20121008-NEWS--0001-NAT-CCI-CN_-- 10/5/2012 7:18 PM Page 1

NEXT WEEK: 25 YEARS OF 40 UNDER 40. A SPECIAL REUNION ISSUE

CRAIN’S® NEW YORK BUSINESS

VOL. XXVIII, NO. 41 WWW.CRAINSNEWYORK.COM OCTOBER 8-14, 2012 PRICE: $3.00 , BR Guest HOT marriage woes

A $150 million deal signed at market top falls far short of its original goals

BY LISA FICKENSCHER

The 2007 marriage between restau- rant group BR Guest Hospitality and private-equity firm brought together two power- houses that vowed to turn out dozens of trendy hotels and restaurants around the world. Starwood Capital, the original in- vestor behind Starwood Hotels & Re- sorts,was going to develop its own ho- tels and populate them with BR Guest’s proven restaurants, including Dos Caminos and Blue Water Grill. Its 26 plan called for BR BR GUEST Guest to open as RESTAURANTS in New York, New many as 80 eateries, Jersey, Florida up from 16, in just a POPULAR DEMAND: and Nevada couple of years. Director Glenn Lowry Source: BR Guest That was, of will keep the course, before the museum open economy tanked. Since then, the part- seven days a week. nership between Starwood Capital’s chief executive, Barry Sternlicht, who created Starwood Hotels & Resorts and left that company in 2005,and BR Guests’ Stephen Hanson has turned into a more modest operation, falling far short of its original goals.BR Guest has grown to just 26 restaurants, and As attendance soars, Museum of Modern Art now the clock is ticking on the part- ners’ future together: The fund that shoots up the ranks of city’s top cultural orgs Starwood Capital set up to underwrite BR Guest’s expansion is nearing the end of its five-year term, according to BY THERESA AGOVINO sources familiar with the deal. Starwood Capital would not con- Photographer Cindy Sherman’s provocative images, film director Tim Burton’s quirky drawings and firm details about the fund, including nude performance artists featured in Marina Abramovic’s memorable exhibit have helped the Museum its timeline, but Chief Operating of Modern Art become an ever more popular attraction for locals and tourists alike in recent years. De- Officer Daniel Yih said in an inter- mand for MoMA’s shows has become so overwhelming that the museum announced last month that view, “We typically exit investments it will be open seven days a week instead of six, starting next spring. [in] five to 10 years.” He added that Attendance at the midtown institution has averaged nearly 3 million visitors a year, double the “we continue to assess when to exit the approximately 1.5 million visitors it hosted in 2004, when it reopened after a two-year renova- See STARWOOD on Page 19 tion. During the same period, membership catapulted to 140,000 from 30,000. ELECTRONICELECTRONIC EDITIONEDITION “We were maxed out as far as our attendance, so it became an easy decision” to open seven days, said Glenn Lowry, the muse- um’s director, who sat in his office looking quite corporate in his dark suit, though violet socks peeking from his pant legs hinted at See HOT MOMA on Page 12 ELECTRONIC EDITION THE newsbloomberg

NEWSPAPER LIST NYC’s Largest Cultural Institutions P. 13 20121008-NEWS--0002-NAT-CCI-CN_-- 10/5/2012 6:14 PM Page 1

STATS AND THE CITY

AN APPLE A DAY Health care took center stage in last week’s presidential debate, while statistics released recently showed a 23% drop in the average number of visits people are making to doctors. FYICRAINSNEWYORK.COM 3.9 Average medical visits made in 2010 by 18- to 64-year-olds, down from 4.8 in 2001 For banks, the toll keeps rising 1,260 NYC women who succumb to breast ust when it seemed like the government would cancer annually never bring a big case against a big 80.6 bank for its role in the mortgage mess, New York Life expectancy in NYC for people born J Eric Schneiderman state Attorney General stepped in 2009, up 2.9 years from 2000 forward. He hit Bear Stearns, which JPMorgan Chase 38,697 absorbed in 2008, with a civil suit alleging misdeeds Physicians working in NYC connected with Bear’s packaging of mortgage

securities back in the boom. bloomberg 42.6 The case actually contained few revelations. But the NYC HIV diagnosis rate, per 100K people, in 2010, vs. 16.1 nationally AG, who’s part of a Justice Department task force looking to bring financial fraudsters to justice, is promising a whole lot more to come. How much more? Sources: NYC Department of Health and Mental Hygiene, Crain’s research, U.S. Census Bureau and “We’re looking at tens of billions” in penalties, he told Bloomberg Television last week, “not

istockphoto NYS Department of Health just by one institution, but by quite a few.” LOSING ALTITUDE Last week, Bloomberg reported that the AG secured agreements with 12 banks allowing his The total number of flights coming through NYC-area airports has been office to continue its investigations past a deadline. Charles Peabody, a banking analyst at Portales descending since the spring. Partners, estimated it would cost JPMorgan $3 billion to settle. Citigroup, Bank of America and

+8.5% y-o-y change say they have already set aside sufficient reserves for such mop-up ops. Still, banks have a way of underestimating the cost of resolving these sorts of messes, as BofA +4.2% +1.7% did before agreeing to pay $2.4 billion to settle a suit alleging that it misled shareholders about its +0.1% -2.4% -1.3% -3.3% acquisition of Merrill Lynch. In short, as eager as banks may be to move on from the 2008 crisis, the sins of the past continue to bite. —aaron elstein 1/12 2/12 3/12 4/12 5/12 6/12 7/12 Source: Port Authority of New York and New Jersey TEMP’S RISING ON SICK LEAVE. A big struction crews on the MTA’s Long City Hall rally in support of mandat- Island Rail Road arm were arriving HOORAY! ADDICTED TO NUMBERS? GET A DAILY DOSE AT @STATSANDTHECITY ing paid sick leave and a poll showing late, leaving early and working slow- FIVE rising public support for it upped the ly—with little oversight....FEDS LOVE “GENIUS” heat on City Council Speaker Chris- CORNELL NYC TECH, TOO. The U.S. New Yorkers won MacArthur THIS WEEK IN CRAIN’S tine Quinn to stop blocking the meas- Commerce Department says it will fellowships ure.The Community Service Society set up shop at Cornell NYC Tech’s and will get a found in a poll that 83% of New York- new Roosevelt Island campus with an cool $100,000 IN THE BOROUGHS------3 a year for five ers favor a bill mandating paid sick eye toward helping all those techies years. IN THE MARKETS------4 days, up 9 percentage points from a navigate their way to lucrative year ago. But a business coalition patents, federal grants, etc. And in- THE INSIDER ------6 fighting the mandate insists it re- stead of waiting for the campus to BUSINESS PEOPLE ------7 mains steadfastly opposed. Mean- open in 2017, it has already dis- CORPORATE LADDER ------8 while,Public Advocate Bill de Blasio, patched a staffer to the school’s tem- OY VEY! a likely opponent of Ms.Quinn in the porary digs at Google’s local mega- FROM AROUND THE CITY ------TIGHT 9 race for mayor, not only hammered office over in Chelsea. ... CONDOS IN BUDGETS BULK. OPINION ------10 the speaker for block- In a likely sign cause more ing the bill, he un- of continuing slug- city residents GREG DAVID------11 ‘We’ve heard to eat home- veiled another meas- gishness in the city’s cooked THE LIST ------13 ure likely to rile from too condo market, Two meals. business—a fat tax Trees Management REAL ESTATE DEALS------15 hike on the rich. … many sold the top 10 floors CLASSIFIEDS ------16 MTA GETS GREEN businesses: “I of its huge Mercedes NEW YORK, NEW YORK LIGHT. The state House development SMALL BUSINESS------20 The tristate area is filled with comptroller found just can’t take on the West Side for autumn adventures, from SOURCE LUNCH------22 nice things to say it anymore” ’ $170 million.The de- ziplining through the fall about the Metropoli- veloper was building winding down, but he’s not exactly OUT AND ABOUT ------23 City Council Speaker foliage to an over-the-top tan Transportation Christine Quinn, at a press 162 condos there atop easing up on one of his signature proj- jack-o’-lantern display. P. 21 SNAPS------23 Authority, calling its conference on measures to its new apartment ects: improving the city’s schools. Far finances “appreciably” ease the regulatory building but opted for from it. The city has put a record 36 CORRECTIONS improved following a burdens on small a bulk sale as “an expe- elementary and middle schools on a LGBT buying power is estimated to be $790 billion in 2012. The amount was misstated rocky couple of years businesses dited route to achieve watch list for possible closure. Mean- in the Sept. 24 “Marriage equality accounts for bigger workloads.” In addition, the name of big revenue short- our exit plan with mit- while, 181 additional schools could of the firm that made the projection is Witeck Communications Inc. Its name was falls. Comptroller Thomas DiNapoli igated risk,” according to a Two Trees see a major overhaul.That total of 217 misstated in the article. did warn of “risks and challenges that exec. The buyer, Dallas-based In- is almost double the number of Gatz, a 6.5-hour dramatization of F. Scott Fitzgerald’s The Great Gatsby, was performed remain,” and he was quickly proved vesco, is expected to market the top schools ranked as troubled last year. in 2010 and again last spring. Its production date was misstated in the Oct. 1 “Public MAYOR AS HARD Theater’s next stage.” right. A report from the agency’s own floors as rentals. ... —lauren elkies and inspector general found that con- GRADER. The mayor’s final term is erik engquist Niki Russ Federman is a fourth-generation member of the family that runs Russ and Daughters. Her first name was misspelled in the Oct. 1 “Campaign turns lens on Lower East Side icons.” Fresh & Co. signed a lease at 1359 Broadway. The address was misstated in the Oct. 1 For the Record. STORIES TO WATCH THIS WEEK

vol. xxviii, no. 41, october 8, 2012—Crain’s New York Business (issn 8756-789x) is published weekly, except for double issues the weeks of July Fourth, Labor Day and Christmas, by Oct. 10: Council Oct. 11: NHL’s Oct. 11: First day Oct. 12: Deadline Crain Communications Inc., 711 Third Ave., New York, NY 10017. Periodicals postage paid at New York, N.Y., and additional mailing offices. Postmaster: Send address changes to: Crain’s panel holds hearing season openers of NY Comic Con for 2013 voters and New York Business, Circulation Department, 1155 Gratiot Avenue, Detroit, MI 48207-2912. on stop-and-frisk canceled by at Javits Center. candidates to for subscriber service: Call (877) 824-9379. Fax (313) 446-6777.$3.00 a copy, $99.95 one year, $179.95 two years. (GST No. 13676-0444-RT) reform bill. lockout. change parties. ©Entire contents copyright 2012 by Crain Communications Inc. All rights reserved.

2 | Crain’s New York Business | October 8, 2012 20121008-NEWS--0003-NAT-CCI-CN_-- 10/5/2012 7:11 PM Page 1

IN THE BOROUGHS BROOKLYN

In East NY, a landfill MAKING MONAEO: Nishant Mittal and will enjoy Anupam Singhal’s technology helps people working across borders avoid populous tax entanglements. new life Housing, schools and stores sprouting; next up, transportation

BY AMANDA FUNG

When Burger UrWay, a Brooklyn- based healthy-burger joint, opens at the base of a new apartment build- ing on Elton Street later this year, it will be the first retail establishment to set up shop in a community still taking shape in Spring Creek, in Brooklyn’s East New York section. Today, 233 families reside in buck ennis Spring Creek—site of a former 227- acre landfill. All of them live in a growing community of affordable one- to three- family homes, ODDS THE APP FOR THE 1% known as Ne- & ENDS hemiah Spring Creek Houses. spent the year working in London receipts and travel records. “Taxes are one place where al- By the time con- $73M Or any road warrior and traveling for business. His wife In August 2011,using their sav- most no innovation has come,” said struction is COST of Spring lived in Boston.Neither knew what ings, the two consultants started a Mr. Mittal, noting the long dry completed in a Creek Community sick and tired of School, a new taxes they owed to various states tech company in Manhattan called spell since the advent of consumer couple of years, three-school being hounded by and nations. The couple spent Monaeo, from the Latin word tax-prep software.“We’ve taken on that number will campus weeks trying to reconstruct, day by moneo, meaning advise, warn, fore- the challenge.” more than quin- Source: Spring Creek the NY taxman Community School day, where they’d been. tell. Their debut product: a smart- In fact,taxes may be the one area tuple, to 1,275 The same thing happened a year phone app that, using GPS tech- where government is ahead of the families. Mean- BY ERIK ENGQUIST later to Mr. Singhal’s friend Nis- nology, allows people to track technological curve. A $3.8 million while, right next 214K WATTS generated hant Mittal, who had lived in India where they’ve been and tells them investment by New York state in door, work is by Gateway Elton Two years ago, Anupam Singhal while his wife was in New York. how many more days they can analytics that flag questionable tax wrapping up on 1’s solar panel got a rude awakening when he sat The two men felt there had to be a spend somewhere before trigger- returns has so far recovered a whop- the four-build- system, biggest of down to do his tax return. He had better way than combing through ing a tax liability. See APP on Page 19 ing, 197-unit its kind in NYS first phase of Source: Hudson Cos. Gateway El- ton—the future $7.39 COST of home of not just steakburger, fries, Burger UrWay 16-ounce soda at Ad malaise points to ho-hum holidays but the largest Burger UrWay solar panel of Source: BurgerUrWay.com any residential ing. Despite recent job gains local- city’s radio stations were down 1% to digital. The Web, however, and, building in the state. And when Busiest time of year ly and nationally, the buying deci- through August, according to a to a lesser degree, network televi- Gateway Elton is completed by may be anything sions of marketers—which can confidential report obtained by sion are still seeing growth. 2016, it will boast 660 affordable serve as an economic indicator— Crain’s from industry accounting Local media are not benefiting rental apartments. but, judging by one reflect modest expectations for the firm Miller Kaplan. from political advertising because “It’s a brand-new community be- fourth quarter, the busiest time of New York is ignored by the presi- ing built from the ground up,” said economic indicator the year. dential candidates.That makes sta- Linda Boyce, who moved into her “The advertising marketplace Marketers tions more dependent on tradition- single-family house in 2009. “It BY MATTHEW FLAMM will grow as the economy re- al sources like retailers. Yet signs so takes time to grow.” bounds,” said Lyle Schwartz, a could pounce far suggest only moderate Christ- In fact, it already has. Work be- U.S. voters aren’t the only ones managing director at media- mas cheer, according to research gan on Spring Creek, a public- holding their breath until the elec- buying giant GroupM. “I haven’t after election and consulting firm Borrell Associ- private effort, more than two tion. Many advertisers are waiting seen any sign that that’s in the im- ates.Retail hiring is up this year,but decades ago with the building of for the November results—when mediate future.” is resolved Borrell does not expect to see a big roads, sidewalks, sewers and other consumers will be less distracted by Executives at New York televi- holiday bump. basic infrastructure. The first pre- politics,and economic policy will be sion stations say they expect to fin- “So far we don’t see a lot of hir- fabricated homes, built in modules more clearly defined—before they ish the year either flat or down a few ing,” said Kip Cassino, executive and trucked in from a factory in the make major spending decisions. percentage points in ad revenue, See AD SLUMP on Page 18 Brooklyn Navy Yard, began mush- Media outlets have been posting even counting a double-digit boost Magazine publishers are also rooming six years ago. Just last lackluster results so far this year as to the marketplace from the Sum- closing the year on a lower note as FOUR WORRIERS offer doomsday month, the neighborhood-in-the- Europe’s troubles and weak spend- mer Olympics, which drew record advertisers take refuge in the visions of NYC’s future Page 18 making hit another major milestone ing have cast a cloud over ad spend- audiences for NBC.Ad sales for the strongest titles or shift their dollars See EAST NY on Page 9

October 8, 2012 | Crain’s New York Business | 3 20121008-NEWS--0004-NAT-CCI-CN_-- 10/5/2012 7:12 PM Page 1 IN THE MARKETS by Aaron Elstein

shoppers hell-bent on arugula knows what a beloved institution Fairway Fairway debt: ‘Like has become. But that doesn’t mean it’s a stock you want to own. First, the vital statistics: Fairway no other market’ Group Holdings Corp. generated $555 million in sales in the fiscal year ended April 1, an impressive airway describes itself as being “like no other 14% increase over the prior year and market,” and the foodies who flock to its stores for 60% more than in 2009. The store count has doubled over the past four Umbrian olive oil and free-range fowl would certainly F years, to 11, and management reck- newscom agree. But actually, it’s like a lot of other supermarket ons that number could triple in the operators—struggling to keep its head above water in an New York area and grow to more that should be going public,” said FAIRWAY than 300 nationwide. Clearly,this is Peter Schaeffer, a partner at invest- ultracompetitive business. Perhaps its most distinguishing a company on the move. ment bank Carl Marks Advisory Group. RESULTS characteristic is how deeply in debt it is. A Fairway spokeswoman didn’t This financial information was revealed last month, when Digging out return requests for comment on Mr. Sales (in millions) $555 the 79-year-old supermarket chain filed documents to raise Trouble is, Fairway reported a Schaeffer’s observation. Losses (in millions) $37 million net loss last year, has It won’t be easy for Fairway to dig $486 $150 million in an initial public offering. In the process, piled up $110 million in losses over itself out of its financial hole. Fairway leaped ahead of hip new retailers and media the past four years and warns it won’t According to its prospectus, most of companies like Gilt Groupe and Foursquare in the race to turn profitable until 2014 at the the IPO’s proceeds will be used to pay $401 soonest. On top of that, it’s bur- back Sterling Investment Partners,a become the highest-profile IPO of a New York company in $343 dened with $260 million in debt. private-equity firm that bought a many years. “This sounds to me like a com- majority stake in Fairway from the Anyone who’s navigated through hoards of weekend pany that’s going bankrupt, not one founding Glickberg family in 2007. Fairway owes Sterling an undis- closed amount of accrued dividends. The grocer has also promised to buy back an unspecified amount of pre- ferred shares and to pay a Sterling af- filiate for terminating a management $39.0 $36.7 agreement. Sterling holds 78.5% of $10.8 $23.8 the company’s voting stock and will remain in control after the IPO. 2009 2010 2011 2012 We congratulate our client Source: Prospectus ‘A real gamble’ The situation with Sterling food-related IPOs.Two of the year’s leads to some uncomfortable math hottest offerings have come from for Fairway. Suppose the grocer Annie’s Inc., which sells organic mac- were to use $100 million of its IPO aroni and cheese, and retailer Natural money to pay Sterling and reduce Grocers by Vitamin Cottage Inc. “Fair- its debt. That would leave it with way is clearly trying to provide a sec- just $50 million in cash to expand, ond chance to investors who missed on the $525MM financing plus about $160 million in borrow- on the earlier high-end supermarket ings. Servicing the debt would cost concepts,” said David Menlow, presi- of the acquisition by $13 million a year, estimated Mr. dent of IPO Financial Network, a New Schaeffer, who said it would erode Jersey-based research firm. Fairway’s capacity to open new Two more caveats, though, for stores. potential Fairway shareholders: Tim Ghriskey, co-founder of Solaris While management considers Fair- Asset Management, is also skeptical. way’s brand “iconic,” it is restricted “The debt load is just huge, and the from using the name outside the growth scenario isn’t all that East Coast and California, the compelling,” he said. “This is a real prospectus said. It’s not clear why gamble.” that’s the case, but one thing is cer- of But Fairway has some consider- tain: Management would have to able strengths, not least of which is enter many new markets under a the fact that many shoppers,includ- different name. That sounds like a the blood collection, filtration ing Mr. Ghriskey’s wife, go out of tough sell. their way to shop there for hard-to- The company values its brand find specialty items. Its gross mar- name at $23.6 million. Perhaps and processing product lines of gins are similar to those of Whole that’s accurate.But it’s worth noting Foods, and its profit margins are that the naming rights to one of the triple those of Safeway. (Yet those best-known restaurants in the na- profit margins aren’t all they might tion, Tavern on the Green, fetched $1.3 seem, because Fairway’s definition million at auction last year. of operating earnings does not in- “There’s no way Fairway’s name clude business expenses for things is worth what they say it is,” Mr. like store openings and executive re- Schaeffer said. Ⅲ cruiting.) Also in Fairway’s corner is the LISTEN to a discussion at fact that investors are hungry for CrainsNewYork.com/podcasts

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4 | Crain’s New York Business | October 8, 2012 CN015326.qxp 8/17/2012 3:15 PM Page 1

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Monthly subscription, download & usage charges req’d for use. LTE is a trademark of ETSI. 4G LTE is available in over 300 markets in the U.S.; see vzw.com. Droid is a trademark of Lucasfilm Ltd. and its related companies. Used under license. © 2012 Verizon Wireless. F3002 20121008-NEWS--0006-NAT-CCI-CN_-- 10/5/2012 7:17 PM Page 1 THE Faster than a speeding bullet INSIDER by Andrew J. Hawkins city by saving developers time,but it Street officially became the first New Buildings Dept. also allows the city to respond more Hub-approved project, getting its approval process flies quickly to shifts in demand for of- green light three months after filing fice space, apartments or whatever. its plans. Related was followed by a with ‘men of steel’ The Hub is especially crucial now platoon of big developers, including that construction activity is picking New York’s Harry Macklowe and up again. Dallas’ Hines. Through the Hub, BY AMANDA FUNG “This is a huge leap in the way we they won approval for an 84-story do things,” said Buildings Depart- luxury residential tower on the for- For decades, anybody aiming to ment Commissioner Robert mer site of the Drake Hotel on Park build in New York had to queue up LiMandri.“I think within a year, al- Avenue and a 29-story office tower at the city’s Department of Build- most every new building request overlooking Bryant Park on Sixth ings to submit reams of drawings, will go through the Hub.” Avenue, respectively. construction plans and other docu- That is already well on the way to “It has improved the Buildings ments for review. Next came as happening. Exactly one year after Department’s efficiency and trans- many as four face-to-face meetings the Hub was launched, its impact is parency,” said Mr. Beal. with a welter of city agencies to mull substantial. According to the city, To make it all possible, the de- over all that paperwork, a process 339 new buildings and major alter- partment has spent more than that easily could take a year before $250,000 outfitting an office—on newsbloomberg the city would allow anybody to sink the third floor of 80 Centre St. in a single shovel in the ground. ‘In a year, almost lower Manhattan—with tech tools Windfall for Romney? Debatable Today,that process is being swept every building ranging from tablet computers and aside.Under a new digitized system, webcams to 70-inch flat-panel tele- itt Romney’s strong performance in last week’s documents are submitted electroni- vision screens. Last month, that cally, conferences are conducted via request will go hardware helped Martin Dunn of debate may translate into a cash windfall from Web video links, and the verdict is Brooklyn-based Dunn Develop- New York donors, several Republican consultants rendered (by email, of course) in as through the Hub’ ment Corp. win approval in enough M and fundraisers claimed. But others noted that many GOP little as three months—all without time to meet a crucial Oct. 1 dead- backers in New York have already given him as much as the anyone having to leave their office. line he faced in securing financing It is a “sea change,” said Bruce for a 66-unit affordable senior hous- law allows. Beal Jr., president of Related Cos., ing project. Having only submitted David Catalfamo, a Republican operative and former aide one of New York’s largest develop- ation projects had been approved via the plans in mid-July, he had feared to Gov. George Pataki, said the response to the challenger’s ers, who went on to hail the new the Hub as of Oct. 3.Those projects that the approval for the project in process for making the city “more are expected to produce an econom- Brooklyn’s Brownsville section debate performance was enthusiastic at a breakfast the next user-friendly.” ic impact, in terms of construction would not come fast enough. day with more than 20 executives from the commercial real The system that Mr.Beal and de- and permanent jobs, of more than “Time is money when it comes to estate industry. velopers of all sizes are happily em- $1 billion at a time when the city’s development,” said Mr. Dunn. One Republican fundraiser said phones have been bracing is officially called the NYC economy is still reviving. Last After some initial technological Development Hub,and they are do- month, 38% of all new buildings snafus, including garbled videocon- ringing off the hook since the debate. “Donors are definitely ing so for good reason.By greatly ac- went through the Hub,up from 24% ferences and document download- excited, and there have been a few people reaching out celerating and simplifying the ap- in August. ing/uploading issues,the system has asking, ‘Where can I send my check?’ ” the fundraiser said. proval process, the Hub not only Last year, Related Cos.’ 389-unit settled in nicely.What remains to be Mr. Romney has raised $17.8 million from New York cuts the high cost of building in the apartment building on West 30th See FASTER on Page 18 state, or 9% of his total haul, according to the Center for

Responsive Politics. More than state law,” he said. $12.5 million of that came from Mr. McDonald has retained the city. Wall Street firms make up Genova Burns Giantomasi & Discover 360° Service. the top five sources of money for Webster to argue his case. “We’re Romney’s campaign: Goldman confident that this legal position is Sachs, Bank of America, the correct one,” said Laurence JPMorgan Chase, Morgan Stanley Laufer, an attorney with the firm. and Credit Suisse. President Mr. Laufer will square off against Finding the right space means Barack Obama has raised more than the city’s Campaign Finance $24 million in New York. Board, where he was once general more than just location. However, the maximum counsel. donation for the general election A spokesman for the board Cassidy Turley’s tenant representation specialists will develop is $2,500. said, “The city’s campaign finance “I think a lot of people have law says the limits apply to all your ideal real estate strategy, no matter your size, scale or already hit the federal limit,” said candidates.” scope. Our experience, proprietary research and unique Daniel Isaacs, chairman of the Mr. McDonald hopes to raise Manhattan Republican Party.“A $16 million for strategic approach give our experts a 360º view. lot of the big guys are more or less his mayoral maxed out.” bid. “We’re going to file a big number on Mayoral rivals Jan. 15,” he have hat in hand said, referring to the next Donors can give up to $4,950 to a disclosure deadline. citywide candidate, according to One rival for the mayoralty, city law. State law says they can Manhattan Media CEO Tom Allon, contribute as much as $41,100, scoffed at those fundraising goals. but no city candidate has dared to “If he raises more than $1 million defy the city limit. Until now. by January, I’ll eat my hat in Discover Excellence in Tenant Representation. George McDonald (pictured), Macy’s window,” Mr. Allon Discover Cassidy Turley. founder of the Doe Fund and a quipped. Republican candidate for mayor, Replied Mr. McDonald, “I Peter Hennessy will challenge the city law as look forward to selling tickets to President, New York Tri-State Region unconstitutional. “I believe I have Tom eating his fedora. It’ll be a 212.318.9790 the right to collect [more] under fundraiser for my campaign.” Ⅲ [email protected] www.cassidyturley.com For daily political and government news, subscribe to Tenant Representation / Project Leasing / Project & Development Services / Property Management / Corporate Services / Capital Markets CRAIN’S INSIDER @ www.crainsnewyork.com/insider

6 | Crain’s New York Business | October 8, 2012 20121008-NEWS--0007-NAT-CCI-CN_-- 10/5/2012 1:40 PM Page 1

BUSINESS 6 a.m. The optimal time to send an email. When sent at this time, they’re most likely to be read PEOPLE Source: HubSpot

EXECUTIVE MOVES THE MAN WHO KNOWS TOO MUCH: YWCA of the City of David Szuchman New York: Danielle keeps an eye on Moss Lee, 43, joined cybercrime, which he the nonprofit as says is a part of just chief executive. She about every case was previously pres- these days. ident and chief executive at the Harlem Education- al Activities Fund. McKissack & McKissack: David Kane, 45, joined the construction company as chief operating officer and execu- tive vice president. He was previously executive vice president of the capital program division at the New York City Economic Development Corp. New York State Trial Lawyers Associa- tion: Michael Jaffe, 42, joined as presi- dent. He will continue to serve as partner at Pazer Epstein & Jaffe. IBM: Virginia Rometty, 55, was named chairman of the board. She will continue in her role as president and chief executive. The American Red Cross: Robert Maruster, 41, was named chairman of the Greater New York region’s board. He is chief operating officer for Jet- Blue Airways Corp. PwC: Carol Sawdye, 48, joined the con- sulting firm as chief financial officer and vice chair. She was previously executive vice president and chief financial offi- cer of the National Basketball Association. Bruce Buchanan, 46, joined as manag- ing director of its business recovery

buck ennis services group. He was previously managing director, head of strategic GOTHAM GIGS finance and global restructuring group team leader at RBS Securities Inc. Marc-Philip Ferzan, 45, joined as managing director of its U.S. forensic services practice. He was previously executive assistant attorney general at Mr. Paranoia the New Jersey attorney general’s office. Paula Loop, 51, was promoted to New York metro region assurance leader. You won’t find him on Facebook. But he might find you She was previously U.S. and global talent leader. Don’t look for David Szuchman on any social- identity. ¶ “It’s a crazy culture that’s developed Univision Communications Inc.: Richard Pacheco, 34, was promoted to ‘It’s a media sites—you won’t find him. ¶ That’s around these types of crimes,” Mr. Szuchman senior vice president, enterprise because as chief of the Manhattan district said. “And to us, cybercrime is every case.” Not development. He was previously crazy senior vice president, strategic attorney’s cybercrime and identity-theft bureau, just the obvious ones: hacking, malware or fraud. initiatives. culture Mr. Szuchman knows too much. He is more Violent and white-collar crimes can also have a Keith Summa, 37, likely to be found trolling the social-media pages tech element if, as is often the case, a data- was promoted to that’s vice president, news of suspects in identity-theft cases than “liking” a saturated smartphone that offers clues is partnerships, at developed friend’s wedding photo on Facebook. ¶ Mr. involved. ¶ The recent attacks against big banks, Univision News. He was previously around Szuchman, 40, has been working for the reportedly perpetrated by Islamic “cyberfighters,” head of the CBS Manhattan D.A. since 1997. But it wasn’t is just the latest example. ¶ Mr. Szuchman has News investigative unit. these until Cyrus Vance Jr. was elected in 2009 that he seen a variety of local cases: a Web designer filing Parsons the New School for Design: was tasked with heading the beefed-up false tax returns from an Internet café; nonprofit Jean Tatge, 56, joined the school as types of cybercrimes unit.The explosion of mobile employees stealing donors’ personal information; senior director of development. She was previously executive vice crimes’ technology has made it so much easier for waiters at steakhouses skimming credit-card president of development at the consumers to shop and bank online—and for numbers and selling them to local gangs. ¶ Municipal Art Society of New York. BDO Capital Advisors: David Burns, criminals to steal their identities, Mr. Szuchman Naturally, Internet use is closely monitored in 42, joined the investment bank as said.The D.A.’s office is handling twice as many Mr. Szuchman’s household. ¶ “A healthy dose of managing director. He was previously cybercrime cases than it was six years ago. Even paranoia is a very good thing,” he said. principal at Skatoff & Co. The Durst Organization: Joy Habian, 49, Mr. Vance has been the victim of a stolen —andrew j. hawkins See EXECUTIVE MOVES on Page 8

October 8, 2012 | Crain’s New York Business | 7 20121008-NEWS--0008-NAT-CCI-CN_-- 10/5/2012 1:41 PM Page 1

Continued from Page 7 CORPORATE LADDER joined the real estate firm as director of marketing. She was previously director of marketing at Cooper Robertson & TISHMAN CONSTRUCTION BUILDS A BRAND Partners. Robert Becker, 49, BEFORE TISHMAN CONSTRUCTION CORP. was acquired by AECOM in 2010, the New York company won local business based on joined as senior the strength of its reputation. Deals were often sealed with a handshake. AECOM’s purchase turned Tishman into a global leasing manager for 1 enterprise virtually overnight, said Tishman Chief Executive Dan McQuade. Tara McAdam Kassal, 40, Tishman’s new chief of World Trade Center. marketing, will help lead the construction company into national and international territory. He was previously a “Our old approach to marketing was just creating proposals,” said Mr. McQuade. “Tara will help us make it a whole other transaction and investment executive caliber, more strategic.” Ms. Kassal, who was senior vice president of marketing at Lend Lease and vice president of marketing at Bank of America. at Tishman before her promotion, will be responsible for building awareness of the Tishman/AECOM corporate brand Rocco Romeo, 37, and earning first-time business in growing areas, such as health-care-facility and data-center construction. joined as senior leasing manager. He was Tishman/AECOM will move into public-sector projects and public-private partnerships. And with its added previously senior vice president at SJP engineering and architectural resources, Mr. McQuade said, it will be able to curate projects from design through Properties. construction. “Now we have access to a vast array of leading-edge professionals,” Ms. Kassal said. “We offer better service ID Media: Laurie Larson, 41, joined as senior vice president and director of on a broader platform. It can only bring greater value to our clients here in New York.” —EVA SAVIANO media strategy. She was previously group media director at G2. Bonnier Corp.: Eric Zinczenko, 44, was promoted to executive vice president of the newly formed Bonnier Men’s Group. He was previously vice president and group publisher of Bonnier’s Outdoor Group. AMC Networks: Marie Moore, 35, was promoted to senior vice president, public relations, at the cable television company. She was previously vice president. Jaime Saberito, 35, was promoted to vice president, corporate communications, a newly created position. She was previously director, corporate communications. Comedy Central: Renata Luczak, 36, was DON’T JUST FLY promoted to vice president, communications, at the network. She was previously director, corporate communications. CNN Worldwide: Ramon FROM THE AIRPORT. Escobar, 43, joined the network as vice president of talent recruitment and FLY THROUGH IT. development. He was previously executive vice president of Your arrival time has never been this close to your departure time. Our dedicated network news at shuttle terminal at LGA lets you board just fi ve fast minutes before our hourly fl ights Telemundo. Foursquare: Rob Wilk, 39, joined the to Boston, Chicago, and Washington, DC. Which means you can travel as fast in social-media company as vice president the airport as you do in the air. of sales. He was previously senior director, search account management, at Yahoo. DELTA.COM/NYC Quartz: S. Mitra Kalita, 35, joined the business news brand as commentary editor. She was previously senior special writer at The Wall Street Journal. Euny Hong, 39, joined as lifestyle editor. She was previously Web editor for France 24. Truveris Inc.: Andrew Munroe, 50, joined the software maker as vice president, legal and compliance, a newly created position. He was previously vice president and counsel at Medco Health Solutions Inc. The Week Publications Inc.: Steven Mumford, 43, joined the news brand as account manager of its sales team. He was previously a principal at SullivanMumford. Simpson Thacher & Bartlett: Jonathan Lindabury, 39, joined the law firm as senior counsel, a newly created position. He was previously vice president and associate general counsel at Goldman Sachs. Morvillo Abramowitz Grand Iason Anello and Bohrer: Benjamin Fischer, 37, was promoted to partner at the litigation firm. He was previously counsel. Troutman Sanders: Louis J. DelJuidice, 41, joined the law firm as a partner. He was previously a partner at McDermott Will & Emery. —eva saviano

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8 | Crain’s New York Business | October 8, 2012 20121008-NEWS--0009-NAT-CCI-CN_-- 10/4/2012 6:37 PM Page 1

IN THE BOROUGHS BROOKLYN

transit to a community that some The good news is that very soon people are already poking fun at. there will be more reason to do so. A FROM East NY “My friends call them ‘Monopoly huge ShopRite supermarket will oc- AROUND houses’[because of the modules’boxy cupy space in the Gateway Center Continued from Page 3 uniform look],” said Ms. Toyer, who mall when its second phase is com- THE CITY with the opening of a three-school like many other Nehemiah Spring pleted. That space was once eyed by campus that will eventually serve Creek residents waited for more than Walmart. And with completion of BRONX more than 1,200 students from 15 years on a city list for the chance to the first phase of Gateway Elton grades K through 12. buy a three-bedroom house,paying as nearing, other retailers are expected Developer rolls out story food-distribution facility with After years of effort, much-need- little as $160,000. “But I love it.” to move into the 17,000 square feet a wholesale and retail farmers’ mar- ed public transportation links, stores Even Ms. Toyer, though, admits of ground-floor space there. green rug for birds ket, a rooftop greenhouse, a nursery and restaurants are beginning to take the community could use a laundro- For once, a developer in the South and a restaurant. “We’re hoping to shape, adding the finishing touches mat and more retail services. Burger spot gets company Bronx is doing something that has create a destination,” he said. on Brooklyn’s newest neighborhood. “I just want a good place to shop A Pan-Asian sit-down restau- environmentalists clucking approv- —ken m. christensen Currently, the nearest train station rant, a deli, a hair salon and a phar- ingly. Developer Steven Smith, and bus stop are too far for many peo- macy are all expected to join Burger owner of a nine-acre slice of Hunts BROOKLYN ple to reach on foot. So a new bus ‘We are trying UrWay at Gateway Elton next year, Point between the East River and route is being ironed out by the MTA according to Aaron Koffman, direc- the former Oak Point rail yard, re- Hitting the brakes and the city Department of Trans- to create a tor of affordable housing at the Hud- cently turned a third of his property portation in conjunction with the son Cos., co-developer along with into a bird sanctuary. on Park Avenue community. One possibility is a bus walkable the Related Cos. and nonprofit Three acres of the vacant site, Contrary to most maps, Fort Greene that would whisk residents to the No. CAMBA of the residential complex. which at one point had been slated boasts not one but two expressways, 3 train’s terminus at New Lots Av- community’ “We are trying to help create a for a power plant and jail, will largely residents say. There’s the elevated enue, according to an MTA walkable community out of what cater to the herons and egrets that Brooklyn-Queens Expressway and spokesman. Area residents are more used to be nothing,” said Mr. Koff- nest a few hundred feet offshore on its overshadowed, ground-level than ready for it. man. “It is very exciting.” North and South Brother islands. In counterpart, Park Avenue. In early “When people visit, I have to go Burger UrWay, which buys An- an agreement with the Department September, residents unveiled a pro- to the train to pick them up,” said for fruits and vegetables with low gus beef from local farmers, will of Environmental Conservation,Mr. posal to do something about that sec- Vinessa Toyer, a former police offi- prices,” she said. likely be a hit with students at the Smith replaced 10 million pounds of ond, unofficial speedway. Their Park cer who four years ago became one Even though Nehemiah Spring new schools as well as residents. refuse on the site with sand, shrubs Avenue Pedestrian Safety Plan aims of the first residents to move into Creek sits just behind the 10-year- “We see the demand for quality and saplings. “The birds come over, to slow traffic on the 17-block strip by Nehemiah Spring Creek. old Gateway Center mall,which un- foods at affordable prices,” said hang out, party and head home for retiming traffic lights. til last month was the long-rumored Lyudmila Khononov, co-owner of dinner,”he said.In return,the city ap- “Right now, if you catch a green Butt of jokes first home for Walmart in the city, the chain. Burger UrWay has an proved another nearby project. light, you can accelerate and catch Ms. Toyer and Ms. Boyce, mem- there is no easy way to walk there.In- outpost nearby, and Ms. Khononov People will be able to observe the greens for 10 blocks,” said Meredith bers of Nehemiah Spring Creek’s stead, residents have to drive around said many customers there have told “party” from a nearby path, a future Phillips Almeida, deputy director of Homeowners Association, own cars on major streets to the mall’s front en- her,“We wish you would be closer so piece of the growing South Bronx the Myrtle Avenue Revitalization but are nonetheless working closely trance to shop at the Target,Bed Bath we don’t have to drive to you.” Greenway. Mr. Smith will use the Project,the group leading the effort. with local officials to bring public & Beyond and other retailers there. What’s a community for? Ⅲ remainder of his parcel for a three- —ken m. christensen

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October 8, 2012 | Crain’s New York Business | 9 20121008-NEWS--0010-NAT-CCI-CN_-- 10/5/2012 3:06 PM Page 1

OPINION CRAIN’S NEW YORK BUSINESS

H.S. policy earns ‘incomplete’ editor in chief Rance Crain publisher, vp Jill R. Kaplan hen evaluating job applicants, school as well as a combination of grades, test scores and EDITORIAL editor Glenn Coleman employers consider experience, other factors.That stands to reason, because flourishing in deputy managing editors Valerie Block, education, character and skills. school requires much more than acing one test. Erik Ipsen assistant managing editors Erik Engquist, They do interviews and check The NAACP recently filed a complaint with the U.S. Jeremy Smerd references. Colleges and Department of Education about the city’s policy.That was no senior producer, news Elisabeth Butler Cordova news producer Lauren Elkies universities do the same with surprise:The organization advocates for blacks, who are contributing editor Elaine Pofeldt dramatically underrepresented at schools that rely on the columnists Greg David, Alair Townsend students seeking admission. crain’s health pulse editor Barbara Benson But for seven of the city’s elite public high schools, a single SHSAT.More telling is that the Asian American Legal senior reporters Theresa Agovino, test score is all that matters.That doesn’t make sense. Defense and Education Fund, though not a party to the Aaron Elstein, Lisa Fickenscher, Matthew Flamm, W Miriam Kreinin Souccar The result has been a lack of diversity at these top schools complaint, also views the policy as problematic even though it reporters Amanda Fung, Andrew J. Hawkins, Adrianne Pasquarelli that is nothing short of stunning in our multicultural city. appears to favor Asians.The advocacy organization opposes contributing reporter Chris Bragg The student population at Stuyvesant High School is 72% admission policies that web reporter, producer Tania Karas discriminate without art director Steven Krupinski Asian, 24% white, 1% black and 2% Hispanic. Bronx High The lack of deputy art director Carolyn McClain School of Science is 64% Asian, 25% white, 4% black and reason, and this one fits staff photographer Buck Ennis copy desk chief Steve Noveck 7% Hispanic. Asians, who account for 13% of city residents, diversity at top that description. copy editor Thaddeus Rutkowski also predominate at Queens High School for Sciences (74%) A school is better data editor Suzanne Panara city schools assistant data editor Emily Laermer and Brooklyn Technical High School (60%). off having a diverse researchers Eva Saviano, Amy Stern Asian students deserve credit for performing so well on is stunning population of bright interns Ali Elkin, Emily Lundeen the Specialized High School Admissions Test.They can’t be students than a ONLINE AND INTERACTIVE SERVICES general manager, online & e-commerce blamed for mastering the process, which has been enshrined homogeneous one. An strategy Kira Bindrim in state law since 1971.The problem is the system itself. admission policy that senior web developer, interactive Mayor Michael Bloomberg likes that the test is purely is selective and Chris O’Donnell objective: All applicants who score above the cutoff set by comprehensive would produce a student body more ADVERTISING, MARKETING AND PRODUCTION advertising director Trish Henry their top-choice school are admitted. reflective of the city and more likely to thrive academically senior account managers Irene Bar-Am, But high-school admissions need not be free of and socially. Courtney McCombs, Sheryl Rose, Suzanne Wilson account executive Jill Bottomley Kunkes subjectivity.The point is to admit students who are most To broaden these elite institutions’ one-dimensional sales coordinator Danielle Wiener admission policy would not be to “get rid of these schools,” newsletter product manager Alexis Sinclair likely to succeed and who best enhance the experiences of credit Todd J. Masura (313-446-6097) fellow students. A test score alone does not predict success in as the mayor impulsively claimed. It would improve them. director, audience development Michael O’Connor senior marketing manager Catherine Schutten event producer Courtney Williams CRAIN’S ONLINE POLL COMMENTS reprint sales manager Lauren Melesio production and pre-press director Michael Corsi advertising production manager A comptrolled response Suzanne Fleischman Wies TO SUBSCRIBE: problem that threatens our Integrity Commission: “The For print and digital subscriptions or customer AFFORDABLE-HOUSING service, e-mail [email protected] ‘CRISIS’ DEBATE, CONT’D city’s social fabric, no matter merchants contend that the or call 877-824-9379 (in the U.S. and Canada) or how you slice the numbers. agency is assessing needless 313-446-0450 (all other locations). $3.00 a copy for In an Oct. 1 letter to Crain’s, Unaffordable rents are a fees and penalties for various the print edition; or $99.95 one year, $179.95 two Rent Stabilization Association national problem, but New infractions such as parking years, for print subscriptions with digital access. www.crainsnewyork.com/subscribe

bloomberg newsbloomberg President Joseph Strasburg York is in the unique position violations within the market.” wrote that Comptroller John of having more than two-thirds That, plus all the local taxes TO ADVERTISE: WHO WON THE FIRST Liu’s recent report on New of its households composed of and other regulations, etc., Contact Advertising Director Trish Henry at York City’s affordable-housing renters (compared with one- make for not such a profitable [email protected] or call 212-210-0711. PRESIDENTIAL DEBATE? crisis “slices and dices the third nationally). So high rents business plan. www.crainsnewyork.com/advertise Knockout for statistics” in order to suggest burden a far greater percentage The only reason these FOR INFORMATION ON OUR EVENTS: that middle-income renters of renters here than in the rest companies and institutions Contact Event Producer Courtney Williams at Victory for a calm and cool President have greater affordability of the nation. don’t move to New Jersey is [email protected] or 212-210-0257. Obama problems than poor renters. Perhaps that’s a point that because of the tolls on the www.crainsnewyork.com/events Draw between two worthy candidates Mr. Strasburg is being Mr. Strasburg would prefer not Hudson River crossings, all TO CONTACT THE NEWSROOM: Total snooze disingenuous. to acknowledge because, as manufactured by the Port Comptroller Liu’s report president of the largest Authority, which, ironically, is 711 Third Ave., New York, NY 10017-4036 Date of poll: Oct. 4 editorial phone: 212.210.0277 fax 212.210.0799 points out that the affordable- association of New York supposed to support commerce Entire contents ©copyright 2012 Crain Communications Inc. 152 votes housing shortage has become landlords, he has a vested “within the Port District,” not All rights reserved. ®CityBusiness is a registered trademark so severe, that in addition to interest in minimizing the city’s take commerce to the cleaners of MCP Inc., used under license agreement. low-income renters, middle- affordable-housing crisis. to finance its mismanagement. PUBLISHED BY CRAIN COMMUNICATIONS INC. income renters are now feeling —mark kim Once this economy gets chairman Keith E. Crain the bite. In 2000, 23% of the Deputy comptroller for back on its feet, watch an president Rance Crain city’s rental units were exodus of small and midsize Merrilee Crain 62% economic development secretary unaffordable to median- businesses from New York treasurer Mary Kay Crain 20% income households.That figure HUNTS POINTLESS City, similar to what happened executive vp, operations William Morrow skyrocketed to 38% in 2012. during the 1970s.They have senior vp, group publisher Gloria Scoby group vp, technology, circulation, Bottom line: More New Your story “Hunts Point deal nothing to look forward to manufacturing Robert C. Adams 9% Yorkers have watched their keeps Jersey at bay” (Crains with the likes of who is running vp/production, manufacturing David Kamis rents climb as their incomes NewYork.com) makes for mayor, either. chief information officer Paul Dalpiaz 9% have remained flat.That’s a reference to the Business —james fay founder G.D. Crain Jr. (1885-1973) chairman Mrs. G.D. Crain Jr. (1911-1996) FOR THIS WEEK’S QUESTIONS: CRAIN’S WELCOMES SUBMISSIONS to its opinion pages. Send letters to [email protected]. Send columns of 475 Go to www.crainsnewyork.com/poll to have your say. words or fewer to [email protected]. Please include the writer’s name, company, address and telephone number.

10 | Crain’s New York Business | October 8, 2012 20121008-NEWS--0011-NAT-CCI-CN_-- 10/4/2012 6:35 PM Page 1

ly that the suit was filed against Bear Stearns and to keep the focus on the AG picks wrong firm. The Times story also helps to pull back the curtain on Mr. Schneider- target in JPMorgan man’s motivations with a very re- vealing quote that linked Chase and Bear Stearns: “The government’s ou probably know that last week New York Attor- actions represent a complete valida- tion of the cases brought by in- ney General Eric Schneiderman sued JPMorgan vestors who were duped by the Chase over all the dishonest ways the bank packaged fraudulent sale of mortgage-backed and sold mortgage securities and created the finan- securities by JPMorgan,WaMu and cial crisis. Finally, you may have thought, someone Bear Stearns.’’ Who said that? A plaintiff ’s attorney who is suing willY be held accountable for causing such an economic disaster. JPMorgan Chase. Who are Mr. Sorry,but not a single one of the assumptions in the preced- Schneiderman’s biggest allies and a ing paragraph is accurate.The truth matters here, because it very important source of campaign cash? Plaintiff attorneys. explains why the threat of another I am sorry that the truth about the financial crisis remains ever present. financial crisis is complicated. It Start with the inconvenient fact would be nice if the Schneiderman that none of the misdeeds were theory—that it was all Wall Street’s committed by JPMorgan Chase ex- fault—were true. ecutives. The miscreants worked at Here is what is really important. Bear Stearns, the big securities firm Because people like Mr. Schneider- that almost touched off the financial man continue to insist on that sim- crisis in March 2008 when it failed plistic tale, the reforms enacted in because of its shoddy mortgage- the Dodd-Frank act will be mostly bundling practices. inconsequential, ineffective or You might remember that a melt- counterproductive. down was averted only because Fed- Of all the big banks, JPMorgan eral Reserve Board Chairman Ben GREG DAVID did less of the bad mortgage- Bernanke and Treasury Secretary packaging than virtually anyone else. Hank Paulson arranged for JPMor- Yet it has become so large as a result gan to buy the firm with billions in The Bear Stearns executives re- of the crisis that it is too big to fail. federal guarantees.Did Chase CEO sponsible are long gone. Actually, And if it does do something wrong Jamie Dimon think he would bene- they lost their jobs in 2008. So who in the future, it will have to be saved. fit from the deal? Sure. But he also will be punished if Mr. Schneider- Maybe the culprits will be held ac- thought he was doing a good deed man wins? JPMorgan shareholders. countable, or maybe not. It doesn’t for the country.The same applies to Why are they responsible? Beats me. matter. There will be another crisis his acquisition of Washington Mu- By the way, and another taxpayer bailout. tual, which also committed sins in deserves kudos for its story on That’s what we should fix—not housing loans and whose legacy con- Mr. Schneiderman’s lawsuit. It was seeking to score points with point- CRAIN’S AND PARTNERSHIP FOR NEW YORK CITY PRESENT tinues to bedevil Mr. Dimon, too. one of few media reports to say clear- less lawsuits. THE FUTUREOF state’s outmoded, inefficient and SUSAN LERNER wasteful election administration sys- tem. For example, in June, the New NEW YORK CITY York City Board of Elections experi- Bring NY elections enced dramatic errors in reporting THE AGENDA FOR THE NEXT MAYOR the results of the primary in the 13th Congressional District, causing into the 21st century widespread confusion. When Com- mon Cause/NY and others testified at the City Council, the critique mo- Join Crain's New York DATE: n instituting Internet voter registration administratively tivated the board to begrudgingly Business and the November 28, 2012 change its election-night reporting through the Department of Motor Vehicles, Gov. Partnership for NYC for the TIME: procedure from a comical cut-and- Andrew Cuomo has come up with a brilliant work- FUTURE OF NEW YORK CITY 8:00 a.m. - 2:00 p.m paste methodology to a digital one. CONFERENCE and take part around for an antiquated, ossified registration system But the damage to the candidates LOCATION: in a discussion about the that the state Legislature has no desire to change.But the and the voters was already done. Sheraton New York All too often it seems like our elec- agenda for the next mayor. Hotel &Towers move,while solving one problem,does something more impor- 811 Seventh Ave I tion administration is an adversarial tant:It calls attention to the urgent need to modernize the state’s contest between the voters on the one After 20 years of business- hand,and the politicians and the elec- minded administrations, it COST TO ATTEND: patronage-driven election administration system. $349 for individual tion administrators they control on appears the next mayor of ticket(s). The process Mr. Cuomo institut- electronically generated registration the other. It’s time to change all that. New York City will have a $3,490 for table(s) ed is a major step forward for individ- form. Each form must then be man- The Legislature must act in the career largely in public of ten. uals who have or are getting driver’s ually entered into each county’s board best interest of the voters who elect service. What does this For more information, licenses (approximately 50% of New of elections database, causing delays them and completely re-examine please call the Events mean for the business Hotline at York City residents).It is an improve- and data-entry errors. Although the how the state administers its elec- community? (212) 210-0739. ment in election registration, which DMV should certainly not be able to tions. Common Cause/NY is eager we hope will result in faster process- just electronically transmit data di- to work with the Legislature, the bar Register Today! ing of DMV-related registrations at rectly into boards’ databases—that and others to bring New York’s elec- crainsnewyork.com/events-future2012 boards of election around the state. would be a security risk—manually tion law out of the 19th century and But,in typical fashion,the boards’ar- re-entering the information that the fully into the 21st.Although the elec-

chaic procedures are undercutting the voter has already entered electroni- tion in November will likely under- Co-Host: Presenting Sponsors: City Sponsor: City Supporter: advantages of today’s technology. cally is a clear waste of time. score the need for immediate reform, What may not be clear from the More generally, we need broad, at the very least voters can feel confi- newspaper reports about the new sys- systematic, permanent change. The dent that Mr. Cuomo is on our side. tem is that, while the interface with Internet-to-paper registration pro- voters is completely electronic, the cedure is merely a symptom of the Susan Lerner is the executive director of DMV must print and mail every need for a total reworking of the Common Cause/NY.

October 8, 2012 | Crain’s New York Business | 11 20121008-NEWS--0012-NAT-CCI-CN_-- 10/4/2012 6:49 PM Page 1

ARTS & CULTURE

ating expenses they recorded on last working for years on acquiring sev- Hot MoMA year’s 990 forms, which contain data eral different pieces, and they can all TOURIST from 2010 and 2011. The top three close around the same time.In 2010, ATTRACTION: A on the list remained the same: the for example, the museum purchased record number of Continued from Page 1 visitors to the city Metropolitan Opera Association is artworks by Cy Twombly. has helped blunt his arty side. No. 1, followed by the Metropolitan the sting of the “The larger our attendance, the Museum of Art and the New York Trimming expenses recession greater the pool for members; and Public Library. The Wildlife Con- But overall, Mr. Lowry said the the larger the membership base, the servation Society, which operates staff worked diligently to make cuts larger the pool is for annual giving. the Bronx Zoo, among other attrac- to the operating budget after the re- It is all interconnected,” he said. tions, is the fifth-largest institution cession to compensate for a drop in

MoMA advanced two notches to for the second year in a row. fundraising. For example, the buck ennis become the fourth-largest cultural MoMA jumped in the rankings museum used to custom-design a institution in New York, according because its operating expenses rose space for each new traveling Lowry,who has headed the museum more foreign companies. to a list compiled for Crain’s by the 26% to $190.2 million in the fiscal exhibit. Now the existing installa- for 17 years. “We started to think about Municipal Art Society.The list,New year ended June 30,2011.Mr.Lowry tions are reused with modifications. Similarly, the museum re- where does the audience come York City’s Largest Cultural Institu- said operating expenses can fluctu- “If you can save a little across a lot examined its approach to corporate from? Where do we send exhibi- tions, ranks the nonprofits by oper- ate wildly because a museum can be of places, it adds up,” said Mr. fundraising and started to target tions? Where do our artists come from?” explained Mr. Lowry. The museum realized it had a strong relationship with Germany, and last year it inked a partnership with Volkswagen.The German au- tomaker sponsored a series of instal- lations in MoMA’s garden, donated art and underwrote some online courses. It will also sponsor an ex- hibit at MoMa PS1 next year. Record tourism also helped blunt the sting of the recession. Many cul- tural institutions reported over-the- top attendance recently.A record 6.3 million people visited the Metropol- itan Museum of Art in the fiscal year ended June 30. Experts complimented MoMA for its exceptionally successful melding of living artists with ex- hibits featuring modern masters. “They have really upped their game nicely in contemporary art,and the public has been really receptive,” said Nicholas Baume, director of the Public Art Fund. Indeed, many of the contempo- rary exhibits have bested the typical turnout of about 300,000 visitors for a three-month show by a wide mar- gin. The Tim Burton exhibition, which ran for five months, from the end of 2009 to the spring of 2010, attracted more than 800,000 visi- tors. The Marina Abramovic exhi- bition drew an estimated 750,000 visitors over three months in early 2010. Contemporary artists “There was never any doubt that contemporary art was important, but there was a question about whether you can build a whole sea- son around it, and the answer is yes,

® you can,” said Mr. Lowry. CAPITAL ONE BANK SMALL BUSINESS This season, the museum will CLEAR ADVANTAGE MONEY MARKET SM feature an exhibit by five young pho- tographers as well as a series of dance performances in the main atrium. Another show will display the work of Polish sculptor Alina Szapocznikow, who died in the 1970s. An exhibit highlighting On account balances of $25,000 or more well-known abstract painters like A SMALL BUSINESS No monthly service charge when you maintain Wassily Kandinsky will likely be one a balance of $5,000 of the museum’s bigger draws. MONEY MARKET ACCOUNT The shows will provide the mix Access your cash when you need it, while you earn of contemporary and classic modern Get the security and stability of a top-10 U.S. bank artists MoMA strives for, but Mr. THAT REALLY STACKS UP Lowry says it is always difficult to say whether the season will mesh well. He noted that a string like the one that included the Tim Burton and Abramovic shows is atypical. VISIT A BRANCH OR CALL TOLL-FREE 1-888-755-C1SB (2172) “You always try your best, but part of it is just the zeitgeist,”he said.

Annual Percentage Yield (APY) available only with balances of $25,000 – $500,000. Rate guaranteed for 12 months. Monthly service fee of $15 charged if average daily balance is less than $5,000. “We could have put on that Tim Monthly withdrawal limits may apply. Minimum of $50 required to open. Visit a branch for details. Offered by Capital One, N.A., Member FDIC. Burton season five years ago and it could have flopped.” Ⅲ

12 | Crain’s New York Business | October 8, 2012 20121008-NEWS--0013-NAT-CCI-CN_-- 10/5/2012 3:07 PM Page 1

Coming up: THE NYC’s Largest Cultural Institutions The top construction companies list will LIST Ranked by operating expenses appear Oct. 22 HIGHEST-PAID TOP EXECUTIVES SPOTLIGHT

$1,771,629 $1,279,827 Reynold Levy Wynton Marsalis HIGH LINE GROUP SOARS Lincoln Center for the Jazz at Lincoln Performing Arts Center IN THIS YEAR’S RANKING (No. 7 on the list) (No. 26) FRIENDS OF THE HIGH LINE has been moving up in the world. $1,593,038 $1,048,540 The organization behind the popular West Side park ranks No. Gregory R. Long Clive Gillinson 61 on this year’s list of the city’s largest cultural institutions, up New York Botanical Carnegie Hall from No. 92 in 2010. The list is ranked by operating expenses, Garden (No. 17) and Friends of the High Line has been adding more than $2 (No. 15)

million in expenditures each year. Its 2010 operating expenses buck ennis $1,555,832 $1,042,453 (used to rank the 2012 list) came to almost $9 million, up from THE HIGH LINE’s operating expenses have been rising annually. Glenn D. Lowry Thomas P. Campbell $6.8 million the previous year and $4.5 million in 2008. Museum of Metropolitan The increase in operating expenses (which are higher than the park’s operating budget) is primarily due to construction Modern Art Museum of Art costs. In September, Friends of the High Line broke ground on the last third of the park, which, when completed, will run from (No. 4) (No. 2) Gansevoort Street to 34th Street along the far West Side. “Operating costs increased due to the phased construction of the High Line,” Friends of the High Line founder Robert $1,408,757 $998,887 Ellen V. Futter Hammond explained in a statement. “[We contribute] funding toward construction of the public park on the High Line as well Paul LeClerc1 as paying for more than 90% of the park’s annual maintenance and operations.” New York Public American Museum Library of Natural History Another notable development among the top cultural institutions was a drop in spending for Lincoln Center for the (No. 3) (No. 6) Performing Arts. Lincoln Center dropped from No. 4 to No. 7, with its operating expenses decreasing from $210 million to $892,802 $140.6 million. Lincoln Center’s place at No. 4 was taken by the Museum of Modern Art, followed by the Wildlife Conservation $1,300,916 Emily Rafferty Society at No. 5. Peter Gelb Metropolitan Carnegie Hall is another performance space that has been cutting back. It fell from No. 11 in 2010 to No. 17 this year. Its Metropolitan Opera Museum of Art operating expenses for the 2010 list were more than $83 million. The 2012 figure is about $54.5 million. Association (No. 2) Moving in the opposite direction is the Roundabout Theatre Company. In 2011, it ranked No. 18, with about $50.4 million (No. 1) in operating expenses. This year, it’s at No. 13, with an increase of about $7 million in expenditures. Source: The Municipal Art Society of New York. Total compensation data from top 70 organizations’ 2010 Form 990 where available.

images: , getty images 1-Mr. LeClerc retired as president on June 30, 2011. —ALI ELKIN

2010 operating No. of 2011 2010 Year Rank Organization Phone/website Top executive(s) expenses1 employees2 attendance3 attendance3 end Metropolitan Opera Association (212) 799-3100 Peter Gelb, general manager $314,591,598 n/a n/a n/a 7/31 1 30 Lincoln Center, New York, NY 10023 www.metoperafamily.org Metropolitan Museum of Art (212) 535-7710 Thomas P.Campbell, director, chief executive $295,989,308 1,984 6,280,0004 5,680,0005 6/30 2 1000 Fifth Ave., New York, NY 10028 www.metmuseum.org Emily Rafferty, president New York Public Library (917) 275-6975 Anthony W. Marx, president, chief executive $246,968,983 2,050 46,760,817 43,326,229 6/30 3 Fifth Avenue and 42nd Street, New York, NY 10018 www.nypl.org Museum of Modern Art (212) 708-9400 Glenn D. Lowry, director $190,204,500 750 2,800,000 3,090,000 6/30 4 11 W. 53rd St., New York, NY 10019 www.moma.org Wildlife Conservation Society (718) 220-5100 Cristián Samper, president, chief executive $185,750,480 4,000 4,306,969 4,458,314 6/30 5 2300 Southern Blvd., Bronx, NY 10460 www.wcs.org American Museum of Natural History (212) 769-5100 Ellen V. Futter, president $148,997,704 n/a n/a n/a 6/30 6 Central Park West at 79th Street, New York, NY 10024 www.amnh.org Lincoln Center for the Performing Arts (212) 875-5000 Reynold Levy, president $140,587,732 555 5,128,000 5,232,000 6/30 7 70 Lincoln Center Plaza, New York, NY 10023 www.lincolncenter.org Brooklyn Public Library (718) 230-2100 Linda E. Johnson, president, chief executive $98,397,941 989 12,340,500 12,036,838 6/30 8 10 Grand Army Plaza, Brooklyn, NY 11238 www.brooklynpubliclibrary.org Queens Borough Public Library (718) 990-0700 Thomas W. Galante, president, chief executive $96,577,028 1,301 12,551,065 13,690,493 6/30 9 89-11 Merrick Blvd., Jamaica, NY 11432 www.queenslibrary.org Thirteen (WNET New York and WLIW 21) (212) 560-1355 Neal Shapiro, president, chief executive $89,958,619 n/a n/a n/a 6/30 10 450 W. 33rd St., New York, NY 10001 www.thirteen.org New York Philharmonic (212) 875-5000 Zarin Mehta, president, executive director $76,158,7496 n/a n/a n/a 8/31 11 10 Lincoln Center Plaza, New York, NY 10023 www.nyphil.org Matthew VanBesien, executive director-designate 92nd Street Y (212) 415-5500 Sol Adler, executive director $59,037,672 n/a n/a n/a 6/30 12 1395 Lexington Ave., New York, NY 10128 www.92y.org Roundabout Theatre Company (212) 719-9393 Todd Haimes, artistic director $57,102,297 435 644,314 606,571 8/31 13 231 W. 39th St., New York, NY 10018 www.roundabouttheatre.org Julia C. Levy, executive director New York City Ballet (212) 870-5656 Peter Martins, ballet master in chief $56,780,374 n/a n/a n/a 6/30 14 20 Lincoln Center Plaza, New York, NY 10023 www.nycballet.com Katherine E. Brown, executive director New York Botanical Garden (718) 817-8700 Gregory R. Long, president, chief executive $56,469,651 512 762,475 686,014 6/30 15 2900 Southern Blvd., Bronx, NY 10458 www.nybg.org Solomon R. Guggenheim Foundation and Museum (212) 423-3500 Richard Armstrong, director $54,541,830 339 1,107,054 1,105,352 12/31 16 1071 Fifth Ave., New York, NY 10128 www.guggenheim.org Carnegie Hall (212) 903-9600 Clive Gillinson, president $54,499,544 307 671,058 719,494 6/30 17 881 Seventh Ave., New York, NY 10019 www.carnegiehall.org WNYC-New York Public Radio (646) 829-4000 Laura R. Walker, president, chief executive $49,164,049 285 11,052,740 7,344,505 6/30 18 160 Varick St., New York, NY 10013 www.wnyc.org Lincoln Center Theater (212) 501-3100 Andre Bishop, artistic director $47,961,142 n/a n/a n/a 6/30 19 150 W. 65th St., New York, NY 10023 www.lct.org Bernard Gersten, executive producer Whitney Museum of American Art (212) 570-3600 Adam D. Weinberg, director $38,966,000 n/a n/a n/a 6/30 20 945 Madison Ave., New York, NY 10021 www.whitney.org Central Park Conservancy (212) 310-6600 Douglas Blonsky, president, Central Park administrator $38,464,498 346 n/a n/a 6/30 21 14 E. 60th St., New York, NY 10022 www.centralparknyc.org American Ballet Theatre (212) 477-3030 Kevin McKenzie, artistic director $37,963,859 n/a n/a n/a 6/30 22 890 Broadway, New York, NY 10003 www.abt.org Rachel S. Moore, executive director Brooklyn Academy of Music (BAM) (718) 636-4100 Karen Brooks Hopkins, president $37,323,321 n/a 620,0004 557,0005 6/30 23 30 Lafayette Ave., Brooklyn, NY 11217 www.bam.org Joseph V. Melillo, executive producer Alvin Ailey American Dance Theater (212) 405-9000 Robert Battle, artistic director $31,211,013 328 500,0007 500,0007 6/30 24 405 W. 55th St., New York, NY 10019 www.alvinailey.org Sharon Gersten Luckman, executive director New York City Opera (212) 870-5600 George Steel, general manager, artistic director $30,114,144 n/a n/a n/a 6/30 25 75 Broad St., New York, NY 10004 www.nycopera.com Continued on Page 14

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THE LIST NYC’s Largest Cultural Institutions 2010 operating No. of 2011 2010 Year Rank Organization Phone/website Top executive(s) expenses1 employees2 attendance3 attendance3 end Jazz at Lincoln Center (212) 258-9800 Wynton Marsalis, artistic director $30,033,599 119 233,4507 233,4507 6/30 26 33 W. 60th St., New York, NY 10023 www.jalc.org Greg Scholl, executive director Brooklyn Museum (718) 638-5000 Arnold Lehman, director $29,351,436 319 409,569 377,069 6/30 27 200 Eastern Parkway, Brooklyn, NY 11238 www.brooklynmuseum.org Asia Society and Museum (212) 288-6400 Vishakha N. Desai, president, chief executive $22,792,569 n/a n/a n/a 6/30 28 725 Park Ave., New York, NY 10021 www.asiasociety.org Public Theater/New York Shakespeare Festival (212) 539-8500 Oskar Eustis, artistic director $20,977,2026 n/a n/a n/a 8/31 29 425 Lafayette St., New York, NY 10003 www.publictheater.org Patrick Willingham, executive director Intrepid Sea, Air, and Space Museum (212) 245-0072 Susan Marenoff-Zausner, president $20,635,404 n/a n/a n/a 4/30 30 Pier 86, West 46th St. and 12th Ave., New York, NY 10036 www.intrepidmuseum.org Frick Collection (212) 288-0700 Ian Wardropper, director $19,003,585 1507 296,638 271,142 6/30 31 1 E. 70th St., New York, NY 10021 www.frick.org Manhattan Theatre Club (212) 399-3000 Lynne Meadow, artistic director $18,752,011 217 195,788 215,043 6/30 32 311 W. 43rd St., New York, NY 10036 www.mtc-nyc.org Barry Grove, executive producer Morgan Library and Museum (212) 685-0008 William M. Griswold, director $18,420,909 147 124,569 147,119 3/31 33 225 Madison Ave., New York, NY 10016 www.themorgan.org Paley Center for Media (212) 621-6800 Pat Mitchell, president, chief executive $18,251,756 n/a n/a n/a 12/31 34 25 W. 52nd St., New York, NY 10019 www.paleycenter.org New-York Historical Society (212) 873-3400 Louise Mirer, president, chief executive $17,715,155 n/a n/a n/a 6/30 35 170 Central Park West, New York, NY 10024 www.nyhistory.org Big Apple Circus (212) 268-2500 Guillame Dufresnoy, artistic director $16,806,668 n/a n/a n/a 7/31 36 1 Metrotech Center North, Brooklyn, NY 11201 www.bigapplecircus.org Martha Lord, executive director Brooklyn Botanic Garden (718) 623-7200 Scot Medbury, president $16,362,774 137 725,000 725,000 6/30 37 1000 Washington Ave., Brooklyn, NY 11225 www.bbg.org New York City Center (212) 247-0430 Arlene Shuler, president, chief executive $15,859,059 n/a n/a n/a 6/30 38 130 W. 56th St., New York, NY 10019 www.citycenter.org International Center of Photography (212) 857-0000 Willis E. Hartshorn, director $15,576,889 170 138,000 129,000 6/30 39 1114 Sixth Ave., New York, NY 10036 www.icp.org Metropolitan Opera Guild (212) 769-7000 Stewart Pearce, managing director $14,968,646 n/a n/a n/a 6/30 40 70 Lincoln Center Plaza, New York, NY 10023 www.metguild.org Theater Development Fund (212) 912-9770 Victoria Bailey, executive director $13,395,169 77 n/a n/a 6/30 41 520 Eighth Ave., New York, NY 10018 www.tdf.org Jewish Museum (212) 423-3271 Claudia Gould, director $13,345,055 n/a n/a n/a 6/30 42 1109 Fifth Ave., New York, NY 10128 www.thejewishmuseum.org New York Hall of Science (718) 699-0005 Margaret Honey, president, chief executive $13,057,040 336 415,195 431,976 6/30 43 47-01 111th St., Flushing, NY 11368 www.nyscience.org New Victory Theater (646) 223-3000 Cora Cahan, president $12,323,760 112 102,625 91,489 6/30 44 229 W. 42nd St., New York, NY 10036 www.newvictory.org BRIC (718) 683-5600 Leslie G. Schultz, executive director $12,316,016 96 738,500 715,620 6/30 45 45 Main St., Brooklyn, NY 11201 www.bricartsmedia.org Rubin Museum of Art (212) 620-5000 Patrick Sears, executive director $11,912,870 85 200,000 200,000 12/31 46 150 W. 17th St., New York, NY 10011 www.rmanyc.org Prospect Park Alliance (718) 965-8951 Emily Lloyd, president, Prospect Park administrator $11,616,365 n/a n/a n/a 6/30 47 95 Prospect Park West, Brooklyn, NY 11215 www.prospectpark.org National September 11 Memorial & Museum8 (212) 312-8800 Joseph C. Daniels, president, chief executive $11,574,134 n/a 1,059,694 n/a 12/31 48 1 Liberty Plaza, New York, NY 10006 www.national911memorial.org City Parks Foundation (212) 360-1399 Alison Tocci, president $11,391,587 197 420,000 435,000 3/31 49 830 Fifth Ave., New York, NY 10065 www.cityparksfoundation.org Japan Society (212) 832-1155 Motoatsu Sakurai, president $11,335,046 n/a n/a n/a 6/30 50 333 E. 47th St., New York, NY 10017 www.japansociety.org Dia Center for the Arts (212) 989-5566 Philippe Vergne, director $10,617,524 n/a n/a n/a 6/30 51 535 W. 22nd St., New York, NY 10011 www.diaart.org Museum of the City of New York (212) 534-1672 Susan Henshaw Jones, president, director $10,207,446 72 253,467 235,151 6/30 52 1220 Fifth Ave., New York, NY 10029 www.mcny.org Museum of Arts & Design (212) 299-7777 Holly Hotchner, director $9,904,364 68 360,000 400,000 12/31 53 2 Columbus Circle, New York, NY 10023 www.madmuseum.org Battery Park City Parks Conservancy (212) 267-9700 Gayle Horowitz, president $9,617,282 n/a n/a n/a 10/31 54 75 Battery Place, New York, NY 10280 www.bpcparks.org Tessa Huxley, executive director New Museum of Contemporary Art (212) 219-1222 Lisa Phillips, director $9,582,058 75 299,099 257,149 6/30 55 235 Bowery, New York, NY 10002 www.newmuseum.org Museum of Jewish Heritage- (646) 437-4202 David G. Marwell, director $9,475,314 n/a n/a n/a 12/31 56 A Living Memorial to the Holocaust www.mjhnyc.org 36 Battery Place, New York, NY 10280 Playwrights Horizons (212) 564-1235 Tim Sanford, artistic director $9,372,049 114 45,076 54,862 6/30 57 416 W. 42nd St., New York, NY 10036 www.playwrightshorizons.org Leslie Marcus, managing director Apollo Theater (212) 531-5300 Jonelle Procope, president, chief executive $9,316,636 150 107,000 144,678 6/30 58 253 W. 125th St., New York, NY 10027 www.apollotheater.org New York Foundation for the Arts (212) 366-6900 Michael L. Royce, executive director $9,234,717 n/a n/a n/a 6/30 59 20 Jay St., Brooklyn, NY 11201 www.nyfa.org Museum of the Moving Image (718) 784-0077 Carl Goodman, executive director $9,163,132 85 202,000 n/a 6/30 60 3601 35th Ave., Astoria, NY 11106 www.movingimage.us Friends of the High Line (212) 206-9922 Joshua David, co-founder $8,991,766 n/a n/a n/a 12/31 61 529 W. 20th St., New York, NY 10011 www.thehighline.org Robert Hammond, co-founder, executive director Theatreworks USA (212) 647-1100 Barbara Pasternack, artistic director $8,921,418 24 2,296,022 2,670,172 6/30 62 151 W. 26th St., New York, NY 10001 www.twusa.org Ken Arthur, producing director French Institute-Alliance Française (212) 355-6100 Marie-Monique Steckel, president $8,677,883 129 100,0007 100,0007 6/30 63 22 E. 60th St., New York, NY 10022 www.fiaf.org American Folk Art Museum (212) 265-1040 Maria Ann Conelli, executive director $8,518,124 18 63,6124 65,6675 6/30 64 2 Lincoln Square, New York, NY 10023 www.folkartmuseum.org Film Society of Lincoln Center (212) 875-5610 Rose Kuo, executive director $8,212,925 111 181,624 177,323 12/31 65 70 Lincoln Center Plaza, New York, NY 10023 www.filmlinc.com Joyce Theater (212) 691-9740 Linda Shelton, executive director $7,958,958 102 137,890 146,913 8/31 66 175 Eighth Ave., New York, NY 10011 www.joyce.org Park Avenue Armory (212) 744-8180 Rebecca Robertson, president $7,787,658 41 109,830 31,567 12/31 67 643 Park Ave., New York, NY 10065 www.armoryonpark.org Statue of Liberty-Ellis Island Foundation (212) 561-4500 Stephen A. Briganti, president, chief executive $7,686,048 27 3,749,982 3,833,288 3/31 68 17 Battery Place, New York, NY 10004 www.ellisisland.org El Museo del Barrio (212) 831-7272 Margarita Aguilar, executive director $7,495,4316 n/a n/a n/a 6/30 69 1230 Fifth Ave., New York, NY 10029 www.elmuseo.org David H. Koch Theater (212) 870-5500 Mark Heiser, managing director $7,470,8016 n/a n/a n/a 6/30 70 20 Lincoln Center, New York, NY 10023 www.nystatetheater.org All institutions on this list are nonprofit 501(c)(3) corporations operating in New York City whose primary mission is the delivery of cultural services. This includes public libraries and broadcast entities, zoos and botanical gardens. Universities and colleges are excluded. New York City includes the five boroughs: Bronx, Brooklyn, Manhattan, Queens and Staten Island. Some employee figures have been rounded. n/a-Not available. 1-Total expenses from organization's 2010 Form 990, except where noted, excluding depreciation and interest expense. 2-Full-time and full-time equivalent employees as of May 31, 2012. Fig- ure provided by individual organizations. 3-Includes paid and unpaid attendees, unless otherwise noted. Figure provided by individual organizations. 4-For the fiscal year ended June 30, 2012. 5-For the fiscal year ended June 30, 2011. 6-Based on the organization’s 2009 Form 990. 7-Approximate figure. 8-Opened to the public on Sept. 12, 2011. Source: The Municipal Art Society of New York FOR THE FULL LIST OF NYC’S 100 LARGEST CULTURAL INSTITUTIONS OR ANY CRAIN’S LIST, GO TO WWW.CRAINSNEWYORK.COM/LISTS

14 | Crain’s New York Business | October 8, 2012 20121008-NEWS--0015-NAT-CCI-CN_-- 10/4/2012 6:36 PM Page 1

REAL ESTATE DEALS

BARE BONES Nonprofit hits exit 450-460 PARK AVE. 225 VARICK ST. 655 THIRD AVE. SOUTH ASKING RENT; ASKING RENT; TERM: ASKING RENT; TERM: TERM: $42 per $58 per square foot; $49 per square foot; square foot; 13 years five years 10 years in midtown south SQUARE FEET: SQUARE FEET: 5,700 on SQUARE FEET: 12,000 27th floor 14,000; top floor he Leukemia & Lymphoma Society is trading in its home in TENANT; REPS: TENANT; REPS: Metro- TENANT; REP: Thakoon Panichgul; Goldwyn-Mayer; Brian Given and Steven now red-hot midtown south and moving down to a 20,000- OfficeLinks; Jonathan Tootell of Newmark Brian Neugeboren and Marc Schoen of Jaray of Colliers International square-foot office at 61 Broadway in the financial district. Grubb Knight Frank Savitt Partners LANDLORD; REP: Durst Organization; The organization, currently based at 475 Park Ave. South, LANDLORD; REP: Joseph Moinian; in- LANDLORD; REP: Trinity Real Estate; in- Karen Kuznick, in-house will take over the entire fourth floor when it moves downtown house by Jovani Rampersad house by Peter Fontanetta by the end of the year. The building’s owner, Broad Street Development, BACK STORY: The media company has T BACK STORY: Office-suite outfit inks lease BACK STORY: Thai-American fashion re-signed at the 55-year-old, 358,000- will provide its own architect to customize the office space in the 780,000- for fifth NYC outpost, its second in a designer joins several other designers in square-foot building where it has been square-foot, 33-story building between Exchange Plaza and Rector Moinian-owned building. Trinity Real Estate’s Hudson Square-area since 2006, according to The Commercial Street. buildings. Observer. Broad Street Development was represented by in-house brokers David Israni and Ramona Huegel. The Leukemia & Lymphoma Soci- ety was represented by Andrew Stein of Vicus Partners and Lynn Drake of Compass Commercial. Mr. Israni said that the society will pay in the “low $30s,” which is consistent with the building’s other nonprofit tenants. That compares with rents in midtown south that now average $49 per square foot, Priced out of the Manhattan market according to for new construction? At Trump Parc data from ® Cushman & Wakefield Inc. $ “By moving downtown, LLS Stamford you DON’T have to pay 2,000 will have great space in a great per square foot to live in the lap of luxury. building while saving significantly on their rent,” Mr. Stein said. “This will allow them to put more money We offer Manhattan quality and world-class amenities into their mission, which ultimate- ly is what it’s all about.” starting at only $400 per square foot. These spacious —ali elkin apartments offer spectacular panoramic views of the Veteran SoHo New York City skyline and Long Island Sound. Conveniently retailer priced out located in the heart of downtown Stamford, Trump Parc Rising SoHo rents are pushing a is only 40 minutes to Grand Central longtime retailer to the Upper East Average size Side. Greene Street Antiques, Station on Metro North. Experience which has been downtown for more 1B R 1,10 9 SF than two decades, recently signed a the best for less at Trump Parc Stamford. 2B R 1,613 SF 10-year lease for just over 1,000 square feet at 210 E. 60th St.,between $ 3BR 1,84 4 SF Second and Third avenues. Prices starting at 495,000 The asking rent for the deal, which also includes a 200-square- foot basement, was $110 per square foot. “In recent years, SoHo has changed from furniture stores to high-end clothing boutiques,” ex- plained Howard Aaron, the Square Manhattan Foot Realty broker who represented the tenant. He said that high rents in the AT AN UNBEATABLE PRICE neighborhood prompted Greene Street Antiques to move uptown, where the retailer chose a site near shopping destination Blooming- dale’s. The antiques shop is also down- 203.878.6766 sizing from its Greene Street store, Luxury which was nearly 4,000 square feet, driven by the trend of more cus- tomers doing their shopping on- TrumpParcStamford.com line. A LEED Qualified Green Building Building.g. Another RICH residential experienceexpperience *Declarant,*Declarant, 33 Broad Street Associates II,II, LLCLLC intends to limit the foreforegoinggoing sasalesles incentivincentivee prprogramogram described to: [i] select units not currentcurrentlyly uundernder contract and as determined in the sole discretion of the DeclarDeclarant;ant; andand,, [i[ii]i] qqualifiedualified buybuyers,ers, subsubjectject to credit and underwritingunderwriting requirementsrequirements of partiparticipcipatingating seselectlect lenders. The sales incentivincentivee prprogramogram described mamayy be modified The new store should open for or terminated at any time by the Declarant. Declarant Prices and unit availability are subject to change without notice. notice Sales incentive program conditions and requirements requirementsareavailableattheTrumpParcStamfordSalesCenterandsubjecttotheprovisionsofthePublic are available at the Trump Parc Stamford Sales Center and subject to the provisions of the Public Offering Statement. This advertisement is not an offering. No offering can be made without a Public Offering Statement. The Declarant, 33 Broad Street Associates, LLC will provide a Public Offering Statement prior to any sale or any offering for sale. The Declarant, business next month. Broker Ricky 33 Broad Street Associates, LLC is registered as a New Home Construction Contractor under Connecticut Registration Number 11411. As to New York Residents, the complete offering terms are in an Offering Plan available from Sponsor; File No. CD10-0047. Any Zegelstein represented landlord offering, when made is not intended for residents of any other jurisdiction where governmental approval or registration is required. © 2010 Trump Parc is a registered trademark of Donald J. Trump. Trump Parc® Stamford is not owned, developed or sold by Donald J. Trump, The Trump Organization or any of their affiliates. 33 Broad Street Associates II, LLC, the owner and developer of the property, uses the “Trump” name and mark under license from Trump Marks Stamford LLC, which license may be terminated or revoked 210 E. 60th St. according to its terms. In addition, the Trump Corporation was retained to manage the operations of Trump Parc® Stamford pursuant to the terms of a management agreement, which agreement may be terminated according to its terms. —adrianne pasquarelli

October 8, 2012 | Crain’s New York Business | 15 nb41p16-18cl.qxp 10/5/2012 12:49 PM Page 16

TO PLACE A CLASSIFIED AD, CALL 1-800-444-6007 OR VISIT CRAINSNEWYORK.COM REQUEST FOR PROPOSALS PUBLIC & LEGAL NOTICES Notice of Qualification of Street King Notice of Qualification of HIGHBRIDGE Notice of Qualification of TRANS LLC. DBA SK Energy Shots LLC. PRINCIPAL STRATEGIES MEZZANINE HUDSON BROKERAGE, LLC. Authority filed with Secy. of State of NY PARTNERS II GP, L.P. Authority filed Authority filed with Secy. of State of NY (SSNY) on 8/2/12. Office location: NY with Secy. of State of NY (SSNY) on (SSNY) on 08/21/12. Office location: County. LLC formed in DE on 4/11/11. 09/07/12. Office location: NY County. NY County. LLC formed in Delaware SSNY designated agent of LLC upon LP formed in Delaware (DE) on (DE) on 05/21/12. SSNY designated whom process against it may be 01/17/12. Princ. office of LP: as agent of LLC upon whom process served. SSNY shall mail process to: Highbridge Principal Strategies, LLC, against it may be served. SSNY shall 575 Madison Ave., NY, NY 10022, also 40 W. 57th St., 33rd Fl., NY, NY 10019. mail process to c/o Corporation addr. of princ. office. DE addr. of LLC: SSNY designated as agent of LP upon Service Co., 80 State St., Albany, NY Corp. Services, Co., 2711 Centerville whom process against it may be served. 12207-2543. DE addr. of LLC: 2711 Rd. Ste. 400, Wilmington, DE 19808. SSNY shall mail process to the LP at Centerville Rd., Ste. 400, Wilmington, Cert. of LLC filed with DE Secy. of the addr. of its princ. office. Name DE 19808. Arts. of Org. filed with State, 401 Federal St., Dover, DE and addr. of each general partner are Secy. of State, Div. of Corps., John 19901. Purpose: any lawful activity. available from SSNY. DE addr. of LP: G. Townsend Bldg., 401 Federal St., Corporation Service Co., 2711 Ste. 4, Dover, DE 19901. Purpose: Magnetic Collaborative LLC - Arts. of Centerville Rd., Wilmington, New Any lawful activity. Org. filed with Secy. of State of NY Castle Cnty., DE 19808. Arts. of Org. (SSNY) on 6/1/12. Office location: filed with DE Secy. of State, Dept. of KOR IMPACT LLC, Arts. of Org. NY Co. SSNY designated as agent State, Div. of Corps., John G. filed with the SSNY on 07/05/2012. of LLC upon whom process against Townsend Bldg., P.O. Box 898, Dover, DE Office loc: NY County. SSNY has it may be served. SSNY shall mail 19903. Purpose: Any lawful activity. been designated as agent upon process to c/o Ganfer & Shore, LLP, whom process against the LLC 360 Lexington Ave., NY, NY 10017. SMART ENVIRONMENTAL SOLUTIONS may be served. SSNY shall mail Purpose: any lawful activities. LLC; Arts., of Org., filed with NY Sec. process to: Barzan Jafar, 108 W of State (“SSNY”) 07/03/2012. Office 17th St. Apt. #1, NY, NY 10011. NOTICE OF FORMATION OF BAL in New York; LLC, SSNY designated Purpose: Any Lawful Purpose. Associates LLC. Arts of Org filed with agent for service of process with Secy of State of NY (SSNY) on 8/6/12. copy mailed to: Pryor Cashman LLP, Notice of Formation of CAIPA SDC Office location: NY County. SSNY 7 Times Square, New York, NY Bensonhurst, LLC. Arts. of Org. filed designated as agent upon whom 10036, Attn: Jeffrey C. Johnson, with NY Dept. of State on 9/25/12. process may be served and shall Esq., All lawful business purposes. Office location: NY County. Sec. of mail copy of process against LLC to State designated agent of LLC upon principal business address: c/o Notice of Formation of Grant Park whom process against it may be Wiggin and Dana LLP, 450 Lexington Associates III, LLC. Arts. of Org. filed served and shall mail process to: c/o EVENTS Ave, Ste 3800, NY NY 10017. with NY Dept. of State on 11/4/11. CAIPA, 41 Elizabeth St., 600, NY, NY Purpose: any lawful act. Office location: NY County. Princ. 10013. Purpose: all lawful purposes. bus. addr.: 340 Pemberwick Rd., Notice of Formation of Lot One LLC. Notice of Registration of SCLAR Seminar on Malaysia Greenwich, CT 06831. Sec. of State NEW YORK BUSINESS EXPO Arts. of Org. filed with NY Dept. of ADLER LLP. Certificate filed Secy. of US Business Opportunities designated agent of LLC upon whom State on 7/6/12. Office location: NY State of NY (SSNY) on 9/17/12. Off. loc.: October 15 9 am-2 pm • Grand Hyatt New York process against it may be served and CONFERENCE County. Princ. bus. addr.: 1085 Park NY County. SSNY designated as agent 109 East 42nd St., New York, NY 10017 and shall mail process to: c/o CT • Ave., Apt. 3C, NY, NY 10128. Sec. of of LLP upon whom process against it Oct. 17 8:30 am - 5:30 pm Corporation System, 111 8th Ave., Why you should attend: State designated agent of LLC upon may be served. SSNY shall mail process • NY, NY 10011, regd. agent upon Learn the business and market opportunities Jacob K. Javits Convention Center - Hall 1A whom process against it may be to: c/o Ciampi LLC, 39 Broadway, for your business in Malaysia and the region. whom process may be served. served and shall mail process to: c/o Ste. 520, NY, NY 10006. Purpose: • Purpose: any lawful activity. Hold a dialogue with the seminar panelists NORTHEAST’S #1 BUSINESS TRADE CT Corporation System, 111 8th practice the profession of law. on matters relating to doing business in Ave., NY, NY 10011, regd. agent Malaysia and the region. SHOW & NETWORKING EVENT! Notice of Qualification of OUR NOISEY upon whom process may be served. AWARD WINNING FLOORS LLC. • Meet and network with Malaysian officials, • BRAINS, LLC. Authority filed with 10,000+ Executives 200 Exhibits Purpose: any lawful activity. Art. Of Org. Filed Sec. of State of business delegates as well as fellow US Secy. of State of NY (SSNY) on participants attending the seminar. 40+ Seminars • Special Events NY 07/06/2012. Off. Loc.: New York 8/22/12. Office location: New York Co. Corporation Service Company To participate, please register online at NOTICE OF QUALIFICATION of National Keynotes • Networking Preppydom, LLC. App for Authority County. LLC formed in DE on designated as agent upon whom www.midany.org. 8/15/12. SSNY designated as agent There is no charge to attend. Register: www.EventManagement.org filed with Secy of State of NY (SSNY) process against it may be served. on 8/2/12. Office location: NY County. of LLC upon whom process against SSNY to mail copy of process to LLC formed in DE on 7/2/12. SSNY it may be served. SSNY shall mail THE LLC c/o CSC, 80 State Street, North Dakota & The Bakken designated agent upon whom process process to: Jane S. Englebardt, 295 Albany, NY 12207. Purpose: Any POSITIONS may be served and shall mail copy of Madison Avenue, 12th Floor, New lawful act or activity. Investor Conference process against LLC to principal York, NY 10017. Address required to AVAILABLE Nov. 13 • 8 am - 4:30 pm business address: 67 Riverside Dr, Apt be maintained in home jurisdiction: Notice of Formation of PTSE Learn from industry experts at the vast num- 6C, NY, NY 10024. Cert of LLC filed c/o National Registered Agents, Inc., PROPERTY HOLDINGS LLC. Arts. Sr Associate Portfolio Manager with Secy of State of DE located: DE. 160 Greentree Drive, Ste. 101, Dover, of Org. filed with Secy. of State of NY Delaware 19904. Arts. of Org. filed (AllianceBernstein L.P. – New York, NY) ber opportunities that North Dakota and the Purpose: any lawful act. (SSNY) on 05/16/12. Office location: with Delaware Division of Corporations, Initiate, implement & monitor equity, derivative NY County. Princ. office of LLC: c/o Bakken has to offer. Over 25 billion barrels 401 Federal Street, Suite 4, Dover, DE & currency trades. F/T. Reqs a Bach’s degr Notice of Formation of DAYTONA Vincent Marsden, 150 E. 52nd St., 19901. Purpose: Develop and license 16th Fl., NY, NY 10022. SSNY (or foreign equivt) in Finan or Econ & 5 yrs of of recoverable oil provide opportunities for PROMENADE PARTNERS, LLC. Arts. software applications. designated as agent of LLC upon exp implement’g invstmnt decisions for indv’l of Org. filed with Secy. of State of NY investors in Oil, Gas, Real Estate & Business: (SSNY) on 09/14/12. Office location: whom process against it may be equity accts. All stated exp must incl 2 yrs of NOTICE OF FORMATION OF New served. SSNY shall mail process to the follow’g: emerg’g mrkts portfolio (ptfo) www.bakkensummit.com NY County. Princ. office of LLC: c/o Cohen Commercial Properties, 9 E. York School of Finance, LLC. Articles the LLC at the addr. of its princ. mgmt, incl trade build’g, ptfo monitor’g, Sheraton New York of Organization filed with the office. Purpose: Any lawful activity. cashflow mgmt, performance report’g, & 40th St., NY, NY 10016. SSNY designated as agent of LLC upon Secretary of State of NY (SSNY) on compliance monitor’g; analyz’g ptfo positions 811 Seventh Ave. at 53rd Street whom process against it may be 7/5/2012. Office location: New York COLUMBUS SKYLINE LLC Articles to identify deviations from the mdl & to served. SSNY shall mail process to County. SSNY has been designated of Org. filed NY Sec. of State (SSNY) explain discrepancies b/t ptfos; perform’g the LLC at the addr. of its princ. as agent upon whom process 7/16/12. Office in NY Co. SSNY desig. ptfo implementation, incl construct’g general TELECOMMUNICATIONS office. Purpose: Any lawful activity. against it may be served. The Post agent of LLC upon whom process may ptfo guidelines & pitchbooks, analyz’g Office address to which the SSNY be served. SSNY shall mail copy of risk/return tradeoff, & explain’g fundamental NOTICE OF FORMATION OF PDL shall mail a copy of any process process to 10 E. 39th St., Ste. 1110, invstmnt concepts & how they affect ptfo Design, LLC. Arts of Org filed with against the LLC served upon him is: NY, NY 10016, which is also the construction, & pre/post trade compliance; Secy of State of NY (SSNY) on 14 Wall Street, 20th Floor, New York, principal business location. &, manag’g currency incl the use of long & 6/26/12. Office location: NY County. NY 10005. The principal business Purpose: Any lawful purpose. short forward contracts to bring ptfo 33 East 33rd Street SSNY designated as agent upon address of the LLC is 14 Wall Street, construction to desired target weights. New York, NY 10016 whom process may be served and 20th Floor, New York, NY 10005. Name of Foreign LLC: LionTree SL Purpose: any lawful act or activity. Opportunity LLC. App. for Authority Resumes: T.Correa, AllianceBernstein L.P., 212-532-7400 shall mail copy of process against 1345 Ave of the Americas, New York, NY LLC to principal business address: filed with Sec. of State 8/10/2012. LLC 10105. Job: NEWJMA [email protected] 142 E 16th St, NY, NY 10003. Notice of Qualification of West 46 formed in DE on 8/9/2012. NY State Purpose: any lawful act. Office LLC. Authority filed with Secy. Office loc.: New York County. Sec. of EMERGENCY of State of NY (SSNY) on 8/7/12. State of NY designated as agent of LLC Quant Research Analyst COMMUNICATIONS Notice of Formation of BRONX Office location: NY County. LLC upon whom process may be served. Frmlt/implmt trdg strtgs invlvg intrst rte SYSTEMS OPPORTUNITY LLC. Arts. of Org. formed in Delaware (DE) on 8/1/12. Sec. of State of NY shall mail copy of prdcts; Bld intrst rte crv mdls; Prfrm filed with Secy. of State of NY SSNY designated as agent of LLC process to: LionTree SL Opportunity SPECIALISTS (SSNY) on 07/30/12. Office location: upon whom process against it may be LLC, c/o Corporation Service extnsv mrkt rsrch & exct strtgs bsd on • FREE PICKUP & DELIVERY rslts; Spclz in trdg shrtg drtn intrst rte NY County. Princ. office of LLC: 445 served. SSNY shall mail process to: Company, 80 State Street, Albany, NY • 48 HOUR TURNAROUND swps; Anlyz trd efcncy & dvlp exctn strtgs; Hamilton Ave., White Plains, NY c/o C T Corporation System, 111 12207-2543. Address of LLC in State ON REPAIRS Prfrm & aply optml exctn & lqdty rsrch. 10601. SSNY designated as agent of Eighth Ave., NY, NY 10011, also the of formation is: c/o The Corporation Req: Bach’s in Math, Fnanc & 5 yrs in • FREE ENGRAVING LLC upon whom process against it registered agent. Principal office Service Company, 2711 Centerville may be served. SSNY shall mail Address: 805 Third Ave., 7th Fl., NY, Road, Suite 400, Wilmington, DE 19808. job or as Mng Drctr, Asct or smlr frmltg • SHORT & LONG TERM RENTALS process to Corporation Service Co., NY 10022. Address to be maintained Name and address of authorized & implmtg trdg strtgs for intrst rte prdcts 80 State St., NY, NY 12207-2543. As in DE: Corporation Trust Center, 1209 official in DE where a copy of LLC’s (USD, EUR, GBP) & anlyzg trd efcncy to amended by Cert. of Correction filed Orange St., Wilmington, DE 19801. cert. of formation is filed is: Sec. of dvlp optmzd exctn strtgs. Skls: VBA, with SSNY on 09/04/12, the process Arts of Org. filed with the DE State of the State of DE, John G. Blmbrg, Reutrs. MPG Operations LLC, addr. is Corporation Service Co., 80 Secretary of State, 401 Federal St., Townsend Building, 401 Federal St., New York, NY. Resumes to box 189, State St., Albany, NY 12207-2543. Ste. 4, Dover, DE 19901. Purpose: Suite 3, Dover, DE 19901. Purpose: 711 Third Ave. New York, NY 10017. Purpose: Any lawful activity. any lawful activities. to engage in any lawful act.

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TO PLACE A CLASSIFIED AD, CALL 1-800-444-6007 OR VISIT CRAINSNEWYORK.COM PUBLIC & LEGAL NOTICES NOTICE OF FORMATION OF Notice of formation of Empire State Notice of Qualification of Near North Notice of Qual. of Altum Capital Notice of Qualification of HIGHBRIDGE Freedman Anselmo Lindberg LLC. Spirits Company. Articles of Partners, LLC. Authority filed with Management, LLC, Auth. filed Sec’y PRINCIPAL STRATEGIES - MEZZANINE Application for Authority filed with the Organization filed with the Secretary NY Dept. of State on 8/15/12. Office of State (SSNY) 2/24/12. Office loc.: PARTNERS II, L.P. Authority filed with Secretary of State of New York (SSNY) of State of NY (SSNY) on 6/18/2012. location: NY County. LLC formed in NY County. LLC org. in DE 6/18/08. Secy. of State of NY (SSNY) on on 07/31/2012. Office location: NEW Office location: New York County. IL on 10/8/08. NY Sec. of State SSNY desig. as agent of LLC upon 09/07/12. Office location: NY County. YORK County. LLC formed in Illinois SSNY has been designated as agent designated agent of LLC upon whom process against it may be LP formed in Delaware (DE) on 01/17/12. on 01/26/2005. SSNY has been upon whom process against it may whom process against it may be served. SSNY shall mail copy of Princ. office of LP: Highbridge designated as an agent upon whom be servced. The Post Office address served and shall mail process to: proc. to Att: Marjorie Hogan, 681 Principal Strategies, LLC, 40 W. 57th process against it may be served. The to which the SSNY shall mail a copy c/o CT Corporation System, 111 8th Fifth Ave., 15th Fl., NY, NY 10022. St., 33rd Fl., NY, NY 10019. SSNY Post Office address to which the SSNY of any process against the LLC Ave., NY, NY 10011, regd. agent DE off. addr.: CSC, 2711 Centerville designated as agent of LP upon whom shall mail a copy of any process served upon him or her is: 23 East upon whom process may be served. Rd., Wilmington, DE 19808. Cert. of process against it may be served. against the LLC served upon him/her 10th Street, Suite 419, New York, NY IL and principal business addr.: 875 Form. on file: SSDE, Townsend SSNY shall mail process to the LP at is: 1807 W. Diehl Rd. Suite 333 10003. The principal business N Michigan Ave., Ste. 3100, Chicago, Bldg., Dover, DE 19901. Purp.: any the addr. of its princ. office. Name Naperville, IL 60563. The principal address of the LLC is: 23 East 10th IL 60611. Cert. of Org. filed with IL lawful activities. and addr. of each general partner are business address of the LLC is: 1807 Street, Suite 419, New York, NY Sec. of State, 330 Howlett Bldg., available from SSNY. DE addr. of LP: W. Diehl Rd. Suite 333 Naperville, IL 10003. Dissolution date: None. Springfield, IL 62756. Purpose: all Corporation Service Co., 2711 lawful purposes. SECOND SPRING, LLC, a domestic 60563. Certificate of LLC filed with Purpose: any lawful act or activity. LLC, Arts. of Org. filed with the SSNY Centerville Rd., Wilmington, New Secretary of State of Illinois located at: on 6/18/12. Office location: New York Castle Cnty., DE 19808. Arts. of Org. Notice of Formation of About The 213 State Capitol Springfield, IL 62756. Notice of Formation of MetroPark County. SSNY is designated as filed with DE Secy. of State, Dept. of Brand LLC, Art. of Org. filed Sec’y of Purpose: any lawful act or activity. Ventures LLC. Arts. of Org. filed agent upon whom process against State, Div. of Corps., John G. State (SSNY) 5/16/12. Office location: Secy. of State of NY (SSNY) on the LLC may be served. SSNY shall Townsend Bldg., P.O. Box 898, Dover, DE NY County. SSNY designated as Notice of Formation of GP III LLC. 8/1/12. Office location: NY County. mail process to: The LLC, 251 W. 92 19903. Purpose: Any lawful activity. agent of LLC upon whom process Arts. of Org. filed with NY Dept. of SSNY designated as agent of LLC ST., Apt. 9C, New York, NY 10025. against it may be served. SSNY shall State on 11/3/11. Office location: NY upon whom process against it may General Purposes. NOTICE OF FORMATION of ZJNY County. Princ. bus. addr.: 340 be served. SSNY shall mail process mail copy of process to Mosaicon Holding LLC. Arts of Org. filed with USA Inc., 530 Seventh Ave., Pemberwick Rd., Greenwich, CT to: The LLC, 353 Third Avenue, Suite NOTICE OF FORMATION OF Another NY Secy of State (SSNY) on Mezzanine Fl., NY, NY 10018. 06831. Sec. of State designated agent 308, NY, NY 10010. Purpose: any Wild Hare. Arts of Org filed with Secy 08/01/2012. Office location: New Purpose: any lawful activities. of LLC upon whom process against it lawful activity. of State of NY (SSNY) on 6/28/12. York County. SSNY is designated as may be served and shall mail process agent of LLC upon whom process LJ EAST HOUSTON LLC, a domestic Office location: NY County. SSNY to: c/o CT Corporation System, 111 Notice of Qual. of Altum Capital GP, designated as agent upon whom against it may be served. SSNY shall 8th Ave., NY, NY 10011, regd. agent LLC, Auth. filed Sec’y of State (SSNY) LLC, Arts. of Org. filed with the SSNY mail process to: 533 7th Avenue, on 7/9/12. Office location: New York process may be served and shall upon whom process may be served. 2/24/12. Office loc.: NY County. LLC mail copy of process against LLC to Suite 1705, New York, NY 10018. Purpose: any lawful activity. org. in DE 4/12/11. SSNY desig. as County. SSNY is designated as Purpose: any lawful activity. agent upon whom process against the principal business address: 514 W agent of LLC upon whom process 135th St, Apt 2 NY, NY 10031. Notice of Registration of NEW YORK LLC may be served. SSNY shall mail against it may be served. SSNY shall Purpose: any lawful act. Notice of Formation of 157 Niantic METROPOLITAN REGIONAL CENTER, mail copy of proc. to Att: Marjorie process to: The LLC, 201 E. Houston MM LLC. Arts. of Org. filed with L.P. I, Cert of LP filed with the SSNY St., NY, NY 10002. General Purposes. Hogan, 681 Fifth Ave., 15th Fl., NY, ACB PUBLISHING LLC, a domestic Secy. of State of NY (SSNY) on on 08/28/2012. Office loc: NY County. 8/7/12. Office location: NY County. NY 10022. DE off. addr.: CSC, 2711 SELLERS INTERNATIONAL, LLC, a LLC, Arts. of Org. filed with the SSNY SSNY designated as agent of LP Centerville Rd., Wilmington, DE SSNY designated as agent of LLC upon whom process against it may foreign LLC, filed with the SSNY on on 7/23/12. Office location: New York 19808. Cert. of Form. on file: SSDE, upon whom process against it may be served. SSNY shall mail process 6/3/10. Office location: New York County. SSNY is designated as agent Townsend Bldg., Dover, DE 19901. be served. SSNY shall mail process to: The LP, 88 Pine St, 20th Fl, NY, County. SSNY is designated as upon whom process against the LLC Purp.: any lawful activities. to: c/o Niantic Partners LLC, 590 NY 10005. Purpose: Any Lawful agent upon whom process against may be served. SSNY shall mail process to: The LLC, 190 E. 72nd St., Madison Ave., Ste. 1800, NY, NY Purpose. Latest date upon which LP the LLC may be served. SSNY shall 10022. Purpose: any lawful activity. is to dissolve: 01-01-2022. Notice of Formation of 3310 Holdings mail process to: United States NY, NY 10021. General Purposes. LLC, Art. of Org. filed Sec’y of State Corporation Agents, Inc., 1521 Notice of Formation of 130 Fifth Notice of Formation of VertIQal Trade (SSNY) 3/21/12. Office location: NY Concord Pike, #301, Wilmington, DE Notice of Formation of 509 Fifth JS Avenue Store Company LLC. Arts. Systems, LLC. Arts. of Org. filed with County. SSNY designated as agent 19803. General Purposes. LLC. Arts. of Org. filed Secy. of State of Org. filed Secy. of State of NY Secy. of State of NY (SSNY) on of LLC upon whom process against of NY (SSNY) on 8/27/12. Office (SSNY) on 8/22/12. Off. loc.: NY 08/22/12. Office location: NY County. it may be served. SSNY shall mail SCREAMING EAGLE OF SOUL, LLC location: NY County. SSNY designated County. SSNY designated as agent Princ. office of LLC: 261 W. 35th St., copy of process to c/o Kriss & Art. Of Org. Filed Sec. of State of NY as agent of LLC upon whom process of LLC upon whom process against Ste. 1003, NY, NY 10001. SSNY Feuerstein, 360 Lexington Ave., Ste. 07/10/2012. Off. Loc.: New York Co. against it may be served. SSNY shall it may be served. SSNY shall mail designated as agent of LLC upon 1200, NY, NY 10017. Purpose: any SSNY designated as agent upon whom mail process to: c/o The LLC, 500 process to: c/o The Georgetown whom process against it may be lawful activities. process against it may be served. Fifth Ave., 54th Fl., NY, NY 10010. Company, 667 Madison Ave., NY, NY served. SSNY shall mail process to SSNY to mail copy of process to THE Purpose: any lawful activity. 10021. Purpose: any lawful activity. the LLC at the addr. of its princ. Notice of Qualification of St. Nicholas LLC c/o L & B 325 West 38th St., office. Purpose: Any lawful activity. Park Apartments LLC. Authority filed Suite 1101, New York, NY 10018. NOTICE OF QUALIFICATION OF Notice of Formation of NATIONAL with NY Dept. of State on 6/4/12. Purpose: Any lawful act or activity. Papanic Niche Spirits LLC. App for PASTIME PRODUCTIONS, LLC. Arts. Notice of Qual. of Altum Credit Fund, Office location: NY County. Princ. bus. Authority filed with the Secy of State of of Org. filed with Secy. of State of NY L.P., Auth. filed Sec’y of State (SSNY) addr.: 340 Pemberwick Rd., Greenwich, Notice of Qualification of NYC TPC NY (SSNY) on 5/17/12. Office location: (SSNY) on 09/10/12. Office location: 2/1/12. Office loc.: NY County. LP CT 06831. LLC formed in DE on LLC. App. for Auth. filed Secy. of State NY County. LLC formed in DE on NY County. Princ. office of LLC: c/o org. in DE 2/19/09. SSNY desig. as 2/9/10. NY Sec. of State designated of NY (SSNY) on 8/30/12. Off. loc.: NY 6/9/11. SSNY designated agent upon Richard Scanlon, 47 St. Marks Pl., #3, agent of LP upon whom process agent of LLC upon whom process County. LLC formed in Indianapolis whom process may be served and NY, NY 10003. SSNY designated as against it may be served. SSNY shall against it may be served and shall (IN) on 8/20/12. SSNY designated as shall mail copy of process against LLC agent of LLC upon whom process mail copy of proc. to Att: Marjorie mail process to: c/o CT Corporation agent of LLC upon whom process to principal business address: 200 E against it may be served. SSNY Hogan, 250 Greenwich St., 30th Fl., System, 111 8th Ave., NY, NY 10011, against it may be served. SSNY shall 57th St, Ste 8G, NY, NY 10022. DE shall mail process to the LLC at the NY, NY 10007. DE off. addr.: CSC, regd. agent upon whom process may mail process to IN address of LLC: address of LLC: c/o The Corp Trust addr. of its princ. office. Purpose: 2711 Centerville Rd., Wilmington, DE be served. DE addr. of LLC: 1209 c/o Bernstein, 800 E. 96th St., Ste. Company, Corporation Trust Center, Any lawful activity. 19808. Cert. of LP on file: SSDE, Orange St., Wilmington, DE 19801. 500, Indianapolis, IN 46240. Arts. of 1209 Orange Street, Wilmington, DE Townsend Bldg., Dover, DE 19901. Cert. of Form. filed with DE Sec. of Org. filed IN Secy. of State, 302 W. 19801. Cert of LLC filed with Secy of NOTICE OF FORMATION OF LIMITED Name/addr. of each gen. ptr. avail. at State, 401 Federal St., Dover, DE Washington St., Indianapolis, IN State of DE located: PO Box 898, Dover, LIABILITY COMPANY. NAME: SSNY. Purp.: any lawful activities. 19901. Purpose: all lawful purposes. 46204. Purpose: any lawful activity. DE 19901. Purpose: any lawful act. TREATISE LIVING, LLC. Articles of Organization were filed with the Secretary of State of New York (SSNY) on 04/16/12. Office location: New York County. SSNY has been designated Get connected with Crain’s New York Business. as agent of the LLC upon whom process against it may be served. SSNY shall mail a copy of process to the LLC, c/o Garin & Associates, PLLC, 100 Park Avenue, Suite 1600, New York, New York 10017. Promote your product or service to NY’s decision makers with an affordable Purpose: For any lawful purpose. business card size ad in our Business Connections section. Notice of Qualification of D&T PARTNERS GP, LLC. Authority filed with Secy. of State of NY (SSNY) on 08/01/12. Office location: NY County. LLC formed in Delaware (DE) on 07/27/12. Princ. Issue Date for Business Connections • Book of Lists (12/24) office of LLC: c/o South Street Capital Mgmt., Attn: Chad S. Elson, 369 Lexington Ave., 23rd Fl., NY, NY 10017. SSNY designated as agent of LLC upon whom process against it For more information on this powerful opportunity may be served. SSNY shall mail process to the LLC at the addr. of its to showcase your business, call Joanne Barbieri at 212-210-0189 princ. office. DE addr. of LLC: c/o Corporation Service Co., 2711 or email Joanne at [email protected] Centerville Rd., Ste. 400, Wilmington, DE 19808. Cert. of Form. filed with Secy. of State of DE, 401 Federal St., Ste. 4, Dover, DE 19901. Purpose: Let Crain’s New York Business help you secure new clients in 2013. Any lawful activity.

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Just don’t call them pessimists Faster Continued from Page 6 public employees’ retirement costs going to control the increase in ing, we will be OK,” said Ms. seen,however,is whether it can han- Civic leaders worry would require tax increases that homelessness.” Wylde, pointing to gains in jobs, dle the vastly bigger share of filings about what could might drive high-income earners Federal cuts could cost New York population and tourists. “As soon as likely to soon come its way as word out of New York.Pedro Noguera,an billions of dollars in health care, growth stops,due to bad public poli- of its success spreads. doom city’s future NYU education professor, said that transportation,security,defense and cies, failure to keep pace with glob- “The only concern would be the despite pockets of gentrification, housing funds. Ms.Wylde’s organi- al competition or a cataclysmic Hub’s capacity,” said Robert Lau- BY ERIK ENGQUIST “there are neighborhoods that are so zation, the Partnership for New event, we are toast.” denschlager, partner at SLCE Ar- depressed, you can’t believe it’s the York City,is working to quantify the Mr. Ravitch said, “The world’s chitects, which designed two resi- Three years after the recession ended same city.” not coming to an end.Democracy is dential projects in Brooklyn that and amid months of record-breaking Afterward, the panelists said going to solve these problems. But were approved through the system. job growth in New York City, doom they did not intend to paint an apoc- Pensions and we’ve got to stop kicking the can So far, so good, he said.“I was afraid and gloom still cloud many ob- alyptic picture. But neither did they down the road.” of [problems], but we have down- servers’ view of the city’s future. retract their warnings. poverty. Crime loaded very large drawings and files Crime. Federal funding cuts. “I don’t view myself as being pes- Remembering 1975 with no problems.” Pension costs. Homelessness. simistic,” said Mr. Ravitch. “To the and funding Ratings agencies aren’t too In fact, things are going so well When good-government group contrary, I couldn’t be more bullish. worried. Standard & Poor’s just as- that some industry insiders are pre- Citizens Union assembled panelists … People from all over the world cuts. Oy vey signed a strong AA rating to city dicting that the Hub could be the of diverse backgrounds for a “civic still come here first. But our health bonds, even though Mayor Michael eventual death knell for an entire,al- conversation” recently, pessimism care expenditures and our retire- Bloomberg exhausted a surplus and beit small, industry—expediters. prevailed. ment expenditures are growing at a used one-shots to balance this year’s For generations, such people David Jones, who runs the advo- faster rate than our revenues are,and budget.“We believe the city’s strong have been hired to navigate the cacy organization Community Ser- therefore we’re headed toward seri- potential impact. Meanwhile, Ms. long-term-focused planning and Buildings Department’s legendarily vice Society, predicted that discon- ous trouble.” Wylde said, the city’s labor, pension proactive budget management labyrinthine bureaucracy, including nected youth would cause a spike in and health care costs are projected to practices mitigate these risks,” spending hours on their feet in lines. gang violence. Kathryn Wylde, rep- ‘We are toast’ climb, threatening the next mayor S&P wrote. Insiders say that expediter fees asso- resenting business interests, said “Will the city collapse, turn into with annual deficits of $10 billion or Pronouncements from ratings ciated with a moderate-size project Washington could slash support for a version of Detroit? No,” said Mr. more.“There is no one who looks at agencies don’t comfort Mr. Ravitch, could total up to $40,000. public services while “hollowing Jones. But he said having 380,000 the worst-case but very possible sce- who helped rescue the city from For now, however, even expe- out” midlevel Wall Street jobs with people out of work, more than half nario without concluding that the fiscal crisis nearly 40 years ago. diters have only praise for the Hub. onerous regulation. of them for longer than six months, city is very much at risk,” she said. “Moody’s upgraded the credit of the “It’s a time-saver,” said Philip San- Richard Ravitch,a former devel- “is going to lead to some kind of But all is not lost, the observers city of New York in March of 1975,” tantonio, partner of KM Associates oper and lieutenant governor, said dysfunction. I don’t see how we’re said.“As long as the city keeps grow- he said. “I’ll never forget that.” Ⅲ of New York Inc., who insisted that as good as the Hub is, it will not put his firm out of business. period, to $3.7 billion. growth for digital advertising in the than November, and that marketers Meanwhile, on Oct. 8, the city is There’s still a chance that the tel- same period. That’s less than the are also investing in mobile advertis- expected to announce that it is ex- Ad slump evision market, both at the network more than 20% growth in online ad- ing that can use geo-targeting to panding the system in a way that is and local levels, will get a boost be- vertising in 2011, but he noted that drive consumers into stores. likely to gladden the hearts of home- Continued from Page 3 tween now and the end of the year. the sector has gotten bigger and is Some money is being moved out owners all across the city. In the fu- vice president at Borrell.“Consumers “My feeling is a lot of people have more established.Digital media buy- of traditional media into digital,Mr. ture, the Hub can be used for small are still very cautious.” held back, and there’ll be a lot of ers say the market is tilting their way. Schwartz acknowledged, but he renovation jobs such as subdividing He added that slower sales will buying as the quarter rolls out,” said “The interesting thing about the blames most of the tepid growth on rooms and redoing kitchens. Those depress advertising, since more Judy Popky, media director at ad holidays in digital is that spending other factors. projects could be approved as fast as money will go into promotions,such agency Cole & Weber. starts earlier and earlier each year,” “The larger effect is the econo- in 24 hours, said Mr. LiMandri of as rebates and discounts meant to Mr. Schwartz expects low single- said Alan Smith, client director, my,” he said.“Any sort of uncertain- the Department of Buildings,which move inventory. For the fourth digit revenue growth from television North America, at ad agency ty spooks the market.” Ⅲ receives 50,000 applications for quarter, Mr. Cassino forecasts ad for the current season, which runs Essence Digital. He noted that re- such work a year. spending in the New York metro through the spring, and is looking at tailers now buy up space on marquee LISTEN to a discussion at “We are digitizing the entire market to rise 3% over the year-ago high single- to low double-digit sites like Amazon in October, rather CrainsNewYork.com/podcasts process,” he said. Ⅲ

TO PLACE A CLASSIFIED AD, CALL 1-800-444-6007 OR VISIT CRAINSNEWYORK.COM PUBLIC & LEGAL NOTICES NOTICE OF FORMATION OF Notice of Qualification of Hedge Fund NOTICE OF QUALIFICATION of fleur NOTICE OF FORMATION OF Nobody’s NOTICE OF FORMATION OF Tyler Portmanteau Consulting L.L.C.. Arts Select: Bocage Global Resources Fund de lis interior design llc. Authority Perfekt Media LLC. Articles of Bracken Designs, LLC. Arts of Org of Org filed with Secy of State of NY LLC. Authority filed with NY Dept. of filed w/ Sec of State of NY (SSNY) Organization filed with the Secretary filed with Secy of State of NY (SSNY) (SSNY) on 6/14/12. Office location: NY State on 8/28/12. Office location: NY on 6/26/12. Office location: NY Co. of State of NY (SSNY) on 09/04/2012. on 6/29/12. Office location: NY County. SSNY designated as agent County. LLC formed in DE on 6/13/12. LLC formed in CT on 2/5/02. SSNY Office location: NEW YORK County. County. 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Princ. office of Family of the Year / Tinyogre Touring, of State of NY (SSNY) on 09/25/12. Notice of Qualification of SEQUOYAH (SSNY) on 08/14/12. Office location: LLC: c/o Millennium Management LLC. App for Authority filed with Office location: NY County. LLC ELECTRIC, LLC. Authority filed with NY County. LLC formed in Delaware LLC, 666 Fifth Ave., 8th Fl., NY, NY Secy of State of NY (SSNY) on formed in Delaware (DE) on 06/16/11. Secy. of State of NY (SSNY) on (DE) on 08/13/12. Princ. office of 10103. SSNY designated as agent of 2/24/12. Office location: NY County. Princ. office of LLC: 19 W. 21st St., Ste. 08/29/12. Office location: NY County. LLC: 155 Wooster St., Ste. 8R, NY, NY LLC upon whom process against it LLC formed in DE on 10/4/11. SSNY 902, NY, NY 10010. SSNY designated LLC formed in Washington (WA) on 10012. SSNY designated as agent of may be served. SSNY shall mail designated agent upon whom as agent of LLC upon whom process 12/04/02. Princ. office of LLC: 15135 LLC upon whom process against it process to c/o Corporation Service process may be served and shall against it may be served. SSNY shall NE 92nd St., Redmond, WA 98052. may be served. SSNY shall mail Co. (CSC), 80 State St., Albany, NY mail copy of process against LLC to mail process to the LLC at the princ. SSNY designated as agent of LLC process to the LLC at the princ. office 12207-2543. DE addr. of LLC: c/o principal business address: 276 Fifth office of the LLC. DE addr. of LLC: upon whom process against it may be of the LLC. DE addr. of LLC: c/o CSC, 2711 Centerville Rd., Ste. 400, Ave Ste 604 NY, NY 10001. DE c/o Harvard Business Services, Inc., served. SSNY shall mail process to Corporation Service Co., 2711 Wilmington, DE 19808. Arts. of Org. address of LLC: 2711 Centerville Rd 16192 Coastal Hwy., Lewes, DE c/o Corporation Service Co., 80 State Centerville Rd., Ste. 400, Wilmington, filed with DE Secy. of State-Div. of Ste 400 Wilmington, DE 19808. Cert 19958. Arts. of Org. filed with Secy. St., Albany, NY 12207-2543. Arts. of DE 19808. Arts. of Org. filed with Secy. Corps., John G. Townsend Bldg., of LLC filed with Secy of State of of State, State of DE, Secy. of State, Org. filed with Sam Reed, Secy. of of State, Div. of Corps., John G. 401 Federal St. - Ste. 4, Dover, DE DE located: PO Box 898 Dover, DE 401 Federal St., Ste. 4, Dover, DE State, PO Box 40220, Olympia, WA Townsend Bldg., 401 Federal St., Dover, 19901. Purpose: Any lawful activity. 19903. Purpose: any lawful act. 19901. Purpose: Any lawful activity. 98504. Purpose: Any lawful activity. DE 19901. Purpose: Any lawful activity.

18 | Crain’s New York Business | October 8, 2012 20121008-NEWS--0019-NAT-CCI-CN_-- 10/5/2012 7:13 PM Page 1

years ago, Starwood Capital was on the BR Guest holding company has does all of my restaurants,” he said. Starwood, BR Guest target to roll out three hotel opened 10 restaurants,nearly half of By next year, BR Guest expects brands—1 Hotel, Baccarat and them in Atlantic City for the casino to generate more than $180 million Crillon. “Buying into a growing operator Harrah’s. Those are man- in revenue,according to Messrs.Yih Continued from Page 1 While praising the relationship, restaurant business eliminated the agement deals for which BR Guest and Hanson. relationship with BR Guest to max- Mr. Yih also acknowledged the uncertainty of having a hotel and gets a fee to operate the restaurants. “Steve and Starwood have made imize the value of our investment.” strain:“Steve and Starwood worked being unable to secure a restaurant BR Guest also acquired the Strip a real effort to change their strategy Starwood Capital paid a hefty through some very difficult times, that would help the [hotel] House brand out of bankrupt- to see if they can succeed together in $150 million to acquire BR Guest and that challenges a relationship in brand,” said Sean Hen- cy last year from the Glazier this economic environment, which and its 16 restaurants, basing the any sense.” nessey, chief executive of Group, including one estab- is so different than the one that price, in part, on the assumption What’s clear is that Starwood Lodging Advisors, of Star- lished Strip House location in brought them together,” observed that it would expand dramatically in Capital has no tolerance for under- wood Capital’s strategy. Manhattan and one in Las Ve- restaurant consultant Clark Wolf. a short period. It bought out BR performing businesses. In April, for The weak economy gas. A third Strip House will Whether Starwood Capital and Guest and created a holding compa- example, Mr. Hanson pulled the forced Starwood Capital to open this month,on West 44th BR Guest remain partners much ny,BR Guest LLC,to operate plug on Kibo, an Asian abandon many of its hotel Barry Sternlicht Street in midtown. longer also depends on the investors the current and future restau- restaurant in Union Square projects. “We don’t have the Mr. Hanson, who founded in Starwood’s fund.It’s possible that rants. Mr. Hanson owns a that was open a mere five robust pipeline now that we did in BR Guest in 1987, is widely viewed some may want to take their money 50% share of the holding months. It was seen as an 2007,” Mr. Yih said. “It’s much as a savvy restaurant operator—he is out after the fund expires soon. company, of which he is uncharacteristic move for reduced.” a graduate of New York University’s “There are different methods for president. the restaurateur, who would Today,there is just one Starwood Stern School of Business—who cre- extending the fund,” Mr. Yih But Starwood Capital ex- ordinarily give a new busi- Capital property with a BR Guest ates big, profitable hits. A former countered. ecutives have a lot of input in Stephen Hanson ness a year to get its footing, restaurant, a Dos Caminos in Flori- commodities trader, Mr. Hanson is Ultimately,those investors—and the venture, carefully scruti- sources said. Then, in Sep- da’s Sheraton Fort Lauderdale admired for his ability to make the Starwood Capital’s management— nizing the financial results of each tember, Mr. Hanson closed 5-year- Beach Hotel. numbers work in his businesses. will need to believe that BR Guest is restaurant, according to a former old Primehouse in Murray Hill. Still, Mr. Yih insists that Star- He said he is opening six restau- a good bet. “Starwood,” Mr. Wolf senior BR Guest executive who did “The rent was above market, be- wood Capital is not unhappy with rants in the second quarter of next said, “has to judge whether it feels not want to be identified. cause I signed the lease in an unfa- its investment. “Steve and his team year and that the company is close to confident that Steve’s style of devel- “Starwood bought at the peak of vorable year and the operation was have the potential to grow a far big- signing a deal with a “large” hotel opment and operations is likely to the market, and my impression is going to lose money,” Mr. Hanson ger enterprise,” he said. “It may not operator in which BR Guest would net competitive gains in the current that the relationship is not working explained last week in an interview be in the same form that we intend- own the restaurant, not just collect a environment.” Ⅲ out,” said the former executive. for this story. ed.We have less reliance on our own management fee. “There is a lot of tension and pres- Money wasn’t supposed to be an hotels for that growth.” The Starwood Capital fund is LISTEN to a discussion at sure between the parties.” issue.At the height of the boom,five Indeed, over the past 18 months, underwriting the hotel deal “as it CrainsNewYork.com/podcasts

unnecessarily.To recover that mon- as Connecticut’s 6.7%. Some in- app running in the background on App for the 1% ey,workers have to prove where they come can be double-taxed, with his phone, believes the patent- were. Some can’t, or don’t bother. each state taking a chomp. pending product could become a Monaeo users can print out detailed “Sometimes the precise moment must-have for people who travel Continued from Page 3 Jeter claimed to be a Florida resident records of where they have been, in time you crossed the border is for business or have homes and ping $2 billion. “For every $10 from 2001 to 2003, but New York hour by hour. critical,” said tax attorney Timothy offices in different jurisdictions. saved, we spend 2 cents,” said Geof- tax authorities didn’t buy it. The Noonan, an adviser to Monaeo who Because the information is so de- frey Gloak, a spokesman for the shortstop settled the case and paid Counting the days has waged many battles with New tailed and cannot be manipulated state Department of Taxation and an undisclosed amount. Sometimes minutes matter. A York tax auditors.“If you can’t prove by users, the attorney predicts it Finance. Messrs. Singhal and Mittal, who Greenwich, Conn., resident with a that, you’re in trouble.” will be deemed credible by the Monaeo’s app, which is still in need most of the alphabet to list all Manhattan pied-à-terre who sees a He said tax auditors in New York authorities. beta testing and costs $79 a month, their business and engineering de- Broadway show, goes out for drinks and elsewhere have become more “We’ve talked to auditors,” he could produce a similar return for grees, insist that Monaeo is not just and crosses back into Connecticut at aggressive over the years in pursuing said. “I pull out my phone and say, users.To avoid a $27 million tax hit, for the 1%. Lots of businesses send 12:01 a.m. has just spent two tax residency cases. Better enforcement ‘Hey, check it out. What do you hedge fund billionaire Julian employees to other states, which days in New York City. Spending is a way for cash-strapped govern- think?’ The reaction is generally Robertson spent six years and prob- have varying rules about when taxes more than 183 “days” in New York ments to increase revenue without very positive.” Ⅲ ably seven figures proving he’d been must be withheld from paychecks. subjects all of a person’s income that raising taxes,which is difficult polit- in New York City for less than half Some companies are out of compli- year to city and state tax rates that, ically. LISTEN to a discussion at the year in 2000.Yankees star Derek ance, while others withhold taxes combined, are roughly twice as high Mr. Noonan, who has Monaeo’s CrainsNewYork.com/podcasts

October 8, 2012 | Crain’s New York Business | 19 20121008-NEWS--0020-NAT-CCI-CN_-- 10/5/2012 1:41 PM Page 1

SMALL BUSINESS Team-building crowd tries Brooklyn As corporations seek hipper locations The profitable firm had more than recreational activities. Local firms $400,000 in revenue last year. are capitalizing on the borough’s for meetings, the borough’s businesses profit luster through energetic marketing. ‘Hot’ area Their efforts are paying off. Al- Tours navigates local neighbor- “I have watched Brooklyn go though many groups continue to opt BY CARA S. TRAGER hoods, landmarks and pizza places from special to hot,” said Mr. Muia, for Manhattan lodgings, more are with as many as 58 passengers— a proud native of Bensonhurst. journeying into Brooklyn for down- ive years ago, Tony from four to six times a month. The bus-tour company is one of time excursions and meetings and Muia was lucky if he As Mr. Muia tells it, corporate many small businesses in the bor- team-building exercises. snagged six corporate groups account for 25% of his busi- ough that are profiting from more Karen Shackman, president of buck ennis groups a year for his ness,and this year’s revenue from the meetings and events, courtesy of Shackman Associates New York, a ON A ROLL: Tony Muia’s Slice of Brooklyn Bus Brooklyn tour compa- corporate sector has so far jumped Brooklyn’s cachet as a hipster locale Manhattan destination manage- Tours logged $400,000 in revenues last year. Fny. Today, A Slice of Brooklyn Bus 50% over the same period in 2011. with legendary sites and diverse ment and events firm, has noticed a “definite uptick” in corporate re- quests for outings to Brooklyn. “Many clients are quite savvy about what’s going on in New York and welcome the opportunity to see another aspect of the city,” said Ms. Shackman, who has arranged such corporate activities as biking trips over the Brooklyn Bridge and lunches at Peter Luger Steak House in Williamsburg. But beating a path into Brooklyn has its downside.“The main thing is the traffic,” said Ms. Shackman. “With ferries going to certain points in Brooklyn, it gives another option of getting there,” she added. Enjoying the rides This past summer, Central Amusement International, which owns Luna Park and Scream Zone and operates the city-owned Cy- clone roller coaster in Coney Island, made a big splash with corporate events in Luna Park. The small firm made a major “push” for big-name clients by doing everything from cold-calling prospective customers to adding corporate outings to its website,said Brian Williams, sales and business development manager. Williamsburg’s Brooklyn Brew- ery has garnered a stream of corpo- rate business. Both its small-batch brewery and beer-hall-style space are on tap for events. The company is on track to generate overall rev- enue of $43 million this year. “I did quite a lot of reach-out last year,so [corporate events] have been up quite a bit,” said Erin Matson, tasting-room events manager. Word-of-mouth recommenda- tions and organic search-engine re- sults have helped the 2-year-old Brooklyn Winery score a dizzying 75% increase in corporate events since last year. The Williamsburg firm, which is approaching prof- itability after generating more than $1 million in revenue last year,host- ed about 30 corporate gatherings this past year, according to Julie Oehme, director of marketing. The winery offers a team- building exercise, followed by dinner, that involves dividing atten- dees into groups to create a blend of wines. Recent gatherings included corporate guests from Asia who “specifically requested a true Brook- lyn experience,” Ms. Oehme said. Ⅲ

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20 | Crain’s New York Business | October 8, 2012 20121008-NEWS--0021-NAT-CCI-CN_-- 10/5/2012 1:43 PM Page 1

HELLUVA TOWN INSIDE Source Lunch Mobile ads help Restaurant-group chief homeless group cooks up plans PAGE 22 City buses, commercial trucks, Out and About taxis and even pedicabs carry advertising, so why not vans Barbra comes back to delivering food to the city’s Brooklyn PAGE 23 homeless? The Coalition for the Homeless launched a program last week that allows businesses to advertise their names for one month on as many as three vans that distribute 1,000 meals each day to the needy.The vans are operated by Grand Central Food Program, one of 11 initiatives run by the Coalition. MakeMake likelike aa treetree andand leafleaf In just one week, several law firms—Kramer Levin Naftalis & Fall is the time to drop in on some colorful scenery, Frankel, Troutman Sanders and Proskauer Rose—and a furniture business, Lane Office, signed up, or maybe visit an old haunt raising $50,000 for GCFP. Sponsorship of all three vans for one month costs $25,000, while one van costs $10,000. Unfortunately, it’s a drop in the bucket for the nonprofit, which has lost $325,000 in government funds over the past year due to budget cutbacks. “We’re looking to get the legal community behind this initiative,” said Dave Giffen, executive director for the Coalition. “We have a handful of lawyers on our board, so that seemed like a good place to start.” The sponsors are encouraged to have their employees volunteer to go out with the vans and hand out food. —lisa fickenscher Krall jazzes up downtown

Diana Krall performed last week on Live With Kelly and Michael on ABC. The TV appearance supporting her new album, Glad Rag Doll, was a world away from a private show for industry insiders she gave just the week before at one of those classic New York joints that few folks can find. Garage doors read “Active Driveway,” but inside, visitors found a dimly lit, retro-style cabaret theater with plush banquettes, floral fabric wallpaper à la a turn-of-the-last-century grandma’s parlor, $16 martinis and pricey bottle service. The Box at 189 Chrystie on the Lower East Side usually plays host to X- rated burlesque shows that start sometime after midnight. Ms. Krall, in a pinstripe suit, a

wine-red velvet vest and a colorful zoom ziplines cravat, gave little hint of sexy, except for her chunky-heeled black patent-leather ankle boots. But BY MIRIAM KREININ SOUCCAR GET OUT fans found her husky-voiced OF TOWN interpretations of old-time he leaves are turning and the days are finally getting cooler. ¶ It is the time of standards sensual enough. She year to get out of the city to see the colors in a more natural setting, or to buy Number of Metro-North culled the tunes from her father’s excursion packages sold 78-rpm record collection that “I apples from a farm stand. Metro-North Railroad said that more than 6,500 last year stole from him,” she joked from the city dwellers took its trains to fall getaways last year, and that’s just a fraction small stage where guitarist Marc 3,957 Ribot led an all-star backup band. of the people racing out of town. So instead of buying your pumpkin at the The album debuted last week. corner bodega, get out and pick one, and check out some of the area’s coolest —valerie block fall activities, all less than two hours outside of New York City. ¶ Why go leaf-peeping from your car when you can fly directly into the trees? The peak 2,685 fall foliage season in Vermont may be fading, but in New Jersey it’s expected to be from Oct. 19 through Oct. 29. Zoom Ziplines, in Mountain Creek, N.J., about one hour away from TManhattan, lets thrill-seekers experience it firsthand.The company takes adventurers to the summit of Mountain Creek, about 1,040 feet high, with views of New York, New Jersey and Pennsylvania, and sends them racing across the mountain. During peak foliage season, the October November

gettyimages ziplines will be in action on Fridays, Saturdays and Sundays—but the See MAKE LIKE on Page 22 Source: Metro-North Railroad

October 8, 2012 | Crain’s New York Business | 21 20121008-NEWS--0022-NAT-CCI-CN_-- 10/5/2012 1:44 PM Page 1

SOURCE try ranges from $16 to $20; chil- dren, $12 to $16. LUNCH: Make like a tree A short drive from the Blaze, in ANDREW RIGIE northern Westchester, is the Bed- ford Post Inn, Richard Gere’s hotel. by Andrew J. Hawkins Continued from Page 22 The 14-acre retreat in Bedford has company offers special team- eight luxury rooms, two restaurants building zipline tours for corpora- and a yoga studio. Starting this tions as well. To book the month, the inn is hosting a series of experience, visit www.zoomzip Fall Harvest Dinners with local Cooking up plans lines.com, or call (973) 864-8880. farmers. On the first night, Oct. 24 If speeding through the air isn’t from 5:30 p.m.to 9:30 p.m.,the inn’s your kind of thrill, there are more executive chef, Jeremy McMillan, is relaxing ways to see autumn’s color- teaming up with Amba Farm to of- for restaurant group ful display. Circle Line Sightseeing fer visitors a three-course meal using

Cruises runs full-day boat trips up haeffele bryan the farm’s ingredients. Before the to Bear Mountain through Oct.28. AFIRE: the Great Jack O’Lantern Blaze dinner, guests can take a cooking fter six years at the New small mom-and-pop out in Flush- On Saturdays and Sundays, guests class. A similar event will take place York State Restaurant ing, or the upcoming chef in Park can take a leisurely two-and-a- on Nov.18.The dinners cost $55 per Association, Andrew Slope or Williamsburg. We’re their half-hour sail on the Hudson Riv- the free Walkway Shuttle at the person and can be booked by visiting Rigie wanted to lobby organization. We understand them er, past Grant’s Tomb, the George River Station restaurant, across the www.bedfordpostinn.com. Rooms exclusively for the city’s because we are them. Washington Bridge and the Clois- street.Or you can stroll to the Walk- at the hotel start at $395 a night. A24,000 eating and drinking estab- ters, up to Bear Mountain. Once way—it’s just 20 minutes. Chance sightings of Mr. Gere and lishments. So he started the New How will you be recruiting members? docked, they will have about three Once the leaves have fallen, his wife, Carey Lowell, are free. York City Hospitality Alliance. Since we announced our formation in hours to enjoy the park—including spookier festivities take center The new group seems popular: Its June, countless people from around its Oktoberfest events, such as live stage. For a Halloween treat, grab Sticky situations launch party Sept.24 had to be moved the city have reached out to us: “How music, dancing and a picnic lunch. one of the few tickets left to the most If you have only one day for an from a small rooftop venue to a sub- do I get involved? This is really excit- Boarding for the cruises begins at electrifying event in the tristate area. excursion this year, it might be wise terranean nightclub to better accom- ing—what do you need?” Although 8:30 a.m. at Pier 83, at West 42nd Spend an evening surrounded by to forgo the usual apple-picking trip modate the guest list, which included it’s a very difficult industry,one of the Street. Tickets cost $50 for adults more than 5,000 individually for the chance to learn how maple several of the city’s top politicians. great things is that it provides upward and $31 for children. To purchase carved,illuminated pumpkins at the syrup is made. Madava Farms, the Mr.Rigie,30, is focused on grow- mobility. You see people from all them, visit www.circleline42.com Great Jack O’Lantern Blaze at the home of Crown Maple Syrup, is ing membership. When asked to walks of life coming to New York City or call (212) 563-3200. Van Cortlandt Manor in Croton- opening to the public for the first name his favorite restaurant, he opt- to open a restaurant. At least the hos- on-Hudson. time.Visitors will be able to wander ed for a safe choice: his family’s pitality industry continues to put peo- Over the river In addition to the beloved di- among more than 800 acres of sug- fourth-generation bakery in Queens. ple on payroll, and is really critical to For one more unusual way to see nosaur made entirely out of jack- ar and red maple trees to learn how the economic footprint of NYC. the fall foliage,take a walk across the o’-lanterns and the creepy haunted pure maple syrup is crafted and— Why the need for this new group? Hudson River at Walkway Over the house,new attractions this year in- the best part—enjoy a variety of Even the largest hospitality operator What are your top targets? Hudson State Park.The 3-year-old clude flying pumpkin ghosts that samples at the end. To kick off its in this city, for the most part, is still Upward of 90% of restaurant opera- elevated pedestrian bridge is the soar above the glowing path, and a first season of visitors, the farm is a small business in the grand tors will tell you the Health Depart- world’s longest, stretching 1.28 towering pumpkin bonfire. More hosting a special tasting event on scheme. And New York ment’s letter-grading sys- miles, 212 feet above the river. It of- than 1,000 volunteers help scoop, Oct.13 with Mast Brothers Choco- City’s hospitality industry WHERE tem is their biggest fers panoramic views of the Catskill carve and light the pumpkins.The late and Blue Marble Ice Cream, has never had an inde- concern. Everyone sup- Mountains, which are especially attraction, which runs from Oct. 6 and a Chefs Challenge Showcase pendent organization to THEY ports high food-safety beautiful in the fall. Simply take the through Nov. 11, had 80,000 visi- on Oct. 14. The farm is in Dover represent us. Having our DINED standards. It’s in every- Metro-North Hudson Line to tors last year. Get your tickets at Plains, N.Y. For more information, own independent organi- LEXINGTON one’s best interest to serve Poughkeepsie station and hop on www.hudsonvalley.org. Adult en- visit www.crownmaple.com. zation means we can focus BRASS safe, sanitary food. What 100% of our resources on 517 Lexington Ave. they object to is what they the issues that are impor- (212) 392-5976 feel is the punitive nature tant to our members here, www.lexington of the system. It’s very brass.com and customize solutions in AMBIENCE: heavy-handed. They’re the ways of education and Spacious and hip, being issued violations on training and other services with large this inspection that they to help businesses become windows for weren’t issued for the last more profitable. people-watching inspection. What they’re and a gregarious waitstaff asking for is a more collab- What do you mean by WHAT THEY ATE: orative partnership to en- independent? Steak sandwich sure high food-safety There are more than with onions, standards. 24,000 food service and jalapeños and aged cheddar; Do you want to get rid of the drinking establishments in truffle fries; Diet New York City alone.Even Coke; espresso letter-grading system? if the city makes up more Tuna tartare I don’t believe there’s mo- than 50% of their member- tacos with mentum to completely ship dues,it’s just not fair to guacamole and eliminate the letter-grade a state organization to fo- chili aioli; diver system. But I do believe scallops with cus their necessary re- miso, butternut … that the speaker and sources on one geographic squash and the City Council under- location. If it makes sense mushrooms; stand that there’s concern. for us to align ourselves on coffee specific regulatory issues or TAB: $138.27, Will you be involved in the economic development is- including tip 2013 elections? sues with any state or na- We are out there and talk- tional organization, we’ll do so. But ing with every single candidate. We we shouldn’t be constrained.We need want to understand how they view to have the freedom to do what we the hospitality industry. We’ll look need to do, and how we need to do it. at state representatives as well. We want to hear their platforms, as well Will there be overlap with the state as educate them on how they can as- restaurant association? sist us. The hospitality industry Yes,there’ll be overlap.But there’s an needs to be proactive, not reactive. enormous pool of people historical- And we need to have an influential ly who’ve been left behind—the voice in policy and government.

INSIDE TIP: Lexington Brass pays $50 a year to belong to Mr. Rigie’s group.

22 | Crain’s New York Business | October 8, 2012 20121008-NEWS--0023-NAT-CCI-CN_-- 10/5/2012 1:45 PM Page 1

OUT AND SNAPS Classical music fundraisers hit the high notes ABOUT by Emily Laermer and Miriam Kreinin Souccar

CULTURE FIX CAREER BUILDERS FRIDAY, OCTOBER 12 FRIDAY, OCTOBER 12, The New York Pops will launch its 2012- AND SATURDAY, OCTOBER 13 13 concert season by performing SOME Creative Time, a local public arts ENCHANTED EVENING: THE MUSIC OF organization, will host its fourth annual RODGERS AND HAMMERSTEIN, a musical summit, CONFRONTING INEQUALITY. salute to Richard Rodgers and Oscar Presentations will discuss recent Hammerstein II.The show will feature upheavals in the international political performances by special guest artists and economic climate by focusing on including Tony Award nominee Kelli wealth inequality across the globe and O’Hara and Tony Award winner Paulo the ways it erodes democracy. Keynote Szot.The concert is at 8 p.m. at Carnegie speakers include cultural critic Slavoj Hall, West 57th Street and Seventh Zizek and multimedia artist Martha Avenue.Tickets to the five-concert Rosler. The first day runs from 10 a.m. patrick mcmullan.com patrick season start at $92.50. For more to 6:30 p.m., and the second from 11 SANFORD WEILL and MAYOR MICHAEL information and to purchase tickets, visit a.m. to 5:30 p.m. It takes place at the BLOOMBERG at the opening-night benefit www.carnegiehall.org. NYU Skirball Center for the Performing concert for Carnegie Hall’s 2012-13 season on chris lee Arts, 566 LaGuardia Place, at Oct. 3. The gala after the performance raised GARY PARR, chairman of the New York Philharmonic, addresses the audience at the SATURDAY, OCTOBER 13 Washington Square. Tickets are $65 for $2.7 million. orchestra’s opening-night gala concert on Sept. 27, which raised more than $2.4 million. The EIGHTH ANNUAL BROADWAY CABARET one day or $85 for both. For more FESTIVAL will kick off information, visit www.creativetime with Linda Eder’s “A .org/summit. New Life,” a concert that pays tribute to SATURDAY, OCTOBER 13 musicians who The Helix Center for Interdisciplinary influenced the singer. Investigation at the New York Psycho- She will be joined by analytic Society & Institute will present special guests Robert newscom WHY DO ECONOMISTS DISAGREE?, a dis- Cuccioli and Christiane Noll.The show cussion about philosophical divergences starts at 8 p.m. at Town Hall, 123 W. and convergences among economists. 43rd St., between Sixth and Seventh Speakers include professors from avenues.Tickets start at $45 and can be Columbia, Cornell, Harvard and Pace purchased by calling Ticketmaster at universities. It will be held at 2:30 p.m. (800) 982-2787 or the Town Hall box at 247 E. 82nd St., between Second and office at (212) 840-2824, or visiting Third avenues. The event is open to the www.ticketmaster.com or www.the- public; donations are accepted. For more townhall-nyc.org. information, visit www.thehelixcenter.org.

DON’T MISS BARBRA’S BACK IN TOWN ann billingsley Former Federal Reserve Chairman PAUL VOLCKER and

THURSDAY, OCTOBER 11, mcmullan.com patrick DR. MURRAY GOLDSTEIN at the Cerebral Palsy AND SATURDAY, OCTOBER 13 TOM CAHILL, CAROLINE KENNEDY, VITO SCHNABEL, AGNES GUND, SAMANTHA International Research Foundation Benefit on Sept. 27. For two nights, BARBRA STREISAND will perform at the BOARDMAN ROSEN, JEFF KOONS and JOEL GREY at the 35th anniversary The evening raised more than $1 million, a record for newly opened Barclays Center.This marks the first celebration for Studio in a School on Oct. 2. The event raised more than $2 million. the nonprofit. time that the artist, known for her hits “The Way We Were,” “People” and “Evergreen,” among others, will perform for the public in her home borough. Both shows are at 8 p.m. at 620 Atlantic Ave., at Flatbush Avenue.Tickets start at $150 and can be purchased at www.barclayscenter.com or www.ticketmaster.com.

OPENING FUNDRAISERS FRIDAY, OCTOBER 12 TUESDAY, OCTOBER 9 DÜRER TO DE KOONING: 100 The Metropolitan Waterfront Alliance will host MASTER DRAWINGS FROM MUNICH its 2012 HEROES OF THE HARBOR AWARDS AND will open at the Morgan Library & PARADE OF BOATS. The event will honor those Museum.The whose efforts have improved the waterfront and exhibition will raise funds for the alliance’s work to transform feature a the harbor. It is set for 6 p.m. at the Lighthouse collection of at Chelsea Piers, Pier 61.Tickets start at $500. drawings from Call (212) 935-9831, ext. 103, or visit the 15th century www.waterfrontalliance.org. to the modern era, including THURSDAY, OCTOBER 11 pieces by The Art Therapy Outreach Center will host AN Michelangelo, AUTUMN AFFAIR. The event will include Rembrandt, van cocktails, art exhibits and presentations. All Gogh and proceeds will help fund art therapy programs for Picasso.The exhibition runs underserved people in the metro area who have through Jan. 6.The museum is experienced trauma. It begins at 6 p.m. at Top of located at 225 Madison Ave., at the Garden, 251 W. 30th St., between Seventh East 36th Street. For information and Eighth avenues.Tickets start at $100. For on hours and admission prices, more information, call (212) 592-2755, email visit www.themorgan.org. [email protected] or visit www.atocny.org.

MARK YOUR CALENDAR… MONDAY, NOVEMBER 5, TO SUNDAY, NOVEMBER 11 TICKETS ARE AVAILABLE for the second annual COMEDY WEEK, hosted by NYC & Company, New York Comedy Festival and Comedy Central. More than 175 comedians, including Aziz Ansari, Ricky Gervais and Adam Carolla, will perform throughout the week at various locations, including the Apollo Theater, 253 W. 125th St.; Carnegie Hall, 881 Seventh Ave.; and the Beacon Theatre, 2124 Broadway. Comedy Central’s Keegan-Michael Key and Jordan Peele will present a free show at 8 p.m. on Nov. 7 at NYU Skirball Center for the Performing Arts, 566 LaGuardia Place. For more information, including showtimes and ticket prices, visit www.nycgo.com/comedy.

October 8, 2012 | Crain’s New York Business | 23 new ideas old equipment

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