Restaurant LLC, d/b/a Grape Federal St., Dover, DE 19901. Pur- 555 West 59th St., Unit 14C, NY, NY on Peabody LLP, 677 Broadway, Alba- and Grain pose: Any lawful activity. 10019. Purpose: Any Lawful Purpose. ny, NY 12207. Purpose: medicine. SUBMIT YOUR BUSINESS CLASSIFIEDS TODAY Get your message in front of New York’s inﬂuential business community with Crain’s New York Business - Classiﬁed Ads

■ Public & Legal Notices (including LLC Publication) ■ Request For Proposals ■ Job Openings ■ Real Estate Listings ■ Business Opportunities ■ Events Listings ■ And More...

FOR CLASSIFIED ADVERTISING OPPORTUNITIES CONTACT JOANNE BARBIERI AT 212-210-0189 OR [email protected]

FEBRUARY 19 2018 | CRAIN’S NEW YORK BUSINESS | 19

P018-19_CN_20180219.indd 19 2/16/2018 10:49:24 AM GOTHAM GIGS

MELKE IS responsible for all plane parts that spin, open, light up or turn on.

BY LANCE PIERCE

On cloud nine An aspiring pilot becomes a JetBlue technician after discovering she preferred learning how planes work

erusalem Melke has spent more sleepless nights at grant families on a homecoming trip to Asmara, capital of John F. Kennedy International Airport than even the newly independent Eritrea. It was the rst commercial JERUSALEM MELKE the most road-weary frequent ier, although she is ight into the East African city aer nearly 30 years of civil there by design. Melke is an aircra technician for war. “When we landed, everybody’s relatives were there— AGE 35 JJetBlue Airways, and her workday starts at 10 p.m. hundreds of people cheering as we got o the plane, like BORN Columbus, Ohio “e terminal is pretty desolate at night, but the han- we were celebrities,” she recalled. RESIDES Downtown Manhattan gar is bustling,” she said. Eventually she learned that most ights EDUCATION Bachelor’s in human Service vehicles zip around, pulling planes “My instructor don’t disembark to standing ovations, but development, University of Chicago and moving jet bridges. ere’s engine noise, said I needed that didn’t dampen the thrill of it. While in ASPHALT DREAMS Melke has hydraulic bursts, walkie-talkie chatter and college she began taking ight lessons. “But yet to nd a Manhattan garage that music on loudspeakers. “It could be salsa, to talk to a I had so many questions about all the instru- will let her x her own car, a 2006 bachata, rock, soul—it depends who puts mechanic, ments and how they worked,” she said. “My Acura TSX. “I have this dream of having my own driveway someday theirs on rst,” she said. instructor said I needed to talk to a mechan- not a pilot just so I can work on my car.” Melke and her fellow aircra techs perform ” ic, not a pilot.” WOMEN WITH WINGS Every regular maintenance checks on JetBlue planes. Melke soon realized that ying a plane March, Melke takes part in Fly Like In addition to the engines, she is responsible for anything wasn’t as interesting to her as learning how they work. a Girl, JetBlue’s version of Take Your that spins, opens, lights up or turns on—think cockpit dials, Instead of pursuing her Federal Aviation Administration Daughter to Work Day. Female pi- cargo doors, wing aps, windshield wipers. pilot’s license, she got an Airframe and Powerplant license. lots, engineers and mechanics give e job is part mechanic, part engineer and part nin- Her family was puzzled by her career choice. “ey didn’t young girls a hands-on tour of their jobs. “I am in a masculine eld, but ja. “You’re climbing on things all the time—on top of see it coming, but it made complete sense to me,” she said. on that day it’s all women showing the wing, under the engine, up on the tail—and you’re In Africa her father worked as a sherman and main- little girls what is possible.” problem-solving,” Melke said. “I get to use my brain and tained his own boat. Once here, he became a taxi driver, WHO DO THEY CALL? Whenever my body.” eventually running his own eet of ve cabs. “So there’s a anything at home breaks, “everyone Melke was hooked on air travel from her rst ight at history of transport and mechanical ability there,” Melke just comes to me.”

BUCK ENNIS age 9, in 1991. Her family joined dozens of other immi- said, “plus, a sense of freedom.” — HILARY POTKEWITZ

20 | CRAIN’S NEW YORK BUSINESS | FEBRUARY 19, 2018

P020_CN_20180219.indd 20 2/16/18 6:58 PM SNAPS

Breaking the cycle of poverty Actress Cicely Tyson and Tarana Burke, founder of the original Me Too movement in 2007, were among those honored at the National Cares Mentoring Movement’s third annual For the Love of Our Children gala. e organization works to end intergenerational poverty in the African- American community by providing a range of social, emotional and academic services. Accepting her award, Tyson recited Langston Hughes’ poem “Mother to Son.” In Burke’s speech, she said #MeToo is “not about taking down powerful men and it’s not about hating men. It’s about supporting survivors of sexual violence and providing resources to those who have the least access to tools for healing.”

Honorees Cicely Tyson and Tarana Burke at the Jan. 29 benet, which Actor Jussie Smollett with Susan Taylor, founder and raised $1.5 million. chief executive of the mentoring program, in the Ziegfeld Ballroom.

For the love of dance Human services in the Bronx

St. Dominic’s Family Services, a 140-year- old human-services agency focused on the Bronx and upstate, held a Jan. 23 fundraiser. Attending were Alyson Blewett, CBRE group director; J. Vincent Byrne, partner at Robert Derector Associates; and Louis Milo, e Jonah Bokaer Arts Foundation held a gala Jan. 29 at the University Club. president of Milrose Among the attendees were Jonah Bokaer, choreographer and foundation founder; Consultants. philanthropist Helen Little, gala chairwoman; philanthropist Monika McLennan; and Preston Whiteway, executive director of the Eugene O’Neill eater Center.

Lucy Walters, chief development ocer for Friends of St. Dominic’s, and Paul Rowley, principal of Admore Air Conditioning, at the New York Hilton Midtown gala, which garnered $1.25 million. Philanthropist Stephanie French with Frederick Beinecke, National Gallery of Art president. e event raised $140,000 to support foundation performances.

HOWARD WECHSLER, BFA, TERRENCE C. JENNINGS FOR NATIONAL CARES MENTORING MOVEMENT TERRENCE C. JENNINGS FOR NATIONAL HOWARD WECHSLER, BFA, SEE MORE OF THIS WEEK’S SNAPS AT CRAINSNEWYORK.COM/SNAPS. GET YOUR GALA IN SNAPS. EMAIL [email protected].

FEBRUARY 19, 2018 | CRAIN’S NEW YORK BUSINESS | 21

P021_CN_20180219.indd 21 2/16/18 7:08 PM FOR THE RECORD*

NEW IN TOWN e 26th- oor bar has an of common stock for $97.20 space as well as yoga and t- third location in May. It was was represented in-house. outdoor terrace. per share Feb. 5 in a trans- ness classes, plans to open a unclear who represented the Cresa handled the deal for ■ Avocado Appétit action worth $390,646. He second location in June. e landlord, RXR Realty, and the tenant. 114 Eldridge St. now holds 44,785 shares. asking rent for the 11-year the tenant in the transac- At this Chinatown restau- MOVES & EXPANSIONS deal was $56 per square tion. e asking rent was ■ Industrious signed a lease rant, all the dishes have ■ NASDAQ (NDAQ-O) foot. e landlords, the HSP not disclosed. for an additional 17,500 some form of baked, fried ■ Rosenthal & Rosenthal Board member Charlene Real Estate and Marciano square feet at 215 Park Ave. or raw avocado. 1370 Broadway Begley sold 4,017 shares of Investment groups, were ■ e Execu|Search Group e private-oce-space e family-owned common stock for $81.37 represented by Newmark renewed its 28,151-square- provider already occupies ■ Bottega Veneta asset-based-lending and per share Feb. 2 in a trans- Knight Frank. Cresa han- foot lease at 675 Third Ave. 17,255 square feet and will 740 Madison Ave. purchase-order-nancing action worth $326,863. She dled the deal for the tenant. e temp agency plans to now occupy 34,755 square To open the Italian luxury rm bought BB&T’s domes- now holds 7,608 shares. occupy part of the fourth feet total. e asking rent handbag and fashion tic factoring portfolio. e ■ Convene inked a deal oor and all of the h for the 15-year lease was brand's U.S. agship, company acquired 90 fac- for 28,232 square feet at oor for an additional $70 per square foot. e housed in a 15,000-square- toring clients and plans to REAL ESTATE 75 Rockefeller Plaza. e 16 years. e asking rent landlord, SL Green Realty foot mansion on the Upper add oces in Georgia and rm allows companies to was in the mid-$60s per Corp., was represented East Side, Design Director North Carolina to manage RETAIL book on-demand meeting square foot. e landlord, in-house. e tenant was Tomas Maier debuted a the new portfolio, worth ■ e Echo Design Group space. It plans to open its the Durst Organization, also represented in-house. ■ 33-piece collection, Icons about $2 billion in volume. signed a lease to renew its of New York, that pays 25,135-square-foot space homage to the city. at 10 E. 40th St. e BANKRUPTCIES accessories and home- DEALS ROUNDUP ■ Café Con Libros products company, which 724 Prospect Place, ■ Danny’s Athens Diner sells to department stores, TRANSACTION SIZE BUYERS/ Brooklyn d/b/a Danny’s Athens will continue to occupy the TARGET/SELLERS [IN MILLIONS] INVESTORS TRANSACTION TYPE Crown Heights has a new Restaurant 14th and 16th oors of the 8point3 Energy Partners LP/ $1,686.4 Capital Dynamics SB M&A community bookstore 22-78 Steinway St. #1, 48-story tower. e asking First Solar Inc.; Quentec Asset Inc. (Manhattan) and café oering a robust Astoria rent for the 11-year deal was Management LLC (Manhattan); SunPower Corp.; Total collection of titles on e diner led for Chapter in the low-$60s per square SA; Wellington Management feminism. It plans to host 11 bankruptcy protec- foot. Cushman & Wakeeld Co. LLP book club meet-ups and tion Feb.1. e ling cites represented the tenant. e Zephyr Renewables LLC/ $1,375 Global Infrastructure FB M&A exhibitions by local artists. estimated assets of $0 to landlord, Joseph P. Day NRG Repowering Holdings LLC Partners (Manhattan) $50,000 and liabilities of Realty Corp., was repre- Double Eagle Energy $1,000 Apollo Global Management GCI ■ Codex Books $500,001 to $1 million. sented in-house. Holdings III LLC LLC (Manhattan) 1 Bleeker St. ere were no creditors ■ Tallgrass Development LP/ $644.8 Tallgrass Equity LLC SB M&A e indie store, which with unsecured claims. Sam Won Garden Kelso & Co. (Manhattan); buys and sells used books, Artisanal Korean Barbecue Magnetar Capital LLC; The Energy opened in NoHo. ■ Mano Enterprises signed a 13-year lease for & Minerals Group 212-29 Hillside Ave., 10,000 square feet at 37 Fnac Darty SA/Knight Vinke Asset $414.1 SFAM Group SA (11%) SB M&A ■ Gem Queens Village W. 32nd St. e chain plans Management LLC (Manhattan) 116 Forsyth St. e nancial-investment to open this month. e Fiserv Solutions LLC/ $395 Warburg Pincus LLC FB M&A Flynn McGarry, a 2016 rm led for Chapter 11 asking rent was $85,000 Fiserv Inc. (Manhattan) (55%) Crain’s 20 Under 20 chef bankruptcy protection per month. e owner, Ridge Runner Resources LLC $300 Warburg Pincus LLC GCI who has apprenticed at Feb. 2. e ling cites esti- PD Properties, negotiated (Manhattan) Eleven Madison Park and mated assets of $1,000,001 directly with the tenant. other top spots, opened his to $10 million and liabilities Aalto57/Rose Associates Inc. $277.5 Oxford Properties Group Inc. SB M&A (Manhattan); World Wide Group rst permanent restaurant, of $100,001 to $500,000. COMMERCIAL (Manhattan) on the Lower East Side. ere were no creditors ■ Nasdaq signed a lease to Kudu Investment Management $250 Oaktree Capital Management GCI Gem has two concepts: e with unsecured claims. move its headquarters to LLC (Manhattan) LP; White Mountains Insurance Living Room, a coee shop, 4 Times Square. e stock Group Ltd. is open to the public during ■ Nibur exchange plans to occupy Wombat Security Technologies Inc./ $225 Proofpoint Inc. SB M&A the day, and e Dining 260 W. 39th St. 145,000 square feet of the Escalate Capital Partners; Innovation Room is taking reserva- e fashion-design rm 48-story building. e Works; Level Equity Management tions for a $155 set dinner led for Chapter 11 bank- asking rent for the 15-year LLC (Manhattan) menu starting at the end of ruptcy protection Feb. 2. deal was not disclosed. It is Two of ce buildings in Research $135.3 Bahrain Mumtalakat Holding SB M&A the month. e ling cites estimated set to move from 1 Liberty Triangle Park/Longleaf Pine Co. BSC; Sentinel Real Funding Co. LLC Estate Corp. (Manhattan) assets of $0 to $50,000 and Plaza by the end of 2020. ■ General Deb’s liabilities of $50,001 to Newmark Knight Frank Agility Health LLC/Agility Health Inc.; $45 Alliance Physical Therapy SB M&A 24 Irving Ave., Brooklyn $100,000. ere were no and Cushman & Wakeeld Alaris USA Inc. Management LLC (Manhattan) e team behind the creditors with unsecured represented the tenant. e Paige.AI Inc. (Manhattan) $25 Breyer Capital GCI Michelin-starred Italian claims. landlord, e Durst Orga- Quizlet Inc. $20 Altos Ventures; Costanoa GCI restaurant Faro in Bushwick nization, was represented Venture Capital; Icon Ventures; opened a Sichuan restau- in-house. Owl Ventures; Union Square rant two blocks away that STOCK TRANSACTIONS Ventures (Manhattan) focuses on handmade pasta. ■ WeWork agreed to Selected deals announced for the week ending Feb. 8 involving companies in metro New ■ Estée Lauder Cos. take 120,000 square feet York. SB M&A: Strategic buyer M&A represents a minority or majority acquisition of existing ■ MetroRock (EL-N) at 154 W. 14th St. e shares of a company without the participation of a financial buyer. FB M&A: Financial buyer 321 Starr St., Brooklyn Michael O’Hare, executive co-working-space provider M&A represents a minority or majority acquisition of existing shares of a company with the Bushwick’s climbing gym vice president of global plans to use the space for participation of a financial buyer. GCI: Growth capital investment represents new money invested in a company for a minority stake. takes advantage of the human resources, sold its corporate membership SOURCE: CAPITALIQ former warehouse’s huge, 26,203 shares of common program. e asking rent scalable walls. It also oers stock for $133.40 per share for the 15-year lease was GET YOUR NEWS ON THE RECORD yoga classes. Feb. 5 in a transaction $60 per square foot. Koep- * worth $3,495,480. He now pel Rosen represented the To submit company openings, moves or real estate deals, or to receive further ABOUTinformation,THIS email SECTION [email protected]. ■ Ophelia holds no shares. owner, Abner Properties. 3 Mitchell Place For the Record is a listing to help businesspeople in New York nd opportunities, e cocktail lounge opened ■ Time Warner (TWX-N) ■ Primary signed a lease for potential new clients and updates on customers. Bankruptcy lings from the eastern and at the top of Beekman William Barr, executive 31,083 square feet at 251 southern districts of New York are listed alphabetically. Stock transactions are insider transactions at New York companies obtained from Thomson Reuters and listed by size. W. 30th St. Tower, which was a women- vice president and general e company, Real estate listings are in order of square footage. only hotel in the 1920s. counsel, sold 4,019 shares which oers shared oce

22 | CRAIN’S NEW YORK BUSINESS | FEBRUARY 19, 2018

P022_CN_20180219.indd 22 2/16/18 4:28 PM PHOTO FINISH Downtown up ower Manhattan recently reached its highest employment level since 2001. e milestone wasn’t achieved through an inux of bankers Land Wall Street titans but by the downtown migration of tech, advertising, media and information workers. “We nally have the same number of people working in the area as we did on 9/11,” said Jessica Lappin, president of the Alliance for Downtown New York, which manages lower Manhattan’s business-improvement district. More than 700 companies have moved to the area since 2005, nearly 60% of them representing TAMI or related industries. “ is happened because tech, media and creative companies have grown here, even as the number of jobs from more traditional nancial-services rms has declined.” — DANIEL GEIGER BUCK ENNIS

FEBRUARY 19, 2018 | CRAIN’S NEW YORK BUSINESS | 23

P023_CN_20180219.indd 23 2/16/2018 7:16:50 PM An Advertising Supplement to Crain’s New York Business

2018 HERITAGE HEALTHCARE INNOVATION AWARDS Nominate an exceptional leader, pioneer or trailbazer

PRESENTED BY in New York healthcare Dr. Richard Merkin President and CEO Heritage Provider Network Finalists will be awarded in the following categories:

HERITAGE HERITAGE HERITAGE INNOVATION IN HEALTHCARE INNOVATORS IN HEALTHCARE LEADERSHIP HEALTHCARE DELIVERY HERITAGE AWARD AWARD AWARD RESEARCH HERITAGE INVESTIGATORS HEALTHCARE IN TRANSLATIONAL ORGANIZATIONAL LEADERSHIP MEDICINE AWARD AWARD Nominations open now Deadline March 23 2018 HELP US RECOGNIZE THE BEST of today’s healthcare clinicians, administrators and researchers in New York who are making measurable improvements in health status, improving access to healthcare, positively impacting patient quality of care and demonstrating long term affordability. Nominate a colleague, a peer or yourself.

Finalists will be honored at a luncheon in NYC on May 21

Mark Wagar, President, Heritage Medical Systems, Master of Ceremonies

For more information, visit crainsnewyork.com/heritage

Awards open to applicants working in all five boroughs of New York City as well as Nassau, Suffolk, Westchester and Rockand counties.

CN018517.indd 1 1/10/18 11:49 AM