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Real Estate Industry,Business Interests Publisher Macmillan, Which Was En 20100215-NEWS--0001-NAT-CCI-CN_-- 2/12/2010 7:42 PM Page 1 INSIDE No Wall St. TOP STORIES bonus InterContinental points for Hotel invades rest of us —Greg David Times Square ® Page 11 PAGE 2 Mo homers in VOL. XXVI, NO. 7 WWW.CRAINSNEWYORK.COM FEBRUARY 15-21, 2010 PRICE: $3.00 new role as RE investor Ground PAGE 3 Zero arts Why IPO investors aren’t buying what center gets Blackstone’s selling PAGE 3 go-ahead Rivals eye racino contract as winner City insists onWTC stumbles at gate site; project’s long- PAGE 4 term viability doubted Donatella Arpaia BY MIRIAM KREININ SOUCCAR cooks up book, and after endless debate over the final maybe a TV show location for a performing arts center to NYNY, PAGE 6 be built at Ground Zero, city officials told Crain’s last week that the Frank Gehry-designed theater will be con- structed on the originally planned site, BUSINESS LIVES and that below-ground construction work on the foundation will start next quarter. The 1,000-seat theater and rehears- al facility, to be run by the Joyce The- ater, a dance presenter, was originally scheduled to open this fall. But dis- agreements between city and state offi- cials, and the complexity of building at Ground Zero, have kept the project on the back burner. Now, after much wrangling, the Lower Manhattan Development Corp. GOTHAM GIGS See GROUND ZERO on Page 24 Meteorite collector trades the hot rocks P. 25 G ANNE FISHER on the hive mentality P. 25 turner james Macmillan G MOVERS & SHAKERS Fashion Week’s new chief preps for event’s boss stares move uptown P. 26 G GAEL GREENE gets her TO THE RAMPARTS! down Bezos burger fix on P. 27 Business groups turn to power politics CEO John Sargent INDEX to fight tax hikes, increased spending dictates pricing terms NEIGHBORHOOD JOURNAL _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _7 to e-Goliath Amazon THE INSIDER _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _8 The city and state business community is chang- BY DANIEL MASSEY SMALL BUSINESS _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _9 ing its political course. Frustrated by organized la- BY MATTHEW FLAMM CRAIN’S ONLINE POLL _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _10 bor’s tightening grasp on power in Albany and City the filet mignons served at last month’s Real Hall, business leaders hope to adopt some of the CLASSIFIEDS _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _21 Estate Board of New York awards dinner came with campaign strategies that have made unions and at a meeting of independent book- HOT JOBS _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _25 an unlikely side:laminated business cards urging the their political appendage, the Working Families sellers this month in San Jose, Calif., a EXECUTIVE MOVES _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _25 city’s building owners and property developers into Party,significant forces in local politics. Spearhead- speaker expressed thanks to New York RÉSUMÉ REVIEW _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _26 action. ed by the city’s real estate industry,business interests publisher Macmillan, which was en- THE WEEK AHEAD _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _27 “New York needs our help,” the cards distributed across New York are emerging from their single-is- gaged in a nasty fight with online retail- at each $950-a-head table read. “Join the battle.” See BUSINESS on Page 24 er Amazon over e-book pricing. Some 500 booksellers leaped to their feet for a standing ovation. 07 5 Macmillan, the smallest of the ma- REPORT REAL ESTATE jor houses, was the publisher least like- Big Four REIT’s ready for their comeback; ly to take on Amazon,and its unassum- ing chief executive, John Sargent, the ELECTRONIC EDITION plus Top leases and property sales and least likely pick for the role of David shunning bad landlords PAGES 13-20 against Jeff Bezos’ Goliath. NEWSPAPER See STARING DOWN on Page 23 71486 01068 0 20100215-NEWS--0002,0003-NAT-CCI-CN_-- 2/12/2010 7:08 PM Page 1 IN BRIEF ROSE ASSOCIATES INC. WAS TAPPED TO HELP MANAGE STUYVESANT TOWN-PETER COOPER Village’s transition to a new owner as the Tishman Speyer-led partnership prepares to hand back the keys to creditors of its disastrous $5.4 billion investment. Rose managed the huge rent-regulated complex on the East Side for roughly four years when it was owned by MetLife. Rose and Tishman Speyer said they will work together to create and implement a detailed transition plan to ensure a smooth and orderly transition for residents. Additionally, Rose said it would solicit feedback from residents about the complex’s operations. A PROPOSAL TO ALLOW WINE SALES IN FIRST ORDER: Drew SUPERMARKETS HAS WON THE SUPPORT OF Schlesinger’s goal is to make the the politically powerful 1199 SEIU. The InterContental more measure, included in Gov. David Paterson’s successful than the proposed budget, in which he seeks to nearby Westin. eradicate an $8.2 billion deficit, could raise $300 million for the state over two years via licensing fees. Lawmakers rejected a similar buck ennis proposal last year, but increases in the licensing fees combined with a tough budget and renowned interior designer Jeffrey environment and the union’s backing should Beers. Even Danny Meyer is moving into help its chances this time around. For its part, Inn crowd grows the building’s retail space to open his pop- 1199 is facing $1 billion in proposed health ular Shake Shack. care cuts. The InterContinental Times Square will no doubt up the ante in its neighbor- in Times Square hood, siphoning away business from rival BY THE NUMBERS hotels, not least among them the eight- year-old, 863-room Westin New York, the Rivalry heats up with InterContinental’s arrival last large hotel to be built in Manhattan. Weekly shift of the city’s economy GOLD MEDAL HONORS were earned by legial neighbors. What sibling rivalry? Germany for helping to bail out Greece, but will BY LISA FICKENSCHER The $500 million InterContinental mr. snyder dismisses the notion of sib- the fix last? Meanwhile, jobless claims dropped, project will add 607 rooms to an already ho- ling rivalry between the properties. retail sales rose and home sales surged 14%. when the InterContinental New York tel-heavy district, but it promises to be the “We don’t see the two hotels being Times Square opens in July, the 36-story most upscale property in Times Square. competitive with each other,” he says.The +5.1% +21.2% 10” property on West 44th Street and Eighth InterContinental brand, he explains, is RISE IN B’way RISE IN NY OFFICIAL Avenue will be the largest hotel to be built Central Park South meets Times Square better known abroad than the Westin ticket sales for bankruptcies in SNOWFALL in in the city since 2002. “we are opening a higher level of product (owned by Starwood Hotels & Resorts), the four weeks Jan., vs. year- Central Park from Its owner, a limited partnership led by in Times Square, one that is more associat- and therefore it is more popular with inter- ended Feb. 7, vs. earlier period Wednesday’s Tishman Hotel & Realty,conceived of the ed with the luxury properties along Central national travelers.The Westin property,he year-earlier period Source: U.S. non-blizzard Source: The Bankruptcy Court, S. Source: National property during the boom years, when its Park South,” says Robert Snyder, executive adds, has much more meeting space than Broadway League and E. districts of NY Weather Service other large hotel,the Westin Times Square vice president of Tishman Hotel & Realty. the InterContinental, which means that it just down the block, was so busy it was A who’s who of prominent hospitality attracts more group business. forced to turn guests away. figures are associated with the hotel, in- Others see it differently.“You bet I’d be TURNING AROUND: After months of steep declines, a key indicator of the health of the city’s housing market has Now, in this economy, the two hotels cluding celebrity chef Todd English—he is concerned, if I was next door to that new actually turned upwards in recent months.
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