Light at the Gilded Top of the Skyline the INSIDER 8 NEIGHBORHOOD JOURNAL 9 540 Madison Ave

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REPORT SMALL BUSINESS SERIAL ENTREPRENEURS say now is a great time to start a venture P. 15 HIRING AGAIN As sales tick up, some owners are gambling on growth P. 16 ® FREE MONEY How to find it P. 18

INSIDE VOL. XXVI, NO. 15 WWW.CRAINSNEWYORK.COM APRIL 12-18, 2010 PRICE: $3.00

TOP STORIES ECONOMY WATCH St. Vincent’s demise unleashes Welcome mass of job seekers PAGE 3 to free Don Imus ain’t bigger than ever, agent but he’s close PAGE 3 nation JFK loves the If you want a job in private jet set this market, you may PAGE 4 have to create it Jeff Zucker is the cable guy BY MATTHEW FLAMM NEW YORK, NEW YORK, P. 6 last year, on Friday the 13th of March, Mike Lingle lost his job at an online sales presentation firm that he helped found in 2006.Thus began his life as a freelancer and— despite the unlucky start date— what he describes as one of the best CALL THAT newscom years of his life. “I was working crazy hours,”the BY DANIEL MASSEY New York-based technology strategist says. “I’m enjoying setting my this could be it. April just may own schedule.” A MILD mark the end of the recession in the Mr. Lingle may not be a typical city, with forecasts suggesting that freelancer,since he hasn’t struggled BUSINESS LIVES the five boroughs will post job gains to find work or to make ends meet. GOTHAM GIGS this month. The surprise? By the But his story is becoming increas- most popular method of measuring ingly common as employers hold She’s the one pulling downturns at the local level—de- back on hiring after slashing their all the strings P. 29 RECESSION? clines in payroll jobs—this will be payrolls for the past two years. G ANNE FISHER wonders one of the mildest recessions in half In what’s become a jobless re- if entrepreneurs are a century. covery, with unemployment hov- born or made P. 29 Jobs data suggest When all is said and done, the ering at around 10%,the number of city will have shed 173,000 positions part-time workers is the one area of G MOVERS & SHAKERS NYC dodged a bullet. from the employment peak in Au- growth. She found the drama in gust 2008, according to projections Welcome to the freelance econ- Enron’s collapse P. 30 Sure doesn’t feel like it. See RECESSION on Page 26 See FREELANCE on Page 26 G GAEL GREENE eats up McNally’s latest P. 31 INDEX Light at the gilded top of the skyline THE INSIDER ______8 NEIGHBORHOOD JOURNAL ______9 540 Madison Ave. and the top OPINION ______11 Landlords up rents for trophy acreage floors of 1 Grand Central Plaza. REAL ESTATE DEALS PLUS ______13 even as overall vacancies edge higher +5% A sudden crush of firms shop- TOP NEW YORK AREA BANKS ______20 RENT HIKE AT ping for space at 126 E. 56th St. re- six months ago: They are actually cently convinced Harry Blair, the TOP NEW YORK AREA THRIFTS ______21 LEVER HOUSE BY THERESA AGOVINO raising rents. and a handful of building’s senior leasing agent, that FOR THE RECORD ______23 Emboldened by an overall other hedge fund the time had come to notch asking CLASSIFIEDS favorite lairs ______24 landlords at some of the city’s uptick in leasing activity, a limited rents 5% higher, to $75 a square EXECUTIVE MOVES ______29 toniest towers are doing some- supply of top-end space, and the TOWNHOUSE foot. Lately, he’s been leading 30 to market returns thing almost unthinkable a mere vastly improved fortunes of the from the dead 35 prospective tenants through the hedge funds and other financial Page 2 building each month,up from about firms that lease pricey offices, own- six this time last year.And in the past 15

5 ers are testing the market’s strength. two months, he’s reached deals for About a month ago, the city’s ago, the owner of Park Avenue’s five spaces in the 33-story boutique largest landlord, SL Green Realty storied Lever House and the Sea- tower favored by financial firms. ELECTRONIC EDITION Corp., increased rents by 5% to 7% gram Building—the preferred lairs “Demand is way up,” says Mr. on the best portions of its vast port- of many investment firms—upped Blair,an executive managing direc- folio, including the tower floors at asking rents about 5%. Rents are tor at FirstService Williams,which NEWSPAPER 100 Park Ave.And just three weeks also creeping up at 712 Fifth Ave., See TOP ADDRESSES on Page 2 71486 01068 0 20100412-NEWS--0002-NAT-CCI-CN_-- 4/9/2010 8:04 PM Page 1

IN BRIEF THE SORGENTE GROUP, THE MAJORITY OWNER Moribund townhouse OF THE LANDMARKED FLATIRON BUILDING, purchased three adjacent commercial properties on White Street in TriBeCa for a total of $23 million. The cast-iron buildings were built market returns to life in 1869 and house 11 tenants in their combined 50,000 square feet. Veronica Mainetti, managing director of the U.S. operation of the Italian firm, says the buildings will be restored Signed contracts in the future. She says the company is interest- and viewings rise as ed in purchasing historical, architectural gems and trophy buildings. It recently completed the lower prices—and renovation of 34 Greene St., a cast-iron building that it transformed into condos. The com- confidence—kick in pany also owned a portion of the Chrysler Building. BY AMANDA FUNG NEW YORK CITY’S OFF-TRACK BETTING CORP. POSTPONED UNTIL APRIL 18 ITS PLANNED since purchasing a five-story West Vil- shutdown, citing progress in discussions with lage townhouse in 1968, Cynthia Crane the state Legislature to alleviate its cash crunch. and her husband have poured millions into The move gives 1,300 workers a temporary re- renovating the 6,000-square-foot manse. prieve. Now owned by the state after years of Among other things, they replaced the fiscal troubles as a city entity, New York City back wall with huge windows, created a OTB is in bankruptcy court to reorganize and two-level garden with fountain and aviary, deal with its debt. OTB returns millions each and meticulously restored the original Vic- year to the state and the racing industry, which torian cast-iron railings out front. in recent years has left its own operation in the But despite 14 months of effort,the one red. OTB has lost $45 million in the last five thing they have been unable to do with years, according to the agency. their 155-year-old townhouse is sell it. Originally,the couple asked for $9 million, MAGAZINES ARE CLAWING THEIR WAY OUT OF but they have lowered the price twice. To- THE RECESSION. BUT FIRST-QUARTER NUMBERS day,they are asking $8 million and are get- show that the industry still has some distance ting nibbles from interested buyers. to go. The total number of advertising pages fell to 34,795, a 9.4% drop compared with the Crowd at the doors same period a year ago, according to Publishers “i’m seeing a lot more people come Information Bureau, which released first-quar- through the doors and express interest,” ter numbers last week: Ad revenue fell 3.9%, to says Ms. Crane.“We are going to sell it be- $4 billion. Despite the declines, there was some fore the summer.” good news. In the first quarter, 85 magazines— Suddenly, many other owners of Man- out of a total of more than 230—posted in- hattan townhouses are starting to feel the creases in advertising pages. same way. After a dismal, nearly two-year deal drought, the prime Manhattan townhouse market in the area south of 110th SALES JOB: Cynthia Street is alive with eager buyers once again. BY THE NUMBERS Crane and her Brokers attribute the activity to a firming husband hope to sell up of confidence as would-be buyers put Weekly shift of the city’s economy their West Village townhouse by the fears behind them that whatever they pur- SPLIT BILL Many big retail chains reported solid summer. chase today will be far cheaper tomorrow.

sales gains even as the Federal Reserve buck ennis See TOWNHOUSE on Page 27 reported that consumers have hit the brakes hard on borrowing—a sign of waning confidence.

+84% +2.2% 9.2% rents have actually plunged 50%. JUMP in 1Q WEEKLY RISE in March Top addresses up rents Meanwhile, the vacancy rate in the first Manhattan office CHANGE in same-store sales quarter rose two percentage points from a leasing vs. a year Bloomberg/ for big retailers, year earlier to 11.6%. earlier, to 5.7M Crain’s New York excluding Continued from Page 1 At this point, the 2 million-square-foot “Things may be tightening at the high square feet Stock Index Wal-Mart, vs. Source: Cushman & a year earlier will soon change its name to Colliers In- tower is essentially fully rented. Likewise, end, but this is still a tenants’ market,” says Wakefield Inc. Source: Kantar Retail ternational. “We just decided it was time.” the owner of the Lever House just reached Daniel Horowitz, executive managing di- Brokers report they’re much busier than a deal to lease its last vacant floor. rector at Studley,which represents tenants. RACK RATES The steep year-over-year declines in room they were last year at this time when the With many indicators pointing to a Even tenants willing to spend more rates at Manhattan hotels seem to be petering out. The market was barely comatose. As the recov- strengthening economy, the financial firms freely still want good value. Ready-built average price of a room fell to $202.50 in February. ery gains ground, market activity has re- that favor Manhattan’s best addresses are spaces with luxurious furnishings are still bounded sharply. In the first quarter, leas- feeling the benefits first, notes Steve Mor- in high demand because they save tenants ing activity surged 84% from the year-ago rows, a senior vice president at RFR Realty, the cost of having to equip their own of- period, to a total of 5.7 million square feet, owner of both Lever House and FAT CITY fices,notes Cynthia Wasserberg- according to Cushman & Wakefield Inc. the Seagram Building. er, a managing director at Jones A substantial portion of those deals in- “It is the top-tier buildings Lang LaSalle. volved investment firms gobbling up that start the trend of raising She points to SK Telecom’s acreage as their fortunes improve. Last rents,” says Mr. Morrows. 20% recent decision to lease a fully year, hedge funds returned an average of But it is still too early to say AVERAGE GAIN furnished floor at 540 Madison 20%—their best performance since 1999, whether top-drawer tenants will posted by hedge Ave.despite an asking rent of $80 according to Hedge Fund Research Inc.In actually swallow those increases, funds last year a square foot. Last year, the ask- Source: PKF Consulting contrast, after posting their worst per- much less whether the trend to- Source: Hedge Fund Research Inc. ing rent for similar space would formance ever in 2008, such firms flooded wards raising rents will spread to have been $60 a square foot. vol. xxvi, no. 15, april 12, 2010—Crain’s New York Business (issn the market with high-end sublease space lesser addresses around town. Yet she also points out that as 8756-789x) is published weekly, except for combined issues June with such favorite features as dark wood After all, Manhattan office vacancy rates nice as the increase is for the landlord, the 28/July 5, Aug. 30/Sept. 6, and Dec. 20/Dec. 27, by Crain Com- munications Inc., 711 Third Ave., New York, NY 10017. Periodicals paneling and state-of-the-art technology. are still climbing, and overall rents are still price is far below the $140 a square foot the postage paid at New York, N.Y., and additional mailing offices. Now, that tide has reversed. Late last falling. In fact, average asking rents sank to space would have commanded at the peak Postmaster: Send address changes to: Crain’s New York Business, year, Brazil’s Banco Itau paid over $130 a their lowest level in three years in the first of the market in 2008. In fact, deals done Circulation Department, 1155 Gratiot Avenue, Detroit, MI 48207-2912. for subscriber service: Call (888) 909-9111.Fax square foot for the top floor of the Gener- quarter, hitting $55.38 a square foot. That at over $100 a square foot, which were (313) 446-6777.$3.00 a copy, $59.79 one year, $109.79 two years. al Motors Building. And earlier this was down 24% from their peak in the third common in trophy buildings before the (GST No. 13676-0444-RT) ©Entire contents copyright 2010 by Crain Communications Inc. month, financial firm Perella Weinberg quarter of 2008, according to Cushman & crash, are still rare.There were only two in All rights reserved. took an additional floor at the tower,bring- Wakefield.When various concessions such the first quarter, down from 25 in the first ing the firm’s total to three floors. as months of free rent are added in, average quarter of 2008, according to JLL.

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Don Imus gets his mojo back Chastened shock jock sees ratings leap on his WABC morning show

dio on WABC-AM,Mr.Imus is fi- BY MATTHEW FLAMM nally getting some traction. In February,his share of his tar- don imus may not be the outra- get audience (men 25 to 54 years geous loudmouth he once was, but old) rose to 3.4%—a 161% spike the host of Imus in the Morning can over a year ago, according to Arbi- still make jaws drop. Last month, tron. Imus now ranks 11th in a when Gov. David Paterson was tightly packed crowd of shows tar- talking on the show about those geting men, up from 24th in Feb- Yankees World Series tickets that ruary 2009, and exactly where the got him into so much trouble, the show was when it was booted off I-man asked what many listeners WFAN-AM. were probably wondering. An advertising campaign for the “You’re blind, right? Why program, and publicity around its would you want to go to the base- simulcast on the Fox Business Net- ball game in the first place?” work, may have contributed to the THE I-MAN COMETH: Even the governor thought it ratings growth. In addition, a busy His ratings are up, and was funny. news cycle has attracted more lis- Don Imus is a “must” Three years after his career im- teners to news talk radio in general. interview for authors and politicians. ploded over racially charged com- WABC was ranked sixth in Febru- ments he made about the Rutgers ary overall, while WFAN was 18th. women’s basketball team,and more Mr. Imus credits his improved than two years after his return to ra- See IMUS on Page 7 newscom

dred residents. There are another 800 or so nonunion and manageri- Hospital al workers, according to Bruce McIver,the league’s president.The union’s leaders last week asked that all league facilities hold any vacan- buildings cies while the Job Security Fund organizes an effort to place St.Vin- cent’s union workers.“We’ve never in play had an operation of this size,” he says. It’s hard to say whether New Apartment tower York City’s health care employ- could still rise there ers—who account for 13% of the CODE RED: city’s private sector jobs—can ab- plans for a big new residential de- Hospital’s closure will create a sorb a tsunami of 3,000 workers. velopment in the West Village could tsunami of The last time the fund fielded a proceed despite last week’s decision unemployed workers. mass layoff was in February 2009. by St. Vincent’s Catholic Medical That was when two Queens hospi- Centers to pull the plug on its ailing tals that were formerly owned by hospital there. St.Vincent’s was go-

buck ennis Saint Vincent Catholic Medical ing to sell eight buildings on the east Centers—Mary Immaculate Hos- side of Seventh Avenue to the pital and St. John’s Queens Hospi- Rudin family, major New York City tal—filed for bankruptcy protec- developers, for $310 million. The St. Vincent’s layoffs loom tion and closed. Rudins planned to build one tall res- “Pretty much everyone was idential tower and several small placed in six months,” recalls Mr. townhouses there. half of those workers into new jobs 1199 SEIU United Healthcare McIver. William Rudin, president of his Union’s job fund will put the hospital- and union- Workers East. But those closures involved half family’s firm,is still committed to the scrambles to aid run Job Security Fund to its most The powerful union has rough- as many 1199 SEIU workers, and project,but says that whether it even- critical test yet. ly 1,400 to 1,500 employees re- did not take place during a state tually gets built largely depends on workers; doctors The health care sector in New maining at the hospital. Some budget crisis and extended eco- the hospital’s final fate. There has shop for new posts York is adding jobs, but it is no sure 1,200 to 1,300 of them will lose nomic downturn. What’s more, been talk of maintaining an urgent bet that St. Vincent’s workers will their jobs with the closure of inpa- 30% of those workers did not seek care facility and some outpatient be the ones to fill those posts. Like tient services. Another 150 to 200 help from the fund. services. At this point, it is unclear BY BARBARA BENSON most New York City hospitals, St. union workers at various outpatient Finding jobs for 3,000 people where they might be housed. Under Vincent’s has a collective bargain- operations may well keep their jobs will be a bigger challenge, concedes the master plan,the services provided one of new york’s largest mass ing agreement under the League of if those facilities are taken over by a Mr. McIver. “I don’t know if it’s rein the main building the Rudins were layoffs, of 3,000 workers, will take Voluntary Hospitals and Homes of new hospital or clinic operator. alistic or not in this environment,” buying were to be moved to a brand- place on April 30, the projected New York. Formed in 1968, the The 1,500 who are not 1199 he adds.“A lot depends on whether new building across the avenue, but date when St. Vincent’s Hospital group is the bargaining agent for SEIU workers include 400 to 500 places need additional staff.” that may not be the case anymore. will shut its doors forever. Getting negotiations between hospitals and full-time nurses, and a few hun- See ST. VINCENT’S on Page 27 —theresa agovino

April 12, 2010 | Crain’s New York Business | 3 20100412-NEWS--0004-NAT-CCI-CN_-- 4/9/2010 6:34 PM Page 1

JFK International plans posh IN THE MARKETS private corporate jet hangar By Aaron Elstein

two years for the airline industry.But the bulk of Teterboro’s business, it’s Timing may seem agency officials say they’ve seen a re- a miniscule fraction of JFK’s busi- odd, but Port sees cent uptick in corporate jet travel. ness, amounting to less than 2% of “We’re not standing on the the airport’s traffic last year. Deconstructing BofA: biz travel uptick rooftops and declaring that the The Port’s request details a plan downturn is over, but we’re being for a company to take a five-year a dialectical approach cautiously optimistic,” says Susan lease of the facility with an eye to ow that Citigroup is BY HILARY POTKEWITZ Baer, the director of aviation for the “enhance JFK’s image” and provide Port Authority. a maximum revenue stream for the breaking itself up, it’s most people passing through John Port Authority. time to take a hatchet to F. Kennedy International Airport Corporate excess backlash Some aviation experts are skepti- N Bank of America. arrive on wide-bodied jets crammed in december, private jet travel in- cal of the Port Authority’s plans. with dozens of fellow passengers, creased by 0.6% at New York air- “General aviation is an incredibly “The model doesn’t work,” while a high-powered few—whose ports, according to Port data, after unproductive use of [landing] slots,” argues Rochdale Securities ranks nearly disappeared over the more than a year of steady declines, notes Craig Jenks, president of avi- analyst Dick Bove, who past year and a half—zip in and out during which general aviation ation consulting firm Airline/Air- acknowledges that BofA on corporate jets. plummeted 30% across the region. craft Projects Inc. “Wouldn’t you In a small sign of an economic The recession took its toll on want every available slot to be avail- management vigorously opposes turnaround, the Port Authority of company budgets,to be sure,but the able to commercial flights once the the idea, but warns the bank New York & New Jersey is getting tremendous backlash against corpo- rebound happens?” may have no choice if ready for more of the latter. rate excess threw a wet blanket on The Port Authority counters Congress passes a tough The Port recently issued a re- private aviation.Traffic at Teterboro that this is the perfect time, with the newscom quest for proposals for a makeover Airport, the region’s main hub for economy in a lull, to gauge market reform bill. Apart from the of its general aviation facility at private jets, slumped by about 35% interest in such a facility, by sending financial and political arguments, Mr. Bove contends that JFK, which handles private jets, over the course of the recession, ac- out a request and seeing what kind BofA fails the Hegelian cycle. corporate jets and charter flights. cording to the National Business of proposals come back. The agency is looking for a third- Aviation Association. party operator to spruce up the pri- In December, however, the little Little jets need big airports, too For those who skipped class that from the past cycles. … It gets back vate hangar to make it worthy of airport showed an 8% increase in “sure,sometimes it makes sense to day, the 19th-century philosopher to the same position but at a lower the wealthy and the influential ex- flight activity. bring in more people on a big plane,” Georg Wilhelm Friedrich Hegel point in the cycle.” pected to use it, and is requiring “It’s going to take a long time for acknowledges Ms. Baer, but she postulated that a big event (for in- Although he didn’t cite Friedrich that the facility be operational 24 that to come back to historic levels, claims that it sometimes makes stance, the Protestant Reformation) Nietzsche’s concept of eternal re- hours a day. but it’s coming back a little bit,” sense to bring in a small jet—like a is soon met by an opposing force (the currence, Mr. Bove may well have The terminal is currently being says Steven Brown, senior vice medical flight with donor organs. Counter-Reformation), and then had that in mind when he pointed operated as a no-frills facility by the president of operations for the “There are lots of reasons that in- both forces synthesize to create an out that BofA’s stock last year trad- Port Authority. NBAA. “At least, it’s stopped get- dividuals or corporate aviation folks improved state of being. (Catholics ed for the same price it fetched in The timing might seem odd, ting worse.” need to fly into a big commercial air- and Protestants eventually learned 1982, and its dividend payout ap- coming as it does after an abysmal While private jet travel makes up port,” she says. to live together.) By the way, this pears to be the same. school of thought provided an im- In a best of all possible worlds— portant foundation for Karl Marx. a phrase coined by 18th-century “In a Hegelian cycle, events keep philosopher Gottfried Leibniz— returning to the same place. How- BofA would spin off its credit-card ever, that position is always higher and mortgage business,plus Merrill and somewhat better than in the Lynch and investment manage- prior cycle due to the accumulated ment, Mr. Bove says. What would wisdom gained from prior cycles,” be left is an institution that takes de- Mr.Bove wrote in a client report last posits and lends money. week. BofA, however “shows no ev- A BofA spokesman declined to idence of having learned anything comment. Charitable order takes on the big banks not only are the big banks at bat- destroyed AIG. The banks are tle with Congress over financial re- adamant that,past difficulties aside, form, they now have a fight with an everything is in order now. But if order of nuns. that’s really the case, Sister Barbara The Sisters of Charity of Saint Aires argues that the banks Elizabeth in New Jersey have should disclose more infor- introduced resolutions call- mation about their deriva- ing on J.P. Morgan Chase, Cit- tives trades and investments. igroup, Bank of America and “Shareholders have a Goldman Sachs to disclose right to understand this risk more information about profile,” she says. their derivatives trading. All the banks oppose It’s a complex topic, but the sisters’ resolutions, the nuns have been ed- which will be voted on ucating themselves at their annual stock- about the instruments holder meetings in for several years. the coming weeks. The nuns worry that J.P.Morgan, for exam- banks aren’t holding ple, says the nuns’ pro- enough capital to protect posal “would be detri- themselves against unex- mental to the firm and pected losses in deriva- the financial markets in tives—the very thing that punch stock general.”

THE NUMBER OF U.S. COMPANIES that have held initial public offerings so far this year, according to Renaissance Capital. Only four had done so 29 at this point last year.

4 | Crain’s New York Business | April 12, 2010 Project4:fp template.qxd 3/31/10 12:07 PM Page 1

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He’s the cable guy bc universal chief Jeff Zucker (left) had a tough winter— his disastrous late-night TV moves made him the butt of Nmany jokes—but he was in a good mood last week at the Oxygen network’s upfront presentation to advertisers. With Jay Leno back on The Tonight Show, the program is back in first place. And NBC has picked up three new series for next fall. But Get rewarded faster when you earn an additional 1,000 points for Mr. Zucker intimated that network TV is overrated. every qualifying night you stay from now until 30 April 2010 — up “We’re a cable and a news and information company,” Mr. Zucker to 20,000 points. said. “But NBC is in the name”—so that’s where the media coverage focuses. He added that “75% of our operating profit is from the cable channels.” The onetime Today executive producer took particular Register at intercontinental.com/1000NY pride in Oxygen, which NBC Universal bought in 2007, and book at 1.877.512.8796. immediately boosting its profile and ratings. But he admitted that despite its lesser importance, NBC’s prime time Must be a Priority Club® Rewards member and must register member number in advance to participate in this promotion. To register or to obtain a list of participating airlines, bloomberg news still needs a boost. “We haven’t done a good enough job,” he said. complete offer details and Priority Club Rewards Membership Terms and Conditions, visit intercontinental.com/1000NY or call 1.877.512.8796. © 2010 InterContinental Hotels Group. All rights reserved. Most hotels are independently owned and/or operated. online database will sell a Bison More margaritas MediaFinder.com. Cheesesteak Wrap, on the menu Among the recently California Wrap or departed is Buffalo Chicken Burger margaritas mexican Restaurant Beautiful Homes,a and a drink for $2. & Watering Hole, a New spinoff of “It’s a six-figure Hampshire-based chain with 20 Meredith Corp.’s investment,” says Anthony outlets, is staking out new territory. Better Homes & Leone, founder and president Join the Crain’s Community President Robert Hoffmeister Gardens.An of Energy Kitchen, who is says he is scouting real estate in additional spending big bucks on Subscribe to Crain’s New York Business— Manhattan and Long Island— seven titles folded marketing the tax-day deal mostly spaces where other their print editions and went with print ads, not to mention New York’s must-read resource for the restaurants have failed—to open online-only; 16 did that a year ago. the cost of the food. But he says it’s city’s business leaders what he hopes will be the first of But if fewer magazines were worth the price. “Last year was seven Margaritas here. “We look dying, fewer were being born. phenomenal,” he says. “We felt like at restaurants that aren’t doing so MediaFinder.com counted 25 we got new customers.” well,” he explains. “Most of ours launches in the quarter, including are conversions.” health title Walk It Off, down from Print Edition The casual restaurant chain, 110 in 2009.The new ones were Haitian fund One year subscription – $59.79 where the average check per person mainly in the categories of health, spreads green is $22, wants franchisees to fuel its food and home, and tended to • Weekly news analysis of New York’s expansion along the East Coast. have small, targeted circulations. the nyc haitian community most important business issues The franchise program was “Publishers are being very Hope and Healing Fund, created • In-depth reports and trend stories launched last year, but it has yet to cautious,” says Trish Hagood, to help local Haitians deal with the take off. “This year, that’s going to president of Oxbridge aftershocks of the earthquake, • Crain’s annual Book of Lists Communications Inc., which announced its first grants today. owns MediaFinder. The fund is doling out The decline in advertising is $250,000 to 12 local slowing, according to Publishers organizations, including CUNY Information Bureau.Total ad Citizenship Now!, which helps pages fell 9% in the first quarter, with immigration cases; Kongo, a Digital Edition but 85 titles posted an increase, cultural organization that uses compared with 15 a year ago. Haitian music to help kids heal; One year subscription – $35 and Diaspora Community • Anytime access to comprehensive Services, a Haitian-led social and late breaking business news change, as more money becomes Tax-day deals services provider in Brooklyn. available in our industry,” says an ease the pain The fund has raised $429,000 • Crain’s Daily Alert delivered to optimistic Mr. Hoffmeister, who is so far. Executives there say they your inbox each business day also counting on “a wealthy friend new yorkers depressed about will announce additional grants in • FREE unlimited access to Crain’s archives [of the owner’s] to open some paying Uncle Sam this week can the coming months. “[We] have doors for us in New York City.” wash away their sorrows at a few been working closely with the He wouldn’t reveal the secret eateries offering tax-day relief. fund’s advisory committee to supporter’s identity. The five Manhattan BLT better understand the Subscribe today to gain membership to the restaurants are offering 50% off on community’s needs, and we will most powerful business community in New York. all cocktails, beer and wine (sold continue to keep watch on these Magazine mortality by the glass) all day on April 15. issues as they develop,” says Marilyn rate eases The World Bar near the United Gelber, president of the Brooklyn Nations is offering a $5 “economic Community Foundation, which Go to www.crainsnewyork.com/subscribe the great magazine plague punch” rum cocktail that day. And launched the fund with the appears to be over. In the first Energy Kitchen, for the second United Way of New York City. quarter of 2010, only 22 titles died, year, is offering an almost free compared with 95 in the same lunch: From noon to 2 p.m. on tax Contributors: Lisa Fickenscher, Matthew period last year, according to day, the healthy fast-food chain Flamm, Miriam Kreinin Souccar

6 | Crain’s New York Business | April 12, 2010 20100412-NEWS--0007-NAT-CCI-CN_-- 4/9/2010 7:51 PM Page 1

Imus gets his mojo back TUNING IN Star chef: Share of listeners for Imus in the Morning Continued from Page 3 Prince, a columnist and member of the Na- standing to a tighter production and the fact tional Association of Black Journalists, who Feb. Feb. Percentage Corona that he’s taking care of himself. has complained that Mr. Imus was given too 2009 2010 change “I feel better physically, even though I’m easy a ride to redemption. “People are con- battling prostate cancer,” says the 69-year-old cerned now about Glenn Beck and Rush Adults 25 to 54 years old Opening a restaurant host, who is addressing the disease holistical- Limbaugh.” 1.3 2.5 +92% ly with a “hideously boring, rigid diet.” Other observers note that Mr. Imus has Men 25 to where no one—almost— evolved from the days in the 1990s and early 54 years old 1.3 3.4 +161% has ever gone before Smaller scale 2000s when he was ranked fifth among his but if the old guy has a spring in his step target audience. They say he’s interested in Source: Arbitron corona, queens, aka chop shop central, is again,his success is still on a smaller scale than credibility, not in being outrageous. getting a high-end resident next month. Ac- it used to be. “He’s not out to build an empire,” says claimed chef Ricardo Cardona is opening Three years ago, he had 346,000 total Robert Unmacht,a radio consultant with iN3 WABC General Manager Steve Borneman Gabbana, a two-story restaurant and lounge viewers on the MSNBC simulcast of his Partners. “Glenn Beck is like Imus in the late says that ad revenue for Imus was up slightly serving up his signature nuevo latino cuisine. WFAN show; on Fox Business Network, ’80s in terms of the empire he wants to build.” in 2009 over the prior year, despite the over- The chef of six other restaurants, including where he started in October, he averaged Mr. Beck is a fan.“Who in radio has had a all New York radio market’s being down Hudson River Café, Sofrito and Mamajuana 108,000 viewers from January career like his?” he asks, nearly 20%. Café, is opening Gabbana with his Mamajua- through March 14, according adding that Mr. Imus is still na partner, Yamil Martinez. “We wanted to to Nielsen Marketbreaks. Who in radio a cantankerous host. “When New advertisers open a restaurant where no one else is,” says FBN is not yet a fully distrib- I’m on,he always goes for the new advertisers on the show include Li- Mr. Martinez. uted cable network. has had a jugular—and he likes me.” onel Trains, health club chain Planet Fitness Well,almost no one:Citi Field,a home run Mr. Imus may also be Though Mr. Imus no and Barnes & Noble. Media buyers say that away, has become a culinary magnet, and next making less. In 2007, he career like longer creates much contro- the improved ratings mean that WABC will door is Green Field Churrascaria, a Brazilian signed a five-year contract versy, he continues to attract cash in even more once the ad marketplace restaurant.Messrs.Cardona and Martinez are with WABC parent Citadel his? more serious, high-profile improves. no strangers to underserved spots: Mamajua- Broadcasting worth a report- guests,from both the left and Citadel has syndicated Imus on 75 stations; na is in Washington Heights. ed $5 million to $8 million a the right, than any other ra- CBS Radio had him on around 60 during his Mr. Martinez spent the past nine months year. CBS Radio, which owns dio host. days with WFAN. transforming a former auto shop that sold mu- WFAN, was reportedly pay- In addition to Gov.Pater- Mr.Imus sees himself as a different kind of sic and alarm systems into Gabbana, which ing him $10 million.Terms of son, recent guests have in- host than the radio talkers who have taken will have a DJ booth on the second floor and the Fox deal have not been disclosed. cluded Mitt Romney, Sen. Chris Dodd, and center stage in recent years. an extensive rum cocktail menu. And when it comes to making news, the New Yorker Editor David Remnick, who was “I’ve never seen the show as an opinion “I’m doing something that belongs in the one-time king of shock jocks has been over- there to talk about his new book on President show,” he says, and he repeats a favorite de- meatpacking district, but I think there is a taken by a noisier crew of politically driven Barack Obama, The Bridge. Imus remains scription: “Our job is to monitor the freak pa- market for it in Queens” says Mr. Martinez. talkers. Even his critics say that he has been among the best shows in any medium for rade. Whether it’s Glenn Beck this week, or If the Mets players show up, that would be drowned out. helping authors hawk books. whoever, we watch them go by and we talk very nice, he adds. “He’s sort of disappeared,” says Richard The show is also a draw for advertisers. about them.” —lisa fickenscher

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April 12, 2010 | Crain’s New York Business | 7 20100412-NEWS--0008-NAT-CCI-CN_-- 4/9/2010 5:27 PM Page 1

in a controversial vote because living wage for all retail employees was not guaranteed. GOP RESURRECTION Cox on 2010 THE INSIDER THE WAY ED COX SEES IT, the Republican Party surges in 14- Construction funds year cycles: 1952, 1966, 1980 and 1994 were all big years. by Erik Engquist “We’re two years overdue,” the state GOP chairman says. may be in cards He foresees big gains for the party in the 2010 elections, both nationally—he believes that the GOP will retake the a construction industry lawsuit E. Cox House of Representatives—and in New York. was not filed against the Paterson “What you’re seeing is a property tax revolt,” he says, “and administration last week as a sense that we have to do something about the fiscal issues.” planned—an indication that Registered Democrats outnumber Republicans nearly 2-to-1 statewide, but Avoiding a B’klyn progress is being made in talks to about 75% of New Yorkers characterize themselves as fiscal conservatives. get the state to resume payments “Fiscal conservatism is part of our DNA,” Mr. Cox says. for road and bridge construction. In the governor’s race, he’s hitched his wagon to Suffolk County Executive Gov. David Paterson halted Kingsbridge? Steve Levy, who left the Democratic Party after payments last month because the Republican Rick Lazio’s gubernatorial state was low on cash. Preparations campaign sputtered. (An internal survey of n the eve of last week’s scheduled City had been made for a rally at his midtown office, but it was cancelled. major GOP donors found that 79 of 80 were Council Zoning Subcommittee vote on the unwilling to support Mr. Lazio.) Harry Wilson, bloomberg news Rose Plaza mixed-use development on the S. Levy the lone Republican candidate for comptroller, R. Lazio Williamsburg waterfront, an insider put the Maloney could rise was backed by Mr. Cox when former Assembly Minority Leader John Faso could not be chances of approval at just 50-50. But the vote on Rangel’s demise persuaded to run again. The incumbent, O was postponed until a supporter of Rep. Carolyn Democrat Thomas DiNapoli, who was this week—a sign that Maloney says Rep. Charles Rangel’s appointed to the seat, is seen as vulnerable. the proposal was being ouster as House Ways and Means No Republican candidate has yet committed sweetened to appease chairman makes Ms. Maloney even H. Wilson to the attorney general race, but that was also D. Donovan more important to New York and true at this point in 1994, the year that Dennis the local council weakens her challenger’s case. Vacco emerged at the state party convention and went on to member, Steve Levin, Reshma Saujani is taking on Ms. win, Mr. Cox notes. District Attorneys Dan Donovan of Staten who had demanded Maloney, who is a senior member of Island and Kate Hogan of Warren County are possibilities. more affordable the House Financial Services Com- Sen. Charles Schumer’s seat looks like a lost cause for mittee, in the primary. With Mr. the GOP this year, but at least four Republicans are eyeing housing. Rangel weakened, Wall Streeters K. Hogan runs against Sen. Kirsten Gillibrand, who was appointed by A source says that ought to view Ms.Maloney as an as- Gov. David Paterson 14 months ago. The latest is Rockland the Brooklyn project’s affordable-housing component has set and back her rather than Ms. County Executive Scott Vanderhoef, who joins Wall Street veteran David Saujani, the source says. However, been increased to 30% from 20% and that the prospects for Malpass, former Nassau County Legislator Bruce Blakeman and former Ms.Maloney tends to side with con- Rep. Joseph DioGuardi. council approval are increasing.The full council must vote on sumers over financial services firms. The GOP holds just two of 29 House seats statewide, but Mr. Cox says the zoning change that the development needs by April 27. As for the notion that Ms. Republicans will compete for 10 or 11. Backers had been concerned that the project would meet Maloney lacks intellectual heft, the “Conservatively, I’d say we can pick up eight,” he says, with an unintended supporter says: “She’s one of the double entendre. the same fate as a proposed redevelopment of the Kingsbridge smartest people around. Most Armory mall in the Bronx, which the council recently rejected people in Congress can’t

comprehend financial regulation. David Paterson abandoned his Carolyn gets it.” election campaign; Rep. Charles Rangel, D-Manhattan, lost his committee chairmanship; Rep. Reform in doubt Gregory Meeks and state Senate for corporate taxes President Malcolm Smith have been tarred by a Queens charity scandal. with albany focused on the state But John Sampson has avoided budget, Gov. David Paterson’s bad press since succeeding Mr. proposal to restructure corporate Smith as Senate Democratic leader. taxation is unlikely to be settled Although Mr. Sampson stumbled before he leaves office. Deficit- in selecting an Aqueduct closing measures are getting redevelopment team that was priority, while corporate tax reform disqualified, Mr. Paterson received is intended to be revenue-neutral. most of the blame. The Department of Taxation and Finance wants to merge the Shuttle diplomacy bank tax and the corporate franchise tax—the latter being a bill white, president of the catch-all for companies that aren’t Intrepid Sea, Air & Space banks, utilities or insurers. Banks Museum, believes that his seem to welcome the change, but campaign to bring one of the those paying the retiring space shuttles to the franchise tax fear Intrepid will succeed despite that their bills will rival efforts on the part of rise, says Ken Seattle, Dayton, Pokalsky, senior Huntsville and director of government other small cities. affairs for the Business Asked about the competition, Council of New York State. Mr. White says: “I don’t think we have any. I say that respectfully.” His pitch to NASA, the White Sampson stands House and Congress is that a amid rubble shuttle would be seen by more people and have a greater impact in it’s been a rough period for New York. Sens. Charles Schumer high-profile African-American and Kirsten Gillibrand are also elected officials in New York. Gov. lobbying to bring a shuttle here. bloomberg news

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8 | Crain’sJAB-1006 New Crains6x6.indd York Business 1 | April 12, 2010 3/29/10 9:30:42 AM 20100412-NEWS--0009-NAT-CCI-CN_-- 4/8/2010 6:41 PM Page 1

NEIGHBORHOOD JOURNAL City Island fights to keep its firehouse

The nearest firehouse off the is- A Fire Department spokesman “Being without a ladder compa- Locals fear response land is in Co-op City, with an esti- says that the list of firehouses slated ny is a cause of great concern,” says from mainland units mated response time of nearly 10 for closure is still being finalized, Mort Ellis, who owns Midtown minutes. and that “nothing’s been set in stone Antiques on City Island Avenue could come too late “And that’s assuming no traffic either way.” Ladder 53 stands out as with his wife, Violet. and that the drawbridge is down,” one of the least active units on the JOHNNY-ON-THE-SPOT: Ladder 53 to save the day says Mr. Vacca. “If there’s traffic, force, according to department sta- Fire contained in 2009 you’re talking about extensive prop- tistics,having handled only a couple in january of 2009, for example, a BY HILARY POTKEWITZ erty loss.” of fires per year for the past few two-alarm fire swept through a “It’s especially dangerous here He says that each time there’s years. beauty salon, a deli and the apart- because you get a nice wind coming ith City Island,a been a fire, the off-island ladder But residents and business own- ments above. The island’s fire com- off one end of the island,” says Ms. movie about their companies have arrived several min- ers are not about to be swayed by pany was there to put it out,and only Ellis. “It just blows right through, small community utes after the island’s own company. statistics. half a block was lost. especially in the winter.” starring actors Andy Garcia and AlanW Arkin, now in theaters, residents of the little Bronx island could easily be focusing their energy on preparing for a bumper crop of summer tourists. Instead, they’re staging protests and rallying local politicians in an effort to save the small island’s lone firehouse from city budget cuts. Mayor Michael Bloomberg’s pre- liminary budget proposal in Febru- ary called for a reduction of up to 20 fire companies across the city, good for an estimated savings of $20 million. Last year, when the mayor identified 16 fire companies to be axed, City Island’s Ladder 53 was among them. In the end, the City Council managed to scrape together the $14 million needed to keep them open, but that feat is unlikely to be repeat- ed this year. The final list of targeted fire companies is expected to be released by mid-May. “I have every reason to believe that City Island is going to be on the list again,” says City Councilman James Vacca,whose district includes the island and its 4,500 residents. Not only was Ladder 53 on the chopping block last time around, but the island’s station was one of just four firehouses citywide to have its services reduced to part-time for part of last year. “A tinderbox” the island is connected to the mainland just below Orchard Beach by a narrow bridge that has just one lane of traffic in each direction. City Island’s maritime history stretches back to the 1700s, and the fishing- village atmosphere still lingers. The main drag, City Island Avenue, is packed with more than 40 restaurants, most of them seafood places. The warmer months of April through September are the busiest Delivering a constructive solution to meet for island businesses. The crowds peak on the weekends, when Or- Hill International’s growing opportunities. chard Beach, locally known as the Bronx Riviera, can draw well over When Hill International, a rapidly-growing construction consulting rm, wanted to expand, 100,000 people each day. we dug in and responded. Using our broad range of capabilities, we seamlessly provided “All you need is one kitchen fire, our client with the solution they needed, delivering $100 million in nancing so they a gas fire or a grease fire,and it would could expand in a challenging nancial market. Learn how we can custom-t solutions be devastating,” notes Kenneth Kearns, district manager of Bronx for your business. Call Thomas Carley at 212.796.6947. Community Board 10. “This island is all old, wood-frame construction. We’d go up like a tinderbox.” Rubik’s Cube® used by permission of Seven Towns Ltd. www.rubiks.com Losing the ladder company “Bank of America Merrill Lynch” is the marketing name for the global banking and global markets businesses of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed would be a big problem for a com- globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., member FDIC. Securities, strategic advisory, and other investment banking activities are performed globally by investment banking affiliates of Bank of America Corporation (“Investment Banking Affiliates”), including, in the United States, Banc of America Securities LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated, which are both munity full of two and three-story registered broker-dealers and members of FINRA and SIPC,and, in other jurisdictions, locally registered entities. 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April 12, 2010 | Crain’s New York Business | 9 20100412-NEWS--0010-NAT-CCI-CN_-- 4/9/2010 2:52 PM Page 1

VIEWPOINT School funds merit serious bid editor in chief Rance Crain publisher, vp Jill R. Kaplan ace to the top, a promising Obama sometimes give poor teachers passing grades and move them EDITORIAL administration contest that lured New to other schools,where the process repeats. editor Xana Antunes York state to apply for $803 million in Teachers unions should agree in principle to more managing editor Glenn Coleman deputy managing editors Valerie Block, federal funds to reform education, has nuanced grades that include student test scores as a factor. A Erik Ipsen been a disappointment for the Empire more precise process can be worked out later. In the contributing editor Elizabeth MacBride State so far. meantime, they must realize that their lack of enthusiasm— columnists Greg David, Alair Townsend New York’s initial bid was ranked the United Federation of Teachers submitted a heavily politics editor Erik Engquist pulse editor Barbara Benson 15th by Race to the Top judges, well out of the money.The qualified letter of support for New York’s application— senior reporters Theresa Agovino, White House boldly deemed the grant program a success dismayed the Obama reviewers. Aaron Elstein, Lisa Fickenscher, R Matthew Flamm, Miriam Kreinin Souccar after awarding money last month to only two tiny states— State legislators should eliminate the charter school cap, reporters James Comtois, Amanda Fung, Daniel Massey, Adrianne Pasquarelli, Delaware and Tennessee—while telling other states to try and city schools Chancellor Joel Klein should make it Hilary Potkewitz again in June. Some won’t politically easier for art director Steven Krupinski deputy art directors Carolyn McClain, bother, having invested time them to do so by being Daniel Mednick and resources writing proposals The Race to the more diplomatic in his staff photographer Buck Ennis copy desk chief Wendy Zuckerman that, in retrospect, had no Top application efforts to open charter copy editor Thaddeus Rutkowski research editor Denise Southwood chance of being funded. schools within assistant research editor Maia Blume But New York will give it requires major traditional public editorial/research intern Selena Shen another go, this time with $700 changes to win school buildings. www.crainsnewyork.com million at stake. Major changes A peripheral but web editor Brian Tracey senior producer Elisabeth Butler Cordova in its application are needed if disconcerting producer Kira Bindrim

it is to avoid another rejection. revelation from New EDITORIAL AND ADVERTISING OFFICES newscom The first-round failure York’s first-round 711 Third Ave., New York, NY 10017-5806 editorial: 212.210.0277 Fax 212.210.0799 proved right the education advocates who had warned of the rejection was that when it comes to office furniture, the state advertising: 212.210.0259 application’s weaknesses, which included lukewarm support Department of Education spends like ex-Merrill Lynch Cable craincom nyk from district superintendents and unions. It also CEO John Thain. A bizarre requirement that it buy from Fax 212.210.0499 Entire contents ©copyright 2010 Crain demonstrated the folly of legislators who expected New York only one company—an outfit that, despite using prison Communications Inc. All rights reserved. ®CityBusiness is a registered trademark of MCP to be awarded money without enacting key reforms sought labor, charges $3,000 for desks—should be ended and an Inc., used under license agreement. by the White House. examination conducted of agency procurement rules. TO SUBSCRIBE: Two shortcomings of New York’s education system stand Even though the Obama money would amount to a small Call 888.909.9111; fax 313.446.6777. $3.00 a copy, $59.79 one year, $109.79 two years. out: a law that caps the number of charter schools statewide fraction of education spending statewide, every penny helps www.crainsnewyork.com

at 200, and a simplistic teacher-evaluation system in which when schools are facing cuts in the billions. More important, ADVERTISING AND MARKETING instructors are graded either “satisfactory” or “unsatisfactory.” the reforms would benefit students.To compete in the Race advertising director Trish Henry These grades stem from classroom visits by principals, who to the Top, New York has to get moving. real estate sales manager Cornelius P. Gore senior account managers Irene Irvill, Courtney McCombs, William E. Squitieri account executive Anthony Mowad sales manager, classified print & online John Gallagher CRAIN’S ONLINE POLL COMMENTS sales coordinator, print & online Lulé Haznedari newsletter product manager WILL THE iPAD Alexis Barney credit Todd J. Masura 313.446.6097 CATCH ON? marketing director Amy Crossman U.N. outpost at WTC director, audience development Date of poll: April 6 John LaMarca 230 votes NEED MORE THAN OFFICE SPACE I have lived in this neighborhood for the last senior audience development manager 50 years, and presently reside on 85th Street. Tarek Cotran Yes. Once the i read with interest your March 29 article I had eaten at Cavalier Restaurant many times; general manager, interactive price drops and “Trade center towers rise, but will they rent?” I have had my shoes repaired at Toms Shoe Marc Minardo future editions . 65% A suggestion: The United Nations should Repair, my clothes cleaned at Kelly’s, and web developer, interactive are released— Chris O’Donnell including 3G rent space at the site of the World Trade Center. bought some great wines at Colony. models later this If the World Trade Center becomes an annex These tragedies really shake the foundation NEW YORK PRODUCTION

month—more to the U.N., the grounds of the World Trade of our community.Thank you for bringing all production and pre-press director people will buy 35%. Center will become a living, working memorial this to light in your article. Michael Corsi the device. to the memories of the victims of 9/11. —rosemarie manghisi advertising production manager Suzanne Fleischman Wies The U.N. delegates who will work at the No. The iPad is a sleek toy, but U.N. annex will be inspired by the memories of RE ST. VINCENT’S: PUBLISHED BY CRAIN COMMUNICATIONS INC. it costs too much to be an e- 9/11 to work harder for world peace and for the WHERE WAS THE CHURCH? chairman Keith E. Crain reader and doesn’t do enough end to terrorism.The grounds of the World president Rance Crain to replace a laptop. Trade Center are too important to be used only st v’s is a catholic hospital, and we all secretary Merrilee Crain treasurer Mary Kay Crain for typical office space. know that the Church has plenty of money— $300M is peanuts to them. executive vp, operations William Morrow senior vp, group publisher Gloria Scoby —paul feiner If all else has failed (including the hospital group vp, technology, circulation, Greenburgh (N.Y.) Town Supervisor management, which clearly needs an overhaul) manufacturing Robert C. Adams the Church should step up. Keeping a facility vice president/production & alive to provide vital aid to parishioners, the manufacturing David Kamis ONE NEIGHBORHOOD’S STRUGGLE chief information officer Paul Dalpiaz community and (dare I say) charity to those in corporate circulation/audience i want to commend Crain’s on the great need would be a far better use of their funds development director Kathy Henry article you did on the Jackson Heights fire than, say, defending pedophile priests. And founder G.D. Crain Jr. (1885-1973) (“Queens fire hits vulnerable retailers,” Feb. great PR, which they sorely need right now. chairman Mrs. G.D. Crain Jr. (1911-1996) For this week’s questions: Go to 22). You really touched all the bases as to what Maybe they’re just not in the miracle www.crainsnewyork.com/poll to have your say. happened and the disastrous consequences it business anymore. had on the neighborhood. —lisa miller

10 | Crain’s New York Business | April 12, 2010 20100412-NEWS--0011-NAT-CCI-CN_-- 4/9/2010 2:26 PM Page 1

OPINION

unions strongly opposed. Taxpayers should join him in a campaign to en- Time for prudence act pension reform in the current legislative session, with savings from Tier 5 beginning on July 1. The city’s commitment to pay the in city benefits full premiums for health insurance for retirees and their dependents is also expensive.The city comptroller estimates that future premiums have BY CHARLES BRECHER an actuarial value of $65 billion. The mayor and the City Council hile all eyes are on the late state budget, began to fund this obligation in another important fiscal event is looming: 2006 by establishing the Retiree the release of the city’s Executive Budget. Health Benefits Trust;they deposit- ed $2.5 billion from surplus revenue That should prompt discussion of how to over two years,a substantial step.Yet rein in growth of the city’s retirement bene- as times got tougher, the mayor and fits,notably pensions and health insurance.From fiscal years 2006 the council reversed course. W As part of the June 2009 finan- to 2009, city pension contributions jumped from $3.9 billion to cial plan, nearly $1.2 billion from $6.3 billion, and in fiscal year 2014, they will exceed $7.9 billion. the RHBT will be used to balance the budget in fiscal years 2011 to Such increases are unsustainable. It is now time for a Tier 5. 2013. Using the trust to pay for op- The city’s required pension con- Last year,Mayor Michael Bloom- erating expenses is inappropriate, tributions are skyrocketing due to berg endorsed the Tier 5 strategy, especially in light of improved fore- excessively generous benefits and proposing legislation to set reason- casts in January 2010, which show declines in returns on pension fund able benefits for future workers.The $1.1 billion more in tax revenue in investments. Returns rise and fall changes include establishing a min- each fiscal year from 2011 to 2013. with the markets. The only way to imum age for retirement among The imprudent diversion of Steven Mayer, CPA avoid an unaffordable burden in uniformed workers (many of whom these funds should be eliminated 6 East 43rd Street coming years’ budgets is to make now retire in their 40s), limiting the from the Executive Budget,to be re- New York, NY 10017 pension benefits less lavish. amount of overtime that workers leased later this month. The city www.amper.com 212.682.1600 The state constitution guaran- can credit toward their pensions, should also require retirees to pay a “Seeing Beyond the Numbers...”sm [email protected] tees current retirees and workers and increasing their contributions. substantial share of their health in- their pension benefits, but those Gov. David Paterson did not insurance premiums; unlike pensions, benefits can and should be reduced clude the legislation as part of his this benefit is not protected by the for future workers.This strategy has Tier 5 proposals for state nonuni- state constitution. been followed in the past: The city formed workers enacted in Decem- has four tiers in its pension system, ber 2009. The mayor is now on his Charles Brecher is research director of with each of the last three estab- own in seeking state legislative sup- the Citizens Budget Commission and lished in order to lower future costs. port for Tier 5 for city workers, with a professor at NYU’s Wagner School.

makers have cut $200 million from the budget instead? Just say no The state—and the city—also grabbed a wad of cash by bonding out future proceeds from the U.S. tobacco settlement,taking the mon- to helpful bankers ey up front and saddling taxpayers with the responsibility for paying off the bonds for years into the future. all street bankers are eyeing Albany as In 2003, budget problems meant if it were Athens.They are not dazzled by a the state couldn’t afford the aid that vision of the glories of ancient Athenian New York City said it needed. So democracy. Rather, they see an opportuni- then-Senate Majority Leader Joe Bruno and Assembly Speaker Shel- ty to do for our state what their colleagues don Silver devised a scheme to come did with modern Greece—load it up with even more debt. to the rescue. The plan involved re- W financing $2.5 billion in city debt in- Two recent reports document how helpful bankers have been curred during the fiscal crises of the in the past. The Citizens Budget Commission says that state- 1970s.The city was scheduled to pay off this moldy debt by 2008 at about related debt, including need money for rehabili- $500 million a year.Instead,the state that issued by the Met- tation. Using bond pro- issued 30-year bonds, and is paying ropolitan Transportation ceeds to pay for operat- the principal and interest.To provide Authority and backed by ing expenses diverts $2.5 billion in aid to the city over five state-authorized taxes, resources from vital proj- years, state taxpayers will pay more amounts to a stunning ects. There have been than $5.2 billion until the year 2034. $71.9 billion. We rank many such diversions in All told, State Comptroller second among the states the past. Thomas DiNapoli estimates that in long-term debt out- In 1990, the state state taxpayers are spending $1.1 standing.Our debt com- “sold” Attica prison to billion a year to pay off borrowing prises 7.8% of personal the Urban Develop- used to close past deficits. income and amounts to ALAIR ment Corp., a state en- The kids in Albany have run amok $3,695 per person. We TOWNSEND tity, to help balance the with our credit card. They have no are paying $5.6 billion budget. UDC issued discipline and little regard for the fu- annually in debt service, long-term bonds to fi- ture.So when you hear about schemes and that number is rising. nance the purchase. It then leased to refinance the tobacco debt, sell Legislative leaders are looking to the prison back to the state. state assets to another state entity, add more debt to help close the The Attica purchase yielded raid the Port Authority or bond out state’s $9 billion budget gap this year. $200 million for the state.So far,the future lottery proceeds, say no in New York state is large,with many state has paid $344 million; it still every possible way.And be prepared bridges,roads and other facilities that owes $222 million. Couldn’t law- to throw them all out in November.

April 12, 2010 | Crain’s New York Business | 11 20100412-NEWS--0012-NAT-CCI-CN_-- 4/9/2010 2:27 PM Page 1

COMING UP OPINION ON THE CALENDAR

April 19 Since St. Vincent’s sounded the Obamacare. Real Estate alarm more than two months ago, For example, even after a series discussions have focused on keeping of compromises that removed April 26 Get facts straight it open even though it was losing most of the cost control mecha- $10 million a month. The debate nisms, President Obama insisted Education should have been about how to his plan will bend the cost curve. If May 3 about health care transfer its crucial services to rivals. it doesn’t,it might simply bankrupt The state Health Department the country. Diversity also let us in on another secret—St. Here in New York, the city any lessons can be When local politicians mobi- Vincent’s emergency room han- Health and Hospitals Corp. will be May 10 drawn from the de- lized in recent months to save St. dled, on average, only on the frontlines deal- Small Business mise of St. Vin- Vincent’s amid a sea of red ink, they one severe trauma case a ing with another un- cent’s hospital. The argued that it was Greenwich Vil- day.This was a startling known, since it treats a May 17 most important one lage’s hospital and that the commu- fact in its own right. large number of unin- Real Estate Mmay be how little the media (and nity would be left without access to Then the hospital told sured patients with lit- therefore, the public) know about medical care if it closed. Crain’s that the number tle reimbursement. May 24 the business and economics of Turns out none of that is true. was the same as that for Presumably, most of health care. The state Health Department re- the other emergency those people will now Biggest Companies When St.Vincent’s was fighting leased data that showed that only rooms in the city.This is have insurance. Will for its plan a couple of years ago to 14% of residents from the 11 ZIP an incredible statistic they go elsewhere (as May 31 build a modern facility on its current codes closest to the hospital chose and still unexplored.Do West Siders did with Top Entrepreneurs site, it argued that its proposal was St. Vincent’s when they had to be we really need so many St. Vincent’s) if they vital to provide medical care to the hospitalized; the converse, of emergency rooms if GREG believe the care is bet- June 7 rapidly growing West Side of Man- course, is that 86% of the people in they handle so few of DAVID ter? Or will they re- Art hattan. That was the primary justi- its catchment area went somewhere the cases they are de- main with HHC, en- fication for a series of steps that else. A large number of its patients signed for? And what is abling the system to June 14 would have included tearing down came from elsewhere, especially the cost of such redundancy? thrive because their insurance will what some believed to be an archi- from Queens and Brooklyn, lured The St. Vincent’s issue may fade bolster HHC’s finances? No one Healthcare tecturally valuable building and al- by its specialized services—espe- from the headlines, but the same knows. lowing the Rudins to build what cially for HIV. (Even today, Crain’s lack of knowledge will result in poor St. Vincent’s and Obamacare June 21 would be the tallest building in the has been the only one to pay atten- policy choices as the nation moves to show that the public deserves to be Fortunate 100 historic Greenwich Village area. tion to the real facts.) implement—or maybe repeal— better-informed about health care.

June 28/July 5 CRAIN’S WELCOMES outside submissions to its opinion page. You may send a column of 475 words or fewer to [email protected]. 25th Anniversary Please include the writer’s name, address and telephone number.

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12 | Crain’s New York Business | April 12, 2010 20100412-NEWS--0013-NAT-CCI-CN_-- 4/8/2010 8:46 PM Page 1

REAL ESTATE DEALS PLUS

firms that dominate the storied With lower rents, leasing boulevard dumped millions of square feet of sublease space on the market, in response to the devasta- tion wrought on their bottom lines activity perking up on Park by the credit crisis. Asking rents dropped to $69 in the first quarter, a decline of $38.56 ark avenue office rents appear primed for a Tenants are being drawn to the a square foot, or 35%, from the peak thoroughfare’s lowered rents, which in September of 2008. However, rebound. Leasing activity in the first quarter hit were driven down dramatically be- rents should start to come back as 417,000 square feet, more than quadruple the cause of the recession, according to more of the space is filled.The sub- terrifically depressed level of last year’s first quarter, Joseph Harbert, chief operating of- lease vacancy rate on Park Avenue according to Cushman & Wakefield Inc. Overall ficer for the brokerage’s New York fell to 5.3% during the first quarter,

metro region. In fact, Park Avenue down from the high of 6.2% in the buck ennis Pleasing activity rose 84% in the Manhattan market in the first rents fell more than those in any third quarter of last year. TONY ADDRESS: Vacancy rates are now quarter. other submarket as the financial —theresa agovino heading in the right direction on Park Avenue. Perella adds third floor at GM Bldg.

perella weinberg partners is expanding its footprint at the Gener- al Motors Building by adding another floor to the two it already leases in the trophy tower at 767 Fifth Ave. The asset management and advisory firm inked a deal to lease the entire 10th floor, roughly 40,000 square feet. It already leases the fourth and fifth floors,according to CoStar Group.John Powers,chairman of the New York tristate region of CB Richard Ellis Inc., con- firmed that there is a deal but declined to divulge any specifics. He is on the team that leases the building. A spokeswoman for Perella Weinberg didn’t have an immediate comment, and its broker didn’t return a call. According to CoStar, Perella Weinberg’s existing lease for the two floors runs until 2021, and rents in the building average $70 a square foot. However, rents at the marble- clad tower overlooking Central Park—especially on the upper floors—routinely reach triple digits. —theresa agovino Bobby Van’s fires up Times Sq. outpost tourists visiting Times Square no longer have to trek up to West 50th Street to feed their steak craving. Bobby Van’s Steakhouse recently signed a 15-year lease for 3,150 square feet at 120 W. 45th St. This will be the 41-year-old restaurant chain’s fifth Manhattan outpost; it will replace former tenant My Most Favorite Dessert.The asking rent was $125 a square foot. “Times Square rents have been GROW YOUR BUSINESS IN THE WORLD’S pretty healthy still,” says Steven Durels, director of leasing and real property at landlord SL Green Re- FASTEST-GROWING MARKETS. alty Corp. Mr. Durels is currently marketing 1515 Broadway,where he expects ground floor rents to trade “north of $1,000 a square foot.” THE #1 U.S. AIRLINE TO ASIA Since the new Bobby Van’s will be about half the size of the eatery’s other locations, the restaurant, With the most destinations across the Paciﬁc of any U.S. airline, it’s easy to build your business which includes sidewalk seating, in 15 Asian markets. As the world’s largest airline, we’re proud to say the opportunities for you will offer a pared down menu with and your business are always expanding. a grill focus. It is expected to open for business by the end of the sum- Explore the possibilities with New York’s most global airline at delta.com mer. Mr. Durels represented SL Green.Bobby Van’s was represented Continued on Page 14

April 12, 2010 | Crain’s New York Business | 13 20100412-NEWS--0014-NAT-CCI-CN_-- 4/8/2010 8:47 PM Page 1

REAL ESTATE DEALS PLUS THAT SINKING FEELING Continued from Page 13 Realty represented tertainment in- Kent Swig in-house. Media Storm. dustry businesses —adrianne pasquarelli The firm is mov- of all sizes,” Mr. scores big lease ing into part of the Pizer said in a $1.84B Media Storm 10th floor of the statement. “Me- in a rare bit of good news for de- Value of securitized NY area 12-story, 311,000- dia Storm caters veloper Kent Swig, the New York commercial mortgages delinquent consolidates ops square-foot Trinity- to these indus- Liquidation Bureau inked a as of February 2010 owned building. tries, and so the 115,000-square-foot lease at one of advertising firm Media Storm Media Storm is re- neighborhood his buildings, 110 William St., market has signed a 10-year lease for 12,700 locating from 134 was a natural fit.” sources say. square feet of space at 10 Hudson Spring St., where it Other tenants The bureau, which acts as the re- Square. The asking rent was in the occupied 2,500 at 10 Hudson ceiver and liquidator for insolvent or 10 Hudson Square +290% mid-$30s per square foot. square feet of space, Square include impaired insurance companies on Change from February 2009 Jason Pizer, senior vice president and from several lo- WNYC, Heart- behalf of the state’s Superintendent of real estate leasing for Trinity Real cations in Connecticut. beat Digital,Princeton Review,Sem- of Insurance, leased all of floors 15 Source: Realpoint Estate, represented the landlord, “Hudson Square has established aphore Partners and Bouley Market. through 17, plus part of the 18th while Simone Lillian from Sinvin itself as a center for creative and en- —james comtois floor. Asking rent for the deal was $39 a square foot.The company will likely move this summer from its current home at 123 William St. Jones Lang LaSalle brokers Pe- ter Hennessy and Scott Cahaly represented the bureau. Swig Equities was represented in-house. None of the brokers could be reached for comment. RUN YOUR Mr. Swig owes a wide array of creditors more than $50 million in connection with several failed projects. He has been working on form- ing a real estate investment trust as part of a strategy to repay them.The BUSINESS. idea is to pool some of Mr. Swig’s properties into a REIT, distribute shares to creditors and take the company public, sources said. DON’T RUN —theresa agovino New entry in TO THE BANK. burger wars queens-based Bare Burger is following in the footsteps of larger ri- • FREE High-Performance TD Bank vals including Five Guys, Brgr and New York Burger, and sinking BusinessDirect Online Banking its teeth into the Manhattan market. The year-old Astoria-based • Real-Time Information company recently signed a 10-year lease for 1,850 square feet on the & Transactions ground floor,plus the 3,500-square- foot basement, at 535 LaGuardia • E-Statements & Check Images Place, between Bleecker and West Third streets. The space, which • Tiered Levels of Access includes a 700-square-foot outdoor eating area, is expected to open • ACH, Wire & this summer. The asking rent was near $127 a Bill Payment square foot,which represents a mere 10% drop from levels of two years ago. Brokers estimate that rents have held up well in the area because of its proximity to New York University. The space, which was THREE YEARS IN A ROW! formerly occupied by a bar and res- “Highest in Customer Satisfaction with Small Business Banking” taurant, generated considerable in- – J.D. Power and Associates terest when it hit the market. “[Bare Burger] wants to be by all the students,” says Amira Yunis, the Newmark Knight Frank Retail Visit your nearest TD Bank, connect to www.tdbank.com broker who, along with colleague or call 1-888-751-9000 and open a business account today. Zach Winkler, represented both Bare Burger and landlord NYU.She explained that at $9 to $11 per sandwich,the new eatery’s offerings appeal to both cash-strapped students and budget-minded consumers.“This is an affordable meal,” Ms. Yunis notes. “If anything, their business is better than it was.” In order to differentiate itself from the ever-increasing number of competitors, Bare Burger offers more than just beef—it also sells

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

14 | Crain’s New York Business | April 12, 2010 20100412-NEWS--0015,0016-NAT-CCI-CN_-- 4/8/2010 2:23 PM Page 1

SMALL BUSINESS INSIDE Why entrepreneurs are taking the plunge and hiring again PAGE 16 Snagging free cash through government incentives, grant applications— and elbow grease PAGE 18 Stop sitting on the fence With the economy on the cusp, serial entrepreneurs say now is the perfect time to start a business punchstock

Most recently, he co-founded FlexiSphere last May the earliest before the local economy begins to grow again. BY ANNE FIELD to sell cloud-computing systems to financial services Certain serial entrepreneurs argue that when a recov- companies. He expects the business to have more than ery is in sight, it’s prime time for starting a company— DOUBLE-DIP RECESSION? Painfully slow growth? The problems $1 million in revenue by the end of the year. though almost everyone else is too nervous to jump off that many would-be entrepreneurs fear the most are go-ahead “I like starting a business in a bad economy,” Mr. the fence. Yes, there’s still a drought in the credit mar- signals for some serial entrepreneurs. Saleh says. “You begin when things are tough, then po- kets, but starting off in such an environment helps busi- sition yourself to grow when they turn around.” nesspeople establish the discipline to build a lasting,sell- Thomas Saleh launched five of his six New York-based The length and depth of this recession and the uncer- able organization, they say. startups in uncertain economic times. He began with Applied tain outlook have made many prospective entrepreneurs “I really believe that when times are tough is when Logic, a managed services provider, which debuted in late 1978 especially skittish about taking the plunge. Startups the best entrepreneurs emerge,”says Miles Spencer,who amid skyrocketing inflation and interest rates. Mr. Saleh sold launched nationwide in the first six months of 2009 num- launched three of his seven businesses during rocky eco- bered 348,000, down from 406,000 the year before, the nomic periods. “It’s trial by fire.” the firm to Raytheon in 1980, when it had about $4 million in Bureau of Labor Statistics says.While there are a few signs He and other serial entrepreneurs succeeded in start- revenues, for an undisclosed sum. of renewed activity,economists say,it’s likely to be 2011 at See STOP FENCE-SITTING on Page 16 FROM THE HORSE’S MOUTH: ADVICE FROM THOSE WHO’VE BEEN AROUND THE TRACK A TIME OR TWO

Edward Hoofnagle Thomas Saleh DK Smith Miles Spencer Robert Tuchman “If your service is “It’s difficult to sell a “My businesses were “You need a peanut- “Starting a business in pricey, see if you can sell disruptive idea in a totally self-funded. That’s butter-and-ramen mind- a difficult economy is a it in smaller pieces, so stable economy. During important in an uncertain set. What do you need to good way to get ready for the sticker price isn’t too difficult times, economy.” survive? What you made the good times. The key is big.” management is required “Keep your overhead before is irrelevant.” building something solid.” “You can’t labor over hard decisions. If to find something that’s better, faster down until you absolutely have to “When you have just a little bit of “Your goals are not as grandiose as you do, you might not be around for long and cheaper—and that’s when increase it.” capital, you don’t blow it on silly things. they might be at other times, and that’s after you’ve made them.” disruptive technology can take hold.” Atlanta Commercial You don’t get lazy.” a good thing.” CreditDimensions/2001 Holding Erevu/2001 Formed to buy and Photography/1992 Photography Equity Interface/2008 Platform for TSE Sports & Entertainment/1995 company restructure the assets of three startups company commercial real estate developers Sports marketing AdGlobal360/2010 Internet FlexiSphere/2009 Cloud-computing Interactive Biz/2000 E-commerce My Bailiwick/2009 Crowd-sourcing Instructional Sports Network/2002 marketing systems and search optimization platform Internet-based children’s videos Firms listed are those most recently founded.

April 12, 2010 | Crain’s New York Business | 15 punchstock 20100412-NEWS--0015,0016-NAT-CCI-CN_-- 4/8/20102:23PMPage2 Stop fence-sitting A few owners start hiring Fairer skies ahead? 16 hire over thenextsixmonths,accord- York’s smallbusinessowners planto Twenty-five percent ofNew back. some entrepreneurs them bringing a tempered doseofoptimismhas but 160,000 jobssinceAugust 2008, plans todoubleherstaffthisyear. von Tobel Ms. ward of$5.5million. 200,000 visitorsandhasraisedup- hashadmore than in November, von Tobel launched nance siteMs. personal-fi- the female-focused LearnVest.com, off. ging ispaying shesaid. should zag,” her own business. a five-yearleaveofabsencetostart shetook BusinessSchool, Harvard Theninherfirstyearat decision. von Tobel unorthodox madearather Alexa 2008, lapsed inSeptember when lehmanbrothers BY KIRA BINDRIM Continued fromPage15 gambling ongrowth say entrepreneurs offers opportunity, This labormarket company,which hadgrown toabout company,which Hoofnagle. Mr. flow,”says togiveuscash most likely andfocusedonsomething and skills experience. vious operating hadpre- they at which offirm type lished financialcompanies—the toestab- services viding technology meantpro- for theirexpertise.That abletopay to focusonstableclients to tapsome100venturefirms. capital tried Hoofnagleunsuccessfully Mr. ofraisingmoney.did thepossibility as up, theirmarket dried the crash, Butafter firm. stakeineach equity andthentakean companies grow, innovative planned tohelpsmall, services, ence infinancialandtech hesays. opened ourdoor,” with adownturn assoonwe “We were slapped four partners. co-founded eBusinessware with EdwardHoofnagle market crash, beforeright FLIP SIDE DOWNSIDE economy’s negativeaspects. ontheflipsidesof concentrating by era ing businessesinaturbulent that generate cash flow. vanish. | The city haslostmore than The city zag- yearslater, thantwo Less you zigs, everyone “When It worked. In 2007, they soldthe they In2007, It worked. “We lookedatourbackground todo? routeWhat was The only whohadexperi- The partners, Crain’s New York Business You’ll focus on ideas Venture capitalists the April 2000stock the April | 2 2010 12, April col- ieepoes n s von Tobel andMs. time employees, be abletotakeonthree orfour.” mightonly tenpeople,they of hiring “Instead President RonaldReagan. oflaborunder assistant secretary as whoserved grisani Turnarounds, executive ofNew York-based An- chief saidAlAngrisani, a recovery,” in mightnormally people thanthey businesses are goingtohire fewer todoso. else istoonervous tobulkupwhileeveryone strategy ofadeliberate aspart in somecases taxesandhealthcarereform,and cal lo- minimumthe federal wagehike, ing costsassociatedwith ontheris- withoneeye ly, ing are doingsocautious- those thateven Bulking up two years. 103,000 jobsover thenext slightgainof tively itexpectsarela- March, es willpeteroutbytheendof Budget Officepredicts thatjobloss- Though thecity’s Independent sky. cloudy fairly ver lininginastill by CapitalOneBanklastmonth. released survey ing toaMarket Pulse expenses. habit of keeping a cap on little debt. revenue ofabout$30million. Thebusinessnow has based MGL. toNew Delhi- 1,000 employees, notes Robert notes Robert Tuchman. more attentiontothebottomline,” “you havetopay difficult economy, Ina of thegameisbuildingsales. in abooming economy FLIP SIDE DOWNSIDE hesays. Superman,” licensing after tochase the money “We didn’t have own savings. ners’ $250,000 from angels andthepart- they’dcause about amassedonly be- astic-tac-toe,partly games,such phone cellular ners decidedtosell andhispart- Spencer Mr. example. asan mobile game-makerCellufun funding. doesn’tthat simply require alotof acompany it’s wisetostart Spencer, Mr. says For thatreason, bootstrap. needto you’ll alotofmoney, to raise since you’re not FLIP SIDE DOWNSIDE is slow. available. LearnVest has11full- currently questionis whether small “The Those entrepreneurs seethesil- esol nw r Tuchman Mr. He shouldknow. He pointstoManhattan-based REPORT SMALLBUSINESS You’ll acquire the You’ll end up with Revenue growth There’s no credit are hir- going tobeable thename , so far this year so farthis Kitchen at Energy sales same-store INCREASE 27% gy Kitchen,is makingthedownturn Kitchen,is gy CEO ofhealthy Ener- eatingchain to hit$2millionthisyear. are Revenues expected instructors. plans tohire new more thanadozen Rose place thismonth—andMr. takes markets—its firstinDubai said. andrespond toe-mail,”he calls and thengohometoanswerphone ny from afriend’s couch. andlaunchedhiscompa- apartment soldhis from hisarchitecture job, Rosewaslaidoff whenMr. 2009, from January That’s afarcry id pace. but wealreadythe channels have, editors. marketers and salespeople, velopers, Web including de- staffers, 10 new She’s lookingforbetweeneightand plans todoubletheirranksthisyear. much money partners takeoutof partners much money down expenses bydetermininghow ny now hasrevenue of$75million. compa- it.The torun Global Sports PremierePfingsten thenformed more than$10 million. Chicago,for in firm equity aprivate Partners, stakein a majority TSE toPfingsten Tuchman Mr. wasabletosell 2006, in Network succeeded.But al Sports when addingemployees. revenues withthepublications. thensplit the firm cost to TSE.The atno nounced inthepublications were which an- athletic events, createdfor They specialpackages magazines. nerships withsports Tuchman’s part- teamformed Mr. forexample, stead ofplacingads, In- tight lidonmarketing expenses. buy afaxmachine.” thenwe’d wesoldenough, “If says. he before wepurchased anything,” hadrevenuesinplace ty.“We always toapay-as-you-go mentali- hewed Network. Sports Instructional man launched attacks,Mr.Tuch- from theSept.11 reelingwhile theeconomywasstill And in2002, slowed substantially. when gross domesticproduct had just marketing firm, asports ment, started &Entertain- TSE Sports he Two yearslater, 1991 recession. hadn’t rebounded from fully the whentheeconomystill in 1993, co-founded sports Web siteIvyball in nhn en,founderand Anthony Leone, GES now holdsseminarsin27 “I’d foreighthours class teach “We’re ineachof hiring basically Mr. Spencer advisestamping Spencer Mr. norInstruction- Neither Ivyball Mr.Tuchman alsomoved slowly hekeptaparticularly At TSE, Tuchman Mr. firm, each With Zach Rosetohire atarap- Zach forced ChiefExecutive has tal Designcertification andEnvironmen- Energy in demand forLeadership sustainable designtraining, whichprovides Services, she said. each ofthemisgrowing,” At Green Education are up 27% so far in 2010,and heex- are up27%sofarin2010,and sales Same-store Upper West Side. isfinalizinga10thonthe Leone and Mr. posts inNew York City, said. he intoughtimes,” especially times, “i want toexpand Labor pool is great additional staffers. discounts andmanagedtotakeon hehassecured 20%rent last year, Inthe work forhisexpansionplans. ment butremains ashareholder. initsmanage- no longerinvolved is Spencer Mr. inrevenue. million gotmore equity.less cash Thosewhogot Spencer. ing toMr. accord- needed inordertosurvive,” on co-founder much each “how Theexercise helpedthemfocus es. expens- meet hispersonalmonthly theamountheneededto wrote each and table, satathiskitchen partners heandhistwo ofCellufun, startup the2002 During the company. you have just a little cash. deals and other opportunities, if work,they could start a new compa- anew couldstart work,they enough research and development a bargain-basementprice. at were thetechnology tosell willing consultants thestruggling in cash, ate tounloadassetsinorderbring and tradingoperations.Desper- risk tobanks’ data managementsupport toprovideoped thebasicsoftware haddevel- an interesting idea.They group ofcomputerconsultantswith across a came gle andhispartners 2001,Mr.Hoofna- arethey risky.In if even down, ties toogoodtoturn terms withsuppliers. deals from rent cheaper tofavorable toseek Use thattoyour advantage, else. soiseveryone you’re hurting, Butif clients. not besigningonnew you might adownturn, during FLIP SIDE DOWNSIDE finance finance Web site. a start personal- business school to absence from took a leave of von Tobel Alexa RISK-TAKER: Energy Kitchen hasnineout- Kitchen Energy The companynow hasover $2 His teamfigured that with Be onthelookoutforopportuni- You can find abundant Prices are falling. during tough during ra, hesaid. great,” employees now iseasierthanever. finding Hesays the East Village. and SoHo iseyeing York,Mr.Leone inNew necticut andPhiladelphia; Con- D.C., ing in Washington, open- haslocations Kitchen Energy addition totheUpper West Side, In now stores. lookingtostaffnew officebutis ployees inhiscorporate up12.5%from 2009. this year, pects revenuestoreach $9million broader client base. attention to developing a $4 million. todayis Revenue ter circumstances. longer thanitmighthaveunderbet- op theproduct—roughlyfourtimes Hoofnagle. Mr. says unique,” thesoftware. todevelop mensions, CreditDi- company, formed anew R&D. flow from eBusinessware tofund theywouldusecash it tobanks.And while eBusinessware wouldlicense ny thatwouldown thesoftware, il, hesays. bills,” paythe lars andsomethingthatcan tween hundreds ofmillions ofdol- earlier.won ayearortwo the six-figure dealshemighthave ratherthanseek $50,000 aproject, as he’d acceptwork at$5,000to long topayforhisservices,as willing He hadnotrouble finding clients big ones. dealsinsteadofafew small firm—he washappytosignalotof and search-optimizationconsulting e-commerce aQueens-based Biz, ed histhirdcompany—Interactive mightatothertimes. they have asmuch moneytospendas cash-strapped customers FLIP SIDE DOWNSIDE spending is still low. “The laborpool outthere is “The addedem- recently Leone Mr. It took about two yearstodevel- It tookabouttwo was “We theopportunity knew and boughtthetechnology They Revenue isaround $1million. Revenue there’s realized “I be- abigrange start- whenDKSmith In 2000, You can turn your Big-company don’t

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REPORT SMALL BUSINESS

HOW-TO Stake out free money

getting a grant undoubtedly beats and federal incentives and grants us- One grant form borrowing. ing the Incentives Estimator on the stymied a Harvard “In this economy, you have to be NYC Business Express Web site creative,” says Mr. Lichtenstein. (www.nyc.gov/businessexpress). MBA. The $57,000 While going after government “This is something you used to ORGANIC payoff was worth it incentives, grants and contest prize need an accountant or lawyer to get GROWTH: money can take a fair amount of through,”says David Margalit,dep- Jeff Lichtenstein work,the payoff can be considerable uty commissioner of the city’s De- (left) got almost BY ELAINE POFELDT $57,000 in if you secure them. partment of Small Business Services. grant money to For instance, the Hiring Incen- Programs include the city’s In- help automate eff lichtenstein didn’t tives to Restore Employment Act, dustrial Business Zone Relocation Gourmet Guru. win the lottery.But he did the which the president signed on Tax Credit, a credit of up to next best thing in this tough March 18, eliminates the 6.2% So- $100,000 for firms that move into climate for small business fi- cial Security tax for a new hire for any of 16 areas.

nancing: He secured free the rest of 2010—up to $6,621 per Don’t rely on a quick Web search buck ennis Jmoney from the city govern- employee—if the employee was alone. Call the SBS at 311 for indi- ment to help him grow his previously unemployed for at least vidualized help, to determine if We had two people working on it, the nonprofit Industrial and Tech- business. 60 days. There’s also a new $1,000 small changes at your business including a Harvard MBA.” nology Assistance Corp.’s periodic In September 2009, his compa- credit for keeping each such indi- would enable you to go after more FUNDamentals workshops, where ny, Gourmet Guru—a Bronx dis- vidual on payroll for up to a year. funding.There are also private con- TIP THREE you can get a crash course in how to tributor of natural, organic and arti- “These provisions are extremely sultants who specialize in helping Get outside help. apply for government funding pro- sanal deli meats, bakery and dairy important to many new businesses, businesses cash in on government grams.ITAC also offers free,one-on- products—won $56,947 in NYC particularly in today’s economic cli- incentives; word-of-mouth recom- if you don’t understand why cer- one help on your grant application. Business Solutions Training Funds. mate,” says Michael A. Gillen, di- mendations are the best way to find tain questions are being asked on “You have to be prepared to sell The grant will pay for employee rector of Duane Morris’ Tax Ac- a good adviser. government grant applications, you the value of your idea,” says Colleen training and software to help counting Group. may not answer them effectively, Gibney, ITAC’s technology project Gourmet Guru automate inventory Here are some tips on how to TIP TWO says Andrew Chepaitis, chief exec- manager. “This is public venture control and other processes. claim your share of the free money. Clear the decks. utive of ELIA Life Technology Inc. capital.” His company didn’t get a check The firm has received four federal Should a grant require you to in the mail just for being a promis- TIP ONE don’t expect to bang out a grant Small Business Innovation Re- find a partner,such as a university or ingsmall business.The city program Put yourself in the running. application in a weekend.Complet- search grants, worth $90,000 to small subcontractor, ITAC can help required Gourmet Guru, a 14-year- ing the forms usually takes three $300,000 each,to cover R&D for an you make connections. old firm that brought in more than the idea of securing money you weeks to several months, by most alternative alphabet to braille and $18 million in sales last year, to put don’t have to pay back may seem too accounts. related technologies. TIP FOUR up nearly $33,000 in matching good to be true,but don’t reject it out “Definitely have a team in place “One of the best ways to avoid Manage your cash flow. funds—and Mr. Lichtenstein of hand.Businesses can determine if to do it,”advises Mr.Lichtenstein of critical errors that would result in thinks he’s likely to spend more.But they qualify for any of 44 city, state Gourmet Guru. “It was laborious. your grant being rejected is to talk to as you might have noticed,gov- people who have won grants,”advis- ernment moves slowly. So if you do es Mr. Chepaitis, who now does get grant money,don’t expect it to ar- grant reviews for the National Insti- rive in your mailbox overnight. Mr. tutes of Health as a volunteer. Lichtenstein said in early March, You should also consider hiring a seven months after his award, that specialized communications firm, if he had yet to receive the money. you don’t have someone on staff “You have to prepare yourself with experience in grant writing. mentally—and financially—for that You may want to attend events like wait,” he says.

PRIZE PATROL: A CONTEST RUNDOWN

“ ANOTHER SOURCE OF FREE MONEY is contests, which are proliferating. The odds are long for many of them, especially the largest—but the upside is that “ applications are usually much less onerous than those for grants. Here are some contests open to New York City entrepreneurs. “DREAM BIG” SMALL BUSINESS OF THE YEAR AWARD. Run by the U.S. Our ofﬁce property enhances Chamber of Commerce and sponsored by Sam’s Club, this competition offers our intellectual property. a $10,000 cash prize to a small business with less than $20 million in sales and fewer than 250 employees. Applicants are judged on their staff training and motivation, community involvement, customer service, and business strategies and goals. Deadline: early January 2011. www.uschambersummit.com/about-award MAKE MINE A MILLION $ BUSINESS RACE. Sponsored by American Express, this annual competition for female entrepreneurs across the country awards a $100,000 grand prize. Deadline: to be determined. Last year’s deadline was in September. www.makemineamillion.org/race When it comes to business, NEW YORK CITY NEXT IDEA 2010.The Economic Development Corp. is we speak your language at 125 Broad Street. awarding $20,000 to a graduate school team and $15,000 to an undergraduate team, plus a free stint in one of the city’s business incubators, Your custom-built office environment awaits you at 125 Broad Street in the Financial District. Everything a in this business plan contest. Registration deadline: Oct. 1. business could ever want (like 24/7 security and backup power) is right here. Plus, the incredible location offers www.nycedc.com/BusinessInNYC/ForInternationalBusinesses/ the convenience and culture every professional desires. It’s your ideal opportunity to move up to Downtown. NYCNextIdea/Pages/NYCNextIdea2010.aspx THE PACE PITCH CONTEST. Open to the general public, this annual contest 15,000-310,000 sf available Premier location, spectacular views at Pace University awards two $25,000 prizes—one to an entrant with the best new business concept and one to a social venture. To win, an entrant has Get Contact Christopher DeLorenzo at 201.986.1463 or to deliver the best elevator pitch. Deadline: Oct. 22. busy. Mark Ravesloot at 212.984.6667 or visit www.125broadstr.com. www.pace.edu/pace/lubin/departments-and-research-centers/ entrepreneurship-lubin/pace-pitch-contest/ Exclusive leasing agent www.mack-cali.com

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

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

2009 loan types (% of each) 2009 nonperforming loans Non- !!# ! ! !# !# Commercial residential "! ! # # ! # # # # & industrial 1 Consumer " 2 Residential 3 real estate 4 ! # # !

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20 | Crain’s New York Business | April 12, 2010 20100412-NEWS--0021-NAT-CCI-CN_-- 4/8/2010 6:42 PM Page 1

FINANCIAL New York Area’s Largest Thrifts 2009 loan types (% of each) 2009 nonperforming Ranked by total assets Non- $" " loans Com-residential !$ #" $!!"! $!!"! "$ "$ mercial & Con-Resi- real !" $ " $!" $ ! $ ! $ ! $ !industrial 1 !#sumer2 dential!3 estate ! 4 " $ $ !!"!

7(521-6;!%8-1+5%1. ,2@A 2;AB?F'<.1 DDD 50@/<;96;2 0<: &.?.:B@$ )9$24.20071-6;%1. #2??608C2 DDD :F;F0/ 0<: ,2@A/B?F$- 5624-%)()4%/!%8-1+52%1552'-%6-21 @A

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April 12, 2010 | Crain’s New York Business | 21 20100412-NEWS--0022-NAT-CCI-CN_-- 4/8/2010 6:43 PM Page 1

FINANCIAL

2009 loan types (% of each) 2009 nonperforming Non- $" " loans Com- residential !$ #" $!!"! $!!"! "$ "$ mercial & Con- Resi- real !" $ " $!" $ ! $ ! $ ! $ !industrial 1 !#sumer2 dential! 3 estate ! 4 " $ $ !!"!

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22 | Crain’s New York Business | April 12, 2010 20100412-NEWS--0023-NAT-CCI-CN_-- 4/8/2010 6:43 PM Page 1

FOR THE RECORD

insurance company separate account STOCK TRANSACTIONS $1,385,025. On the same day, he sold synthetic guarantee investment 45,000 shares of common stock at ABOUT THIS SECTION contracts. Contact Georgette Gestely at Following are recent insider transactions at $47.60 in a transaction worth FOR THE RECORD is a weekly listing of information from the public record that (212) 306-7376 for questions regarding New York’s largest publicly held companies $2,142,086. He now directly holds this bid. filed with the Securities and Exchange 20,706 shares. can help businesspeople in the New York area find opportunities, potential Commission by executives and major new clients and updates on competitors. shareholders. Listings are in order of G Becton Dickinson & Co. (BDX) To ask questions or get more information on this section, contact Denise REAL ESTATE DEALS transaction value.The information was Henry P.Becton, lead director, sold Southwood at [email protected]. obtained from Thomson Reuters. 47,320 shares of common stock at Companies that would like to have details $78.46 on March 26, in a transaction of their recent transactions appear in these G J.P. Morgan Chase & Co. (JPM) worth $3,712,727. He now indirectly listings should e-mail descriptions James Dimon, chairman, president and holds 1,425,670 shares. following this format to chief executive, exercised options on BANKRUPTCIES 10:30 a.m. on April 29 for the [email protected], with “Real 862,835 shares of common stock at G Omnicom Group Inc. (OMC) reconstruction of asphalt ball fields and estate transaction” in the subject line, or $42.62 on March 25, in a transaction Thomas Carroll, president and chief The following listings are selected from the the construction of a perimeter fence in enter them online at worth $36,774,028. executive of TBWA Worldwide, most recent available filings by companies the Bronx. For questions regarding this crainsnewyork.com/submitadeal. Deals are exercised options on 80,000 shares of seeking bankruptcy protection in the bid, contact Juan Alban at (718) 760- listed in order of square footage. G Leucadia National Corp. (LUK) common stock at $31.18 between Southern and Eastern Districts of New 6771 or [email protected]. Joseph S. Steinberg, president and March 24 and March 25, in a York. Information was obtained from U.S. OFFICE director, sold 1,000,000 shares of transaction worth $2,494,000. During Bankruptcy Court records available on G Health and Hospitals Corp. G Kellwood Company signed a five-year common stock at prices ranging from the same period, he sold 80,000 shares at Public Access to Court Electronic Records. Requests competitive sealed bids by 2 lease for 43,400 square feet at 1441 $24.94 to $25.16 between March 29 and $40.00 in a transaction worth Listings are in alphabetical order. p.m. on April 27 for the furnishing and Broadway, a 34-story, 550,000-square- March 31, in a transaction worth $3,200,064. He now directly holds installation of roof materials, flashing, foot building owned by Lechar Realty $25,063,002. He now indirectly holds 25,091 shares. G Bu Yao Pa insulation and other miscellaneous Group.The design firm will occupy the 24,567,600 shares. 131-58 Maple Ave., Flushing materials. Mandatory prebid walk- entire sixth and seventh floors of the G John Wiley & Sons Inc. (JW.A) Filed for Chapter 11 bankruptcy throughs are scheduled for April 15 and building. Nicola Heryet, Mark Boisi and G New York Times Co. (NYT) William J. Pesce, president, chief protection on March 26. The filing cites April 16 at 10 a.m. at Elmhurst Hospital Stephen Bellwood of Cassidy Turley Harbinger Capital Partners Master executive and director, exercised estimated liabilities of $1,000,001 to Center, 79-01 Broadway, room #Bb-11, represented the tenant in the transaction, Fund sold 1,500,000 shares of common options on 107,100 shares of common $10 million and estimated assets of Queens. Interested parties need to while Amanda Bokman and Anthony stock at $11.20 on March 26, in a stock at $24.95 between March 24 and $100,001 to $500,000. Among the attend one of them. Contact Aurelio Dattoma of CB Richard Ellis represented transaction worth $16,800,000. It now March 26, in a transaction worth creditors with the largest unsecured Morrone at (718) 883-6000 or subletting landlord Liz Claiborne.The indirectly holds 16,886,800 shares. $2,672,145. Between March 24 and claims are Nishimaru Inc., owed [email protected] for more asking rent was not disclosed. March 25, he sold 68,400 shares of $14,534; and Ever Fresh Produce Inc., information. G Tiffany & Co. (TIF) common stock at prices ranging from owed $7,310.35. G Metropolitan Telecommunications Michael Joseph Kowalski, chairman and $42.24 to $42.43 in a transaction worth G School Construction Authority signed a 14-year, 33,000-square-foot chief executive, exercised options on $2,894,441. He now directly holds G Synergy International Optronics Seeks competitive sealed bids by 11 a.m. sublease at 55 Water St., a 54-story, 3.8 100,000 shares of common stock at 968,542 shares. 3 W. Beech St., L.I. on April 15 for concrete paved areas in million-square-foot building owned by $32.47 on March 31, in a transaction Filed for Chapter 11 bankruptcy the Bronx. For more information Legg Mason. Barrett Stern of Grubb & worth $3,247,000. On the same day, he G Vornado Realty Trust (VNO) protection on March 31. The filing cites regarding this solicitation, contact Ellis represented the tenant in the sold 100,000 shares of common stock at Russell B. Wight, trustee, sold 30,000 estimated liabilities of $500,001 to $1 Ricardo Forde at (718) 752-5288 or transaction, and Ken Rapp, Chris $47.56 in a transaction worth $4,755,850. shares of common stock at prices million and estimated assets of [email protected]. Mansfield, Mike Rizzo and Freddy He now directly holds 364,045 shares. ranging from $76.38 to $77.96 between $1,000,001 to $10 million. Among the Fackelmayer from CB Richard Ellis March 25 and March 29, in a creditors with the largest unsecured GOODS AND SERVICES represented the landlord. The asking Patrick B. Dorsey, senior vice president, transaction worth $2,310,567. He now claims are Ruoff & Sons Inc., owed G Department of Citywide Administrative rent was $35 per square foot. general counsel and secretary, exercised directly holds 6,516,500 shares. $277,392.60; and Nivi Systems Services options on 63,250 shares of common Industries, owed $194,160. Seeks competitive sealed bids by 10:30 G Intralinks extended and expanded its stock at prices ranging from $23.00 to G WebMD Health Corp. (WBMD) a.m. on April 26 to furnish and install lease at 150 E. 42nd St. for another 10 $40.15 on March 25, in a transaction Wayne Thomas Gattinella, chief G 80-20 Realty Management Inc. carpet broadloom. For questions years. The company will now occupy an worth $2,258,045. On the same day, he executive, sold 45,800 shares of 8 Waverly Ave., Brooklyn regarding this solicitation, contact Anna entire 45,000-square-foot floor at the sold 63,250 shares at $47.59 in a common stock at prices ranging Filed for Chapter 11 bankruptcy Wong at (212) 669-8610 or 42-story, 1.8 million-square-foot transaction worth $3,010,163. He now from $46.19 to $46.56 between protection on March 26. The filing cites [email protected]. building owned by Hiro. Adam Foster, directly holds 28,505 shares. March 19 and March 26, in a estimated liabilities of $1,000,001 to Matthew Jacobs and Chris Mansfield of transaction worth $2,122,089. On $10 million and estimated assets of G Department of Correction CB Richard Ellis represented the tenant John S. Petterson, senior vice president March 30, he sold 9,000 shares of $500,001 to $1 million. Among the Requests competitive sealed bids by in the transaction, while Scott Gottlieb of operations, exercised options on common stock at prices ranging from creditors with the largest unsecured 11 a.m. on May 5 for maintenance and Ed Goldman and Rocco Laginestra, 45,000 shares of common stock at prices $46.11 to $46.20 in a transaction claims is Schia H. Teitelbaum, owed service to refrigeration systems and also from CBRE, represented the ranging from $25.85 to $34.02 on worth $415,028. He now directly holds $250,000. equipment. For more information, landlord. The asking rent was not March 25, in a transaction worth 137,955 shares. contact Cassandra L. Dunham at disclosed. (718) 546-0766. GOVERNMENT CONTRACT G Rosewood Hotels & Resorts has OPPORTUNITIES G Department of Parks and Recreation signed a 10-year lease for 5,700 DEALS ROUNDUP Seeks competitive sealed bids by 3 p.m. square feet at 330 Seventh Ave.,a Following are selected contract on April 16 for preventative 22-story, 240,000-square-foot TRANSACTION SIZE opportunities recently announced by New maintenance inspections for park- building owned by Super Nova 330 COMPANY (IN MILLIONS) BUYERS/INVESTORS TRANSACTION TYPE York City agencies.To learn how to sell owned vehicles in the borough of LLC. Bob Stella and Justin Halpern goods and services to city government, visit Queens. For further information, from CresaPartners represented the General Growth Properties Inc. $6,301.1 Brookfield Asset Management Inc., GCI www.nyc.gov/selltonyc. For a searchable contact Harold Wilson at (212) 830- tenant in the transaction. Neil Rubin of Fairholme Capital Management, Pershing database of current procurement notices, 7964 or [email protected]. Newmark Knight Frank represented the Square Capital Management (Manhattan) visit www.nyc.gov/cityrecord. Listings are landlord. The asking rent was not GuangDong Development $2,197.0 Citigroup Private Equity (Manhattan), GCI alphabetical by category and department. G Health and Hospitals Corp. disclosed. Bank Co. China Life Insurance Co., State Grid Corp. Requests proposals by 4 p.m. on April of China, Citic Trust & Investment Co. CONSTRUCTION SERVICES 30 for pharmacy benefits management OTHER HBO Latin America Group $217.0 Time Warner Inc. (Manhattan) (21%) SB M&A G City University of New York consultant services. For additional G Zengo Restaurant signed a 13-year, Hostway Corp. $110.0 Veronis Suhler Stevenson (Manhattan), GCI Seeks competitive sealed bids by 11 a.m. information, contact Kathleen Nolan 17,000-square-foot lease at 622 Third Phoenix Life Insurance Co. investment arm on May 5 for the renovation of a at (212) 908-8730. Ave., a 39-story, 870,000-square-foot Lianyungang Zhongfu Lianzhong $100.0 Goldman Sachs Group merchant GCI computer lab at Queens College. A building owned by Cohen Brothers Composites Group Co. banking division (Manhattan), Beijing mandatory prebid meeting and site visit G Housing Authority Realty Corp. The restaurant will occupy Hony Future investment Advisor Ltd., has been scheduled for 10 a.m. on April Requests competitive sealed bids by the ground floor. Jerome Ginsberg of the Jiangsu High-Tech Investment Group 20 at 65-30 Kissena Boulevard, April 21 for the installation and removal Lansco Corp. represented the tenant in The 100 Bishopsgate Partnership $65.2 Brookfield Properties Corp. SB M&A Flushing, room 257. For more of vinyl composition floor tile in various the transaction. The landlord was (G.P. 1) Ltd. (Manhattan) (50%) information, contact Michelle Bent sections of the five boroughs. Contact represented in-house by Charles Cohen. United Community Banks Inc. $65.0 Fletcher Asset Management Inc. GCI at (212) 541-0440 or Wanda Mealing at (212) 306-6619 for The asking rent was not disclosed. (Manhattan) [email protected]. more information about this bid. Enphase Energy Inc. $40.0 Bay Partners, Bridge Capital Holdings, GCI G Baker’s Footwear signed a 10-year, RockPort Capital Partners, Third Point G Department of Design and Construction G Metropolitan Transportation Authority 5,800-square-foot lease at 509 Fifth (Manhattan), Horizon Technology Finance Requests competitive sealed bids by Seeks competitive sealed bids by 3 p.m. Ave., a 12-story, 59,000-square-foot Management, Madrone Capital Partners, 2 p.m. on May 4 for the completion of a on April 20 for a three-year requirement building owned by The Moinian Applied Ventures lightweight structure project at the of Tennant brand sweeper and scrubber Group. The new shoe store occupies Vidyo Inc. $25.0 Menlo Ventures, Rho Capital Partners Inc. GCI Staten Island Children’s Museum. A brushes. For questions regarding this 3,500 square feet of space on the ground (Manhattan), Sevin Rosen Funds, Star Ventures prebid conference will be held at 10 a.m. bid, contact bid administration at floor, 1,800 square feet on the Management GmbH, The Four Rivers Group on April 22 at 1000 Richmond Terrace, (646) 252-7094 or [email protected]. basement-level floor, and 500 square Telarix Inc. $20.0 Brown Brothers Harriman & Co. investment GCI Staten Island. For further information, feet of mezzanine space. Peter Botsaris arm (Manhattan), Edison Venture Fund contact Ben Perrone at (718) 391-2614. G Office of Labor Relations of the Botsaris Morris Realty Group Selected deals announced for the week ended April 3 involving companies in metro New York. Seeks competitive sealed bids by 4:30 represented the tenant in the GCI: Growth capital investment represents new money invested in a company for a minority G stake. SB M&A: Strategic buyer M&A represents a minority or majority acquisition of existing Department of Parks and Recreation p.m. on May 18 for discretionary transaction, and Kimia Shadrokh shares of a company without the participation of a financial buyer. source: capitaliq Requests competitive sealed bids by management of traditional and represented the owner in-house.

April 12, 2010 | Crain’s New York Business | 23 nb15p24-25cl.qxp 4/9/10 3:08 PM Page 24

ACCOUNTING PUBLIC & LEGAL NOTICES

Notice of Formation of Gray Gull Notice of Formation of AMBROSIA Notice of Formation of a Limited 845 REALTY LLC, a domestic LLC. Articles of Organization filed CAPITAL LLC. Arts. of Org. filed with Liability Company (LLC): Name: Limited Liability Company (LLC) filed with Secy. of State of NY (SSNY) on Secy. of State of NY (SSNY) on NATIVE RESONANCE PRODUCTIONS with the Sec of State of NY on 03/05/10. Office location: NY County. 03/25/10. Office location: NY County. LLC, Articles of Organization filed 2/22/10. NY Office location: New SSNY designated as agent of LLC Princ. office of LLC: 10 W. 46th St., with the Secretary of State of New York County. SSNY is designated as upon whom process against it may 7th Fl., NY, NY 10036. SSNY desig- York (SSNY) on 01/28/2010. Office agent upon whom process against be served. SSNY shall mail process nated as agent of LLC upon whom location: New York County. SSNY the LLC may be served. SSNY shall to the LLC, c/o Robinson Brog process against it may be served. has been designated as agent of the mail a copy of any process against Leinwand Greene Genovese & Gluck, SSNY shall mail process to the LLC LLC upon whom process against it the LLC served upon him/her to P.C., Attn: Leonard B. Nathanson, at the addr. of its princ. office. may be served. SSNY shall mail a Sami Katri, 7 E. 14th St., Apt. 518, Esq., 1345 Avenue of the Americas, Purpose: Any lawful activity. copy of process to: C/O NATIVE NY, NY 10003. General purposes. FINANCIAL 31st Fl., NY, NY 10105. Purpose: any RESONANCE PRODUCTIONS LLC, lawful act or activity. P.O. Box 277 Lanesborough, MA SERVICES Notice of Formation of BRICK-RUN 02137. Purpose: Any Lawful Purpose. Notice of formation of limited liability SPORTS PHYSICAL THERAPY, Latest date upon which LLC is to company (LLC). Name: AUM CAPITAL, Notice of Formation of Egremont PLLC. Arts. of Org. filed with Secy. of dissolve: No specific date. LLC. Arts. of Org. filed with the Dept. Associates LLC. Arts. of Org. filed with State of NY (SSNY) on 10/24/06. of State of NY on May 05, 2009. Office NY Dept. of State on 2/24/10. Office Office location: NY County. SSNY loc., New York County. Secretary of location: NY County. Princ. bus. addr.: designated as agent of PLLC upon Notice of Formation of 129 West 29th State of New York (SSNY) is designat- 473 West End Ave., Ste. 8C, NY, NY whom process against it may be Street Nominee, LLC. Arts. of Org. ed as agent of LLC upon whom 10024. Sec. of State designated served. SSNY shall mail process to filed with Secy. of State of NY (SSNY) process against it may be served. agent of LLC upon whom process Gurjeet Chadha, 5800 Arlington Ave., on 12/4/09. Office location: NY The principal business location and against it may be served and shall Apt. 3M, Riverdale, NY 10471. County. SSNY designated as agent of address SSNY shall mail copy of mail process to: c/o Geringer & Dolan Purpose: Any lawful activity. LLC upon whom process against it process to is Paul Shin, 2 Rector St., LLP, 5 Hanover Sq., 3rd Fl., NY, NY may be served. SSNY shall mail 16th Fl., New York, NY 10006. 10004, Attn: Harold I. Geringer. process to: c/o Thor Equities LLC, 25 Management of the LLC shall be by Purpose: any lawful activity. Notice of Formation of LEROYAUME W. 39th St., NY, NY 10018. Purpose: one or more members. Purpose: To SERVICES, LLC. Arts. of Org. filed any lawful activity. engage in any lawful act or activity. with Secy. of State of NY (SSNY) on Notice of Registration of EPHRON- 4/17/09. Office location: NY County. MANDEL ALBIN & HOWARD, L.L.P., SSNY designated as agent of LLC NOTICE OF FORMATION OF ESK Notice of Formation of AVID Holdings a registered limited liability partner- upon whom process against it may be Capital Management LLC. Arts. of LLC. Arts. of Org. filed with Secy. of REAL ESTATE ship (RLLP). Cert. filed with Secy. of served. SSNY shall mail process to: Org. filed with Secy. of State of N.Y. State of NY. (SSNY) on 2/23/10. State of N.Y. (SSNY) on 1/19/2010. Corporation Service Company, 80 (SSNY) on 2/11/10. Office location: Office location: NY County. SSNY Office location: NY Cty. Principal bus. State St., Albany, NY 12207, registered New York County. SSNY designated designated as agent of LLC upon loc.: 299 Broadway, 17th Fl., NY, NY agent upon whom process may be as agent of LLC upon whom process whom process against it may be COMMERCIAL 10007. SSNY designated as agent of served. Purpose: any lawful activity. against it may be served. SSNY shall served. SSNY shall mail process to: LLP upon whom process against it mail process to: 10 E. 13th St., 5F, The LLC, c/o Rosemarie Ottomanelli, may be served. SSNY shall mail New York, NY 10003. Purpose: any 385 First Ave., Apt. 10F, NY, NY process to: The RLLP, 299 Broadway, Name: 58 WEST 70th STREET, LLC lawful activity. 10010. Purpose: any lawful activity. 17th Fl., NY, NY 10007. Purpose: Art. Of Org. Filed Sec. Of State of NY practice the profession of law. 02/04/10. Off. Loc.: New York Co. SSNY designated as agent upon LYNN HERMAN ASSOCIATES LLC, a Notice of Formation of 110th Street whom process against it may be domestic Limited Liability Company Holdings NY, LLC. Arts. of Org. filed NOTICE OF FORMATION OF CIVITAS served. SSNY to mail copy of process (LLC) filed with the Sec of State of NY with NY Dept. of State on 2/1/10. ENERGY ADVISORS, LLC. Arts. of to THE LLC, Attn: Ray Longwell, 58 on 1/22/10. NY Office location: New Office location: NY County. Sec. of Org. filed with the Secy. of State of W 70th St., New York, NY 10023. York County. SSNY is designated as State designated as agent of LLC NY (SSNY ) on 2/10/10. NY Office Purpose: Any lawful act or activity. agent upon whom process against upon whom process against it may location: NY County. SSNY is desig- the LLC may be served. SSNY shall be served and shall mail process to nated as agent upon whom process mail a copy of any process against the principal business addr.: c/o The against the LLC may be served. NOTICE OF FORMATION OF Global the LLC served upon him/her to The Olnick Organization, Inc., 135 E. 57th VISIT OUR WEBSITE SSNY shall mail a copy of any Agora, LLC. Arts. of Org. filed with LLC, 1763 Second Ave., NY, NY St., 22nd Fl., NY, NY 10022, Attn: Legal process against the LLC served Secy. of State of N.Y. (SSNY) on 10128. General purposes. Dept. Purpose: any lawful activity. CRAINSNEWYORK.COM upon him/her to The LLC, 201 East 1/19/10. Office location: New York 69th Street, #7S, NY, NY 10021. County. SSNY designated as agent Notice of Qualification of SOUND Notice of Qualification of LINDENKOHL Purpose: Any lawful activities. of LLC upon whom process against HARBOR CAPITAL LLC. Authority filed HOLDINGS, LLC. Authority filed with it may be served. SSNY shall mail with Secy. of State of NY (SSNY) on Secy. of State of NY (SSNY) on process to: 22647 Ventura Blvd., PUBLIC & Notice of Qualification of 1350 LLC, 03/29/10. Office location: NY County. 02/10/10. Office location: NY County. #323, Woodland Hills, CA 91364. App. for Auth. filed Sec’y of State LLC formed in Delaware (DE) on LLC formed in Delaware (DE) on Purpose: any lawful activity. LEGAL NOTICES (SSNY) 2/25/10. Office loc.: NY 08/21/09. Princ. office of LLC: Michael 12/11/09. Princ. office of LLC: 850 County. LLC org. in DE 10/26/99. J. Zupon, CEO, 12 E. 49th St., 36th Third Ave., 16th Fl., NY, NY 10022. SSNY desig. as agent of LLC upon Notice of Formation of JAC AND Fl., NY, NY 10017. SSNY designated SSNY designated as agent of LLC Notice is hereby given that a license whom process against it may be MARI LLC. Arts. of Org. filed with as agent of LLC upon whom process upon whom process against it may (#TBA) for Liquor has been applied served. SSNY shall mail copy of Secy. of State of NY (SSNY) on against it may be served. SSNY shall be served. SSNY shall mail process for by 157 Brick Oven LLC at retail, proc. to c/o Nat. Reg. Agents, 875 12/15/09. Office location: NY mail process to the LLC at the addr. of to the LLC at the addr. of its princ. in a Restaurant, under the ABC Law Ave of the Americas, NY, NY 10001, County. Princ. office of LLC: 22 its princ. office. DE addr. of LLC: c/o office. DE addr. of LLC: c/o at 157 2nd Ave., NY, NY 10003 for the Reg. Agt. upon whom proc. may River Terr., Apt. 17P, NY, NY 10282. Corporation Service Co., 2711 Corporation Service Co., 2711 on-premises consumption. be served. DE office addr.: 160 SSNY designated as agent of LLC Centerville Rd., Ste. 400, Wilmington, Centerville Rd., Ste. 400, Wilmington, Greentree Dr., Ste. 101, Dover, DE upon whom process against it may DE 19808. Arts. of Org. filed with DE DE 19808. Arts. of Org. filed with NOTICE OF FORMATION: Camden 19904. Cert. of Form. on file: SSDE, be served. SSNY shall mail process Secy. of State, Div. of Corps., 401 Secy. of State of DE, State of DE, and Cake LLC. Article of Organization Townsend Bldg., Dover, DE 19901. to the LLC at the princ. office of the Federal St., Dover, DE 19901. 401 Federal St., Dover, DE 19901. filed with SSNY on 1/29/2010. SSNY Purp.: any lawful activities. LLC. Purpose: Any lawful activity. Purpose: Any lawful activity. Purpose: Any lawful activity. has been designated as agent upon whom process against it may be served and shall mail a copy of any process against the LLC to the NEW Place your business card in Crain’s Business Connections YORK County LLC: 321 West 51st Street. NY, NY 10019. and reach New York City’s Top Level Executives BEIGE CAPITAL LLC Arts. of Org. filed with NY Sec. of State (SSNY) 12/3/2009. Office in NY Co. SSNY design. agent of LLC upon whom process may be served. SSNY shall mail process copy to: 1 Penn Plaza, Contact Ste. 4501, NY, NY 10119. Purpose: any lawful activity.

NOTICE OF FORMATION OF BNL John Gallagher Partners LLC Arts. of Org. filed with [email protected] NY Sec of State (SSNY) on 9/24/09. Office location: New York County. SSNY has been designated as agent of LLC 212.210.0189 upon whom process against it may be served. SSNY shall mail a copy of process to: Corporation Service Company, 80 State St, Albany, NY Let Crain’s New York Business help you secure new clients in 2010. 12207. Purpose: any lawful activity.

24 | Crain’s New York Business | April 12, 2010 nb15p24-25cl.qxp 4/9/10 3:16 PM Page 25

PUBLIC & LEGAL NOTICES

Notice of Qualification of HM Notice of Qualification of PRESTIGA Notice of Qualification of Balfour Notice of Qualification of JAMES Notice of Qualification of CENTRAL Infinitum LLC. Authority filed with FUNDING, LLC. Authority filed with Beatty Communities, LLC. Authority PASSIN LLC II. Authority filed with PARK REALTY NY LLC. Authority Secy. of State of NY (SSNY) on Secy. of State of NY (SSNY) on filed with NY Dept. of State on Secy. of State of NY (SSNY) on filed with Secy. of State of NY 3/2/10. Office location: NY County. 02/25/10. Office location: NY County. 2/1/10. Office location: NY County. 2/4/10. Office location: NY County. (SSNY) on 03/22/10. Office location: LLC formed in Delaware (DE) on LLC formed in Delaware (DE) on Princ. bus. addr.: 10 Campus Blvd., LLC formed in Delaware (DE) on NY County. LLC formed in Delaware 11/19/09. SSNY designated as 02/24/10. Princ. office of LLC: 210 Newtown Square, PA 19073. LLC 2/2/10. SSNY designated as agent of (DE) on 03/16/10. SSNY designated agent of LLC upon whom process Sylvan Ave., Englewood Cliffs, NJ formed in DE on 3/18/08. NY Sec. of LLC upon whom process against it as agent of LLC upon whom process against it may be served. SSNY 07632. SSNY designated as agent of State designated as agent of LLC may be served. SSNY shall mail against it may be served. SSNY shall shall mail process to: Davis & Gilbert LLC upon whom process against it upon whom process against it may process to: 2112 Broadway, Apt. 7B, mail process to c/o Corporation LLP, 1740 Broadway, NY, NY 10019. may be served. SSNY shall mail be served and shall mail process to: NY, NY 10023. DE address of LLC: Service Co. (CSC), 80 State St., Address to be maintained in DE: process to c/o Corporation Service c/o CT Corporation System, 111 8th c/o National Registered Agents, Inc., Albany, NY 12207-2543. DE addr. of 2711 Centerville Rd., Ste. 400, Co. (CSC), 80 State St., Albany, NY Ave., NY, NY 10011, regd. agent 160 Greentree Drive, Ste. 101, Dover, LLC: c/o CSC, 2711 Centerville Rd., Wilmington, DE 19808. Arts of Org. 12207-2543. DE addr. of LLC: c/o upon whom process may be served. DE 19904. Arts. of Org. filed with DE Ste. 400, Wilmington, DE 19808. filed with DE Secy. Of State, 401 CSC, 2711 Centerville Rd., Ste. 400, DE addr. of LLC: 1209 Orange St., Secy. of State, 401 Federal St., Ste. Arts. of Org. filed with Secy. of State Federal St., Ste. 4, Dover, DE 19901. Wilmington, DE 19808. Arts. of Org. Wilmington, DE 19801. Arts. of Org. 4, Dover, DE 19901. Purpose: any of DE, State of DE - Div. of Corps., Purpose: any lawful activities. filed with Secy. of State of DE, 401 filed with DE Sec. of State, 401 lawful activity. John G. Townsend Bldg., 401 Federal St., Ste. 4, Dover, DE 19901. Federal St., Dover, DE 19901. Federal St. - Ste. 4, Dover, DE Purpose: Any lawful activity. Purpose: any lawful activity. 19901. Purpose: Any lawful activity. NOTICE OF FORMATION OF LIMITED NOTICE OF FORMATION of Little LIABILITY COMPANY. NAME: Brown NYC Lexington LLC .Arts of EUROPAN BAKERY LLC. Articles of CM CAREER MANAGEMENT LLC a Notice of Formation of Dana L. Wolf, Org filed with the Secretary of State Notice of Qualification of LIBER Organization were filed with the domestic Limited Liability Company DMD, MS, PLLC. Arts. of Org. filed of New York (SSNY) on 4/1/10. CAPITAL, LLC. Authority filed with Secretary of State of New York (SSNY) (LLC) filed with the Sec of State of with Secy. of State of NY (SSNY) on Office location: NY County. SSNY Secy. of State of NY (SSNY) on on 02/26/10. Office location: New York NY on 2/11/10. NY Office location: 3/5/10. Office location: NY Co. has been designated as an agent 01/15/10. Office location: NY County. County. SSNY has been designated New York County. SSNY is desig- SSNY designated as agent of LLC upon whom process may be served. LLC formed in Delaware (DE) on as agent of the LLC upon whom nated as agent upon whom process upon whom process against it may SSNY shall mail a copy of any 03/10/09. Princ. office of LLC: 711 process against it may be served. against the LLC may be served. be served. SSNY shall mail process process to: 1838 Second Ave. #136, Third Ave., Ste. 1806, NY, NY 10017. SSNY shall mail a copy of process to SSNY shall mail a copy of any to: Dana L. Wolf, DMD, MS, 2373 NY, NY 10128. Principal business SSNY designated as agent of LLC the LLC, 5800 Arlington Avenue, Unit process against the LLC served Broadway, Apt. 709, NY, NY 10024. address: Coffee Shop, NY, NY 10028. upon whom process against it may 6S, Bronx, New York 10471. upon him/her to Mike Levine, 11 E. Purpose: any lawful activities. Purpose: any lawful act. be served. SSNY shall mail process Purpose: For any lawful purpose. 44th St., Ste. 500, NY, NY 10017. to the LLC at the princ. office of the General Purposes. Notice of Formation of 6 Bedford LLC. DE addr. of LLC: Corporation MICHELLE RUBEL EVENTS & DESIGN Notice of Formation of LAW OFFICES Street LLC. Arts. of Org. filed with Service Co., 2711 Centerville Rd., Secy. of State of NY (SSNY) on LLC Articles of Org. filed NY Sec. of Ste. 400, Willmington, DE 19808. OF SIDNEY R. BRESNICK, LLC, a Notice of Qualification of Goldman 2/24/10. Office location: NY State (SSNY) 3/15/2010. Office in NY Arts. of Org. filed with Secy. of State Prof. LLC. Arts. of Org. filed with the Sachs ESF Holdings, L.P. Authority County. SSNY designated as agent Co. SSNY desig. agent of LLC upon of DE, Div. of Corps., John G. SSNY on 11/19/2009. Office location: filed with Secy. of State of NY (SSNY) of LLC upon whom process against whom process may be served. SSNY Townsend Bldg., 401 Federal St., NY County. SSNY has been desig- on 3/5/10. Office location: NY County. it may be served. SSNY shall mail shall mail copy of process to 103 E. Ste. 4, Dover, DE 19901. Purpose: nated as agent upon whom process LP formed in Cayman Islands (CI) on process to: c/o The LLC, 2502 Muir 86th St., Ste. 12B, NY, NY 10128, Any lawful activity. against it may be served. SSNY shall 10/29/09. SSNY designated as agent Circle, Wellington, FL 33414. which is also the principal business mail a copy of process to: Sidney R. of LP upon whom process against it Purpose: any lawful activity. location. Purpose: Any lawful purpose. Bresnick, 510 E 80th St. Apt 14A, may be served. SSNY shall mail WCMG LLC, Articles of Org. filed N.Y. NY, NY 10075. Purpose: To Practice process to: 200 West St., NY, NY Sec. of State (SSNY) 10th day of The Profession Of Law. 10282. CI address of LP: Maples NOTICE OF FORMATION of DENTAL Notice of Formation of MSMG VEN- November, 2009. Office in New York Corporate Services Ltd, P.O. Box PASSION LLC. Arts. Of Org. filed TURES, LLC. Arts. of Org. filed with Co. at 130 West 42nd Street, Suite 309, Ugland House, Grand Cayman, with Secy. Of State of N.Y. (SSNY) on Secy. of State of NY (SSNY) on 704, New York, NY 10036. SSNY KY1-1104, CI. Name/address of each 2/10/10. Office location: NY County. 03/05/10. Office location: NY County. design. Agt. upon whom process genl. ptr. available from SSNY. Cert. SSNY designated as agent of LLC Princ. office of LLC: Felix Nihamin & may be served. SSNY shall mail of LP filed with Registrar of Exempted upon whom process against it may Associates, PC, 65 W. 36th St., NY, NY copy of process to 130 West 42nd LPs, Elizabethan Sq., 4th Fl., Phase be served. SSNY shall mail a copy of 10018. SSNY designated as agent of Street, Suite 704, New York, NY Four, George Town, Grand Cayman, process to 164 W 96th St., NY, NY LLC upon whom process against it 10036. Reg. Agt. upon whom CI. Purpose: any lawful activity. 10025. Purpose: To practice the pro- may be served. SSNY shall mail process process may be served: Spiegel & fession of Dentistry. to the LLC at the addr. of its princ. Utera, P.A., P.C. 1 Maiden Lane, NYC office. Purpose: Any lawful activity. Notice of Qualification of Equity 10038. 1-800-576-1100. Purpose: Long-Short HedgeAccess II LLC. NOTICE OF FORMATION OF Any lawful purpose. Notice of Qualification of The Mangrove Authority filed with NY Dept. of State Spencer and Brooke LLC. Articles Notice of Qualification of Kenneth Partners Fund, L.P. App. For Auth. on 3/1/10. Office location: NY of Organization filed with the Productions, LLC. Authority filed with Notice of Qualification of NAVISS, L.L.C. filed with Secy. of State of N.Y. County. Princ. bus. addr.: 4 World Secretary of State of NY (SSNY) on NY Dept. of State on 11/25/09. Office Authority filed with NY Dept. of State (SSNY) on 3/3/2010. Office location: Financial Ctr., 250 Vesey St., 6th Fl., Feb. 12, 2010. Office location: NEW location: NY County. Princ. bus. addr.: on 3/2/10. Office location: NY County. New York County. LP formed in DE NY, NY 10080. LLC formed in DE on YORK County. SSNY has been des- 603 W. 50th St., NY, NY 10019. LLC LLC formed in MO on 12/10/09. NY on 3/1/2010. SSNY designated as 2/19/10. NY Sec. of State designated ignated as agent upon whom process formed in DE on 5/21/99. NY Sec. of Sec. of State designated as agent of agent of LP upon whom process as agent of LLC upon whom process against it may be served. The Post State designated as agent of LLC LLC upon whom process against it against it may be served. SSNY shall against it may be served and shall Office address to which the SSNY upon whom process against it may be may be served and shall mail process mail process to: 100 W. 58th St., Ste. mail process to: CT Corporation shall mail a copy of any process served and shall mail process to: c/o to: c/o CT Corporation System, 111 8F, New York, NY 10019, Attn: System, 111 8th Ave., NY, NY 10011, against the LLC served upon him/her CT Corporation System, 111 8th Ave., 8th Ave., NY, NY 10011, regd. agent Nathaniel August. DE address of LP: regd. agent upon whom process may is C/O the LLC US Corporation NY, NY 10011, regd. agent upon upon whom process may be served. 615 South DuPont Hwy., Dover, DE be served. DE addr. of LLC: The Agents, Inc., 7014 13th Ave, Suite whom process may be served. DE MO and principal business address: 19901. Name/address of each genl. Corporation Trust Co., 1209 Orange 202, Brooklyn, NY 11228. Purpose addr. of LLC: The Corporation Trust 618 Spirit Dr., Ste. 125, Chesterfield, ptr. available from SSNY. Cert. of LP St., Wilmington, DE 19801. Arts. of of LLC: to engage in any lawful act Co., 1209 Orange St., Wilmington, DE MO 63005. Arts. of Org. filed with filed with DESS, P.O. Box 898, Dover, Org. filed with DE Sec. of State, P.O. or activity. Street address of Principal 19801. Arts. of Org. filed with DE Sec. MO Sec. of State, 600 W. Main St., DE 19903. Purpose: to engage in any Box 898, Dover, DE 19903. Purpose: Business location is: 20 West 64 St., of State, 401 Federal St., Dover, DE Jefferson City, MO 65102. Purpose: act or activity under the NY LP Law. any lawful activity. New York, NY 10023. 19901. Purpose: any lawful activity. any lawful activity.

April 12, 2010 | Crain’s New York Business | 25 20100412-NEWS--0026-NAT-CCI-CN_-- 4/9/2010 7:07 PM Page 1

ECONOMY WATCH

pensation declined by $22 billion,or again at staffing agency Robert Half 30%, from 2008 to 2009, according International after business “went off Call that a mild recession? to an estimate by the IBO; other fi- a cliff ” in March 2009, according to nancial and insurance sector com- Dawn Fay, New York/New Jersey Continued from Page 1 rate—the recession has felt anything pensation fell by $3 billion, or district president.Economists say in- from the Independent Budget Of- but gentle to those in the trenches. WHY IT HURT 16.5%,and compensation in all oth- creased activity at staffing agencies fice. That number is well below the In addition to the psychological er industries dropped by $6.7 bil- like Ms. Fay’s is a foolproof indicator losses suffered during the last two toll exacted by headlines that SO BAD IN NYC lion, or 3.2%. Across the board, to- of recovery, because companies hire recessions. Among some elected of- screamed panic and the fact that the JOBLESS RATE tal compensation fell by $31.7 temporary workers when they sense ficials and economists,there’s a feel- city’s bedrock industry was at the +5.8 points, to 10.5% billion, or 10.4%, with more than the tide is turning. ing that the city has dodged a bullet. heart of the crisis, the downturn hit two-thirds of the decline attributa- “The better part of last year,there Why? Bailouts and low borrow- home in concrete ways. There were COMPENSATION ble to the securities industry. was a whole lot of fear,”Ms.Fay says. ing costs on Wall Street and stimu- precipitous declines locally in wages, -10.4%, or -$31.7 billion That doesn’t include the losses in “Now there’s a lot of optimism. If lus spending on Main Street staved housing prices and consumer confi- THOSE 16+ WITH A JOB retirement and investment accounts people aren’t hiring yet, they’re say- off plenty of layoffs. Sustained dence, plus a drastic hike in the un- -3 points, to 54% due to the drop in the stock market ing,‘No, not now, but I will be soon.’” growth in education and health care employment rate. And as the city and the huge decline in home prices. offset losses elsewhere, and a shift shifts from recession to recovery, CONSUMER CONFIDENCE LOW From the peak in the first half of “Not as bad” is the new “gettingbetter” away from manufacturing that pre- many of those factors—which made 56.5* 2008 to the low point in the second for mr. vitiello of Vitech, things dated the recession meant that the the downturn feel a lot worse than *75 is break-even point. quarter of 2009, the average sale started to turn around at the begin- Sources: NYS Department of Labor, city wasn’t hit as hard as parts of the the job loss number indicates—could Bureau of Labor Statistics, Independent price of a Manhattan apartment fell ning of the year, when new projects country that are more reliant on pro- lead to a less-than-robust rebound. Budget Office, Siena Research Institute by between 25% and 35%, depend- started cropping up and ones that ducing goods. Plus, a weak dollar “I would not characterize this as ing on property type, according to had been put on hold were dusted gave tourism a boost. a milder recession than previous re- Jonathan Miller, chief executive of off. He has filled a dozen positions But try telling Frank Vitiello that cessions in the city,” says James Par- the cuts in head count were so brisk real estate appraisal firm Miller he was forced to cut last year,and he’s the recession was mild. rott, chief economist at the Fiscal this time around.“We were pretty flat Samuel. It’s the steepest decline hoping to take advantage of a feder- Policy Institute. “If you look at the right through the middle of ’08, and since the recession of 1990 to 1991, al tax cut for companies that hire Job losses stunningly low unemployment rate,household em- then the wheels came off pretty when the city saw a similar drop-off. longtime unemployed workers to mr. vitiello is chief executive of ployment, loss in accumulated quickly,”says James Brown, principal Though values fell further in add perhaps a dozen more staffers. Manhattan-based Vitech Systems wealth and the value of real estate, economist at the state Department of other cities, the fact that the Man- Whether hiring picks up and the Group Inc., which provides soft- certainly by those measures, this is Labor. “A long, slower decline would hattan landscape is so pricey meant pace of recovery accelerates here in ware and support to investment, the Great Recession.” have given people a chance to drop that the city took a significant blow. the city depends largely on three pension and health plan administra- Start with employment. Yes, out of the labor market.” “The loss in wealth was enor- factors: the strength of the national tors. Early last year, as the financial payroll job loss was far lighter than Household employment— mous,” says Marisa Di Natale, a di- economy, the future profitability of crisis battered the local economy, expected. But a look at other jobs which measures the percentage of rector at Moody’s Economy.com Wall Street, and the extent of city many of his clients put projects on measures reveals a bleaker picture. New York City residents older than who analyzes the New York market. and state budget cuts. All three of hold or canceled them altogether. The city’s unemployment rate rose 16 who have jobs—also took a big “People are going to be much more those key issues remain largely up in “We had to look for ways to 5.8 percentage points in the current hit, falling 3 percentage points, to likely to save than to spend,and that the air. The IBO predicts that job tighten our belts wherever we could downturn, reaching 10.5% last No- 54%.This compares with a drop of 2 could put a damper on how fast the growth will start very slowly, with find them,” he says. “That included vember and December.The rate also percentage points in the last reces- economy recovers.” the city adding 14,000 positions tightening up our head count, look- accelerated at a brisker clip than it sion, according to the state DOL. The Siena Research Institute’s over the rest of the year and eventu- ing for savings across our expense did, for example, in the recession of And at one point last April, more Consumer Confidence Index for ally returning to a prerecession peak base, and starting to cut deals and 2001 to 2003,when the rate jumped than 140,000 New Yorkers were col- the New York area plummeted to of 3.8 million jobs by mid-2013. take in contracts on prices and terms by 3.2 percentage points. lecting regular unemployment ben- 56.5 back in November 2008.A lev- “In relation to the dark days of we wouldn’t have agreed to in a bet- The jobless rate spiked so high be- efits, far outpacing the peak number el of 75 represents the break-even the post-Lehman credit crunch, ter economic climate.” cause the work force didn’t shrink as of beneficiaries in either of the last point. The index had rebounded to we’re in a much better place,” says Indeed, even though job losses it normally does during a recession, two recessions, DOL data show. 69.6 by this March, a sign that con- Mr. Miller of Miller Samuel. “But were stunningly low—the mayor’s of- when some of the unemployed typi- The recession has also felt harsh fidence is returning, albeit slowly. the word recovery used to mean ‘get- fice predicted at one point that more cally get frustrated and give up look- because of the steep decline in wages There’s more evidence that recov- ting better.’Now it means ‘not as bad than 300,000 positions would evapo- ing for work.That’s probably because in the city. Securities industry com- ery is under way. Phones are ringing as it was.’ ”

that’s a danger.“Journalism was never the highest-paid profession,” ar- Freelance nation gues the former BusinessWeek editor-in-chief. He adds that students Continued from Page 1 they can work on interesting projects. are being trained for this new world: omy, where professionals across the Recently, Mr. Lingle has been de- “We tell them it’s free-agent nation.” work force are finding that if they signing a map-based application for want a job, they have to create it. the iPad at one company, and work- Pros and cons “People who are spending all ing on sales presentation strategy matt mcallester has already ab- their time trying to find that full- three days a week at another. sorbed that lesson.A Pulitzer Prize- time job with benefits—some small The three-day-a-week job could winning foreign correspondent for portion will get them, but for the turn full-time, but he’s not sure that Newsday,he left the Long Island pa- vast majority, these are the jobs,” he wants it to. “I’m a little torn,” he per at the end of 2007 as it began says Sara Horowitz,executive direc- says. “I’d like to have the income of closing its overseas bureaus. tor of the Freelancers Union. a staff job, and the flexibility of free- Since then, he has written for WORKING IT OUT: The New York based nonprofit lancing, but I’m not there yet.” Mike Lingle is now a New York magazine, Details and the group has seen its membership more Loss of income and benefits— freelance technology online foreign news startup Global- than double in the past two years, to and the anxiety of looking for work strategist. Post.com. He has also published a

135,000. And the freelancer ranks and then actually getting paid—are buck ennis book, Bittersweet, a memoir about are no longer dominated by those almost invariably a part of freelanc- his late mother interspersed with traditional hand-to-mouth types, ing.But as difficult as it can be,in the Finances are a challenge, but tom and have an expectation that meditations on food. writers and performers. current economy there often aren’t she’s not giving up.“I wouldn’t think people will be able to afford homes That led to a dream assignment Information technology,graphic any good alternatives. of going back unless I found an op- and cars and the things they need,” to write for Gourmet magazine— design and advertising are now portunity in-house that would pro- Ms. Horowitz says.The Freelancers which folded before he even turned among the top five industries repre- Finances a challenge vide the sort of sophisticated work Union is looking into ways to help in the article. sented in the Freelancers Union. xenia kobylarz looked for full- I’m doing now,” she says. its members adjust to the post- Disappointment and anxiety go Automotive—which includes time employment after getting laid Ms. Kobylarz also feels that if her health-reform world. hand in hand with freelancing, he everything car-related, like insur- off last May from her senior commu- business takes off,she stands to make In some professions, particularly acknowledges. In addition, he ance appraisers—and accounting nications position in the New York more than she did as an employee. journalism, freelancing is now part sometimes misses what he calls “the are growing the fastest, with mem- offices of law firm Ropes & Gray.All Other freelancers, however, may of future expectations. That’s led creative collegiality” of working for bership from those industries she could find were entry-level jobs. be looking at a lifetime of scrimping. some media observers to worry a news organization. tripling over the past 18 months. She’s now running her own PR Advocates for freelancers argue about the field of reporting being “I wouldn’t rule out trying to find The news isn’t all bad.Freelancers shop out of her New Jersey home, that the next step in the evolution of left increasingly to amateurs. a job in the future,” Mr. McAllester may make less money than staffers, tapping into contacts she made in an a flexible work force has to be better Steve Shepard, dean of the City says. “But thus far, the benefits [of but they often have more time for earlier career as a legal journalist— pay and some system of benefits. University of New York Graduate freelancing] outweigh the cold their families and themselves. And and doing senior-level work. “We can’t have a race to the bot- School of Journalism, doesn’t think sweats in the middle of the night.”

26 | Crain’s New York Business | April 12, 2010 20100412-NEWS--0027-NAT-CCI-CN_-- 4/9/2010 7:52 PM Page 1

than getting involved in a large-scale risk of losing more than $20 mil- Townhouse market lion,” she says.“I haven’t seen that in St. Vincent’s layoffs the past three to four months.” Continued from Page 2 feet wide, was both finite and small, More realistic pricing by sellers Continued from Page 3 ers in a desperate attempt to lower Cuts in prices of as much as 32% an imbalance that spawned stunning helps. For instance, 284 W. 11th The typical turnover rate at New its operating costs before it ran out have also helped to allay those fears. price increases.Then,in the midst of St., a four-story, 3,800-square- York hospitals is 7% to 8% annually. of cash. And in December, citing During the first quarter of this the financial crisis, the buyers van- foot townhouse,is listed for sale at But these days, given that the reces- “severe financial shortfalls,”the hos- year, the number of townhouses ished, cutting the total number of $7.85 million, down 19% from sion has forced a hiring freeze at the pital axed 180 union and nonunion sold doubled to 41 from the same sales last year to 149, well below the three years ago when it was first majority of local hospitals,it is about jobs. Neither the league nor 1199 period a year ago, according to average annual number of sales over put on the market. half that rate. The figure doesn’t SEIU officials could say how many StreetEasy.com. Meanwhile, the the past decade of 249, according to Similarly, last month, 12 E. 63rd bode well for job seekers. of those workers found jobs. number of signed contracts tripled to appraisal firm Miller Samuel Inc. St., a 25-foot-wide, 13,000-square- St. Vincent’s doctors have the St. Vincent’s management is 33 for that time period. Now, two Now, in a rebalanced market, ac- foot home with two terraces, went best shot at being placed.Physicians working to finalize a closure plan un- weeks deep into the normally crucial tivity is heating up. Just last month, into contract for $24.5 million.The who want to keep their current pa- der the guidance of the New York second quarter, brokers report that 350 West End Ave., a 10,300- sum was high, but it was also 15% tients are talking to hospitals closest State Department of Health. It is they are scheduling more viewings, square-foot townhouse in a historic below the original asking price set to St. Vincent’s for the convenience likely that a Chapter 7 liquidation fil- that sellers are receiving multiple bids district, with an elevator and six two years ago. Two blocks over in of those patients. ing will be part of the closure plan. and that contracts are getting signed wood burning fireplaces, sold for Lenox Hill,three properties on East New York Downtown Hospital The state set an April 16 deadline two weeks after an offer is accepted, $6.55 million, 10.3% below its orig- 65th Street also recently went into hosted an informational meeting last for applications from hospitals and as opposed to months later like last inal asking price.Michael Pellegrino contract at prices as much as 29% week with about 50 St. Vincent’s primary care clinics that are interest- year. from Sotheby’s International began below their original price. physicians, says a Downtown ed in creating an urgent care center showing the townhouse in Septem- Meanwhile, sales of lesser prop- spokeswoman.NYU Langone Med- in St. Vincent’s neighborhood.That Positive trend ber, and it went into contract in No- erties,such as townhouses in need of ical Center has talked with about 35 would preserve at least 200 jobs. “clearly, we are on a positive trend vember. Mr. Pellegrino added that major work or ones that were broken St. Vincent’s doctors over the past There are ongoing discussions line,”says Wolf Jakubowski,a town- two other townhouses he was exclu- up for multifamily dwellings, have three weeks.Already,a number of the with the state about shifting St. house broker at Brown Harris sively marketing recently went into yet to revive. doctors have been put on the payroll Vincent’s psychiatric beds to other Stevens, who notes that he has seen contract for around $5 million each. of the NYU School of Medicine. hospitals. Bellevue Hospital or a rise in contract signings each “When something is priced right Price cuts help But many of St. Vincent’s doc- Continuum Health Partners sites month since January, to the point and it is in mint condition, it will fly these types of townhouses are still tors have been slow to accept the re- are the likely locations; they could where activity has returned to nor- out the door,” says Linda Melnick a seen as risky investments. For years, ality that they needed to move on. absorb workers to staff those beds. mal levels. senior vice president at brokerage when a buyer bought a house that “Probably one-third of the physi- St. Vincent’s cancer treatment As recently as three years ago, at Stribling & Associates. needed $2 million to $4 million cians are shocked and don’t know operation is run by for-profit Ap- the peak of the market, the supply of That is a welcome contrast to last worth of renovations and two years what to do,” says an executive at a tium Oncology. An estimated 200 buyers willing to plunk down an year, when people were walking to do it, there was no question that nearby hospital. “They haven’t people work there, and their jobs eight-digit sum for such properties away from their deposits for these the buyer would come out with a looked for new practices, and are in could be saved when Aptium finds a and a similar amount to renovate high-end properties, according to more valuable property, notes denial. They never expected [the replacement hospital to sponsor the them seemed almost limitless. Lydia Rosengarten of Leslie J. Brown Harris Stevens’ Mr. hospital] would close.” operation. “We would be interested Meanwhile, Manhattan’s stock of Garfield & Co., a brokerage that Jakubowski. These latest cuts follow two in continuing to provide cancer townhouses,which typically are four specializes in townhouse sales. “That certainty has left the mar- rounds of earlier layoffs. In Febru- services at that site,” says a spokes- to five stories tall and 18 feet to 22 “People were pulling out rather ketplace,” he says. ary, St. Vincent’s laid off 300 work- woman for NYU Langone.

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April 12, 2010 | Crain’s New York Business | 27 Project11:fp template.qxd 4/6/10 12:45 PM Page 1

30,000 hard working New Yorkers dedicated to watching the doors and maintaining the buildings where we live. 32BJ SEIU 32BJ SEIU is the largest private sector union in New York City. www.StandWithBuildingWorkers.org 101 Avenue of the Americas, New York, NY 10013 • 212.388.3800 • www.seiu32bj.org 20100412-NEWS--0029-NAT-CCI-CN_-- 4/8/2010 6:44 PM Page 1

48% of Americans now have a profile on one or more social networks, vs. 34% in ’09 Source: The Infinite Dial 2010 survey BUSINESS LIVES from Edison Research and Arbitron HOT JOBS EXECUTIVE INBOX

DEPUTY MAYOR Anne Fisher FOR OPERATIONS ORGANIZATION Office of the Mayor Entrepreneurs: JOB DESCRIPTION Manages New Are they born, York City’s Police, Fire and Trans- portation departments and the or made? Office of Labor Relations ALMOST 30 YEARS AGO, when Ed MOST IMPORTANT TASKS Man- Rogoff started his first company— aging high-visibility operations; ensuring efficiency of ambulance a chain of radio stations—formal response times and trash pickup training in being an entrepreneur was rare. “There was this notion CREDENTIALS NEEDED Proven that entrepreneurial talent was a success at managing high-profile assignments, especially in a crisis kind of mysterious gift from God,” he notes. RECRUITER Internal These days, about two-thirds SALARY Current deputy mayor for of U.S. colleges offer courses operations earns $213,000 (and frequently majors) in the DOWNSIDE Pressure to make subject, and Mr. Rogoff chairs the decisions in an emergency department of management at UPSIDE Helping to manage high- the Zicklin School of priority city projects Business at Baruch College. The Bloomberg administration is “Thirty years of research now in its third term, and several shows there is no one deputy mayors have left. Most personality type that is recently, Edward Skyler accepted better at starting successful a position at Citigroup, and the companies,” he points out. administration has launched a “The most essential thing is the search for his replacement. ability to analyze the weaknesses —SELENA SHEN in your business plan and the willingness to fill in the gaps.” Baruch, which has about 500 PULLING ALL undergrads majoring in EXECUTIVE MOVES THE STRINGS: Emily DeCola entrepreneurship, boasts the city’s Gettry Marcus Stern & and friends only such curriculum to crack the Lehrer: Linda Marcus, top 10 in the latest ranking by 52, was promoted to Entrepreneur and The Princeton chief financial officer at the accounting and buck ennis Review of the best in the U.S. financial services firm. Paul Kundel, class of 2007, She was most recently GOTHAM GIGS launched YouLayaway.com a controller. year ago, after a stint at Morgan Global Rainmakers Inc.: Jeff Carter, 39, Stanley. The online service deducts was appointed chief operations officer at cash for purchases right from the intellectual property holding company. He was most recently a senior customers’ checking accounts vice president at Bank of America. Puppet Master but lets them make small TidalTV: Ryan Jamboretz, 35, joined payments over time, interest-free. the video advertising provider as The firm gets a 2% commission chief media and development officer. He ‘We’ve in her second year of pre-med at McGill University, Emily on each sale from about a dozen most recently served as the director of DeCola saw a marionette show by artist Ronnie Burkett. Entranced big retailers, including Best Buy. corporate development at GroupM. More online stores are in the JWT: Tom Christmann, 39, was promoted forgotten by the performance, the 30-year-old New Yorker dropped her plans to executive creative director from to become a doctor and embarked on a career as a puppet maker and pipeline. “We wanted to start creative director at the advertising and how to slowly, to give people a chance marketing agency. performer. ¶ “My parents were pretty surprised,” Ms. DeCola says. to understand how it works,” Mr. Eric Weisberg, 38, was promoted to play. “But actually, I had been making ridiculous things since early Kundel explains. executive creative director from creative childhood.” ¶ About a year and a half ago, Ms. DeCola—along with He credits Baruch with director. Puppets teaching him “how to write a ETF Securities: Darren partners Eric Wright and Michael Schupbach—opened The Puppet Fortunato, 44, joined the Kitchen, a studio where the trio designs puppets for everything from realistic business plan, approach securities trading firm as teach us potential investors, manage senior vice president of online videos to operas.The team is in such demand, they have to employees effectively and lots of U.S. product to do that’ turn projects away.They designed and built the 60 puppets in John other things.” development. He was Tartaglia’s ImaginOcean, a musical that opened last month. ¶ This Still, he believes that some most recently director of summer, they head to maestro Lorin Maazel’s opera festival in vital entrepreneurial attributes alternative investments are innate. “You have to be born and financial products at Merrill Lynch. Virginia to work on Master Peter’s Puppet Show. Puppetry is more Marcum: Ron More, 66, joined the with the drive and desire to make accounting and advisory firm as a than a business for Ms. DeCola. She teaches the art form to kids and great things happen,” he says. managing director. He was previously a offers an internship program at the studio. “As a culture, we’ve managing director at BDO Valuation HOW DID YOU LEARN THE SKILLS to Advisors. forgotten how to play,” she says. “Puppets teach us how to do that.” start and run a business? Tell us at —maia blume —miriam kreinin souccar www.crainsnewyork.com/execinbox.

April 12, 2010 | Crain’s New York Business | 29 20100412-NEWS--0030-NAT-CCI-CN_-- 4/8/2010 2:25 PM Page 1

RÉSUMÉ REVIEW Ken Lay’s the thing Is your job search all it could be? We ask the experts. British playwright business elements of business. And ily does. My brother and sister work NAME PATRICIA BRUNSON a big part of Enron was show busi- in consulting, my father was in soft- SUMMARY captures the drama— ness.The company used to have the ware,and quite a few friends of mine Finance professional with experience in most lavish parties—they’d invite from University College in London accounting, IT and human resources and songs—of Enron Cirque du Soleil—so I felt that since went to work in business. So the PROFESSIONAL EXPERIENCE they did that in real life, we subject wasn’t intimidating to me. should include that. But I showed the script to business Global Apparel Network US Inc., 2007-present BY AARON ELSTEIN people I know to make sure it rang Vice president of finance and operations What convinced you that true. It’s important to me that Manages financial dept., including budgeting and capital management ucy prebble, 29, is a Enron could work on stage? people in that world not find the Me&Ro Jewelry, 2005-2006 British playwright and the Quite simply, it is full play naive or simplistic. Vice president of finance and operations author of Enron, a play of great, tragic, quite Supervised finance, human resources and IT staff about the notorious com- American figures. What’s most striking about Small Business Development Center, Pace University, 1997-2001 Lpany and the people who ran it into You’ve got Andy Fas- the story? Business adviser; developed financial strategy and growth plans the ground. After a successful run in tow, the CFO, who’s The company, in many EDUCATION London, Enron will open on Broad- amoral. Jeff Skilling, ways, was something of a Pace University, M.B.A., finance, 2000 way on April 27 with a cast of more the CEO, an idealist cult for those who worked University of Texas at El Paso, B.B.A., accounting, 1985 than 20 and a who goes horribly there or invested in it, and Résumé appears in condensed form. $4 million wrong. And Chairman no one wanted to question it budget. Ms. Ken Lay—he’s a pa- while things were working. EXPERT ADVICE Prebble also ternal, devout Baptist It’s very much like what hap- Employers are looking for finance professionals who can impact their MOVERS & created Secret who just wanted the pened recently at the big fi- bottom line. Patricia should develop a personal branding statement and SHAKERS Diary of a Call money to keep com- nancial companies. professional summary that demonstrates overall experience and Girl,a Show- ing in. The disparity expertise, while focusing on past successes in driving cost savings. Her Lucy time series. between Enron’s Any theatrical possibilities in résumé needs better formatting to highlight her ability to improve great-looking num- the Wall Street collapse? organizational efficiencies to get noticed and stand out. The interview is Prebble What does a bers and the dark re- I have been quite interest- about how well Patricia can serve the needs of the company. play about ality, that’s very the- ed, but I’m not sure I can —ware sykes, director of career services, TheLadders.com accounting atrical in itself. read another book about fraud look like? economics to immerse To contact this candidate or to be featured in “Résumé Review,” e-mail us This play isn’t men in suits talking in Do you have a business myself like I’d need to. at [email protected]. a conference room.We use song and background? I’ll leave that for dance and video to show the show No, but everyone in my fam- someone else. getty images

30 | Crain’s New York Business | April 12, 2010 20100412-NEWS--0031-NAT-CCI-CN_-- 4/9/2010 11:27 AM Page 1 chemex / INSATIABLE CRITIC [email protected] for more details. flickr.com Gael Greene THE THURSDAY, APRIL 22 Join the FINANCIAL WOMEN’S ASSOCIATION OF NEW YORK for a WEEK development workshop on how to make a nonprofit survive from 5:45 p.m. to 8 p.m. at the Arts & Business Council of McNally’s splashy New York, 1 E. 53rd St., first floor. Fees AHEAD are $30 for members and $45 for nonmembers. For more information, call APRIL 19-25 (212) 279-5910, ext. 1122, or e-mail newscom pizzeria arrives [email protected]. WHAT SHE’S The QUEENS ECONOMIC DEVELOPMENT In crowd hits Bowery CONFERENCES CORP. will host a small business legal READING TUESDAY, APRIL 20 consultation workshop from 6 p.m. to for Pulino’s pies and Join WORLD EDUCATION SERVICES, the 8 p.m. at Queens Borough Hall, 120-55 SARAH JESSICA PARKER is busy UNITED NATIONS DEVELOPMENT Queens Blvd., room 213. The event is raising three children and delectable oddities PROGRAM, WORLD POLICY INSTITUTE and free and preregistration is required. preparing for the May 27 release ROBERT HALF INTERNATIONAL for a Contact (718) 263-0546 or of Sex and the City 2. But the ine minutes for this breakfast on tapping into global talent [email protected] for more for business success. The event will be information. razor-thin movie star still finds taxi to move four blocks time for leisure reading. on The Bowery, night- held at the Roger Smith Hotel, 501 Lexington Ave., Starlight Room, from SEMINARS At Food & Wine’s annual Best time’s most torrid corri- 8 a.m. to 10 a.m. Admission is free. MONDAY, APRIL 19 New Chefs event, held last week at dor. We’re already late. Call (212) 219-8828 or e-mail The AMERICAN BUSINESS FORUM ON buck ennis The Four Seasons restaurant, Ms. “See those big red neon letters?” N SCRAMBLED EGGS: A breakfast pizza [email protected] for more info. EUROPE will host a lecture on the present Parker looked elegant in a cream- I alert the driver. economic crisis from 6 p.m. to 8 p.m. at PULINO’S. Too big. Too red. The NATIONAL REALTY CLUB will hold a the McCann-Erickson Building, 622 colored cardigan draped over a What was Keith McNally thinking? PULINO’S lunch on financing solutions for Third Ave., 23rd floor. The event is free light blue frock with strappy black “I am not going to be discreet and 282 Bowery unprecedented crises from 12 p.m. to for members and $30 for nonmembers. heels. She said she was “having a invisible like Daniel at DBGB”? (212) 226-1966 2 p.m. at The Friars Club, 57 E. 55th St. For further details, call (212) 972-3035 night off,” but didn’t mind sharing Every determined foodie, blog- www.pulinosny.com Fees are $55 for members and $125 for or e-mail [email protected]. about her latest bedside book, nonmembers. Preregistration is required. The Death of American Virtue by ger,blowhard and critic worth his or For additional information, CULTURAL EVENTS Pick her weight in pork belly has already call (212) 551-1013 or e-mail FRIDAY, APRIL 23 AND Ken Gormley. been to Pulino’s by the time I arrive. CUISINE Italianish [email protected]. SATURDAY, APRIL 24 of the The title, released in February, By cautiously opening first for Head to the JAZZ GALLERY at week covers the impeachment trial of PRICE RANGE Entrées $19-$29 breakfast and lunch,McNally reeled PROGRAMS & WORKSHOPS 290 Hudson St. to hear the President Bill Clinton, complete them in,winning raves and pouts for SERVING Mon.-Fri., 8:30 a.m.- WEDNESDAY, APRIL 21 Luis Perdomo Quintet, featuring the with leading characters Monica breakfast pizzas: sausage, eggs, ba- 2 a.m.; Sat., 10 a.m.-2 a.m.; NYC BUSINESS SOLUTIONS will hold a Venezuelan pianist, at 9 p.m. or 10:30 Lewinsky and prosecutor Kenneth con and white cheese, or eggs and Sun., 10 a.m.-12 a.m. workshop on strategies for commercial p.m. General admission is $20; the cost Starr. “It’s lengthy, but amazing,” leases during tough times from 9:30 a.m. is $10 for members. Tickets can be potato.I waited for dinner to launch. RESERVATIONS Recommended to 11:30 a.m. at 79 John St. The event is purchased online at www.jazzgallery.org. said Ms. Parker, who then flashed Keith is standing under a little free. Call (212) 513-6472 or e-mail —maia blume that million-dollar smile, turned to gray cloud, looking his usual dour NOISE LEVEL Challenging the bar and ordered a drink. self, sad or exhausted. I can’t wait to return. To view Crain’s full calendar listings, go to www.crainsnewyork.com/events —VALERIE BLOCK “You’ve done it again!” I cry, I will definitely go back. grazing cheeks with Balthazar’s ad- mired auteur. “That remains to be I’ll let them simmer awhile. seen,” he practically moans. NO HATS Never again. The sign says “Bar and Pizzeria”; I’ve come for the pizza. It’s not pre- tending to be Neapolitan, though deprived, though the fazzoletti it’s oddly shaped and bubbled-up in (torn crêpes) are good. It’s about the the Naples way.It’s thin-crusted and oven, guys. Boiling noodles to order crisp, tantalizingly just a bit is not in the plan. scorched. The dough is cooked Entrées are more expensive than CERTIFIED PUBLIC ACCOUNTANTS through and delicious under unre- I expected. Maybe you’ll like the markable tomato sauce, fine with oven-roasted cod with octopus for mushrooms, wonderful with meat- $27. Cousin Mitch of Tasty Travails balls, grana and pickled chilies. liked his bistecca al forno with an- IS PLEASED TO ANNOUNCE THAT Spying a dribble of celebrity in chovy butter. Ours is tough and not the booths, I feel born again scoring worth the chewing required. Notice this table.I’m told the jewellike booze there’s no mention of “fries”: The display and tile look just like Schiller’s potatoes are roasted,soft and savory. STEVEN I. HUROK, JD, CPA Liquor Bar, another McNally spot. I The lamb that the chef advises us think it looks like his Pastis, and I not to order rare or it will be “too think it looks spectacular. tough”comes rare (we insist),tender HAS BECOME TAX DIRECTOR OF THE FIRM This early on, the cooks in the and delicious, with borlotti beans open kitchen,racing and whirling be- and braised greens. Housemade tween twin ovens and the cold table sausage is a big, fat, flavorful coil, like Twyla Tharp dancers drugged cooked with onions and peppers. MR. HUROK WAS FORMERLY WITH on Sinatra, look fresh and young. It’s too early to linger for a burg- They better be, to survive the pace. er: McNally has vowed to serve only ARTHUR ANDERSEN, AS MANAGING TAX PARTNER And I like a lot of this odd, orig- 30, starting at midnight. But you inal food: roasted olives with dried want to stay and watch the drama. AND fruits and nuts. Burrata with beets Order a lush crèma gelato sundae BDO SEIDMAN, LLP AS TAX DIRECTOR and pickled leeks. Salads of roasted with amarena cherries, chocolate sunchokes and red cabbage, and cookies and salted pistachios, or the roasted fennel with endive, currants chocolate mousse semifreddo—bet- and red onions. Browned bread ter than the crumbly almond polen- crumbs (pangrattato) in the escarole ta torte with apples and zabaglione. salad. Is this chef Nate Appleman, a I see Keith is still looking a shade 805 Third Avenue star import from San Francisco? Or grim at his front-door post. Appleman channeling McNally? “Keith,you’ve got to be a little bit MARCH 1, 2010 New York, New York 10022 At some point, the simple pizze- happy,” I cry as we slip on our coats. ria that McNally planned sprouted “I’m smiling a little inside,”he says. 212-986-4300 wings, and the menu, like Pinoc- chio’s nose, just grew. But where is Copyright © 2010 by Gael Greene. the pasta? My guy Steven is feeling Syndicated by www.insatiable-critic.com.

April 12, 2010 | Crain’s New York Business | 31 CN013604 4/8/10 11:15 AM Page 1

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1.800.VZW.4BIZ verizonwireless.com/ptt Activation fee/line: $35 IMPORTANT CONSUMER INFORMATION: Subject to Customer Agmt, Calling Plan, rebate form & credit approval. Up to $350 early termination fee and other charges. Device capabilities: Add’l charges apply. Push to Talk requires compatible phone and is available only with other Verizon Wireless Push to Talk subscribers. Push to Talk can be added to standalone BlackBerry data plans for an additional $5 monthly fee. Largest claim based on comparison of carrier-owned/operated Push to Talk coverage areas. Push to Talk coverage map doesn’t guarantee coverage, contains areas with no service, and generally predicts where outdoor coverage applies. Equipment, topography & environment affect service. Offers and coverage, varying by service, not available everywhere. Network details and coverage maps at verizonwireless.com. While supplies last. Shipping charges may apply. Limited time offer. Rebate debit card takes up to 6 wks & expires in 12 months. ©2010 Verizon.

Light at the Gilded Top of the Skyline the INSIDER ______8 NEIGHBORHOOD JOURNAL ______9 540 Madison Ave

Light at the Gilded Top of the Skyline the INSIDER 8 NEIGHBORHOOD JOURNAL 9 540 Madison Ave