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TOP STORIES REPORT ABC Home’s SMALL co-founder returns BUSINESS to revive store New Fulton Fish Market with offbeat ideas a cooperative triumph PAGE 2 ® PAGE 19 Giant jet headed to JFK, testing $200M upgrade VOL. XXIII, NO. 11 WWW.NEWYORKBUSINESS.COM MARCH 12-18, 2007 PRICE: $3.00 PAGE 3 Stephanopoulos inks lucrative book Starrett City deals with 2 rival publishers bidder makes NEW YORK, NEW YORK, P. 6 Executive pay last-ditch pitch at hospital, insurer exposes truths efficiencies. about health care Clipper says plan It also wants to take advantage of some of the 6 million square feet GREG DAVID, PAGE 13 reduxpictures.com ensures low rents; THOSE DANCIN’ FEET: Nederlander New Century, a joint venture with a Beijing company, will of development rights that come present a tour of 42nd Street this fall. It is also developing a venue circuit and ticket service. foes want Mitchell- with the site by building new hous- Banks mobilize Lama protected ing for senior residents, a retire- to fight Spitzer’s ment facility for members of the city’s labor unions and small-scale loophole-closing BY JULIE SATOW retail,with a designated area for lo- THE INSIDER, PAGE 14 Broadway hitmakers cal entrepreneurs. the prospective buyer of Starrett “When we say we mean afford- City is making a last-ditch effort to able, we mean it,” says Leonard BUSINESS LIVES heading to China save its bid for the Brooklyn hous- Grunstein, a partner at law firm CHILDLESS BY CHOICE ing complex by preparing a propos- Troutman Sanders, which Clipper al to preserve low rents for the com- Equity hired to oversee its strategy. Nederlander latest Broadway shows throughout Chi- plex’s 6,000 apartments and The developer has also re- na and help develop a marketing develop unused land to re- $221K tained a second law firm, a to find huge market system for live entertainment.The coup its investment. THE PRICE, public relations expert and effort could set the stage for a the- The plan,expected to be calculated per a lobbyist to bolster the irresistible; creating unit, that ater industry similar to that of the circulated this week, is Clipper has campaign. show infrastructure United States. aimed at easing fears that offered to pay But housing officials The fledgling venture will the $1.3 billion purchase and politicians—many of More two-income launch a tour of 42nd Street in price is so high that the landlord whom came under fire for failing to couples opt out of baby BY MIRIAM KREININ SOUCCAR Shanghai this September. would have to sharply raise rents. block the recent $5 billion sale of race PAGE 29 “We’re going to be able to pro- Clipper Equity, formed by in- affordable housing complexes new york’s most famous Broad- vide a sense of comfort and conti- vestor David Bistricer for the pur- Stuyvesant Town and Peter Coo- way family is heading to China. nuity for Broadway producers in pose of buying Starrett City, says per Village—have condemned the Nederlander Worldwide En- China,” says Bob Nederlander Jr., that it can trim operating expenses deal. They blast Mr. Bistricer’s AT DEADLINE tertainment plans to announce president of Nederlander World- by installing new heating and cool- record, citing thousands of viola- next week that it is forming a com- wide. ing systems, lowering manage- tions at his other properties. They SOHO IS THE MOST POPULAR pany that will present tours of See BROADWAY on Page 8ment fees and improving overall See LAST-DITCH on Page 10 SHOPPING NEIGHBORHOOD in New York City, according to the 7,500 people polled for Zagat’s new shopping guide, which comes out Tuesday. IN THE MONEY Newcomers such as Uniqlo, Effort to rein in pay Ugg and Alessi have helped make SoHo a hot spot.This is the first Zagat shopping gathering steam survey to poll respondents about their favorite neighborhoods. “There’s been they produce supersized financial an incredible revival of SoHo,” Shareholders target results. says Nina Zagat, co-founder 60 companies over The spotlight will be aimed at of the guidebook company. some of New York’s most impor- CEO compensation tant companies, including Avon $22.0M $11.5M CITIGROUP INC. IS EXPECTED TO Products Inc., Bear Stearns Cos., JAMIE DIMON ANDREA JUNG ANNOUNCE later this month Colgate-Palmolive Co. and J.P. J.P. Morgan Chase & Co. Avon Products Inc. that it will slash expenses by BY AARON ELSTEIN Morgan Chase & Co. This year $2 billion over the next two or could prove to be a crucial test of three years, according to Punk in the coming weeks, nearly 60 whether shareholder resolutions Ziegel & Co. analyst Dick leading companies will be asked to can pressure corporate America to Bove.That amounts to about sign on to a seemingly straightfor- change how it approaches execu- See AT DEADLINE on Page 2 ward proposal: Top executives tive compensation. should get supersized pay only if “Pay for performance is a sim- ple idea that every company agrees with in theory,” says Julie Gozan, 11

5 director of corporate governance at Amalgamated Bank, which has drafted a handful of pay-for-per- $18.3M $25.7M ELECTRONIC EDITION formance resolutions.“It’s time for REUBEN MARK JAMES CAYNE shareholders to speak up.” Colgate-Palmolive Co. Bear Stearns Cos. The assault on skyrocketing NEWSPAPER 2005 pay. Sources: J.P. Morgan Chase and Equilar

See EFFORT on Page 8 bloomberg news 71486 01068 0 CNYB 03-12-07 A 2 3/9/2007 7:16 PM Page 1

AT DEADLINE

Continued from Page 1 today’s edition. Despite help 4% of the giant bank’s non- from NBC’s powerful interest expenses last year. Chief promotional juggernaut, the Executive Charles Prince has Today show, iVillage has barely promised investors that he will bumped up its number of take drastic action to rein in monthly unique users, which costs. has been stuck at around 15 million. AIR AMERICA RADIO’S NEW PRESIDENT, Mark Green, has RENOWNED CHOCOLATIER, extended his hand to New York JACQUES TORRES is opening his Post editorial page editor Bob second sweet shop in McManus—who has apparently Manhattan at 285 Amsterdam slapped it back. In a posting last Ave., between West 73rd and week on the Huffington Post, West 74th streets, according to Mr. Green said he had proposed Newmark Knight Frank Retail, that Mr. McManus come on Air which brokered the deal.The America to discuss the Post’s asking rent is $250 a square right-leaning views, and that foot.This will be Mr.Torres’ Air America’s left-leaning third location in the city. He NO CONTEST: Sarah commentators write an op-ed opened his first store, which Stewart favored the column for the paper. Mr. doubles as his factory, in challenge and McManus says that he doesn’t Dumbo, Brooklyn, six years ago. gratification of the consider the e-mail he received He also has a site in SoHo. Corporation Counsel’s from Mr. Green to be a serious office over bigger offer. “If he’s serious about it, he THE WORLD TRADE CENTER earnings. can pick up the phone and call MEMORIAL FOUNDATION received me,” says Mr. McManus. a $500,000 donation from Great buck ennis American Insurance Group to MANHATTAN-BASED SPEECHCYCLE help build the memorial and INC. HAS RAISED $10 million in adjacent museum at Ground its first effort to win Zero.The foundation has raised institutional financing.The more than $253 million so far company, which was founded in from more than 30,000 donors Public lawyer pay wars 2001, develops and licenses in 23 countries. advanced automated call center technology to major cable NEW YORK CITY COLLEGE OF Agencies, interest groups hike entry-level salaries television companies. TECHNOLOGY plans to unveil a SpeechCycle will use the Web site next month for investment to enhance its students who are military BY HILARY POTKEWITZ technology and expand its veterans.The $60,000 project, business overseas. Venture described as a network of nasrina bargzie was ecstatic when she began her job at the American Civil Liberties capital firm M/C Venture services, will provide quick Union in September. It was her dream job—working on high-profile civil rights cases. What’s Partners in Boston was the lead answers to veterans’ questions more, it paid $59,000 a year. investor. about federal benefits or other support services.The site is one “It was a total surprise to me,” says Ms. Bargzie, 26, who recently graduated from law school. A YEAR AFTER NBC UNIVERSAL of several City University of She had expected to make in the $40,000 range—what she figured was “the norm” at public PURCHASED iVillage for New York pilot projects for the interest organizations. $600 million, the women’s approximately 3,000 students in portal is languishing, its schools who have served in Actually, she is luckier than she knows. Starting salaries for ACLU lawyers had hovered at Advertising Age reports in the armed forces. I about $36,000 until two years ago, when new leadership instituted across-the-board pay See MORE PAY on Page 9 THIS WEEK IN CRAIN’S GREG DAVID ------13 ABC Home’s letter-perfect THE INSIDER------14 WEEK IN REVIEW ------16 CEO restores By most accounts, the chief exec- Weinrib—owner of sister company NEIGHBORHOOD utive’s unconventional efforts are ABC Carpet Co.—admits he’s sur- furnishings retailer paying off for ABC Home,one of the prised by the turnaround. JOURNAL------18 city’s most famous retailing institu- “We thought it was too much with unique items, tions.In 2005,the business turned its work for her,” says Mr. Weinrib, REPORT: SMALL unusual events first profit in four years. Last year, whose store operates as a separate BUSINESS ------19 ABC Home, which comprises the firm, although it shares some prop- 33 six-story flagship and satellites in the erty with ABC Home. “But she’s REAL ESTATE DEALS------25 BY ELISABETH BUTLER doing it.” Ms. Cole started ABC Home CLASSIFIEDS ------26 sitting on a tiny stool, shawl- ‘ABC had with her husband, Evan, in 1985. maker Vankar Nanji Bhimji fingers When the couple split up in 2001, THE WEEKS AHEAD ------28 a skein of indigo silk beside his loom digressed. We he assumed sole control,and she left BUSINESS LIVES------29 as he chats with passersby. For gen- the business. When Ms. Cole re- erations, his family has done much got distracted turned, it was only on the condition LIVING LARGE------32 the same in the Indian district of from our brand’ that she would buy out her former CORPORATE LADDER------33 Kutch. But he is thousands of miles partner and reshape the company as and a cultural leap away—just inside she saw fit. Eager to shelve her ex’s EXECUTIVE MOVES------34 35 the front door of ABC Home Fur- grand plans for expansion and im- BOB LAPE ------35 nishings Inc. on Broadway. prove the health of the flagship, she Bringing in Mr. Bhimji and oth- promptly shuttered stores in Brook- vol. xxiii, no. 11, march 12, 2007—Crain’s New York Business (issn 8756-789x) is published weekly by Crain Communications Inc., 711 Third Ave., New York, NY 10017. Periodicals er craftsmen for a monthlong series lyn and on Long Island. postage paid at New York, N.Y. and additional mailing offices. Postmaster: Send address of India-centered events is just one Bronx,New Jersey and Florida,post- “I felt that ABC had digressed,” 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 of many offbeat steps that Paulette ed revenues of more than $80 mil- says Ms.Cole.In particular,she notes copy, $59.79 one year, $109.79 two years. (GST No. 13676-0444-RT) ©Entire contents Cole has taken to breathe new life lion. That marked an 8% increase that the chain had fallen into the los- copyright 2007 by Crain Communications Inc. All rights reserved. into the store since taking the helm over year-earlier levels. ing habit of competing on price.“We of the foundering retailer in 2003. Even Ms. Cole’s father, Jerome got distracted from our brand.”

2 | Crain’s New York Business | March 12, 2007 CNYB 03-12-07 A 3 3/9/2007 8:08 PM Page 1 Now arriving: A380 Spitzer rethinks Passenger plane LANDING PARTY: The double-decker will test capability A380 will carry more than 500 of JFK Airport passengers when Javits it arrives at JFK. BY HILARY POTKEWITZ Could ax current the long-awaited Airbus A380, expansion plan to get the giant new plane that can carry bigger bang for buck more than 800 passengers,is sched- uled to land at John F.Kennedy In- ternational Airport today after its BY ANNE MICHAUD first full-blown trans-Atlantic flight. The Lufthansa arrival will gov. eliot spitzer is considering serve as a test of whether airports scrapping a $1.8 billion expansion of like JFK have made the right up- New York City’s convention center bloomberg news grades to accommodate the next gettyimages in favor of a bigger design. generation of passenger jets. The governor will meet today While the A380 has made short commodate the plane’s wingspan of with Air France, Korean Air and than any other terminal, and three with Sen.Chuck Schumer,who says flights within Europe, this is the 261 feet—about 50 feet wider than Japan Airlines,all of which have or- baggage carousel areas the size of the current plan is too small, as well first time that its 519 passengers— a 747’s. Monday’s flight will test dered A380s. The Terminal 1 air- football fields. as Mayor Michael Bloomberg and along with their baggage—will dis- whether the money was well-spent. lines are spending $40 million to Deputy Mayor Daniel Doctoroff, embark at a U.S. airport. The Air- “Everybody’s going to be look- tailor four of the terminal’s 11 gates Logical destination who hammered out the proposal bus plane is longer, wider, taller and ing at this flight to make sure that for the new aircraft. One gate is “we knew this aircraft would with the Pataki administration. heavier than any commercial air- everything designed on paper is ready: It has both an escalator and wind up here,” says James Fazio, The plan is to add 1.1 million craft flying today, and airports are working,” says a Port Authority an elevator to accommodate two chief operating officer of JFK In- square feet of exhibit space to the Ja- scrambling to accommodate it. spokesman. levels of passengers.The other gates ternational Air Terminal, which cob K. Javits Convention Center, “The A380 represents the next The A380 is the first double- will be finished by the end of next manages Terminal 4. Emirates is which now has quantum leap in aircraft from the decker plane to have doors on both year, when the first A380 is expect- expected to test its first A380 flight 760,000 square 747,”says Henry Harteveldt,airline levels, so new terminal gates and jet ed to start regular service to JFK. to JFK later this year. feet. Meeting space $1.8B THE COST industry analyst with Forrester Re- bridges had to be built. Lufthansa La Guardia Airport’s runways No American carrier has placed and a hotel are also of adding search. “The airports have to figure will have dozens of engineers and cannot handle a plane the size of the an order for the jet. “U.S. airlines proposed. 300,000 sq. ft. out a way to park it, turn it around technicians evaluating the per- A380, and Newark Liberty Inter- tend to favor aircraft that can take However, offi- of convention and get it back out efficiently.” formance of the jet and the airport. national Airport has no airlines that smaller numbers of people further cials at the Empire space “This airplane will be our flag- have ordered the plane. The Port distances,” explains Forrester’s Mr. State Development $200 million in upgrades ship,” says Jens Bischof, vice presi- Authority notes that the plane Harteveldt. Corp. say that an unfunded phase is the port authority of New York dent for the Americas for Lufthansa. could safely land at Newark in the The A380 has been plagued by needed to reach 1.1 million square & New Jersey has spent close to “We will not compromise by having event of an emergency diversion manufacturing delays. Parent com- feet. $200 million upgrading JFK in any bottlenecks on the ground.” from JFK. pany EADS has facilities in France, “The proposed Phase 1 expan- preparation for the A380. The air- For sure,the terminal’s baggage- JFK’s Terminal 4—which hous- Spain and Germany.The first 20 jets sion involves an expenditure of port’s taxiways cross the JFK Ex- handling operations will be tested, es Emirates Airline,Singapore Air- had to be rewired, causing a logjam. about $1.8 billion for 300,000 pressway over four bridges, which though Mr. Bischof says that they lines, Thai Airways, Etihad Air- Most airlines’ orders were delayed square feet—that’s extraordinarily had to be reinforced to support the are designed to unload two full ways and Virgin Atlantic Airways, until 2010, though Singapore, Emi- expensive,” ESDC Chief Patrick jet.When loaded, the A380 weighs 747s, which typically carry about all awaiting A380 orders—was de- rates and Air France are scheduled to Foye told legislators at a recent 1.2 million pounds,400,000 pounds 400 passengers apiece. signed 10 years ago with the super- receive their first planes this year. budget hearing. “We are taking a more than a Boeing 747.In addition, Lufthansa is a part owner of jumbo jet in mind. It has 52 immi- fresh look at it.” taxiways had to be widened to ac- JFK’s Terminal 1, which it shares gration inspection booths, more COMMENTS? [email protected] “I think there are major changes in the offing,” observes Assembly- man Richard Brodsky, D-West- chester. “The approved plan simply does not create a world-class con- changes BY THE NUMBERS CITY JOB ROLLS ON A ROLL vention center.’’ No delay, say business leaders 10-YEAR STORY 2006 BY SECTOR leaders of the city’s convention Today, her expansion-minded Annual average job gains and losses for and tourism businesses have told ex-husband owns a pair of upscale key sectors in city. Mr. Spitzer that though they sup- furniture stores in California and PROFESSIONAL SERVICES port a larger center, they don’t want has plans to open as many as 10 +16,200 +2.92% to see the expansion delayed. The more. Meanwhile, Ms. Cole is HEALTH CARE Legislature approved the project working to restore the pared-down +11,900 +2.24% over two years ago, after a dozen ABC Home to its former glory by SECURITIES years of lobbying by city and indus- pouring time and money into selling +9,500 +5.59% try officials. unique products and drawing LEISURE AND HOSPITALITY Besides the size,objections to the crowds with unusual events. +6,800 +2.46% plan focus on the vertical design as She is trying to avoid the fate of well as a corkscrew freight truck RETAIL TRADE many small furniture stores that +5,300 +1.88% garage. The design would slow have either fled the Flatiron district down loading,driving up the already for cheaper areas or gone out of busi- CONSTRUCTION high cost of producing shows, says ness altogether.ABC Home is com- +5,000 +4.41% John O’Connell, an executive at ex- peting with national rivals including EDUCATIONAL SERVICES hibit firm Freeman Cos. Crate & Barrel, Pier 1 and Restora- +4,000 +2.73% Mr. O’Connell and others have tion Hardware—which has a loca- BANKING been critical of the design for tion just three blocks up Broad- new york city added 62,200 jobs in 2006—10,700 more than previously +3,800 +4.13% months.Their disapproval is getting way—as well as a host of newer, reported. The official annual average of 3.66 million stands only 53,300 INFORMATION a fuller hearing now that Albany has homegrown houseware stores far- jobs below the peak reached in 2000. Every March, the state Department +2,400 +1.47% changed hands. ther downtown. of Labor revises the data from monthly employer surveys by checking fig- “I’m impressed with the decisive- GOVERNMENT Ms. Cole kicked off ABC ures against unemployment insurance tax records, which give a more com- -200 -0.04% ness and insight the new team has Home’s turnaround by bringing plete picture of the labor market. During times of sharp expansion or con- brought to this process,” Mr. Brod- back more one-of-a-kind prod- traction, monthly data often understate the degree of change. The state’s MANUFACTURING sky says. -7,500 -6.58% ucts—the sorts of unusual wares she revised results show that the number of city workers rose by 1.7% last year. See ABC HOME on Page 8 COMMENTS? [email protected]

March 12, 2007 | Crain’s New York Business | 3 CNYB 03-12-07 A 4 3/9/2007 7:51 PM Page 1

IN THE MARKETS HIGHLIGHTS REEL Shriveled profit margins +1.0% make bank un-thrifty buy The Bloomberg/ Crain’s New York Index NY Community stuck timates of Matthew Kelley, an analyst at more than half a percentage point. With rise 1.0% to Sterne Agee & Leach. That compares 40% of the thrift’s $15 billion apartment- end the with high dividend with his tally of 16 for Dime Communi- building loan portfolio maturing over the week at ty,15 for Astoria Fed- next 18 months, and piles of mortgages eral and 13 for Flush- NYCB will be hard-

380. The ➡ S&P 500 ing Financial. NYCB pressed to keep all of Index rose shares also trade at that business. 1.1%, BY TOM FREDRICKSON much higher premi- Like all banks, closing at um-to-deposit ratios NYCB also faces huge 1403. ive new york Community and price-to-book ra- pressure because the Bancorp credit for trying. tios—common meas- short-term interest It has done more than ures of thrifts’ values. rates paid to depositors other big thrifts to diversi- “It’s the most ex- are only slightly lower fy away from the mortgage pensive one in the than long-term rates RISERS Glending that most such institutions spe- group, and it’s more banks charge borrow- 5-DAY 1-MONTH 3-MONTH CLOSING cialize in.In the last two years,NYCB has likely to be a buyer [of ers. As a result, the % CHANGE % CHANGE % CHANGE PRICE snapped up two commercial banks, At- banks] than a seller, thrift’s net interest Take-Two Interactive +18.6% +5.7% +0.9% $20.27 lantic Bank and Long Island Financial, which won’t help the margin dropped to and added hundreds of millions of dollars stock in the short 2.3% last year from Topps +10.9% +2.3% +13.0% $9.98 of commercial loans to its books. term,” Mr. Kelley 3.7% in 2004. Great Atlantic & Pacific +7.8% +18.3% +24.8% $33.28 The Westbury, L.I.-based institution says. That squeeze Market cap $5 billion Aéropostale +6.8% +2.0% +22.9% $38.12 also bit the bullet three years ago and sold Also, despite its helped send NYCB’s International Securities +5.7% +2.5% -8.8% $47.05 off big money-losing investments it made efforts to diversify, Assets $28.5 billion net income into a 32% in fixed-income securities. And through NYCB is still heavily Deposits $12.6 billion slide last year, to 85 all this, NYCB has delighted sharehold- dependent on multi- cents a share, accord- SINKERS ers by sticking with its dividend, which family-housing loans. ing to figures from 5-DAY 1-MONTH 3-MONTH CLOSING yields an eye-popping 6%. At the end of 2006, Reuters. Revenues % CHANGE % CHANGE % CHANGE PRICE Enough already.With the stock up 8% such loans accounted for 75% of the fared better, falling 6%, to $654 million. IDT -8.7% -12.9% -8.4% $11.74 since November,the shares are now over- thrift’s total. Commercial credits totaled Analysts expect earnings to rebound 10% Barnes & Noble -5.8% -8.4% -9.0% $37.80 ly pricey—especially in light of NYCB’s just 16%,and that imbalance is worsening. this year. uninspiring profits. All told, this looks Increasingly, NYCB faces a slew of Some analysts fear that the pressure on Warner Music -3.8% -9.1% -23.7% $18.31 like a great time for investors to bank else- new nonbank competitors. A hedge fund NYCB’s margins will force it to ax its fat CIT Group -3.8% -9.0% +0.8% $53.67 where. recently snatched away a $195 million dividend. Sirius Satellite -3.7% -5.8% -9.8% $3.42 The stock is trading at 17 times its multifamily loan by undercutting 2007 per share earnings, based on the es- NYCB’s best offer on an interest rate by COMMENTS? [email protected]

STOCKS TO WATCH Investors decide there may be plenty of profit in Lehman Brothers yet ’re list ing The best way to describe Lehman e en Brothers’ recent stock performance Hello, w is strictly subprime. Two weeks ago, the shares plummeted 8% on fears of big losses from Lehman’s exposure to the cratering subprime mortgage market. Last week, those fears eased a bit, and Lehman’s shares bounced back by 5%. This week, the firm is expected to report strong earnings, but investors will be watching anxiously for any sign of problems. In recent years, few stocks have consistently dressed up investors’ portfolios as well as Phillips-Van Heusen. Shares of the maker of dress shirts tacked on another 5% last week and are up 67% over the last year. In recent weeks, the company has stoked its engine for future growth by acquiring a neckwear maker for $180 million, and by signing on to make apparel bearing the Timberland name beginning next year. Maidenform’s cups runneth over. Last week, the bra and underwear maker, whose shares have more than doubled in the last 12 months, announced an uplifting set of results. The company announced 2006 profits of $28 million, a sharp departure from 2005’s $8 million loss. Even better, Maidenform projected that the momentum would continue, with profits expected to soar 18% this year. charts: lindström bekka

4 | Crain’s New York Business | March 12, 2007 Project8 3/7/07 5:19 PM Page 1 CNYB 03-12-07 A 6 3/9/2007 5:49 PM Page 1

| Creative | Client-Centric | Insightful | Industry Expertise NEW YORK,NEW YORK edited by Valerie Block March 12-18

BOMA Pinnacle Award for will follow the subway campaign Corporate Office Building Tennis club in April.

| Team-Oriented | Local | Team-Oriented Business | Acumen 2006/2007 finds a match the iconic Swingline stapler Café Gray factory in Long Island City, loses its lunch Queens, will soon be the home of

Principled a luxury tennis and fitness club. time warner center’s Café CityView Racquet Club will Gray dropped out of the lunch Congratulations to open this summer on the roof of business last week in order to book the 1930s building, boasting seven more profitable private events. By indoor tennis courts, four squash focusing on parties, chef and courts, a fitness club, a spa, and a owner Gray Kunz is hoping to attract the Grubb & Ellis team juice bar and lounge run by Chef customers who will reserve the & Company. Membership dues entire restaurant for the midday and everyone at will run $2,400 to $5,200 a year. meal—and satisfy antsy backers. Sony Corporation A group of investors and tennis “Payroll-wise, I just couldn’t pros, including Michael DelPrete, support [lunch] anymore,” says of America former president of Willow Ridge the restaurateur. “I need [a Country Club in Harrison, N.Y., greater] return for my investors.” is backing the venture. The restaurant will continue Mr. DelPrete says the city needs serving dinner a la carte. landov the courts. “Many tennis clubs and This isn’t the first cutback for other sports facilities have been the restaurant. Last summer, Mr. George’s deal: forced to close as a result of the Kunz reduced his staff ’s paychecks, booming real estate market and though his spokeswoman says their twice as nice increased land values,” he says. pay has since been restored. bc news’ chief Member 1177 Avenue of the Americas ® Washington FM station Buzz for N.O. New York, NY 10036 • 212-759-9700 • www.grubb-ellis.com REAL ESTATE BOARD OF NEW YORK correspondent and tries subway sell hot spot A George famous overachiever hip-hop radio station Power brennan family members Stephanopoulos just struck a 105.1 has finally figured out that Ti Adelaide Martin and Lally Brennan deal to write two books for its listeners ride the subway.The hit New York last week. Yes, those two different publishers. Clear Channel-owned station, Brennans—of the first family of The former Clinton which is celebrating its fifth New Orleans food—famous for anniversary this month, is temples of Cajun cuisine like White House aide will launching its first-ever subway Commander’s Palace.They came Weiser is pleased to announce that finish the first—a look at campaign to promote its new north to drum up buzz for their what makes a great morning program, The Ed Lover Café Adelaide. Show with Egypt & Ashy. More Giving away boas at the door Arthur R. president—in time for the than 300 posters of the Pegu Club, the 2008 presidential race. promoting the Southern dinning duo Hyperion Books will release show are going up shared some thoughts Klampert it next spring. today on 75 about their hometown. subway platforms. Ms. Brennan admits to has joined as a partner. Doubleday is expected to “In the past, having fantasies of leaving, publish the second title in we’ve done “but all of my friends are 2009. According to a source, billboards and taxi still there,” she said. tops,” says Darren Revenues at the family’s New York City it will be an illustrated book 135 West 50th Street Pfeffer, who restaurants remain about New York, NY 10020 called America at War and became marketing 30% below pre-Hurricane Tel 212.812.7000 Arthur R. Klampert, CPA, MS possesses Fax 212.375.6888 will cover wartime presi- director at Power a Katrina levels. “We need more than 30 years of experience in dents back to the 18th cen- year ago.The y’all to come down and Long Island providing accounting and auditing subway posters “are visit,” she added. 3000 Marcus Avenue tury. Both books will be Lake Success, NY 11042 services to public and private clients, a great way to be in the faces of Though the family considered Tel 516.488.1200 primarily in the real estate, construction, written with Todd Brewster, our listeners.” opening a New York spot and last Fax 516.488.1238 and not-for-profit industries. In addition, who wrote two best sellers Duh! Competitor Hot 97 has year entered into negotiations for Westchester Mr. Klampert provides consulting with Peter Jennings. been advertising underground for the Essex House space vacated by 660 White Plains Road years. Mr. Pfeffer didn’t comment Alain Ducasse, the plans fell Tarrytown, NY 10591 services particularly with regard to The projects originated Tel 914.333.0555 real estate dispositions and workouts. on why it took so long for his through. Now, the clan is focused Fax 914.333.0556 Mr. Klampert has also served as with the publishers, which station to follow suit. Billboards on expanding into southern cities and taxi-top ads for the new show such as Baton Rouge, La. I New Jersey an arbitrator on such matters as led to the unusual two- 399 Thornall Street Edison, NJ 08837 partnership disputes and breach house arrangement, Tel 732.549.2800 of contract actions. orchestrated by literary Fax 732.549.2898 WHAT HAPPENS IN THE OFFICE ... agent Esther Newberg. www.weiserLLP.com Vault Inc.’s 2007 Office Betting Pools Survey reveals that 79% of Messrs. Stephanopoulos respondents said they participated in a pool, compared with 67% last year. and Brewster walked away The most money was put on: Mr. Klampert can be reached with at least $1 million in at 914.517.7457. advances, says a source.

Weiser LLP Hyperion confirmed the Certified Public Accountants deal. Doubleday declined to 27%NCAA SUPER25% BOWL 18%NFL comment.

6 | Crain’s New York Business | March 12, 2007 Project6 2/8/07 5:02 PM Page 1 CNYB 03-12-07 A 8 3/9/2007 7:55 PM Page 1

ABC Home’s letter-perfect moves

Continued from Page 3 finds on frequent international buy- THE 1-2-3’s OF ABC HOME ing expeditions. Out went cheap The retailer’s selling space at its four locations, in square feet. knockoffs of antique furniture, for example. In came items like hand- carved wooden armoires with intri- 110,000 50,000 28,000 25,000 cate bone inlays, which sell for up- Flatiron district Bronx South Hackensack, N.J. Delray Beach, Fla. ward of $6,000. In addition, Ms. Cole is revamp- ing her flagship’s roster of 32 inde- owner of Las Venus, a retro-style may have gone too far by bringing in pendent retailers, which together furniture company on the second flimsy coffee cups made from recy- contribute 35% of ABC Home’s rev- floor, which has seen an increase in cled paper,which bend and slosh hot enues via rents and sales commis- sales in the past two years. coffee over the rim when they’re sions.Last year,she brought in trendy picked up.) Paris-based chocolatier Michel Green is good The emphasis on the environ-

Cluizel to take key space on the main in its new incarnation, ABC ment has come at an opportune time. buck ennis floor. Among the businesses that Home is also becoming a go-to “It is a much more important WOMAN OF THE CLOTH: ABC Home’s Paulette Cole is fending off national and independent rivals. have left are luxury eyewear seller place for all things green. It sells part of the industry now,” says Scott Selima Optique,which until January headboards made from sustainable Ageloff, vice president for academic had a small space on the first floor. wood,upholstery made from organ- affairs at the New York School of In- space to entertain or educate cus- mitted to the expense of remaining The combination of an improved ic fibers, and antique sofas re-cov- terior Design, where green design is tomers. On the second floor, she has creative,” Ms. Cole explains. “Na- lineup of ABC Home’s own offer- ered with new Indian saris. now part of the required curriculum. created The Marigold Room,a near- tional chains like Restoration Hard- ings plus a new mix of retailers has Ms. Cole also insists that all of Other moves by the store’s CEO ly 4,000-square-foot area piled with ware and Crate & Barrel are black gotten customers’ attention. ABC Home’s signs and business seem to go beyond the unconven- bright-orange floor cushions, now and white, and ABC is color.” “There’s been a renewed interest cards use recycled paper and soy- tional to the odd. Ms. Cole regular- used to host seminars about India. in the store,” says Kenneth Clark, based ink.(Staffers grumble that she ly gives up large chunks of selling “ABC’s edge is that we’re com- COMMENTS? [email protected]

compensation over the three years more than tripling over that time. Effort to rein in pay gains steam ended in 2005, yet her company’s Bear Stearns declined to comment. share price rose only 4% between Pay-for-performance advocates 2003 and 2006, compared with a have scored some victories, and add Continued from Page 1 their shareholders.” that top executives must meet per- 47% jump for its peer group.Net in- that just shining light on executive chief executive pay—long the do- The 60 companies targeted by formance targets in order to qualify come at the cosmetics giant fell by pay at poorly performing companies main of labor unions, retiree groups pay-for-performance proponents for restricted stock bonuses, such as 44% last year. Similarly, Colgate can trigger change. and other activist investors—is go- this year are more than double the the $12.6 million bonus awarded awarded CEO Reuben Mark about Verizon Communications Inc. ing mainstream. New regulations number last year, according to proxy last year to CEO Jamie Dimon. $55 million in compensation over adopted a pay-for-performance pol- that require companies to disclose advisory firm Institutional Share- But the bank declined to adopt the four years ended in 2005, a peri- icy before last year’s annual meeting, more information about compensa- holder Services. the nonbinding measure, arguing od during which the company’s after the Association of BellTel Re- tion have made it easier for investors Even as the shareholders’ mo- that doing so would “unduly limit stock price rose at less than a quar- tirees drafted a resolution, according to identify executives whose pay is mentum builds, many companies our flexibility.” ter the pace of its peer group while to the group’s president,Bill Jones.A out of line with company results. are pushing back with equal The American Federation of net income increased only 5%. Verizon spokesman says that the Executive pay has also caught strength, arguing that aligning pay State, County and Municipal Em- company has always aligned pay Washington’s attention. The House too closely to performance makes it ployees, which owns more than ‘Competitive disadvantage’ with performance. Financial Services Committee held harder to retain people. 50,000 J.P. Morgan Chase shares avon opposes the pay-for-perform- Mr. Jones says the fact that Veri- a hearing on the matter last week, “When you put the matter of pay through its pension plan, will rein- ance resolution it faces this year, say- zon adopted his group’s platform and the panel’s Democratic chair- for performance to a company direct- troduce its proposal this year. ing it is “unnecessary and may result before it could even be brought to a man, Rep. Barney Frank, has draft- ly, officials start coming up with all “If performance is great, we have in a competitive disadvantage.” Col- vote illustrates how sensitive com- ed legislation that would give share- sorts of reasons why they can’t do it,” no problem with J.P.Morgan paying gate declined to comment. panies are becoming. “Verizon holders a chance to vote on executive says Ms. Gozan of Amalgamated its people accordingly,”says Rich Fer- Shareholders are also targeting doesn’t want to be embarrassed any pay packages. President George W. Bank. lauto, the union’s director of pension Bear Stearns, where CEO James more than anyone else,” he says. Bush weighed in during his Jan. 31 investment policy. “But as its stands, Cayne has been awarded more than “The concept of shame can be a very visit to New York, saying that Majority loses pay is not as closely linked as it should $100 million in compensation over powerful one when the issue is pay- CEOs’ pay “should be based on for example, 53% of shareholders be to how the company fares.” the past four years—although the ing for performance.” their success at improving their at J.P.Morgan Chase voted last year At Avon,CEO Andrea Jung was company’s investors have been rich- companies and bringing value to for an investor resolution stating awarded more than $40 million in ly rewarded, too, with Bear’s stock COMMENTS? [email protected]

handle the 2008 Olympics, has been Broadway babies aim for China FOREIGN mentioned as a potential partner. EXCHANGE Boost for Asia veterans Continued from Page 1 Broadway Asia Chairwoman Si- joint venture of Nederlander IN A TWIST, some producers are nederlander new century will As Western companies from mone Genatt, who has been inun- Worldwide and Beijing Time New planning to transfer Broadway also be a boon to groups already Starwood Hotels & Resorts to dated with calls from New York pro- Century Entertainment. In the shows in Chinese back to New working in the region, such as United Parcel Service scramble to ducers who want to take their shows works for four years, it is the first York. Broadway Asia. The outfit was get a foothold in the world’s most to Asia.“Given the rising costs in the such enterprise to be approved by Broadway Asia Entertainment started by Ms. Genatt with partners populous nation,Broadway produc- U.S. market, producers are forced to China’s Ministry of Culture since it Marc Routh, Steven Baruch, is in discussions to bring the ers are just as eager to tap into Chi- figure out ways to make money in opened its entertainment industry Richard Frankel and Thomas Vier- na’s growing middle class. other places in the world.” to foreign investors in September Chinese version of I Love You, tel—best-known for their success Nederlander is the latest theatri- 2005. The firm is even helping the You’re Perfect, Now Change, with with The Producers. Ms. Genatt and cal company making a bid for Chi- Government opens arms government design the new theaters English subtitles, to New York for Mr. Routh have worked together in na. Last summer, Disney Theatri- the feelings are mutual. Chinese in some cities. a monthlong run in May. the region for more than a decade. cal’s The Lion King played at the officials are welcoming Broadway Nederlander New Century has Executives are confident that the Broadway Asia recently pro- Shanghai Grand Theater, in the with open arms,and the government been organizing Chinese venues to show will have an audience. duced off-Broadway musical I Love longest-ever run of a Western show. is building 25 theaters in an effort to create a touring circuit, the Broad- “There is a tremendous You, You’re Perfect, Now Change in Broadway Asia Entertainment,a offer live entertainment nationwide. way China Network. The aim is to obsession with China in New York Chinese—a novelty, as most shows two-year-old New York firm estab- “They are hungry for Western create a subscription series that is right now,” says Simone Genatt, in China are performed in English lished to put on musicals in the re- product,” says Anita Waxman, a similar to the Best of Broadway of- chairwoman of Broadway Asia. with subtitles. It featured Lin Yulin, gion—it is a producer of the 42nd Broadway producer whose show fering available in cities across the winner of the MTV 2006 Chinese Street tour—opened an office in Crazy for You had a long run in Japan. United States. Male Pop Star of the Year Award. Shanghai last year. Nearly every Of all those that have tried to “By working with us, it’s one- lander says. Next month, the company will kick producer on Broadway seems to be capture the spotlight in Beijing, stop shopping to tour throughout The venture is also setting up a off an Asian tour of The King and I going after the Chinese market. Nederlander is about to make the the country,as opposed to having to marketing system and central ticket in China. “Everybody is talking about Asia biggest splash. make separate deals with individual operation. Ticketmaster, which was right now, especially China,” says Nederlander New Century is a presenters in each city,” Mr. Neder- chosen by the Chinese government to COMMENTS? [email protected]

8 | Crain’s New York Business | March 12, 2007 CNYB 03-12-07 A 9 3/9/2007 2:25 PM Page 1

More pay for public lawyers

Continued from Page 2 “We don’t really look at the law $140,000 a year.” She did. increases. firm salaries,” says Pat Bath, com- Now finishing up her first year as Ms. Bargzie owes her good for- munications director at Legal Aid. an assistant corporation counsel, tune to an unusual wage battle that But she acknowledges that the Ms. Stewart is sure she made the has broken out among nonprofits group tries to keep pace with the dis- right choice. Within the first six and public sector agencies.Pressured trict attorney’s office. months, she took a deposition by by the widening gap with private law The top payer in city govern- herself. She has since argued mo- FULL FLOOR firms—now offering starting ment—the Corporation Counsel— tions and participated in trials— salaries of $160,000—and embold- upped its entry level salaries to none of which she would have done IDENTITY ened by increased funding levels, $57,000 this year. Stuart Smith, di- as a first-year associate at a big firm. PLAZA nonprofits and agencies are raising rector of recruitment for the City Ms. Stewart even has her own their offers to entry-level lawyers. Law Department, is quick to point cases. “They’re mine; nobody else is DISTRICT In some cases, the hikes come af- out that the move was tied to the working on them,” she says. ter years of salary stagnation. They city’s union pay scale,which jumped have triggered intense jock- 4% in December. Federal competition eying among organizations These agencies pay a the toughest competition for ENTIRE to stay in the running for top $55K fraction of what top law agencies like the City Law Depart- 8TH FLOOR candidates. ASSOCIATES’ firms provide,but they man- ment is not elite private firms, but salary at the “You have to be as com- office of the age to lure quality candi- the feds. OF 5,679 SF petitive as you can be,” says Manhattan dates by offering them “We lose people to the Depart- AVAILABLE James M. Kindler, chief as- district attorney something else. ment of Justice, the U.S. attorney’s sistant Manhattan district “We can’t compete with office and the SEC,” Mr. Smith attorney.The office raised associates’ the Sullivan & Cromwells in terms says. The U.S. attorney’s office, for salaries by 10% last year, to $55,000. of compensation, but we can com- example, offers substantive assign- For leasing information, please call: Despite the modest sum, the office pete with them in terms of experi- ments and a starting salary of Shawna O. Menifee managed to entice 1,800 applicants ence and job satisfaction,” says $61,000. 212.841.5986 for just 54 entry-level slots. ACLU Executive Director Antho- Mr. Smith isn’t the only one Amy Marisa Balducci ny Romero. He points out, for ex- keeping an eye on the federal pay- 212.841.7774 Keeping up ample, that his junior lawyers have roll. The widening gap was a major Joseph A. Cabrera mr. kindler is aware of his main argued cases in front of the U.S. reason Mr. Romero boosted the pay 212.841.7501 Paul N. Glickman competition. “The Corporation Supreme Court. for ACLU’s entry-level lawyers a 212.841.7847 Counsel’s office pays slightly more Sarah Stewart is well-aware of whopping 25% when he took the than we do, but we’ve tried to keep the tradeoffs. When she graduated helm in 2005. up,” he says. from Columbia Law School in “I want to make sure that we pay So has Legal Aid, which recent- 2005, she had two offers: one from as close to the U.S. attorney’s office ly increased the pay for a starting a firm and one from the City Law as I can afford,” he says. “We’re not A full commission computed and earned in accordance with the rates and conditions of our agency agreement with our principal, when received from our principal, will be paid to a cooperating broker who consummates a lease which is unconditionally executed lawyer almost 10%, to $50,000. It Department. there yet.” and delivered by and between landlord and tenant. (A copy of the rates and conditions referred to above are available upon request.) No warranty or representation, express or implied, is made as to the accuracy of the information contained herein, and same is attracted about 2,500 applications “The big question,” she says, submitted subject to errors omissions, change of price, rental or other conditions, withdrawal without notice, and to any specific for 40 openings. “was whether I was going to give up COMMENTS? [email protected] listing conditions, imposed by our principals.

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which most Starrett City residents could pay. Last-ditch effort on Starrett bid About 88% of residents receive a patchwork of federal, state and city Continued from Page 1 East Brooklyn waterfront,is the na- There are major issues involved, subsidies. If the project exits also say the price tag,which amounts tion’s largest federally subsidized however, including a provision that Mitchell-Lama, that system would to $221,000 a unit, makes no eco- housing project. It is currently part limits a landlord’s profit to $2 mil- be replaced with a simpler structure nomic sense unless the buildings are of Mitchell-Lama,a program creat- lion a year at the site. of only federal subsidies, and resi- turned into luxury residences. ed in 1955 to encourage the con- An alternative would be putting dents would receive vouchers to “It will be impossible for some- struction of housing for middle-in- Starrett City into the rent stabiliza- subsidize rents at current levels. one paying this price not to convert come New Yorkers. In exchange for tion program. That would keep The developer also takes issue the units into high-priced rentals or limiting rents for at least 20 years, rents at below-market prices, with with the assertion that it is paying too ritzy condominiums,” Sen. Charles landlords receive tax abatements specific annual increases until rents much. It says the price accounted for

Schumer observed in a statement and low-cost financing. exceed $2,000 a month or a tenant’s amenities—including a dedicated news ny daily recently. annual income is over $175,000 for power plant with excess capacity, a COSTLY TAKEOVER: The developer insists Clipper Equity says it could keep Limits on profits more than two years, at which time 75,000-square-foot sports club, that it could keep the units affordable. the project affordable and still make though starrett city has met its rents convert to market rate.The de- 4,000 parking spaces and a shopping money. minimum commitment to Mitch- veloper proposes using a benchmark mall—worth over $300 million. Starrett City, where 14,000 peo- ell-Lama, Clipper says it is consid- of affordability of 30% of the area Combined with the value of the brings the purchase price down to ple live in 46 towers overlooking the ering remaining in the program. median income, or about $21,000, development rights, that amount roughly $165,000 a unit, compara- ble to that of other apartments in the neighborhood. But Clipper concedes that zon- ing changes will be needed to let it develop enough of the unused land to make a profit. It can add 150,000 Capture the Energy square feet of residential space, 1 million square feet of commercial Give your business a and retail space, and 4.8 million competitive edge at square feet of community facilities, including schools and hospitals. It 636 Eleventh Avenue, wants to transfer some of the com- where efficiency and munity allotment to residential use. infrastructure power Continuing care plans clipper equity is in talks with la- performance and bor representatives to develop New productivity. York’s first continuing care retire- ment community for union mem- bers. It is also looking to designate the project a naturally occurring re- tirement community in order to provide services and benefits for the many senior residents. Whether the firm’s arguments will soften opposition to its bid is an open question. Many say that trans- ferring the project to rent stabiliza- tion is unacceptable. “I’d be thrilled if he built housing for union members and senior citi- zens,” says Brooklyn Borough Pres- ident Marty Markowitz, who met with Clipper several weeks ago.“But under no condition will I give my approval unless they keep the cur- rent apartments in the Mitchell- Lama program.”

COMMENTS? [email protected]

EXPLORING CAREERS STUDENTS SEEK HOST BUSINESSES THE GREATER NEW YORK COUNCILS Exploring program seeks businesses to host sessions offering high school students the chance to explore various industries and make better decisions about career choices. Exploring puts together groups of 15 to 25 students. 530,000 SF of Contiguous Space Available Now They meet at the host busi- nesses after school for four or With 10 Watts per Usable Square Foot more sessions, learning about For leasing information, please contact: educational requirements, salaries and what people in MITCHELL L. KONSKER PAUL N. GLICKMAN 212.841.7626 212.841.7847 their selected fields actually do. [email protected] [email protected] For more information, JACK A. COHEN JOSH L. GLICK 212.841.5024 212.841.7587 please call Exploring director [email protected] [email protected] Bob Hayes at (212) 651-2808, or visit www.bsa-gnyc.org.

10 | Crain’s New York Business | March 12, 2007 Project23 1/18/07 3:18 PM Page 1 CNYB 03-12-07 A 12 3/8/2007 7:21 PM Page 1

VIEWPOINT Making the case for ‘loopholes’

editor in chief Rance Crain n december, the embattled chief executive of The Bloomberg administration is adamantly opposed to publisher Jill R. Kaplan Citigroup assured investors that he was serious the governor’s plan because of the burden it imposes on EDITORIAL editor Greg David about cutting costs. Charles Prince said he businesses. But this administration speaks with forked managing editor Richard Barbieri wouldn’t spend on small, symbolic moves such as tongue on the issue of taxes and high costs. Only a few weeks projects editor Cynthia Rigg deputy managing editors Valerie Block, eliminating “magazine subscriptions and black ago, the mayor dismissed out of hand a report from the Erik Ipsen cars.” Rather, he would look to save millions by Independent Budget Office showing how much higher the columnist Alair Townsend senior reporters Aaron Elstein, asking whether Citigroup should move its people tax burden is in New York than in any other large U.S. city. Lisa Fickenscher, Matthew Flamm, to cheaper places. “Do we have people in New York that In fact, for six years the mayor has argued that New York Tom Fredrickson, Samantha Marshall, Anne Michaud, Julie Satow, ought to be in San Antonio?” he asked. Mr. Prince didn’t is a premium location suitable only for some businesses and Miriam Kreinin Souccar I Barbara Benson, Elisabeth Butler, answer his own question, but time will tell if one of the city’s that there are plenty of businesses that are willing to pay the reporters Erik Engquist, Amanda Fung, Hilary Potkewitz, most important financial institutions feels the need to reduce cost to be here.The governor’s aides are now using the same Gale Scott its local workforce. arguments. restaurant critic Bob Lape art director Steven Krupinski Meanwhile, a top executive at J.P.Morgan Chase told his Some firms The economic boom deputy art directors Carolyn McClain, shareholders last week that Chase would help pay for that has spurred Daniel Mednick staff photographer Buck Ennis $1 billion in new spending on investment banking by would have to employment, driven up copy desk chief Wendy Zuckerman moving jobs to lower-cost locations. Does anyone doubt that the value of the city’s copy editors Michele Arboit, Leslie Jay, pay $450 million Thaddeus Rutkowski New York is one of the high-cost locations he is targeting? real estate, sent office research editor Denise Southwood more in taxes associate research editor The possible relocations by Citibank and J.P.Morgan rents soaring and Adrianne Pasquarelli Chase, which have gotten little attention so far, should serve replenished city and www.NewYorkBusiness.com as the backdrop to the controversy over Gov. Eliot Spitzer’s online editor Catherine Tymkiw state coffers has made it online reporter David Jones plan to increase revenue from financial services companies. appear that costs don’t EDITORIAL AND ADVERTISING OFFICES Mr. Spitzer claims that he is not raising taxes. Instead, he matter. But it seemed 711 Third Ave., New York, NY 10017-5806 says, he is merely closing corporate loopholes exploited by editorial: 212.210.0277 Fax 212.210.0799 that way, too, during the 1980s and again in the late 1990s. advertising: 212.210.0259 banks, other financial institutions and large multinational Each time, when the economy weakened, costs became a Cable craincom nyk companies. Of course, one person’s “loophole’’ is another focus of large corporations, and businesses moved jobs out of Fax 212.210.0499 Entire contents ©copyright 2007 Crain person’s “incentive.’’ In fact, most of the provisions the the city. Communications Inc. All rights reserved. ®CityBusiness is a registered trademark of MCP governor wants to change were passed to retain or lure big As Citigroup and J.P.Morgan Chase executives make Inc., used under license agreement. companies to the city. However you spin it, the effect will be clear, that time is here again.The Spitzer loophole-closing TO SUBSCRIBE: Call 888.909.9111; fax 313.446.6777. to force such companies to pay about $450 million more a will send the wrong message to those companies and should $3.00 a copy, $59.79 one year, $109.79 two years. year in taxes—Citigroup alone would take an estimated be rejected. But the Bloomberg administration needs to www.NewYorkBusiness.com $60 million hit. Worse, the governor suggests that the city demonstrate that it always cares about costs, not just when it ADVERTISING AND MARKETING follow his lead and help its finances by taking the same steps. is politically convenient to do so. advertising director Vanessa Cognard business development manager Robert N. Grossman senior account managers Holly A. McKeown, William E. Squitieri LETTERS TO THE EDITOR account executives Andrew Carlin, Derek Reese, Jennifer Siniscalchi, Brigitte Stieglitz western account manager Ellen Mazen (Los Angeles) 323.370.2477 sales manager, classified A sober decision about drinking print & online John Gallagher newsletter product manager Catherine Evans Gittens ALCOHOL INSURANCE better about that decision. covered, there is more time DRASTIC CHANGE sales coordinator, print & online FOR WINE CLUB hanna lee available for skating in colder ISN’T NEEDED Lulé Haznedari sales coordinator Anita Perrino i found the article “Dining President weather or when it rains. And i am an ardent believer that if credit Pat Grondziak 313.446.6082 while drunk” (Crain’s,Feb.12) Hanna Lee Communications Inc. since there is always a battle you ice-skate, it should be marketing coordinator Jill H. Bottomley very interesting. In fact, I between figure skating and completely outdoors. circulation manager Andrea Richardson just purchased alcohol liability NEW RINK OFFERS hockey, two rinks would be so There is nothing better than general manager, interactive insurance for my monthly BETTER FEATURES much better than one. skating outdoors in the winter Marc Minardo Unwind with Wine club. Reading diane montpelier with the cool, crisp air. NEW YORK PRODUCTION your article made me feel even i was probably the first person to And skating at night under the production and pre-press director skate at the Kate Wollman Rink in KEEP A GOOD stars is special. Michael Corsi Prospect Park when it opened in THING GOING New is good if it doesn’t advertising production manager 1961 (Neighborhood Journal, change the character of the Marilyn DeMilta

March 5). I lived about three the wollman rink is such a experience. PUBLISHED BY CRAIN COMMUNICATIONS INC. blocks from the rink and couldn’t wonderful resource. If the new ice-skating rink chairman Keith E. Crain wait for it to open. Decades later, I I just hope that the new plan changes things drastically, then president Rance Crain am into skating again. results in as much usage and ice I’ll have to trek way uptown to secretary Merrilee Crain I agree there is nothing like time as the old one. Central Park. treasurer Mary Kay Crain skating on an outdoor surface on linda hayes What a drag! executive vp, operations William Morrow a nice day. But if the rink is Brooklyn Blades senior vp, group publisher Gloria Scoby diane gatewood 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 Real Health Wealthy Small Patrick Sheposh estate care New Yorkers business founder G.D. Crain Jr. (1885-1973) report report report report chairman Mrs. G.D. Crain Jr. (1911-1996) March 19 March 26 April 2 April 9 trevor keen trevor

12 | Crain’s New York Business | March 12, 2007 CNYB 03-12-07 A 13 3/9/2007 11:14 AM Page 1

profit margin of about 3%. It’s ad- mittedly small,but Empire’s margin is hardly better, at about 5%. Comparing the leaders of the most important hospital and the most important insurer is significant: It speaks to the thesis of the ad cam- paign launched by health care work- ers union 1199 and the Greater New York Hospital Association to fight Gov.Eliot Spitzer’s plan to overhaul health financing.The coalition’s ads claim that there would be plenty of money to fix the industry’s problems if only greedy for-profit insurers were prevented from ripping off poor nonprofit hospitals trying to provide care for New Yorkers. To begin with,it’s hard to consid- er any institution that pays its CEO more than $3 million a year “poor.’’ The ads’ simplistic, good guy-bad guy scenario creates a false compar- ison. Both New York-Presbyterian pre-built dreams now and Empire are large, well-run eco-

john h.john howard nomic institutions serving the needs of their customers.The hospital pro- on the grid vides top-notch medical care to its patients.The insurer offers efficient claims processing to businesses and CEO pay exposes individuals, and works hard on their behalf to hold down the cost of in- surance—in part by standing tough health care truths in negotiations with hospitals. Both organizations have enormous clout. This reality ought to be foremost erb pardes has made New York-Presbyterian when evaluating Mr. Spitzer’s plan, Looking for a business space that’s a THE designed to reduce the cost of care. pre-built dream? Silverstein Properties skygrid the best as well as the biggest hospital in the New is proud to announce a wide range He says the state has put hospitals at BUILDING York area, winning U.S. News & World Report’s of pre-builts at The SkyGrid Building, the center of the industry, making 575 Lexington Avenue. From a company- endorsement as the sixth-best facility in the en- the system so expensive that many size, 24,225 sq. ft. office to a comfortable 575 tire nation. The institution he runs is a nonprof- people go without coverage. The 4,516 sq. ft. office, there’s a pre-built it, but it’s also a big business, with revenues approaching $3 bil- governor argues that it’s wrong for space that’s sure to be right for your H New York to have to pay to train so company. The SkyGrid Building will soon LEXINGTON AVENUE lion.The hospital pays Dr. Pardes very well for his efforts, as is many doctors that half of them go feature a dramatic new entryway and elsewhere to practice. He contends lobby, gleaming exterior, upgraded appropriate for such a Point, is bigger than that even after factoring in the recent elevators, and state-of-the-art connec- large enterprise. The New York-Presbyterian, hospital closing plan, the state is tivity. For information on all availabilities, CEO received more with premiums of al- subsidizing too many unneeded please contact Catherine T. Giliberti, than $2.1 million in cash most $8 billion last year. beds, which only serves to weaken Roger A. Silverstein, or Stuart A. compensation in 2005, But Mr. Wagar is not the finances of all institutions. Christie at (212) 732-9700. and another $1.3 mil- nearly as well-paid as Mr. Spitzer is right on all those lion in contributions to Dr. Pardes: In 2006, he points, which is why the hospital- employee benefit plans. received compensation union alliance is turning to political silversteinproperties.com Mark Wagar, CEO worth $968,000,includ- demagoguery against insurers. This of Empire Blue Cross ing the value of stock isn’t a battle between good and bad; Blue Shield,is responsi- options. He’ll make a it’s a struggle over how much to ble for making sure the GREG little more this year, but spend on health care and who should area’s largest health in- DAVID then,Dr.Pardes is prob- get the funds. The issue should be ® surer remains financial- ably making a lot more decided, as Mr. Spitzer says, on the FREE Aeron Repairs* ly solvent, after a near than he did in 2005. basis of what will be best for patients bankruptcy in the 1990s. His com- One more set of crucial figures: and the people who pay the bills,not by New York’s #1 authorized repair and service center. pany, owned by publicly held Well- New York-Presbyterian ekes out a what’s good for hospitals or insurers. Your Aeron® or other chairs refurbished like new! TRADE-INS WELCOME CRAIN’S ONLINE POLL WILL RECENT COMMENTS BY RUDY GIULIANI’S SON DAMAGE THE EX-MAYOR’S PRESIDENTIAL ASPIRATIONS? New York City

MORE THAN HALF of the 564 respondents 12 West 20th Street (bet. 5th & 6th Ave.) say Andrew Giuliani’s comments that he and No, and the topic Yes, the should be .19% revelation 900 3rd Avenue (bet. 54th & 55th St.) his father are estranged will have serious off-limits will remind 53% voters of the Call Evan 212•813•6666 ext. 119 repercussions and put the spotlight back on No, his political . mayor’s or e-mail: [email protected] Rudy Giuliani’s personal life. More than a track record will 28% tangled overshadow family . personal quarter of participants say the former issues past Visit us at www.samflaxny.com mayor’s record trumps personal questions, while 19% think the topic is inappropriate. *Subject to terms and conditions ofHerman Miller 12 Year Manufacturers Warranty. If chair is outside of warranty contact us for free inspection and/or trade-in information. For this week’s question: Go to www.NewYorkBusiness.com/poll to have your say.

March 12, 2007 | Crain’s New York Business | 13 CNYB 03-12-07 A 14 3/9/2007 2:05 PM Page 1

Trial lawyer seeks judgeship FIGHT BREWING Banks vs. governor THE INSIDER dan feldman, executive director NEW YORK BANKS are mobilizing support to of the New York State Trial defeat a proposal by Gov. Eliot Spitzer to by Erik Engquist and Anne Michaud Lawyers Association, is pursuing a close what he calls “loopholes” that allow Supreme Court judgeship in banks and other financial institutions to avoid Brooklyn, where he was an hundreds of millions of dollars in taxes each assemblyman for 18 years. year. Announced matter-of-factly by the A vacancy was created when governor in the seventh paragraph of a Jan. New green rules taking root Theodore Jones Jr. was elevated to the 31 press release, the plan has set off a storm Court of Appeals. November’s

of protest from the New York Bankers buck ennis he city department of housing preservation and general election winner will begin a Association and from more broadly based business groups. Development is moving toward adopting a green 14-year term in 2008. Mr. Feldman The debate is being clouded by rhetoric and statistics as both sides try to must secure the Democratic make their case to the Legislature, the media and the public. Mr. Spitzer says building standard that would apply to all of its housing nomination, controlled by Brooklyn T Vito Lopez the provisions would raise $449 million but “are not tax increases.” The Democratic Chairman . projects, sources say. bankers association says they would “double the nearly $1 billion in current Commissioner Shaun Donovan (left) is Mr. Feldman moved to Port Washington, L.I., after leaving the taxes paid by New York banks.” The reference is to state taxes, not all taxes, a considering the use of Green Communities, Assembly in 1998, but still has distinction the association tends to omit. developed by Enterprise Community Brooklyn ties. Mr. Jones lived in The authors and supporters of the governor’s proposal say that the impact Partners, to guide development of Rockland County while on on banks would be minimal, a proverbial bug on the windshield for an Brooklyn’s bench. industry that has enjoyed great prosperity in recent years. The latest analysis affordable housing.The standard of New York City financial institutions found their state tax liability amounted complements LEED, which is cumbersome to 1% of profits, according to James Parrott, chief economist at the Fiscal and geared toward commercial buildings. Lane change Policy Institute. HPD plans to expand its new mandates for But that’s twice the rate assessed by other states, notes Robert Ward, on freight tunnel research director at the Business Council of New York State. A bankers indoor air quality, energy efficiency, water mayor michael bloomberg association spokesman adds, “In 1985, banks paid 5% of the state’s

daily news daily conservation and the use of environmentally might be changing his mind on corporate taxes, and now they pay 13%.” He acknowledges that rising bank congestion pricing and the cross- profits have driven that percentage up. preferable products. environmental commissioner. harbor rail freight tunnel. The public relations war is a prelude to a political fight that will play out in Elsewhere in the Bloomberg Ostensibly, the reason is At a recent City Council the coming weeks as the governor and Legislature haggle over a state administration, the School objections from hunting groups to hearing, the mayor’s top sustainabil- budget. The banks and business groups, rather than trying to persuade the Construction Authority is working his past positions on gun control. ity aide, Rohit Aggarwala, told Coun- governor to change his mind, are turning to the Assembly and Senate. on a new environmental standard But as commissioner, Mr. Grannis cilman Oliver Koppell that the admin- “I’ve gotten the sense that both want to hear the case,” says Kathryn for schools. would have no role in that issue, istration was taking congestion Wylde, president and chief executive officer of the Partnership for New York and has pledged not to limit the pricing “seriously.” The mayor had City. “What’s important is that businesses believe New York is going to be a rights of hunters. One critic of his been dismissive of the idea. friendly tax environment for business, and that message is blurred” by the Gun issue nomination, Sen. Carl Marcellino, Mr. Aggarwala also said the governor’s proposal. hits Grannis R-Syosset, supported a gun- proposed cross-harbor rail freight control law for which hunters tunnel could be part of the city’s environmental activists smell blame Mr. Grannis. plan to prepare for population partisan politics as the Senate holds A Senate spokesman says the growth.The mayor came out A quicker fix pay for the maintenance of the up Assemblyman Alexander “Pete” nomination is being reviewed and a against the tunnel during his re- public waterfront in Stapleton, Grannis’ nomination as state hearing will be scheduled. election bid. for bad buildings Staten Island, through the sale of the city council is drafting adjacent city land to private legislation to make it easier for the developers. government to crack down on code New EDC President Robert violations in the city’s most Lieber alluded to the strategy last troubled buildings.The bill would week in his first public appearance require property owners to correct in the borough. It reflects the violations faster and would Bloomberg administration’s pref- empower the city to fix problems erence for undertaking major itself and bill the owners. public-private development projects The proposal is a product of without adding substantial recur- joint meetings of landlord and ring costs to the city’s general fund. tenant representatives, the council This summer, the city will begin and the Department of Housing $66 million in infrastructure work Preservation and Development.The bill in Stapleton and issue requests for is expected to be introduced this proposals to develop about 350 month. residential units, retail and commercial space, a community sports complex, a farmers’ market, Felder widens and a hotel, banquet hall and his scope restaurant. city councilman Simcha Felder will run for citywide office in 2009, Pataki guru rather than Brooklyn borough switches horses president. He had been the first to declare for the Brooklyn post and is kieran mahoney,Gov.George now the first to withdraw from the Pataki’s political guru, has signed on The port of New York and New Jersey is vital to our region’s health. race. Given his background in to run the presidential campaign of “Sometimes we take it for granted that the life-saving medication we need will always be there. But accounting, the Democrat is likely James Gilmore (left), as a pharmacist, I know there are many steps involved in getting prescription pharmaceutical to run for comptroller. Mr. Felder former governor of products distributed around the world. At Duane Reade, we are committed to having the has nearly $400,000 in his Virginia. products our customers want and need.We recognize the value of a safe and efficient campaign account. Mr. Gilmore distribution system. Our warehouse distribution system gives us the ability to A crowded field is likely, since has a shot at being provide rapid delivery to our stores.With the Port of New York and incumbent William Thompson is being the most credible New Jersey as a partner, the products we need are on the forced out by term limits. conservative shelf, on time.” candidate among Paul Brown | Duane Reade pharmacist | New York, New York bloomberg news Republicans The men and women of the port of New York and New Jersey... Plan covers seeking the party’s nomination, Mr. S.I. waterfront Mahoney says, since he has built a .com record as a tax-cutter, opposes gun the economic development control and leads a congressionally

New York Shipping Association © 2007 Corp., the Parks Department and appointed commission on other municipal agencies plan to terrorism. I

14 | Crain’s New York Business | March 12, 2007 Project4 3/1/07 5:54 PM Page 1

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GREY WORLDWIDE CNYB 03-12-07 A 16 3/9/2007 11:09 AM Page 1

WEEK IN REVIEW

ECONOMIC SPOTLIGHT Citi eyes Nikko citigroup inc. offered $10.8 billion for troubled Japanese brokerage Nikko Cordial. The purchase would be the biggest foreign acquisition of a Japanese securities company. Jay-Z sells to Iconix iconix brand group Inc., owner of such labels as Mossimo and Joe Boxer, agreed to buy Jay-Z’s Rocawear apparel brand for $204 million. Rocawear has $700 million in annual sales. Jay-Z, gettyimages landov whose legal name is Shawn Cart- RATINGS WOES have cost producers for Katie Couric and Brian Williams their jobs. er, and Iconix will jointly create a brand development company. TV news producers out CBS Radio NBC AND CBS replaced the producers of their evening news shows to boost the programs’ ratings. NBC removed JOHN settles payola case REISS, the executive producer of NBC Nightly News with cbs radio and three other broad- casters agreed to pay $12.5 mil- Brian Williams, after ABC’s evening show, anchored by lion to the Federal Communica- Economy Watch Charles Gibson, took the top spot during the crucial tions Commission to settle charges February sweeps, beating the competition for the first time of accepting cash or other gifts in NYC’s jobless rate stayed below 5% for a sixth month, but it overtook the U.S. in nearly a year. CBS ousted ROME HARTMAN and brought in exchange for airplay.The stations level. The area’s annual inflation was the lowest since the year ended in March. also agreed to provide 8,400 half- veteran producer Rick Kaplan, who ran MSNBC and CNN, to DECEMBER ’06 JANUARY ’07 COMPARISON hour segments of free airtime for independent record labels. NYC jobless rate 4.3% 4.9% 4.6%1 bolster the ratings of Katie Couric’s broadcast. NYC employment change -8,500 +17,500 +17,5002 Voice over NY area inflation change +0.2% +0.2% +2.7%3 Eisner group which includes Oppenheimer the village voice named Tony 1-U.S. unemployment rate. 2-Change since December 2006. 3-Inflation rate for the latest Funds Inc., plans to nominate Ortega, editor of the Broward- 12-month period. to buy Topps its own slate of six directors at Palm Beach New Times, editor in the topps co., maker of baseball the company’s annual meeting chief, the fifth person to hold the NYC Hotel Stats Broadway Stats cards and Bazooka Bubble Gum, March 23. title since 2005.The Voice fired agreed to a $385.4 million David Blum earlier in the month In January, average room rates in Attendance and box-office gross fell takeover offer from a group that for allegedly making offensive New York City dropped to levels in the week ended 3/4, says The Giuliani unloads comments during a staff meeting last seen in August, while occu- League of American Theatres and about racial diversity at the paper. pancy fell all the way back to year- Producers. Through week 40 of the investment arm earlier levels, according to data from season, the totals were 9 million and giuliani capital advisors, the PKF Consulting. $695.4 million, respectively. Pataki Esq. investment banking arm of Rudy Giuliani’s consulting firm, is being former gov. george pataki and acquired by Australia’s Macquarie John Cahill, his former chief of Group for an undisclosed price. staff, joined law firm Chadbourne The deal will let the former mayor & Parke, where the two will focus

bloomberg news “intensify his focus on his on environmental and other areas. includes former Disney Chief candidacy” for president in 2008, a Executive Michael Eisner.The Giuliani source says. deal drew immediate opposition Union Square from board member Arnaud Polo time plans Libby book Ajdler, who demanded an effort to find other buyers. polo ralph lauren corp. union square press will publish teamed up with Geneva-based a paperback next month about the Montefiore moves Richemont to form the Polo trial of I. Lewis “Scooter” Libby, Ralph Lauren Watch and Jewelry who was found guilty of perjury, montefiore medical center’s Co., which will begin designing obstruction of justice and lying to Capital IQ’s Weekly Deals Report president, Dr. Spencer “Spike” and producing items in 2008.The the FBI. The United States v. I. Lew- Foreman, 71, is stepping down deal marks Polo’s first foray into is Libby will feature reporting by TRANSACTION SIZE after two decades with the Bronx upscale timepieces and jewelry. National Journal writer Murray COMPANY (in millions) BUYER/INVESTOR TRANSACTION TYPE nonprofit health system, which he Waas, as well as court transcripts. New Plan Excel Realty Trust Inc. $6,200.0 Centro Properties Group Ltd. SB M&A made into one of the strongest —from staff reports and Manhattan hospitals in the city. ... Our Lady Verizon wins bloomberg news reports Aeroflex Inc. $1,000.0 General Atlantic, Francisco Partners FB M&A of Mercy filed for Chapter 11 patent case Plainview, L.I. Management bankruptcy protection, a year after News America Inc. $1,000.0 Not disclosed GCI it agreed to be run by Montefiore. a federal jury ruled Manhattan The 369-bed nonprofit hospital in favor of Verizon Leucadia National Corp. $500.0 Not disclosed GCI Manhattan plans to sell most of its assets to Communications Inc. Montefiore. in a patent lawsuit Advanced BioHealing Inc. $25.5 Safeguard Scientifics, Inc., Canaan GCI Manhattan Partners, Red Abbey Venture Partners, against Vonage Hold- Wheatley Partners, Channel Medical Partners Investor coup ings. Vonage must Selected deals announced during the week of Feb. 25 for companies headquartered in metro New pay the telecom giant York. FB M&A: Financial buyer M&A represents a minority or majority acquisition of existing take-two interactive $58 million in dam- 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. SB M&A: Strategic buyer Software Inc. shareholders ages plus royalties for M&A represents a minority or majority acquisition of existing shares of a company without the formed a dissident group aiming infringing on three

participation of a financial buyer. to take control of the board and patents for Internet bloomberg news

bekka lindström bekka oust Paul Eibeler. The group, telephone technology. BOOK ’EM: A publisher is seizing on the trial of I. Lewis Libby.

16 | Crain’s New York Business | March 12, 2007 Project4 3/5/07 12:37 PM Page 1

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37926_M77529_NY 1 3/2/07 8:23:55 PM CNYB 03-12-07 A 18 3/8/2007 6:24 PM Page 1

NEIGHBORHOOD JOURNAL

READY TOOPEN: the Bronx County Bronx courthouse acquitted at last Hall of Justice.

The project has been plagued by of choosing another contractor. partment of Corrections and the Building to open setbacks. Plans called for the build- “That put us severely behind the district attorney’s offices. in April; project for ing to straddle East 162nd Street, eight ball,”says a Dormitory Author- “It’s the largest single building but the terrorist attack of Sept.11 led ity spokeswoman. “Plus, the first we’ve ever done,” says the spokes- vacant Brooklyn site the Dormitory Authority of the two winters were extremely cold and woman. State of New York to rethink the icy, and you can’t make steelworkers It is also one of the most com- ext month, six years wisdom of having traffic run below go up there in those conditions.” plex. New York law requires at least after construction be- portions of the building. Then, the At nearly 750,000 square feet,the four primary contractors for such a begin moving into their new offices gan, the huge, $396 contractor selected to lay the foun- building extends over two and a half project. The Hall of Justice had an in the first week in April, but not million Bronx County dation was disqualified for alleged blocks along East 161st Street. The additional 70 contractors. At the without one further setback. Crews Hall of Justice will fi- connections to organized crime. A aluminum- and glass-clad structure peak of construction, 1,400 workers discovered a sagging ceiling in the Nnally open—nearly two years be- nine-month lawsuit following the will house the Bronx Supreme labored on the site daily. judges’ underground parking ga- hind schedule. disqualification slowed the process Court, the Criminal Court, the De- Court employees and judges will rage. Though the bowing will not affect the rest of the building, the judges will have to park elsewhere. —hilary potkewitz Housing plan for Brooklyn lot local activists have spent three decades pushing for development of a big, polluted lot in Carroll Gar- dens—and have gotten nowhere. Until now. The Department of Housing Preservation and Devel- opment is consulting with commu- nity leaders and expects to issue a re- quest for proposals for a mixed-use project in a few months.“No admin- istration prior to Bloomberg was willing to tackle this,” says Craig Hammerman, district manager of Community Board 6. Salvatore “Buddy” Scotto, a fu- neral home director and the closest thing Carroll Gardens has to a may- or, thinks the impetus may have been a chance conversation with in- fluential Assemblyman Vito Lopez, a booster of affordable and senior housing. After 30 years of pushing for action on the Public Place Site, at Smith and Fifth streets,Mr.Scot- to expressed his frustrations to Mr. I TRUST: CompUSA to bring me Lopez. Soon, Mr. Scotto’s phone rang; it was the HPD commission- er,saying the agency wanted to build the latest technology. affordable and senior housing. No one is celebrating yet.Indeed, there are rumblings of discord. Mr. Rely on CompUSA to provide new tools and technologies that drive your business. Right now you can Hammerman says some community register to watch the Microsoft Small Business Summit from one of our fully equipped training rooms. members envision any number of possibilities for the 6.5-acre site.But Watch the live broadcast featuring leading small business and technology experts in finance, marketing, by making HPD the lead agency for productivity, security and more in select locations*. Plus, find out how CompUSA technology and services the development, the city has sig- give you the tools to run an efficient business. Trust CompUSA Business Services with all of your naled a desire to build housing. technology and service needs. Special in-store offers all week at participating CompUSA locations. Mr. Scotto insists that the com- munity wants housing and that any- one who suggests otherwise is “way out of line.” But, he says, a ground- floor commercial use could produce Register for the Microsoft Summit today: revenue to subsidize an affordable- housing component. A consensus www.compusabusiness.com/sbsummit along those lines is likely to emerge. 1-866-4-CompBZ The larger hurdle, the one that’s precluded progress, is the contami- nation of the site by an old gas com- pany, which eventually became KeySpan. Volatile compounds must be removed before anything is built. A zoning change,which involves a public review, will also be needed Register to attend the Microsoft Small Business Summit because the land was designated for at CompUSA today. You can network with other small recreation in the 1970s. The plan business owners, participate in topic discussions, discuss then was for ball fields.The children your business technology needs with expert business who would have played there are middle-aged now;perhaps some will CompUSA is a registered service mark of CompUSA Management Company. representatives, and learn how the latest technology can *Go to www.sbsummit.com for a complete list of participating CompUSA locations. help you grow your business. be eligible to apply for an apartment when the project is done. But not, one would hope,for the senior units. —erik engquist

18 | Crain’s New York Business | March 12, 2007 CNYB 03-12-07 A 19 3/8/2007 2:41 PM Page 1

SMALL BUSINESS INSIDE Seven steps for passing on a business to the next generation PAGE 24 “I spent $10,000 on a demo so I could show customers what I’d be installing” —Jon Ecker, security firm Peace of Mind Technologies, Page 23

NY outfit charges up green market Gaia at forefront of cleantech; more education about products needed

BY VICTORIA RIVKIN

last year, buyers ranging from a Times Square hotel and a chain of coffee shops to a den- tal office in Connecticut BROTHERS IN FISH: snapped up Bige Doruk’s state- When his selling of-the-art energy storage and space wasn’t management devices. This completed in time, year, buyers are expected to Warren Kremin got a double their helping hand from purchases of Fulton competitors. the devices. GREENING buck ennis NEW YORK The amaz- ing thing is not A series about so much that environmentally conscious Ms. Doruk’s companies four-year-old company, Gaia Fulton Fish starts fresh Power Technologies, is pros- pering, but that it exists at all. “Both consumers and in- vestors come to green products Cooperative BY CARA S. TRAGER with many preconceptions,such as that these products are more structure hings got off to a rough start for Warren Kremin after the expensive, and that they attract Fulton Fish Market moved to its home in the Hunts Point section of only a small hippie market,”says a boon after Ms. Doruk, chief executive of the Bronx. When the sprawling facility opened 16 months ago, the the Manhattan-based outfit. T “Education is a big part of the move; all-for- space that Fathers Fish Co. was supposed to occupy was still under business, much more so than if construction, and Mr. Kremin faced the prospect of weeks without revenue. this was a non-green company.” one attitude For Ms. Doruk, a former Fortunately, that didn’t happen. Fathers Fish was saved by its competitors. See CHARGING on Page 22 prevails They found space in the market building for the See FULTON FISH on Page 20

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REPORT SMALL BUSINESS

Fulton Fish gets more than a new location AFTER THE MOVE MICHAEL DRIANSKY Vice president, Continued from Page 19 Thinking as one and acting that “People are tired,” says David promote their individual businesses Caleb Haley & Co. business to operate, helped Mr. way are different things, though, Samuels, the co-op’s treasurer and as well as the market as a whole. Founded 1859 Kremin fill orders and extended and co-op members acknowledge president of Blue Ribbon Fish Co. In another first, the co-op exhib- Employees 35 credit for the purchases. that committee rule comes with its In retrospect, members benefit- ited at a major seafood trade show in Best feature State-of-the-art “They have been very support- share of headaches. ed from repeated delays in moving Boston last year and at the interna- amenities ive,” Mr. Kremin says. “They want- Monthly midmorning meetings to their $86 million facility. They tional restaurant show at the Jacob K. Worst feature Workday starts at ed to see me succeed.” actually formed the co- Javits Convention Center last week. 1 a.m. The spirit of cama- MARKET-DRIVEN op in 2001, establishing The group plans to launch an ad- Biggest surprise Gross sales up raderie is part of a re- governing by-laws in vertising campaign in industry pub- 11.5% to12% markable transformation preparation for the lications that will feature the trade- Hardest thing about move that has occurred since move. Months of post- marked “Fulton Fresh,” which is for Memories of the old market the Fulton Fish Market OLD ponements gave them the exclusive use of members. “It Miss most Sunrise over the left its longtime home in plenty of time to fine- connotes hand-selected items that Brooklyn Bridge buildings lower Manhattan at the 4 tune the organization. aren’t thrown off the processing Miss least Traffic congestion end of 2005. Ensconced 300,000 One of the co-op’s line,” Mr. Minio says. in new quarters, 34 inde- square feet early actions was to line Some merchants report that rev- WARREN KREMIN pendent businesses have up the tax breaks, dis- enues have risen 10% to 15%, in Owner, Fathers Fish Co. put aside at least some of Temperature counted power rates and great part because climate-con- Founded 2001 their competitive in- Hot in summer, other benefits that the trolled facilities help them land Employees 15 stincts to help one anoth- freezing in winter group’s members are eli- more business from large customers Best feature Cleanliness er out—both as individ- gible for as businesses like Whole Foods. NEW Worst feature Institutional feel ual owners and as a group operating within what is 1 building Emphasis on business Biggest surprise Increased selling through a cooperative both a federal Empow- opportunities they run jointly. 450,000 erment Zone and a state the co-op’s five-person mainte- Hardest thing about move square feet Empire Zone. nance committee oversees the crews Common ground Need to become more innovative to Temperature Those early accom- that clean the facility—cleaning be- promote and expand business the co-op, officially 40 to 45 degrees plishments helped build ing a task that used to fall to individ- Miss most Office on the water known as the New Fulton momentum, as did sheer ual vendors. Miss least Long commute Fish Market Cooperative necessity. Through their “Instead of worrying about the at Hunts Point, boasts organization, tenants general maintenance of my facility, I FRANK MINIO 40 employees and an an- collectively pay monthly can focus on business development,” Co-owner, Smitty’s Fillet House nual budget of $5.5 mil- rent of $93,555 to the says Mr. Kremin, who credits that lion. Its roles range from city’s Economic Devel- concentration with helping him reel Founded 1942 site maintenance to mar- opment Corp. The co- in buyers as far away as Bermuda, Employees 11 keting to leasing the op declined to specify Israel and other locations. Best feature Constant refrigeration building’s two retail individual rents. The Fulton Fish Market has also Worst feature No place for patrons spaces, currently occu- “The challenge of the established good relationships with to rest pied by Fulton Café and a cooperative is to make community groups. The Hunts Biggest surprise Efficiency of branch of North Fork sure it fills up the build- Point Economic Development sales process Bank. ing to cover the nut Corp.’s Workforce Development Hardest thing about move Leaving Late this month, the of the new facility,” says Center has provided a stream of qual- lower Manhattan co-op will begin hosting a Roger Tollefsen, presi- ified employees, including cashiers Miss most Shopping on Broadway wholesale farmers’ mar- dent of the New York and bookkeepers. And the Mosholu Miss least Rats ket six days a week. It will Seafood Council, a non- Montefiore Community Center re- DAVID SAMUELS not only generate rental profit marketing group. cently offered to provide workers at Owner, Blue Ribbon Fish Co. revenues but should also The wholesalers have no cost to the co-op as part of a sum- attract more customers. achieved 90% occupancy. mer jobs program for young adults. Founded 1931 In the past, four asso- The city has done its The co-op has returned the fa- Employees 27

ciations represented the buck ennis part, too. A crackdown vors.Once a month,the president or Best feature Efficiency wholesalers, which were IN THE ZONE: The market qualified for tax and energy-rate breaks. in the 1990s finally manager meets with local leaders to Worst feature None spread out over four anti- broke organized crime’s discuss “what we can do for the com- Biggest surprise Adjustment was quated buildings in the stranglehold on the Ful- munity and what the Bronx can do easy South Street Seaport area. of the 11-person board usually run ton Fish Market. The vigilance for us,” Mr. Minio says. Hardest thing about move “Everybody thought in terms of two hours. Additionally,there are as continues, with city agencies vet- The co-op’s contributions have Going to bed at noon instead of their own association, and now we many as 10 ad hoc board sessions a ting every company and individual ranged from cash to help plant trees 1:30 p.m. really think in terms of being a co- month, as well as meetings of the doing business there. on Hunts Point Avenue to weekly Miss most Being outdoors on a hesive whole,”says Frank Minio,the board’s six panels. The co-op is playing a big role in donations of fish to a local food beautiful spring day co-op’s president and the co-owner The gatherings can be arduous expanding business at the market. bank. Miss least Being outdoors on a of Smitty’s Fillet House. “That’s a for owners, who typically start their For the first time, the wholesalers 10- or 100-degree day completely different mind-set.” 12-hour workday at 1 a.m. have launched a joint Web site to COMMENTS? [email protected]

20 | Crain’s New York Business | March 12, 2007 Project3 3/1/07 5:49 PM Page 1

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Continued from Page 19 management consultant who IN A NUTSHELL worked with big corporations, the struggle began four years ago. She GAIA POWER and husband Ib Olsen, Gaia’s chief Linda Burchett, Agent Juliet De Rossi, Agent Dick Flanagan, Agent Meilee Fu Agcy Inc TECHNOLOGIES 301 Cathedral Parkway 42 Broadway 146 East 78th Street Meilee Fu, Agent technology officer and a former re- New York, NY 10026-4066 New York, NY 10004-1617 New York, NY 10021-0351 299 Broadway search scientist, had designed what FOUNDED 2002 Bus: 212-665-2657 Bus: 212-514-8260 Bus: 212-628-8810 New York, NY 10007-1970 they call a PowerTower. [email protected] [email protected] [email protected] Bus: 212-233-0606 The 11-kilowatt device, about EMPLOYEES 12 full-time, the size of a four-drawer filing cabi- 7 part-time net, allows users—both commercial TOTAL AMOUNT RAISED and residential—to store electricity I $5 million in grants in off-peak hours and draw on it at I $4 million in investments times of the day when electricity de- mand and rates are higher. The de- INSTALLATIONS TO DATE James B Lavelle, Agent Kevin Leong, Agent Robert Stevenson II, Agent Over 100 420 Lexington Avenue 156 5th Avenue 200 Central Park South vice promises to cut demand on the New York, NY 10170-2099 New York, NY 10010-7799 New York, NY 10019-1449 power grid at peak times and save POWERTOWER COST $15,000 Bus: 212-687-1699 Bus: 212-807-1700 Bus: 212-397-0580 users money in the process. In addi- (11-kW unit, installed) [email protected] [email protected] [email protected] tion, PowerTowers can function as a backup energy source in case of a SALES blackout. 2006 Under $5 million 2007 Up to $10 million Field draws venture capital the good news is that the device put Gaia at the forefront of clean- er outages, as well as to a few corpo- tech—defined as products and serv- rate and retail clients that might be ices that promote conservation of interested in the cost savings. ® statefarm.com natural resources—a field that at- Thom Goracy,the administrator P060397 12/06 State Farm Mutual Automobile Insurance Company, State Farm Indemnity Company – Bloomington, IL tracted nearly $3 billion in venture for Dental Associates of Connecti- capital last year. The bad news was cut, saw a Gaia flier and was imme- that back in 2002, when the compa- diately impressed. He installed a ny was starting up, few people had PowerTower in the company’s even heard of the field. headquarters to provide backup “Cleantech is a wave that many power to the computer servers that investors are just now starting to run four of his dental offices.A week get,” says Franklin Madison, direc- later, the facility lost power. tor of the technology program at the “The PowerTower kicked in,and publicly funded Industrial & Tech- our four offices did not even realize nology Assistance Corp. we had a power outage,” says Mr. With help from ITAC, in 2002 Goracy. Ms. Doruk contacted Consolidated Edison.Impressed with PowerTow- Scaling up er’s potential to reduce demand on with a recent, $2 million grant NEED TO HIRE SOMEONE FAST? the electrical grid, the company from NYSERDA, Ms. Doruk plans agreed to partner with Gaia and to develop a 75-kilowatt commer- (We make it easy to fi nd top candidates in a fl ash.) support its application for a $1 mil- cial-grade power storage system and lion grant from the New York State to switch her focus toward large Energy Research and Development commercial users.She hopes to have Authority. it on the market late this year. With that grant in hand, the cou- To get its products to customers, ple quickly rented a 2,000-square- Gaia is building relationships with foot manufacturing plant in Peek- distributors in the tristate area, and skill, N.Y. Meanwhile, they tapped those in Florida and California— into New York’s rich pool of green where Gaia recently signed a distri- talent by subcontracting Rensselaer bution agreement with Southern Polytechnic Institute and the City California Edison. Ms. Doruk ex- University of New York to help in de- pects Gaia to post its first profits veloping hardware and software, as early next year. well as in applying for more grants. “This is the sexiest technology I By 2004,Ms.Doruk had her first have seen in a long time,” says Mr. working model and began looking Madison.“This is something every- for capital to scale up production. one can use, but lots of people don’t She also kicked off a direct-mail know about it yet.” Find high-quality New York candidates in a hurry at CareerBuilder.com. campaign to medical offices and res- idences in areas hardest hit by pow- COMMENTS? [email protected] Time running out? Turn to CareerBuilder.com for the most in-demand job seekers,

the best searching technology, and a nationwide network of over 1,000 online REPRINT, POST PUBLISHED ARTICLES and offl ine partners. Only the nation’s #1 recruitment resource can bring you the best New York candidates. To place an ad today, call 1-877-Fill-A-Job or visit REPRINTS OF CRAIN STORIES www.careerbuilder.com/jobposter. CRAIN’S NEW YORK BUSINESS offers reprints of the articles it publishes, which can include photos accompanying the stories. To get an estimate of the price and the turnaround time, contact Lori Noffz at Reprint Management Services, (717) 399-1900, ext. 104, or [email protected]. Readers wishing to make their own reprints or to post a story on a Web site must pay $350 for the use of the Crain’s copyright; the fee for nonprofits is $195. Send a letter describing the article and how it will be used, along with a check, to Jill Bottomley at Crain’s New York Business, 711 Third Ave., New York, NY 10017. For more information, call Ms. Bottomley at (212) 210-0282. Exclusive Candidate Pool Most Extensive Reach Value Delivered CNYB 03-12-07 A 23 3/8/2007 2:45 PM Page 1

REPORT SMALL BUSINESS

firm, which has three employees, are projected to hit $1.7 million in 2007. Security firm’s proven angles HITS & MISSES HITS on ecker learned a lot about how to ruin a sure Easy, low-cost service thing from his former employer, a security company that Fledgling firms’ key moves by Lisa Goff convenience and pricing set went bust in late 2002. Switch-Mobile’s service apart from J “There was incredible demand for our services after its major competitor, the calling 9/11, but the video cameras we were using just didn’t work,” card. Globe Dialer account holders says Mr. Ecker, who started his own security company a few get around the primary drawbacks months after his employer’s demise. Small price to pay for overseas calls of calling cards: those interminable Stressing his use of proven electronic systems, he quickly access codes and PIN numbers. converted many disappointed former customers into loyal clients of ack when she was a vice president of business Users can pay online. Per-minute his new firm, Peace of Mind Technologies. development at J.P.Morgan Chase, Jenny Fielding was rates are comparable to those for “I spent $10,000 on a demo camera, so that I could show custom- calling cards, but Switch-Mobile ers exactly what I’d be installing in their buildings,” Mr. Ecker says. Bconstantly running down to the bills by the second, not the minute. Four years later, annual revenues are $4 million, and midtown- corner market to buy calling cards in order based Peace of Mind employs 23 people. Offices will open this year in to avoid expensive mobile phone charges MISSES Boston, Chicago and Miami. Overlooking potential users for personal international calls. Her col- globe dialer’s users span the HITS leagues and expatriate friends did the same. economic spectrum, but the service The tried and true “I thought, why not automate the calling was initially available only to those unlike his former employer, which developed its own video soft- card business?” says Ms. Fielding. in the middle—the people who buy ware—or tried to—Mr. Ecker has stuck with reselling existing systems. midprice handsets, such as those by Focusing on a few market niches has also helped. Peace of Mind In 2005, she and two European partners Motorola and Nokia. has left the huge transportation and government contracts to its big launched Switch-Mobile, which offers cell phone users one- “We had to segment the market rivals, aiming instead at local hotels, restaurants, real estate firms and touch international dialing at calling-card rates. Subscribers and offer service to BlackBerries schools.The company now provides security services to four of the city’s 10 largest hotels, including the SoHo Grand, and to real estate download a Java application called Globe Dialer from the and Palm Treos at the high end, and Samsungs and LGs at the low firm Newmark Knight Frank. company Web site, at www.globedialer.com. end,” says Ms. Fielding. MISSES The firm also has redesigned Loss of control International calls made using tic calls on the user’s cell phone plan. Globe Dialer’s awkward interface. to grow without increasing his overhead, Mr. Ecker has subcon- Globe Dialer are automatically The service has already been ex- “The operating system is smoother tracted out nearly 10% of his business. But initially, poor installation routed through Switch-Mobile’s panded to Canada and Denmark. now, and the look is sleeker,” Ms. quality annoyed longtime customers. Now when Mr. Ecker sub- Voice over Internet Protocol network “We plan to blanket Europe in the Fielding observes. contracts jobs, he sends his own managers to supervise the work. and billed at 80% below standard next few months,” Ms. Fielding adds. rates.The minutes count as domes- Sales for the Manhattan-based COMMENTS? [email protected]

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March 12, 2007 | Crain’s New York Business | 23 CNYB 03-12-07 A 24 3/8/2007 2:47 PM Page 1

REPORT SMALL BUSINESS

HOW-TO 7 steps for passing it on

ments when a business passes from Detailed plan will FAMILY one generation to the next,”says Mr. help business survive firms that Buckstein. into next generation 35% survive the A succession plan provides part- transition from first to second ners, heirs and successors with a generation road map that helps them fill the BY TINA TRASTER void left by the death or disability of SECOND- a company’s owner. generation

n the mid-1980s,Joel Buck- Here are a few simple steps to buck ennis firms that stein and his brother inherit- 50% take in establishing such a plan. HANDOFF: Joel Buckstein (left) plans to have his son Craig take over GenevaWorldwide. ed GenevaWorldwide, a make it to the third generation Manhattan-based transla- “THERE ARE MANY REASONS STEP 1 tion company, from their fa- businesses don’t survive, but the Figure out what comes next. relationships and creates a sense of sors must have the appearance of Ither. The problem was that he had most common is the failure to continuity. fairness,or at least of an overwhelm- left no written instructions as to who have a viable succession plan,” should the company be sold or In the event of an impasse, be ing business logic. If one child gets should actually run the firm or how. says Paul Rich, a principal with continued? The answer to this ques- prepared to summon a mediator or the business, compensate the others After two years of dueling man- accountants Rothstein Kass & Co. tion will dictate the basic shape of a psychologist skilled in conflict through other assets, such as a life agement styles, Joel Buckstein the succession plan. resolution. insurance policy. bought out his brother.The siblings Involve business partners, fami- have not spoken since. sets, while his daughter Rachel, who ly members and professional advis- STEP 2 STEP 6 Determined to do better with his is not in the business, will get the ers early on in the search for an an- Call in the experts. Set a pace. own heirs, he has written out a de- proceeds of his insurance policy. swer. Assemble the team and let tailed succession plan.His son Craig “I’ve learned the hard way that them talk openly about their views once the broad thrust of the after making the decision to exit will take over the company and its as- people need to have written agree- of the company’s future.This boosts plan is agreed on, bring in a team of the company, some owners like to legal, accounting and financial serv- remain on in consulting roles. Oth- ices experts to put the ideas down in ers prefer to turn things over imme- writing and to sort out all the legal diately. Those choices will help de- and tax details.That team should re- termine the financial aspects of the view and, if necessary, update the change—whether the owner will re- plan every year or so. ceive a lump sum buyout or a salary phased out over the course of years. STEP 3 In either case, the departing owner Anoint a successor. may want to maintain health and Running A Business dental coverage. if the plan is to keep the business ticking, designate a successor who STEP 7 understands the business—prefer- Mind the financial gaps. ably an insider or an industry veteran. Can Be Taxing. That person should also show enthu- in a business with multiple owners, siasm about the business and have the establish a redemption agreement leadership skills necessary to grow it. that says the business will purchase Avoid the temptation to tap a an owner’s interest at a stated price. spouse who is not involved in the In the event of death, the estate gets business or an estate executor. cash equal to the business’s value. Running a business takes hands-on The redeemed share is then retired, Paying Taxes experience. and the remaining shareholders, of- ten the appointed successors, con- STEP 4 trol the business. Clear a path. In the case of partnerships, the principals need a buy-sell agreement, Doesn’t Have To Be. officially ink the successor into which should identify the buyer and the plan and set precise terms for set the price.Business owners should how and when the transfer should purchase a life insurance policy that take place.Vest the successor by giv- will be used by the intended buyers ing her stock and by spending time to fund the purchase after death. grooming her. Gradually give her “Having a buy-sell agreement more decision power and control. gives me peace of mind because it Fold these responsibilities into protects my husband and children, www.officialpayments.com 1-800-2PAY-TAXSM twice-yearly reviews that include my business partner, and my clients sharpening successor skills and in case I die,” says Geri Pell, a certi- When you pay the balance due on your federal (Form 940, Form 941 and Form 944) and transferring information. fied financial planner who co-owns state business taxes through Official Payments Corp.® using an American Express® Card, Linda Vinciguerra,owner of Lin- an Ameriprise Financial franchise. da Lingerie in Staten Island, plans to Discover® Network, MasterCard® or Visa® Card, you'll not only get the convenience of a fast, pass her business to daughter Marisa, COMMENTS? [email protected] easy, checkless payment, you'll also get more control over your cash. And best of all, because now 17 but already actively involved you're using a card, you may even earn reward points, miles or money back. So, this year in running the show. Ms. Vinciguer- call 1-800-2PAY-TAXsm (1-800-272-9829) or visit www.OfficialPayments.com. ra also wants her daughter to get a good education.“She must go to col- And at least one part of your business will be less taxing. DEATH & TAXES lege and get a good undergraduate CONSIDER taking steps to degree,” says the store’s owner. reduce the impact of the estate STEP 5 tax. One way to do that is to use the annual gift tax exclusion. It Smooth the waters. allows people to transfer up to Official Payments Corp. is a wholly owned subsidiary of Tier Technologies, Inc. Official Payments charges a convenience fee for this service equal to $11,000 per year per recipient, approximately 2.49% of the tax payment amount. Federal business taxpayers can deduct the fee as a business expense. Federal tax deposit make sure that the division of re- payments cannot be paid through this service. This service is also available for federal personal individual income taxes and other state personal and sponsibility for the next generation free of any gift tax. The law business taxes and fees in AL, AR, AZ, CA, CT, GA, IA, IL, IN, KS, LA, MD, MN, MS, NE, NJ, NY, OH, OK, OR, PA, RI, VA, WA, WI, WV and D.C. allows for cumulative tax-free Check your card provider for reward points, miles and money back terms, conditions and eligibility. Visit www.officialpayments.com for additional is not just fair but that it works—that information and card participation. ownership or control are not so at- gifts, either outright or in trust, omized that chaos is bound to ensue. totaling $1.5 million. The division between the succes-

24 | Crain’s New York Business | March 12, 2007 CNYB 03-12-07 A 25 3/8/2007 6:23 PM Page 1

REAL ESTATE DEALS Rudy’s law firm makes run for space

including Puma, thing customers had largely aban- Bracewell & Giuliani since Whole Foods doned it in favor of Aéropostale and expands on Sixth; opened at nearby American Eagle Outfitters by 2005. Office & Retail Union Square in The asking rent was nearly $150 Availabilities: fashion house opens 2005. per square foot—a little higher Wet Seal has than market rents in the neigh- 212.594.2700 local flagship been experiencing a borhood. turnaround in recent “The space was in immaculate slgreen.com he law firm of former years. The company condition,” says Amira Yunis, the Mayor Rudy Giuliani, enjoyed exploding Newmark Knight Frank Retail bro- Reaching New Heights. who is gearing up for a growth in the late ker who negotiated for both the 2008 presidential bid, is ’90s, but fickle teen tenant and landlord Joseph Chira. doubling its office space and twentysome- —elisabeth butler in midtown. Bracewell & Giuliani 3 NINTH AVE. was chosen by fashion house T Ports 1961 for its U.S. flagship store. has leased an additional 24,500 square feet at 1177 Sixth Ave. for a to- tal of 49,000 square feet on the en- tire 18th and 19th floors. Clothier opens port The asking rent at the building, in New York City located between West 45th and West 46th streets, is $85 a square fashion house ports 1961, which foot. sells its wares in department stores Bracewell & Giuliani plans to such as Saks Fifth Avenue and bou- move into the new space next tiques such as Butter, is opening its month. The firm, which has about first two U.S. stores, one of which 40 lawyers in the city, needs the will be in New York City. SALE BY PUBLIC TENDER additional floor because it plans The company has signed a 10- to hire another 20 to 30 lawyers year lease for a three-story, 4,000- BID DUE DATE: APRIL 26, 2007 this year, says Daniel Connolly, square-foot store at 3 Ninth Ave., managing partner of the New York between Little West 12th and Gan- office. sevoort streets. The space is a sublet from Price- The clothier selected the meat- waterhouseCoopers that expires in packing district over other retail en- 12,285 SF December 2009. At that point, claves. The asking rent was about Bracewell & Giuliani will probably $250 per square foot for the 1,500- AT move to another building, because square-foot ground floor. 1177 Sixth Ave. lacks further ex- “We looked on Madison Avenue pansion space. and in SoHo,” says Faith Hope “We are going to need more Consolo, the Prudential Douglas 55 EAST space than just the 18th and 19th Elliman broker who negotiated the floors,” says Mr. Connolly.“We love deal on behalf of the tenant. “This the building, but it is our under- will be their U.S. flagship.” 59TH STREET Robert R. Cancellare Realty Inc. (BETWEEN MADISON & PARK AVENUES) and Toby Berkowitz Real Estate represented landlord Little West Twelfth Street Realty Co. in the Entire 20th Floor deal. I Ports 1961 started in Toronto in Spectacular 24-story Class-A Office Condominium 1961 as Ports International under I designer Luke Tanabe, and the company has since moved its head- Sunlit work environment, windows on three sides quarters to China. I Ports 1961 will also open a store Unobstructed views on famous retail hot spot Melrose I Place in Los Angeles. Two blocks from public transportation The fashion house, which last I month staged a runway show during One block from Central Park New York’s Fashion Week,is a pop- ular choice for celebrities. Actresses Portia de Rossi, Sandra Bullock and For more information, please contact: Ali Larter have all donned Ports 1961 gowns on the red carpet. Craig Evans —elisabeth butler Senior Managing Director 212.318.9708 1177 SIXTH AVE. has room for Rudy’s firm. West 14th cool [email protected] for teen clothier standing that there is no more room Brian Rothschild to expand.” teen clothier Wet Seal is plan- Managing Director The biggest tenant at 1177 Sixth ning to open its first street-level Ave. is law firm Kramer Levin Naf- store in Manhattan this summer. 212.318.9718 talis & Frankel, which occupies The Foothill Ranch,Calif.-based [email protected] 280,500 square feet and has the retailer, which already operates a right of first refusal to take over store in the Manhattan Mall at Her- COMMITTED TO YOUR SUCCESS the PricewaterhouseCoopers space ald Square,recently signed a 10-year www.colliersabr.com once the lease expires. lease for 3,200 square feet at 42 W. Other companies with offices in 14th St., between Fifth and Sixth av- the building include NYSE Arca, enues. The site also has a 2,000- Member Bank Hapoalim and Munich Rein- square-foot basement for storage. surance America. The Wet Seal store will neighbor Cushman & Wakefield Inc. was Guitar Center and a Levi’s shop that the sole broker for the deal. opened last year. The area has been THE AMERICAS
EUROPE
MIDDLE EAST
AFRICA
ASIA PACIFIC —julie satow attracting more national retailers,

March 12, 2007 | Crain’s New York Business | 25 nb11p26_27cls_.qxp 3/8/07 5:18 PM Page 26

BOOKKEEPING SERVICES BUSINESS SERVICES PUBLIC & LEGAL NOTICES

Notice of Qualification of Gracox LLC. Notice of Qualification of KTR Leasing LLC. NOTICE OF FORMATION of Animal Vocation Authority filed with NY Dept. of State on Authority filed with Secy. of State of N.Y. Resources, LLC. Articles of Organization 2/2/07. Office location: NY County. LLC (SSNY) on 1/10/07. Office location: NY filed with the Secretary of State of NY formed in Delaware (DE) on 12/17/04. Secy. County. Principal business location: 140 (SSNY) on 1/12/07. Office location: NY of State designated as agent of LLC upon Broadway, 43rd Fl., NY, NY 10005. LLC County. SSNY has been designated as whom process against it may be served. formed in Delaware (DE) on 12/13/04. SSNY agent upon whom process against it may Secy. of State shall mail process to: c/o TAG designated as agent of LLC upon whom be served. The Post Office address to BUSINESS OPPORTUNITIES FINANCIAL PLANNER Associates Holdings LLC, 75 Rockefeller process against it may be served. SSNY shall which the SSNY shall mail a copy of any a Plaza, NY, NY 10019. DE address of LLC: mail process to: c/o Corporation Service process against the LLC served upon Help us save the environment!! Corporation Service Co., 2711 Centerville Rd., Company (CSC), 80 State Street, Albany, NY him/her is C/O the LLC, P.O. Box 4178, Help us save St. Ambrose School!! Ste. 400, Wilmington, DE 19808. Arts. of Org. 12207. DE address of LLC: c/o CSC, 2711 Grand Central Station, New York, NY We, the 425 students of St Ambrose School in filed with DE Secy. of State, 401 Federal St., Centerville Road, Ste. 400, Wilmington, DE 10163. Purpose of LLC: to engage in any Old Bridge, New Jersey need your help. We Dover, DE 19901. Purpose: any lawful activity. 19808. Arts. of Org. filed with DE Secy. of lawful act or activity. have applied for a solar energy rebate from State, 401 Federal St., Ste. 4, Dover, DE the State of New Jersey for a 220.8 Kilowatt Notice of Formation of QUIK PARK BLOOM 19901. Purpose: any lawful activity. Notice of Formation of 164-11 Jamaica solar electric system. The State has granted us LLC. Arts. of Org. filed with Secy. of State Avenue LLC. Arts. of Org. filed with NY Dept. $843,000, but we are in danger of losing of N.Y. (SSNY) on 1/23/07. Office location: Notice of formation of limited partnership of State on 2/27/07. Office location: NY everything!! Unless we find a generous NY County. SSNY designated as agent of (L.P.) Name: Yorkshire Towers Company County. Secy. of State designated as agent of LLC upon whom process against it may be benefactor who can underwrite the additional PUBLIC SPEAKING Successor II, L.P. Cert. of LP filed with SSNY LLC upon whom process against it may be approximate sum of $1 million, we will lose served. SSNY shall mail process to: The on 1-08-2007. Off. Loc: New York County. served. Secy. of State shall mail process to: our grant. This is not only a charitable Captivate & Lead Your Audience LLC, 247 W. 37th St., 6th Fl., NY, NY 10018. SSNY designated as agent of the LP, upon c/o Wharton Realty, 20 E. 46th St., Ste. 1200, Purpose: any lawful purpose. endeavor, but a wonderful income generating with confidence, ease. 30 yrs proven whom process against it may be served. NY, NY 10017, principal business address of SSNY shall mail a copy of any process to: c/o the LLC. Purpose: any lawful activity. opportunity. Interested parties kindly contact method. Clients include Johnson & Notice of Formation of Adam Shopkorn Art Fr Bob Gorman at St Ambrose Rectory: Johnson, Pfizer… Learn the nuts & bolts Lynn Schneider, 60 East 42nd Street, NY, NY Advisory Group LLC. Arts. of Org. filed with 10165. The name and address of each general Notice of Formation of 62 PEARL STREET 732-679-5676 or Peter Perrotta (facilitator) of communication: voice, body language, NY Dept. of State on 2/1/07. Office location: at 646-295-3141 text analysis. Free yourself from the partner is available from SSNY. Term: until ASSOCIATES, LLC, a domestic Limited embarrassment, humiliation, & rejection. NY County. Secy. of State designated as agent 3-09-2032. Purpose: To manage, improve, Liability Company (LLC). Articles of Free evaluation. Competitive rates. of LLC upon whom process against it may be lease and otherwise deal with the property Organization filed with Secretary of State www.newyorkbusiness.com 212-706-3838 served. Secy. of State shall mail process to: located at 305 East 86th Street, NY, NY. on 11/29/06. NY Office location NEW YORK Adam Shopkorn, 1 Astor Place, Apt. 4V, NY, County. Secretary of State is designated as RELOCATION SERVICES NY 10003. Purpose: any lawful activity. Notice of Formation of a Limited Liability agent upon whom process against the LLC Company (LLC): Name: VELO-LEBO, LLC, Notice of Formation of MCCANN, GOODWIN may be served. Secretary of State shall Articles of Organization filed with the mail a copy of any process against the LLC LLC. Arts. of Org. filed with Secy. of State Secretary of State of New York (SSNY) of N.Y. (SSNY) on 11/29/06. Office location: served upon him/her to C/O THE LLC, 211 on 01/04/2007, Office location: New York W. 56TH STREET, STE. 10M, NEW YORK, NY County. SSNY designated as agent of County, SNNY has been designated as LLC upon whom process against it may be NY 10019. Purpose: To engage in any lawful agent of the LLC upon whom process act or activity. served. SSNY shall mail process to: The against it may be served. SSNY shall mail a LLC, 630 Fifth Avenue, Ste. 1401, NY, NY copy of process to: C/O VELO-LEBO, LLC, NOTICE OF FORMATION OF LIMITED 10111, Attn: Joseph H. McCann, III. 253 West 72 Street Apt 907, New York, NY LIABILITY COMPANY. NAME: MAN AND Purpose: any lawful activity. 10023. Purpose: Any Lawful Purpose. WIFE LLC. Articles of Organization were filed Notice of Formation of Lighthouse Life Latest date upon which LLC is to dissolve: with the Secretary of State of New York Agency, LLC. Arts. of Org. filed with NY No specific date. (SSNY) on 10/17/06. Office location: New Dept. of State on 2/13/07. Office location: York County. SSNY has been designated as Notice of Qualification of Barrington Land agent of the LLC upon whom process NY County. Principal business address: 420 Services, LLC. Authority filed with Secy. of Lexington Ave., Ste. 1430, NY, NY 10170. against it may be served. SSNY shall mail a State of N.Y. (SSNY) on 1/9/07. Office location: copy of process to the LLC, 24 Fifth Avenue, Secy. of State designated as agent of LLC NY County. LLC formed in New Jersey (NJ) upon whom process against it may be Apartment 1115, New York, New York 10011. REAL ESTATE on 1/3/07. SSNY designated as agent of Purpose: For any lawful purpose. served. Secy. of State shall mail process to: LLC upon whom process against it may be OFFICE/RETAIL c/o Stursberg & Associates, LLC, 405 served. SSNY shall mail process to: 276 Notice of Qualification of 399 Knollwood Lexington Ave., Ste. 4949, NY, NY 10174. Fifth Avenue, 6th Fl., NY, NY 10001. DE Purpose: any lawful activity. Lessee LLC. Authority filed with Secy. of address of LLC: c/o Alan Rosenbaum, 70 State of NY (SSNY) on 1/12/07. Office location: WELL KNOWN Name of LLC: 517 EAST 82ND STREET LLC. Grand Avenue, Ste. 101B, River Edge, NJ NY County. LLC formed in Delaware (DE) on Arts. of Org. filed NY Sec. of State 10/10/06. 07661. Cert. of Form. filed with NJ Dept. of 1/10/07. SSNY designated as agent of LLC HI-TRAFFIC LOCATION Princ. off. loc.: NY Cty. Sec. of State designated State, P.O. Box 308, Trenton, NJ 07625. upon whom process against it may be as agent of LLC upon whom process against it Purpose: any lawful activity. served. SSNY shall mail process to: c/o (CURRENTLY NYS DMV CENTER) may be served. Sec. of State shall mail a National Registered Agents, Inc., 875 Ave of 1st TIME FULLY MODERNIZED, copy of process to the LLC: c/o Centaur Notice of Formation of 310 LEX PARKING the Americas, Ste 501, NY, NY 10001, also AVAILABLE Properties LLC, 551 Madison Ave., NY, NY MGMT LLC. Arts. of Org. filed with Secy. of registered agent. Address required to be 22,000 SQ. FT. 1 STORY 10022. Purpose: any lawful activity. State of N.Y. (SSNY) on 1/11/07. Office maintained in DE: 160 Greentree Dr., Ste 101, IN OVER location: NY County. SSNY designated as Dover, DE 19904. Arts. of Org. filed with DE 20 YEARS! w/150 CAR PKG LOT Notice of Qualification of Strategic Value Credit agent of LLC upon whom process against it Secy. Of State, 401 Federal St., Ste 4., Dover, Opportunities Fund, L.P. Authority filed with may be served. SSNY shall mail process to: DE 19901 . Purpose: any lawful activities. Secy. of State of N.Y. (SSNY) on 11/18/03. c/o Aronauer, Goldfarb, Re & Yudell, LLP, Office location: NY County. LP formed in 444 Madison Avenue, 17th Fl., NY, NY DIGITAL PHALANX, LLC, Articles of Org. filed Delaware (DE) on 10/9/03. SSNY designated 10022, Attn: Michael S. Scher. Purpose: N.Y. Sec. of State (SSNY) 17th day of January, as agent of LP upon whom process against it any lawful purpose. 2007. Office in New York Co. at 9 East 75th may be served. SSNY shall mail process to: Street, Suite 2C, New York, New York 10021. OCCUPANCY: J The LP, 375 Park Avenue, 29th Fl., NY, NY Notice of Qualification of Squam Ventures, SSNY desig. agt. upon whom process may be OCCUPANCY: JULY 1ST 10152. DE address of LP: 1209 Orange St., LLC, App. for Auth. filed Sec'y of State served. SSNY shall mail copy of process to 9 Wilmington, DE. Name/address of each genl. (SSNY) 10/31/02. Office location: NY East 75th Street, Suite 2C, New York, New ptr. available from SSNY. Cert. of LP filed with County. LLC org. in DE 10/30/02. SSNY York 10021. Reg. Agt. upon whom process 1100 BROADWAY AKA DE Secy. of State, Townsend Bldg., Dover, DE designated as agent of LLC upon whom may be served: Spiegel & Utrera, P.A., P.C. 45 ROUTE 19901. Purpose: any lawful activity. process against it may be served. SSNY John Street, NYC 10038 1 800 576-1100 A MITYVILLE, LONG I SLAND NY 110 shall mail copy of process to 645 Fifth Ave., Purpose: Any lawful purpose. Notice of formation of Limited Liability 18th Fl., NY, NY 10022, the principal office Convenient, Easy-To-Access Location For: Company (LLC). The Treats Truck, LLC. L.L.C. addr. of LLC. Cert. of Form. on file: SSDE, Notice of Formation of Jubilee Time Articles of Organization filed with the Secretary Townsend Bldg., Dover, DE 19901. Productions, LLC, Art. of Org. filed Sec'y of MEDICAL FACILITIES • “OUT-OF-MALL” RETAILER of State of NY (SSNY) on 12/6/06 N.Y. Office Purpose: any lawful activities. State (SSNY) 1/19/07. Office location: NY • BANK/INSURANCE/MORTGAGE OFFICE location: NY County. Business location. SSNY County. SSNY designated as agent of LLC has been designated as an agent upon whom NOTICE OF FORMATION OF LIMITED upon whom process against it may be served. • NATIONAL FITNESS CLUB, ETC. process against it may be served. The Post LIABILITY COMPANY. NAME: 698 TITAN SSNY shall mail copy of process to Shukat Office address to which the SSNY shall mail a PROPERTIES LLC. Articles of Organization R ISGO Arrow Hafer Weber & Herbsman LLP, Attn: M .W 516-369-7095 copy of any process against the LLC served were filed with the Secretary of State of Allen Arrow, 111 West 57th St., Ste. 111, NY, OR MR.MAYER 516-297-7677 upon him/her is C/O the LLC. 100 Bank Street, New York (SSNY) on 01/18/07. The latest date NY 10019. Purpose: any lawful activities. BROKER PARTICIPATION WELCOME #3A NY, NY 10014. The Principal Business of dissolution is 12/31/2107. Office location: Address of the LLC is: 100 Bank Street, New York County. SSNY has been designated Notice of Formation of DPA HAVEN, LLC. OFFICE SPACE #3A NY, NY 10014. Purpose/character of as agent of the LLC upon whom process Arts. of Org. filed with Secy. of State of NY LLC: a bakery business specializing in special against it may be served. SSNY shall mail a (SSNY) on 1/14/2005. Office location: NY orders for pick-up and delivery and service copy of process to the LLC, 626 Tenth Avenue, County. SSNY designated as agent of LLC EXECUTIVE OFFICE SUITES from a mobile retail bakery truck. Suite 1A, New York, New York 10026. upon whom process against it may be Purpose: For any lawful purpose. served. SSNY shall mail process to: c/o Notice of Qualification of GS Special The Dermot Company, 320 W. 57th St., 212.573.0909 Opportunities 2006 Advisors, L.L.C. Authority Notice of Qualification of WKP-Spier, LLC. 5th Fl., NY, NY 10019. Term: until 1/7/2099. filed with Secy. of State of N.Y. (SSNY) on Authority filed with Secy. of State of NY Purpose: any lawful activity. 1/4/07. Office location: NY County. LLC (SSNY) on 8/21/06. Office Location: NY FurnishedOfficesNYC.com formed in Delaware (DE) on 10/13/06. SSNY County. LLC formed in Delaware (DE) on Notice of Formation of Off-Court, LLC. Arts. of designated as agent of LLC upon whom 5/11/06. SSNY designated as agent of LLC Org. filed with NY Dept. of State on 10/20/06. process against it may be served. SSNY shall upon whom process against it may be Office location: NY County. Principal business MIDTOWN COMMERCIAL Quality Space Short-Term mail process to principal business location: served. SSNY shall mail process to: Attn: address: 2 Penn Plaza, Ste. 2430, NY, NY REAL ESTATE 3,000 SF Office and 6,000 SF Whse. c/o Goldman Sachs Special Opportunities William McCartin, Esq. Sankel, Skurman & 10121. Secy. of State designated as agent of For All office & loft SPACES Fund 2006, L.P., 32 Old Slip, NY, NY 10005. McCartin, 750 Third Ave, NY, NY 10017. LLC upon whom process against it may be 500-50,000 SF Midtown Manhattan, Penn Area DE address of LLC: Corporation Service Address required to be maintained in DE: served. Secy. of State shall mail process to: UNDER MARKET SUBLETS-NO FEE! Will rent together or separately. Company, 2711 Centerville Road, Ste. 400, 160 Greentree Dr., Ste. 100, Dover, DE 11904. c/o CT Corporation System, 111 8th Ave., NY, Search our listings @ www.midcomre.com 2-Year Lease / Move-in Condition Wilmington, DE 19808. Cert. of Form. filed Arts. Of Org. filed with DE Secy. of State, 401 NY 10011, registered agent upon whom with DE Secy. of State, 401 Federal St., Ste. 4, Federal St., Ste. 4, Dover, DE 19901. process may be served. Purpose: any lawful Call Paul 212 947-5500 x 100 Contact Mr. Seymour 646 325-5510 Dover, DE 19901. Purpose: any lawful activity. Purpose: any lawful activity. activity.

26 | Crain’s New York Business | March 12, 2007 nb11p26_27cls_.qxp 3/8/07 1:53 PM Page 27

PUBLIC & LEGAL NOTICES PUBLIC & LEGAL NOTICES

Notice of Formation of CCD Modeling, LLC, Notice of Qualification of Paige Opportunity NOTICE OF FORMATION OF LIMITED Notice is hereby given that a license, number Notice of Qualification of Avalon Albee, LLC. Art. of Org. filed Sec'y of State (SSNY) Partners, LP, App. for Auth. filed Sec'y of State LIABILITY COMPANY. NAME: CELEBRITY 1189531 for an on-premises liquor license has Authority filed with NY Dept. of State on 10/31/06. Office location: NY County. SSNY (SSNY) 10/23/06. Office location: NY County. EVERYTHING,LLC. Articles of Organization been applied for by the undersigned to sell 2/22/07. Office location: NY County. Principal designated as agent of LLC upon whom LP org. in DE 10/20/06. SSNY designated as were filed with the Secretary of State of New beer, liquor and wine at retail in a restaurant business address: 2900 Eisenhower Ave., process against it may be served. SSNY shall agent of LP upon whom process against it may York (SSNY) on 01/04/07. Office location: under the Alcoholic Beverage Control Law at Alexandria, VA 22314. LLC formed in mail copy of process to c/o Shukat Arrow be served. SSNY shall mail copy of process to New York County. SSNY has been designated 120 West 44th Street, New York, New York Delaware (DE) on 2/20/07. NY Secy. of State Hafer Weber & Herbsman, LLP, Attn: Peter S. 630 Third Ave., 6th Fl., NY, NY 10017, Attn: as agent of the LLC upon whom process 10036 for on-premises consumption. designated as agent of LLC upon whom Shukat, Esq., 111 West 57th St., Ste. 1120, Michele Paige. DE office addr.: CSC, 2711 against it may be served. SSNY shall mail a Applicant 120 MP, LLC Philippe Bernard process against it may be served. NY Secy. of NY, NY 10019. Purpose: any lawful activities. Centerville Rd., Wilmington, DE 19808. Cert. of copy of process to the LLC, 208 East 51st State shall mail process to: c/o CT LP on file: SSDE, Townsend Bldg., Dover, DE Street, Suite 255, New York, New York “Notice is hereby given that a license Corporation System, 111 8th Ave., NY, NY Notice of Qualification of Key Energy Services, 19901. Name/addr. of each gen. ptr. avail. at 10022. Purpose: For any lawful purpose. (#TBA) for Liquor has been applied for 10011, registered agent upon whom process LLC. Authority filed with NY Dept. of State on SSNY. Purpose: any lawful activities. by, ALN Restaurant Inc., at retail, in a may be served. DE address of LLC: 1/17/07. Office location: NY County. LLC Notice of Qualification of Prudential Bache Restaurant, under the ABC Law, at Corporation Trust Co., 1209 Orange St., formed in Texas (TX) on 12/31/06. Secy. of Securities, LLC. Authority filed with Secy. of 128 Mulberry St. NY, NY 10013 for Notice of Formation of 1405 FIFTH AVENUE on-premises consumption” Wilmington, DE 19801. Arts. of Org. filed with State designated as agent of LLC upon whom State of NY (SSNY) on 12/31/03, as amended. DE Secy. of State, 401 Federal St., Ste. 4, process against it may be served. Secy. of APARTMENTS, LLC, a domestic Limited Office location: NY County. LLC formed in Liability Company (LLC). Articles of “Notice is hereby given that a license Dover, DE 19901. Purpose: any lawful activity. State shall mail process to: c/o CT Delaware (DE) on 3/10/03. SSNY designated (#TBA) for Liquor has been applied Corporation System, 111 8th Ave., NY, NY Organization filed with Secretary of State on as agent of LLC upon whom process against 12/18/06. NY Office location: KINGS County. for by, P & B Food Corp, at retail, in a To place your classified 10011, registered agent upon whom process it may be served. SSNY shall mail process to Restaurant, under the ABC Law, at 155 may be served. TX and principal business Secretary of State is designated as agent the principal office of the LLC: 1 New York E. 52 St. NY, NY 10022 for on-premises ad call John Gallagher address of the LLC: 1301 McKinney, Ste. upon whom process against the LLC may Plaza, 13th Fl., Law Dept., NY, NY 10292. consumption” @ 212-210-0189 1800, Houston, TX 77010. Arts. of Org. filed be served. Secretary of State shall mail a Arts. of Org. filed with DE Secy. of State, Div. with TX Secy. of State, 1019 Brazos, Austin, copy of any process against the LLC served of Corps., Townsend Bldg., Dover, DE 19903. TX 78701. Purpose: any lawful activity. upon him/her to: THE LLC, 91 CONKLIN Purpose: any lawful activity. EXECUTIVE RECRUITER AVE., BROOKLYN, NY 11236. Purpose: To engage in any lawful act or activity. THREE KAYAS LLC Articles of Org. filed REQUEST FOR PROPOSALS POSITION AVAILABLE NY Sec. of State (SSNY) 11/7/06. Office in The Executive Committee for Reporter – Ad Age NY Co. SSNY desig. agent of LLC upon Notice of Qualification of Tokum Partners, LP, the Atlantic Yards Community Benefits whom process may be served. SSNY shall App. for Auth. filed Sec'y of State (SSNY) Agreement (CBA) is accepting Advertising Age’s New York office is looking for a reporter to cover the fast-changing, 11/15/06. Office location: NY County. LP org. proposals for the position of $65-billion TV industry. This is an exciting and extremely demanding assignment on the mail copy of process to 257 W. 39th St., worlds leading media and marketing publication. The successful candidate will: Studios 39 - 10th Fl., NY, NY 10018-3106. in DE 11/14/06 SSNY designated as agent of Independent Compliance Monitor Purpose: Any lawful purpose. LP upon whom process against it may be The historic Atlantic Yards CBA was executed • Be a hard-working, experienced daily reporter served. SSNY shall mail copy of process to in June 2005 by a coalition of eight community • Have a proven track record of big scoops and smart analysis • Know/understand workings of the TV business Notice of Formation of 40 Mercer LLC. Arts. 900 Third Ave., Ste. 1102, NY, NY 10022, groups and the project developer, Forest City • Get a strong, multi-faceted national platform for their work of Org. filed with NY Dept. of State on Attn: Lauren Chung. DE office addr.: CSC, Ratner Companies. The agreement outlines • Be given guidance from knowledgeable editors 2711 Centerville Rd., Wilmington, DE 19808. a number of initiatives, including workforce • Receive a competitive compensation and benefits package 2/2/07. Office location: NY County. Secy. of development, affordable housing, M/WBE con- Cert. of LP on file: SSDE, Townsend Bldg., State designated as agent of LLC upon tracting requirements and various community To apply for this position, please visit our website at www.crain.com whom process against it may be served. Dover, DE 19901. Name/addr. of each gen. ptr. amenities in connection with the development of Secy. of State shall mail process to: c/o avail. at SSNY. Purpose: any lawful activities. the 8 million SF Arena, residential and mixed We thank you for your interest in Crain Communications, and invite you to visit our website, as Marianne Schmitt Hellauer, DLA Piper US use development in downtown Brooklyn. positions are updated regularly. Crain Communications is an Equal Opportunity Employer. LLP, 6225 Smith Ave., Baltimore, MD 21209. NOTICE OF FORMATION OF LOUD VENTURA Copies of the Request for Proposals can be downloaded at Purpose: any lawful activity. LLC. Articles of Organization filed with the www.thedarmangroup.com or by contacting LUXURY PROPERTIES Secretary of State of NY (SSNY) on 8/14/06 The Darman Group at 718-337-1100. NOTICE OF FORMATION OF THE FASHION Office location NEW YORK County. SSNY Responses are due April 25, 2007. SOUTHAMPTON EXCHANGE, LLC. ART. OF ORG. FILED has been designated as agent upon whom WITH THE SEC. OF STATE OF NY (SSNY) process against it may be served. The Post A Request for Proposals (RFP) is issued to ON 11/02/06. OFFICE LOCATION: NEW Office address to which the SSNY shall mail select vendors to provide inpatient debt YORK COUNTY. SSNY DESIGNATED AS a copy of any process against the LLC collection services for The New York City AGENT OF THE LLC UPON WHOM served upon her is C/O the LLC 527 West Health & Hospitals Corporation (NYCHHC). PROCESS AGAINST IT MAY BE SERVED. 143rd Street #53. New York, NY 10031. SSNY SHALL MAIL COPY OF PROCESS TO: Purpose of LLC: to engage in any lawful act Copies of the RFP may be downloaded THE LLC, 1407 BROADWAY SUITE 1706, or activity. Street address of Principal Business from the NYCHHC website NY, NY 10018. PURPOSE: ANY LAWFUL location is: 527 West 143rd Street #53. New (http://nyc.gov/hhc) under “What’s New – ACTIVITIES. York, NY 10031. Contracting Opportunities.” Printed copies of the RFP may be obtained for $25 by Notice of Qualification of PCV ST OWNER Little Green Dreams LLC formation notice. visiting Revenue Management, 160 Water LP, Authority filed with Secy. Of State of NY Articles Organization filed w/ NY Sec. State Street, 7th floor, New York, NY between 10 (SSNY) on 11/14/06. Office location: NY 12/15/06. LLC office in NY county. NY County. LP formed in Delaware (DE) on am and 4 pm beginning Thursday, March Sec. State designated as agent upon whom 8, 2007. Proposals are due at the same 11/13/06. SSNY designated as agent of LP process against LLC may be served. Principal upon whom process against it may be address on Thursday, April 5, 2007 no LLC & Post Office address to which NY later than 4 pm. Please note that late or served. SSNY shall mail process to: c/o Sec. State shall mail copy of any process National Registered Agents, Inc., 875 unsealed proposals shall not be accepted against LLC served upon: 601 W57 St. 38c, or considered. Avenue of the Americas, Ste. 501, NY, NY NY, NY 10019. LLC purpose: To engage in 10001, also registered agent. DE address of any lawful act or activity. LP: 160 Greentree Dr, Ste 101, Dover, DE To request a copy of the RFP by postal 19904. Name/address of genl. ptr. available mail, send a check or money order for from SSNY. Cert. of LP filed with DE Secy. Notice of Qualification of ADG L5 Dev. Co. $25, paid to the order of NYC HHC to of State, Federal & Duke of York Sts., LLC, App. for Auth. filed Sec'y of State Revenue Management, 160 Water Street, Dover, DE 19901. Purpose: Real estate (SSNY) 5/30/06. Office location: NY County. 7th floor, New York, NY 10038 to the leasing and development. LLC org. in DE 6/20/05. SSNY designated as attention of Carole Ungar. agent of LLC upon whom process against it Notice of Qualification of The Carlyle may be served. SSNY shall mail copy of Apartments LLC. Authority filed with Secy. of process to c/o Alexander S. Ludwig, 645 REQUEST State of N.Y. (SSNY) on 1/16/07. Office location: Madison Ave., 14th Fl., NY, NY 10022. DE FOR PROPOSAL- NY County. Principal business location: 7701 office addr.: Form-a-corp (DE) LLC, 901 FOOD SERVICES Forsyth, Suite 1025, St. Louis, MO 63105. Market St., Wilmington, DE 19801. Cert. of Form. on file: SSDE, Townsend Bldg., Dover, The John Jay College of Criminal Justice Auxiliary LLC formed in Delaware (DE) on 1/10/07. Services Corp., Inc. is requesting proposals from SSNY designated as agent of LLC upon DE 19901. Purpose: any lawful activities. whom process against it may be served. qualified food services management companies SSNY shall mail process to: c/o Corporation Notice of Qualification of Cedar Hill Real Estate to assume the management and operation of Service Company, 80 State Street, Albany, NY GP, LLC. Authority filed with Secy. of State of food services on the college campus. The vendor 12207. DE address of LLC: 2711 Centerville N.Y. (SSNY) on 1/24/07. Office location: NY will be required to manage operations of Road, Ste. 400, Wilmington, DE 19808. Arts. County. LLC formed in Delaware (DE) on campus dining rooms, cafeterias, snack vending of Org. filed with DE Secy. of State, 401 1/8/07. SSNY designated as agent of LLC machines, special catering services and Federal St., Dover, DE 19901. Purpose: any upon whom process against it may be served. related activities for 14,000 faculty, staff, lawful activity. SSNY shall mail process to principal business location: Amachie Ackah, 747 Third Avenue, students and visitors. Proposer must have Notice of Formation of GRYPHON NEW 33rd Fl., NY, NY 10017. DE address of LLC: a minimum of three years successful YORK LLC. Arts. of Org. filed with Secy. of c/o Corporation Service Company, 2711 business experience performing comparable State of N.Y. (SSNY) on 6/14/06. Office Centerville Road, Ste. 400, Wilmington, DE services. Performance bonds are required. location: NY County. Principal business 19808. Arts. of Org. filed with DE Secy. of Site visits will be scheduled. Request bid location: 80 West 40th St., Ste. 52, NY, NY State, 401 Federal St., Dover, DE 19901. packages via fax or email only. Refer to 10018. SSNY designated as agent of LLC Purpose: any lawful activity. specifications for details and bidding requirements. upon whom process against it may be served. Proposal Due: 4/25/2007 SSNY shall mail process to: Rubin, Di Paola Notice of Formation of WARREN & NEPHEW, & Di Paola, 405 Park Avenue, Ste. 802, NY, Contract Term: Two years with three one-year LLC, a domestic Limited Liability Company renewals NY 10022. Purpose: any lawful activity. (LLC). Articles of Organization filed with MIAMI BEACH/FLORIDA Location: Various locations as specified in RFP Secretary of State on 4/9/03. NY Office Advertise on Notice of Formation of Rizzo Management, Contact: Daniel Dolan, Director of Procurement TRUMP OCEANFRONT CONDOS LLC, Art. of Org. filed Sec'y of State location: NEW YORK County. Secretary of Office of Administrative Affairs OWN YOUR LUXURY CONDO TODAY! (SSNY) 11/28/06. Office location: NY State is designated as agent upon whom www.newyorkbusiness.com TRUMP GRANDE & TRUMP TOWERS County. SSNY designated as agent of LLC process against the LLC may be served. John Jay College of Criminal Justice, CUNY, Buy directly from the Developer & Save $$ upon whom process against it may be Secretary of State shall mail a copy of any 555 West 57 St., Ste. 606B, New York, NY 10019 served. SSNY shall mail copy of process process against the LLC served upon him/her [email protected] Call John Gallagher Furnished Condo Hotel units from $325k to P.O. Box 923, NY, NY 10185-0923. to C/O DOUGLAS A. LOBEL, P.C., 25W. 43RD Fax: (212) 237-8494 1-4 Bedrm Residential Condos from $875k Purpose: any lawful activities. Latest date ST. NEW YORK, NY 10036. Purpose: To @ 212-210-0189 Ask for details on our FLY-BUY Program 12/31/2056. engage in any lawful act or activity. Call Exclusively Baronoff 305.213.3606

March 12, 2007 | Crain’s New York Business | 27 CNYB 03-12-07 A 28 3/8/2007 5:50 PM Page 1

THE WEEKS AHEAD

THIS WEEK’S EVENTS session on business education. 12:30 MARCH 13-15 reception and program on building a (646) 293-1746 or [email protected]. MARCH 13 p.m. to 2:00 p.m., Crema Restaurante, South Bronx Overall Economic brand. 5:30 p.m. to 7:30 p.m., Nina MARCH 15 Women’s Venture Fund holds workshop 111 W. 17th St. Free. (646) 862-1710 or Development Corp. holds workshop on McLemore main offices, 135 E. 55th Biba4Network holds networking on skills for growing a business. 6:30 [email protected]. starting a business. 6:00 p.m. to 8:00 St., seventh floor. Fee: free for members, meeting. 6:30 p.m. to 8:30 p.m., p.m. to 8:00 p.m., 545 Eighth Ave., 17th MARCH 13 p.m., 555 Bergen Ave., third floor, $5 nonmembers. (212) 299-5744 or MetLife, 260 Madison Ave., 10th floor. floor. Free. (212) 563-0499. Small Business Administration holds Bronx. Fee: $20. (718) 732-7534 or [email protected]. Fee: $10 members, $20 nonmembers. MARCH 13 workshop on how to do business with [email protected]. MARCH 15 (917) 573-9808 or Bedford Stuyvesant Restoration Corp. the federal government. 9:00 a.m. to MARCH 14 American Express and Arts & Business [email protected]. holds workshop on growing or starting a 1:00 p.m., 26 Federal Plaza, sixth-floor Crain’s New York Business holds Council of New York hold branding business. 6:00 p.m. to 8:30 p.m., 1368 conference center, room A. Free. networking breakfast and program with workshop. 9:00 a.m. to 12:30 p.m., 200 MARCH 19-25 Fulton St., Brooklyn. Free. (212) 264-4322 or New York Chief Judge Judith Kaye. 8:00 Vesey St., first-floor lobby. Fee: $35 MARCH 20 (718) 636-6924. [email protected]. a.m. to 9:30 a.m., Sheraton New York, council members, $55 nonmembers. Networking for Professionals holds MARCH 13 MARCH 13 811 Seventh Ave. Fee: $60. (212) 279-5910, ext. 29. networking reception. 6:30 p.m. to 8:30 Action International holds information Nexco holds seminar on developing a (212) 210-0739 or MARCH 15 p.m., Techspace, 41 E. 11th St., 10th quality control program for international www.newyorkbusiness.com. Net@Work holds seminar on floor. Fee: $25 members and $35 More meetings online at supply chains. 9:30 a.m. to 12:00 p.m., MARCH 14 maximizing revenue with customer nonmembers in advance; $40 at door www.newyorkbusiness.com Williams Club, 24 E. 39th St. Fee: $45 International Federation of Business and relationship management. 8:30 a.m. to for all. (718) 625-1369 or Click on “Events” members, $80 nonmembers. Professional Women of New York, 10:30 a.m., 575 Madison Ave., eighth [email protected]. (877) 291-4901 or [email protected]. Manhattan chapter, holds networking floor. Free. Registration required. MARCH 20 New York Society of Security Analysts holds conference on Quebec’s biotechnology industry. 8:15 a.m. to 2:00 p.m., 1177 Sixth Ave., second floor. Free. (646) 871-3405. MARCH 21 Professional Women in Construction holds program on the Trans-Hudson Express Tunnel. 5:30 p.m. to 8:00 p.m., Yale Club, 50 Vanderbilt Ave. Fee: $225. (212) 486-7745 or [email protected]. MARCH 22 Anderson Kill & Olick and the Association of Corporate Counsel hold seminar on ways to defeat class-action suits. 3:30 p.m. to 5:30 p.m., Harvard Club, 27 W. 44th St. Free. (212) 278-1400 or [email protected]. MARCH 22 Executives’ Association of New York holds networking lunch meeting. 12:30 p.m. to 2:00 p.m., Harvard Club, 27 W. 44th St. Free. Registration required. (914) 698-3655 or [email protected]. MARCH 24 Access Office Inc. holds seminar on business communication strategies. 1:00 p.m. to 4:00 p.m., York College, 94-20 Guy R. Brewer Blvd., Jamaica, Queens. Fee: $77. (718) 262-2790. MARCH 26-APRIL 1 MARCH 26 Face to Face Speed Networking holds networking reception. 6:15 p.m. to 9:00 p.m., Jack Dempsey’s, 36 W. 33rd St. Fee: $37.50. (718) 757-6933 or [email protected]. MARCH 26 Young Real Estate Professionals of New York holds networking reception. 6:30 p.m. to 9:30 p.m., Providence, 311 W. 57th St. Free. (718) 512-2610 or [email protected]. MARCH 27 New York Public Library’s Science, Industry and Business Library holds workshop on the key to effective selling. 5:30 p.m. to 7:00 p.m., 188 Madison Ave., room 018. Free. (212) 592-7000. MARCH 27 A NEW YORK HOTEL. A NEW POINT OF VIEW. Business Sanity holds workshop on effortless marketing. 7:30 p.m. to 9:00 INTRODUCTORY RATE YOU'RE INVITED TO THE ONE HOTEL THAT STANDS OUT IN A CITY WHERE EVERYTHING STANDS OUT. p.m., Park Slope Food Coop, 782 Union St., second-floor meeting room, WHERE THE CUISINE IS THE WORK OF ACCLAIMED CHEF GORDON RAMSAY AND THE DÉCOR IS THE Brooklyn. Free. (718) 499-2831. $ * MARCH 29 359 VISION OF DAVID COLLINS. WITNESS A TALE OF TWO CITIES UNITING IN COMFORT, STYLE AND ELEGANCE. Human Resources Association of New York holds conference on compensation. 8:00 a.m. to 4:00 p.m., New York Helmsley Hotel, 212 E. 42nd St., third floor. Fee: $135 student members, $195 members and $220 nonmembers in advance; $150 student members, $205 members and $230 nonmembers at door. (877) 625-4769. —adrianne pasquarelli

TO LIST YOUR EVENT

866.664.9124 THELONDONNYC.COM/NYB WEST 54TH BETWEEN 6TH & 7TH Listings can be submitted only through the Crain’s Web site. To submit a calendar listing, go to *Rate valid through 04/30/07 for single/double occupancy and is subject to availability. Rates are per room, per night and are not combinable with other offers or www.newyorkbusiness.com and click on “Events.” group rates. Taxes are additional. Sponsors have a choice of several free or paid list- ing options. All business events will be posted online within two business days.

28 | Crain’s New York Business | March 12, 2007 CNYB 03-12-07 A 29 3/8/2007 7:19 PM Page 1

BUSINESS “I love to cook, and this is a cool kitchen. I’ll have people over now.” –Restaurateur Richie Notar on his new $2.8 million condo Page 32 buck ennis

GOTHAM GIGS A dog’s life JAMES PHILLIPS, 33, has walked dogs professionally for four years. His business, King Pup, has 12 to 15 clients—all in downtown Manhattan— and Mr. Phillips generally walks two to three dogs at a time. Charging $20 for 45 minutes per dog, Mr. Phillips brings in about $1,800 a week. RUFF HOURS Like many in the business of providing services for companion animals, Mr. Phillips took up dog-walking and pet-sitting as a temporary gig. But over time, he built up a client base and became attached to the animals, despite the demands. “I work from 8 a.m. to 6 p.m. and never take days off,” he says. DOGGONE SUBWAYS The job takes a physical toll, too. During the 2005 transit strike, Mr. Phillips had to walk more than 30 miles a day to reach pets in different neighborhoods. He says he limped for three months afterward. PAWS-ON CARE His charges are not always well-behaved. “There are dogs that want to pee on everything, like the steps of restaurants, and owners who refuse to train them,” Mr. Phillips says. “You CONTENT DINK: “Once you get need a lot of patience.” married, that —whitney west question of when you’re going to have children is always EXPERT OPINIONS next,” says publicist ST. PATRICK’S DAY Sydney Masters. DOS AND DON’TS

drinking is a wonderful buck ennis thing—it gives you courage! But stay away from straight THE liquor, and stick to one type BABY BUST of alcohol; stop mixing. And don’t drink Car Bomb after Car Bomb. Have one or two, Childless by choice but don’t be a pig. Quite a few—including myself—have More of city’s 2-income couples opting out MILLION26.7 WOMEN made spectacles of themselves. aged 15-44 had no I’ve had to ask people dancing BY SAMANTHA MARSHALL on tables to get down children as of 2002 before they fell and broke anhattan lawyer craig lamster always knew he didn’t want their necks. Have a bloody blast, but don’t be greedy— kids. He was so adamant that when he and his childhood and don’t sweetheart got engaged, he made not having a family a condition of forget to their marriage. A decade later, at 36, the proud “father” of a one- celebrate year-old German shepherd says he and his wife have no regrets. MILLION24.3 WOMEN St. Patrick “If I had two kids, I’d either be shelling out $20,000 for the right himself. aged 18-44 had no —evelyn finn preschool or commuting three hours a day,” Mr. Lamster says. children as of 1990* Bartender New York is a magnet for people like the Lamsters. Known as *Women under 18 weren’t included in the 1990 Census Bureau study. Peter Dillon’s Pub dinks—Dual Income No Kids—such See CHILDLESS on Page 31 Source: U.S. Census Bureau istockphoto M March 12, 2007 | Crain’s New York Business | 29 CNYB 03-12-07 A 30 3/8/2007 5:52 PM Page 1

BUSINESS LIVES BUSINESS BREAKFAST FORUM THIS WEEK ON

Online polls Please join us to hear Chief Judge Judith Kaye Express your opinions about the discuss her plans to overhaul the New York courts issues of the week. Events View a current listing of local in an effort to make them more efcient and fair, meetings, seminars and other networking events of interest to New her recommendations on how to change the York area businesspeople. election of judges, the need for raising judicial pay Subscribe Use Breaking news Stay up-to-date by the “Subscribe and her proposals to revamp the state’s archaic signing up for e-mail alerts on the now” button to Judith S. Kaye get the weekly Chief Judge, latest business developments in the divorce laws as well as other topical issues. State of New York New York area, with coverage by print edition of industry or by company. Crain’s and digital subscriptions Resources and links Get easy to the Date: March 14, 2007 Cost to attend: access to news, directories, links to newspaper, the $60 for individual ticket(s) trade associations and government Place: Sheraton New York agencies, lists of upcoming events daily Insider 811 Seventh Avenue $600 for table(s) of ten and more for 20 business sectors political Time: 8:00-8:30 a.m. Networking Breakfast and other departments. newsletter and 8:30-9:30 a.m. Program the daily Pulse Back health care newsletter. issues Use YOU MUST BE PRE-REGISTERED TO ATTEND THIS EVENT. ALL TICKETS ARE NON-REFUNDABLE. the online Residential real estate The spring To register go to newyorkbusiness.com and click on “Events,” or fax your business card archives to edition of the Crain’s residential and credit card information to “Kaye Breakfast” at 212-210-0499. For more information, call find Crain’s guide, coming soon, will offer the the Events Hotline at 212-210-0739. stories inside scoop on available published in properties. previous Growing a Business Guide Find info SPONSORED BY: editions of on agencies and groups that help the paper. small firms.

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30 | Crain’s New York Business | March 12, 2007 CNYB 03-12-07 A 31 3/8/2007 7:16 PM Page 1

BUSINESS LIVES Childless by choice Continued from Page 29 couples are less likely here to feel so- cially isolated by their procreating HAPPY MEALS peers. NOT REQUIRED Though the city doesn’t collect data on couples who are voluntarily CHILD-FREE COUPLES don’t pay childless, the number of births here for tuition or orthodontists, but hit a 25-year low of 122,725 in 2005, they help keep many other 1,374 fewer than in 2004, according industries in New York healthy. to the latest statistics available from Designer clothes, alcohol, and the New York City Department of pets and their accessories are Health and Mental Hygiene. just a few things on which dinks Despite the nagging of relatives, spend discretionary dollars. the routine loss of friends to the di- Nationally, such couples aper brigade and a sense of guilt spend 60% more on about not spawning the next gener- entertainment, 79% more on ation, a growing contingent of New food and 101% more on dining York couples are keeping the popu- out, according to American lation statistics down. They cite a Demographics. plethora of reasons for not creating “The restaurant industry in a brood—from a devotion to their this city would collapse if many careers to having met later in life. more people had children,” says Some want to enjoy New York di- William Helmreich, a professor of versions like theater and fine dining unencumbered by child care con- urban sociology at City College of cerns. Others say they simply don’t New York. have the instinct to breed. One of the biggest turnoffs is the rising cost of raising and educating of relationships is one of the draw- offspring in a city where the price of backs. private schooling can add up to “It’s a little more difficult to meet hundreds of thousands of dollars people,” says photo editor Debbie per child. Cohn-Orbach, 46, who feels let “The economy is definitely driv- down when couples whom she and ing the family choices people make,” her husband befriend have children says William Helmreich,a professor and slowly disappear from their of urban sociology at City College lives. of New York.“The trend is growing Familial pressure can be another for people to go childless.” downer. Couples often pay for their The steep financial commitment freedom by enduring endless ques- struck childbearing from the to-do tions from frustrated in-laws hop- list of Suzanne Coyle, 39. She and ing for grandchildren. her husband did the math and real- ized that they wouldn’t be able to af- Lost friendships ford the mortgage on their Long Is- even friends who have kids “want land home if they had kids. Both me to suffer along with them,” Ms. work full-time to maintain their Masters says.“Once you get married, lifestyle and don’t intend to add an- that question of when you’re going to other debit column to their budget. have children is always next.” “Day care would take up an en- To help dinks cope, support tire paycheck, or a paycheck and a groups are sprouting up nationwide. BAM grand plaza and half,” Ms. Coyle says. No Kidding!, which has about 50 For some couples, the New York members in the New York area, acts parking garage. lifestyle is too compelling to clutter as a social network. Childfree Meet- it up with more responsibilities. up, whose current city membership imagine the possibilities. Sydney Masters, 38, a Manhat- includes about 125 couples, posts tan publicist,says her hectic life with playdates for adults.The lifestyle has her author husband leaves no room its own publication,Dink Magazine, for children. She spends her free which offers advice to on how to in- time riding horses on the show vest and spend disposable income. jumping circuit and attending glam- Laura Ciaccio, a 30-year-old law orous parties.The closest she comes student who founded the local chap- to caring for a dependent is looking ter of No Kidding!, has never want- after her beloved West Highland ed a baby. She and her like-minded Terrier, Angus, “whom we often husband are content and don’t want SEEKING PROPOSALS FOR... treat like a child,” Ms. Masters says. to risk changing the dynamic of their New York City Economic Development Corporation (NYCEDC) is 11-year relationship by having a Free to help others child.Getting married two years ago seeking dynamic and innovative proposals for the development careers get in the way, too. Au- didn’t change their feelings about and operation of an underground parking garage and plaza within thor and self-help guru Mick Quinn, starting a family. the BAM Cultural District. 44,runs workshops around the world “I’m not too fond of infants, and with his 33-year-old wife. When I don’t want to go through all that,” Responses are due no later than 4:00 p.m., Thursday, May 10, 2007. they married three years ago, they Ms. Ciaccio says. Submission guidelines and requirements are outlined in the RFP and available chose not to be parents “so that we Ms.Cohn-Orbach,who satisfies to download at www.nycedc.com/RFP, or for pick-up at NYCEDC, would be free to dedicate ourselves her desire to nurture by volunteering 110 William Street, 6th Floor, New York, NY, Monday - Friday, 9:30 a.m. entirely to our work of guiding oth- at an animal rescue shelter, occa- to 4:30 p.m. ers,” Mr. Quinn says. His wife even sionally misses the company of kids, had herself sterilized two years ago. but she wouldn’t welcome having Ms.Masters wouldn’t go that far. them around nonstop. “It’s selfless “But the only way I’d have a child is not to have a child, since I know I so that I could have a pony,”she says. couldn’t be perfect at it,” she says. As with all complex personal de- “Why do a half-assed job?” cisions, there are pros and cons to REQUEST FOR PROPOSALS going child-free. A revolving door COMMENTS? [email protected]

March 12, 2007 | Crain’s New York Business | 31 CNYB 03-12-07 A 32 3/8/2007 2:52 PM Page 1

BUSINESS LIVES LIVING LARGE Restaurateur finds hospitality in high-rise oasis Nobu partner waiting on construction of his VITAL STATS PROPERTY Three-bedroom, MOCK KITCHEN: Richie Notar takes a 3-bedroom condo three-bath condo coffee break in the ADDRESS 555 W. 59th St. sales office of the to be completed Element. ASKING PRICE $2.8 million buck ennis BY LOUISE KRAMER PURCHASE PRICE $2.8 million CLOSING DATE December 2007 His new digs, on the 28th floor wonder over his good fortune in prone, and his wife, a former model, hen he was a of a 35-story tower, are a far cry life. During a recent visit to the loves clothes. With the addition of teenager, Richie from the brownstone of Mr. building’s sales office, he looked at the baby, he says, the place feels very Notar worked at $2.8 million for a three-bedroom Notar’s dreams. But the native of a mockup of the sleek kitchen that small—the family had to turn a Studio 54, party- condominium in the Element, a Jamaica, Queens, who grew up in a will come with his pad. “I love to bathroom into a closet. ing with regulars luxury high-rise under construc- two-family house, fell hard for the cook, and this is a cool kitchen,” he likeW Liza Minnelli, Halston and tion at 555 W. 59th St. He expects Element’s amenities and the apart- says. “I’ll have people over now, Quick decision Andy Warhol. Later on, he helped to move in by December. ment’s open and airy feeling. because I’m proud of it.” mr. notar owns a house in East his Studio 54 bosses Ian Schrager When completed, the Element The 2,000-square-foot apart- Hampton, which takes some pres- and Steve Rubell open hip hotel Looking for stable setup will feature a playroom, a swim- ment, with floor-to-ceiling win- sure off the close city quarters, but Morgans and then ran the restau- the 47-year-old restaurateur has ming pool, a fitness center, meeting dows, will boast views of the Hud- he’s eager to own property in New rant at their Royalton hotel. Today, always rented in the city, but major rooms, valet parking, a concierge son River. Mr. Notar does not plan York. Last May, opportunity struck as the managing partner of Nobu changes in his lifestyle prompted and an ATM. The entrance will be to hire a decorator, at least not yet. when his friend Neil Sroka, an Fifty Seven,the always packed sushi the need for a more stable setup. recessed from the street, and the In his hospitality work, he has had executive for Corcoran Group Real restaurant, he’s helping to grow an “I’ve been a freewheeling bachelor- property will include a private gar- the chance to soak up ideas from Estate, the exclusive sales and mar- empire of Nobus around the world. restaurateur-world traveler for a den where residents can sun them- world-famous designers, and his keting firm for the Element, urged After years of making other long, long time,” he explains. “Then selves on lounge chairs. wife, Jane Wogan-Notar, who him to check it out. Within days, people feel at home, the hospitality I got married. I had a baby. I’ve got “It is almost like an oasis in hosted a home-improvement show Mr. Notar made a deal. honcho is finally ready to make a dogs. And my apartment has grown New York,” says Mr. Notar, an on HGTV, is sure to weigh in. He signed a contract during a nest for himself. He will pay very, very small.” upbeat executive with a sense of The plan is to start with a mini- “friends and family” period, before malist decor with muted colors, the building officially went on the much like the artist’s renderings in market, and got what he considers BREATHTAKING DESIGNER MODELS NOW OPEN! the building’s sales brochure. His 1- a great deal. But it was the apart- Come Experience the Ultimate in Luxury Living year-old daughter’s room, however, ment, not the price, that excited will be “festive and babyish,” he says. him. The Notars have been watching “There was something about the Element rise from their two- it,” he says. “It’s like romance. bedroom rental at 3 Lincoln Square When you see someone you like, (where they pay $7,000 a month), you just stop looking.” and they can’t wait to move. Mr. Notar admits to being clutter- COMMENTS? [email protected]

HOT JOBS WANTED: EXECUTIVE DIRECTOR ORGANIZATION New York AIDS Coalition JOB DESCRIPTION Responsible for the coalition’s development, fund-raising, financial management, administration and external relations MOST IMPORTANT TASK Leading the coalition into new phase of growth and visibility CREDENTIALS NEEDED Proven success in fund raising and nonprofit Ultra Luxury Townhomes in the Heart of Chatham, NJ leadership, reputation in the HIV/AIDS community An extraordinary setting, unparalleled craftsmanship and inspired design make SALARY Former executive director made $100,000 in 2005 RoseValle´ townhomes the ultimate in elegance and sophistication. These distinguished three and four bedroom residences offer up to approximately 5,200 RECRUITER Internal search committee square feet of gracious living — to include a portion of the lower level — along with DOWNSIDE Having to increase advocacy during time of reduced stunning floor plans, dramatic lofts and designer kitchens. And outside your door focus on AIDS threat you’ll discover scenic walking paths and a spectacular clubhouse complete with a swimming pool and fitness studio. UPSIDE Working with $850,000 budget, reputable staff and 200 56 Exquisite Townhome Residences priced from $1,235,000 dedicated member organizations For more information and directions call 973-822-9220 Former Executive Director Joe Pressley left the coalition at the end of 2006 to pursue other interests. Marie Saint Cyr is serving as interim Sales Office Hours: director. Founded in 1988, the New York AIDS Coalition is an Monday,Thursday, Friday, Saturday, 11:00 am - 5:00 pm alliance of community-based service providers working for increased Sunday, 12:00 pm - 5:00 pm, Closed Tuesday and Wednesday www.sterlingpropertiesnj.com Broker Cooperation Welcome on Select Locations support and fair policies for state residents living with HIV/AIDS.

Interior photo is not an exact depiction of —KIRA BINDRIM ANOTHER EXTRAORDINARY OFFERING FROM STERLING PROPERTIES RoseValle´, but rather a representation of a Sterling Properties home.

32 | Crain’s New York Business | March 12, 2007 CNYB 03-12-07 A 33 3/8/2007 2:48 PM Page 1

BUSINESS LIVES CORPORATE LADDER Thomas Foti Renaissance man Heading up hotel’s sorts hopes to forge with a planned $1 billion expansion and reposition- PERSONNEL FILE revamp: young GM ing of its 70 domestic destinations. Marriott Corp.’s luxury brand ORGANIZATION Renaissance with easygoing style wants the properties to better reflect New York Hotel Times Square their locations, and the Renaissance TITLE General manager and Katrina cred New York, which is undergoing a $17.5 million makeover, is the pro- AGE 37 BY LISA FICKENSCHER totype for the change. RÉSUMÉ General manager of Renaissance hotels in New Back on the map homas foti dresses Orleans and in Walnut Creek, more like a model in a mr. foti, one of the Renaissance Calif. Kenneth Cole ad than group’s youngest general managers, like a typical, button- is overseeing the hotel’s transforma- HOBBY Running down hotel manager.At tion. It is expected to take about a INDISPENSABLE GADGET Tmeetings, he often sits with one leg year and is aimed at putting the Sleeps with his iPod folded under the other. The execu- sleepy hostelry back on the map. tive will also hang out occasionally, “You can walk down this street enjoying a cigarette and a Red Bull today and not know we’re here,”Mr. vent such problems, “it’s important with employees. Foti says. to show proper empathy” for guests “If the associates know more The 14-year-old hotel, built be- when issues occur, Mr. Foti says. about me, we all become more hu- fore Times Square’s resurgence, That attitude served him well in

man to each other,” says Mr. Foti, doesn’t measure up to newer com- New Orleans,where he was manag- buck ennis who was recently named general petitors like the W Times Square ing two Renaissance properties manager of the Renaissance New and The Muse. when Katrina hit. Mr. Koerbel says deciding to return to New York—he The young executive is making York Hotel Times Square. To help raise the Renaissance’s that he received more letters prais- was born here and lived in the city the most of his time in the Big Ap- His approach surprises Mr.Foti’s profile, a cocktail lounge is being ing Mr. Foti’s assistance to guests until he was 10—was easy. His eld- ple. His duties involve visiting hot former boss. built at street level and sidewalk and employees than he got concern- erly father resides in New City, spots like Pegu Club and Stone Rose “The more traditional managers lights installed to illuminate the ing any of Marriott’s four larger ho- N.Y., and Mr. Foti has a large ex- to get inspired ideas for a replace- don’t get down and dirty like that building. The lobby and guest tels there. tended family in Queens. ment for Foley’s, the Renaissance’s with their staff,” says Paige Koerbel, rooms are also getting a face-lift. “I began to accuse him of having not-so-chic restaurant. regional vice president of Renais- Room rates,currently $329 to $529, family members write these testi- Enjoying the moment “I’m not ashamed to say, I have sance Hotels North America. will rise as much as 25%. monials,” Mr. Koerbel says. “in every job i’ve ever had, I’ve al- been doing a fair amount of eating Mr. Foti’s self-described new- Such an ambitious project comes Mr. Foti was in New Orleans for ways focused on the next step,” he and drinking,” Mr. Foti says. age style mirrors the updated iden- with challenges—not least among over two years, and he and his wife, says. “But now I’m so steeped in my tity that Renaissance Hotels & Re- them, noise. Besides trying to pre- a teacher,still own a home there.But New York experience.” COMMENTS? [email protected]

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March 12, 2007 | Crain’s New York Business | 33 CNYB 03-12-07 A 34 3/8/2007 2:50 PM Page 1

BUSINESS LIVES

EXECUTIVE MOVES

ACCOUNTING & CONSULTING been a partner at Cohen Milstein AlixPartners: Steve Faas, 45, joined as Hausfeld & Toll. director of information technology. He Stroock Stroock & Lavan: Brian M. had been vice president and chief Rothery, 41, joined as partner. He was information officer at ITT Corp. formerly a partner at Jones Day. Alvarez & Marsal: Mark Belanger, 42, Winston & Strawn: Jeffrey P.Rosenstein, joined as senior director. He had been 39, joined as partner. He had been a leader, energy and natural resources partner at Thelen Reid Brown Raysman practice group, at FTI Capital Advisors. & Steiner. Deloitte Financial Advisory Services: Frank Regnery, 53, joined as principal in MEDIA & ENTERTAINMENT the forensic, dispute and construction Beliefnet.com: Tara McCaffrey,33, practice. He had been a principal and joined as general manager of coney island’s steeplechase plaza. practice director at Exponent. newsletters. She had been marketing ExlService Holdings: Matt Appel,51, director at WebMD. shape the future of coney island. joined as vice president. He had been a CBS Interactive: Patrick Keane,36,was vice president at Electronic Data named executive vice president and Systems Corp. chief marketing officer. He was formerly head of advertising sales SEEKING DESIGN TEAMS ADVERTISING & COMMUNICATIONS strategy at Google. Brunswick Group: Steve Milunovich,47, City Lights Media Group: Mark Ragone, New York City Economic Development Corporation (NYCEDC) joined as partner. He had been a 45, was named executive vice president is seeking design teams for public space improvements at managing director at Merrill Lynch. of business affairs. He had been head of the world-famous Coney Island Boardwalk. This extraordinary Droga5: Ted Royer, 39, joined as business affairs, film and video, at Palm executive creative director. He had been Pictures. opportunity at this 2.2-acre site will be a civic and amusement global creative director at Publicis. NBC Universal: Nick Johnson, 39, joined as anchor connecting new development sites throughout the area. Optimedia U.S.: Greg Kahn, 34, joined as vice president of digital media sales. He senior vice president, strategic insights. was formerly vice president of national Responses are due no later than 4:00 p.m., Friday, March 23, 2007. He was formerly vice president, research sales at Reuters. Submission guidelines and requirements are outlined in the RFQ and and strategy, at PHD Media. Oxygen: Michael DuPont, 39, was available to download at www.nycedc.com/RFP, or for pick-up at promoted to vice president of strategic NYCEDC, 110 William Street, 6th Floor, New York, NY, Monday - Friday, 9:30 CONSUMER PRODUCTS partnerships from account executive. a.m. to 4:30 p.m. Charmer Sunbelt Group: Arlyn Miller, 42, Gennifer Birnbach, 36, joined as senior was promoted to vice president and director of sponsorships and continues as assistant general counsel. promotions. She had been senior director, programming sponsorships and FINANCE & INSURANCE administration, at MTV Networks. DLJ Merchant Banking Partners: John A. WCBS-TV: Tiffany C. Goddard,33,was Janitz, 64, joined as global industry promoted to director of marketing and REQUEST FOR QUALIFICATIONS partner. He had been co-managing strategic sales from director of strategic principal at Questor Management. sales, business development, for the CBS Dominick Schiano, 52, joined as global television station group. industry partner. He had been a managing director at Questor REAL ESTATE Management. Brown Harris Stevens: Mary Beth Flynn, New York Life International: Russell 52, was promoted to senior vice Bundschuh, 42, was promoted to president and managing director from executive vice president and chief vice president. operating officer from first vice Judy Bond, 65, was promoted to senior president of corporate development and vice president from director and chief of staff. associate broker. Ridgewood Savings Bank: Peter M. Boger, Arabella Greene Buckworth, 49, was 55, was promoted to executive vice promoted to senior vice president from 15 years of experience squeezed president and chief lending officer from director and associate broker. senior vice president and senior Shirley A. Mueller, 56, was promoted to mortgage officer. senior vice president from vice president. into 5 months of service. Patricia Panella, 62, was promoted to LAW senior vice president from vice president. Arent Fox: Edward J. Rojas, 47, joined as Corcoran Group: Jenna DeMare, 28, was partner. He had been counsel at promoted to director of public relations Pillsbury Winthrop Shaw Pittman. from senior manager. Buchanan Ingersoll & Rooney: Constance Eastern Consolidated: Ann Zeller, 52, S. Huttner, 48, joined as partner and joined as chief marketing officer. She shareholder. She had been a partner at had been executive director of Zéworks, Skadden Arps Slate Meagher & Flom. which she founded. Crowell & Moring: Robert G. Frucht,34, Studley: David J. Goldstein, 40, was joined as partner. He had been a promoted to executive vice president shareholder at Buchanan Ingersoll & from executive managing director. Rooney. Nicholas B. Farmakis, 29, was promoted William M. O’Connor, 51, joined as to managing director from associate partner. He had been managing director. shareholder at Buchanan Ingersoll & Kurt Handschumacher, 51, was promoted Rooney. to executive managing director from Evelyn H. Seeler, 45, joined as partner. senior managing director. She had been a shareholder at Buchanan Two Trees Management Co.: Louise Ingersoll & Rooney. Ehrmann, 39, was promoted to director DLA Piper: Roger Meltzer, 56, joined as of leasing from associate director of partner. He had been a partner at Cahill leasing. Gordon & Reindel. Kaplan Fox & Kilsheimer: SERVICES

© 2007 Robert Half Management Resources. EOE 0805-6005 Linda P. Nussbaum, 53, joined as partner. She had Depository Trust & Clearing Corp.: Daniel B. Hobson, 40, was named director of business has changed. No one understands this as well as Robert Half Management Resources – an diversity. He had been manager, ally that has revolutionized the art of connecting the right people with the right companies. From CFOs EXECUTIVE PROMOTIONS minority initiatives, at the American to Internal Auditors, project or interim, Robert Half Management Crain’s lists the promotion and hiring of New York Institute of Certified Public Resources is the world’s premier provider of the right people for area senior executives on a space-available basis, Accountants. the new world of finance. Visit us at roberthalfmr.com. with priority given to positions in New York City. Orthodox Union: Barry Mase, 46, joined The fastest way to get an announcement into as media sales director. He had been Crain’s is to submit details online by filling out the president of Water Records Inc. 1-888-400-7474 form at www.NewYorkBusiness.com/submit. RitaSue Siegel Resources: Jessica Carey, Midtown • Wall Street • Hauppauge • Uniondale • White Plains roberthalfmr.com 32, joined as director of marketing, a The Executive Moves column is also available new position. She had been director of online. alumni relations at Art Center College Crain’s cannot confirm receipt of listings or say of Design. when they will appear. —adrianne pasquarelli

34 | Crain’s New York Business | March 12, 2007 CNYB 03-12-07 A 35 3/8/2007 2:54 PM Page 1

BUSINESS LIVES TABLE TALK by Bob Lape Cold rolls come with butter crispy outside and bone dry inside, ERNEST KLEIN whose taste smacks of refrigeration incapable of resuscitation by the and whose texture suggests it’s been sweet pea ragout with them. & CO. reconstituted. Overaged? Several seafood dish- Undercooking: It’s hard to make es—a rock shrimp ragout, a lobster “fresh ricotta tortelloni” almost and corn soufflé, and a pan-roasted
FINE FOODS
crunchy, but that’s how they arrive, wild striped bass—all taste fishier with four small to smaller pasta than one might expect or wish.  Same Day Delivery forms in a hopelessly unseasoned One of Devin’s signature des-  Phone Orders blend of braised beef cheeks, serts, waffle-cut potato crisps coat- chanterelles and red wine. ed with chocolate and studded with  Corporate Accounts Underdressing: The Devin Sal- cashews and pine nuts, seems like ad’s artichoke hearts, greens, fennel something that was prepared anoth-  Catered Luncheons and pickled pineapple turn up with er day. Located at: unbilled salty olives and insufficient Ice creams are also anemic in the walnut vinaigrette. A request for flavor department. Sixth Ave. and 55th St. more nets a cruet of straight walnut Was it all bad? A contemporary 212.245.7720 oil. A plea for vinegar results in carrot cake is fun to see, and an Ar- some balsamic arriving. The most gentine malbec reserve, Pascual A FULL SERVICE SUPERMARKET willing of waiters seldom flinches as Toso 2004 ($52), helps smooth ex- he yo-yos from tables to kitchen on periences that we are hard put to extra missions. understand. Uncertainty: Seasoning is usu- ally absent or applied with too free COMMENTS? [email protected] RUBBISH a hand, as in a thyme bomb of a corn, leek and potato hash. Room REMOVAL temp polenta under braised beef short ribs screams for salt, and bor- delaise sauce with it is thin. Sauce failure occurs often here. The blue cheese “fondue” with Free Estimates shoestring potatoes is broken. So- 24Hour Service called “white chocolate” dipping sauce served with freshly made Basements - Attics - Yards - Demolition Residential Contractors lemon cookies is pathetic—neither Commercial Accounts Welcome sweet nor chocolate in taste, just www.gregsexpress.com thin white liquid.

buck ennis Overcooking: The lemon cook- Greg’s express CHEF’S NIGHT OFF? At Devin Tavern, two elements of the dining trinity—setting and service—are ies are burned around the edges and Save the Planet. Recycle. well-realized, but the food is grandly and consistently a flop. lack any trace of sweetness. Earlier, flavorless chicken meatballs are 1-866-MR-RUBBISH Inept kitchen M&K BUSINESS HEROES spoils Tavern KNOWLEDGE | INTEGRITY | RESPONSIVENESS modating, intelligent service of a TriBeCa’s Devin wide beverage array from a very ca- features rustic setting, pable bar, and a menu that would THE M&K HEROES appear to hold many delights. FAN OUT TO HELP A capable bar, but food “Would appear” are the operative CLIENT MANAGE words in that sentence. VARIOUS ASPECTS prep unsteady at best The food here defies belief in its DEVIN TAVERN OF HER BUSINESS. relentlessly inept execution. I can’t 363 Greenwich St. (between evin tavern is a co- recall eating at a restaurant where Franklin and Harrison streets) nundrum. the other two elements of the din- (212) 334-7337 The eight-month- ing trinity—setting and service— No stars old TriBeCa restau- were so well-realized, and the food rant is one of the bet- was so grandly and consistently a CUISINE Seasonal new American Dter-looking hospitality havens in flop. WINES 180 choices, 17 by the the area. One would think that surveying glass Created by the folks who gave us a virtually vacant dining room in the Dylan Prime Steakhouse,Devin has early evenings would clue someone DRESS No code a rustic look—the work of Chris in that something’s amiss here. Af- NOISE LEVEL Quiet Smith of CMS Design—with two ter a first visit revealed both empty PRICE RANGE $24-$39 In the real world, we’re CPAs. fireplaces, graceful brick arches, seats and an empty head in the high-backed chairs, leather ban- kitchen, I thought maybe it was one WINE MARKUP 100%-300% To our clients, we’re Superheroes. quettes and hand-forged iron of those things that can happen— CREDIT CARDS All major sconces.Because booths have a lip at chef ’s night off, say.Two weeks lat- the edge of the bench, patrons have er, same sad story. RESERVATIONS Suggested to scootch to get in or out. How do I lament thee, Devin? HOURS Lunch, Mon.-Fri., noon-3 By and large, it’s a welcoming Let me count the ways. p.m.; Dinner, Mon.-Sat., 5:30-11 MARCUM & KLIEGMAN LLP environment aimed at its neighbors Nothing is hot, not the plates or p.m., Sun., 5-10 p.m.; Brunch, Certified Public Accountants & Consultants and the after-hours crowd from the anything on them. I thought it a Sun., 10:30 a.m.-3 p.m. 800.921.0777 | www.mkllp.com financial district, with prices fluke the first time around,but no,it #### geared more to the latter. There is endemic. Guests are told that the = Outstanding NEW YORK ### STAY TUNED FOR are handsome party rooms on both stone-cold savory cheese cakes are = Excellent MELVILLE ##= Very good GREENWICH THE NEXT INSTALLMENT OF the main floor and the downstairs meant to be “room temperature.” #= Good GRAND CAYMAN M&K BUSINESS HEROES level. Perhaps, if the room in question is Devin Tavern also has accom- the refrigerator.

March 12, 2007 | Crain’s New York Business | 35 Project1 1/29/0712:21PMPage1

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