Ship Glut Sinks Global Tanker Biz Tavern's New Team Speaks
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20121126-NEWS--0001-NAT-CCI-CN_-- 11/21/2012 5:53 PM Page 1 THE FUTURE OF MANUFACTURING MAY BE IN THIS BOX Bre Pettis and the FPO MakerBot Replicator 2 CRAIN’S® PAGE 3 NEW YORK BUSINESS VOL. XXVIII, NO. 48 WWW.CRAINSNEWYORK.COM NOV. 26-DEC. 2, 2012 PRICE: $3.00 Ship glut Last Air Rights sinks A holy trinity says midtown global rezoning is their best hope to raise cash for their tanker biz sacred landmarks. ST. PATRICK’S Worst downturn hits If only the city agreed CATHEDRAL titans who’ve roamed sits on about 1.2 million square feet NY waters since the of development rights, but has no Dutch anchored here way yet to sell them. BY AARON ELSTEIN The shipping business,a key cog in the local economy since the Dutch creat- ed New Amsterdam, is experiencing the ugliest collapse in its long history. No less than 90% of global shipping companies are in deep financial dis- tress, according to investment bankers and industry analysts. About a dozen major operators have filed for bank- ruptcy in the past year, including the largest U.S. tanker operator, New York-based Overseas Shipholding Group Inc., in mid-November. Oth- ers, overwhelmed by sinking shipping rates, submerged ship values and crushing debt loads, are desperately See SHIPPING on Page 25 Tavern’s new team speaks out BY DANIEL GEIGER city’s most prominent landmarks, have about 2 million Despite thrashing in square feet of air rights among them—a trove that could be the local media, Philly Four months after the city unveiled a preliminary plan to worth $400 million or more—that they have never been spur new development in the heart of midtown, three able to sell. The trio sees the city’s proposal, designed to restaurateurs forge on prominent houses of worship in the neighborhood are spur construction of a new generation of bigger, state-of- with Central Park site pressing their case to get a share of the cash bonanza the the-art office buildings in the core midtown business dis- proposal is expected to generate. trict, as a golden opportunity to finally cash in. BY LISA FICKENSCHER St. Patrick’s Cathedral, St. Bartholomew’s Church and In order to do so, they want the city to allow them the Central Synagogue, whose ornate buildings are among the See LAST RIGHTS on Page 28 Philadelphia restaurateurs Jim Caiola and David Salama celebrated this buck ennis summer when they were selected by the Bloomberg administration over several local heavyweights to run REPORT REAL ESTATE Tavern on the Green.But their joy was Builders get hammered by huge rise quickly tempered by a torrent of criti- in insurance costs P. 15 cism about their qualifications. ELECTRONIC EDITION The partners,who for 15 years have THE LIST Largest commercial property owned Crêperie Beau Monde and L’Etage 624,a restaurant and lounge in NEWSPAPER managers P. 19 See TAVERN on Page 28 20121126-NEWS--0002-NAT-CCI-CN_-- 11/21/2012 5:36 PM Page 1 STATS AND THE CITY HURRICANE SANDY’S human toll has taxed the ability of the city and nonprofit agencies to cope with a rise in the number of homeless. FYICRAINSNEWYORK.COM 200+ Homes slated for razing by the city after Sandy. The storm made as many as 40,000 residents homeless 1 (national) election down, 11,000 1 (NYC) election to go Number of families with children in the city’s 226 homeless shelters last year nd then there were four.The remaining Democrats jockeying to be mayor in $908M 2013 are scrambling for a share of the Spending by the Department of Homeless Services in A turf left behind by Manhattan Borough FY2012, 15% over budget President Scott Stringer (right), who aban- doned his bid to move into Gracie Mansion -25% and will aim to be city comptroller instead. Drop in the number of Food Bank for NYC’s pantries and newscom soup kitchens since 2007, to 742 Council Speaker Christine Quinn’s camp stresses that she is the natural alternative for Mr. Stringer’s supporters. Public Advocate Bill de 2.2M Blasio’s people put a finer point on it, predicting that their man will perform well in the vote-rich Meals served in Sandy-hit areas Nov. 1 to 19 by the city, Upper West Side that is Mr. Stringer’s base. Former city Comptroller Bill Thompson is setting his Salvation Army, National Guard and NYC Food Truck Association sights on erstwhile Stringer supporters in northern Manhattan, and current city Comptroller John Liu is saying that there now may be room for more entrants to the race. Sources: NYC Dept. of Buildings, NYC mayor’s office and Food Bank for New York City Tom Allon istockphoto The four Dems—plus newspaper publisher , who is running as a Republican— strutted their putative mayoral stuff at a gathering at Fordham University, where they discussed DRIFTING DOWNWARD the future of the city’s school system. Voters looking for a lot of light between the candidates’ Last winter was one of the kindest in recent memory in terms of snowfall positions may have been disappointed. On the key question of a top-down, mayor-controlled totals, which fell 90% from a year earlier. As for this year, who knows? school system, all cast their ballots with the man who minted it, Michael Bloomberg. Each did find some points of difference. —andrew j. hawkins Snowfall (inches) 61.9 51.4 RUPERT ROARS ANEW. In the first of committee. Chase’s asset manage- what looks like a string of acquisi- ment chief, Mary Erdoes, is the only HOORAY! 27.6 tions, Rupert Murdoch’s News other woman on that committee. … GAS Corp.bought a 49% stake in the Yan- THE POWER IS WITH THEM. In a major RATIONING finally ended in 11.9 kees’ regional sports channel, YES coup for the Federal Reserve Bank of 7.4 the five Network. The move is seen as the New York and a reaffirmation of its boroughs on media mogul’s return to big-league sweeping power in a financial crisis, a Nov. 23. 2007-08 2008-09 2009-10 2010-11 2011-12 dealmaking after his British newspa- federal district court judge threw out Source: National Oceanic and Atmospheric Administration per arm was mauled in a phone- a $25 billion lawsuit brought against hacking scandal that began last year. the bank by Maurice Greenberg, for- ADDICTED TO NUMBERS? GET A DAILY DOSE AT @STATSANDTHECITY Meanwhile, Mr. Murdoch had to mer CEO of insurance giant Ameri- apologize publicly last week after he can International Group. He had ac- complained in a tweet heard round cused the Fed of illegally bailing out OY VEY! the world that what AIG at the expense of CELLPHONE THIS WEEK IN CRAIN’S he called “the Jewish- the company’s share- service in 30 owned press” was ‘They have holders during the more subway stations was IN THE BOROUGHS-------------------------- 3 “consistently anti- been to hell 2008 market collapse. delayed until Israel in every crisis.” The court basically February. IN THE MARKETS---------------------------------- 4 … THE VERY BEST and back, but said the Fed did what Blame Sandy. THE INSIDER -----------------------------------------------6 PERSON. JPMorgan these kids was needed to pre- Chase has a new chief serve the financial BUSINESS PEOPLE ---------------------------8 financial officer. need system. End of story. OPINION --------------------------------------------------------10 Chief Executive …RAILS TO RUINS. Jamie Dimon called instruction’ Superstorm Sandy ALAIR TOWNSEND -------------------------11 his choice “the best —Merryl Tisch, chancellor has awakened a sub- GREG DAVID--------------------------------------------11 person for the job.” of the state Board of way line that has Haven Avenue and Beach 90th What is different is Regents, explaining the slumbered for almost Street stations.…SANDY CLAWS. Job- SMALL BUSINESS--------------------------12 that the new holder decision to cut three days 50 years.What is now less claims jumped 33% in the week from the winter break for REPORT: REAL ESTATE-------------15 of the title is Mari- teachers and students to designated as the H after the storm, as 46,000 more New anne Lake, who just train, a shuttle serv- Yorkers filed for unemployment ben- THE LIST ---------------------------------------------------------16 make up days lost to happens to be female, Superstorm Sandy ing the hard-hit efits. There were already 140,000 to REAL ESTATE DEALS------------------- NEW YORK, NEW YORK 20 and now becomes, at Rockaway Peninsula, 150,000 folks receiving benefits in 43, one of the most powerful women resumed operations on Nov. 20. The the months leading up to Sandy. For a different kind of holiday CLASSIFIEDS -----------------------------------------22 on Wall Street. She won her promo- transit system connecting the area to Gov. Andrew Cuomo called the meal, try a walking food tour. FOR THE RECORD---------------------------24 tion after holding the same role at the the rest of the city was wiped out— surge “a troubling sign” that could Crain’s found some new and bank’s sprawling consumer banking the A train to the area is still down. widen a state budget gap that had al- some tried and true ones that SOURCE LUNCH--------------------------------30 unit. Her new gig comes with a seat The H train will run 20 hours a day ready been expected to reach $1 sound, well, delicious. P. 29 OUT AND ABOUT ------------------------------ 31 on the company’s powerful operating between the Far Rockaway-Mott billion. —amanda fung CORRECTION Jerry Goldfeder’s Modern Election Law was first published five years ago. The date was given incorrectly in the Oct. 29 “Goldfeder’s election arcana.” STORIES TO WATCH THIS WEEK vol.