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OCTOBERCRAINS 26-NOVEMBER 1, 2015

FROM THE NEWSROOM | JEREMY SMERD About last week’s cover IN THIS ISSUE 4 AGENDA

THE PHRASE “SIDE BOOB” entered the lexicon last year when 6 IN CASE YOU MISSED IT Oxford Dictionaries included it (two words, no hyphen) 7 HEALTH CARE

among the neologisms in its quarterly updates. Among 8 SPOTLIGHT What form of them: amazeballs and ICYMI, which stands for “in case traditional 9 WHO OWNS THE BLOCK media is not you missed it,” and is now the name of our recap of the challenged? 10 ASKED & ANSWERED week’s top news events. (It’s on Page 6 this week, BTW.) 12 Side boob’s embrace by wordsmiths may reflect VIEWPOINTS popular culture’s ever-more relaxed attitudes, but that FEATURES doesn’t mean others have to like it. That point was underscored last week when 14 COVER STORY we received two calls from subscribers who felt that The photograph 31 GOTHAM GIGS our cover photo (see below) exposing a hint of breast “was beautiful, 32 SNAPS was, in the words of one of them, “gratuitous.” As a but we get the message. 33 FOR THE RECORD journalist, I’m naturally curious about other people’s 34 PHOTO FINISH opinions, especially readers of Crain’s, whose views It was not offensive I’m more interested in than most. So I called one or pornographic; longtime subscriber at her workplace in Boston (she it was just gratuitous asked that I not use her name or identify her employer). “The photograph was beautiful, but we get the message,” she said. “It was not offensive or pornographic; it was just gratuitous.” She felt we would not have done the same had the story been about men. I told her that we had discussed the photo among a group of both male and female reporters and editors before publishing it. We thought the picture captured the essence of the story, which was about the business of natural childbirth and the women behind it. To be sure, we received plenty of positive feedback from readers who P. 31 GOTHAM GIGS said the image was body- and female-positive. Even the subject of the picture emailed to say: “We’re thrilled to see it and will be excited to eventually show our daughter her first magazine and centerfold debut.” I mention these details because I am glad we are part of your conversations. To join ours, feel free to write or call. Our staff members’ contact information is at CrainsNewYork.com/staff. ON THE COVER Or send us a letter for publication by emailing PHOTO: BUCK ENNIS [email protected].Ⅲ

DIGITAL DISPATCHES Go to CrainsNewYork.com NOMINATIONS OPEN OCTOBER 26 RISING STARS READ A star cardiologist who DO YOU KNOW AN UP-AND- had been fired from Lenox Hill COMING NEW YORKER? Hospital sues, revealing the Crain’s wants to hear from you. dramatic details of his dismissal 2016 To submit a nominee, go to ■ Vishaan Chakrabarti, a CrainsNewYork.com/40nominate. partner at the prolific > UNDER Because of the high volume of architecture firm SHoP applications, a $199 service fee Architects, leaves to start his will be charged to process and own architecture practice For t y review submissions. LISTEN Is the once-ubiquitous New York All nominees must be under 40 City diner now endangered? Plus, get the years old by March 28, 2016. behind-the-scenes details on the Nominations close Dec. 14, 2015. blockbuster Stuy Town deal. Music by the May the odds be ever in your favor! Brain Cloud. CrainsNewYork.com/podcast

Vol. XXXI, No. 43, October 26, 2015—Crain’s New York Business (ISSN 8756-789X) is published weekly, except for double issues the weeks of June 29, July 13, July 27, Aug. 10, Aug. 24 and Dec. 21, by Crain Communications Inc., 685 Third Ave., New York, NY 10017. 40Periodicals postage paid at New York, NY, and additional mailing offices. Postmaster: Send address changes to: Crain’s New York Business, Circulation Department, 1155 Gratiot Avenue, Detroit, MI 48207-2912. 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)

BUCK ENNIS ©Entire contents copyright 2015 by Crain Communications Inc. All rights reserved.

OCTOBER 26, 2015 | CRAIN’S NEW YORK BUSINESS | 3 20151026-NEWS--0004-NAT-CCI-CN_-- 10/23/2015 7:05 PM Page 1

AGENDAWHAT’S NEW OCTOBER 26, 2015 Stuy Town deal protects a lucky few, but benefit to rest of NYC is fuzzy

rom Mayor Bill de Blasio’s perspective, his Stuyvesant Town- Peter Cooper Village deal last week was a no-brainer. He’s providing about $225 million in aid to the buyer of the massive housing complex in exchange for 5,000 apartments re- Fmaining rent-regulated for another 20 years. City Hall officials call it a bargain because they had been paying up to five times as much to preserve affordable dwellings elsewhere, and about 300 Stuy Town units were leaving rent regulation annually. In the context of the mayor’s $41 billion plan to build or preserve 200,000 units of affordable housing, it was a steal. BILL COMING DUE: De Blasio bought a And it was good for the buyer, Blackstone Group, which got the city’s few more years of rent regulation for 5,000 units in a middle-class enclave. blessing for low-cost financing through government-sponsored entities Fannie Mae and Freddie Mac. That costs city taxpayers nothing. But it was a mixed blessing for tenants and an even rawer deal for here are actually quite segregated. Certainly for the renters, the deal is average New Yorkers who aren’t lucky enough to win the housing lottery. much better than eviction. But let’s not lose sight of the big picture. After The complex’s tenants had tried to purchase their homes after the 20 years, the apartments will go to market-rate unless a future mayor previous buyers, Tishman Speyer and BlackRock, were foreclosed upon subsidizes them again. Those who have been incentivized to put down during the recession, and the value of the roots will leave without any equity in the complex plummeted. But tenants New Yorkers might wonder why they apartments they’ve called home. In the end, couldn’t make the financing work. And should subsidize six-figure earners the money buys time and not much else. the previous administration did not step The benefit to other New Yorkers is even in to help them. paying below-market rents in the fuzzier. Those enduring long commutes to But when a new buyer showed up, de city’s most expensive borough Manhattan because they cannot afford to live Blasio seized the moment to advance his there might well wonder why their tax affordability agenda. The city is providing a $144 million low-interest loan dollars should help, for example, a family of three earning $128,000 to rent to offset transfer taxes and waiving $77 million in mortgage-recording in the most expensive borough for $3,200 a month when lots of others taxes from the approximately $5.3 billion purchase. Blackstone might would happily pay more. have made more by rejecting the city’s subsidies, but preferred a deal that The mayor’s actions at Stuy Town play well to his base. But they mean would avert lawsuits and a public-relations war. less money for city services and projects that benefit broad swaths of the Mixed-income communities are wonderful, and most of us treasure population rather than a fortunate few who get their rent regulation the notion of New York City as a melting pot, even if most neighborhoods extended—for now. – THE EDITORS

FINE PRINT The S&P 500 ended the week at about 2,075. There’s nothing remarkable about that figure in itself, except this: It means the index has completely recovered from the 10% decline it suffered in August. It took only 42 trading days for the S&P to get out of correction territory.

BY GERALD SCHIFMAN STATS 25 WORDS OR LESS DREAM TICKET THE METS are in the World Series for the first time since 2000, and “Whether it’s one deer fans are paying top dollar to see their team play in the Fall Classic. CITY AND THE or 1,000, whether it’s Average secondary-market price for a ticket to a one ounce of garbage $ 2015 World Series game at Citi Field, 2,000% 1,667 higher than the regular-season average or 100 tons, we refuse to be the solution for Previous high for the cheapest secondary-market $ ticket to a World Series game, set in 2010 another borough’s 575 at San Francisco’s AT&T Park problems Cheapest secondary- — Staten Island Borough President $ market price for a ticketed James Oddo, complaining last week 762 seat at Games 3 or 4 at Citi Field after Parks Department officials sedated a deer in Brooklyn and $ Yankee Stadium’s lowest secondary-market released it on Staten Island price for the 2009 World Series, 500 the most recent Fall Classic in NYC

ADDICTED TO NUMBERS? GET A DAILY DOSE AT @STATSANDTHECITY SOURCES TiqIQ, New York Post AP IMAGES, NYCMAYORSOFFICE/FLICKR

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AGENDA ICYMI CRAINS EDITOR IN CHIEF Rance Crain publisher, vp Jill R. Kaplan assistant to the publisher Alexis Sinclair, 212.210.0701 Making room for singles EDITORIAL editor Jeremy Smerd with new rules for builders assistant managing editors Barbara Benson, Erik Engquist web editor Amanda Fung f the city gets its way, developers will be carving up copy desk chief Steve Noveck art director Carolyn McClain buildings to create more apartments—tiny ones for photographer Buck Ennis senior reporters Joe Anuta, Aaron Elstein, singles who can’t pay much but don’t need much space Matthew Flamm, Daniel Geiger I de Blasio administration reporters Jonathan LaMantia, Caroline Lewis either. The is pursuing two zoning data reporter Gerald Schifman changes: one that would allow for the construction of web producer Peter D’Amato columnist Greg David micro-apartments, or units smaller than 400 square feet, contributing editors Tom Acitelli, and another that would relax a cap on the number of units Theresa Agovino, Paul Bennett, Erik Ipsen, Judith Messina, Cara S. Trager allowed inside a New York City building. The proposed ADVERTISING www.crainsnewyork.com/advertise changes are detailed in a citywide zoning plan currently advertising director Irene Bar-Am making its way through the public-review process. [email protected] or 212.210.0133 The reforms are geared toward tackling a fundamental senior account managers Jill Bottomley Kunkes, Rob Pierce problem facing the city: too many singles; not enough account managers Zita Doktor, Jake Musiker, singles’ apartments. Nearly half of the city’s population is Stuart Smilowitz marketing coordinator LeAnn Richardson estimated to be unmarried, spanning a wide range of ages and sales/events coordinator Ashlee Schuppius 212.210.0282 demographics. Yet only about 7% of the city’s housing stock is studios, and about 35% are one-bedrooms. [email protected] Sarah Watson, ONLINE “You can’t deny the data,” said deputy director of the Citizens Housing and Planning general manager Rosemary Maggiore Council, which has been pushing for more flexibility in unit sizes. “This mismatch causes all sorts of 212.210.0237 [email protected] economic distortions.” CUSTOM CONTENT director of custom content The city hopes to eliminate the current 400-square-foot minimum apartment size regulation that still Patty Oppenheimer 212.210.0711 applies to some housing types, but is seen as outdated. In fact, there has been an industry consensus that [email protected] EVENTS smaller units easily can provide desirable living conditions. One alternative is playing out in Kips Bay on East www.crainsnewyork.com/events 27th Street, where 65 units of modular micro-apartments are being stacked one on top of another (rendering director of conferences & events Courtney Williams, 212.210.0257 above). In addition to market-rate units, the building will offer simple living for veterans and low-income [email protected] manager of conferences & events residents. – JOE ANUTA Adrienne Yee AUDIENCE DEVELOPMENT director of audience & content Cuomo vs. de Blasio: Uber edition DATA POINT would generate $100 million for the partnership development Michael O’Connor, 212.210.0738 Gov. Andrew Cuomo expressed sup- Hudson River Park Trust to fix the [email protected] RANDOLPH HOLDER WAS THE port for a registry to license drivers rundown pier. CRAIN’S 5BOROS using apps like Uber, a move that would FOURTH NYPD POLICE OFFICER www.5boros.com K2 criminalized Irene Bar-Am, 212.210.0133 limit the city’s ability to regulate such SHOT AND KILLED SINCE [email protected] services and possibly allow Uber to The mayor signed into law regulations SPECIAL PROJECTS expand statewide. DECEMBER, COMPARED WITH that criminalize the sale and production manager Alexis Sinclair 212.210.0701 [email protected] EIGHT IN THE LAST DECADE of the “synthetic marijuana” K2, also REPRINTS Israel and New York known as “spice.” K2 has caused at reprint account executive Krista Bora New York and Jerusalem will partner to least one death in New York City and has 212.210.0750 ravaged a community of homeless PRODUCTION develop cybersecurity programs aimed production and pre-press director at protecting city water supplies from youths in East Harlem. Simone Pryce –PETER D’AMATO media services manager Nicole Spell terrorists. The U.S. reported a 50% Time Inc. Ripped increase in cyberattacks on infra- SUBSCRIPTION CUSTOMER SERVICE All You will be the first magazine at www.crainsnewyork.com/subscribe structure since 2012. [email protected] Time Inc. to fold during the tenure of 877-824-9379 (in the U.S. and Canada). Nonunion car washes CEO Joe Ripp. Though the 11-year-old $3.00 a copy for the print edition; or $99.95 title once had the ninth-largest one year, $179.95 two years, for print foaming at the mouth subscriptions with digital access. readership in the U.S., the New York A group of car-wash owners sued the to contact the newsroom: Post reported that with declining www.crainsnewyork.com/staff city over a policy requiring circulation and revenue, it was costing 685 Third Ave., New York, NY 10017-4024 nonunionized car washes to put up phone: 212-210-0100 fax: 212-210-0799 Time $5 million a year. $150,000 wage bonds before getting Entire contents ©copyright 2015 Crain Communications Inc. All rights their licenses, while union shops have Hamptons demand takes a dip reserved. ®CityBusiness is a registered to post only $30,000. The group said the trademark of MCP Inc., used under license Third-quarter sales of luxury homes in agreement. policy is illegal; the city’s Law the Hamptons dropped 16% from the CRAIN COMMUNICATIONS INC. Department said the rule protects low- same period last year. The real estate BOARD OF DIRECTORS wage workers. chairman Keith E. Crain market there had been hot during the president Rance Crain Gun laws constitutional past several years, as Wall Street profits treasurer Mary Kay Crain, Cindi Crain began climbing back to prerecession Wolfgang Puck’s first executive vp, operations William Morrow A federal appeals court upheld core New York restaurant executive vp, director of strategic levels. operations Chris Crain parts of gun-control laws passed by Celebrity chef Wolfgang Puck executive vp, director of corporate New York and Connecticut in the wake operations K.C. Crain Pier deal announced the opening of his first of the Sandy Hook tragedy. Judges ruled senior vp, group publisher David Klein New York eatery. CUT by Wolfgang vp/production, manufacturing David Kamis that a ban on semiautomatic weapons Mayor Bill de Blasio announced a deal, to be approved by the City Council, to Puck—with locations in Beverly chief financial officer Thomas Stevens and large-capacity magazines did not chief information officer Anthony DiPonio Hills, Calif., Las Vegas and Dubai, violate the Second Amendment, but sell Pier 40’s development rights to turn founder G.D. Crain Jr. [1885-1973] struck down a provision banning gun a three-block stretch of dilapidated U.A.E.—will debut when the Four chairman Mrs. G.D. Crain Jr. [1911-1996] owners with 10-round magazines from buildings in the West Village into a Seasons Hotel New York Downtown secretary Merrilee Crain [1942-2012] loading them with more than seven housing complex, with almost a third of opens next July.

NYC MAYOR’S OFFICE, MAYOR’S NYC NEWSCOM bullets. its units set aside as affordable. The sale

6 | CRAIN’S NEW YORK BUSINESS | OCTOBER 26, 2015 20151026-NEWS--0007-NAT-CCI-CN_-- 10/23/2015 7:21 PM Page 1

AGENDA HEALTH CARE

Feel ill? App orders up a cure FRND debuts nurse service as a sort of Seamless for the sick

oo sick, frail or busy to show and dollars, especially when a startup is president to Chief Executive Dr. $11 million to train up at the doctor’s office? direct-to-consumer instead of part- Steven Corwin’s job and made other low-income workforce FRND has your back. The app nering with an established company. changes to its leadership and launched this month as a “Establishing trust and credibility is organizational structure. Until early The Montefiore Health System will use Tnurse service that is an alternative to paramount,” said Unity Stoakes, co- September, the president had been $11 million in federal funding over five Pager, sometimes called a Seamless for founder and president Dr. Robert Kelly, years to organize a health care job- doctors. Rather than delivering a doctor of accelerator StartUp who suddenly training program for low-income New to a patient’s door for $300, FRND Health. A nurse practitioner stepped down. Yorkers. The Bronx hospital network delivers a nurse at a fraction of the cost. But the approach could have fixed The hospital also will contract with 10 home health can work. Stoakes “ For $99, a FRND user can order up a promoted Dr. Laura agencies that will train and employ nurse to visit an elderly parent, to check noted how Fitbit that in 30 seconds, Forese, one of people who receive government cash blood pressure and other vital signs. A targeted consumers but instead I had to Crain’s 50 Most assistance. nurse can test for strep throat or other first, and then began Powerful Women, Montefiore’s home care department common ailments, or perhaps set up a partnering with wait for hours and to executive vice and its managed long-term care plan telemedicine appointment with a major employers and spend $1,500 president and chief pay for 2.4 million hours of home health doctor for a diagnosis and prescription. insurers. FRND is operating officer. aide services a year. Coleman Parry, the founder and considering working The New York- “In a sense, we’re creating our own chief executive of the Manhattan with insurers, but for now users will Presbyterian enterprise is being workforce through this project,” said company, said he came up with the have to pay out-of-pocket. restructured into four divisions: its six- Scott Wetzler, the initiative’s principal idea while waiting on a hospital gurney The service, at www.frnd.io, campus hospital, a system named the investigator. The other grant recipients in an ER after splitting his chin open. launched for users between uptown New York-Presbyterian Regional were community colleges or vocational “A nurse practitioner could have Manhattan and Wall Street, with Hospital Network, a physicians’ unit programs, but as a hospital, Montefiore fixed that in 30 seconds, but instead I plans to expand to Williamsburg next. and a branch overseeing community can nearly guarantee employment for had to wait for hours and spend $1,500 – CAROLINE LEWIS and population health initiatives. those who complete its program. on an ambulance ride,” said the former “These changes ensure that New York- “We have an appreciation of what hedge-fund tech analyst. Parry President title Presbyterian will remain a leader in a the employer’s needs are that the recently closed a fundraising round for for NY-Presby CEO health care environment that is community colleges and training an amount he would not disclose. increasingly dynamic, competitive and agencies may not. We’re proposing a Gaining customers in a crowded New York-Presbyterian Hospital complex,” Corwin said in a statement. much different model,” said Wetzler. consumer-health market takes time last week quietly added the role of – BARBARA BENSON — JONATHAN LAMANTIA

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OCTOBER 26, 2015 | CRAIN’S NEW YORK BUSINESS | 7 P008_CN_20151026.qxp 10/23/2015 9:06 PM Page 1

AGENDA SPOTLIGHT THE BRONX

A tale of two Stuy Towns, with much different endings Same design, same builder. But that’s where the histories of Parkchester and its Manhattan sibling diverge BY JUDITH MESSINA

tuyvesant Town-Peter Cooper “People have said to me, ‘I haven’t Village residents wondering been out of Parkchester in over two how the sprawling Manhattan months,’ ” said Idella Goodmon, a complex’s pending sale will retired social worker and 34-year Saffect them may be interested to know resident. “It’s like they have to have a about their slightly larger and older, reason to leave.” yet much less heralded, sibling just a In 1968, developer Harry Helmsley few miles away in the southeast Bronx. bought the 129-acre complex and Parkchester was also a planned split it into two sections. Then he community built in the 1940s by began selling off its 12,271 rental units Metropolitan Life Insurance Co. as a as condos. But as the borough bastion for middle-class workers. declined in the 1970s, the complex And, like Stuy Town, its fate was began to deteriorate. Pipes leaked,

closely intertwined with the borough windows let in drafts and outdated FOCAL POINTS it called home and a buyer who came wiring forced residents to turn off ▼ in and scooped up the property. their lights before using a blender. But while Stuy Town’s apart- “Most people just learned to live ments remain rentals, all the units in with it,” said Goodmon. Stuyvesant Town- Parkchester Parkchester are condos, although the majority are rented to tenants by Complex overhaul Peter Cooper Village LOCATION Southeast Bronx owners. That difference looms large The rebound began nearly 20 years LOCATION Manhattan, East Side OPENED 1940; built by the over both complexes in light of the Metropolitan Life Insurance Co. ago and was led by the Community OPENED 1947; built by the news last week that the Blackstone Preservation Corp.—a nonprofit Metropolitan Life Insurance Co. SIZE 171 buildings, 12,271 condos Group will buy Stuy Town for $5.3 founded to finance and preserve (some owner-occupied, some billion. The deal will keep 5,000 of SIZE 110 buildings, 11,232 rental affordable housing—and by develop- rentals), 129 acres its 11,323 units affordable. But in 20 ers Morton Olshan and Jeremiah units, 80 acres years, the units are scheduled to rent TURNING POINT: A $250 million O’Connor. They jointly set up TURNING POINT A $5.4 billion overhaul beginning in 2000 repaired at market rates, which today can run Parkchester Preservation, and in purchase of the complex in 2006 and beautified the property as much as $7,000 a month. (See 1998 bought the remaining 6,362 ended in foreclosure Page 4.) Helmsley units. The bargain- NAMED FOR Neighborhoods Park NAMED FOR Peter Stuyvesant, Meanwhile, Parkchester home- basement $4.5 million deal also came Versailles and Westchester Heights. director-general of New Amsterdam; owners and investors, after many with five parking garages and a half- The whole area came to be known as Peter Cooper, industrialist years of decline, have seen their million square feet of retail space. Parkchester fortunes rise with the Bronx’s revival. Using those assets as collateral for That’s given them a hedge against loans and persuading condo owners to ▼ rising real estate prices. agree to higher common charges, “All sorts of different people run Parkchester Preservation funded a this together,” said Andrea Olshan, $250 million overhaul of the entire chief executive of Olshan Properties, enclave. Pipes were fixed, wiring was a major investor in Parkchester. “This upgraded and 65,000 casement is unique.” windows were replaced. “We knew that to increase the Diverse mix value of the Helmsley units we Originally home mostly to Jewish, bought, we really needed to improve Italian, Irish and Eastern European the property for all of its residents,” families (MetLife barred nonwhites, said Andrea Olshan. “From the according to a Parkchester Pre- beginning, we were in it together servation Corp. history of the with all the homeowners and the complex), Parkchester today has a other investors.” mix of African-Americans, His- Parkchester’s 171 buildings and panics, South Asians and others acres of grounds have been largely drawn by its reputation for safety, restored. Flowers bloom, fountains affordability and diversity. Two spout and scores of whimsical, condominium boards and eight freshly restored terra-cotta sculp- committees representing a mix of tures surround residents who hail individual owners as well as from all over the world—many of investors—some of whom own whom who sit on boards and varied interests of renters, owners few years. Rents are sure to go up. dozens of apartments—oversee a committees, working to keep the and investors. Some two-bedrooms rent for as campus divided into north and complex humming. Today, a one-bedroom apartment much as $1,700, up from $700 at the south sections. “The hardest part is to keep people goes for about $110,000. Although bottom of the market, but less than Like Stuy Town, Parkchester is happy and meet their expectations,” that’s five times what it would have half the starting rents at Stuy Town. centered on the lushly planted Oval said Abu Shakoor, a 35-year resident fetched in 1997, before the restoration, “We are always looking at with its fountain and its water- and president of the Parkchester it’s far below the median price of opportunities to maintain afford- spouting nymphs. Shops line South Condominium, which en- $560,000 for a home in the city. ability, [such as] reducing energy costs Metropolitan Avenue, which bisects compasses 130 of the complex’s Rents are up, too, but are still and making common elements more the complex: Zaro’s, Foodtown and a buildings. The boards oversee major considered affordable. efficient,” said Ryan Moorehead, the host of mom-and-pops. There’s also purchases, infrastructure repairs and Meanwhile, tax abatements that CEO of PPC and director of residential Macy’s, which opened its first branch capital spending—tasks made more helped offset the cost of the massive asset management at Olshan. “That’s

PHOTOS: TOP, BLOOMEBERG NEWS; TOP,BOTTOM,NEWS; BLOOMEBERG PHOTOS: ERIK IPSEN outside Manhattan there in the 1940s. difficult by ever-rising costs and the renovation will expire over the next the job of management.” Ⅲ

8 | CRAIN’S NEW YORK BUSINESS | OCTOBER 26, 2015 20151026-NEWS--0009-NAT-CCI-CN_-- 10/22/2015 7:38 PM Page 1

AGENDA WHO OWNS THE BLOCK CENTRAL PARK SOUTH

768 FIFTH AVE.

Where old and new Manhattan collide West 58th and 59th streets between Fifth and Sixth avenues

BY TOM ACITELLI

entral Park South between Fifth and Sixth avenues recalls a bygone New York, when a hotel was a place to stay the night, not a placeholder for Ccondominium development. But times have changed. A new generation of New Yorkers may hardly know that the Plaza Hotel, which dates from SUBWAY CONNECTION 1907 and is one of the most storied 40 CENTRAL PARK SOUTH AND 41 W. 58TH ST. buildings in the city, has hosted legions of celebrities as well as Central Park South Corp. is the limited-liability company that owns the 21-story apartment building at 40 Central Park Truman Capote’s famed 1966 South. The family behind the 140-unit property is the Black-and-White Masquerade Hemmerdinger real estate dynasty and its Atco management Ball to honor Washington Post and investment company (which, not surprisingly, manages 40 Central Park South). Dale Hemmerdinger, Atco’s publisher Katharine Graham. chairman, was chairman of the Metropolitan Transportation The Plaza may still be best Authority from 2007 to 2009. known as the setting for a series of The building is one of those relative rarities in New York City—it’s not prewar or postwar, but rather from World War II: mid-20th-century children’s It was completed in 1945, the year the conflict ended. books written by Kay Thompson The Hemmerdinger family and Atco also own 41 W. 58th and featuring a young protagonist St. This 11-story apartment house is actually the second part of 40 Central Park South. A courtyard and garden separate named Eloise, who lived at the the pair. hotel. During the real estate boom a decade ago, developers partially converted the Plaza into condos, and ownership has bounced around since then. Now it’s owned by the Saudis and an ELOISE IN FLUX Indian hotelier whose personal drama rivals 768 FIFTH AVE. anything coming out of Bollywood. Sahara India Pariwar, an investment firm based in the The nearby Park Lane Hotel, meanwhile, may Indian city of Lucknow, bought a 70% stake in the 282- cease to exist in any form. Developers want to raze it room Plaza Hotel, its retail portions (including the to make way for a mega-tower near a stretch of West famed Oak Room bar) and 100 of the building’s hotel- condo units for $575 million in late 2012. The 57th Street that has become known as Billionaire’s investment company’s partners included Kingdom Row. Developer Harry Helmsley (who once owned Holdings, which is controlled by members of the Saudi the Empire State Building, among royal family, and Indian hotelier Sant Singh Chatwal. other trophy properties) built the Those partners own 20% and 5%, respectively. But Sahara India Pariwar has run into troubles in its 46-story Park Lane in 1971— FOR LEONA 36 CENTRAL PARK SOUTH home country. Last year, India’s Supreme Court reportedly to impress his future imprisoned the firm’s chairman, Subrata Roy, for wife, Leona. It remains the tallest The Witkoff Group, a development and investment firm, bought contempt for allegedly making illegal investments. It the 46-story site of the 605-room Park Lane Hotel for $660 saddled him with a bail of about $2 billion, which he has building on Central Park South, but million in 2013. Partners included Hong Kong-based Jynwel been trying to pay by selling off assets, including the that could change should Capital, Macklowe Properties and Highgate Holdings. Plaza. (He remains in prison.) No buyer has stepped up, developers overcome Witkoff plans to convert it into an 88-unit luxury condo however. Roy’s legal troubles have not really affected the hotel adversely: Rooms still retail for more than $1,000 preservationists’ attempts to get stretching to 1,210 feet, which would make it the fourth-tallest residential spire in New York. To do that, it would have to largely a night. the building landmarked. Then it or totally demolish the Park Lane. (Witkoff has not specified will become one of the tallest what it will do, and the city has yet to approve any plans.) A towers in the city, period. Ⅲ 2014 push to landmark the hotel failed, though activists resurrected the prospect this past summer. Nothing has yet been decided. A landmark designation would seriously curtail Witkoff and partners’ redevelopment options. Should the 1,210-foot tower full of undoubtedly pricey condos go up, it will have company in the neighborhood. A nearby stretch of West 57th Street between Columbus Circle and Park Avenue has become known as Billionaire’s Row because of the number of high-profile high-rises planned or underway, including 432 Park Ave., One57 and 111 W. 57th St. Condos in these towers ask—and routinely get—more than $5,000 a square foot. MAP: OASISNYC/ PHOTO: BUCK PHOTO: MAP: OASISNYC/ ENNIS

OCTOBER 26, 2015 | CRAIN’S NEW YORK BUSINESS | 9 20151026-NEWS--0010-NAT-CCI-CN_-- 10/22/2015 7:39 PM Page 1

AGENDA ASKED & ANSWERED MEDIA

ANDRE FERNANDEZ INTERVIEW BY MATTHEW FLAMM

ndre Fernandez in April was named president of CBS What I ultimately Radio, the country’s third-largest radio operator. He “have to figure out has been chief financial officer of Telemundo, the is how [our brands] Spanish-language television network, and chief transition to a Aoperating officer of Journal Communications, a Milwaukee digital future newspaper and broadcasting group. Fernandez oversees some of the biggest radio brands on the air, including New York stations WFAN, 1010 WINS,WCBS Newsradio 880 and WCBS-FM.

Radio-industry revenues have been declining for years. Given its challenges, why take this job? What form of traditional media is not challenged? People are consuming more media than ever before; it’s just becoming very fragmented. What attracted me to CBS Radio was the brands, some of the biggest and best in all of media. What I ultimately have to figure out is how they transition to a digital future.

With the attention paid to Pandora and Spotify, is traditional radio overlooked? Maybe there’s not an appreciation that radio still has unbelievable reach and penetration and is very effective. Advertisers are dedicating more of their budgets to digital, but with mixed results. I’ve had many examples in my previous role [at Journal Communications] where advertisers experiment with DOSSIER digital and then come back to radio. They would say, “I need to drive people into my stores this weekend.” There are only a few NAME Andre Fernandez ways to do that, and radio is one of them. WHO HE IS President, CBS Radio Pandora doesn’t always turn a profit, but it has a tremendous audience. AGE 47 Is Pandora a threat to you? BORN Brooklyn As a place to stream music, they’ve done a nice job. What we do is EDUCATION Harvard, more than the music; it’s everything around it—the morning economics major personalities, the people on afternoon drive, the activities in the community. [Streaming-music companies] build almost exclusively CAREER ACCOMPLISHMENT As chief national platforms. An incredible amount is spent locally. operating officer of Milwaukee- based Journal Communications, A lot of Pandora’s ad revenue is coming from local radio. Fernandez was a key player in the They are trying to do more locally, and we do encounter their local deal that merged its radio and sales force. But isn’t it that they must match that with some local- television broadcast assets with those content proposition to be truly relevant locally? And if they’re going of E.W. Scripps Co., forming Journal to make a local-content investment, then they’re going up against Media Group. Both companies spun off print publishing assets into a separate CBS and entrenched players who’ve been there for decades. company. But they can target locally because they have data about their listeners. FINANCE FIRST Fernandez started out working on Wall Street and then held a They probably don’t know as much as they say they do. And it’s succession of financial posts at General not lost on us that increasingly, certain advertisers want a more Electric, working for a number of years in São targeted buy, and there’s a lot of data and tools to allow you to Paulo, Brazil, and Mexico City. His first media do that. I don’t think that’s unique or exclusive to those guys. job was with Telemundo, and he never wanted to work in any other industry again.

Your predecessor, Dan Mason, was a lifelong radio guy. Your background is BUCK ENNIS in finance and operations. I’ve worked in radio and media for the past 10 or 11 years, including parts of media that have been under more pressure than radio and had to transform themselves. That experience gave me a good understanding of the transformation that must take place.

Are layoffs part of the transformation? I need to make sure resources are deployed where we’ve got the greatest growth potential. That means reducing in some areas but also investing heavily in others. Ⅲ

10 | CRAIN’S NEW YORK BUSINESS | OCTOBER 26, 2015 AFTER 25 SUCCESSFUL YEARS, WE’RE NOT ABOUT TO CHANGE ANYTHING. EXCEPT OUR NAME.

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AGENDA VIEWPOINTS

billion in sales a year. Its stock almost TECH-STOCK TROUBLE City’s former tech darlings doubled on its first day of trading in Initial share price Historic high Latest share price* April. It’s been downhill from there, find themselves on the outs with the stock off by a third. Even the publicly held survivor from $99 Shutterstock, OnDeck and Etsy have seen their stock prices plunge $30 the 1990s tech boom, LivePerson, is $29 $28 lagging. The company, which enhances ONLY A HANDFUL of included video. The stock is now down websites, has fallen to about $8 a share tech companies based 70% from its peak and more than half from its all-time high of $19 in 2012. in New York have since the start of the year. While many recent tech IPOs have $20 gone public in recent OnDeck Capital, which does peer- seen their shares fall, the New York City $17 years, and they are to-peer online lending, had a nice first- story is about competition. Others took $16 now out of favor with day pop when it went public last notice of the way Shutterstock nabbed investors. December. Investors expressed business from Getty and have moved $11 GREG DAVID This is not good enthusiasm that into the space. Etsy has $9 news for the city companies such as The impressive been pummeled since because the impressive growth in the OnDeck would be Amazon launched its sector will slow if the IPO door closes the next Uber or “growth in the own crafts site. on local firms. Airbnb by providing technology sector OnDeck competes Shutterstock OnDeck Etsy Consider the three major IPOs in the past a platform—in this against other online * As of Oct. 22. two years: case, connecting will slow if the door lending sites. In Shutterstock, the online photo people who have to initial public OnDeck’s case, and a series of big cashouts when service, went public in October 2012 so money with those investors also have companies such as Tumblr are quietly that almost no one noticed for who want to borrow offerings closes decided that the acquired, it has lagged badly in IPOs two weeks. Its stock had a modest it. Less than a year for local firms company—platform or and in establishing large public first-day bump. It then soared to later, its stock has no platform—should companies—the engine that fuels nearly $100 as investors realized fallen precipitously be valued as a financial Silicon Valley. The Alley also needs that Shutterstock was stealing market and is half its IPO price. firm, not a tech enterprise. engine to thrive. share from industry leader Getty Most famous of all is Etsy, the great The reason this matters is that Images and as they bought into the Brooklyn success story, with its online although New York has seen venture- GREG DAVID blogs regularly at company’s big expansion plans, which crafts marketplace generating $2 capital investment soar, tech jobs jump CrainsNewYork.com.

East River “bus bridge” after Don’t wait for Gateway tunnel Sandy? We shouldn’t have to wait for a natural disaster to BY VERONICA VANTERPOOL Five ways to improve trans-Hudson travel today get better bus service. Let’s convert some general travel he New York metropolitan before 2025, and trans-Hudson lanes in the Holland Tunnel Increased ferry service area was spared the worst commuter demand will increase by and on the George across the Hudson would of Hurricane Joaquin, but 50% over the next 25 years. Washington Bridge to bus- ease rail congestion. all the talk of storm pre- Fortunately, we can help accom- only lanes. And since west- Tparedness got us thinking about what modate that demand right now, of-Hudson commuters also come space for cars ... might happen if catastrophe strikes drawing from measures taken for the into Manhattan from the north, why Ban single-occupant vehicles.Single- again. Super Bowl and in the aftermath of not bus-only, bus/HOV or high- occupant vehicles are the least space- Some components in the region’s Sandy and 9/11. Here are five. occupancy toll lanes on the Tappan efficient means of moving people, transportation network are par- Increase ferry service. Ferries are Zee Bridge? This would require a especially where road space is so ticularly vulnerable, but perhaps how people crossed the Hudson before coordinated effort among New Jersey limited. They were banned on none more so than the rail tunnels we had any tunnels under the river, Transit, the Metropolitan Manhattan crossings for months beneath the Hudson River. The and they provide a practical solution Transportation Authority, Transport following 9/11. It might seem a bit century-old North River Tunnels for getting across if another storm (or of Rockland and Westchester extreme today, but if the North River serve about 200,000 New Jersey years of neglect) disables the tunnels County’s Bee-Line to expand bus Tunnels went offline on short notice, Transit and Amtrak passengers each we now have. service between Bergen, Rockland this would be a useful congestion- day, but their condition is a daily Add Lincoln Tunnel bus lanes. The and Westchester counties and the mitigation tool. threat to transport and commerce tunnel’s single exclusive bus lane George Washington Bridge Bus Large transit infrastructure projects because of the damage they sustained opened in 1971, and it still serves only Terminal. are crucial but will cost billions of during Superstorm Sandy. eastbound commuters during the Expand Manhattan bus capacity. With dollars and won’t deliver relief for at A proposed project called Gateway morning rush (even though just about more buses coming into Manhattan, least a decade. New York must make would include a new pair of tunnels as many people head west during the and the Port Authority Bus Terminal policy decisions today to prioritize connecting New York and New evening rush). That needs to change. at capacity since 1966, there is a need transit on the region’s roads, bridges, Jersey. The governors of both states The Port Authority installed an to reshuffle the way buses pick up and tunnels and waterways. Although the last month committed to paying for exclusive westbound bus lane for the drop off passengers in the city. voices of opposition will be loud, we half the cost, and early planning is Super Bowl in 2014. Let’s do it for Perhaps New Jersey Transit buses shouldn’t wait for a crisis to put underway at the federal level. commuters, every day. could get exclusive access to the gates practical and cost-effective mobility But Gateway won’t be finished Prioritize buses. Remember the at the terminal, with intercity buses solutions in place to keep the region relocated to the back end of moving safely and efficiently. Moynihan Station or to curbside CORRECTIONS: The name and role of the Childbirth Education Association of Metropolitan New York was misstated in “The Boom in Boutique Birthing” (Oct. 19). The nonprofit group offers a certifi- stations, such as the block of West Veronica Vanterpool is executive director cation program. There is no licensure for childbirth educators. 34th Street where Megabus operates. of the Tri-State Transportation Campaign, Steven Renbaum, managing partner of Summit Real Estate Partners, handled the deal for Blender Of course, finding all this new street a nonprofit advocacy organization that Workspace at 135 Madison Ave. In addition, Peter Korbel co-founded Blender with Amro Qaddura and Scott Sassoon. This information was misstated in the Oct. 19 “Blender takes shared workspace upscale.” space for bus operations would likely promotes sustainable and equitable trans- Adam Braun founded Pencils of Promise in 2008. The year was misstated in the Oct. 19 “Young, generous entail—gasp—losing some curbside portation in New York, New Jersey and & looking for a cause.” parking. And speaking of reducing Connecticut. BUCK ENNIS

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DARK TIMES FOR DINERS Rising costs, changing tastes and a reluctant next generation of owners spell trouble for a classic corner of New York’s food culture BY AARON ELSTEIN PHOTOGRAPHY BY BUCK ENNIS

here are no Michelin stars on the door, but you will not find a better breakfast in New York City than at the Bel Aire Diner in Astoria, Queens. The coffee, a lighter roast than Starbucks’ and brewed three gallons at a time, is always fresh because just about every customer gets a refill or three. The Greek Breakfast entrée is a masterpiece of the line cook’s art, a combination of eggs (any style), feta cheese, soft black olives and grilled fresh tomatoes whose juice seasons the toasted pita. The Bel Aire is run under the glare of Argyris “Archie” Dellaportas, who immigrated to Queens in 1972 at age 18 from the Greek island of Cephalonia. He baked bread at the Westway Diner in Hell’s Kitchen and other joints before being hired to run a diner in Maryland, which meant long stretches away from his wife and children. In 1996, Dellaportas came back when he bought the Bel Aire for $350,000. The diner is open 24 hours a day, and Tfor many years Dellaportas toiled during most of them, going to work at 5 in the morning and staying until 11 at night or later. The backbreaking work paid off when, in 2001 and again in 2005, the Daily News named the Bel Aire New York’s best diner. Food tourists and curiosity seekers—including Tina Fey and James Gandolfini, whose CONTINUED ON PAGE 16

14 | CRAIN’S NEW YORK BUSINESS | OCTOBER 26, 2015 20151026-NEWS--0014,0015-NAT-CCI-CN_-- 10/22/2015 8:15 PM Page 2

WHERE HAVE ALL THE DINERS GONE? | RESTAURANTS

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WHERE HAVE ALL THE DINERS GONE? |RESTAURANTS

THE OWNER’S SON: Despite his father’s misgivings, Kal Dellaportas thinks he’s ready to run the Bel Aire.

television series were filmed nearby—flocked to near Montefiore Medical Center in the Bronx to barely makes a profit. “One day they will raise my the corner of Broadway and 21st Street, if only to make overnight deliveries to hundreds of area rent and I will close,” said co-owner Ilias “Lou” see the exemplar of what is at once a classic restaurants, they make fewer stops at diners. Argena, who pays about $25,000 a month. symbol and generic staple of New York culture. “Every week it feels like there’s one less,” “To me, it’s not surprising that diners are “To me, the Bel Aire epitomizes the diner,” said Fernandez lamented. closing in New York,” said Jan Astoria native Nick Papamichael. “So much in Historians devoted to the study Whitaker, a historian in Amherst, New York has changed, but the Bel Aire is the same of diners—yes, that’s a thing— Mass., who writes a blog called great place.” estimate there were 1,000 diners FACTS Restaurant-ing Through History. At least for now, Dellaportas, who is 62 and in the city a generation ago. There “Given how expensive everything is hasn’t taken a vacation in 20 years, has dialed back are now only 398 establishments in New York, the wonder is they his hours and is contemplating retirement. That that describe themselves as diners survive at all.” would mean passing on the business to his two or coffee shops, according to city sons, whom he’s been grooming for a while. But, Department of Health records. 60% truth be told, he isn’t sure they’re up to the task. Recent casualties include Soup DECLINE in the number of NYC HE EPICENTER OF New Diners, historically more profitable than most Burg on the Upper East Side, the diners in the past 25 years York’s diner economy is restaurants, have seen their margins halved in Café Edison in midtown and the El Tlocated in an industrial park recent years, owing to the rising cost of rent, staff Greco Diner in Sheepshead Bay, off College Point Boulevard in and even eggs. Brooklyn. (See sidebar for our Queens, where the silence is broken In this environment, Dellaportas isn’t sure his explanation of exactly what a every few minutes by the roar of jets boys have the personalities to compete. “You have diner is, Page 18.) 3,000 leaving LaGuardia Airport. Across to be tough in this business; otherwise people will The star-shaped, 1962-vintage POUNDS OF POTATOES the street from a Department of cheat you,” he said one recent afternoon as he ate Market Diner in midtown figures delivered to the Bel Aire Diner Sanitation collection facility you’ll an early dinner of grilled skirt steak and fries. “I to be next. In July, The Real Deal every week find a sign of enlightenment: a don’t know if my sons are tough enough.” reported that developer Moinian parking lot holding a fleet of trucks The situation at the Bel Aire says a lot about Group had filed with the city to that read “NYC Dept. of Coffee.” what’s happening throughout New York’s diner demolish the 11th Avenue The trucks belong to Vassilaros & culture, where the helpings are huge, the prices building and replace it with a 13- Sons, which has provided coffee to are right, and poring over the laminated pages of story condominium. 5M hundreds of diners and other Greek, Italian and American menu options takes Indeed, something of a diner CUPS OF COFFEE from restaurants for 97 years. The about as long as reading a Russian novel. deathwatch exists among New supplier Vassilaros & Sons company estimates that New Yorkers But these breakfast conveniences, lunch go- Yorkers concerned about losing consumed weekly in the city drink 5 million cups of its java every tos, dinners of last resort and midnight hangouts their favorite places for affordable week. “We’ve got a niche that’s been are closing at a rapid rate. Between economic comfort food. Earlier this year, a good to us for a long time,” said pressures, changes in eating habits and a next- rumor surfaced on Reddit and Stefanie Kasselakis Kyles, who this generation not as interested as their parents in Twitter that the popular Neptune year quit her career as an investment spending 16 hours a day manning a cash register, Diner in Queens would close, 6% banker upon the death of her uncle, the city’s diner scene may soon no longer exist. which owner George Katsihtis PROFIT MARGIN at the Bel becoming the fourth generation to Peter Fernandez is a vice president at Fresh & denies. The clock is also ticking Aire Diner. This figure is lead the family business. typical for diners but is Tasty Baked Products who has been supplying for the Evergreen Diner, which Dressed in heels as she crossed higher than margins at diners with bread, muffins and cakes for 50 years. occupies part of the first floor of a the 25,000-square-foot factory fancier restaurants, which He’s watched smart diner owners adapt over the parking garage on West 47th floor, Kasselakis Kyles explained have greater operating costs decades by serving burgers on brioches instead of Street, just off Times Square. The that her staff makes the coffee that Sources: Company estimates, New York kaiser rolls, and offering more vegetarian options. Evergreen generates about $1.5 City Department of Health and Mental serves as the centerpiece of most But when his truck fleet fans out from a warehouse million in annual revenue, but Hygiene diner meals by roasting four or five

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“YOU HAVE TO BE TOUGH IN THIS BUSINESS; OTHERWISE PEOPLE WILL CHEATYOU”

different types of beans from Brazil, Colombia and need the owner there every Central America for about nine minutes in 522- day seeing what’s going on,” pound batches. Vassilaros’ coffee isn’t sold in said Dimitri Dellis, manager stores, but is available on the company’s website for of a Burger Heaven diner in $6 a pound. “Over the years, we’ve learned how to midtown and son-in-law of make a product of consistent quality by tweaking the owner. “This is a service the formula depending on the coffee we buy,” said business.” Kasselakis Kyles, who drinks five cups of black It’s also a business with its coffee each day. own distinct place in popular But Vassilaros is more than a coffee roaster and culture. Exhibit A: Edward distributor. It is the reason New York diners are Hopper’s iconic Nighthawks mostly Greek. painting, with its depiction of The story begins in 1918, when John Vassilaros, a three customers and a waiter Greek immigrant, started selling coffee to burning the midnight oil. restaurants and lunch counters, many of which Exhibit B: Seinfeld, the classic were staffed with Greek waiters and cooks. By the sitcom whose main characters 1930s, aging Irish, Italian or Jewish owners were regularly noshed at Monk’s, ready to sell, and Vassilaros had an idea: He’d an imaginary Upper West Side provide backing to Greek restaurateurs, who would greasy spoon modeled after STEFANIE KASSELAKIS KYLES left her agree to buy his coffee. He helped launch countless Tom’s Diner at West 112th Wall Street job to run the family business. diner operators, many of whom made Vassilaros Street and Broadway. (Tom’s and his heirs godfathers or godmothers to their was also the subject of a song children. by Suzanne Vega, who “He was probably the cornerstone of the diner attended nearby Barnard industry,” said Kasselakis Kyles, Vassilaros’ great- College.) Exhibit C: Diners, Drive-Ins and Dives, the network’s studio is a short walk away. The proud granddaughter. “He paid more attention to kitchen long-running Food Network series starring Guy owner added that National Hockey League staff than the owners because he knew the staffers Fieri. Commissioner Gary Bettman comes in almost would one day have their own businesses. He A diner is where Tony Soprano had what may every day, and showed photos on his smartphone helped get quite a few started.” have been his last meal and where John Travolta to prove it. (Neither Fox News nor the NHL would In turn, the people helped by Vassilaros paid it and Samuel L. Jackson’s characters discussed the comment on their employees’ diner habits.) forward by hiring their own family members. difference between miracles and acts of God in Diners also have their fair share of ivory-tower Emigration from Greece picked up sharply after Pulp Fiction. Just recently, a scene in The Good Wife devotees. Richard Gutman came under their spell World War II, when a civil war ripped the country was shot at the Bel Aire. while an architecture student at Cornell apart. By the time Archie Dellaportas and Lou The draw of diners for cultural tastemakers may University in the late 1960s. He wrote about diners Argena immigrated in the 1970s, Greeks had been have something to do with their egalitarian nature, as examples of industrialized buildings to running New York diners for 30 years. One hallmark drawing the high and mighty as well as average complete his bachelor’s thesis, and in 1993 he of the restaurants—of most independent Joes. According to Argena, Evergreen Diner authored American Diner Then & Now, a seminal restaurants, for that matter—is that the proprietor, regulars over the years have included Fox News’ work on diner history and design. The 2000 or a close relative, is always on the premises. “You Megyn Kelly, Bill O’Reilly and Geraldo Rivera; the CONTINUED ON PAGE 18

LOU ARGENA of the Evergreen Diner hopes the next generation of Greek- Americans will continue to run diners.

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WHERE HAVE ALL THE DINERS GONE? |RESTAURANTS

edition lists 65 architecturally significant diners in the five boroughs. Thirty-seven of them have since closed. Today, Gutman is director of the Johnson & Wales University Culinary Arts Museum in Providence, R.I. Artifacts include a 15-stool diner built in 1926, a monogrammed toothpick and crockery that became the basis of “blue-plate specials.” Gutman, who was a consultant to the 1982 Barry Levinson film Diner, explained that “there’s a certain unpretentiousness to diners, with the counter, stools and booths. But there’s also action and a friendliness you can partake of in a way you can’t in a chain restaurant.” There’s even a patois particular to diners, where rye bread is referred to as “whiskey,” rye toast is “whiskey down,” “black and blue” is a rare steak, and “84 scrambled” means eight scrambled eggs served on four plates. Foodie culture also has taken to diners. Champs Diner in Brooklyn specializes in vegan fare such as IN THE SHADOWS: Dimitri Kafchitsas tofu Benedict and “soysage” patties. The Empire negotiates discounts for hundreds of diners. Diner in Chelsea, whose kitchen until July was run by celebrity chef Amanda Freitag, offers a vintage look and upmarket fare like $25 pan-roasted, antibiotic-free chicken and a $16 Greek salad with “protein additions,” such as seared yellowfin tuna, began late last decade,” he explained in his Astoria anyone, it makes them smile,” said Fireman, who for an additional $7. “The Empire became the first office, tucked away near a railroad bridge. “It costs is from the Bronx. diner to put on airs,” said Gutman. “A diner has got a lot to maintain such a large menu. Chains can And business is booming at Ellen’s Stardust to be affordable. Otherwise it gets too uppity.” support losses in ways independents can’t. Food Diner, located on Broadway just a few blocks north carts are a problem, because they can sell you a of Times Square, where tourists flock to hear actors bacon-and-egg sandwich for $1.50 that would cost coming off Broadway tours belt out pop and show IMITRI KAFCHITSAS has deep roots in the you $4.50 at a diner. Even Dunkin’ Donuts is a tunes while serving Be Bop a Lula burgers and city’s diners. His grandfather opened a challenge.” Brownie Mudslide sundaes. The restaurant Dcoffee shop in the Bronx around 1905, and He continued: “I love diners. They are a big part employs a group sales executive who has by the 1960s his family was running several of my life. I want diners to survive. But it is cultivated ties with troops representing 50,000 restaurants in New York, including Long Island difficult for a lot of them now.” Girl Scouts. They go to the diner as part of their trip City’s Blue Sky Diner. That closed years ago, but in There may be no better illustration of the decline to the city to see Wicked. Ellen’s is also pitching a 2010 its building became home to an upscale diner of diners than the growth in establishments that pay reality-TV show tentatively called Ellen’s Stardust called M. Wells. That one lasted only 18 months homage to them, similar to the way certain bars try Diner Rise to Fame, and management is pondering despite two stars from a New York Times critic. (M. to evoke the speakeasy era. These meta-diners are new locations in Los Angeles, Chicago and London. Wells is now a steakhouse in a different location.) run by non-Greek restaurateurs who see big New Yorkers, who make up a mere 10% of the As a child, Kafchitsas helped bake bread at his potential in selling various combinations of burgers, eatery’s customers, may cringe at places like family’s diner and at age 10 was put in charge of the chicken, eggs and bacon—the four items that in one Ellen’s Stardust, but the joint was jumping on a cash register. Now he wears a suit and tie as chief way or another show up in 80% of diner orders. recent summer afternoon well past lunchtime. executive of Pan Gregorian Enterprises, a Those entrepreneurs include Sheldon Fireman, “Linda is here from Toledo, Ohio! Linda, how old cooperative formed three decades ago to negotiate who owns nine restaurants, including Trattoria are you today? Sixty!” announced a hostess prices for food, beverages, credit-card processing, Dell’Arte and Bond 45 in midtown. He also owns making the rounds, while Linda looked mortified. insurance and even electricity on behalf of 700 New two eateries in midtown, both called the Brooklyn “This will be over soon if you look at me. If you York restaurants. (Not all are diners.) Diner, that feature tablecloths and, in one case, a don’t, we’ll be here three days.” Kafchitsas said the cooperative saves members $21.75 hot dog. He is looking to open more of what “We like to say we’re loud and obnoxious and 8% to 12% on most products or services, which as he calls “the finer diner,” perhaps overseas. damn proud out of it,” said Director of Operations often as not is still not enough. “The downward curve “When you mention the word ‘Brooklyn’ to Mark Delbene, who adds that business at Ellen’s

WHAT MAKES A DINER A DINER?

WHAT EXACTLY IS A DINER, ANYWAY? In the traditional sense, din- people are there to enjoy Brazilian specialties, such as feijoada washed ers are train cars that were taken off the tracks and converted into restau- down with a stiff caipirinha. rants. But that definition doesn’t work well in New York, where many diners Some diners stopped being diners long ago. The Jackson Diner in are tucked into office or apartment buildings and certainly never rode the Jackson Heights, Queens, was a standard greasy spoon until 1983, when rails. the father of current owner Manjit Singh bought it. Within two or three Whatever their origins, all diners share a few characteristics, starting years, the burgers and omelets had been replaced with masala dosas and with extensive menus and waiters to take your order. Food is usually made lamb vindaloo. The family thought that changing the eatery’s name would to order, and combinations of eggs, potatoes and meat can be whipped up confuse customers. at any time. (Eggs, bacon, burgers or chicken appear on 80% of diner “Often, people eat at an Indian restaurant but can’t remember the orders.) Often, there is a counter to accommodate people who eat alone, name afterwards,” Singh said. “That’s not a problem for us.” and the owner or a family member usually keeps an eye on things. In the end, say people who study this sort of thing, atmosphere defines In defining diners for this article, Crain’s turned to a restaurant-inspec- diners more than anything else. tion database maintained by the city’s Department of Health and compiled “There’s a camaraderie inside diners that doesn’t exist in other a list of restaurants that have “diner” or “coffee shop” in their name. There restaurants,” said Jan Whitaker, a restaurant historian based in Amherst, are obvious shortcomings with this approach. For starters, numerous din- Mass., and author of the blog Restaurant-ing Through History. “You can ers and coffee shops call themselves cafés or restaurants. At the same easily start a conversation with someone while you’re waiting for your time, there are places like the Coffee Shop at Union Square, which is open food or drinking your coffee. Or, if you want, you can keep completely to virtually around the clock and may serve perfectly good coffee, but most yourself.” — AARON ELSTEIN

18 | CRAIN’S NEW YORK BUSINESS | OCTOBER 26, 2015 20151026-NEWS--0018,0019-NAT-CCI-CN_-- 10/22/2015 7:45 PM Page 2

has grown by 10% a year for the past five years. are the busiest times; dinner draws seniors and Rent is another problem. Only a few diner Meanwhile, revenue at the Bel Aire is rising about families for the seven-course meals; and owners had the foresight and means to buy the 2% annually, said Dellaportas’ 30-year-old son, overnight is what Mr. Dellaportas called “the land under their restaurants in the 1970s, when Kalergis, who despite his father’s misgivings is drunken crowd.” property was cheap. Those who didn’t are confident he can run the diner, where he started They all come because somewhere on the 18- vulnerable when their long-term leases expire busing tables at age 11. “My father always tells me page, 1,500-item menu is something they want. and the inevitable rent hikes come. The average I’m not tough enough,” said the younger Besides the usual sandwiches and omelets, there asking rents for Manhattan retail space have Dellaportas, who goes by Kal and lives in a basement are such Greek standards as moussaka and increased by 39% in just the past three years, apartment with his 28-year-old brother, Peter, pastitsio—plus Philly steak quesadillas, fettucini according to the Real Estate Board of New York. below their parents’ Astoria home. “I’m not the Alfredo and more than 60 different burgers, The Dellaportas family doesn’t own the Bel Aire’s kind of person who berates someone in front of including a Thai version with red onions and land and pays $25,000 in monthly rent. Kal everybody else for doing something wrong, and he peanut sauce. Dellaportas says they have a long-term lease with an sees that as weakness.” Feeding so much to so many requires 3,000 accommodating landlord, but his father isn’t so Kal Dellaportas attended St. John’s University pounds of potatoes, 1,400 pounds of chicken, 500 sanguine. “Every day in the city they throw people for three years with an eye toward becoming a pounds of hamburger and 100 pounds of coffee out,” Archie said, referring to landlords evicting diner high-school biology teacher before heeding the every week. Four walk-in refrigerators in the owners. “If they drop me out, they drop me out.” family business’ siren call. He puts in 50 hours a basement hold it all. Diner menus can be huge week at the Bel Aire, but figures he can oversee the because many of the same ingredients are used in diner working just 20 hours a week by delegating different items. Still, it’s hard to find cooks who ETWEEN COST PRESSURES and the more responsibility, something he said his father can quickly prepare 400 different dishes up to the seemingly endless hours, many in the next struggles to do. family’s standards and assistants who can master Bgeneration of diner-owning families don’t In the meantime, he wants to create outdoor 50 different sautés or 60 salads. want to keep their eateries going. “The next seating and beef up the bar offerings to boost The elder Dellaportas is so concerned about generation has opportunities their parents and revenue and better compete with other restaurants losing his best people that he asked that none of grandparents didn’t have,” said Kasselakis Kyles of in Astoria. Besides the Bel Aire, the Dellaportases his staff be named in this article because Vassilaros. “It’s just that simple.” own a restaurant in It’s also unlikely Southold, L.I., called any new ethnic group Six Three One. Kal, will invest in the who works 20 hours a business in the week there, wants numbers that Greeks the family to sell it did in the middle and focus on the decades of the 20th diner. century. The Bel Aire It costs as much as

“A DINER IS A MUCH BIGGER GAMBLE THAN ANY OTHER KIND OF RESTAURANT.THAT’S JUST REALITY”

generates about $4 million to open a $3.6 million in annual new diner these days, revenue, according to Kal Dellaportas said, Archie Dellaportas. compared with By comparison, ac- $500,000 to $1 million cording to the trade for a higher-end journal Restaurant restaurant, because Business, Tao Down- diners require so much town reported $38 million in revenue last year—the identifying them would make it easier for rivals to storage space for the inventory that their large menus most for any independent restaurant in the city—and hire them away. That includes a pair of immigrant require. Landlords prefer to rent space to chains like Smith & Wollensky $26 million. Even so, the Bel Aire Mexican bakers who work in the basement. Applebee’s instead of independent operators, so remains more profitable than many expensive While most diners today buy their baked goods property owners can reach out to the corporate parent restaurants, with Dellaportas disclosing margins of from wholesalers, the Dellaportas family still for rent if the franchisee can’t pay. All of which 6%, or about $200,000, in annual profits. Margins at makes its own bread and desserts. The baklava is suggests that a chapter in New York culinary history Shake Shack are less than 2%, and are barely 5% at perfectly balanced between sweet, nutty and will soon end. “A diner is a much bigger gamble than Ark Restaurants, which owns the Bryant Park Grill, buttery. “It should be good,” the elder Dellaportas any other kind of restaurant,” Kal Dellaportas said. among other eateries. (High-end restaurants tend to said. “I’ve been a baker since I was young.” “That’s just reality.” have lower margins than cheaper ones because they Apart from staff, the secret sauce for Bel Aire is Still, the brothers are determined to keep the Bel have to hire more staff, such as coat-checkers and keeping a lid on costs. But that is getting harder. Aire going, and Argena, owner of the Evergreen, is wine stewards, not to mention the higher cost of Egg prices have tripled since the spring, to $110 for hopeful that more than a few of the next generation unionized waiters and busboys.) 30 dozen, because of an avian flu outbreak. That will stay in the business. The 56-year-old said running Success at the Bel Aire, which can seat 160 translates to an extra $2,100 a week, Kal a diner isn’t as bad a career as it may seem. He works people at its tables and booths and 10 more at the Dellaportas said. Passing that along to customers afternoons, after his brother handles the morning counter, is based on getting customers in and out would mean reprinting the voluminous menus at rush, and by closing at 6:30 every night he gets home the door within 40 minutes without rushing them. a cost of $1,000. Moreover, the diner aims to to Flushing to see his 8-year-old son. It has to be that way, because the average check is tweak prices only once a year. For someone who grew up struggling to get enough just $14. “When I took courses at the French Labor costs for the 40-person staff are also to eat in the Greek town of Pyrgos, this is a good life, Culinary Institute, we were told we had 40 minutes rising, thanks to the healthier economy stoking which is why he has a message for young Greek- to get the food on the table,” Kal Dellaportas said demand for workers. Wages are poised to rise Americans who, like his brother’s children, aren’t with a can-you-believe-that look. significantly in January after the Cuomo especially interested in running diners. Bel Aire’s formula for homemade dining, administration’s decision this year to raise the “My advice to them is: Go, explore,” Argena said. prepared and served quickly, works because minimum wage for tipped workers by 50%, to “But remember that when you have a restaurant, you 5,000 people come in weekly. Breakfast and lunch $7.50 an hour. keep food on the table.” Ⅲ

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ew York City accounting firms aren’t what they used to be. Like many industries, accounting has been transformed by sweeping economic after- effects of the Great Recession as well as new digital ways of working. These changes are indeed visible at the many local accounting firms that contribute Nto New York City’s role as world financial capital. In the pages that follow, Crain’s looks at some key trends shaking up the New York City accounting industry—and the field as a whole—ranging from globalization and more mobile ways of working, to increased demands from aging Baby Boomers for help in selling their businesses. We also look at how accounting firms are pioneering new approaches to workplace flexibility—and how a freelance revolution is enabling independent accountants to tailor this for themselves. As trends expert Daniel Levine, director of The Avant-Guide Institute in Manhattan, put it, “Technology is facilitating this change in the way people work.” Read on to find out all about the trends and innovations that are reshaping the accounting field in New York.

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n the hunt for promising new clients, with their accountants through another tool called big companies. Freyman asks his team to upload EisnerAmper’s accountants spend a lot PwC Connect, which is also accessible via mobile sensitive documents to Box, instead of sending it by of time visiting technology incubators devices, Brennan noted. email. and university campuses. While some accounting firms prefer working mainly with Another hot trend for accounting firms is using “Box is not a cheap solution, but it’s incredibly Ocorporate clients, EisnerAmper, a CPA and consulting “Big Data” techniques to help clients sift through secure,” said Freyman. firm with an office in Manhattan, likes to get in on the information that was previously hard to analyze. ground floor with startups. “Our standpoint is we are PwC is mining clients’ financial records to uncover It may be pricey for a small firm, but with many of building something at the early stage to help these patterns they may not have noticed. “It allows us to the big guys going after the same clients, Freyman companies grow and become our next large client,” see the totality of the business and get some useful considers it a good investment. “It’s one of the ways said Mike Lopez, a partner in the firm. insights that maybe our clients aren’t seeing,” said we’ve really been able to distinguish ourselvs from Accounting Goes Digital other accounting firms,” he said.

EisnerAmper is one of many New York City Brennan. For instance, if PwC notices that a firm is accounting firms that find technology is transforming making 70% of its shipments on the last day of each their practices. While chasing down the next Google month, every year, it might mention that to the client as clients, many are using fast-evolving technologies so they could use that information for future planning. for both internal work and communicating with customers. They are also staffing up with young, Some accounting firms find that with more and tech-savvy talent. more clients going digital, it’s become increasingly more necessary to hire accountants with the digital Cybersecurity 101 Today’s accountants need to be savvy about expertise to advise them. Accounting, tax and As accounting firms embrace digital anything from firewalls to general IT issues, consulting firm Citrin Cooperman, headquartered technology, cybersecurity has become a top according to CPA Yigal Rechtman, principal in the in Manhattan, has doubled the size of its state and priority. In September 2015, ACCA USA, the litigation and forensics practice at accounting and local tax practice to meet the demand brought on U.S. branch of the Association of Chartered business consulting firm Grassi & Co.’s office in New by new technology, said New York City-based CPA Certified Accountants, and Pace University York City. “You need to be able to do sophisticated David Seiden, the partner in charge of that practice. issued a report called “Cyber Warriors with things with databases, and extract large amounts of Calculators” that found 58% of auditors and data from various and complex sources,” he said. “We do a lot of work with companies that are 48% of accountants are more concerned with both investing in technology and are building out cyber crime than a year ago. Certainly, the new technology is not without its technology to offer their own services through a challenges. Many firms have seen an increasing digital platform,” said Seiden. “What we do here at It should be top of mind, according to need to invest in Cybersecurity measures that Citrin Cooperman is help them find a digital platform Thomas DeMayo, director, IT Risk Advisory, protect sensitive information for clients. “It is a to help them perform their services.” at CPA firm O’Connor Davies LLP in concern for just about every accounting firm we Manhattan. “Organizations assume that just network with,” said Thomas DeMayo, director, As accounting firms migrate to digital technology, because IT `works,’ it works securely; or they IT Risk Advisory, at CPA firm O’Connor Davies LLP they increasingly seek out talent that is already operate with the misconception that they are in Manhattan, in an email. accustomed to it. When PwC recruits on college too small or insignificant to be a target,” he campuses, it looks for a combination of accounting said in an email. As many organizations are But that is a cost most are willing to bear to and tech skills. Said Brennan, “We’re seeing unhappy to discover during cybersecurity stay competitive. Nationally, many accounting students get their four-year accounting degree audits, that lax attitude leaves them exposed firms are embracing new technologies, and and enhancing that with a master’s in information to hackers, say experts. the bar is especially high in New York City, a security.” DeMayo says there are several safeguards financial technology capital. Seventy percent every accounting firm should embrace: of U.S. accounting firms now offer employees At Grassi & Co., employees with entrepreneurial • Establish an information security framework. remote access to their network; 50% use remote, ideas in areas such as technology and healthcare This is a documented set of procedures for cloud-based backup; 48% now use cloud-based can request to focus on developing them. So far, putting information security controls in place software and 25% use Skype, according to the 2014 a small handful of employees are doing so, said and managing them. Management of an Accounting Practice Survey from Rechtman. “If someone has an entrepreneurial idea, the American Institute of CPAs’ Private Companies the firm will consider giving them a certain amount • Have independent cybersecurity Practice Section and the Texas Society of CPAs. of time to do it,” he said. assessments conducted. • Provide security awareness training for Working in the field with clients is one key area where It isn’t just large and midsize firms that are all employees so they don’t get tricked by technology has transformed the way accounting embracing new technology. New York City CPA Greg “phishing” emails from hackers and the like. firms operate. More firms are turning to cloud-based Freyman, whose firm, Freyman CPA, has a handful of • Encrypt sensitive data, both in transit and at software and storage programs that let their personnel accountants in Manhattan and Westwood, N.J., has rest. work from anywhere. “If you really can’t do things been an early adopter of using electronic signatures on Android devices, an iPad or other mobile devices, through DocuSign digital transaction management • Do due diligence on all third parties that you’re going to get left behind,” said Bill Brennan, software. “Using a software like DocuSign lets have contact with their data. audit partner at PricewaterhouseCoopers office in clients sign from anywhere on the go,” said It’s not just accounting firms that are at risk, Manhattan. Freyman. DeMayo notes. “Our number-one request these days is helping clients protect their data To avoid that hazard, PwC has made its audit Freyman also sets up all of its clients with Box, a and/or helping them respond in the event of software Aura accessible from their smartphones secure cloud-computing solution used for content- breach,” he said. and mobile devices. Meanwhile, clients can work management, file-sharing and collaborating by many

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ith many clients in the financial- international scene, 15% to 20% of the firm’s revenue is (passed to prevent money laundering) can be onerous. services industry looking to attract tied to international business, with about 10% coming “We see great opportunities for growth in addressing investors in China, EisnerAmper is from clients who want to do business in the U.S. and that need,” Weinstein said. wasting no time in making inroads 5% to 10% from U.S. firms that are expanding overseas, in that market. To make connections according to CPA Kathryn Byrne, partner-in-charge of Assisting clients in managing their global-tax burden Wthat will help its customers, the CPA firm and manufacturing and distribution at WeiserMazars LLP is another growth area. Ryan, an international tax- consultancy sent three of the firm’s partners to speak “We see the international focus across all disciplines in services firm based in Dallas, has developed proprietary before several hundred fund managers at an investment our firm,” said Byrne. technology to help clients recover overpayments of conference in Beijing earlier this month. The trip was withheld taxes according to Ian Boccaccio, practice the latest step in a four-year effort to establish a strong The globalization driving such business shows no signs leader, international tax at Ryan’s New York office. Many presence for EisnerAmper’s brand in China. of slowing down. The value of goods exported globally companies’ accounts receivable departments make should pick up to 8% a year by 2017-2020, according to mistakes, such as failing to update the amount they “We believe China will be the next big market for the projections by British bank HSBC. are withholding from year to year to reflect changes in financial-services industry,” said Charles Weinstein, treaties that govern withholding, Boccaccio said. “We CEO of EisnerAmper, which has an office in Manhattan. While many firms in the U.S. want to break into are able to recover payments and fix the process going “Our next step will be to actually open an office in markets in China, China is not the only foreign market forward,” said Boccaccio. China. We’re right there on the ground floor.” that is attracting attention from New York accounting firms. In response to a demand from clients, As firms become more international, more are staffing In an era where technology makes it easier than EisnerAmper has recently opened offices in several up with talent from overseas. “We have many, many ever to communicate across borders, many U.S. new overseas locations, including the Cayman Islands, Chinese-born people in the firm in our financial-services firms of all sizes are diving into international markets from which Weinstein spoke, as well as Dublin and industry practice,” said Weinstein. “That’s what really or are working with overseas businesses that want London. The firm has also started EisnerAmper Global, has driven the presence we have in China.” to expand in U.S. markets. This has created new an international network of independent accounting opportunity for the accounting firms that serve these firms, in which EisnerAmper has an ownership interest, However, immigration restrictions are slowing businesses, which often must comply with treaties to address the specialized needs of the financial- this type of staffing. The number of applicants for and laws that govern international transactions. services industry around the world. the H-1B professional visa dwarfs the number of “Clients are driving this need for our firm to be visas allowed by a huge margin and has resulted global,” said Weinstein. One such area of need for which accounting firms find in a lottery system, noted Robert Fligel, CPA, at RF themselves in demand is in the matter of compliance Resources, a staffing firm in Manhattan. “Suffice Many firms have joined EisnerAmper in embracing the with the Foreign Account Tax Compliance Act, better to say, firms cannot plan to help fulfill their staffing global economy. At WeiserMazars, long active on the known at FATCA. Meeting the requirements of this law requirements around such a system,” he said.

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CRAIN'S Corporate profiles in Accounting_MECH.indd 4 10/21/15 11:55 AM ADVERTISING SUPPLEMENT TO CRAIN’S NEW YORK BUSINESS To Business Owners Who Want to Cash Out, Accountants Deliver Tough Love and TLC

s a partner at Anchin, Block & Anchin in same quarter in 2014 and from the 1,913 recorded in market. “Often these documents are stored all over New York City, Greg Wank often speaks the second quarter of 2015. the place,” said White. with seasoned entrepreneurs who are ready to hand over the reins to firms As with homeowners, business owners can be Gathering that data can enable business owners to they’ve spent years building, so they can their own worst enemies when selling. They are perform needed due diligence on their own firms, Aretire. Some find the conversion is a jolting splash of often unrealistic about what their businesses are said White’s colleague Adam Goodman, director, cold water. “It’s painfully apparent they are not ready really worth, say accountants, because they are New York office at Ansarada. Sometimes, owners to go to market and sell their businesses,” he said. emotionally invested in their firms. “They talk of complex businesses need to bone up on their to their friend at the golf club who says `I sold financial situation before approaching potential Often, the problem is their accounting. Some have my business for 10 times earnings,’ and believe buyers, he has found. relied on software or an internal team that has not what they heard,” said CPA Steven Nicokiris, lead kept records in the meticulous way that a buyer— managing director at CBIZ MHM, who is based in “I’ve seen situations where the CEO has people especially a sophisticated one like a private equity New York City. running different departments, and revenue is firm—expects, according to Wank. And that’s a coming in from 10 different revenue streams,” said possible deterrent to a sale. In such cases, that’s Working with accountants often provides a reality Goodman. “You need to be able to have complete when Wank and his team set to work, switching check for business owners. For a complex business transparency on how the money is coming in, where firms to better accounting procedures and making that’s been around for 30 years, says Wank, “It may you’re losing money and where you’re spending sure financial records are accurate and complete. be a six-month intensive cleanup period followed money, such as marketing.” by let’s have a year or two under our belts of doing Now, more than ever, accountants across New things correctly and then going to market.” Just as home buyers most likely won’t see a York City are hearing their phones ringing, as many property’s potential unless it already looks great, business owners find themselves eager to sell, To speed up the sale of a business, Joel White, business buyers tend to pass over businesses that after waiting out the recession for just the right managing director of Ansarada, a creator of virtual are not healthy, say industry professionals. moment. Nationally, the number of small-business data rooms for mergers and acquisitions deals, transactions reached a record high in 2014 and has recommends that owners work with their team of “For a business owner, the most important thing is since stabilized, according to BizBuySell, an online advisors to come up with a checklist of documents for them to have a clear story and to articulate to marketplace for businesses for sale. BizBuySell they will need—including their financials and other the buyer why their company is a good investment,” found 1,814 businesses changed hands during the important paperwork—and begin assembling this Goodman said. And for many firms, say experts, third quarter of 2015, down from the 1,987 in the paperwork long before putting a business on the precise financial records tell the story best.

“ New York City, EisnerAmper is one of the nation’s leading auditors of SEC registrants and maintains one of the largest public company practices of any independent long the financial firm, providing services to more than 200 public companies. EisnerAmper is capital of the world, the fifth largest CPA firm in the New York area and represents the alternative has also become to the Big Four.

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CRAIN'S Corporate profiles in Accounting_MECH.indd 5 10/21/15 11:55 AM ADVERTISING SUPPLEMENT TO CRAIN’S NEW YORK BUSINESS In a Job Market That Favors Recent Grads, Many Seasoned Accounting Pros Go Freelance arc Palker’s work as an accountant positions on Upwork, the freelance brings him everywhere from platform formerly known as Elance- New York City to Paris. Palker runs oDesk. Accountants saw 43% growth in MPP Associates, a one-man firm freelance earnings from 2013 to 2014, on in Hauppauge, Long Island, where a global basis, according to Upwork. In Mhe serves as interim CEO for public and private the U.S., there was 29% growth during corporations and not-for-profit organizations. that period in freelancers’ earnings in Palker, a former managing director at advisory and the finance and legal category, which consulting firm Madison Davis Professional Services includes accountants. in Babylon, loves the varied work that his life as a solo entrepreneur brings. The trend might seem counterintuitive, given that many accounting firms “That’s the whole excitement of being a freelance complain of an ever-increasing talent accountant,” he said. “You get to see different shortage. Typically, however, these is also chair-elect of the Institute of Management companies, different regions. You get involved in employers, facing industrywide pressures on the Accountants’ Global Board of Directors. some interesting transactions.” bottom line, are looking to hire recent graduates, who cost less to hire. It isn’t only the most seasoned accountants who Palker isn’t alone among accountants in embracing are going freelance, though. Accountants of all independent employment. The accounting world “The difficulty we are all having is there are more ages who want flexibility are finding that digital has long been home to part-time bookkeepers and positions than graduates at this point in time,” said technology has made freelancing better and more seasonal tax preparers. “Some of the bookkeepers John Repetti, a partner at audit, advisory and tax convenient than in the past, say experts. I meet are also real estate brokers,” said Anil services firm Citrin Cooperman in Manhattan. Melwani, CPA, who owns 212 Tax & Accounting “Technology has empowered people to do this work Services in Manhattan. That leaves many seasoned accounting pros who much more efficiently and at quality higher than still want to work looking for other opportunities to ever before,” said Jonathan Gass, founder and CEO But today, there is a new and growing crop of make a living. And for many, freelancing beckons. of Nomad Financial, which provides accounting former staff accountants who are diving into life as and financial services, including help from part- freelancers, say industry experts. A sign of this trend “They are deciding, `I can pick and choose what I time, interim CFOs, to startups and has an office in is that accountants are one of the fastest growing want to do, where I want to do it.” said Palker, who Manhattan.

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CRAIN'S Corporate profiles in Accounting_MECH.indd 6 10/21/15 11:55 AM ADVERTISING SUPPLEMENT TO CRAIN’S NEW YORK BUSINESS Work-Life Balance Takes a Leap Forward hen Harriet Greenberg at now seem them as a valuable way to hold onto other attraction, retention and advancement of all of our New York City accounting employees, too. In recent research, accounting firm talented professionals,” she said in an email. firm Friedman arranged to Ernst & Young (EY) found that men place a high priority work from home on Fridays on flexibility, too. “Our study found that men are more One hazard of flexible work arrangements, many to be with her two children, likely than women to make career and life sacrifices firms have found, is that employees who use them are Wwho were little at the time, she recalled, “I was to better manage [work-life], including giving up a sometimes sidelined or passed over for promotions. To the only one with a flexible schedule.” promotion, relocating and taking a pay cut,” said Mark prevent this from happening, professional tax services Besca, office managing partner at E&Y’s Manhattan firm Ryan has set up a results-oriented environment. Now her children are grown, and Greenberg, who location, in an email. Employees’ progress on key projects is recorded on a has risen to co-managing partner at Friedman, has personal dashboard, so that managers can observe how seen those work-life balance initiatives become Many accounting firms also view flexibility as a selling much work their remote employees are accomplishing— part of everyday life for many more at the firm. Some point to lure tech-savvy millennials accustomed to something that can otherwise be obscured in off-site work employees work the majority of their time from home working when and where they want. Grassi & Co., situations. Each individual’s metrics for success are tied to or from local offices in their area. Everyone can which has an office in New York City and has many his or her type of job. “It allows us to have really intelligent access their work remotely using digital technology, workers who telecommute at least part of the time, conversations with employees and with each other about and, in summer, employees have the option to take seeks out management talent capable of leading how we’re doing,” said Delta Emerson, president, Global Fridays off, as long as they agree to stay reachable. remote workers. Shared Services at Ryan. The company is now looking into arranging emergency childcare for its team. “We’ve recognized that in order to retain and hire One of the greatest challenges of flexible work new staff we need to, as an industry and as a firm, arrangements is helping managers used to having Work-life balance initiatives have become increasingly change the way we operate,” said Steve Mannhaupt, on-site teams adapt to a flexible-work paradigm—some important in corporate America, with a new study by audit partner at Grassi. “We need to operate in a managers, for example, are accustomed to evaluating consultancy GlobalWorkplaceAnalytics.com showing a more flexible environment, in terms of where they talent by the number of hours worked, rather than the 6.5% increase, in 2014, in the number of employees who work, when they work and how they work.” amount of work they accomplished, noted Emerson. But worked from home during at least half the surveyed at Ryan and many other firms, that is gradually changing. workweek—the largest increase since 2008. Many firms are turning to their employees to help “Having someone deliver on time and under budget refine and update their programs. WeiserMazars, an and do high-quality work is more important than seeing Accounting firms, in particular, have made flexible work accounting firm based in New York City, conducts them all day,” said Ian Boccaccio, practice leader, arrangements a priority, as a way to gain a competitive open forums to exchange “personal stories” international tax at Ryan, who is based in New York edge during an industrywide talent shortage. While and promote best practices, said partner Wendy City. “Technology plays a huge role in that. We’re all so initially, most work-life balance initiatives were Stevens. “These sessions are driven by our desire connected with technology there’s no need any more to designed to attract and retain mothers, many firms for sustainable growth as well as our focus on the work side by side.”

INDUSTRY PRACTICES & SERVICE OFFERINGS Grassi & Co. is a premier professional service organization specializing in accounting, auditing, tax, technology and business consulting services. Grassi & Co. provides professional services to companies within the Financial Services, Manufacturing & Distribution, Architecture & Engineering, Construction, Life Sciences, Retail, Technology, Media & Telecommunication, Transportation, Not-for-Profit and Healthcare industries, among others.

ABOUT THE FIRM Grassi & Co. has offices in Manhattan, Long Island and Rockland County as well as internationally through Moore Stephens International, one of the largest associations of independent accounting firms in the Louis C. Grassi world. Grassi & Co. has been ranked among the Top 100 largest firms in the U.S. by both INSIDE Public — our Managing Partner Accounting and Accounting Today, the Top 20 largest firms in the New York Metropolitan area by Crain’s New York Business and the Top 10 largest firms on Long Island by Long Island Business News. INDUSTRY INSIGHTS Grassi & Co. is constantly keeping its finger on the pulse of the industries it serves. To make sure the firm is on the cutting edge of trends, best practices and needs in these industries, the firm polls top industry executives on issues such as financial and operational management, compliance, technology, human resources and general organizational structure. Each year, Grassi & Co. issues reports on the results of these surveys, which provide critical comparative information and benchmarks for companies operating in the NY Metro area. OUR CONTINUED GROWTH We understand the needs of companies and organizations in the NY region and continue to shape our service offerings to meet those needs. As such, we offer comprehensive succession, estate and trust planning services. Ensuring the proper succession of a company’s management team in order to solidify its future is important, and our team is positioned to assist in this transition. Because companies grow and expand into wider national and international geographic regions, multi-state tax filing’s and international tax requirements become an issue. Our Tax Services Group has enhanced its State and Local Tax (SALT) service offering in order to help companies handle such tax matters. Finally, with the Affordable Care Act (ACA) filing requirements becoming active in 2016, our team has the capabilities to assist companies in meeting these requirements and avoid penalties. CONTACT 488 Madison Ave New York, NY 10022 Tel: 212-661-6166 www.grassicpas.com

CRAIN'S Corporate profiles in Accounting_MECH.indd 7 10/21/15 11:55 AM P028-29-30CL_CN_20151026.qxp 10/22/2015 5:17 PM Page 28

TO PLACE A CLASSIFIED AD, CALL 1 800 444 6007 OR VISIT CRAINSNEWYORK.COM POSITIONS AVALIABLE ADVERTISING PUBLIC AND LEGAL NOTICES Notice of Qualification of LSREF4 Pine River Capital Management, LP Bayview Colonial Member, LLC. Notice of Qualification of Zx Ventures has an opportunity for a Strategist, Authority filed with NY Dept. of State on LLC. Authority filed with NY Dept. of State Statistical Arbitrage at our facility in 9/10/15. Office location: NY County. on 10/13/15. Office location: NY County. New York, New York. The primary duty Princ. bus. addr.: 2711 N. Haskell Ave., Princ. bus. addr.: 250 Park Ave., 2nd Fl., of the Strategist, Statistical Arbitrage is Ste. 1700, Dallas, TX 75204. LLC NY, NY 10177. LLC formed in DE on to work directly under the guidance of formed in DE on 8/18/15. NY Sec. of 10/7/15. NY Sec. of State designated agent a statistical arbitrage and quantitative State designated agent of LLC upon of LLC upon whom process against it may trading portfolio manager with direct whom process against it may be served be served and shall mail process to: c/o CT exposure to systematic trading in multi and shall mail process to: c/o CT Corporation System, 111 8th Ave., NY, NY class instruments, including equity, Corporation System, 111 8th Ave., NY, 10011, regd. agent upon whom process AUCTION may be served. DE addr. of LLC: c/o The futures, fixed income, commodity, and NY 10011, regd. agent upon whom Corporation Trust Co., 1209 Orange St., FX. This position requires a Master’s process may be served. DE addr. of LLC: 1209 Orange St., Wilmington, Wilmington, DE 19801. Cert. of Form. filed Degree or equivalent in Statistics, AUCTION with DE Sec. of State, 401 Federal St., Dover, Operations Research, Finance, or relat- DE 19801. Cert. of Form. filed with DE Nov. 18th • The Hamptons Sec. of State, 401 Federal St., Dover, DE 19901. Purpose: all lawful purposes. ed field, plus two (2) years of related 52 Quogue St, Quogue Village experience. Experience must include DE 19901. Purpose: all lawful purposes. 5-ESTATEPrime Hamptons HOME/LOT Locations SouthENCLAVE of the IdealHway in Familythe Heart of Compound Quogue Village two (2) years experience, which may be (3) Homes: 60% - 90% Complete (2) Lots: Build 3,600 Sq Ft Homes concurrent, in all of the following: 1) The complete offering terms are in an Offering Plan available with auctioneers. File No CD13-0004. Notice of Qualification of V/E Madison applying knowledge of systematic trad- 516.349.7022 • MaltzAuctions.com Notice of Qualification of JPPF 2000 AUCTIONS...Your Liquidity Solution Retail LLC. Authority filed with NY Dept. ing in multi class instruments, includ- ® Broadway, LLC. Authority filed with NY Dept. of State on 9/18/15. Office of State on 10/14/15. Office location: ing equity, futures, fixed income, com- location: NY County. LLC formed in DE NY County. Princ. bus. addr.: 210 Route modity, and FX; 2) designing and on 9/11/15. NY Sec. of State designated 4 East, Paramus, NJ 07652. LLC formed implementing comprehensive trading PUBLIC AND agent of LLC upon whom process in DE on 10/9/15. NY Sec. of State and risk control systems, employing against it may be served and shall designated agent of LLC upon whom proficiency in at least one of program- LEGAL NOTICES mail process to: c/o JAMESTOWN, process against it may be served and shall ming languages, Excel/VBA, Matlab, or Ponce City Market, 7th Fl., 675 mail process to: c/o CT Corporation R; 3) utilizing advanced statistical tools Ponce de Leon Ave., NE, Atlanta, GA System, 111 8th Ave., NY, NY 10011, regd. and quantitative tool, such as time NOTICE OF FORMATION OF HADIDI agent upon whom process may be served. CAPITAL, LLC. Articles of Organization 30308, principal business address. series, machine learning, multi-variable DE address of LLC: c/o CT DE addr. of LLC: 1209 Orange St., filed with the Secretary of State of NY Wilmington, DE 19801. Cert. of Form. filed regression, stochastic process and (SSNY) on 9/14/2015. Office location: Corporation System, 1209 Orange Value at Risk; and 4) processing, St., Wilmington, DE 19801. Cert. of with DE Sec. of State, 401 Federal St., Dover, NEW YORK County. SSNY has been DE 19901. Purpose: any lawful activity. cleaning and analyzing mega data for designated as agent upon whom Form. filed with DE Sec. of State, research purposes. All experience may process against it may be served. The 401 Federal St., Dover, DE 19901. be gained concurrently and may have Post Office address to which the SSNY Purpose: all lawful purposes. been gained before, during or after shall mail a copy of any process against completion of the Master’s Degree pro- the LLC served upon him/her is: 202 Notice of Qualification of TICO SPV, LLC. gram. If interested apply online at: ELIZABETH STREET, SUITE 28, NEW Authority filed with NY Dept. of State on Notice of Qual. of 116 University https://jobs-pineriver.icims.com/jobs/intro YORK, NY 10012 The principal business 10/9/15. Office location: NY County. LLC Development, LLC, Auth. filed Sec’y of address of the LLC is: 202 ELIZABETH formed in DE on 10/7/15. NY Sec. of State STREET, SUITE 28, NEW YORK, NY State (SSNY) 7/1/15. Office loc: NY Co. designated agent of LLC upon whom LLC org. in DE 5/5/15. SSNY desig. as 10012 Purpose: any lawful act or activity. process against it may be served and agent of LLC upon whom proc. against it shall mail process to: 1700 Broadway, AO, Derivative Pricing & Valuations may be served. SSNY shall mail copy of 18th Fl., NY, NY 10019, principal business proc. to NRAI, 111 Eighth Ave., NY, NY Analyst (AllianceBernstein L.P. – New address. DE address of LLC: c/o The 457 WARBURTON AVE LLC, a domestic 10011, the Reg. Agt. upon whom proc. may York, NY) Assist in supprt & use of deriv Corporation Trust Co., 1209 Orange St., LLC, Art. of Org. filed with the SSNY on be served. DE office addr.: 160 Greentree Wilmington, DE 19801. Cert. of Form. filed invstmnts w/in Alliance’s portfolios. F/T. 7/31/15. Office location: NY County. Dr., Ste. 101, Dover, DE 19904. Cert. with DE Sec. of State, P.O. Box 898, Dover, Reqs a Mast’s dgr (or frgn equiv) in SSNY is designated as agent upon of Form. on file: SSDE, Townsend Bldg., DE 19903. Purpose: all lawful purposes. Finan Eng, Econ, Stats or rel quant fld & whom process against the LLC may be Dover, DE 19901. Purp: any lawful activities. 3 yrs exp in job offered or mdl’g of OTC served. SSNY shall mail process to: The deriv prods pric’g. All stated exp must LLC, 26 COURT ST. SUITE 2003, NEW incl follow’g: OTC Derivative Valuations YORK, NY 11242 c/o SABAJ LAW, P.C. General Purposes. Notice of Qualification of New York Notice of Qualification of Northwood across interest, credit, equity, commodi- Canada AIV GP II LP. Authority filed with ty, & FX for both swaps & options; Continuous Care Fund LLC. Authority filed with Secy. of State of NY (SSNY) NY Dept. of State on 9/22/15. Office Microsoft Excel & Access, incl’g utiliz’g Notice of Formation of BRP JAMSTA location: NY County. LP registered in VBA to automate processes & mdl deriv on 09/15/15. Office location: NY County. TC Owner LLC. Arts. of Org. filed LLC formed in Delaware (DE) on Alberta, Canada on 9/30/14. NY Sec. of valuations; understnd’g common portfo- with NY Dept. of State on 4/13/15. 09/14/15. SSNY designated as agent of State designated agent of LP upon whom lio strategies & portfolio prfrmnce trck’g Office location: NY County. Princ. LLC upon whom process against it may process against it may be served and shall us’g Greeks; & utiliz’g Vendor srvcs such bus. addr.: 767 3rd Ave., 33rd Fl., NY, be served. SSNY shall mail process to: mail process to: c/o CT Corporation as Bloomberg, Markit Partners, NY 10017. Sec. of State designated 426 Broadway, P.O. Box 1386, Monticello, System, 111 8th Ave., NY, NY 10011, regd. SuperDerivatives, ThomsonReuters or agent of LLC upon whom process NY 12701. Address to be maintained agent upon whom process may be served. Interactive Data. Resumes: J. Alvia, against it may be served and shall in DE: 160 Greentree Dr., Ste. 101, Dover, Principal office addr.: 1819 Wazee, 2nd Fl., Denver, CO 80202. Name/addr. of genl. AllianceBernstein L.P., 1345 Ave of the mail process to: c/o CT Corporation DE 19904. Arts of Org. filed with the DE ptr. available from NY Sec. of State. Cert. Americas, New York, NY 10105. JobID System, 111 8th Ave., NY, NY 10011. Secy. of State, John G. Townsend Bldg., Purpose: all lawful purposes. of LP filed with Registrar of Corps., NEWCWA. 401 Federal St., Ste. 4, Dover, DE 19901. Purpose: any lawful activities. Corporate Registry, Service Alberta, Box 1007 Station Main, Edmonton, Alberta T5J 4W6. Purpose: all lawful purposes. Notice of Qualification of Lighthouse Notice of Qualification of Kinch Management Services, LLC. Authority filed Advertising, LLC. Authority filed with Quantitative Researcher (Citadel LLC – with NY Dept. of State on 9/18/15. Office Secy. of State of NY (SSNY) on New York, NY) Analyze & solve complx location: NY County. Princ. bus. addr.: 2711 09/17/15. Office location: NY County. LLC N. Haskell Ave., Ste. 1700, Dallas, TX 75204. Notice of Formation of G & S mrkt probs thru use of tech, math & sta- formed in Delaware (DE) on 09/11/15. GUILDED, LLC Arts. of Org. filed tisticl mdl’g, & comp systs. F/T. Reqs LLC formed in DE on 8/12/15. NY Sec. of SSNY designated as agent of LLC upon State designated agent of LLC upon whom with Secy. of State of NY (SSNY) on PhD in Comp Sci, Stats, Math, Phys, whom process against it may be served. 09/25/15. Office location: NY process against it may be served and shall mail SSNY shall mail process to: 637 Elm Electrcl Eng or rel quant fld. In lieu of County. Princ. office of LLC: c/o process to: c/o CT Corporation System, 111 8th St., Westfield, NJ 07090. Address to PhD in stated fld, will accpt Mast’s dgr in Ave., NY, NY 10011, regd. agent upon whom Arthur Indursky, 680 Fifth Ave., NY, be maintained in DE: National Registered NY 10022. SSNY designated as agent stated fld & 3 yrs of quant grad rsrch process may be served. DE addr. of LLC: Agents, Inc., 160 Greentree Dr., Ste. exp. Must have grad-lvl edu or exp in fol- 1209 Orange St., Wilmington, DE 19801. Cert. of LLC upon whom process against 101, Dover, DE 19904. Arts of Org. it may be served. SSNY shall mail low’g: analyz’g terabytes of data & com- of Form. filed with DE Sec. of State, 401 Federal filed with the DE Secy. of State, 401 St., Dover, DE 19901. Purpose: all lawful purposes. process to the LLC at the addr. of its plex systs on daily basis; apply’g adv Federal St., #3, Dover, DE 19901. princ. office. Purpose: Any lawful activity. stats & math mdl’g techniques by dvlp’g Purpose: any lawful activities. mdls in rsrch envrnmnt from dsgn & vali- dation thru to integration; programm’g Notice of Formation of TRAVIS POM- w/ C; Obj Oriented Programm’g incl’g Notice of Formation of Neff Group LLC. RENTIS PROPERTIES LLC, a domestic LLC, Art. POSELLO LLC. Arts. of Org. filed with Python, Stat Pckgs incl’g R or similar, & Arts of Org filed with Secy. of State of NY of Org. filed with the SSNY on 2/26/15. Secy. of State of NY (SSNY) on (SSNY) on 8/26/2015. Office location: Office location: NY County. SSNY is des- script’g languages; &, prfrm’g adv empir- 7/13/15. Office location: NY County. SSNY NY County. SSNY designated agent upon ignated as agent upon whom process ical mdl’g & computations. Resumes: designated as agent of LLC upon whom process may be served and shall against the LLC may be served. SSNY shall ER/LW, Attn: R-0236, Citadel LLC, 131 whom process against it may be mail copy of process against LLC to mail process to: The LLC, 26 COURT ST. S. Dearborn St, 32nd Fl, Chicago, IL served. SSNY shall mail process to: principal business address: 70 Perry Street SUITE 2003, NEW YORK, NY 11242 c/o SABAJ 60603. 315 Madison Avenue, Ste. 3019, NY, NY, NY 10014. Purpose: any lawful act. LAW, P.C. General Purposes. NY 10017. Purpose: any lawful activity.

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TO PLACE A CLASSIFIED AD, CALL 1800 444 6007 OR VISIT CRAINSNEWYORK.COM PUBLIC AND LEGAL NOTICES Notice of Qualification of RES System Notice of Qualification of MUY Properties-NE, Notice of Formation of MILBER SPIN Notice of formation of THEPICURIST, LLC. Arts of Org filed with Secy. of State of 3, LLC. Authority filed with NY Dept. of Ltd. Authority filed with NY Dept. of State on SF LLC Arts. of Org. filed with Secy. of State on 9/17/15. Office location: NY 10/7/15. Office location: NY County. LP State of NY (SSNY) on 06/11/15. NY (SSNY) on 5/7/2015. Office location NY county. SSNY designated agent upon whom County. Princ. bus. addr.: 11101 W. 120th organized in TX on 11/26/12. NY Sec. of Office location: NY County. SSNY des- Ave., Ste. 400, Broomfield, CO 80021. State designated agent of LP upon whom ignated as agent of LLC upon whom process may be served and shall mail copy of process against LLC to principal LLC formed in DE on 5/19/15. NY Sec. process against it may be served and shall process against it may be served. of State designated agent of LLC upon mail process to: c/o CT Corporation System, SSNY shall mail process to Troutman business address 254 Park Ave South NY, NY 10010 Purpose: any lawful act. whom process against it may be served 111 8th Ave., NY, NY 10011. TX and princi- Sanders LLP, Attn: Brett R. Baker, Esq., and shall mail process to: c/o CT pal business address: 17890 Blanco Rd., 875 Third Ave., NY, NY 10022. Purpose: Corporation System, 111 8th Ave., NY, Suite 401, San Antonio, TX 78232. Any lawful activity. Notice of Qualification of 388 GARAGE NY 10011, regd. agent upon whom Name/address of genl. ptr. available from NY process may be served. DE addr. of Sec. of State. Cert. of LP filed with TX sec. of LLC Appl. for Auth. filed with Secy. of State of NY (SSNY) on 09/14/15. Office LLC: 1209 Orange St., Wilmington, State, 1019 Brazos, Austin, TX 78701. DE 19801. Cert. of Form. filed with Notice of Formation of HOC INVESTOR location: NY County. LLC formed in Purpose: all lawful purposes. DE Sec. of State, 401 Federal St., GROUP, LLC Arts. of Org. filed with Delaware (DE) on 09/03/15. SSNY Dover, DE 19901. Purpose: all lawful Secy. of State of NY (SSNY) on 10/09/15. designated as agent of LLC upon whom purposes. Office location: NY County. SSNY des- process against it may be served. SSNY ignated as agent of LLC upon whom shall mail process to c/o Corporation Notice of Qualification of RT CORPO- Service Co. (CSC), 80 State St., Albany, NY process against it may be served. SSNY Notice of Qualification of Northwood RATE PRIVATE EQUITY GP LP Appl. for 12207-2543. DE addr. of LLC: c/o CSC, shall mail process to Corporation Service Real Estate Partners Europe LP. Auth. filed with Secy. of State of NY 2711 Centerville Rd., Ste. 400, Wilmington, Co., 80 State St., Albany, NY 12207, regd. Authority filed with NY Dept. of State on (SSNY) on 09/25/15. Office location: NY DE 19808. Cert. of Form. filed with agent upon whom and at which process 9/18/15. Office location: NY County. Princ. County. LP formed in Delaware (DE) on Div. of Corps., John G. Townsend may be served. Purpose: Any lawful activity. bus. addr.: 1819 Wazee, 2nd Fl., Denver, 09/18/15. Princ. office of LP: 280 Bldg., 401 Federal St., Ste. 4, Dover, CO 80202. LP organized in Cayman Islands Park Ave., 22nd Fl., East Tower, NY, NY DE 19901. Purpose: Any lawful activity. 10017. SSNY designated as agent of LP (CI) on 8/5/15. NY Sec. of State designated upon whom process against it may be agent of LP upon whom process against served. SSNY shall mail process to c/o NOTICE OF APP. FOR AUTH. Of Windish it may be served and shall mail process to: Roundtable Investment Partners LLC Talent LLC, a foreign LLC. App. For Auth. Notice of Qual. of 110 Greene Fee Owner LP, c/o CT Corporation System, 111 8th Ave., at the princ. office of the LP. Name Filed Sec'y of State (SSNY) 8/11/15. LLC Auth. filed Sec’y of State (SSNY) 7/30/15. Off. NY, NY 10011, regd. agent upon whom and addr. of each general partner are organized in DE on 7/27/15. NY office loc: NY Co. LP org. in DE 6/1/15. SSNY desig. process may be served. CI addr. of LP: c/o available from SSNY. DE addr. of LP: loc: NY county. SSNY designated as LLC's as agent of LP upon whom proc. against it may Intertrust Corporate Services (Cayman) Ltd., c/o Corporation Service Co., 2711 agent upon whom process against it may be be served. SSNY shall mail copy of proc. to NRAI, 190 Elgin Ave., George Town, Grand Cayman Centerville Rd., Ste. 400, Wilmington, served. SSNY shall mail copy of 111 Eighth Ave., NY, NY 10011, the Reg. Agt. KY1-9005, CI. Name/addr. of genl. ptr. DE 19808. Cert. of LP filed with Secy. process to CT Corporation System, 111 upon whom proc. may be served. DE office addr.: available from NY Sec. of State. Cert. of LP of the State, DE Dept. of State, John G. 8th Ave., NY, NY 10011. Princ. bus. addr.: 160 Greentree Dr., Ste. 101, Dover, DE 19904. filed with Registrar of Companies, PO Townsend Bldg., Duke of York St., 1658 N. Milwaukee Ave., #211, Cert. of LP on file: SSDE, Townsend Bldg., Box 123, Ground Fl., Govt. Admin. Bldg., Dover, DE 19901. Purpose: Any lawful Chicago, IL 60647, Attn: T. Windish. Dover, DE 19901. Name/addr. of each gen. 133 Elgin Ave., George Town, Grand Cayman activity. Purpose: any lawful activities. ptr. avail. at SSNY. Purp: any lawful activities. KY1-9000, CI. Purpose: all lawful purposes.

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Notice of Qualification of Hudson Notice of Formation of KMei Notice of Qualification of METRO- Notice of Qualification of NHT3 Advisors L.P. Authority filed with NY Productions LLC Arts. of Org. filed POLITAN PROPERTY HOLDINGS, LLC Insurance Services, LLC. Authority filed Dept. of State on 9/23/15. NYS ficti- with Secy. of State of NY (SSNY) on Appl. for Auth. filed with Secy. of State with NY Dept. of State on 9/2/15. Office tious name: Hudson Advisors New York 09/10/15. Office location: NY County. of NY (SSNY) on 09/03/15. Office location: NY County. Princ. bus. addr.: L.P. Office location: NY County. Princ. SSNY designated as agent of LLC location: NY County. LLC formed in 600 College Rd. East, Ste. 3500, bus. addr.: 2711 N. Haskell Ave., Ste. upon whom process against it may Delaware (DE) on 04/17/15. Princ. Princeton, NJ 08540. LLC formed in DE 1800, Dallas, TX 75204. LP formed in DE be served. SSNY shall mail process office of LLC: Waterford Realty, LLC, on 2/5/15. NY Sec. of State designated on 8/27/15. NY Sec. of State designated to Corporation Service Co., 80 State c/o Richard Garapedian, 330 W. 72nd agent of LLC upon whom process agent of LP upon whom process against St., Albany, NY 12207-2543. St., Apt. 10C, NY, NY 10023. SSNY against it may be served and shall mail it may be served and shall mail process Purpose: Any lawful activity. designated as agent of LLC upon process to: c/o CT Corporation System, to: c/o CT Corporation System, 111 8th whom process against it may be 111 8th Ave., NY, NY 10011, regd. agent Ave., NY, NY 10011, regd. agent upon served. SSNY shall mail process to the upon whom process may be served. DE whom process may be served. DE addr. LLC at the addr. of its princ. office. DE addr. of LLC: 222 Delaware Ave., Ste. of LLC: 1209 Orange St., Wilmington, DE 105 BOERUM MANAGEMENT LLC addr. of LLC: 2711 Centerville Rd., Ste. 1200, Wilmington, DE 19801. Cert. of 19801. Name/addr. of genl. ptr. avail- Articles of Org. filed NY Sec. of State 400, Wilmington, DE 19808. Cert. of Form. filed with DE Sec. of State, 401 able from NY Sec. of State. Cert. of LP (SSNY) 9/17/15. Office in NY Co. SSNY Form. filed with Secy. of State, 401 Federal St., Dover, DE 19901. Purpose: filed with DE Sec. of State, 401 Federal desig. agent of LLC upon whom Federal St., #3, Dover, DE 19901. all lawful purposes. St., Dover, DE 19901. Purpose: all process may be served. SSNY shall Purpose: Any lawful activity. lawful purposes. mail copy of process to c/o Bcb Property Management, Inc., 27 Union NOTICE OF FORMATION OF ZAP Square West, Ste. 503, NY, NY 10003. Navigation LLC. Articles of PUBLIC NOTICE NOTICE IS HEREBY Purpose: Any lawful purpose. Organization filed with the Secretary Notice of formation of Go Organic GIVEN, PURSUANT TO LAW, THAT THE NYC of State of NY (SSNY) on Cleaning LLC. Arts of Org filed with DEPARTMENT OF CONSUMER AFFAIRS 06/02/2015. Office location: NEW Secy. of State of NY (SSNY) on WILL HOLD A PUBLIC HEARING ON WEDNESDAY, YORK County. SSNY has been des- 5/18/2015. Office location: NY NOVEMBER 4, 2015 AT 2:00 P.M. AT 42 ignated as agent upon whom County. SSNY designated agent Notice of Formation of Gottlieb Partners BROADWAY, 11TH FLOOR, ON A PETITION process against it may be served. upon whom process may be served LLC. Arts. of Org. filed with Secy. of FOR INNOVATION KITCHENS LLC TO The Post Office address to which the and shall mail copy of process against State of NY (SSNY) on 9/28/15. Office ESTABLISH, MAINTAIN, AND OPERATE SSNY shall mail a copy of any LLC to: 7014 13th Ave #202 Bklyn, location: NY County. SSNY designated as AN ENCLOSED SIDEWALK CAFÉ AT 137 process against the LLC served upon NY 11228. Purpose: any lawful act. agent of LLC upon whom process against 7TH AVE S IN THE BOUROUGH OF him/her is: 11-15 46th RD #2G Long it may be served. SSNY shall mail process MANHATTAN FOR A TERM OF TWO Island City NY11101 The principal to: c/o The LLC, 1095 Park Avenue, NY, YEARS. REQUEST FOR COPIES OF THE business address of the LLC is: 11- NY 10128. Purpose: any lawful activity. REVOCABLE CONSENT AGREEMENT Notice of Formation of BG ROCK 15 46th RD #2G Long Island City MAY BE ADDRESSED TO: DEPARTMENT HOLDINGS, LLC Arts. of Org. filed NY11101 Purpose: any lawful act or OF CONUSMER AFFAIRS, ATTN: FOIL with Secy. of State of NY (SSNY) on activity. OFFICER, 42 BROADWAY, NEW YORK, 07/24/15. Office location: NY County. NOTICE OF FORMATION of NEW YORK 10004. SSNY designated as agent of LLC Orcalorka LLC. Arts of Org filed with Notice of Qual. of 110 Greene Fee Owner LP, upon whom process against it may Secy. of State of NY (SSNY) on be served. SSNY shall mail process Auth. filed Sec’y of State (SSNY) 7/30/15. Off. 8/10/2015. Office location: NY loc: NY Co. LP org. in DE 6/1/15. SSNY desig. to Corporation Service Co., 80 State County. SSNY designated agent Notice of Foreign Registration of Ice St., Albany, NY 12207, regd. agent as agent of LP upon whom proc. against it may upon whom process may be served Miller LLP. Authority filed with NY be served. SSNY shall mail copy of proc. to NRAI, upon whom and at which process may and shall mail copy of process Dept. of State on 9/18/15. Office be served. Purpose: Any lawful activity. 111 Eighth Ave., NY, NY 10011, the Reg. Agt. against LLC to principal business location: NY County. LLP registered upon whom proc. may be served. DE office addr.: address: 333 East 55th St. #9E NY, in IN on 11/4/05. Sec. of State desig- 160 Greentree Dr., Ste. 101, Dover, DE 19904. NY 10022. Purpose: any lawful act. nated agent of LLP upon whom Cert. of LP on file: SSDE, Townsend Bldg., NOTICE OF FORMATION OF 40 X process against it may be served Dover, DE 19901. Name/addr. of each gen. NORTHWIND LLC. Arts of Org filed and shall mail process to: c/o CT ptr. avail. at SSNY. Purp: any lawful activities. with Secy of State of NY (SSNY) on Corporation System, 111 8th Ave., 9/11/15. Office location: NY County. Notice of Formation of Medical Hair NY, NY 10011, regd. agent upon SSNY designated agent upon whom Restoration, PLLC. Arts. of Org. filed with NY whom process may be served. Notice of Qualification of BB3 process may be served and shall Dept. of State on 10/2/15. Office location: Principal office address: One Productions LLC. Authority filed with mail copy of process against LLC to NY County. Sec. of State designated agent of American Sq., Ste. 2900, Indianapolis, NY Dept. of State on 9/8/15. Office principal business address: 66 Pearl PLLC upon whom process against it may be IN 46282. Cert. of Reg. filed with IN location: NY County. Princ. bus. addr.: St. STE 405, NY NY 10004. Purpose: served and shall mail process to: 115 E. 61st Sec. of State, 302 W. Washington 245 N. Beverly Dr., Beverly Hills, CA any lawful act. St., NY, NY 10065. Purpose: practice medicine. St., Indianapolis, IN 46204. Purpose: 90210. LLC organized in GA on practice the profession of law. 1/30/15. NY Sec. of State designated agent of LLC upon whom process Notice of Formation of PEEP West Notice of Qualification of LSREF4 against it may be served and shall mail 48th LLC. Arts. of Org. filed with NY Cambridge Village Member, LLC. Notice of Qualification of Maybach process to: c/o CT Corporation System, Dept. of State on 9/1/15. Office location: Authority filed with NY Dept. of State on Ventures LLC. Authority filed with NY 111 8th Ave., NY, NY 10011, regd. NY County. Princ. bus. addr.: 235-237 9/10/15. Office location: NY County. Dept. of State on 9/14/15. Office agent upon whom process may be W. 48th St., NY, NY 10036. Sec. of State Princ. bus. addr.: 2711 N. Haskell Ave., location: NY County. LLC formed in DE served. GA addr. of LLC: 1201 designated agent of LLC upon whom Ste. 1700, Dallas, TX 75204. LLC on 11/12/13. NY Sec. of State designated Peachtree St. NE, Atlanta, GA 30361. process against it may be served and formed in DE on 8/20/15. NY Sec. of agent of LLC upon whom process Cert. of Org. filed with GA Sec. of State, shall mail process to: c/o CT Corporation State designated agent of LLC upon against it may be served and shall mail 2 MLK, Jr. Dr., SE, Ste. 313, Atlanta, System, 111 8th Ave., NY, NY 10011, whom process against it may be process to: c/o Argent Ventures LLC, GA 30334. Purpose: all lawful purposes. regd. agent upon whom process may served and shall mail process to: c/o 551 5th Ave., 34th Fl., NY, NY 10176, be served. Purpose: all lawful purposes. CT Corporation System, 111 8th Ave., principal business address. DE address NY, NY 10011, regd. agent upon whom of LLC: c/o National Corporate Notice of Formation of Seamless process may be served. DE addr. of Research, Ltd., 615 S. DuPont Hwy., Talent, LLC. Arts of Org filed w/Secy. of LLC: 1209 Orange St., Wilmington, DE Dover, DE 19901. Cert. of Form. filed State of NY (SSNY) on 7/29/15. Office Notice of Formation of The Food Press, LLC. 19801. Cert. of Form. filed with DE with DE Sec. of State, Duke & York location: NY County. SSNY designated Arts of Org filed with Secy. of State of NY Sec. of State, 401 Federal St., Dover, DE Sts., Dover, DE 19901. Purpose: any agent upon whom process may be (SSNY) on 8/6/2015. Office location: NY 19901. Purpose: all lawful purposes. lawful activity. served and shall mail copy of process County. SSNY designated agent upon against LLC to: Incorp Services, Inc., whom process may be served against One Commerce Plaza Albany, NY LLC to: United States Corporation Potomac Rhin LLC. filed with the Secy Notice of Formation of Almine Rech 12210. Purpose: any lawful act. Agents, Inc. 7014 13th Ave #202 of State of NY (SSNY) on 2/4/15. Invest LLC. Arts. of Org. filed with Brooklyn, NY 11228. Principal busi- Office location: NY County. SSNY SSNY on 8/19/15. Office location: NY ness address: 200 Rector Pl. #6G NY, designated agent upon whom process County. SSNY designated as agent Notice of Qualification of Cappex.com, NY 10280. Purpose: any lawful act. may be served against LLC to: 7014 for process & shall mail to: 233 LLC. Authority filed with NY Dept. of 13th Ave #202 Bklyn, NY 11228. Prince Broadway, Ste. 2208, NY NY 10279. State on 9/1/15. Office location: NY Office: 15 Broad Street #3200, NY, Purpose: Any lawful activity. County. LLC organized in IL on NY, 10005 Purpose: any lawful act. 5/19/15. NY Sec. of State designated Notice of Formation of The People’s agent of LLC upon whom process Influence, LLC. Arts. of Org. filed Notice of Formation of CHESIRE against it may be served and shall mail with Secy. of State of NY (SSNY) on Notice of Formation of 111 Varick BRIDGE ENTERTAINMENT, LLC Arts. process to: c/o CT Corporation System, 10/6/15. Office location: NY County. Arlington Owner LLC, Art. of Org. filed with of Org. filed with Secy. of State of NY 111 8th Ave., NY, NY 10011, regd. agent SSNY designated as agent of LLC Sec'y of State (SSNY) on 7/22/15. Office (SSNY) on 09/11/15. Office location: upon whom process may be served. upon whom process against it may location: NY County. SSNY designated as agent NY County. SSNY designated as IL and principal business address: be served. SSNY shall mail process of LLC upon whom process against it may agent of LLC upon whom process 230 W. Monroe St., Ste. 1200, Chicago, to: c/o The LLC, 350 Fifth Avenue, be served. SSNY shall mail copy of against it may be served. SSNY shall IL 60606. Cert. of Org. filed with IL Ste. 6617, NY, NY 10065. Purpose: process to NRAI, 111 Eighth Ave., NY, mail process to Corporation Service Sec. of State, 213 State Capitol, any lawful activity. NY 10011. Purpose: any lawful activities. Co., 80 State St., Albany, NY 12207- Springfield, IL 62756. Purpose: all 2543. Purpose: Any lawful activity. lawful purposes.

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GOTHAM GIGS

HOME MAKER: Stephanie Pennacchia, shown at Breaking Ground’s renovated Prince George Hotel, guides the city’s homeless into housing.

Building trust as the foundation for building homes Stephanie Pennacchia is on the front lines of the city’s battle against homelessness

hile city officials grapple with how best executive of Breaking Ground. Last week, the nonprofit, STEPHANIE PENNACCHIA to address the surge in homelessness, which had $58 million in revenue in 2014, changed its Stephanie Pennacchia and her name from Common Ground. AGE 25 A graduate of Fordham University, Pennacchia joined colleagues at the nonprofit Breaking BORN Wappingers Falls, N.Y. Ground are the ones bringing people the Jesuit Volunteer Corps and worked at a W RESIDES Windsor Terrace, Brooklyn drop-in center for homeless youth in inside. At 25, her role is “tearing through Be ready Hollywood, Calif. There, she discovered she EDUCATION B.A. in theology, the red tape” that represents the last “ for anything was keenly interested in addressing systemic Fordham University barrier between a chronically homeless homelessness. Her Breaking Ground caseload as REAL WORLD While in the Jesuit person and a home. Some days she’s holed and a housing advocate is 20 to 25 people. After Volunteer Corps, she took a vow of poverty and lived with seven up in her office, writing assessments of her everything gaining clients’ trust, she helps them prepare ” strangers, receiving a monthly clients that are needed for housing for housing interviews and apply for benefits, stipend of $100. applications. Other days she’s out meeting with people such as food stamps, cash assistance and disability pay. BUILDING UP Breaking Ground who remain on the street. She also fills in on the outreach “Seeing the end result reminds me why we do this has developed about 3,200 units of team, which responds to 311 calls and community board work, no matter how long it takes or how many times a supportive or affordable housing, members’ concerns about the homeless. client tells you they want to give up,” she said. with plans to build 1,000 more units “The motto in our office is ‘Be ready for anything and The nonprofit has developed 11 city buildings for in the next three years. everything,’ ” Pennacchia said. homeless and low-income individuals, many of whom SPENDING PLAN The city There were 3,182 people living outdoors in New York pay rent through government subsidies. It embraces a announced last month that it plans to spend $60 million annually by 2017 City in February, down 5% from the previous year, housing-first philosophy, providing a home without on legal services to prevent evictions according to an annual count conducted by volunteers. requirements for sobriety or rehab. and help curb homelessness. Yet perception of the problem—and the number of Its caseworkers have tough jobs, notes Rosen. “When tabloid headlines—typically rises in the summer, when it’s zero degrees and I’m racing to get inside, these are the — JONATHAN LAMANTIA BUCK ENNIS the issue is more visible, said Brenda Rosen, chief folks racing to get outside,” she said.

OCTOBER 26, 2015 | CRAIN’S NEW YORK BUSINESS | 31 20151026-NEWS--0032,0033-NAT-CCI-CN_-- 10/23/2015 2:31 PM Page 1

SNAPS

Aga Khan Foundation marks initial fundraiser in the U.S.

The Aga Khan Foundation, which was founded in 1967 in Switzerland, held its first-ever gala in the U.S. Oct. 6. The organization is dedicated to improving the quality of life in communities in Africa and Asia, and its initiatives, such as providing education programs and building health facilities, reach 3.5 million people in 16 countries annually.

Katharine Henderson, president of Auburn Theological Seminary, her husband, Charles Ali Velshi, host of Al Jazeera America’s Henderson, and Ali Velshi on Target, and Glenn Lowry, Farrokh Derakhshani, director of the Museum of Modern Art, director of the Aga Khan at the Aga Khan Foundation Gala at Award for Architecture, Capitale. at the event, which raised $800,000.

F NEW YORK Museum of the City of New York-Presbyterian Hospital and Weill Cornell Medicine’s benefit dinner New York’s Cabaret Gala Billionaire philanthropist Joan Weill and her daughter Jessica Bibliowicz, chair of the Weill Cornell Board of Overseers, at a benefit that raised more than $3.5 million for New York- Presbyterian Hospital and Weill Cornell Medicine, an umbrella group for three institutions engaged in patient care and research. Museum Chairman James Dinan and jazz musician Wynton Marsalis at the Oct. 14 fundraiser, held at the Dr. Steven New York Academy of Medicine. Corwin, president and CEO of New York- Presbyterian, and Dr. Laurie Glimcher, dean of Weill Cornell Medicine, at the Oct. 8 fete, held at the Park Avenue Armory.

Susan Madden, senior vice president for external affairs at the Museum of the City of New York, and John Heller, a museum trustee, at the benefit for the

TOP: 1.TOP: FILIP LEFT: PHOTOGRAPHY, MUNROE /BOTTOM BROOKE 2. WOLAK, STUDIO RIGHT: / BOTTOM NAZIR SAMJI COURTESY OF OF THE MUSEUM THE CITY O institution. The event took in $315,000. SEE MORE OF THIS WEEK’S SNAPS ONLINE AT CRAINSNEWYORK.COM/SNAPS

32 | CRAIN’S NEW YORK BUSINESS | OCTOBER 26, 2015 20151026-NEWS--0032,0033-NAT-CCI-CN_-- 10/23/2015 2:31 PM Page 2

FOR THE RECORD*

Supplies, owed Flushing Meadows Corona (212) 306-3609 or RETAIL $17,066,250. On the same NEW IN TOWN $712,068.74; Twenty Three Park, for a $25 fee payable erneste.pierre- Sushi Tatsu signed a 15- day, she sold 375,000 R.P. Associates, owed by company check or [email protected]. year, 3,800-square-feet shares of common stock at Good Neighbor Queens $661,127.90; and the New money order to the City of lease on the ground floor a price of $98.53 per share, 31-00 47th Ave., York State Department of New York, Parks and and lower level at 175 in a transaction worth Long Island City REAL ESTATE DEALS Taxation and Finance, Recreation. To make Franklin St. for chef $36,948,788. She now The 2,000-square-foot owed $362,948.55. inquiries, contact Tatsuya Sekiguchi’s directly holds 743,900 artisanal farm-to-grocery Michael Shipman at COMMERCIAL restaurant. The tenant and shares. store opened on the DRLD Realty Corp. (718) 760-6705 or Cookfox Architects, his partners, Paul and Jean ground floor of Long Island 325 E. Sunrise Highway, michael.shipman@ known for its LEED Dupuy, were represented Broadridge Financial City’s Falchi Building. The Lindenhurst, L.I. parks.nyc.gov. Platinum projects, signed a by Elizabeth Kaneko of Solutions (BR) store will feature locally City Connections Realty. Filed for Chapter 11 16-year lease at 250 W. Richard Daly, chief sourced organic produce, GOODS AND SERVICES The landlord, Eastern bankruptcy on Oct. 4. The 57th St. for 20,000 square dairy products, fresh fish, executive, exercised filing cites estimated assets City University of New Consolidated, was and kitchen items such as feet on the 17th floor of the options 126,500 shares of of $1,000,001 to $10 York represented in-house by dish towels and cookware. 26-story building. The common stock at a price of million and estimated Seeks competitive sealed James Famularo. The market was created by tenant was represented by $21.39 per share on Oct. 7 liabilities of $1,000,001 to bids by 3 p.m. on Nov. 12 Katrina Schultz Richter, Brendan Herlihy, Gerry $10 million. for bus companies to and Oct. 8, in a transaction founder of the Queens provide regularly Miovski, Arkady worth $2,705,835. From County Market. STOCK TRANSACTIONS Fafa Cafe Corp. scheduled shuttle service Smolyansky and Mary Ann Oct. 6 to 8, he sold 170,922 to transport evening Tighe of CBRE. The M N D F L 252 W. 37th St. PepsiCo Inc. (PEP) shares of common stock at students, faculty and staff 10 E. 8th St. Filed for Chapter 11 landlord, Empire State Indra Nooyi, chief prices ranging from $56.17 from the Burnside Avenue Realty Trust, was to $56.74 per share, in a The venue, which bills bankruptcy on Oct. 19. The executive, exercised and Fordham Road train itself as the world’s first filing cites estimated assets represented by Harry Blair, options on 375,000 shares transaction worth stations to the Bronx meditation bar, will open of $50,001 to $100,000 and Keith A. Cody, Sean Kearns of common stock at a price $9,665,490. He now Community College in Greenwich Village this estimated liabilities of and James Schunk of of $45.51 per share on Oct. directly holds 427,610 $50,001 to $100,000. campus at 2155 University November. The space will Cushman & Wakefield. 8, in a transaction worth shares. Ave. To make inquiries, feature all-level classes as Pasta Bar by Scotto contact Nelda Alvarez at well as rooms to drop in (718) 298-5801 or nelda and meditate. It is the 220 E. 42nd St. [email protected]. brainchild of former Filed for Chapter 11 DEALS ROUNDUP bankruptcy on Oct. 5. The Hollywood executive Ellie Department of filing cites estimated assets TARGET/SELLERS TRANSACTION SIZE BUYERS/INVESTORS TRANSACTION TYPE Burrows and The Buddha Correction [IN MILLIONS] Walks Into a Bar author of $500,001 to $1 million Seeks competitive sealed Lodro Rinzler. and estimated liabilities of EMC Corp./ $75,666.5 Denali Holding Inc. SB M&A $100,001 to $500,000. The bids by 11 a.m. on Nov. 17 Elliott Management Corp. for on-call maintenance (Manhattan) The Renwick creditors with the largest and repair services for 118 E. 40 St. unsecured claims are SLG package HVAC units at UTi Worldwide Inc./ $1,547.4 DSV A/S SB M&A The 173-room hotel 220 News Owner, owed BlackRock Inc. (Manhattan); various DOC facilities. A BlackRock Fund Advisors; opened in midtown east. $175,000; Imperial Bag & Paper, owed $7,874.10; prebid conference is Carlson Capital; Invesco The venue spotlights scheduled for 10 a.m. on Advisers Inc.; P2 Capital and Gramercy Produce, Partners (Manhattan) custom-designed work Nov. 4 at Bulova Corporate from New York City artists, owed $7,176.85. Center, 75-20 Astoria Blvd, $692.9 SB M&A and each room features Wausau Paper Corp./ SCA Americas Inc. Somi Enterprises Inc. Suite 160,Conference Gamco Investors Inc. hand-painted blinds of the Room 1B, East Elmhurst, (Rye, N.Y.); Wells Capital 253 36th St., Brooklyn Management Inc.; T. Rowe New York City skyline. Queens. The bid package Filed for Chapter 7 Price Associates Inc.; can be downloaded at LionEye Capital Management bankruptcy on Oct. 4. The nyc.gov/html/doc/html/ (Manhattan); Altai Capital filing cites estimated assets Management (Manhattan); COMPANY MOVES contracting/contracting of $0 to $50,000 and Starboard Value (Manhattan) .shtml or picked up in Space Stations estimated liabilities of person for $25, payable to Holiday Inn London $612.1 Queensgate Investments SB M&A $50,001 to $100,000. The 1 World Trade Center Commissioner of Finance. Kensington Forum/ creditors with the largest Servcorp, a supplier of To make inquiries, contact Apollo Global Management unsecured claims are 1-10 (Manhattan) executive suites and Pratibha Prabhu at Bush Terminal Owner, virtual offices, opened a (718) 546-0692 or pratibha owed $71,000; and INK NewBridge Bancorp/ $445.3 Yadkin Financial Corp. SB M&A full-time co-working [email protected]. Wellington Management Group; option at its newest New from Chase, owed $4,031. Endicott Management Co. York City location, on the Housing Authority (Manhattan); Wellington Hedge Management 85th floor of the Seeks requests for downtown building. GOVERNMENT CONTRACT proposals by 10 a.m. on Townsend Group/ $380.0 Northstar Asset Management SB M&A Rentals begin at $750 per OPPORTUNITIES Nov. 12 for lead-based GTCR Group Inc. (Manhattan) (85%) person per month. paint re-evaluation CONSTRUCTION 58 Daojia Inc./ $300.0 KKR & Co. (Manhattan); Alibaba GCI services contracts at not disclosed Capital Partners; Ping An Ventures Department of Parks and various NYCHA Recreation developments throughout Selected deals announced for the week ended Oct. 15 involving companies in metro New York. SB M&A: BANKRUPTCIES Strategic buyer M&A represents a minority or majority acquisition of existing shares of a company without Seeks competitive sealed the five boroughs. To the participation of a financial buyer. GCI: Growth capital investment represents new money invested in a Anthony Lawrence of bids by 10:30 a.m. on Nov. conduct a search for the company for a minority stake. SOURCE: CAPITALIQ New York Inc. 17 for the reconstruction of RFQ number, visit the retaining walls and nyc.gov/nychabusiness. 32-33 47th Ave., Long related site work and Nonelectronic bid Island City, Queens construction of a play area documents are available ABOUT THIS SECTION For the Record is a weekly listing to help businesspeople in the New York area find Filed for Chapter 11 in Mount Hope Garden, Monday through Friday, * bankruptcy on Oct. 15. The opportunities, potential new clients and updates on customers. Bankruptcy filings from the located on the west side of from 9 a.m. to 4 p.m., at 90 Eastern and Southern districts of New York are listed alphabetically, as are recently filing cites estimated assets Creston Avenue, between Church St., sixth floor, for announced New York City agency contract opportunities. Real estate listings are provided of $0 to $50,000 and East Burnside Avenue and a $25 fee in the form of a in order of square footage. Stock transactions at New York’s largest publicly held estimated liabilities of East 179th Street, Bronx. money order or certified companies were filed with the Securities and Exchange Commission. Listings are in order $1,000,001 to $10 million. Bid documents are available check made payable to of transaction value, and the information was obtained from Thomson Reuters. The creditors with the between 8 a.m. and 3 p.m. NYCHA. To make To submit company openings, moves or real estate deals, or to receive further information, largest unsecured claims in the Blueprint Room, inquiries, contact Erneste email [email protected]. are Kago Upholstery Room 64, Olmsted Center, Pierre-Louis at

OCTOBER 26, 2015 | CRAIN’S NEW YORK BUSINESS | 33 20151026-NEWS--0034-NAT-CCI-CN_-- 10/23/2015 8:14 PM Page 1

PHOTO FINISH

Taking cover

anhole covers had their moment in 2007, and it wasn’t pretty. MPhotographs in The New York Times showed workers, barefoot and shirtless, in Howrah, India, making the covers out of molten iron. Most surprising: Their customers were New York City and Con Edison. “At one time, every city in America had a foundry,” said Tom Teske, general manager of EJ, the U.S.-based company that Con Ed turned to after the photos ran. Capital demands and strict regulations such as the National Environmental Protection Act of 1969 forced consolidation in the U.S. as industrial manufacturing picked up in India. It was American automation versus Indian labor costs, and with grim working conditions out of sight, cost often won. Now the 132-year-old EJ’s foundries in East Jordan, Mich., and Ardmore, Okla., supply Con Ed with manhole covers, like this one on Lexington Avenue and East 43rd Street, and other castings. And in addition to emphasizing safety, EJ makes almost all its castings out of recycled scrap. General Foundries, a New Jersey-based company supplied by Indian foundries, has continued working for the city. In September, it received its most recent contract: 4,480 manhole covers, plus various fittings and grates. Total cost: $1.9 million. The company could not be reached for comment on its oversight of suppliers. — PETER D’AMATO PETER D’AMATO

34 | CRAIN’S NEW YORK BUSINESS | OCTOBER 26, 2015 | B:11.125” T:10.875” S:10.25”

THE ALL-NEW METRIS GIVES YOUR BUSINESS ENDLESS POSSABILITIES. Starting at only $28,950.* B:14.875” T:14.5” S:14”

Introducing Metris—the new mid-size commercial van from Mercedes-Benz. The passenger model seats up to eight people, while the front, second, and third-row airbags ensure that every occupant is protected. The cargo model offers 186 cubic feet of storage space and an impressive 2,502-lb payload. Both are equipped with advanced safety features like ATTENTION ASSIST®1 and Crosswind Assist2 for industry-leading protectability. From customizeability to garageability to affordability, Metris gives your business endless possabilities. Visit MBVans.com

©2015 Mercedes-Benz USA, LLC. *Excludes all options, taxes, title, registration, transportation charge, and dealer prep fee. 1 Driving while drowsy or distracted is dangerous and must be avoided. ATTENTION ASSIST may be insufficient to alert a fatigued or distracted driver and cannot be relied on to avoid an accident or serious injury. 2 Crosswind Assist engages automatically when sensing dangerous wind gusts at highway speeds exceeding 50 mph. Performance is limited by wind severity and available traction, which snow, ice, and other conditions can affect. Always drive carefully, consistent with conditions.

HEADLINE: 56/26/22 pt. • BODY COPY: 12 pt

200 Varick St. New York, NY 10014 : Phone 212-805-7500 SPT_MET_P53805_B Client: Sprinter WO: Metris Passenger - Page PATH: M.P_MECHANICALS:Sprinter:SPT:MET:P53805:SPT_MET_P53805_B

SPECS TEAM MEDIA / PRINT INFO COLORS M-B BLACK CMYK L/S: 10.25” x 14” Creative: Tim O’Malley Eddie Vanbloem Pubs: Crain’s Chicago and Crain’s New Cyan 40/30/30/100 Magenta DOC SIZE: 10.875” x 14.5” Acct: Diane Hernandez York Yellow FONTS B: 11.125” x 14.875” Prod/Traf: None Greg Kucher Media: None Black Minion Pro Regular Corporate S Bold, Regular, Demi, Light G: None Studio: js/kt Line Screen: None TT Slug OTF Bold, Regular IMAGES Printed: 10-5-2015 3:18 PM @ None Helvetica Neue 65 Medium MB_METRIS_SSPVANIP2627_NAFTA_01_CS_300.tif (CMYK; 76.5%; 392 ppi; SuperStudio:ART:MNH:MERCEDES:2015:Vans:Metris:Metris Brochure_Cargo_Passanger_Vans:MB_METRIS_SSPVANIP2627_NAFTA_01_CS_300.tif) Metris_Logo_Master_Print_RichBlack.eps (16.98%; SuperStudio:Logos:Metris:Metris_Logo_Master_Print_RichBlack.eps) MB-wm_claim3_la_ML_n_1C.eps (30%; SuperStudio:Logos:Mercedes:2015 Mercedes-Benz Brand Marks:M-B Wordmark Vans Claim:MB-wm_claim3_la_ML_n_1C.eps) MB-star_M_n_4C.eps (30%; SuperStudio:Logos:Mercedes:2015 Mercedes-Benz Brand Marks:M-B Starmark EPS:MB-star_M_n_4C.eps) B:11.125” T:10.875” S:10.25”

THE BEST iPHONE EVER. OUR BEST COVERAGE EVER. We’ve doubled our LTE coverage in the past year and added Extended Range LTE™ that reaches 2x further and is 4x better in buildings. B:14.75” T:14.5” S:14”

With 3D Touch, Live Photos, 7000 series aluminum, A9 chip, advanced cameras, 4.7-inch Retina HD display, and so much more, you’ll see how with iPhone 6s the only thing that’s changed is everything.

Power your business with iPhone 6s and @Work. Now’s the perfect time to expand your business coverage and get the most advanced iPhone yet. Get a great deal on iPhone 6s: $0 upfront with eligible trade-in after bill credit and just $5 a month with Jump! On Demand™.

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$5/mo for 18-mos. Well-qualifi ed customers. If you cancel wireless service, promotional pricing is unavailable. Limited time offers; subject to change. Eligible paid-off device trade-in, lease, $15 SIM starter kit, and qualifying service required. $5+ taxes/mo for 18-mo lease after monthly bill credits. Must remain on qualifying service in good standing for duration of Lease term. If you cancel wireless service, promotional pricing is unavailable and payments are up to $27/mo. Amount paid at signing, if any, may reduce monthly device charge. At end of 18-mos. you must return device in good condition or pay it off to keep it. Fee may apply for damaged/ lost devices. You are responsible for insurance/ repairs; insurance recommended (required for CT customers). No device security deposit required. Late/non-payment fees may apply. Coverage not available in some areas. See T-Mobile.com for additional information, including Terms and Conditions. iPhone is a trademark of Apple, Inc. T-Mobile and the magenta color are registered trademarks of Deutsche Telekom AG. © 2015 T-Mobile USA, Inc.

General Information Production Specs PrePress Info Name OK FIX Date File name: 16717_ELWorkBusJrnlsOct_10.26.15.indd Bleed: 11.125” x 14.75” Application: InDesign CS6 8.0.2 D.A.: Kiry L

Client: T-Mobile Trim: 10.875” x 14.5” Colors: Cyan, Magenta, Q.C.: Ricky Fischer Yellow, Black Job #: 15-TMO-180-P01 Live: 10.25” x 14” Fonts: Tele Proofreader: Jenny Keene Media Type: Back Cover Gutter: None Project Mgr: Julie A

Release Date: 10/26/15 Common Size: None A.D.: Alex O

Date/Time: 10-20-2015 2:43 PM Ad Size: None Copywriter: Trevor

Creative Version: 16717 Output %: None C.D.: Matt Comments: NY CRAINS Print Pro.: Jessica Lanzillo AD OCT - Week 5 Acct. Exec.: None NY CRAINS - 16717 Acct. Super.: None OCT - 10/26/15 - 10.875”X14.5” Client OK: