Oil Shock Reshaping NY Business in the City

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TOP STORIES BUSINESS LIVES Willets Point Vive gulf widens as la cuisine board vote looms française PAGE 3 ® Page 35 FreshDirect restocks CEO post; Gristedes snags VOL. XXIV, NO. 25 WWW.CRAINSNEWYORK.COM JUNE 23-29, 2008 PRICE: $3.00 a D’Agostino GROCERS, PAGE 3 PRINT POSITIONS: Mimeo.com will have Oil shock Hot 97’s Angie hired almost 200 specialists by year’s Martinez wants to end, CEO Adam be heard and seen Slutsky says. reshaping NEW YORK, NEW YORK, P. 6 EXECUTIVE PAY NY business G Shareholders’ drive for say on pay Companies cut back hitting customers with fuel sur- stalls Page 21 charges. use of cars, trucks; “If you own a business in the city G Pay packages of New York, your costs are a lot change routes to more now than they were a year hurt by tough job ago,” says Gary Page, owner of G. market Page 21 maximize efficiency Page Wholesale Flowers. G Flower sellers are purchasing The 100 top-paid BY HILARY POTKEWITZ more locally grown stock, because CEOs in New shipping costs for flowers from York Page 24 from wholesale flower sellers on Brazil or Colombia have gone up the West Side to pharmaceutical exponentially. Many are also cut- giant Pfizer Inc. on the East Side, ting back on delivery runs in order the relentless run-up in gas prices to move more flowers in fewer is reshaping the way business is trips, Mr. Page says. getting done throughout the city. Higher fuel prices are even af- The average price of gasoline in fecting the variety of New York City is hovering at $4.38 plants New Yorkers a gallon, up 34% from $3.28 are seeing in their of- a year ago. High prices are fice lobbies and local forcing businesses—big florist shops. and small—to make “There are certain fundamental changes types of flowers that,

paul grange paul in their operations in because of their vol-

buck ennis order to stay afloat. ume, weight or size, Some are buying are just no longer AT DEADLINE BUCKING TRENDS hybrid vehicles being shipped into or consolidat- this area regularly,” AFTER CITIGROUP INC.’S ing delivery says Mr. Page, who CHIEF FINANCIAL OFFICER runs, while has been in the warned that more substantial others are landov See OIL on Page 8 write-downs are to come, UBS High-tech firms analyst Glenn Schorr quantified the expected damage. He estimates that the bank will mark down another a local bright spot Rents drop as more $8.7 billion in assets and post a second-quarter loss of about the housing and credit markets and $2 billion next month.The Ramp up growth the resulting meltdown on Wall analyst had thought that Citi as revenues rise, Street. space hits market would generate a $1.9 billion “The tech sector has been hold- profit. If Mr. Schorr’s latest VC funds flow; ing up in this prolonged economic president and principal at New- forecast is correct, Citi will public firms set back slowdown,” says Scott Kessler, an Trend set to pick up mark Knight Frank. post its third unprofitable equity analyst at Standard & Poor’s as Wall Street outfits That trend is all but certain to quarter in a row and will have who covers the industry. accelerate as financial firms, which recorded more than $50 billion BY AMANDA FUNG A far cry from their predeces- shed staff, offices account for roughly a third of Man- of write-downs and credit sors,second-generation firms have hattan’s rented space,shed staff and losses since last fall, more than the technology market crashed established profitable businesses space amid the credit crisis. any other financial institution. in 2000, pulling the national econ- that continue to hire staff and grow BY THERESA AGOVINO GVA Williams Vice Chairman omy down with it. New York City revenues. Mark Friedman reckons that ef- A NEW YORK LAW REQUIRING lost tens of thousands of high-tech The number of computer sys- manhattan’s once red-hot com- fective rents, which include the EMPLOYERS THAT RECEIVE jobs, and hundreds of local dot- tem design jobs in the city rose mercial real estate market is devel- cost of concessions offered by state funds to remain neutral coms tanked. about 3% from January through oping a chill. landlords, have already fallen by See AT DEADLINE on Page 2 Now,tech remains a bright spot May, to about 44,900, accord- Vacancy rates are edging higher. about 7%. GVA found that in the in an economy roiled by crises in ing to economist Barbara Byrne The pace of new lease signings is first quarter of the year, midtown Denham. flagging,and the volume of sublease landlords typically gave tenants

25 Google, which employs about space hitting the market is soaring. three to six months of free rent,

5 500 people in its Manhattan office, More important, for the first up from zero to six months in the has at least a dozen New York time in six years, effective rents year-ago period. Similarly, they openings posted on its site. have begun to fall. upped the amount they were will- ELECTRONIC EDITION The local players in the $35 bil- “There’s no question that rents ing to give to tenants for improve- lion industry,mostly privately held are lower than they were last year,” ments to $40 to $50 a square foot, See TECH FIRMS on Page 8 says David Falk, an executive vice See RENTS on Page 8 NEWSPAPER 71486 01068 0 CNYB 06-23-08 A 2 6/20/2008 8:06 PM Page 1

AT DEADLINE

Continued from Page 1 initially target fashion and when unions attempt to orga- apparel businesses and will then nize their employees is likely to expand into other markets. be thrown out following a U.S. Supreme Court decision voiding THE UNION REPRESENTING a similar California statute: The 22,000 PROFESSORS AND Supreme Court ruled 7-2 that professional staff members at the National Labor Relations Act the City University of New York takes precedence. A challenge to has agreed on a three-year con- the New York law by a coalition tract with the university. Raises of hospitals, nursing homes and will average 3.4% annually. In other health care providers has May, the union rejected an offer been on hold in the Northern with annual increases averaging District court, pending a decisive 3%, saying that it fell “dramat- ruling in the California case. ically short” of bringing salaries The next step in the local case in line with those of competitive will be determined in the next institutions in the area. week, when the health care providers meet with state Attorney GEOWASH, A MOBILE CAR General Andrew Cuomo. WASH SYSTEM TOUTED AS ECO- friendly, is expected to make its NEW YORK’S DEPARTMENT OF Manhattan debut at the Chelsea BUILDINGS WILL REQUIRE THAT Piers parking garage by the end a safety coordinator be present of July. Using a cart about the at all sites where buildings of 10 size of a scooter, attendants stories or more are being hand-wash each car, using only constructed, beginning July 1. a quarter of a gallon of water. WATCH ME NOW: Currently, the presence of safety Conventional stationary systems, Verizon Wireless’ Leo managers is mandatory only at which are disappearing because Arciniegas says young consumers react well to sites where buildings with at of tougher Environmental the Spanish-language least 15 stories are being Protection Agency regulations, programming. erected.The move is part of an typically use 90 gallons per

effort to improve safety wash.The Geowash service buck ennis standards in the wake of two costs $18, or up to double the recent deadly crane collapses. price of a conventional car wash. VENTURE FIRM L CAPITAL THE LEGAL CATEGORY PARTNERS IS EXPECTED TO CONTINUES TO DOMINATE THE Hablamos español announce today that it invested newsletter business, as the num- $4 million in Simparel, a Man- ber of titles grew 8% over last hattan-based startup. Simparel year’s level to 1,125, according to Carriers see opportunity in Hispanic mobile market has developed software that the 2008 edition of the Oxbridge helps businesses manage Directory of Newsletters.The supply-chain processes, such as legal sector was followed by the BY AMANDA FUNG tracking orders and inventory. computers and automation cat- The cash infusion is the egory, which had 953 titles—up at&t wireless will launch a Spanish mobile television service by year’s end, Verizon Wireless company’s first round of 27% from a year ago—and in- is expanding its menu of Spanish-language entertainment and Sprint sponsored a Columbian institutional money; the firm vestment, whose 915 titles rep- rock singer Juanes’ recent U.S. tour.T-Mobile has tripled its budget for ads targeting will use the funds to enhance resented 34% growth over 2007. its technology and expand sales Medical, another top category, Hispanics. and marketing. Simparel will declined 4%, to 813 newsletters. With much of America awash in cell phones, carriers are courting Hispanics more intensely. Overall, nearly 85% of U.S. residents own a cell phone, compared with just 65% of Hispanics, according to Insight Research. THIS WEEK IN CRAIN’S The companies see major opportunities and are tapping into the group’s affinity for high- tech, high-margin services. See CELL CARRIERS on Page 9 VALERIE BLOCK ------11

THE INSIDER------12

WEEK IN REVIEW ------14 SMALL BUSINESS ------16 HIP, GHI plan in jeopardy REAL ESTATE DEALS------18 REPORT: turned down similar conversion ment officials sent EmblemHealth Regulators don’t see plans, which some consumer advo- a letter asking it to substantiate its 37 EXECUTIVE PAY ------21 need for conversion, cates say may allow EmblemHealth assertion that it needs to go public. THE WEEKS AHEAD ------31 to raise rates.New York City oppos- The letter says the two insurers orig- oppose rate hikes es the conversion, asserting that inally united to be more competitive 39 CLASSIFIEDS ------32 EmblemHealth would raise premi- with large national insurers.So “why NEIGHBORHOOD BY BARBARA BENSON ums for the 93% of the city’s work- do HIP and GHI now believe that force that gets health coverage from affiliation alone is no longer suffi- JOURNAL------34 the plan to convert nonprofit either GHI or HIP.Formed in 2006 cient?” it asks. insurers HIP and GHI into a public by the affiliation of GHI and HIP, “The one issue DOI keeps com- BUSINESS LIVES------35 company, once considered a done EmblemHealth serves more than 4 ing back to is ‘Do you really need to CORPORATE LADDER------37 deal, now faces increasing skepti- million people. do this?’ ” says Mark Scherzer, leg- cism from the state Department of islative counsel for New Yorkers for EXECUTIVE MOVES------38 Insurance. Not a good time for an IPO Accessible Health Coverage. BOB LAPE ------39 The state stands to gain an esti- gov.david paterson’s recent move EmblemHealth is now working mated $3 billion to $5 billion from to slash state spending improves the on a revised conversion plan that in- vol. xxiv, no. 25, june 23, 2008—Crain’s New York Business (issn 8756-789x) is published weekly by Crain Communications Inc., 711 Third Ave., New York, NY 10017. Periodicals an initial public offering for the con- state’s cash flow and lessens the po- corporates answers to the state’s postage paid at New York, N.Y. and additional mailing offices. Postmaster: Send address verted company.But regulators qui- litical pressure on DOI to approve questions. A spokeswoman says its changes to: Crain’s New York Business, Circulation Department, 1155 Gratiot Avenue, Detroit, MI 48207-2912. for subscriber service: Call (888) 909-9111. Fax (313) 446-6777.$3.00 a etly have made it clear to the Pater- the conversion.In addition,the cap- discussions with the Insurance De- copy, $59.79 one year, $109.79 two years. (GST No. 13676-0444-RT) ©Entire contents son administration that the state ital markets’ uncertain situation partment are “active and productive.” copyright 2008 by Crain Communications Inc. All rights reserved. should not count on the money. makes this a tough time for an IPO. Regulators in other states have In March, Insurance Depart- COMMENTS? [email protected]

2 | Crain’s New York Business | June 23, 2008 CNYB 06-23-08 A 3 6/20/2008 8:07 PM Page 1 Willets Point gulf widens

ings,” says Daniel Scully, vice presi- fic mitigation fund,but project oppo- Unions on board, STANDING IN THE WAY dent of Tully Environmental Inc. nents said that amount is not nearly but owners say city Longtime landowners against the city’s plan: and a member of the Willets Point enough to address bottlenecks. Industry and Realty Association, a Housing activists, backed by is dragging its feet FEINSTEIN IRON WORKS group of large landowners. Councilman Hiram Monserrate, Steel fabricator whose district includes Willets on land purchases 1 acre Better than Marilyn Monroe Point, are demanding that a third of 50 years in Willets Point ralph st. john, 75, owner of St. the 5,500 housing units be set aside FODERA FOODS John Enterprises Inc., says he has for low-income and another third BY DANIEL MASSEY Bakery ingredient distributor had no talks with the city, and it for middle-income New Yorkers. 3.25 acres would take a serious offer to get him The city’s plan calls for just a fifth of 82-0. That’s the Bloomberg ad- 34 years in Willets Point to listen. the units to be affordable. ministration’s record on rezoning ap images “It would have to be better than Last week, Mr. Monserrate and plans it has sent to the City Council HOUSE OF SPICES T. MINA SUPPLY CO. Marilyn Monroe,”Mr.St.John says. two other Queens councilmen Indian food manufacturer Water and sewer supply distributor for approval. And in the past two 4 acres 1.4 acres Owners want the area trans- wrote to Board 7 urging its members weeks, it has taken key steps toward formed into a corporate park that to reject the city’s proposal.In April, 18 years in Willets Point 21 years in Willets Point adding Willets Point to the win col- includes existing businesses. They most council members signed a let- umn. ST. JOHN ENTERPRISES TULLY CONSTRUCTION CO. cite the revitalization of Hunts ter to Deputy Mayor Robert Lieber Unions, in exchange for wage General contractor Construction and waste management Point in the Bronx as an example of vowing to vote the project down be- stipulations on construction, build- 1.4 acres 9 acres a derelict area being improved with- cause of concerns about businesses ing service and retail jobs, have 35 years in Willets Point 60 years in Willets Point out displacing owners. and affordable housing. But with switched sides and will rally in favor Source: Crain’s research The city,which has not ruled out unions preparing to rally this week, of the Northeast Queens redevelop- using eminent domain to gain con- council members will be under pres- ment on the steps of City Hall on trol of property,insists it is negotiat- sure to support the plan. Thursday. And last week, the city include housing, retail businesses, a Ten owners have more than 40% of ing aggressively. “We’re close with Though Mr. Monserrate is reached land-purchase agreements convention center and a hotel.Own- the land, and some of them require some businesses and a little farther pleased about the labor deal, he said with Sambucci Bros. Inc. Auto Sal- ers say land acquisition and business zoning for heavy industry.More than away with others,” says Seth Pinsky, that relocation, housing and traffic vage and BRD Corp.—the first relocation are moving far too slowly, 1,700 workers could be displaced. president of the New York City matters must be addressed or the such deals since the plan was an- activists want more affordable hous- Many owners insist they have Economic Development Corp. council will hand the mayor his first nounced 14 months ago. ing and residents say the project had no meaningful negotiations Traffic and housing issues also rezoning loss when it votes in No- But as the land-use process accel- would create a traffic nightmare. with the city, and some say they’ve threaten to derail the development. vember. erates—a community board vote is had no contact with the Bloomberg The environmental impact state- “There are still many unresolved set for June 30—hefty roadblocks re- 20 major landowners administration at all. ment predicts that already-heavy issues here,” Mr. Monserrate says.“I main as the administration seeks to the gulf between the city and the “The best they did was a year and congestion will be exacerbated on could not support this project as it transform a neglected,61-acre swath vast majority of the area’s 260 busi- a half ago, when they came out with Mets’ game days. The city recently currently stands.” of potholed streets abutting Citi nesses is widening, especially with some books that were pulled right said that the developer would be re- Field into a development that will the 20 businesses run by landowners. out of commercial real estate list- quired to establish a $5 million traf- COMMENTS? [email protected]

GROCERS ON THE GO FreshDirect exec switch aimed at turnaround maulleigh/flickr.com “I thought I could do a better grocer of inciting an immigration Chairman takes over job running the company,”says Mr. raid that resulted in hundreds los- CEO post, insists Braddock, 66, who was formerly ing their jobs.The company vigor- president of Citibank and chief ex- ously denies the charge, but the Gristedes hires sales are improving ecutive of Priceline.com. damage to its reputation was ex- Last week,industry veteran Mr. tensive. BY LISA FICKENSCHER Michaelson became chief market- “I don’t think we handled the a big name ing officer at $11 billion Supervalu situation perfectly,” says Mr. Brad- upset with the performance of markets, which is based in Min- dock, who is also a significant in- Supermarket chain bags a D’Agostino online grocer FreshDirect, Chair- neapolis. vestor in the company and has been man Richard Braddock has taken The move comes after a public a board member since 2003. then vice president of merchandising. over as chief executive. relations disaster for FreshDirect, Sales fell 30% following those BY LISA FICKENSCHER “Walter is a rare commodity be- He will be the company’s fourth which late last year was caught up in events, but Mr. Braddock insists cause he knows how to run inner- CEO in the six years it has been de- the crackdown on illegal immigrants that FreshDirect has recovered and in a surprising coup, the Gristedes city stores,” says Gristedes owner livering groceries to New York and was the target of a union action. is now up 5% from this time last chain has snared a member of the John Catsimatidis. “I have been homes. Mr. Braddock formally as- The federal government year. Annual revenues are estimat- D’Agostino family for a key post. talking to him for two years.” sumed the position last week but launched an investigation in De- ed at $250 million. Walter D’Agostino, a scion of a Mr. Catsimatidis explains that says he has been the acting boss cember into whether the company Despite the improvements, grocery family and a former vice pres- Mr. D’Agostino—whose precise ti- since he asked Steve Michaelson to had hired undocumented workers. FreshDirect faces enormous hur- ident of D’Agostino Supermarkets tle has yet to be determined—was step down to president two months At the same time, labor unions dles with food and fuel inflation Inc., last week signed on with arch- hired to beef up the company’s man- ago. vowed to organize showing no signs of ending. rival Gristedes. His mission will be agement team. FreshDirect’s “FreshDirect still has tremen- to revitalize the chain’s ailing stores. In an internal Gristedes memo, 900 warehouse dous opportunities to turn things His older brother and president the company noted: “We are confi- employees around, but the only difference of D’Agostino Supermarkets, Nich- dent that this focus will both lead to and ac- now is that we are in the first 150 olas D’Agostino III,did not know of a significant change in the perform- cused days of a retail recession that will his sibling’s defection until a re- ance at [underperforming] stores the last at least another 500 days,” says porter informed him. and free up the rest of our manage- supermarket consultant Burt “Now he’s a competitor,” says ment team to focus on the basic im- david neff Flickinger III. Nicholas D’Agostino. provement of our overall operations.” Walter D’Agostino left the fam- COMMENTS? ily business six years ago, when the COMMENTS? [email protected] firm bought out his stake. He was [email protected]

June 23, 2008 | Crain’s New York Business | 3 CNYB 06-23-08 A 4 6/20/2008 8:08 PM Page 1

IN THE MARKETS HIGHLIGHTS REEL A&P ready to cash in -2.3% The Bloomberg/ after Pathmark merger Crain’s New York Index

➡ fell 2.3%, to the Northeast’s biggest grocers is a wring $150 million worth of synergies end the Marked-down stock straightforward process. from the combined operation,which is ex- week at set to rise as combined “Current levels provide a compelling pected to generate revenues of $9.6 billion 323. The entry point,” writes this year, according to S&P 500 operation makes gains FBR Capital Markets Reuters Estimates. Index fell analyst Karen Short Those gains are ex- 3.1%, in a recent report. pected to come mostly closing at BY AARON ELSTEIN In the fiscal year from cutting costs 1318. ending Feb. 23, A&P rather than boosting ood news, A&P shoppers. reported a net loss of sales. A&P forecasts Prices of milk, eggs, meat $161 million,or $4.22 $80 million in cost and just about everything a share,on $6.4 billion savings from staff cuts else you can wave your of revenue, compared alone. The rest is to Bonus Savings Club card at with per-share income from improved RISERS Gare marching ever higher, but there is one come of 64 cents on logistics and cus- 5-DAY1-MONTH 3-MONTH CLOSING great bargain left at the nation’s oldest $5.4 billion of revenue tomers buying lower- % CHANGE % CHANGE % CHANGE PRICE grocer—the shares of the Great Atlantic the prior year. The cost, private-label Overseas Shipholding +10.7% +4.1% +26.8% $86.48 & Pacific Tea Co. itself. Pathmark deal closed products rather than Hudson City +3.5% -4.2% -5.3% $17.32 Now is an ideal time for investors to last Dec.3,so its effect brand-name mer- stock up. is largely absent from chandise. Goldman Sachs +3.4% +1.0% +2.6% $184.30 So far this year, the shares have been last year’s numbers. The strategy looks Bunge +3.4% -0.4% +35.4% $121.81 marked down on Wall Street by a whop- Despite the dreary Market cap $1.3 billion well-timed. Private- Nymex +3.1% -7.7% +1.3% $90.67 ping 28%, more than double the pasting results, there are early Number of stores 447 label penetration taken by the company’s supermarket peers. signs of hope. For Total debt $1.3 billion reached 17% in the The problem is clear: Investors are fretting starters, comparable- fourth quarter, up SINKERS over whether the company’s management store sales rose 3% for from 14% the prior 5-DAY1-MONTH 3-MONTH CLOSING has the ability to deliver the huge benefits A&P in the fourth year. % CHANGE % CHANGE % CHANGE PRICE it promised would flow from last year’s $1.4 quarter as increasingly cost-conscious Ms. Short estimates that earnings be- Sirius -20.9% -23.3% -30.7% $2.01 billion acquisition of Pathmark Stores. consumers turned to the simpler, cheap- fore interest, taxes, depreciation and Avis Budget -13.8% -27.1% -2.0% $10.89 Yes,investors have ample reason to be er fare offered by A&P. amortization for the combined company skeptical of bull-market promises made Hertz -10.3% -24.6% -4.5% $10.66 Pathmark showed just a 0.2% rise for will soar to $494 million in fiscal 2009, or by corporate executives in general and the year, but sales perked up 1.5% in the more than triple the amount A&P gen- News Corp. -9.6% -15.3% -10.6% $16.67 A&P’s in particular. But while it’s true fourth quarter, the biggest improvement erated last year. Medco Health -8.6% -7.7% +0.1% $44.87 that the company has lost money six out in more than four years. of the last eight years, combining two of Meanwhile, A&P has promised to COMMENTS? [email protected]

Many Solutions.One Relationship. STOCKS TO WATCH by Erik Ipsen

$ $ $ 68,700,000 10,000,000 $17,500,000 4,500,000 Senior Secured Senior Senior Secured Senior Revolving Superheroes stymied by Movie-man Credit Facility Credit Facility Revolving Credit and Credit Facility Term Loan Facility as investors fixate on silver screen Provided for Provided for Provided for Provided for Marvel Entertainment boasts 3,000 characters—from shrinkable Ant-Man to mighty Thor—but only one has mattered over the past two weeks. $5,000,000 $10,250,000 $4,500,000 $20,500,000 Investors pushed the shares down RevolvingCredit Senior Secured Senior Secured Senior Secured 8% last week after the latest Hulk Facility Credit Facility Credit Facility Credit Facility movie fell short of expectations. The Provided for Provided for Provided for Provided for company’s big licensing unit is on a CLEVELAND roll, but ever since Marvel brought DIE & MFG film production—and profits—in-house last year, the stock’s fate has been tied to Marvel’s box-office performance. Last week, Morgan Stanley made money the old-fashioned way. The battered investment bank sold off part of its stake in one of its hottest properties: MSCI. The index complier went public last November at $18 a share and has become one of the top performers of the IPO class of 2007, closing on Friday at $36.55. It helps that MSCI produces tools to assist portfolio managers in cutting risk—tools that Morgan Stanley seems to have lost track of lately. See why we’ve earned our reputation as a leadingprovider of When Viacom was split up in 2006, For more information workingcapital financingto growingcompanies. analysts saw CBS as the duller of the about Webster Business Credit, contact Warren Mino, President, at two companies. Chalk one up for Wall 212-806-4500 or visit our new website at Websterbcc.com to submit Street. CBS revenues and earnings an online application for credit or find our nearest office location. have poked along, prompting investors to defect in droves. The shares have fallen 23% since the SM division. They now trade at a mere 11 times trailing earnings. The upside is

06/08 Websterbcc.com that at these prices, and with a New York • Boston • Hartford • Atlanta • Chicago • Memphis • Charlotte • Dallas • Cleveland dividend of 27 cents, the stock now yields a hefty 5.2%. Webster Business Credit Corporation is a subsidiary of Webster Bank, N.A. Member FDIC. Equal HousingLender. The We bster Symbol and Webster Business Credit are service marks of Webster Financial Corporation. Webster is registered in the U.S. Patent and Trademark Office. charts: grange paul

4 | Crain’s New York Business | June 23, 2008 CN012135 6/18/08 10:23 AM Page 1

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W&H08-0035_QUADprebuilts_Crains.indd 1 6/16/08 3:50:38 PM CNYB 06-23-08 A 6 6/20/2008 7:17 PM Page 1

NEW YORK,NEW YORK edited by Valerie Block We are pleased to announce the promotion of

holiday party are entitled to points Hip-hop talk coming to TV that can be redeemed for free meals eteran dj Angie Martinez (left) at swanky restaurants like Eleven Madison Park or The Bar Room at may soon get her star turn on TV. The Modern. The Hot 97 hottie begins taping a “We [can] offer something that V many other caterers can’t, because talk show next month at EUE/Screen Franklin Speyer they don’t have restaurants,” says Gems Studios in midtown. David Swinghamer, president of to Ms. Martinez, 37, has lined up a USHG’s growth business division. star-studded guest list for pilot Under the +1 Dining Rewards Vice Chairman episodes of The Angie Martinez Show, program, customers who fork over $26,460 on an event can, for including Mary J. Blige, Shawn “Jay-Z” example, qualify for a free lunch Carter and Mariah Carey. for two at Gramercy Tavern. We congratulate Franklin on his continued “It’s because of her relationships and According to USHG, the the respect that the music community has program is a first for the catering success, and thank him for his leadership, world. “We’re not aware of for Angie that she has this kind of support,” anything like it in the industry,” and unwavering commitment to our clients. says her manager, Shakim Compere, who is says Mr. Swinghamer. producing the show on spec with several business partners, including Chris Lighty, 212.841.5050 Giving gets who manages 50 Cent and others. [email protected] reality treatment The partners say BET is interested in the hip-hop gabfest.They are oprah’s Big Give made reality TV getty images a tool for charities. Now, approaching other networks and Showtime programming executive Webcasters as well. Blayne Ross and partner Scott Talbot Ms. Martinez is no stranger to the small screen. In 2002, want to get in on the act. The pair are developing a she hosted an HBO show called Stretch, in which she reality series that will follow an interviewed celebrities in the back of limos. She also event planner, chef, decorator and appeared as a judge on two episodes of American Idol 2 but mixologist as they organize gala quit because she couldn’t bear to crush the dreams of fundraising events at high-profile locations ranging from Gracie aspiring young singers, she told reporters at the time. Mansion to an airborne jet.The show will feature one charity each snarky chronicler of New York’s week, with the goal of raising $1 Observer sees upper crust to turn a profit in 2010. million for it. upward trend Industry insiders say Mr. More than 150 organizations, Kushner still has work to do. from Unicef to God’s Love We Long established newspapers may be “Challenges include lower Deliver, are vying to take part in commitment hemorrhaging advertising, but not circulation and a much lower the series, America’s Greatest The New York Observer, says profile versus The New York Times Challenge:The Dream Team. Publisher Jared and New York magazine,” Mr.Talbot, an entrepreneur Weiser LLP Certified Public Accountants Kushner, who will says George Janson of who founded Charity Group to mark his second Mediaedge:cia, who is help nonprofits, says he has anniversary as the considering the title for a already secured millions in paper’s owner next luxury brand. commitments for ads and product month. placements from food and The scion of beverage companies. He says that to New Jersey real Meal ticket several networks are interested in private clients estate giant the series, which he hopes will New York City to hot eateries 135 West 50th Street Kushner Cos. debut next spring. New York, NY 10020 says the weekly’s airlines and credit card “It’s frustrating to organize a Tel 212.812.7000 Weiser's Private Client Services Group ad page count companies have loyalty fundraising party and find people Fax 212.375.6888 provides personalized service and technical Danny expertise in all areas of wealth management. grew by 19% through programs, and now have donor fatigue,” Mr.Talbot Long Island May, compared with the same Meyer’s Union Square Hospitality says. “This show will raise 3000 Marcus Avenue Our services include: period last year. Ad revenue Group does, too. awareness and money for charities.” Lake Success, NY 11042 • Tax strategies skyrocketed 67%, he adds, though Customers who spend $25,000 Tel 516.488.1200 • Estate and gift planning some of that growth can be at the über-restaurateur’s Hudson Contributors: Lisa Fickenscher, Matthew Fax 516.488.1238 • Cash flow, college funding, and retirement attributed to a real estate expo in Yards Catering arm for their Flamm, Samantha Marshall, Miriam Westchester • Wealth management and investment strategies March, where real estate firms wedding, bar mitzvah or corporate Kreinin Souccar 660 White Plains Road paid for booths and got two pages Tarrytown, NY 10591 • Insurance planning and analysis Tel 914.333.0555 • Personal accounting and bookkeeping of ads in a glossy insert. Fax 914.333.0556 • Entrepreneurial business strategies Mr. Kushner acknowledges CIAO, CENTRAL PARK • Family office services that the Observer, which was said New Jersey to be losing $2 million a year when SAN DOMENICO, a Central Park South 399 Thornall Street We work together with our clients to Edison, NJ 08837 he paid $10 million for it in July institution, has a new address at 19 E. develop customized and integrated solutions Tel 732.549.2800 2006, is still losing money. But not 26th St., where it will trade views of Central to help our clients reach their goals. Fax 732.549.2898 as much as when he bought it. Park for ones of Madison Square Park. Pro- prietor Tony May expects his Italian eatery www.weiserLLP.com “This was never run like a business,” he says. to “fit right in [the area.]” The new SD 26 won’t open until mid-2009. In For more information, New advertisers include Mer- the meantime, Mr. May will launch San Domenico Events, a catering contact Lisa Osofsky, CPA/PFS, CFP at 212.375.6859. cedes-Benz and Christie’s. company that opens for business on July 1. The publisher expects the

6 | Crain’s New York Business | June 23, 2008 CN012109 6/9/08 11:25 AM Page 1

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panies, which are suffering along with the broader market. Tech firms a bright spot in local economy The Knot and WebMD were slammed by first-quarter impair- Continued from Page 1 Most New York marketing shops like MediaWhiz ment charges connected to invest- and backed by venture capital, are tech firms, including are doing well, too. A pullback in fi- ments in auction-rate securities and expected to maintain double-digit publicly traded ones nancial clients’ad spending has been to expansion-related expenses; their revenue growth. like wedding pub- offset by outlays from other sectors. stocks have taken a beating as a re- “We are doing great,” says An- lisher The Knot Inc., Revenues jumped more than 25% in sult. The Knot’s shares, which drew Koch, director of strategic rely on advertising 2007, according to CEO Jonathan closed at $10.95 on Friday, have planning for TheLadders.com, and are benefiting as Shapiro, who expects a similar per- plunged 44.9% in the past 52 weeks. which operates a site for those seek- more spending formance this year. WedMD closed at $33.85, off ing jobs paying $100,000-plus. moves from tradi- 29.5% for the same period. Candidates pay for tiered subscrip- tional media to the Money magnets Recent reports indicate that on- tions, ranging from $30 for one Web. the buoyant businesses also con- line ad growth is slowing.According month to $180 for a year. TheLad- The Knot’s online tinue to attract venture capital. In- to the Interactive Advertising Bu- ders.com’s headcount has risen by ad revenues jumped vestments in New York area firms reau,Web ad spending fell 2% in the 31% since the end of last year, to 20% during first- surged 35% in the first quarter, ac- first quarter from fourth-quarter 250. Revenues have doubled every quarter 2008, to cording to PricewaterhouseCoop- 2007, to $5.8 billion, the first quar- year since 2004, and the company is $12.9 million. Simi- ers/National Venture Capital Asso- terly decline in more than three expected to achieve the same growth larly, revenues at ciation MoneyTree Report.In years. But volume is up 18% year- rate this year. health information contrast, such investments nation- over-year.

“When times are tough, people buck ennis site WebMD rose wide fell by 5%. “The online ad market can’t grow get laid off and need to find their KEVIN RYAN runs AlleyCorp, a tech holding company. 14%, to $81.7 mil- “We are still funding companies at 100% forever,” says former Dou- next job,” Mr. Koch says. lion. Even Monster here,” says Ned Carlson, managing bleClick Chief Executive Kevin Worldwide Inc., director of Dawntreader Ventures. Ryan, who now runs AlleyCorp, a Hiring spree 2006, Mimeo Chief Executive which was hit by a stock-option New York firms’ focus on online ad- holding company of six Manhattan- mimeo.com, an online printing Adam Slutsky projected that sales scandal last year, beat analysts’ esti- vertising and marketing makes based firms, including luxury dis- service, has hired 98 application de- would surpass $50 million that year. mates: It earned 18 cents a share on them especially appealing to in- count e-retailer Gilt Groupe and velopment and sales professionals in Revenues rose 40% in 2007,accord- revenues of $363 million—up 13% vestors, he adds. cloud computing startup 10gen. 2008 and expects to hire at least 85 ing to the company, which would from the year-earlier period. The slump tends to be primarily more before the end of the year. In not disclose current sales figures. Smaller, privately held digital in New York’s publicly traded com- COMMENTS? [email protected]

Rents drop as space hits market SALES HARDER TO FINANCE

Continued from Page 1 nancial firms and others unload in just a few months. THE GOOD NEWS for buyers of Manhattan office buildings is that prices are from $35 to $45 a square foot. space amid a slowing economy. Just The problem is that sublease down. The bad news is that financing such deals remains dicey. Mr. Friedman predicts rents will last week, drug giant Pfizer quietly space is typically less expensive than Two weeks ago, three properties that lenders had taken back from Harry eventually drop 15%. laid plans to unload 750,000 square space rented directly from a landlord. Macklowe for failing to repay a loan were sold at prices 20% to 30% lower The downward pressure stems feet of space in midtown. In May, Cushman & Wakefield Inc. than what he had paid a year earlier. from two factors: sagging demand J.P.Morgan Chase is expected to reported that sublease space was But with lenders now demanding that buyers lay out 30% to 50% of the for space caused by the weakening be one of the largest space shedders. nearly $14 a square foot—or about deal value in cash—up from 10% to 30% a year ago—volume has shriveled. In economy and an avalanche of sub- It could eventually unload 1 million 15%—cheaper than direct space. the first five months of this year, 33 office towers were sold, a drop of 63% lease space expected to hit the mar- square feet of space as it digests its from a year ago, according to Real Capital Analytics. ket in coming months. purchase of Bear Stearns. Sources Bleak outlook Scott Latham, an executive vice president at Cushman & Wakefield Inc., say Lehman Brothers is looking to with oil prices rising and the notes that worries about a weakening economy have put buyers on the Just starting unload roughly 600,000 square feet economy softening, the outlook on sidelines. financial firms, battered by bil- of space, while Citibank is believed the demand side is also bleak. “They are waiting to see what happens,” he says. lions of dollars of losses from write- to be freeing up nearly 240,000 feet “The bottom line is that I don’t downs of the value of subprime at two locations. think that corporate America is mortgages and a growing list of oth- In the last five months, 5.3 mil- about to come in and gobble up er products, are just beginning to lion square feet of sublease space space,” says Mr. Friedman. last year. The average asking rent in The vacancy rate has already risen shed space. In the last year they’ve has landed on the market, a jump of As a result, brokers expect that Manhattan is $85 a square foot. 1.3 percentage points this year. laid off 22,000 people, according to 51%. That space now accounts for the gap between landlords’ posted The good news is that even with “It’s clearly a more balanced mar- a Crain’s estimate. Experts forecast 19% of the 27.5 million square feet prices for space and what tenants ac- all the space that has been added to ket,” says Brian Gell, a vice chair- that 33,300 Wall Street jobs will dis- available. Experts say that when tually pay will continue to widen. the market in recent months,the va- man at CB Richard Ellis Inc. “Ten- appear by next year. sublease space reaches 35% to 40% Mr. Falk says that, on average, ten- cancy rate in Manhattan stands at a ants are more cautious, but those Mr. Falk estimates that 4 million of the total, it begins to pull all ants are signing leases that are $5 to puny 6.8%, which is low by histori- who are prepared to act will benefit.” square feet of sublease space will be prices down. If Mr. Falk is correct, $10 a square foot below the asking cal standards and gives landlords the unleashed in midtown alone as fi- that tipping point could be reached rent, up from $3 to $5 a square foot edge.The question is, for how long? COMMENTS? [email protected]

liance, for example, is pushing to privileges. add a $1 fuel surcharge to cab rides The city’s large businesses are Oil shock reshaping NY business in the city. The group says taxicab also grappling with soaring gas drivers are spending about $250 prices. Continued from Page 1 tion Authority’s Metro-North and specialty food customers less of- more a week on fuel than they did Last week, JetBlue Airways in- business for 24 years. Railroad and Long Island Rail ten nowadays. in 2006. troduced the first electric vehicle to Indeed, the effects of high gas Road reported 6% and 5.4% jumps, “Our customers are coming to “Our drivers are suffering,” says the fleet it uses on the tarmac at John prices—which, of course, are the re- respectively, in ridership during the the market only one or two days a Bill Lindauer, campaign coordina- F. Kennedy International Airport. sult of a surge in oil costs—are being first four months of this year, com- week, instead of four times or every tor for the alliance. While the vast majority of the vehi- felt in virtually every part of the New pared with the same period a year day,” he says. cles used to shuttle luggage or trans- York economy. earlier. To offset that drop, Mr. Kremin Hits to bottom line port maintenance crews run on “Those numbers are incredible is stepping up deliveries. “I realized valera global inc., a luxury car diesel fuel, the carrier intends to Costs hard to recoup when you consider we had a fare in- if they’re not coming here, I’ve got service based in Long Island City, phase in seven more electric vehicles “the sudden spike in price is forc- crease last year,” says Helena to bring the fish market to them,”he Queens, recently added its second by year’s end. ing a lot of adjustments,” says James Williams, president of the LIRR. says. Many customers, he figures, 5% fuel surcharge in a year. “We are And at its midtown headquar- Parrott, chief economist and deputy Typically, ridership dips by a per- would rather pay the delivery fee very sensitive to fuel prices because ters,Pfizer Inc.recently implement- director of the Fiscal Policy Insti- centage point or two when ticket than use their own gas money to they greatly affect our margin,” says ed a “green vehicles strategy.” The tute, a think tank that focuses on is- prices increase. schlep to the Bronx.“I’m not saying Robert Mackasek, the company’s plan involves outfitting its army of sues affecting New York. “Business Similarly, local businesses are it’s all a positive thing—our costs chief executive. about 9,000 pharmaceutical sales doesn’t grind to a halt, but costs go cutting back on their use of cars and are going up exponentially,” he First-quarter profits fell 2.5%, reps with flexible-fueled and hybrid up.And they may or may not be able trucks. adds. compared with year-earlier results, vehicles,or four-cylinder cars,to in- to pass them on.” Warren Kremin,president of Fa- Some businesses are trying to he says. Mr. Mackasek has observed crease fuel efficiency. Commuters are reacting with thers Fish Co.,which operates at the pass those higher costs to their cus- a significant drop in local trips their feet. New Fulton Fish Market at Hunts tomers in the form of higher prices. around the city and sees a trend of COMMENTS? The Metropolitan Transporta- Point, says he’s seeing his restaurant The New York Taxi Workers Al- midlevel staffers losing car-service [email protected]

8 | Crain’s New York Business | June 23, 2008 CNYB 06-23-08 A 9 6/20/2008 1:49 PM Page 1

izon about a year ago as multicultur- al marketing manager for the New Local universities Cell carriers go salsa York region, says feedback indicates that consumers consider the carri- Continued from Page 2 telligence.Similarly,Sprint doubled er’s channels “cool.” receive big gifts “Hispanics want to have the lat- its spending to $48 million in 2007. “Most of the programs are in est and greatest cell phone, like the T-Mobile has pumped up its outlays Spanglish” Mr. Arciniegas says. iPhone,” says Michelle Guasp, a by 200% over the past three years, The Real Estate Institute of New promotions manager in the diversi- says Mark Stockdale, the carrier’s Spanish spoken here Millions to CUNY, York University’s School of Contin- ty marketing group for New York- director of Hispanic marketing. retail remains an integral part of Columbia and NYU uing and Professional Studies has New Jersey at AT&T Wireless. Verizon and AT&T reduced the strategy.According to Sprint,30 just announced that it has received a “They are drawn to services like mu- such spending in 2007, according to of its 38 stores in the city have professional schools $10 million gift, the largest in the sic- and video-sharing.” TNS. Verizon disputes that and in- staffers who speak both English and institute’s 40-year history. According to research firm sists that “ad spending is still strong Spanish. three professional schools in The donation is from the M:Metrics, Hispanics are twice as within the segment.” AT&T de- Last month, AT&T opened its the city are receiving multimillion- Schack family, whose eponymous, likely as other cell phone users to clined to comment. 21st location in the city that’s staffed dollar grants for interactive journal- privately held firm owns prime download ringtones and full songs, Whatever their budgets, wireless with bilingual employees. ism and real estate education. commercial real estate throughout text message and watch videos. providers are using their money cre- Verizon, which already has 46 The Tow Foundation is award- Manhattan. The grant will be used atively. Targeted ad initiatives often such stores, plans to open at least ing the City University of New York to establish an endowment for fac- Growing numbers revolve around elaborate sponsor- three more in the New York area this Graduate School of Journalism and ulty recruitment and for research. additionally, their numbers are ships tied to popular Hispanic artists. year. The company began awarding Columbia University grants to es- In recognition of the gift, the growing:Hispanics represent 21.8% Sprint intends to continue its bilingual sales staff with an annual tablish new centers for digital me- school is immediately changing its of the New York region’s total pop- sponsorships of performing artists. $1,500 bonus last year. dia. name to NYU Schack Institute of ulation of 19 billion,versus 19.5% in “Music is very important to His- Carriers don’t release data on sales CUNY will receive $3 million to Real Estate. 2000, according to market research panic culture,” says Oscar Molina, a growth in demographic groups, but establish the Tow Center for Jour- The news of the donation comes firm ESRI Data. marketing manager for Sprint in they say their accelerated attempts to nalistic Innovation. CUNY is re- as the school prepares to launch an Though mobile providers gener- New York. “We picked Juanes be- connect with Hispanics has paid off. quired to match those funds, which ambitious campaign to build a per- ally reported strong first-quarter cause Hispanics really relate to him.” For instance, Henry Chavez, a will be used to create an incubator manent endowment for the insti- earnings and subscriber growth, an- Carriers are building services Mexican-American who shares a for new journalistic products and tute,and fundraising efforts will tar- alysts warn that it will be difficult to based on Hispanics’ appetite for en- cell phone plan with his mother, services using Internet technology. get members of the real estate maintain that momentum. tertainment on the go. Sprint was who speaks no English, switched industry. “The market is saturated,” says the first to launch Spanish-language from Sprint after he watched a Latin Journalism center Last month, Newmark Knight Evan Neufeld, senior analyst at mobile TV, in 2006. American awards show sponsored a $5 million grant will go to Co- Frank President James Kuhn, chair- M:Metrics. “Carriers have to work AT&T is adding Hispanic pro- by AT&T. lumbia, which will have to raise $10 man of the institute’s advisory harder to get customers.” gramming to its recently introduced “Those things matter to me,” million.The funds will be used to es- board, gave the school $1 million to T-Mobile’s parent, Deutsche mobile TV product. In March, Veri- Mr. Chavez says. “It shows that the tablish a center dedicated to the redevelop a program to foster diversi- Telekom, spent about $50 million zon, which launched eight Spanish company values me and the com- search and teaching of professional ty in real estate. on Spanish-language media outlets mobile channels last year, added a munity.” journalism in new and emerging last year, up from $43 million in bilingual network, MTV Tr3s. media. COMMENTS? [email protected] 2006, according to TNS Media In- Leo Arciniegas, who joined Ver- COMMENTS? [email protected]

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June 23, 2008 | Crain’s New York Business | 9 CNYB 06-23-08 A 10 6/20/2008 2:08 PM Page 1

VIEWPOINT Independence from Albany editor in chief Rance Crain publisher, vp Jill R. Kaplan

ew york city wants to create special every tax the city levies except the property tax. Even in that EDITORIAL lanes for a new group of express buses, case, it dictates how the burden is apportioned. editor Greg David managing editor Robert Hordt with the goal of shortening commute Mayor Michael Bloomberg clearly is fed up. Some of the deputy managing editors Valerie Block, times and reducing pollution. Crucial to expected candidates for the 2009 mayoral race are likely to Erik Ipsen contributing editors the success of these transit lanes will be make it a central theme of their campaigns—especially Frederick P. Gabriel Jr., Elizabeth MacBride equipping buses with cameras to record, Brooklyn Congressman Anthony Weiner. columnist Alair Townsend senior reporters Theresa Agovino, and fine, drivers who flout the rules to Many business interests believe that only the Legislature Aaron Elstein, Erik Engquist, Lisa Fickenscher, avoid traffic. After all, the city doesn’t have an army of traffic stands between them and disaster. It is true that in the Matthew Flamm, Samantha Marshall, cops to police the lanes. What could be more reasonable in a current political climate, the city might make rent regulation Miriam Kreinin Souccar N reporters Barbara Benson, Amanda Fung, time of soaring gas prices and concern for the environment? more onerous and economically disastrous, if it could.The Daniel Massey, Adrianne Pasquarelli, Hilary Potkewitz, Gale Scott, Matthew Sollars There won’t be any cameras, however.The city doesn’t inclination to raise businesses’ taxes or target wealthy restaurant critic Bob Lape have the authority to use them. A Rochester Democrat individuals might be art director Steven Krupinski deputy art directors Carolyn McClain, named David Grant browbeat members of the Assembly’s The Legislature stronger in the City Daniel Mednick Transportation Committee to reject the proposal to allow Council than in staff photographer Buck Ennis will adjourn with copy desk chief Wendy Zuckerman cameras because he personally opposes the use of cameras in Albany.This is the case, copy editors Michele Arboit, traffic enforcement. He even convinced most of the bill’s however, only because Thaddeus Rutkowski almost nothing research editor Denise Southwood sponsors to change their minds and vote against it. “This is business interests’ www.crainsnewyork.com such a specific New York City issue, it’s one of the many accomplished campaign contributions web producers Kira Bindrim, things where you wonder why the state Legislature has any have put Senate Elisabeth Butler Cordova role at all,’’ noted Jonathan Bing, a Manhattan Democrat Majority Leader Joseph EDITORIAL AND ADVERTISING OFFICES 711 Third Ave., New York, NY 10017-5806 who was the bill’s chief sponsor. Bruno in their debt. It editorial: 212.210.0277 Fax 212.210.0799 advertising: 212.210.0259 Albany’s loud say in the affairs of the city isn’t new. But won’t be the case if the Cable craincom nyk Albany has interfered so many times, in so many counter- Democrats capture control of the state Senate in November. Fax 212.210.0499 productive ways, that many believe the city needs to launch Anyway, the best way to ensure good policies in the city is to Entire contents ©copyright 2008 Crain Communications Inc. All rights reserved. an effort to wrest control of its destiny away from Albany. elect the right mayor, not try to circumscribe his policies. ®CityBusiness is a registered trademark of MCP Inc., used under license agreement. After all, whether it is congestion pricing or mayoral The Legislature will adjourn this week with almost nothing TO SUBSCRIBE: control of the schools or rapid transit lanes for buses, the city accomplished.The energy to reform the mess in Albany has Call 888.909.9111; fax 313.446.6777. $3.00 a copy, $59.79 one year, $109.79 two years. must go on bended knee to Albany for its consent.The state dissipated. It’s time to move on to the next battle: allowing www.crainsnewyork.com even pulls the city’s purse strings because it calls the shots on New York City to reclaim more control over its destiny. ADVERTISING AND MARKETING advertising director Jeff Adler senior account manager William E. Squitieri LETTERS TO THE EDITOR account executives Andrew Carlin, Robert Christiaanse, Irene Irvill, Courtney McCombs western account manager Ellen Mazen (Los Angeles) 323.370.2477 sales manager, classified Cutbacks will hurt small arts groups print & online John Gallagher newsletter product manager Catherine Evans Gittens LACK ACCESS organizations lack access to smaller institutions that are not (“Getting all juiced up”) fails to sales coordinator, print & online TO WEALTHY DONORS wealthy donors and corporations. funded primarily by the city will note that a sound peak demand Lulé Haznedari marta moreno vega face challenges during this budget management program was also sales coordinator Anita Perrino crain’s june 16 article “Culture President crisis. included in PlaNYC. credit Pat Grondziak 313.446.6082 groups slash budgets” should also Caribbean Cultural Center African While larger organizations will A peak demand manage- marketing director Amy Crossman marketing manager Jill H. Bottomley have addressed the impact of cuts Diaspora Institute make significant cutbacks, many ment program for the city’s marketing coordinator Jenny Mashberg on midsize and small cultural smaller cultural institutions will be residential sector based on real- circulation manager Andrea Richardson organizations that are important to ORGANIZATIONS forced to close their doors, which time pricing could provide major assistant circulation manager the infrastructure of neighbor- MAY CLOSE DOORS will destroy many aspects of New savings. Rosalie Ford hoods and communities under- York’s cultural landscape. In Currently, only cooperatives general manager, interactive served by major organizations. as the executive director of particular danger are institutions and condominiums can participate Marc Minardo The smaller organizations are the Museum of Contemporary of color that don’t have access to in such projects, but there needs to NEW YORK PRODUCTION major contributors to what makes African Diasporan Arts, or million-dollar donors in their be a way to enable rentals to also production and pre-press director New York special—the diversity of MoCADA, I applaud Crain’s neighborhood. enter this potential and potent Michael Corsi racial and cultural communities article on the challenges that the laurie a. cumbo solution. advertising production manager that celebrate the tapestry of cultural world will face with the Founder and executive director The Cooperative Coalition to Marilyn DeMilta international cultures that makes recent government, corporate and MoCADA Prevent Blackouts’ members have PUBLISHED BY CRAIN COMMUNICATIONS INC. us unique. With the projected foundation cutbacks. proven that the peak demand can chairman Keith E. Crain cuts, these already underfunded Hopefully the article will draw RESIDENTS NEED be mastered. president Rance Crain smaller organizations will have to greater attention for individuals to ENERGY PROGRAM j. reyes-montblanc secretary Merrilee Crain drastically cut services to the broad wrap their arms around the Chairman treasurer Mary Kay Crain communities they serve. After all, cultural institutions during this the june 9 article on increased Cooperative Coalition to executive vp, operations William Morrow senior vp, group publisher Gloria Scoby these midsize and small challenging time. In particular, energy use in New York City Prevent Blackouts group vp, technology, circulation, manufacturing Robert C. Adams vice president/production & manufacturing David Kamis WHAT’S COMING UP IN CRAIN’S? chief information officer Paul Dalpiaz corporate circulation director Top minority- and City Small Education Real Business Patrick Sheposh women-owned Facts business special estate of sports founder G.D. Crain Jr. (1885-1973) business lists issue report report report report chairman Mrs. G.D. Crain Jr. (1911-1996) June 30 July 7 July 14 July 21 July 28 August 4

10 | Crain’s New York Business | June 23, 2008 CNYB 06-23-08 A 11 6/20/2008 2:36 PM Page 1

Companies large and small rely on Amper, and enough to offset the decline in print you can too. advertising—just as the millions of units sold on iTunes isn’t making up for the plunge in disc sales. Meanwhile, circulation is shrinking and cutbacks increasing at news magazines and newspapers. Most recently, U.S. News & World Report announced that it would re- duce its frequency to bimonthly and put more emphasis on its Internet operations. So, why should you care, dear reader? You’re probably as comfortable picking up your news on Yahoo or Politico as you are with reading it in Crain’s. Here’s why. When it comes to gossip, travel tips and recipes, the Web rules.It’s also great for dissem- inating information and outing the dark sides of the powerful—like blowing up Don Imus’ comments about the Rutgers women’s basketball team or former Sen. George john h.john howard Allen’s slur against people of Indian descent. But print still reigns when it comes to serious political analysis, investigative news and local cover- The Web giveth age. International news-gathering “Seeing Beyond the Numbers...” is an expensive and painstaking en- deavor. Print publications put their www.amper-pc.com and taketh away muscle—and what’s left of their budgets—into it. Suffering from their own cut- y 79-year-old aunt joan e-mails me often. backs, network news broadcasts often follow print stories, whether She Googles this and Yahoos that. She gets from The New York Times, digital photos from her son Ken, who posts Newsweek or Vanity Fair. Portals them on KodakGallery.com. Of course she’s also feed off print’s legwork, getting on the Web. Everyone is. This is not news, most of their content from the As- sociated Press (which is supported Mand the reality that even elderly aunties are surfing the Web has by newspapers) or dailies. Even pushed publishers to shift priorities, invest in new technology bloggers, those opinionated pontif- icators, depend on print for much of and expand their online “Anyone [in print] their subject matter—and their properties. But after who tells you they are facts, when they include them. many experiments, they making money from If print goes away, who will do still can’t make money the Internet is a liar,”re- the heavy lifting? at it.Real money,that is. marked the executive, Already, the Wild West attitude Print money. who did not want to be that prevails on the Web has seeped A few weeks ago, identified. into more traditional outlets. Cable Crain’s interviewed a The problem is that news networks are devoting air time high-level executive a big ol’ glossy ad page to Web gossip about, say, Obama from a major magazine in a print publication the secret Muslim. publisher. Though the can sell for tens of thou- A strong press is a vital element company has poured VALERIE sands of dollars. A dis- of any democracy.So is vigorous cit- cash into its digital BLOCK play ad on the Web? izen debate, the kind that takes holdings, he said, the Not so much. Gotta place on the Web. Let’s hope that profits have yet to mate- move a boatload to they can co-exist. rialize. And the Web represents less make the same money. Web adver- than 10% of total revenues. tising is growing, but not fast COMMENTS? [email protected]

CRAIN’S ONLINE POLL AS GAS PRICES SPIKE, SHOULD TAXI CUSTOMERS TIP MORE? Number of respondents: 362 votes Date of poll: June 16 Yes, taxi drivers deserve our No, customers compassion and aren’t responsible need to make a living .33% 28%. for higher gas like the rest of us prices

Yes, if costs become .13% 26%. No, the public is too prohibitive, there already paying for will be fewer cabbies higher gas prices on the road bloomberg news

For this week’s questions: Go to www.crainsnewyork.com/poll to have your say.

June 23, 2008 | Crain’s New York Business | 11 CNYB 06-23-08 A 12 6/20/2008 12:30 PM Page 1

Javits panel looking passé MONEY Showdown on the surplus THE INSIDER THE CITY COUNCIL SAYS New York has a $6.5 billion surplus and can easily formation of the Javits Center afford to freeze property taxes. Mayor Michael Bloomberg (below, right) by Erik Engquist and Matthew Sollars task force has been put on hold, and disagrees. He says the surplus is $4.6 billion and that the city may have to whether the process will be revived raise taxes. Both are correct, according to the Independent Budget Office—at is unclear. least about the size of the surplus. The council is counting $1.9 billion that Former Empire State the mayor plans to use to pay off bonds early. Development Corp. Co-Chairman The surplus stems from past budgets. Last month, the mayor proposed Investigation commish’s moment Patrick Foye announced in February using $3.5 billion of it to balance fiscal 2009, which begins July 1. Falling that the panel would seek locations revenues from Wall Street and an arbitration ruling on police salaries created t can be a challenge to get the media to pay attention for a new convention center, but he an additional $1 billion gap. That has led the mayor to suggest raising taxes to small-time corruption cases. But collapsing cranes resigned in March. by about 7.5%, which would undo last year’s 7% cut. It sets up the first major certainly make it easier, as Department of Investigation An ESDC spokesman says the fight between the mayor and the council since Christine Quinn (below, left) agency is focusing on its plan to I became speaker in 2006. Commissioner Rose Gill Hearn (below) has discovered. repair the current facility. Deputy The mayor’s idea is to avoid large service cuts and tax increases in the Press coverage of the corruption chief has nearly tripled Mayor Robert Lieber recently 2010 budget, which will be negotiated next year, a sensitive time for council since the first of two fatal crane accidents on March 15. She has suggested that a larger center could be built in an outer borough, with a members. “They shouldn’t want to be making big [budget] cuts in fiscal appeared in 83 news stories in the past three months, smaller one handling shows that 2010, when many of them are running for higher office,” one insider says. But compared with 30 in the same period in 2007, and her press have to be in Manhattan. council members don’t seem worried about that and are mentions year-to-date have more than doubled from last year. determined to use the surplus to close the new, $1 billion In addition to nabbing Department of Buildings officials Council races shortfall. who faked crane inspections and helped operators cheat on “We’re going to be exams, Ms. Hearn drew the spotlight when Assemblywoman kicking off fighting tooth and nail with Diane Gordon was sentenced to prison for candidates for open City the administration,” says soliciting a bribe—a new house.The Council seats in Brooklyn are Councilman Mike Nelson, ramping up their campaigns. In the D-Brooklyn. commissioner’s informant had captured 39th District, housing expert Brad Ms. Quinn, a Bloomberg ally, the crime on video. Lander launched a campaign site, has said that avoiding a tax hike The increased media coverage also bradlander.com. Rival Gary Reilly,an for fiscal 2009 is a priority, stems from aggressive outreach by attorney, will hold his first but she didn’t sign a letter fundraiser on June 30. of opposition to Ms. Hearn’s spokeswoman. Her In the 33rd District, increases circulated office says the purpose isn’t to Democratic district leader Joanne by council promote the commissioner Simon will begin her campaign with members. an event this week. The lone but to warn public buck ennis woman among six contenders, Ms. bloomberg news employees that her Simon is backed by investigators may be Councilwoman Letitia James, Last Wednesday, the United affairs for Perf-Go Green Holdings watching. It appears they Assembly members Joan Millman Federation of Teachers took the Inc., a startup trying to market and James Brennan, and Sens. Martin unusual step of endorsing Daniel biodegradable plastic garbage bags. often are. Connor, Velmanette Montgomery and Dromm, a veteran New York City Mr. Gargano (below) will be Eric Adams. public school teacher who is a paid $2,000 a month and collect ny post candidate for a Queens City 2% of any sales he generates, Council seat in 2009. according to a regulatory filing, but The union will not make the he says he doesn’t expect to be rest of its endorsements—for races making many pitches. Recently, to be decided this fall—until former Gov. George Pataki also took August. a seat on the board. The two are heavy hitters for a tiny operation that hasn’t generated Search for docks any revenues. Perf-Go Green was comes up dry an empty shell until it combined Is your business last month with another startup, La the city went to court three Solucion Inc., which provided years ago to allow Ikea to turn a services to non-English-speaking ship-repair dock in Red Hook, Hispanics in North Carolina. Brooklyn, into a parking lot. Perf-Go Green is now based in Now, the city Economic Manhattan and is being run by Development Corp. is saying that up Chief Executive Tony Tracy, who has recession proof? to 25 additional dry docks will be previously developed such products required by 2016. as Le Slice, for cutting bagels, and Explaining its new stance, the Le Scoop, for removing excess agency says that the need has arisen bagel dough. since 2005—as critics predicted it The company has also attracted would. Observers say that it will be complaints from some investors, impossible to find sites for large who told the New York Post about graving docks like e-mails they the one Ikea paved viewed as an effort

® over. to pump up the ADP TotalSource gives you the HR Solutions that stock. Mr. Gargano help you rise above any economic challenge. Gargano’s says that he was new bag contacted by Perf-Go Green charles through mutual www.adptotalsource.com/NY 800-HIRE-ADP Gargano, former friends and was chairman of the impressed with its Empire State product. He also Development had some time on Corp., has agreed his hands after to serve as a board withdrawing in member and February from The ADP logo is a registered trademark of ADP of North America, Inc. TotalSource is a registered trademark of ADP, Inc. senior vice consideration for ADP Totalsource Bottom Line. Your Team Just Got Better is a service mark of ADP, Inc. president of the ambassador-

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12 | Crain’s New York Business | June 23, 2008 CN012140 6/16/08 4:51 PM Page 1

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

outdoor food market.The plan, ECONOMIC SPOTLIGHT which needs Landmarks Preservation Commission approval to proceed, calls for moving the building that housed the Fulton Fish Market.That has raised red flags with some officials. Municipal Art taps new president vin cipolla, president of the National Park Foundation in Washington, will succeed Kent Barwick as president of the Municipal Art Society of New York in 2009.The private nonprofit is an influential force in the city’s real estate industry and helped defeat Mortimer bloomberg news Zuckerman’s proposal for Bear Stearns indictments Columbus Circle. TWO FORMER BEAR STEARNS Cos. managers, MATTHEW Blackstone offers TANNIN (left) and RALPH CIOFFI, were arrested on charges of to buy Apria conspiracy and fraud linked to the collapse of a hedge fund the blackstone group wants to that helped spark the subprime mortgage crisis. The men take Apria Healthcare private in a Economy Watch were a target of a yearlong inquiry by federal prosecutors. deal reportedly worth $1.6 billion. The indictment focuses on e-mails they sent suggesting that It would give shareholders in the home-health service provider $21 NY area retail prices posted the biggest monthly gain since 3/05, due to steep the funds they managed were “toast” even as they energy costs. The NYC jobless rate will rise as more layoffs hit the books. a share, a 29% premium on the encouraged others to keep investing in the holdings. stock’s value over the past month. APRIL ’08 MAY ’08 COMPARISON NY area inflation change +0.3% +1.0% +4.0%1 2 Travelzoo president NYC unemployment rate 4.7% 5.2% 5.5% Tonys sell tix AIG ousts CEO NYC employment change +1,200 -300 +36,7003 resigns on earnings but flop on TV american International Group 1-NY area inflation change for the latest 12-month period. 2-U.S. unemployment rate for the lat- Inc. fired Martin Sullivan as chief travelzoo inc.’s North est month. 3-NYC employment change for the latest 12-month period. the tony awards spurred ticket executive days after the firm American president, C.J. Kettler, sales for plays and musicals but reported record losses. Robert has stepped down because of failed to lure more viewers to the Willumstad, former chief disappointing earnings after just NYC Hotel Stats Broadway Stats live broadcast on CBS. Nielsen operating officer of Citigroup seven months on the job. Shirley Average occupancy and room rate Attendance and gross rose in the Inc., took over the job and Tafoya, senior vice president of climbed in April, PKF Consulting week ended 6/15, says The League promised to examine AIG’s sales, will take over the job until a reports, continuing to rebound after of American Theatres and Producers. operations. He is consulting with permanent replacement is found. the typical drop at the start of the For the first three weeks of the sea- Maurice Greenberg, who was year. Year-to-date averages topped son, both measures were down more booted from the post and replaced those for the same period in ’07. than 7% vs. the same period in ’07. by Mr. Sullivan. Hachette, Hearst CEOs leave jobs Milberg to pay victor ganzi resigned from getty images AWARD FATIGUE? The TV audience was $75M settlement Hearst Corp. over policy only slightly bigger than it was last year. differences with the board. Frank the law firm formerly known as Bennack Jr., 75, is reassuming the Milberg Weiss will pay $75 CEO post on an interim basis. At reported an audience of just 6.3 million to settle a federal kickback Hachette Filipacchi Media U.S., million, only slightly better than case involving class actions against Jack Kliger was moved upstairs to last year’s all-time low of 6.2 some of the nation’s biggest chairman after nine years as chief. million. corporations.The firm was Frenchman Alain Lemarchand accused of making $250 million by succeeds him. Mets fire manager filing legal actions for professional plaintiffs who received $11.3 the mets fired manager Willie million in kickbacks. Jets leader heads Randolph and replaced him with for Hudson Yards Capital IQ’s Weekly Deals Report the bench coach Jerry Manuel. Big banks’ tallies The team’s first-base and pitching jay cross (below), president of TRANSACTION SIZE COMPANY/LOCATION (in millions) BUYER/INVESTOR TRANSACTION TYPE coaches were also let go. Many the city’s biggest financial the New York Jets, will join The fans expected the change but were firms reported mixed second- Related Companies next month to Sotheby’s $150.0 Not disclosed GCI shocked that management made it quarter results. Goldman Sachs lead the 26-acre Hudson Rail Manhattan at around 3 a.m., just hours after a Group Inc.’s earnings fell 10%, to Yards project—three years after Sotheby’s $150.0 Not disclosed GCI Manhattan win. $2 billion, besting Wall Street his failed campaign to expectations. Morgan Stanley build a new Loring Ward International Ltd. $127.1 Friedman Fleischer & Lowe FB M&A Manhattan State claims OTB fared worse with a 61% profit stadium on the MRU Holdings Inc. $5.0 Not disclosed GCI decline, to $1 billion. As expected, same site. Mr. Manhattan in a last-minute deal, the state Lehman Brothers Holdings Inc. Cross will focus Perf Go Green Holdings Inc. $3.2 Not disclosed GCI took over the city’s horse-racing reported a loss of $2.8 billion. on coordinating Manhattan operations, Off-Track Betting with city and state BioSpecifics Technologies Corp. $1.5 Not disclosed GCI Corp.The city had threatened to Seaport face-lift officials to complete Lynbrook, L.I. shut down the parlors and the yards. Selected deals announced during the week of June 8 for companies headquartered in metro New terminate 1,500 jobs. A new state general growth properties —from staff York. FB M&A: Financial buyer M&A represents a minority or majority acquisition of existing corporation will run OTB, and the proposed an overhaul of the South reports and shares of a company with the participation of a financial buyer. GCI: Growth capital investment represents new money invested in a company for a minority stake. city will continue receiving some Street Seaport that would include bloomberg ap images paul grange paul revenue. a 42-story building and an news reports

14 | Crain’s New York Business | June 23, 2008 Project7 5/19/08 11:30 AM Page 1

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W. 46th Street Queensboro Bridge Wholesale jeweler finds and 5th Avenue QUEENS Roosevelt Island a diamond in the rough MANHATTAN Queens-Midtown Tunnel 47th Avenue Last September,Mr.Anda took rad- Long Island City Gets more space, big savings in move to LIC ical action, moving his eight-year- nationwide triggered an avalanche old firm to Long Island City,Queens. BY TINA TRASTER of orders. Unique Settings, a manufacturer L.I. Expre ssway

“We couldn’t process 7,500 or- and wholesaler of 20,000 styles of grange paul uccess drove Unique Set- ders a month—a threefold increase wedding and engagement rings, be- tings Inc.out of Manhattan. in one year,” says Chief Executive gan moving out of its midtown space business at 9 a.m. on Monday. pieces with stones,” Mr. Anda says. The realization came three Mel Anda. Efforts to secure space at 5 p.m. on a Friday night and had “My niche is that we offer one- “I didn’t have the luxury to close years ago, when a catalog from other tenants in his diamond casting ovens, polishing benches and day turnaround for unmounted jew- down for a week.” mailed to 50,000 jewelers district building were unfruitful. customer service rooms ready for elry and three days for finished Getting a space that required lit- S tle retrofitting—another jeweler had occupied it—proved to be just one of many benefits. With triple the amount of square footage, Mr. Anda could expand his output by 80%. That helped propel last year’s revenues to $26 million—more than quadruple those in 2005. Mr. Anda’s total monthly rent barely budged.Unique Settings now pays $12 a square foot, compared with $32 before. Though development in LIC has helped trigger a tripling of rents over the past decade,at an average of $15 a square foot, they are still a bargain relative to Manhattan. Let’s not have lunch other small jewelry outfits have caught on. Twenty-five jewelers lease space in Unique Settings’ building and the one next door. Low rents are not the only attrac- tion.The city’s Relocation and Em- ployment Assistance Program is providing Unique Settings with a $3,000 annual tax credit per employee for 12 years. The company also gets energy credits from Con Edison that save it about $10,000 a month. Mr. Anda figures that he has already more than recouped his $700,000 in relocation costs. The monthly cost savings and higher sales have allowed him to add 34 staffers, for a total of 84. “Long Island City is a good deal for a company that is expanding,”says John Maltz, president of brokerage Greiner-Maltz, which focuses on Queens, Brooklyn and Long Island. But the area can be a hassle. While Mr. Anda could once take an elevator down to see diamond dealers,he now has to set aside two hours to go into Manhattan and back. He also has two couriers with scooters on call in the diamond district who shuttle over the 59th Street Bridge three times a day. And even though most employees live in Queens or on Long Is- land, the area’s isolation has some pining for the good old days in Manhattan.Before,they could stroll over to Bryant Park to eat lunch. The current location has virtually no place to get lunch,let alone a park to enjoy it in. “My staff got tired of calling in an order and waiting for it to be delivered, so now they bring their own lunch,” Mr. Anda says. “My guys play Lotto every day, and they say that if they ever hit it big they’ll buy . me a building in Manhattan so we can bring the business back there.”

COMMENTS? [email protected]

16 | Crain’s New York Business | June 23, 2008 CN012074 6/4/08 4:51 PM Page 1

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REAL ESTATE DEALS Center lends clients a B’way address Regus opening 43rd and West 44th streets. Asking Michael Berretta, Regus’ vice rent was $69 a square foot. president for business development, London hair salon 40,000-sq.-ft. shared Regus, based in London, recent- Americas, says the Times Square crossing the pond ly opened a center at 5 Penn Plaza. area is attractive because of all the business facility Tenants at the firm’s facilities have entertainment and financial compa- provocatively named salon near Times Square private offices but share a reception- nies concentrated there. Pimps & Pinups is heading this way. ist and such common areas as con- CB Richard Ellis brokers Bill Specializing in hair designs that egus group, which op- ference rooms. Iacovelli and Mark Ravesloot rep- impart a 1950s feel, the business erates business centers The business center at the Time resented Regus. Broker Paul Ip- just signed a seven-year lease for worldwide, will open its Square location will occupy the en- polito of Newmark Knight Frank 700 square feet at 101-103 Stanton St., 19th location in Man- tire 12th floor. Regus, which has a negotiated for landlord Paramount at Ludlow Street. Asking rent was hattan in 40,000 square 15-year lease,plans to open the cen- Leasehold. $163 a square foot, according to 1501 BROADWAY, between W. 43rd & 44th. Rfeet at 1501 Broadway, between West ter in the fourth quarter. —theresa agovino Michael Kadosh, a CB Richard Ellis broker who represented the landlord. “New York is the second-coolest city, after London,” and this will be the company’s second shop, says Pimps & Pinups Creative Director Simon Charrison. He expects the location to open by the end of the summer. Pimps & Pinups chose the Low- er East Side because of the neighborhood’s hip young residents. Nearby businesses include retailer

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AAM is a comprehensive investment solutions partner, offering a vast array of financial tools, leading technologies and industry expertise. HARD-CORE HAIR: Pimps & Pinups’ first U.S. AAM reaches financial professionals nationwide. We have nine major salon will be on the Lower East Side. offices throughout the US, and partnerships with over 80 broker/ dealers, 25,000 registered representatives, 2,500 independent American Apparel and popular bar- registered advisors, and 175 street accounts, including small and restaurants like Stanton Social and regional broker/dealers and wirehouses. Schiller’s. The salon is also considering ex- Operating as a single corporate brand, we will continue to provide panding to Los Angeles and Miami. the full complement of exceptional services and investment support Chris Schwart, a broker with Winick Realty,negotiated on behalf that have set us apart for nearly 30 years. of the tenant. —adrianne pasquarelli Growing agency Bond Services • Financial Tools and Technology • Portfolio Support requires more space Unit Investment Trusts • Structured Products • Separately Managed Accounts after adding 40 staffers in the past 18 months, DeVito/Verdi needed more space.The advertising agency found it—22,500 square feet at 100 Fifth Ave., between 15th and For further information about investment solutions offered by AAM, please visit: 16th streets. Asking rent was $70 to $75 a square foot, according to sources. www.aam.us.com DeVito/Verdi,currently in about 17,500 square feet at 111 Fifth Ave., or call 800-537-4581 has been on a hiring binge for staff to handle a number of new clients, including Chipotle and Sports Au- thority. Total employment now stands at about 100. YOUR INVESTMENT SOLUTIONS PARTNER SINCE 1979 President Ellis Verdi says that he plans to move into the new space,on the 16th and 17th floors, by next Advisors Asset Management, Inc. is a SEC registered investment advisor and member FINRA/SIPC. month. A roof garden—considered a key asset of the location—is included in the deal. Continued on Page 20

18 | Crain’s New York Business | June 23, 2008 CN012147 6/18/08 2:40 PM Page 1

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Continued from Page 18 12th floor of 42 W. 39th St., between and will continue to market to up- square foot. CB Richard Ellis brokers Gerry Fifth and Sixth avenues. Asking scale department stores, including The new office will occupy the Miovski and Barry Finkelman rep- rent was $40 a square foot. Barneys. Ms. Azuma expects the entire 44th floor of the 58-story resented DeVito/Verdi. Another Mai, which is part of Saco Inter- move to be completed by August. tower. The firm, currently at 590 CB Richard Ellis team represented national Inc., is now on the ground David Levy and Jeffrey Schwartz Madison Ave., plans to move at the the landlord, Rock Investments. floor. The move will let the clothier of Adams & Co. represented both end of the year. —theresa agovino concentrate on its wholesale busi- the tenant and the landlord. “It’s a relocation as well as an ex- ness, as the new space will accom- —adrianne pasquarelli pansion,”says Keffi Group Director modate its design studio,showroom Sujoya Roy. “We made the move so Apparel firm and growing staff,which has recent- that we could customize an office taking a step up ly tripled to 12 people. Private equity firm space to suit our needs and accom- “Being on the ground floor is a relocating to Fifth modate our growth plans.” mai, a specialist in cashmere cloth- problem,” says Suzan Azuma, Mai’s Brokers Robert Emden and ing for women, is moving up in the creative director. “We have a lot of private equity firm The Keffi Stephen Gordon with PBS Real Es- world. It recently signed a 10-year walk-ins, which is distracting.” Group has signed a 10-year lease for tate represented the tenant. Harry lease for 8,218 square feet— Mai will maintain its shop on 6,903 square feet at 500 Fifth Ave., at Blair of GVA Williams negotiated quadruple its current space—on the 67th Street and Madison Avenue, 42nd Street. Asking rent was $80 a for owner 500 Fifth Ave., which 500 FIFTH AVE., a 58-story tower, will be the new home of The Keffi Group.

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20 | Crain’s New York Business | June 23, 2008 CNYB 06-23-08 A 21 6/18/2008 6:19 PM Page 1

EXECUTIVE PAY “Support has hit a plateau for say on pay. We don’t support it because it’s too vague.” —Ed Durkin, United Brotherhood of Carpenters and Joiners of America, Page 22

Talent glut hurts exec pay prospects Companies place more emphasis on payouts tied to performance

BY ROBERT J. ROSENBERG

when katherine abreu was laid off from Standard & Poor’s last September, she was not terribly concerned about finding another job. An editor at one of the firm’s publications,she received a gener- ous severance package and was offered outplacement services. She was so confident about finding a job, she took some time off from her search at the end of 2007. However, when Ms. Abreu re- turned to the outplacement office earlier this year, she noticed a change. “Before, there had been people mainly in my age range,” says the 57-year-old editor. “But when I came back, there were all these people in their 20s and 30s—lots of them.” With Wall Street still reeling from the credit crisis and invest-

ment banks continuing to take chris gash billions of dollars in write-downs, 22,000 New Yorkers in the financial sector have lost their jobs. As a result, a glut of talented executives is flooding the labor market, making finding a job harder. Push for say on pay See TALENT GLUT on Page 23

INSIDE is losing its oomph Movement stalls as shareholder initiatives keep falling short It hasn’t worked out that way. 20.2% BY AARON ELSTEIN Support for say-on-pay resolutions has stalled INCREASE in annual this year, with the measures receiving about 43% of shareholder votes on average, almost the same compensation in eading into the spring, the stage seemed set for investors to send level as last year,according to RiskMetrics Group, 2007 versus 2006 corporate America a strong message against runaway pay for top an advisory firm that tracks the tallies. Activists among CEOs at corporate executives. blame the dismaying results on top financial in- About 100 companies, including such New York firms as Citigroup stitutions blunting investor outrage by sacking New York-area top executives.The proponents also point to com- Inc.and Merrill Lynch & Co.,were facing resolutions demanding that panies stepping up their campaigns against the companies. See shareholders be granted a nonbinding vote on how top people are paid. Given the our list of the 100 H resolutions. They contend that changes in how dismal results posted by these companies, proponents were confident that investors votes are cast have hurt their cause and insist that top-paid CEOs. would line up to support “say-on-pay” measures. they will try again next year. In the meantime, executive pay continues to Page 24 “You had to think this was a no-brainer,”says Vineeta Anand,chief research analyst rise quickly. Median pay for chief executives of at the AFL-CIO’s Office of Investment, which sponsored some of these proposals. See SAY-ON-PAY PUSHon Page 22

June 23, 2008 | Crain’s New York Business | 21 CNYB 06-23-08 A 22 6/18/2008 6:17 PM Page 1

REPORT EXECUTIVE PAY FALLING SHORT

have won majority votes at a hand- Recent say-on-pay proposals that ful of other companies, including failed to get a majority of shares. Say-on-pay push losing oomph Apple and Motorola. SHARES COMPANY VOTING YES Not enough votes Continued from Page 21 strably superior performance. board’s rationale for paying the Bank of New York Mellon 46% New York area companies rose a “Support has hit a plateau for say CEO millions doesn’t pass muster, but most of the 37 say-on-pay Citigroup whopping 20.2% last year, accord- on pay,” says Ed Durkin, director of then presumably the board would votes tabulated by RiskMetrics so 42% ing to Equilar Inc. corporate affairs at the carpenters reconsider the compensation pack- far this year have fallen short. The Goldman Sachs 46% Yet even people who readily agree union. “We don’t support it because age. Shareholders in the United measure got 42% of the vote at Citi- IBM 43% that executive pay is out of control it’s too vague. It doesn’t address par- Kingdom and some other European group and 38% at both Morgan Johnson & Johnson aren’t sure that say on pay is the best ticular issues at companies with ex- countries have held these kinds of Stanley and Merrill Lynch. 45% way to tackle it. Some activist orga- cessive pay.” votes for several years. Rich Ferlauto, director of pen- Merck 48% nizations, like the United Brother- Say on pay works like this:Share- Next year,Verizon Communica- sion investment policy at the Amer- Merrill Lynch 38% hood of Carpenters and Joiners of holders would be given the right to tions will hold its first say-on-pay ican Federation of State, County Morgan Stanley America, back resolutions that urge hold a nonbinding vote on their vote after a resolution sponsored by and Municipal Employees, a union 38% companies to award supersized pay board’s compensation report. If a group of retirees won a slim major- that has sponsored several say-on- PepsiCo 44% only when executives show demon- shareholders determine that the ity. This year, say-on-pay advocates pay resolutions, says the fact that Source: RiskMetrics Group

Citigroup and Merrill sacked their chief executives last year helped de- flect investor anger that might have been expressed by endorsing say on pay. At Morgan Stanley, Chief Ex- ecutive John Mack received no bonus last year after his firm posted a huge mortgage-related loss. Mr. Ferlauto also suspects that the foreign investors who bought big stakes in Wall Street firms late last year may also have declined to endorse say on pay. Companies, which seem to have been caught off guard by the support that say-on-pay measures received last year, have also responded by fighting the resolutions more aggressively.The Society of Corporate Secretaries & Governance Profes- sionals, for example, has a link on its Web site on how to deal with shareholder resolutions like say on pay. “Say on pay is the camel’s nose in the tent,” says Geoff Loftus, a vice president at the society. “These measures are about more than pay. They’re about shareholders managing companies,and that is the role of executives and their directors.” Wary of computers NOT YOUR ORDINARY ATTORNEYS. changes in how shareholder votes are cast may also be a factor. With prodding from the Securities and In a world of traditional thinking and conventional wisdom, where can you ﬁnd Exchange Commission, several a legal partner nimble enough to keep up with your business, entrepreneurial large companies in the past year enough to understand your world, and imaginative enough to anticipate your have begun urging investors to send next challenge? Fox Rothschild could be just what you’re looking for. It’s what their proxy votes electronically we like to think of as uncommon law. rather than via paper ballots. While that sounds sensible enough, Mr. Ferlauto says it has disenfranchised individual investors,particularly the elderly,who may not be comfortable LET OUR EXPERIENCE BE YOUR GUIDE® voting via computer. Only 16% of individual investors voted this year on proxy matters, according to Broadridge Financial Solutions, compared with 34% last year. “Angry retail investors aren’t voting,” Mr. Ferlauto observes. Despite the setbacks, proponents insist the say-on-pay idea won’t go away. Indeed, Hye-Won Choi, a senior vice president and head of corporate governance at TIAA-CREF, observes that both presidential candidates have en- www.foxrothschild.com dorsed the idea. The U.S. House of Representatives has passed a bill requiring that companies hold advisory votes on pay, though the Senate CALIFORNIA DELAWARE FLORIDA NEVADA NEW JERSEY NEW YORK PENNSYLVANIA hasn’t taken up the matter. A Pennsylvania Limited Liability Partnership “It really behooves companies to get ahead of this issue before lawmak- ers tell them what to do,” she says.

COMMENTS? [email protected]

22 | Crain’s New York Business | June 23, 2008 CNYB 06-23-08 A 23 6/18/2008 6:18 PM Page 1

REPORT EXECUTIVE PAY

Talent glut hurts pay prospects ROBYN LAZARA, who was let go twice within 15 months, is considering starting Continued from Page 21 it couldn’t until it completed a refi- their goals and, in some cases, rein- her own business. Executive compensation pack- nancing deal. vent themselves. ages are also under pressure from a “They’re not hiring because no- One of those reconsidering her wilting economy. “Since perform- body knows how long this down- career is Robyn Lazara, who was let ance levels were not as strong as they turn will last or how serious it will go in mid-January from Morgan have been in the past couple of years, be,” says Mr. Geller. Stanley’s global risk and analysis you are seeing payouts lower than in Executives who do have jobs are group, where she had earned about prior years,” says Russ Miller, man- finding that there’s more of an em- $150,000 a year as chief administra- aging director of Executive Com- phasis on performance in their com- tive officer. Prior to Morgan Stan- pensation Advisors, a subsidiary of ley, she was business manager for Korn/Ferry International. the equities sales desk at Wachovia ‘Nobody knows Securities until her position was Deteriorating conditions eliminated as part of a downsizing. the slowdown in hiring demand how long Now, after being let go from two is fully apparent to people runningex- positions at investment firms within ecutive search firms.Penny Doskow this downturn 15 months, Ms. Lazara, 35, is con- of Doskow Associates, an executive sidering starting a business near her search firm specializing in financial will last’ home in Boerum Hill, Brooklyn. services executives earning up to The business would combine her in- $200,000, says business in the sec- volvement in green initiatives with ond quarter is down 50% compared her business background. “At this with the same quarter a year ago. point in my life, being my own boss “It’s truly unfortunate what’s hap- pensation programs.“Companies are might make more sense,” she says. pening, but it’s reflective of the over- raising the bar on performance hur-

all deteriorating market conditions,” dles that the executive and company COMMENTS? [email protected] buck ennis she says. “People are being psycho- need to meet so as to earn the pay- logically battered because employers outs,” Mr. Miller says. are conducting staggered layoffs Buyout and termination pack- rather than one massive head-count ages are also being trimmed.“Com- reduction. This means people are panies are pulling back from the ter- coming to work every day wondering mination provisions in executive if the ax will fall on them next.” contracts,” says Mr. Miller. Allen Geller, managing director But while companies may be tak- at Raines International Inc.,a Man- ing a more deliberate approach to hattan search firm that places se- hiring, some of the hardest-hit in- nior managers making more than vestment banks continue to troll for $200,000 a year, says his business is the best talent,especially in such hot down 20% in the second quarter. areas as commodities trading. “There is very little hiring going on in the investment banking and Ray of hope banking communities,” says Mr. “things are happening, which is Geller. counter to what the buzz is and the But it’s not just investment bank- conventional wisdom is,” says Tom ÜÉäéáåÖ=óçì ing firms that are pulling back. Mr. Jago, managing director of the New Geller knows of a firm outside the York area at executive search firm financial sector that had been look- The Ward Group.“It’s a tough mar- ing for a senior financial executive. ket, but there is definitely activity.” mi^k=clo The firm had conducted interviews Still, the tough job market is and told the candidates that while it causing some out-of-work execu- Tax Planning & Compliance would like to go ahead with the hire, tives to take a step back, reassess qeb=crqrob Trust & Estate Personal Financial Management CRAIN’S SPECIAL SECTION Family Office Seeking New York’s This is what our Wealth Management Group is all about. Our partners offer personal service, financial strategy and advice, allowing you to plan ahead. We are one top employers of the largest mid-size accounting firms managing the financial health of high net worth individuals and their do you work for one of the 25 best companies in New York City? If families in the New York metropolitan area. you think so, nominate your company for Crain’s New York Business’ ëìéÉêáçê inaugural Best Places to Work competition.The June 30 deadline for nominations is approaching fast; don’t be left out! íÜáåâáåÖK More than 150 top New York companies have already entered the ìåã~íÅÜÉÇ competition. Anyone can nominate a company or get more information by visiting www.crainsnewyork.com/bestplaces. áåíÉÖêáíóK The free competition will recognize workplaces based on an employee survey that measures For more information, contact factors including work environment, innovations/ Andrew H. Weiss, CPA new ideas and people practices. Companies (212) 697-6900 compete against firms in their size category. Finalists and winners will be announced in a [email protected] CERTIFIED PUBLIC ACCOUNTANTS. BUSINESS ADVISERS. supplement to Crain’s and at an event in fall Holtz Rubenstein Reminick LLP 2008. To be eligible, companies must have at least 1430 Broadway, New York, NY 10018 one location and at least 50 employees within the 125 Baylis Road, Melville, NY 11747 five boroughs. Crain’s is working with leading www.hrrllp.com research firm Quantum Market Research to conduct and evaluate the employee surveys. ©2008 Holtz Rubenstein Reminick LLP

June 23, 2008 | Crain’s New York Business | 23 CNYB 06-23-08 A 24 6/18/2008 7:22 PM Page 1

REPORT EXECUTIVE PAY New York Area’s Fortunate 100 Chief executives ranked by 2007 compensation

Stock Other Company’s Total Cash pay Option awards in compensation 2007 pay in 2007 in 2007 awards in 2007 2007 in 2007 revenues Rank CEO/age Company/ticker symbol (in thousands) (in thousands) (in thousands) (in thousands) (in thousands) (in millions)

1 Stephen A. Schwarzman (61) Blackstone Group (BX) $350,729.5 $350,550.0$0.0$0.0 $179.5 $3,050.1 ▼ 2 John A. Thain 1 (52) Merrill Lynch & Co. (MER) $83,785.0 $15,750.0 $35,017.4 $33,013.2$4.4 $62,675.0 3 Mario J. Gabelli (65) Gamco Investors Inc. (GBL) $70,931.6 $0.0$0.0$0.0 $70,931.6 $324.9 4 Leslie Moonves (58) CBS Corp. (CBS) $67,615.8 $23,823.4 $27,335.0 $16,142.7 $314.8 $14,072.9 5 Lloyd C. Blankfein (53) Goldman Sachs Group Inc. (GS) $53,965.4 $27,585.5 $10,453.0 $15,542.8 $384.2 $87,968.0 6 Kenneth I. Chenault (56) American Express Co. (AXP) $50,126.6 $7,738.5 $33,244.0 $8,069.2 $1,074.9 $31,557.0

7 Laurence D. Fink (55) BlackRock Inc. (BLK) $41,874.3 $16,650.0 $16,715.0 $8,278.8 $230.6 $4,844.7 bloomberg news 8 John J. Mack (63) Morgan Stanley (MS) $41,399.0 $800.0 $4,019.9 $36,179.9 $399.2 $85,328.0 BLACKSTONE 9 James Dimon (52) J.P. Morgan Chase & Co. 2 (JPM) $28,856.3 $15,500.0$0.0 $13,000.0 $356.3 $116,353.0 No one timed things better than Stephen 10 Ralph Lauren (67) Polo Ralph Lauren Corp. (RL) $27,113.9 $17,500.0 $3,960.0 $5,543.0 $110.9 $4,287.4 Schwarzman. Just 11 Philippe P. Dauman (54) Viacom Inc. (VIA.B) $26,100.7 $9,000.0 $6,000.0 $10,836.4 $264.3 $13,423.1 weeks before the credit 12 Alain J.P. Belda 3 (64) Alcoa Inc. (AA) $25,646.4 $4,457.5 $13,558.0 $6,978.8 $652.1 $30,748.0 markets froze up and 13 Simon A. Borrows 4 (49) Greenhill & Co. (GHL) $25,396.1 $17,220.0$0.0 $4,039.0 $4,137.1 $4,660.1 the most recent golden age of leveraged 14 Fred Hassan (62) Schering-Plough Corp. (SGP) $24,748.7 $5,703.1 $9,609.3 $8,827.4 $608.9 $12,690.0 buyouts skidded to a 15 K. Rupert Murdoch (76) News Corp. (NWS.A) $24,251.2 $23,895.0$0.0$0.0 $356.2 $28,655.0 halt, Mr. Schwarzman 16 Scott L. Bok 5 (48) Greenhill & Co. (GHL) $23,603.9 $8,807.5$0.0 $4,050.0 $10,746.4 $400.4 reaped a fortune by 17 Martin E. Franklin (43) Jarden Corp. (JAH) $22,857.4 $6,710.4$0.0 $15,600.9 $546.1 $4,660.1 selling shares in his LBO firm to the public. 18 Lewis A. Sanders (61) AllianceBernstein Holding (AB) $22,168.1 $275.0$0.0$0.0 $21,893.1 $415.3 19 Richard S. Fuld Jr. (61) Lehman Brothers Holdings Inc. (LEH) $22,030.5 $5,000.0$0.0 $16,877.4 $153.2 $59,003.0 20 Henry A. Fernandez (49) MSCI Inc. (MXB) $21,928.2 $3,234.7 $4,418.7 $14,268.7$6.1 $369.9 21 James L. Dolan (52) Cablevision Systems Corp. (CVC) $21,851.9 $12,110.8$0.0 $2,965.8 $6,775.3 $6,484.5 22 Michael B. Targoff (63) Loral Space & Communications Inc. (LORL) $21,830.3 $2,096.0 $19,148.3$0.0 $586.1 $882.5 23 Samuel J. Palmisano (56) International Business Machines Corp. (IBM) $20,908.2 $7,600.0 $1,498.6 $10,821.1 $988.5 $98,786.0 24 Robert P. Kelly 6 (53) Bank of New York Mellon Corp. (BK) $20,515.8 $8,475.0 $6,164.9 $4,214.7 $1,661.2 $14,782.0

25 Ivan G. Seidenberg (61) Verizon Communications Inc. (VZ) $20,277.5 $6,300.0$0.0 $13,125.2 $852.3 $93,469.0 bloomberg news 26 Richard D. Parsons 7 (59) Time Warner Inc. (TWX) $18,065.0 $9,000.0 $3,250.9 $5,304.4 $509.7 $46,482.0 BEAR STEARNS 27 Arthur F. Ryan 8 (65) Prudential Financial Inc. (PRU) $18,025.2 $8,500.0 $3,785.1 $5,495.6 $244.5 $34,500.0 There is no safer James E. Cayne 9 (74) Bear Stearns Cos. 2 (BSC) $17,220.0 $250.0 $1,690.3 $14,839.0 $440.8 $16,151.0 prediction: Former Bear

28 ▼ 10 Stearns Chief Executive 29 Mitchell H. Caplan (50) E*Trade Financial Corp. (ETFC) $16,469.6 $750.0 $2,573.9 $2,087.0 $11,058.7 $2,228.3 James Cayne will never 30 Glenn A. Britt (58) Time Warner Cable Inc. (TWC) $15,729.7 $8,825.7 $2,369.7 $4,444.5 $89.9 $15,955.0 appear on this list 31 David T. Hamamoto (48) NorthStar Realty Finance Corp. (NRF) $15,609.0 $1,950.0$0.0 $13,650.0$9.0 $403.6 again. Mr. Cayne, 32 Marc Holliday (41) SL Green Realty Corp. (SLG) $14,889.3 $8,100.0$0.0 $3,190.2 $3,599.1 $1,101.3 whose firm’s collapse is the stuff of Wall Street Indra K. Nooyi (52) $14,736.7 33 PepsiCo Inc. (PEP) $4,500.0 $4,904.0 $4,928.6 $404.1 $39,474.0 legend, had to sell his 34 Robert C. Henrikson (60) MetLife Inc. (MET) $14,264.4 $6,000.0 $3,708.6 $4,257.8 $298.0 $52,978.0 stock, once worth 35 David B. Snow Jr. (53) Medco Health Solutions Inc. (MHS) $14,085.7 $3,873.2 $8,255.3 $1,913.8 $43.4 $44,506.2 about $1 billion, for 36 Martin J. Sullivan (53) American International Group Inc. (AIG) $13,930.4 $10,232.4 $3,000.0$0.0 $697.9 $109,607.0 $61 million. 37 A. Lorne Weil (62) Scientific Games Corp. (SGMS) $13,535.4 $3,183.6 $1,334.1 $8,948.2 $69.6 $1,046.7 38 James M. Cornelius 11 (64) Bristol-Myers Squibb Co. (BMY) $13,500.6 $4,635.4 $3,352.3 $5,088.0 $425.0 $19,348.0 39 Salvatore Iannuzzi 12 (54) Monster Worldwide Inc. (MNST) $13,159.1 $2,377.8$0.0 $10,771.6$9.7 $1,351.3 40 Morten Arntzen (53) Overseas Shipholding Group Inc. (OSG) $12,620.9 $2,200.0 $5,520.2 $4,713.3 $187.3 $1,129.3 41 Jeffrey B. Kindler (52) Pfizer Inc. (PFE) $12,597.3 $4,562.5 $3,123.6 $4,469.8 $441.5 $48,209.0 42 Michael A.J. Farrell (56) Annaly Capital Management Inc. (NLY) $12,536.3 $12,048.0 $488.1 13 $0.0$0.2 $2,416.7 43 Ralph Izzo 14 (50) Public Service Enterprise Group Inc. (PEG) $11,755.1 $2,227.9 $4,332.7 $5,042.3 $152.2 $12,853.0 bloomberg news 44 Julian R. Geiger (62) Aéropostale Inc. (ARO) $11,173.6 $4,000.0 $1,177.1 $5,981.8 $14.7 $1,590.9 CIT GROUP $11,125.8 45 Michael I. Roth (62) Interpublic Group of Companies Inc. (IPG) $3,534.6 $2,446.5 $4,750.0 $394.7 $6,554.2 Its subprime mortgage 46 Andrea Jung (49) Avon Products Inc. (AVP) $11,121.8 $5,692.5 $2,246.4 $3,016.8 $166.1 $9,938.7 holdings caused CIT 47 Robert W. Selander (57) MasterCard Inc. (MA) $11,027.6 $3,142.8 $2,500.0 $2,500.0 $2,884.7 $4,067.6 Group to swing to a 48 Jeffrey M. Peek (60) CIT Group Inc. (CIT) $10,979.2 $800.0 $3,976.9 $6,054.0 $148.2 $8,096.9 $111 million loss last ▼ year from a $1.1 billion 49 Gary C. Butler (60) Automatic Data Processing Inc. (ADP) $10,794.8 $3,180.0 $4,175.4 $3,193.2 $246.1 $7,800.0 profit in 2006. Though 50 Thomas M. Joyce (53) Knight Capital Group Inc. (NITE) $10,491.0 $5,159.9 $1,400.0 $3,840.0 $91.2 $892.3 the board refused to 51 Mark P. Frissora (52) Hertz Global Holdings Inc. (HTZ) $10,025.7 $4,820.5 $4,864.0$0.0 $341.2 $8,685.6 grant Jeffrey Peek bonuses, his total 52 Harold W. McGraw III (59) McGraw-Hill Cos. (MHP) $9,992.5 $3,300.0 $3,041.8 $2,996.4 $654.3 $6,772.3 compensation fell by 15 53 Frits D. Van Paasschen (46) Starwood Hotels & Resorts Worldwide Inc. (HOT) $9,832.7 $2,903.8 $1,331.5 $5,250.0 $347.4 $6,153.0 just a third, primarily 54 Timothy M. Ring (50) C.R. Bard Inc. (BCR) $9,642.7 $2,309.7 $3,252.0 $3,172.2 $908.9 $2,202.0 because Mr. Peek was 55 Jay Sugarman (45) iStar Financial Inc. (SFI) $9,591.6 $4,000.0$0.0 $5,109.2 $482.3 $1,455.2 given more stock options. 56 Steven R. Loranger (56) ITT Corp. (ITT) $9,486.3 $3,306.5 $1,419.2 $4,548.5 $212.0 $9,003.3 Continued

24 | Crain’s New York Business | June 23, 2008 CN012061 5/27/08 3:17 PM Page 1 CNYB 06-23-08 A 26 6/18/2008 7:22 PM Page 1

REPORT EXECUTIVE PAY

57 Peter C. Georgiopoulos (47) General Maritime Corp. (GMR) $9,160.9 $700.0$0.0 $8,437.7 $23.2 $255.0 58 Michael T. Strianese (52) L-3 Communications Holdings Inc. (LLL) $9,150.6 $3,500.0 $2,103.0 $3,450.0 $97.6 $13,960.5 59 William L. McComb (45) Liz Claiborne Inc. (LIZ) $8,948.8 $1,625.0 $3,532.5 $3,574.8 $216.5 $4,577.3 ▼ 60 John D. Wren (55) Omnicom Group Inc. (OMC) $8,410.7 $8,000.0$0.0$0.0 $410.7 $12,694.0 61 Sol J. Barer (61) Celgene Corp. (CELG) $8,357.5 $3,081.3 $5,094.8$0.0 $181.4 $1,405.8 62 Ian M. Cook 16 (55) Colgate-Palmolive Co. (CL) $8,338.9 $3,437.5 $3,182.0 $1,517.2 $202.1 $13,791.8 63 William P. Lauder (47) Estée Lauder Cos. (EL) $8,099.1 $3,687.3 $2,161.5 $2,173.5 $76.8 $7,037.5 64 Gary C. Dunton 17 (52) MBIA Inc. (MBI) $8,081.3 $1,977.6$0.0 18 $5,250.0 $853.7 $3,116.0 65 Duncan L. Niederauer 19 (48) NYSE Euronext Inc. (NYX) $8,058.2 $3,000.0$0.0 $5,000.0 $58.2 $4,188.0 Lew Frankfort (61) Coach Inc. (COH) $7,982.2 $3,326.9 $3,456.7 $800.0 $398.6 $2,612.5 66 bloomberg news 67 John A. Swainson (53) CA Inc. (CA) $7,954.7 $2,393.8 $1,990.7 $3,320.0 $250.3 $3,943.0 LIZ CLAIBORNE 68 Emanuel Chirico (50) Phillips-Van Heusen Corp. (PVH) $7,874.4 $4,075.0 $1,681.4 $2,015.3 $102.7 $2,425.2 The company posted a 69 Robert Greifeld (50) Nasdaq OMX Group Inc. (NDAQ) $7,566.5 $4,800.0$0.0 $2,655.2 $111.3 $2,436.6 loss of $373 million in 70 Ronald E. Hermance Jr. (60) Hudson City Bancorp Inc. (HCBK) $7,166.7 $3,280.4 $3,262.5$0.0 $623.8 $2,134.8 2007 as William 71 Andre Calantzopoulos 20 (50) Philip Morris International (PM) $7,075.0 $4,944.8$0.0 $2,100.1 $30.0 $22,798.0 McComb, a former 72 Edward J. Ludwig (56) Becton Dickinson & Co. (BDX) $7,053.4 $2,430.0 $1,780.6 $2,823.6 $19.2 $6,359.7 Johnson & Johnson executive, embarked on 73 Robert M. Amen (58) International Flavors & Fragrances Inc. (IFF) $7,042.4 $3,792.1$0.0 $2,980.0 $270.3 $2,276.6 a major strategic shift. 21 74 John H. Johnson (50) ImClone Systems Inc. (IMCL) $6,876.6 $850.0 $4,926.3 $1,000.0 $100.2 $590.8 Though his maneuvers 75 Raymond W. McDaniel Jr. (50) Moody’s Corp. (MCO) $6,795.6 $1,987.0 $2,330.7 $2,330.7 $147.2 $2,259.0 might not pay off for 76 Steven H. Temares (49) Bed Bath & Beyond Inc. (BBBY) $6,708.6 $1,328.8 $2,982.1 $2,374.0 $23.6 $7,048.9 years, Liz’s board didn’t hesitate to reward Mr. $6,607.6 77 Ronald L. Hoffman (59) Dover Corp. (DOV) $3,924.3 $2,672.4$0.0 $10.8 $7,226.1 McComb handsomely. 78 Robert M. Cashill 22 (65) Investors Bancorp Inc. (ISBC) $6,503.1 $1,172.4 $1,459.5 $3,812.5 $58.7 $282.5 The directors argued 79 Joseph R. Gromek (61) Warnaco Group Inc. (WRNC) $6,470.5 $3,000.0 $803.6 $2,324.9 $342.1 $1,860.1 that they needed to “maintain flexibility” 80 Mark Shapiro (37) Six Flags Inc. (SIX) $6,437.6 $1,308.4 $2,415.0 $2,645.0 $69.2 $972.8 with compensation. 81 Millard S. Drexler (63) J. Crew Group Inc. (JCG) $6,403.2 $1,704.0 $3,588.0 $1,086.0 $25.2 $1,334.7

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26 | Crain’s New York Business | June 23, 2008 CNYB 06-23-08 A 27 6/19/2008 2:27 PM Page 1

REPORT EXECUTIVE PAY

82 Steven W. Alesio (53) Dun & Bradstreet Corp. (DNB) $6,371.4 $2,745.0 $1,478.1 $2,105.7 $42.6 $1,599.2 83 Eric J. Foss (49) Pepsi Bottling Group Inc. (PBG) $6,349.7 $2,697.9 $1,585.1 $2,000.0 $66.7 $13,591.0 84 Michael J. Kowalski (56) Tiffany & Co. (TIF) $6,295.9 $2,824.9 $1,477.8 $1,653.0 $340.3 $2,938.8 85 John R. Peeler 23 (53) Veeco Instruments Inc. (VECO) $6,274.7 $600.0 $1,527.5 $3,111.0 $1,036.2 $402.5 w s 86 Weston M. Hicks (51) Alleghany Corp. (Y) $6,261.5 $2,500.0 $0.0 $3,571.6 $189.9 $1,428.0 87 William F. Ruprecht (52) Sotheby’s (BID) $6,191.9 $3,300.0 $0.0 $2,200.0 $691.9 $917.7 ▼ 88 William J. Pesce (56) John Wiley & Sons Inc. (JW.A) $6,079.5 $2,255.5 $2,439.6 $1,322.0 $62.4 $1,234.9 bloomberg ne 89 Michael G. Cherkasky 24 (58) Marsh & McLennan Cos. (MMC) $6,033.9 $1,000.0 $1,251.6 $3,750.0 $32.3 $11,350.0 90 Marc D. Schnitzer (47) Centerline Holding Co. (CHC) $5,883.2 $1,722.8 $0.0 $3,792.3 $368.2 $572.9 SOTHEBY’S 91 Fred Kornberg (71) Comtech Telecommunications Corp. (CMTL) $5,753.4 $4,391.3 $1,264.8 $0.0 $97.4 $445.7 This auction house was reeling from a price- 92 Patrick G. Lepore (52) Par Pharmaceutical Cos. (PRX) $5,598.7 $1,974.2 $1,452.5 $2,148.5 $23.5 $769.7 fixing scandal and 93 Kevin Burke (57) Consolidated Edison Inc. (ED) $5,548.1 $2,157.8 $0.0 $3,330.6 $59.7 $13,120.0 bleeding red ink when 94 Joseph C. Muscari 25 (61) Minerals Technologies Inc. (MTX) $5,539.6 $1,631.2 $1,486.1 $2,408.0 $14.3 $1,077.7 William Ruprecht took 95 Steven Roth (66) Vornado Realty Trust (VNO) $5,476.2 $1,009.5 $4,202.7 $0.0 $264.0 $3,568.8 over in 2000. The firm’s net income more than $5,438.8 96 Antoine Dominic (47) Excel Technology Inc. (XLTC) $2,745.0 $0.0 $2,600.0 $93.8 $160.0 doubled last year from 97 Robert F. Orlich (60) Transatlantic Holdings Inc. (TRH) $5,311.5 $2,014.0 $1,404.6 $1,862.6 $30.4 $4,381.8 2006, to $200 million- 98 James S. Tisch (55) Loews Corp. (LTR) $5,301.3 $3,275.0 $1,910.5 $0.0 $115.9 $17,551.0 plus, and Mr. Ruprecht 99 Richard A. Barasch (54) Universal American Financial Corp. (UAM) $5,290.6 $798.3 $2,675.3 $1,803.0 $14.0 $3,034.6 is being remunerated accordingly. 100 Mel Karmazin (64) Sirius Satellite Radio Inc. (SIRI) $5,268.7 $5,250.0 $0.0 $0.0 $18.7 $922.1 Source: Equilar Inc., Redwood Shores, Calif., (877) 441-6090, www.equilar.com; additional research by Denise Southwood, Heather Holland and Amanda Wheat New York area includesNewYorkCity andNassau, Suffolk andWestchester counties in NewYork, andBergen, Essex, HudsonandUnion counties in NewJersey. This ranking isbasedonCrain’slist of the 300 largest publiclyheldcompanies in the NewYork area and includes CEOs who were with those companies attheendoftheir fiscal years. Executives mayshare the CEO title and/or haveadditional titles. Executiveages are derivedfrom biographical information disclosed in companyproxy statements and may not reflect recentbirthdays. Annualizedbase salaries are obtainedfrmome ployment agreements when available and estimatedwhen necessary. All financial data are derivedfrom themost recent 10-Ksornewswire dataavailable asofApril 30, 2008. The data for companieswith fiscal years ending in March through Decem ber are for the year ended in 2007, andthe data for companieswith fiscal years ending in January andFebruary are for the year ended in 2008, except where noted. Compensation data are derivedfrom companyfilings available from the SEC asofMay 31, 2008. Compensationandfinancial figureshave been roundedtoone decimal place.Calculationsfor total pay and short-term pay are basedon unrounded numbers. Total pay repre sents the sum of base salary, bonus, non-equity incentive plan payouts, optionawards, stock awards and other compensation. Cash pay represents the sum of base salary, bonus and NEIP payouts. Option awards representtheaggregate value of service- and, performance-based optionawards andthe targetvalue of equity incentive plan awards denominated in options. Stock awards representtheaggregate value of service- andperformance-based stock awards andthe targetvalue of equity incentive plan awards denominated in stock and/or units. Other compensation represents the value of perquisites andbenefits awardedtoexecutives. 1-Mr.Thain washired as CEO on Dec. 1, 2007. Annualizedbasedsalary. 2-In 2008, J.P. Morgan Chase bought Bear Stearns. 3-Mr.Beldaresigned as CEO onMay 8, 2008. 4-Mr.Borrows waspromoted to co-CEO on Oct. 25, 2007. 5-Mr. Bok waspromoted to co-CEO on Oct. 25, 2007. 6-Mr. Kellybecame CEO on July 1, 2007. 7-Mr.Parsons resigned as CEO on Jan. 1, 2008, andJe.BffreyL ewkesbecame CEO. Mr.Parsonscontinuestoserveaschairman of the board. 8-Mr.Ryan resigned as CEO on Jan. 1, 2008, and retired aschairman of the board onMay 13, 2008. John R. StrangfeldJr.became CEO on Jan. 1, 2008. 9-Mr.Cayne retired as CEO. He continuedtoserveaschairman of the boarduntil the merger with J.P. Morgan Chase.10-Mr.Caplan resigned as CEO on Nov. 28, 2007. R. Jarrett Lilien acted as CEO from Nov. 28, 2007, until March 2, 2008. On March 2, 2008, DonaldH.Layton was appointed CEO. 11-Mr.Cornelius washired as interim CEO on Sept. 12, 2006, andwas appointed CEO on April 26, 2007. 12-Mr.Iannuzzi washired as CEO on April 11, 2007. Annualizedbase salary. 13-ValuedbyEquilar usingthe Black-Scholesformula. 14-Mr.Izzowaspromoted to CEO on April 1, 2007. 15-Mr.Van Paasschen washired as CEO on Sept. 24, 2007. Annualizedbase salary. 16-Mr. Cook wasprom oted to CEO on July1, 2007. 17-Mr.Duntonresigned as CEO on Feb. 16, 2008. Joseph W. Brownrejoinedthe companyon Feb. 16, 2008, as CEO. 18-Excludes optionsgranted in 2007 fornoncompensatory reasonsthatwere subsequentlycanceled in 2008. 19-Mr.Niederauer joinedthe company in April 2007 andwaspromoted to CEO on Dec. 1, 2007. Annualizedbase salary. 20-Mr.Calantzopoulos served as CEO until the spinoff from Altria in March 2008, atwhich time he became COO. 21-Mr. Johnson washired as CEO on Aug. 27, 2007. Annualizedbase salary. 22-Mr.Ca shill retired as CEO on Dec. 31, 2007. Kevin Cummings became CEO on Jan. 1, 2008. 23-Mr.Peeler washired as CEO on July 1, 2007. Annualizedbase salary. 24-Mr.Cherkasky resigned as CEO on Jan. 29, 2008. Brian Duperreaultbecame CEO on Jan. 29, 2008. 25-Mr. Muscari was hired as CEO on March 1, 2007. Annualized base salary.

June 23, 2008 | Crain’s New York Business | 27 .com

NEW YORK AUTOUTO SHO CNYB 06-23-08 A 28 6/19/2008 2:27 PM Page 1

REPORT EXECUTIVE PAY

ALPHABETICAL LISTING OF FIRMS

COMPANY RANK COMPANY RANK COMPANY RANK COMPANY RANK COMPANY RANK

Aéropostale Inc. ------44 Bear Stearns Cos.------28 Celgene Corp. ------61 Estée Lauder Cos. ------63 International Flavors & Fragrances Inc.------73

Alcoa Inc. ------12 Becton Dickinson & Co. ------72 Centerline Holding Co. ------90 Excel Technology Inc. ------96 Interpublic Group of Companies Inc------45

Alleghany Corp.------86 Bed Bath & Beyond Inc. ------76 CIT Group Inc. ------48 Gamco Investors Inc. ------3 Investors Bancorp Inc. ------78

AllianceBernstein Holding ------18 BlackRock Inc. ------7 Coach Inc. ------66 General Maritime Corp. ------57 iStar Financial Inc. ------55

American Express Co. ------6 Blackstone Group ------1 Colgate-Palmolive Co.------62 Goldman Sachs Group Inc. ------5 ITT Corp. ------56

American International Group Inc. ------36 Bristol-Myers Squibb Co. ------38 Comtech Telecommunications Corp. ------91 Greenhill & Co. ------13,16 J. Crew Group Inc. ------81

Annaly Capital Management Inc. ------42 C.R. Bard Inc. ------54 Consolidated Edison Inc.------93 Hertz Global Holdings Inc. ------51 J.P. Morgan Chase & Co. ------9

Automatic Data Processing Inc. ------49 CA Inc. ------67 Dover Corp. ------77 Hudson City Bancorp Inc. ------70 Jarden Corp.------17

Avon Products Inc. ------46 Cablevision Systems Corp.------21 Dun & Bradstreet Corp.------82 ImClone Systems Inc. ------74 John Wiley & Sons Inc. ------88

Bank of New York Mellon Corp. ------24 CBS Corp. ------4 E*Trade Financial Corp.------29 International Business Machines Corp. ------23 Knight Capital Group Inc.------50

L-3 Communications Holdings Inc. ------58

Lehman Brothers Holdings Inc. ------19

Liz Claiborne Inc. ------59

Loews Corp.------98

Loral Space & Communications Inc. ------22

Marsh & McLennan Cos.------89

MasterCard Inc.------47

MBIA Inc.------64

McGraw-Hill Cos. ------52

Medco Health Solutions Inc.------35

Merrill Lynch & Co. ------2

MetLife Inc.------34

Minerals Technologies Inc.------94

Monster Worldwide Inc. ------39

Moody’s Corp. ------75

Morgan Stanley ------8

MSCI Inc. ------20

Nasdaq OMX Group Inc. ------69

News Corp. ------15

NorthStar Realty Finance Corp.------31

NYSE Euronext Inc. ------65

Omnicom Group Inc. ------60

Overseas Shipholding Group Inc. ------40

Par Pharmaceutical Cos. ------92

Pepsi Bottling Group Inc.------83

PepsiCo Inc. ------33

Pfizer Inc.------41

Philip Morris International ------71

Phillips-Van Heusen Corp. ------68

Polo Ralph Lauren Corp. ------10

Prudential Financial Inc. ------27

Public Service Enterprise Group Inc. ------43

Schering-Plough Corp. ------14

Scientific Games Corp. ------37

Sirius Satellite Radio Inc. ------100

Six Flags Inc. ------80

SL Green Realty Corp. ------32

Sotheby’s ------87

Starwood Hotels & Resorts Worldwide Inc.------53

Tiffany & Co.------84

Time Warner Cable Inc. ------30

Time Warner Inc.------26

Transatlantic Holdings Inc. ------97

Universal American Financial Corp. ------99

Veeco Instruments Inc. ------85

Verizon Communications Inc.------25

Viacom Inc. ------11

Vornado Realty Trust ------95

Warnaco Group Inc. ------79

28 | Crain’s New York Business | June 23, 2008 CNYB 06-23-08 A 29 6/20/2008 12:30 PM Page 1

CRAINS_06-16-08_ unidata_Enterprise SLAs.ai 6/5/2008 3:49:29 PM Producers unfazed Enterprise SLAs for middle market by strike threat companies ny owners and film workers are gid- Film workers, owners dy about the state of business. Middle market companies are in a tough position. believe actors won’t Since New York state tripled its walk as cameras roll tax incentive to 30% in May, pro- The banks call you middle market—offering middle duction work has been flooding into market credit lines at middle market rates. But in the the city, and more is scheduled for information technology (IT) world, customers, BY MIRIAM KREININ SOUCCAR later in the year. trading partners, and regulators expect you to operate like an enterprise—with all the costly network access, last year, film production work- Lots of activity ers were lying awake at night, at least 13 television shows are availability, backup, security, and application tightening their belts and making shooting here now, and nine pi- support that entails. contingency plans because they lots have been filmed or will be feared that a threatened strike by soon, according to the Mayor’s Of- We’d like to help you outmaneuver this situation. writers would cripple their fice of Film, Theatre and business. Broadcasting. A number of CallCall uuss ttodayodayy—we’llwe’ll givegive you a Today, a strike by the 30% feature films are shooting Screen Actors Guild could TAX INCENTIVE now or have just wrapped, complimentary network assessment, designed to be just around the corner. offered by and many more, such as New York outline your company’s best bets The union’s contract will ex- state for film the prequel to I Am Legend pire June 30, and no settle- production with Will Smith, are slat- for service improvement and cost savings ment is in sight. But the ed to come in August and mood is far different. September. “People are nervous, but they “New York is on fire,” says Gino We’re the brains behind New York’s best networks feel there is a good chance it won’t Lucci, president of Picture Cars happen,” says Dyann Klein, owner East Inc., which provides every- of Props for Today, a Manhattan thing from fire trucks to Ferraris for prop house that lost hundreds of TV shows and movies. “By the end thousands of dollars during the of the summer, there are going to be writers’ strike and had to lay off five very few,if any,stages,equipment or A Unity International Group Company people. “There isn’t the same doom technicians available.” www.UniDataIT.com [email protected] (718) 445-5600 (opt.2) and gloom as before.” In fact,many production compa- COMMENTS? [email protected]

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United States have a cell phone. Of AT&T announced a similar effort. those who have cell phones,14% say Analysts note that the telecom com- Verizon targets cell users their cell phones are the only voice panies are late in taking advantage of service they subscribe to. their thriving cell phone businesses Verizon has been steering away when it comes to bundling. with Internet, TV services from its landline business since last Some analysts also question the year. It sold its New England local effectiveness of Verizon’s new bun- landline business to Fairpoint dles, noting that the market for cus- move to further offset its declining about $15 a month. Communications for $2.3 billion so tomers who only want cell phone Offers package deals landline business as more and more “This comprehensive bundle it could focus on rolling out its FiOS and Internet service is small. as landline phone consumers cut the cord on their provides us greater flexibility to Internet and TV nationwide. In “It won’t help Verizon gain mar- home phones. meet the evolving communication April, Verizon reported that its ket share, [but] it may help glue market shrinks; Before, Verizon customers had preferences of customers,” says Vir- landline subscribers fell more than wireless customers to the company,” right number? to subscribe to a landline in order ginia Ruesterholz, president of Ver- 8%,to 40.5 million,in the first quar- says Bruce Leichtman of Leicht- to save on their high-speed Inter- izon Telecom. ter of this year. man Research Group Inc.,a telecom net and TV service. Now all they The company’s wireless business research firm. He notes that mar- BY AMANDA FUNG need is a cell phone to get a double- 89% have cell phones is one of its fastest-growing divi- keting the new bundle will be a chal- or triple-play package. Depend- the company is trying to attract sions. During the first quarter, rev- lenge, since consumers who solely verizon communications inc. ing on a customer’s plan, double- consumers who rely on a cell phone enues rose 13.2%, to $11.7 billion. use a cell phone tend to be younger will give consumers the opportuni- play bundles will save customers as their single communication de- The company is not the first tele- and not FiOS subscribers. ty to bundle their wireless phone about $13 a month, and triple-play, vice. According to a recent Harris phone provider to bundle wireless with Internet and television in a including TV, will save customers Interactive poll,89% of adults in the and Internet services. Late last year, COMMENTS? [email protected]

THE WEEKS AHEAD

THIS WEEK’S EVENTS fifth floor. Fee: $50. (914) 788-5482 or on getting interviews. 6:30 p.m. to 8:30 [email protected]. auditorium. Free. (212) 376-4329. JUNE 23 [email protected]. p.m., 11 Penn Plaza, fifth floor. Fee: $50. JULY 8 New York Public Library holds JUNE 25 (914) 788-5282 or [email protected]. JULY 7-13 Pace University Small Business information session on searching Hodgson Russ holds seminar on JULY 3 JULY 7 Development Center holds workshop Bloomberg’s database. 11:15 a.m. to residency and allocation issues, and new Business Network International Wall Manhattan Review holds information on business planning. 5:30 p.m. to 7:30 12:30 p.m., Science, Industry and deferred-compensation rules. 8:30 a.m. Street holds networking breakfast. 7 session on M.B.A. admissions and the p.m., 163 William St. Free. Business Library, 188 Madison Ave., to 10:15 a.m., 1540 Broadway, 24th a.m. to 8:30 a.m., George’s Restaurant, GMAT.7 p.m. to 8:30 p.m., 420 (212) 618-6655 or [email protected]. ETC 2, lower level. Free. floor. Fee: $45. (212) 751-4300 or 89 Greenwich St., second floor. Fee: Lexington Ave., suite 2310. Free. JULY 9 (212) 592-7000. [email protected]. $19. (212) 661-4590 or (212) 997-1660 or Manhattan Chamber of Commerce and JUNE 23 JUNE 25 [email protected]. Commerce Bank hold breakfast. 8 a.m. Glow International Group holds Real Estate Group holds seminar on More meetings online at JULY 8 to 10 a.m., 582 Ninth Ave. Free. Internet marketing strategies seminar. 7 shifting your career to Manhattan www.crainsnewyork.com State Bank holds seminar on protecting (212) 473-7805 or p.m. to 9 p.m., Regus, 245 Park Ave., residential real estate. 6 p.m. to 8 p.m., Click on “Events” lives, assets and reputations. 8 a.m. to 10 [email protected]. 39th floor. Fee: $5. (201) 484-7223 or 115 E. 23rd St., second floor. Free. a.m., 780 Third Ave., conference-level —sarah studley [email protected]. (646) 300-7202. JUNE 24 JUNE 25 Health Care Public Relations and Forty Plus of New York holds workshop Marketing Society holds dinner on on career strategy. 2 p.m. to 3:30 p.m., health and healing trends. 6 p.m. to 8 470 Seventh Ave., suite 403. Free. p.m., 3 West Club, 3 W. 51st St., third- Registration required. (212) 947-4230 or floor grand salon. Fee: $75 members, main@fortyplus/nyc.org. $85 nonmembers. (212) 506-5525 or JUNE 26 [email protected]. YourMoneyRelationship.com holds JUNE 24 workshop on gaining financial clarity. Thypin Oltchick Institute for Women’s 6:30 p.m. to 8:30 p.m., In Good Entrepreneurship @ FEGS holds forum Company Workplaces, 16 W. 23rd St., on mentors. 5:30 p.m. to 8 p.m., 130 E. fourth floor. Fee: $75. (646) 205-7652 or 59th St., seventh-floor auditorium. Free. [email protected]. (212) 366-0033 or [email protected]. JUNE 26 JUNE 24 Business Network International Wall Networking for Professionals holds New Street holds networking breakfast. 7 York power lunch. 1 p.m. to 3 p.m., a.m. to 8:30 a.m., George’s Restaurant, Opia, 130 E. 57th St. Fee: $44.90 89 Greenwich St., second floor. Fee: members, $54.90 nonmembers. $19. (212) 661-4590 or (212) 227-6556. [email protected]. JUNE 25 JUNE 26 Small Business Development Center Columbia Business School Alumni holds workshop on financing your small Club of New York holds program on business. 6 p.m. to 8 p.m., St. Joseph’s international entrepreneurship in media. College, 245 Clinton Ave., Tuohy Hall 6 p.m. to 8 p.m., Williams Club, 24 E. Auditorium, Brooklyn. Free. 39th St., second floor. Fee: $30 members, (718) 960-8697 or $40 nonmembers. (908) 227-2719 or [email protected]. [email protected]. JUNE 25 JUNE 26 Society for Marketing Professional Japan Society holds lecture on global Services, New York chapter, holds initiatives and contributions from breakfast on marketing for urban design northeast Asia. 6 p.m. to 8 p.m., 333 E. and smart growth. 8:30 a.m. to 10 a.m., 47th St. Fee: $15. (212) 715-1247. Penn Club, 30 W. 44th St. Fee: $65 JUNE 26 members, $85 nonmembers. Northwestern Mutual Financial (646) 720-9814. Network holds seminar on long-term JUNE 25 assets. 4 p.m. to 5 p.m., Russo Financial SoBRO holds workshop on pursuing Group, 875 Third Ave., 23rd floor. Free. contracts with the Dormitory Authority (212) 433-1280. of the State of New York. 3 p.m. to 4:30 p.m., 555 Bergen Ave., third floor, JUNE 30-JULY 6 Bronx. Free. (718) 732-7547. JUNE 30 JUNE 25 FacetoFace Speed Networking holds The Five O’Clock Club holds seminar networking reception. 5:30 p.m. to 8 on getting the most out of your contacts. p.m., Officefurniture.net, 10 Commer- 6:30 p.m. to 8:30 p.m., 11 Penn Plaza, cial St. Fee: $20. (516) 908-9638. JULY 2 Lower Manhattan Business Solution TO LIST YOUR EVENT Center holds seminar on running a business at home. 2 p.m. to 5 p.m., 110 Listings can be submitted only through the Crain’s Web site. To submit a calendar listing, go to William St., fourth-floor conference www.crainsnewyork.com and click on “Events.” room. Free. (212) 618-8914 or Sponsors have a choice of several free or paid list- [email protected]. ing options. All business events will be posted JULY 2 online within two business days. The Five O’Clock Club holds seminar

June 23, 2008 | Crain’s New York Business | 31 nb25p32-33cls.qxp 6/19/08 2:36 PM Page 32

BUSINESS OPPORTUNITY/EVENTS PUBLIC & LEGAL NOTICES

Notice of Formation of Alliance Medical Notice of Formation of 8 Centre Realty Notice of Qualification of Onyx LLC. Arts. of Org. filed with Secy. of Healthcare, LLC. Authority filed with Crain'sand Wellness Classified PLLC, Art. is notof Org. responsible filed for corrupt files submitted by client or ads run under the wrong subheading. Crain's Classified is not responsible forSec’y corrupt of State files (SSNY) submitted 12/12/07. by Office client or adsState run of underNY (SSNY) the on wrong 1/25/08. subheading. Office NY Dept. of State on 4/25/08. Office location: NY County. SSNY designated as location: NY Co. SSNY designated as location: NY County. Principal busi- agent of LLC upon whom process against agent of PLLC upon whom process ness address: 1660 Pearl St., it may be served. SSNY shall mail Denver, CO 80203. LLC formed in against it may be served. SSNY shall mail process to: The LLC, 433 West 14th St., Delaware (DE) on 6/29/05. NY Secy. copy of process to Nat. Reg. Agents, 875 Ste. 429 3R, Ny, NY 10014. Purpose: any of State designated as agent of LLC Ave of the Americas, Ste. 501, NY, NY lawful activities. upon whom process against it may 10001. Purpose: any lawful activities. be served and shall mail process to: Crain's Classified is not responsible for corrupt files submitted by client or ads run under the wrong subheading. CANDEO CLINICAL/SCIENCE COMMUNI- c/o CT Corporation System, 111 8th Notice of Qualification of Sirius Solutions CATIONS, LLC, a domestic Limited Ave., NY, NY 10011, registered agent ENTREPENEURS WANTED GP, L.L.C. Authority filed with Secy. of Crain'sLiability Company Classified (LLC) is notfiled with responsible the Sec forupon corrupt whom files process submitted may be by served. client or ads run under the wrong subheading. PUBLIC & LEGAL State of N.Y. (SSNY) on 5/1/08. Office of State of NY on 5-9-08. NY Office loca- DE address of LLC: The Corporation location: NY County. LLC formed in Trust Co., 1209 Orange St., tion: New York County. SSNY is designat- Wilmington, DE 19801. Arts. of Org. NOTICES Crain'sDelaware Classified(DE) on 8/7/02. is not SSNY responsible designat- fored corrupt as agent filesupon submittedwhom process by against client or adsfiled run with under DE Secy. thewrong of State, subheading. 401 ed as agent of LLC upon whom process the LLC may be served. SSNY shall mail a Federal St., Dover, DE 19901. NOTICE OF FORMATION OF KJF against it may be served. SSNY shall mail copy of any process against the LLC Purpose: any lawful activity. Documentaries LLC article of Organization process to: Capitol Services, Inc., 1218 served upon him/her to The LLC, 75 Crain'sfiled withClassified the Secretary is of not State responsible of NY forCentral corrupt Ave., files Ste. submitted100, Albany, NY by 12205. client or adsMaiden run Ln., under Ste. the408, wrong NY, NY subheading.10038. Notice of Qualification of Kamas Holdings, (SSNY) on 2/13/08. Office location: New DE address of LLC: 1209 Orange St., General purposes. LLC, App. for Auth. filed Sec’y of State York County. SSNY has been designated Wilmington, DE 19801. Arts. of Org. filed (SSNY) 5/19/08. Office location: NY as agent upon whom process against it with DE Secy. of State, 401 Federal St., Notice of Formation of CMF Eckhardt County. LLC org. in DE 3/6/08. SSNY des- may be served. The Post Office address to ignated as agent of LLC upon whom Ste. 4, Dover, DE 19901. Purpose: any Master Fund L.P. Certificate filed with which the SSNY shall mail a copy of any Secy. of State of N.Y. (SSNY) on process against it may be served. SSNY lawful act or activity. Crain's Classified is not responsible forprocess corrupt against files the submitted KJF Documentaries by client or ads run under the wrong subheading. 2/13/2008. Office location: NY County. shall mail copy of process to c/o Trevor LLC served upon him is C/O KJF Crain's Classified is not responsible for corrupt files submitted by client or ads run under the wrong subheading. TELECOMUNICATIONS Notice of Formation of Alui Properties, SSNY designated as agent of LP upon Belton, 105 E. 34th St., Ste. 125, NY, NY Documentaries 112 West 27th St. 6th flr. whom process against it may be served. 10016. DE office addr.: c/o CSC, 2711 NY, NY Purpose of : to engage in any law- LLC. Arts. of Org. filed with NY Dept. of State on 5/20/2008. Office location: NY SSNY shall mail process to: Citigroup Centerville Rd., Wilmington, DE 19808. ful act or activity. Street address of Managed Futures LLC, 731 Lexington Cert. of Form. on file: SSDE, Townsend Principal Business location is: 112 West County. Principal business address: 322 Ave., 25th Fl., NY, NY 10022, Attn: Bldg., Dover, DE 19901. Purpose: any Crain's27th st 6th Classified flr NY NY 10001. is not responsible forCrain'sW. corrupt 57th St., Classified filesUnit 42 submitted M1, is notNY, NY responsible by 10019. client or for ads corrupt run under files the submitted wrong subheading. by client or ads run under the wrong subheading. Secy. of State designated as agent of LLC Jennifer Magro. Registered agent upon lawful activities. whom process may be served: CT Notice of Qualification of Phoenix Adlabs upon whom process against it may be DOJEAN LLC, a domestic Limited Liability Theatre Management, LLC. Authority filed served and shall mail process to: c/o Corporation System, 111 8th Ave., NY, NY 10011. Name/address of each genl. Company (LLC) filed with the Sec of State with NY Dept. of State on 5/28/08. Office Poles, Tublin et al., LLP, 46 Trinity Pl., NY, of NY on 5-3-05. NY Office location: New location: NY County. LLC formed in NY 10006. Term: until 12/31/2099. ptr. available from SSNY. Term: until Crain's12/31/2030. Classified Purpose: is any not lawful responsible activity. forYork corrupt County. files SSNY submitted is designated by as client or ads run under the wrong subheading. Tennessee (TN) on 2/25/08. NY Secy. of Purpose: any lawful activity. agent upon whom process against the State designated as agent of LLC upon LLC may be served. SSNY shall mail a whom process against it may be served PARADIGM CAPITAL ADVISORS LLC, a VISIONS WITH SOLUTIONS, LLC, a copy of any process against the LLC and shall mail process to: c/o CT domestic Limited Liability Company (LLC) domestic Limited Liability Company (LLC) served upon him/her to C/O Alan P. Corporation System, 111 8th Ave., NY, NY filed with the Sec of State of NY on 6-13- filed with the Sec of State of NY on 3-10- Raines, Esq., 535 Fifth Ave., 25th Fl., NY, Crain's Classified is not responsible forCrain's10011, corrupt registered Classified files submittedagent is upon not responsiblewhom by client or for adsCrain's07. corrupt runNY Office under Classified files location: the submitted wrong is New not York subheading. responsible by County. client or for ads08. corrupt runNY Office under files location: the submitted wrong New York subheading. by County. client or ads run under the wrong subheading. process may be served. TN and principal SSNY is designated as agent upon whom SSNY is designated as agent upon whom NY 10017. General purposes. process against the LLC may be served. business address: 111 Center Park Dr., process against the LLC may be served. Notice of Formation of Industco Holdings, Ste. 1003, Knoxville, TN 37922. Arts. of SSNY shall mail a copy of any process SSNY shall mail a copy of any process LLC. Arts. of Org. filed with Secy. of State Org. filed with TN Secy. of State, 312 8th against the LLC served upon him/her to against the LLC served upon him/her to Ave. N., 6th Fl., Nashville, TN 37243. Julie Ravage, 603 W. 148th St., Ste. 6, The LLC, 230 W. 147th St., Unit 1Q, NY, of N.Y. (SSNY) on 4/28/08. Office location: Purpose: any lawful activity. NY, NY 10031. General purposes. Crain'sNY 10039. Classified General purposes. is not responsible forNY corrupt County. filesSSNY submitteddesignated as by agent client of or ads run under the wrong subheading. LLC upon whom process against it may Notice of Formation of EAST 191 LLC. Notice of Formation of Shelter Designs Notice of Qualification of BLT 33 LLC. be served. SSNY shall mail process to: Crain's Classified is not responsible forCrain'sArts. corrupt of Org. Classified files filed submittedwith is Secy. not of responsible byState client of or for adsLLC, corrupt run Art. under of filesOrg. the filed submitted wrong Sec’y of subheading. State by client or adsAuthority run under filed with the Secy. wrong of State subheading. of N.Y. c/o Signature Urban Properties, LLC, 853 N.Y. (SSNY) on 4/29/08. Office location: (SSNY) 3/7/08. Office location: NY (SSNY) on 4/29/08. Office location: NY Broadway, Ste. 2014, NY, NY 10003. NY County. SSNY designated as agent of County. SSNY designated as agent of LLC Purpose: any lawful activity TELEPHONE EQUIPMENT County. Principal business location: 11 LLC upon whom process against it may upon whom process against it may be Madison Ave., NY, NY 10010. LLC formed served. SSNY shall mail copy of process WILL BUY ALL be served. SSNY shall mail process to: in Delaware (DE) on 4/17/08. SSNY des- Notice of Formation of Barry LLC. Arts. 191 E. 7th St., Apt. 4, NY, NY 10009. to 1 Penn Plaza, #6102, NY, NY 10119. OFFICE TELEPHONE EQUIPMENT Crain'signated as Classified agent of LLC is upon not responsiblewhom forof corrupt Org. filed files withsubmitted Secy. of State by of client N.Y. or ads run under the wrong subheading. Purpose: any lawful activity. Purpose: any lawful activities. (SSNY) on 4/25/08. Office location: NY Please Call: 212-Richard. process against it may be served. SSNY Please Call: 212-742-4273 County. SSNY designated as agent of Crain's Classified is not responsible for corrupt files submitted by client or adsNOTICE run underOF FORMATION the wrong OF ABEND subheading. & SP8 INTERNATIONAL LLC, a domestic shall mail process to: c/o Corporation LLC upon whom process against it may SILBER, PLLC. Article of Organization Crain'sLimited Liability Classified Company is not (LLC) responsible filed with forService corrupt Company, files submitted 80 State St.,by Albany, client or adsbe runserved. under SSNY the shall wrong mail subheading.process to: filed with the Secretary of State of NY the Sec of State of NY on 12-14-07. NY NY 12207. DE address of LLC: 2711 95 Delancey Street, NY, NY 10022. Purpose: any lawful activity. PUBLIC & LEGAL Crain's(SSNY) on Classified 4/30/2008 isOffice not location responsible NEW forOffice corrupt location: files New submitted York County. by SSNY client is or adsCenterville run under Rd., theSte. 400, wrong Wilmington, subheading. DE YORK County. SSNY has been designated designated as agent upon whom process 19808. Arts. of Org. filed with DE Secy. of NOTICE OF FORMATION of Woo Jung A. as agent upon whom process against it against the LLC may be served. SSNY State, 401 Federal St., Ste. 4, Dover, DE NOTICES Cho, PLLC. Arts. Of Org. filed with Secy. may be served. The Post Office address to shall mail a copy of any process against 19901. Purpose: any lawful activity. which the SSNY shall mail a copy of any the LLC served upon him/her to SJS Of State of N.Y. (SSNY) on 3/27/08. Office Crain'sNotice of ClassifiedQualification isof notWoodbine responsible Capital forprocess corrupt against files the submitted LLC served by upon client or adsManagement run under Corp., the 780 wrong Third subheading. Ave., Ste. Notice of Formation PG 69 LLC art. of org. location: New York County. SSNY desig- Management LLC. Authority filed with NY Crain's Classified is not responsible for corrupt files submitted by client or ads run under the wrong subheading. him/her is C/O the LLC 151 WEST 74TH 2101, NY, NY 10017. General purposes. filed Secy. of State NY (SSNY) 1/23/08. nated as agent of PLLC upon whom Dept. of State on 5/19/08. Office location: process against it may be served. SSNY STREET, 7C. NEW YORK, NY 10023. Crain's Classified is not responsible forOff. corrupt loc. in NY files Co. submittedSSNY designated by client as or ads run under the wrong subheading. NY County. LLC formed in Delaware (DE) Purpose of PLLC: to engage in the prac- Notice of Qualification of DFS Funding shall mail process to: 49 West 76th Street, agent of LLC upon whom process may be on 5/6/08. NY Secy. of State designated as tice of law. Street address of Principal L.L.C. Authority filed with NY Dept. of #2D, NY, NY 10023. Principal business agent of LLC upon whom process against Business location is: 419 PARK AVENUE State on 5/28/08. NYS fictitious name: Dell served. SSNY shall mail copy of process location: 49 West 76th Street, #2D, NY, NY it may be served and shall mail process to SOUTH. NEW YORK, NY 10016. Funding Services LLC. Office location: NY to: Philippe Guegan, 68 Bradhurst Ave, 10023. Purpose: The practice of law. the principal business address: 900 3rd County. Principal business address: One 1U, NY, NY 10039. Purpose: Any lawful Crain's Classified is not responsible forAve., corrupt Ste. 202, files NY, submitted NY 10022. DE by address client or adsHOUSEHOLD run under NAME, the wrongLLC, a foreign subheading. Dell Way, Round Rock, TX 78682. LLC purpose. Notice of formation of BMF Trading LLC. of LLC: c/o The Corporation Trust Co., Limited Liability Company (LLC) filed with formed in Delaware (DE) on 11/16/04. NY Articles of Organization filed with Secy. Of 1209 Orange St., Wilmington, DE 19801. the Sec of State of NY (SSNY) on 8-9-07 Secy. of State designated as agent of LLC Name of LLC: FRANKEL & GREEN THEATRI- State of N.Y. (SSNY) on 4/21/08. Office Arts. of Org. filed with DE Secy. of State, using the fictitious name HOUSEHOLD upon whom process against it may be CAL MANAGEMENT LLC. Articles of Org. Location: New York County. SSNY desig- P.O. Box 898, Dover, DE 19903. Purpose: NAME TEXAS, LLC. NY office Location: served and shall mail process to: c/o CT filed Dept. of State of NY on 4/18/08. Office nated as agent of LLC upon whom process Crain'sany lawful Classified activity. is not responsible forCrain'sNew corrupt York Classified County. files submittedSSNY is notis designated responsible by client as or for adsCorporation corrupt run under files System, the submitted wrong111 8th subheading.Ave., by clientNY, NY or adslocation run underin NY: New the York wrong County. subheading. Secy. of against it may be served. SSNY shall mail agent upon whom process against the 10011, registered agent upon whom State designated as agent of LLC upon process to: 2226 N. Lincoln, Apt. 4A, LLC may be served. SSNY shall mail a Crain'sprocess may Classified be served. is DE not address responsible of forwhom corrupt process files against submitted it may be byserved. client or adsChicago, run under IL 60614. the Principal wrong business subheading. Notice of Qualification of Wolfensohn Capital Sec. of State shall mail a copy of process to: Partners Holdings, L.P. Authority filed with copy of any process against the LLC LLC: 1209 Orange St., Wilmington, DE location: 251 E. 32nd St., Apt. 2H, NY, NY c/o Richard Frankel, Richard Frankel Secy. of State of NY (SSNY) on 4/17/08. served upon him/her to Bob Johnson, 400 19801. Arts. of Org. filed with DE Secy. of 10016. Purpose: Any lawful activity. Productions, Inc., 729 Seventh Avenue, 12th Office location: NY County. Princ. bus. loc.: N. Loop 1604, Ste 202, San Antonio, TX State, 401 Federal St., Dover, DE 19901. Floor, New York, NY 10019. The latest date 1350 Ave. of the Americas, Ste. 2900, NY, 78232. General purposes. Purpose: any lawful activity. NY 10019. LP formed in Delaware (DE) on on which the LLC is to dissolve is Notice of Qualification of Whitehall Street 4/7/08. SSNY designated as agent of LP NOTICE OF FORMATION of R S & P L, 12/31/2075. Purpose: any lawful activity. Advertise on upon whom process against it may be LLC. Articles of Organization filed with the Employee Funds 2008 GP, L.L.C. Authority served. SSNY shall mail process to: c/o Sec. of State of NY (SSNY) on 04/23/08. filed with Secy. of State of N.Y. (SSNY) on Notice of Formation of Elyse Pasquale Productions, LLC. Arts. of Org. filed with Corporation Service Company (CSC), 80 Office location: New York County. SSNY 5/8/08. Office location: NY County. LLC formed in Delaware (DE) on 2/28/08. SSNY Secy. of State of NY (SSNY) on 8/6/07. www.crainsnewyork.com State St., Albany, NY 12207, registered agent has been designated as agent upon whom designated as agent of LLC upon whom Office location: NY County. Princ. bus. upon whom process may be served. DE process against it may be served. SSNY process against it may be served. SSNY loc.: 230 E. 18th St., NY, NY 10003. SSNY address of LP: c/o CSC, 2711 Centerville shall mail copy of any process to Rd., Ste. 400, Wilmington, DE 19808. shall mail process to: 85 Broad St., NY, NY designated as agent of LLC upon whom Call John Gallagher Yungman Lee, 207 Bowery, New York, NY Name/address of each genl. ptr. available 10004. DE address of LLC: 1209 Orange St., process against it may be served. SSNY from SSNY. Cert. of LP filed with DE Secy. of 10002. Purpose: To engage in any lawful Wilmington, DE 19801. Cert. of Form. filed shall mail process to: Levine Plotkin & State, 401 Federal St., Dover, DE 19901. act or activity. The Principal Business with DE Secy. of State, P.O. Box 898, Dover, Menin, LLP, 1740 Broadway, 22nd Fl., NY, @ 212-210-0189 Purpose: any lawful activity. location is: 207 Bowery, NY, NY, 10002 DE 19903. Purpose: any lawful activity. NY 10019. Purpose: any lawful activity.

32 | Crain’s New York Business | June 23, 2008 nb25p32-33cls.qxp 6/18/08 6:04 PM Page 33

Crain's Classified is not responsible forCrain's corrupt Classified files submitted is not responsible by client or for adsCrain's corrupt run under Classified files the submitted wrong is not subheading. responsible by client or for adsCrain's corrupt run under Classified files the submitted wrong is not subheading.responsible by client or for adsCrain's corrupt run under Classified files the submitted wrong is not subheading.responsible by client or for ads corrupt run under files the submitted wrong subheading. by client or ads run under the wrong subheading.

PUBLIC & LEGAL NOTICES

Name of LLC: V AGENCY LLC. Notice of Qualification of Julius Baer Notice of Formation of BOWERY DEVEL- Notice of Qualification of MSLOF I, L.L.C. Notice of Qualification of Bagel Cafe, LLC. Articles of Org. filed Dept. of State Investment Management LLC. Authority OPMENT, LLC, a domestic LLC. Arts. of Authority filed with Secy. of State of N.Y. Authority filed with Secy. of State of N.Y. of NY on 4/9/08. Office location in (SSNY) on 4/30/08. Office location: NY (SSNY) on 5/21/08. Fictitious name in NY filed with Secy. of State of NY (SSNY) on Org. filed with the SSNY on 03/21/08. NY: New York County. Principal bus 9/7/04. Office location: NY County. LLC County. LLC formed in Delaware (DE) on State: Bagel Cafe NY, LLC. Office location: loc.: 11 Mercer Street, NY, NY Office location: NY County. SSNY has 4/3/08. SSNY designated as agent of LLC NY County. Princ. bus. loc.: 429 Third 10013. Secy. of State designated as Crain'sformed in Classified Delaware (DE) is noton 5/3/04. responsible SSNY for corrupt files submitted by client or ads run under the wrong subheading. Crain's Classified is not responsible for corrupt files submitted by client or adsdesignated run under as agent the of wrong LLC upon subheading. whom been designated as agent upon whom upon whom process against it may be Ave., NY, NY 10016. LLC formed in agent of LLC upon whom process process against the LLC may be served. Delaware (DE) on 11/6/07. SSNY desig- Crain'sagainst Classifiedit may be served. is not responsibleSec. of forprocess corrupt against files it submittedmay be served by and client shall or ads run under the wrong subheading. served. SSNY shall mail process to: c/o State shall mail a copy of process mail process to the principal office of the Crain'sSSNY shall Classified mail a copy is notof process responsible to: forCT corrupt Corporation files System, submitted 111 8th by Ave., client NY, or adsnated run as under agent of the LLC wrong upon whom subheading. to National Corporate Research, LLC: 330 Madison Ave., NY, NY 10017, 88 University Place 8th Fl., NY, NY NY 10011, registered agent upon whom process against it may be served. SSNY shall mail process to: c/o Cyruli Shanks Ltd., 10 East 40th Street, 10th Attn: General Counsel. Arts. of Org. filed 10003. Purpose: Any Lawful Purpose. process may be served. Principal office of Floor, New York, NY 10016. with DE Secy. of State, 401 Federal St., LLC: 1585 Broadway, 37th Fl., NY, NY Hart & Zizmor, LLP, 420 Lexington Ave., Crain's Classified is not responsible forSte. corrupt 2320, NY, files NY submitted10170. DE address by client of or ads run under the wrong subheading. Purpose: any lawful activity. Ste. 3, Dover, DE 19901. Purpose: any 10036. Cert. of Org. filed with DE Secy. of Notice of Formation of Ladi Ladi LLC: c/o Corporation Service Co., 2711 lawful activity. International Trading LLC filed with NY State, 401 Federal St., Ste. 4, Dover, DE Notice of Formation of HARON FAMILY, 19901. Purpose: all lawful purposes. Centerville Rd., Ste. 400, Wilmington, DE. Dept of State on 5/12/08. Office Location: Cert. of Form. filed with DE Secy. of State, LLC amended to D.R.Y., LLC. Arts. of Org. Crain'sNotice of ClassifiedFormation of is AGARWAL not responsible REALTY, for corrupt files submitted by client or ads run under the wrong subheading. filed with Secy. of State of N.Y. (SSNY) on NY County, Secy of State designated as Notice of Formation of CHILAOS, LLC. 401 Federal St., Dover, DE 19901. LLC. Arts. of Org. filed with NY Dept. of agent of LLC upon whom process against Purpose: any lawful activity. Crain's3/4/1999. Classified Office location: is not NY responsibleCounty. forState corrupt on 5/9/08. files Office submitted location: by NY client or ads run under the wrong subheading. Arts. Of Org. filed with Secy. Of State Crain's Classified is not responsible for corrupt files submitted by client or ads run under the wrong subheading. Crain'sit may beClassified served and shall is not mail responsible process to forof corrupt NY (SSNY) files on submitted 4/23/08. Office by clientloca- or ads run under the wrong subheading. SSNY designated as agent of LLC upon County. Secy. of State designated as agent the principal business address c/o Taiwo tion: NY Co. SSNY designated as agent Notice of Qualification of 767 Fifth Lender whom process against it may be served. of LLC upon whom process against it may Oladele, 1735 Townsend Ave 3B Bronx NY of LLC upon whom process against it LLC. Authority filed with NY Dept. of State SSNY shall mail process to: The LLC, c/o be served and shall mail process to: 30 K&R Realty Management Inc., 37 W. 65th 10453. Purpose: Any lawful activity. may be served. SSNY shall mail on 6/2/08. Office location: NY County. Fieldstone Court, New City, NY 10956. process to: The LLC, 37-01 Main St., 2nd Fl., NY, NY 10023. Term: until Principal business address: 800 Boylston Purpose: any lawful activity. Notice of Qualification of The Partners Street. Flushing NY 11354. Purpose: St., Ste. 1900, Boston, MA 02199. LLC 12/31/2049. Purpose: any lawful activity. any lawful activities. (Brand Consultants) LLC. Authority filed formed in Delaware (DE) on 5/29/08. NY Notice of Qualification of HLT NY SINGH EQUITIES, LLC Notice of Conversion with Secy. of State of NY (SSNY) on Notice of Qualification of HB Onshore Secy. of State designated as agent of LLC Waldorf LLC. Authority filed with of a Partnership into the above Limited 4/29/08. Office location: NY County. LLC Fund, LLC. Authority filed with NY Dept. upon whom process against it may be Secy. of State of NY (SSNY) on Liability Company (“LLC”). A Cert. of formed in Delaware (DE) on 4/28/08. of State on 4/14/08. Office location: NY served and shall mail process to: c/o CT 10/22/07. Office location: NY Conversion was filed with the Department of SSNY designated as agent of LLC upon County. LLC formed in Delaware (DE) on Corporation System, 111 8th Ave., NY, NY County. LLC formed in Delaware whom process against it may be served. 10011, registered agent upon whom (DE) on 9/20/07. SSNY designated State of NY on 12/5/2007. Office Location: Crain's4/7/08. NY Classified Secy. of State is not designated responsible as for corrupt files submitted by client or ads run under the wrong subheading. New York County. The street address is: SSNY shall mail process to: Davis & agent of LLC upon whom process against process may be served. DE address of as agent of LLC upon whom process LLC: c/o The Corporation Trust Co., 1209 Crain's22 West 27th Classified Street, New is notYork, responsible NY 00000. forGilbert corrupt LLP, files 1740 submittedBroadway, NY, by NY client or adsit may run be under served the and wrong shall mail subheading. process against it may be served. SSNY Orange St., Wilmington, DE 19801. Arts. shall mail process to: c/o 10019. Address to be maintained in DE: to: c/o Highbridge Capital Management, The Secretary of the State of NY (“SSNY”) of Org. filed with DE Secy. of State, Corporation Service Company, 80 has been designated as agent of the LLC 160 Greentree Dr., Ste. 101, Dover, DE LLC, 9 W. 57th St., 27th Fl., NY, NY Crain'sState St., Classified Albany, NY is 12207. not responsible Address for corrupt files submitted by client or ads19904. run Arts. under of Org. the filed wrong with subheading. DE Secy. Of Loockerman & Federal Sts., Dover, DE upon whom process against it may be 10019, principal business address of the Crain's Classified is not responsible forto corrupt be maintained files submitted in DE: c/o by client or ads run under the wrong subheading. State, 401 Federal St., Ste 4., Dover, DE 19901. Purpose: any lawful activity. served. SSNY shall mail a copy of any LLC. Registered agent upon whom Corporation Services Company, 2711 19901. Purpose: any lawful activities. Centerville Rd., Ste 400, Wilmington, process served upon the LLC to: The LLC, Crain's Classified is not responsible forprocess corrupt may files be served: submitted CT Corporation by client or adsNAME run OF under LLC: Palisander the wrong Holdings subheading. LLC. DE 19808. Arts. of Org. filed with DE 22 West 27th Street, New York, NY 00000. System, 111 8th Ave., NY, NY 10011. DE Arts. Of Org. filed with NY Dept. of State Notice of Formation of 23RD STREET, LLC. address of LLC: c/o The Corporation Trust Secy. Of State, 401 Federal St., Ste Purpose: any lawful act. Crain's Classified is not responsible foron corrupt 5/19/08. filesOffice submitted location: NY byCounty. client or ads run under the wrong subheading. 4., Dover, DE 19901 . Purpose: any Arts. of Org. filed with Secy. of State of Co., 1209 Orange St., Wilmington, DE SSNY designated as agent of LLC upon lawful activities. N.Y. (SSNY) on 2/14/05. Office location: 19801. Cert. of Form. filed with DE Secy. whom process against it may be served Crain'sNotice of ClassifiedQualification is of notFintech responsible Real forNY corrupt County. filesSSNY submitteddesignated as by agent client of or adsof State, run under 401 Federal the wrongSt., Dover, subheading. DE Estate Holdings LLC. Authority filed with and shall mail process to: Daniel Harrison, Notice of Formation of Soha Retail LLC upon whom process against it may 19901. Purpose: any lawful activity. 55 East 9th Street, Apt. 14BC, NY, NY Manager LLC. Arts. of Org. filed with Secy. of State of N.Y. (SSNY) on 5/5/08. be served. SSNY shall mail process to: Office location: NY County. LLC formed in Notice of Formation of LIZZANO REALTY 10003. Purpose own and manage real Secy. of State of NY (SSNY) on 3/7/08. c/o Gilbride, Tusa, Last & Spellane LLC, estate and other investments. Crain's Classified is not responsible forOffice corrupt location: files NY submitted Co. SSNY designated by client or adsDelaware run under (DE) on the 5/2/08. wrong SSNY subheading. designat- 708 Third Avenue, 26th Fl., NY, NY 10017. LLC, a domestic LLC. Arts. of Org. filed ed as agent of LLC upon whom process as agent of LLC upon whom process Purpose: any lawful activity. with the SSNY on 03/17/08. Office loca- NOTICE OF FORMATION OF LIMITED LIA- against it may be served. SSNY shall mail Crain's Classified is not responsible for corrupt files submitted by client or ads run under the wrong subheading. against it may be served. SSNY shall mail tion: NY County. SSNY has been designat- BILITY COMPANY. NAME: 2B. RYCH LLC. process to principal business location: c/o process to: The LLC, c/o Artimus Notice of Formation of CORONA SPORTS ed as agent upon whom process against Articles of Organization were filed with the Crain's Classified is not responsible forFintech corrupt Advisory files submittedInc., 375 Park by Ave., client Ste. or ads run under the wrong subheading. Construction Inc., 37 West 65th St., NY, CAFÉ, LLC Arts. Of Org. filed with Secy. Of the LLC may be served. SSNY shall mail a Secretary of State of New York (SSNY) on 3804, NY, NY 10152. DE address of LLC: copy of process to: The LLC, 145 East NY 10023. Purpose: any lawful activities. State of NY (SSNY) on 4/23/08. Office 05/14/08. Office location: New York County. Crain's2711 Centerville Classified Rd., Ste. is not 400, responsible Wilmington, for corrupt files submitted by client or adsCrain's run under Classified the wrong is not subheading. responsible for corrupt files submitted by client or ads run under the wrong subheading. 116th St., Ste. 3, NY, NY 10029. Purpose: SSNY has been designated as agent of the DE 19808. Arts. of Org. filed with DE Secy. location: NY Co. SSNY designated as Notice of Qualification of GCP (JPM) Any Lawful Purpose. LLC upon whom process against it may be of State, 401 Federal St., Dover, DE 19901. agent of LLC upon whom process against Investments, LLC. Authority filed served. SSNY shall mail a copy of process Purpose: any lawful activity. it may be served. SSNY shall mail process with NY Dept. of State on 3/18/08. Notice of formation of C. Anson Hedges to the LLC, c/o Alfred Dunner Inc., 1411 Office location: NY County. LLC to: The LLC, 37-01 Main Street. Flushing Designs LLC. Arts. of org. filed with Secy. formed in Delaware (DE) on 6/6/05. NY 11354. Purpose: any lawful activities. Broadway, New York, New York 10018. Substance of Registration as a Registered Of State of N.Y. (SSNY) on 5/23/08. Office Purpose: For any lawful purpose. NY Secy. of State designated as Limited Liability Partnership of GERMAN location: New York County. SSNY designat- agent of LLC upon whom process Crain's Classified is not responsible for corrupt files submitted by client or ads run under the wrong subheading. RUBENSTEIN LLP (LLP). Certificate of Notice of Formation of Strada ed as agent of LLC upon whom process NOTICE OF FORMATION of BCDR Solutions against it may be served and shall Development LLC, Art. of Org. filed mail process to the principal busi- Registration filed with the Secy. of State of against it may be served. SSNY shall mail LLC. Article of Organization filed with the N.Y. (SSNY) on May 21, 2008. Office loca- Sec’y of State (SSNY) 4/9/08. process to: 66 Madison Avenue, #2B, NY, Secretary of State of NY (SSNY) on ness address: c/o Greenhill & Co., Crain's Classified is not responsible forOffice corrupt location: files submitted NY County. by SSNY client or ads run under the wrong subheading. Crain's Classified is not responsible forCrain'sLLC, corrupt 300 Classified Park files Ave., submitted is 23rd not responsibleFl., by NY, client NY or for adstion: corrupt run New under York files County. the submitted wrong SSNY subheading. designated by client or ads run under the wrong subheading. NY 10016. Principal business location: 03/04/08. Office location: NY County. SSNY designated as agent of LLC upon 66 Madison Avenue, #2B, NY, NY 10016. 10022. DE address of LLC: c/o The as agent of LLP upon whom process whom process against it may be has been designated as agent upon whom Corporation Trust Co., 1209 Orange against it may be served. SSNY shall mail served. SSNY shall mail copy of Purpose: Any lawful activity. 1028885 w.o. process against it may be served. The Post St., Wilmington, DE 19801. Cert. of process to c/o The Partnership, 200 West process to 331 W. 57th St., Ste. Office address to which the SSNY shall mail Form. filed with DE Secy. of State, 70th Street, Suite 8B, New York, NY 301, NY, NY 10019. Purpose: any NOTICE OF FORMATION OF a copy of any process against the LLC 401 Federal St., Dover, DE 19901. 10023. Purpose: is the practice of law. lawful activities. SUPERDELUXE, Art. of Org. filed Sec’y of Purpose: any lawful activity. served upon him is C/O the BCDR State (SSNY) DEC 1, 2006. Office Solutions LLC, 151 1st Avenue #238, N.Y., Notice of Qualification of Canoe Ventures, Crain'sNotice of Classified Formation of is 301SG not responsible LLC. forLocation: corrupt NY files county. submitted SSNY designated by client as or adsN.Y., run 10003. under Date the of Dissolution: wrong subheading. No specif- Notice of Formation of 36 BEDFORD LLC. Arts. of Org. filed with Secy. of State of agent of LLC upon whom process against Arts. of Org. filed with Secy. of State of LLC. Authority filed with NY Dept. of State ic date. Purpose of LLC: to engage in any on 6/6/08. Office location: NY County. N.Y. (SSNY) on 11/19/2007. Office loca- it may be served. SSNY shall mail copy of lawful act or activity. Street address of N.Y. (SSNY) on 4/13/07. Office location: tion: NY County. SSNY designated as Crain's Classified is not responsible for corrupt files submitted by client or adsPrincipalCrain's run underbusiness Classified the address: wrong is not 333 subheading. responsible 3rd Ave., for corrupt files submitted by client or adsprocess run underto SUPERDELUXE, the wrong 195 subheading. Principal Business location is: 151 1st NY County. SSNY designated as agent of agent of LLC upon whom process CHRYSTIE, 701C, NY, NY, 10002. NY, NY 10010. LLC formed in Delaware against it may be served. SSNY shall Avenue #238, N.Y., N.Y., 10003 LLC upon whom process against it may Purpose: any lawful purpose be served. SSNY shall mail process to (DE) on 4/1/08. NY Secy. of State designat- mail process to: c/o Galster princ. bus. loc.: c/o The LLC, 45 W. 8th ed as agent of LLC upon whom process Management, 156 William St., Ste. 802, NOTICE OF SALE against it may be served and shall mail SUPREME COURT: COUNTY OF BRONX - BANK St., 2nd Fl., NY, NY 10011. Purpose: any NY, NY 10038. Term: until 12/31/2060. NOTICE OF FORMATION of FLOE process to: c/o CT Corporation System, Purpose: any lawful purpose. VENTURES LLC. Arts. Of Org. filed OF NEW YORK AS TRUSTEE FOR THE CERTIFI- lawful activity. CATEHOLDERS CWABS, INC. ASSET-BACKED Crain's Classified is not responsible for111 corrupt 8th Ave., files NY, submittedNY 10011, registered by client or ads run under the wrong subheading. with Secy. Of State of N.Y. (SSNY) agent upon whom process may be served. Notice of Formation of Limited Liability on 4/29/08. Office location: New CERTIFICATES, SERIES 2006-5 C/O COUNTRY- Notice of Formation of RIVER TWICE LLC. WIDE HOME LOANS, INC., Plaintiff, AGAINST DE address of LLC: c/o The Corporation Company (LLC): Egan Wealth Group LLC. York County. SSNY designated as Arts. of Org. filed with Secy. of State of NY agent of LLC upon whom process JOHNNY SEBASTIAN, ET. AL., Defendant(s). Trust Co., 1209 Orange St., Wilmington, Crain'sArticles of Classified Organization is filed not with responsible the Sec. for corrupt files submitted by client or ads run under the wrong subheading. (SSNY) on 4/3/08. Office location: NY against it may be served. SSNY shall Pursuant to a judgment of foreclosure and DE 19801. Arts. of Org. filed with DE Secy. of State of NY (SSNY) on May 6, 2005. Crain's Classified is not responsible forCounty. corrupt SSNY files designated submitted as agent by clientof LLC or adsCrain's run under Classified the wrong is not subheading. responsible for corrupt files submitted by client or adsmail run process under to: the 190 wrong E 72nd subheading. St., Unit sale duly dated 1/24/2007, I, the undersigned of State, 401 Federal St., Dover, DE 19901. NY office location: New York County. 17-D, NY, NY 10021. Principal busi- Referee will sell at public auction at the Bronx upon whom process against it may be Purpose: any lawful activity. SSNY designated agent to serve process. ness location: 23 E 10th St., Unit County Courthouse, Room B-129, 851 Grand served. SSNY shall mail process to princi- SSNY shall mail a copy of process vs. 711, NY, NY 10003. Purpose: Any Concourse, Bronx, New York, on 6/30/2008 at pal business location: c/o Zachary Notice of Formation of Raglan Plaza LLC c/o the LLC to 481 Eighth Avenue lawful activity. 2:00 PM, premises known as 2026 Gleason Karabell, 121 W. 72nd St., NY, NY 10023. 1938, LP. Cert. filed with NY Dept. of 1549, New York, NY 10001. Purpose of Avenue, Bronx, NY 10472. All that certain plot piece or parcel of land, with the buildings and Purpose: any lawful activity. State on 4/15/2008. Office location: NY the LLC: any and all lawful activities. NOTICE OF FORMATION of improvements thereon erected, situate, lying County. Secy. of State designated as OverUnder Records LLC. Arts. Of Org. filed with Secy. Of State of N.Y. and being in the New York City, Borough of Notice of Formation of L & L Realty Holdings agent of LP upon whom process against NOTICE OF FORMATION of Office Greeners LLC. Arts. of Org. filed with Secy. of State of LLC. Arts. Of Org. filed with Secy. Of State of (SSNY) on 2/11/08. Office location: Bronx, County of Bronx and State of New York, it may be served and shall mail process Section, Block and Lot: 14-3802-21. N.Y. (SSNY) on 6/3/08. Office location: NY N.Y. (SSNY) on 4/28/08. Office location: New New York County. SSNY designated as agent of LLC upon whom process Approximate amount of judgment County. SSNY designated as agent of LLC to: The LP, c/o Windels Marx Lane & York County. SSNY designated as agent of Mittendorf, LLP, 156 W. 56th St., NY, NY against it may be served. SSNY shall $397,999.16 plus interest and costs. upon whom process against it may be LLC upon whom process against it may be Premises will be sold subject to provisions of 10019, Attn: Edward P. Nolan, Esq. mail process to: 151 First Avenue, served. SSNY shall mail process to: c/o served. SSNY shall mail process to: P.O. Box Suite 36, NY, NY 10003. Principal filed Judgment Index #16482/06. Mario Moses & Singer LLP, Attn: Daniel S. Rubin, Name/address of genl. ptr. available from 1855, NY, NY 10021. Principal business business location: 151 First Avenue, Biaggi, Jr., Esq., Referee, Steven J. Baum PC, 405 Lexington Ave., NY, NY 10174. Purpose: Secy. of State. Term: until 4/1/2108. location: 404 E. 66th Street, Apt. 8L, NY, NY Suite 36, NY, NY 10003. Purpose: Attorneys for Plaintiff, P.O. Box 1291, Buffalo, any lawful activity. Purpose: any lawful activity. 10065. Purpose: Any lawful activity. Any lawful activity. NY 14240-1291 Dated: 5/27/2008

June 23, 2008 | Crain’s New York Business | 33 Crain's Classified is not responsible for corrupt files submitted by client or ads run under the wrong subheading. CNYB 06-23-08 A 34 6/19/2008 8:02 PM Page 1

NEIGHBORHOOD JOURNAL

SHOP AND VIEW: Grocery-starved Dumbo The market is at the entrance to Brooklyn lands new farmers market Bridge Park. “There’s not a supermarket in the dents of nearby housing projects will Residents of isolated area with fresh produce,”Ms.Kerri- visit. Her organization targets areas Brooklyn area finally gan says. “There are just boutique that do not have supermarkets—irre- stores.” spective of income levels. get a weekly hit Miriam Haas, director of Com- “We have markets in well-to-do munity Markets, manages 17 mar- communities and very poor com- of fresh produce kets around the city and in West- munities,” Ms. Haas says. The chester, including one in the Park Dumbo produce vendors accept umbo residents can Slope area of Brooklyn. coupons from the Women, Infants boast one of the city’s The aim was to go beyond fruit and Children supplemental food

finest restaurants— and vegetables, Ms. Haas says. In program, designed for low-income kojima jane the River Café—and addition to two produce farmers,the mothers and children under five. one of its best con- market features vendors selling fish, Ms. Haas estimates that 2,000 On June 29, the market expects cluding parking,remain unresolved, Dfectioners—the Jacques Torres meat and dairy products.A wide va- people visited the market on its de- another boost from people coming but “for the most part, we think it Chocolate Factory. But simple, riety of specialty goods,from organ- but, Father’s Day. She predicts that to view Danish artist Olafur Elias- will benefit us and add to this vi- fresh vegetables have been another ic nuts to Indian chutneys, is also on attendance will dip over the summer son’s Waterfalls installation, which brant commercial strip,” she says. matter.That is until two weeks ago, offer. as well-heeled residents split for starts flowing Thursday. One of the The development, at Fordham when the neighborhood got its first The market,which is only on Sun- weekends in the Hamptons and for four falls will be under the Brook- Road and Webster Avenue,is across farmers market. days, will run from 11 a.m. to 5 p.m. vacations. But the first Sunday sug- lyn Bridge, steps from the market. the street from Fordham University Kate Kerrigan,executive director through mid-November at the corner gests that the number of visitors will —matthew sollars and next to the Metro-North sta- of the Dumbo Improvement Dis- of Plymouth and Main streets, the average well above the 1,000 a week tion, which is itself set to undergo a trict, says the market helps fill an main entrance to Brooklyn Bridge needed for the market to be success- major revamp next year, according important void. Park. Ms. Haas also hopes that resi- ful, she adds. Bronx boom boosts to the Metropolitan Transportation Fordham area Authority. The station’s imposing front doors on Fordham Road were every weekday morning, nearly boarded up years ago, when the foy- 4,000 commuters board trains at er was converted into an MTA jail. Metro-North’s Fordham station en “We’re going to be taking that route to jobs in Manhattan to the back from them,” the spokeswoman south or in places like White Plains, says. Stamford and Greenwich to the A broad office-construction north. In contrast, only about 600 surge has swept the Bronx in recent passengers get off at Fordham and years.According to a report released walk to jobs in the area. last week by Borough President “Fordham [station] is huge for Adolfo Carrión, the Bronx now has taking people to work,”says a spokes- more new office space and lower va- woman for Metro-North Railroad. cancy rates than any other borough. “We don’t have that many people Over the past five years, the commuting in reverse, though.” amount of office space in the Bronx A local building boom is about to has soared by 15%, while Manhat- change that situation.The largest of tan gained a mere 3%. And the several projects in the area,The Of- Bronx’s commercial vacancy rate is fices at Fordham Place, is scheduled 1.8%, compared with 9.1% in for completion by the end of the Brooklyn and 4.9% in Manhattan. year. It will have up to 160,000 Affordable rent is part of the rea- square feet of office space and about son for the demand. Class A office 120,000 square feet of retail space. space in the Bronx commands about The Fordham Place project will $30 a square foot, according to the be the largest office building in the report, while Manhattan’s top rents district, and local leaders hope that can exceed $150 a square foot. it will draw hundreds of workers. “These new or recently renovat- “Any economic development ed spaces offer modern amenities in that comes into our neighborhood is locations with easy access to public absolutely welcome,” says Ivine transportation and major high- Galarza, district manager of Com- ways,” Mr. Carrión says. munity Board 6. Some issues, in- —hilary potkewitz

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34 | Crain’s New York Business | June 23, 2008 CNYB 06-23-08 A 35 6/19/2008 7:47 PM Page 1

BUSINESS CORPORATE LADDER Nonprofit exec draws on social work, banking PAGE 37 buck ennis

GOTHAM GIGS Master manager Vive la cuisine française THOMAS MATHES, 32, was intrigued as a child by the New Yorkers flocking to old faves, newcomers glamorous television show Hotel. As general manager of The Muse New York, he aims BY STEVEN A. SHAW to create a “lavish, luxurious experience” for guests. hoever INCH COUNT He started his career in hospitality at age 18, says that working as a front desk agent traditional at The Peabody hotel in his French native Memphis. In 1998, Mr. Mathes promoted the Hotel cuisine is Allegro in Chicago by in decline measuring guests to determine hasn’t room rates: A 60-inch-tall person, for example, paid $60. Wtried to get a prime- SWEET SERVICE In addition to time reservation at overseeing a staff of 136 and a Benoit, Alain Ducasse’s recent $10 million guest room new bistro in the space renovation, Mr. Mathes still plays with promotions.The formerly occupied by “Ice Cream Dreams Room La Côte Basque. Or Service” lets guests personalize visited Balthazar, Pastis a pint for $15 and up. and Café Cluny on a KEEPING BUSY This January, Mr. Mathes will handle phase summer night and been two of the revamp: updating told at each that there the lobby and restaurant, at a would be at least an cost of $4.5 million.The Southerner loves the city’s hour’s wait for a table. diversity and pace. “It has Several illustrious, made me resilient,” he says. formal French spots —sarah studley have closed over the past decade, but bistros, EXPERT OPINIONS SIMPLE PLAISIR: Benoit offers the brasseries and cafés are classic Egg Mayo LOVELY SUMMER LIBATIONS as an appetizer at doing vigorous business. to create a delicious cocktail lunch and dinner. Authentic brasseries at home, always start with the like Balthazar and Pastis best ingredients and follow the recipe. When making a classic are perennially popular, drink, it’s important to and the recently opened measure out your ingredients Benoit and Bar Boulud to achieve balance. When tweaking or creating your own are two of the hottest recipe, look to the classics. For tables in town. And the instance, a margarita is three city is undergoing a parts tequila, two parts curaçao and one part freshly welcome renaissance in squeezed lime juice. But rum, charcuterie (house- bourbon or gin can easily made sausages, pâtés substitute for tequila, or you can replace the lime for and the like). another Following are five juice, recommended French like passion bistros, brasseries and fruit, cafés. Reserve as far in pomegranate or advance as you can. kiwi.

michael piazza Continued on Page 36 —sam lipp Assistant general manager Eleven Madison Park ZAGAT SAYS there are 233 French restaurants in NYC, more than twice the number of sushi bars (11 5 ) or steakhouses (103) istockphoto

June 23, 2008 | Crain’s New York Business | 35 CNYB 06-23-08 A 36 6/19/2008 7:46 PM Page 1

BUSINESS LIVES INTERSECTION SLEEPER ON THE UPPER EAST OF PARIS ean-michel bergougnoux is hardly a household name in these days of the celebrity chef, but he’s a member of an elite group in AND A LEGEND Jinternational professional circles. Mr. Bergougnoux holds the prestigious title of Maître Cuisinier de France and has worked in hose who knew and loved many of New York’s best old-line French kitchens (Le Régence, Lutèce, La Côte Basque will feel a Le Cygne) before opening L’Absinthe. twinge of nostalgia upon L’ABSINTHE Beloved by the neighborhood, this spot is casual T 227 E. 67th St. entering Benoit.The walls are lined only by Upper East Side standards: Jacket and tie (between Third and with black-and-white photos of Second avenues) aren’t required, but almost every male diner wears that revered eatery in its heyday, its (212) 794-4950 one anyway. silverware is still in use and Jean- www.labsinthe.com L’Absinthe is not inexpensive, and service can Jacques Rachou is still in the be awkward, but all is forgiven when the food kitchen making quenelles and arrives. Few can match Mr. Bergougnoux for culinary finesse and depth cassoulet. of flavor. The His free-range poached chicken in black truffle broth with baby BENOIT homage ends vegetables sets a new standard; and when it makes an appearance on 60 W. 55th St. (between Fifth and there, the menu, the venison-and-foie gras stew, covered in a pastry crust, is however. Sixth avenues) MEATPACKING: Benoit’s attractions include one of the most satisfying plates in town. (646) 943-7373 Globe- charcuterie and dishes for two. www.benoitny.com trotting chef Alain Ducasse and his on-site executive chef, Sébastien Rondier, have created a astounding house-made charcuterie menu that’s faithful to the classics assortment comprising prosciutto, in substance yet contemporary in dry sausage, Lucullus-style veal presentation.The neat row of tongue (thin slices layered with cracked peppercorns and coarse salt pâté), pâté en croûte, duck foie gras crystals perpendicular to a trio of confit, chicken liver pâté and a quarter-inch-thick slices of range of condiments; a whole roast glistening, gelatinous salt-cured chicken with a tangle of French salmon is pure Ducasse.The fries (a nod to Paris restaurant kitchen’s level of technical L’Ami Louis); and several accomplishment, especially in comically outsized desserts, sauce-making, would have placed it including a whole apple tarte Tatin at the head of the pack in any that could easily serve six. decade back to 1912, when the Best of all, prices are original Benoit opened in Paris. exceptionally gentle for food of this HARDLY CONTRABAND: L’Absinthe chef The most joyous dishes at caliber, with entrées averaging in Jean-Michel Bergougnoux combines old-

Benoit are those served for two: an the mid-$20s. michael piazza world expertise and modern sensibility.

RIVIERA ON THE AVENUE TRIO OF BROTHERS amed for the largest newspaper in the South of France, Nice CREATE A KEEPER Matin is part of restaurateur Simon Oren’s thriving Tour de France NRestaurant Group, which also owns eight other French spots in acques, Samuel and Albert New York City: two French Roast locations, L’Express, Maison, Le Capsouto opened this eatery in1980, Monde, Marseille, Café d’Alsace and Pigalle. All of Tour de France’s Jand it still feels fresh and vibrant. In kitchens operate under the watchful eye of chef Andy D’Amico. addition to providing French food The basics are the best bet at Nice Matin, but they’re done with flair. and wine, the You might be tempted to make a The imposing “five-napkin burger,” smothered in CAPSOUTO FRÈRES brothers, who meal out of charcuterie appetizers, but it 451 Washington St. NICE MATIN Comte cheese and sautéed onions, shows that (at Watts Street) grew up in would be a pity to miss out on the 201 W. 79th St. (at even the most familiar food can be better with a (212) 966-4900 Cairo’s Jewish mains. Pay particular attention to Amsterdam Avenue) French twist, and the simple steak frites are www.capsoutofreres.com district, also seasonal specials—soft-shell crabs are in (212) 873-6423 www.nicematinnyc.com unusually fine. Nice Matin also has plenty of offer several right now. And Capsouto Frères might outdoor seating on Amsterdam Avenue. Israeli wine selections. make the city’s best soufflés, so be sure House-made charcuterie is a forte, to order one when selecting your entrée. HEADLINE-WORTHY: Familiar dishes with a twist are with top prizes going to duck pâté, foie the draw at Nice Matin, which also has plenty of gras terrine and over-the-top saucisson SHEER PUFFERY: The soufflés at this downtown seating for outdoor dining. de Lyon en croûte with Madeira sauce. restaurant are perhaps the best in the city.

IN COMFORTABLE potato purée; and a strip steak from Brandt Beef—perhaps the finest COMPANY natural-beef producer around. If you can’t get in, fear not; there’s a ynn wagenknecht—who with restaurant on every corner of this her partners also owns Odeon and intersection. Just grab a burger at LCafé Luxembourg—is the ex- Corner Bistro and try again another wife of restaurant impresario Keith night. McNally (Balthazar, Pastis and many others), and Café Cluny’s effortless COMMENTS? [email protected] popularity reflects the family style. If you can get a table, the short-but- sweet menu offers many charms. A few favorites are pan-roasted Arctic char with a thin, crispy CAFÉ CLUNY skin that shatters 284 W. 12th St. (at WINNING FORMULA: The like glass when cut; café’s owner is a partner in West Fourth Street) fork-tender short (212) 255-6900 other well-known eateries that www.cafecluny.com ribs with foie gras specialize in straightforward and a luscious food in hip settings.

36 | Crain’s New York Business | June 23, 2008 CNYB 06-23-08 A 37 6/19/2008 7:44 PM Page 1

BUSINESS LIVES CORPORATE LADDER Michael Hickey Back to social issues Nonprofit exec draws managing director of the community development finance group at PERSONNEL FILE on banking skills to Deutsche Bank and the man who hired Mr. Hickey. “But over time, ORGANIZATION Center for New counsel homeowners he matured into a great profession- York City Neighborhoods al who had a lot of grounding in his facing foreclosure own personal nonprofit experiences TITLE Executive director and a disciplined approach to social AGE 42 BY DANIEL MASSEY issues.” RÉSUMÉ University of Wisconsin Hospital, Madison, social worker; ust call Michael Hickey Community service Deutsche Bank Americas the accidental banker. in april, Mr. Hickey was named Foundation, vice president, A little more than a executive director of the Center for decade ago, Mr. Hickey quit New York City Neighborhoods, community development his job as a social worker in which provides resources like coun- HOBBIES Playing the guitar, JMadison, Wis., to come to seling and legal services to New composing musicals New York City. Upon ar- Yorkers in danger of losing their MANAGEMENT STYLE Collegial rival, he found work as an account- homes to foreclosure.The nonprof-

ing temp at Bankers Trust. it group was formed in December buck ennis After nine months, he tried to by a coalition of government and leave that job for a position at a community groups. now works with at the center. The center aims to become a hub et,a partnership with three commu- community housing organization. Mr. Hickey brings to the center And there is plenty of work to do. for a broad network of service nity groups, and what will be a staff His boss, however, had other ideas the management skills he acquired Foreclosures have rocked home- providers focused on helping resi- of six by summer’s end, the center and offered him a full-time position. at Deutsche Bank, where he learned owners across the city and threat- dents avoid foreclosure. will make grants to community or- “I don’t want to do it,” he recalls to balance its concerns with those of ened to destabilize neighborhoods, ganizations that provide outreach, telling his boss.“I’m a social worker, the nonprofit community. As co- particularly those in southeast Lofty goals mortgage counseling and legal serv- not a banker.” manager of a $350 million loan and Queens and Brooklyn. he’s already working on two ices to homeowners. In the end, Mr. Hickey turned investment portfolio and a $15 mil- “We’re not anywhere near the eye projects. One will funnel foreclosed The goal is to help 18,000 New down both jobs and landed a posi- lion loan pool for high-risk, innova- of the storm,” says Mr. Hickey. homes to “mission-driven” brokers, Yorkers a year. tion as a junior program officer at tive community development initia- “Hopefully, we’ll save as many who will sell them to preapproved “There’s a lot we can teach peo- the Deutsche Bank Americas tives, he earned a reputation for homes as we can. For the rest [of the homeowners and not investors.The ple pretty quickly that can give Foundation, the bank’s philan- demanding accountability from homeowners], we hope we can play other will create a framework to them a picture of where they sit and thropic arm. nonprofits as well as for being an ar- a role in advising them,transitioning purchase and restore bank-owned the levers they can move to make “It was an incongruous place for dent supporter of their missions. them into a more stable situation and foreclosed homes that otherwise things happen,” Mr. Hickey says. him to be, to be working for a big He also formed relationships allowing them to retain the possibil- might remain vacant. German bank,” says Gary Hattem, with many of the same groups he ity of owning a home in the future.” Armed with a $5.3 million budg- COMMENTS? [email protected]

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June 23, 2008 | Crain’s New York Business | 37 CNYB 06-23-08 A 38 6/19/2008 7:43 PM Page 1

BUSINESS LIVES

EXECUTIVE MOVES

ACCOUNTING & CONSULTING Gemsco Realty Advisors. She had been director of employment ERE: Lewis A. Goldman, 78, joined as Guardian Life Insurance Co. of America: and recruitment at the Waldorf-Astoria. HOT JOBS principal. He had been name partner at K. Rone Baldwin, 49, was promoted to Douglas O’Neill, 51, was promoted to Goldman & Co. chief operating officer from executive vice president of human resources and Melissa Goldman, 46, joined as principal. vice president, group insurance. talent management from director of WANTED: EXECUTIVE DIRECTOR She was formerly a tax attorney at Schroder Investment Management: Ron human resources. Goldman & Co. Albahary, 40, was named leader of Duane Street Hotel: Andrew Dorough, 34, ORGANIZATION Double Discovery Center at Columbia University strategic investment solutions, North was named general manager. He had ADVERTISING & COMMUNICATIONS America. He was formerly a managing been director of the rooms division at JOB DESCRIPTION Leading the center’s 15 employees and 100 volun- Aegis Media North America: Adrienne director at SEI. Millennium Hotels & Resorts. teers in providing more than 1,000 low-income, college-bound youth Scordato, 38, was promoted to vice Furnished Quarters: Beth Searls, 47, was with educational assistance. The center’s annual operating budget is $2 president and continues as director of HEALTH CARE promoted to vice president of sales and million. corporate communications. MediZine: Stephen Eustace, 42, joined as marketing from director of sales and Automotive Events: Robert Hendrick Jr., vice president, online sales director. He marketing. MOST IMPORTANT TASKS Maintaining positive relations with the cen- 31, joined as director of business was formerly senior vice president and Regent Hotels & Resorts: Christopher ter’s board of members; bringing in major funding from new sources and development. He had been events partner at Giant Head. Cestari, 43, was named director of global representing the organization outside Columbia University manager and producer, Saturn division, sales. He had been director of sales at at General Motors. HIGH TECH & NEW MEDIA the Hotel Plaza Athénée. CREDENTIALS NEEDED A minimum of seven years’ experience in Doremus: Ray Manna, 48, was named Avenue A|Razorfish: Hans Neubert,41, administration and fundraising with proven communication and leader- director of interactive strategy. He had was named executive creative director. LAW ship skills in the nonprofit sector been senior digital marketing strategist He had been managing director and Arent Fox: Darrell S. Gay, 52, joined as at Icon Nicholson. creative leader at VSA Partners. partner. He had been a partner at DLA SALARY $110,000 to $120,000 with free tuition for children, provided Goodman Media International Inc.: John Marc Lucas, 40, joined as group creative Piper. they are admitted to Columbia Dechert: Michael Kennedy, 43, joined as senior director, digital marketing programs. He Shmuel Vasser, 46, joined as RECRUITER Professionals for NonProfits account director. He had been director was formerly vice president and creative partner. He had been a partner at of public relations at Huntington director at SS+K. Edwards Angell Palmer & Dodge. UPSIDE The chance to have a positive impact on a targeted population Theater Co. Gravitas Technology: Juan Castrillon,41, Epstein Becker & Green: Brian D. of young people in New York City Lippincott: John J. Kennedy, 52, was was named manager, new business Sullivan, 55, joined as senior counsel. He named partner. He was formerly senior development. He had been co-head of had been counsel at Thelen Reid Brown DOWNSIDE Raising additional funds from corporate and individual vice president and head of Wirthlin the alternative investments practice at Raysman & Steiner. donors in the current economic environment will probably prove difficult Worldwide’s New York office. BearingPoint. Gibson Dunn & Crutcher: Benjamin —DAMIAN GHIGLIOTTY Sajawal Haider, 31, joined as manager, Hershkowitz, 40, joined as partner. He EDUCATION support services. He had been a senior was formerly a partner at Goodwin Kaplan Professional: Jim Rosenthal, 44, IT manager at Hedgetec Integration. Procter. was appointed chief executive. He was Brandon C.Travan, 29, joined as director Katten Muchin Rosenman: Steven G. formerly president at New Line of engineering. He had been vice Eckhaus, 56, joined as partner. He was Television and Consumer Products. president of engineering at Investment formerly managing partner at McCarter Michael R. Delhagen, 38, joined as partner. formerly vice president of client services Technology Group Inc. & English. He had been partner at Duane Morris. at Tacoda. FINANCE & INSURANCE Internet Broadcasting Systems: Luke Reed Smith: John F.Bricker, 54, joined as WE tv: Heather Umen, 34, was promoted Alvarez & Marsal: Samuel P.Golden, 56, Edson, 35, was appointed chief revenue partner. He was formerly a partner at MEDIA & ENTERTAINMENT to vice president, brand experience and joined as managing director. He had officer. He had been regional sales Arent Fox. BMI: Porfirio Piña, 42, was promoted to events, from director, brand experience been ombudsman and senior deputy director, New York, Platform-A, at AOL. Simpson Thacher & Bartlett: Harlene senior director, Latin music, from and events. controller at the Office of the Katzman, 41, joined as pro bono director, Latin music. Comptroller of the Currency. HOSPITALITY & TOURISM counsel, a newly created position. She CBS College Sports Network: Steve Herbst, REAL ESTATE Archer Capital Management: Ross S. Denihan Hospitality Group: Patricia had been dean of the Center for Public 41, was named executive vice president Aptsandlofts.com: Shana Bowes, 37, Weiner, 46, was appointed managing Michaud-Moerlins, 53, joined as Interest Law at Columbia Law School. and general manager. He was formerly joined as director of marketing. She had director. He was formerly president at corporate director of talent acquisition. Tressler Soderstrom Maloney & Priess: senior vice president, broadcasting, and been a sales associate and project general manager, NBA TV, at the manager at Developers Group. National Basketball Association. David Schorr, 31, joined as director of Condé Nast Traveler magazine: Warren finance and development. He had been Ho, 34, was named luxury goods project manager at Developers Group. director. He had been managing director Halstead Property: John Wollberg,50, of international advertising at The New joined as director of sales, East Side. He York Times. had been executive vice president and Hallmark Channel, Hallmark Movie managing director at ATCO Channel: Laura J. Lee, 34, was promoted Residential. to vice president, network distribution Praedium Group: Mason Sleeper, 46, and service, from vice president, Eastern joined as principal. He had been a and Central regions. managing director at Credit Suisse. Maxim.com: Jay Woodruff, 47, was Studley: L. Stanton Towne, 55, was appointed editor in chief of the Alpha named senior managing director. He Media Group Inc. site. He was formerly was formerly a partner at McDermott managing editor at EW.com. Will & Emery. NBC Universal: Dave Barrington,47,was Beverly Boker, 46, joined as vice named vice president, daytime and late- president, human resources. She was night sales. He was formerly executive formerly vice president, human vice president and managing director of resources, at Parker Global Strategies. video investments at MPG North America. SERVICES The New York Times Co.: Cella M. Irvine, Development Dimensions International: 50, was named chief executive, About Laura Flynn, 41, joined as a learning Group, effective July 28. She was systems consultant. She had been a formerly chief administrative officer at senior faculty member at Digitas Inc. Communispond. Nickelodeon/MTVN Kids and Family DiscoverReady: Amy Hinzmann, 31, was Group: Jose Carbonell, 34, was named vice named vice president of discovery president of preschool/parenting brand strategy. She had been vice president marketing. He was formerly senior and counsel at Merrill Lynch Pierce marketing director at Hartz-Mountain. Fenner & Smith. Prevention.com: Kelly Mullen, 32, joined Hunter Roberts Construction Group: as online sales manager. She had been Kevin Barrett, 44, was promoted to manager of partnerships at Lifetime senior vice president and director of Networks. operations from vice president and Kristin O’Hara, 28, joined as online sales director of operations. manager. She had been online sales Winter Wyman Cos.: Frank Dadah,35, manager at TravelandLeisure.com. was named general manager, New York Tennis.com: Dominic Schmitt, 45, was financial contracting division. He had appointed general manager. He was been business development manager at Creative Financial Staffing. Workmen’s Circle/Arbeter Ring: Ann EXECUTIVE PROMOTIONS Toback, 41, was named executive The fastest way to get an announcement into director. She had been assistant Crain’s is to submit details online by filling out the executive director at the Writers Guild form at www.crainsnewyork.com/submit. The of America, East. Executive Moves column is also available online. —sarah studley

38 | Crain’s New York Business | June 23, 2008 CNYB 06-23-08 A 39 6/20/2008 11:14 AM Page 1

BUSINESS LIVES TABLE TALK by Bob Lape with a beet-horseradish garnish. walnut-crusted halibut cooked with stylish surroundings. There are two delicious takes on peas and tomato in lemony-white cooked cheeses—baked mild feta wine cockle sauce.The latter is bed- Bodrum from Epirus and grilled Cypriot ded on puréed cauliflower. www.bodrumnyc.com halloumi.The feta comes with frisée A not-overly-sweet Greek wal- 584 Amsterdam Ave. (between with toasted filberts, cranberries nut cake is tops of the few desserts, West 88th and West 89th streets), and ciabatta croutons for spreading. while chocolate baklava and rosewa- Manhattan. (212) 799-2806. Lively, The tangy halloumi is bathed in ter-tinted doughnuts called louk- busy, no-reservations Turk with lemon, dressed with arugula and oumades are of modest character. Mediterranean sidebars. Outstand- sprinkled with bits of crisp culatello The last is the least of the cours- ing adana kebab and fried calamari. salami from Parma. es at Ammos,where attentive,intel- Such delights appear in almost ligent service rounds out a highly Ilili any Ammos dish. It might be appealing package. www.ililinyc.com myzithra cheese and mint in zucchi- 236 Fifth Ave. (between West 27th ni cakes, or manouri cheese com- COMMENTS? [email protected] and West 28th streets), Manhattan. pleting a salad of roasted baby beets (212) 683-2929. Great-looking new with hazelnuts, lamb’s lettuce and mod Lebanese gathering place honey. BEST OF BOB LAPE with dips, salads, grills and Leb- Main courses show the same at- anese wines for all. tention to creativity and flavor har- Other Mediterranean restaurants mony. A sensational sea scallop reviewed recently. presentation features plump diver scallops seared in an iron skillet. Anthos Their unctuous flavor plays off a 36 W. 52nd St. (between Fifth and medley of roasted cauliflower, the Sixth avenues), Manhattan. tender mild leaves and hearts of (212) 582-6900. It’s Donatella baby Brussels sprouts, plus sultanas, Arpaia and chef Michael Psilakis roasted olives, diced pancetta and a (Dona) again, as the youthful chef sauce chef Ogren describes as “ca- makes a bid to gain for modern per-ouzo beurre blanc.” Greek cuisine the same respect Indian spices perfume his roast- accorded French, Italian and Span- ed rack of New Zealand lamb, ac- ish cooking. A remarkable effort. companied by a moussaka made with braised lamb leg meat in feta Axia Taverna SUPERIOR OFFICE cheese sauce.Braised beef short ribs, www.axiataverna.com AVAILABILITIES 18 Piermont Road, Tenafly, N.J. an almost ubiquitous dish these 212.594.2700 buck ennis days, takes on unique character (201) 569-5999. A highly appealing MAXIMIZING FRESHNESS, QUALITY: Up-and-coming chef David Ogren of Ammos. through the addition of cinnamon, new Greek restaurant from builder horseradish and parsnips. Michael Parlamis, whose firm has Half a dozen fresh fish may be done a thousand of them.Designed ordered simply grilled in olive oil, by Tony Chi, the location features SLGREEN.COM Improved Greek lemon and oregano, and there is impressive modern cuisine and doubles its stars Led by new GM, umns are faced in sandstone blocks, and the color scheme is blue and Ammos delivers white with a faux dory on one wall. With windows open to Vanderbilt flavor array; dessert Avenue in summer and a Greek least of courses band playing late on Saturday nights, the relaxed Ammosphere is Marcum & Kliegman LLP highly infectious. AMMOS here’s a whole new The food fun begins with an ar- 52 Vanderbilt Ave. Certified Public Accountants & Consultants Grecian formula in play ray of spreads for sharing, served (between East 44th and at good-looking Am- with grilled pita. Rectangular dish- East 45th streets) mos, opposite Grand es hold five dips: eggplant, roasted (212) 922-9999 Central Terminal. pepper and feta,olive and chick pea, www.ammosnewyork.com TCredit the hot new hand in town, garlic and ground almond, and John Thomas McKee—he devel- hummus. oped Dovetail on the Upper West Small plate mezedes embrace fa- CUISINE Mediterranean with Side—with boosting this restaurant miliar ideas, but with a distinctive Greek influences to special status. I’m pleased to dou- difference. Spanish octopus—the WINES 150 choices, 30 by the ble a 1½-star rating I gave it in Feb- chef notes that most octopus comes glass ruary 2006. from Spain—is first braised, then General Manager McKee ap- grilled, before being served in red DRESS No code Comprehensive assurance, plies a high gloss to Ammos’ once- wine vinaigrette with red onion and NOISE LEVEL Moderate to lively spotty service and is the discoverer shaved fennel.It is tender and terrif- advisory and tax solutions. and importer of a young up-and- ic! It is also $17, a high point on the PRICE RANGE $32-$42 coming chef from Boston. David first-course ladder. WINE MARKUP 60%-350% Ogren, 24, works from a mostly There’s crudo here—most re- CREDIT CARDS Unparalleled personal service. Greek taste palette to deliver daz- cently Kona kampachi anointed All major zling dishes of layered flavors and vi- with Greek olive oil, lemon juice, RESERVATIONS Recommended sual pizzazz. He carefully sources jalapeños, capers and sea salt. The HOURS Lunch, Mon.-Fri., noon-2 That’s the bottom line. his pantry for maximum freshness peppers have had the whites re- p.m.; Dinner daily, 5-11 p.m. and quality from far and wide. moved to lend a fruitiness to the Ammos is the Greek word for spice. = Outstanding Visit us at Solutions.MKLLP.com “sand,” and the ambience suggests a Ball-shaped crab cakes without = Excellent day,or night,at the beach.Overhead bread crumbs or mayo maximize = Very good NEW YORK (NY) • MELVILLE (NY) • ROSELAND (NJ) • TINTON FALLS (NJ) • GREENWICH (CT) • GRAND CAYMAN (BWI) lights are suspended below inverted true crab taste.They are nestled in a = Good beach umbrellas, supporting col- tiny salad of fine herbs and sprouts

June 23, 2008 | Crain’s New York Business | 39 CN012117 6/11/08 1:52 PM Page 1

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