Companies Play Spin the Balance Sheet

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INSIDE SPECIAL DOUBLE ISSUE

TOP STORIES TRANSPORTATION TRADE TRADE TRADE Jobless TRADE teens moan summertime ® blues TOURISM ENTERTAINMENT TOURISM ENTERTAINMENT TOURISM ENTERTAINMENT DEMOGRAPHICS PAGE 3 DEMOGRAPHICS DEMOGRAPHICS VOL. XXV, NOS. 26, 27 WWW.CRAINSNEWYORK.COM JUNE 29-JULY 12, 2009 PRICE: $3.00 DEMOGRAPHICS Top 10 PROFESSIONAL SERVICES PROFESSIONAL SERVICES PROFESSIONAL SERVICES reasons why CITY & STATE BUDGET CITY & STATE BUDGET New York City SMALL BUSINESS MEDIA SMALL BUSINESS SMALL BUSINESS SMALL BUSINESS SMALL BUSINESS MEDIA SMALL BUSINESS TECHNOLOGY MEDIA TECHNOLOGY should secede TECHNOLOGY MEDIA TECHNOLOGY TECHNOLOGY MEDIA TECHNOLOGY REAL ESTATE REAL ESTATE from NY state REAL ESTATE ECONOMY REAL ESTATE Coney Island keeper REAL ESTATE ECONOMY REAL ESTATE REAL ESTATE ECONOMY REAL ESTATE THE INSIDER, PAGE 3 REAL ESTATE REAL ESTATE REAL ESTATE ECONOMY REAL ESTATE REAL ESTATE ECONOMY REAL ESTATE Thor Equities’ Joe Sitt gives city a ride for its money REAL ESTATE REAL ESTATE Media feast REAL ESTATE ECONOMY REAL ESTATE REAL ESTATE ECONOMY REAL ESTATE on King of Pop’s EMPLOYMENT BANKING EMPLOYMENT BY AMANDA FUNG EMPLOYMENT BANKING EMPLOYMENT EMPLOYMENT BANKING EMPLOYMENT untimely end EMPLOYMENT BANKING EMPLOYMENT giving a reporter the tour of a half dozen of his Trouble is, many people simply don’t believe him. EMPLOYMENT BANKING EMPLOYMENT NEW YORK, NEW YORK, P. 4 EMPLOYMENT BANKING EMPLOYMENT Manhattan properties, Joseph Sitt stops in front of each, In 2000, Mr. Sitt sold his successful women’s apparel EMPLOYMENT RETAIL EMPLOYMENT reeling off details on everything from their architecture chain, Ashley Stewart, and announced plans to focus on EMPLOYMENT RETAIL EMPLOYMENT EMPLOYMENT RETAIL EMPLOYMENT A sweetheart deal to the history of their leases. But when it comes to his developing retail and mixed-used properties in dis- EMPLOYMENT EMPLOYMENT HEALTH CARE RETAIL HEALTH CARE for Atlantic Yards most controversial project, Mr. Sitt gets choked up. tressed urban areas. He envisioned himself in the mold HEALTH CARE RETAIL HEALTH CARE HEALTH CARE RETAIL HEALTH CARE “It’s my passion to make Coney Island better,”says the of the comic-book hero he named his firm after. Today, HEALTH CARE POLITICS HEALTH CARE development? suddenly teary-eyed chief executive of Thor Equities.“It his record is mixed at best.Critics,which include city of- EDUCATION POLITICS EDUCATION EDUCATION POLITICS EDUCATION So what. is the place where I played hooky and grew up. I want to ficials, insist that he’s just another speculator looking for EDUCATION POLITICS EDUCATION give back to the neighborhood and to New York City.” See CONEY ISLANDon Page 5 EDUCATION POLITICS EDUCATION EDITORIAL, PAGE 6 2009 City Facts A GUIDE TO VITAL STATISTICS ON THE NYC MARKETPLACE Get to know New York City by the numbers. Our annual edition offers more than 100 easy-to-read charts on the trends shaping business in the city this recession year. BUSINESS LIVES Pages 7-41 ON THE WEB GOTHAM GIGS ➚➚ Eugene Kuziw is ready INTERACTIVE CITY: Midtown for Lady Liberty crowds and downtown skyscrapers, PAGE 45 with details on tenants and rents. Plus, slide shows, maps ANNE FISHER offers and charts in searchable form. advice on motivating WWW.CRAINSNEWYORK.COM/ employees PAGE 45 CITYFACTS

WHAT’S harperfred SHE’S READING Barbara Corcoran Companies play Spin the Balance Sheet learns Twitter twicks PAGE 46 nore its cost of painting garbage turned things around, the satellite The pressure’s on to prettify ugly earnings trucks. Regulators cracked down, radio operation highlighted in its GAEL GREENE by ignoring details like, um, biz expenses but with tough times back, so too first-quarter earnings release near- prefers pasta are the numbers games. ly $110 million in what it creative- at seafood- cast ugly results in the best possible “You’re seeing a lot of sugarcoat- ly called “pro forma adjusted in- rich BY AARON ELSTEIN light.A growing number of compa- ing,” says Ted Christensen, an ac- come from operations.” Marea nies are asking investors to focus on counting professor “I never heard of that one be- PAGE 46 the economy is a mess, and prof- pro forma or adjusted earnings and at Brigham Young fore,” Mr. Christensen says. its are under extreme pressure.Now overlook ordinary business expens- University. “There $200M Sirius’ sweetened numbers ex- comes the furious corporate spin to es ranging from payroll costs to in- seems to be more OPERATING clude about $200 million in operat- COSTS excluded terest payments on debt and even of it than ever.” by Sirius XM ing costs, including $72 million in

26 rent for office space. One company Radio in its 1Q interest expense, $51 million in de-

5 Investors have seen this before. on a sugar high is earnings report preciation and amortization and During the 2001-02 recession, Sirius XM Radio, $22 million in “share-based pay- struggling companies sometimes which has piled up $10 billion of ment expense.” Sirius officials de- acted as if certain costs didn’t exist net losses over the past decade, in- clined to comment for this story, ELECTRONIC EDITION when tallying up earnings, perhaps cluding a $62 million net loss last pointing instead to language in most notably when Waste Man- quarter. Eager to show that Chief their earnings announcement that NEWSPAPER See SPINNING on Page 2

71486 01068 agement urged shareholders to ig- Executive Mel Karmazin at last has 0 20090629-A--0002-MAIN-CCI-CN_-- 6/26/2009 6:49 PM Page 1

WAITING GAME: Sales at Capital.“But we have made traction.” IN BRIEF Manhattan House began O’Connor Capital is no stranger 19 months ago, but so far only 77 units have to ambitious projects.During the late THE LOCAL JEWELRY INDUSTRY lost some of its been sold. 1990s, it revitalized Parkchester, a shine last week after diamond district Bronx complex with 12,000 apart- wholesaler Henry Dunay Designs Inc. and ments. Founded in 1983, O’Connor Madison Avenue retailer David Webb Precious has also developed more than 10 mil- Jewels filed for Chapter 11 bankruptcy lion square feet of mall space. protection. Each listed liabilities of between At Manhattan House, however, $1 million and $10 million; Henry Dunay cited tenants weren’t O’Connor’s only prob- assets in the same range, while David Webb lem. In 2006, O’Connor and develop- reported assets of between $10 million and er N. Richard Kalikow bought Man- $50 million. Both companies plan to restructure. hattan House for $623 million from New York Life Insurance Co.but soon CHEER UP, MANHATTAN condo and co-op fell to squabbling. O’Connor finally owners with apartments on the block. About took sole ownership two years ago with 62% of 315 resales this year have fetched higher the help of a $750 million loan. prices than what owners paid for the units In the three years it has taken to between 2005 and 2007, according to a Landmark conversion get Manhattan House to this happy PropertyShark.com tracking of transactions. On point, however, the market has dete- average, the units were resold for a 10% profit. riorated dramatically. Sales at the on track, but sales lag complex officially began nearly 19 BOBBY VAN’S STEAKHOUSE plans a national months ago. Since then, only 77

airport expansion after opening its first airport didik frank units have been sold,with another 13 eatery in John F. Kennedy International Airport in contract, according to public in May. Managing partner Vincent Alessi says Manhattan House at last gets its act together records. the company is considering new spots in Following the September finan- airports in Boston, Chicago, Los Angeles, easy for the owner of the 575-unit 1950s-era cial meltdown of Lehman Brothers and Miami and Washington. Bobby Van’s Grill at BY AMANDA FUNG complex that Grace Kelly once called home others, sales stopped dead. Even worse, JFK is less expensive (a $25 average check per and Jackie Robinson’s widow still does. several buyers who had signed contracts person) than the steakhouse ($75). earlier this month, nearly 150 tenants “We essentially negotiated a treaty,” began maneuvering to get out of them. sipped cocktails and nibbled on hors d’oeu- says Brian Fallon, a partner at O’Connor O’Connor Capital declined to confirm BANK ROBBERIES IN THE CITY surged 57% last vres in Manhattan House’s newly renovat- Capital. sales activity. year, and on Monday a City Council committee ed 10,000-square-foot rooftop club. Both Over the course of a year,he spent hours Determined to press ahead in the crucial will review a proposed law requiring bank the upgrade and the sustenance came cour- at the East 66th Street complex listening spring selling season,in February O’Connor branches to install bullet-resistant “bandit tesy of O’Connor Capital Partners, the de- to tenants’ concerns and issues. In the end, Capital tapped Corcoran Sunshine Mar- barriers.” Police Department officials say the veloper that has been battling to convert the compromises were struck, agreements keting Group to take over sales efforts from measure will deter holdups, which rose to 444 in landmark Upper East Side apartment were inked, and O’Connor Capital sweet- Prudential Douglas Elliman. To help that 2008. But some bank industry officials, fearful complex into luxury condominiums. ened the pot by throwing in a rent-free effort, the landlord also slashed apartment of the barriers’ impact on their interactions with “They are being more accommodat- month for all participating tenants. prices by 20%, according to Mr. O’Connor. customers, say there’s no evidence the barriers ing,” says Kathy St. John, a member of the “The older residents were frightened “We have been very busy,” says Anne prevent robberies—and there is evidence they Manhattan House Tenants Group. “And and confused about how this conversion Young, senior managing director at Corco- could transform nonviolent crimes into more we are being nicer.” was going to affect them,” says Ms. St. ran Sunshine, which redesigned the build- dangerous situations. After three years of lawsuits and sporadic John. “Now they’re feeling better.” ing’s Web site and launched newsletters and skirmishing with tenants, O’Connor Capi- brochures promoting Manhattan House. tal’s $1.1 billion conversion of the block- Only one lawsuit “We see a tremendous amount of interest.” TO OUR READERS long, white-brick Manhattan House—one previously, tenants claimed in and out of Currently there are fewer than 80 units City Facts is the first of four double issues we are publishing over of the most expensive conversions in the court that the developer had attempted to on the market. One of the largest is a four- the summer. The next issue of Crain’s New York Business will city’s history—is finally on track.The devel- push them out the door,while others com- bedroom, 2,367-square-foot unit with a arrive July 13. In the meantime, visit www.crainsnewyork.com for up-to-the-minute coverage of local business, politics and the oper has recently retained a new broker and plained about the noise and debris the ren- balcony, priced at $4.525 million. There economy. And be sure to sign up for our Daily Alert to have the is aggressively marketing its apartments,for ovations created. are also plenty more to come—roughly 200 day’s top stories e-mailed directly to your in-box. as little as $680,000 for a 556-square-foot At this point, only one tenant lawsuit units that have yet to be renovated. Mr. studio. Meanwhile, rent-stabilized and remains.It involves 22 market-rate tenants O’Connor says work on the remaining vol. xxv, nos. 26, 27, june 29, 2009—Crain’s New York Business market-rate tenants alike are enjoying the who are awaiting a ruling from the state units will resume when the available units (issn 8756-789x) is published weekly, except for the 1st and 3rd new club, fitness center and other facilities appellate court on whether they can be are sold out. week of July, the 1st and 5th week of August, the 4th week of No- vember and the 4th week of December, by Crain Communications so much that they are even saying nice evicted. “We are patient,”he says,adding that the Inc., 711 Third Ave., New York, NY 10017. Periodicals postage paid things about their landlord. “We got off to a rocky start,” says Jerry firm is well-capitalized.“We are not squeez- at New York, N.Y., and additional mailing offices. Postmaster: Send address changes to: Crain’s New York Business, Circulation Getting to this point was anything but O’Connor,managing partner of O’Connor ing nickels and dimes.” Department, 1155 Gratiot Avenue, Detroit, MI 48207-2912. for subscriber service: Call (888) 909-9111. Fax (313) 446-6777. $3.00 a copy, $59.79 one year, $109.79 two years. (GST No. 13676-0444-RT) ©Entire contents copyright 2009 by Crain Communications Inc. All rights reserved. Ride-along enclosed in Edition 3 Spinning the balance sheet

ECONOMETER Continued from Page 1 penses, and Frederick’s had a net loss of Another study by Mr. Christensen says the company believes its adjusted pro $2.1 million. shows that short-sellers have learned to Weekly shift of the city’s economy. forma operating results provide “a more “From my perspective, someone creat- target companies that try to prettify their HAPPY FOURTH OF JULY! Sure, the World Bank says complete understanding” of its business. ing EBITDA like that is only trying to mis- results, and within 40 days those stocks the global economy is slowing and Warren Buffett Recently, a Manhattan-based company lead investors,” says Douglas Carmichael, decline. Aware that investors have grown says we need more stimulus, but consumers—the that specializes in helping customers bare former chief auditor at the Public Compa- wise to the pro forma game, some compa- engine of our economy—upped spending last month. nearly all used the finan- ny Accounting Oversight nies are trying new ways to make ugly cial equivalent of soft Board. numbers seem appealing.

POSITIVE NEGATIVE lighting and photo re- Frederick’s Frederick’s didn’t re- Citigroup,for example,last quarter re-

CLOUDY touching to make its most turn calls seeking com- ported net income of $1.6 billion, appar- recent quarterly results tried soft ment. ently its first profitable stretch since the S Y T look more alluring. summer of 2007. That was the headline O N lighting and R Lingerie retailer Fred- Growing trend on the press release, at least. Citi also not- N M U erick’s of Hollywood pro forma results fell ed it had a loss of 18 cents per share, due Y S Group earlier this month retouching out of fashion in 2003, af- in part to the cost of dividends on its fed- reported $22,000 in quarter regulators required eral bailout money. But investors who terly “adjusted EBITDA.” companies announcing wanted to know the total net loss to share- +1.8% +2.4% +0.6% The acronym (for earn- them to also include holders ($966 million, it turns out) found Gain in durable Rise in sales of Bloomberg/ ings before interest, taxes, numbers prepared under it not in the release, but in an accompany- goods orders in pre-owned homes, Crain’s NY Stock depreciation and amortization) is com- generally accepted accounting principles. ing supplement. May, the third in first back-to-back Index weekly monly used as a proxy for cash flow. Not for long, however. A study co- Citi is expected to post another quarter- four months monthly gain in change The Frederick’s definition of EBITDA, authored by Mr.Christensen shows that by ly loss on July 17,according to analysts sur- (Commerce over three years however, counts earnings before those 2005, twice as many pro forma earnings veyed by Thomson Reuters. It isn’t clear Department) (Nat’l Assn. of Realtors) items and before stock compensation numbers were being announced as in 2001. how—or where—it will fully report that costs and deferred rent. Include those ex- The trend has grown since 2005, he adds. loss. Citi declined to comment.

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Summertime blues THE INSIDER NOTHING Job scarcity hurts cording to a report from consulting college savings just when their par- The city came through for Nake- SUCCEEDS firm Challenger Gray & Christ- ents’ finances are tight. sha Williams, a 16-year-old junior LIKE SECESSION teens trying to save mas. “The types of jobs [teenagers] at the Academy of Hospitality and Nearly 23% of that age group was typically seek, in retail and food Tourism High School at Erasmus in he wacky ways of the for college, get some unemployed in May,compared with services, are being eliminated as Brooklyn. Before being accepted by state Senate are spending money 18.9% a year earlier, according to consumer spending plummets,”says SYEP, she was turned down at Old T resurrecting old grumbles data from the Bureau of Labor Sta- John Challenger, chief executive of Navy and McDonald’s, and her re- about Gotham being too tistics. A jobless summer means less Challenger Gray. “For the jobs that sponses to listings on Monster.com beholden to Albany. New York BY KIRA BINDRIM cash for fun and puts a dent in teens’ remain, teens are competing not went unanswered. The aspiring ac- City has been waiting for the only with other members of their countant has been placed at Kids Legislature to approve nearly five months and six applications age group but with older, more ex- Creative, an arts-focused day camp. $1 billion in tax increases for the after starting his search,Summit Pal YOUTH WON’T perienced job seekers.” “I’d like to put money aside for fiscal year beginning July 1. And is still jobless. The Queens native, BE SERVED: Nearly 9 million people were college in case I don’t get a scholar- if the Senate does not pass a bill who graduated from Information High school employed part time for economic ship,” Ms. Williams says. renewing mayoral control of city Technology High School last week, graduate reasons in May, compared with 5.2 schools this month, power would plans to attend the Polytechnic In- Summit Pal million a year earlier, according to It’s who you know revert to a Board of Education says firms stitute of New York University in don’t need the BLS. at the garden school in Jackson that no longer exists. the fall.He has worked in the IT de- young “Everyone’s saying it won’t be Heights, Queens, headmaster All the more reason for New partment of Aucoin Globe Enter- seasonal possible to hire me because so many Richard Marotta tells students to York City to secede from New tainment and was named student of workers. people have already been hired for scour local malls and seasonal out- York state, insists City the year by career-preparedness the summer,” says Cole Rice, a sen- lets like summer camps and pools. Councilman Peter Vallone Jr., D- nonprofit Junior Achievement. But ior at Xavier High School in Man- He also suggests taking advantage Queens, a longtime secessionist despite his glowing credentials, the hattan. Mr. Rice has been hunting of networks of parents and alumni. who says the city sends Albany computer whiz is looking at a sum- since the beginning of April and “Networking is probably going $14 billion more each year than it mer without paychecks. has applied to such retailers as to be more effective at the moment gets back in aid and services. “There are a lot of people look- Blockbuster, Cold Stone than a simple job search,” Mr. Hmm. Secession may sound ing for jobs,” says Mr. Creamery, Burger King and Marotta says. mighty tempting to many New Pal, 17.“No one needs Subway. Young people’s job woes come at Yorkers (and no doubt, some to hire a technician In May, Mayor Mi- a time when they’re particularly upstaters) these days. So, in that who isn’t 18 or older.” chael Bloomberg an- pressed for cash. Twelve percent spirit, here are the top 10 nounced that the have been asked to contribute finan- reasons New York City should Oversupply Summer Youth cially to the household, and more secede from New York state: the severe downturn Employment Pro- than half say they’re spending less has left many area gram was getting money, according to a poll conduct- STATE LEGISLATORS from teenagers in the same $18.5 million in fed- ed by Junior Achievement. the boroughs would have spot. As the general eral stimulus money. For Mr. Pal, every dollar not 10 to survive on the $405 in job market withers The additional fund- earned this summer is one he won’t weekly unemployment benefits that and laid-off adults ing will allow it to find have for college tuition. Even with they failed to raise for years. consider food serv- work for more than financial aid and a work-study job, SEN. PEDRO ESPADA wouldn’t ice or retail, teens 51,000 14- to 24- he anticipates taking out $10,000 a have to pretend to live in the are coming up emp- year-olds this year, year in loans.He hopes to find a sec- Bronx anymore. ty-handed. For the 8,000 more than last. ond part-time gig during the year. 9 first time since 1954, But SYEP has received “I don’t want to put the financial THE CITY COULD reinstate the fewer than 1 million 16- upward of 139,000 appli- burden on my parents,” Mr. Pal commuter tax—ending free to 19-year-olds will find cations, versus about says. “I’m open to just about any- rides for suburbanites (like Mr. 8 summer employment, ac- david neff 103,000 in 2008. thing.” Espada). WITH ALBANY IRRELEVANT, plans for high-speed rail service 7 from here to there could be shelved, saving $15 billion. MAYOR MICHAEL BLOOMBERG More educated consumers could stop giving cash to 6Republican senators, freeing up money for still more of his captivating Syms doubles clothing,survives;Syms nearly dou- consumers,” Ms. Syms says. which accounted for 12.9% of total campaign ads. bles its store count, which positions In addition, nearly half of Syms’ sales in 2006. Vornado closed the SEN. KEVIN PARKER could its store count it to get more favorable terms from customers are men, while almost store in 2007 to make way for a 38- pursue a career more suited to suppliers; and Vornado, owner of 70% of Filene’s shoppers are story, 1.2 million-square-foot rede- with Filene’s buy his temperament: ultimate properties that Filene’s rents in women, so Syms will be expanding velopment, which was to include a 5 fighting. Union Square,Boston and New Jer- its shopper base. Filene’s doubled in size. But the BY ADRIANNE PASQUARELLI sey, is relieved of several Syms,which owns 21 of project stalled, and Vornado has GAY MARRIAGE would be headaches. its 32 locations, has strong been stuck paying $500,000 a legalized in the city—a boon for local retailer Syms Corp.’s nose Cathy Leonhardt,man- financials. It tapped into a month to Filene’s to make up for the gays, catering halls and divorce for bargains doesn’t stop at designer $40 million credit line 4 aging director at invest- loss in sales. attorneys. ties and suits.In mid-June,the comment firm Peter J.Solomon from Israel Bank to fund pany purchased fellow discounter Co.,calls it a good move for the transaction. What’s in it for Vornado RED-LIGHT surveillance Filene’s Basement out of bankrupt- Syms.“This is the time that But taking on debt dur- in the syms deal, Vornado paid cameras, currently limited by the Legislature, would be cy,beating several other bidders, in- smart CEOs will start to be Marcy Syms ing a recession is a risk for $16.8 million to terminate the 3 cluding Men’s Wearhouse and opportunistic,” she says. Syms,whose stock has fall- Downtown Crossing lease and installed on every corner, and police Crown Acquisitions. “Sometimes, the sun, moon en about 48% in the past 12 eliminate its payouts. The New could focus on more important work, like ticketing cyclists on deserted Chief Executive Marcy Syms in- and stars have to align, and months. Increasing out- York-based REIT, which wouldn’t 70% sidewalks. tends to maintain the Filene’s name that was the case here.” OVERLAPPING posts is also a gamble with comment for this article, paid an- and its 23 locations. That will give Filene’s and Syms are VENDORS consumers reluctant to other $8.2 million to amend Filene’s FOUR WORDS: the Secaucus,N.J.-based buyer a to- well-suited. About 70% of spend. Syms’ net sales Union Square lease and increase the Buffalo billionaire Tom tal of three Filene’s and two Syms their vendors, which in- to Syms dropped more than 9% last annual rent. Golisano. stores in Manhattan. clude such designers as and Filene’s year from 2007, to $242 “It was a real estate play for Vor- 2 A bold move even in good times, Calvin Klein and Polo million, and same-store nado to essentially rip up that exist- THE MAYOR could finally the $65 million acquisition, which Ralph Lauren, overlap. sales were down nearly 8%. ing [Downtown Crossing] lease and impose congestion pricing—with included $25 million in financing The problems leading up to Fi- eliminate an ongoing liability,” says 1extra-special surcharges around from Vornado Realty Trust, is a win Consumer savings lene’s May bankruptcy included ex- Michael Knott, senior analyst at the downtown home of his nemesis, for all three parties:The century-old “by being able to buy larger pensive leases as well as slumping Green Street Advisors. “It is repre- Assembly Speaker Sheldon Silver. Filene’s brand, famous for its dis- amounts, we would get better deals sales—primarily at its flagship, in sentative of ways they try to get cre- —erik engquist counted bridal gowns and other and be able to pass those deals on to Boston’s Downtown Crossing, ative about unlocking value.”

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NEW YORK,NEW YORK edited by Valerie Block

Pop King’s passing turns tables on magazines elebrity tragedies can be good news for sales of celebrity magazines, but Michael Jackson’s death last week left some titles Cscrambling to cover the sad event in their upcoming issues. US Weekly had a deal for exclusive photos of the wedding of ex-Playboy Bunny Kendra Wilkinson and NFL star Hank Baskett, according to an industry insider. Now the deal is up in the air as the title considers going with Mr. Jackson on its cover. An US spokesman declined to comment. People had been planning on a Farrah Fawcett cover after the actress lost her battle with cancer—eight hours before the King of Pop suffered cardiac arrest. “Do they put Michael Jackson on the cover and have a large inset at the top of Farrah Fawcett, or Audit Tax Advisory do they put out two different covers for different parts of the country?” an editor at another title wondered. A People spokeswoman declined to comment. Steve Mayer CPA OK! and People had the good luck to move up their closing 212.682.1600 www.amper.com dates because of the July Fourth weekend. Full of tributes to Mr. Jackson, OK! will hit newsstands Tuesday, ahead of rivals In Touch and Life & Style Weekly—which will be out Wednesday. People, which

normally goes on sale Friday, will also be out Wednesday. US goes on sale Friday. getty images would have been difficult to Ken Salazar, who authorized the Cracking down implement, but lately he’s found reopening, will be on hand for the on future Madoffs the investment community more celebration. Some say Vice receptive. “These firms President Joseph Biden might even call it a Bernie Madoff prevention understand that it’s a scary new make an appearance, and Good program.The mastermind of the world out there and that if they Morning America will televise the mother of all Ponzi schemes got want the big institutional whole shebang. sentenced on Monday, and one investors, they’re going to have to company is launching a service to do things they’ve never had to do help big investors steer clear of before,” he says. Networking such fraudsters in for jewelry the future. Liberty T&M crown costume jewelry maker Lia Protection Sophia, whose styles are worn by Resources, a sold out celebs Paris Hilton, Miley Cyrus, Eva Manhattan-based Longoria (below) and Sheryl Crow, security company, on july 4, Lady sells its wares directly to says its law Liberty’s crown will consumers through an army of enforcement WEB WINE GUIDE be open for business 28,000 salespeople, à la Avon. expertise offers an for the first time since But on July 1, the brand will edge over ZAGAT.COM has part- Sept. 11, 2001. But if launch its own Facebook page with accountants and nered with renowned you don’t have your an application allowing Facebook other due-diligence wine expert Kevin ticket to get to the users, including Lia Sophia’s sales players in Zraly to launch Your top, fuggedaboudit. force, to send virtual jewelry to uncovering Sommelier, an online The month of July friends in their networks. operational and guide to finding the is already completely “The whole direct sales fraud risks.T&M’s best wines at the low- sold out, says Michael business grew because baby Investor Protection est prices at New York Burke, chief operating boomers were nesting at home,” Program is headed City’s top restaurants. officer of Statue says Tory Kaim, president of the by a former New Sterling Publishing will Cruises, the company company, which has nearly $300 York City special release the 25th that ferries tourists to million in revenues. narcotics prosecutor anniversary edition of Liberty Island. Just “The world is and is staffed with Mr. Zraly’s Windows 30 people each hour changing.To former FBI and on the World Com- are allowed to climb be successful, CIA agents and plete Wine Course in the 146 steps to the companies financial services fall 2009. crown, and thousands must have the veterans. Investors of visitors have capabilities to can hire T&M to already signed up. attract make numerous due-diligence “There is an awful lot of younger checks, including verifying assets excitement surrounding the crowds.” with third parties and keeping crown,” he says. Mr. Kaim tabs on risks over the life of a There will be no shortage of hopes that client’s investment. A basic local fanfare on Liberty Island on some of those virtual users will job would run about $35,000. opening day. Seven new citizens, make actual purchases through But will notoriously secretive the first visitors to make the their reps. “We’re taking it to the hedge funds welcome forays into climb, will be naturalized at the next level,” he says. their inner workings? Chief flagpole in the early morning. A Executive Robert Tucker gaggle of public officials, Contributors: Lisa Fickenscher, acknowledges that pre-Madoff, it including U.S. Interior Secretary Matthew Flamm, Judith Messina

4 | Crain’s New York Business | June 29, 2009 20090629-A--0005-MAIN-CCI-CN_-- 6/26/2009 5:01 PM Page 1

he considered being a history teacher bought the historic Palmer House, Two weeks ago, the Planning Com- but created Thor in 1986, while once the world’s largest hotel, for mission approved the city’s plan, Coney Island keeper studying for his M.B.A. at NYU’s $240 million in 2005 and won sev- though it also needs the City Coun- Stern School. After graduation, he eral awards for his painstaking,$170 cil’s nod.Additionally,a bill is pend- Continued from Page 1 downtown Brooklyn. In 2001, he went into retail, founding plus-size million restoration. ing in Albany that would designate a quick profit. bought the ground lease for Albee women’s clothing chain Ashley The developer, who was a Crain’s a 10.8-acre swath of Coney Island a On Coney Island, Mr. Sitt is Square Mall on Fulton Street for Stewart and turning it into a $400 “40 Under 40” in 2004, lives in park—effectively killing whatever locked in a battle with the $24 million with a promise to trans- million company. Brooklyn with his wife and four aims Mr. Sitt has for his holdings, Bloomberg administration, which form it into a vibrant shopping mec- sons.He intends to build a couple of whose value is shriveling along with plans to develop the depressed area ca. Instead, he made only superficial Winning ways retail properties in the borough, in- the rest of the real estate market. into a thriving year-round amuse- improvements and in 2004 sold the “he is a brilliant businessman,” cluding one on a site near the Ikea All is not lost. If Councilman ment district with housing. To ac- property to Acadia Realty Trust for says Terry Stanley,a real estate exec- store in Red Hook. Zoning changes Dominic Recchia, a childhood complish that, it needs the 10.5 $125 million. utive and member of the Coney Is- are needed for him to move ahead friend of Mr.Sitt’s,voices objections acres that Mr. Sitt assembled over “I cleaned up the mall and made it land Development Corp.“When he with the project. to the city’s plan, the rest of the seven years at a cost of $93 million. safer,” Mr. Sitt says. “I executed for wants something, he gets it.” “He has gotten a bad rap,” says council would probably go along The 44-year-old developer orig- our investors.It was time to move on.” Mr. Sitt controls more than 16 Chris Havens, head of Brooklyn- and vote down the entire thing. inally hoped to build a $1.5 billion The son of a maker of kids’appar- million square feet in the United based brokerage Creative Real Es- “I am an eternal optimist,” says entertainment district with rides, el, Mr. Sitt grew up in the Sephardic States and South America. He tate Group. “He wants to build.” Mr. Sitt, who claims that he will shops and high-rise hotels. That community of Gravesend, Brook- scored what some consider his The momentum seems to be work with the city on Coney Island. proposal failed to win over the com- lyn. A former comic-book collector, biggest triumph in Chicago. He against Mr. Sitt on Coney Island. “I want to make everyone happy.” munity and city, which left Mr. Sitt little choice but to sell. However, he has stubbornly held on to the acreage during months of intermit- tent negotiations. Most recently, he turned down cold the city’s offer of $105 million. “We’re not surprised Thor is trying to flip their Coney property for the biggest profit possible—it’s what it does,” the mayor’s office and New York City Economic Develop- ment Corp. said in a joint statement in response to a reporter’s questions. “But we … refuse to pay more for the property than what it’s worth.” Mr. Sitt has done well with other Coney Island land. He paid $13 million for the 168,000-square-foot Washington Bath House site in 2005, selling it a year later to Taconic Investment Partners for $90 million. He has also made a killing in NY’s edge in health care IT Sector well-funded; city could lead U.S.

BY KIRA BINDRIM

bolstered by a wealth of health care and technology professionals, New York City is positioned to lead the nation in health care information technology, according to a report from the Center for an Urban Future. Under new U.S. rules, hospitals and health care providers must convert all paper-based patient records to electronic documents by 2015. Government is putting up $19.2 billion in stimulus dollars to under- write the switch and create thousands of new jobs developing electronic health record systems. The report says the Big Apple stacks up well against other regions: The area’s health care IT sector has attracted $61 million in venture capital funding since 2008, and at least 43 providers of health care IT services are based in the five boroughs. “The fact that we’re not yet way behind Silicon Valley or Boston or San Diego is promising,” says center Director Jonathan Bowles. “We still have a chance to capture a significant NEW YORK CITY’S LARGEST OWNER OF COMMERCIAL REAL ESTATE share of the jobs in this sector.”

June 29, 2009 | Crain’s New York Business | 5 20090629-A--0006-MAIN-CCI-CN_-- 6/26/2009 4:58 PM Page 1

VIEWPOINT Why Atlantic Yards matters editor in chief Rance Crain publisher, vp Jill R. Kaplan mid an outcry that the state and the believe the mayor that a thriving New York will attract editorial director Greg David MTA have given Forest City Ratner a 900,000 new residents in the coming decades, the transit EDITORIAL sweetheart deal to keep alive its Atlantic hub at Atlantic Yards makes it the best location to build a editor Xana Antunes managing editor Glenn Coleman Yards project, it’s time to recall how this new residential neighborhood with Manhattan-like density. deputy managing editors Valerie Block, scheme originated and why it has such All those new New Yorkers will need someplace to live. Erik Ipsen contributing editor steadfast backing from responsible city Nothing has changed in that equation since Mr. Elizabeth MacBride and state officials. For those who are Markowitz’s phone call, but everything else has changed in columnist Alair Townsend senior reporters Theresa Agovino, optimistic about the city’s prospects, Atlantic Yards is crucial the world of development and finance. Gone is the soaring Aaron Elstein, Erik Engquist, Lisa Fickenscher, for realizing New York’s potential. design of world-renowned architect Frank Gehry, delayed Matthew Flamm, Miriam Kreinin Souccar A reporters Barbara Benson, Amanda Fung, It all began with a phone call from Brooklyn Borough for who knows how Daniel Massey, Adrianne Pasquarelli, President Marty Markowitz to Forest City’s Bruce Ratner. Mr. Ratner long is the completion Hilary Potkewitz art director Steven Krupinski “You have to buy the New Jersey Nets and move them to of the entire project, deputy art directors Carolyn McClain, Brooklyn,’’ said Mr. Markowitz. He argued that Brooklyn must act and scaled back is the Daniel Mednick needed a professional sports team for the prestige it would amount Forest City staff photographer Buck Ennis quickly, or it copy desk chief Wendy Zuckerman bring and the economic benefits that would result. will pay the MTA. copy editor Thaddeus Rutkowski will be too late research editor Denise Southwood At the time, Mr. Ratner admits, he was clueless about It is worth noting www.crainsnewyork.com professional basketball, both on the court and as a business. that while Forest City web editor Brian Tracey Yet he was the go-to person for Mr. Markowitz because he may wind up with a senior producer Elisabeth Butler Cordova producer Kira Bindrim was the driving force behind the construction of the bonanza, up to now it EDITORIAL AND ADVERTISING OFFICES MetroTech office complex in downtown Brooklyn in the has been a black hole. 711 Third Ave., New York, NY 10017-5806 1980s. It is not an exaggeration to say that MetroTech saved Stuck in New Jersey, the Nets lose around $20 million a year. editorial: 212.210.0277 Fax 212.210.0799 advertising: 212.210.0259 the borough’s economy. Architecture and legal fees for the project total more tens of Cable craincom nyk Mr. Ratner was intrigued by the borough president’s plea millions. Delays have been interminable. Fax 212.210.0499 Entire contents ©copyright 2009 Crain because it fit with his belief that the Atlantic Yards area, Time is running short. Mr. Ratner must sell bonds for the Communications Inc. All rights reserved. ®CityBusiness is a registered trademark of MCP consisting mostly of a rail yard, was the perfect place to project and break ground soon after, or the project will have Inc., used under license agreement.

continue Brooklyn’s revival.The infrastructure costs for to be abandoned. TO SUBSCRIBE: building on the site were simply too high for a private New York can continue to support Atlantic Yards, realize Call 888.909.9111; fax 313.446.6777. $3.00 a copy, $59.79 one year, $109.79 two years. company to assume. Only if Mr. Ratner could find a public what is economically possible now and bet that the entire www.crainsnewyork.com

benefit to justify the public dollars required would project can be built in the future. Or it can abandon Mr. ADVERTISING AND MARKETING development be possible.The basketball team provided that, Ratner and the project, in which case it is certain that advertising director Trish Henry senior account managers just as new baseball stadiums did in the Bronx and Queens. Atlantic Yards will remain an open sore for decades to Cornelius P. Gore, Courtney McCombs, The city has been in Mr. Ratner’s corner because, if you come. William E. Squitieri commercial real estate sales manager Cory Marks account executives POLL COMMENTS Jacqueline Iovino, Irene Irvill, Anthony Mowad sales manager, classified print & online John Gallagher sales coordinator, print & online Lulé Haznedari sales coordinator Anita Perrino A circle of hell reserved for Bernie credit Todd J. Masura 313.446.6097 marketing director Amy Crossman marketing manager Jill H. Bottomley A MINUTE FOR every dollar stolen leniency. If my math is correct, that CRAIN’S ONLINE POLL circulation manager Andrea Richardson sounds like a fair sentence! would be less than one day for each assistant circulation manager —walter brennan $1,000,000 ($10M?) Madoff stole. IS 12 YEARS A FAIR Rosalie Ford For that type of return, I’d be general manager, interactive HIS AGE SHOULD HAVE nothing to do willing to serve a month or two. PRISON SENTENCE FOR Marc Minardo with his punishment. Because of —edward s. hochman BERNARD MADOFF? web developer, interactive him, there are a lot of people who Chris O’Donnell 484 VOTES will need to work well into their old THERE IS NO SENTENCE long enough to NEW YORK PRODUCTION Date of poll: June 23 age just to survive. provide Mr. Madoff with a just production and pre-press director —rosemary kuropat return on his behavior. He has ruined Michael Corsi more lives and destroyed more No. Throw away the key. advertising production manager IF ONE EXTENDS THAT LOGIC,anyone charities than anyone before him. Suzanne Fleischman Wies who is over the age of 83 is above —blair c. fensterstock PUBLISHED BY CRAIN COMMUNICATIONS INC. the law, and that is ridiculous. . 90% chairman Keith E. Crain Throw away the key! I SUGGEST AN 18-YEAR “LIFE” president Rance Crain —tom ortwein sentence for Madoff. With good secretary Merrilee Crain behavior, he would get out in 12 treasurer Mary Kay Crain I HAVE TO GIVE MADOFF’S attorney years. With a sentence of 12 years, executive vp, operations William Morrow credit for having the utter Madoff would get out in eight years. 10% senior vp, group publisher Gloria Scoby . group vp, technology, circulation, chutzpah to ask for such —irving polsky manufacturing Robert C. Adams vice president/production & manufacturing David Kamis Yes. A dozen years is a de facto chief information officer Paul Dalpiaz WHAT’S COMING UP IN CRAIN’S? life sentence at his age. corporate circulation director Patrick Sheposh Small Real Small founder G.D. Crain Jr. (1885-1973) business estate business For this week’s questions: chairman Mrs. G.D. Crain Jr. (1911-1996) double issue double issue report Go to www.crainsnewyork.com/poll July 13/20 July 27/Aug. 3 Aug. 10 to have your say. bloomberg news

6 | Crain’s New York Business | June 29, 2009 20090629-A--0007-MAIN-CCI-CN_-- 6/25/20091:55PMPage1 2009 A GUIDETO VITAL STATISTICS ONTHE NYC MARKETPLACE www.crainsnewyork.com CityFacts EDUCATION EDUCATION EDUCATION EDUCATION EMPLOYMENT EMPLOYMENT EMPLOYMENT EMPLOYMENT EMPLOYMENT EMPLOYMENT EMPLOYMENT EMPLOYMENT EMPLOYMENT EMPLOYMENT HEALTH CARE HEALTH CARE HEALTH CARE HEALTH CARE REAL ESTATE REAL ESTATE REAL ESTATE REAL ESTATE REAL ESTATE REAL ESTATE REAL ESTATE REAL ESTATE REAL ESTATE REAL ESTATE SMALL BUSINESS SMALL BUSINESS SMALL BUSINESS TECHNOLOGY TECHNOLOGY TECHNOLOGY PROFESSIONAL SERVICES PROFESSIONAL SERVICES PROFESSIONAL SERVICES IY&SAEBUDGET STATE & CITY BUDGET STATE & CITY DEMOGRAPHICS DEMOGRAPHICS DEMOGRAPHICS DEMOGRAPHICS ECONOMY ECONOMY ECONOMY ECONOMY ECONOMY ECONOMY ECONOMY POLITICS POLITICS POLITICS POLITICS POLITICS RETAIL RETAIL RETAIL RETAIL RETAIL RETAIL BANKING BANKING BANKING BANKING BANKING BANKING MEDIA MEDIA MEDIA MEDIA MEDIA TRADE TRADE TRADE TRADE TOURISM ENTERTAINMENT TOURISM ENTERTAINMENT TRANSPORTATION TOURISM ENTERTAINMENT SMALL BUSINESS SMALL BUSINESS SMALL BUSINESS TECHNOLOGY TECHNOLOGY TECHNOLOGY EDUCATION EDUCATION EDUCATION EDUCATION EMPLOYMENT EMPLOYMENT EMPLOYMENT EMPLOYMENT EMPLOYMENT EMPLOYMENT EMPLOYMENT EMPLOYMENT EMPLOYMENT EMPLOYMENT HEALTH CARE HEALTH CARE HEALTH CARE HEALTH CARE REAL ESTATE REAL ESTATE REAL ESTATE REAL ESTATE REAL ESTATE REAL ESTATE REAL ESTATE REAL ESTATE REAL ESTATE REAL ESTATE / cityfacts 20090629-A--0008-MAIN-CCI-CN_-- 6/26/2009 2:04 PM Page 1

2009 CITY FACTS ONLINE FEATURES MANHATTAN FROM THE AIR TABLE OF CONTENTS For interactive maps of the city’s most important skyscrapers, with details about building tenants and rents, go to www.crainsnewyork.com/cityfacts WHERE NEW YORK RANKS The city is a leader in neuroticism MEDIA & TECHNOLOGY Newspapers’ struggle for survival is 10 and income inequality ... but also in safety and productivity. 26 playing out in black and white, as technology takes over.

BANKING NYC’s most important business is in the midst of a PROFESSIONAL SERVICES Charts on the biggest law firms, 12 historic makeover, as the statistics show. 28 and the most expensive law and business schools.

DEMOGRAPHICS Charts look at NYC’s size, population, REAL ESTATE Vacancies are up, and rents are sliding. Plus, SLIDE SHOWS 14 immigrants, fastest-growing neighborhoods and diversity. 30 our annual look at NYC’s most important skyscrapers. Where New York Ranks www.crainsnewyork.com/cityfacts-NYranks ECONOMY A special two-page section plots the effect of the RETAIL Consumer spending, a map of the biggest shopping recession on the city, from jobs to GDP and stimulus funds. centers, and details on retail companies in the city. Highly Paid Politicians 16 36 www.crainsnewyork.com/cityfacts-politics Fastest-Growing Neighborhoods EDUCATION A portrait of the nation’s biggest college town SMALL BUSINESS Lending in NYC fell dramatically over the www.crainsnewyork.com/cityfacts-nabes 20 and largest public school system. 38 past year, as these charts demonstrate.

RESEARCH NOTE Crain’s New York uses many sources to develop City EMPLOYMENT Bad news on the jobs front this year, but TOURISM & ENTERTAINMENT The saving grace of New York Facts. In some cases, projections about demographics and the economy—especially job losses—may vary. ESRI 22 some of the worst fears haven’t been realized. 40 City’s economy: People still need to escape. produced most City Facts maps, as well as some other charts and information, based on U.S. Census Bureau data, other sources and ESRI estimates. ESRI is a leading geographic information software (GIS) firm; HEALTH CARE Charts on the insured population, sector TRANSPORTATION & TRADE As the recession takes its toll, www.esri.com. Sources for section introductions and the “City in Transition” notes include CB Richard Ellis, the 24 employment and health cost increases for employers. 41 there are fewer drivers and more riders. Kaiser Family Foundation and the Center for an Urban Future, among others. CREDITS Editor: Elizabeth MacBride Research Editor: Denise Southwood Copy Desk Chief: Wendy Zuckerman CITY IN TRANSITION The recession’s story is still unfolding in New York, where Art Director: Steven Krupinski Infographics: Jennifer Chiu, Myra Klockenbrink, Daniel the business environment is as uncertain as it has been in decades. In these special notes throughout Mednick the section, City Facts looks at some key questions facing the city. Research: Maia Blume, Selena Shen, Cara Paley, Sara Chernus * Want to STAND OUT from the crowd? Promote your coverage with Crain’s Custom Reprints

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8 | Crain’s New York Business | June 29, 2009 Project5 6/10/09 12:48 PM Page 1

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crains_ad_6.8.09.indd 1 6/9/09 11:04:12 AM 20090629-A--0010-MAIN-CCI-CN_-- 6/25/2009 4:21 PM Page 1

2009 CITY FACTS WHERE NY RANKS There is a world outside the five boroughs, and here’s how we fit into it.

LIFE IN THE CITY BUSINESS IN THE CITY 50

#3 45 Birthplace of presidents, among states Virginia lays claim to eight presidents. Seven were born in Ohio. New York and Massachusetts are tied for third, with four.The gentlemen from the Empire State? Martin Van Buren, Millard Fillmore, and Theo- 40 dore and Franklin Delano Roosevelt. Only Teddy was born in NYC. #1 #2 Worker productivity, #1 Lowest CO2 emissions per 35 among states Daily newspapers, among U.S. cities capita, among select cities New York state has the Sometimes, big egos benefit the city.While newspapers all over New York is one of the most highest gross domestic the nation are folding, NYC’s media magnates seem committed energy-efficient cities, though 30 product per worker in to keeping the Big Apple’s four major dailies alive.And New it’s thought to be behind the nation: $91,456. Yorkers do read them: 84% of adults have read a paper or London, which emitted 5.9 That’s 37% higher than visited its Web site in the past week, putting the city’s metric tons per capita in 2007, the nation’s. readership at ninth in the nation. Rochester, N.Y.,ranks first. compared with New York’s 7.1. 25 #25 Health, among states 20 #1 Smack-dab in the middle on this ranking, which indexes Size, among U.S. cities conditions that lead to a healthy population, New York has New York is the largest city #2 #22 Safety, among major strengths that include a large ratio of primary care doctors for in the nation, more than its population, and a strong immunization rate. On the 15 Cost of twice the size of Los U.S. cities living, Aloha! Honolulu downside: the highest incidence in the country of infectious #1 Angeles. diseases, and a high rate of preventable hospitalizations. among is the only city Headquarters city cities worldwide safer than 10 New York is home to 43 New York City fell NYC New York, Fortune 500 companies, seven positions in a and it’s compared with 25 in worldwide ranking of the cost of only a 5 Houston. Chicago and living in selected cities, dropping fraction of Dallas are tied for the third to 22nd in 2008.The reason: the the size. position, with 12 each. dollar’s steady decline. LA 1 #1 #1 Cost of living, among U.S. Income inequality, #43 cities among states Graduation rate, among states 53.2% New York is the New York ranks highest The state gets low marks for its graduation -5 priciest city in among the states for rate of 65.3% of incoming ninth graders in the nation and income inequality,though 2008, but at least it’s come up from 2007, in the Western it’s behind Washington, when it was 49th. In NYC schools, less than -10 Hemisphere. D.C. In New York, the 60% of incoming ninth graders graduate. lowest quintile of workers made 2.9% of the state’s #2 total earnings, while the -15 Cost of a restaurant meal, #6 highest quintile made among major U.S. cities LEED-certified 53.2%. The average meal in New York buildings, among major -20 last year cost $40.78.The U.S. cities 2.9% average Las Vegas meal was New York trails much smaller pricier, at $44.44. cities, including Chicago and -25 Portland, Ore., with only 41 projects certified to the Hearst Tower #1 environmental standard. -30 Tax burden, among biggest U.S. cities State and local taxes take -35 $9.02 of every $100 in household and business #3 income in NYC. Philly is a Neurotic states distant second, at $7.16. #50 News flash: New Yorkers are high-strung. NY is -40 Personal and economic freedom, the third-most-neurotic state in the nation, among states according to research by scientists who believe High taxes, harsh drug laws and restrictions on that places have geographic personalities.The -45 everything from selling alcohol to contributing most neurotic states? West Virginia and Rhode #1 to political campaigns put New York dead last Island are first and second, respectively. Commuting time, among major U.S. cities for personal and economic freedom. -50 New Yorkers spend almost one full week a year commuting, or 38.3 minutes a day on average.

SOURCES, left to right and top to bottom. Life, positive: Green Leaf Foundation, United Nations; CQ Press, including reported crimes per 100K pop. in six areas of violent and property crime, in cities of 500K or more; America’s Health Rankings; negative: Ameri- can Community Survey, 2008; America’s Health Rankings; Freedom in the 50 States, Ruger and Sorens; study on the geography of personality, Rentfrow, Gosling and Potter; Business, positive: Fiscal Policy Institute analysis of Commerce Dept. data; Scarborough Research; Fortune Magazine; Mercer Cost of Living Survey; negative: Zagat Survey; Mercer Cost of Living Survey; Center for an Urban Future; Independent Budget Office, including the U.S. cities with pop. of >1 million; American Community Survey, 2007 buck ennis, istockphoto

10 | Crain’s New York Business | June 29, 2009 nb26p11.qxp 6/25/09 2:28 PM Page 19 20090629-A--0012-MAIN-CCI-CN_-- 6/25/2009 1:56 PM Page 1

2009 CITY FACTS BANKING The magnitude of the fall 2008 financial crisis and the government’s response to it are calling into question Wall Street’s legendary ability to reinvent itself. Meanwhile, the recession is ending the retail banking boom of the past decade.

Past Bear Markets and Rebounds New York Retail Branches and Deposits Considering the duration and the size of the current market decline so far, this bear market Total NYC deposits grew 5% in 2008, from $454.7 billion in 2007. But banks are resembles the one that followed the stock market crash of 1929. If this comparison is apt, complete no longer rushing to open branches: 31 reportedly have closed since mid-2008. recovery may be a long way off. Peak-to- Performance Complete trough from trough recovery Duration, decline 12 months 18 months from trough, Event in months (S&P 500) after after in months Great Depression (1929-1941) 33 -86% +121% +125% 268 1987 stock market crash 3 -34% +23% +44% 20 Savings and loan crisis (1990) 3 -20% +29% +37% 4 Long-Term Capital Mgmt. collapse (1998) 2 -19% +38% +41% 3 March 2000-Oct. 2002 bear market 31 -49% +34% +47% 56 Avg. past bear markets (1937-2002) 13 -36% +35% +45% 26 Current financial crisis / 19 -57%* +40% As of June 2, 2009, bear market (Oct. 2007-June 2009)* ~ 3 months from trough A bear market is a 20% decline from the high; complete recovery is a return to peak levels. While the S&P 500 index in its current form began in 1957, comparative models can be used to link the current index to earlier versions. *Current crisis data are as of 6/2/09; peak to trough is 10/9/07 to 3/9/09. Source: TD Ameritrade

IPOs in New York State Executive Pay at Major Banks The value of initial public offerings by New York state Despite the financial-system crisis, CEOs at New York City’s big banks are CITY IN companies plummeted 84% in 2008 vs. year-earlier levels. still doing quite well. Citi’s Vikram Pandit got a golden hello on his first full TRANSITION year on the job. IPOs SINCE JAN. ’08 BUSINESS VALUE, IN MILLIONS AT THE BEGINNING of RiskMetrics Group Inc. Financial services $281.8 Figures for total 2008 and 2007 compensation are in thousands of dollars; 2008 bank revenue and net income are in millions of dollars 2008, the world’s five RHI Entertainment Inc. TV /broadband content $189.0 * largest investment Fifth Street Finance Corp. Financial services $141.2 banks were in NYC. Then Cypress Sharpridge Specialty finance $100.1 Bear Stearns was Investments Inc. acquired by J.P. Morgan, YEAR VALUE, IN MILLIONS NO. OF DEALS Lehman went bankrupt 2004 $6,557.3 34 Lloyd Vikram James Robert John and Merrill Lynch was 2005 $5,343.7 27 Blankfein Pandit* Dimon Kelly Mack Goldman Sachs Citigroup J.P. Morgan Chase BNY Mellon Morgan Stanley acquired by BofA. 2006 $13,901.6 34 ’08 comp. $42,946.8 $38,237.4 $35,764.6 $11,108.0 $1,235.1 Goldman Sachs and 2007 $18,754.9 41 ’07 comp. $53,966.2 $250.0 $28,887.5 $23,302.1 $41,790.9 Morgan Stanley have 2008 $2,947.5 7 ’08 revenue $53,579.0 $105,756.0 $101,491.0 $16,828.0 $62,262.0 become bank holding ’08 income $2,322.0 ($27,684.0) $5,605.0 $1,419.0 $1,707.0 bloomberg news photos 2009* $100.1 1 companies. And five Total compensation represents the sum of base salary, bonus, nonequity incentive plans, grant date fair value of option and stock Special-purpose acquisition companies are not included. Figures include overallotment sold. awards, change in pension value and nonqualified deferred and other compensation. *Through June 19. Source: Dealogic *Mr. Pandit became CEO in December 2007. Sources: Salary.com, Standard & Poor’s Compustat has become zero.

Hedge Fund Assets New Shape of Finance Worldwide hedge fund assets are dropping, and net asset flow is negative, as people pull The greatest job losses in finance are coming from capital markets employment. Some their money out. NYC and London vie for the title of world hedge fund capital. 64,000 finance jobs are projected to disappear by the end of this year.

12 | Crain’s New York Business | June 29, 2009 Project1 6/24/09 12:18 PM Page 1

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The long term debt (deposits) of The Toronto-Dominion Bank, the parent company of TD Bank Financial Group, was as of April 30, 2009, rated Aaa by Moody's Investor Services. The comparable rating for TD Bank, N.A. is Aa2. For detailed credit ratings for TD Bank Financial Group and TD Bank, N.A. visit http://www.td.com/investor/credit.jsp. TD Bank Financial Group is a trademark of The Toronto-Dominion Bank. Used with permission. l TD Bank, N.A. 20090629-A--0014-MAIN-CCI-CN_-- 6/25/2009 1:56 PM Page 1

2009 CITY FACTS DEMOGRAPHICS As much as growth in jobs, an expanding population signals a community’s health. New York City’s population has grown steadily since 1990—a trend that demographers expect to continue, given immigration patterns and longer life spans.

New York City Residents Melting Pot Immigrants’ Birthplaces New York is the largest city in the nation; more than Poet Djuna Barnes wrote that this is the only city where People from the Dominican Republic make up the largest 8.3 million people live here, accounting for 43% of the you can hardly find a typical American. Including NYC’s group of foreigners in NYC. People from Puerto Rico— state’s population and 2.7% of the nation’s. 2.4 million Hispanics, 69.4% of residents are minorities. not considered foreign-born—number 310,000-plus.

Characteristics of New Yorkers Fastest-Growing NYC ZIP Codes Despite the recession, life goes on. The city is expected Among the boroughs, Staten Island is seeing the highest growth to grow over the next five years, and its people, on aver- rate, and it’s the home of the ZIP code that is expected to see the age, to grow older and just slightly wealthier. Median largest absolute population increase over the next five years. Good household income is projected to climb more than 9% by schools, new shopping and a stock of new and rehabbed houses are 2014, reaching $57,606. drawing people to neighborhoods that are forgotten no longer.

DEMOGRAPHIC 2009 2014 Population 8,342,726 8,502,331 Male 3,972,300 4,060,269 Female 4,370,426 4,442,062 Median age 35.4 35.5 Under 5 years 572,170 582,461 5 to 19 years 1,607,392 1,575,747 20 to 34 years 1,945,490 2,038,664 35 to 44 years 1,185,196 1,108,713 45 to 64 years 2,040,125 2,084,938 65 years and up 992,353 1,111,808 SOCIAL Number of households 3,118,110 3,172,730 Average household size 2.62 2.62 Average family size 3.38 3.39 Never married 2,611,199 n/a Married 3,121,249 n/a Widowed 443,366 n/a Growth rate is an annual compound rate of change. Divorced 548,368 n/a High school graduate 1,496,416 n/a Some college; no degree 771,576 n/a Top Population Gainers Among Fastest-Growing ZIPs Associate’s degree 325,401 n/a The three ZIP codes projected to add the most people. For a slideshow on these areas, see crainsnewyork.com/cityfacts-nabes. Bachelor’s degree 1,019,789 n/a 10309 PRINCE’S BAY, 10036 HELL’S KITCHEN 10044 ROOSEVELT ISLAND PLEASANT PLAINS, 2009 population 22,725 Graduate/professional degree 703,576 n/a CHARLESTON AND PARTS 2009 population 11,949 OF ROSSVILLE 2009-2014 increase +1,460 2009-2014 increase +1,025 ECONOMIC 2009 population 32,247 2009 median age 39.8 2009 median age 42.7 Number in civilian labor force 3,927,284 3,970,941 2009-2014 increase +2,362 2009 diversity index 78.9 2009 diversity index 80.2 2009 median age 37.1 2009 median household 2009 median household Median household income $52,597 $57,606 2009 diversity index 33.7 income $60,194 income $77,042 Median family income $58,233 $61,415 2009 median household n/a Not available. 2009 figures are estimates, as of July 1; 2014 figures are projections. income $87,317 Source: ESRI Diversity index: the likelihood that two people chosen at random from the same area belong to the same race or ethnic group; 0 = no diversity; 100 = complete diversity. Neighborhood IDs: Crain’s research

14 | Crain’s New York Business | June 29, 2009 © 2009 Liberty Mutual Group. Responsibility. What’s your policy? your What’s Responsibility. THERE ARE ALWAYS NEW ITEMS ON THE MENU HERE. MENU ON THE NEW ITEMS ALWAYS ARE THERE WE HELPED MAKE SURE ONE OF THEM ISN’T HEPATITIS A. MAKEWE HELPED SURE ONE OF THEM ISN’T HEPATITIS LIABILITY COMMERCIAL AUTO AUTO LIABILITY COMMERCIAL COMPENSATION WORKERS PROPERTY When a restaurant chain discovered one of its food servers one of A, Hepatitis immediately contracted chain discovered they When a restaurant made two calls. alertOne to the local health department, and the second alert helped identify to We us. patrons and recommended while putting proper treatment exposed the minds of those not exposed liability from the incident. the risk and our customer’s the disease spreading, This minimized of rest. to keeping responding quickly, it’s Whether its good reputation. chain protect Which helped the restaurant committed helping to we’re protocols, litigation stringent or adhering to informed, broker and your you or agent broker contact your more information, For our policy. That’s business. your protect you or visitlibertymutualgroup.com/gl. CN012976 5/29/09 2:29 PM Page 1 Page PM 2:29 5/29/09 CN012976 20090629-A--0016,0018-MAIN-CCI-CN_-- 6/25/2009 2:14 PM Page 1

2009 CITY FACTS ECONOMY The city is mired in a recession that could rival the worst in its history. Optimists think NY will lose a quarter of a million jobs, out of a base of 3.8 million; others guess upward of 300,000. The consensus is that the city will start recovering—slowly—perhaps in the middle of next year.

The Five Largest Job Sectors Gross City Product Health care and education, which form a sector dominated by nonprofits, make up the largest proportion of the NYC economy, Gross city product is expected to fall this year from measured by number of jobs. A look from 2000 forward shows that finance has slowly declined in share, even in the boom years. 2008’s $486.2 billion. It’s not expected to come near its peak level again until after 2013.

Household Income in New York City Back-to-back annual declines in average household income are unusual, but that’s what the city is experiencing. The wealthiest $1.14 trillion areas are seeing the biggest drops in income. Average income is rising in fast-growing Long Island City. Estimated New York state GDP in 2008 Source: Bureau of Economic Analysis

Federal Bucks The lion’s share of NYC’s stimulus money is going to education and Medicaid. Infrastructure spending, favored by economists to spur growth, gets the sixth-largest sum.

TOP TRANSPORTATION PROJECTS The NYC plans with the highest allocations from the $903 million in infrastructure funding Stimulus amount Project allocated, in millions AVERAGE HOUSEHOLD INCOME OVER TIME, BY BOROUGH 1 Fulton Street Transit Center $210.0 A and C mezzanine rehabilitation Among the boroughs, Manhattan saw the largest decline in average household income in the past two years, more than 9%. 2 Second Avenue Subway $197.0 The average household income citywide declined by 5.3%. 96th Street station BRONX BROOKLYN MANHATTAN QUEENS STATEN ISLAND NEW YORK CITY 3 $175.0 Saint George Ferry Terminal 2007 Rehabilitation of ramps $49,624 $61,163 $122,793 $72,374 $90,611 $79,107 4 New trans-Hudson $130.0 2008 $50,173 $60,470 $119,648 $70,885 $89,028 $77,783 commuter rail tunnel 2009 $49,275 $59,064 $111,664 $69,903 $87,536 $74,924 5 Queens Boulevard and Astoria lines, L.I. City $89.5 Income represents results for the preceding year, expressed in current dollars. Household income includes wage and salary earnings, interest, dividends, net rents, pensions, Rehab or replace vent plants SSI and welfare payments, child support and alimony. The brown area at the bottom of the map includes JFK International Airport and a handful of households. Sources: NYStat Stimulus Tracker, NY Metropolitan Transportation Council, NJ Transit Source: ESRI’s 2007, 2008 and 2009 demographic data

16 | Crain’s New York Business | June 29, 2009 CN013013 6/23/09 8:37 PM Page 1 20090629-A--0016,0018-MAIN-CCI-CN_-- 6/25/2009 2:14 PM Page 2

2009 CITY FACTS ECONOMY

It Looks Bad, But ... Sustained So Far Late Payments NYC has lost jobs, but fewer so far than many expected. The average sale price per square foot for Manhattan The percentages of people three months late with credit Its decline started after the nation’s. The U.S. is shed- co-ops and condos sank by almost 6% in 1Q ’09 vs. 1Q card payments is rising in Manhattan, Queens and Stat- ding manufacturing jobs; the city has few left to lose. ’08. Even so, prices have risen 50% over the past five years. en Island. The national rate for 1Q 2009 was 1.32%.

Going Under Heaviest Hitters Bankruptcies fell dramatically after the passage of a new federal bankruptcy law in 2005, but they are on the rise again. Among businesses, Chapter 11 Total wages in New York City’s filings (which are voluntary filings by debtors) are increasing at a much faster rate than Chapter 7 cases (which are forced by creditors). 10 highest-paid industries in ’07 were $112.6 billion, 43% of the private-sector payroll. Annual Average Industry employment wage Securities 183,993 $401,505 Beverage/ 874 $397,143 tobacco mfg. Oil/gas 15 $257,528 extraction Management 57,698 $186,564 of companies Credit 93,052 $164,710 intermediation Funds, trusts, 6,481 $150,512 other financial ISPs 5,397 $139,165 Insurance 55,690 $130,839 Nonfinancial 2,283 $113,636 lessors Broadcasting 27,472 $109,619 Source: NYS Department of Labor

Looking Back: How NYC Got Hooked on Wall Street The city’s reliance on Wall Street is about money, not jobs. The proportion of New York workers employed selling securities is larger than it was in 1975, but not by much. The percentage has even declined slightly since 2001. The outsize pay scales used in the securities industry began to show up about 25 years ago. One conclusion suggested by this historical view: Before the early 1990s, Wall Street was just one more piece of the economy.

18 | Crain’s New York Business | June 29, 2009 nb26p19.qxp 6/25/09 2:27 PM Page 19

Times have changed, our commitment to the region hasn’t.

The Port Authority of New York and New Jersey is committed to a multi-billion dollar capital expenditure program to modernize, expand and secure our region’s infrastructure. Our capital plan is dedicated to a broad variety of investments including the redevelopment of The World Trade Center, an upgrade of the entire PATH system, developing Stewart International Airport, modernizing existing terminals and reducing ﬂight delays at our airports. We’re continuing to make improvements at the region’s ports, such as the expansion of ExpressRail and the dredging program, and we are implementing widespread safety and security initiatives to protect our facilities and the people and cargo that move through them every day. By exercising ﬁscal discipline in our operating budgets, we remain dedicated to robust investment for our region’s future.

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2009 CITY FACTS EDUCATION More than half a million students attend the 110 institutions of higher education in New York City, making it the biggest college town in the country. The city’s public school system, with more than 1 million students, is the largest in the nation.

The Price of Knowledge Graduation Rates Teacher Pay Total funds committed to the NYC Department of Since the mayor took control of NYC schools in 2002, a Starting salaries for NYC public school teachers in 2008 Education will be flat this year. Aid is expected to rise in greater percentage of high school students are graduat- ranged from $45,530 to $74,796. With raises for added 2010, as federal stimulus money reaches the city. ing. The four-year rate reached a historic high in 2007. experience or course work, top teachers can make $100K.

Cash for Kids Leading Fundraisers NY’s Student Aid Per-pupil spending by the NYC Department of Educa- Many local institutions posting healthy gains in giving in In 2007-08, 320,930 students received grants. The tion, which serves more than 1 million public school stu- 2008 were finishing capital campaigns. The number and decline in state aid over the past five years reflected a dents, is expected to rise again in 2010. value of donations are expected to decline in 2009. strong economy: Fewer people went on to higher ed.

Colleges’ Book Value for Undergrads Top Administrators’ Compensation High school seniors face more competition to get into New York City’s private schools. Columbia’s chief earns some $900,000 more than the head of the much-larger CUNY sys- Students will be paying higher fees to compensate for funding cuts. tem. Joel Klein, chancellor of NYC’s schools, with 1,450-plus facilities, earns just $250,000. PRIVATE INSTITUTIONS Fall 2008 2008 Applications Tuition and fees PUBLIC INSTITUTIONS full-time acceptance 1 2 School enrollment rate 2008 2009 2008-09 2009-10 2007-08 compensation/% increase over previous year 2006-07 compensation/% increase over previous year BARNARD 2,302 28.5% 4,274 4,179 $37,538 $38,650 Matthew Goldstein Lee C. Bollinger Chancellor President COLUMBIA1 5,708 10.0% 22,584 25,428 $39,326 n/a City University of New York system Columbia University COOPER UNION 897 9.0% 3,055 3,6002 $34,6003 $36,6003 $515,772 +9.8% $1,411,894 +83.4% FORDHAM4 10,798 46.8% 23,892 24,4485 $34,200 $36,882 Shirley Strum Kenny John E. Sexton NEW SCHOOL 7,776 55.6% 8,799 n/a $33,0606 $34,5506 President President NYU 21,269 32.1%7 36,810 36,945 $37,372 $38,6752 State University of New York New York University at Stony Brook $1,324,874 +56.0% PACE 6,183 77.0% 11,8568 11,9769 $31,357 $32,626 $427,300 +22.0% PRATT 2,947 39.0% 5,170 5,573 $32,990 $34,880 William P. Kelly Susan H. Fuhrman 3 ST. JOHN’S 12,029 54.0% 40,97010 52,29610 $28,790 $30,040 President President City University of New York Teachers College, n/a Not available. 1-Figures include Columbia College and School of Engineering and Applied Science. 2-School estimate. 3-All stu- Graduate Center Columbia University dents receive full scholarships for tuition, with an estimated value of $33,000 in 2008-09 and $35,000 in 2009-10. 4-Includes Lincoln $317,514 +3.4% $861,489 n/a Center and Rose Hill campuses. 5-As of 5/5/09. 6-Figure is for Eugene Lang College The New School for Liberal Arts. 7-Includes fall/summer ’08 first-time freshmen in baccalaureate, associate, certificate and diploma programs. 8-As of 5/4/08. 9-As of 5/4/09. For academic years ended June 30. n/a Not applicable. 1-Includes public funds, retirement pay and other benefits. 2-Includes 10-St. John’s has rolling admissions and is still taking applications. Data are for all undergrad campuses. Source: School data pay and benefits. 3-Took post in May 2006. Source: The Chronicle of Higher Education

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2009 CITY FACTS EMPLOYMENT NYC began losing jobs in late 2008, well after nationwide unemployment levels started rising. City job losses for some industries are expected to continue through 2012, but three- quarters of the total decline is projected to occur by the third quarter of this year.

Borough Unemployment Rates Weakness NYC Personal In April, more than 311,000 people in NYC were jobless. The Bronx continued to have the in Finance Income Forecasts highest jobless rate, and suffered the biggest percentage-point change vs. year-earlier levels. NYC’s finance and insurance sector is NY’ers are expected to collect income projected to shed jobs through 2012, of $406.1 billion in both 2009 and 2010. including nearly 31,000 securities jobs. Renewed growth is foreseen after that.

Bottom Line on Jobs Employment in New York City NYC experienced a net loss of 25,600 jobs in first-quarter Employment dropped by 2.4% between April 2008 and April 2009. The 24.9% 2009, led by the securities industry. Overall job losses are city lost a staggering 107,200 jobs over one month, from December 2008 to Proportion of the 8.2M expected to continue in the city through 2009 and beyond. January 2009. Growth in mid-2008 masks some of the year’s losses. workers1 in NY state in IN THOUSANDS, BASED ON ANNUAL AVERAGES April April 2008 who were union 2008 2009 Net change members TOTAL NONAGRICULTURAL 3,792.8 3,700.2 -92.6 1-Excludes the incorporated self-employed. CONSTRUCTION 131.5 119.5 -12.0 Source: Bureau of Labor Statistics Construction of buildings 36.8 34.8 -2.0 Specialty trade contractors 86.7 77.1 -9.6 MANUFACTURING 96.6 82.2 -14.4 Durable goods 37.1 30.2 -6.9 $61M Nondurable goods 59.5 52.0 -7.5 Federal stimulus funds allocated to NYC for job TRADE, TRANSPORTATION AND UTILITIES 569.7 548.7 -21.0 training 2 Wholesale trade 149.0 139.0 -10.0 Retail trade 295.1 289.2 -5.9 2-As of June 8, 2009. Source: NYCStat Stimulus Tracker Transportation, warehousing and utilities 125.6 120.5 -5.1 INFORMATION 165.5 163.9 -1.6 Publishing industries (except Internet) 54.0 53.0 -1.0 Film and sound recording 37.5 39.8 +2.3 Broadcasting (except Internet) 28.1 27.4 -0.7 Telecommunications 24.1 23.9 -0.2 CITY FINANCE AND INSURANCE 343.5 318.7 -24.8 IN Depository credit intermediation 50.3 49.0 -1.3 TRANSITION Securities, commodities and related activities 184.9 164.7 -20.2 Insurance carriers and related activities 56.5 56.5 0.0 Wall Street used to mint REAL ESTATE 110.9 110.9 0.0 millionaires like other PROFESSIONAL AND BUSINESS SERVICES 605.1 579.5 -25.6 industries turn* out widgets. Now, the question for New Professional, scientific and technical services 344.8 331.2 -13.6 York is whether the EDUCATIONAL AND HEALTH SERVICES 724.9 741.1 +16.2 backlash following the Educational services 168.7 177.5 +8.8 financial collapse will Health care and social assistance 556.2 563.6 +7.4 permanently tamp down LEISURE AND HOSPITALITY 310.5 299.2 -11.3 pay and bonuses on the Arts, entertainment and recreation 69.9 65.1 -4.8 Street. What could replace Accommodation and food services 240.6 234.1 -6.5 the money-generating power of finance, which in GOVERNMENT 562.5 563.5 +1.0 2007 accounted for 34% Federal government 56.1 57.0 +0.9 of the dollars in the city’s State government 49.2 48.6 -0.6 private-sector payroll? Local government 457.2 457.9 +0.7 Not all job categories are included. Source: NYS Department of Labor

22 | Crain’s New York Business | June 29, 2009 Project10 6/16/09 12:05 PM Page 1

What do you call a firm that adds more than 80 business lawyers in just four months? GAMECHANGER

PHILADELPHIA NEW YORK Corporate Corporate Demonstrating what it takes to win in today’s business environment. Charles G. Kopp David E. Bronston Jason M. Shargel Robert E. Fischer Michael M. Sherman Martha J. Flanders A solid strategy for growth. A strong financial platform. A proven Asaf Hahami record of strength in adversity and performance under pressure. Commercial Litigation Albert J. Pinzon Cozen O’Connor’s full lineup now has 550 lawyers focused on high-end, John V. Donnelly William Rosoff Brian P. Flaherty Stuart A. Shorenstein complex litigation and business law matters, including corporate, John P. Moses real estate, bankruptcy, health and IP—as well as private client services. Lisa Myers Commercial Litigation TamarS.Wise Jennifer F. Beltrami Brian Levine With 23 offices worldwide, Cozen O’Connor is the growing choice for Energy and Utilities Jill L. Mandell some of today’s most discerning clients—and attorneys. Jeffrey J. Norton Kenneth G. Roberts Richard Rodriguez Government Relations Angelo Savino Mark L. Alderman James L. Simpson For worldwide offices, visit us at cozen.com. David F. Girard-diCarlo Edward J. Hazzouri Intellectual Property Amy Divino Private Client Services Michelle J. Dorman Leonard J. Cooper Aude Gerspacher Robert I. Friedman Andrew P. Nemiroff Thomas A. “Tad” Decker, Chief Executive Officer Edward M. Glickman Joshua L. Raskin David R. Glyn Martin G. Raskin Adam Grandwetter David B. Sunshine 250 Park Avenue Matthew H. Kamens New York, NY 10177 David S. Kovsky Private Client Services 212.509.9400 Lester E. Lipschutz Judith E. Siegel-Baum Alexander Sanford Richard J. Duffy 45 Broadway Atrium, Suite 1600 Amy Neifeld Shkedy Herbert B. Fixler New York, NY 10006 Steven G. Winters Gail Goldfarb 212.509.9400 Real Estate Donald J. Hayde Christine R. Deutsch Charles B. Law, Jr. Herman C. Fala Stephanie Lehman Anthony Faranda-Diedrich Helene S. Jaron Real Estate Elizabeth E. Kearney Christian Beltz Bernard Lee William F. Davis Diana C. Liu Kenneth K. Fisher Henry F. Miller Paul J. Proulx Shawn Neuman Richard B. Salomon Adam M. Silverman Abby M. Wenzel Robert A. Silverman Susan E. Stanier WASHINGTON, DC Matthew I. Weinstein Government Relations James R. Williams Mark L. Alderman Thomas P. Witt David F. Girard-diCarlo Tax White Collar Joseph C. Bright Kathryn R. Yingling Thomas J. Gallagher Cheryl A. Upham WILMINGTON, DE Joshua C. Weinberger Bankruptcy Arthur A. Zatz Simon Fraser Barry M. Klayman LOS ANGELES The confidence to proceed. Litigation HARRISBURG Erik L. Jackson Tax Reeve Segal Dan A. Schulder ®

2009 CITY FACTS HEALTH CARE Health care spending in NY state is over $6,500 per capita, one of the highest levels in the U.S. Heavy regulations, the high cost of living and inefficient hospital systems are often cited as cul- prits. After years of expanding its public programs, NY is a leader in covering the uninsured.

Health Care Employment Medicaid Spending in New York State Growth continues in the number of overall workers. But New York tops the 50 states in the amount of Medicaid funding it’s receiving from the federal stimulus package: $2.1 billion. hospitals, which usually grow even during recessions, are The money will help make up for state funding shortfalls in Medicaid, which covers 4.28 million low-income New Yorkers. struggling as the number of uninsured patients grows. WHERE MEDICAID MONEY COMES FROM WHERE MEDICAID MONEY GOES In billions of dollars Projections for fiscal 2010

Sources of Insurance Among NYC’s Nonelderly The Cost of Coverage Fewer than half of New York City residents under age 65 have employer-sponsored health Employers’ health care premiums continue to rise—though after several years of double-digit coverage, one-third are enrolled in public coverage and nearly 1 in 5 are uninsured. percentage jumps, annual increases are moderating as employers negotiate with insurers. Nonelderly Employer- Directly No population sponsored purchased Public* insurance TOTAL NYC NONELDERLY 7.2 MILLION 45.2% 3.8% 32.6% 18.5% AGE Children 2.1 million 36.6% 2.5% 52.7% 8.3% Adults aged 19 to 64 5.1 million 48.7% 4.3% 24.4% 22.6% ANNUAL FAMILY INCOME Less than $20,000 2.4 million 13.4% 3.3% 55.4% 27.9% $20,000 to $39,999 1.6 million 41.4% 3.6% 34.1% 20.9% $40,000 to $60,000 1.2 million 61.0% 4.4% 21.0% 13.6% More than $60,000 2.0 million 77.3% 4.1% 10.6% 8.0% RACE/ETHNICITY White only (non-Hispanic) 2.2 million 60.4% 7.0% 19.1% 13.4% Black only (non-Hispanic) 1.7 million 43.9% 2.0% 34.4% 19.8% Hispanic 2.2 million 33.3% 1.6% 43.9% 21.2% Other 1.0 million 40.1% 4.3% 34.3% 21.2% All numbers are for 2006-07; they may not add up to total population figure or to 100% due to rounding. *Includes Medicaid, Medicare, Children’s Health Insurance Program and Tricare. Source: United Hospital Fund

Taxes on the Privately Insured Million-Dollar Health Care Executives Insurers will pay about $4.24 billion in state health taxes in the next fiscal year. Because The highest-paid executives at nonprofit institutions work for hospitals. Locally, Dr. Her- insurers typically pass on the taxes, the burden actually is borne by employers and by bert Pardes, head of New York-Presbyterian Hospital, tops the list. Dr. Pardes received a individuals who buy health insurance on their own. Employers often pass along the expense raise of nearly 118% between 2006 and 2007. That took his cash compensation from to their workers. $2.2 million to $4.7 million in 2007. Herbert Pardes, M.D. Harold Varmus, M.D. President and CEO President and CEO New York-Presbyterian Memorial Sloan-Kettering Hospital Cancer Center $4,736,824 $2,817,483 +117.8% +12.1% getty images Total 1 $4.24 billion John P. Ferguson Spencer Foreman, M.D. President and CEO President Hackensack University Montefiore Medical Center Medical Center $2,761,484 $2,846,494 +48.0% +169.6%

Cash compensation data are from hospitals’ Form 990s for 2007. Figures do not include contributions to benefit plans and deferred compensation, or expense account and other allowances. 1-Total compensation includes both a 2006 performance bonus of $557,142 and a 2007 performance bonus of $550,402 ahead of Dr. Foreman’s retirement, effective Jan. 6, 2008.

24 | Crain’s New York Business | June 29, 2009 CN013022 6/24/09 12:45 PM Page 1

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2009 CITY FACTS MEDIA & TECHNOLOGY Traditional media struggled in 2008 and early 2009, caught between a recession and the Internet revolution. One bright spot was Internet advertising. Meanwhile, some of the tech titans in the New York area continue to post healthy profits.

New York Area Dailies NY’s newspaper story is the same as last year’s: Total paid circulation in the latest six-month period declined significantly for every major paper 1 2 except The Wall Street Average daily paid circulation Average Sunday paid circulation Percent change from year-earlier period Journal. Women’s Wear Daily reported gains, WALL STREET NEW YORK NEW YORK JOURNAL EL DIARIO WOMEN’S AMERICAN too. Weekday JOURNAL TIMES DAILY NEWS POST NEWSDAY NEWS LA PRENSA S.I. ADVANCE WEAR DAILY BANKER circulation declines 2,082,189 1,039,031 602,857 558,140 368,194 95,389 52,780 51,118 50,805 11,322 are accelerating at the +0.6 % -3.5% -14.3% -20.5% -3.0% -11.8% -2.0% -10.1% +8.7% -10.4% Daily News and the New York Post, which 1,932,606 3 1,451,233 644,766 357,168 426,510 118,815 35,789 63,158 NONE NONE from 2007 to 2008 -2.6% -1.7% -8.4% -11.0% -3.4% -5.6% -3.7% -8.9% — — posted declines of 2.1% and 3.1%, Data are preliminary figures for the six months ended March 31, 2009, for Audit Bureau of Circulations members in the New York area, including New York City and Nassau, Suffolk and Westchester counties. The 2008 data used to respectively. calculate percent changes may or may not be audited figures. 1-Average total paid circulation on Monday through Friday. 2-Average total paid circulation on Sunday. 3-Weekend. Source: Audit Bureau of Circulations

Radio Signals Small-Screen Competitors Online Ads The year saw only one major change in the standings of the top 10 As expected, most New York area television stations experienced Internet ad spending at 70 sites NY area stations: WCBS-FM leaped to third place from eighth. drops in revenue in 2008. Channels 2 and 68 posted slight gains of in the New York media market Overall, revenue for the group decreased by 10.7% vs. 2007 levels. 1.2% and 2.0%, respectively. is still rising. Volume, which climbed in 2008, rose 37% in 1Q Ranked by average quarter-hour share Ranked by average rating ’09 vs. the year-earlier period. Average quarter- Estimated 2008 Call letters/ Average Average Estimated 2008 Station/frequency Format hour share revenue, in millions channel Affiliation rating share revenue, in millions In millions WLTW-FM/106.7 Adult contemporary 6.2% $52.6 WABC/7 ABC 4.4 11% $278.5 of dollars WHTZ-FM/100.3 Pop contemporary hits 4.8% $49.6 WCBS/2 CBS 3.1 8% $189.3 WCBS-FM/101.1 Classic hits 4.7% $18.5 WNBC/4 NBC 2.5 6% $293.6 WINS-AM/1010 All news 4.4% $51.8 WNYW/5 Fox 1.8 5% $210.3 WBLS-FM/107.5 Urban contemporary 4.4% $28.0 WXTV/41 Univision 1.8 4% $68.0 WABC-AM/770 News/talk/information 4.3% $21.3 WPIX/11 CW 1.4 3% $180.0 WAXQ-FM/104.3 Classic rock 4.1% $29.2 WNJU/47 Telemundo 0.9 2% $31.4 WSKQ-FM/97.9 Spanish tropical 3.9% $29.4 WWOR/9 MyNetworkTV 0.8 2% $100.0 WRKS-FM/98.7 Urban adult contemporary 3.9% $26.4 WFUT/68* TeleFutura 0.6 1% $10.2 WKTU-FM/103.5 Rhythmic adult contemporary 3.8% $25.6 Figures are for the New York market during May 2009 sweeps, April 23-May 20. Ratings and share data are for Average quarter hour-share is the average number of persons listening to a particular station for at least five min- Monday-Sunday, 7 a.m.-1 a.m., for shows watched live and/or recorded on DVR and watched within seven days. For Web sites in the NY designated market area, utes during a 15-minute period, expressed as a percentage of total radio listeners in the market. Average quarter- 1 household rating point = 74,338 households. Share is the percentage of television sets in use that are tuned including those of major newspapers and radio and TV hour share figures are based on data for Monday through Sunday, 6 a.m.-midnight, people 6+ for March 2009. to a given station. In case of tied figures, stations are ranked by average share. *Figures are for both the parent stations, and Internet-only news and information sites. In case of tied figures, stations are ranked by 2008 estimated revenue. Sources: Arbitron, BIA Advisory Services station and its satellites. Sources: Nielsen Media Research, BIA Advisory Services Source: TNS Media Intelligence

Top 5 Buys Tech Titans Funding for Firms These products lead personal The NY area’s largest technology companies, ranked by revenue, are publicly NY area tech investment grew last year, though the latest tech spending in the NY area. traded. The largest private tech firm is Westcon Group Inc., a distributor of net- data suggest that it will fall in 2009: In 1Q ’09, invest- working and communications equipment with estimated 2008 sales of $2.9 billion. ment slid 32% vs. year-earlier levels, to $176.4 million. LCD 1 2008 revenue, 2008 net income, Number of TVs Company in millions in millions employees Nature of business International Business $103,630.0 $12,334.0 398,455 Computers and Machines Corp. office products 2 Notebook PCs Verizon Communications $97,354.0 $6,428.0 223,900 Telecommunications Ink-jet 3 Inc. cartridges Time Warner $17,200.0 ($7,344.0) 46,600 Cable TV and Cable Inc. telecommunications Digital point-and- 4 shoot cameras Arrow $16,761.0 ($613.7) 12,700 Electronics Electronics Inc.

Flash memory L-3 Communications $14,901.0 $949.0 65,000 Aerospace and players 5 Holdings Inc. defense technology

Based on dollar volume in the New York designated market area from March 2008 through February 2009. Figures for number of employees are from companies’ most recent 10-K’s. Source: The NPD Group Inc. Source: Crain’s research on public and privately held companies

26 | Crain’s New York Business | June 29, 2009 CN013019 6/23/09 8:34 PM Page 1

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2009 CITY FACTS PROFESSIONAL SERVICES New York is home to many of the top-ranked lawyers, accountants and consultants. Workers in the sector were 23% more productive than national counterparts at the asset bubble’s height in 2007. Despite their prowess, these firms aren’t likely to see a rebound until Wall Street does.

The City’s Top Law Firms Most Expensive Law Schools in NYC NYC has nowhere near the dominance in the legal world that it does in A full-time law student attending a top New York City law school pays more than $120,000 to get his or media, accounting or finance, as the rankings of the city’s largest firms show. her degree. Tuition is rising across the board; at Columbia, the most expensive school, it increased 5.1%. Ranked by 2008 gross revenue Ranked by 2008-09 tuition Percent Percent National Global 2008 gross revenue, Number change of 2007 rank rank 1 Firm in millions 2 of lawyers3 2008-09 from Fall 2008 Fall 2008 Fall 2008 grads 1 5 Skadden Arps Slate Meagher & Flom $2,200.0 1,994 National tuition 2007-08 total full-time number acceptance employed at rank Law school (full-time) tuition enrollment of applicants rate graduation 6 10 White & Case $1,467.0 2,074 9 14 Weil Gotshal & Manges $1,231.0 1,190 4 Columbia University $45,674 +5.1% 1,266 7,988 14.8% 98.8% 13 n/a4 Dewey & LeBoeuf $1,030.5 1,268 15 18 Sullivan & Cromwell $985.0 665 5 New York University $42,890 +4.9% 1,423 7,074 22.9% 99.6% 18 27Cleary Gottlieb Steen & $965.0Hamilton 993 49 Cardozo-Yeshiva University $42,570 +7.8% 975 4,629 28.2% 80.4% 25 21 Simpson Thacher & Bartlett $904.0 801 26 25 Shearman & Sterling $876.0 858 61 Brooklyn Law School $42,375 +6.9% 1,211 4,081 29.8% 71.5% 30 34 Davis Polk & Wardwell $789.0 652 33 42 Debevoise & Plimpton $761.0 631 30 Fordham University $42,076 +6.7% 1,229 7,867 24.9% 87.9% 1-Global rankings, which are from 2007, were based in part on data from Legal Week. 2-For fiscal 2008. 3-Average number of full-time equivalents for each firm’s most recent fiscal year. 4-Global ranking for 2007 is not applicable for Dewey & LeBoeuf, which was created by the October 2007 merger of Dewey Ballantine and LeBoeuf Lamb Greene & MacRae. 87St. John’s University $40,600 +5.7% 719 3,886 37.5% 74.6% Source: The American Lawyer Source: U.S. News & World Report

Busy At Their Jobs Most Expensive MBA Programs in NYC New York professional service providers and business managers are the most productive in It pays to go to NYU or Columbia: While tuition is high, so are their grads’ average start- the country, as measured by worker productivity in dollars. ing salaries. But it’s tougher to get into programs this year, as the recession sends thousands of professionals back to school. Ranked by 2009-10 tuition and fees % chg. in total NYC 2009-10 2008 total enrollment, Acceptance rate Grads’ average rank Business school tuition/fees1 enrollment 2007 to 2008 2007/2008 starting salary2 1 Columbia Business $49,730 1,234 +4.1% 16%/15% $187,836 School 2 NYU’s Leonard N. Stern $43,942 2,978 -12.8% 18%/14% $169,661 School of Business 3 Fordham’s Graduate $36,5083 1,383 +1.1% 64%/57% $77,6594 School of Business Administration 4 St. John’s Peter J. Tobin $31,6805 753 -5.4% 68%/70% $72,000 College of Business 5 Pace University’s $28,494 731 +10.4% 56%/91%5 $70,2005 Lubin School of Business 1-Figures are for 2009-10 full-time incoming class. Tuition and fees are approximations and subject to change. 2-Includes bonus. 3-Tuition is calculated per credit, and tuition amounts vary based on the number of credits students take during each semester. 4-Does not include average signing bonus of $6,049. 5-School estimate. Source: Crain’s research

Accounting for the Big Four’s Revenue The top professional services firms grew in good times by expanding consulting services. Now, they are falling back on basic auditing and tax services.

NYC’s share of the nation’s professional Number of professional and business services jobs Difference between what the average services employment; the number has in NYC expected to be lost during the recession— accountant and the average lawyer earn stayed the same through the recession about 11% of the sector’s peak employment in NYC: $83,060 versus $154,190 4.3% Source: Bureau of Labor Statistics 67,000 Source: Independent Budget Office $71,130 Source: Bureau of Labor Statistics

28 | Crain’s New York Business | June 29, 2009 Project12 5/19/09 12:28 PM Page 1

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Results. 20090629-A--0030-MAIN-CCI-CN_-- 6/25/2009 2:05 PM Page 1

2009 CITY FACTS REAL ESTATE The commercial real estate sector is beginning to give back some of the gains from the boom years, but rents are still well-above levels of five years ago. On the residential side, foreclosures are falling in New York; the city has avoided the worst of the national crisis.

Retail Rents by Neighborhood New York City Foreclosures CITY Times Square continues to be the most expensive area Total home foreclosures in the city and the state dropped in 2008, partly reflect- for retailers. SoHo/NoLIta is projected to post the larg- ing the impact of state legislation that slowed the process. Meanwhile, foreclo- IN est rent drop in 2009, a decrease of $70 per square foot. sures increased by 43% nationally. TRANSITION THE REAL ESTATE COMMUNITY*is awaiting the opening of 11 Times Square, 510 Madison and Goldman Sachs’ headquarters in the coming months. Collectively, they’ll add about 3.5 million square feet and could push the vacancy rate up a percentage point.

Manhattan Apartment Rents NYC Construction Spending Rents fell on average in Manhattan over the 12 months Overall construction spending increased by 4.3% last ended in May and are now lower than they were in year, driven by the commercial and government sectors. 2007. The market may force even sharper declines in Residential construction spending dropped 3.4%. rents at non-doorman buildings, where vacancy rates are still climbing, rising 3.76% in May. Manhattan rents at non-doorman buildings May 2008 May 2009 Percent change Studios $2,062 $1,974 -4.3 % One-bedrooms $2,803 $2,605 -7.1% Two-bedrooms $3,941 $3,705 -6.0%

Manhattan rents at doorman buildings May 2008 May 2009 Percent change Studios $2,587 $2,332 -9.9% One-bedrooms $3,624 $3,299 -9.0% Two-bedrooms $5,354 $5,112 -4.5% Source: The Real Estate Group

Office Rents and Vacancy Rates Manhattan Outlook Manhattan’s overall vacancy rate hit 9.6% in 1Q ’09, rising 3.5 percentage points vs. a year earlier to hit the highest level Asking rents are expected to decline 14.7% in 2009, and to since 3Q ’05. Meanwhile, available sublease space more than doubled to 10.3 million square feet, near a five-year high. continue dropping in coming years.

30 | Crain’s New York Business | June 29, 2009 CN013014 6/23/09 8:38 PM Page 1

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slgreen.com 2009 CITY FACTS 62 Coty, 605,913 2.8 million 2.8 84.6% G EMPIRE STATE EMPIRE BUILDING FifthAve. 350 1931 in built floors; 102 feet: Square ft.: sq. per Rent Negotiable leased: % available: Spaces avail.: ft. Sq. tenants: Major Dreams Worldwide Source: Cushman & Wakefield 3 $89.00 45,699 1.5 million 1.5 99.6% G NEW YORK TIMES YORK NEW BUILDING Ave. Eighth 620 2007 in built floors; 52 feet: Square ft.: sq. per Rent leased: % available: Spaces avail.: ft. Sq. tenants: Major &Covington Burling, Procter Goodwin 39 Not 1.1 million 1.1 1.1 million 1.1 None 5 G Year-over-year change Year-over-year in the amount of available sublease space on the market in the first quarter 82,820 1.2 million 1.2 97.3% 11 TIMES SQUARE TIMES 11 Ave. Eighth 640 under floors; 40 construction—expected 2009 Sept. in open to feet: Square ft.: sq. per Rent available leased: % available: Spaces avail.: ft. Sq. tenants: Major available Not G TIMES SQUARE TOWER SQUARE TIMES Square Times 7 2004 in built floors; 47 feet: Square ft.: sq. per Rent Negotiable leased: % available: Spaces avail.: ft. Sq. tenants: Major Retail, Taylor Ann & O’Melveny Myers 7 Bank of Bank 115,135 2.1 million 2.1 1 97.4% G 37,281 1.6 million 1.6 G 100.0% BANK OF AMERICA OF BANK TOWER Park Bryant 1 2008 in built floors; 54 feet: Square ft.: sq. per Rent $150.36 leased: % available: Spaces avail.: ft. Sq. tenants: Major Marathon America, Management Asset +159.3% CONDÉ NAST BUILDING NAST CONDÉ Square Times 4 1999 in built floors; 48 feet: Square ft.: sq. per Rent Negotiable leased: % available: Spaces avail.: ft. Sq. tenants: Major Publications, Nast Condé Slate Arps Skadden &Meagher Flom G , 1 7 $59.37 118,683 1.8 million 1.8 34 95.3% Blank 158,132 1.0 million 1.0 96.8% ONE ASTOR PLAZAASTOR ONE Broadway 1515 1972 in built floors; 54 feet: Square ft.: sq. per Rent leased: % available: Spaces avail.: ft. Sq. tenants: Major International Viacom Wurk Environments Wurk G CHRYSLER BUILDING CHRYSLER Ave. Lexington 405 1930 in built floors; 77 feet: Square ft.: sq. per Rent Negotiable leased: % available: Spaces avail.: ft. Sq. tenants: Major Sanders Troutman Rome, G 13 1 283,927 3.1 million 3.1 G Morgan 96.1% Percentage-point change Percentage-point past in rate vacancy in ’09 1Q in 10.5% to year, 1,280 1.4 million 1.4 99.9% , Proskauer Rose Proskauer , 1 METLIFE BUILDING METLIFE Ave. Park 200 1963 in built floors; 58 feet: Square ft.: sq. per Rent Negotiable leased: % available: Spaces avail.: ft. Sq. tenants: Major MetLife Service, Dreyfus MORGAN STANLEY MORGAN BUILDING Broadway 1585 1990 in built floors; 41 feet: Square ft.: sq. per Rent Negotiable leased: % available: Spaces avail.: ft. Sq. tenants: Major Stanley G 20 +4.5 815,457 5 1.7 million 1.7 Atisreal 100.0% 90,581 1.7 million 1.7 100.0% G ONE WORLDWIDE PLAZA Ave. Eighth 825 1989 in built floors; 50 feet: Square ft.: sq. per Rent Negotiable leased: % available: Spaces avail.: ft. Sq. tenants: Major &Swaine Cravath Moore, Relations Public Ogilvy Worldwide AXA EQUITABLE BUILDING Ave. Seventh 787 1985 in built floors; 54 feet: Square ft.: sq. per Rent Negotiable leased: % available: Spaces avail.: ft. Sq. tenants: Major Real Paribas USA/BNP Austin Sidley Estate, 16 Building sales in the nation’s largest office district are plunging; rents are falling, too. are falling, rents plunging; are district office largest nation’s in the sales Building weathered the eighth recession before. This is seen bad times towers have But these Great Depression. during the constructed State Building, by the Empire Dickstein 18 G 443,191 2.4 million 2.4 90.2% 461,647 1.6 million 1.6 97.8% PARAMOUNT PLAZAPARAMOUNT Broadway 1633 1971 in built floors; 48 feet: Square avail.: ft. Sq. tenants: Major &Hachette Shapiro, U.S. Media Filipacchi Rent per sq. ft.: sq. per Rent Negotiable leased: % available: Spaces Sq. ft. avail.: ft. Sq. tenants: Major Asset Motors General Management, &Kirkland Ellis Spaces available: Spaces CITIGROUP CENTER CITIGROUP St. 53rd E. 153 1977 in built floors; 59 feet: Square ft.: sq. per Rent Negotiable leased: % Change in average asking rent asking average in Change per $73.31 to year, past in ’09 1Q of end at foot square 18 9 $75.74 100,331 791,993 51,911 330,000 91.8% 99.2% G G SEAGRAM BUILDING SEAGRAM Ave. Park 375 1958 in built floors; 38 feet: Square ft.: sq. per Rent Negotiable leased: % available: Spaces avail.: ft. Sq. tenants: Major Group, Quadrangle Securities Wachovia CITYSPIRE St. 56th W. 156 1988 in built floors; 77 feet: Square ft.: sq. per Rent leased: % available: Spaces avail.: ft. Sq. tenants: Major Financial GlobeOp RJServices, Palmer Services Media Building and tenant data are as of February 2009. owns 1-Tenant building or space. Sources: CoStar Group, Emporis Corp., building Web sites and company information -7.0% 2 7 G 14,520 45,532 856,000 547,000 1

getty images / 98.3% 98.2%

G G Spaces available: Spaces avail.: ft. Sq. tenants: Major Hearst-ArgyleTelevision, Corp. Hearst Rent per sq. ft.: sq. per Rent Negotiable leased: % HEARST TOWER HEARST St. 57th W. 300 2006 in built floors; 46 feet: Square

REAL ESTATE REAL MIDTOWN Spaces available: Spaces avail.: ft. Sq. tenants: Major Management, HealthCor Capital Kingdon Management Rent per sq. ft.: sq. per Rent Negotiable leased: % CARNEGIE HALL CARNEGIE TOWER St. 57th W. 152 1990 in built floors; 60 feet: Square matthew peyton

32 | | 29, 2009 Crain’s New York Business June 20090629-A--0032-MAIN-CCI-CN_-- 6/25/2009 2:10 PM Page 1 Page PM 2:10 6/25/2009 20090629-A--0032-MAIN-CCI-CN_-- CN013016 6/23/09 8:37 PM Page 1 2009 CITY FACTS None None Not Not None None 3.6 million 3.6 774,419 100.0% 100.0% , D’Amato & D’Amato , 1 55 WATER ST. WATER 55 1973 in built floors; 52 feet: Square ft.: sq. per Rent available leased: % available: Spaces avail.: ft. Sq. tenants: Major & Trust Depository Corp., Clearing &Standard Poor’s Sq. ft. avail.: ft. Sq. tenants: Major International American Group AMERICAN INTERNATIONAL BUILDING St. Pine 70 1932 in built floors; 66 feet: Square ft.: sq. per Rent available leased: % available: Spaces Lynch None 12 Not None 1.6 million 1.6 411,507 1.3 million 1.3 100.0% 1 100.0% 60 WALL STREET WALL 60 1989 in built floors; 47 feet: Square ft.: sq. per Rent available % leased: available: Spaces avail.: ft. Sq. tenants: Major Wakefield, & Cushman Bank Deutsche 2-Goldman Sachs plans to consolidate its offices at 200 West St. TWO NEW YORK PLAZA YORK NEW TWO St. Broad 125 1970 in built floors, 40 feet: Square ft: sq. per Rent Negotiable leased: % available: Spaces avail.: ft. Sq. tenants: Major Sullivan Oppenheimer, Cromwell & None Not 2 J.P. , Milbank , Sources: CoStar Group, Emporis Corp., building Web sites and company information Building and tenant data are as of February 2009. owns 1-Tenant building or space. 1 G None 2.2 million 2.2 14,000 712,000 100.0% 100.0% Tweed Hadley & McCloy & Hadley Tweed ONE CHASE ONE PLAZA MANHATTAN St. Pine 26-46 1961 in built floors; 60 feet: Square ft.: sq. per Rent available leased: % available: Spaces avail.: ft. Sq. tenants: Major Chase Morgan G 20 EXCHANGE PLACE EXCHANGE 20 1931 in built floors; 57 feet: Square ft.: sq. per Rent $120.00 % leased: available: Spaces avail.: ft. Sq. tenants: Major DMJM Addison, Harris/Arup G 49 G 3 666,448 1.3 million 1.3 2 88.1% 32,335 G 98.7% G TRUMP BUILDING TRUMP St. Wall 40 1930 in built floors; 72 feet: Square ft.: sq. per Rent $48.03 leased: % available: Spaces avail.: ft. Sq. tenants: Major Casualty, Continental Country-WideInsurance ONE NEW YORK PLAZA YORK NEW ONE St. Water One 1970 in built floors; 50 feet: Square million 2.4 ft.: sq. per Rent Negotiable % leased: available: Spaces avail.: ft. Sq. tenants: Major Harris Frank Fried Jacobson, & Shriver Sachs Goldman G G 8 59,921 G 935,633 99.0% 1 G WOOLWORTH BUILDING Broadway 233 1913 in built floors; 57 feet: Square ft.: sq. per Rent $190.11 leased: % available: Spaces avail.: ft. Sq. tenants: Major University, York New Police City York New Fund Pension None Not available Not Bank of New York New of Bank None 1.2 million 1.2 G G 19 100.0% Brown 265,270 1.2 million 1.2 92.7% BANK OF NEW YORK BUILDING YORK NEW OF BANK St. Wall One 1931 in built floors; 50 feet: Square ft.: sq. per Rent leased: % available: Spaces avail.: ft. Sq. tenants: Major HSBC BANK BUILDING BANK HSBC Broadway 140 1967 in built floors; 51 feet: Square ft.: sq. per Rent Negotiable leased: % available: Spaces avail.: ft. Sq. tenants: Major Harriman,Brothers Sucharow Labaton G , 2 12 478,749 1.7 million 1.7 80.2% 7 Negotiable G Goldman Sachs Goldman 225,487 2.1 million 2.1 SEVEN WORLD WORLD SEVEN CENTER TRADE St. Greenwich 250 in rebuilt floors; 52 2006 feet: Square ft.: sq. per Rent $75.00 % leased: available: Spaces avail.: ft. Sq. tenants: Major Investors Moody’s WestLB Service, 99.0%

G Twelve million square feet of office space was scheduled to hit the market over the over the market to hit scheduled was space of office feet square million Twelve but projects, other new building and Zero construction years, due to Ground next six boom. rebuilding slow that long-planned is likely to the recession G ONE LIBERTYPLAZAONE Broadway 165 1972 in built floors; 54 feet: Square ft.: sq. per Rent leased: % available: Spaces avail.: ft. Sq. tenants: Major Zurich American Insurance American Zurich

5 ,

None 1 G Not 1,2 88,853 2.3 million 2.3 None 2.1 million 2.1 97.2% 100.0% U.S. Securities and Securities U.S. Commission Exchange THREE WORLD THREE CENTER FINANCIAL St. Vesey 200 1985 in built floors; 52 feet: Square avail.: ft. Sq. tenants: Major Express American Rent per sq. ft.: sq. per Rent Negotiable leased: % available: Spaces GOLDMAN SACHS GOLDMAN HEADQUARTERS St. West 200 under floors; 43 construction—expected 2009 Dec. in open to feet: Square avail.: ft. Sq. tenant: Major Sachs Goldman Rent per sq. ft.: sq. per Rent applicable leased: % available: Spaces 12 110,719 2.6 million 2.6 99.3% Year-over-year chg. Year-over-year in sublease space on the market in 1Q

Chg. in avg. asking rent in past to year, $44.58 per sq. ft. at end of 1Q ’09 TWO WORLD TWO CENTER FINANCIAL St. Liberty 225 1987 in built floors; 44 feet: Square ft.: sq. per Rent Negotiable leased: % available: Spaces avail.: ft. Sq. tenants: Major Nomura Deloitte, America Holding Percentage-point chg. in vacancy rate in past year, to 8.1% in 1Q ’09

10 261,147 1.6 million 1.6

99.6%

-11.3% +0.9 +26.7% Spaces available: Spaces avail.: ft. Sq. tenants: Major Jones, Dow York New of Willis Rent per sq. ft.: sq. per Rent Negotiable leased: % ONE WORLD WORLD ONE CENTER FINANCIAL St. Liberty 200 1986 in built floors; 40 feet: Square

REAL ESTATE REAL DOWNTOWN Source: Cushman & Wakefield Inc. getty images

34 | | 29, 2009 Crain’s New York Business June 20090629-A--0034-MAIN-CCI-CN_-- 6/25/2009 2:38 PM Page 1 Page PM 2:38 6/25/2009 20090629-A--0034-MAIN-CCI-CN_-- CN013018 6/23/09 8:35 PM Page 1

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2009 CITY FACTS RETAIL New York’s Fifth Avenue is the most iconic—and expensive—shopping street in the world. Retailers paid $1,850 a square foot there in 2008, though prices have dropped since. Most New Yorkers spend in more mundane places: Dunkin’ Donuts is the city’s largest chain.

Annual Spending in NY and the Nation NY Area Consumer Price Index CITY IN On average, New Yorkers spend more on housing, clothes and food in res- Costs have been rising in a number of key categories. taurants and at home than Americans overall, but slightly less on transpor- Increasing prices for food, as well as fuels and utilities, TRANSITION put the biggest squeeze on consumers. tation, tobacco and entertainment. Living here is entertaining enough. AVERAGE ASKING RETAIL PERCENT CHANGES FOR KEY CATEGORIES* RENTS slid 11% between fall Category 2005 2006 2007 2008 2008 and spring* 2009, All items +3.9% +2.6% +3.7% +1.6% according to the Real Estate

Apparel -0.6% -2.4% -0.3% +0.7% Board of New York. Brokers say they don’t expect rents to Commodities +2.2% +1.3% +4.8% -2.6% bottom out until spring 2010, Food/beverages +2.5% +2.1% +5.0% +6.2% when in some areas they may be 30% below the peak. Fuels/utilities +21.4% 0.0% +8.3% +5.5%

Housing +4.6% +5.4% +2.9% +3.2%

Transportation +3.0% +1.6% +7.8% -10.0% The NY area includes NYC, Long Island, the northern suburbs, northern NJ,

and parts of Connecticut and Pennsylvania. *Changes are annual averages. istockphoto Source: Bureau of Labor Statistics

Shopping Centers in New York Spending in the Boroughs Who knew there were this many malls in New York? The city is home to 44 sizable malls and shopping centers. Most of the When it comes to how they spend their money, New 10 largest, identified on the map below, are in the boroughs outside Manhattan. The two most famous malls in Manhattan— Yorkers in the various boroughs are remarkably consis- the shops at the Time Warner Center and the South Street Seaport—rank 20th and 26th, respectively. tent. Though the amounts differ, the proportions of average household income spent on alcohol, entertainment, apparel and retail goods are nearly the same.

Data from the Directory of Major Malls as of January 2009 include shopping centers and malls with a gross leasable area of about 225,000 sq. ft. or more and lifestyle/specialty centers of any size. Some facilities are under development. ESRI demographics data are 2009 estimates. sources: esri, directory of major malls inc.

Retail Details 341 $7.05B 0 Dunkin’ Donuts stores Revenue at Bed Bath & Beyond, Number of NYC stores operated in NYC, more than any other the largest retailer headquartered by the world’s largest retailer, retail chain in the NYC area Wal-Mart Stores ON THE WEB For a map of NYers’ restaurant As of spring 2008. Source: Center for an Urban Future Source: Crain’s research Source: Crain’s research spending, see www.crainsnewyork.com/cityfacts_food

36 | Crain’s New York Business | June 29, 2009 Project5 6/24/09 1:14 PM Page 1

NOT EVERYONE HATES WAKING UP IN THE MORNING.

Crain’s New York Business proudly presents New York City’s Best Places To Work 2009. Nominations are open for this honor, now in its second year of recognizing outstanding employers in the five boroughs. Companies will be profiled in Crain’s New York Business and honored at a fall 2009 event. Does your company allow you to: • Work with a stellar group of people? • Do what you enjoy? • Explore new opportunities for growth? • Follow your own path?

Tell us why your job is so great and nominate your company as one of New York City’s Best Places to Work. www.bestplacestoworknyc.com

Partner: 20090629-A--0038-MAIN-CCI-CN_-- 6/25/2009 1:58 PM Page 1

2009 CITY FACTS SMALL BUSINESS Small businesses traditionally lead a recovery, but in New York, some of their economic power is squelched by taxes and regulations. The state and the city governments are often judged among the worst in the nation for the difficulties they throw in entrepreneurs’ paths.

Businesses in NY BIDs in the City On Their Own NYC is a prime location for entrepre- NYC’s 64 business improvement dis- In 2008, the number of self-employed people with unincorporated businesses in New York neurs. Nearly half of NY state’s small tricts provide $80 million-plus in ser- state fell for the fourth year. The bad economy is likely to push the number up in 2009. businesses are sited in the five boroughs. vices yearly to 70,000 local enterprises.

Top SBA Lenders A Loan Story in NYC th Firms say lending standards are too tight; banks say they aren’t getting good prospects. In 2008, the number of SBA-guaranteed loans fell 17.7% Regardless, there’s been a sharp decline in lending—especially by old stalwarts like Chase. vs. ’07 levels; dollar value plunged 39.5%. The amount of lending so far in fiscal 2009 points to another sharp drop. For the seven months ended April 30, 2009 46 Loans’ value, 1-year Number 1-year in millions % change of loans % change New York’s Empire State Certified Development Corp. $48.2 -32.0% 72 -28.0% ranking BNB Bank $13.5 -30.0% 38 -60.0% among the New York Business Development Corp. $10.5 +67.0% 27 +93.0% 50 states Long Island Development $9.1-66.0%Corp. 12-70.0% and D.C. for NewBank $8.2 -26.0% 27 +4.0% small PNC Bank $7.1+204.0% 11+120.0% business- TD Bank $6.4 -42.0% 17 -19.0% friendly BankAsiana $6.4 +1,071.0% 11 +175.0% tax Home Loan Investment $5.1-16.0% Bank 9 +29.0% systems J.P. Morgan Chase Bank $5.0 -91.0% 67 -94.0% Source: The New York district includes New York City and Dutchess, Nassau, Orange, Putnam, Rockland, Suffolk, Sullivan, Ulster and Westchester counties. Small Business Figures include both banks’ 7(a) loans—loans to businesses unable to secure financing on reasonable terms through normal lending channels—and and Entrepreneurship certified development companies’ 504 loans—long-term, fixed-rate financing for major fixed assets. Source: U.S. Small Business Administration Council

Loans by County Sources of Revenue In the New York area counties tallied, Nassau had the largest percentage decrease in SBA-guaranteed dollars for the Small businesses in NYC rely on a few key industries when start of this fiscal year, while Brooklyn saw the biggest drop in the number of loans. selling their goods and services. With finance down for the count, the city is looking to expand other sectors, including specialty foods and green manufacturing.

Industries that represent firms’ major revenue sources

Financial services 30.3% Construction/building trade 5.0% Wholesale/retail 24.3% Government/ law enforcement 2.3% Manufacturing 22.0% Food industry 2.3% Health 13.3% Transportation/distribution 2.0% Culture and media 9.3% Miscellaneous services 2.0% Technology or science-oriented 9.0% Legal 1.8% Tourism 8.0% Automobile industry 1.8% Education 6.5% Other 5.0%

Based on responses from 388 New York City businesses with fewer than 500 employees and sales of more than $5 million. Respondents could list multiple industries. Source: Citizens Budget Commission

38 | Crain’s New York Business | June 29, 2009 Project11 6/16/09 12:06 PM Page 1

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2009 CITY FACTS TOURISM & ENTERTAINMENT Though suffering because of the recession, tourism, sometimes called New York’s second- most-important industry, still is doing well by historical measures. Entertainment venues haven’t seen the declines some had feared. In this economy, people are still paying to escape.

Tourists in New York City New York remains the No. 1 destination in the U.S. for overseas travelers. International tourism rose in 2008 despite the wors- CITY IN ening economy at the end of the year. The city expects to host 45 million visitors in 2009, 5% fewer than in 2008. TRANSITION Run into big lines at the movies? You’re not alone. Attendance is up this year as people opt for cheaper entertainment. Consider the ultimate in no-cost fun: book* borrowing. Branch circulation at the NY Public Library— covering Manhattan, the Bronx and Staten Island—is estimated to have risen 12%-plus to 22 million in the year ended June 30. istockphoto

Rooms at the Inn Hotel Taxes Seats Filled The recession ended the five-year climb of NYC room Travelers’ response to the economic crisis is showing up The Yanks are filling a smaller share of home-game seats, rates: The strong start in 2008 masks a dismal last quar- in the city’s hotel tax revenue. It’s expected to rebound to vs. 90.7% in ’08, though their new home holds fewer fans. ter. 1Q ’09 shows an 18% drop in room rate vs. ’08 levels. $331 million in 2011, but drop to $295 million in 2013. 2008-09 season

97.6% New York Knicks 75.8% New Jersey Nets 2009 season*

85.5% New York Yankees 92.7% New York Mets

*Through June 9. Source: ESPN.com

Five Top-Grossing Shows on Broadway End of the Run Wicked keeps its witchy crown for the second year. The highest-grossing newcomer was The highest-grossing Broadway shows among the 46 that closed during 2008-09 enjoyed Billy Elliot, which made more than $36 million, putting it in the 10th slot. runs of between a year and a half (Legally Blonde) and almost 12 and a half years (Rent).

2008-09 box-office gross, in millions of dollars Average paid admission $100.49 $92.63 $111.93 $80.84 $109.41 Total box-office Total Number of Show gross, in millions attendance weeks played Final week $74.4 Rent $274.2 5,026,616 645 9/7/08 $59.5 $56.3 Hairspray $252.2 3,418,653 336 1/4/09 $48.3 $45.9 Monty Python’s Spamalot $168.1 2,075,781 202 1/11/09 Spring Awakening $57.4 767,167 112 1/18/09 Legally Blonde $56.3 814,072 79 10/19/08 The 2008-09 season ended May 24. Average paid admission is box-office gross divided by attendance. Source: The Broadway League The 2008-09 season ended May 24. Source: The Broadway League

40 | Crain’s New York Business | June 29, 2009 20090629-A--0041-MAIN-CCI-CN_-- 6/26/2009 7:25 PM Page 1

2009 CITY FACTS TRANSPORTATION & TRADE It’s a thin silver lining in a bad economy: Traffic is down this year. Even New York’s bustling port, the third-largest in the nation, is quieter as the global recession slows trade. Come fall, expect to hear the sound of jackhammers as stimulus funding kicks in.

Commuter Rail Passengers Fewer Drivers ...... More Riders New York has the nation’s most extensive rail system. The High gas prices in first-half 2008, followed by the onset NYC Transit total subway and bus ridership rose 3.1% in largest commuter rail system in the U.S., the Long Island of the recession, led to a drop in the number of eastbound 2008, to 2.4 billion, the highest total since 1965. Growth Rail Road, had more than 87 million passengers in 2008. vehicles using Port Authority bridges and tunnels. began to slow late in the year as the economy sagged.

Shifting Freight Airport Travelers The Price of Gas The deepening recession is having an impact at area ports. The number of domestic and international passengers The average cost per gallon of regular unleaded rose in The volume of containerized traffic plummeted 17.4% in traveling through the New York area’s major airports the U.S. and in NYC in 2008—17.3% and 16.5%, respec- the first quarter of 2009 versus the same period in 2008. dropped by 2.8 million in 2008, to 106.3 million. tively. In first-quarter 2009, prices fell below 2005 levels.

Leading Trade Partners Airports’ On-Time Performance CITY IN The People’s Republic remains the United States’ primary trade The percentage of on-time flight arrivals at New York’s three partner, with $26.8 billion in general cargo heading to and from major airports improved in 2008. Newark Liberty changed places TRANSITION China through New York and New Jersey ports in 2008. with La Guardia and is once again the worst local performer. THE FEDERAL STIMULUS PACKAGE is sending I In thousands of metric tons Value, in billions $2.2 billion to NY state to fix of dollars potholes* in U.S. IMPORTS China* 5,560.3 $23.3 transportation budgets; for a Italy 1,590.8 $7.1 list of projects, India 1,367.1 $5.3 see Page 16. This U.S. EXPORTS fall, a city-friendly China* 2,813.4 $3.5 Obama administration may help redirect permanent India 871.0 $1.3 funding from highways to Germany 416.3 $3.4 transit, benefiting NYC.

*People’s Republic of China. source: u.s. department of commerce, u.s. census bureau

June 29, 2009 | Crain’s New York Business | 41 nb26p42-43cls.qxp 6/26/09 2:45 PM Page 42

COLLECTION SERVICES UNABLE TO COLLECT PUBLIC & LEGAL NOTICES ON A JUDGMENT? NO RECOVERY, NO FEE Amalgamated Life Insurance Notice of Qualification of JBR PART- Notice of Qualification of Eileen K. NOTICE OF FORMATION OF ATLANTIS ASSET NERS, LLC. Authority filed with Secy. Murray LLC. Authority filed with NY Gotham Artists LLC. Article of Company is committed to pre- of State of NY (SSNY) on 05/14/09. Dept. of State on 4/6/09. Office loca- Organization filed with the Secretary RECOVERY LLC venting fraud in regard to the Office location: NY County. LLC tion: NY County. LLC formed in DE of State of NY (SSNY) on 4/7/09 (718) 819-2912 insurance coverage it issues. formed in Delaware (DE) on 12/24/08. on 3/20/09. NY Sec. of State desig- Office location NEW YORK County. Principal office of LLC: 825 Third nated as agent of LLC upon whom SSNY has been designated as agent INVESTMENT Therefore, Amalgamated Life, Ave., 10th Fl., NY, NY 10022. SSNY process against it may be served and upon whom process against it may OPPORTUNITY as required by the New York designated as agent of LLC upon shall mail process to: c/o CT be served. The Post Office address to State Insurance Department whom process against it may be Corporation System, 111 8th Ave., which the SSNY shall mail a copy of LOOKING FOR served. SSNY shall mail process to NY, NY 10011, regd. agt. upon whom any process against the LLC served makes the following statement: c/o Corporation Service Co. (CSC), process may be served. DE addr. of upon him/her is C/O the LLC 23-09 EXCITEMENT 80 State St., Albany, NY 12207-2543. LLC: The Corporation Trust Co., 1209 33rd Street. Astoria, NY 11105. THIS SUMMER? Any person who knowingly and DE address of LLC: c/o CSC, 2711 Orange St., Wilmington, DE 19801. Date of Dissolution: N/A Purpose of Limited number of 5% and 10% with intent to defraud any insur- Centerville Rd., Ste. 400, Wilmington, Arts. of Org. filed with DE Sec. of LLC: to engage in any lawful act or partnership shares still available in ance company or other person, DE 19808. Arts. of Org. filed with DE State, 401 Federal St., Dover, DE activity. Street address of Principal world-class thoroughbred horses. Secy. of State, John G. Townsend 19901. Purpose: any lawful activity. Business location is: 1178 Broadway, 2-year-old colts purchased at files an application for insurance Bldg., 401 Federal St., Ste. 4, Dover, 3rd Floor. New York, NY 10001. March 2009 Ocala (Florida) or statement of claim containing DE 19901. Purpose: Any lawful activity. Notice of Formation of DHJM Breeders Sale. Horses will race in any materially false informa- Development, LLC. Articles of Notice of Qualification of Thesys NY — at Belmont and Saratoga. tion,or conceals for the purpose Notice of Formation of Turtle Rock Organization filed with Secy. of State Technologies, LLC. Authority filed GET IN THE Group LLC. Arts. of Org. filed with of NY (SSNY) on 06/17/09. Office with Secy. of State of NY (SSNY) on WINNER’S CIRCLE! of misleading, information con- Secy. of State of NY (SSNY) on location: NY County. SSNY designated 1/27/09. Office location: NY County. Call Paul Braus at cerning any factual material 5/4/09. Office location: NY Co. as agent of LLC upon whom process LLC formed in Delaware (DE) on 1/13/09. SSNY designated as agent Fast Furlong Stable there-to, commits a fraudulent SSNY designated as agent of LLC against it may be served. SSNY shall (914) 925-3596 upon whom process against it may mail process to the LLC, c/o Harry J. of LLC upon whom process against it act, which is a crime. They will be served. SSNY shall mail process Makris, Esq., Milber Makris Plousadis may be served. SSNY shall mail be subject to a civil penalty not to: Robert W. Jones, 1585 Broadway, & Seiden, LLP, 1000 Woodbury Rd, process to principal office address of Ste 402, Woodbury, NY 11797. LLC: 54 Broad St., Ste. 200, Red to exceed five thousand dollars 32nd Fl., NY, NY 10036. Registered agent: Capitol Services, Inc. 1218 Purpose: any lawful act or activity. Bank, NJ 07701. Arts. of Org. filed REAL ESTATE and the stated value of the claim Central Ave., Ste. 100, Albany, NY with DE Secy. of State, 401 Federal for each violation. 12205. Purpose: any lawful activities. Notice of Qualification of Crispin St., Ste. 4, Dover, DE 19901. Capital GP, LLC, App. for Auth. filed Purpose: any lawful activity. AUCTION Anyone knowing of a fraudulent Sec’y of State (SSNY) 5/22/09. Office Notice of Formation of Tali Capital location: NY County. LLC org. in DE Notice of Formation of Kezar act should call Mark Schwartz at: Advisors LLC. Arts. of Org. filed with 5/21/09. SSNY designated as agent Productions, LLC. Arts. of Org. filed Secy. of State of NY (SSNY) on Amalgamated Life of LLC upon whom process against it with NY Dept. of State on 5/8/09. 5/15/09. Office location: NY Co. Insurance Company may be served. SSNY shall mail copy Office location: NY County. Princ. SSNY designated as agent of LLC of process to Attn: Michael Cahill, bus. addr.: 666 Greenwich St., Apt. 333 Westchester Ave. upon whom process against it may 375 Park Ave., Ste. 1305, NY, NY 505, NY, NY 10014. Sec. of State be served. SSNY shall mail process White Plains, NY 10604 10152. DE office addr.: c/o CSC, designated as agent of LLC upon to: National Registered Agents, Inc., 2711 Centerville Rd., Wilmington, DE whom process against it may be 800-624-5844 875 Avenue of the Americas, Ste. 19808. Cert. of Form. on file: SSDE, served and shall mail process to: c/o 501, NY, NY 10001, also registered Townsend Bldg., Dover, DE 19901. CT Corporation System, 111 8th agent. Purpose: any lawful activities. BROOKLYN Notice of Qualification of NATIONAL Purpose: any lawful activities. Ave., NY, NY 10011, regd. agt. upon COMMERCIAL METALS, LLC. Authority filed with whom process may be served. Secy. of State of NY (SSNY) on Notice of Formation of ZT Realty Name of LLC: ORDA LLC. Articles of Purpose: any lawful activity. 7th Ave. & 64th St.-BrooklynBrooklyn 06/11/09. Office location: NY County. Management LLC. Arts. of Org. filed Org. filed Dept. of State of NY on LLC formed in Delaware (DE) on with Secy. of State of NY (SSNY) on 1/16/09. Office location in NY: New Notice of Qualification of CRUTHIN 05/04/09. Princ. office of LLC: 130 E. 5/20/09. Office location: NY County. York County. Secy. of State designated CAPITAL LLC. Authority filed with New Listing 75th St., NY, NY 10021. SSNY desig- SSNY designated as agent of LLC as agent of LLC upon whom process Secy. of State of NY (SSNY) on nated as agent of LLC upon whom upon whom process against it may against it may be served. Sec. of State 06/02/09. Office location: NY County. process against it may be served. be served. SSNY shall mail process shall mail a copy of process to: Rayner LLC formed in Delaware (DE) on SSNY shall mail process to the LLC to: The LLC, 919 Third Ave., Ste. Rowe LLP, 75 Rockefeller Plaza, 20th 02/13/09. SSNY designated as agent at the addr. of its princ. office. DE 2307, NY, NY 10022. Purpose: any Floor, New York, NY 10019. Purpose: of LLC upon whom process against it addr. of LLC: Corporation Service Co., lawful activity. any lawful activity. may be served. SSNY shall mail 17,500 SF Office Avail Sept. 09 2711 Centerville Rd., Wilmington, DE process to the LLC, 152 Reade St., • Move-in Condition • 24/7 Access 19808. Arts. of Org. filed with DE NY, NY 10013. DE addr. of LLC: 2711 Call Andy Kohen - (718) 258-2782 Secy. of State, Div. of Corps., PO Box Notice of Formation of E. VILL. LABS Notice of Formation of Cape Sag LLC, a domestic LLC. Arts. of Org. Management, LLC; Arts of Org., filed Centerville Rd., Ste. 400, Wilmington, 898, Dover, DE 19808. Purpose: DE 19808. Arts. of Org. filed with Sale and distribution of metals. filed with the SSNY on 05/12/09. with NY Sec. of State (“SSNY”) DEVELOPMENT Office location: NY County. SSNY has 04/15/2009. Office in New York State of DE, Secy. of State, Div. of MONEY AVAILABLE been designated as agent upon County; SSNY designated agent for Corps., John G. Townsend Bldg., 401 NOTICE OF FORMATION of whom process against the LLC may service of process with copy mailed Federal St., Ste. 4, Dover, DE 19901. We will build on your NYC land NOW Purpose: Any lawful activity. with OUR money/financing. Lovepump United Records LLC. Arts. be served. SSNY shall mail a copy of to Attn: Thomas J. Malmud, Esq., Vacant land, parking lots, gut rehabs, projects in Of Org. filed with Secy. Of State of process to: The LLC, 526 E 11th St. Pryor Cashman LLP, 410 Park Notice of Qualification of Morgan progress, conversions, bankrupt property, all OK. N.Y. (SSNY) on 11/18/08. Office loca- #18, NY, NY 10009. Purpose: Any Avenue, 10th Floor, New York, NY Experienced developer provides equity, debt, legal, Creek Capital Management, LLC, arch., zoning, construction supervision and sales. tion: New York County. SSNY desig- Lawful Purpose. 10022, All lawful business purposes. NO developers fee, NO management fees. nated as agent of LLC upon whom App. for Auth. filed Sec’y of State The Joint Venture shares the profits with you. process against it may be served. (SSNY) 12/26/08. Office location: NY We are not a hard money lender. Fair deals. NOTICE OF APPLICATION OF AYURVEDIC LIGHT, LLC, a domestic County. LLC org. in NC 8/19/03. Brokers are welcome. NO deal is too big or too small. The Post Office address to which the Limited Liability Company (LLC) filed Contact us to qualify: [email protected] SSNY shall mail a copy of any AUTHORITY OF Air Berlin PLC & SSNY designated as agent of LLC Co. Luftverkehrs KG (a/k/a Air Berlin with the Sec of State of NY on upon whom process against it may process against the LLC served upon 12/11/08. NY Office location: New him/her is C/O the LLC PO BOX 1182. PLC & Co. Luftverkehrs KG. L.P.) to be served. SSNY shall mail copy of do business in New York as a foreign York County. SSNY is designated as process to Attn: Neil T. Kuyper, 100 TELECOMMUNICATIONS New York, NY 10159. Street address agent upon whom process against of Principal Business location is: 100 limited partnership. Application for Park Ave., 28th Fl., NY, NY 10017. Authority filed with the Secretary of the LLC may be served. SSNY shall NC office addr.: 301 W. Barbee Freeman St., #F107, Brooklyn, NY mail a copy of any process against 11222. Purpose: Any lawful activity. State of New York (SSNY) on 4/28/09. Chapel Rd., Ste. 200, Chapel Hill, NC N.Y. office location: New York County. the LLC served upon him/her to 27517. Cert. of Form. on file: SSNC, LP formed in Berlin, Germany on Moss & Kalish, PLLC, 122 E. 42nd PO Box 29622, Raleigh, NC 27626. 307 Fifth Avenue Please take notice that PR/PR LLC 7/18/91. SSNY has been designated St., Ste. 2100, NY, NY 10168. Purpose: any lawful activities. New York, NY 10016 was formed on Feb.19, 2009 and arti- as agent of LP upon whom process General purposes. 212-532-7400 cles of organization were filed with the against it may be served. The P.O. Notice of Qualification of ETF SECU- [email protected] department of state on Feb. 25, 2009. address to which the SSNY shall mail Notice of Qualification of VeraPoint RITIES USA LLC. Authority filed with The principal business location is 185 a copy of any process against the LP LLC. Authority filed with Secy. of Secy. of State of NY (SSNY) on Metrocom is proud West Houston Street, #2H, New York served upon him/her is C/O: Condon State of NY (SSNY) on 06/09/09. 06/03/09. Office location: NY County. City, in New York county, New York & Forsyth LLP; Times Square Tower; Office location: NY County. LLC LLC formed in Delaware (DE) on to announce that we 10014. The Secretary of State is des- 7 Times Square; New York, NY 10036. formed in Delaware (DE) on 11/24/08. Princ. office of LLC: have been appointed ignated as agent of the limited liability The principal Business Address of 04/23/09. Princ. office of LLC: 825 Rockefeller Group Business Centers, as a Vertex Standard company upon whom process against the LP is: Saatwinkler Damm 42-43; Third Ave., 32nd Fl., NY, NY 10022. 48 Wall St., 11th Fl., NY, NY 10005. it may be served. The post office 13627 Berlin, Germany. The names SSNY designated as agent of LLC SSNY designated as agent of LLC Authorized Dealer address within the state to which the and business address of the general upon whom process against it may upon whom process against it may & Service Center. secretary of state shall mail a copy of partners are available from the SSNY. be served. SSNY shall mail process be served. SSNY shall mail process any process against it served upon The name and business address of to the LLC, Attn: Stephen M. Waters to c/o Corporation Service Co. (CSC), him or her is 185 West Houston the authorized official where a certifi- at the princ. office of the LLC. DE 80 State St., Albany, NY 12207-2543. Street, #2H, NY., NY 10014.There is cate of limited partnership is filed is: addr. of LLC: c/o Corporation Service DE addr. of LLC: c/o CSC, 2711 no other registered agent for the LLC. Amtsgerich Berlin-Charlottenburg: Co., 2711 Centerville Rd., Ste. 400, Centerville Rd., Ste. 400, Wilmington, The purpose of the LLC shall be for Amtsgerichtsplatz 1:14057 Berlin, Wilmington, DE 19808. Arts. of Org. DE 19808. Arts. of Org. filed with DE the off-field marketing and represen- Germany. Purpose of LP is to engage filed with DE Secy. of State, 401 Secy. of State, Div. of Corps., P.O. VERTEX STANDARD is registered in the US Patent and Trademark Office. All other product or service names are tation of athletes and celebrities and in any lawful act or activity. Federal St., Ste. 4, Dover, DE 19901. Box 898, Dover, DE 19903. Purpose: the property of their respective owners. other activities associated therewith. 1232255 w.o. Purpose: Any lawful activity. Any lawful activity.

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PUBLIC & LEGAL NOTICES

Notice of Formation of DG RIVER- NOTICE OF FORMATION of Limited Notice of Qualification of Kondaur NOTICE OF QUALIFICATION of NOTICE OF FORMATION OF LIMITED SIDE REALTY, LLC. Arts. of Org. filed Liability Company / Partnership (LLC) Ventures VIII B1, L.L.C. Authority filed Dental Network of America, LLC. LIABILITY COMPANY. NAME: with Secy. of State of NY (SSNY) on Laurel 17C, LLC L.L.C. Articles of with NY Dept. of State on 5/12/09. Application for Authority filed with the DEVIANT LLC. Articles of 05/15/09. Office location: NY County. Organization filed with the Secretary Office location: NY County. LLC formed Secretary of State of New York (SSNY) Organization were filed with the Princ. office of LLC: 240 Riverside of State of New York (SSNY) on in DE on 4/30/09. NY Sec. of State on 03/24/09. NY Office location: New Secretary of State of New York Blvd., Apt. 17B, NY, NY 10069. SSNY 1/14/2009. N.Y. Office location: New designated as agent of LLC upon York County. LLC formed in Delaware (SSNY) on 01/13/09. Office location: designated as agent of LLC upon York County. SSNY has been desig- whom process against it may be on 01/01/09. SSNY has been desig- New York County. SSNY has been whom process against it may be nated as an agent upon whom served and shall mail process to: c/o nated as agent of LLC upon whom designated as agent of the LLC served. SSNY shall mail process to process against it may be served. CT Corporation System, 111 8th Ave., process against it may be served. upon whom process against it may Adam B. Kaufman & Associates, The Post Office address to which the NY, NY 10011, regd. agt. upon whom The P.O. address to which the SSNY be served. SSNY shall mail a copy PLLC, 585 Stewart Ave., Ste. 302, SSNY shall mail a copy of any process may be served. DE addr. of shall mail a copy of any process of process to the LLC, 7136 110 St., Garden City, NY 11530. Purpose: process against the LLC served upon LLC: c/o The Corporation Trust Co., against the LLC served upon him is: 3K, Forest Hills, New York 11375. Any lawful activity. him/her is C/O the LLC 16055 N. Dial 1209 Orange St., Wilmington, DE C/O the LLC 875 Avenue of the Purpose: For any lawful purpose. Blvd, Suite 4 Scottsdale, Arizona 19801. Cert. of Form. filed with DE Sec. Americas, Suite 501, New York, NY NOTICE OF FORMATION of Altius 85260. The Principal Business of State, Townsend Bldg., Dover, DE 10001.The Principal Business NOTICE OF FORMATION of Neighbor- Enterprises LLC. Arts. Of Org. filed Address of the LLC is: 16055 N. Dial 19901. Purpose: any lawful activity. Address of the LLC is: Two TransAm hood Eats, LLC. Arts. Of Org. filed with with Secy. Of State of N.Y. (SSNY) on Blvd, Suite 4 Scottsdale, Arizona Plaza Dr. Suite 500, Oakbrook Secy. Of State of N.Y. (SSNY) on 05/27/09. Office location: New York 85260. Dissolution Date: Perpetual (if Notice of Formation of Shade of Braun Terrace, IL 60181. Purpose of LLC: To 5/06/2009. Office location: NY County. County. SSNY designated as agent of any) Purpose/character of LLC: To LLC. Arts. of Org. filed with the Sec. of engage in any lawful act or activity. SSNY designated as agent of LLC upon LLC upon whom process against it engage in any lawful act or activity. State of New York (SSNY) on 02/27/09. whom process against it may be served. may be served. SSNY shall mail 1236875 w.o. NY Office location: NY County. SSNY NOTICE OF FORMATION OF SSNY shall mail process to principal process to principal business location: has been designated as agent of LLC W12LLC. Article of Organization filed business location: 35 East 30th St., # 9C, 111 Worth St., Suite 19K, NY, NY NOTICE OF FORMATION OF LIMIT- upon whom process against it may with the Secretary of State of NY NY, NY 10016. Dissolution date: May 10013. Purpose: Any lawful activity. ED LIABILITY COMPANY. NAME: be served. SSNY shall mail process (SSNY) on May 22, 2009. Office loca- 1, 2059. Purpose: Any lawful activity. TACET CREATIONS LLC. Articles of to principal business location: 30 tion NEW YORK County. SSNY has Waterside Plaza 13H, NY, NY, 10010. been designated as agent upon Notice of Qualification of Financial Organization were filed with the 2nd STORY SOUND RECORDS LLC, Secretary of State of New York (SSNY) Purpose: Any lawful activity. whom process against it may be a domestic Limited Liability Company Federal Funding II, LLC. Authority served. The Post Office address to on 05/14/09. Office location: New York (LLC) filed with the Sec of State of NY filed with Secy. of State of NY (SSNY) which the SSNY shall mail a copy of County. SSNY has been designated Notice of Formation of MTMH HOLD- on 4/27/09. NY Office location: New on 5/18/09. Office location: NY any process against the LLC served as agent of the LLC upon whom ING LLC. Arts. of Org. filed with Secy. York County. SSNY is designated as County. LLC formed in DE on 2/5/09. upon him/her is Martin Klein c/o SSNY designated as agent of LLC process against it may be served. of State of NY (SSNY) on 05/08/09. agent upon whom process against the SSNY shall mail a copy of process to Office location: NY County. Principal Coastal Development LLC. 1 East upon whom process against it may be 57th Street, New York, NY 10022. LLC may be served. SSNY shall mail served. SSNY shall mail process to: the LLC, 184 2nd Avenue, Suite 3A, office of LLC: c/o Martin Levine, 805 a copy of any process against the New York, New York 10003. Purpose: Third Ave., Ste. 1100, NY, NY 10022. Purpose of LLC: to engage in any Capitol Services, Inc., 1218 Central lawful act or activity. Street address of LLC served upon him/her to Ave., Ste. 100, Albany, NY 12205. DE For any lawful purpose. SSNY designated as agent of LLC Alexander Grasso, 2 Lincoln Ave., upon whom process against it may be Principal Business location is: 1 East address of LLC: 615 South DuPont 57th Street, New York, NY 10022. Hasting, NY 10706 General purposes Hwy., Dover, DE 19901. Arts. of Org. Notice of Formation of Viceroy served. SSNY shall mail process to filed with DE Secy. of State, 401 Partners LLC. Arts. of Org. filed with the LLC at the address of its principal Notice of formation of Redlines Federal St., Dover, DE 19901. Secy. of State of NY (SSNY) on office. Purpose: Any lawful activity. NOTICE OF FORMATION OF LIMITED Online, LLC Arts. of Org. filed with Purpose: any lawful act or activity. 5/28/09. Office location: NY Co. LIABILITY COMPANY. NAME: EL & EL the Sect’y of State of NY (SSNY) on SSNY designated as agent of LLC NOTICE OF FORMATION of REALTY LLC. Articles of Organization 5/20/2009. Office location, County of upon whom process against it may PresenceCare LLC. Arts. Of Org. filed were filed with the Secretary of State New York. The street address is: 1049 Notice of Formation of RYPE SCC LLC. be served. SSNY shall mail process with Secy. Of State of N.Y. (SSNY) on of New York (SSNY) on 02/09/09. Fifth Avenue, #8B, New York, NY Arts. of Org. filed with Secy. of State of to: Faust Oppenheim LLP, Attn: 02/18/09. Office location: New York Office location: New York County. SSNY 10028. SSNY has been designated as NY (SSNY) on 12/31/08. Office loca- Steven D. Oppenheim Esq., 488 County. SSNY designated as agent of has been designated as agent of the agent of the LLC upon whom process tion: NY County. SSNY designated as Madison Ave., 17th Fl., NY, NY LLC upon whom process against it LLC upon whom process against it may against it may be served. SSNY shall agent of LLC upon whom process 10022. Duration: 12/31/2059. may be served. SSNY shall mail be served. SSNY shall mail a copy of mail process served to: The LLC, against it may be served. SSNY shall Purpose: any lawful activities. process to: 7014 13th Ave., Suite 202, process to the LLC, 40-39 69th Street, 1049 Fifth Avenue, #8B, New York, mail process to: c/o Conway Capital, Brooklyn, NY 11228. Principal busi- Woodside, New York 11377-3835. NY 10028. Purpose: any lawful act. 115 Broadway, Ste. 302, NY, NY SIMCO CAPITAL HOLDINGS LLC, a ness location: 41 5th Ave., 14C, NY, NY Purpose: For any lawful purpose. 10006. Purpose: any lawful activity. domestic Limited Liability Company 10003. Purpose: Any lawful activity. Elite Monk Media, LLC. Arts of Org (LLC) filed with the Sec of State of Notice of Formation of TRIBECA filed with NY Sec of State (SSNY) on Notice of Formation of Caerus Global NY on 4/15/09. NY Office location: Notice of Formation of NEAL STREET POINTE MEMBER (HHE) L.L.C. Arts. 03/20/09. Office: New York County. GP LLC, Art. of Org. filed Sec’y of New York County. SSNY is designat- NEW YORK, LLC. Arts. of Org. filed of Org. filed with Secy. of State of NY SSNY designated as agent of LLC State (SSNY) 4/14/09. Office loca- ed as agent upon whom process with Secy. of State of NY (SSNY) on (SSNY) on 4/24/09. Office location: upon whom process may be served. tion: NY County. SSNY designated as against the LLC may be served. 03/18/09. Office location: NY County. NY County. Principal business loca- SSNY shall mail copy of process to: agent of LLC upon whom process SSNY shall mail a copy of any Princ. office of LLC: c/o Starr & tion: 290 Park Avenue South, 14th 10 West 46th Street, New York, NY against it may be served. SSNY shall process against the LLC served upon Company, LLC, Attn: Sanford Miller, Fl., NY, NY 10010. SSNY designated 10036. Purpose: Any lawful activity. mail copy of process to 750 Lexington him/her to The LLC, Attn: Mr. Todd 850 Third Ave., 15th Fl., NY, NY 10022. as agent of LLC upon whom process Ave., 16th Fl., NY, NY 10022. Hollander, 147 Waverly Pl., NY, NY SSNY designated as agent of LLC against it may be served. SSNY shall Name: 10BIOSYSTEMS LLC Art. Of Purpose: any lawful activities. 10014 General purposes upon whom process against it may mail process to: 290 Park Avenue Org. Filed Sec. Of State of NY be served. SSNY shall mail process South, 14th Fl, NY, NY 10010, Attn: 04/29/09. Off. Loc.: New York Co. SSNY Notice of Qualification of LEX SPECIAL Notice of Qualification of MANCUSO to the LLC at the addr. of its princ. CEO. Purpose: any lawful activity. designated as agent upon whom ASSETS LLC. Authority filed with Secy. EQUITY PARTNERS, LLC. Authority office. Purpose: Any lawful activity. process against it may be served. of State of NY (SSNY) on 05/20/09. filed with Secy. of State of NY Notice of Qualification of Spring Hill SSNY to mail copy of process to THE Office location: NY County. LLC (SSNY) on 05/18/09. Office location: Notice of Qualification of Metropolitan Capital Markets, L.L.C. Authority filed LLC C/O Sebastian Jayaraj, 430 East formed in Delaware (DE) on 03/23/09. NY County. LLC formed in Delaware Real Estate Partners VII, L.P., App. with NY Dept. of State on 5/19/09. 63rd Str eet, Apt 3E, NY, NY 10065. Princ. office of LLC: 1271 Ave. of the (DE) on 05/14/09. Princ. office of for Auth. filed Sec’y of State (SSNY) Office location: NY County. LLC Purpose: Any lawful act or activity. Americas, NY, NY 10020. SSNY des- LLC: 900 Third Ave., 18th Fl., NY, NY 3/2/09. Office location: NY County. LP formed in DE on 4/22/09. NY Sec. of ignated as agent of LLC upon whom 10022. SSNY designated as agent of org. in DE 2/26/09. SSNY designated State designated as agent of LLC Notice of Formation of REGULATORY process against it may be served. LLC upon whom process against it as agent of LP upon whom process upon whom process against it may REPORTING SERVICES, LLC. Arts. SSNY shall mail process to c/o may be served. SSNY shall mail against it may be served. SSNY shall be served and shall mail process to: of Org. filed with Secy. of State of NY Corporation Service Co., 80 State St., process to c/o Corporation Service mail copy of process to Attn: Felipe Patrick Quinn, 30 Rockefeller Plz., (SSNY) on 05/11/09. Office location: Albany, NY 12207-2543. DE addr. of Co. (CSC), 80 State St., Albany, NY Dorregaray, 135 E. 57th St., 16th Fl., 41st Fl., NY, NY 10112, principal NY County. SSNY designated as LLC: 2711 Centerville Rd., Ste. 400, 12207-2543. DE addr. of LLC: c/o NY, NY 10022. DE office addr.: c/o business address. DE addr. of LLC: agent of LLC upon whom process Wilmington, DE 19808. Arts. of Org. CSC, 2711 Centerville Rd., Ste. 400, CSC, 2711 Centerville Rd., Wilmington, c/o The Corporation Trust Co., 1209 against it may be served. SSNY shall filed with State of DE, Div. of Corps., Wilmington, DE 19808. Arts. of Org. DE 19808. Cert. of LP on file: SSDE, Orange St., Wilmington, DE 19801. mail process to the LLC, c/o Michael John G. Townsend Bldg., 401 Federal filed with Secy. of State, Div. of Townsend Bldg., Dover, DE 19901. Arts. of Org. filed with DE Sec. of H. Barnett, Esq., 375 Lexington Ave., St., Ste. 4, Dover, DE 19901. Corps., PO Box 898, Dover, DE Name/addr. of each gen. ptr. avail. at State, 401 Federal St., Dover, DE Ste. 200, NY, NY 10168-0002. Purpose: Any lawful activity. 19903. Purpose: Any lawful activity. SSNY. Purpose: any lawful activities. 19901. Purpose: any lawful activity. Purpose: Any lawful activity.

June 29, 2009 | Crain’s New York Business | 43 nb26p44bc.qxp 6/26/09 11:41 AM Page 44

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44 | Crain’s New York Business | June 29, 2009 20090629-A--0045-MAIN-CCI-CN_-- 6/26/2009 3:58 PM Page 1

of companies55% plan to reverse salary cuts in the next 12 months BUSINESS LIVES Source: Watson Wyatt Worldwide HOT JOBS EXECUTIVE INBOX

CHIEF EXECUTIVE Anne Fisher COMPANY CancerCare Inc. JOB DESCRIPTION Running a What to do national nonprofit that supports cancer patients and their families when Bumbleby MOST IMPORTANT TASKS Rais- doesn’t get ing money for the nonprofit’s $20 million annual budget and your message expanding the group’s number of programs and their reach Ah, there goes Bumbleby, one CREDENTIALS NEEDED Experi- of your more promising—and ence in management and exasperating—direct reports. fundraising and a knowledge of Promising, because his work is health and human services; back- generally good, sometimes ground in social work preferred exceptional. Exasperating, SALARY $250,000-plus because the last few times you’ve commented on his performance, RECRUITER Isaacson Miller he hasn’t seemed to have heard a DOWNSIDE Fundraising in a diffi- word of the constructive criti- cult economic environment cism you’ve offered. So his mis- UPSIDE Heading a well-regarded takes, though few, are the same institution ones over and over again. Diane Blum, head of CancerCare Most managers have at least since 1990, is leaving to run the one Bumbleby under them. Enter CancerCare Co-Payment Assis- Aubrey C. Daniels, a behavioral tance Foundation, a nonprofit with psychologist who wrote a a $15 million budget started in fascinating new book called 2007 to help people who can’t Oops! 13 Management Practices afford certain co-payments. That Waste Time and Money (and —MIRIAM KREININ SOUCCAR ALWAYS what to do instead). Mr. Daniels PREPARED: recommends that you think back Eugene Kuziw has been training to Bumbleby’s last evaluation. Did EXECUTIVE MOVES responders in you by any chance frame your evacuations for remarks as some variation on Jewish Theological people stuck on “You’re doing a great job, but. …”? Seminary: Abby Joseph the statue’s inner If so, he most likely heard Cohen, 57, was staircase. appointed chair of the whatever came after the “but”

board of trustees, buck ennis loud and clear, and, according replacing Gershon to voluminous research in Kekst. She is a senior GOTHAM GIGS behavioral science, took it to investment strategist mean that you’re impossible to and president of the Global Markets Institute at Goldman Sachs and has please. Instead of motivating him been on the seminary’s board since 2004. to improve, you’ve inadvertently Tishman Construction Corp.: Peter made him tune you out. Marchetto, 53, was named president of What to do instead? It’s construction operations and joins the Give Me Liberty... surprisingly simple: Separate the newly created office of the chairman. good news and the bad news by He was formerly chief executive of the twenty thousand people will descend upon the Statue of Liberty a day or two. Next time a Americas at Bovis Lend Lease. After his Marcum: Suzanne on July 4, the day the crown reopens to the public. Eugene Kuziw is Bumbleby turns in a well- Leslie, 47, was ready.The park ranger, who has worked at the statue for 15 years, has executed project with a few flaws, appointed chief family, tell him how great it is. Then call marketing officer. She Lady dealt with all manner of medical emergencies. On Sept. 11, Mr. Kuziw him the next morning and say most recently served whisked over to Ellis Island, where he set up a triage unit that treated something like, “Bumbleby, I’ve as marketing director been thinking about this project, at Rachlin. Liberty hundreds of people fleeing Manhattan. ¶ In preparation for the Crown Media Holdings statue’s reopening, the newly promoted chief of emergency services at and I think if you could make Inc.: William J. Abbott, 47, was promoted is his the monument has been training a team of responders in special these two changes, it will be even to president and chief executive from better.” If the behavioral executive vice president, advertising sales. first love evacuations for people stuck on the statue’s inner staircase.“We have scientists are right, this approach A.C. Lawrence Real Estate: Antonio G. del to deal with panic attacks, people fainting,” he says. ¶ As if that’s not will make any Bumbleby two to Rosario, 41, was appointed partner and three times more likely to hear president of sales. He joins from Barak enough, Mr. Kuziw also goes out west every summer to fight forest what you’re saying and act on it. Realty, where he served as managing fires and is a member of a volunteer search-and-rescue team in New director and executive vice president. With potential results like that, Universal Republic Records: Tom Mackay, Jersey, where he lives with his wife and two sons. ¶ The 41-year-old breaking the “Yes, but. …” habit 36, was promoted to executive vice son of Ukrainian immigrants grew up on the Lower East Side and may be well worth a try. president of A&R. Most recently, he used to play Ukrainian folk music around the country. He still plays served as senior vice president of A&R. ARE SOME OF YOUR employees —maia blume jazz guitar, paints and sculpts. ¶ After his family, Lady Liberty is his hard to motivate? What works, FOR MORE Executive Moves, go to first love.“The stars and planets have been in alignment for me since or doesn’t? Tell us at www.crainsnewyork.com/execmoves I’ve been there,” he says.“It’s my destiny.” —miriam kreinin souccar www.crainsnewyork.com/execinbox.

June 29, 2009 | Crain’s New York Business | 45 20090629-A--0046-MAIN-CCI-CN_-- 6/26/2009 4:00 PM Page 1

INSATIABLE market from 6:30 p.m. to 7:30 p.m. at the Mid-Manhattan Library, 455 Fifth CRITIC chemex Gael Greene THE Ave., sixth floor. The workshop is free to attend. Call (212) 644-3894 or e-mail [email protected]. WEEKS NETWORKING RECEPTIONS MONDAY, JULY 13 JOIN ASIAN WOMEN IN BUSINESS FOR A The tides bear AHEAD SUMMER NETWORKING AND SAKE TASTING RECEPTION from 6 p.m. to 8:30 p.m. at JULY 6-19 Korin, 57 Warren St.The event is free for members and $30 for nonmembers. For surprising riches more information, call (212) 868-1368 or e-mail [email protected]. PROGRAMS & WORKSHOPS Pasta outdoes fish MONDAY, JULY 6 CULTURAL EVENTS WHAT SHE’S TO LEARN ABOUT GETTING INTO BUSINESS SUNDAY, JULY 12 Pick at Marea, star chef’s SCHOOL, join the Manhattan Review for ATTEND CENTRAL PARK of the READING a GMAT and M.B.A. admissions SUMMERSTAGE at 830 Fifth week latest venture workshop from 7 p.m. to 9 p.m. at 420 Ave., at 64th Street, for a BARBARA CORCORAN, founder of Lexington Ave., suite 2310. The event is family fun day, with live The Corcoran Group, sold the here might have been free. Call (212) 997-1660 for details. music, a story reading and a puppet show. residential brokerage eight years a moment in the count- The free event features Nickelodeon star ago for $70 million. The author of TUESDAY, JULY 14 DJ Lance Rock of Yo Gabba Gabba! down toward opening THE FOUNDATION FOR ACCOUNTING The event runs from 3 p.m. to 7 p.m. two books, she recently picked up Marea (Italian for tide) EDUCATION will hold an estate planning For more information, call a copy of The Twitter Book, by Tom when chef Michael roger hagadone conference for certified public (212) 360-2756. O’Reilly. “I’m trying to learn the TWhite and partner Chris Cannon SQUIDTASTIC: All seafood is first-rate. accountants, attorneys and other estate twicks of the twade,” Ms. could have scaled down their ambi- planning professionals from 8 a.m. to WEDNESDAY, JULY 15 Corcoran quips in an e-mail. tion.By the time it was clear the city HEAD TO 620 LOFT & GARDEN AT 620 MAREA 5 p.m. at the New York Marriott She squeezes in other reading was in economic free fall, it was FIFTH AVE. FOR “FARM TO TABLE,” a dinner 240 Central Park South Marquis at Times Square, 1535 between speaking engagements probably too late to cancel the gold- (212) 582-5100 Broadway. Admission is $375 for made from produce grown within a 100- mile radius of NYC. The dinner begins and guest spots on NBC’s Today en onyx that would illuminate the www.marea-nyc.com members and $475 for nonmembers. bar, but they might have gone for Call (800) 537-3635 for more details. at 5:30 p.m., and tickets are $125 per show and CNBC. She enjoyed person. Call (212) 727-2424 or e-mail Losing Mum & Pup, by bare tables to save on laundry and WEDNESDAY, JULY 15 [email protected] for details. Christopher Buckley—but admits added some less expensive seafood CUISINE Italian seafood THE BRAZILIAN-AMERICAN CHAMBER OF offerings. After all,White is a three- SATURDAY, JULY 18 she read it just to avoid offending PRICE RANGE Entrées, COMMERCE will host a conference on the the friend who gave it to her. A star wizard, with upper-crust cre- economic and political outlook in Brazil RUSH PHILANTHROPIC ARTS FOUNDATION $23-$47; $89 prix fixe summer resident of Fire Island, dentials from training abroad, afire from 8 a.m. to 10 a.m. at Debevoise & will host the 10th anniversary of the Art with passion. I suspect he could do Ms. Corcoran reads How to Live SERVING Lunch and dinner, Plimpton, 919 Third Ave., 35th floor. for Life East Hampton benefit starting magic with mussels and the pick of at 6 p.m. at Russell Simmons’ East on an Island, by Sandy Gingras, Monday through Saturday. Fees are $50 for members and $100 for shunned farm-raised salmon. nonmembers. Call (212) 751-4691 or Hampton estate on Long Island. Tickets every year. “It’s about finding Closed Sundays till Labor Day e-mail [email protected]. start at $1,500 for individuals and Never. Let other seafood restau- peace and serenity,” she says. rants sneak in second-class branzi- RESERVATIONS Recommended $15,000 for tables of 10. To get details “I’m still looking.” WEDNESDAY, JULY 15 and to register, contact (212) 254-6677 no, White suggests. Sea creatures NOISE LEVEL Civilized JOIN THE NEW YORK PUBLIC LIBRARY for a or [email protected]. —AMANDA FUNG here are wild, line-caught, deep- program on changing fields in a tight job —maia blume sea, diver-fetched, FedEx-deliv- I can’t wait to return. ered. And the mostly youthful I will definitely go back. crowd turning tables tonight in the I’ll let them simmer a while. one-month-old venture suggests NO HATS Never again. not everyone is feeling broke or em- barrassed to be spending $89 for the house’s new four-course prix fixe. soms is a hit, and the pastas are still Yes,it’s beautiful.Franco Rosig- a standout. My friends are im- nolo, an architect from Imola, Italy, pressed by affordable options on where White prepped years ago, the wine list,and we all find the $36 has transformed the former San Orvieto quite drinkable. Domenico space,opening it up into I am disappointed that my warm a vast sweep of dark Indonesian mackerel-tart starter is not the as- sandalwood paneling and built-ins. tonishment a foodie pal reported ex- HOST YOUR EVENT Even if you don’t know enough periencing at lunch. Tonight’s veal to be impressed by the advisory that agnolotti, sautéed in brown butter, all pastas are fatta in casa (house- are slightly heavy and saddled with made), one taste of tonight’s too-cooked sweetbreads. Both the scrupulously al dente rigatoni (with sturgeon and the black bass are list- AT YANKEE STADIUM a rubble of chickpeas,chopped cut- less. A friend asks for salt and a run- Game Day Suites tlefish and shrimp) or fusilli (lush ner brings it, grinding on much too with red wine-braised octopus and much so quickly that my friend is marrow) has to be a revelation. dumbstruck, not believing a busboy LUXURY AND PARTY SUITES White’s way with dough is leg- would presume to salt his food. end now, certified by the foodie Some problems should be easy AVAILABLE ON A rush for his rashly rich and deli- enough to fix.You don’t need an en- cious pastas at three-star Convivio. gineering degree to focus the ceiling SINGLE GAME BASIS But pasta fans, it seems, are slight- spots so they hit the center of each ing the finny treasures.“I hate when table. (My friends can read the people order pasta as an entrée and menu;I’m in the dark.) But it almost ignore the fish,” White complains. doesn’t matter, since no one has It’s my second visit, and again, come near our table in the past half seductive pastas win over pesce. hour since we asked the waiter to Rigatoni and marvelous ferratini give us a few more minutes, except a RESERVE NOW with manila clams, calamari and bread-pusher and the busboy pour- hot chilies are piled high,for $23 to ing water. “Is there someone to take 646-977-8900 $36. White boosted portion sizes our order?” I finally ask Cannon. (and prices) after vigorous com- These partners are three-star yankees.com/suites plaints about skimpy pasta rations. veterans, so I know they care, but it At the four-week mark, it is still feels at times like Marea is over- early to judge this ambitious and whelmed by the tides.

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