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Wall Street Puts Chill in Economy

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Wall Street Puts Chill in Economy nb50p01.qxp 12/7/2007 8:20 PM Page 1 TOP STORIES Merrill’s new CEO puts midtown SMALL BUSINESS move on ice Slump? What slump? PAGE 3 Wellness at work ® PAGE 17 Bad news likely when Lehman announces profits VOL. XXIII, NO. 50 WWW.CRAINSNEWYORK.COM DECEMBER 10-16, 2007 PRICE: $3.00 this week PAGE 3 Layoffs hit law Wall Street firms as financial work vanishes puts chill PAGE 3 Waldorf spiffs up its spa with new in economy partner Guerlain NEW YORK, NEW YORK, P. 6 Job growth will Queens Mall to be cut in half as stay open 24/7 financial slowdown for holiday hits home in 2008 PAGE 25 BY TOM FREDRICKSON BUSINESS LIVES new york city’s economy is about GALA FATIGUE to get a gut check. Foundations After three years of prosperity, outdo each other 2008 is going to look very differ- to attract donors ent. Job growth will be cut in half, PAGE 31 cyclical industries will suffer and grange paul some businesses will have trouble borrowing money to expand. 27,000, versus 55,000 this year, ac- The chief culprit will be Wall cording to an estimate by Crain’s Street,which has already started to New York Business. The securities STEPHEN SADOVE lay off workers and where the fall- industry will see a net reduction of plans to double Saks’ profitability in out from the subprime mortgage about 6,000 workers in New York the next three years. meltdown and credit crisis bedevil next year.That’s on top of the local some of the city’s largest financial share of the 8,000 job reductions buck ennis firms. that financial firms with signifi- ROCKETING SALES “It’s the old thing,”says Jonathan cant operations here have recently Lindsey, managing partner of legal announced for 2007. AT DEADLINE recruiter Major Lindsey & Africa. In a city where Wall Street ac- “When Wall Street sneezes, the counts for 5% of the workforce but A MEMOIR BY A FORMER economy catches cold.” 23% of personal income, the ripple ACOLYTE OF MOTHER TERESA Revamped Saks Job growth is expected to be See WALL STREET on Page 7 fetched between $1 million and $2 million this week in a blind bid auction. Spiegel & Grau, the new division of the back in fashion Doubleday Broadway Doctoroff influence Publishing Group that has made some of the company’s Bells,” booms over the speakers, more high-profile acquisitions Retail chain focuses Stephen Sadove smiles. in the past year, won the on shoes, regains lost As chief executive of Saks Inc., likely to continue rights. In all, six publishers he’s been working feverishly for were in the running for An shoppers; flagship two years to overhaul the retailer Unquenchable Thirst, by Mary and turn heads year-round. development over the West Side Johnson, according to book overhaul proceeds Thanks to improvements such as a He asks for OK to rail yards,housing at Queens West, industry insiders. fancy new Fifth Avenue shoe de- remain on boards; the PlaNYC 2030 sustainability BY ELISABETH BUTLER CORDOVA partment, complete with its own initiative and construction of HOUSING ADVOCATES ZIP code, Saks’ sales and earnings unfinished agenda Moynihan Station. PREDICT THAT FEWER New every 15 minutes in December, are rocketing. It’s a far cry from “I leave feeling that my York City subprime mortgages thousands of people at Rockefeller 2005, when industry insiders BY ANNE MICHAUD agenda is set, my team is in will qualify for modification Center stop in their tracks and openly questioned Saks’ survival. place, and the process is set under President George W. swivel to watch a dramatic holiday Now Mr. Sadove aims to dou- deputy mayor Daniel to use the next 765 days Bush’s plan announced last light display on Saks Fifth Av- ble the chain’s profitability in the Doctoroff is gone, baby, very effectively,” Mr. Doc- See AT DEADLINE on Page 2 enue’s flagship. Each time the ac- next three years by overhauling gone. Or is he? toroff says. companying song, “Carol of the more of the flagship and making Even as Mayor Michael AFTER In addition, the deputy shoes a focus for smaller stores Bloomberg announced the DOCTOROFF mayor will probably have a across the country. departure of his highest- hand in choosing his re- 50 EDITORIAL His “People are viewing Saks as a profile aide, the mayor rat- placement. 5 legacy and how hot store right now,” Mr. Sadove tled off a list of major proj- to fill his shoes As one observer puts it, says. “We’ve seen a remarkable ects he wants Mr. Page 10 by departing for the presi- turnaround.” Doctoroff to oversee in a SUCCESSOR dency of Bloomberg LP, ELECTRONIC EDITION The names; To continue the changes in volunteer capacity over the PlaNYC Page 14 Mr. Doctoroff may land in See SAKS on Page 8 next two years—a 26-acre See THE INSIDER on Page 14 NEWSPAPER 71486 01068 0 CNYB 12-10-07 A 2 12/7/2007 8:08 PM Page 1 AT DEADLINE Continued from Page 1 damages as well as Skype, week than mortgages in the Comcast and Cablevision nation as a whole. Advocates Systems Corp. for a total of estimate that only 3% to 7% of $300 million in damages and subprime mortgages in the city future royalties for infringing on will qualify. Many subprime the same patent.The suit did loans in the city are unaffordable not outline damages sought to begin with because property from SimulScribe, one of the values are so high, advocates say; rising stars of the New York tech as a result, borrowers already late scene (Crain’s, Aug. 13). on monthly payments will be disqualified from the five-year NEW YORK UNIVERSITY freeze on adjustable-rate EXPECTS TO MAKE an mortgage teaser rates. In announcement in February addition, high property values about whether a proposed make it appear that people can merger with the American refinance, making their loans University in Paris will go ineligible for modification. forward, according to a university spokesman. NYU ONLINE GROCER FRESHDIRECT President John Sexton has been IS PILOTING a new business to in intensive talks with AUP for sell its 60 prepared micro- the past year, but negotiations waveable meals in corporate recently hit a few snags. “We vending machines.The have encountered some company’s co-founder, Jason complexities but we are working BUILDING BOOM: Ackerman, says FreshDirect has through them and looking at VSS believes in a been working with a well- their implications,” says the “buy-and-build strategy,” known New York City-based NYU spokesman. NYU has says James Rutherfurd. company, which has been ambitious plans to expand buck ennis offering the meals in its cafeteria globally. Most recently, it for the past 30 days.The meals announced plans to open a cost the same as they do on the campus in Abu Dhabi. FreshDirect Web site, from $6.99 to $11.99. “We think this MANHATTAN COMMUNITY will be a very big business for BOARD 4 IS HOSTING a public Firm interest in media us,” Mr. Ackerman says. forum today on the five proposals to develop the MANHATTAN-BASED Hudson Rail Yards.The Veronis Suhler Stevenson stars in private equity niche SIMULSCRIBE INC., a provider meeting, which will begin at of voice-to-text messages on 6 p.m. at 441 W. 26th St., will mobile phones, is being sued for focus on aspects of the plans BY AMANDA FUNG infringing on a patent for visual that are of special concern to the voice mail technology by community, such as affordable earlier this year, MediZine, a health magazine publisher, brought in its first outside Klausner Technologies. housing, public parks, schools, investor in its 14-year history. Vault.com, an 11-year-old career-information Web site, recently SimulScribe claims it did not police and fire protection, and decided to sell a majority stake. When looking for partners, both Manhattan-based firms ruled infringe on the patent and says parking. Representatives from it has scheduled a meeting with the developers will each make a out venture capitalists, corporate suitors and, in the end, all but one private equity shop: Veronis Klausner and its attorneys to presentation, and then those Suhler Stevenson. resolve the issue. In the same attending the meeting will break “None of the other firms came close to what VSS offered in its knowledge about media,” action, Klausner sued giant into small groups to discuss the says Erik Sorenson, Vault.com’s chief executive. Apple Inc. for $360 million in proposals. I While VSS is tiny compared with private equity behemoths Kohlberg Kravis Roberts and The Carlyle Group, the Manhattan firm has become a leader in media-related transactions.The THIS WEEK IN CRAIN’S See FIRM SPECIALIZES on Page 9 ALAIR TOWNSEND -------------------11 THE INSIDER------------------------------------14 Arts groups draw bigger gifts WEEK IN REVIEW -----------------------16 REPORT: $515 million pledged capital campaign. “If you run a capital campaign SMALL BUSINESS----------------17 “The critical mass of solicita- well, it doesn’t conflict with annual to Lincoln Center; tions was completed in advance of giving, it raises annual giving,” Mr. REAL ESTATE DEALS--------------24 other organizations all this tumult that the industry has Levy says. 33 NEIGHBORHOOD encountered, and we are grateful for The activity is in sync with na- also doing well that,” he says, speaking of Wall tional trends. While donations to JOURNAL------------------------------------------25 Street’s woes. America’s largest charities grew by just 4.3% last year, grants to arts and THE WEEKS AHEAD ----------------27 BY MIRIAM KREININ SOUCCAR Debt-free cultural organizations jumped 51%, the museum of arts & design is according to the Chronicle of Philan- CLASSIFIEDS ----------------------------------28 despite the shaky economy,do- just $10 million short of its $90 mil- thropy.
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