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TOP STORIES BUSINESS American, Delta LIVES shoot it out at JFK NEIGHBORHOODS for international Priced out but passengers grandfathered in PAGE 2 ® PAGE 29 State looking at 400 NYC firms over tax breaks VOL. XXIII, NO. 32 WWW.NEWYORKBUSINESS.COM AUGUST 6-12, 2007 PRICE: $3.00 PAGE 2 Citigroup’s stock takes a beating; Picking up the pieces it’s time to buy IN THE MARKETS, PAGE 4 100-plus businesses THE BIG CLEANUP: Businesses are coping Ask.com in quest still disrupted by with construction for more share of steam-pipe blast; crews and scaffolding. Web search market not enough aid PAGE 10 What killed Wicks BY AMANDA FUNG reform; private nearly three weeks after a equity titans open steam-pipe explosion forced the their wallets for evacuation of several midtown blocks, more than 100 shuttered or candidates displaced businesses are still feeling THE INSIDER, PAGE 14 the pain. One of those compa- nies is Sophie’s Cuban MIDTOWN BLOWOUT MURDOCH DEAL: Cuisine restaurant on Lexington Avenue be- Buildings and retailers still closed THE AFTERMATH tween East 40th and on Aug. 3 after steam-pipe explosion. G New York’s tabloid East 41st streets. The I Stores I Office buildings I Restaurants wars spreading to eatery has been closed broadsheets? PAGE 3 since July 18, when the E. 42nd Street G blast enveloped the K&G Fashion Battle restaurant in a cloud of Classic Nails of the muddy steam. So far, business Pret A Manger Barami Studio news Sophie’s has sustained $300,000 worth of loss- E. 41st Street X Explosion site channels es in spoiled food and PAGE 3 370 Lexington 369 Lexington* ruined equipment. Sophie’s Cuban G News- “This incident has Cuisine papers opened a vein in our must face neck, and now we are E. 40th Street Lexington Ave. the music watching the blood *Scheduled to reopen Aug. 6.

PAGE 13 See FIRMS on Page 8 buck ennis

AT DEADLINE Glaring spotlight turned on Undoing THE FILM AND TELEVISION PRODUCTION INDUSTRY added nearly 2,000 jobs during the of Trump first six months of the year, an subprime mortgage insurers increase of 5.1% from 2006, according to economist cial Group Inc., Mortgage Barbara Byrne Denham.The Stocks of local firms which quietly ring IN A NUTSHELL rise stems largely from the up fat profits year in MBIA, Ambac fall; MBIA Ambac record 11 television pilots that and year out by in- Weak market, grand on hook for billions FOUNDED 1973 1971 were shot in the city this past suring bonds against ambitions, exec’s spring. Overall, 64 television in loan guarantees default, have seen 2006 REVENUE $2.7 billion $1.8 billion shows and 15 feature films are their stocks pound- troubles doom firm under way. ed lately. 2006 NET INCOME $819 million $876 million BY AARON ELSTEIN Both stocks tum- STANDARD & POOR’S bled 8% in a single day last week. ket no one wants any part of now.” BY TOM FREDRICKSON DOWNGRADED its credit a couple of large but little-known MBIA’s share price has slumped MBIA has guaranteed $5.1 bil- outlook for Bear Stearns, players on the normally placid 28% in the past three months, and lion worth of subprime mortgages. donald trump has pulled the saying the investment bank’s fringes of the credit market are be- Ambac’s has dropped 34% in the Mr. Haines calculates that those plug on Trump Mortgage less than reputation has been damaged ing sucked into the center of Wall same period.Investors fear that the obligations could result in as much two years after its launch. See AT DEADLINE on Page 2 Street’s subprime mortgage storm. firms could be forced to make good as $1 billion in losses for firm, Plagued by bad timing and the MBIA Inc. and Ambac Finan- on their guarantees of billions based in Armonk, N.Y. disclosure that the firm’s chief ex- worth of subprime bonds, whose That’s a lot of money in one ecutive had inflated his credentials value has plummeted in recent shot for an outfit that has lost a to- in his official biography, the mort- 32 weeks. tal of only $600 million in its 34- gage brokerage never came close to 5 “We’re talking about the possi- year history. reaching its financial goals. Ob- bility of unprecedented losses,” Mr.Haines has not yet calculat- servers say another reason the ELECTRONIC EDITION says Rob Haines, an analyst with ed a loss estimate for Ambac. He company stumbled is that it ex- CreditSights.“There’s a lot of con- notes, however, that the Manhat- panded too quickly, instead of tak- cern about how exposed these tan-based firm’s guarantees on a ing the time to build relationships NEWSPAPER companies are to a part of the mar- See SUBPRIME on Page 8 See TRUMP on Page 8 71486 01068 0 CNYB 08-06-07 A 2 8/3/2007 7:43 PM Page 1

AT DEADLINE

Continued from Page 1 privately owned apothecary, by the recent collapse of two in- which sells traditional and house hedge funds.The fallout holistic medicines, has signed a over the funds’ demise, along 15-year lease for 1,700 square with the fact that Bear has taken feet at 370 Lexington Ave., at on additional debt as investors East 41st Street. But the lose their taste for leveraged building, which was damaged in buyouts, could cause revenues the blast, remains closed for and earnings to fall, according to cleaning and repairs. ProHealth, S&P,which had given Bear an set to take possession on Aug. 1, A+ rating as recently as June. has pushed back at least until Hours after the S&P January the opening of what will announcement Friday, Bear’s be its second location. Matt chief executive, Jimmy Cayne, Cohen, a broker at Lansco held a conference call to say that Corp., represented ProHealth in his firm’s franchise is healthy. the lease deal. Jonathan Krieger of Robert K. Futterman & TAKING A PAGE FROM CONDÉ Associates negotiated on behalf NAST, WHICH RECENTLY began a of owner Broad Street AMERICAN AIRLINES is in second ad campaign Development. Asking rent was the midst of a “win back” championing the power of $135 per square foot. campaign, trying to recover lost customers. magazines,Time Inc. has launched its first corporate RESTAURATEUR FRANK promotion campaign. Media- TSIAMTSIOURIS is planning a buying heavies including 4,000-square-foot restaurant at George Janson from 109 W. 14th St., at Sixth mediaedge:cia and Robin Avenue.The 24-hour Good Steinberg from MediaVest are Stuff Diner will open for featured in the campaign, which business in two weeks. Mr. touts Time Inc. properties like Tsiamtsiouris operates a handful Real Simple and People.The ads of other diners in the city, will run in the company’s including City Diner and Metro magazines and in trade Diner on the Upper West Side. publications, as well as on taxi Aaron Gavios, an executive vice tops and in Times Square, president at Square Foot Realty, through November. represented the tenant and the lindström bekka property owner, Stonehedge THE MIDTOWN STEAM-PIPE Partners. Asking rent was $90 EXPLOSION is delaying per square foot.The lease ProHealth Pharmacy’s includes a 4,000-square-foot expansion in the city.The basement. I Clash of titans at JFK

CORRECTIONS Former Attorney General Eliot Spitzer did not lose a trial in a case he brought against former American, Delta spar over international passengers New York Stock Exchange chief Richard Grasso; the case has not gone to trial. This was misstated in the July 30 Viewpoint section. BY HILARY POTKEWITZ Reed Smith’s deal to lease 50,492 square feet at 599 Lexington Ave., which took place last year, should not have been included in CoStar’s July 30 list of the largest Manhattan office leases in first-half 2007; also, Studley represented Reed Smith. Premiere Radio’s lease american airlines is spending a lot of money to establish its dominance at John F. Kennedy renewal for 45,787 square feet at 1270 Sixth Ave. in the Plaza District should have ranked International Airport. In a few weeks, the Dallas-based carrier will unveil a completed 50th; the tenant rep was CBRE, and landlord Tishman Speyer represented itself. $1.4 billion terminal. It is also moving aggressively to expand domestic service and upgrade business class—measures designed to raise its profile in New York. But the entrenched giant is facing increasing competition from a resurrected competitor: THIS WEEK IN CRAIN’S Delta Air Lines. For the past two years, even while in bankruptcy reorganization, Delta has been focusing its efforts on New York. It has been quietly adding international flights and NEW YORK, NEW YORK------6 30 See CLASH on Page 9 VIEWPOINT------12

VALERIE BLOCK ------13

THE INSIDER------14 WEEK IN REVIEW ------15 Warnings to Empire Zone REAL ESTATE DEALS------16 Empire Zone program. But 3,000 throughout the city’s 11 Empire REPORT: EDUCATION------17 404 city businesses firms statewide—roughly a third of Zones. M.B.A. PROGRAMS ------20 not meeting targets, the program’s total—have failed to The state’s official tally appears deliver even 60% of the new jobs or to tell a damning story: More than SMALL BUSINESS ------23 get letters; some data investments they pledged. Those half of the businesses failed to add companies could face removal from jobs, and 153 even reduced staff, ac- THE WEEKS AHEAD ------appear muddled 23 the program or, in the worst case, be cording to 2005 data they supplied. CLASSIFIEDS ------24 forced to reimburse Albany for ben- Collectively, they pledged to add BY ERIK ENGQUIST efits already received. 6,290 jobs but cut 109.They invest- BUSINESS LIVES------29 “I’m surprised by the number of ed a paltry 18% of their goal of $2.4 more than 400 New York City companies on the list,” says Patrick billion; 88 did not invest a dime. CORPORATE LADDER------30 businesses are being targeted in a Foye, president of the Empire State 31 BOB LAPE ------31 sweeping investigation of the state’s Development Corp.,the agency that Fresh look EXECUTIVE MOVES------31 largest economic development pro- runs the program and is orchestrating esdc began its review in Febru- gram, which awards tax breaks and the crackdown. In the past, he says, ary, shortly after Gov. Eliot Spitzer vol. xxiii, no. 32, august 6, 2007—Crain’s New York Business (issn 8756-789x) is published weekly by Crain Communications Inc., 711 Third Ave., New York, NY 10017. Periodicals other benefits to companies in re- the state has done “frankly, little” to assumed office and appointed Mr. postage paid at New York, N.Y. and additional mailing offices. Postmaster: Send address turn for their adding jobs and in- analyze company performance. Foye.The letters note apparent short- changes to: Crain’s New York Business, Circulation Department, 1155 Gratiot Avenue, Detroit, MI 48207-2912. for subscriber service: Call (888) 909-9111. Fax (313) 446-6777.$3.00 a vesting in depressed areas. At the receiving end of 404 falls and suggest that recipients will copy, $59.79 one year, $109.79 two years. (GST No. 13676-0444-RT) ©Entire contents The state has fulfilled its side of warning letters mailed in late July have to show better numbers for 2006 copyright 2007 by Crain Communications Inc. All rights reserved. the bargain, doling out $3 billion are everything from big retail chains to remain in the program.No action over the past six years through its to mom-and-pop manufacturers will be taken until late fall,when the

2 | Crain’s New York Business | August 6, 2007 CNYB 08-06-07 A 3 8/3/2007 7:40 PM Page 1 Rupert targets Times other papers, is losing ad dollars to to comment. Remade Journal will the Internet and can least afford a People who know Mr. Murdoch fight NY rival with fight. expect that after the Dow Jones deal WILL CNBC GET OUTFOXED? The august Times,led by compa- goes through in about three months, A NEWS CORP.-OWNED DOW JONES & CO. will put pressure on a range of lower ad rates, prices; ny Chairman Arthur Sulzberger Jr., he’ll focus on assuring the Journal business news properties, from Pearson’s Financial Times, which will face a slugfest expected has never been in a slugfest. Ob- staff that he won’t destroy the paper. resurgent Wall Street Journal overseas, to Time Inc.’s business news portal servers say it will get ugly. But enormous changes will follow CNNMoney.com. But most observers agree that CNBC has the most to lose. down the road. The NBC Universal-owned business channel will go head-to-head with BY MATTHEW FLAMM Deeper pockets “The paper you’ll see in five News Corp.’s Fox Business Channel, which will launch in October with “murdoch will do anything to take years time will be quite different distribution in about 30 million homes. dow jones & co., which Rupert market share away from the Times. from what you’re looking at today,” Rupert Murdoch would like to brand the new channel with The Wall Street Murdoch wrested from the Ban- He has got far deeper pockets than says Ken Chandler, a media con- Journal name and use its content. But he may have to wait. The Dow Jones croft family last week, will give the anybody else and can afford to under- sultant and former Post editor in paper has an exclusive content deal with CNBC that lasts until 2012. News Corp. chairman what he has cut anybody else,”says Martin Dunn, chief who worked for Mr.Murdoch Some experts think Mr. Murdoch will find a way around it. “He’ll work very always wanted in the United States: deputy publisher of the Daily News for nearly 30 years. “It’ll have a hard with his lawyers to convince CNBC it’s not worth [keeping the a world-class news organi- wider readership, and arrangement],” says Jimmy Schaeffler, senior research analyst at The Carmel zation whose content can clearly the people who be packaged and promoted TALE OF THE TAPE should be most worried Group. across his company’s many about this should be the A CNBC spokesman says the channel has a “great relationship with Dow outlets. Times, because that’s the Jones, and we expect that to continue.” He also points out that CNBC is seen The prize acquisition, competition.” in more than 95 million homes. which includes the old- Weapons that a News But experts predict that CNBC will soon be forced to start investing heavily media trophy The Wall Corp. Journal will proba- in key talent and programming, after years of having the television Street Journal,will also pro- bly employ include ag- business news market pretty much to itself (Bloomberg Television is tiny by vide the 76-year-old ty- gressive discounting of comparison). Last year, CNBC had total net revenue of $537 million, and coon with something else advertising rates and tar- cash flow of $306 million, according to estimates from SNL Kagan. he loves: the opportunity geting of the Times’ cur- “CNBC has always been a cash cow for NBC, with one of the highest to start a newspaper war. rent advertisers. margins in the business,” says SNL Kagan analyst Derek Baine. “Murdoch The New York Times al- Marketers are looking would love to wipe it off the map.” ready competes with the forward to increased Journal for upscale adver- competition between the tising. But the gentleman- papers. “There will be a to a quarter seven years ago in its ef- is very vulnerable.” ly bout between the two dogfight on rates,” says forts to overtake the News in circu- Both the Times and the Journal ap images bloomberg news broadsheets could morph Rupert Murdoch Arthur Sulzberger Jr. Nancy McConnell,news- lation, which it finally managed to are having financial difficulties.Ad- into a street fight akin to paper director at media do last fall, at the cost of millions of vertising revenue at The New York the one that rages between NEWS CORP. THE NEW YORK TIMES CO. buying agency Carat dollars a year in lost circulation rev- Times Media Group, which in- New York’s tabloids, the Revenue $25.3 billion Revenue $3.3 billion USA.“That’s good for ad- enue.The Post, which still sells for a cludes the flagship paper, fell 5% in Daily News, owned by real Assets Fox Broadcasting Assets The New York Times, vertisers.” quarter, has been said to lose as the second quarter to $299 million. estate mogul Mort Zuck- Company, Fox Television The Boston Globe, About.com, If Mr. Murdoch suc- much as $30 million a year. Print ad revenue at the Journal fell erman, and News Corp.’s Stations, Twentieth Century WQXR-FM, NYTimes.com, ceeds in building a wider In the United Kingdom, News 7% in the second quarter.Dow Jones New York Post. Fox, MySpace.com, Fox News regional newspapers audience for the Journal, Corp. loses money in order to make does not break out dollar figures for The Daily News has Channel, HarperCollins, others he might also cut news- life difficult for rivals of its Times of the paper. spent the last 14 years in Would like to forget Buying Would like to forget The past stand and subscription London and Sunday Times. Mr. Murdoch will have plenty to mortal combat with Mr. TV Guide few years prices, observers say. do before he starts a newspaper war. Rate cutter Murdoch’s Post, which has Brings to fight Bill O’Reilly’s Brings to fight Maureen These tactics, howev- And despite News Corp.’s deep the unusual advantage of right hook Dowd’s bite er, are not what make the “in britain, he’s so grossly under- pockets, the Times has the advan- not having to turn a profit. media mogul dangerous. priced the Times that it’s been very tage over the Journal of a seven-day- News Corp.’s plans for What’s more threatening hard for the other newspapers—the a-week operation. the Journal include expanding its and a former Murdoch lieutenant. is that he doesn’t mind losing mon- Independent, the Guardian, the Tele- “Rupert does not have a Sunday national and political coverage to “Anyone who thinks he will play by ey—for years. Not only does Mr. graph—to charge what they ought paper,” points out David Cole, pub- compete directly with the Times, Marquess of Queensbury rules is liv- Murdoch think long range, but he to be charging their readers and lisher of industry newsletter News which is considered a national pa- ing in cloud-cuckoo-land.” values newspapers for their political their advertisers,” says Bruce Page, Inc. Most papers make the lion’s per. But Murdoch watchers also ex- A News Corp. spokesman did influence, whether or not they’re author of The Murdoch Archipelago,a share of their revenue on Sunday. pect him to go after the Times’ busi- not return a call. A spokeswom- profitable. critical look at the News Corp. em- ness—just when the Gray Lady,like an for The New York Times declined The Post cut its newsstand price pire.“I think the Times in New York COMMENTS? [email protected]

WHERE THE underperformers LETTERS 91 184 29 47 53 WENT Bronx Brooklyn Manhattan Queens Staten Island agency can review the 2006 data. will help participants remain in the Decisions could be challenged program despite having fallen short through internal appeals or in court. of projections. Mr. Foye says ESDC correct this week. $925,000. Sultana fell well short of Empire Zones, called the state’s in- Mr. Foye plans to start where the will also take into account whether “Our Bronx facility has increased even that figure, though, investing vestigation a small but significant major money is. “We’re going to fo- special circumstances or a downturn its workforce significantly,” says only $484,429. first step. cus on the companies that missed by in a particular industry caused the Chief Executive Simon Bergson, Many companies have little to It shows that ESDC’s new lead- the biggest margin first,” he says. poor performance. It will also look who learned that his firm was on lose because they did not claim any ers “understand the magnitude of At the top of the list is Harlem at whether yanking benefits would ESDC’s warning list only from a re- benefits in 2005 in any case, but the the problem,”says Mr.Brodsky,who River Yard Ventures, which had cause a company to lay off employ- porter who called seeking comment. warning letters still flummoxed re- nonetheless decries the program as promised a $650 million redevelop- ees or shut down. cipients. basically worthless. ment of a 96-acre rail yard along the ESDC notes that some of the Who, me? “I’m trying to figure it out,” says Phaedra Thomas, who runs an Harlem River in the Bronx. A ten- data—all of which were provided by “i even chuckled because [I read the owner of a perfume shop in Ja- organization with the state contract ant had been expected to build a the businesses—appears to be that] one of my neighbors is on the maica, Queens, that was flagged for to screen Empire Zone applicants in state-of-the-art paper-recycling flawed. For example, 20 firms that list,” Mr. Bergson says. “Maybe I submitting forms showing zero em- Sunset Park, Brooklyn, takes a mill, but the deal fell through. The received letters are listed as having shouldn’t have been laughing.” ployees. slightly different view. “The pro- developer had invested nearly $20 no employees, yet calls to many of In another case, Sultana Food An ESDC spokesman acknowl- gram has in many ways encouraged million through 2005 in a bid to them were answered by staffers. Distribution Services, a small candy edges that there are mistakes and great investment and lots of job keep tenants and add more, accord- Similarly, Manhattan Beer Dis- distributor near the Hunts Point notes that the letters ask recipients growth,”she says.“But a little scruti- ing to ESDC, and is still pursuing tributors is listed as having cut market in the Bronx, got flagged for to point them out. ny is appropriate.” alternative uses for the site. 289 workers from its Bronx head- failing to invest $925 million. The Assemblyman Richard Brodsky, That sort of good-faith effort quarters, an error that it plans to company had meant to pledge D-Westchester, a longtime critic of COMMENTS? [email protected]

August 6, 2007 | Crain’s New York Business | 3 CNYB 08-06-07 A 4 8/3/2007 7:53 PM Page 1

IN THE MARKETS HIGHLIGHTS REEL Citigroup to shrug off -2.4% The subprime meltdown Bloomberg/ Crain’s New

➡ York Index holding billions of dollars worth of bridge million, an amount the company said was fell 2.4%, to Bank’s global reach, loans that were used to finance huge driven primarily by a net charge of $465 end the leveraged buyouts like that of Chrysler, million to increase loan loss reserves and a week at vast scale help it absorb instead of selling $259 million rise in net 363. The losses; sell-off overdone them off as planned. credit losses. That S&P 500 But the amounts ac- compares with a net Index fell tually at risk are rela- reserve release of $210 1.8%, BY TOM FREDRICKSON tively small. million in the prior- closing at 1433. “Bridge loans and year period. nough already. Citigroup subprime mortgages “Citigroup is so has deservedly taken its are significant issues, huge that the risks are lumps in recent years, from but these areas com- next to meaningless,” investors who have com- prise only [an esti- says Daniel Scalzi, an plained about everything mated] 3% of rev- analyst at Matrix USA. RISERS Efrom the bank’s thinning profit margins enues at Citigroup,” Analysts expect 5-DAY 1-MONTH 3-MONTH CLOSING to its poor management. But the recent noted Michael Mayo Citigroup to earn % CHANGE % CHANGE % CHANGE PRICE sell-off in the shares, which has chopped of Deutsche Bank in a $4.59 per share this Weight Watchers +8.9% +4.1% +5.7% $53.07 10% off their value in the last month recent research report. year, an increase of 9% alone, looks like overkill. Similarly, Morgan from 2006. Revenues Dow Jones +6.4% +0.6% +4.4% $58.22 The bottom line is that the shares of Stanley analyst Betsy are expected to hit Medco Health +5.5% +4.1% +13.1% $83.16 the world’s largest financial institution by Graseck pointed out $102 billion, up from Market cap $233 billion Arbitron +5.1% -3.5% +4.4% $51.34 market capitalization are now bargains. in a report on Friday $90 billion in 2006. ADP +4.8% -2.6% +2.5% $47.62 Signs of the share price/performance gap that Citi’s exposure to Est. 2008 P/E 9.2 Analysts predict that can be seen in the bank’s second-quarter subprime losses and Return on equity $17.8% earnings will increase results. Among other things, they show capital markets losses 11% on a 7% revenue SINKERS Citi achieved the elusive goal of increas- together could end up boost in 2008. 5-DAY 1-MONTH 3-MONTH CLOSING ing revenue at a faster pace than operat- costing it as much as In spite of all the % CHANGE % CHANGE % CHANGE PRICE ing expenses—20% vs. 16%. $7.52 a share—nearly $2 less than the panicky selling,analysts have actually been Take-Two Interactive -24.6% -28.9% -30.2% $14.16 Those green shoots of an earnings re- shares have fallen since the crisis began in revising their earnings forecasts upward in E*Trade -16.8% -29.9% -29.1% $15.95 covery, however, have been largely ig- late spring. recent weeks, largely on the strength of nored by an equity market suddenly ob- The problem is that those losses are Citigroup’s second-quarter performance MasterCard -16.3% -20.5% -4.4% $128.89 sessed with the meltdown in subprime looming at a time when a slowing econo- and signs that Chief Executive Charles Steven Madden -14.4% -21.1% -18.2% $25.66 loans and what some fear could be a my is already crimping the ability of many Prince has finally put his ship in order. NBTY -14.0% -9.1% -21.4% $39.39 widening credit crunch. True, those con- borrowers to pay off their debts. Credit cerns have left Citigroup and others stuck costs in the second quarter increased $934 COMMENTS? [email protected]

STOCKS TO WATCH by Erik Ipsen Floor shudders beneath Hovnanian in brutal home-building-market quake NOT SINCE the dot-com implosion of 2000 has an industry fallen so hard, so fast. Shares of Hovnanian briefly hit a five-year low of $11.00 last week—86% off their high of $73.40 in 2005, the peak of the housing market. The stock has fallen 62% so far this year. Like all homebuilders, the company has been socked by falling sales and the plummeting value of its buildable lots, which forced it to report a second-quarter loss. Talk about a firm trading on its reputation. Goldman Sachs shares have shed only 10% of their value in 2007—including 7% last week—even though every other investment bank stock has been trampled in the subprime rout. Sure, Goldman is far more diversified than Bear Stearns or Lehman, but what about Merrill Lynch or Morgan Stanley? No matter—all four have lost between 20% and 30% of their value. Alleghany Corp. has a grab bag of holdings that is centered on three insurers but that also includes stakes in oil, railroads and property firms. The company reminds some people of Warren Buffett’s Berkshire Hathaway Inc., pumping out impressive growth year after year. That’s high praise, indeed, and reason enough for Alleghany’s 20% gain this year, including a 7% rally last week. charts: lindström bekka

4 | Crain’s New York Business | August 6, 2007 Project1 7/30/07 10:53 AM Page 1

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[NYSE:SFI] CNYB 08-06-07 A 6 8/3/2007 4:32 PM Page 1

NEW YORK,NEW YORK edited by Valerie Block

ads—and about $1 million in Ready to rock—in print annual revenue. New owner Manhattan Media, ock stars don’t fade away; they just write books. which bought the New York Press In the wake of the recent $7.3 million deal for last week, says the explicit ads— Keith Richards’ autobiography, Aerosmith for escort services and massage R parlors—cost more than they’re drummer Joey Kramer (right) is shopping a worth, since they drive away memoir that’s far more personal than Walk mainstream advertisers. This Way, the 2002 autobiography of the band The publisher is dropping all that recounted its drug-fueled escapades and such ads with photos in this eventual comeback following stints in rehab. week’s issue, and will phase out the text ads. Titled Little Boy Burning, Mr. Kramer’s book “We’re making a business will take a closer look at his own recovery. decision,” says Manhattan Media “Getting off drugs is just step one,” says his President Tom Allon. Jill Kneerim Mr. Allon plans to reinvent the agent, . New York Press as an “independent Bidding on the project has yet to begin. paper” that combines columns and Meanwhile, HarperCollins UK is criticism with community shopping U.S. rights to Memories, coverage. He’ll add some elements from Manhattan freebie Our Dreams and Reflections, by ’60s siren and Town Downtown, which he is one-time Mick Jagger flame Marianne shutting down. Faithfull (left). A follow-up to her 1994 memoir, Faithfull, the book will come out Hotels offer in Britain in the fall. Eric Clapton’s autobiography will also key amenity be out in the fall, while his ex-wife Pattie atms dispense cash.Home Boyd computers can print boarding ’s story of the ’60s, Wonderful Tonight, passes. Now kiosks at hotels spit hits bookstores this month. out room keys. Some publishing executives wonder what Automated check-in/check- all the excitement is about, considering the out is the latest trend in hospitality these days.The idea is uneven sales of recent music titles. One to save road warriors time by editor laments, “VH1’s Behind the Music has helping them avoid long lines at

photos: getty images killed the rock bio.” the front desk and giving them more privacy. Michael Aaron, who adds that The machines came to New Wine store business is booming, despite the York when Marriott started less fine comedown. Revenues grew by testing them a few years ago. nearly 20% last year, he says. At Sheraton also installed the kiosks. venerable sherry-lehmann the end of this month, the store But now their popularity is has been knocked off its lofty will move from 679 Madison Ave. soaring. perch as the Zagat Survey’s No. 1 into larger digs at 505 Park Ave., “There are people who want to wine store in the city, a spot it has at East 59th Street. check in anonymously,” says Mike held since 1991. “We’re still scratching our Stengel, general manager of the heads over this,” Mr. Marriott Marquis Times Square, Aaron adds, saying that which recently installed four of his competitors try to the kiosks and plans to add impress their another two. neighborhood customers Apple Core Hotels, which by carrying wines that “no runs budget operations like one has ever heard of.” Comfort Inn and Ramada, is adding one kiosk to each of its New York five New York properties next month.The machines run Press cleans $70,000 a pop.

buck ennis up its ads “You may not want others to SHERRY-LEHMANN has lost the top wine store ranking. know your name or your room sex may sell, but not in rate,” says Apple Core’s chief the New York Press.The operating officer, Vijay Dandapani. With two upstarts, Moore edgy but faded alternative paper Brothers and Bottlerocket, that once challenged the Village Contributors: Lisa Fickenscher, Matthew leapfrogging the 73-year-old Voice is saying goodbye to sex Flamm Sherry in the just-released 2008 New York City Gourmet Shopping & Entertaining guide, the tony SIGNING OFF retailer now must change all of its marketing and advertising TWENTY-FOUR-HOUR ALL-NEWS radio station 1010 WINS materials touting its No. 1 status. will go quiet from 1 a.m. to 4 a.m. for the next two Sherry takes out 100 ad pages in weeks. But the move isn’t to save money. The station is The New York Times every year upgrading its antenna to prepare for the switch to high and publishes five catalogs. definition, or HD, radio. The CBS Radio-owned station Sherry will feature Zagat’s will keep the newscast going online.

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building a business in the sub- later said the company anticipated prime arena just as that market hitting less than $1 billion. Trump Mortgage’s undoing was spinning out of control. Even though Trump Mortgage The company, which is gone, the Trump name will con- Continued from Page 1 ing deal. one, he joked that if the was authorized to do tinue to be tied to mortgages. Mr. with real estate brokers and lenders. “The mortgage business is not a company weren’t a big business in 15 states, Trump has licensed his name to “You have to walk before you can business I particularly liked or want- success, Mr. Ridings cast a wide net to First Meridian Mortgage,a licensed run,”says Melissa Cohn,owner and ed to be part of in a very big way,”he would be “fired.” bring in busi- and well-established lender that is chief executive of Manhattan says. Those words came ness. renaming itself Trump Financial Mortgage Co. “You have to do step That’s a different tune than the back to haunt Mr. “Whether and will be the preferred lender on one before step two, step two before one he was singing a year ago. After Trump late last year people need a Trump development projects. In step three—not just come out with a quiet opening in late 2005 at Mr. when Money magazine $50,000 line of most of the dozen states where it op- a big splashy ad campaign and rise Trump’s headquarters at 40 Wall exposed exaggerations credit or a $3 erates,First Meridian will operate as to the top.” St., Mr. Trump officially launched in Mr. Ridings’ compa- million mort- Trump Financial. It will keep the Other New York area companies the mortgage company in April ny biography.While he gage,whether it’s existing brand in some of the mar- are also facing hard times as the 2006 at a gala at Trump Tower. Also claimed to have been “a residential or kets in which it has high name getty images housing market craters. The sub- onstage was Chief Executive E.J. top professional at one TRUMP launched firm at a 2006 gala. commercial, recognition, such as Brooklyn. prime lending blowup has hit mort- Ridings, an acquaintance of Donald of Wall Street’s most whether they gage brokers that arrange loans as Trump Jr. who came up with the prestigious investment have perfect Vote of confidence well as firms that originate them. idea for the company. banks,” his tenure consisted of a credit or credit in need of repair,they “the trump name opens doors and Melville, L.I.-based American three-month stint at Morgan Stan- all deserve the same service,” Mr. gets people to call back,” says David Home Mortgage Investment Corp. Question of timing ley, including six days as a broker. Ridings told Multi-Housing News. Brecher, CEO of First Meridian, shut down nearly all of its operations shortly thereafter, the elder Mr. Ridings could not be reached The company failed to attract who adds that his company will last week after its credit was cut off Mr. Trump told CNBC’s Maria for comment for this story. top mortgage brokers, according to carve out a niche at the high end of by newly risk-averse banks. The Bartiromo: “I think it’s a great time And despite Mr. Trump’s com- Manhattan Mortgage’s Ms. Cohn, the market. company said it would lay off 6,250 to start a mortgage company. … ments about timing, the market was who says a broker whom she fired Mr. Trump allows for the possi- employees,including 1,460 workers [And] who knows about financing already on the downslide when was hired by Trump Mortgage. bility that the new company will im- on Long Island. better than I do?” Trump Mortgage was launched. Trump Mortgage also failed to prove the business. Mr. Trump downplays his role Riding a wave of popularity The mortgage market peaked in reach its financial targets.When the “We think [First Meridian] will in Trump Mortgage. He says that thanks to his TV show The Appren- 2003,when interest rates hit 40-year company was launched,Mr.Ridings do a better job,” he says. he didn’t have an ownership stake tice, on which people competing to lows, and residential sales topped said he wanted to complete $3 bil- in what amounted to a mere licens- work for Mr.Trump are axed one by out in 2005. The company was lion worth of mortgages in 2006,but COMMENTS? [email protected]

lost $30,000 worth of inventory and $100,000 in sales. After reopening Firms still picking up the pieces after blast last week it brought in only $8,000 a day in sales, well short of the Continued from Page 1 stretching as far west as Fifth Av- Under pressure to manage costs, come close to covering their losses. $13,000 it usually makes. drain,”says Jim McKenna,the com- enue. Now, as Consolidated Edison Mr. Isler was forced to lay off one As of last Thursday, Con Ed had “A lot of our customers come pany’s chief development officer. and city workers continue the staffer.“This has pushed us over the written $618,000 worth of checks to from the two buildings that are still He said that Sophie’s attracts about cleanup, businesses closest to the edge,” he says, estimating damages 1,348 individuals and businesses af- closed,” Mr. Previti says. 6,000 customers during most work Lexington Avenue site are still cop- of $250,000 in computer equipment fected by the blast. It is reviewing Across the street from Delmoni- weeks and generates about $3 mil- ing with the chaos of construction alone. He expects to move his 15 more than 2,000 claims. The utility co,a few retailers and restaurants re- lion a year in revenue. crews and scaffolding.The immedi- employees, who have been working has not said when street repairs will mained shuttered despite city health Mr. McKenna says that he and ate area probably won’t return to from home, into temporary office be done,but says that the two blocks department clearance. Pret A Sophie’s owner, Sofia Luna, first normal for several more weeks. space this week. on Lexington will open to traffic on Manger, a 1,710-square-foot sand- surveyed the restaurant 10 days af- Last week, the owner of 27-story Aug. 13. wich shop, hopes to reopen next ter the explosion. Their employees, Ready to get back to work 370 Lexington, Broad Street Devel- City and federal emergency week after fixing shattered windows some of whom worked at a former as of friday,the two buildings that opment, said that environmental loans are available. The U.S. Small and doors.The likely cost:$100,000 Sophie’s location near the World suffered the most damage—369 cleanup of floors 15 to 27 was com- Business Administration,which be- for repairs and $10,000 in sales for Trade Center on Sept.11,2001,fled Lexington Ave. and 370 Lexington pleted. But tenants are awaiting a gan offering low-interest loans on every day it is closed. so hastily that they left stoves burn- Ave.—remained closed. Tenants green light from the city’s Depart- July 27, issued 31 loan applications For Sophie’s Cuban Cuisine,tak- ing.Automatic sprinklers prevented had not been allowed into the build- ment of Health before they can reoc- as of last Thursday. Some business ing on debt seems the only way to get a major fire,but much of the kitchen ings, even to retrieve documents or cupy their offices. The remediation owners say they are reluctant to ap- back to normal, says Mr. McKenna. equipment must now be replaced. equipment. The building at 369 of the remaining floors is scheduled ply for even zero- or low-interest Insurance or Con Ed reimburse- The restaurant is not likely to re- Lexington was scheduled to reopen for completion by the end of August. loans right now. ment checks won’t be enough. On open for another two to three weeks. on Monday. Securing financial help is one of top of its losses, the restaurant has The underground eruption near “We just want to get back to the main issues consuming business Reluctant to borrow continued to pay its 40 full-time and Grand Central Terminal, which work,” says Jeff Isler, president of owners.Most say they are still in dis- “i have no interest in taking a part-time workers, he says. killed one person and injured 45 Infographics Inc., a family-owned cussions with their insurers about loan; it just adds to my debt,” says “We can’t afford to lose key peo- others, gripped the city’s attention professional services company at possible coverage. Con Ed says it is Peter Previti, owner of Delmonico ple,” Mr. McKenna says. “We have for a few days last month. Emer- 370 Lexington that relies heavily on offering reimbursements based on Gourmet Food Market at 375 Lex- to figure out how to be fair with our gency officials blocked access to a computer systems and data servers individual claims for damages and ington. employees and not go bankrupt.” dozen office towers and stores stranded in its sixth-floor offices.“It the amount depends on each case. Delmonico, a 24-hour store, was between 37th and 45th streets, is a very frustrating situation.” But businesses say the aid doesn’t dark for 10 days—a period when it COMMENTS? [email protected]

a debt-market strategy firm in some as relatively puny—to pay off Stamford, Conn. “They have fancy any losses. Subprime insurers pummeled credit models and all that, but the “It’s extraordinary to me that fact is that these are relatively small these insurers could have such small Continued from Page 1 of its $650 billion portfolio. they have moved into more danger- companies compared to the amount cushions for such potentially large mountain of subprime mortgages— Ambac, which has a $550 billion ous precincts, and began extending of debt they insure.” obligations,” Mr. Grebeck says. $9.3 billion worth—is nearly twice portfolio, didn’t return calls seeking their guarantees to subprime mort- Credit rating agency Egan- as high as MBIA’s. comment for this article. gages and collateralized debt obli- CDOs a concern Jones already rates MBIA an AA The two companies insist that gations, or CDOs: securities the biggest worry centers on the because of its slim capital support. the numbers have to be seen in a Formerly sleepy business backed by bundles of bonds or fact that in addition to guaranteeing Both Standard & Poor’s and broader context. the business that the two loans. billions in mortgage-backed bonds, Moody’s, however, continue to give “Our subprime mortgage expo- firms are in has rarely at- $550B Today, the firms’ guar- MBIA and Ambac insured many the two companies their top sure does not appear to pose much tracted attention. Bond is- TOTAL VALUE antees on what are collec- more billions in CDOs. Many of mark—triple-A. of a threat to the company’s balance suers pay for guarantees be- of Ambac’s tively known as structured those include subprime mortgages, One thing is certain:Bond insur- sheet,” MBIA’s chief financial offi- cause they widen the portfolio finance instruments ac- as well as other types of loans. ers’ days of anonymity are over. cer, Chuck Chaplin, told analysts appeal—and increase the count for one third of each During its conference call, The firms “were something most last week in a conference call sched- price—of those bonds in the mar- of their portfolios. MBIA said that it has exposure to people didn’t pay much attention to uled to address such fears. ketplace. For a long time, both Am- “These companies have really $16 billion of CDOs containing before,” says Mr. Haines at Credit- Mr. Chaplin points out that the bac and MBIA focused on insuring changed in the past decade and have subprime mortgages; Ambac has Sights. “It’s fair to say that’s subprime loans guaranteed by his the relatively risk-free debt of state taken on a lot more risk than they said it has $27 billion. changed.” company are graded highly by rating and municipal governments. used to,” says Edward Grebeck, Ambac and MBIA have access to agencies and represent less than 2% Over the past 10 years, however, chief executive of Tempus Advisors, $13 billion each—a sum that strikes COMMENTS? [email protected]

8 | Crain’s New York Business | August 6, 2007 CNYB 08-06-07 A 9 8/2/2007 8:31 PM Page 1

MONEY WELL SPENT: American Airlines’ hefty investment at JFK has Clash of titans at JFK Airport paid off.

Continued from Page 2 in February by American about been adding nonstop flights to establishing connections from small- added service, the airline hasn’t smaller international cities such as er U.S. cities. added many international routes Accra,Ghana;Bucharest,Romania; At a time when overseas routes since then. It flies daily to London, Kiev, Ukraine; Pisa, Italy; and Tel have become the sweet spot for air- Paris, Rome, Zurich and Brussels, Aviv, Israel. In turn, the airline has lines,the battle is on between Amer- though company executives plan to added domestic “feeder flights” ican and Delta—the largest interna- announce next month new interna- from cities such as Buffalo,Syracuse tional carriers at the nation’s busiest tional destinations to be added next and Rochester to fill seats on the in- international airport. JFK has seen summer. ternational ones. total traffic increase 5% to nearly “American goes out of its way to 50 million passengers for the 12- dominate the big cities in the big Different approaches month period that ended in May. markets, and it doesn’t really bother “it’s a totally different philos- “There’s no question that Delta with the rest,”says industry consult- ophy,” Mr. Jenks explains. a smaller number of big cities and says Mr. Jenks. “American seems to is driving a lot of the flight growth ant Craig Jenks, president of Air- Delta has a more comprehensive less reliance on connecting traffic. be winning at the moment.” out there [at JFK],” says a spokes- line/Aircraft Projects Inc. nonstop network, he adds, while “Which strategy will win out in man for the Port Authority of New Delta, on the other hand, has American is staking its fortunes on the long run remains to be seen,” COMMENTS? [email protected] York and New Jersey. Since emerg- ing from bankruptcy in May,the At- lanta-based airline has added nine international flights to its New York schedule. For sure, American’s hefty in- vestment at JFK and its strategy of flying bigger jets to bigger cities have had their rewards: The airline leads Delta by nearly 1.5 million passengers per year. “We’ve probably spent more money than all those other carriers rolled together,” says Chuck Imhof, managing director of American’s greater New York operations. For the past five years, JetBlue Airways has moved the most pas- sengers through JFK, its home air- port, but the discount carrier’s focus is primarily domestic. American is in the midst of what executives are calling a “win back” campaign, actively trying to recover lost customers. Last month, it announced service from JFK to London’s Stansted Air- port,which is closer to the city’s Ca- nary Wharf financial center than Heathrow is. American’s arrival at the small airport means it is trying to head off a passenger shift led by upstart business-class carriers Maxjet and Eos Airlines, which fly into Stansted. Business-class extras in addition, American is opening two new Admirals Clubs, its fre- quent-flier lounges, and has added larger planes on routes to cities WHY SHOULD YOU BE QUOTING HIP? such as Atlanta, Charlotte, Las Vegas and Minneapolis—all busi- ASK THE BROKER WHO TOOK YOUR SALE. ness-focused destinations. In March, it announced added ser- If you’re not quoting HIP, you can rest assured that your competition is. vice to Saint Lucia and Saint Kitts

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August 6, 2007 | Crain’s New York Business | 9 CNYB 08-06-07 A 10 8/3/2007 12:13 PM Page 1

LOOKING EVERYWHERE Ask.com searching for more share Major U.S. search market in June. COMPANY SHARE search engine. Google declined to comment. Google 49.5% Web site revamps to Ask remains IAC has used its deep pockets gain some edge, a key asset for and other Web holdings in the effort Yahoo 25.1% but unlikely to ever IAC. It attracts to make Ask a bigger player. Microsoft 13.2% the largest audi- To tap into the $4.1 billion local Ask 5.0% catch Google ence of any of ad market, a localized search engine the company’s was launched with help from such AOL 4.2% IAC had grand ambitions when it bought the Ask Jeeves site in 2005. 20 sites, which IAC properties as Ticketmaster and Source: comScore qSearch BY AMANDA FUNG include Lend- Citysearch. ingTree.com The site, AskCity.com, provides even though Ask.com has ditched 8% to 10% of the search engine mar- and Ticketmaster.com, and there- information on concerts, restau- 14% of them also go to Ask. the stodgy butler as its advertising ket, which would still have it posi- fore creates more ad revenue. rants and other events in major U.S. To help set itself apart, Ask un- calling card and overhauled its ap- tioned behind third-place Mi- “People don’t realize that Ask is a destinations. veiled a redesigned site, dubbed pearance, the search engine contin- crosoft. top 10 site in the United States,” Ask3D, in June.The new look is in- ues to struggle against the big boys: It won’t be easy for Ask to achieve says Doug Leeds, Ask.com’s vice Big promotional budget tended to simplify searches by cate- Google Inc., Microsoft Corp. and even that. Google has solidified its president of product development. one of the nation’s largest adver- gorizing results as news stories, im- Yahoo Inc. hold with almost 50% of the market, “More users come to us than tisers,IAC spent about $743 million ages or blogs. Search volume was up Manhattan Internet conglomer- and Microsoft is pouring resources to NYTimes.com.” on U.S. promotion last year, about 23% in June, compared with a 6% ate IAC/InterActiveCorp bought into increasing its 13% share. IAC does not break out financial 50% more than in 2005, according rise in May. the ailing site, then known as Ask “It is unlikely in the near term data for Ask, but the media and ad- to Advertising Age. But, says Barry Parr, senior ana- Jeeves, with great fanfare two years that Ask will win substantial share,” vertising division, which the site is The company will not say how lyst at JupiterResearch, “the chal- ago. IAC Chairman Barry Diller says Greg Sterling, principal analyst part of, last week reported a 33% much it has spent on marketing Ask, lenge is, people don’t change their had the lofty goals of blowing past for Sterling Market Intelligence. gain in second-quarter revenue, to but industry experts estimate that habits on the Internet. Once people Google and transforming Ask into The search universe is growing, $174 million. the recent campaign, called The Al- establish a pattern of using Google, the world’s most popular search however. Total searches are up 26% Most of Ask’s ad income is gen- gorithm, cost millions. The ads can they stick with it.” engine. so far in 2007 from a year ago, ac- erated from a partnership in which be seen on television, billboards, the Ask insists that it will surprise its But after spending a lot of mon- cording to comScore qSearch. Google delivers text ads to the Ask Web and in print media. critics. ey to make massive changes, Ask site. The deal expires at the end of “They need to differentiate “We are continuing to innovate .com is in fourth place with a paltry Key asset the year, and Ask has not yet decid- themselves,” says Jon Stewart, sen- in search and put out better prod- 5% market share, while Google has ask, which is based in Oakland, ed to renew it. ior analyst at Nielsen//NetRatings. ucts,” Mr. Leeds says. “We may not become the household word for Calif., has made some progress re- Analysts warn that advertising Ask could grow, says Mr. Stew- be able to catch up to Google in the “search.” cently.Even with its stagnant annu- revenues may take a hit if Ask selects art, who points out that many peo- near term, but there is a lot of room. Today,IAC has tempered its am- al audience of 22 million unique vis- Microsoft or Yahoo as its new part- ple employ more than one search It’s OK being the Avis to Hertz.” bitions for the site.Mr.Diller says he itors a year, Ask has overtaken Time ner or moves to generate the ads on engine.For instance,he says,43% of would be satisfied if Ask captured Warner’s AOL to become the No. 4 its own. Google users also search Yahoo, and COMMENTS? [email protected]

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10 | Crain’s New York Business | August 6, 2007 Project2 7/24/07 11:09 AM Page 1

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VIEWPOINT Fare increases now, not later editor in chief Rance Crain publisher Jill R. Kaplan lliot sander, chief of the Metropolitan work on the far West Side. EDITORIAL Transportation Authority, wants to So rather than wait for the money to dry up, Mr. Sander editor Greg David increase the revenue that the agency wants the agency’s board to approve increases on fares and managing editor Richard Barbieri deputy managing editors Valerie Block, collects from fares and tolls by 6.5%. New tolls later this year. He also wants to institute smaller price Erik Ipsen assistant managing editors Yorkers don’t need another hike in the cost increases every two years. Just as smart business owners don’t Carmen Fleetwood, Robert Hordt of living. But this increase makes sense. wait until they can’t make payroll to raise the price of their columnist Alair Townsend senior reporters Aaron Elstein, It would be easy for Mr. Sander to wait products, smart public servants don’t wait until their Lisa Fickenscher, Matthew Flamm, for the region’s critical transit infrastructure to fall into decay, surpluses turn into deficits to shore up revenue. Tom Fredrickson, Samantha Marshall, and then ask for a hike, since crises have a way of engender- The particulars of Mr. Sander’s plan for allocating the Anne Michaud, Miriam Kreinin Souccar E reporters Barbara Benson, ing public support. hikes among commuters who ride the subways and Elisabeth Butler Cordova, Erik Engquist, Amanda Fung, Hilary Potkewitz, Gale Scott That’s no way to run a business—or a railroad. commuter trains and drivers who use the bridges and tunnels restaurant critic Bob Lape Mr. Sander has the right idea.The MTA is projecting a are not yet known. art director Steven Krupinski deputy art directors Carolyn McClain, budget surplus of as much as $1 billion this year. However, Running the MTA Clearly, his plan will Daniel Mednick staff photographer Buck Ennis he knows that the gravy train that helps fund the sprawling force commuters to dig copy desk chief Wendy Zuckerman agency will slow down.The MTA benefits from a real estate like a business deeper into their copy editors Michele Arboit, transaction tax, which gets funneled into its budget.That pockets. But what’s the Thaddeus Rutkowski means readying research editor Denise Southwood line of revenue has been a pot of gold in recent years, thanks alternative? To raise associate research editor Adrianne Pasquarelli to New York’s booming real estate market. While there are for future deficits taxes and increase state www.NewYorkBusiness.com few signs that the market is ready to collapse, most smart subsidies for mass online editor Catherine Tymkiw online reporter Kira Bindrim economists expect it to cool as interest rates rise and transit? EDITORIAL AND ADVERTISING OFFICES borrowing money gets more expensive. Certainly, Mr. 711 Third Ave., New York, NY 10017-5806 editorial: 212.210.0277 Fax 212.210.0799 On top of that, the MTA’s debt burden is getting heavier. Sander has an advertising: 212.210.0259 Mr. Sander said last month that annual payments to obligation to assure that revenue from fare and toll hikes is Cable craincom nyk Fax 212.210.0499 support the MTA’s borrowing will reach $2 billion in 2011, spent wisely. Service must continue to improve.The pace of Entire contents ©copyright 2007 Crain Communications Inc. All rights reserved. up from $1.4 billion today.The agency is undertaking a capital projects must remain on track, and their cost must be ®CityBusiness is a registered trademark of MCP series of important capital improvements. It’s easy to dismiss kept under control.Trains and stations must be kept safe and Inc., used under license agreement. the oft-delayed Second Avenue subway, unless you commute clean.That’s his job. If he doesn’t do it well, he must be held TO SUBSCRIBE: Call 888.909.9111; fax 313.446.6777. on the Lexington Avenue line. Most New Yorkers don’t get accountable. For now, it is the business community’s job to $3.00 a copy, $59.79 one year, $109.79 two years. www.NewYorkBusiness.com out of bed thinking about the 7 train extension, unless they watch his back. ADVERTISING AND MARKETING advertising director Jeff A. Adler brand manager, print & interactive Vanessa Cognard LETTERS TO THE EDITOR business development manager Robert N. Grossman senior account manager William E. Squitieri account executives Andrew Carlin, Lisa Pearly, Jennifer Siniscalchi, City’s tourism industry doing well Brigitte Stieglitz western account manager Ellen Mazen (Los Angeles) 323.370.2477 NYC TOURISM redevelopment Vice president sales manager, classified (“Neighborhood SEIU Local 32BJ print & online John Gallagher BUCKS U.S. TREND newsletter product manager Journal,” July 30), which Catherine Evans Gittens crain’s cover story “Tourism is part of Mayor ADOPTION OPTIONS sales coordinator, print & online slowdown bites Big Apple” ( July Michael Bloomberg’s VIA FOSTER CARE Lulé Haznedari 30) implied a decline in New York PlaNYC 2030 agenda, sales coordinator Anita Perrino credit Pat Grondziak 313.446.6082 City’s tourism industry even has the potential to thanks for the excellent article marketing director Amy Crossman though we are bucking the infuse hundreds of new “Adoption alternatives” ( July 23), marketing manager Jill H. Bottomley national trend. jobs into this which advanced some of the marketing coordinator Jenny Mashberg Last year, we welcomed a community. advantages of domestic adoption circulation manager Andrea Richardson buck ennis record 43.8 million visitors, and PLACES TO GO: New York is on pace to meet its target of What is not clear is relative to foreign adoption. general manager, interactive our hotels are seeing some of the 50 million visitors by 2015. whether the jobs In New York state, almost Marc Minardo highest occupancy and room rates created will pay decent 28,000 children are in foster care, NEW YORK PRODUCTION on record. And, while overseas wages. including the nearly 4,000 production and pre-press director travel to the United States was flat but the headline did not fit the Economic development in children who are available for Michael Corsi from 2005 to 2006, New York City facts. As you noted, the year 2006 Jamaica must go hand-in-hand adoption. advertising production manager Marilyn DeMilta showed a 7% gain. posted a 6.5% increase in with policies designed to create So far in 2007, Little Flower We are poised to achieve our international visitors; domestic good jobs that pay workers good Children and Family Services PUBLISHED BY CRAIN COMMUNICATIONS INC. goal of attracting 50 million tourism rose 2%. wages. of New York, a nonprofit chairman Keith E. Crain visitors by 2015, and when there is While the rate of acceleration In fact, it should be organization that provides president Rance Crain secretary Merrilee Crain good news for the city to celebrate, may have trailed off, this is hardly unacceptable for any development foster care and adoption services, treasurer Mary Kay Crain it should be portrayed as such. a slowdown.The fact is that NYC plan to not address this issue. has placed 563 children in executive vp, operations William Morrow jonathan tisch welcomed more visitors—both The mayor and the City loving homes across all over senior vp, group publisher Gloria Scoby Chairman domestic and international in Council have an opportunity to the region. group vp, technology, circulation, manufacturing Robert C. Adams NYC & Company 2006. Most business wouldn’t refer create a policy that would require I encourage Crain’s readers to vice president/production & to this as a slump. developers to raise the wage consider becoming foster parents, manufacturing David Kamis SMALLER GROWTH george wachtel standards for service workers. which can lead to adoption if a chief information officer Paul Dalpiaz HARDLY A SLOWDOWN Audience Research & Analysis To that end, we urge the City child becomes legally freed by the corporate circulation director Council to vote “no” on Jamaica’s Family Court. Patrick Sheposh the tourism article made a rezoning if the plan for it does not herbert stupp founder G.D. Crain Jr. (1885-1973) JAMAICA REZONING Mrs. G.D. Crain Jr. couple of good points, such as the CALLS FOR GOOD JOBS include provisions for prevailing Chief executive chairman (1911-1996) rise in hotel room prices being a wage standards. Little Flower Children challenge for domestic travelers, the rezoning of Jamaica for kyle bragg and Family Services of NY

12 | Crain’s New York Business | August 6, 2007 CNYB 08-06-07 A 13 8/3/2007 12:12 PM Page 1

Do you know a Crain’s

are similar to those afflicting the music business. Record companies Under are collapsing under their own 40Forty? weight, ruined by bloated infra- structures based on the heady days when the CD was king and con- sumers were willing to shell out $20 for a collection of songs.Consumers now get their music on the Web for free or purchase songs for 99 cents a track at iTunes. Well, consumers don’t want to pay for news either these days, be- cause they can get it for free on the Web. And though their frustration with the media is different from their distaste for record companies, in a similarly destabilizing way,they don’t trust the institutions present- ing the news.They view even an in- dependent paper like The New York Times as too cozy with its sources. As a result, they search for open- ly opinionated voices on blogs— voices that they feel are more aligned john h.john howard with their views, whether liberal or conservative—and cherry-pick sto- ries from traditional organizations through their free Web sites. The truth is that much of what Journal purchase ends up in newspapers now is redun- dant.The Times is so stuffed with sec- tions conceived when ads were plen- nails media coffin tiful that it has become a chore to read. And despite a worldwide net- work of reporters,the paper often fails to provide the kind of analysis and grit BY VALERIE BLOCK that it did in the era when it published the Pentagon Papers. o, the bancroft family finally approved the sale of Newspapers are too wrapped up in Dow Jones and its storied Wall Street Journal to Rupert their financial troubles and the 24/7 Murdoch’s News Corp.,leaving little doubt in my mind news cycle.They find it hard to give staffers the freedom to doggedly pur- that great newspapers are a dying breed, done in by the sue a story,as Washington Post reporters digital revolution. Bob Woodward and Carl Bernstein did when they tracked a presidential SLike every other though I could be mis- scandal to its climactic end. facet of the media in- erably affected, I must Like record companies, newspa- dustry, newspapers are give myself the same pers are losing touch with their cus- being mercilessly trans- advice I would give a big tomers’ needs. In a lame attempt to formed by the Internet media company suffer- appeal to those consumers, especially and market forces.In the ing at the hands of younger ones,they offer gems like the case of Dow Jones, the change: “Get over it.” report from Pulitzer Prize-winning company failed to ex- Yes, the wrenching fashion writer Robin Givhan of the ploit its potential as a shifts of this decade have same Washington Post, who believes multimedia brand and caused pain for news- that covering politics involves com- ended up in the hands of paper companies, their menting on the cleavage of the only a conglomerate that will. VALERIE owners and their em- female presidential candidate. I,of course,follow this BLOCK ployees, many of whom Mr. Murdoch’s getting his hands development with great can count on pay cuts or on Dow Jones and its flagship news- interest, given that my pink slips. But this ain’t paper may be the hardest blow yet to words appear on the printed page the new millennium for nothin’. an industry already reeling, but it is and a newspaper pays my salary.But The newspaper industry’s woes hardly the last.

CRAIN’S ONLINE POLL SHOULD THIS YEAR’S SEPT. 11 MEMORIAL SERVICE BE HELD AT GROUND ZERO?

NEARLY THREE-QUARTERS of the 583 Yes, the respondents oppose plans to move the No, the .28% service rebuilding of should be Crain’s New York Business service to Zuccotti Park, saying that the the site held at commemoration should remain at must not be Ground is putting together a 40 Under 40 slowed for Zero, as in Ground Zero to honor those who died at even a day 72%. past years reunion to honor the the World Trade Center. Fewer than 30% 20th anniversary of the feature. don’t want reconstruction to be interrupted for even one day. If you are former 40 or know someone who is, please send For this week’s question: Go to www.NewYorkBusiness.com/poll to have your say. current contact information to [email protected] CNYB 08-06-07 A 14 8/3/2007 2:38 PM Page 1

Spitzer should stay out of back room COMING OF AGE Contributions THE INSIDER ONE SIGN THAT HEDGE FUNDS have matured as an industry is that Congress gov. eliot spitzer must avoid wants to tax them, along with their cousins in private equity. In response, the by Erik Engquist and Anne Michaud backroom talks with Assembly funds are stepping up their political donations to 2008 presidential Speaker Sheldon Silver and Senate candidates and to major parties. A look at contributions from some top funds Majority Leader Joseph Bruno, shows that they are spreading the wealth. according to one Democratic Employees of SAC Capital Advisors have given so far $299,550 during lawmaker. this election cycle, including $283,000 to Sen. Chris Dodd, D-Conn. Citadel Behind defeat of Wicks overhaul “Every time he goes into a room Investment Group, which is based in Chicago but has a New York office, has with those two, he comes out a donated $233,550—$159,750 of it to Sen. Barack Obama (left). Fortress hat killed wicks reform? Albany leaders loser,” the legislator says. “He has to Investment Group’s total contributions are $232,050, with $154,650 going appeared to have a deal, but it fell apart at the end of negotiate in public.” to Sen. John Edwards. Renaissance Technologies Corp. has given $206,650 That was the governor’s to candidates; Sen. Hillary Rodham Clinton (center) got the most, $39,800. the legislative session when upstate interests inclination when he took office, but W Elliot Management gave $200,200 in total, and the biggest chunk of that, Mr. Spitzer has resorted to typical complained to Senate Majority $171,950, went to Republican candidate Rudy Giuliani (right). Leader Joseph Bruno. Albany deal-making to get some of WICKS 101 his agenda accomplished. Of the $94,100 donated by Tudor Investment Corp. employees, $28,500 The law, which dates back to Refusing would risk gridlock, has gone to the Republican National Committee and $28,500 to the Requires agencies to issue four Democratic Congressional Campaign Committee. 1921, requires that public contracts for $50,000-plus public but the public would blame the Legislature, the source says.That agencies issue four separate projects anywhere in the state. would give Mr. Spitzer leverage, contracts for any construction Plan would have set 3 tiers: because every member faces an project costing more than election next year.The governor’s $50,000.The law, originally term runs through 2010. intended to curb the clout of $3 million NYC general contractors, is now Former councilman generally blamed for driving up $1.5 million gets federal office construction costs.The reform NY SUBURBS called for raising the dollar president george w. bush has

nominated former Manhattan City bloomberg news threshold on projects to which $500,000 Councilman Charles Millard to be Wicks would apply: $3 million UPSTATE director and chief executive of the Senate confirmation. the agenda during the speaker’s and above in New York City, Pension Benefit Guaranty Corp., a After two terms in the council, race in late 2005, has fallen off 2,300-employee operation that Mr. Millard, a Republican, served Speaker Christine Quinn’s to-do list. $1.5 million in suburbs outside the bill would invite unions into pays $4 billion in annual benefits to as president of the city Economic Insiders say she has become city and $500,000 upstate. upstate jobs. people whose pension plans have Development Corp. for three and a convinced that she cannot win an Upstate school officials told Aides to Gov. Eliot Spitzer vow to been terminated. half years in the administration of increase to three four-year terms Mr. Bruno that their cap was still continue pushing to fix Wicks. Mr. Mr. Millard has left his post as Mayor Rudy Giuliani. from the current two. too low, however. Additionally, the Bruno wants a commitment to managing director of Broadway A poll that Ms. Quinn nonunion General Building invest $300 million in capital Real Estate Partners, a private commissioned in May 2006 but Contractors of New York State projects for upstate businesses in investment and management Yassky avoiding kept under wraps showed that believed that project-labor exchange for a favorable state firm,and is serving as PBGC’s donor fatigue voters agree with the current agreement wording in the reform Senate vote, his spokesman says. interim director while he awaits limit, an insider says. She tried to one of the City Council’s most enlist Mayor Michael Bloomberg’s prodigious fundraisers, Democrat support, but Democrats weren’t David Yassky of Brooklyn, has willing to offer him nonpartisan gathered nary a cent since his failed elections in return.They did not $1.5 million campaign for want to cede the electoral Congress in 2006. advantage that partisan primaries But the empty bank account bring in the overwhelmingly PHOTO GALLERY doesn’t mean that Mr. Yassky has Democratic city. abandoned plans to run for higher Ms. Quinn’s office declined to LISTINGS OF LOCAL EVENTS office in 2009, when term limits comment. prevent him from seeking re- 40 UNDER 40 PROFILES AND PHOTOS election. He would like to remain TOP LISTS FOR BUSINESS LEADS in public life. Insiders see him as a Kelly would make candidate for public advocate but race a brawl NY BUSINESS DIRECTORY say Mr. Yassky is giving contributors a break. the 2009 mayoral race could He also raised money for the become a slugfest if Police Brooklyn district attorney race in Commissioner Raymond Kelly enters LATE BREAKING 2005 but decided not to run. it, insiders say. City Councilman Charles Barron, who will be running Not scary enough for Brooklyn borough president in the same cycle, is sure to raise the LOCAL NEWS a web site launched by Senate November 2006 Sean Bell shooting Republicans to frighten Democrat- and other issues that pit African- RESTAURANT REVIEWS ic senators is not having its intend- Americans against the police. ed effect, Democrats say.The site, Additionally, City Comptroller LINKS TO MEMBERSHIP ORGANIZATIONS nyinjeopardy.com, lists 10 supposedly William Thompson Jr., a moderate vulnerable Democratic incumbents. black politician from Brooklyn, INTERACTIVE ONLINE POLLS The GOP won’t invest resources on could be the Democratic mayoral so many races. Some of those listed— nominee and be forced to weigh in SEARCHABLE ARCHIVES such as Mamaroneck’s Suzi Oppenheim- on race questions. I COMPREHENSIVE INDUSTRY PAGES er—routinely win by huge margins. “It was pretty sophomoric, and the Democrats aren’t taking it too seriously,” a Democratic campaign THERE’S SOMETHING FOR consultant says. EVERYONE AT Quinn lets go of extensions

extending term limits for the ap images City Council, an issue that topped A KELLY candidacy could spark racial issues.

14 | Crain’s New York Business | August 6, 2007 CNYB 08-06-07 A 15 8/3/2007 2:54 PM Page 1

WEEK IN REVIEW

Wall Street firm ECONOMIC SPOTLIGHT readies IPO morgan stanley subsidiary MSCI Inc. filed for a $200 million initial public offering, which is expected by the end of the year. Morgan Stanley owns 96.6% of MSCI, an international provider of investment decision support tools. Brooklyn park plans unveiled the city unveiled a $40 million design for the restoration of Brooklyn’s Dreier-Offerman Park. The 77-acre park, which is near Coney Island, will feature new athletic fields, an amphitheater and kayak facilities. Families fight for WTC site FAMILIES OF VICTIMS of the Sept. 11 terrorist attacks are Former executive fighting City Hall over the location of next month’s memorial gets probation service. The families want the ceremony to be staged at ryan brant, former chief Ground Zero, as it has been annually since 2002. MAYOR executive of Take-Two Interactive Software Inc., was ordered to pay Economy Watch MICHAEL BLOOMBERG plans to move the event to nearby $7.2 million and serve five years In June, NYC’s jobless rate topped 5% for the first time in 11 months. The Zuccotti Park, saying that ongoing construction makes the probation for his role in an options rise in area inflation was attributed largely to increases in the housing sector. former World Trade Center site unsafe for large groups. backdating scheme at the company. Mr. Brant is the first MAY ’07 JUNE ’07 COMPARISON Outraged families disagreed and filed a request with the CEO to be convicted in an NYC jobless rate 4.9% 5.2% 4.5%1 Port Authority of New York and New Jersey, the WTC site industrywide options probe. NYC employment change +9,400 +1,300 +35,7002 owner, to intercede. Meanwhile, Patti Tay, the

bloomberg news company’s former accounting NY area inflation change +0.5% 3 +0.6% +2.5% chief, was sentenced to three years’ 1-U.S. unemployment rate. 2-Change since December 2006. 3-Inflation rate for the latest Monster cuts Coin collector Jim Corliss paid probation over the scandal. 12-month period. $4.20 per pound for the coins.The monster worldwide inc. said it city’s proceeds: about $2,000. will eliminate 800 jobs, or 15% of Bear suspends NYC Hotel Stats Broadway Stats its workforce, in an effort to cut an- fund withdrawals nual operating expenses by as much Developers Average room rates and occupancy Attendance and gross for the week as $170 million.The jobs-site com- face charges bear stearns cos. indefinitely levels have been rising since January, ended 7/29 beat year-earlier levels by pany has faced surging legal costs suspended withdrawals from its PKF Consulting data show. The 34,500 theatergoers and $3.3 million, related to a stock-options probe. two new york real estate devel- $900 million Bear Stearns Asset- averages for first-half 2007 were says The League of American The- opers—Michael Hershkowitz and Backed Securities Fund as losses $273.72 and 84.2%, topping year- atres and Producers. Patrons filled an Ivy Woolf-Turk—were charged in the credit markets expanded earlier levels of $242.48 and 83.5%. impressive 90.13% of available seats. Guggenheim chief with fraud for allegedly swindling beyond subprime mortgages.The heads to Sotheby’s investors out of $27 million ear- ABS fund has less than 0.5% of its marked for a Manhattan apart- assets in securities linked to lisa dennison (below) will step ment renovation project. Pros- subprime loans. 89.9% down as director of the Solomon ecutors said the developers used R. Guggenheim Museum in real estate firm Kingsland Group September to Inc. to issue false mortgage Morgan Stanley become the statements. settles claims $305.61 North and South morgan stanley agreed to pay American Biography of a $6.1 million to settle claims by the executive vice Rolling Stone Financial Industry Regulatory Au- president of thority that the firm overcharged 6/06 10/06 2/07 6/07 Sotheby’s book publisher Little Brown retail brokerage customers on more

auction house. buck ennis paid approximately $7.3 million than 2,800 bond sales in 2001.The Ms. Dennison worked for the for the world English-language action involves some $3.9 million Guggenheim for 29 years. rights to Keith Richards’ auto- in overcharges on $59 million in Capital IQ’s Weekly Deals Report biography, following a heated corporate bond sales. Loan crisis auction.The book is slated for TRANSACTION SIZE release in 2010. YES for sale? COMPANY/LOCATION (in millions) BUYER/INVESTOR TRANSACTION TYPE american home mortgage Apollo Management $1,100.0 Not disclosed GCI Investment Corp. is shutting the yankees’ television network Manhattan down most of its operations and Ciprianis admit may be on the block. Goldman Reval.com Inc. $28.0 Commonwealth Capital Ventures, GCI laying off nearly 90% of its 7,000 to tax fraud Sachs Group Inc., co-owner of Manhattan North Bridge Venture Partners employees.The lender nose-dived the Yankees Entertainment & Robbins & Henderson $2.0 Van der Moolen Holding NV SB M&A after bankers cut off its credit, restaurateur Giuseppe Sports Network, said the Manhattan leaving the company unable to Cipriani and his father, Ar- company is exploring a sale. Advanced Viral Research Corp. $1.5 Cornell Capital Partners GCI Yonkers fund $750 million in mortgages. rigo, pleaded guilty to evading YES, created in 2002, could be The Princeton Review Inc. n/a Bain Capital Ventures, Prides Capital GCI $10 million in state and city worth as much as $3.5 billion. Manhattan Cash for coins taxes between 2003 and 2004. Yankees officials said the Selected deals announced during the week of July 22 for companies headquartered in metro New The Ciprianis, who are expect- team won’t sell its 36% stake. York. n/a Not available. GCI: Growth capital investment represents new money invested in a com- the department of Transpor- ed to be placed on pro- —from staff pany for a minority stake. SB M&A: Strategic buyer M&A represents a minority or majority acqui- tation auctioned off 500 pounds of bation, were ordered reports and sition of existing shares of a company without the participation of a financial buyer. foreign coins retrieved from city to repay the taxes over bloomberg news

bekka lindström bekka parking meters over the past year. three and a half years. ap images reports

August 6, 2007 | Crain’s New York Business | 15 CNYB 08-06-07 A 16 8/2/2007 5:35 PM Page 1

REAL ESTATE DEALS Consultants head south for space

of credit to the market.” Tribal sales manager. Monitor Group signs The Monitor Group searched Grant Greenspan represented at 140 Broadway; Manhattan for a year before decid- property owner Kaufman/Adler ing on this location, says Eric Realty in the deal, and Monica sportswear firm gets Thomas, a Studley broker who rep- O’Toole,a broker with Kaufman Or- bigger showroom resented the tenant in the deal. He ganization,negotiated for the tenant. says the firm chose the downtown site partly so it can expand its offices BY ELISABETH BUTLER CORDOVA there at a later date. Entrepreneurs hope for extended run anagement con- sulting firm Monitor Fashion firm finds sandra henry got into the hair- Group is leaving better fit on 7th Ave. extension business because she was 530 SEVENTH AVE. will house Tribal fashions. midtown for big- irked at the industry. A fan of long ger digs downtown. tribal sportswear inc., a fashion hair herself, Ms. Henry hated MThe Boston-based company recent- house that sells to department stores spending hours in the salon chair Bronxwood Ave., between East 224th ly signed a 15-year deal for nearly such as Dillard’s and more than 1,800 just to watch her extensions fall out and East 225th streets in the Bronx. 50,000 square feet at 140 Broadway, specialty stores, is packing up its or break off in less than two weeks. The retailers chose the Bronx loca- between Cedar and Liberty streets. spring 2008 designs and moving to a With her own hair-extension tion for its affordable prices—the The Monitor Group will relo- new location in the fashion district. business, Candyface International, asking rent was $35 per square foot cate from its 34,000-square-foot of- The Montreal-based company Ms. Henry guarantees that the for the five-year deal. fices at 650 Madison Ave.by the end recently inked a five-year deal for strands of blond, brunet and ginger Property owner MJB leased the of January to take the 49th and 50th 3,700 square feet at 530 Seventh Ave., will last at least a month. Her firm 500-square-foot shop to Candy’s floors at 140 Broadway. The asking at West 39th Street.The asking rent imports hair from Europe,Brazil and Hair Lounge because the store of- rent was about $65 per square foot. was $55 per square foot. Malaysia and then cleans and dyes it fers a unique service. The firm, which operates 30 of- 140 BROADWAY awaits the Monitor Group. Tribal Sportswear, which has op- in-house.Prices for a 200-strand sec- “It will help get the area going,” fices around the world, advises cor- erated in the city since 1993, is relo- tion range from about $200 to $400. says Elliott Dweck, a Besen & As- porations, nonprofits and govern- cating from 1411 Broadway because For the last year,the business concen- sociates broker who represented ments on a broad range of topics, the Cushman & Wakefield Inc. ex- owner The Blackstone Group did trated on selling to salons and stylists. Candyface in the deal. Another Be- from aerospace to tourism. ecutive director who negotiated the not offer to renew Tribal’s lease. Now, Ms. Henry and business sen broker, Matt Mager, negotiated “We’re seeing more and more of deal on behalf of property owner “This building is more contem- partner Monique Holness are plan- on behalf of MJB. these high-quality names coming Union Investment Real Estate, for- porary, and we wanted a bigger ning to open the company’s first downtown,” says Bob Constable, merly known as DIFA.“It gives a lot showroom,” says Mark Skluth, a store, Candy’s Hair Lounge, at 3964 COMMENTS? [email protected]

Cooley Godward Kronish, a national law firm for the converging worlds of high technology, high finance and high-stakes litigation. www.cooley.com

PALO ALTO • NEW YORK • SAN DIEGO SAN FRANCISCO • RESTON, VA BROOMFIELD, CO • WASHINGTON, DC

16 | Crain’s New York Business | August 6, 2007 CNYB 08-06-07 A 17 8/2/2007 1:42 PM Page 1

EDUCATION INSIDE Admissions officer discusses the use of consultants PAGE 18 Part-time M.B.A. programs offer options for those already in the workplace PAGE 19 Largest M.B.A. programs PAGE 20

NYC BY KAREN J. BANNAN when john singh began applying training to graduate business schools, he re- alized he needed assistance answer- ing some of the tougher essay ques- more tions. Mr.Singh hired a New York con- sulting firm to help him tell his most doctors compelling stories and to provide guidance on which anecdotes to use for specific schools. Forecast shortage “They made me throw every- thing about myself on a piece of pa- spurs medical per and recognize that I have really school expansion; good stories about leadership and what I like to do,” says Mr. Singh, a funding game who was recently accepted at the Wharton School of the University of Pennsylvania. BY GALE SCOTT Shifting the odds new york city, which has sev- he is part of a growing number of en medical schools turning out people who pay a consultant to shift about 1,000 doctors a year, has the odds of getting into a top school long been a center for physician in their favor. training—and it’s about to be- Though advising M.B.A. candi- come an even bigger one. dates is not new, insiders say the Health policy experts pre- business has exploded in the dict a nationwide shortage of past five years. The New doctors by 2015 and are push- York area alone has hundreds ing U.S. schools, including of consultants, who say that those in New York, to step up at least 20% of candidates for the production of physicians by top-tier schools use their

30%. istockphoto services. Most of the city’s medical M.B.A. Those offerings can range schools are heeding the call. from an hour-long session They plan to spend tens of mil- for $150 to a step-by-step lions of dollars on real estate, TRENDS package for $11,000, which construction and salaries to in- includes brainstorming on crease capacity. Newcomer essay topics, picking a program and Touro College of Osteopathic ensuring that all forms are signed. See DOC on Page 18 Some school officials suggest that consultants are a waste of mon- ey, however. They say much of the PHYSICIANS information that consultants claim IN THE HOUSE to get through inside channels is readily available from a number of New York City medical sources or is only a phone call away. schools. “Our Web site is full of the things Albert Einstein College we look for and how to complete our of Medicine of Yeshiva application,” says Linda Meehan, University, Bronx, STREETWISE: assistant dean for M.B.A. admis- 183 students Jeremy Shinewald of sions at Columbia Business School. MBA Mission says Columbia College of firms like his help “Why do you need a consultant if Physicians and Surgeons, applicants be more the information you need is already Manhattan, 155 students aware of what they out there?” Mount Sinai School have to offer. Stiff competition of Medicine, Manhattan,

120 students buck ennis but candidates appear ready to New York University School pay the price as getting into an elite M.B.A. program becomes harder. of Medicine, Manhattan, 160 students For example, Columbia Business School and New York University’s SUNY Downstate College Stern School of Business each ac- of Medicine, Brooklyn, Advisers coach cepted only about 17% of the thou- 185 students sands of applicants for the fall 2007 Touro College,* session. Manhattan,125 students Because New York schools are Weill Medical College M.B.A. hopefuls among the most coveted targets for of Cornell University, M.B.A. applicants, consultants na- Manhattan,101 students tionwide have a strong focus on the *Opening in September. Sources: Schools, More candidates shell out for guidance Big Apple. Association of American Medical Colleges This is the market that people are in choosing a school, writing an inspiring essay See M.B.A. on Page 18

August 6, 2007 | Crain’s New York Business | 17 CNYB 08-06-07 A 18 8/2/2007 1:45 PM Page 1

REPORT EDUCATION M.B.A. admission advisers

Continued from Page 17 stand the depth of dates who are misrepresenting Q&A “dying to get into,’’says Stacy Black- stories and experi- themselves. man,founder of an eponymous con- ences they possess,” Columbia requires applicants to sulting firm in Los Angeles. says Jeremy Shine- sign a statement that they complet- New York’s appeal is enhanced wald, founder of ed their submission personally and Are M.B.A. by its status as a financial and corpo- MBA Mission, a that it is accurate. But, like other rate headquarters capital: Students New York consult- universities, Columbia isn’t relying candidates make invaluable contacts while in M.B.A. ing firm. “Brain- on that alone. Staffers spend hours school that they can then use after storming with us comparing essays against scores on graduation. TRENDS is a way to help similar written tests, as well as with getting too The financial rewards of an them become more other material. M.B.A. are also driving the willing- aware—but we ness to hire consultants.The average don’t do the actual writing for Cheat sheet much help? starting pay for new graduates is them.” at baruch college’s Zicklin

buck ennis more than $100,000.The Graduate While some school officials School of Business, some applicants LINDA MEEHAN advises prospective Management Admission Council agree that consultants can help can- have had to write a new essay in a Columbia Business students to visit the school before applying. says that 53% of business school stu- didates determine the best way to campus office, according to Fran dents seeking jobs had offers before present themselves, they stress that Murphy, director of graduate ad- School officer reviews graduating this year, compared with such advisers won’t get an unquali- missions. Candidates have even use of consultants Q: Aside from comparing GMAT 36% four years ago. fied person admitted. been asked directly if they complet- scores to written work to weed out Admissions staffs say they are ed their own application. inda meehan is an as- students who misrepresent themselves, Standing out seeing more applications that have “I’ve had a student tell me that sistant dean for M.B.A. is there a way to catch those admission with the stakes so high, it’s no been completed partially or totally she literally never saw her [complet- admissions at Columbia consultants who try to cheat the system? wonder that candidates are seeking by consultants. Advisers concede ed] application,” Ms. Murphy says. Business School. A: We also see consultants who aid to find the nugget that makes that this is a growing problem that “She signed it, and the consultant She recently spoke write candidates’ résumés or their application distinctive. Be- must be stopped; a new group, the filled it out cover to cover. Unfortu- Lwith Crain’s about the growing recommendation letters. We find cause applicants often have similar Association of International Grad- nately, her application was denied, trend of candidates using consult- them when we go through our academic qualifications, consult- uate Consultants, is looking at ways and she was never allowed to reap- ants when applying to business pro- verification process, which is ants emphasize the essay as the best to curtail unscrupulous practices. ply for our program.” grams and gave some tips on how to completed for every person we admit shot at making an impression. The schools themselves are step- find a good consultant. to the school. We use an outside “Many candidates don’t under- ping up efforts to identify candi- COMMENTS? [email protected] Ms. Meehan also spoke about vendor who verifies transcripts, the problem of consultants who go résumés and recommendations. We beyond just giving advice and actu- do it for everyone, because we realize ally complete the application for a that we may not catch everything. Doc training going into overdrive candidate. One hundred percent of our current students have passed this verification Q: Are you hearing a lot about process. If you don’t pass, we rescind Continued from Page 17 Charney, says that though tuition few years,” a spokesman says. “We admissions consultants? our admission offer. Medicine is investing millions to will handle most of the expense of feel we’re at the right size now.” A: Yes. It’s certainly something open its Harlem campus.The initia- adding 20 students to its entering that’s blossomed in the U.S.There Q: If someone decides to hire a tives will increase the number of class this year—for a total of 140— Spitzer has money issues are a lot of them. Some are better consultant, how should they choose one? doctors graduated from schools here “there are a lot of hidden costs that the schools are unlikely to get than others. Some are what you A: Having direct, firsthand by at least 150 a year, or about 15%. are funded by research grants and much help from Albany:One of Mr. might call coaches, who work with knowledge about what we do and A few New York medical schools patient revenues [derived from] Spitzer’s campaign pledges was to people and coach them about who we are is important.That’s why say expansion is too expensive, how- clinical training.” cut the cost to taxpayers of educat- realistic goals and what goes into a I recently had one of the consultants ever. Further complicating the pic- ing doctors, though he has yet to good essay. And there are others come in and meet with me. I told ture,Gov.Eliot Spitzer has criticized make a concrete proposal. who might cross the line, giving her what we were doing and what state spending on graduate medical Experts want The governor sees graduate people things to write about and we look for in an application. She education that hospitals use to sup- medical education spending as out rewriting essays. went to two classes. She spent time port physician residencies, saying the production of hand and primarily as a funding speaking to two of my students, and such funding has reached an exces- stream for hospitals. With growing Q: What do you think of prospective she left here knowing what sive level of about $1.6 billion a year. of physicians shortages of nurses and other skilled students using consultants? Columbia Business School is and But some of the city’s most pres- health care workers in recent years, A: In terms of a consultant who is what we’re about.That’s very, very tigious institutions,such as the New stepped up 30% hospitals in New York have increas- motivating, helping students focus different from someone who read York University School of Medi- ingly relied on doctors-in-training, and decide on a school, I think they applications for us at one time or cine, are stepping up to the chal- who work long hours at minimal are great. Where we have a problem someone who did data entry for us lenge. The school has increased the salaries, for patient care. is with the consultants who are or was an officer for us four years size of its entering classes to 160, The Greater New York Hospital working with students directly on ago. Our curriculum has changed from 130 students 10 or 15 years The school wants to do its part in Association and health care workers the application or completing it for since then. Pick someone who ago. A task force is looking into fur- training more physicians, Dr. Char- union 1199 SEIU recently launched them.This makes it more difficult might have inside information ther expansion. ney says. He was convinced of the an ad campaign stressing New for us in administration to know: about a program and a school. need after reading a 2006 report by York’s role in training the country’s Are we admitting the consultant or Developing plans the Association of American Med- doctors. The coalition wants voters the student? Q: Essay and résumé doctoring nyu expects that building to ac- ical Colleges. Some challenged the to pressure Congress to keep the aside, does using a consultant give commodate more students will cost report’s finding, which was a depar- graduate education funds flowing. Q: Is it easy to spot the difference— people an edge when applying to an millions of dollars, in addition to ture from the thinking 20 years ago, Mr. Spitzer concedes that med- the people who use coaching consultants M.B.A. program? what it will spend on extra salaries. when experts forecast an oversupply ical education is important. But he versus those who cross the line? A: People don’t necessarily need Weill Medical College of Cornell of doctors and called for a freeze on says that New York spends more than A: We are usually able to see if to use consultants. Our Web site is University on Manhattan’s Upper medical school growth. most states and that many doctors someone had someone else write full of the things we look for, and East Side has convened a committee But a looming shortage is not trained here are foreigners who then their essay when we compare those how to complete our application. I to look into the most feasible ways to enough for a few of the city’s med- return to their native countries. essays to the GMAT verbal scores. sat down with an applicant the expand, according to a spokesman. ical schools. Even with the debate in Albany If it’s a perfect essay, and the other day and told him, “This is Across town, at Columbia College of “We can’t physically expand— about funding, most sides agree that GMAT scores are less than what we’re looking for, and this is Physicians and Surgeons,officials in- we’re at capacity,” says a spokes- the United States—and New York— perfect, you know this is a person what you need to do.” Go visit a tend to increase class size by 5% a year, woman for Albert Einstein College need more primary care physicians. who either had a great editor or school yourself.Talk to the with a planning group slated to sign of Medicine in the Bronx. The Other fields will eventually be hit had actual writing assistance. I do admissions staff. Ask questions off on a strategy by the end of this school has no funds to buy real es- as well, Dr. Charney says. think that our process is robust about policies and practices. We’re summer. tate, she says. “There’s going to be a global doc- enough that we are able to catch a very open about giving out that While Touro officials expect to Financial concerns are also an is- tor shortage,” he says. “People are lot of the people who have an information. We want the right cover costs through tuition alone, a sue for officials at State University getting older and living longer, and obvious disconnect between the people to come to our program. more typical position is that of of New York Downstate College of they’ll need more physicians.” person they are and their Mount Sinai School of Medicine. Medicine in Brooklyn.“We’ve added application. COMMENTS? [email protected] Mount Sinai’s dean, Dr. Dennis 15 or 20 students a year over the past COMMENTS? [email protected]

18 | Crain’s New York Business | August 6, 2007 CNYB 08-06-07 A 19 8/2/2007 2:44 PM Page 1

REPORT EDUCATION Part-time M.B.A. programs have earned credentials

pick up part or all of an employee’s Pace tries to schedule high-pro- Students weigh tuition if a course of study is relevant file speakers in the evening or dur- career, financial to a position, it makes sense to stay ing lunch hours so that part-timers on the job. can attend without cutting too considerations; BRAIN EXERCISE: There are basically two kinds of much into their workday. Jilliann Teets says she schools offer options part-time programs: standard, The Stern School of Business’ can put things she which can take years to complete; CEO Series, in which company learns in class to and executive,which are accelerated leaders share their insights and ex- immediate use at her BY GWEN MORAN weekend offerings that are usually periences with students in the class- public relations job. completed within two years. room, is available online via video there was only one option for Jil- Executive programs, which are stream. liann Teets. created for those with significant Because part-timers have other The 29-year-old wanted to get a management experience,tend to at- demands and are not on campus master’s degree in business, but she tract older students. every day, “they do miss some did not relish the idea of giving up At Pace University’s Lubin things,” Ms. Sitterle says. But, she two years in the fast-moving public School of Business, for instance, the adds, “we try to arrange networking relations industry or of losing con- average age of students in the exec- opportunities, club meetings and tacts she had devel- utive program is 38. At NYU, the other events” at times that are con- oped as an account average age of executive M.B.A. venient for them. executive at Mal- participants is 29.

oney & Fox. “It’s a more intense program, be- COMMENTS? [email protected] buck ennis Those concerns cause these people are upper-level were exacerbated by and have more years of work experi- the financial bur- ence,” says Jaki Sitterle, managing den involved in at- director of executive programs at M.B.A. tending a full-time New York University. “They’re able graduate program. to synthesize the information TRENDS Ms. Teets even- faster.” It makes $en$e tually decided to enroll in the part-time program at Overcoming prejudice New York University’s Stern School the prejudice against part-time for your business of Business. programs—particularly from re- “I’ve found that it’s helping me cruiters, who have referred to them use my brain in new ways and mak- as “M.B.A. Lite”—is beginning to to save energy ing me stronger in the office,” says lift.Executive search firms have tra- Ms. Teets, who adds that she puts ditionally preferred graduates of lessons learned in the classroom to full-time programs, which were immediate use in the workplace. considered more rigorous. I actually think [a part-time pro- Growing crowd gram] could be better, because ower Saving Partners, Con Edison, and ms. teets is a member of the ever- you’re getting your experience at the Pthe New York State Energy Research and growing part-time M.B.A. crowd. same time that you’re getting your Development Authority (NYSERDA), are offering Photos courtesy Morgan Stanley At least two-thirds of students degree,” says Dori Rosner, a spokes- millions in incentives for customers in the New now pursuing an M.B.A. are doing York City metropolitan area and Westchester so part-time, according to the U.S. County to reduce electricity use. Participating Department of Education. That In some careers, businesses report outstanding results. represents an increase of about 10% from a decade ago. workers simply The Morgan Stanley headquarters for its Private Some educators in New York Wealth and Asset Management groups is located City say that the number of people can’t give up within a 747,595 square-foot office building in getting an M.B.A. on a part-time Purchase, New York. The company implemented basis is probably higher here, be- 16 to 18 months energy-efficiency measures while renovating the cause many students have high-pay- building. ing jobs in desirable industries and NYSERDA provided assistance through its aren’t willing to give that up to at- Peak-Load Reduction Program for a 1,400 ton tend school full time. Trane Earthwise CenTraVac chiller, which operates “There are careers where, if woman for New York area recruiting at 0.576 kW/ton in day mode. The system has the you’re out for 16 or 18 months, you firm Access Staffing. flexibility to run on chiller, ice or a combination of can lose your competitive edge,” “Give me two candidates—one both. An emergency mode can provide comfort says Mitchell Feldman, president with an M.B.A.,and one with expe- cooling while making ice in the evening. of A.E. Feldman Associates Inc., a rience and an M.B.A.—and I’ll Ice storage tanks charged at recruitment firm in Great Neck, place the one with experience first night, discharged during the day. L.I. every time,” Ms. Rosner says. A $314,500 NYSERDA incentive helped Morgan Stanley achieve: “In industries like finance and School administrators concede technology, you have to stay on top that part-timers miss out on the net- • Estimated summer peak reductions of 740 kW of the regulations. You’ll find your- working that other students enjoy, • Estimated annual electric savings 870,000 kWh self at a disadvantage if you leave and as well as the opportunity to benefit • Estimated annual natural gas savings 150,000 therms try to re-enter,” he says. from on-campus activities, such as • Annual operating savings $545,000 Cost is another consideration. clubs and speaking events. • A simple payback of 4.5 years Tuition and fees for the full-time Educators are working to ad- • Carbon reduction of 475 tons program at New York University,for dress those shortcomings. example, run to more than $40,000; James C. Hall, associate dean Find out how you can save energy and earn costs at Fordham University are and director of graduate programs at incentives. Visit www.nyserda.org/programs about $34,000. Pace University—where only 151 of Taking on that kind of debt sim- 836 M.B.A. students are full- or call 1-866-NYSERDA. ply isn’t feasible or desirable for time—says the school has the same many people. goals for both its part- and full-time Power Saving Partners And because some companies programs.

August 6, 2007 | Crain’s New York Business | 19 CNYB 08-06-07 A 20 8/2/2007 5:41 PM Page 1

REPORT EDUCATION New York Area’s Largest M.B.A. Programs Ranked by total enrollment in 2006

% of 2006 20062006 enrollment2006 2006 number 2006 graduates 2006 Phone/Web site 2006 total enrollment■ Full-timeenrollment Tuition of M.B.A. acceptance employed at average 2006 Rank School Dean enrollment (full-time)■ Part-time(part-time) and fees1 applications rate graduation starting salary demographics

New York University’s Stern School of Business (212) 998-0600 2,720 814 1,906 $41,822 3,613 20% 86% $121,259 Male: 67% 44 W. Fourth St. www.stern.nyu.edu Female: 33% 1 New York, NY 10012 Thomas Cooley Minority: 24%

Rutgers Business School (973) 353-1234 1,494 368 1,126 $20,839 2 901 80% 90% $78,852 Male: 65% 190 University Ave. www.business.rutgers.edu Female: 35% 2 Newark, NJ 07102 Michael R. Cooper Minority: 35%

Baruch College’s Zicklin School of Business (646) 312-1300 1,441 88 1,353 $12,038 1,046 52% n/a n/a Male: 60% 1 Bernard Baruch Way www.baruch.cuny.edu/zicklin Female: 40% 3 New York, NY 10010 John Elliott Minority: 27%

Fordham University’s Graduate School of Business (212) 636-6200 1,348 273 1,075 $34,200 3 1,000 49% 54% $82,884 Male: 59% 113 W. 60th St. www.bnet.fordham.edu Female: 41% 4 New York, NY 10023 Howard P. Tuckman Minority: 18%

Columbia Business School (212) 854-1961 1,242 1,242 0 4 $45,448 5,372 17% 78% $127,410 Male: 65% 3022 Broadway www.gsb.columbia.edu Female: 35% 5 New York, NY 10027 R. Glenn Hubbard Minority: 22%

Pace University’s Lubin School of Business (212) 618-6401 836 151 685 $26,860 888 60% 50% $72,500 Male: 59% 1 Pace Plaza www.pace.edu/lubin Female: 41% 6 New York, NY 10038 Joseph R. Baczko Minority: 25%

Dowling College’s Townsend School of Business (631) 244-3190 832 240 592 $13,215 351 79% n/a n/a Male: 53% 150 Idle Hour Blvd. www.dowling.edu Female: 47% 7 Oakdale, NY 11782 Elana Zolfo Minority: 29%

Fairleigh Dickinson University’s Silberman College of Business (201) 692-2000 790 327 463 $21,136 n/a 64% 80% n/a Male: 55% 1000 River Road http://business.fdu.edu Female: 45% 8 Teaneck, NJ 07666 William H. Moore Minority: 35%

St. John’s University’s Tobin College of Business (718) 990-1345 673 239 434 $21,000 724 61% 96% $66,500 Male: 53% 8000 Utopia Pkwy. www.stjohns.edu/tobin Female: 47% 9 Jamaica, NY 11439 Steven Papamarcos Minority: 24%

Seton Hall University’s Stillman School of Business (732) 971-9000 474 70 404 $16,382 n/a n/a 90% n/a Male: 61% 400 South Orange Ave. www.shu.edu Female: 39% 10 South Orange, NJ 07079 Karen Boroff Minority: 11%

Iona College’s Hagan School of Business (914) 633-2502 390 40 350 $19,224 3 400 75% n/a n/a Male: 45% 715 North Ave. www.iona.edu/hagan Female: 55% 11 New Rochelle, NY 10801 Vincent Calluzzo Minority: 40%

Long Island University’s School of Business, College of (516) 299-2000 271 79 192 $21,090 192 65% n/a n/a Male: 62% Management, C.W. Post Campus www.liu.edu/cwis/cwp Female: 38% 12 720 Northern Blvd. Robert J. Sanator Minority: 17% Brookville, NY 11548

Long Island University’s School of Business, Public Administration (718) 488-1011 249 20 229 $21,220 165 60% n/a n/a Male: 25% and Information Sciences www.brooklyn.liu.edu Female: 75% 13 1 University Plaza Mohammed Ghriga Minority: 80% Brooklyn, NY 11201

() Continued

AVERAGE AGE 29; Share at Top 20 M.B.A. and Specialized Percent of M.B.A. Enrollment MORE MEN ENROLLED By number of enrolled Master’s Enrollment By citizenship, 2005-2006 students in 2006 By gender, 2005-2006 ■ U.S. citizens or permanent visa holders AGE In 2006, the average age of ■ Part-time ■ Full-time ■ Non-U.S. citizens without permanent visas students enrolled at New York’s top M.B.A. Metropolitan area U.S. M.B.A. programs was 29. Male 57.2% 64.5% GENDER Fifteen percent of the Female 42.8% 35.5% business schools enroll more women than men, 75% have more men than Specialized Master’s women and 10% are evenly split. Male 47.4% 52.1% COST Students at the top 20 Female 52.6% 47.9% Metropolitan area U.S. programs will spend an average of Top 20 total: 13,787 Metropolitan area includes New York City and Nassau, Suffolk and Westchester counties in New York, and Camden, Essex, Monmouth and Passaic counties in New Jersey. $44,000 to get their degree. Source: AACSB International-The Association to Advance Collegiate Schools of Business

20 | Crain’s New York Business | August 6, 2007 Project4 7/24/07 1:53 PM Page 1

NYU’S SCHOOL OF e fi rst step before your next step: CONTINUING AND PROFESSIONAL Career Nights and Information Sessions at NYU. STUDIES

What’s next for you? Come nd out at a Career Night or Information Session at NYU’s School of Continuing and Professional Studies (SCPS). Learn about continuing education classes, professional certi cates, seminars, and workshops. Speak to faculty and program directors. Find out about career opportunities in growing industries. Get your questions answered, and register for your next class.

BUSINESS, PROFESSIONAL, Information Technology Real Estate ARTS AND HUMANITIES AND TECHNOLOGY • Business and Professional Practice • Appraisal, Financing, Investing, Leasing Arts Programs • Databases M Business and Management Thurs., Aug. 30 • Art Appraisal and Connoisseurship • IT Auditing • Salesperson’s Licensing • Business Management Practices • Arts Administration • Networks, Systems, and Security M Tues., Aug. 28 W • Business Project Management • Programming Tues., Sept. 4 • Entrepreneurship and Small • Web Development CAREER MANAGEMENT AND Business Management Humanities and Performing Arts M Tues., Aug. 28 W • Leadership and Organizational Development EDUCATION PLANNING Wed., Sept. 5 M Thurs., Aug. 30 Law and Corporate Governance Graduate School Preparation: • Con4 ict and Dispute Resolution GLOBAL AFFAIRS Coaching, Corporate Training, and GRE, GMAT, and LSAT • Ethics and Corporate Governance W Thurs., Sept. 6 Global A airs Human Capital Management • Intellectual Property Law W Mon., Sept. 10 M Wed., Aug. 29 • U.S. Law and Methodologies Planning Your Next Career Move M Wed., Aug. 22 W Wed., Sept. 5 LANGUAGES, WRITING, Construction Management AND SPEECH M Tues., Aug. 28 Marketing, Advertising, and Public Relations DESIGN, DIGITAL ARTS, • Advertising AND FILM Foreign Languages, Translation, Finance • Business-to-Business Marketing and Interpreting • Accounting • Digital Media Marketing Animation • Court Interpreting • Auditing • Direct and Interactive Marketing W Tues., Aug. 21 C • Bookkeeping Thurs., Aug. 30 • Entertainment and Events Marketing • Foreign Language Programs • Credit Training • Integrated Marketing Communications Digital and Graphic Design: W Thurs., Sept. 6 • Economics • Investor Relations Print, Web, and Motion • Financial Analysis • Medical Interpreting • Marketing Management • Digital Imaging and Photography • Financial Planning C Thurs., Aug. 30 • Marketing Research • Motion Design • Financial Risk Management and Derivatives • Translation Studies • Marketing Strategy and Branding • Print/Graphic Design • Forensic Accounting C Tues., Aug. 28 • Public Relations • Web Design • International Business and Finance • SAS Data Mining for Marketers W Tues., Aug. 21 Writing and Speech • Investment Banking M Thurs., Aug. 23 • Business and Professional Writing • Personal Finance Film, Music, and Television • Portfolio Management • Creative Writing Philanthropy and Fundraising M Thurs., Aug. 23 • Wealth Management W Thurs., Sept. 6 • Dramatic Writing M Wed., Aug. 22 Interior and Product Design • Journalism • Speech Publishing W Tues., Aug. 21 Hospitality and Tourism • Book Publishing W Wed., Sept. 5 • Food and Beverage Operations • Magazine Publishing • Hotel Operations M Mon., Aug. 13 • Meeting, Conference, and Event Management C Mon., Aug. 27 LOCATION KEY M NYU Midtown Center, 4th Fl. 11 West 42nd St. (btwn. 5th and 6th Aves.) C 48 Cooper Square, 1st Fl. Four blocks east of the main Washington Square campus W Woolworth, 2nd Fl. 15 Barclay Street (btwn. Broadway and Church St.)

All Information Sessions are from 6-8 p.m. PLEASE NOTE: Information Sessions are structured presentations that begin on time. Reservations aren’t necessary, but please be punctual. scps.nyu.edu/sessions 212-998-7200

New York University is an affi rmative action/equal opportunity institution. ©2007 New York University School of Continuing and Professional Studies CNYB 08-06-07 A 22 8/2/2007 5:44 PM Page 1

REPORT EDUCATION

% of 2006 20062006 enrollment2006 2006 number 2006 graduates 2006 Phone/Web site 2006 total enrollment■ Full-timeenrollment Tuition of M.B.A. acceptance employed at average 2006 Rank School Dean enrollment (full-time)■ Part-time(part-time) and fees1 applications rate graduation starting salary demographics New Jersey Institute of Technology’s School of Management (973) 596-3000 197 113 84 $12,730 256 37% 60% $76,000 Male: 71% University Heights http://management.njit.edu Female: 29% 14 Newark, NJ 07102 David Hawk Minority: 16%

Stony Brook University’s College of Business (631) 632-7171 195 124 71 $8,929 5 211 37% n/a n/a Male: 58% 102 Harriman Hall www.stonybrook.edu/sbbusiness Female: 42% 15 Stony Brook, NY 11794 William H. Turner Minority: 70%

Hofstra University’s Frank G. Zarb School of Business (516) 463-6600 188 41 147 $15,730 347 85% 61% $66,368 Male: 56% 145 Hofstra University www.hofstra.edu/mba Female: 44% 16 Hempstead, NY 11549 Salvatore F. Sodano Minority: 25%

Metropolitan College of New York’s School for Business (212) 343-1234 163 156 7 $41,100 3 130 68% 96% $56,000 Male: 42% 431 Canal St. www.metropolitan.edu Female: 58% 17 New York, NY 10013 Robert Gilmore Minority: 65%

Wagner College Department of Graduate Studies (718) 390-3106 151 119 32 $15,570 150 80% 95% $60,000 Male: 51% 1 Campus Road www.wagner.edu Female: 49% 18 Staten Island, NY 10301 Donald Crooks Minority: 25%

Molloy College’s Division of Business (516) 678-5000 73 73 0 4 $22,275 75 53% 98% n/a Male: 50% 1000 Hempstead Ave. www.molloy.edu Female: 50% 19 Rockville Centre, NY 11571 Kiran Chaturvedi Minority: 27%

Touro College’s Graduate School of Business (212) 742-8770 60 0 6 60 n/m 45 60% 80% n/a Male: 50% 65 Broadway www.touro.edu/gbp Female: 50% 20 New York, NY 10006 Charles Snow, James Musumeci Minority: 60%

New York area includes New York City and Nassau, Suffolk and Westchester counties in New York, and Bergen, Essex, Hudson and Union counties in New Jersey. Crain’s New York Business uses staff research, extensive surveys and the most current references availabletoproduce its lists, but there is no guarantee that the listings are complete. Toqualify for this list, the M.B.A. program must be in the New York area.All information wassupplied by the schools. All 2006 information is for the class that entered in fall 2006. n/a Not available. n/m Not meaningful. 1-Figure represents 2007-08 school year for full-timeincoming class. Tuition and fees are approximations and subjecttochange. 2-Figure represents in-state tuition and fees; out-of-state tuition and fees are $31,475. 3-Figure is based on a trimester year. 4-School does not have a part-time program. 5-Figure represents in-state tuition and fees; out-of-state tuition and fees are $13,169. 6-School does not have a full-time program. Research: Denise Southwood, Adrianne Pasquarelli and Kathleen Morgenier

There’s been a lot of talk lately about the need for accountability in our public schools. New York City’s teachers couldn’t agree more — we’re fully accountable to the city’s 1.1 million school children who depend on us for a quality education. That’s why our voices deserve to be heard. So when big changes are made in our schools, teachers need to be involved and invested in the plans. We’re already making a difference in the futures of our kids. We can also make a difference in the futures of our schools. All we ask New Yorkers to do is listen.

Randi Weingarten, President

22 | Crain’s New York Business | August 6, 2007 CNYB 08-06-07 A 23 8/2/2007 5:31 PM Page 1

SMALL BUSINESS

$2.50 a pop. Old bakeries survive by switching mix At Carrot Top, not even the shop’s signature carrot cakes are off- limits from adaptation. In 2 neighborhoods, Five years ago, after several peo- SWEET SOMETHINGS ple had ordered carrot cakes with prosperity hinges three layers rather than the typical TOP SELLER/ TOP SELLER/ two, Ms. Mancino made three the on new offerings BAKERY FOUNDED REVENUE EMPLOYEES PRICE 10 YEARS AGO PRICE NOW standard. As many as 300 triple- layer cakes, at $33.50 each, go out and low space costs Carrot 1984 $1 million 17 Two-layer carrot cake with Carrot muffin/ the door every week. Top cream-cheese frosting /$18 $1.40 She has also added many com- BY DIANE HESS Glaser’s 1902 $400,000 7 10-inch-square devil’s food Chocolate-chunk pletely new items, including straw- or yellow birthday cake/$35 brownie/$1.50 berry tartlets, carrot mousse gaggle of new shops squares and Napoleons—all priced and restaurants have at $3.50. opened in increasing- ly upscale Washington Focus on quality Heights in the past few by continuing to stress the qual- Ayears, crowding out many of the ity of ingredients and freshness of Manhattan neighborhood’s old- her products, Ms. Mancino has at- line stores. tracted business from nearby New But 23-year-old Carrot Top Pas- York-Presbyterian Hospital’s Mil- tries is a notable exception. crowd,” says Ari Ginsberg, director East Side, has also done the right cakes on any given Saturday but now stein Center, as well as from celebri- The bakery, located on Broad- of the Berkley Center for Entrepre- things to keep up with the times. moves half that number.In response ties like Morgan Freeman. way between West 164th and 165th neurial Studies at New York Univer- But Herb Glaser concedes that to the demand shift, Mr. Glaser has Looking to the operation’s fu- streets, has adjusted smoothly to sity.But,he adds,“it’s important not would not have been enough to increased the number of smaller of- ture, the Mancinos are thinking changing tastes and to mounting to make changes too quickly or too guarantee survival had his grandfa- ferings, like pecan and chocolate- about e-commerce. competition from everything from radically.” ther not bought the business’ home chunk brownies, honeybee cookies Ms. Mancino is also considering grocery stores to Dunkin’ Donuts. Carrot Top is one of a number of on First Avenue and East 87th and lemon meltaways. renovation but must first determine Carrot Top, which also boasts a full traditional bakeries that have sur- Street back in 1902. And while his father bought how much Carrot Top’s rent will be deli, projects revenue of more than vived Manhattan’s shifting demo- cookies wholesale, Mr. Glaser de- when the lease expires. $1 million this year—four times graphics by being flexible and cre- Changing tastes cided six years ago to bake his own. “I don’t know what kind of deal that of a decade ago. ative—and having a long-term “our good quality and fair prices Sales of the items have since tripled. I’m going to get, but I know there is Such success takes some fine- lease. Owners Renee and Robert are reflective of the fact that we do When a customer asked Mr. going to be a big difference in price,” tuning. Mancino, who have six years left on not have to pay astronomical rent,” Glaser to make whoopie pies—two Ms. Mancino says. their 30-year lease, pay rent of $80 a says Mr. Glaser, who owns the bak- chocolate cookies joined by a thick “I am just hoping that they’re Go with the flow square foot.The going rate for retail ery with his brother, John. layer of vanilla buttercream frost- fair,” she says, “because I think that “the trick is to get a sense for how space in the area ranges from $100 What draws customers, though, ing—he tried it,even though he had I’m good for the neighborhood.” a neighborhood is changing and to to $150, according to one estimate. is innovation. never heard of such a thing. He now do something to appeal to the new Glaser’s Bakery, on the Upper Glaser’s used to sell 60 birthday sells 150 whoopie pies every week,at COMMENTS? [email protected]

THE WEEKS AHEAD

THIS WEEK’S EVENTS Fee: $16.50 members, $20 nonmembers. nonmembers. (646) 871-3405 or (201) 289-2208 or [email protected]. nonmembers. (212) 473-8074. AUGUST 7 (516) 944-6454 or [email protected]. ActionCoach New York holds workshop [email protected]. AUGUST 14 AUGUST 27-SEPTEMBER 2 SEPTEMBER 17-23 on results for your business. 6:00 p.m. to AUGUST 8 Camba’s Small Business Services holds AUGUST 30 SEPTEMBER 17 7:00 p.m., 989 Sixth Ave., fourth floor. Blah Blah Blah Etc. Inc. holds seminar workshop on marketing on a budget. Manhattan Review holds information New York Society of Security Analysts Free. (646) 862-1710 or on successful marketing. 9:00 a.m. to 3:00 p.m. to 5:30 p.m., session on M.B.A. admissions at the holds forum on technical and [email protected]. 4:00 p.m., 1065 Sixth Ave., 13th floor. 884 Flatbush Ave., second floor, Wharton School of the University of quantitative research. 5:30 p.m. to 7:45 AUGUST 7 Fee: $199. (800) 207-0015 or Brooklyn. Free. (718) 282-2500, Pennsylvania. 7:00 p.m. to 8:30 p.m., p.m., 1177 Sixth Ave., second floor. Fee: Gold Place Network holds networking www.maverickmarketing.biz. ext. 242, or [email protected]. 420 Lexington Ave., suite 2310. Free. free for members, $20 nonmembers. reception. 6:00 p.m. to 8:30 p.m., 305 AUGUST 8 AUGUST 14 (212) 997-1660. (646) 871-3405 or Seventh Ave., 11th floor. Fee: $20. Girls Inc. holds networking reception. TaylorMade Media and Citibank hold [email protected]. (212) 465-8080. 7:30 p.m. to 10:00 p.m., Harry’s at networking reception. 6:30 p.m. to 9:30 SEPTEMBER 3-9 SEPTEMBER 18 AUGUST 7 Water Taxi Beach, Second Street and p.m., Harlem Tea Room, 1793A SEPTEMBER 5 New York Society of Security Analysts Blue Stripe Media Group holds course Borden Avenue, Long Island City, Madison Ave. Fee: $20 in advance, $30 Banco Popular and Sandler Institute and National Investor Relations on writing as a brand. 9:00 a.m. to 11:30 Queens. Fee: $80. (212) 509-2000, at door. (516) 285-4999 or hold networking reception and program Institute-New York hold seminar on a.m., McGraw-Hill Building, 1221 ext. 211, or [email protected]. [email protected]. on winning more business. 6:00 p.m. to analyst and investor relations. 8:30 a.m. Sixth Ave., second floor. Fee: $75 in AUGUST 8 AUGUST 15 8:00 p.m., 25th Street and Second to 12:00 p.m., 1177 Sixth Ave., second advance by credit card only, $85 at door American Business Media holds Business Networking International, Avenue. Free. (212) 679-1201 or floor. Fee: $225 NYSSA and NIRI by check only. (917) 617-4522 or networking reception with digital New York City Chapter 5, holds [email protected]. members, $295 nonmembers. [email protected]. community leaders. 8:30 a.m. to 10:30 networking breakfast. 7:00 a.m. to 8:30 SEPTEMBER 6 (646) 871-3405 or [email protected]. AUGUST 7 a.m., Scholastic, 557 Broadway. a.m., Sunberry’s Café, 106 E. 60th St., Camba’s Small Business Services holds SEPTEMBER 20 Asian Women in Business holds Fee: $95 members, $125 nonmembers. second floor. Fee: $15. (646) 217-4689 workshop on for-profit versus nonprofit Association for Corporate Growth and workshop on small business successes. (212) 661-6360, ext. 3337, or or [email protected]. organizations. 3:00 p.m. to 5:30 p.m., Turnaround Management Association 6:30 p.m. to 8:30 p.m., Mercedes-Benz [email protected]. AUGUST 15 884 Flatbush Ave., second floor, holds networking conference on deal- Showroom, 430 Park Ave. Fee: free for AUGUST 9 Networking for Professionals holds Brooklyn. Free. (718) 282-2500, making and economic analysis for equity small business and corporate members, LatinVision Media holds networking networking reception. 6:30 p.m. to 8:30 ext. 242, or [email protected]. investors. 2:00 p.m. to 9:00 p.m., $20 individual and sustaining members, reception. 6:00 p.m. to 9:00 p.m., New p.m., Techspace, 41 E. 11th St., 11th SEPTEMBER 7 Roosevelt Hotel, 45 E. 45th St. Fee: $40 nonmembers. (212) 868-1368 or York University, 53 Washington Square floor. Fee: $25 members and $35 Global Purchasing Cos. holds workshop $225 members, $250 nonmembers. [email protected]. South, King Juan Carlos of Spain Hall. nonmembers in advance, $40 for all at on how to open and run a retail store. (646) 932-5532 or AUGUST 7-8 Fee: $30. (646) 519-2452 or door. (212) 227-6556 or 10:00 a.m. to 5:00 p.m., 1133 Broadway. [email protected]. Global Purchasing Cos. holds two-day [email protected]. [email protected]. Fee: $189. (212) 414-4001 or —adrianne pasquarelli workshop on how to open and run a AUGUST 15 [email protected]. successful retail store. 6:00 p.m. to 9:00 AUGUST 13-19 International Enterprise Singapore p.m., 1133 Broadway. Fee: $189. AUGUST 13 and Global Purchasing Cos. hold SEPTEMBER 10-16 TO LIST YOUR EVENT (212) 414-4001 or Sharon Melnick holds seminar on Singapore manufacturers exchange SEPTEMBER 10 Crain’s lists business meetings online and includes [email protected]. increasing revenue for your business. conference. 9:00 a.m. to 6:00 p.m., Queens Economic Development Corp. them in the print edition on a space-available basis. AUGUST 8 6:30 p.m. to 8:30 p.m., New York Fashion Institute of Technology, West holds open house on its entrepreneur Events in New York City with admission fees of less New York City Midtown Coaching Seminar Center, 71 W. 23rd St., suite 27th Street and Seventh Avenue, assistance program. 6:00 p.m. to 8:00 than $300 are considered for the print publication. Center holds workshop on rainmaking. 515. Fee: $15. (212) 842-4638 or Building A, eighth floor. Free. p.m., Queens Borough Hall, 120-55 Listings can be submitted only through the Crain’s 6:00 p.m. to 9:00 p.m., SLC Conference [email protected]. (212) 414-4001 or Queens Blvd., room G-110, Kew Web site. To submit a calendar listing, go to Center, 352 Seventh Ave., 16th floor. AUGUST 14 www.globalpurchasinggroup.com. Gardens. Free. (718) 263-0546. www.newyorkbusiness.com and click on “Events.” New York Society of Security Analysts AUGUST 16 SEPTEMBER 11 Sponsors have a choice of several free or paid list- holds forum on compensation survey Business Networking International, Manhattan Chamber of Commerce ing options. All business events will be posted More meetings online at online within two business days. www.newyorkbusiness.com results from the CFA Institute. 12:00 Chapter 15, holds networking reception. holds networking reception. 6:00 p.m. to Click on “Events” p.m. to 1:30 p.m., 1177 Sixth Ave., 7:00 a.m. to 8:30 a.m., George’s 8:00 p.m., Roger Smith Hotel, 501 Crain’s can neither confirm receipt of listings nor say second floor. Fee: free for members, $20 Restaurant, 89 Greenwich St. Fee: $18. Lexington Ave. Fee: $15 members, $25 if or when event listings will appear in the print edition.

August 6, 2007 | Crain’s New York Business | 23 nb32p24_25_26_27cls.qxp 8/2/07 1:44 PM Page 24

BUSINESS MANAGEMENT TELECOMMUNICATIONS PUBLIC & LEGAL NOTICES Business Management Services

Cash Management Services ● Bill Payment Notice of Qualification of AB 147 MERCER Notice of Qualification of TSI New Rochelle, Notice of Qualification of Kappa Financing Tax & Financial Services ● Financing Assistance STREET, LLC. Authority filed with Secy. of LLC. Authority filed with Secy. of State of N.Y. LLC. Authority filed with NY Dept. of State on (212) 631-9500 ● www.mayercpa.com State of N.Y. (SSNY) on 5/14/07. Office (SSNY) on 2/6/07. Office location: NY County. 6/14/07. Office location: NY County. Principal EMERGENCY location: NY County. Principal business LLC formed in Delaware (DE) on 1/24/07. business address: 383 Madison Ave., NY, NY COMMUNICATIONS location: 147 Mercer St., NY, NY 10012. SSNY designated as agent of LLC upon 10179. LLC formed in Delaware (DE) on LLC formed in Delaware (DE) on 5/11/07. whom process against it may be served. 5/22/07. NY Secy. of State designated as Cash Management & CFO Services SYSTEMS SSNY designated as agent of LLC upon SSNY shall mail process to: Becker, Glynn, agent of LLC upon whom process against it SPECIALISTS whom process against it may be served. Melamed & Muffly LLP, 299 Park Ave., NY, may be served and shall mail process to: c/o BUSINESS SERVICES SSNY shall mail process to: 295 Lafayette NY 10171, Attn: Richard N. Chassin, Esq. DE CT Corporation System, 111 8th Ave., NY, NY • FREE PICKUP & St., 7th Fl., NY, NY 10012, Attn: Andre address of LLC: c/o The Corporation Trust 10011, registered agent upon whom process DELIVERY Balazs. DE address of LLC: Corporation Co., 1209 Orange St., Wilmington, DE 19801. may be served. DE address of LLC: c/o • 48 HOUR Service Company 2711 Centerville Road, Arts. of Org. filed with DE Secy. of State, Corporation Trust Co., 1209 Orange St., TURNAROUND Wilmington, DE 19808. Arts. of Org. filed Townsend Bldg., Dover, DE 19901. Purpose: Wilmington, DE 19801. Arts. of Org. filed ON REPAIRS with DE Secy. of State, 401 Federal St., Ste. any lawful activity. with DE Secy. of State, Div. of Corps., • FREE ENGRAVING 4, Dover, DE 19901. Purpose: own interest Townsend Bldg., Dover, DE 19901. Purpose: in real estate operating entity. Notice of Qualification of TSI 217 Broadway, any lawful activity. • SHORT & LONG LLC. Authority filed with Secy. of State of N.Y. TERM RENTALS Notice of Formation of WEH CPS, LLC. Arts. of (SSNY) on 1/2/07. Office location: NY County. NOTICE OF FORMATION OF LIMITED LIABILITY Org. filed with Secy. of State of NY (SSNY) on LLC formed in Delaware (DE) on 12/15/06. COMPANY. NAME: KAILASH PARTNERS, 6/4/07. Office location: NY Co. SSNY designated SSNY designated as agent of LLC upon LLC. Articles of Organization were filed with To place your classified 307 Fifth Avenue, NY 10016 as agent of LLC upon whom process against whom process against it may be served. the Secretary of State of NewYork (SSNY) on it may be served. SSNY shall mail process SSNY shall mail process to: Becker, Glynn, 04/23/07. Office location: New York County. ad call John Gallagher 212-532-7400 to: Cheryl Gardner, Thelen Reid Brown Melamed & Muffly LLP, 299 Park Ave., NY, SSNY has been designated as agent of the @ 212-210-0189 www.metrocomradio.com Raysman & Steiner LLP, 875 Third Ave, NY, NY 10171, Attn: Richard N. Chassin, Esq. DE LLC upon whom process against it may be NY 10022, also registered agent. Purpose: address of LLC: c/o The Corporation Trust served. SSNY shall mail a copy of process to any lawful activities. Co., 1209 Orange St., Wilmington, DE 19801. the LLC, c/o Sanjiv Chand, 65 Hamilton Drive, Arts. of Org. filed with DE Secy. of State, Roslyn, New York 11576. Purpose: For any lawful purpose. REAL ESTATE Notice of Qualification of TSI Somers, LLC. Townsend Bldg., Dover, DE 19901. Purpose: Authority filed with Secy. of State of N.Y. any lawful activity. Notice of Formation of Susan Krieger, (SSNY) on 1/2/07. Office location: NY County. L.AC., PLLC, a professional service limited OFFICE SPACE LLC formed in Delaware (DE) on 12/15/06. Notice of Qualification of CSFB Holt LLC. liability company (PLLC). Arts. of Org. filed SSNY designated as agent of LLC upon Authority filed with Secy. of State of N.Y. with Secy. of State of N.Y. (SSNY) on whom process against it may be served. (SSNY) on 5/29/07. Office location: NY 5/7/07. Office location: NY County. SSNY IMMEDIATE OFFICE SPACE SSNY shall mail process to: Becker, Glynn, County. Principal business location: 11 designated as agent of PLLC upon whom Melamed & Muffly LLP, 299 Park Ave., NY, Madison Ave., NY, NY 10010. LLC formed in Space by the day, week, month, year and even virtual. process against it may be served. SSNY NY 10171, Attn: Richard N. Chassin, Esq. DE Delaware (DE) on 12/6/01. SSNY designated shall mail process to: 306 W. 18th St., Apt. 212.573.0909 address of LLC: c/o The Corporation Trust as agent of LLC upon whom process against 3C, NY, NY 10011. Purpose: practice the VornadoFurnishedOffices.com Co., 1209 Orange St., Wilmington, DE 19801. it may be served. SSNY shall mail process profession of Acupuncture. A Arts. of Org. filed with DE Secy. of State, to: c/o Corporation Service Company, 80 90 Park 909 Third 330 Madison 770 Broadway State St., Albany, NY 12207. DE address of COMPANY Townsend Bldg., Dover, DE 19901. Purpose: Notice of Formation of Ascend TC, LLC. Arts. any lawful activity. LLC: 2711 Centerville Rd., Wilmington, DE 19808. Arts. of Org. filed with DE Secy. of of Org. filed with Secy. of State of N.Y. (SSNY) DEVELOPMENT OPPORTUNITY OFFICE SPACE on 6/25/07. Office location: NY County. SSNY Notice of Formation of Lexington Avenue BBQ, State, 401 Federal St., Dover, DE 19901. Purpose: any lawful activity. designated as agent of LLC upon whom WEST HARLEM CONDO LLC. Arts. of Org. filed with Secy. of State of process against it may be served. SSNY shall N.Y. (SSNY) on 5/23/07. Office location: NY Notice of Qualification of CUIP Albee mail process to: Corporation Service DEVELOPMENT OPPORTUNITY County. Principal business location: The 212-947-5500 Square Retail LLC. Authority filed with NY Company, 80 State St., Albany, NY 12207. 306-308 W. 116th Street LLC, 179 Lexington Ave., NY, NY 10016. FOR ALL OFFICE, RETAIL & LOFT SPACES Dept. of State on 6/12/07. Office location: Purpose: any lawful activity. Realistic Net of $4M+ SSNY designated as agent of LLC upon New York City, Brooklyn, Queens NY County. LLC formed in Delaware (DE) Final approvals in Place whom process against it may be served. 500–50,000 SF on 6/8/07. NY Secy. of State designated as Notice of Formation of VICINITAS, L.P. Best offer over $4.5M SSNY shall mail process to: Steven M. UNDER MARKET SUBLETS – NO FEE! agent of LLC upon whom process against it Certificate filed with Secy. of State of N.Y. Ability to close by 9/7 Cooperman, Esq., c/o Morrison Cohen LLP, Search our listings @ www.midcomre.com may be served and shall mail process to: (SSNY) on 11/28/2006. Office location: NY 909 Third Ave., 27th Fl., NY, NY 10022. Call 516.343.6999 Call Paul 212 947-5500 x 100 c/o MacFarlane Partners, LLC, 201 Spear County. SSNY designated as agent of LP upon Purpose: any lawful activity. St., 14th Fl., San Francisco, CA 94105, whom process against it may be served. MEDICAL SPACE Attn: Thomas C. Klugherz. DE address of SSNY shall mail process to: 690 Eighth Advertise on Notice of Qualification of CEA Autumn Avenue, 5th Fl., NY, NY 10036. Name/address Management, LLC, App. for Auth. filed LLC: c/o Corporation Service Co., 2711 Medical Opportunity – Prime Inwood www.newyorkbusiness.com Centerville Rd., Ste. 400, Wilmington, DE of each genl. ptr. available from SSNY. Term: medical space for rent. Owner will build Sec'y of State (SSNY) 5/11/07. Office location: until 12/31/2056. Purpose: any lawful activity. NY County. LLC org. in DE 4/3/07. SSNY 19808. Arts. of Org. filed with DE Secy. of to suit 5000-48,000 sf. On Broadway. Call John Gallagher designated as agent of LLC upon whom State, 401 Federal St., Dover, DE 19901. Call 718-585-5669 @ 212-210-0189 process against it may be served. SSNY Purpose: any lawful activity. 1 CONVENT REALTY, LLC, a domestic or email: [email protected] shall mail copy of process to 101 E. Kennedy Limited Liability Company (LLC) filed with the Blvd., Ste. 3300, Tampa, FL 33602. DE office Name of LLC: RIVERBED REALTY ADVISORS Sec of State of NY (SSNY) on 6/28/07. NY addr.: c/o Corp. Creations Network, 1308 LLC. Arts. of Org. filed NY Sec. of State office Location: NEW YORK County. SSNY is Delaware Ave., Wilmington, DE 19806. Cert. of 5/3/07. Princ. off. loc.: NY Cty. Sec. of State designated as agent upon whom process PUBLIC & LEGAL NOTICES Form. on file: SSDE, Townsend Bldg., Dover, designated as agent of LLC upon whom against the LLC may be served. SSNY shall DE 19901. Purpose: any lawful activities. process against it may be served. Sec. of mail a copy of any process against the LLC State shall mail a copy of process to the served upon him/her to MR. MICHAEL ARYEH, Notice of Formation of EBQ EIS, LLC. Arts. of Notice of formation of STEPHEN R. RAMSAY LLC, 325 Hudson St., Ground Floor, NY, NY 619 WEST 54TH STREET, NEW YORK, NY Org. filed with NY Dept. of State on 4/2/07. DMD, P.L.L.C. a NYS LLC Formation filed Notice of Formation of Fairway Construction 10013. Purpose: any lawful activity. 10019. General purposes. Office location: NY County. Secy. of State with SSNY on 03/21/07. Off. Loc.: New Group, LLC. Arts. of Org. filed with Secy. of designated as agent of LLC upon whom York Co. SSNY designated as agt. of LLC, State of N.Y. (SSNY) on 6/11/07. Office REQUEST FOR PROPOSALS process against it may be served and shall upon whom process may be served. SSNY location: NY County. SSNY designated as mail process to the principal business address shall mail copy of process to: The LLC, 257 agent of LLC upon whom process against REQUEST FOR PROPOSALS of the LLC: 1954 Flatbush Ave., Brooklyn, NY Lexington Avenue, New York, NY 10016. it may be served. SSNY shall mail process 11234. Purpose: any lawful activity. Purpose: Any Lawful purposes. to principal business location: The LLC, DB0016 - Investment Banking, Accounting, Actuarial and Legal Experts to assist the c/o Fairway Central Services, LLC, 2284 Twelfth Ave., NY, NY 10027. Purpose: any Insurance Department in its review of EmblemHealth’s Conversion Proposal. Notice of Qualification of Stadia Capital Notice of Formation of 4SK - 24 St. Marks lawful activity. Pursuant to Section 7317(j) of the Insurance Law, the Superintendent of Insurance ("the Partners (QP), L.P. Authority filed with Secy. LLC. Arts. of Org. filed with NY Dept. of State of State of NY (SSNY) on 5/1/01. Office on 1/18/07, as amended. Office location: NY Superintendent") is authorized to hire independent financial, health, legal and other experts and NOTICE OF FORMATION of Queen of Harlem consultants to assist in the review of EmblemHealth’s proposal to convert to a for-profit stock location: NY County. LP formed in Delaware County. Secy. of State designated as agent of LLC. Arts. of Org. filed with Secy. of State of (DE) on 4/27/01. SSNY designated as agent LLC upon whom process against it may be corporation. To enable the New York State Insurance Department (“NYSID”) to carry out its NY (SSNY) on 10/05/06. Office location: functions in connection with the review of EmblemHealth's proposal, the NYSID seeks of LP upon whom process against it may be served and shall mail process to: Daihwan New York. SSNY designated as agent of LLC served and shall mail process to: 140 E. Choi, 636 6th Ave., Ste. 370, NY, NY 10011, upon whom process against it may be investment banking, accounting, actuarial and legal consultants to provide additional expertise 45th St., 31st Fl., NY, NY 10017. DE address principal business address of the LLC. served. SSNY shall mail process to: Cinotti and guidance. The consultants retained by the NYSID will be called upon to obtain, analyze and of the LP: c/o Corporation Service Co., 2711 Purpose: any lawful activity. & Buck, 50 Broad Street, Ste. 1911, NY, NY examine information provided by EmblemHealth; provide the Superintendent with advice about Centerville Rd., Ste. 400, Wilmington, DE 10004. Principal business location: 287 the fairness of the proposed transaction to existing contract holders and members; opine about 19808. Name/address of genl. ptr. available Notice of Qualification of GS LVB Advisors, Edgecombe Ave., Ste. 1C, NY, NY 10031. the value of the assets (minus outstanding liabilities) of EmblemHealth at the time of the from SSNY. Cert. of LP filed with DE Secy. L.L.C. Authority filed with Secy. of State of N.Y. Purpose: Any lawful act. proposed transaction, as well as the pricing of the contemplated initial public offering, and the of State, Federal & Duke of York Sts., Dover, (SSNY) on 5/31/07. Office location: NY County. tax implications of the conversion. In addition, the consultants will be expected to prepare DE 19901. Purpose: any lawful activity. LLC formed in Delaware (DE) on 2/28/07. Notice of Qualification of RCPI 30 ROCK written reports that identify and analyze issues relevant to the NYSID’s review of the SSNY designated as agent of LLC upon whom 22234849, L.L.C. Authority filed with Secy EmblemHealth proposal, and perform such other and further tasks as the Superintendent Notice of Qualification of D. E. Shaw CH-SP process against it may be served. SSNY shall of State of NY (SSNY) on 06/18/07. Office deems necessary to thoroughly review the proposed transaction. Series 4-01 (C), L.L.C. Authority filed with NY mail process to: 85 Broad St., NY, NY 10004. location: New York County. LLC formed in Dept. of State on 6/13/07. Office location: NY DE address of LLC: 1209 Orange St., Wilmington, Delaware (DE) on 06/05/07. SSNY designated The work will be performed at: NYS Insurance Department, One Commerce Plaza, County. LLC formed in Delaware (DE) on DE 19801. Cert. of Form. filed with DE Secy. as agent of LLC upon whom process against Suite 1850, Albany, NY 12257 9/20/06. NY Secy. of State designated as of State, P.O. Box 898, Dover, DE 19903. it may be served. SSNY shall mail process agent of LLC upon whom process against it Purpose: any lawful activity. to: National Registered Agents, Inc., 875 Proposals will be due on Friday, August 31st at 4:00pm and should be sent to the contacts may be served and shall mail process to: D. Avenue of the Americas, Ste 501, New York, listed below. E. Shaw & Co., L.P., 120 W. 45th St., 39th Fl., Notice of Formation of 554 East 82 LLC. Arts. NY 10001. NRAI is Registered Agent as well. To obtain a copy of the RFP or for more information please contact: Tower 45, NY, NY 10036, Attn: Bertrand C. of Org. filed with Secy. of State of N.Y. (SSNY) Address required to be maintained in home Fry, General Counsel, registered agent upon on 7/10/07. Office location: NY County. SSNY jurisdiction: 160 Greentree Drive, Ste 101, Karol O’Sullivan, Chief Budgeting Analyst, whom process may be served. DE address of designated as agent of LLC upon whom Dover, DE 19904. Arts of Org filed with Secy NYS Insurance Department, LLC: 1209 Orange St., Wilmington, DE 19801. process against it may be served. SSNY shall of State, Div of Corporations, John G. One Commerce Plaza, Albany, NY 12257 Arts. of Org. filed with DE Secy. of State, 401 Townsend Bldg., Federal & Duke of York mail process to principal business location: Phone: (518) 474-6848 • Fax: (518) 486-6809 Federal St., Dover, DE 19901. Purpose: any c/o The LLC, 151 E. 81st St., Ste. 1E, NY, NY Streets, P.O. Box 898, Dover, DE 19903. lawful activity. 10028. Purpose: any lawful activity. Purpose: Any lawful purpose. Email: [email protected]

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PUBLIC & LEGAL NOTICES

Notice of Qualification of TSI Croton, LLC. Notice of Formation of NYCollective Partners Notice of Formation of BLUE SEA Notice of Qualification of CRP/Extell 99 West Notice of formation of LLC. Name: Royal Authority filed with Secy. of State of N.Y. LLC, Art. of Org. filed Sec'y of State (SSNY) CONSTRUCTION CO. LLC. Arts. of Org. filed Side LLC. Authority filed with Secy. of State Drama LLC. Arts. of org. filed with Sec. of (SSNY) on 1/2/07. Office location: NY County. 4/30/07. Office location: NY County. SSNY with Secy. of State of N.Y. (SSNY) on of NY (SSNY) on 3/22/07. Office location: St. of NY (SSNY) 6/15/07. Office loc. NY LLC formed in Delaware (DE) on 12/15/06. designated as agent of LLC upon whom 3/17/1999 as amended. Office location: NY NY County. LLC formed in Delaware (DE) County. SSNY designated as agent of LLC SSNY designated as agent of LLC upon process against it may be served. SSNY shall County. SSNY designated as agent of LLC on 3/6/07. SSNY designated as agent of upon whom process against it may be whom process against it may be served. mail copy of process to c/o NY Collective for upon whom process against it may be served. LLC upon whom process against it may be served. SSNY shall mail copy of process to: SSNY shall mail process to: Becker, Glynn, the Arts, 315 Bleecker St., #313, NY, NY 10014. SSNY shall mail process to: Three Park Avenue, served. SSNY shall mail process to: c/o CT The LLC, 201 W 72nd St, 8I, NY, NY 10023. Melamed & Muffly LLP, 299 Park Ave., NY, Purpose: any lawful activities. NY, NY 10016. Purpose: any lawful activity. Corporation System, 111 Eighth Ave, NY, NY Purpose: Any legal purpose. NY 10171, Attn: Richard N. Chassin, Esq. DE 10011. Address to be maintained in DE: c/o address of LLC: c/o The Corporation Trust Notice of Qualification of North Carolina Notice of Qualification of Chilton Strategic The Corporation Trust Company, 1209 Orange NOTICE OF FORMATION OF LLC: AVERLINK. Co., 1209 Orange St., Wilmington, DE 19801. State Credit Fund I, L.P. Authority filed with Value Partners II, L.P. Authority filed with NY St., Wilmington, DE 19801. Arts. of Org. Artic. of Org. filed w/ Sec. of State of NY on Arts. of Org. filed with DE Secy. of State, Secy. of State of N.Y. (SSNY) on 5/29/07. Dept. of State on 6/19/07. Office location: NY filed with DE Secy. Of State, 401 Federal 05/22/07. NY Off. Loc.: NY County (SSNY) is Townsend Bldg., Dover, DE 19901. Purpose: Office location: NY County. Principal County. Principal business address: 1266 E. St., Ste 4., Dover, DE 19901. Purpose: any designated as agent upon whom process any lawful activity. business location: 11 Madison Ave., NY, NY Main St., 7th Fl., Stamford, CT 06902. LP lawful activities. against it may be served. Principle Business 10010. LP formed in North Carolina (NC) on formed in Delaware (DE) on 3/11/05. NY Secy. Address is: 130 West 15th Street 14m, NY, NY Notice of Qualification of TSI East 51, LLC. 8/4/04. SSNY designated as agent of LP of State designated as agent of LP upon whom Name of LLC: JR Grafik Design LLC. Arts. of 10011. Purpose: Int. Business Development. Authority filed with Secy. of State of N.Y. upon whom process against it may be process against it may be served and shall Org. filed with NY Dept. of State on 5/31/2007. (SSNY) on 1/2/07. Office location: NY County. served. SSNY shall mail process to: c/o mail process to: c/o CT Corporation System, Office location: NY County. Secy. of State Notice of Formation of YA ASSOCIATES, LLC. LLC formed in Delaware (DE) on 12/15/06. Corporation Service Company, 80 State St., 111 8th Ave., NY, NY 10011, registered agent designated as agent of LLC upon whom Arts. of Org. filed with Secy. of State of N.Y. SSNY designated as agent of LLC upon Albany, NY 12207, registered agent upon upon whom process may be served. DE process against it may be served and shall (SSNY) on 7/13/1999. Office location: NY whom process against it may be served. whom process may be served. NC address address of LP: 1209 Orange St., Wilmington, mail process to: c/o Business Filings Inc., County. SSNY designated as agent of LLC SSNY shall mail process to: Becker, Glynn, of LP: c/o CT Corporation System, 225 DE 19801. Name/address of each genl. ptr. 187 Wolf Rd., Ste. 101, Albany, NY 12205, upon whom process against it may be served. Melamed & Muffly LLP, 299 Park Ave., NY, Hillborough Place, Raleigh, NC 27603. available from NY Secy. of State. Cert. of LP registered agent upon whom process may be SSNY shall mail process to: Three Park Avenue, NY 10171, Attn: Richard N. Chassin, Esq. DE Name/address of each genl. ptr. available filed with DE Secy. of State, 401 Federal St., served. Term: until 12/31/2047. Purpose: any NY, NY 10016. Purpose: any lawful activity. address of LLC: c/o The Corporation Trust from SSNY. Cert. of LP filed with NC Secy. of Dover, DE 19901. Purpose: any lawful activity. lawful activity. Co., 1209 Orange St., Wilmington, DE 19801. State, 2 South Salisbury St., Old Revenue Notice of Qualification of WILLIAM REALTY, Arts. of Org. filed with DE Secy. of State, Building Complex, Raleigh, NC 27603. Notice of Qualification of BLT 14 LLC. Authority PHOENIX INVESTMENTS AND DEVELOPMENT LLC. Authority filed with Secy. of State of Townsend Bldg., Dover, DE 19901. Purpose: Purpose: any lawful activity. filed with Secy. of State of N.Y. (SSNY) on LLC, a domestic Limited Liability Company N.Y. (SSNY) on 6/28/01. Office location: NY any lawful activity. 5/29/07. Office location: NY County. Principal (LLC) filed with the Sec of State of NY County. Principal business location: 13 Notice of Qualification of D. E. Shaw CAQ-SP business location: 11 Madison Ave., NY, NY (SSNY) on 6/07/07. NY office Location: South William St., NY, NY 10004. LLC Notice of Qualification of TSI Hawthorne, LLC. Series 2-01, L.L.C. Authority filed with NY 10010. LLC formed in Delaware (DE) on NEW YORK County. SSNY is designated as formed in Delaware (DE) on 6/5/01. SSNY Authority filed with Secy. of State of N.Y. Dept. of State on 6/14/07. Office location: NY 8/15/06. SSNY designated as agent of LLC agent upon whom process against the LLC designated as agent of LLC upon whom (SSNY) on 1/2/07. Office location: NY County. County. LLC formed in Delaware (DE) on upon whom process against it may be served. may be served. SSNY shall mail a copy of process against it may be served. SSNY LLC formed in Delaware (DE) on 12/15/06. 6/9/06. NY Secy. of State designated as agent SSNY shall mail process to: c/o Corporation any process against the LLC served upon shall mail process to: 17 Battery Place, 9th SSNY designated as agent of LLC upon of LLC upon whom process against it may be Service Company, 80 State St., Albany, NY him/her to DESENA & ASSOCIATES, LLP, Fl., NY, NY 10004. DE address of LLC: 615 whom process against it may be served. served and shall mail process to: D. E. Shaw 12207. DE address of LLC: 2711 Centerville 225 BROADWAY, STE. 901, NEW YORK, NY South DuPont Hwy., Dover, DE 19901. Cert. SSNY shall mail process to: Becker, Glynn, & Co., L.P., 120 W. 45th St., 39th Fl., Tower Road, Ste. 400, Wilmington, DE 19808. Arts. 10007. General purposes. of Form. filed with DE Secy. of State, Melamed & Muffly LLP, 299 Park Ave., NY, 45, NY, NY 10036, Attn: Bertrand C. Fry, of Org. filed with DE Secy. of State, 401 Townsend Bldg., Dover, DE 19901. Purpose: General Counsel, registered agent upon any lawful activity. NY 10171, Attn: Richard N. Chassin, Esq. DE Federal St., Ste. 4, Dover, DE 19901. Notice of Qualification of D. E. Shaw Alloy whom process may be served. DE address of address of LLC: c/o The Corporation Trust Purpose: any lawful activity. Power Acquisition Holdings, L.L.C. Authority LLC: 1209 Orange St., Wilmington, DE 19801. Co., 1209 Orange St., Wilmington, DE 19801. filed with NY Dept. of State on 6/14/07. Office Notice of Formation of 401 East 90th Street Arts. of Org. filed with DE Secy. of State, Arts. of Org. filed with DE Secy. of State, Notice of Qualification of Mount Daly Partners, location: NY County. LLC formed in Delaware LLC. Arts. of Org. filed with Secy. of State of 401 Federal St., Dover, DE 19901. Purpose: Townsend Bldg., Dover, DE 19901. Purpose: LLC. Authority filed with Secy. of State of N.Y. (DE) on 3/30/06. NY Secy. of State designated N.Y. (SSNY) on 6/8/07. Office location: NY any lawful activity. any lawful activity. (SSNY) on 7/6/07. Office location: NY County. as agent of LLC upon whom process against County. SSNY designated as agent of LLC Principal business location: c/o Sopris Capital it may be served and shall mail process to: D. upon whom process against it may be served. Notice of Qualification of TSI Midwood, LLC. Notice of Formation of AJA Group, LLC. Arts. Associates, LLC, 350 Park Ave., 24th Fl., NY, E. Shaw & Co., L.P., 120 W. 45th St., 39th Fl., SSNY shall mail process to: c/o Hakim Authority filed with Secy. of State of N.Y. of Org. filed with NY Dept. of State on 6/28/07. NY. LLC formed in Delaware (DE) on 5/31/07. Tower 45, NY, NY 10036, Attn: Bertrand C. Organization, 3 W. 57th St., NY, NY 10019. (SSNY) on 1/2/07. Office location: NY County. Office location: NY County. Secy. of State SSNY designated as agent of LLC upon whom Fry, General Counsel, registered agent upon Purpose: any lawful activity. LLC formed in Delaware (DE) on 12/15/06. designated as agent of LLC upon whom process against it may be served. SSNY shall whom process may be served. DE address of SSNY designated as agent of LLC upon process against it may be served and shall mail process to: c/o Corporation Service LLC: 1209 Orange St., Wilmington, DE 19801. Name of For. LLC: 110 Church Owner LLC. whom process against it may be served. mail process to the principal business Company, 80 State St., Albany, NY 12207. DE Arts. of Org. filed with DE Secy. of State, 401 Appl. for Auth. filed with Sec. of State of NY: SSNY shall mail process to: Becker, Glynn, address of the LLC: c/o CorpDirect Agents, address of LLC: 2711 Centerville Rd., Ste. Federal St., Dover, DE 19901. Purpose: any 4/27/07. Jurisd. and date of org.: DE Melamed & Muffly LLP, 299 Park Ave., NY, Inc., 225 W. 34th St., Ste. 910, NY, NY 10122, 400, Wilmington, DE 19808. Arts. of Org. filed lawful activity. 4/26/07. NY State office loc.: NY Cty. Princ. NY 10171, Attn: Richard N. Chassin, Esq. DE registered agent upon whom process may with DE Secy. of State, 401 Federal St., Ste. 4, bus. loc. c/o The Sapir Organization, 384 address of LLC: c/o The Corporation Trust be served. Purpose: any lawful activity. Dover, DE 19901. Purpose: any lawful activity. Fifth Ave., NY, NY 10018. Sec. of State of NY Co., 1209 Orange St., Wilmington, DE 19801. Notice of Qualification of Normandy NV designated as agent of LLC upon whom Westchester Owner, LLC. Authority filed with Arts. of Org. filed with DE Secy. of State, Notice of Qualification of CGDO, LLC. Notice of Formation of Richardson Family process may be served. Sec. of State shall Secy. of State of N.Y. (SSNY) on 6/29/07. Townsend Bldg., Dover, DE 19901. Purpose: Authority filed with NY Dept. of State on Limited Partnership. Certificate filed with mail copy of process to the LLC: c/o The Office location: NY County. LLC formed in any lawful activity. 6/15/07. Office location: NY County. Principal Secy. of State of NY (SSNY) on 5/22/2007. Sapir Organization, 384 Fifth Ave., NY, NY Delaware (DE) on 6/12/07. SSNY designated business address: 1266 E. Main St., 7th Fl., Office location: NY County. Principal business 10018. Addr. of LLC in DE is National as agent of LLC upon whom process against Stamford, CT 06902. LLC formed in Delaware location: 25 Columbus Circle, 64A, NY, NY Corporate Research, Ltd., 615 South DuPont Notice of Qualification of D. E. Shaw AQ-SP it may be served. SSNY shall mail process to: (DE) on 7/21/06. NY Secy. of State designated 10019. SSNY designated as agent of LP upon Hwy., Dover, DE 19901. Authorized office in Series 4-09, L.L.C. Authority filed with NY c/o CT Corporation System, 111 8th Ave., NY, as agent of LLC upon whom process against whom process against it may be served. DE where Cert. of Form. is filed: DE Sec. of Dept. of State on 6/13/07. Office location: NY NY 10011, registered agent upon whom it may be served and shall mail process to: SSNY shall mail process to: Jeffrey A. Lowin, State, Townsend Bldg., Dover, DE 19901. County. LLC formed in Delaware (DE) on process may be served. DE address of LLC: CT Corporation System, 111 8th Ave., NY, NY Esq., Morrison Cohen LLP, 909 3rd Ave., NY, Purpose: any lawful activity. 10/26/06. NY Secy. of State designated as c/o The Corporation Trust Company, 1209 10011. DE address of LLC: c/o The Corporation NY 10022. Name/address of each genl. ptr. agent of LLC upon whom process against it Orange St., Wilmington, DE 19801. Arts. of Trust Co., 1209 Orange St., Wilmington, DE available from SSNY. Term: until 5/21/2107. may be served and shall mail process to: D. Org. filed with DE Secy. of State, 401 Federal Notice of Qualification of CSFB Strategic E. Shaw & Co., L.P., 120 W. 45th St., 39th Fl., 19801. Arts. of Org. filed with DE Secy. of Purpose: any lawful activity. Partners III-B, L.P. Authority filed with Secy. of State, 401 Federal St., Dover, DE 19901. St., Ste. 4, Dover, DE 19901. Purpose: real Tower 45, NY, NY 10036, Attn: Bertrand C. estate investment. State of N.Y. (SSNY) on 6/6/07. Office location: Fry, General Counsel, registered agent upon Purpose: any lawful activity. Notice of Qualification of AGMB 400 Mineola, NY County. LP formed in Delaware (DE) on whom process may be served. DE address of L.L.C. Authority filed with NY Dept. of State 12/7/04. SSNY designated as agent of LP LLC: 1209 Orange St., Wilmington, DE 19801. Notice of Formation of Target Reach Group NOTICE OF QUALIFICATION OF Clerestory upon whom process against it may be served. on 7/5/07. Office location: NY County. LLC Capital Advisors LLC. Application for Authority Arts. of Org. filed with DE Secy. of State, 401 LLC, Art. of Org. filed Sec'y of State (SSNY) formed in Delaware (DE) on 5/4/07. NY Secy. SSNY shall mail process to principal business Federal St., Dover, DE 19901. Purpose: any 6/8/05. Office location: NY County. SSNY filed with the Secy. of State of New York (SSNY) location: c/o Credit Suisse Securities (USA) of State designated as agent of LLC upon on 4/12/07. N.Y. Office Location: New York lawful activity. designated as agent of LLC upon whom whom process against it may be served and LLC, 11 Madison Avenue, 16th Fl., NY, NY process against it may be served. SSNY County. LLC formed in Delaware on January 5, 10010, Attn: Edward S. Nadel. DE address of shall mail process to: c/o CT Corporation 2007. SSNY has been designated as agent of Notice of Qualification of PVE Associates, LLC. shall mail copy of process to 447 West 45th System, 111 8th Ave., NY, NY 10011, LP: 2711 Centerville Road, Ste. 400, Authority filed with Secy. of State of N.Y. St., Apt. 3B, NY, NY 10036. Purpose: any LLC upon whom process against it may be Wilmington, DE 19808. Name/address of each registered agent upon whom process may be served and shall mail process to the principal (SSNY) on 7/11/07. Office location: NY lawful activities. served. DE address of LLC: The Corporation genl. ptr. available from SSNY. Cert. of LP filed County. Principal business location: 401 business address of the LLC: 11 East 44th with DE Secy. of State, 401 Federal St., Dover, Trust Co., 1209 Orange St., Wilmington, DE Street, Suite 1603, New York, NY 10017. DE Broadway, 24th Fl., NY, NY 10013. LLC Notice of Formation of Cipriani Acquisition, DE 19901. Purpose: any lawful activity. 19801. Arts. of Org. filed with DE Secy. of address of LLC: 2711 Centerville Rd., STE formed in Delaware (DE) on 7/3/07. SSNY LLC. Arts of Org filed with Secy of State of State, 401 Federal St., Dover, DE 19901. 400, Wilmington, DE 19808. Arts. of Org. filed designated as agent of LLC upon whom NY (SSNY) on 07/31/02. Office location: Purpose: any lawful activity. with DE Secy. of State, Division of Corporations, Notice of Qualification of D. E. Shaw CF-SP process against it may be served. SSNY shall New York County. SSNY designated as 401 Federal Street, Suite 4, Dover, DE 19901. Series 5-08 (C), L.L.C. Authority filed with NY mail process to: c/o Corporation Service agent of LLC upon whom process against it Notice of Qualification of William Jennings Purpose: any lawful activities. Dept. of State on 6/14/07. Office location: NY Company, 80 State St., Albany, NY 12207. DE may be served. SSNY shall mail process to: Bryan Group, LLC. Authority filed with NY County. LLC formed in Delaware (DE) on address of LLC: 2711 Centerville Rd., Ste. c/o Marshall E. Bernstein, Esq., Robinson Dept. of State on 6/22/07. Office location: NY 12/19/06. NY Secy. of State designated as 400, Wilmington, DE 19808. Arts. of Org. filed Brog Leinwand Greene Genovese & Gluck, County. LLC formed in New Jersey (NJ) on NOTICE OF FORMATION OF LIMITED agent of LLC upon whom process against it with DE Secy. of State, 401 Federal St., Ste. 4, P.C., 1345 Ave of the Americas, 31 Fl, New 7/31/06. NY Secy. of State designated as agent LIABILITY COMPANY. NAME: SUSHI-A- may be served and shall mail process to: D. Dover, DE 19901. Purpose: any lawful activity. York, NY 10105. Purpose: To engage in any of LLC upon whom process against it may be ROUND LLC. Articles of Organization were E. Shaw & Co., L.P., 120 W. 45th St., 39th Fl., lawful business. served and shall mail process to: 39 Lexington filed with the Secretary of State of New York Tower 45, NY, NY 10036, Attn: Bertrand C. Notice of Qualification of D. E. Shaw CH-SP Circle, Matawan, NJ 07747. NJ address of the (SSNY) on 03/07/07. Office location: New Fry, General Counsel, registered agent upon Series 2-06 (C), L.L.C. Authority filed with NY Notice of Qualification of TSI West 76, LLC. LLC: 100 Canal Pointe Blvd., Ste. 108, York County. SSNY has been designated as whom process may be served. DE address of Dept. of State on 6/14/07. Office location: NY Authority filed with Secy. of State of N.Y. Princeton, NJ 08540. Arts. of Org. filed with agent of the LLC upon whom process against LLC: 1209 Orange St., Wilmington, DE 19801. County. LLC formed in Delaware (DE) on (SSNY) on 1/2/07. Office location: NY County. NJ State Treasurer, 225 W. State St., Trenton, it may be served. SSNY shall mail a copy of Arts. of Org. filed with DE Secy. of State, 401 5/24/06. NY Secy. of State designated as LLC formed in Delaware (DE) on 12/15/06. NJ 08608. Purpose: any lawful activity. process to the LLC, 17 Ann Street, New York, Federal St., Dover, DE 19901. Purpose: any agent of LLC upon whom process against it SSNY designated as agent of LLC upon New York 10038. Purpose: For any lawful lawful activity. may be served and shall mail process to: D. whom process against it may be served. Notice of formation of DaniCon Pharma purpose. E. Shaw & Co., L.P., 120 W. 45th St., 39th Fl., SSNY shall mail process to: Becker, Glynn, Consulting, LLC. LLC articles were filed with the NOTICE OF FORMATION OF HARMONEX LLC, Tower 45, NY, NY 10036, Attn: Bertrand C. Melamed & Muffly LLP, 299 Park Ave., NY, Sec. of State of New York (SSNY) on 6/14/07. TAG BUILDERS LLC Articles of Org. filed NY Arts. Of Org. filed with SSNY on 03/08/01. Fry, General Counsel, registered agent upon NY 10171, Attn: Richard N. Chassin, Esq. DE N.Y. Office location: NY County. SSNY has Sec. of State (SSNY) 5/31/07. Office in NY Co. Off. Loc.: NY County, SSNY designated as whom process may be served. DE address of address of LLC: c/o The Corporation Trust been designated as agent upon whom process SSNY desig. agent of LLC upon whom agent of LLC upon whom process against it LLC: 1209 Orange St., Wilmington, DE 19801. Co., 1209 Orange St., Wilmington, DE 19801. against it may be served. SSNY shall process process may be served. SSNY shall mail copy may be served. SSNY shall mail a copy of Arts. of Org. filed with DE Secy. of State, 401 Arts. of Org. filed with DE Secy. of State, to principal business address : The LLC, 207 of process to 307 7th Ave., NY, NY 10001, process to: The LLC, 161 Madison Ave., Federal St., Dover, DE 19901. Purpose: any Townsend Bldg., Dover, DE 19901. Purpose: West 98th St., #2AA, New York, NY 10025. which is also the principal business location. 12th/FL, NewYork, NY 10016. Purpose: to lawful activity. any lawful activity. Purpose: any lawful activity. Purpose: Any lawful purpose. engage in any lawful act.

August 6, 2007 | Crain’s New York Business | 25 nb32p24_25_26_27cls.qxp 8/2/07 1:44 PM Page 26

PUBLIC & LEGAL NOTICES

NOTICE OF FORMATION OF LIMITED LIABILITY Notice of Qualification of Horizon Arbitrage NOTICE OF FORMATION of PowerPlays Notice of Formation of National Specialty Notice of Qualification of Chester 11 Park COMPANY. NAME: XPRESSPA HOUSTON Fund, LP. Authority filed with Secy. of State of Coaching, LLC. Arts. Of Org. filed with Secy. Publications L.L.C. Arts. of Org. filed with Secy. Avenue, L.L.C. Authority filed with Secy. of TERMINAL D, LLC. Articles of Organization N.Y. (SSNY) on 3/14/07. Office location: NY Of State of NY (SSNY) on 06/27/07. Office of State of NY (SSNY) on 6/01/2007. Office State of N.Y. (SSNY) on 5/22/07. Office were filed with the Secretary of State of New County. LP formed in Delaware (DE) on 3/9/07. location: New York County. SSNY designated location: New York County. SSNY designated location: NY County. LLC formed in Delaware York (SSNY) on 04/20/07. Office location: SSNY designated as agent of LP upon whom as agent of LLC upon whom process against as agent of LLC upon whom process against (DE) on 5/18/07. SSNY designated as agent New York County. SSNY has been designated process against it may be served. SSNY shall it may be served. SSNY shall mail process to: it may be served. SSNY shall mail process of LLC upon whom process against it may be as agent of the LLC upon whom process mail process to: 470 Park Ave South, 4th Fl The LLC, 2576 Broadway, #243, New York, to: National Specialty Publications LLC, 425 served. SSNY shall mail process to: c/o The against it may be served. SSNY shall mail a South, NY, NY 10016, Attn: Horizon Asset NY 10025. Purpose: any lawful activity. Fifth Ave. Apt.# 46A New York, New York Cheshire Group L.L.C., 475 Fifth Ave., 12th copy of process to the LLC, 150 East 58th Management, Inc., registered agent upon 10016. Purpose: any lawful activity. Fl., NY, NY 10017, Attn: Ms. Susan Hewitt. Street, 7th Floor, New York, New York 10155. whom process may be served. DE address of 45 STONE STREET LLC, a domestic Limited DE address of LLC: United Corporate Services, Purpose: For any lawful purpose. LP: 1209 Orange St., Wilmington, DE 19801. Liability Company (LLC) filed with the Sec Notice of Qualification of CSFB Strategic Inc., 874 Walker Rd., Ste. C, Dover, DE Name/address of each genl. ptr. available from of State of NY (SSNY) on 4/14/05. NY Partners Parallel Fund II-B, L.P. Authority filed 19904. Arts. of Org. filed with DE Secy. of Notice of Qualification of DB SAM LLC. SSNY. Cert. of LP filed with DE Secy. of State, office Location: NEW YORK County. SSNY with Secy. of State of N.Y. (SSNY) on 6/6/07. State, 401 Federal St., Ste. 4, Dover, DE Authority filed with NY Dept. of State on 7/5/07. 401 Federal St., Ste. 4, Dover, DE 19901. is designated as agent upon whom process Office location: NY County. LP formed in 19901. Purpose: any lawful activity. Office location: NY County. LLC formed in Purpose: all lawful purposes. against the LLC may be served. SSNY shall Delaware (DE) on 1/9/03. SSNY designated as Delaware (DE) on 6/28/07. NY Secy. of State mail a copy of any process against the LLC agent of LP upon whom process against it Notice of Qualification of Dunlop General designated as agent of LLC upon whom process Notice of Qualification of AIREA Capital, LLC. served upon him/her to THE LLC, 2221 may be served. SSNY shall mail process to Partner, LLC, App. for Auth. filed Sec'y of against it may be served and shall mail process Authority filed with Secy. of State of N.Y. ROYCE STREET, BROOKLYN, NY 11234. principal business location: c/o Credit Suisse State (SSNY) 7/29/04. Office location: NY to: 1345 Ave. of the Americas, 46th Fl., NY, NY (SSNY) on 6/18/07. Office location: NY County. General purposes. Securities (USA) LLC, 11 Madison Avenue, County. LLC org. in DE 7/28/04. SSNY 10105, principal business address of the LLC. Principal business location: 115 Broadway, 16th Fl., NY, NY 10010, Attn: Edward S. Nadel. designated as agent of LLC upon whom DE address of LLC: The Corporation Trust Co., Ste. 403, NY, NY 10006. LLC formed in Notice of Formation of 159 West 24th Partners DE address of LP: 2711 Centerville Road, Ste. process against it may be served. SSNY 1209 Orange St., Wilmington, DE 19801. Arts. Delaware (DE) on 4/30/07. SSNY designated LLC. Arts. of Org. filed with Secy. of State of 400, Wilmington, DE 19808. Name/address of shall mail copy of process to 39 Broadway, of Org. filed with DE Secy. of State, Div. of as agent of LLC upon whom process against it N.Y. (SSNY) on 5/29/07. Office location: NY each genl. ptr. available from SSNY. Cert. of LP 36th Fl., NY, NY 10006. DE office addr.: c/o Corps., Townsend Bldg., Dover, DE 19901. may be served. SSNY shall mail process to: County. SSNY designated as agent of LLC filed with DE Secy. of State, 401 Federal St., CSC, 2711 Centerville Rd., Wilmington, DE Purpose: any lawful activity. c/o Corporation Service Company, 80 State upon whom process against it may be served. Dover, DE 19901. Purpose: any lawful activity. 19808. Cert. of Form. on file: SSDE, Townsend St., Albany, NY 12207. DE address of LLC: SSNY shall mail process to: c/o 159 West Bldg., Dover, DE 19901. Purpose: any lawful 24th Street Management LLC, Attn: Eric S. Notice of Qualification of CHANNEL 2711 Centerville Rd., Ste. 400, Wilmington, DE Notice of Qualification of El-Ad 250 West LLC. activities. Gray, 900 Broadway, Ste. 402, NY, NY 10003. PARTNERS, LP. Authority filed with Secy. of 19808. Arts. of Org. filed with DE Secy. of Authority filed with NY Dept. of State on Purpose: all lawful purposes. State of N.Y. (SSNY) on 12/24/01. Office State, Townsend Bldg., Dover, DE 19901. 6/15/06. Office location: NY County. LLC formed in Delaware (DE) on 5/18/06. NY Secy. Notice of Qualification of Hygrove Select LP, location: NY County. LP formed in Delaware Purpose: any lawful activity. App. for Auth. filed Sec'y of State (SSNY) (DE) on 12/10/01. SSNY designated as Notice of Formation of AEROSCAPE-NYC of State designated as agent of LLC upon LLC. Arts. of Org. filed with Secy. of State of whom process against it may be served and 1/22/04. Office location: NY County. LP org. agent of LP upon whom process against it NOTICE OF FORMATION of Professional in DE 1/21/04. SSNY designated as agent of may be served. SSNY shall mail process to: Service Limited Liability Corporation (PLLC) N.Y. (SSNY) on 6/14/07. Office location: NY shall mail process to the principal business County. SSNY designated as agent of LLC address of the LLC: c/o The El-Ad Group Ltd., LP upon whom process against it may be The LP, 153 E. 53rd St., 48th Fl., NY, NY 10022. Pride Medical, PLLC Articles of Organization served. SSNY shall mail copy of process to DE address of LP: 15 East North St., Dover, filed with the Secretary of State of News upon whom process against it may be 575 Madison Ave., 22nd Fl., NY, NY 10022, served. SSNY shall mail process to: DLA registered agent upon whom process may be 399 Park Ave., 4th Fl., NY, NY 10022. DE DE 19901. Name/address of each genl. ptr. York (SSNY) on 06/1/2007. N.Y. Office office addr.: c/o CSC, 2711 Centerville Rd., available from SSNY. Cert. of LP filed with DE Location: New York County. SSNY has been Piper US LLP, 1251 Avenue of the Americas, served. DE address of LLC: The Corporation NY, NY 10020, Attn: Xavier Jones. Purpose: Trust Co., 1209 Orange St., Wilmington, DE Wilmington, DE 19808. Cert. of LP on file: Secy. of State, PO Box 898, Dover, DE 19903. designated as an agent upon whom process SSDE, Townsend Bldg., Dover, DE 19901. Purpose: any lawful activity. against it may be served. The Post Office any lawful activity. 19801. Arts. of Org. filed with DE Secy. of State, 401 Federal St., Dover, DE 19901. Name/addr. of each gen. ptr. avail. at SSNY. address to which the SSNY shall mail a copy Purpose: any lawful activities. Notice of Qualification of Arden Institutional Purpose: any lawful activity. Notice of Qualification of Traxis Emerging of any process against PLLC served upon him/her is C/O the PLLC 3867 Broadway, Advisers II MS Feeder, L.P., App. for Auth. filed Markets Opportunities Onshore Fund GP LLC. Name of LLC: Regal Digital LLC. Arts. of Org. Notice of Qualification of Lanexa Global Lower level, New York, NY 10032. Sec'y of State (SSNY) 5/18/07. Office location: Authority filed with Secy. of State of N.Y. filed with Secy. of State of NY (SSNY) on Management, LP, filed under the original name Purpose/Character of PLLC: Healthcare. NY County. LP org. in DE 4/16/07. SSNY (SSNY) on 6/25/07. Office location: NY designated as agent of LP upon whom 1/25/2006. Office location: NY County. SSNY Camber Global Management, LP, App. for County. Principal business location: 600 Fifth designated as agent of LLC upon whom Auth. filed Sec'y of State (SSNY) 5/5/06. Office Notice of Qualification of Asharoken Capital process against it may be served. SSNY shall Ave., 20th Fl., NY, NY 10020. LLC formed in mail copy of process to Attn: Averell H. process against it may be served and shall location: NY County. LP org. in DE 4/10/06. Delaware (DE) on 4/30/07. SSNY designated Fund LP. Authority filed with Secy. of State of mail process to: c/o Andy Ranley, 128 W. 75th SSNY designated as agent of LP upon whom N.Y. (SSNY) on 4/18/07. Office location: NY Mortimer, 375 Park Ave., 32nd Fl., NY, NY as agent of LLC upon whom process against 10152. DE office addr.: c/o CSC, 2711 St., Ste. 4B, NY, NY 10023, registered agent process against it may be served. SSNY shall it may be served. SSNY shall mail process to: County. LP formed in Delaware (DE) on 4/13/07. upon whom process may be served. Term: mail copy of process to 101 Park Ave., 21st SSNY designated as agent of LP upon whom Centerville Rd., Wilmington, DE 19808. Cert. c/o Corporation Service Company (CSC), 80 of LP on file: SSDE, Townsend Bldg., Dover, until 12/31/2046. Purpose: any lawful activity. Fl., NY, NY 10178. DE office addr.: c/o CTC, State St., Albany, NY 12207, registered agent process against it may be served. SSNY shall 1209 Orange St., Wilmington, DE 19801. Cert. mail process to: 801 Second Ave., 8th Fl., NY, DE 19901. Name/addr. of each gen. ptr. avail. upon whom process may be served. DE SUSAN TEEGER MEDICAL PRACTICE, PLLC of LP on file: SSDE, Townsend Bldg., Dover, NY 10022. DE address of LP: Corporation at SSNY. Purpose: any lawful activities. address of LLC: CSC, 2711 Centerville Road, Articles of Org. filed NY Sec. of State (SSNY) DE 19901. Name/addr. of each gen. ptr. avail. Trust Center, 1209 Orange St., Wilmington, DE Wilmington, DE 19808. Cert. of Form. filed 5/16/07. Office in NY Co. SSNY desig. agent at SSNY. Purpose: any lawful activities. 19801. Name/address of each genl. ptr. Notice of Qualification of Battery Park High with DE Secy. of State, Townsend Bldg., Dover, of LLC upon whom process may be served. available from SSNY. Cert. of LP filed with Yield Opportunity Fund, L.P., App. for Auth. DE 19901. Purpose: any lawful activity. SSNY shall mail copy of process to c/o DE Secy. of State, P.O. Box 898, Dover, DE filed Sec'y of State (SSNY) 6/4/01. Office Notice of Qualification of Jupiter Capital GP, Newhouse & Shey LLP, 3 W. 35th St., 9th Fl., 19903. Purpose: all lawful purposes. location: NY County. LP org. in DE 5/30/01. LLC. Authority filed with Secy. of State of N.Y. Notice of Qualification of TA Operating LLC. SSNY designated as agent of LP upon NY, NY 10001. Purpose: To practice medicine (SSNY) on 6/13/07. Office location: NY County. Authority filed with Secy. of State of N.Y. whom process against it may be served. Principal business location: 115 E. 89th St., (SSNY) on 6/13/2007. Fictitious name in NY Notice of Qualification of I-DONTICS, LLC. SSNY shall mail copy of process to 2 World NOTICE OF FORMATION of iRolls Multimedia Ste. 8A, NY, NY 10128. LLC formed in State: TCA Operating LLC. Office location: Authority filed with Secy. of State of N.Y. Financial Ctr., Bldg. B, NY, NY 10281. DE LLC. Arts. of Org filed with Secy. of State of Delaware (DE) on 6/12/07. SSNY designated NY County. Principal business location: (SSNY) on 6/12/07. Office location: NY office addr.: c/o CSC, 2711 Centerville Rd., N.Y. (SSNY) on 6/14/06. Office location: NY as agent of LLC upon whom process against it 24601 Center Ridge Rd., Westlake, OH 44145. County. Principal business location: 532 Park Wilmington, DE 19808. Cert. of LP on file: County. SSNY designated as agent of LLC may be served. SSNY shall mail process to: LLC formed in Delaware (DE) on 7/8/1993. Ave., NY, NY 10065. LLC formed in Delaware SSDE, Townsend Bldg., Dover, DE 19901. upon whom process against it may be c/o Lowenstein Sandler PC, 65 Livingston SSNY designated as agent of LLC upon (DE) on 4/25/07. SSNY designated as agent Name/addr. of each gen. ptr. avail. at SSNY. served. SSNY shall mail process to: iRolls Ave., Roseland, NJ 07068. DE address of LLC: whom process against it may be served. of LLC upon whom process against it may be Purpose: any lawful activities. LLC, 58 W 56th St. #3, NY, NY 10019. c/o Corporation Service Company, 2711 SSNY shall mail process to: 400 Centre St., served. SSNY shall mail process to: c/o Purpose: any lawful activity. Centerville Rd., Ste. 400, Wilmington, DE Newton, MA 02458. DE address of LLC: Corporation Service Company (CSC), 80 State NOTICE OF FORMATION OF LIMITED 19808. Cert. of Form. filed with DE Secy. of 1209 Orange St., Wilmington, DE 19801. St., Albany, NY 12207. DE address of LLC: c/o LIABILITY COMPANY. NAME: PERFECT Name: BROADWAY 41 LLC Art. Of Org. Filed State, 401 Federal St., Ste. 4, Dover, DE 19901. Arts. of Org. filed with DE Secy. of State, CSC, 2711 Centerville Rd., Ste. 400, IMAGE LLC. Articles of Organization were Sec. Of State of NY 5/3/07. Off. Loc.: New Purpose: any lawful activity. 401 Federal St., Ste. 4, Dover, DE 19901. Wilmington, DE 19808. Arts. of Org. filed with filed with the Secretary of State of New York York. Co. SSNY designated as agent upon Purpose: any lawful activity. DE Secy. of State, PO Box 898, Dover, DE (SSNY) on 05/14/07. Office location: New whom process against it may be served. 19903. Purpose: any lawful activity. SSNY to mail copy of process to The LLC Notice of Qualification of BLT II LLC. Authority York County. SSNY has been designated filed with Secy. of State of N.Y. (SSNY) on as agent of the LLC upon whom process C/CO Bernath & Rosenberg 1430 Broadway, Notice of Qualification of CSFB Strategic Notice of Formation of 110 Holding, LLC. 13th Flr. , NY, NY 10018. Purpose: Any 5/25/07. Office location: NY County. Principal against it may be served. SSNY shall mail a business location: 11 Madison Ave., NY, NY Associates II, L.P. Authority filed with Secy. of Arts of Org filed with Secy of State of NY copy of process to the LLC, 1407 Broadway, lawful activity. State of N.Y. (SSNY) on 6/6/07. Office location: (SSNY) on 05/17/01. Office location: New 10010. LLC formed in Delaware (DE) on New York, New York 10018. Purpose: For 5/9/06. SSNY designated as agent of LLC NY County. LP formed in Delaware (DE) on York County. SSNY designated as agent of any lawful purpose. Notice of Qualification of D. E. Shaw CH-SP 1/9/03. SSNY designated as agent of LP upon LLC upon whom process against it may be Series 5-01 (C), L.L.C. Authority filed with NY upon whom process against it may be served. SSNY shall mail process to: c/o Corporation whom process against it may be served. SSNY served. SSNY shall mail process to: 110 Notice of Qualification of BMOF I LLC, App. Dept. of State on 6/14/07. Office location: NY shall mail process to principal business location: Holding, LLC, 110 East 42nd Street, New County. LLC formed in Delaware (DE) on Service Company, 80 State St., Albany, NY for Auth. filed Sec'y of State (SSNY) 12/3/04. 12207. DE address of LLC: 2711 Centerville c/o Credit Suisse Securities (USA) LLC, 11 York, N.Y. 10017. Purpose: To engage in Office location: NY County. LLC org. in DE 12/19/06. NY Secy. of State designated as Madison Avenue, 16th Fl., NY, NY 10010, Attn: any lawful business. agent of LLC upon whom process against it Road, Ste. 400, Wilmington, DE 19808. Arts. 11/30/04. SSNY designated as agent of LLC of Org. filed with DE Secy. of State, 401 Edward S. Nadel. DE address of LP: 2711 upon whom process against it may be served. may be served and shall mail process to: D. Centerville Road, Ste. 400, Wilmington, DE E. Shaw & Co., L.P., 120 W. 45th St., 39th Fl., Federal St., Ste. 4, Dover, DE 19901. Notice of Formation of International Fine Art SSNY shall mail copy of process to 345 Purpose: any lawful activity. 19808. Name/address of each genl. ptr. Gallery, LLC. Arts. of Org. filed with Secy. of Park Ave., NY, NY 10154. DE office addr.: Tower 45, NY, NY 10036, Attn: Bertrand C. available from SSNY. Cert. of LP filed with State of NY (SSNY) on 6/7/07. Office location: c/o CSC, 2711 Centerville Rd., Wilmington, Fry, General Counsel, registered agent upon DE Secy. of State, 401 Federal St., Dover, NY Co. SSNY designated as agent of LLC DE 19808. Cert. of Form. on file: SSDE, whom process may be served. DE address of Notice of Formation of ACP Lincoln Garages, DE 19901. Purpose: any lawful activity. upon whom process against it may be served. Townsend Bldg., Dover, DE 19901. Purpose: LLC: 1209 Orange St., Wilmington, DE 19801. L.L.C. Arts. of Org. filed with Secy. of State SSNY shall mail process to: The LLC, 120 any lawful activities. Arts. of Org. filed with DE Secy. of State, 401 of NY (SSNY) on 2/25/02. Office location: Name of For. LP: Davidson Kempner Event West 58th St., Ste 3D, NY, NY 10019. Federal St., Dover, DE 19901. Purpose: any NY County. SSNY designated as agent of Driven Equities Fund LP. Appl. for Auth. filed Purpose: any lawful activities. Notice of Qualification of D. E. Shaw AQ-SP lawful activity. LLC upon whom process against it may be with Sec. of State of NY: 3/22/07. Jurisd. and Series 3-06, L.L.C. Authority filed with NY served. SSNY shall mail process to: c/o CT date of org.: DE 3/15/07. NY State office loc.: Notice of Qualification of EB Personal Risk Dept. of State on 6/13/07. Office location: NY Notice of Qualification of 656-676 Amsterdam Corporation System, 111 8th Ave., NY, NY NY Cty. Sec. of State designated as agent Management Solutions, LLC. Authority filed County. LLC formed in Delaware (DE) on Owner LLC. Authority filed with NY Dept. of 10011, registered agent upon whom process upon whom process against it may be served. with NY Dept. of State on 4/20/07. Office 7/18/06. NY Secy. of State designated as State on 6/14/07. Office location: NY County. may be served. Purpose: any lawful activity. Sec. of State shall mail copy of process to: location: NY County. LLC formed in Delaware agent of LLC upon whom process against it LLC formed in Delaware (DE) on 6/13/07. NY The LP, 65 E. 55th St., 19th Fl., NY, NY 10022, (DE) on 3/2/07. NY Secy. of State designated may be served and shall mail process to: D. Secy. of State designated as agent of LLC Notice of Formation of CB High Point, LLC. the registered agent of the LP upon whom as agent of LLC upon whom process against E. Shaw & Co., L.P., 120 W. 45th St., 39th Fl., upon whom process against it may be served Arts. of Org. filed with Secy. of State of NY process may be served. Addr. of LP in DE is: it may be served and shall mail process to: c/o Tower 45, NY, NY 10036, Attn: Bertrand C. and shall mail process to: 60 Columbus Circle, (SSNY) on 6/15/07. Office location: NY Co. National Corporate Research, Ltd., 615 S. CT Corporation System, 111 8th Ave., NY, NY Fry, General Counsel, registered agent upon 20th Fl., NY, NY 10023, principal business SSNY designated as agent of LLC upon whom DuPont Hwy., Dover, DE 19901. Name/addr. of 10011, registered agent upon whom process whom process may be served. DE address of address of the LLC. DE address of LLC: 2711 process against it may be served. SSNY shall GP avail. from Sec. of State. Authorized office may be served. Principal business address: 6 LLC: 1209 Orange St., Wilmington, DE 19801. Centerville Rd., Ste. 400, Wilmington, DE mail process to: National Registered Agents, in DE where Cert. of LP is filed is DE Sec. of E. 42nd St., NY, NY 10017. Arts. of Org. filed Arts. of Org. filed with DE Secy. of State, 401 19808. Arts. of Org. filed with DE Secy. of Inc., 875 Ave of the Americas, Ste 501, NY, NY State, Townsend Bldg., Dover, DE 19901. with DE Secy. of State, Townsend Bldg., Federal St., Dover, DE 19901. Purpose: any State, 401 Federal St., Dover, DE 19901. 10001, also registered agent. Purpose: any Purpose: any lawful activity. Dover, DE 19901. Purpose: any lawful activity. lawful activity. Purpose: any lawful activity. lawful activities.

26 | Crain’s New York Business | August 6, 2007 CNYB 08-06-07 A 27 8/2/2007 7:19 PM Page 1

sented Mr. Kaplan, was unavailable for comment. $76M judgment against fund founder According to filings, the defense argued that the arbitration panel had disregarded evidence and con- Herman Cahn of the Supreme received the better price. sage, according to Mr. Carlinsky. tended that the evidence presented Arbitrators require Court of the State of New York con- An arbitration panel awarded the “was either unrelated to Myron, Kaplan to repay firmed the decision on July 18. judgment, finding Mr. Kaplan in Sending a message misinterpreted by the arbitrators or According to court papers, the breach of his fiduciary duty to the “if you get caught doing some- sufficiently contradicted [during defrauded investors; scheme worked like this: “At vari- hedge fund and having engaged in thing like this as a fiduciary, there’s testimony] as to preclude a finding ous times, Barbara Kaplan would fraud. The judgment includes 9% going to be a big price to pay,” Mr. of clear and convincing evidence.” fund eyes art assets execute a trade, and fail to specify interest penalties and more than $16 Carlinsky says. the account for which it was execut- million in damages. Brian Maas, a partner at Frank- Matthew Scott is a reporter with Financial BY MATTHEW SCOTT ed. … The securities that were pur- The panel also requires that the furt Kurnit Klein & Selz who repre- Week, a Crain publication. chased or sold were later allocated to defendants repay Ms. Kaplan’s bro- in one of the largest arbitration a particular account, depending on kerage commissions,as well as more judgments ever against an individ- the profitability of the trade—i.e., than $35 million in compensation ual, hedge fund manager Myron the more profitable trade was allo- that Mr. Kaplan earned as a general FREE TRIALS OF ONLINE NEWSLETTERS Kaplan will have to repay more than partner during the time in which the $76 million to investors. fraud occurred. CRAIN’S OFFERS READERS FREE two-week trial subscriptions to its online An arbitration panel found Mr. ‘We now move Michael Carlinsky, a partner at newsletters, Crain’s Health Pulse and The Crain’s Insider. Kaplan, who co-founded Kaplan Quinn Emanuel Urquhart Oliver & Pulse deals with the business of health care. It gives Nathan & Co.with James Nathan in to the stage Hedges, lead counsel for the hedge details on mergers, contracts, executive appointments, 1969, in breach of his fiduciary duty fund, says the case proves that you regulatory actions and legislative developments in metro New to the hedge fund. The panel also of getting the can’t steal from investors. York City. held that Mr. Kaplan engaged in “We now move to the stage of An annual subscription is $295. The one-page newsletter fraud and a cover-up in a scheme that money back’ getting back the money that is right- is available by 6 a.m., Monday through Friday. Subscribers involved trading securities of the fully owed to the investors of the receive Pulse Extra, an additional page, on Wednesday firm’s partnership for his personal hedge fund,” Mr. Carlinsky says. mornings. accounts. “We intend to start executing on the The Crain’s Insider covers political gossip and government and political The limited partners of the Kap- judgment immediately.” issues of importance to executives, lobbyists and others lan Nathan hedge fund sued Mr. cated to the Kaplan accounts, while Quinn Emanuel will look into interested in the inner workings of city and state government. Kaplan and his sister, Barbara Kap- the less profitable was allocated to seizing Mr. Kaplan’s art collection, The one-page newsletter is available by 6 a.m., Tuesday lan, who worked at Bear Stearns & the Partnership account.” real estate and other assets to recov- through Friday. An annual subscription is $250. Co. and CIBC Oppenheimer, to re- er the funds, he says. Trading scheme For your free trial, go to www.NewYorkBusiness.com. cover the money lost in trades from The significant size of the judg- Click on Health Pulse or Insider under “Features” on the upper 1991 to 1998.The case immediately the limited partners of Kaplan ment—as well as the fact that the left side of the home page. In the blue tools box, click on went to arbitration because of a clause Nathan believe that in 85% of the court took back the compensation “Request a Free Trial.” After registering, you will receive in the firm’s partnership agreement. same-day trades entered for Mr. Mr. Kaplan was paid while running confirmation by e-mail with instructions on accessing the trial issues. The initial judgment was hand- Kaplan’s personal accounts and the his own fund and added penalties ed down in October 2006,and Judge partnership’s accounts, Mr. Kaplan and interest—sends a strong mes-

PUBLIC & LEGAL NOTICES

Notice of Qualification of Caminus Capital Notice of Qualification of Goldman Sachs Real Notice of Qualification of Blackstone Notice of Qualification of Horizon Asset DAVID GUYER, LLC Articles of Org. filed NY Partners, LLC, filed under the original name Estate Opportunities Fund 2006, L.P. Authority Customized Commodities Master Fund II L.P., Management Services Income Fund, LP. Sec. of State (SSNY) 5/1/07. Office in NY Co. Rye-Vencil Capital, LLC, App. for Auth. filed filed with Secy. of State of N.Y. (SSNY) on App. for Auth. filed Sec'y of State (SSNY) Authority filed with Secy. of State of N.Y. SSNY desig. agent of LLC upon whom Sec'y of State (SSNY) 2/21/02. Office location: 5/22/07. Office location: NY County. LP 3/14/07. Office location: NY County. LP org. in (SSNY) on 3/7/07. Office location: NY County. process may be served. SSNY shall mail copy NY County. LLC org. in DE 2/14/02. SSNY formed in Delaware (DE) on 11/15/06. SSNY DE 3/13/07. SSNY designated as agent of LP LP formed in Delaware (DE) on 3/1/07. SSNY of process to 279 Central Park W., #16B, NY, designated as agent of LLC upon whom designated as agent of LP upon whom upon whom process against it may be served. designated as agent of LP upon whom NY 10024. Purpose: Any lawful purpose. process against it may be served. SSNY shall process against it may be served. SSNY shall SSNY shall mail copy of process to Attn: J. process against it may be served. SSNY shall mail copy of process to Attn: Joseph W. mail process to: 85 Broad Street, NY, NY Tomilson Hill, 345 Park Ave., NY, NY 10154. mail process to: 470 Park Ave South, 4th Fl. Notice hereby given that a License Number Vencil, 51 W. 95th St., NY, NY 10025. DE 10004. DE address of LP: 2711 Centerville DE office addr.: c/o CSC, 2711 Centerville Rd., South, NY, NY 10016, Attn: Horizon Asset (PENDING) for on-premises Wine has been office addr.: c/o CSC, 2711 Centerville Rd., Road, Ste. 400, Wilmington, DE 19808. Wilmington, DE 19808. Cert. of LP on file: Management, Inc., registered agent upon applied for by the undersigned to sell Wine at Wilmington, DE 19808. Cert. of Form. on file: Name/address of each genl. ptr. available SSDE, Townsend Bldg., Dover, DE 19901. whom process may be served. DE address of retail in a Tavern under the Alcoholic Beverage SSDE, Townsend Bldg., Dover, DE 19901. from SSNY. Cert. of LP filed with DE Secy. of Name/addr. of each gen. ptr. avail. at SSNY. LP: 1209 Orange St., Wilmington, DE 19801. Control Law at 58 2nd Avenue, NY, NY 10003 Purpose: any lawful activities. State, Townsend Bldg., Dover, DE 19901. Purpose: any lawful activities. Name/address of each genl. ptr. available from for on–premises consumption. 58 2ND AVE Purpose: any lawful activity. SSNY. Cert. of LP filed with DE Secy. of State, REST CORP. Notice of Formation of FREMEN LLC. Arts. of Notice of Qualification of Valiant Entertainment 401 Federal St., Ste. 4, Dover, DE 19901. Org. filed with Secy. of State of N.Y. (SSNY) Notice of Qualification of Perseus Market LLC. Authority filed with Secy. of State of N.Y. Purpose: all lawful purposes. on 5/21/07. Office location: NY County. SSNY (SSNY) on 5/24/07. Office location: NY designated as agent of LLC upon whom Opportunity Management, L.L.C. Authority Coming Up filed with NY Dept. of State on 7/18/07. Office County. LLC formed in Delaware (DE) on IN THE US DIST. COURT FOR THE NORTHERN process against it may be served. SSNY shall 4/26/07. SSNY designated as agent of LLC mail process to principal business location: location: NY County. Principal business DIST. OF ILL. FREDERICK KAUFMANN Plaintiff on the Calendar address: 2099 Pennsylvania Ave., NW, Ste. upon whom process against it may be served. v. RONALD KUZON et al. Defendants, 07 C c/o Brian Brille, 800 Fifth Ave., Apt. 21F, NY, SSNY shall mail process to principal business NY 10021. Purpose: any lawful activity. 900, Washington, DC 20006. LLC formed in 1633 To: Ronald Kuzon and Joshua Kuzon, Delaware (DE) on 10/2/01. NY Secy. of State location: 455 E. 86th St., #17B, NY, NY Defendants for service by publication. TAKE designated as agent of LLC upon whom 10028, Attn: Jason Kothari. DE address of NOTICE that Plaintiff, Frederick Kaufmann, has Notice of Qualification of D. E. Shaw Composite LLC: c/o Corporation Service Company, 2711 Side Pocket Series 4, L.L.C. Authority filed process against it may be served and shall filed a Summons and Complaint seeking relief August 13th mail process to: c/o CT Corporation System, Centerville Road, Ste. 400, Wilmington, DE in this case. The case alleges violations of with NY Dept. of State on 6/14/07. Office 19808. Arts. of Org. filed with DE Secy. of Small Business location: NY County. LLC formed in Delaware 111 8th Ave., NY, NY 10011, registered agent securities law. You must answer this upon whom process may be served. DE State, 401 Federal St., Ste. 4, Dover, DE complaint no later than twenty days after (DE) on 9/20/06. NY Secy. of State designated 19901. Purpose: any lawful activity. as agent of LLC upon whom process against address of LLC: 1209 Orange St., Wilmington, final publication of this notice. Upon failure it may be served and shall mail process to: D. DE 19801. Arts. of Org. filed with DE Secy. of to do so, Plaintiff will seek default judgment. August 20th E. Shaw & Co., L.P., 120 W. 45th St., 39th Fl., State, 401 Federal St., Dover, DE 19901. Notice of Formation Designs by Krista LLC Contact Plaintiff’s Attorney: Enterprise Law Tower 45, NY, NY 10036, Attn: Bertrand C. Purpose: all lawful purposes. art. of org. filed Secy. of State NY (SSNY) Group, LLP; 70 W. Madison, #740, Chicago, Unions in New York Fry, General Counsel, registered agent upon 4/25/07. Off. loc. in NY Co. SSNY designated IL 60602; 312-578-0200; 312-578-0202; whom process may be served. DE address of Notice of Qualification of GRM Properties II as agent of LLC upon whom process may Firm ID 40994 LLC: 1209 Orange St., Wilmington, DE 19801. LLC. Authority filed with Secy. of State of N.Y. be served. SSNY shall mail copy of process Arts. of Org. filed with DE Secy. of State, 401 (SSNY) on 5/29/07. Office location: NY to: Krista Scheider Berkowitz, 345 W. 48th Notice of Qualification of R.M. Sincerbeaux August 27th Federal St., Dover, DE 19901. Purpose: any County. Principal business location: 11 St, 4D, NY, NY 10036-1354. Purpose: Any Capital Management, LLC, App. for Auth. filed lawful activity. Madison Ave., NY, NY 10010. LLC formed in lawful purpose. Sec'y of State (SSNY) 4/11/07. Office location: Health Care Delaware (DE) on 11/19/03. SSNY designated NY County. LLC org. in DE 4/10/07. SSNY Notice of formation of Just In Title Agency, as agent of LLC upon whom process against Notice of Formation of EAI Alternatives LLC. designated as agent of LLC upon whom LLC. Arts. of Org. filed with the Secy. of State it may be served. SSNY shall mail process to: Arts. of Org. filed with NY Dept. of State on process against it may be served. SSNY shall of NY (SSNY) on 7/3/07. Office location: New c/o Corporation Service Company, 80 State 5/14/07. Office location: NY County. Secy. of mail copy of process to Attn: Richard M. To place your classified York. SSNY designated as agent of LLC upon St., Albany, NY 12207. DE address of LLC: State designated as agent of LLC upon Sincerbeaux, 525 E. 72nd St., Apt. 39H, NY, whom process against it may be served. 2711 Centerville Rd., Wilmington, DE 19808. whom process against it may be served and NY 10021. DE office addr.: c/o CSC, 2711 ad call John Gallagher SSNY shall mail process to Principal business Arts. of Org. filed with DE Secy. of State, 401 shall mail process to the principal business Centerville Rd., Wilmington, DE 19808. Cert. of location: 280 Madison Ave., Suite 705B, NY, Federal St., Dover, DE 19901. Purpose: any address of the LLC: 5 E. 42nd St., NY, NY Form. on file: SSDE, Townsend Bldg., Dover, @ 212-210-0189 NY 10016. Purpose: Any lawful act. lawful activity. 10017. Purpose: any lawful activity. DE 19901. Purpose: any lawful activities.

August 6, 2007 | Crain’s New York Business | 27 Project4 12/15/06 11:35 AM Page 1

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BUSINESS TABLE TALK Eat some great mussels, then hop on a bus at Port Authority PAGE 31 buck ennis

GOTHAM GIGS Star stringer ROMAN PROKES, 46, strings racquets for tennis pros, including Andy Roddick and Maria Sharapova, as well as anyone who visits his shop, RPNY Tennis, on East 51st Street. He charges $30 to $68 to string a racquet and $40 to $200 customize one. CROSS-COURT In 1981, the tennis aficionado immigrated from Czechoslovakia and discovered his talent for fixing racquets. He did the stringing for more tournaments than he can remember, including the U.S. Open, where he heads a 20-person stringing operation. Starting in 2003, Mr. Prokes worked for Andre Agassi exclusively, until Mr. Agassi retired last year. MATCH POINT One of Mr. Prokes’ most hair-raising moments as a stringer came during the 1998 Davis Cup in Sicily, when the power went out just before a match involving Pete Sampras. Once electricity was restored, Mr. Prokes had less than 15 minutes to frantically string racquets for Mr. Sampras. Mr. Agassi helped out, handing Mr. Prokes racquets and removing old strings throughout the match until his American teammate won. LOVE The best stringers have the ability to pull all-nighters, forecast the weather and assess court conditions. Stress never steve munday bothers Mr. Prokes. “I don’t even consider it a job,” he says. “I love what I’m doing.” —adrianne pasquarelli There goes the neighborhood EXPERT OPINIONS

TIPS FOR YOUR PUP Area above W. 96th St. gains high-rise, loses character AT OUTDOOR CAFÉS call first to make sure the restaurant allows pets, and BY MATTHEW FLAMM THROUGH ROOF bring a carrier with you. If the esidents of my neighborhood have watched in alarm over the last Average sale price, two-bedroom restaurant is especially dog- co-op apartment, Upper West Side: friendly, like Shake Shack [in year as two giant luxury towers have risen above Broadway near West Madison Square Park], they 100th Street.They’re concerned that these Extell Development might have dog dishes on the Corp. buildings, with their $3.5 million condos, will damage the $428,000 menu. But I still suggest SECOND QUARTER 1997 feeding your pet beforehand: character of the area, not just the skyline. You don’t want your hungry Personally, though I see those Extell eyesores from my window dog to start a fight with other every morning, I knew the neighborhood was going to hell long ago. dogs over food. Early signs included cleaner streets, less worry about getting mugged, $1.5million —susan bing SECOND QUARTER 2007 Owner,Trixie + Peanut Pet and junk mail from brokers asking if I’d like to sell my apartment. Source: MillerSamuel.com Emporium The kicker was realizing that my family See THERE GOES on Page 30 R August 6, 2007 | Crain’s New York Business | 29 CNYB 08-06-07 A 30 8/3/2007 10:17 AM Page 1

BUSINESS LIVES CORPORATE LADDER Steve Greenberg Back on the bandwagon S-Curve chief revives president of Columbia Records. Af- ter a management shake-up last PERSONNEL FILE label, strikes marketing, June, Mr. Greenberg exited Colum- distribution deal with bia and revived S-Curve,though the COMPANY S-Curve Records artists he first developed at S-Curve TITLE Founder and chief former partner EMI have moved to other EMI labels. executive Forging a partnership AGE 46 BY SAMANTHA MARSHALL emi will distribute new S-Curve RÉSUMÉ President, Columbia releases for physical, digital and mo- Records; vice president of A&R hen he first bile sales and has the exclusive license for Mercury Records heard the fresh- for S-Curve artists outside the Unit- faced English teen ed States. The partnership was ENTERTAINING HOT SPOT with a voice like forged amid speculation about Barbounia Gladys Knight’s, EMI’s future. Last week, a takeover PERSONALITY TYPE Evangelist SteveW Greenberg knew exactly what by private equity firm Terra Firma to do with her. Joss Stone wanted to appeared to be on track. record an album like her idol, Lau- Mr. Greenberg says he has confi- The Kings, an act that many major ryn Hill, but the label owner took dence in EMI.Their original venture labels were competing to sign. The her in a different direction, exploit- led to 13 million in worldwide album fact that the group chose a nimble ing her big, bluesy voice on old soul sales based on the successes of indie label is a sign of the times, says

songs. artists like Joss Stone, Fountains of Mr. Greenberg. As a smaller opera- neff dave “You need to find the right vehi- Wayne,and the Baha Men,of “Who tion within a major one, S-Curve cle coming from the right place,” Let the Dogs Out” fame. A good re- can take chances and spend extra bly as a Democrat and spent so much ular,”says Mr.Greenberg,who plans says Mr. Greenberg. “That’s what lationship with EMI, familiarity time developing acts rather than fo- money on lawyers to keep his name to impart this knowledge in a course I’m good at.” with its system and the promise of cusing on short-term numbers. on the ballot that he had to take a job he is developing for the Clive Davis EMI Music seems to agree. The autonomy provided incentive to re- “When business is in a malaise, at a record company,WEA Interna- Department of Recorded Music at record giant just inked a marketing turn to the fold.The deal’s value was having a couple of hits doesn’t help, tional, to pay his legal bills. New York University this fall. It’s a and distribution deal with Mr. not disclosed. but when you’re a little company, professorial image that distinguish- Greenberg’s independent label, “We can live with the terms of having one hit can bring you great Intellectual approach es him from his peers. S-Curve Records,which relaunched the deal no matter what happens, success,” he says. he liked the music industry so “Steve definitely marches to the last month after two years on ice. S- because they were willing to let us do The music maker has always cut much that his academic ambitions beat of his own drummer,” says Curve,which will expand into music whatever we needed to do,” he says. his own path. He started as a politi- became a distant memory. But he Marty Maidenberg, an artist man- publishing and artist management, “We really can’t lose.” cal journalist on Capitol Hill but still takes an intellectual approach to ager at the Sanctuary Group and a first partnered with EMI when Mr. Already, S-Curve has signed a moved on to graduate school at the business in an attempt to stay former colleague. “But I mean that Greenberg founded his label in multiyear, multi-album deal with Stanford to study mass media and ahead of the trends. in a good way.” 2000.But he shut down the business pop veteran Sir Tom Jones, and it become a professor. As a student, he “I have a conceptual format for in early 2005 when he took a gig as snagged alternative rock band We ran for the New York state Assem- understanding how records get pop- COMMENTS? [email protected]

the top floor across the street, and Anecdotal evidence suggests that one day I’m typing, and he leans out Republicans have been moving in, There goes the neighborhood his window and says, ‘Stop that, says Bob Botfeld, a West 100th you’re making me jealous,’ ” recalls Street resident who has been collect- Mr. Glucksman, a fencing coach ing signatures for Democratic can- Continued from Page 29 old-timers’ days are numbered. and documentary filmmaker. “This didates for the last 20 years. “More and I were now living beyond our “There is a sense that I’ve been cat wouldn’t have been home if he and more people have been saying station. grandfathered in here,” says Anne SEA CHANGE was a steady working guy of today.” they’re Republican,” he notes. Only in New York would people Tierney, a freelance researcher and MATTHEW FLAMM, who covers Some newcomers argue,however, complain that their neighborhood writer, who pays less than $1,000 a the media beat for Crain’s, moved Coming full circle that the neighborhood should only was improving. And certainly, gen- month for her rent-stabilized two- to the upper Upper West Side— historians point out that much be so lucky as to be like the East Side. trification is far less destabilizing for bedroom apartment on West 98th the area above 96th Street that’s of the Upper West Side was origi- Jason Rosenfeld, associate direc- the mostly white, middle- to upper- Street. “But there are enough of us also known as the Bloomingdale nally built for wealthy people. A de- tor of his family’s business, the Mi- middle-class Upper West Side than grandfathered in so that it’s not Blocks—in 1978, a time when cline began after World War I that chelle Rosenfeld Gallery,lived across for the poorer sections of Harlem or completely foreign, either.” people could walk blocks lasted through the 1970s, says Peter town for 15 years before he paid sev- Williamsburg. Ms.Tierney appreciates that the without finding a bank. Salwen,author of the popular histo- en figures for a 2,000-square-foot But the feeling of a neighbor- neighborhood is safer now than Chinese, Cuban-Chinese and ry Upper West Side Story. place on West 98th Street in 2004. hood moving away, as it were, from when she moved into it in 1979.But Dominican restaurants lined But knowing that the area may He would have stayed on the its longtime residents may be uni- she misses the range of characters Broadway, along with butchers, be coming full circle doesn’t make East Side if he could have found as versal to a city that has always been who were regulars along upper fish markets, bakeries, movie the changes easier to live with. “I large an apartment at the same defined by change. Latinos in Broadway, like the Ping-Pong want to believe the neighborhood I price. “I pine for the East Side,” he theaters, used-book stores and Williamsburg are being priced out champion Marty Reisman, who ran love is going to hold on,”Mr.Salwen says. “There were nice little restau- right now, for instance, as are the a long-gone Ping-Pong emporium independent pharmacies. Twin says. “Can I make a convincing case rants,little shops.It was clean;it was artists who moved to the Brooklyn on West 96th Street, and late musi- Flamm girls came along in 1991. that it will? I don’t know.” neat.This neighborhood leaves a lot neighborhood after being pushed cian-activist the Rev. F.D. Kirk- The next year, he and his wife The spike in property values has to be desired.” out of the Lower East Side. patrick, a majestic figure in his mul- bought a three-bedroom condo created potential windfalls for apart- Other newcomers—even some The area between West 96th and ticolored dashiki and kufi hat. on West End Avenue and 98th ment owners. But not everyone likes who are moving into the Extell West 110th streets has succumbed to Street for $300,000, which the tradeoff. “I’d rather have a more buildings—like the neighborhood’s gentrification more slowly and less Quirky places seemed like a fortune at the time. interesting community,” says my rough edges.“It still maintains more completely than the tonier southern she also misses the oddball quali- next-door neighbor Barbara Beck, diversity than [the West Side below portion of the Upper West Side, ty of the local establishments.At the an artist who has been living at 780 96th Street],” says Lisa Lippman, a home to Zabar’s and Fairway. But long-departed Blue Rose tavern on tions with neighbors,old-timers say. West End Ave. since 1967. “There senior vice president at real estate lately, the changes are speeding up. Broadway, she recalls, the flamboy- It also seemed that everyone was used to be people all day and all night brokerage Brown Harris Stevens, Artists, social workers, teachers, ant owner kept her aged mother writing a screenplay or a novel, ac- on Broadway. Now, local businesses who will move her family into the therapists, small business owners comfortable in a bed near the bar. cording to Joel Glucksman,who has can’t afford the rents and all you have Ariel West this fall. “We’ve got an- and assorted slackers may still out- People in those days worked less, been living in a rooftop apartment are banks.” Things are so bad, she other 10 years before that’s gone.” number bankers and corporate which left more time for hanging on West 98th Street since 1977. says,“It’s getting like the East Side.” lawyers above 96th Street. But the out and for impromptu conversa- “There used to be a guy living on And it may be,in at least one way: COMMENTS? [email protected]

30 | Crain’s New York Business | August 6, 2007 CNYB 08-06-07 A 31 8/2/2007 5:37 PM Page 1

BUSINESS LIVES TABLE TALK by Bob Lape

inate the entrée choices, and obliga- tory steak frites and steak au poivre are handled well. Pasta and chicken Terminal brasserie a go get three dishes apiece. I loved the golden-crusted Milanese approach Port Authority spot to a pounded chicken breast, pan- fried and heaped with arugula, goat surprises: attractive cheese, olives and oven-dried toma- toes—a steal at $14.95. setting, consistently There’s a lot to be said for the good dishes, takeout stout-braised boneless short ribs METRO MARCHÉ served with onions and mashed n my years of traipsing 625 Eighth Ave. Yukon Gold potatoes.Those spuds, through the Port Authority (at West 41st Street) paired with asparagus salad and (212) 239-1010 bus terminal,I thought of it as grainy mustard beurre blanc sauce, only something to traverse as ## act as escorts for seared Atlantic quickly as possible. Imagine salmon.Simply grilled salmon,tuna Imy amazement at learning that sen- CUISINE French brasserie and the market-fresh fish of the day sible, experienced food profession- WINE 80 choices, 21 by the glass are priced under $22 and come with als planned a serious restaurant two side dishes. DRESS there. Even though the spot would No code Freshly made lemon or Nutella have location,location,location and NOISE LEVEL Moderate crêpes, crème brûlée, apple or hordes of foot traffic,all sorts of am- PRICE RANGE $15.95-$22.95 chocolate tarts are dessert regulars ber lights came on in my brain. ($4.95 to $7.95) that get a kick from buck ennis WINE MARKUP 85%-300% Well, Simon Oren and Steve BUS STOP: A cheerful red-and-yellow interior greets diners at the 100-seat restaurant. Chef New Orleans-inspired Bananas Tenedios pulled it off, and I’m hap- Simon Glenn offers classic Parisian bistro fare and puts a Louisiana twist on some dishes. CREDIT CARDS All major Foster pain perdu. This “lost bread,” py to give the green light to Metro otherwise known as French toast, is Marché, the Paris-style brasserie RESERVATIONS Suggested dressed with dark-chocolate ice with a handsome, quick-service op- $3 million hospitality corner are de- and white wine,as well as a Mexican HOURS Lunch, Mon.-Fri., 11 a.m.- cream and spiced pecans. eration up front that offers prepared signer Scott Kester, whose Parisian- version that’s topped with diced 5 p.m.; Dinner, Sun.-Thurs., 5-11 The restaurant has 26 beers,a re- items to go. bistro setting features cherry-red jalapeños, cilantro and tomato. The p.m.; Fri.-Sat., 5 p.m.-midnight; spectable wine list and canned mu- Mr. Oren, whose string of and yellow walls, a terrazzo floor, Japanese version uses shiitake mush- Brunch, Sat.-Sun., 9 a.m.-5 p.m. sic that I actually enjoyed. The staff Frenchified eateries includes two of wood accents and a zinc bar. rooms, ginger, scallions and soy. #### was right on time with bussing— my pets, Nice Matin and Marseille, Chef Simon Glenn brings cook- The kitchen for the 100-seat = Outstanding and everything else. ###= Excellent is nothing if not persistent. His ing talents honed at Windsor Court restaurant does a fine job with appe- ##= Very good Prices throughout the menu are plans for the terminal date from and Marisol in New Orleans and tizers ($6.95 to $15.95) like crispy #= Good modest,and the kitchen,now with a 2001.His partner,Steve Tenedios,is Spice Kitchen in New York. shrimp served with sriracha-sparked year under its belt, is consistent and the Greek-born author of more than Mr. Glenn is having fun this aïoli—one of three agreeably crisped quite good. If the takeout items are a dozen casual eateries in New York; summer flexing his international dishes. The others are a duck confit soup, pâté, crab cakes, niçoise and as good as they look, that’s double he’s responsible for the sandwiches, mussels. Metro Marché offers 12 complemented by slender green frisée salads—join such flights of the allure for people on the move, wraps, soups, salads and desserts treatments of the mollusk inspired beans, frisée and black truffle vinai- fancy as peppered Kobe beef carpac- even if their destination is no further available in the clean, brightly lit by as many countries, each priced at grette;and calamari,which also come cio with truffle aïoli,sea salt,brunoise than Metro Marché. showcase next to the street. $15.95. They include the classic with a zesty aïoli for dipping. vegetables and celery leaf salad. The other key players in the French mode, with shallots, garlic Expected classics—French onion Steaks, chops and seafood dom- COMMENTS? [email protected]

EXECUTIVE MOVES

ACCOUNTING & CONSULTING business development at WB senior vice president, corporate lending. production services. was named chairman. He had been Deloitte & Touche USA: Gregory T. Engineers|Consultants. He was formerly senior vice president SportsNet New York: Curt Gowdy Jr.,54, president at Hamilton Rabinovitz & Durant, 48, was promoted to regional Perkins Eastman: Mark McCarthy, 46, and commercial executive at HSBC was promoted to senior vice president of Alschuler Inc., which he co-founded. managing partner, Northeast, from was promoted to principal from Bank USA. production from vice president and Eric S. Rothman, 36, was named global lead client service partner. associate principal. continues as executive producer. president. He had been a partner at Grassi & Co.: Brian S. Aryai, 44, joined as Robert J. Pizzano, 51, was promoted to LAW Hamilton Rabinovitz & Alschuler Inc. partner. He had been director of principal from associate principal. Arnold & Porter: Juan Manuel Trujillo, REAL ESTATE —adrianne pasquarelli corporate governance and antifraud at Tobin + Parnes Design Enterprises: 36, joined as partner. He was a partner at Coldwell Banker Hunt Kennedy: Stan BDO Seidman. Andrea Dibner, 35, was promoted to Sheppard Mullin Richter & Hampton. Ponte, 36, joined as president, Previews James Logan, 47, joined as partner. He principal from senior associate. Bracewell & Giuliani: Robert S. International luxury marketing division. had been partner at Feldman Meinberg Frenchman, 39, joined as partner. He had He was formerly a senior vice president & Co. EDUCATION been an associate at Milbank Tweed at Stribling & Associates. Vincent Paolucci, 50, joined as partner. Columbia Business School: Francine Hadley & McCloy. HR&A Advisors Inc.: John H. Alschuler,59, He had been a tax partner at Marcum & Lynch, 51, joined as director of the Hartman & Craven: Sean A. Altschul, 32, Kleigman. Institute for Not-for-Profit was promoted to partner from associate. Barry Schosid, 55, joined as partner. He Management. She was formerly director Quinn Emanuel Urquhart Oliver & had been a partner at Feldman of the Lincoln Center Corporate Fund. Hedges: Thomas D. Pease, 40, joined as Meinberg & Co. partner. He had been a partner at ERNEST KLEIN Laredo Group Inc.: Jason Heller, 33, joined FINANCE & INSURANCE Kirkland & Ellis. as executive vice president, a newly Burnham Securities Inc.: Joel B. Gardner, created position. He was formerly 58, was promoted to senior managing MEDIA & ENTERTAINMENT & CO. managing director at Horizon director, corporate finance group, from Fitness magazine: Lee Slattery, 48, was Interactive. managing director. named publisher of the Meredith Corp.
FINE FOODS
Roger Kahn, 55, joined as managing title. She had been vice president and ARCHITECTURE & DESIGN director. He had been a managing publisher of Golf for Women magazine.  Same Day Delivery Cetra/Ruddy Inc.: Mary A. Burke, 57, director at Tri-Artisan Partners. MY Entertainment Co. and Carat joined as design principal and interior Jay Linde, 42, joined as managing Entertainment: Sara Chazen, 33, was  Phone Orders design architect. She formerly directed director. He had been a managing promoted to senior vice president and her own practice, Burke Design. director at Glocap Advisors. continues as head of development and  Corporate Accounts Patricia J. Hildebrandt, 54, joined as Frank Crystal & Co.: Michael Roberts,49, production. director of business development. She joined as director, executive benefits. He NBC Universal: Jeff Gaspin, 45, was  Catered Luncheons was formerly director of marketing and had been an insurance risk management promoted to president and chief specialist at West Financial Group. operating officer for the Universal Located at: IDB Bank: George J. Ahlmeyer, 54, joined television group from president of NBC Sixth Ave. and 55th St. EXECUTIVE PROMOTIONS as senior vice president, corporate Universal cable and digital content. The fastest way to get an announcement into lending. He was formerly senior vice John Wallace, 41, was promoted to 212.245.7720 Crain’s is to submit details online. Fill out the form president and commercial executive at president, NBC owned-and-operated at www.NewYorkBusiness.com/submit. The HSBC Bank USA. television stations, from executive vice A FULL SERVICE SUPERMARKET Executive Moves column is also available online. George P.Commander, 61, joined as president, television operations and

August 6, 2007 | Crain’s New York Business | 31 Project3 8/1/07 3:10 PM Page 1

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