Wall Street Puts Chill in Economy

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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

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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. In fact, arts and cultural BUSINESS LIVES------31 nations for ambitious new cultural lion campaign to complete a new groups enjoyed the largest increases buildings are pouring in, and many home at Columbus Circle, and the of any philanthropic group. HOME FRONT------32 arts organizations are breaking opening is still 10 months away.“Our Private support for the Metro- CORPORATE LADDER------33 records with general fundraising. goal is to enter the new building politan Museum of Art rose nearly Corporate gifts for general oper- debt-free, and it looks like we will,” 13%, to $108.9 million, during the EXECUTIVE MOVES------34 35 ations at Lincoln Center grew 25% says Ben Hartley, deputy director of fiscal year that ended in June 2006, BOB LAPE ------35 last year, and the center’s $800 mil- the museum.“We have donors work- the most recent year for which data lion capital campaign is on schedule ing in industries that have experi- are available.Donations to the Met- vol. xxiii, no. 50, december 10, 2007—Crain’s New York Business (issn 8756-789x) is published weekly by Crain Communications Inc., 711 Third Ave., New York, NY 10017. Period- as well. So far, the organization has enced falloff, but they have still been ropolitan Opera grew 21.6%, to icals postage paid at New York, N.Y. and additional mailing offices. Postmaster: Send address $515 million in pledges. very committed to the institution.” $113.6 million. And fundraising at 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 Reynold Levy,president of Lin- The arts executives say their good Lincoln Center increased a stagger- copy, $59.79 one year, $109.79 two years. (GST No. 13676-0444-RT) ©Entire contents coln Center, says his fundraisers fortune comes in large part from the ing 157%, to $120.9 million. copyright 2007 by Crain Communications Inc. All rights reserved. solicited the investment communi- excitement generated by a number of ty during the early stages of the high-profile redevelopment projects. COMMENTS? [email protected]

2 | Crain’s New York Business | December 10, 2007 nb50p03.qxp 12/7/2007 8:21 PM Page 1 It’s Thain’s move Layoffs Merrill’s new CEO connections to lower Manhattan, hit law Mr. Thain might be more inclined WEIGHING ALL OPTIONS reconsiders assumed to keep Merrill downtown than former Merrill CEO Stanley WORLD FINANCIAL CENTER midtown relocation; O’Neal was. firms Mr. Thain is a former president Merrill’s existing site. Landlord Brookfield Properties has agreed to trading space key and chief operating officer of Gold- renovations that would include an 80,000-square-foot trading floor. man Sachs Group and most recent- TOWER 3 OF THE WORLD BY THERESA AGOVINO Credit crisis means ly led NYSE Euronext Inc. TRADE CENTER fewer transactions; Lobbying for downtown Developer Larry Silverstein is building a as john thain takes the helm at THE DECIDER: more jobs will go Merrill Lynch, he is re-examining robert douglass, chairman of the 71-story tower with 2.1 million square Mr. Thain has what was a foregone conclusion: Alliance for Downtown New York, feet of office space, but the proposed longtime ties to that the investment bank would sent Mr.Thain a letter last week en- trading floors may not be big enough. lower Manhattan, BY HILARY POTKEWITZ but costs could move its downtown headquarters couraging him to remain in the fi- HOTEL PENNSYLVANIA to the site of the Hotel Pennsylva- nancial district. Assembly Speaker play a big role. over the past few weeks, several nia in midtown. Sheldon Silver spoke with Mr. After demolishing the hotel, Vornado of the city’s most prestigious law Sources say the decision is on Thain recently to persuade him to Realty Trust would give Merrill a firms have done something that law hold indefinitely as Mr.Thain,who stay downtown and hopes to meet long-term lease on the site, firms do under only the direst of cir- just completed his first week as with him soon. which would provide a cumstances. They have laid off Merrill’s chief executive, considers “The speaker sees John Thain as headquarters with ample lawyers. all alternatives, including keeping a person whose heart is downtown, trading-floor space. It would It started with Clifford Chance the firm at the World Financial so we remain hopeful that he’ll keep also give the firm the cutting a small group of associates Merrill downtown,” says a control it wants over how last month from its New York struc- spokesman for Mr. Silver, whose the property is tured finance practice. McKee Nel- ‘The speaker district includes the World Trade operated. The move son came next, trimming associates and World Financial centers. could be complicated through buyouts. And just last sees John Thain If sentiment doesn’t sway Mr. because the site week,Thacher Proffitt & Wood laid Thain, Merrill’s finances might. would need to be off 24 associates and advised others as a person Merrill recently reported its first rezoned for the skyscraper to accelerate any job searches they quarterly loss in six years and wrote to be constructed. might be conducting. whose heart down the value of its subprime-re-

lated securities by $8 billion, which getty images Standstill in work is downtown’ observers believe might make Mr. all are victims of the credit crisis Thain wary of undertaking a pricey nia site would come closest to ac- Brookfield’s bid is the lowest by that is drying up the supply of com- move uptown. More write-downs complishing those goals. Owner several hundred million dollars, ac- plex transactions that once took are possible. Published reports say Vornado Realty Trust has offered to cording to a source. armies of lawyers to pull off. relocating to midtown would cost demolish the hotel and give Merrill Additionally, Larry Silverstein, “There is a seismic change going $1 billion more than remaining in a long-term lease on the site—es- who is building Tower 3, has of- on in the legal mar- Center or moving into the yet-to- lower Manhattan. sentially like owning it. The site fered to adjust the architectural ket that’s going to be-built Tower 3 of the World A source close to the negotia- would give Merrill the opportunity plans to meet Merrill’s needs. 24 affect any group Trade Center. tions says Merrill is looking to its to have the trading floors it desires. One insider doesn’t expect any ASSOCIATES that relates to cred- laid off at One possibility is extending long-term future.The firm is eager of the three contenders to make a law firm it,” says Lawrence Merrill’s lease at the WFC for five to have large trading floors at its Lowest bid sweeter offer: Competition was Thacher Proffitt Mullman, a man- years, to 2018. That would take headquarters and wants to control brookfield properties, Merrill’s fierce,and Mr.Thain is still review- last week aging director at le- some pressure off the firm, which the building rather than just be a current landlord,has offered to cre- ing their bids. Mr. Silverstein low- gal consultant Ma- has 3 million square feet at the lo- tenant that must deal with land- ate three 80,000-square-foot trad- ered his original bid in October. jor Lindsey & Africa. “You can cation. lords about how the property is run. ing floors by expanding one of the expect more layoffs to come.” Because of his past professional Moving to the Hotel Pennsylva- World Financial Center buildings. COMMENTS? [email protected] The issuance of complex collateralized debt securities incorporat- ing various slices of thousands of mortgages came to a standstill this the things Lehman sells,”says Punk summer when many subprime Ziegel analyst Dick Bove. “Mort- mortgages went into default. Even gages, credit products, you name long-running legal bonanzas like Subprime bets put it—there’s no market for the things the corporate merger boom have it specializes in.” fallen on lean times. Merger volume While Lehman will have lots of fell to $184 billion in September, company in reporting dismal earn- down from $471 billion in July, ac- ings, in some ways, it’s the Wall cording to Bloomberg data. Lehman on hot seat Street firm with the most to lose. 20 lawyers on one deal for months Time to pay the piper those slumps are hitting law firms This week’s earnings under chief executive Richard where it counts. A midsize struc- news may be dismal; Fuld, the firm has earned a reputa- tured-finance deal of $350 million tion as one of the best-run banks. can take six to 10 lawyers several heavy reliance on Along with Goldman Sachs, it has months to tidy up legally at fees managed to avoid the carnage in the ranging from $350 to $800 per bill- mortgages to blame markets so far.But Lehman was the able hour.Billion-dollar deals,espe- nation’s largest dealer in subprime cially more unusual ones, can em- BY AARON ELSTEIN mortgages over the past two years, ploy teams of as many as 20 lawyers and bears are betting that the time for months. in a conference call with in- has finally come for the firm to pay Facing a dearth of such deals— vestors three months ago, Lehman the piper. and no prospect for a quick turn- Brothers’chief financial officer flat- The biggest problem is that the around in the business—law firms ly predicted that “the worst of the hugely profitable business of pack- have little choice but to reduce their

credit correction is behind us.” grange paul aging residential mortgages into staff. Partnerships where struc- This week, the big investment complex securities has all but shut tured-finance groups produce hefty bank is expected to bury that ear- but over. the summer. Lehman, which gen- down. That has left Lehman with portions of total revenues—a list lier optimism. Analysts believe In fact, November—the last erated nearly half its revenues last an inventory of $6 billion in sub- that includes Cadwalader Wicker- that Lehman will post its first month of the fiscal year for many fi- year from selling and trading prime mortgages and another $16 sham & Taft, Orrick Herrington & drop in fourth-quarter earnings nancial firms—was the worst bonds, is far more vulnerable than billion in related securities that no Sutcliffe, and Sidley Austin—could since 2001, in a stunning signal month for Wall Street since the most of its peers. one wants to buy, and whose value be among those hit hardest.Avowed that the credit crisis is anything bond markets began to freeze up in “There simply aren’t buyers for See SUBPRIME on Page 7 See LAYOFFS on Page 7

December 10, 2007 | Crain’s New York Business | 3 CNYB 12-10-07 A 4 12/7/2007 8:17 PM Page 1

IN THE MARKETS HIGHLIGHTS REEL 2 bond insurers on edge +1.6% as guarantees turn sour The Bloomberg/ Crain’s New Avoid Ambac, MBIA up to the fact that the duo has also guar- is the foundation of its business.Manhat- York Index anteed $13.5 billion of subprime mort- tan-based Ambac also needs to find cap- rose 1.6% to shares; firms face gages, plus $90 billion in collateralized ital to protect its credit rating, Moody’s end the billions in possible losses debt obligations con- has said. week at 374. taining mortgages, Both say they will The S&P ➡ according to Credit- raise the cash. But if 500 Index BY AARON ELSTEIN Sights. the recent experi- rose 1.6%, With the value of ences of other needy closing at n the surface, MBIA those instruments financial institutions, 1505. Inc. and Ambac Financial plunging, the firms like Citigroup and Group Inc. may look like face huge losses. For E*Trade, are any bargains. The share prices nine months ending guide, the prices of of these bond insurers have Sept. 30, Ambac had those infusions could Oplummeted this year by 59% and 70%,re- net income of $26 be punitive. Bill Ack- RISERS spectively. Both stocks trade well below million on $573 mil- man of hedge fund 5-DAY 1-MONTH 3-MONTH CLOSING the companies’ book values—often a sign lion of revenue. That Pershing Square % CHANGE % CHANGE % CHANGE PRICE that a sell-off has been overdone. compares to net in- Capital Management Take-Two Interactive +13.8% +6.0% +10.8% $17.05 But now is no time for heroism. The come of $673 million predicts that the Gamco Investors +12.2% +9.3% +15.0% $59.80 future of the firms is very much in doubt on $1.4 billion of rev- firms will ultimately as they struggle to survive the subprime enue in the first three collapse into bank- Hess +10.4% +8.4% +27.6% $78.64 crisis. quarters of 2006. ruptcy. MBIA and Ambac (combined) Sotheby’s +9.1% -18.4% +1.5% $40.86 “The bond insurer stocks could go a lot MBIA posted net in- Others insist that Cognizant +7.2% +0.7% -6.2% $33.33 lower,” says Edward Grebeck, chief exec- come of $374 million Municipal bonds insured $1.2 trillion MBIA and Ambac are utive of Tempus Advisors, a debt-strategy through September simply too important Direct subprime exposure $13.5 billion consultancy. “I have serious questions on about $2 billion of to be allowed to fail SINKERS about how viable these companies are.” revenue, well below Total capital $12.1 billion and point out that 5-DAY 1-MONTH 3-MONTH CLOSING For more than 30 years, MBIA and $638 million in net Sources: CreditSights, Reuters such a development % CHANGE % CHANGE % CHANGE PRICE Ambac have dominated a lucrative niche income on about $2 could throw the $2.5 E*Trade -10.4% -53.6% -71.9% $4.12 on Wall Street, insuring municipal bonds billion of revenue in trillion muni market Hertz -8.4% -4.4% -19.0% $17.50 against default.They do so by,in essence, the year-earlier period. into chaos. Merely downgrading the lending their pristine AAA credit ratings Lazard -8.0% +1.0% +14.7% $44.75 MBIA’s situation is so precarious that bond insurers would cause investors to to less creditworthy state and city govern- Moody’s said last week that it was “some- flood the market with an ocean of sud- Avis Budget -6.8% -10.1% -35.8% $14.01 ments for a fee. what likely” that the company, in Ar- denly uninsured debt. McGraw-Hill -5.8% +2.3% -6.2% $46.24 But the two insurers have gotten into monk, N.Y., might soon lack the capital trouble this year. Investors have woken necessary to support the AAA rating that COMMENTS? [email protected]

STOCKS TO WATCH by Erik Ipsen Hole gets deeper for Hovnanian while housing-market slump drags on This week, home builder Hovnanian Enterprises will post results for the fiscal year that ended in October with its worst performance ever: a forecast loss of $1.50 a share. Analysts expect improvements, but they have been seeing an end of the housing bloodbath for over a year. The shares rallied last week on President George Bush’s subprime We are bankers who listen to you. Sterling National Bank, New York’s leading community bank specializing bailout plan but are still down 88% in personal service for business clients, is listening. We understand, It Starts with Hello. from their 2005 peak. COMMITTED TO YOUR SUCCESS: BUSINESS LINES OF CREDIT AT PRIME* We understand your needs and allow you to quickly borrow up to $250,000 with: Citigroup raised $1.6 billion last week by selling its last two Manhattan office buildings. Citi needs the cash. But does buyer SL Green Realty really need • NO FINANCIALS REQUIRED yet more exposure to the Manhattan office market at a time when major Wall • One-page streamlined easy application Street houses and law firms are laying off staff? Though SL Green made money selling a couple of buildings here within the past few weeks, worried And, if you need more funds, we offer lines up to $10,000,000. investors have pushed the shares down 37% since February. BANKERS YOU CAN REACH Marsh & McLennan CEO Michael Say “Hello” to personal business banking provided by bankers who listen to you. Contact Anthony Migliorino, Cherkasky has had a tough run. Since - Senior Vice President, at (212) 935 7245 or via email at [email protected] today. he took over in late 2004 after a *For the first six months Prime Rate as noted in the WSJ. Introductory rate subject to change at anytime. kickback scandal in the mortgage brokerage arm, the firm’s shares have halved in value. Recently, analysts called an unexpected 61% plunge in third-quarter earnings a disaster. Investors have clamored for his head, www.SterlingNationalBank.com and last week they got a consolation prize. He replaced himself as acting Our Doors Are Open All The Way To The Top | Est. 1929 • NYSE: STL • Member FDIC head of the brokerage unit. charts: grange paul

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NEW YORK,NEW YORK edited by Valerie Block

House and other perks. Paul Devlin, an Emmy Award- winning video editor for CBS Sports and the director of Blast, thinks documentary makers need to find new funding models if they want to survive. “It’s a really tough environment,” he says. Beard House’s bloomberg news TV dinner Waldorf gets spa treatment the james beard foundation is getting a piece of prime time. isiting dignitaries and socialites looking for Nearly every night, famed chefs pampering will soon have another reason to stay at show off their talents at fundraising dinners at the Vthe Waldorf-Astoria.The storied property will gastronomy center. Now, viewers spend $22.5 million to build one of the biggest hotel spas in will be invited to watch, as those the city—and the first Guerlain Spa in North America. chefs make a twice-monthly appearance on ABC News Now. The 14,000-square-foot facility will open in May on the The digital cable channel’s 19th floor. Construction began in July when the hotel closed show Eat and Greet marks the first its spa for expansion.The new one will boast 19 treatment time the foundation has had a rooms, compared with the previous six. regular television slot. “It’s a nice Matt Zolbe way to tell more people what we’re “People weren’t coming here for our spa,” says , doing,” says Susan Ungaro, the the Waldorf ’s director of sales and marketing. “But I’m foundation’s president. confident that we’ll become a spa destination.” The show will feature chefs The first hint of things to come happens this week when such as Amanda Freitag of Gusto and Marco Canora of Insieme Guerlain opens a boutique in the hotel’s lobby, where preparing a signature meal at the jeweler H. Stern had been for 24 years. Greenwich Village brownstone. The spa initiative is part of a larger partnership Waldorf Host Brooke Parkhurst will then try the recipe at home. parent Hilton Hotels Corp. has with Guerlain sister Spa “We thought it would be fun to Chakra Inc., which runs spa operations at Hilton properties. get in with these chefs before they become Food Network stars,” says with law firm Gibson Dunn & Jessica Stedman Guff, executive Troupe performs Crutcher. producer of ABC News Now. property deal Long established An ArtistShare More food news commitment after nearly 30 years in operation, Elizabeth Streb’s award- of the action foodies and pros who want to winning company of daredevil take classes at the prestigious

Weiser LLP acrobats and dancers will finally investing in a film has never Culinary Institute of America Certified Public Accountants own its home, been so cheap. ArtistShare, which won’t have to travel to Hyde Park, the Streb Lab allows fans to fund recordings by N.Y., to do so. Come January, the for Action their favorite musicians, is taking CIA will begin teaching courses at Mechanics, or its approach to the movies. Astor Wines & Spirits, the first SLAM. Blast,a liquor store in to the The troupe documentary that CONCERT FOR HOMELESS town to ink a New York City New York is paying $1.3 follows a team of partnership with 135 West 50th Street NATALIE COLE will sing at a New York, NY 10020 business community million for its astrophysicists into a cooking school. Tel 212.812.7000 5,000-square- remote locations as Lincoln Center gala on Fri- “Cooking with Fax 212.375.6888 For nearly a century,Weiser has provided foot space at 51 they build a day, Dec. 21. But Thursday’s Your Teen” and N. First St. in telescope, is the dress rehearsal will take other courses will

Long Island accounting, tax, and consulting services, such getty images 3000 Marcus Avenue as state and local tax planning, internal audit Williamsburg, guinea pig.The place at the Christian Cultur- take place in the Lake Success, NY 11042 outsourcing, and business restructuring, Brooklyn.The city is kicking in $1 filmmakers need al Center in Brooklyn for new Astor Tel 516.488.1200 to private clients and business enterprises, million of that amount.To fund $50,000 to finish 500 of New York’s home- Center. Fax 516.488.1238 including closely-held and emerging entities, the renovation of the space, Streb the movie, but less, organized by the Ameri- “It’s an Westchester in a variety of industries including: has embarked on a $2.5 million they’re hoping for can Bible opportunity for 660 White Plains Road capital campaign. more, to pay for Society and the CIA to see Suite 430 • Real estate The existing building—where marketing and the center, what works in Tarrytown, NY 10591 • Manufacturing and distribution Streb offers everything from distribution. New York City,” Tel 914.333.0555 for families • Auto dealerships classes for kids to performances by For $19.95 each, says the center’s Fax 914.333.0556 • Media and communication who gymnasts —will be nestled into a investors get receive executive New Jersey • Banking block-long luxury condominium exclusive access to director, Doug 399 Thornall Street their • Food and dairy project being developed by The videos with Duda. Edison, NJ 08837 • Health care services. Tel 732.549.2800 Steiner Real Estate Group. production updates, The recently • Financial services getty images Fax 732.549.2898 Integrating the needs of the including footage opened center on • Professional services avant-garde performers with those from shoots in Antarctica and the store’s second floor will also www.weiserLLP.com • Not-for-Profit of the developers was a feat in Chile. Any fan willing to shell out focus on wine studies. itself. “It was among the more $150,000 will get an “executive For more information, contact Douglas Phillips at 212.375.6701. complicated transactions we’ve producer” credit, a private Contributors: Lisa Fickenscher, Matthew done,” says Andrew Lance, a partner screening with friends at Soho Flamm, Miriam Kreinin Souccar

6 | Crain’s New York Business | December 10, 2007 CNYB 12-10-07 A 7 12/7/2007 8:14 PM Page 1

extended weakness], or something more like 1994 or 1998, when the Wall Street puts chill in economy turmoil lasted only a few months or quarters,” says James Brown, an Continued from Page 1 such as advertising and residential cial real estate firm Colliers ABR economist with the state Depart- effect will be profound. Another construction, may lose steam. Inc. As the vacancy rate increases, ment of Labor. 12,000 jobs that are tied indirectly to A host of businesses in all kinds rents will decline—as will the eye- Wall Street will vanish through a of industries, including the small popping prices being paid for Man- Mess may last combination of layoffs and attri- businesses that account for many hattan skyscrapers. the downturns of 1987 to 1991 tion—from accountants who rely on new jobs, will also curb hiring be- Some countervailing forces and 2001 to 2003 were extended be- business from investment firms to cause they will have less access to might allow the city to hold up bet- cause investors had to wait for huge nannies for the children of Wall bank credit. ter than in previous Wall Street-led speculative excesses in commercial Street managers and executives. “Banks get cautious when things downturns. New York is enjoying a real estate and tech stocks, respec- Some law firms who feed off the slow down,” says Tom O’Brien, strong boost from foreign investors tively, to unwind. The 1994 slump, Street have already started cutting chief executive of State Bank of and tourists. As the result of the caused by a crash in the bond mar-

back.Thacher Proffitt & Wood and Long Island.“That tends to feed on weak dollar, they are finding many grange paul ket, turned out to be short-lived, as Clifford Chance are taking the itself.” bargains, from fashion to real did the 1998 scare that arose from scalpel to specific areas, including As the economy decelerates, the estate. The impact of foreign money the Asian financial crisis. structured finance and mortgage se- city’s commercial office market will could have an influence on both the So far, however, few signs have curitization. feel the effects. Foreign investment intensity and the duration of the emerged that the mess caused by In addition to the changed pic- “I think we are on the cusp of see- “new york city has incredible cul- downturn. But Wall Street, more runaway speculation on mortgages ture on Wall Street, general eco- ing more space coming on the mar- tural assets and is a desirable place to than any other sector,will dictate the and financial derivatives will be a nomic sluggishness will take its toll ket because of the downturn,” says live and visit,” says James Parrott, city’s destiny. quick fix. in New York. Other industries that Robert Sammons, an economist senior economist at the Fiscal Poli- “The big question is if we are go- are highly sensitive to the economy, and managing director at commer- cy Institute. ing to see a 1987 to 1991 scenario [of COMMENTS? [email protected]

“Firms that did less subprime mortgage business than Lehman Subprime bets put Lehman on the hot seat have suffered quite a bit, so it makes sense that Lehman would have to Continued from Page 3 an average quarterly pace of $65 bil- take a really big write-down,” says has eroded. lion earlier in the year. Amit Chokshi, founder of hedge To date, Lehman has contained Worse,questions are now surfac- fund Kinnaras Capital Manage- the damage, marking down the val- ing regarding the safety and quality ment. ue of its mortgage book by about of commercial mortgages. Fitch $500 million.Last month,the firm’s Ratings warned late last month that Broad retreat co-chief administrative officer infor the first time since the credit cri- compounding Lehman’s prob- sisted that a “substantial” fourth- sis began, it might downgrade a lems, and those of its Wall Street quarter markdown won’t be re- commercial mortgage-backed secu- peers, are huge declines in other quired. rity sold by Lehman. The bond is businesses not tied so closely to But considering that an index backed by a loan for a business con- mortgages. The dollar value of U.S. tracking subprime mortgage securi- corporate mergers announced in the ties fell by 46% over the past three three months ended Nov. 30 skid- months, skeptics believe that Analysts expect ded 49% versus the year-earlier pe- Lehman will have to bite the bullet. riod, according to Bloomberg. An They forecast a write-down ranging Lehman to earn even bigger headache for Lehman from $1.5 billion to as much as $3.9 centers on the dormant market for billion. $1.49 a share in leveraged buyouts. Lehman is try- “Merrill Lynch has said, ‘We’ve ing to find buyers for the $27 billion got problems with subprime,’ yet the 4th quarter in loans it has committed to fund Lehman officials say they’ve nailed LBOs. it,” notes David Einhorn, chairman “The way LBOs get done now is of hedge fund Greenlight Capital, that banks take the loans they who is shorting Lehman’s shares. “I MUCH TO LOSE: wanted to sell back onto their own don’t believe them.” Lehman Brothers CEO dominium in the glutted Las Vegas books, creating losses,” says Chris A Lehman spokeswoman de- Richard Fuld has market that is “no longer perform- Donnelly,an analyst at Standard & clined to comment. earned a reputation for ing,” according to a Fitch analyst. Poor’s. savvy management. Analysts expect Lehman to earn When Lehman finally reveals its Damaging blows $1.49 a share in the fourth quarter— results next week, don’t expect to

while lehman’s subprime-related bloomberg news 13% less than it did in the final quar- hear from the CFO who confident- losses are unlikely to be as large as ter of last year—according to ly forecast better times. He was re- those taken by Merrill or Morgan Meanwhile, another key showing cracks. Wall Street firms Reuters Fundamentals. Skeptics say assigned effective Dec. 1. He now Stanley, they would do more dam- Lehman business line—the packag- sold $23 billion worth of commer- that those projections are out of heads risk management. age to Lehman, because its capital ing of mortgages backing office cial mortgage-backed securities in whack with the worsening credit base is significantly smaller. buildings and shopping malls—is the past two months,compared with markets. COMMENTS? [email protected]

in the city. They gobbled up nearly 15% of the 3.3 million square feet of Layoffs begin at big New York law firms Manhattan office space leased in the past 12 months. Continued from Page 3 law firms,” says Jack Zaremski, The legal community is abuzz ates to stay, and we are aggressively For some firms, that growth has structured-finance specialists president of placement firm with speculation about which firm hiring for practices across the firm,” come to an end. Thacher Proffitt and McKee Nel- might be next. Rumors surfaced says Brian Trust, partner in charge “For the first time in eight years, son are simply the first to an- last week that Cadwalader— of the New York office. Cadwalader doesn’t have any job nounce layoffs. The legal which consistently ranks high for needs,” says Michael Lord, a legal its expertise in corporate finance, Switch from bonus frenzy recruiter who works with the firm. Avoiding the ‘L’ word community is mergers and securitization— the staff reductions mark a “That, in and of itself, tells me except they don’t call them would lay off some of its 550 attor- huge shift. In recent years, many they’re slow right now.” that. That would be taboo. Instead, abuzz with neys within six months. firms couldn’t hire associates fast Mr. Zaremski says he’s seen a in recent weeks law firms have Firm executives could not be enough. marked increase recently in the talked of “retooling,” “reassessing” speculation reached for comment. Meanwhile, Competition for top law school number of associates from the likes and “reassigning.” Instead of firing several people identifying them- grads reached such a frenzy that of Thacher Proffitt and Cadwalad- people outright,some firms are gen- selves on legal blogs as employees starting salaries jumped nearly 15% er talking with his firm. “Let’s just tly encouraging associates to talk of Mayer Brown said the firm has to $160,000 per year at a number of say that we expect to be working with recruiters, hoping they’ll take “quietly told lawyers to start look- big firms. with a lot more of them in the very the hint. Hanover Legal Personnel Services. ing for new jobs.” That growth fueled a major land near future.” “Having to lay off associates is “It can take a firm years to get rid of The firm denies the reports.“We grab, making law firms one of the the worst nightmare in the minds of the stigma that they laid people off.” are actively encouraging our associ- biggest signers of new office leases COMMENTS? [email protected]

December 10, 2007 | Crain’s New York Business | 7 CNYB 12-10-07 A 8 12/7/2007 8:16 PM Page 1

Saks is fashionable once again

Continued from Page 1 Saks is on track to achieve an oper- 2008,executives plan to redesign the ating margin of 4% in 2007,and Mr. flagship’s designer floor and shake Sadove wants to increase that to 8% up the fashion houses that showcase by 2010. there. Although Saks brass declined Unveiling the 21,000-square- to give details, industry sources say foot 10022-SHOE was undoubted- that the revered Chanel apparel line ly the biggest step the team took in will return with the store’s renova- 2007. Saks had been selling shoes in tion after a decades-long absence. 12,700 tired square feet on the Construction starts early next year, fourth floor, and the new showcase with half of the renovation slated to allowed for double the inventory. launch in fall 2008 and the rest in An express elevator takes shoe shop- spring 2009. pers directly to the eighth floor, where they’re seated in semicircles Acquisition target so they can try on pairs and maybe the turnaround has made Saks a even discuss each others’ choices.

priority among clothing and acces- grange paul The effect: “In the first couple of

sories vendors. Dozens of fashion months, we did a year’s worth of getty images houses are negotiating to open bigger management from the turnaround, business,” Mr. Sadove says. SEASONAL SIGHTS: Crowds gather outside Saks’ store windows for its holiday display. shop-in-shop boutiques at the chain a notion Mr. Sadove disputes. Terron Schaefer, group senior and take part in the renaissance. “I’ve got a great team that is fo- vice president of creative and mar- “Steven has brought incredible cused on building Saks,” he says. keting at Saks, deserves credit for ors will face a slowdown. many longtime customers. fresh air and an entrepreneurial spir- “[The potential acquisition] is not the clever idea.It cost nothing to get “Clearly Saks has got a positive “As a company, we had walked it to Saks,” says Neil Cole, chief ex- top-of-mind.” the four-letter postal suffix, but the momentum going, and they just away from the customer,” Mr. ecutive of Iconix Brands Group, For the first nine months of the concept of opening a shoe depart- need to keep that,” says Andrew Sadove says.“We had moved to very which owns designer fashion house year,same-store sales leapt 13%,and ment big enough to warrant its own Rosen, president of fashion line young, very edgy.” Badgley Mischka. the company reported an $8.0 mil- ZIP code generated headlines Theory,which sells its shoes and ap- Finally,the store struck a balance However, all the changes have lion profit, a marked improvement around the world. parel at Saks. of fashion with a mix of entry-level again made Saks an acquisition tar- from the $29.0 million loss Saks The chain will need all the buzz designer lines for younger cus- get, and Icelandic investment firm recorded for continuing operations it can get if the credit crunch and Early missteps tomers, modern fashions for stylish Baugur Group wants to buy the during the same period of 2006.An- housing troubles continue to throt- although the company’s turn- baby boomers and conservative business. More bidders are likely to alysts expect the chain to generate tle consumers’ budgets. So far, sales around is progressing, it hasn’t been brands for Park Avenue matrons. surface after the New Year,although $3.3 billion in sales and earnings of of only the cheapest luxury goods, easy. It’s a strategy that Mr. Sadove plans Saks is not officially on the block. 42 cents per share for the year, up so-called bridge lines, have soft- Saks suffered major missteps to follow for years to come. Several New York retail executives from 2006 revenue of $2.9 billion ened. But as a recession becomes early on. It went too far in trying to say that a bidding war could distract and earnings of 20 cents per share. more likely, even high-end purvey- attract a younger clientele and irked COMMENTS? [email protected]

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8 | Crain’s New York Business | December 10, 2007 CNYB 12-10-07 A 9 12/7/2007 2:21 PM Page 1

VSS was briefly affected by the media company focusing on the tech crash early in the decade. construction industry, to J.P. Mor- Firm specializes in media sector “We had one small investment gan Partners.The $650 million deal that didn’t go well,”says Mr.Ruther- was one of the largest B-to-B trans- Continued from Page 2 VSS owned Canon Communica- quisitions shop. Both founders re- furd. “It was a business magazine actions in history, according to in- giants may have a fund or two dedi- tions, from 1996 to 2005, it handled main partners of the firm.One-third group where one-third of its busi- dustry experts. VSS had bought cated to such investments, but they 10 acquisitions for the media compa- of VSS’s 56 employees also come ness was providing magazines and Hanley for $260 million in 1999. don’t specialize in the field, as VSS ny, which focuses on the medical and from the media sector, which has a trade shows to the telecom industry.” “VSS is full of smart guys,” says does. plastic manufacturing markets. low turnover rate in general;employ- Michael Maxworthy, a partner at “VSS was one of the first firms to “We are very big on our buy-and- ees stay an average of seven years and Generous payoffs tech investment bank Marlin & As- create a media fund,” says Roland build strategy for any given compa- managing directors twice as long. overall, vss has a solid track sociates. “By far, VSS has the most DeSilva,managing partner at media ny,” says James Rutherfurd, execu- VSS entered the private equity record. Some of its biggest deals history and knowledge in the media investment bank DeSilva+Phillips. tive vice president and a managing business in 1987,raising $57 million have provided generous payoffs. and communications space.” The private equity firm focuses director of VSS. for its first fund.Each of its funds in- In 2005, the company sold Han- on low-profile companies in mar- vests in about 15 to 20 companies. ley Wood, a business-to-business COMMENTS? [email protected] kets such as business-to-business, Two years ago, VSS shuttered its consumer publishing, newspapers, VSS has been investment banking business in or- marketing and business informa- der to focus on private equity invest- tion services. VSS has been on a on a shopping ing.Because conflicts of interest can FREE TRIALS OF ONLINE NEWSLETTERS shopping spree since 2005; it has arise for a company involved in both added 10 companies this year alone spree, adding lines of business, industry experts CRAIN’S OFFERS READERS FREE two-week trial subscriptions to its online and now has a portfolio of 58 firms approved of the move. newsletters, Crain’s Health Pulse and The Crain’s Insider. worth $12 billion. 10 companies “We handled the potential con- Pulse deals with the business of health care. It gives this year alone flict well, but at the end of the day, details on mergers, contracts, executive appointments, regulatory Biggest deal [the investment banking business] actions and legislative developments in metro New York City. vss typically invests in midsize was not worth continuing,”says Mr. An annual subscription is $295. The one-page newsletter is companies valued at $50 million to Rutherfurd. “We had to spend too available by 6 a.m., Monday through Friday. Subscribers receive $250 million. The Vault.com deal, much time explaining why people Pulse Extra, an additional page, on Wednesday mornings. for example, was worth between $60 should not be concerned.’’ The Crain’s Insider covers political gossip and government million and $85 million. VSS’s That approach has paid off.While Economic downturns, however, and political issues of importance to executives, lobbyists and others largest transaction ever was the $1.2 Mr. Rutherfurd declines to specify do have the potential to affect VSS’s interested in the inner workings of city and state government. billion May acquisition of Advanstar, the firm’s return on its investments,he business. The recent credit crises The one-page newsletter is available by 6 a.m., Tuesday a producer of fashion and medical touts the fact that the firm is working had no impact on VSS, since its through Friday. An annual subscription is $250. publications and trade shows. on its fifth investment fund. deals are smaller in scale than most For your free trial, go to www.crainsnewyork.com, and click VSS looks to expand each of its He attributes the company’s suc- private equity buyouts and do not on the Health Pulse or Insider headline under “Newsletters” on businesses over the five to six years cess to its roots in the media indus- involve large amounts of debt. But the right side of the page. Under “Health Pulse Tools” or “Insider that it typically holds an investment. try.The firm was founded in 1981 by the firm closely watches shifts in the Tools,” click on “Request a Free Trial.” After registering, you will In fact,over the years,it has helped the John Veronis and John Suhler, sen- world of advertising and other in- receive an e-mail with instructions on accessing the trial issues. companies in its portfolio complete ior executives in the publishing industries that are directly involved more than 230 acquisitions. While dustry, as a media mergers-and-ac- with its portfolio companies. London New York’s only airline to Heathrow & Stansted.

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December 10, 2007 | Crain’s New York Business | 9 CNYB 12-10-07 A 10 12/7/2007 2:19 PM Page 1

VIEWPOINT Doctoroff’s legacy, successor editor in chief Rance Crain publisher Jill R. Kaplan s there any doubt that next to Mayor Michael West Side into an extension of the midtown business district EDITORIAL Bloomberg, Daniel Doctoroff has been the most and a vibrant neighborhood, and the transformation of the editor Greg David deputy managing editors Valerie Block, important figure in the city in the past six years? Penn Square area.The comprehensive environmental goals Erik Ipsen assistant managing editor The mayor must agree, because when he of PlaNYC 2030 have barely begun. Robert Hordt announced Mr. Doctoroff ’s resignation as deputy It will be up to the new deputy mayor to pursue those contributing editor–reports Elizabeth MacBride mayor for economic development last week, he projects. It is always difficult to attract first-class talent to an columnist Alair Townsend compared him with Robert Moses, the man who administration in its final years. Anyone new to City Hall senior reporters Aaron Elstein, Lisa Fickenscher, Matthew Flamm, remade the city in the middle of the century. And of course, will face a learning curve that will take too much of Mr. Tom Fredrickson, Samantha Marshall, the mayor is now entrusting the love of his life, Bloomberg Bloomberg’s remaining time.That argues for an insider, and Anne Michaud, Miriam Kreinin Souccar I reporters Theresa Agovino, Barbara Benson, LP,to his deputy, a sign of how much he values the man and Housing Commissioner Shaun Donovan, believed to be the Elisabeth Butler Cordova, Erik Engquist, Amanda Fung, Hilary Potkewitz, Gale Scott his talents. front-runner, has a solid track record. restaurant critic Bob Lape A final judgment on Mr. Doctoroff ’s legacy must await As for Mr. art director Steven Krupinski deputy art directors Carolyn McClain, the work of future historians, because so much of what he Historians will Doctoroff, one major Daniel Mednick staff photographer Buck Ennis has done remains a work in progress. Filling his post will contrast with Mr. copy desk chief Wendy Zuckerman present a challenge for the mayor, especially with only two compare how Moses deserves copy editors Michele Arboit, Thaddeus Rutkowski years remaining in his term. Moses, Doctoroff attention. Robert research editor Denise Southwood associate research editor Mr. Doctoroff ’s resignation has already touched off a Moses’ Adrianne Pasquarelli debate on his vision, his strategies and his controversial reshaped NYC accomplishments were www.crainsnewyork.com online editor Catherine Tymkiw personality. Already, he can lay claim to some impressive the product of decades online reporter Kira Bindrim achievements: A virtual rezoning of the entire city, which of unchallenged power EDITORIAL AND ADVERTISING OFFICES will revitalize neighborhoods in many places, but most and ended in climactic 711 Third Ave., New York, NY 10017-5806 editorial: 212.210.0277 Fax 212.210.0799 obviously along the waterfront in Brooklyn. An affordable defeats. Mr. advertising: 212.210.0259 Cable craincom nyk housing program of unprecedented scope. New sports Doctoroff ’s tenure has been a fraction of Mr. Moses’ time. Fax 212.210.0499 arenas. And an economic boom in Manhattan that hasn’t led More important, he joined the administration to win the Entire contents ©copyright 2007 Crain Communications Inc. All rights reserved. a large number of companies to flee because of soaring costs. 2012 Olympics for the city and build a stadium on the West ®CityBusiness is a registered trademark of MCP Many promising developments are still under way.The Side.The crushing defeats on those two ventures would have Inc., used under license agreement. TO SUBSCRIBE: most notable are the reconstruction of the World Trade ended the public careers of many others. For Mr. Doctoroff, Call 888.909.9111; fax 313.446.6777. $3.00 a copy, $59.79 one year, $109.79 two years. Center and adjoining areas, the bold effort to turn the far those will be footnotes to his legacy. www.crainsnewyork.com

ADVERTISING AND MARKETING advertising director Jeff Adler business development manager LETTERS TO THE EDITOR Robert N. Grossman senior account manager William E. Squitieri account executives Andrew Carlin, Courtney McCombs, Lisa Pearly, Jennifer Siniscalchi western account manager Many matters of principle Ellen Mazen (Los Angeles) 323.370.2477 sales manager, classified EMINENT DOMAIN for rail yards decision,” is incorrect Entertainment Software Ratings print & online John Gallagher IS NOT JUSTIFIED newsletter product manager in several important ways. Board, omitting many important Catherine Evans Gittens although i sincerely appreciate The “architectural facts supporting the integrity of sales coordinator, print & online Crain’s high regard for my business community”—which came and consumer trust in our rating Lulé Haznedari skills (“Give Columbia passing together with planners, urban system. sales coordinator Anita Perrino credit Pat Grondziak 313.446.6082 grade,” Dec. 3), whether or not I designers, engineers and landscape The story asserts that attempts marketing director Amy Crossman am a successful businessperson architects to speak with one voice by states to regulate video game marketing manager Jill H. Bottomley should have no bearing on the after 9/11 in the form of New York sales indicate a lack of confidence marketing coordinator Jenny Mashberg circulation manager Andrea Richardson possible use of eminent domain in New Visions, never endorsed or in ESRB. assistant circulation manager Columbia’s expansion. Likewise, lobbied for a particular scheme. However, most of the Rosalie Ford the fact that my family may receive On the contrary, in the New York legislation addressed retail general manager, interactive

additional compensation if New Visions document bloomberg news compliance with our ratings, not a Marc Minardo eminent domain is invoked is not a “Principles for the rebuilding of THE MTA is weighing proposals for the yards. lack of confidence in them.The technical producer Danny Porter reason that its possible usage lower Manhattan,” 20 design and reality is that parental use of and NEW YORK PRODUCTION should not be questioned. planning groups suggested seven satisfaction with ESRB ratings has production and pre-press director What should be addressed is principles, which eventually were between the qualities of the never been higher, as confirmed by Michael Corsi whether or not there is a public use used to evaluate the planning proposals. If architects and other numerous authoritative sources advertising production manager requiring the use of condemnation concepts solicited in the Lower design professionals have any such as the FTC, Kaiser Family Marilyn DeMilta to achieve Columbia’s goals. I Manhattan Development Corp. influence over the design-making Foundation, the PTA and others. PUBLISHED BY CRAIN COMMUNICATIONS INC. believe there is not. As a private site competition. process, it is to loudly proclaim the As the independent, nonprofit chairman Keith E. Crain entity, Columbia should not be The principles also apply self-regulatory body for the video president Rance Crain need for a reconnected and secretary Merrilee Crain able to use the “police power” of uptown at the West Side rail yards. activated Hudson Yards game industry, ESRB has a strong treasurer Mary Kay Crain the state to forcibly take What the MTA is doing by neighborhood. record of consistently serving the executive vp, operations William Morrow something that does not belong to soliciting imaginative proposals Design does matter. public with reliable and impartial senior vp, group publisher Gloria Scoby group vp, technology, circulation, [the school].To me, this is an issue from five superlative design teams frederic bell information about age- manufacturing Robert C. Adams of principle, not money. is estimable: They are saying it is Executive director appropriateness and content.The vice president/production & nick sprayregen not only about the bottom line but AIA, New York chapter article was needlessly imbalanced; manufacturing David Kamis President also about the quality of the spaces your readers deserve better, chief information officer Paul Dalpiaz corporate circulation director Tuck-It-Away Self-Storage to be used by New Yorkers well GAME RATERS particularly at this time of year, Patrick Sheposh into the 21st century. PROVIDE PUBLIC SERVICE when they need informed The architectural community guidance the most. founder G.D. Crain Jr. (1885-1973) LET DESIGN PROCESS chairman Mrs. G.D. Crain Jr. (1911-1996) WORK FOR RAIL YARDS has again come together to help the nov. 26 article “Video game patricia vance the public and those responsible ratings board under the gun” was President the nov. 26 editorial, “Lessons for the public good to differentiate highly misleading about the ESRB

10 | Crain’s New York Business | December 10, 2007 CNYB 12-10-07 A 11 12/6/2007 8:13 PM Page 1

dition, an utter loss of confidence in the city, as if somehow the city was at fault. At meetings, parties and meals, people talked about leaving New We are pleased to have represented York because it had no future. Bob Rubin, speaking at a Crain’s event, said the city would become an enter- Longacre Fund Management, LLC tainment center, an urban Disney World. The conventional wisdom was that most of the lost jobs were in its gone for good. “Last one out, turn off the lights.” It was ugly. Mr. Rubin was off the mark. 16,858-square-foot lease at We’ve regained all the lost jobs and then some. But clearly, some people at the time made irreversible decisions about where to live or move 810 Seventh Avenue their offices.As we head into anoth- New York, NY er difficult time,I wonder if a significant loss of jobs will again lead to a loss of confidence in New York, whether people will feel they should get out while they can. I have some reasons to be opti- Alexander M. Chudnoff and Haley Klein arranged the john h.john howard mistic. Crime rates, especially mur- der rates,are much lower than in the transaction. early 1990s, and the crack epidemic is long over. A safe city keeps resi- www.cushmanwakefield.com Will New Yorkers dents and draws tourists. There was a glut of speculative office buildings in the early 1990s, leading to catastrophic office vacan- weather next storm? cy rates of more than 17% in the central business district. That’s not t feels like waiting for a hurricane, hunkering the case now. down and hoping you’ve chosen a safe place. One of the sharpest contrasts to 1990 is that we have stronger polit- This is New York,waiting for the other shoe to drop ical leadership today. David Dink- because of the turmoil and huge losses in our financial ins was mayor during the biggest institutions.Something major is coming. job losses and did not give the im- The impact won’t be felt for months. There’s a big pression of a strong, reassuring hand at the helm. The city seemed head of steam in the economy. There was robust job adrift. No one doubts that Mike growth in the past year, outpacing the national average. Most Bloomberg is firmly in charge, and I I expect he will act decisively to observers expect Wall It reminds me of the keep the city’s finances in order and Street bonuses to be stock market crash of assure us that our problems will substantial, despite cur- 1987. Job growth came pass. But I do worry about the un- rent problems. The to a virtual halt in 1988 certainty that the campaign to suc- cheap dollar means and 1989. Then the ceed him will create in 2009, when New York is a bargain bottom fell out, and the biggest fallout from the finan- for foreign tourists, and there were three years of cial sector will be under way. they are flocking here huge declines culmi- A major loss of jobs will be chal- and spending freely. nating in the loss of lenging to us all. I hope people di- The city is booming nearly 10% of our pri- rect their anger at those who but the mood is wary. vate-sector jobs. brought us the subprime mess, not Rightly so. One study ALAIR What I remember at New York and its economic fun- predicts the New York TOWNSEND most about that time is damentals. I’m fastening my safety area will lose $10.4 bil- not just the despair belt a little tighter, but I’m betting lion in 2008 gross met- about the human toll of that New Yorkers will be steadier IS YOUR COMPANY PRINTING GREEN? ropolitan product. the deep recession.There was,in ad- this time around. As a pioneer in environmentally friendly print and a Forest Stewardship Council certified printer we can show you CRAIN’S ONLINE POLL how to go green. WOULD MODIFYING THE CONGESTION PRICING PLAN AFFECT YOUR SUPPORT OR OPPOSITION? Our plant is run by 100% wind energy, with no

RESPONDENTS REMAIN sharply divided Would be carbon footprint, and over the mayor’s congestion pricing Would be 10%. less willing when you work with proposal. Almost a quarter said they more willing .24% to support Wheal-Grace you can to support would be more willing to back the plan if it Oppose proudly display our were altered; about the same percentage Support 40%. despite the Green PrintTM and FSC despite the .28% changes said they would support it whether or not it changes logo on your printing. is changed. But half of the 267 respondents claim they are against the plan in any form. For a consultation call Jim Parrinello at 973-450-8100, ext. 21 For this week’s question: Go to www.crainsnewyork.com/poll to have your say. or email us at [email protected]

December 10, 2007 | Crain’s New York Business | 11 Project3 12/7/07 2:09 PM Page 1

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Convention Center—won’t be completed in the remaining two years of the Bloomberg administra- HELP WANTED Doctoroff’s successor THE INSIDER tion, if at all. REPLACING DEPUTY MAYOR DANIEL DOCTOROFF won’t be Jay Kriegel, a former aide to easy, not least because his successor will inherit a host of by Erik Engquist and Anne Michaud Mayor John Lindsay and a close complex and controversial initiatives. Timing is also a Doctoroff friend, calls Mr. Docto- problem: Mayor Michael Bloomberg has only two years roff ’s term in office a “tour de force.” left at City Hall, making an administration job less However, he says that implement- appealing to outsiders. ing big ideas is where governing be- Shaun Donovan Those factors argue for promoting someone from within. comes really difficult. “It has to be someone familiar with the people and the After Doctoroff “This isn’t a holding pattern; this process and getting things done,” says Mr. Doctoroff, who is the hard part,”Mr.Kriegel says.“It has run the mayor’s economic development agenda for six isn’t easy; it’s just undramatic.” years. “There’s not enough time for a steep learning curve.” Continued from Page 1 One candidate mentioned by a mayoral confidante is the best of all positions:He will con- Shaun Donovan, city housing commissioner. Insiders also tinue to have huge influence at City In the works suggest Robert Walsh, commissioner of the Department of Hall with none of the daily scrutiny. for a while “He can kvetch from the sidelines,” Robert Walsh Small Business Services, but give Mr. Donovan the edge. the observer says. when the insider broke the news “With just two years remaining, it would be to the Mr. Doctoroff ’s involvement in early August that Mr. Doctoroff mayor’s advantage to appoint a member of his current administration in may raise questions about what the would leave City Hall by year’s end, whom he has great confidence, which is why someone like Shaun Donovan is City Charter allows. He chairs the his spokesman said, “Dan has no very appealing,” says Dick Dadey, executive director of Citizens Union. Hudson Yards Development Corp., plans to leave.” But in announcing “Donovan is an innovative guy, and so much of economic development is for example,which will play a part in Mr. Doctoroff ’s departure last about creativity in land-use decisions, which [he] is already involved in.” choosing from among five bidders week, Mayor Michael Bloomberg But one former senior Bloomberg official says office politics could interfere. to develop the rail yards. Some of revealed that he had asked Mr. “My sense is, he’ll go outside the administration,” the source explains. the bids include Bloomberg LP Doctoroff in late 2005 to serve two “Everybody says Shaun Donovan, but I think that upsets the equilibrium a little bloomberg news clients, raising a possible procure- CONTINUING INFLUENCE may depend on more years. Originally, Mr. bit too much. You’re taking a commissioner and catapulting him up past other ment issue. “It’s a gray area,” an in- the Conflict of Interest Board. Doctoroff had only planned to stay people who have been in City Hall for a long time.” sider says. for the mayor’s first term, Mr. The other deputy mayors are unlikely to be tapped because they have The City Charter also says that Bloomberg said. Mr. Doctoroff different areas of expertise and extensive portfolios of their own to manage. certain senior aides—deputy may- are forever sought for opinions and considered other private-sector jobs Last week, in announcing Mr. Doctoroff’s decision to step down later this ors, planning commissioners and advice. before accepting the presidency of month to become president of the mayor’s company, Bloomberg LP, Mr. budget directors—are never allowed “Dan has carved out a real chunk Bloomberg LP. Bloomberg effusively praised his deputy but said he hoped the successor to contact city officials again on of that for himself, given what’s at would be even better. Left unspoken was the fact that Mr. Doctoroff had projects in which they had a direct stake and the projects he’s touched,” difficulty dealing with the Legislature. hand. says Lisa Linden, a public relations A gathering Whoever is chosen faces huge challenges in completing Mr. Doctoroff’s Mr. Doctoroff says he will be executive.“This stuff obviously runs of city power ambitious projects, including congestion pricing and the redevelopment of talking with the city’s Conflict of through his veins.” Coney Island, Willets Point and Governors Island. Interest Board about such ques- There will be much advising to developers and PlaNYC 2030

tions. do.Many of the projects launched or stakeholders are concerned because photos: nyc.gov On a broader level, the deputy discussed—Coney Island, Willets Mr. Doctoroff has played such a mayor has moved into that hallowed Point, the Brooklyn waterfront, strong role, says Kathryn Wylde, deputy mayor in my memory Mayor Edward Skyler’s stable. collective known as New York’s per- Governors Island, a system of East president of the Partnership for aggregated so much power over manent government: people who River parks and the Jacob K. Javits New York City.“Never had a capital in this city,” Ms. Wylde says. However, her view is that he has Another official been thoughtful in planning for the set to depart transition. “There is an exceptional top tier of commissioners and mr. doctoroff’s chief of staff, staff, and they will provide the James Whelan, is also leaving. While continuity that’s needed,” she says. there is a strong cadre of Insiders add that the mayor might commissioners that Mr. Doctoroff split off some of Mr. Doctoroff ’s has put in place, Mr. Whelan’s duties.Transportation and departure for Muss Development finance could move into Deputy will leave a hole. I PRESIDENTIAL BLOOM-O-METER A weekly look at Mayor Bloomberg’s progression toward a possible presidential campaign. political consultants are arguing both sides on HOT whether Mayor Michael Bloomberg will run for president.A Democratic consultant involved in the presidential race tells “The Insider”that Mr.Bloomberg could run for president only if Sen.Hillary Clinton and Mayor Rudy Giuliani are the nominees of their parties. “It takes one big thing off the table—New York,” he says. It would remove the an- tipathy the rest of the country has for New York, so that would not count as a negative against Mr. Bloomberg. Prominent fundraiser Patrick Donohue makes the op- posite argument. “The only scenario in which [Mr. Bloomberg] doesn’t run is if Sen. Clinton is the Democratic nominee and Mayor Giuliani is the NOT Republican nominee,” he writes. He says it doesn’t make sense for Mr. Bloomberg to run if the two New Yorkers have already captured the money and attention of their home state allies. Mr. Donohue adds that Mr. Bloomberg can do well in the Northeast, the Northwest and states with large urban centers. Let the guessing games continue. bloomberg news

14 | Crain’s New York Business | December 10, 2007 Project4 11/16/07 6:00 PM Page 1

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WEEK IN REVIEW For daily news updates, go to www.crainsnewyork.com

religion.The site, which attracts ECONOMIC SPOTLIGHT 1.3 million unique visitors monthly, will become a part of Fox Digital Media. It will also provide an online platform for Rupert Murdoch’s News Corp. to distribute content from its other faith-based businesses. NBC job cuts nbc universal is expected to make job cuts in its news divisions, including eliminating an entire level of MSNBC’s management team, in an effort to save $20 million to $40 million. … Chief Executive Jeff Zucker said NBC would consider buying DreamWorks Pictures SKG from Viacom Inc. if the movie studio becomes available. Dow Jones’ top ranks shaken up MBIA faces DOW JONES & CO. Chief Executive Richard Zannino, who downgrade helped orchestrate the company’s $5.2 billion sale to NEWS bond insurer MBIA Inc. said it CORP., headed by RUPERT MURDOCH (above), announced was seeking options to raise capital Economy Watch his resignation. News International Executive Chairman Les in an effort to protect its triple-A Hinton will become Dow Jones’ new CEO. Mr. Zannino’s move credit rating after Moody’s NY area prices edged up in October. The city’s jobless rate also rose—climb- Investors Service warned that the ing 1 percentage point above the year-earlier level—while the U.S. held steady. is likely to be the first in a series of management changes. Wall company was in danger of being SEPTEMBER ’07 OCTOBER ’07 COMPARISON Street Journal Publisher Gordon Crovitz is said to be the next downgraded. NY area inflation change 0.0% +0.1% +3.1%1 executive headed out the door, with Robert Thomson, editor of NYC unemployment rate 5.1% 5.3% 4.7%2 The Times of London, on deck to succeed him in the job. Bristol-Myers 3 OCTOBER JOB TOTAL 12-MONTH CHANGE bloomberg news to cut 4,300 jobs NYC employment 3,753,200 +57,000 the firm hired two former Sony bristol-myers squibb co. said it 1-Inflation rate for the latest 12-month period. 2-U.S. unemployment rate. 3-End-month figure, Plan to battle not seasonally adjusted. executives to head a new plans to lay off 10% of its workforce airport congestion entertainment group. of 43,000 and shut half of its 38 NYC Hotel Stats Broadway Stats manufacturing plants over the the port authority of New next three years in a cost-cutting The average daily room rate and Attendance and gross rose in the York and New Jersey outlined a Tiffany inks deal effort aimed at saving $1.5 billion. occupancy rate rose in October, data week ended 12/2, as the strike ended 100-point plan to reduce with Swatch from PKF Consulting show. The in time for weekend shows. For the congestion at the three New York averages for the first 10 months season, attendance was off 5.1% and area airports.The proposal does tiffany & co. inked a joint New nonprofit were $288.67 and 86.8%; both gross 5.8% vs. ’06, says The League not call for imposing flight venture with The Swatch Group stems foreclosures measures topped year-earlier levels. of American Theatres and Producers. cutbacks or forcing airlines to fly to produce and distribute luxury bigger plans—the federal watches under the Tiffany name. the city launched a nonprofit government’s solution.The Swatch will manufacture the aimed at helping homeowners agency’s recommendations include timepieces in Switzerland, and the who are facing the threat of reworking airlines’ schedules, two companies will share in the foreclosure. With a budget of modifying air routes and profits. $5.3 billion,The Center for NYC improving communications. Neighborhoods will provide Marsh names CEO counseling, legal assistance and other outreach services. Cuomo subpoenas marsh & mclennan cos. named Wall Street firms former American International Imus’ comeback Group executive Daniel Glaser new york state chief executive of its insurance radio host don imus, who was Attorney General brokerage unit, Marsh Inc. Mr. fired from CBS for making racially Andrew Cuomo Glaser, who starts today, succeeds charged comments, returned to the Capital IQ’s Weekly Deals Report subpoenaed Brian Storms, who was ousted in airwaves on WABC-AM with a documents from August after failing to revive the new cast that includes black TRANSACTION SIZE Wall Street firms struggling unit. comedians Karith Foster and Tony COMPANY/LOCATION (in millions) BUYER/INVESTOR TRANSACTION TYPE in an effort to Powell. Some advertisers that had Citigroup Inc. $7,500.0 Abu Dhabi Investment Authority GCI obtain infor- boycotted Mr. Imus’ broadcasts, Manhattan mation about the Teachers drop including Bigelow Tea and Mo- bloomberg news E*Trade Financial Corp. $1,600.0 BlackRock Inc., Citadel Investment Group GCI packaging and housing deal hegan Sun, returned to his show. Manhattan selling of debt tied to high-risk —from staff reports and Regeneron Pharmaceuticals Inc. $312.0 Sanofi-aventis GCI mortgages. Merrill Lynch & Co., the united Federation of bloomberg news reports Tarrytown, N.Y. Bear Stearns Cos. and Deutsche Teachers pulled out of a Levitz Furniture Inc. $57.6 Hilco Merchant Resources, Kimco Realty FB M&A Bank were among those that $28 million development project Manhattan Services, Planned Furniture Promotions, SB Capital, Tiger Capital, HRE Holdings received subpoenas. aimed at building moderately priced housing for city teachers Yodle Inc. $12.0 Draper Fisher Jurvetson, GCI Manhattan Bessemer Venture Partners after the developer refused to Gilt Groupe Inc. $5.0 Matrix Partners and individual investors GCI J.P. Morgan eyes guarantee that union labor would Manhattan the silver screen be used. Neuro-Hitech Inc. $5.0 Individual investors GCI Manhattan j.p.morgan Chase & Co. said it Murdoch finds God Selected deals announced during the week of Nov. 25 for companies headquartered in metro New will invest $200 million in film York. FB M&A: Financial buyer M&A represents a minority or majority acquisition of existing and entertainment projects in an news corp.’s Fox Entertainment shares of a company with the participation of a financial buyer. GCI: Growth capital investment represents new money invested in a company for a minority stake. effort to capitalize on its acquired Beliefnet, a Web site landov

paul grange paul Hollywood franchise.This spring, devoted to spirituality and DON IMUS is back on the air, on WABC-AM.

16 | Crain’s New York Business | December 10, 2007 CNYB 12-10-07 A 17 12/6/2007 3:32 PM Page 1

SMALL BUSINESS INSIDE Top SBA lenders in the New York area in fiscal 2007 PAGE 20 “I don’t come in like Bob Vila. ... I make sales calls in a suit and tie.” —Jay Piazza, Owner, All Washed Up Window Cleaning, Page 23

Organic lunches, and not takeout Health efforts stress prevention, result in savings

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when it comes to helping employees stay fit, few organizations go further than the Insti- tute for Integrative Nutrition in Manhattan. The for-profit school, which trains health counselors, spends nearly $700 a week to provide organic lunches and midafternoon snacks for its 25-person staff. But the caring efforts go beyond the institute’s recent lunch of tilapia with couscous, fennel and Brussels sprouts. The school also provides its

team with free weekly chair phil hankinson illustraiton See HEALTH on Page 18 MEDICAL MENU Per-worker prices for Slump? What slump? on-site services. ANNUAL FLU SHOTS About $25 BY TINA TRASTER MEDITATION CLASSES 2008 $10 to $25 oaring oil prices, the bursting of the RESOLUTIONS the New Year and to sum up the one now ending.Their SCREENINGS $7 to $10 for housing bubble and wild swings in the stock 10 responses clearly show a sense of accomplishment over blood pressure; $12 market have not dulled New York BUSINESSES developments of the last 12 months and one of for osteoporosis entrepreneurs’ determination to grow their share their optimism for the next 12. HEALTH FAIR (includes businesses. plans and look All members of our random sample, ranging from a several screenings) back $30 to $50 S Once again this year, Crain’s asked the SEE PAGE 19 maker of handblown glass lights to the owner of a Harlem istockphoto owners of 10 small businesses to share their plans for B&B, say they hope to grow revenues and add staff.

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REPORT Health on the job Knowledge Continued from Page 17 massages and yoga classes. “We want our employees to be in good health,” says Suzanne Booth- is power. by, editorial coordinator for the institute. “I can’t say that no one here has ever taken a sick day, but the Crain’s Breakfast Forums program helps.” offers a series of throughout the Small businesses in New York year that will enlighten and empower you. City, where health insurance costs are among the highest in the nation, are increasingly turning to wellness Log on to crainsnewyork.com and click on Events for a list and preventative measures to keep of upcoming Forums. their premiums down.

The moves range from sponsor- istockphoto ing traditional weight-loss and anti- smoking campaigns to hosting on- ATTRACTIONS site health fairs and relaxation workshops. OF WELLNESS “Stress has a long-term impact on employee health and,therefore,a WELLNESS PROGRAMS can do company’s bottom line,” says Miri- more than keep workers healthy. am Belov, founder of The Wellness They can also help attract top Agenda,a Manhattan company that candidates, who have come to organizes on-site stress-reduction expect such extras in the programs that incorporate ap- workplace. proaches like meditation and yoga. Temp Trends, a five-person CRAIN’S BREAKFAST FORUMS employment agency in New York An ounce of prevention City, has gotten that message. annual costs for wellness initia- The three-year-old firm gives its tives can range from several hun- temporary workers access to its dred to thousands of dollars, but the 20% corporate discount for outlay is worth it, experts say. classes at YogaWorks and Every dollar employers spend on promotes use of a free online wellness saves them $2.30 on direct dieting support community called health care expenditures, according SparkPeople. to Dr. Neil Gordon, chief medical “We try to find affordable officer of Nationwide Better solutions,” says Amanda Whiting, Health, an Ohio firm that provides Temp Trends’ manager of health-risk screening, personal administrative services. “The little health coaches and other services to things make a difference.” businesses nationwide. When productivity improvements and reductions in lost time are factored in, the savings can easily reach $5,Dr.Gor- have signed up for one of the newest don says. services: so-called telephone triage, Many small businesses are sign- in which workers call a nurse direct- GETTING BAD RESUMES ing up for cafeteria-style plans like ly when an on-the-job injury occurs. those offered by The Center for The nurses take information, Corporate Wellness at New York then use a proprietary software and University Medical Center in Man- database system to help determine FROM THE OTHER GUYS? hattan and Mount Sinai’s Work- whether a worker needs to go to an place Wellness Center in Astoria, emergency room. (There’s a use for them after all.) Queens. They let employers choose from a menu that includes every- Fewer compensation claims thing from reflexology sessions to the service, available to business- breast and glaucoma screenings. es for about $2,000 a year from In recent years, both hospitals Medcor,an Illinois company,is sim- have begun providing smaller com- ilar to one several insurers offer large panies with services that had been businesses.“If you get the right care available only to large ones. For ex- early, it costs less,” says Medcor Ex- ample, Mount Sinai offers a service ecutive Vice President Curtis in which nurses visit the workplace Smith, who notes that the system to screen for such conditions as skin has helped cut down on the number Get the quality New York candidates you really want from CareerBuilder.com. cancer, osteoporosis or high blood of workers’ compensation claims. pressure. Companies pay $5 to $30 Even the owners of one- or two- per employee, depending on the person firms can tap into wellness CareerBuilder.com not only results in 20 times more applicants than comparable type of test. programs. recruiting resources*, it also has the outstanding performers you need. And no “It saves workers the time of go- Fractured Atlas, a Manhattan ing to the doctor’s office,” says Liz nonprofit that provides services for other source brings you more New York results. When you’re ready to ﬁ nd the Hevenstone, director of new busi- art entrepreneurs, including health perfect candidate, you’re ready for CareerBuilder.com. To place an ad today, call ness development for the Mount coverage at group rates, launched a Sinai program. pilot program earlier this year offer- 1-877-Fill-A-Job or visit www.hiring.careerbuilder.com/nyc. Meanwhile, NYU recently ex- ing discounted care from alternative panded a program that sends facul- practitioners, such as massage ther- ty experts to lead “Lunch & Learn” apists and chiropractors. Several get-togethers at firms that want hundred members have signed up. workers to learn about costly and “We realize preventative care is widespread health problems like di- really the best way to go with health abetes. The average total price for care,”says Marie Ortiz,program di- the sessions is $399. rector for health care. Several hundred city restaurants, Qualiﬁ ed Talent Pool Most Extensive Reach Value Delivered supermarkets and construction sites COMMENTS? [email protected]

*Source: NewOfﬁ ce.com. CNYB 12-10-07 A 19 12/6/2007 3:35 PM Page 1

REPORT SMALL BUSINESS 10 firms aim for aggressive gains in 2008 JEFF Employees 12 ARLENE Employees Team of freelance consultants 2007 revenues $1 million KAROLE 2007 revenues $110,000 GOODMAN 2007 highlight Shifted from single-pendant lighting designs to elaborate, one- 2007 highlight Boosted company’s visibility via published article in a leading President of-a-kind chandeliers and sculptural installations for hotels and restaurants. President trade magazine, quotes in a second and a speaking stint at a big trade show. jGoodDesign, 2007 low point Overwhelmed by manufacturing process as Monarch Events 2007 low point Unable to follow up on all the new business inquiries; got Manhattan product offerings became more complex. Wasted time and Inc., Manhattan bogged down with organizing events for existing clients. Business Makes energy on coordinating glass cutting and polishing, making Business Special Resolution “Hire a staff, including a business handblown glass metal assemblies, and shipping because project events manager, an administrative assistant, and a lighting fixtures information was not on a central database. management, sales and marketing professional.” Resolution “Triple revenue over the next five years.” consulting Detail “By delegating tasks to staff, including Detail “Because we offer unique, one-of-a-kind products, the manufacturing process managing food and beverage, working is not straightforward. We need to hire a company to build the computer directly with the client [on event details] and scouting venues, it will infrastructure to coordinate sourcing, production and shipping.” free up time for me to market the company and more quickly respond to Bottom line “With new high-end clients like the Westin Hotel in Tokyo and celebrities new business inquiries.” Courteney Cox and David Arquette [now in hand], [I] need to build brand name and recognition.” Bottom line “I hope to increase revenues by 20% next year.”

Employees 5 Employees 1 DAVID 2007 revenues $800,000 HOPE 2007 revenues $45,000 RAMPULLA 2007 highlight Increased revenues nearly 50% by getting local hospitals, JONES 2007 highlight Hired a full-time office manager and began making more in- President colleges and health care providers to run ads on the Staten Island Ferry and in President person marketing pitches. Ferryads.com, the St. George Terminal. Hope, Faith & 2007 low point Mounted big effort to sell cookies and other baked items at the Staten Island 2007 low point Failed to get the owner of a big new condo development adjacent Gluttony Inc., annual Columbus Circle Holiday Market for three weeks, but Business to ferry to advertise, and a real estate broker Queens response was muted as most shoppers focused on nonperishable Advertising sales canceled a contract as the market took a dive. Business Online items. Resolution “Break $1 million in annual revenue, retail baker Resolution “Spend much more time marketing the company in and double that in 2009.” person.” Detail “The Staten Island Ferry is an international icon, but it’s not Detail “I will do tastings at Junior League the first vehicle media planners think about. I plan to package the holiday shopping events and exhibit at business expos. I will tap into Staten Island Ferry so that national advertisers know that we deliver 1.5 million impressions a month.” networking through groups like Business Networking International. “ Bottom line “National advertisers have bigger budgets and take longer contracts. I will advertise in Bottom line “Food is still a tough online purchase, so I need to business journals and exhibit at trade shows to raise awareness for our advertising vehicle.” spend more time out of the kitchen to increase sales.”

Employees 15 Employees 16 ALYSON 2007 revenues $1.7 million MARVIN 2007 revenues $6.5 million BROWN 2007 highlight Launched several Web sites, including GiftGirl.com, a gift- ROBBINS 2007 highlight Hired five tech specialists and one NAVARRO shopping site. Working on a Web redesign for Smithsonian.com. JR. clerical person as company celebrated first anniversary of Chief executive 2007 low point Existing clients got frustrated because the firm’s partners spent Chief executive move to larger offices in the Bronx. Net Theory Inc., less time with them and more time on new business. Astro 2007 low point Hired marketing firm, but efforts to brand Manhattan Resolution “Make sure every client feels attended to by creating a team of Communications company fell flat and contract was terminated after two months. Business Web programmers, designers and administrators—rather than one individual—to of NY Corp., Bronx Resolution “Grow the company to $10 million in revenue.” design and service each account.” Business Detail “The post-9/11 world has made our business more development Detail “We have to stay focused on personal client Information lucrative as many companies look for wireless surveillance service. Measures will be put in place to enhance regular technology/ cameras. Now, we need to gear up for the growing demand for VoIP.” client contact, including quarterly meetings, to make sure clients are on track.” telecom Bottom line “We can’t double our business unless we add staff and expand into Bottom line “The firm’s partners will continue to stay involved with each account new territory, so I plan to hire 10 staffers and open offices in Florida and but have time for new business and strategic planning.” Georgia, where markets are growing fast.”

Employees 2 Employees 1 JEREMY 2007 revenues $220,000 BRET 2007 revenues $350,000 ARCHER 2007 highlight Installed solar panels on the roof of 1906 six-bedroom Victorian BIRNBAUM 2007 highlight Got freezer space in Whole Foods Market and De Cicco’s in Owner inn on West 141 Street (at a cost of $1,700), which saves on electricity and President Westchester and Rockland counties after hiring a regional Sugar Hill Harlem generates a lot of free publicity. Wine Cellar distributor. Inn, Manhattan 2007 low point The slow January-March tourist season, Sorbet, Brooklyn 2007 low point Two years of effort to supply Fairway Business Bed- when occupancy rates plunged to 30%, compared with 80% Business and Citarella ended in defeat. and-breakfast for the rest of the year. Wine sorbet Resolution “Expand distribution to the West Coast.” Resolution “Grow business by adding four rooms and event maker Detail “Expanding out west is a natural for us space in a second house I’ve rented nearby.” because people there have an extremely Detail “I needed to generate additional income so I rented a house on West 148th sophisticated palate. To manufacture cost-effectively enough to keep the Street, close enough so I can dash back and forth between the two. The first two suggested retail price for a pint at $6.99, I will try to find a West Coast floors have a kitchen and open space ideal for events of up to 50.” manufacturing facility.” Bottom line “Renting out to a wedding party for $20 per head could yield about Bottom line “Wine-infused sorbet is a new specialty item. $1,000 per event. I plan to promote this new aspect of the business on our Web site and on my blog.” There is a growing interest in food, which benefits our business.”

Employees 30 Employees 150 ARTHUR 2007 revenues $2.5 million LEON 2007 revenues $20 million GREGORY 2007 highlight Survived tough year. EASTMOND 2007 highlight Won contract to install two boilers in the new Yankee Stadium. Chief executive 2007 low point Revenues dipped 20%. President 2007 low point Turned down by Citibank for a $6 million loan needed to clear Murray Street Resolution “Increase annual revenues 30% by focusing on promoting the A.L. Eastmond & up a lien for nonpayment of taxes in 2004 and 2005 after the former financial Grill, B4 Pub, New York City Picnic Co., the catering component of the business. Sons, Bronx officer mishandled accounts. New York City Detail “Right after 9/11, we benefited from an influx of Business Resolution “Get the company back on track.” Picnic Co., construction workers, engineers, tourists and others. But as Commercial Detail “We spent a good part of the year searching for a Manhattan rebuilding Ground Zero has dragged on, there weren’t enough boiler sales and new bank. The tax lien, meanwhile, has cost the company Business bodies to fill the restaurant. We expect business to pick up service $5 million in lost contracts because our bond rating was Restaurants and now that construction is under way.” lowered. Losses in contracts led to belt-tightening, catering Bottom line “You do what you have to do to including 30 layoffs.” survive. I’ve had to lay off people, cancel hiring Bottom line “I hope to borrow $8 million from Sovereign Bank to clear up the tax plans, hold off on capital improvements and stop drawing a salary.” problem.”

December 10, 2007 | Crain’s New York Business | 19 CNYB 12-10-07 A 20 12/6/2007 6:02 PM Page 1

REPORT SMALL BUSINESS New York Area’s Top SBA Lenders Ranked by number of loans in fiscal 2007

Number of loans Number of loans Percent Dollar value of loans Dollar value of loans Percent Rank Lender in fiscal 2007 in fiscal 2006 change in fiscal 2007 in fiscal 2006 change

1 J.P. Morgan Chase Bank 1,868 1,028 +82% $80,147,600 $51,742,600 +55% 2 Bank of America 972 1,219 -20% $38,431,200 $52,298,500 -27% 3 Banco Popular 451 224 +101% $19,467,200 $10,241,100 +90% 4 Citibank 446 187 +139% $22,345,800 $6,987,500 +220% 5 Washington Mutual Bank 288 203 +42% $10,950,000 $5,991,200 +83% 6 Capital One N.A. 245 236 +4% $12,510,000 $10,460,000 +20% 7 BNB Bank 180 167 +8% $36,280,000 $25,841,000 +40% 8 Innovative Bank 171 15 +1,040% $3,935,000 $185,000 +2,027% 9 Empire State Certified Development Corp. 134 85 +58% $96,114,000 $55,630,000 +73% 10 Manufacturers and Traders Trust Co. 130 165 -21% $12,864,000 $12,752,000 +1% 11 HSBC Bank USA 118 811 -85% $7,082,600 $44,675,100 -84% 12 Flushing Savings Bank 105 110 -5% $15,636,000 $20,719,100 -25% 13 RBS Citizens 73 161 -55% $2,720,500 $7,487,500 -64% 14 Commerce Bank 66 90 -27% $29,248,500 $31,082,700 -6% 15 Long Island Development Corp. 63 71 -11% $49,506,000 $50,318,000 -2% 16 Sovereign Bank 54 8 +575% $3,783,300 $1,699,800 +123% 17 CIT Small Business Lending Corp. 41 44 -7% $24,670,850 $26,262,400 -6% 18 North Fork Bank 34 51 -33% $1,690,000 $2,520,000 -33% 19 Capital One Bank 32 0 n/m $1,370,000 $0 n/m 20 United Commercial Bank 31 3 +933% $2,375,000 $750,000 +217% 21 KeyBank 28 34 -18% $3,667,000 $3,932,000 -7% 22 Nara Bank 27 42 -36% $13,482,000 $21,715,500 -38% 23 Newtek Small Business Finance 27 17 +59% $7,097,700 $5,417,000 +31% 24 Business Loan Center 27 25 +8% $5,480,000 $7,233,000 -24% 25 Community National Bank 25 18 +39% $6,170,000 $5,691,000 +8% 26 Suffolk County National Bank of Riverhead 25 20 +25% $1,527,000 $1,730,000 -12% 27 PNC Bank 24 30 -20% $6,583,600 $17,837,100 -63% 28 Shinhan Bank America 23 37 -38% $11,260,000 $13,120,000 -14% 29 Woori America Bank 23 25 -8% $6,035,000 $6,411,000 -6% 30 NewBank 20 0 n/m $6,850,000 $0 n/m 31 Superior Financial Group 20 1 +1,900% $157,500 $15,000 +950% 32 Unity Bank 18 52 -65% $8,216,500 $21,114,500 -61% 33 New York Business Development Corp. 17 18 -6% $9,234,000 $6,451,600 +43% 34 Home Loan Investment Bank 13 14 -7% $13,275,000 $13,207,000 +1% 35 Wells Fargo Bank 13 26 -50% $680,000 $713,000 -5% The U.S. Small Business Administration’s New York district includes New York City and Dutchess, Nassau, Orange, Putnam, Rockland, Suffolk, Sullivan, Ulster and Westchester counties. Rankings are for the fiscal year ended Sept. 30, 2007. Figures include both banks’ 7(a) loans—loans to businesses unable to secure financing on reasonable terms through normal lending channels—and certified development companies’ 504 loans—long-term, fixed-rate financing for major fixed assets. In case of tied figures in the number of loans, lenders are ranked by dollar amount. n/m Not meaningful.

HEY, BIG LENDERS: CHASE, CITI RAISE VOLUME among the largest SBA lenders in the New York area, the big story in the fiscal year ended Sept. 30 was the huge growth spurts logged by the city’s two largest banks. J.P. Morgan Chase saw its dollar volume soar 55%. Citibank, after years of shrinkage, upped the value of its SBA loans by a whopping 220% to finish eighth in dollar terms. In contrast, Bank of America saw its volume fall by 27%, as the bank dropped to fourth place from second. The average size of all loans made in the New York district slipped last year to $103,541, while total loan dollar volume rose by 3%. paul grange paul

20 | Crain’s New York Business | December 10, 2007 Project12 8/23/07 6:19 PM Page 1

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REPORT SMALL BUSINESS

HOW-TO 5 tips to boost execs’ efficiency

why most successful entrepreneurs learn to say no.“We never take more break. Listing priorities, are not only experts in their fields, than 30 cases because that would On the other they are terrific at maximizing their overstretch our resources and make hand, an exe- delegating jobs time. us less efficient with our time,” cutive’s most Consider these tips for making points out Bruce Frankel, chief ex- productive helps ease crunch the business day more productive. ecutive of law firm Frankel Golod- thoughts often ner & Associates. can come in the BY TINA TRASTER TIP 1 Allocate blocks of time for tasks midst of leisure and try to put similar tasks in batch- time or during KATHRINE GREGORY of Mi Kitchen es su Plan ahead. Kitchen frees up her time by referring aking phone calls es. Similarly, it may be possible to the weekend. prospective clients to an online brochure. from prospective clients at the end of each workday, make check and respond to e-mail three or Don’t waste

used to drain hours of a to-do list for the next day in order four times a day rather than in dribs them. Jot down buck ennis Kathrine Gregory’s day. of priority,but remember to be real- and drabs all day long. ideas on a TIP 5 About 18 months ago, istic about what can be accom- notepad or in a PDA as they occur. Straighten up. Tthe owner of Mi Kitchen es su plished.Differentiate between what TIP 3 Kitchen,an outfit that rents profes- is important and what is vital. Put Maximize minutes. TIP 4 don’t let clutter, physical or sional kitchens to aspiring chefs,put high priorities on income-generat- Give others a chance. electronic, bog down performance. a plug in that leak. She did it by ing tasks. Keep track of tasks everybody falls prey to time ban- Keep your desk and office clean and simply asking anyone interested in throughout the day, and cross each dits,whether it is time stolen surfing don’t micromanage. It not only well-organized. Same goes for the learning more to read an online off after it is done. the Net, getting tied up with per- wastes time, but can also kill morale briefcase,computer bag and vehicle. brochure about the company and sonal calls, or socializing. All those and staff productivity. Independent Looking for documents or phone then to call back if they were inter- TIP 2 idle minutes add up to hours by the employees tend to work harder and numbers is a big time-waster. ested. Stay focused. end of a week. better, freeing up the boss to spend Keep important contacts on a “By freeing up more of my time, Keep a detailed time log for sev- more time growing the business. computer, PDA or cell for easy ac- I have been able to focus on growing don’t let a dreaded or stressful eral days to see how time is spent.Re- Pick the right people, and give clear cess and sorting. Get a spam filter the business,” says Ms. Gregory. responsibility linger. Cut big, oner- claim some of those lost minutes by directions and due dates. for junk e-mail. Create an efficient A business owner’s most precious ous projects down to size by break- sticking to a schedule that includes a Stick to core strengths, and out- filing system, or better yet, rely on asset is her time. Preserving enough ing them into manageable bites. finite block of time for personal mat- source tasks like bookkeeping and electronic filing. hours to do what really needs to be Remember, there are limits to ters.If surfing the Net is a good stress Web design to the pros, who can do done is a constant struggle. That is what any firm can do. Set limits and reliever, build it into a lunchtime it more efficiently. COMMENTS? [email protected]

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22 | Crain’s New York Business | December 10, 2007 CNYB 12-10-07 A 23 12/6/2007 5:40 PM Page 1

REPORT SMALL BUSINESS THE ANNUAL REFERENCE GUIDE FOR BUSINESS HITS & MISSES LEADS IN NEW YORK Fledgling firms’ key moves by Lisa Goff Crain’s 2008 Book of Lists Issue Date: December 31 Ad Close: Dec 11 Giving the shine to storefronts Distinct baby AY PIAZZA has been washing windows for extra cash since duds downtown Crain's annual Book of Lists is a year round must-have for he was a kid, when he would tote his squeegee and bucket business leads across every industry in New York. This issue along shopping strips near his Long Island home. He hen she had her J first child in 2004, is the most comprehensive collection of ranked lists as they went pro two years ago, and his Bay Ridge, Brooklyn, WJennifer Cattaui appeared in Crain's New York Business throughout 2007, outfit now has a star client list that includes Madonna, recoiled at the frilly, lacey such as: Alec Baldwin and Regis Philbin. baby clothes that reflected a lifestyle that was more But storefronts are still the bread- Victorian than the one she • Top Accounting Lists All Washed Up and-butter work for had in TriBeCa. She sought • Largest Publically Held/Privately Held Companies Window Cleaning. “The salon owner sees out the hip and the edgy, and • Top Financial/Investment Lists me doing the pizzeria, who saw me doing in 2004 launched www.babesta.com, offering a • Top Real Estate Lists the dry cleaner,” Mr. Piazza says. If the small selection of offbeat stores are on the same block, he can handle baby T-shirts by independent Crain's Lists are a hallmark of our editorial strength and this 10 an hour and gross $200. designers. compilation issue is held onto by Crain's executive The owner, who has two part- Sales surged in 2006 when Ms. Cattaui expanded readership for the wealth of vital information it provides year time employees, projects revenues Babesta (pronounced BABE- of about $100,000 this year. He develops and sta) to more than 70 products after year. covering the full range of baby manages business via e-mail ([email protected]). istockphoto needs. Revenues are projected Give your ad buy yearlong exposure by positioning your at $250,000 this year. HITS Hermès and Gucci had introduced The high volume of company alongside Crain's 30+ category lists in the Book The high-rise effort pet accessories, nobody sold orders from her own of Lists. This is the one issue your business can't afford to mr. piazza spent 18 months shampoo or scent for pooches. neighborhood getting union certification to rig In May 2006, Ms. Ryan inspired her to open miss! scaffolding so that he could solicit launched Sexy Beast, hiring a a 450-square-foot high-rise clients.The effort paid off former Kiehl’s chemist to work store at 66 West For advertising information contact Jeff Adler at recently when he landed a 194-unit with a Swiss perfumer to develop a Broadway, across the 212-210-0711 or [email protected] condo building in Manhattan, a 100% vegan line of dog-grooming street from her contract worth about $20,000 a products. Ryan Basics, now focused apartment. Babesta year. on the Sexy Beast business, has six has four full-time High-rise owners, like full-time staffers; revenues are employees. celebrities, respond to his forecast to hit $750,000 this year. SPECIAL professionalism. “I don’t come in HITS HITS ISSUE like [This Old House star] Bob Vila, Getting physical ® dressed in a sweater and jeans,” Mr. Salons’ extra treat the store lets Ms. Cattaui Piazza says. “I make sales calls in a fancy department stores sell big-ticket items. “Nobody VOL. XXIII, NO. 53 WWW.CRAINSNEWYORK.COM December 31, 2007 Price: $49.95 suit and tie.” spurned Sexy Beast, but luxury really buys a $2,000 crib New residential properties have salons lapped it up.The line is now online, sight unseen,” she proved to be fertile ground. “I offer sold locally at Henri Bendel’s salon. says. And “real”—as opposed to do one apartment for free, while Last month, Harrods introduced it to virtual—customers provide they’re in the selling stage,” he says. to London shoppers.The Web site much better feedback.Their (www.sexybeaststyle.com) accounts requests persuaded her to MISSES COMPANIES HEALTH CARE for 30% of sales, and Ms. Ryan is increase the largest size to 10 Employers Health Insurers Marketing lapse eyeing expansion to upscale pet from 6 and to add mainstream Fastest-Growing Companies Hospitals Privately Held Companies TOURISM the difficulty of getting boutiques and luxury hotel chains. equipment brands to the Publicly Held Companies Airlines Software Companies Hotels qualified riggers keeps Mr. Piazza unorthodox product mix. Women-Owned Companies PEOPLE doing both marketing and washing. MISSES PROFESSIONS Fortunate 100 CEOs MISSES Accounting Firms Power 25 He’s considering reserving Simplify, simplify Benefits Consulting Firms REAL ESTATE Too cutting-edge Law Firms Commercial Property Managers Thursdays and Fridays for sales initial marketing, which took Management Consultants Construction Companies calls. It’s a tough decision. Big the approach of using Sexy Beast ms. cattaui learned that sites FINANCIAL CoStar Market Reports Commercial Banks THE BEST OF LAPE buildings do windows only a couple between visits to the groomer, “was can get away with displaying Investment Banks Bob Lape’s Top-Rated Restaurants SBA Lenders of times a year, so sometimes six or just too complicated,” Ms. Ryan more attitude than storefronts Thrifts eight months will pass between a says. She also “wasted” more than can. She stays true to her sales call and a job offer. $100,000 on three different “very original concept with store

large, very well-known” public windows that use Uglydolls as C relations firms, she says. “I thought mannequins. Pricey toiletries we needed the big PR companies But Babesta’s tagline, “For for 4-legged friends because they had the contacts, but bad-ass babies and trend- they didn’t understand the brand.” setting tots,” had to go. “I just renée ryan loves her white boxer, couldn’t see it on an awning,” Austin. “For a single girl in New COMMENTS? [email protected] Ms. Cattaui says. She is also York, sometimes your dog is the abandoning the logo, a bare-

only consistent thing in your bottomed baby, for something B O L life,” says the cosmetics less cheeky. industry veteran, who started Dual inventory business development firm management is the biggest Ryan Basics in 2003. challenge, she says. “I need to But Austin balks at going to find one software system that the groomer. In her search for will handle online and store products to use at home, Ms. stock, refill orders and suggest Ryan discovered an overlooked substitutions.” niche.Though brands like SEXY BEAST line of dog-grooming products.

December 10, 2007 | Crain’s New York Business | 23 CNYB 12-10-07 A 24 12/6/2007 4:14 PM Page 1

REAL ESTATE DEALS

Shoe design team Licensor to make mark in midtown takes major step identical twins Shane and The firm holds more than 100 li- work of five affiliated companies cur- Shawn Ward,who have been selling Concept One will censes and is aggressively seeking rently housed in three locations. their fashionable shoes in depart- consolidate in new acquisitions, Mr. Hafif says. “Two years ago, we had two peo- ment stores and boutiques for four Asking rent in the deal was less ple,” he says. “Now we have years, are opening their first office; growing tech than $55 a square foot. Robert 100.” retail location. Kaplan, a Hidrock Realty broker, Four companies will be The Wards have signed outfit finds space negotiated on behalf of the tenant, consolidated on the sixth and a 10-year lease for the store, and Matthew Coudert, a broker seventh floors of the build- Detny Footwear, in 2,200 fter putting other with George Comfort & Sons Inc., ing early next year. The square feet at 238 Mulberry St., companies’ logos on represented building owner Char- fifth company, Music Na- between Prince and Spring everything from um- ney-FPG. tion, will stay at 455 streets. Asking rent for brellas to backpacks, —elisabeth butler cordova Broadway, where its lease the NoLIta space was Concept One Acces- is not up for a year. about $175 a square Asories is putting its stamp on a new Asking rent is $43 foot. headquarters in midtown. Tech concern signs a square foot at the A recent investment The firm recently signed a 10- new building,accord- by a silent partner short-term lease STEPPING UP: Shoe designers year lease for 31,000 square feet at ing to Jim Wenk, a Shane and Shawn Ward are prompted the siblings 119 W. 40th St., between Broadway entrepreneur Kevin Ryan recent- broker at Staubach’s opening their first store. to jump-start their re- and Sixth Avenue. Concept One ly inked a five-year lease for about New York office, tail plans. CLEAR SIGN: Concept One will fold three 40 West 20th St. will close its three existing New offices into a new one, at 119 W. 40th St. 21,500 square feet at , which represented the “Every designer’s York offices and relocate early next between Fifth and Sixth avenues, landlord, the Natural Resources dream is to have their own store to summer. for his rapidly expanding technolo- Defense Council.The council owns tell their story,” says Shawn Ward. “It’s going to be a showplace,” et of about $3 million. gy empire. seven floors of the property, which “It’s always been part of our business says Chief Executive Sam Hafif.He Concept One is expanding to Though five-year leases are atypi- is a commercial condo. Paul Ippoli- plan, but the investor is making it has already hired Loffredo Brooks handle its growing client list, which cal,the business is likely to need larg- to of Newmark Knight Frank rep- happen faster.” Architects to design the space, and includes Sean John, Levi’s, Disney er space quickly, says Mr. Ryan, the resented Mr. Ryan. Scheduled to open in late spring, the firm will have a build-out budg- and the National Football League. chief executive of Alley Corp., a net- —theresa agovino the shop will carry both of the Wards’ shoe lines, Detny by Shane&Shawn, and the more ex- pensive Shane&Shawn.The brothers also plan to introduce new lines of hats,T-shirts,belts,handbags and jewelry, all of which will sell exclu- sively in their store for about a year before being offered through other CG Stamford’s retailers. Susan Kurland, a CB Richard Ellis broker, negotiated on behalf of CANTERBURY the tenant. Josh Lewin of Isaacs and “Park Avenue” Co. represented the owner, who is GREEN listed as Michael Bennett in public filings. —elisabeth butler cordova 90,000 SF Class of Park Avenue-Class Housing nonprofit elegance is available now moves downtown enterprise Community Partners, at Canterbury Green. which helps build affordable housing, is moving downtown. CANTERBURY GREEN AMENITIES AND FEATURES INCLUDE: The group signed a 10-year lease • Panoramic views in all directions for about 20,200 square feet,the en- • 24/7 manned security with key/card access tire 11th floor—at 1 Whitehall St.,be- • Underground parking garage tween Bridge and Stone streets. It is known as the Topps Building be- • Private shuttle to train station available cause it houses the baseball trading • Supplemental heating and cooling card company of the same name. • Fitness center Abby Jo Sigal, the nonprofit’s • Deli vice president and director of the • ATM New York office, says the new space is affordable—starting rent is $38 a square foot—and gives the agency room to grow. ECP is currently in about 16,000 square feet at 80 Fifth Ave. The move is planned for March. Finding space at a modest price for such clients is always a challenge, says David Lebenstein, director of the nonprofit practice at Colliers ABR Inc., which represented En- terprise. He says that he looked in RFR STAMFORD midtown south but that buildings DOWNTOWN PORTFOLIO there at comparable rents didn’t For leasing information, please contact match the amenities the Whitehall Margaret Carlson • 203.328.3605 Street location offered, including [email protected] the level of construction allowances. www.RFRStamford.com The Rudin family owns One All information supplied is from sources deemed reliable and is furnished subject to errors, omissions, modifications, removal of the listing for lease, and including the rates Whitehall. It was represented by and manner of payment of commissions for particular offerings imposed by principals Eugene Baumstein, who works for or agreed to by this the terms of which are available to principals or duly licensed brokers, any square footage dimensions set forth are approximate. the family’s management company. —theresa agovino

24 | Crain’s New York Business | December 10, 2007 CNYB 12-10-07 A 25 12/6/2007 8:10 PM Page 1

NEIGHBORHOOD JOURNAL Nonstop shopping at Queens mall

country, plans five stories with East 21st Street, a 10-minute hike Sheepshead Bay Road, has a Stores to open 24/7 240,000 square feet of gross leasable from the nearest subway. In con- two-story building with five in Christmas run-up; area and parking for 750 cars. trast, the land purchased by Acadia stores, five offices and an “Having a big developer put in is steps from the station used by apartment. The buyers will Sheepshead Bay gets new development in this area, and thousands of B and Q train riders demolish the structure when big development on this scale, will do a lot for shop- each day. The Belt Parkway offers the tenants’ leases are bought A RENDERING of new development at Sheepshead Bay. ping,” says Brian Hanson, who easy access as well. out or expire. Acadia and its helped broker the sale for Massey The larger lot, at 1501 Voorhies builder, Manhattan-based nsomniac shoppers, arise! Knakal Realty Services. “It hasn’t Ave., is 84,000 square feet and has P/A Associates, declined to com- above that figure. But the sellers When the massive Queens had a face-lift in a long time.” served as a parking lot for Verizon ment on the specifics of their plans. made a price concession when engi- Center mall in Elmhurst un- The area’s biggest shopping draw (and its predecessor companies) for The asking price for the two neers discovered a high water table, locks its revolving doors today is the women’s discount cloth- decades. Verizon’s lease expires this parcels, sold by a local family, was which will elevate construction costs. Thursday morning, Dec. 20, ing store Loehmann’s, located on month. The smaller lot, at 1600 $25 million,and offers came in at and —erik engquist Ithey will stay unlocked—24 hours a day—right until 6 p.m. on Christ- mas Eve. More than 15 of the mall’s stores, including Macy’s, Armani Ex- change and H&M, have already signed up for round-the-clock shopping. This year is the first that the shopping center’s management has allowed all of its stores to do so. “There are a lot of people who work late shifts or graveyard shifts,” says Dawn Simon,senior marketing manager for Macerich, which owns the shopping center. “Our staying open gives those people the opportunity to shop on their lunch hours.” In some cases, that may mean midnight or 3 a.m. The 175-store mall is situated on Queens Boulevard, across the street from St. John’s Queens Hospital and a few blocks away from a De- partment of Environmental Protec- tion building. Both have large numbers of night-shift employees. Ranked as the nation’s most profitable mall per square foot, Queens Center logged more than 3 million shoppers last December. Management is hoping the four- day moonlight extravaganza will push those numbers higher. Last year, Macy’s Inc. chose its Queens Center store as the place to launch its first-ever all-night shopping weekend. The mall’s owners agreed but limited the experiment to Macy’s and three adjacent small shops. Only one parking garage was staffed, and the rest of the mall re- mained dark. This year, “it will be business as usual, just in the middle of the night,” says Ms. Simon. Retailers are hoping that the additional opening hours will make this their best Christmas ever. —hilary potkewitz Brooklyn site changes hands a down-market shopping strip in the heart of Brooklyn’s Sheepshead Bay is about to get a major lift. Late last month, White Plains-based Acadia Realty Trust paid $20.35 million for two adjacent lots totaling more than two acres in what is believed to be Sheepshead Bay’s largest real estate deal in 20 years and second-largest ever. The lots run north to south and span a large, underutilized trapezoidal block along Sheepshead Bay Road. Acadia, a real estate investment trust that owns more than 10 million square feet of retail space across the

December 10, 2007 | Crain’s New York Business | 25 Project1 11/20/07 11:36 AM Page 1 CNYB 12-10-07 A 27 12/6/2007 8:28 PM Page 1

THE WEEKS AHEAD

THIS WEEK’S EVENTS risk and return. 6:30 p.m. to 8 p.m., Education holds program on how to DECEMBER 18 [email protected]. DECEMBER 11 Dean’s Restaurant, 801 Second Ave., lobby effectively. 9 a.m. to 12 p.m., 42 Magazine Publishers of America holds DECEMBER 19 Columbia Business School Alumni upstairs. Free. (212) 382-8592 or W. 44th St. Fee: $175 members, $285 forum on magazines in China. 12 p.m. Sandler Sales Institute holds seminar on Club of New York holds conference on [email protected]. nonmembers. (212) 382-6663. to 2 p.m., 810 Seventh Ave., 24th floor. client development skills for restaurant investing. 6 p.m. to 8 p.m., DECEMBER 13 Fee: $125 members, $225 nonmembers. accountants. 6 p.m. to 8 p.m., Banco McKinsey & Co., 55 E. 52nd St., 21st SalemGlobal Internet Website DECEMBER 17-23 (212) 872-3733 or [email protected]. Popular, 441 Second Ave. Free. floor. Fee: $25 members, $40 Marketing holds networking breakfast . DECEMBER 17 DECEMBER 18 (212) 679-1201 or [email protected]. nonmembers. (516) 761-4712 or 8 a.m. to 10 a.m., UBS Conference NYC Business Networking Group holds Nationwide Equities Corp. holds DECEMBER 20 [email protected]. Center, 1285 Sixth Ave., 14th floor. Fee: pitch-party networking reception. networking reception. 6 p.m. to 8 p.m., New York Human Resources and DECEMBER 11 $10. (646) 217-4184 or 6 p.m. to 9 p.m., Banco Popular, Social Bar & Lounge, 795 Eighth Ave., Human Capital Management Group Score NYC holds seminar on marketing [email protected]. 441 Second Ave., lobby. Fee: $15. second floor. Free. (917) 975-5985 or hold networking reception. 6 p.m. to yourself and your business. 7 p.m. to DECEMBER 13 (212) 864-5407. [email protected]. 9 p.m., 125 E. 54th St. Free. 9:30 p.m., Jewish Community Center, New York Society of Security Analysts DECEMBER 17 DECEMBER 19 (646) 228-8559. 334 Amsterdam Ave. Fee: $30 members, holds homebuilding conference. 8:30 The New York Society of Security Networking for Professionals holds —adrianne pasquarelli $35 nonmembers. (212) 264-4507 or a.m. to 5 p.m., 1177 Sixth Avenue, Analysts holds forum on the state of networking reception. 6:30 p.m. to [email protected]. second floor. Fee: $195 members, $295 equity research. 5:30 p.m. to 7:45 p.m., 8:30 p.m., Techspace, 41 E. 11th St., More meetings online at DECEMBER 11 nonmembers. (646) 871-3405. 1177 Sixth Ave., second floor. Fee: free 11th floor. Fee: $25 members, $35 www.crainsnewyork.com The New York Public Library’s Science, DECEMBER 14 for members, $20 nonmembers. nonmembers in advance; $40 for all at Click on “Events” Industry and Business Library holds City Bar Center for Continuing Legal (646) 871-3405 or [email protected]. door. (212) 227-6556 or lecture on health care proxies, living wills and durable powers of attorney. 5:30 p.m. to 7 p.m., 188 Madison Ave., room 018. Free. (212) 592-7000. DECEMBER 11 New York Media Information Exchange Group holds breakfast on the future of the media and entertainment industry. 7:30 a.m. to 10 a.m., 4 W. 43rd St., main ballroom. Fee: $25 members, $40 nonmembers. (212) 725-2295 or [email protected]. DECEMBER 11 Integrity Partners holds information session on Microsoft dynamics. 12 p.m. to 2 p.m., 1290 Sixth Ave., sixth-floor conference room. Free. (888) 869-4090, ext 707, or [email protected]. DECEMBER 11 Camba Small Business Services holds workshop on how to repair your credit. 6 p.m. to 8:30 p.m., 884 Flatbush Ave., second floor, Brooklyn. Free. Space is limited. Preregistration is required. (718) 282-2500, ext. 242, or [email protected]. DECEMBER 12 NYC Business Solutions holds seminar on how to revive and build your credit. 3 p.m. to 5 p.m., 110 William St., fourth-floor conference room. Free. (212) 618-8817 or [email protected]. DECEMBER 12 The Five O’Clock Club Executive Job Search Group holds seminar on developing new targets for your job search. 6:30 p.m. to 8:30 p.m., 11 Penn Plaza, fifth floor. Fee: $50. (914) 788-5482 or [email protected]. DECEMBER 12 City University of New York holds course on ethical issues and the use of the Internet. 6 p.m. to 8 p.m., 365 Fifth Ave., Skylight Conference Room. Fee: $10 for CUNY School of Law alumni, $50 for all others. (212) 817-7270 or [email protected]. DECEMBER 12 Business Networking International, The Empire Group, Chapter 44, holds networking breakfast. 7 a.m. to 8:15 a.m., 160 W. 54th St. Fee: $16. (212) 978-1133. DECEMBER 12 Japan Society holds lecture on Tokyo’s strategy and the future of East Asia. 6 p.m. to 8:15 p.m., 333 E. 47th St. Fee: $10 members, $15 nonmembers. (212) 715-1247 or [email protected]. DECEMBER 13 Merrill Lynch holds dinner on balancing

TO LIST YOUR EVENT

Crain’s lists business meetings online and includes them in the print edition on a space-available basis. Events in New York City with admission fees of less than $300 are considered for the print publication. Listings can be submitted only through the Crain’s Web site. To submit a calendar listing, go to www.crainsnewyork.com and click on “Events.” Sponsors have a choice of several free or paid listing options. All business events will be posted online within two business days. Crain’s can neither confirm receipt of listings nor say if or when event listings will appear in the print edition.

December 10, 2007 | Crain’s New York Business | 27 nb50p28_29cls.qxp 12/6/07 11:11 AM Page 28

BUSINESS MANAGEMENT PRIVATE FITNESS X-FIT — A Private Training Facility EXECUTIVE PUBLIC & LEGAL NOTICES Business Management Services Unique sessions that work for you. Get in shape for the New Year or give the gift health. Cash Management Services ● Bill Payment Call 212-725-7991 RECRUITER Notice of Formation of Tango Realty NY Notice of Qualification of 43 WEST 64TH Tax & Financial Services ● Financing Assistance or visit: www.xfittraining.com LLC. Arts. of Org. filed with Secy. of State STREET LLC. Authority filed with Secy. of (212) 631-9500 ● www.mayercpa.com TELECOMMUNICATIONS POSITION AVAILABLE of N.Y. (SSNY) on 10/16/07. Office location: State of N.Y. (SSNY) on 10/29/07. Office NY County. SSNY designated as agent of location: NY County. LLC formed in Michigan Seeking experienced cmm’l lsng bkr LLC upon whom process against it may be (MI) on 1/3/07. SSNY designated as agent of NEW YORK’S served. SSNY shall mail process to: 706 W. LLC upon whom process against it may be Cash Management & CFO Services to join our successful commercial firm MOTOTRBO SPECIALISTS 180th St., Ste. #1, NY, NY 10033. Purpose: served. SSNY shall mail process to: c/o BUSINESS SERVICES in Downtown Bklyn. Prvt ofc, admin any lawful activity. Rosenberg & Estis, P.C., 733 Third Ave., support, computer & incredible ofc 14th Fl., NY, NY 10017, Attn: Jason Davidson. MOTOTRBO™ loc in Bklyn Heights / Downtown Bklyn. Notice of Formation of 333 EAST 5TH STREET MI address of LLC: 2120 Austin Avenue, Ste. Professional Digital 100, Rochester Hills, MI 48309. Arts. of Org. Two-Way Radio System Send a resume, in confidence, to: LLC. Arts. of Org. filed with Secy. of State of You can benefit from significant N.Y. (SSNY) on 10/31/07. Office location: NY filed with MI Secy. of State, Dept. of State, productivity gains with this reliable [email protected] Lansing, MI 48918. Purpose: any lawful activity. and affordable communication County. SSNY designated as agent of LLC solution. Enjoy the clearer voice upon whom process against it may be served. capabilities and enhanced battery SSNY shall mail process to: 115 Aspinwall NOTICE OF FORMATION of WS Tour LLC, a life that digital provides. PUBLIC & LEGAL Street, Staten Island, NY 10307. Purpose: any domestic Limited Liability Company. Arts. of • Integrated voice and data lawful activity. for increased productivity Org. filed with the SSNY on 07/10/07. Office and privacy location: New York County. SSNY designated • Supports GPS NOTICES Notice of Qualification of Dolphin Limited as agent upon whom process against the LLC and text messaging • Doubles the call capacity Partnership III, L.P. Authority filed with Secy. may be served. SSNY shall mail process to: on a single channel – Notice of Qualification of 15 Cliff L.L.C. of State of NY (SSNY) on 5/5/06. Office Corporation Service Company, 80 State Street, for the price of one license Application for Authority filed with Secy. location: NY County. LP formed in Delaware Albany, NY 12207. Principal business location: Call us today for a professional, of State of N.Y. (SSNY) on 4/30/02. Office (DE) on 1/3/06. SSNY designated as agent of 260 W. 44th Street, #501, NY, NY 10036. no obligation survey or on-site demo. location: NY County. Principal business location: LP upon whom process against it may be Purpose: loan to touring theatrical production. 290 Park Avenue South, 14th Fl., NY, NY served and shall mail process to: The LP, 156 10010. LLC formed in Delaware (DE) on W. 56th St., #12C, NY, NY 10019. DE address Notice of Qualification of Gemini 442 West 307 Fifth Avenue, New York, NY 10016 4/29/02. SSNY designated as agent of LLC of LP: DE Corporation Organizers, Inc., 1201 36th Street 24, LLC. Authority filed with Secy. 212-532-7400 upon whom process against it may be served. N. Market St., PO Box 1347, Wilmington, DE www.metrocomradio.com of State of NY (SSNY) on 11/8/07. Office SSNY shall mail process to: 290 Park Avenue 19801. Name/address of genl. ptr. available location: NY County. LLC formed in Delaware crainsnewyork.com The Largest Motorola Dealer in New York State South, NY, NY 10010, Attn: General Counsel. from SSNY. Cert. of LP filed with DE Secy. (DE) on 11/5/07. SSNY designated as agent DE address of LLC: c/o CSC, 2711 Centerville of State, P.O. Box 898, Dover, DE 19903. of LLC upon whom process against it may be RELOCATION SERVICES Road, Ste. 400, Wilmington, DE 19808. Purpose: any lawful activity. served. SSNY shall mail process to: William T. Certificate of Formation filed with DE Secy. of Obeid, 200 Park Ave South, Ste 1305, NY, NY State, Loockerman & Federal St., Dover, DE Notice of App. For Auth. for foreign LLC 10003, also registered agent. Address to be 19901. Purpose: any lawful activity. named INSCAP ASSET MANAGEMENT, LLC maintained in DE: c/o Harvard Business filed with NY Dep. of State 10/12/07; formed Services, Inc., 1692 Coastal Hwy, Lewes, DE Notice of Formation of BANCROFT NY LLC. in DE 08/01/07; NY Office, Principal Location 19958. Arts. of Org. filed with DE Secy. Of Arts. of Org. filed with Secy. of State of N.Y. and address to which Sec. of State can mail State, 401 Federal St., Ste 4., Dover, DE (SSNY) on 10/29/07. Office location: NY County. copy of process: 230 Park Ave., 21FL, NY 19901. Purpose: any lawful activities. SSNY designated as agent of LLC upon whom City, NY County, NY State, 10169; NY Sec. process against it may be served. SSNY shall of State designated as agent upon whom Notice of Formation of Lankenau Limited mail process to: Territ Management, Inc., process against the company may be served; Partnership. Cert. filed with NY Dept. of State 1776 Broadway, Ste. 1700, NY, NY 10019. Office maintained in Juris. of Org. The on 6/1/2007. Office location: NY County. Secy. Purpose: any lawful activity. Corporation Trust Company, 1209 Orange St., of State designated as agent of LP upon Wilmington, DE 19801; Art. of Org. filed with whom process against it may be served and Notice of Formation of One-LA Management, DE Sec. of State 401 Federal St., Ste. 4, Dover, shall mail process to: 20 W. 86 th St., Apt. LLC. Arts. of Org. filed with Secy. of State of DE 19901; Purpose: any lawful activity. 10A, NY, NY 10024. Name/address of each NY (SSNY) on 4/18/06. Office location: NY genl. ptr. available from Secy. of State. Term: REAL ESTATE County. SSNY designated as agent of LLC Notice of Formation of BX-7F Associates III until 5/22/2057. Purpose: any lawful activity. COMMERCIAL REAL ESTATE upon whom process against it may be served LLC. Arts. of Org. filed with Secy. of State of NY (SSNY) on 11/5/07. Office location: and shall mail process to: c/o The One Group, Notice of Qualification of Gemini 37 West 24th LLC, 411 W. 14th St., Ste. 200, NY, NY 10014, NY County. SSNY designated as agent of LLC upon whom process against it may be Street MT, LLC. Authority filed with Secy. of registered agent upon whom process may be State of NY (SSNY) on 11/5/07. Office location: served. Purpose: any lawful activity. served. SSNY shall mail process to: 55 Broad OVER 150 STORES, St., 16th Fl., NY, NY 10004. Purpose: any NY County. LLC formed in Delaware (DE) on lawful activity. 11/1/07. SSNY designated as agent of LLC Notice of Qualification of COLLEGE COLLECTIVE, upon whom process against it may be served. LLC. Authority filed with Secy. of State of N.Y. SSNY shall mail process to: William T. Obeid, 90,000+ CUSTOMERS (SSNY) on 10/30/07. Office location: NY Notice of formation of Ng’s Kampiry, LLC, 200 Park Ave. South, Ste 1305, NY, NY WITHIN 3 MILES, County. Principal business location: 490 a limited liability company. Articles of 10003, also registered agent. Address to Broadway, 5th Fl., NY, NY 10012. LLC formed Organization filed with the Secy of the State of be maintained in DE: c/o Harvard Business in Delaware (DE) on 1/23/07. SSNY designated New York (SSNY) on 09/14/07. Office located Services, Inc., 16192 Coastal Hwy, Lewes, LIMITED SPACE as agent of LLC upon whom process against in NY County. SSNY has been designated for DE 19958. Arts. of Org. filed with DE Secy. it may be served. SSNY shall mail process to: service of process. SSNY shall mail a copy of Of State, 401 Federal St., Ste 4., Dover, DE AVAILABLE c/o Corporation Service Company (CSC), 80 any process served against the LLC to c/o 19901. Purpose: any lawful activities. State St., Albany, NY 12207. DE address of THE LLC, 159 West 25th Street – 6FL New York, NY 10001. Purpose: any lawful purpose. LLC: c/o CSC, 2711 Centerville Road, Ste. 400, Notice of Qualification of HLT Waldorf LLC. ARE YOU IN? Wilmington, DE 19808. Arts. of Org. filed with Notice of Qualification of Hudson Ferry Capital Authority filed with Secy. of State of NY DE Secy. of State, 401 Federal St., Ste. 4, (SSNY) on 10/22/07. Office location: NY Dover, DE 19901. Purpose: any lawful activity. Management LLC. Authority filed with Secy. of State of NY (SSNY) on 10/30/07. Office County. LLC formed in Delaware (DE) on location: NY County. LLC formed in Delaware 9/20/07. SSNY designated as agent of LLC Notice of Qualification of PHS Bay Colony LLC. upon whom process against it may be served. Authority filed with Secy. of State of N.Y. (DE) on 10/9/07. SSNY designated as agent of LLC upon whom process against it may be SSNY shall mail process to: c/o Corporation (SSNY) on 10/31/07. Office location: NY Service Company, 80 State St., Albany, NY County. Principal business location: 245 Park served. SSNY shall mail process to: The LLC, 7000 AUSTIN STREET • FOREST HILLS, NY 153 East 53rd St., 29th Fl, NY, NY 10022. 12207. Address to be maintained in DE: Ave., 26th Fl., NY, NY 10167. LLC formed in c/o Corporation Services Company, 2711 Delaware (DE) on 11/3/03. SSNY designated Address to be maintained in DE: 160 Greentree Every day many of the 2 million • Two level retail store – 19,000 s.f. Dr., Ste 101, Dover, DE 19904. Arts. of Org. Centerville Rd., Ste 400, Wilmington, DE (7,000 s.f. Ground Floor & 12,000 s.f. 2nd Floor) as agent of LLC upon whom process against 19808. Arts. of Org. filed with DE Secy. Of people in Queens flood the it may be served. SSNY shall mail process to: filed with DE Secy. Of State, 401 Federal St., Ste 4., Dover, DE 19901. Purpose: any State, 401 Federal St., Ste 4., Dover, DE • Rooftop parking c/o Corporation Service Co. (CSC), 80 State 19901. Purpose: any lawful activities. streets of Forest Hills to wine, St., Albany, NY 12207. DE address of LLC: c/o lawful activities. dine, relax, and of course for the • Terrific window frontage on CSC, 2711 Centerville Rd., Wilmington, DE Notice of Qualification of KLS Diversified both Ground and 2nd Floors 19808. Arts. of Org. filed with DE Secy. of Notice of Qualification of The Kids Project, best shopping in the borough. LLC. Authority filed with Secy. of State of N.Y. Asset Management LP. Authority filed with State, Townsend Bldg., Dover, DE 19901. Secy. of State of N.Y. (SSNY) on 11/7/07. • Escalator and elevator Purpose: any lawful activity. (SSNY) on 10/31/07. Office location: NY County. Principal business location: 156 W. Office location: NY County. LP formed in Now is your chance to get in on • Interior truck loading dock 56th St., Ste. 902, NY, NY 10019. LLC formed Delaware (DE) on 11/2/07. SSNY designated the action – Lease one of the best Notice of Formation of Mack Edge Management, in Delaware (DE) on 10/29/07. SSNY designated as agent of LP upon whom process against it • Five subway lines (E, F, V, R, & G) LLC. Arts. of Org. filed with Secy. of State as agent of LLC upon whom process against may be served. SSNY shall mail process to retail spaces on Austin Street. and numerous bus lines of N.Y. (SSNY) on 10/25/07. Office location: it may be served. SSNY shall mail process to: principal business location: 150 Hartshorn NY County. SSNY designated as agent of LLC c/o Corporation Service Company (CSC), 80 Drive, Short Hills, NJ 07078. DE address • Possession February 2008 upon whom process against it may be served. State St., Albany, NY 12207. DE address of of LP: Corporation Service Company, 2711 Contact Manny Fuhrman SSNY shall mail process to: 87 Barrow LLC: c/o CSC, 2711 Centerville Road, Ste. Centerville Road, Ste. 4, Wilmington, DE Today at 718.263.3800. St., Unit 2H, NY, NY 10014, Attn: Soraya 400, Wilmington, DE 19808. Arts. of Org. 19808. Name/address of each genl. ptr. Mackhrandilall. Purpose: any and all lawful filed with DE Secy. of State, 401 Federal St., available from SSNY. Cert. of LP filed with act or activity. Ste. 4, Dover, DE 19901. Purpose: to serve as DE Secy. of State, P.O. Box 898, Dover, DE an internet advertising sales representative. 19903. Purpose: any lawful activity. OFFICE SPACE FORMATION NOTICE OF THE LIMITED LLC, Advertise on NAME: JAC-LEE, LLC. Art. filed with Secretary Notice of Formation of Wentworth Hotel, LLC. Notice of Formation of Maya’s Fitness, LLC. of State (SSNY) on November 8, 2007. Office Arts. of Org. filed with Secy. of State of N.Y. Arts. of Org. filed with Secy. of State of N.Y. 212-947-5500 location: New York County. SSNY designated (SSNY) on 10/19/07. Office location: NY (SSNY) on 11/8/07. Office location: NY www.crainsnewyork.com as agents of the LLc upon whom process County. SSNY designated as agent of LLC County. SSNY designated as agent of LLC FOR ALL OFFICE, RETAIL & LOFT SPACES against it may be served. SSNY shall mail upon whom process against it may be served. upon whom process against it may be served. New York City, Brooklyn, Queens Call John Gallagher a copy of process to National Registered SSNY shall mail process to: c/o Kramer Levin SSNY shall mail process to principal business 500–50,000 SF location: c/o Katsky Korins LLP, 605 Third UNDER MARKET SUBLETS – NO FEE! Agents, Inc. 875 Avenue of the Americas, Naftalis & Frankel LLP, 1177 Avenue of the Search our listings @ www.midcomre.com @ 212-210-0189 Suite 501, New York, NY 10001. Purpose: Americas, NY, NY 10036, Attn: Michael Fein. Ave., NY, NY 10158, Attn: Warren Esanu, Esq. Call Paul 212 947-5500 x 100 All lawful purpose. Purpose: any lawful activity. Purpose: any lawful activity.

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PUBLIC & LEGAL NOTICES

Notice of Qualification of Blue Source, LLC. Notice of Qualification of Gemini 305 West Notice of Qualification of PDH Partners, LLC. Notice of Qualification of Chelsea Hotel Name of LLC: BOLOGNA68 LLC. Articles of Authority filed with NY Dept. of State on 39th Street H, LLC. Authority filed with Secy. Authority filed with Secy. of State of N.Y. Associates, L.L.C. Authority filed with NY Org. filed NY Dept. of State 7/12/07. Office 10/15/07. Office location: NY County. LLC of State of NY (SSNY) on 10/ 15/07. Office (SSNY) on 10/23/07. Office location: NY Dept. of State on 10/16/07. Office location: location in NY: New York County. Secy. of formed in Utah (UT) on 5/7/01. NY Secy. of location: NY County. LLC formed in Delaware County. LLC formed in Delaware (DE) on NY County. Principal business address: 2901 State of NY (SSNY) designated as agent of State designated as agent of LLC upon whom (DE) on 10/9/07. SSNY designated as agent 10/19/07. SSNY designated as agent of LLC Butterfield Rd., Oak Brook, IL 60523. LLC LLC upon whom process against it may be process against it may be served and shall of LLC upon whom process against it may be upon whom process against it may be served. formed in Delaware (DE) on 10/11/07. NY served. SSNY shall mail a copy of process mail process to: c/o CT Corporation System, served. SSNY shall mail process to: William SSNY shall mail process to principal business Secy. of State designated as agent of LLC to c/o Bologna68 LLC, 154 Attorney Street, 111 8th Ave., NY, NY 10011, registered agent T. Obeid, 200 Park Ave South, Ste 1305, NY, location: Peter Friedman, c/o Friedman upon whom process against it may be served Suite 201, New York, NY 10002. Purpose: upon whom process may be served. UT and NY, 10003, also registered agent. Address to Equities, LLC, 750 Lexington Ave., 26th Fl., NY, and shall mail process to: c/o CT Corporation any lawful activity. principal business address: 3165 E. Millrock be maintained in DE: 16192 Coastal Hwy, NY 10022. DE address of LLC: Corporation System, 111 8th Ave., NY, NY 10011, registered Dr., Ste. 340, Holladay, UT 84121. Arts. of Lewes, DE 19958. Arts. of Org. filed with DE Service Company, 2711 Centerville Road, Ste. agent upon whom process may be served. DE Notice of Qualification of Dyn Marine Services Org. filed with UT Secy. of State, 160 E. 300 Secy. Of State, 401 Federal St., Ste 4., Dover, 400, Wilmington, DE 19808. Arts. of Org. address of LLC: 1209 Orange St., Wilmington, of Virginia LLC. Authority filed with NY Dept. South, Salt Lake City, UT 84111. Purpose: DE 19901. Purpose: any lawful activities. filed with DE Secy. of State, 401 Federal St., DE 19801. Arts. of Org. filed with DE Secy. of of State on 10/10/07. Office location: NY any lawful activity. Ste. 4, Dover, DE 19901. Purpose: real estate State, 401 Federal St., Dover, DE 19901. County. LLC formed in Virginia (VA) on Notice of Qualification of AG Private Equity III investments and operations. Purpose: any lawful activity. 2/8/05. NY Secy. of State designated as agent Notice of Formation of TODA NEW YORK LLC. Authority filed with Secy. of State of N.Y. of LLC upon whom process against it may be LLC, a domestic Limited Liability Company. (SSNY) on 10/31/07. Office location: NY Notice of Qualification of Fidelity Technology Notice of Formation of 144 EAST 30TH served and shall mail process to: c/o CT Arts. of Org. filed with the SSNY on 09/21/07. County. Principal business location: 245 Park Group, LLC. Authority filed with NY Dept. of STREET LLC. Arts. of Org. filed with Secy. of Corporation System, 111 8th Ave., NY, NY Office location: New York County. SSNY has Ave., 26th Fl., NY, NY 10167. LLC formed in State on 11/13/07. Office location: NY County. State of N.Y. (SSNY) on 11/14/2007. Office 10011, registered agent upon whom process been designated as agent upon whom process Delaware (DE) on 8/26/05. SSNY designated Principal business address: 82 Devonshire St., location: NY County. SSNY designated as may be served. VA and principal business against the LLC may be served. SSNY shall as agent of LLC upon whom process against Boston, MA 02109. LLC formed in Delaware agent of LLC upon whom process against it address: 3190 Fairview Park Dr., Ste. 700, mail a copy of process to: The LLC, 250 West it may be served. SSNY shall mail process to: (DE) on 2/26/07. NY Secy. of State designated may be served. SSNY shall mail process to: Falls Church, VA 22042. Arts. of Org. filed Broadway 6th Floor, New York, NY 10013. c/o Corporation Service Co. (CSC), 80 State as agent of LLC upon whom process against c/o Ronald S. Cutlip, 393 W. 49th St., #2JJ, with VA Secy. of the Commonwealth, 1300 Purpose: Any Lawful Purpose. St., Albany, NY 12207. DE address of LLC: it may be served and shall mail process to: NY, NY 10019. Term: until 12/31/2060. E. Main St., Richmond, VA 23218. Purpose: c/o CSC, 2711 Centerville Rd., Wilmington, c/o CT Corporation System, 111 8th Ave., Purpose: any lawful purpose. any lawful activity. DE 19808. Arts. of Org. filed with DE Secy. NY, NY 10011, registered agent upon whom Notice of Qualification of 100 W 92 Holdings, Notice of Formation of 230 East 11 Street LLC. Authority filed with Secy. of State of N.Y. of State, Townsend Bldg., Dover, DE 19901. process may be served. DE address of LLC: KEVIN MACKINTOSH PHOTOGRAPY, LLC, a Purpose: any lawful activity. 1209 Orange St., Wilmington, DE 19801. LLC. Arts. of Org. filed with Secy. of State (SSNY) on 10/15/07. Office location: NY County. of N.Y. (SSNY) on 11/20/07. Office location: domestic Limited Liability Company (LLC), LLC formed in Delaware (DE) on 3/14/07. Arts. of Org. filed with DE Secy. of State, filed with the Sec of State of NY (SSNY) on Notice of Qualification of 140 William, LLC. 401 Federal St., Dover, DE 19901. Purpose: NY County. SSNY designated as agent of SSNY designated as agent of LLC upon whom LLC upon whom process against it may be 7/30/07. NY Office location: NEW YORK process against it may be served. SSNY shall Authority filed with Secy. of State of N.Y. any lawful activity. County. SSNY is designated as agent upon (SSNY) on 11/9/07. Office location: NY served. SSNY shall mail process to principal mail process to principal business location: business location: c/o Joan Olitski, 230 E. whom process against the LLC may be served. c/o Claremont Parking LLC, 70 E. 55th St., 7th County. LLC formed in Delaware (DE) on Notice of Formation of Nastasi Maintenance & SSNY shall mail a copy of any process against 5/16/07. SSNY designated as agent of LLC Construction LLC. Arts. of Org. filed with Secy. 11th St., NY, NY 10003. Purpose: any Fl., NY, NY 10022. DE address of LLC: 2711 lawful activity. the LLC served upon him/her to JARVIS Centerville Road, Ste. 400, Wilmington, DE upon whom process against it may be served. of State of NY (SSNY) on 2/10/05. Office IRVING & CO., LLP, 104 FIFTH AVE, 6TH SSNY shall mail process to principal business location: NY County. SSNY designated as 19808. Arts. of Org. filed with DE Secy. of Notice of Formation of ARX NY LLC, a FL., NY, NY 10011. General purposes. State, 401 Federal St., Ste. 4, Dover, DE 19901. location: 770 Lexington Ave., NY, NY 10021. agent of LLC upon whom process against DE address of LLC: c/o Corporation Service it may be served and shall mail process to: domestic Limited Liability Company. Arts. Purpose: any lawful activity. of Org. filed with the SSNY on 10/05/07. Notice of Qualification of MidOcean III Private Company, 2711 Centerville Road, Ste. 400, Albin & Richman, 600 Old Country Rd., Garden Investors, LLC. Authority filed with Secy. of Wilmington, DE 19808. Cert. of Form. filed City, NY 11530. Purpose: any lawful activity. Office location: NY County. SSNY has been AUCTION LIFE L.L.C., a foreign Limited Liability designated as agent upon whom process State of N.Y. (SSNY) on 10/15/07. Office Company (LLC). Articles of Organization filed with DE Secy. of State, P.O. Box 898, Dover, location: NY County. LLC formed in Delaware DE 19903. Purpose: any lawful activity. against the LLC may be served. SSNY shall with Secretary of State on 9/28/2007. NY Notice of Formation of LATE NIGHT PROPERTY mail a copy of process to: The LLC, Roberto (DE) on 9/26/07. SSNY designated as agent Office location: NEW YORK County. Secretary LLC. Arts. of Org. filed with Secy. of State E. Macho, 181 Hudson Street, Ste 4d, NY, of LLC upon whom process against it may be of State is designated as agent upon whom Notice of Qualification of Capricorn Advisers, of N.Y. (SSNY) on 8/15/07. Office location: NY 10013. Purpose: Any Lawful Purpose. served. SSNY shall mail process to: c/o process against the LLC may be served. LLC. Authority filed with NY Dept. of State NY County. SSNY designated as agent of Corporation Service Company (CSC), 80 on 10/5/07. Office location: NY County. LLC Secretary of State shall mail a copy of any LLC upon whom process against it may be CARNELIAN CAR PARK LLC, a domestic State St., Albany, NY 12207. DE address of formed in Delaware (DE) on 9/28/07. NY process against the LLC served upon him/her served. SSNY shall mail process to: The Limited Liability Company (LLC), filed with the LLC: c/o CSC, 2711 Centerville Road, Ste. Secy. of State designated as agent of LLC to KEVIN J. O’CONNOR, 286 MADISON LLC, 145 Hudson St., Unit Ground B, NY, Sec of State of NY (SSNY) on 10/24/07. NY 400, Wilmington, DE 19808. Arts. of Org. upon whom process against it may be served AVE., STE 200, NEW YORK, NY 10017. NY 10013. Purpose: any lawful activity. Office location: NEW YORK County. SSNY is filed with DE Secy. of State, Townsend Bldg., and shall mail process to the principal business General purposes. designated as agent upon whom process Dover, DE 19901. Purpose: any lawful activity. address of the LLC: 250 University Ave., Notice of Qualification of 1385 Broadway against the LLC may be served. SSNY shall Ste. 300, Palo Alto, CA 94301. DE address Notice of Formation of Trummer Bar Holdings Management LLC. Authority filed with NY mail a copy of any process against the LLC Notice of Qualification of Financial Technology of LLC: c/o National Corporate Research, LLC. Arts. Of Org. filed with Sec’y. of State Dept. of State on 11/14/07. Office location: NY served upon him/her to GGMC HOLDING Management, L.L.C. Authority filed with NY Ltd., 615 S. DuPont Hwy., Dover, DE 19901. of NY (SSNY) on 10/16/07. Office location: County. LLC formed in Delaware (DE) on CORP., 1651 THIRD AVE., RM 207, NY, NY Dept. of State on 11/7/07. Office location: NY Cert. of Form. filed with DE Secy. of State, New York Country. SSNY designated as agent 11/13/07. NY Secy. of State designated as 10128. General purposes. County. Principal business address: 555 401 Federal St., Ste. 4, Dover, DE 19901. of LLC upon whom process against it may agent of LLC upon whom process against it California St., Ste. 2900, San Francisco, CA Purpose: any lawful activity. be served. SSNY shall mail process to c/o may be served and shall mail process to: c/o Notice of Formation of Caprock LLC. Arts. of 94104. LLC formed in Delaware (DE) on Trummer Bar Holdings LLC, 172 Delancey The Chetrit Group, 404 5th Ave., 4th Fl., NY, Org. filed with NY Dept. of State on 10/10/07. 7/28/98. NY Secy. of State designated as Street, #5D, NY, NY 10002. Princ. Bus. loc: Notice of Qualification of Urban Retail Properties NY 10018, principal business address of the Office location: NY County. Secy. of State agent of LLC upon whom process against 172 Delancey Street, #5D, NY, NY 10002. Co., LLC. Authority filed with NY Dept. of LLC. DE address of LLC: c/o Corporation designated as agent of LLC upon whom it may be served and shall mail process to: Purpose: Any lawful act. State on 10/15/07. Office location: NY County. Service Co., 2711 Centerville Rd., Ste. 400, process against it may be served and shall c/o CT Corporation System, 111 8th Ave., Principal business address: 900 N. Michigan Wilmington, DE 19808. Arts. of Org. filed with mail process to: c/o Evenson Best LLC, 641 NY, NY 10011, registered agent upon whom Notice of Qualification of AG CNG LLC. Ave., Chicago, IL 60611. LLC formed in DE Secy. of State, 401 Federal St., Dover, DE Ave. of the Americas, NY, NY 10011, principal process may be served. DE address of LLC: Authority filed with Secy. of State of N.Y. Delaware (DE) on 8/29/07. NY Secy. of State 19901. Purpose: any lawful activity. business address of the LLC. Purpose: any 1209 Orange St., Wilmington, DE 19801. (SSNY) on 10/31/07. Office location: NY designated as agent of LLC upon whom lawful activity. Arts. of Org. filed with DE Secy. of State, County. Principal business location: 245 Park process against it may be served and shall Notice of Formation of 1405 FIFTH AVENUE 401 Federal St., Dover, DE 19901. Purpose: mail process to: c/o CT Corporation System, Ave., 26th Fl., NY, NY 10167. LLC formed in RETAIL, LLC, domestic Limited Liability any lawful activity. 111 8th Ave., NY, NY 10011, registered agent Notice of Formation of TPE GH General LLC. Delaware (DE) on 11/3/03. SSNY designated Company (LLC). Articles of Organization filed upon whom process may be served. DE Arts. of Org. filed with Secy. of State of N.Y. as agent of LLC upon whom process against with Secretary of State on 12/01/06. NY Office (SSNY) on 2/11/05. Office location: NY Notice of Qualification of SSF III Gemini GP, it may be served. SSNY shall mail process to: address of LLC: 1209 Orange St., Wilmington, LLC. Authority filed with NY Dept. of State on DE 19801. Arts. of Org. filed with DE Secy. of location: NEW YORK County. Secretary of County. Principal business location: 405 Park c/o Corporation Service Co. (CSC), 80 State State is designated as agent upon whom Ave.,Ste.1103, NY,NY 10022. SSNY designated 10/26/07. Office location: NY County. Principal St., Albany, NY 12207. DE address of LLC: c/o State, 401 Federal St., Dover, DE 19901. business address: 1585 Broadway, NY, NY Purpose: any lawful activity. process against the LLC may be served. as agent of LLC upon whom process against CSC, 2711 Centerville Rd., Wilmington, DE Secretary of State shall mail a copy of any it may be served. SSNY shall mail process to: 10036. LLC formed in Delaware (DE) on 19808. Arts. of Org. filed with DE Secy. of process against the LLC served upon him/her c/o Marc Andrew Landis, Esq., 238 W. 78th 10/23/07. NY Secy. of State designated as Notice of Formation Carolyn Li Group, LLC State, Townsend Bldg., Dover, DE 19901. to C/O YUCO MANAGEMENT INC., 295 agent of LLC upon whom process against it art. of org. filed Secy. of State NY (SSNY) St., NY, NY 10024. Purpose: any lawful activity. Purpose: any lawful activity. MADISON AVE., 34TH FLOOR, NEW YORK, may be served and shall mail process to: c/o 10/3/07. Off. loc. in NY Co. SSNY designated NY 10017. Purpose: To engage in any lawful Notice of Formation of Rossi Living LLC. Arts. CT Corporation System, 111 8th Ave., NY, NY as agent of LLC upon whom process may be of Org. filed with Secy. of State of N.Y. (SSNY) 10011, registered agent upon whom process Notice of Formation of JEC II, LLC. Arts. of served. SSNY shall mail copy of process to: act or activity. on 10/15/07. Office location: NY County. SSNY may be served. DE address of LLC: c/o The Org. filed with Secy. of State of NY (SSNY) on Joshua A. Sabo, Esq., 40 Buckbee Rd, Troy, designated as agent of LLC upon whom Corporation Trust Co., 1209 Orange St., 5/28/2003. Office location: NY County. SSNY NY 12180. Purpose: Any lawful purpose. Notice of Qualification of HealthTronics designated as agent of LLC upon whom process against it may be served. SSNY shall Wilmington, DE 19801. Arts. of Org. filed with Service Center, LLC. Authority filed with NY DE Secy. of State, 401 Federal St., Dover, DE process against it may be served and shall Dept. of State on 8/31/07. Office location: NY mail process to: Marco Rossi,1623 Third mail process to: c/o Donovan & Giannuzzi, Notice of Qualification of Gemini 442 West Avenue, Apt. 33J, NY, NY 10128. Purpose: 19901. Purpose: all lawful purposes. 36th Street 12, LLC. Authority filed with Secy. County. Principal business address: 1301 S. LLP, 261 Madison Ave., 22nd Fl., NY, NY Capital of Texas Hwy., Ste. 200B, Austin, TX any lawful activity. of State of NY (SSNY) on 11/8/07. Office Notice of Qualification of Waldo’s Dollar Mart 10016. Term: until 12/31/2053. Purpose: any 78746. LLC formed in Delaware (DE) on location: NY County. LLC formed in Delaware De Mexico, S.De R.L. De C.V. Authority filed lawful activity. 12/22/06. NY Secy. of State designated as Notice of Qualification of SoHo Core Portfolio (DE) on 11/5/07. SSNY designated as agent with NY Dept. of State on 10/30/07. Office agent of LLC upon whom process against it II, LLC, App. for Auth. filed Sec'y of State of LLC upon whom process against it may be location: NY County. LLC formed in Baja may be served and shall mail process to: c/o (SSNY) 8/14/07. Office location: NY County. Notice of Formation of 167-177 Lenox LLC. served. SSNY shall mail process to: William T. California (BC) on 2/2/99. NY Secy. of State CT Corporation System, 111 8th Ave., NY, NY LLC org. in DE 8/10/07. SSNY designated as Arts. of Org. filed with Secy. of State of N.Y. Obeid, 200 Park Ave South, Ste 1305, NY, NY designated as agent of LLC upon whom 10011, registered agent upon whom process agent of LLC upon whom process against it (SSNY) on 6/12/03. Office location: NY County. 10003, also registered agent. Address to be process against it may be served and shall may be served. DE address of LLC: c/o The may be served. SSNY shall mail copy of Principal business location: 405 Park Ave., maintained in DE: c/o Harvard Business mail process to: c/o CT Corporation System, Corporation Trust Co., 1209 Orange St., process to Attn: Matthew B. Siano, Esq., 379 Ste. 1103, NY, NY 10022. SSNY designated Services, Inc., 1692 Coastal Hwy, Lewes, DE 111 8th Ave., NY, NY 10011, registered agent Wilmington, DE 19801. Arts. of Org. filed W. Broadway, 5th Fl., NY, NY 10012. DE office as agent of LLC upon whom process against 19958. Arts. of Org. filed with DE Secy. Of upon whom process may be served. BC with DE Secy. of State, 401 Federal St., Dover, address: c/o CSC, 2711 Centerville Rd., it may be served. SSNY shall mail process to: State, 401 Federal St., Ste 4., Dover, DE address of the LLC: Torre del Bosque, Blvd. DE 19901. Purpose: any lawful activity. Wilmington, DE 19808. Cert. of Form. on file: c/o Marc Andrew Landis, Esq., 238 W. 78th St., 19901. Purpose: any lawful activities. Manuel Avila Camacho 24, Piso 7, Col. Lomas NY, NY 10024. Purpose: any lawful activity. SSDE, Townsend Bldg., Dover, DE 19901. Purpose: any lawful activities. de Chapultepec, 11000 Mexico, D.F. Arts. Notice of Formation of WELCOME TO THE TOP, Notice of Formation of Ardmore Interiors, of Org. filed with Public Registrar of Property NOTICE IS HEREBY given that a license, LLC. Arts. of Org. filed with Secy. of State of LLC. Arts. of Org. filed with Secy. of State and Commerce, Boulevard Insurgentes 18302, of NY (SSNY) on 6/14/07. Office location: NOTICE OF FORMATION OF JWM SECOND, LLC, number 1201044, has been applied for by NY (SSNY) on 11/8/07. Office location: NY Arts. of Org. filed with SSNY on 10/25/2007. Tijuana, BC. Purpose: any lawful activity. Txoko, Inc., d/b/a Txikito, to sell beer, wine County. SSNY designated as agent of LLC NY Co. SSNY designated as agent of LLC upon whom process against it may be Off.Loc.: NY County, SSNY designated as and liquor at retail under the Alcoholic upon whom process against it may be served. Notice of Qualification of Central Park Group served. SSNY shall mail process to: The agent of LLC upon whom process against it Beverage Control Law, at a restaurant located SSNY shall mail process to: c/o Robinson Carlyle Fund, LLC. Authority filed with NY LLC, 35 West 110th St., Ste 4K, NY, NY may be served. SSNY shall mail a copy of at 240 Ninth Avenue, New York, NY 10011, Brog Leinwand Greene Genovese & Gluck, PC, Dept. of State on 11/14/07. Office location: for on-premises consumption. 10026. For any lawful purpose. process to: The LLC, 1315 First Ave., New 1345 Avenue of the Americas, 31st Fl., NY, NY York, NY 10021. Purpose: to engage in any NY County. LLC formed in Delaware (DE) on 10105. Purpose: any lawful activity. lawful act. 7/10/07. NY Secy. of State designated as Notice of Formation of ORIBE HAIR CARE, Notice of Formation of Mercer International agent of LLC upon whom process against it LLC. Arts. of Org. filed with Secy. of State GRESHAM LANG GARDEN DESIGN LLC Trading LLC. Arts. of Org. filed with NY Dept. Notice of Formation Morgan 1102 LLC art. of may be served and shall mail process to: 12 of N.Y. (SSNY) on 9/25/07. Office location: Articles of Org. filed NY Sec. of State (SSNY) of State on 2/28/07. Office location: NY County. org. filed Secy. of State NY (SSNY) 10/15/07. E. 49th St., 14th Fl., NY, NY 10017, principal New York County. SSNY designated as agent 1/4/07. Office in NY Co. SSNY desig. agent Principal business address: 40 Mercer St., NY, Off. loc. in NY Co. SSNY designated as agent business address of the LLC. DE address of of LLC upon whom process against it may of LLC upon whom process may be served. NY. Secy. of State designated as agent of LLC of LLC upon whom process may be served. LLC: c/o National Corporate Research, Ltd., be served. SSNY shall mail process to: c/o SSNY shall mail copy of process to 135 5th upon whom process against it may be served SSNY shall mail copy of process to: Victoria 615 S. DuPont Hwy., Dover, DE 19901. Cert. United Corporate Services, Inc., 10 Bank St., Ave., 2nd Fl., NY, NY 10010, which is also and shall mail process to: G. Warren Whitaker, Guthrie, 353 E 53rd St, 1A, NY, NY 10022. of Form. filed with DE Secy. of State, Federal Ste. 560, White Plains, NY 10606. Purpose: the principal business location. Purpose: Any c/o Day Pitney LLP, 875 3rd Ave., 28th Fl., Purpose: Any lawful purpose, managed by 1 & Duke of York St., Dover, DE. Purpose: any any lawful activity. lawful purpose. NY, NY 10022. Purpose: any lawful activity. or more members. lawful activity.

December 10, 2007 | Crain’s New York Business | 29 CNYB 12-10-07 A 30 12/6/2007 8:15 PM Page 1

Union president uses political savvy during strike Low scos a a distinct poility. Diplomat emerges in talks between High standards, an absolute certainty. writers and TV, movie studios

BY MATTHEW FLAMM

for michael winship, television writer, the job of union leader is a natural fit. Elected president of the Writers Guild of America, East, in Septem- ber, Mr. Winship has been rallying members and sitting in on meetings since the union went on strike on MICHAEL WINSHIP has impressed union Nov. 5. But his preparation for his officials with his skills as a tactician. position goes back a lot farther. After graduating from George- ON A COURSE DESIGNED BY JACK NICKLAUS, serviced by Caddies Concierge and presided town University with a degree in appears on digital platforms. “This over by The Ritz-Carlton®, Members at The Ritz-Carlton Golf Club & Spa®, Jupiter discover Florida’s government, he thought he’d have a is a new field for all of us,”Mr.Win- ultimate golf experience as well as an entire property capable of living up to its lofty standards. career as a political operative—until ship says of both writers and their To discover more about the Membership and real estate purchase opportunities awaiting you he burned out working on the employers, the television and film here, please visit www.rcc-jupiter.com, email [email protected] or contact us at 800.510.3095 for details. George McGovern campaign in studios. “We need to begin laying YOUR SECOND HOME IN THE RITZ-CARLTON TRADITION. 1972. He then moved into newspa- down baselines and precedents.” per writing and public relations and landed at Channel 13 in Manhattan Asking too much? ABACO1 • ASPEN HIGHLANDS • BACHELOR GULCH • JUPITER • KAPALUA BAY1 • LAKE TAHOE1 as a publicist for Bill Moyers. He the alliance of Motion Picture SAN FRANCISCO • SOUTH BEACH1 • ST.THOMAS and Television Producers, which 1Future Planned Location ‘We need to resumed negotiations with the THIS ADVERTISING MATERIAL IS BEING USED FOR THE PURPOSE OF SOLICITING THE SALE OF FRACTIONAL guild on Nov. 26, has maintained OWNERSHIP INTERESTS. begin laying that it wants writers to get a share THE COMPLETE OFFERING TERMS ARE IN AN OFFERING PLAN AVAILABLE FROM SPONSOR. of residuals from downloads, but As of December 2007, the price of Membership Interests range from $$234,000 to $499,000. Prices subject argues that the guild is asking for to change. RCJ-07-045 down baselines too much. Mr. Winship, 56, cut his teeth as and precedents’ a union activist during the last writers’ strike, in 1988, when he helped negotiate a separate contract for the guild with PBS. In his current role as president,a part-time position,he ended up working as a writer on Mr. has impressed the full-time union Business Class Just Got Better! Moyers’ shows off and on for the officials with his skills as a tactician next four decades. In 2004, the two and diplomat. of them won a Writers Guild Award “There was a time when I in the commentary category for thought he was just an elegant “Wall Street Scoundrels,” an writer,” says Mona Mangan, execu- episode of Now With Bill Moyers. tive director of the Writers Guild, East. “But it turns out there was an Continuing interest undiscovered dimension to him— but throughout his career that he’s this natural politician.” changes, he never lost interest in People who have worked with politics and public policy. Mr. Win- him at his day job say he brings the ship sees the job of union president same skills to his new position. Experience the latest in air travel – the “Air-Taxi” as a natural extension of his political “He has a writer’s soul,” says Mr. concerns. Moyers, explaining why he thinks Non-stop service that gets you to your destination “Defending the rights of writers Mr. Winship is an effective repre- is to me a very important thing,” he sentative for the rank and file. “His without ever visiting a major airport terminal. Surprisingly says. instincts and aspirations completely The main issues on the table in- encompass the writer’s interest.” affordable, incredibly convenient. Take a departure from clude whether writers should gain a the airlines – a new solution has arrived. portion of revenues from work that COMMENTS? [email protected] Fly Linear Air. REPRINTS OF CRAIN STORIES 877-2-LINEAR CRAIN’S NEW YORK BUSINESS offers reprints of the articles it publishes. To obtain an estimate of the price and the turnaround time for a reprint, please contact Dana Warfel at Reprint Management Services, (717) 399-1900, (877-254-6327) ext. 118, or [email protected]. Readers wishing to make their own reprints or to post a story on a Web site must pay $350 for the use of the Crain’s copyright; the fee for nonprofit www.LinearAir.com/solution organizations is $195. To get additional information, please contact Jill Bottomley at Crain’s New York Business, (212) 210-0282. Mention this ad and save an additional 10% on your first charter when you book by Dec. 31, 2007 CNYB 12-10-07 A 31 12/6/2007 6:05 PM Page 1

BUSINESS HOME FRONT As preschoolers grow up, condos are adding kid-friendly amenities PAGE 32

GOTHAM GIGS LIGHTEN UP: Herb London receives about 15 invitations a week. “It’s hard to Movie judge which event to maven go to,” he says. NANCY SCHAFER, 39, knows her movies. As co-executive director of the Tribeca Film Festival, she helps choose the films shown at the event, which entails watching hundreds of movies every year. FESTIVAL TO FESTIVAL Originally from Washington, D.C., Ms. Schafer founded the South by Southwest Film Festival in Austin,Texas, in 1994. She returned to the East Coast seven years ago and joined the Tribeca festival as a programmer when it was created in 2002. She was promoted last summer. FIND THAT FILM Ms. Schafer now handles the festival’s daily operation and works with a team of three programmers to choose the lineup. “You’re really trying to turn over every rock and stone to find the best new films from around the world,” she says. SUCCESS STORY Many of the movies shown at Tribeca have been critically acclaimed, but Ms. Schafer cites the Oscar- nominated Transamerica, shown at Tribeca in 2005, as a special success. “It was nice to get the recognition for a film we had all believed in.” —adrianne pasquarelli

EXPERT OPINIONS buck ennis

TOASTING THE HOLIDAYS BY SAMANTHA MARSHALL my favorite holiday drink to warm up with is a traditional n atmosphere of decadence permeated the vast Irish coffee, made with hot Donors hall of Cipriani Wall Street last month, when a gala coffee, whiskey—I prefer Jameson—and sugar to your for the Sarah Ferguson Foundation raised the roof. taste. Another classic, eggnog, Performances by acrobats, go-go dancers and Sister can be made with a light rum battle Sledge, Kid Creole and the Coconuts, Natasha like Bacardi, whiskey or Bedingfield and Aretha Franklin entertained a well- Kahlua. I also recommend the Christmas martini. Like any heeled crowd of socialites, bankers and celebrities. real martini, it has gin and But for many guests, it was the fourth night in a vermouth, but the ingredient gala glut row of fabulous fundraisers. Ms. Ferguson’s cause— that gives it the helping children and families worldwide—got lost in the crowd, and the Christmas kick event raised only a fraction of the money that the organizers were hoping for. is peppermint Barrage of big bashes schnapps. Jazz it up A“It was a perfectly lovely evening, but New York is a place where on any with a holiday leaves wealthy exhausted given night, there could be three or five events See DONORS on Page 32 garnish like a candy cane, a THE STATS sprig from your tree or holly. 50,000 to 75,000 $300 to $1,500 —rich gage Event organizers Bartender Number of New Yorkers Price range for a seat at Sidecar estimate: attending galas the table istockphoto

December 10, 2007 | Crain’s New York Business | 31 CNYB 12-10-07 A 32 12/6/2007 8:08 PM Page 1

BUSINESS LIVES HOME FRONT

KID STUFF: For Devonee From playrooms Banchik (with husband, Mitch, and kids Elias and Aliah), children- to PlayStations, specific amenities at the Element condos court kids were “huge.”

safety of their own environment. As youngsters move Buyers like Devonee Banchik re- into adolescence, spond well to the pitch. Ms. Banchik, an actress, model and Pru- developers fine-tune dential Douglas Elliman broker,has a 9-year-old daughter and a 7-year- amenities old son.The facilities for them were a big factor in her decision to buy a BY JUDITH MESSINA three-bedroom apartment at the Element, a 33-story building on

ome recent newspaper 59th Street and West End Avenue roger hagadone ads for Extell Develop- that is near completion. ment’s luxury condos fea- “It’s all very important—espe- developments a few years ago, game rooms,”Mr.Korff says.“It gives kids teen-friendly condos are offering ture fresh-faced adoles- cially in the winter months when rooms and Internet access are the more freedom to play music and parents is rare in the big city:the abil- cents rather than the there’s not much for kids to do and must-haves now. watch TV.” ity to give their children the inde- Sstandard photos of young profes- it’s too cold to go out,” Ms. Banchik One Brooklyn Bridge Park in In addition to installing kid-spe- pendence they crave but within the sionals. says. “It was huge for me.” Brooklyn Heights will feature a me- cific amenities, developers are protected confines of their homes. “Now that I’ve finished my dia center, game room and sound- pitching other building features as One of those parents is Roger homework, I can go down to the Toddlers yesterday, now preteens proof music studio where kids can kid-friendly. At the Ariel and other Nelson, a transplanted Londoner pool for my … swimming lesson,” developers are homing in on practice or take lessons. Extell buildings,for example,the La and a buyer at the Element whose says a tween in a promotion for the adolescents—particularly as the Similarly, the Solaria Riverdale Palestra Center for Preventive twin daughters are 15. The girls Ariel, an Extell building at Broad- housing market softens—to capi- in the Bronx is planning an enter- Medicine will craft custom exercise sometimes go to a Starbucks after way and West 99th Street. talize on the growing number of tainment center complete with a 60- and sports training programs for school, but they’ll only have to pop Welcome to kid city. Amenities people raising children in the city.In inch plasma television,PlayStations kids as well as adults. downstairs after they move into for the older child are the latest twist Manhattan,the city’s condo epicen- and DVD players. On the roof, kids their apartment within the next few in condos, with developers market- ter,the number of families with chil- will be able to look through a tele- Custom programs months. ing game rooms and karate lessons dren under 18 grew nearly 5% be- scope and take on-site lessons from the element, which has the now- “They can just go and use the for the 8-to-18 set. Companies tween 2000 and 2006, according to the Amateur Astronomers Associa- standard lineup of electronic accou- pool table and hang out with their building luxury units in Manhattan, U.S. Census data. tion. Arc Development President trement, also boasts a basketball friends without being under the Brooklyn and the Bronx are creating The toddlers who stormed the Joseph Korff notes that the apart- court, swimming pool and exercise watchful eye of mom and dad,” Mr. spaces where youngsters can do city’s preschools at the end of the ments at the Solaria are teen-proof. lessons by Studio Maestro based on Nelson says. “It’s really an oasis.” things with their friends without decade are now preteens. While “We put in greater insulation be- ballet, martial arts and kickboxing. parents hovering but within the playrooms were obligatory for new tween the living spaces and the bed- Possibly most important, what COMMENTS? [email protected]

Donors cope with gala glut NONPROFITS HAVE A BLAST 2007 fundraising events generating the biggest buzz. Continued from Page 31 out by Thursday night and usually ences became indifferent. Rowdy DATE EVENT CAUSE FUNDS RAISED happening,” says Crystal McCrary stays home. revelers at a Unicef party were so loud Anthony, an author and filmmaker Socialite and songwriter Denise during an Annie Lennox perform- May 2 Robin Hood Various NYC charities $72 million who attended the event. Rich raised the bar for parties when ance that, according to media re- Foundation Welcome to the gala season. It’s she began flying in top-notch per- ports,the exasperated singer flipped fundraiser the time of year when socially con- formers for her Angel Ball, an an- them the bird at the end of a song. Oct. 29 The Angel Ball The G&P Foundation $5 million nected New Yorkers,flooded with at nual event that raises funds for can- for Cancer Research least half a dozen invitations a week, cer research in memory of her Taking it down a notch get slammed with benefit fatigue. daughter, who died of leukemia. “people in new york can be so Nov. 1 La Dolce Vita party Sarah Ferguson $400,000 With so much wealth in This year’s bash, featuring rude,” says Marsha Firestone, presi- Foundation the city and a nonprofit in- Patti LaBelle and Joss Stone, dent of the Women Presidents’ Or- Nov. 27 Snowflake Ball U.S. Fund for Unicef $2.2 million dustry that’s booming, there $1.5M raised a respectable $5 mil- ganization. are more fundraising bashes COST of putting lion—demonstrating that Ms. Firestone gets dozens of in- than ever this year, say venue on the Sarah there’s still plenty of money vitations a week, but she attends Ferguson and service providers,and the Foundation’s to be raised, despite recent only about five or six events a matter of who one knows. A huge ships and ticket sales,but raised only pressure to top the last hot NY event market turbulence. month. “These events can be very outlay for entertainment doesn’t about $400,000 through the charity party is at an all-time high. Bentley Meeker, whose boring unless they are extremely help party organizers much unless auction—a fraction of the approxi- For the members of the in crowd ex- eponymous lighting and staging meaningful to me,” she says. they’re connected with the city’s so- mately $3 million he raised during a pected to support all these causes, company has handled close to 200 Sometimes, the most meaning- cial scene, says veteran animal wel- comparable event in the United the effects can be overwhelming. charity events this year, has seen an ful events are the least lavish. Ms. fare philanthropist Frances Hay- Kingdom.Mr.Feather plans to come annual jump of 25% in the number Firestone says she’d love to see an ward. For the gala attendees with again next year to build his brand,al- Invitation overload of clients for the past two years. “un-gala,” with awards given for the the deepest pockets,selecting which though it won’t be during one of the “people are being numbed into “Wealth has gotten so ridiculous oldest outfit and the cheapest cen- functions to attend is a careful dance busiest weeks of the social season. submission,” says Herb London, that money is no object when it terpieces, “so that most of the mon- of quid pro quos. He says,however,that it’s not the president of the Hudson Institute, a comes to showing off for a party,” ey would go to the charity.” “It’s very much a network where excess of New York parties that’s the policy research organization, who says Mr. Meeker. Mr. London agrees. When he a lot of people you know have their problem: The staid formula of a sit- fields about 15 invitations a week. Laying on a smorgasbord of hot chooses an event these days, he tries own pet charities,” she says. down dinner is tedious, no matter “It’s hard to judge which one to go talent and gourmet fare doesn’t al- to focus on the cause instead of get- Charlie Feather,whose London- who is performing. “I’m amazed to when each event seems more ex- ways get results.There were so many ting dazzled by the chance to see and based charity events firm La Dolce that’s what they call a good night in citing than the next.” events with A-list performers hear big-name talent. “I like sim- Vita organized the Sarah Ferguson New York,” Mr. Feather says. “Peo- Mr. London used to go to more crowded into the first week of No- plicity and substance,” he says. fundraiser, agrees that it helps to be ple should be up dancing.” parties, but now he finds the benefit vember,featuring the likes of Lenny Of course, the key to hosting a known here.The event cost $1.5 mil- scene so exhausting that he’s tapped Kravitz and Alicia Keys, that audi- successful affair has always been a lion, which was covered by sponsor- COMMENTS? [email protected]

32 | Crain’s New York Business | December 10, 2007 CNYB 12-10-07 A 33 12/6/2007 8:30 PM Page 1

BUSINESS LIVES CORPORATE LADDER Graham Parker Orchestrating success New top executive damage control. It’s ‘let’s seize on this momentum.’ ” PERSONNEL FILE at Orpheus to expand That is exactly what Orpheus did in promoting Mr. Parker to his cur- ORGANIZATION Orpheus on unusual group’s rent post last month. He is the first Chamber Orchestra person to hold the top title in six TITLE Executive director big achievements years. “Graham has become so invalu- AGE 37 BY MIRIAM KREININ SOUCCAR able to the organization that we RÉSUMÉ General manager, simply had to recognize him as our Brooklyn Orchestra; director, hen graham executive director,” says Richard Lincoln Center Chamber Music Parker became Lannamann, chairman of Orpheus Society general director and vice chairman of executive at the Orpheus search firm Spencer Stuart.“He has MANAGEMENT STYLE Chamber Or- a lot of energy, ideas, creativity— Collaborative chestraW five years ago, the Grammy and a really solid knowledge of mu- PASTIME Synagogue service Award-winning group needed ma- sic,” Mr. Lannamann says. leader jor tuning. Like many orchestras around the country, it was strug- Build an endowment gling. It had racked up a $1 million in his new role, Mr. Parker will worldwide. Orpheus musicians deficit and was being deserted by focus on fundraising and helping to have consulted for various firms, in- longtime donors. attract more heavy-hitters to the cluding Morgan Stanley, and the

Orpheus, widely believed to be board.First up will be a campaign to U.S.military.Both Harvard Univer- buck ennis the only orchestra in the world that establish and build an endowment, sity and the Haas School of Man- operates without a conductor, now something Orpheus desperately agement at the University of Cali- er, he had expanded it to four stores Despite his record, the executive has a surplus. In addition, its budget needs. fornia at Berkeley have written case and had 50 people reporting to still worries about his success there. has grown to $4.2 million from $3.5 Putting Orpheus’ organizational studies on Orpheus’ collaborative him—at the tender age of 24. “This is an amazing organization million during his tenure, and its and financial health into Mr. Park- approach. with an incredible legacy,and I don’t board has 10 new members,for a to- er’s hands was a major vote of confi- Mr. Parker brings important ex- Still nervous want to mess that up,” says Mr. tal of 32. In October, the 35-year- dence by the musicians as well as the perience to the group. He grew up he came to new york in 1995 Parker, who just adopted a baby boy old orchestra released its first CD in board. playing piano and flute,but majored and answered a blind ad for a mar- with his partner.“I want to do what- six years. The 35-person orchestra is al- in hotel and restaurant manage- keting assistant. It turned out to be ever I can to give them what they “The early days were really ready famous for its unusual artistic ment, in part to please his parents. for the New York Philharmonic. need to transform people’s lives painful,” says Mr. Parker, a native of structure, in which decisions are His first job after graduating from He got the job, which combined through music.” London.“Now you walk into the of- made by consensus. In fact, that college was running a gourmet food his two major interests: music and fice every day and it’s not crises and style is studied at business schools business in Oxford.Three years lat- management. COMMENTS? [email protected]

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December 10, 2007 | Crain’s New York Business | 33 CNYB 12-10-07 A 34 12/6/2007 8:26 PM Page 1

BUSINESS LIVES

EXECUTIVE MOVES

ACCOUNTING & CONSULTING APPAREL & RETAIL sales at PointRoll. HOT JOBS AlixPartners: Brian J. Fox, 41, joined Best & Co.: Catherine Moellering, 35, was YouGovPolimetrix: Ted Marzilli,41, as director, turnaround and restructur- appointed president. She had been vice joined as senior vice president and ing. He was formerly a managing president and general manager at general manager. He had been a senior director at Conway Del Genio Gries Narciso Rodriguez. vice president at the Nielsen Co. WANTED: CHIEF OPERATING OFFICER & Co. 0RGANIZATION Habitat for Humanity, New York City Dempsey Myers & Co.: David S. Cohen, FINANCE & INSURANCE HOSPITALITY & TOURISM 53, joined as chief operating officer. He IDB Bank: Arnim Sanchez Holzer, 47, Sports Museum of America: Jim JOB DESCRIPTION Oversee housing production, real estate develop- had been executive vice president and joined as chief investment officer. He Arnemann, 55, joined as vice president of ment, family partner selection and internal affairs chief operating officer at Sterling had been a macro and risk management venue operations. He was formerly Testing Systems Inc. adviser at Halogen Partners. executive director for the Center for MOST IMPORTANT TASK Develop new strategies to maximize home KPMG: Thomas Boniface, 37, was Lockton Cos.: Kenneth McKenna, 53, Automobile Education & Training. ownership opportunities for hardworking, low-income New York families promoted to partner from senior joined as senior vice president. He had John Paul Basile, 43, joined as vice CREDENTIALS NEEDED 10 years’ experience in real estate develop- manager. been a senior vice president at Aon president of marketing and sales. He was ment and/or nonprofit management, as well as a bachelor’s degree. John Cheesman, 42, was promoted to Consulting. formerly vice president, Northeast, at partner from senior manager. Morgan Joseph & Co.: Jonathan W. Feld Entertainment. SALARY Compensation for the previous chief operating officer was Kozo Suzuki, 43, was promoted to Fitzgerald, 45, joined as managing Marcy Davis, 46, joined as vice president $88,185, according to 2005 tax filings principal from senior manager. director, investment banking group. He of retail and special events. She was Thomas Theodoropoulos, 36, was had been a managing director at formerly vice president of RECRUITER Internal promoted to partner from senior Cascadia Capital. merchandising at Madison Square DOWNSIDE Balancing entrepreneurial real estate initiatives with high- manager. New York Life Insurance Co.: Gary Garden. Wendlandt, 57, was promoted to vice Laura Purcell, 36, joined as curator. She level management tasks—while maintaining a passion for affordable ADVERTISING & COMMUNICATIONS chairman from senior executive vice was formerly project manager at the housing Concep: Darryl Cross, 38, joined as senior president. He continues as chief International Tennis Hall of Fame. UPSIDE Having the opportunity to transform the city by uniting New vice president, business development, investment officer. Yorkers around the cause of affordable housing for everyone effective Jan. 1. He had been director, NFP Securities Inc.: Daniel J. Young, 40, LAW strategy and competitive intelligence, at was appointed president and chief Curtis Mallet-Prevost Colt & Mosle: Habitat for Humanity seeks to eliminate homelessness around the LexisNexis. operating officer. He had been president Santiago Corcuera Cabezut, 47, joined as world. Previous Chief Operating Officer Josh Lockwood was appointed Euro RSCG Worldwide, New York: and chief executive at NYLife partner. He had been a name partner at executive director of Habitat for Humanity, NYC. He joined the organiza- Angelique Moreno, 38, joined as creative Securities. Kuri Breña Sánchez Ugarte Corcuera y tion in 2006 as COO and was appointed acting executive director in manager. She had been a freelance Zurich Financial Services Group: Paul Aznar. creative recruiter. Horgan, 43, was named chief Andrea K. Stimmel, 53, joined as business spring 2007. —ANDREW BUCK Hill & Knowlton: Christian Schwarz, 31, underwriting officer. He had been chief development director. She had been joined as director of business underwriting officer at Liberty Mutual. chief marketing officer at Blank Rome. development. He had founded and Debevoise & Plimpton: Jonathan F.Lewis, owned Local Latin America. HEALTH CARE 40, joined as partner. He had been a Javelin Direct: Joel Sobelson, 54, joined as New York Eye and Ear Infirmary: Charles partner at Fried Frank Harris Shriver & Gardner & Weiss: Richard K. Rosenblum, was formerly deputy director, finance, at group creative director. He was formerly Figliozzi, 45, joined as vice president, Jacobson. 52, joined as partner. He had been a Lagardère Active. chief creative officer at Wunderman. finance, and chief financial officer. He Dewey & LeBoeuf: Martin J. Bienenstock, partner at Labaton Sucharow. Jim O’Donnell, 48, was named treasurer McGarryBowen: Julie Levin, 35, joined as had been chief financial officer and 55, joined as partner. He had been a Patterson Belknap Webb & Tyler: Gerald and continues as vice president and account managing director. She had treasurer at the Brooklyn Hospital partner at Weil Gotshal & Manges. A. Rosenberg, 63, joined as of counsel. He controller. been senior vice president and senior Center. Timothy Q. Karcher, 39, joined as had been chief of the Charities Bureau Meredith Corp.: Jennifer Mirsky,40, account director at BBDO. partner. He had been an associate at at the New York State Department of joined as editor in chief of women’s Undertone Networks: Craig Phillips, 32, HIGH TECH & NEW MEDIA Weil Gotshal & Manges. Law. lifestyle content for interactive, a newly joined as director of media operations, a Visible World: Andrew Ellenthal,37, Judy Liu, 56, joined as partner. She had Pillsbury Winthrop Shaw Pittman: David created position. She had been a vice newly created position. He had been a joined as senior vice president of sales. been a partner at Weil Gotshal & S. Baxter, 33, was promoted to partner president at iVillage.com. manager at Microsoft Corp. He was formerly senior vice president of Manges. from senior associate. National Hockey League: Larry Gelfand, John J. Battaglia, 48, was promoted to 42, joined as senior vice president, counsel from senior associate. media sales. He had been vice president Weil Gotshal & Manges: Ashley R. of digital sales for VH1 at MTV Altschuler, 35, was promoted to partner Networks. from associate. Sundance Channel: Andrew M. Hunn, THIS IS OUR MARKET... Jon-Paul A. Bernard, 35, was promoted 48, joined as vice president, affiliate to partner from associate. sales. He was formerly director, national Matthew J. Gilroy, 33, was promoted to accounts, at Rainbow Media partner from associate. Programming. Robert J. Lemons, 34, was promoted to partner from associate. REAL ESTATE Christopher J. Marcus, 36, was promoted City Connections Realty: Larry to partner from associate. Goldschlager, 43, joined as vice president, Stanley E. Ramsay, 37, was promoted to commercial sales. He had been an partner from associate. investment specialist at Marcus & Joshua Robinson, 44, was promoted to Millichap. partner from associate. Rose Associates Inc.: James L. Hedden, Amy M. Rubin, 36, was promoted to 47, joined as senior managing director, partner from counsel. development, a newly created position. Charan J. Sandhu, 37, was promoted to He had been a region executive at Bank partner from associate. of America. Michael E. Weisser, 34, was promoted to Treeline Cos.: Howard Schorr, 33, was partner from associate. promoted to executive vice president of Andrew J. Yoon, 34, was promoted to strategic operations and planning from partner from associate. senior vice president. MEDIA & ENTERTAINMENT SERVICES Blender magazine: Ben Madden,39,was FilmAid International: Steve Mendelsohn, named publisher of the Alpha Media 50, was appointed executive director. He Group Inc. title. He had been vice was formerly executive director of president of sales at Time Inc.’s Media Project Rebirth. Networks. GreenLife Organization: Neil Braun, 55, Admit One, the trusted source for the acquisition and sale of live event tickets for over 20 years… CBS Corp.: Jennifer Suarez,42,was joined as chairman and chief executive. On the Buy side and Sell side — we offer our clients true market value, secure transactions and dependable service. named senior vice president, workforce He had been president, distribution and development, a newly created position. marketing, at Starz Media. Let Admit One connect you and your clients to the events that matter. She had been senior manager and lead Jon May, 41, joined as chief operating client service partner at Deloitte. officer. He had been managing director CBS Radio Sales: Lisa Padron, 35, was of Catalytic Capital, which he co- (646) 307-4239 promoted to director of sales and founded. continues as vice president of sales. —adrianne pasquarelli www.admitone.com Departures magazine: Ed Ventimiglia,57, and sarah studley email: [email protected] was promoted to senior vice president 1412 Broadway, New York, NY from vice president and continues as publisher of the American Express EXECUTIVE PROMOTIONS SPORTS •THEATER •CONCERTS Publishing Corp. title. The fastest way to get an announcement into Hachette Filipacchi Media U.S.: Philippe Crain’s is to submit details online. Fill out the form On the Bloomberg Terminal: Type TIXX or email [email protected] Perthuis, 40, was named senior vice at www.NewYorkBusiness.com/submit. The president and chief financial officer. He Executive Moves column is also available online.

34 | Crain’s New York Business | December 10, 2007 CNYB 12-10-07 A 35 12/6/2007 6:08 PM Page 1

BUSINESS LIVES TABLE TALK by Bob Lape WINES 80 wines, 18 by the glass gel chicken wings with a single meg-laced creamed spinach and PRICE RANGE $23-$42 lollipop-like bone for easy handling, truly creamy mashed potatoes, and WINE MARKUP 105%-230% and a side dish of potato cake with combines both on one plate for HOURS Lunch, Mon.-Sat., noon-3 aged Gruyère and bacon. sharing. p.m.; Dinner, Mon.-Sat., 5:30-10:30 TBar desserts ($8 to $12) are just But the “signature” Uncle Jack’s plain wicked. Strawberry (short- crab cakes, said to be “95% Mary- p.m., Sun., 5:30-9:30 p.m. cake) sundaes,glazed lemon cheese- land jumbo lump crabmeat”with “a ony fortuna, of Lafayette cake and banana parfait Napoleon- little bit of panko breadcrumbs,” and Lespinasse legend prior style with caramel sauce and proved to be a disaster—sodden, Tto his own Lenox Room, now coconut revive the most satiated ap- loaded with breadcrumbs and rest- leads a modern American steak- petites. ing in a congealed puddle of shrimp house. Worth a pass: boring creamed sauce. Upper East Siders find warm spinach and mashed potatoes, and The house salad contained green and orange tones, signaling escargots needing more garlic plus harsh-tasting onions as well as something less stuffy or macho than something to sop the sauce. greens not dried before tossing. many Manhattan meat marts offer. Waiters blew one order, deliver- Caesar salad lacked any flavor Chef Ben Zwicker’s menu also ing steak instead of lamb. It took 30 beyond a notably unpleasant an- holds savory surprises as well as minutes to correct the deal. chovy. mandatory dishes. On the award-winning wine list, Raw bar choices are handsome- UNCLE JACK’S STEAKHOUSE there were only six non-dessert of- ly accessorized, and Caesar salad #½ ferings by the glass, and the pinot and golden-crusted Maryland crab 44 W. 56th St. (between Fifth and noir was dismal. There are major cakes are impeccably done. Five Sixth avenues) markups on the reserve list. steak cuts, including the obligatory (212) 245-1550 The great Screaming Eagle porterhouse for two (48 ounces), WINES 300 choices, 20 by the glass 2003 cabernet sauvignon, when it are nicely charred without, juicy can be found in stores, is around PRICE RANGE within. $30-$200 $1,750. It’s $5,000 at “infamous” More entrées that are worth ex- WINE MARKUP 50%-275% Uncle Jack’s. citement: grilled salmon with miso- HOURS Mon.-Wed., 11:30 a.m.- mustard glaze, roast Giannone 11 p.m., Thurs.-Sat., 11:30 a.m.- COMMENTS? [email protected] chicken with sage stuffing, and veal midnight, Sun., 3-10 p.m. schnitzel crowned with an egg sun- ny-side up, anchovy, capers and he web site for Uncle Jack’s lemon. proclaims it “New York’s most buck ennis The brined Berkshire pork chop infamous gathering place for MEAT MART MAVENS: Ben Zwicker (left), Datza Kikovic and Tony Fortuna of TBar Steak & T is a fine, formidable chunk of the the discriminating.” Also, “New Strictly kosher gift baskets for the holidays, Lounge, where the menu holds surprises as well as mandatory dishes. best a pig has to offer. York’s best steakhouse.” Modesty condolence, & year-round events. Some jump-up-and-shout items aside, Mr. Degel has again created a www.kosherline.com • 888-567-4378 are smoked salmon “ravioli” with Diamond Jim Brady-esque, nou- caviar and pickled pearl onions, an- veau bordello stage to sell remarkable beef at prices up to $200. 2 new houses There is confusion at the door. A confirmed reservation can’t be found until we point it out for the greeters. Members of our party ar- steak their claim riving later are told no one had come earlier. end meatery of Willie Jack Degel. Tuxedoed captains recite the en- TBar chars on Upper Both have loud, busy settings trées for four minutes, detailing the East Side, while Uncle sans dress codes. Tiffany grub—chicken marsala is Reservations are recommended $30—in this balconied restaurant Jack’s in midtown at either place, credit cards are with heavy drapes, fringed lamps welcome—almost essential—and and plush velour chairs. Explaining generates a few beefs both restaurants offer dinner sides comes later. every day, skipping lunch only on TBAR features five steak cuts, Kobe beef and Akaushi, an even new york’s insatiable lust for red Sundays. including porterhouse for two. more highly praised and priced vari- meat has spawned two more notable ation, are Texas-grown from Japan- #### entries in our great sweepsteaks. TBAR STEAK & LOUNGE ## = Outstanding ese stock. Both are terrific steaks, TBar Steak & Lounge brings a ###= Excellent lush and memorable in all respects. rare carnivore’s mecca to the Upper 1278 Third Ave. (between East 73rd ##= Very good So, too, was simply grilled salmon East Side. Uncle Jack’s Steakhouse and East 74th streets) #= Good ($35). on West 56th Street is the third high- (212) 772-0404 The kitchen does dandy nut-

December 10, 2007 | Crain’s New York Business | 35 Project6 10/16/07 3:58 PM Page 1

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