Crain's New York Business

20151005-NEWS--0001-NAT-CCI-CN_-- 10/2/2015 6:59 PM Page 1

LOBBYISTS, LAWYERS AND CAMPAIGN CONTRIBUTIONS: Nail salons learn the New York CRAIN’S® way PAGE 4 NEW YORK BUSINESS

VOL. XXXI, NO. 40 WWW.CRAINSNEWYORK.COM OCTOBER 5-11, 2015 PRICE: $3.00

Renters who resist eviction turn to one Tenants lawyer to get millions from developers P. 30 strike Affordable housing was protected by the city. Until it back wasn’t P. 31 buck ennis 40 5

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C4028_10.24x14_pick_4C.indd 1 9/25/2015 8:51:03 AM 20151005-NEWS--0003-NAT-CCI-CN_-- 10/2/2015 7:11 PM Page 1

EDITOR’S NOTE

FYICRAINSNEWYORK.COM Perambulators

Here’s a detail that illustrates the Top Republican’s opportunity city officials have to finally make good on the promise tax-cap idea puts of the New York City Housing mayor in a bind Authority’s low-income residential developments. Some of those proposal by the state’s top “towers in the park”—high-rises Republican to cap property Jeremy Smerd that look away from the street and Ataxes in New York City into grassy common areas— presented another headache for include spaces intended to give Mayor Bill de Blasio, who was mothers a place to leave their baby strollers. Called already dealing with persistent perambulator rooms, they were to offer residents a homelessness, low public-approval simple luxury: a resting place for the carriages that buck ennis ratings and pressure to boost transit carried their most precious cargo.Then reality funding (see Page 8). ¶ Senate Majority Leader John Flanagan (pictured) pitched the tax-cap idea intervened.The inward-facing towers isolated last week after it had been broached to him by individuals in the city’s real estate industry.The residents and concentrated poverty.They became Real Estate Board of New York has not taken a position on a tax cap for the city, but a trade ghettos and fell into disrepair.The perambulator association representing 2,500 apartment-building owners has endorsed it (see Page 9). ¶ Gov. rooms, meanwhile, are no longer used—if they ever Andrew Cuomo and the state legislature enacted the cap statewide in 2011 but exempted New were. Instead, they lie empty, as does 1 million square York City, where property taxes were less of an issue. Rates here are relatively low and haven’t feet of space owned by NYCHA. “You could do a lot been increased since 2003, although tax bills have grown with property values. But should the with it, if you had the resources,” NYCHA CEO city’s surging economy seize up in the future, real estate insiders believe Mr. de Blasio would raise Shola Olatoye told us when she visited our taxes before cutting services—and the property tax is the only major levy the city can raise newsroom last week. Ms. Olatoye is trying to without Albany’s say-so. ¶ The cap limits localities and school districts to an annual increase of improve NYCHA’s finances.That’s no small feat. 2% or the rate of inflation, whichever is lower. At a Crain’s Breakfast Forum, Mr. Flanagan said Her challenges sometimes have as much to do with had the cap been in effect here, “there would have been a multibillion-dollar savings for the bad behavior as with bad economics. Her big people of the city of New York.” —erik engquist solution—to offer private developers the chance to build rentals (half market rate, half affordable) on PROTECT DATA OR GET DOWNGRADED the world’s largest fund to invest in The program is expected to be re- NYCHA property—is not new.The Bloomberg Banks could be downgraded for hav- real estate. Blackstone said it has col- newed, with reforms. administration failed to pull off a similar plan. But ing weak cybersecurity controls, lected 90% of the capital for the fund, Standard & Poor’s warned in a re- its eighth targeting global properties, GERMAN MEDIA GIANT Ms. Olatoye believes she can garner the support of port. The ratings agency hasn’t yet and has already committed 20% of BEEFS UP DIGITAL NYCHA residents for her proposal to help fund $17 downgraded a bank based on its the money to deals. One day after finalizing its deal to ac- billion in unmet capital needs. If she succeeds, she’ll computer network security. But big quire a majority stake prove that private development can raise money and banks have been vulnerable to at- REVAMPING in Business Insider tacks: Last year, the personal data of TIMES SQUARE ‘When they for $343 million, better integrate public housing into the fabric of city tens of millions of JPMorgan Chase Times Square’s start designing Axel Springer an- neighborhoods. And she’ll pave the way to turn the customers was breached. pedestrian plazas things I can’t nounced it had in- empty pram rooms and other underused assets into will stay put, but a vested in another something that generates cash, so that tenants can BLACKSTONE’S $15.8B FUND city task force for the understand, Manhattan-based The private-equity giant unveiled neighborhood has website, Thrillist. actually live in the dignified housing that NYCHA’s some recommenda- I’ll quit’ The deal was part of architects envisioned. tions on how to im- —Ralph Lauren, 75, a $54 million round prove the area. who stepped down of financing with Among the sugges- as CEO of his fashion other investors. THIS WEEK IN CRAIN’S tions are restricting label and will become executive chairman and topless, painted NEW EDITOR IN THE BOROUGHS------4 women and cos- chief creative officer. AT BUSINESSWEEK tumed characters to Stefan Larsson, global The shake-up at the THE INSIDER ------4 president of Old Navy, designated sections top of Bloomberg’s IN THE MARKETS------7 and eliminating will succeed Mr. Lauren editorial division OPINION------street vending on continued as Josh 8 buck ennis 42nd Street between Seventh and Tyrangiel left the company. Mr. GREG DAVID ------9 CHICK-FIL-A HATCHES Eighth avenues to improve pedes- Tyrangiel, editor of Bloomberg Busi- REAL ESTATE------Chick-fil-A officially descend- trian flow. The City Council is ex- nessweek and chief content officer for 10 ed on the Big Apple with the pected to adopt the changes. the entire company,was credited with REPORT: HEALTH CARE------13 opening of its first stand-alone reviving the magazine’s in-depth cov- THE LIST ------store in the city at 1000 Sixth EB-5 VISA PROGRAM erage. Ellen Pollock will succeed Mr. 15 Ave., at West 37th Street, on GETS NEW LIFE Tyrangiel as editor of Businessweek— SOURCE MEETING CLASSIFIEDS ------27 Saturday. The three-level, A popular visa program that Related becoming the publication’s first Monitor Ellen Zimiles makes BUSINESS PEOPLE------32 5,000-square-foot location is Cos. and other major real estate de- female chief in its 86-year history. sure banks are on the straight expected to employ 180 full- velopers use to finance projects got a and narrow. P. 33 FOR THE RECORD------34 and part-time workers. To reprieve.The EB-5 program—which MONITORING THE NYPD (SEE PAGE 10) build up its arrival, the Atlanta provides two-year visas to immi- For the first time, the NYPD will CORRECTIONS chain gave away close to 20,000 grants who invest at least $500,000 track and document the department’s vol. xxxi, no. 40, october 5, 2015—Crain’s New York Business (issn 8756-789x) is sandwiches to area businesses ($1 million in certain regions) in U.S. use of force.Police officers will have to published weekly, except for double issues the weeks of June 29, July 13, July 27, Aug. 10, Aug. 24 and Dec. 21, by Crain Communications Inc., 685 Third Ave., New York, NY and at a food truck outside projects that create jobs—was set to detail every time force is used,not only 10017. Periodicals postage paid at New York, N.Y., and additional mailing offices. Post- Madison Square Garden last expire at midnight Sept. 30. But be- when making arrests, but in all en- master: Send address changes to: Crain’s New York Business, Circulation Department, 1155 month.All the ingredients used cause the program was included in counters. Additionally, officers who Gratiot Avenue, Detroit, MI 48207-2912. for subscriber service: Call (877) 824-9379.Fax (313) 446-6777.$3.00 a copy,$99.95 one at the restaurant are sourced stopgap legislation that Congress witness the use of excessive force and year, $179.95 two years. (GST No. 13676-0444-RT) from New York and New Jersey. passed to prevent a government shut- don’t intervene will be disciplined. ©Entire contents copyright 2015 by Crain Communications Inc. All rights reserved. down, EB-5 will sunset on Dec. 11. —amanda fung

October 5, 2015 | Crain’s New York Business | 3 20151005-NEWS--0004-NAT-CCI-CN_-- 10/2/2015 6:37 PM Page 1

IN THE BOROUGHS QUEENS LIC scales new heights with gym Rock-climbing facility charges up a formerly desolate industrial strip

BY HILARY POTKEWITZ

Sometime last fall, Josh Bowen, owner and pit master of John Brown’s Smokehouse in Long Is- land City, got a request from a new neighbor.“He asked if we could stay open late on Thursday nights,” Mr. Bowen recalled. And why not? The restaurant did a great lunch business, but the evenings were slow. That new neighbor was the Cliffs at LIC, a rock-climbing gym

newscom, composite crain’s that had recently opened on the largely industrial stretch of 44th Drive a few blocks from the East River. On weeknights, it stayed Macy’s, Best Buy now best buds open until 11, pumping dozens of hungry,thirsty climbers out onto the street, where there was little to offer Department store to host store chain will host 300-square-foot shops from a synergistic relationship in which both will at- them—until Mr. Bowen agreed to Best Buy in 10 of its stores—one or two of which tract new customers and foot traffic. extend his closing time on Thurs- space for electronics shop will be in the New York metro area—as a pilot The clear winner, though, is Macy’s, which days to 11 p.m. program designed to spur sales,which have been used to be the go-to place for everything from He’s thankful he did. “Some in quest for millennials sluggish for both retail giants. television sets to sofas to lipstick, but began nights you’ll look in and it’s 100% “Our customers have expressed interest in losing that status decades ago with the rise of climbers,” he said. “Before, we’d BY ADRIANNE PASQUARELLI electronics for self-purchase and gift-giving,and specialty stores. close up and go home by 10 because this collaboration … reinforces Macy’s as a shop- By licensing space to Best Buy—which will there was no one out on the streets.” Consumers hoping to snag the latest Skullcandy ping destination throughout the year for the staff the mini-shops with its own tech-savvy em- The smokehouse isn’t the only headphones, Pebble smartwatch or Samsung products that are most in demand,” said Jeff ployees—the 885-unit chain can attract gadget- local business falling for rock tablet will soon find them at a handful of Macy’s Gennette, Macy’s president, in a statement. loving millennials, an all-important demo- climbers. Since opening in the stores. Beginning next month, the department- Theoretically,Macy’s and Best Buy will enjoy See MACY’S on Page 10 See LIC on Page 18

THE INSIDER STATS AND THE CITY by Gerald Schifman AD NAUSEA Nail salons learn the ways NYC’S ADULT SMOKING RATE hit 13.9% in 2014, according to recent data, the lowest figure since lighting up was banned in most restaurants and bars in 2003. But the ban and tax hikes weren’t the only reasons smoking declined. of New York biz: Hire lobbyists WHEN ANTI-SMOKING ADS EBBED, PUFFING INCREASED: NYC anti-smoking spending (in millions) NYC smoking rate $15M $14.3 22% The challenges are great. Many Owners pull every lever of power available 13.9% salon owners speak little English and 21.1% $10.7 $10.9 $10.3 10 to resist new rules they say discriminate are suspicious of government and the $8.4 $8.3 media, especially in the wake of the $6.8 $6.7 16 New York Times exposé in May of 5 BY ANDREW J. HAWKINS worker exploitation. Still, their re- $2.1 $1.8 $2.0 sponse has been surprisingly well co- $0.8 $1.3 $1.0 0 10 or years, nail salons operated with little public scrutiny. ordinated, if a little rough around the ’01 ’02 ’03 ’04 ’05 ’06 ’07 ’08 ’09 ’10 ’11 ’12 ’13 ’14 edges. But when reports of widespread wage theft and abuse Within a few months of the When ad spending went down in 2011, smoking rates went up. In response, health of the industry’s largely immigrant, female workforce Times story, a group of owners officials spent more on ads, believing graphic warnings have reduced smoking. F formed the Chinese Nail Salon As- shook New Yorkers, Gov. Andrew Cuomo swiftly ordered a AMOUNT spent on TV ads in fiscal 2007. One thought to have had crackdown, threatening to fine or close businesses that don’t sociation of East America. Togeth- er with the decade-old Korean $10.7M a major impact featured a man talking through an artificial voicebox clean up their acts. American Nail Salon Association, It was a wake-up call for nail salons. Now they’re responding they began pushing back against PORTION of New Yorkers who saw one of the ads Mr. Cuomo’s legislation. 92% by doing what other New York in- opposing the new rules. On Aug. 10, the governor an- PORTION of NYC smokers who said that they were more likely to quit after dustries have done for years to keep “I don’t think the industry has nounced that nail salons would be seeing the ads the government at bay: hiring lob- mobilized like this before,” said a required to purchase wage bonds as 57% Notes: NYC anti-smoking spending excludes expenditures on Health Department staffing. byists, doling out campaign contri- source who works with salon own- security for unpaid wages. Within Sources: IBO, DOH, The New York Times butions and retaining public-rela- ers. “I think that reflects the unique two weeks, the two trade groups tions experts to help stage rallies nature of what’s going on.” See NAIL SALONS on Page 6 ADDICTED TO NUMBERS? GET A DAILY DOSE AT @STATSANDTHECITY

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125 E. Broad St. Greenville, SC 29601 Pages/Panels 1 of 1 Paper Stock MG Trim 10.875” x 14.5” 10.875” x 14.5” Prod. Mgr. None P: 864.271.0500 | F: 864.235.5941 622 Third Ave, New York, NY 10017 Hardware or Component None Safety 10.25” x 14” 10.25” x 14” Acct. Exec. None P: 212.905.7000 | F: 212.370.0781 Equipment None Finished Identifier None 10.875” x 14.5” Size Comments: PDFx1a with bleed. Include marks, slug. Inks: Cyan, Magenta, Yellow, Black Fonts: Neue Haas Grotesk Display Std, Neue Haas Grotesk Text Std, Helvetica Neue LT Std Images: RM_WK_MT_DroidTurbo_Frt-GrnPop10.26-O23in-MG.psd (629 ppi), Verizon_CMYK_P.eps, droidturbo_ver_moto_k.eps, RM_AlcatelLucent_collaboration_CMYK.ai 20151005-NEWS--0006-NAT-CCI-CN_-- 10/2/2015 6:40 PM Page 1

THE INSIDER safer for cyclists. “We all hoped to get them off the sidewalks,”she said. “I don’t remember this bill, but I’d guess it was a unanimous vote.” Nail salons protest Complaints from pedestrians about bikers whizzing past them on sidewalks were common at the time. Continued from Page 4 campaign contributions on Assem- Cycling advocates, believing the staged a “strike” in which some blyman Ron Kim of Flushing, outcry was hurting their campaign shops temporarily closed in protest Queens, who in June passed legisla- for bike lanes, did not defend biking and displayed signs featuring Uncle tion to protect nail-salon workers but on sidewalks. So the bill passed, Sam saying, “I want your money.” has since emerged as a key opponent with an exemption for children and To fight what they considered of Mr.Cuomo’s wage-bond mandate. any adults biking with them. It is governmental overreach, owners At a July 9 fundraiser for the as- now a violation to bike on sidewalks hired the Parkside Group, a lobby- semblyman, the Korean and Chi- and a misdemeanor if people or ing firm with strong roots in the nese nail salon associations, as well property is endangered. Queens political scene and close ties as several salon owners, collectively But in the past few years, the is- to Mr. Cuomo, who grew up in the donated more than $25,000 to Mr. sue of petty crimes becoming major borough. Parkside also does public Kim’s campaign fund. To avoid the setbacks for young minorities has relations, which came in handy for appearance of a quid pro quo, Mr. gained currency: summonses for buck ennis the owners’ next move: suing the Kim refunded $8,000 to the two ON ‘STRIKE’: Some shops shuttered their doors to protest the state’s new rules. petty violations leading to arrests, governor. trade groups and the Korean Amer- lost jobs,abandoned educations and Their suit, filed in mid-Septem- ican Heritage Foundation after he a lifetime of struggle. ber, claims the wage mandate dis- publicly came out against the gover- A counter-rally was staged by a Cycling back “They jump the turnstile, they criminates against Asian salon own- nor’s regulations. new group calling itself the Healthy don’t pay the fine, they end up with ers, particularly female ones, and “I didn’t want to give any false Nail Salons Coalition. Charlene Manhattan Borough President a warrant and someone comes predicted it could cause a third of the impression that I was doing any- Obernauer,executive director of the Gale Brewer last week proposed a knocking on the door,” said Ms. businesses to close.The suit accused thing because of money or any- New York Committee for Occupa- slew of criminal-justice reforms, in- Brewer.“That’s what we’re trying to the Cuomo administration of en- thing that they have given me,”said tional Safety and Health and a cluding decriminalizing biking on avoid. We don’t want people to end forcing the rule selectively, ignoring Mr. Kim, a Democrat of Korean member of the coalition, said that sidewalks.As it happens,Ms.Brew- up with records for the rest of their the bulk of the state’s 34,000 “ap- descent. during negotiations with the gover- er was a member of the City Coun- lives for little, little offenses.” pearance enhancement” businesses As to the $17,000 he kept, a nor’s office, salon owners “seemed cil when it made that practice illegal Earlier this year, the City Coun- and instead zeroing in on the city’s spokeswoman for the assembly- pretty open” to the new rules. It was more than a decade ago. cil took up the cause of decriminal- 5,000 Asian-owned nail salons. man said individuals from the nail- only after the mandate went into ef- She can explain. ization, but not everyone’s a fan. Last week, lawyers representing salon industry have traditionally fect that the industry began to lob- Ms. Brewer recalled that the Police Commissioner Bill Bratton salon owners filed a motion to block given to his campaign. She noted by against it. Bloomberg administration was busy last month called it “crazy.” the state from enforcing the wage- that it was “100% legal” to keep “It was surprising to us,”she said. painting bike lanes to make streets —erik engquist bond rule, whose deadline for com- those donations. “We weren’t really anticipating pliance is Oct.6.(The TRO request In mid-September,owners unaf- backlash.” was denied.) They also submitted filiated with the Chinese and Kore- But Mr.Kim said many of the sa- QUOTE OF THE WEEK: ‘If someone can look several affidavits from business an trade groups, wearing T-shirts lon owners were unaware of how owners who said they have struggled that read “No wage bond—Stop burdensome the new rules would be. at this carnage and say nothing needs to to fill the requirements. squeezing small businesses,” rallied “They felt marginalized,” he be done or can be done, then they are on Salon owners have also lavished at City Hall. They were joined by said. “Just like many other immi- City Councilmen Peter Koo of grant communities, this is the first a different planet’ LISTEN to a discussion at Flushing and David Greenfield of time they’re going through this —Gov. Andrew Cuomo, after last week’s mass shooting in Oregon CrainsNewYork.com/podcasts Brooklyn. process.”

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CRAIN’S® N E W YORK BUSIN ESS

VOL. XXXI, NO. 1 WWW.CRAINSNEWYORK.COM JANUARY 5-11, 2015

CRAIN’S® N E W YORK BUSIN ESS

VOL. XXXI, NO. 1 WWW.CRAINSNEWYORK.COM OPINION JANUARY 5-11, 2015 CRAIN’S® NEW YORK BUSINESS CRAIN’S® N E W YORK BUSIN ESS OPINION VOL. XXIX, NO. 39 WWW.CRAINSNEWYORK.COM SEPTEMBER 30, 2013 ExpandVOL. XXXI, NO. 1 WWW.CRAINSNEWYORK.COMthe Frick museum 11 1 grand living room with cathedral ceilings, JANUARY 5- , 20 5 mong the many things hang their coats and use the bathrooms. expansion plan the Frick envisioned all Expand thethat maFrickke New York City M odemuseumrn wheelchairs cannot fit through those years ago. NY Area’s Largest Accounting Firms great arOPINIONe its museums. the doors. The museum’s thoughtfully updated More than 100 of them, Decades ago, museum officials and designed proposal, which requires Ranked by number of area professionals each with its own bought and demolished three adjacent both a zoning exception and landmarks $ mong the many things hang their coats and use the bathrooms. expansion plan the Frick envisioned all #$$ $ & # character, enhance the quality of life for buildings to expand their Fifth Avenue commission approval, is to replace the ! # % $& ' & ! !! that make New YorkA City Modern wheelchairs cannot fit through those years ago. " ! ! ! " " residents and keep tourism dollars institution and connect it to the Frick private garden with a public one on the great are its musefloumwis.ng intothe ldooocarlss.’ pockets. Art ReferenceTh eLibr musearyum’. Ths theyo ucoghultfdnully’t updatedroof of a new addition. The neighbors’ ( B190'9 %&@E341B " ! ! "! / Expand the Frick museum 6GPUd`Y$gQ hhhahII`X + + !+ More than 100 of them, Decades ago, museum officials and designed proposal, which requires Among the many things that make afford to do the project then, so they kvetching, boiled down, is that they will 7QhE`cV7E each with its own bought and demolished three adjacent both a zoning exception and landmarks the city infuriating are its kvetchers. created a splendid private garden on the lose their view of a closed garden. We )*+, -.*/ ")@DD%'7750'H " ! / character, enhance the quality of Thlifeese for arbuile tdhiengs fo tolk expands who threacteir F itofth Avenue commission approval, is to replaceside t hwie th the other 8.3 million New AUXQd@bfGcQ hhhQpI`X 5)4'179C1BB' !+ "+ + A mong the many things hang their coats and use the bathrooms. expansion plan the Frick envisioned all 7QhE`cV7E residents and keep tourism dochllangears byinst asitkiutng,ion “Whand connectat’s in iitt tofo rthe Frick private garden with a public one Yoonrk theers and 55 million tourists who flowing into locals’ pockets. Art Reference Library. tThhate ym coakule ThednNe’tw Yo rpublicoofrk Cofi tay neMw addodeirtnion. wh eeThlceh neairisg cannothbors’ fit through those years ago. !" !@(1BD %'BB1DD " ! / me?” They bemoan any idea that would get a garden they can visit—and 8GcV$gQ hhhVaXSI`Xfd + "+ + Among the many things that make afford to do the projectg trheaten, asore thietsy mukvseetcumhing,s. btohileed doo dorws.n, is that they will The museum’s thoughtfully updated 7QhE`cV7E might inconvenience them. More thanbenefits 100 of them offset, Decades ago, mua sevastumly offsupeicirialosr “handou desse ignedmuse um”proposal, which requires the city infuriating are its kvetchWhiers. chc reatedbrings a spulends toid ptrivheate F garicrkden on the lose their view of a closed garden.expe Wrieence, too. 01-2,,0 " 19BH 45775AC ! ! YP / These are the folks who react to each witheth itslostsi de owiw viewstnh thbeo uotg hhofte andr 8. 3de millimolionsh edN ethrw ee adjacent both a zoning exception and landmarks 9ÌVQRQWWQc8WGqG hhhPQWÙeeQI`X + YP ! + Collection, the magnificent little art The Frick could build on its property 7QhE`cV7E change by asking, “What’s in it for character, enhance the quality Yoof lirkfee rfos randbuil 55d imillings toon expand tourists th ewhir Foifth Avenue commission approval, is to replace the museum hTheoused public Ain the former a privileged few without a zoning action, but the current 2+*0)340) ""! 4'B71C%159CD159 /" residents and keep tourism dollars institution and connect it to the Frick private garden with a public one on the me?” They bemoan any ideares tihdenceat of Gilded Age industrialist would get a garden they can visitrul—esand demand a tall, thin building that’s ATUcP$gQ hhhQUdYQcGXaQcI`X @G'B0@419 + + "+ flowing into locals’ pockets. Art Reference Library. They couldn’t roof of a new addition. The neighbors’ 7QhE`cV7E might inconvenience them. Henry Claybenefits Frick. offset a vastly superior “house muhsearum”dly ideal for a museum. Of course, if Which brings us to the Frick Among the many things thexpeat mriaence,ke affotoo.rd to do the project then, so they kvetching, boiled down, is that they will -5*06*278 " "D1F19'H1B ! " " /!! A longtimthee f ilostxturthee cofviewsit y thinfe uric itatofy’isng are its kvetchers. created a splendid privthatee F garircdenk h adon tphreoposedlose stuhcehir avi toeww ofer, a closed garden. We @UieT$gQ hhhI`TYcQqYUIVI`X + + + artisan fireplaces and striking wood details Collection, the magnificent littMule searumt Mile, the Frick has seen its expansion siThte ien F trihcek i ntecoulrimd buil. d on its prneopeigrhbty ors would have griped about that 7QhE`cV7E museum housed in the former These are the folks who wireacttho utot a zoning action, but the current side with the other 8.3 million New attendance arise privileged nearly 40% since few the Neighbors of the museum, suddenly as well. They want the garden, and )*, 5-)*,-* "" B'96EBB1 YP residence of Gilded Age industrialist change by asking, “What’s rulin esit defomr and Thea tall, t hipublicn building that’s Yorkers and 55 million tourists who ATUcP$gQ hhhScGYeeT`cYe`YI`X + + YP mid-1990s but lacks mthe?e ”space Th etoy sbheomwoanbl essedany wiideath at hviatew of a garden rather everything else, to stawyo tulhed w getay ait ga is.rden they can visit—and 7QhE`cV7E Henry Clay Frick. much of its collection of Old Master than the hsairdesdly iofdea buill fodr iangs, mu secaumme. Ofto course,“It i’sf a beautiful garden,” a museum might inconvenience them. benefits offset a vastly superior “house museum” )7.3 ! 122B1H%%1591B / A longtime fixture of the paciintty’isngs, European sculpture and treasure tthhee gFrrieenck space,had p raoposedlthoug hs u(cohr a offtowiceiar,l admits. “We built it.” ATUcP$gQ hhhXGcIfXWWaI`X + "+ + Museum Mile, the Frick has seen its expansion site Whiin thceh i ntebririmngs. us to thnee igFhbricokrs woulthed hav elost griped views about that of experience, too. 7QhE`cV7E decorative arts. Its conceCollectrt iseon,ri esth ande magnpeirhficentaps bliecattleu sear)t it was closed to the And now it’s ExhibiTht Ae iFnri ac kc lcoassulicd build on its property attendance rise nearly 40% sincestu dentthe progNeraigmhbs ocannotrs of th e mmueetse umthe, suddenpublilyc. Yoasu canwell te. llTh wheye rew tanthis itsh goe igang:rden,lesson and of New York City land use: No 719)0: &@9'70F%5A'B5 " ! /! museum housed in the former a privileged few without a zoning action, but the current !@UieT$gQ hhhXISWGPcQpI`X + + + mid-1990s but lacks the space tode shmoand.w blPessedatrons wi wtahi ta ivin eliwnes of jua stga rtoden Sroatmher neeivgehbryothirs ngno ewlse, o tobj ectsta y toth e twheay itgood is. deed goes unpunished. 7QhE`cV7E much of its collection of Old Master than the sirdesesi denceof buil ofd iGngs,ilded ca mAgee to indust“riIta’sli sta beautiful garden,” a museum rules demand a tall, thin building that’s !!! B5'9))71CD@9 " " / paintings, European sculpture and treasure theHen greenry Cspace,lay F riacltkh.ough (or official admits. “We built it.” hardly ideal for a museum. Of course, if 8GcV$gQ hhhHPÌ`X !'90H")4G'BDI8'9 + !+ "+ decorative arts. Its concert series and perhaps becauAse ) liongtt wasim cel osedfixt urtoe thofe the Andcity’ nos w it’s Exhibit A in a classic the Frick had proposed such a tower, 7QhE`cV7E Museum Mile, the Frick has seen its expansion site in the interim. neighbors would have griped about that -,5+,02* ++ "" "D1F19'CC ! " /" student programs cannot meet the public. YoReprintedu can tewithll whpermissionere thi froms is thego iCrain'sng: Newlesson York Business of Ne. ©w 2015 Yo rkCrain C iCommunicationsty land use: NInc.o All Rights reserved. @UieT$gQ hhhcVIÌ`X #4@8'CF93177 + + + demand. Patrons wait in lines just to Some neighbattendanceorsFurther now duplication riosebj ectnea withoutrlyto 4th0 epermission% sgoodince is deedt prohibited.he goesN Visit ueinpg www.crainsnewyork.com.hbunoirssh ofed. the museum #NB15004, suddenly as well. They want the garden, and 7QhE`cV7E" mid-1990s but lacks the space to show blessed with a view of a garden rather everything else, to stay the way it is. 02+0)6)+ ! &@E37'CF% 45775AC " / much of its collection of Old Master than the sides of buildings, came to “It’s a beautiful garden,” a museum DeT@e hhhhQUdQcXGqGcdI`X + + + paintings, European sculpture and treasure the green space, although (or official admits. “We built it.” 7QhE`cV7E Reprinted with permission from the Crain's New York Business. © 2015 Crain Communications Inc. All Rights reserved. -**-) ;20+ ! 1F59%1'91 ! /!! decorative arts. Its concert series and perhaps because) it was closed to the And now it’s Exhibit A in a classic )UReT$gQ hhh`PaVRI`X + + !+ Further duplication without permissionstu isdent prohibited. prog Visitram www.crainsnewyork.com.s cannot meet #NB15004the public. You can tell where this is going: lesson of New York City land use: No 7QhE`cV7E demand. Patrons wait in lines just to Some neighbors now object to the good deed goes unpunished. 2,)2* --40)3* - " @17F%@@A1B8'9 ! " / ")UReT$gQ hhhIUecUYI`àQcXGYI`X + + + throughout. 7QhE`cV7E Reprinted with permission from the Crain's New York Business. © 2015 Crain Communications Inc. All Rights reserved. Further duplication without permission is prohibited. Visit www.crainsnewyork.com. #NB15004 Eprints (Digital Reprints) Plaques & Frames Logo Licensing www.20IslandTrail.com Hard Copies Price Upon Request For more information contact Krista Bora, Reprint Account Executive #

6 | Crain’s New York Business | October 5, 2015 20151005-NEWS--0007-NAT-CCI-CN_-- 10/2/2015 4:26 PM Page 1

IN THE Kati-roll rivals look MARKETS to curry jury’s favor by Aaron Elstein Kati rolls are street food from Kolkata, India, that have made a big BLACK GOLD: splash here,because who doesn’t like Banks once saw big a wrap filled with a kebab, paneer money flowing from wells like these. cheese and curried vegetables? But it Commodity-trading banks to Fed: turns out these tasty treats are the subject of a bitter legal dispute that Thanks for saving us from ourselves could go to a jury as soon as next month. ankers who normally whine about ham-handed The case was brought by the Kati government regulators now have a reason to celebrate Roll Co., which kicked off the local craze when it opened a West Village them. In a singularly prescient move, regulators nudged outpost in 2002. It has sued a rival B Kati Junction banks to retreat from commodities just before that market called for trademark in- got routed. fringement, alleging that its competitor, which last year opened a The story begins early last decade, when energy prices were midtown eatery three blocks from a rising thanks to the start of the war in Iraq and commodities Kati Roll location, stole recipes and

were Wall Street’s hot new thing.The Federal Reserve in 2003 istockphoto swiped the menu by offering the same 13 items in the same order. relaxed its rules that until then had said in a May 2011 presentation Seeing which way the winds the purported model for the future The restaurants’ layout and color limited how much banks could play to their board, according to were blowing, the banks began to just four years ago—has seen its schemes are too close for comfort, in those markets. Soon the big banks Bloomberg News. step away from commodities.A year stock price collapse by more than Kati Roll alleges. were proud owners of power plants But commodities markets are,by ago, JPMorgan Chase sold its business 70% in the past six months amid Kati Junction argues that though and oil-storage facilities to ensure their nature, prone to booms and that traded oil and stored metals, questions about its solvency. the restaurants serve similar fare and that their traders had ample stashes to busts. In the postcrisis world, regu- fetching $3.5 billion in cash. Mor- The big banks still trade in certain may resemble each other in certain buy and sell. lators weren’t too happy with banks gan Stanley sold its oil-transport commodities and lend to producers ways, no customers are confused, The idea,according to the think- exposing themselves to so much business in July 2014,as well as some and manufacturers, so they haven’t and no trade secrets were misappro- ing at the time, was for banks to risk. Early last year, the Fed told energy investments, for about $750 been totally spared from the bust.But priated. A federal judge said she compete with conglomerates like banks that it would come up with million. Credit Suisse, Deutsche Bank they’re in much better shape than couldn’t figure out how to solve the Glencore, a Swiss-based giant that rules limiting their activities in and Barclays also dialed back. they would otherwise have been. issue, and last week set a trial date of extracts minerals from the ground commodities. Last November, the Those banks are surely glad they Goldman’s stock is down by about Nov. 30. and makes markets trading them. U.S. Senate Permanent Subcom- did, because in the past year prices 10% in the past three months, Presumably, the aromatic Glencore “may be [the] model mittee on Investigations released a for many commodities have Morgan Stanley’s by 15% and fragrance of curry will fill the court- for [the] evolution of commodities report warning about the risks plunged. Oil has sunk from $120 a JPMorgan’s by 2%. Glencore would room as jurors examine the trading,” Goldman Sachs executives banks were taking in these markets. barrel to about $45,and Glencore— love to trade for that right now. evidence. Ⅲ

October 5, 2015 | Crain’s New York Business | 7 20151005-NEWS--0008-NAT-CCI-CN_-- 10/2/2015 4:27 PM Page 1

OPINION CRAIN’S NEW YORK BUSINESS

Don’t believe the gripe editor in chief Rance Crain publisher, vp Jill R. Kaplan assistant to the publisher, s Gov. Andrew Cuomo pressures Mayor refused to entertain a host of sensible, money-saving ideas Alexis Sinclair, 212-210-0701 Bill de Blasio to allocate more than $3 sought by the cash-strapped authority. Instead, it waited for EDITORIAL billion for the transit system’s overdue Mr. Cuomo’s re-election campaign, when it took part in a editor Jeremy Smerd assistant managing editors Barbara Benson, capital plan, a new player has entered the scripted drama in which the governor swooped in to save the Erik Engquist web editor Amanda Fung debate: the union representing the day with a contract agreement. copy desk chief Steve Noveck art director Carolyn McClain Metropolitan Transportation Authority’s Problem was, the union got everything it could have staff photographer Buck Ennis senior reporters Joe Anuta, Aaron Elstein, rank and file. hoped for in the deal—ample raises and no reforms—and Matthew Flamm, Daniel Geiger, Andrew J. Hawkins, Transport Workers Union Local 100 is buying ads generated no savings to help the MTA repair and modernize Adrianne Pasquarelli reporters Jonathan LaMantia, Caroline Lewis blasting Mr. de Blasio for not immediately coughing up the the transit network.The union’s gravy train kept rolling, data reporter Gerald Schifman A web producer Peter D’Amato cash. But TWU’s complaint lacks credibility, and not just while riders’ trains were increasingly delayed by signal columnist Greg David contributing editors Tom Acitelli, because its initial ad focused inexplicably on the just- problems and rail conditions. Theresa Agovino, Paul Bennett, Erik Ipsen, completed $2.4 billion extension of the 7 train—a project Now TWU would Judith Messina, Cara S. Trager that was 97% funded by the city. It’s the union’s track record have us believe it is ADVERTISING The transit union www.crainsnewyork.com/advertise and motives that make its demand unseemly and ironic. standing up for the advertising director, Irene Bar-Am [email protected] or 212-210-0133 TWU Local 100 ruthlessly squeezes the authority for says it’s standing MTA and riders. senior account managers every last dollar it can get, while giving little back. It clings to Please.The union got Jill Bottomley Kunkes, Rob Pierce up for MTA riders. account managers Zita Doktor, Jake Musiker, archaic work rules that prevent the authority from efficiently the contract it wanted Stuart Smilowitz marketing coordinator LeAnn Richardson deploying employees. It defends an overtime scheme that Oh, please from Mr. Cuomo and sales/events coordinator Ashlee Schuppius [email protected] veteran transit workers exploit to reap salaries exceeding is returning the favor by 212-210-0282 ONLINE $200,000 and pad their pensions. hammering Mr. de general manager Rosemary Maggiore, Should an MTA executive dare stand up for riders and Blasio.TWU should 212-210-0237 [email protected] CUSTOM CONTENT suggest contract reforms, the union gets personal, mocking instead endorse Sam director of custom content and demonizing him as a fat cat who looks down on the Schwartz’s toll plan, which would ease traffic congestion Patty Oppenheimer, 212-210-0711 [email protected] common folk. Sometimes the union even goes on strike, and fund the MTA capital plan without further taxing EVENTS stranding millions of New Yorkers and crippling the straphangers, who pay enough already. www.crainsnewyork.com/events director of conferences & events economy, even though it is forbidden by law to do so. New Yorkers who see the union’s disingenuous ads should Courtney Williams, 212-210-0257 [email protected] The last time its contract expired,TWU Local 100 remember their history and consider the source. manager of conferences & events Adrienne Yee AUDIENCE DEVELOPMENT director of audience & content COMMENTS partnership development Michael O’Connor 212-210-0738 [email protected] CRAIN’S 5BOROS www.5boros.com Irene Bar-Am, 212-210-0133 City should take first lady’s advice [email protected] SPECIAL PROJECTS manager Alexis Sinclair, 212-210-0701 SUMMER JOBS AT RISK cess in the workplace. have what city employees have, Featuring an unheard-of 11- [email protected] But the fate of many summer with taxpayers paying for it. inch profile, these new, healthier REPRINTS As first lady Chirlane McCray programs hangs in the balance. Rather, private-sector workers mattresses use premium-grade, reprint account executive Krista Bora, noted in her Aug. 24 op-ed, “Help Funding for programs that serve would pay for their own pensions open-cell, flexible polyurethane 212-210-0750 wanted: Jobs for vulnerable more than 30,000 children and and those of public employees— under a memory foam-enhanced PRODUCTION production and pre-press director youth,” our city’s Summer Youth employ thousands of youth was with politicians controlling the tufted organic sleep surface. The Simone Pryce Employment Program (SYEP) al- narrowly secured during the last money, and the private-sector result is a mattress that is not only media services manager Nicole Spell lows thousands of young people to budget cycle, and only for one pensions being much less gener- beautifully designed, but also one SUBSCRIPTION CUSTOMER SERVICE gain vital career skills and have a year. It is critical that our city ous, not guaranteed and never that breathes and provides pres- www.crainsnewyork.com/subscribe productive, enriching summer. make a long-term investment in retroactively increased. sure relief, temperature regulation [email protected] 877-824-9379 (in the U.S. and Canada). The city deserves praise for secur- summer camps. These programs This is being advanced by and “zero gravity” sleep comfort. $3.00 a copy for the print edition; or $99.95 one ing opportunities for nearly 3,000 are too important to leave to the public-employee pension advo- Being “organic” is desirable but year, $179.95 two years, for print subscriptions with vulnerable youth in foster care and annual budget battles. cates not out of any real concern makes a mattress very expensive. digital access. homeless shelters this year. —jennifer march for the serfs, but as a way to say, So we built a hybrid: a fusion of TO CONTACT THE NEWSROOM: City-funded summer camps Executive director “See, we’re even”—without things memory-foam-enhanced organic www.crainsnewyork.com/staff 685 Third Ave., New York, NY 10017-4024 account for about one-third of all Citizens’ Committee for Children being even at all. It’s just PR. cotton on the outside for purity, phone: 212-210-0100 fax: 212-210-0799 SYEP jobs. Roughly 16,500 —larry littlefield and foam on the inside for comfort Entire contents ©copyright 2015 Crain Communi- young people spent the summer as Brooklyn and durability. Purchasers can or- cations Inc. All rights reserved. ®CityBusiness is a NIX THIS PENSION SCHEME registered trademark of MCP Inc., used under junior counselors—providing su- der online and have it built to order license agreement. pervision, facilitating activities You cannot have one year in re- and shipped for free in three to five MISSING MATTRESS MAKER CRAIN COMMUNICATIONS INC. BOARD OF DIRECTORS and acting as role models and tirement for each year worked days to the nation’s 48 contiguous chairman Keith E. Crain mentors for younger children. without it coming at someone We read “Finally, a mattress in a states, direct from the factory. president Rance Crain Some were then hired by their else’s expense. Greece tried that. A box” (May 31) on Casper mat- And if buying a mattress made treasurer Mary Kay Crain programs as after-school staff. nonsensical plan (“Public advo- tresses with great interest. We in America by Americans isn’t Cindi Crain executive vp, operations William Morrow These camps, an extension of cate renews push for private pen- were wondering why you over- enough, the company donates 5% executive vp, director of strategic city-subsidized after-school pro- sion pool,” CrainsNewYork.com) looked Organica Mattress. of profits to support the homeless. operations Chris Crain grams, provide more than cultural won’t change that. Even if such a Organica mattresses are made No other mattress maker does that. executive vp, director of corporate operations K.C. Crain and academic activities for young plan existed, it would probably be in America by Americans. They —irwin pearl senior vp, group publisher David Klein children and a safe place for work- raided to pay for more public- offer quilted memory foam with a t.j. williams vp/production, manufacturing David Kamis ing parents to bring them. They employee pension increases. luxurious feel, as well as high- The writers are chairman and CEO, chief financial officer Thomas Stevens chief information officer Anthony DiPonio also provide career-related experi- What is being proposed is not density foams handcrafted with a respectively, of Nassau County-based founder G.D. Crain Jr. (1885-1973) ences that prepare youth for suc- that private-sector workers should natural organic cotton surface. Organica Mattress. chairman Mrs. G.D. Crain Jr. (1911-1996) secretary Merrilee Crain (1942-2012) CRAIN’S WELCOMES SUBMISSIONS to its opinion pages. Send letters to [email protected]. Send columns of 475 words or fewer to [email protected]. Please include the writer’s name, company, address and telephone number.

8 | Crain’s New York Business | October 5, 2015 20151005-NEWS--0009-NAT-CCI-CN_-- 10/1/2015 6:57 PM Page 1

PATRICK SICONOLFI

ty of this administration, Mr. de The property tax Blasio should seek the same kinds of caps on property taxes, as well as on water and sewer rates paid is too damn high by owners of rent-regulated apartments. This would help ensure a his month,as a result of an unprecedented move healthy housing market that en- by the Rent Guidelines Board, rent-regulated courages investment in,and development of, affordable units. units in New York City will see a 0% increase on It would hardly be novel to one-year leases. limit property taxes when tenants Prior to Mayor Bill de Blasio’s taking office, get a break on rents. There are the rent board had never voted for increases below 2% for many examples of tax credits T being provided to building such leases. Many building owners across New York City owners when rent payments are feel that the administration is jeopardizing the future of discounted. For instance, when low- rent-regulated housing, an impor- the mayor believes are so plentiful. income senior citizens qualify for tant component of the city’s Rising property taxes are also a program that fixes their rent at a affordable-housing sector. certainly not helping solve the very low amount, their landlords In response to a question from affordability crisis. In fact, they get a property-tax credit match- a concerned small-building owner account for 30% to 35% of what ing the increase that the tenant during a recent radio interview, New Yorkers pay for rent every is exempted from paying. A Mr. de Blasio lauded the Rent month. If the “rent is too damn property-tax freeze during the Guidelines Board’s decision to im- high,”we should consider the rea- rent freeze could work in the same pose a rent freeze. He stated that son. The property taxes are too way. landlords have the “resources to damn high. City Hall should take a hard run their units well.” The Rent Guidelines Board look at the property-tax outlays of Those comments downplay the has failed in its mission to provide rent-stabilized-building owners significant concerns of thousands appropriate rent increases for and think about how that growing of apartment-building owners in decades, and now landlords’ costs burden is undermining confidence New York City and carry implica- are starting to grow faster than in the rent-regulated marketplace. tions for investors’ confidence in their rents. Property taxes, for ex- the city’s rental housing. ample, account for about 40% of Patrick Siconolfi is the executive director of The property-tax burden is be- building owners’costs and are their the Community Housing Improvement coming an economic nightmare fastest-growing expense. They are Program, a trade association representing for owners, tenants and investors. disproportionately high. more than 2,500 apartment-building It cuts into those “resources” that If rent freezes remain a priori- owners in New York City.

very functional. One mainstay, JPMorgan Chase, showed how Grand Central restive these companies are and how much they need modern office space when it sought to decamp to owner’s hot air Hudson Yards last year. The Bloomberg administration tried to outmaneuver Mr. Penson he best description of the strategy of real estate two years ago with a rezoning of the investor Andrew Penson, owner of Grand area that would have allowed the city to sell air rights to developers. Central Terminal’s air rights, is “my way or the It just didn’t have the political cap- highway.’’That’s one way to do business,but in ital needed to push it through.The his case it has caused significant damage to the de Blasio administration has picked city’s economy. up the effort, and as a first step has T won approval for a rezoning of the In 2006, Mr. Penson led a group of investors that bought Vanderbilt corridor that will allow Grand Central for $80 million from Metro-North, which SL Green to build a 63-story office tower next to Grand Central. agreed to pay him $2.24 million in SL Green had explored a deal annual rent. The cash flow from with Mr.Penson but didn’t think it the railroad was peanuts compared could afford his price. Instead, it with the potential sale of the 1.3 agreed to make at least $220 mil- million square feet of development lion in improvements to Grand rights he acquired in the deal.The Central in return for a zoning purchase price valued those air bonus from the city. It was the rights at something like $61 a equivalent of paying $400 a square square foot, giving him the foot for the air rights. That’s a lot. prospect of easy profits. Mr.Penson,now desperate,has However, in the decade since, filed a $1.1 billion federal lawsuit Mr. Penson has not sold any of against the city to overturn the them.It’s not that there haven’t been GREG DAVID Vanderbilt rezoning and win com- parties interested in constructing pensation that would make the office buildings with immediate ac- midtown improvement plan eco- cess to Grand Central, but no one which we now call midtown east. nomically impossible. has been willing to meet his asking Historically,Park Avenue has been Lawyers I talked to last week price, which seems to have been as a very prestigious address for cor- say his case is shaky at best.It is not high as $800 a square foot. porations, banks and law firms. hyperbole to say that the fate of Unfortunately for the city,those Not today, because the buildings one of the most crucial business development rights are crucial to are very old. On average, they were districts in the city depends on the the Park Avenue office district, built 70 years ago and are no longer lawsuit’s failure.

October 5, 2015 | Crain’s New York Business | 9 20151005-NEWS--0010-NAT-CCI-CN_-- 10/1/2015 6:16 PM Page 1

as much as 7%, according to Shelley complement what the department Kohan, vice president of retail con- store already sells: Consumers al- Macy’s makes room for partners sulting at RetailNext, a data suppli- ready flock to Nordstrom for cloth- er. “The decline in brick-and- ing,but now they’re able to find more Continued from Page 4 and services in that space on their “Yes, you can bring in third- mortar comes from the sheer fact of exclusive brands of apparel, too. graphic that has traditionally viewed distribution platform as long as the party brands, but there’s a responsi- so many digital choices and op- the department-store sector as a relic. products are relevant to their con- bility to curate things from your own tions,” she said. Other alliances Macy’s is also embracing a sumers, which electronics certainly brand,”said Neil Saunders,chief ex- The concept of teaming up is not The Best Buy collaboration at banding-together attitude through are,” said Robin Lewis, chief execu- ecutive of Conlumino, a midtown- a new one, and it has worked out Macy’s is different. It is designed to its shop-in-shop program. In addi- tive of retail strategy newsletter The based retail consultancy, noting the well for other department stores, lure customers who have not tion to Best Buy, the chain has an- Robin Report. danger of Macy’s going “too far roamed the 157-year-old retailer’s nounced it will be featuring Men’s down this track of relying on other storied halls. And targeting the dig- Wearhouse and Bluemercury,a cos- Avoiding customer confusion retailers to draw in sales rather than A plan to lure ital generation may be the best way metics company that Macy’s bought Partnerships carry a risk, howev- reinvigorating its own store.” to attract new sales. earlier this year. Analysts said that er, of diluting the quality and value The partnerships with Best Buy new customers “It adds some credibility to by using its stores as a distribution associated with an established and others come at a time of weak- Macy’s with a bit younger audience site for other brands,Macy’s will be- brand. Experts warned that al- ness for the $28.1 billion Macy’s. carries risk beyond Hanes underwear,” said come more similar to competitor though Macy’s can devote some For its second quarter ended Aug.1, Kevin Meany, chief executive of Amazon, which has staked its name store space to other concepts, it still the company reported sales of $6.1 for iconic brand BFG Communications, a branding on selling everything to everyone. needs to cultivate its own identity as billion,a 2.6% decline over the year- agency. “There’s that halo effect of “Macy’s can literally put all kinds a shopping destination—otherwise earlier period. Net income fell 26%, bringing technology into the of other retail brands and products customers could get confused. to $217 million. Given those num- stores—you don’t feel any of that in bers, the same-store sales decline of Macy’s usually,which is just racks of CORRECTIONS just 1.5% almost qualifies as good notably JCPenney, which began clothes and cosmetics.” Paul Dailey, a partner with CPA firm Citrin Cooperman, was incorrectly referred to as Mr. Cooperman in news.CEO Terry Lundgren recent- hosting 1,500-square-foot Sephora Macy’s is testing the concept the Sept. 28 “Inversion incursion.” ly announced he will prune the fleet sites more than a decade ago. There during the holiday season,and retail Freelancers Union is based in Brooklyn, not Manhattan. This information was misstated in the Sept. 28 by as many as 40 locations. are now about 500 Sephoras in Pen- experts expect it to succeed and be “Rat race.” The always-crucial holiday sea- ney locations, totaling more than a rolled out to additional locations. Jeff Knopping of the Cowen Group is now a managing director for the financial service firm’s special son might not provide much relief. million square feet. In recent years, “Previously, department stores were situations group. He was previously a managing director in the company’s investment banking group. Retail observers predict only a mod- Nordstrom has led the way by host- department stores—it was very This information was misstated in the Sept. 28 Executive Moves. est 3% to 4% gain industrywide, ing spaces from trendy brands black and white,” said Ms. Kohan. John Dokes, who was promoted to general manager of the AccuWeather Network, will also continue in powered by online sales. Brick-and- Bonobos and Topshop. “Now in the retail landscape, the his role as chief marketing officer. This fact was misstated in the Sept. 21 Executive Moves. mortar stores could see traffic drop Yet such partnerships typically lines are very blurred.” Ⅲ ABSOLUTE AUCTION REAL ESTATE Rob Speyer takes helm of family firm

ne of the city’s largest commercial landlords is handing the reins of the company to the next generation.Rob Speyer, 45, will become Tishman Speyer’s sole chief executive after shar- ing the top spot at the company for the past seven years with his father, Jerry Speyer. Tishman Speyer is among the city’s Olargest landlords,owning a portfolio that includes some of Manhattan’s best- known buildings, including Rockefeller Center, the Chrysler Building and 200 Park Ave.The company has also built a large overseas portfolio of properties in countries such as Brazil and China.

The move com- Stuyvesant Town- pletes a long-expected Peter Cooper Village succession at the firm. complex from Jerry Speyer, 75, will MetLife in 2006. RIDGEWOOD, NEW JERSEY remain the chairman Tishman Speyer later of the company. defaulted on the resi- Under Rob Spey- dential property, Absolute Auction: er’s leadership, the turning it back over to firm has pushed ahead its creditors. Saturday, October 24, at 11am ET on several large devel- Earlier this year, opment projects. Last Rob Speyer was re- year, it purchased for portedly the real es- more than $400 mil- tate executive in- lion a site in the Hud- volved in a probe, Visit DeCaroAuctions.com for Rob Speyer son Yards, where it launched by U.S. At- Exclusive Video, Open House Dates & Times plans to build a 2.85 torney Preet Bharara, million-square-foot mixed-use de- of former state Senate Majority velopment. Leader Dean Skelos. The com- In cooperation with Marilyn Nuber of Keller Williams Village Square Realty Tishman Speyer also acquired a plaint, which does not name Mr. - 2% Broker Cooperation - portion of Macy’s outpost in down- Speyer or accuse him of wrong- town Brooklyn for $270 million. doing, states that the executive had The company plans to convert the lunch with Mr. Skelos and Mr. space to creative offices and provide Skelos’ son and then later used the capital to Macy’s so it can refurbish younger Mr. Skelos for title insur- its store. ance work. Mr. Skelos is being ac- Rob Speyer’s rise to the top of his cused of securing jobs, money and family’s real estate firm has had its other benefits for his son in ex- bumps along the way, however. Be- change for helping a water- 1.800.332.3767 fore becoming co-CEO in 2008, he filtration company secure contracts Over 35 Years championed a $5 billion-plus deal with Nassau County. to purchase the 11,000-unit —daniel geiger

10 | Crain’s New York Business | October 5, 2015 590 MADISON AVE

WE ARE PROUD TO ANNOUNCE THE FOLLOWING TRANSACTIONS

Aspen Insurance JBT Capital Entire 6th, 7th and 8th floors Part 25th Floor Tenant was represented by Tenant was represented by Michael Geoghegan, Ariel Ball, Harley Stevens, Hugh McDonald and Steven Kaufman James Robbins and Christopher Mansfield of Hanley Advisors of CBRE

Delphi Capital NASCAR Entire 30th and Part 29th floors Part 40th Floor Tenant was represented by Tenant was represented by James Coleman and Steven Kaufman Patrick Heeg of Hanley Advisors of Jones Lang LaSalle

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HEALTH CARE INSIDE The List New York area’s largest benefits consulting firms PAGE 15 ‘They were selling a $1 bill for 75 cents’ —Richard Allen of American Corporate Benefits, on the soon-to-shutter REPORT Health Republic and its rock-bottom premiums, Page 17

BENJAMIN GEYERHAHN: Clients turn to BeneStream, his Manhattan firm, to enroll their workers in Medicaid.

MEDICAID ON THE RISE NYS Medicaid enrollees Adding Medicaid 6.3 million to benefit options 4.6 million 2004 2014 Employers turn to health startup BeneStream to screen low-wage workers Source: NYS Department of Health

BY JONATHAN LAMANTIA ployers enroll low-income workers in Medicaid. ents up to age 26. The penalty for noncompliance is about A confluence of three Obamacare attributes has $2,000 for each full-timer, although the fines exclude the When Jackie McMann-Oliveri started as human- strengthened four-year-old BeneStream’s ability to score first 30 employees. resources director at the Meatball Shop in July 2014, she financing from investors and land new clients.The health The new requirement puts companies in low-wage in- knew the company had to act quickly to prepare for the care law requires companies to insure their workforce or dustries such as hospitality and home health care in a bind. requirements of the Affordable Care Act. face fines. Individuals face penalties come tax time if they They must offer benefits packages that serve the needs of The six-restaurant chain would shortly be responsible don’t get covered. The third feature is the expansion of their high-level executives, but at the same time give low- for providing health benefits to even its lowest-wage Medicaid in 31 states, including New York, to cover peo- wage workers access to an affordable health plan. workers—dishwashers, busers and other kitchen staff. ple who earn up to 138% of the federal poverty level, or “Employers are in a difficult position because they’re be- “Speaking to people in the restaurant business, nobody about $33,500 for a family of four. ing asked to cover a pretty high portion of the population,” had ever offered benefits before.It was a brand-new world,” The scope of the employer mandate to provide health in- said Mary Clark, practice leader at Cammack Health, a Ms. McMann-Oliveri said. surance to workers will be even greater in January 2016. Manhattan benefits consultant.“You may offer rich cover- She brought the problem to her boss with a potential Companies with 50 or more staffers will be required to offer age and it’s not affordable to everyone you cover.”

buck ennis solution:BeneStream,a software company that helps em- coverage to 95% of full-time employees and their depend- See BENESTREAM on Page 14

October 5, 2015 | Crain’s New York Business | 13 20151005-NEWS--0014-NAT-CCI-CN_-- 10/1/2015 6:13 PM Page 1

REPORT HEALTH CARE

has signed up or re-enrolled 5,500 Trope, managing director at Crystal companies fret that referring work- people for Medicaid. The new fund- & Co. His Manhattan brokerage ers to Medicaid might be seen as a Medicaid at work ing is for sales team expansion. firm has worked with BeneStream sign that their benefits program isn’t The company has struck partner- since last year. It recently signed up strong enough to cover all its em- ships with more than 30 insurance its first client to use the service. ployees, said Mr.Trope. Continued from Page 13 About 10% of the restaurant chain’s brokers, including USI Insurance “Health insurance costs are the “The optics of it can be a hurdle,” That’s a gap that BeneStream ex- 340 employees used the service last Services and HUB International, second biggest for many companies, he said. ploits.The Meatball Shop is entering year, Ms. McMann-Oliveri said. which now sell BeneStream’s prod- after labor,” Mr. Trope said. “Any- Although Medicaid is an afford- its second year of using BeneStream. ucts to their clients as part of a ben- thing you can do to control those costs able option for employees, the cov- Every month, Ms. McMann-Oliveri Controversial niche efits package. For an employer with in a way that’s not just shifting them erage can make it more challenging provides a list of employees who BeneStream recently raised $6.3 1,000 workers earning less than to the employee is a good thing.” for them to find doctors who take might be eligible for Medicaid.Bene- million in Series A financing, from $33,500, BeneStream’s service costs But the idea of employers seeking the insurance, said Tal Gross, an as- Stream contacts the workers, who investors including BlueCross $35,000 upfront and $4,000 a government assistance for their sistant professor of health policy at gather documents, such as rent stubs BlueShield Venture Partners, the VC month to enroll existing employees, workers is controversial. Medicaid is Columbia University. and children’s Social Security cards, arm of the Blue Cross Blue Shield handle new hires and process all refunded by state and federal govern- “Medicaid is not necessarily and use the company’s software to ap- Association.The company has grown enrollments. ments, and employers don’t con- health insurance we would all want,” ply for Medicaid. A multilingual call to 70 employees in seven states, up Brokers get a portion of those tribute to premiums as they would he said.“That’s one issue.Another is center helps with the application. from only eight workers last year, and payments. Among them is Bob with commercial insurance. Some the cost is shifting to taxpayers.” Ben Geyerhahn, the company’s chief executive, said it has screened 35,000 people for eligibility. He believes his company is fulfilling an Obamacare goal by helping people get coverage and saving out-of- pocket costs, which are limited to nominal amounts for Medicaid enrollees. “The employee still gets offered employer-sponsored health insurance,”he said.“What we’re trying to do is to provide the employee all of the options that they should have.” Low-wage workers Mr. Geyerhahn added that many companies that pay workers wages that are low enough to qualify for Medicaid “are running on fairly narrow margins.” One example, he said, is a home-health agency that has no control over what it charges for serving a low-income client base because its reimbursement is set by Medicaid. New York’s Medicaid program insured more than 6.3 million people in 2014. After years of rising costs, the program cut its 2014 spending per recipient to its lowest level in more than a decade. This year, the state began a $7.4 billion overhaul of Medicaid. Mr. Geyerhahn said Bene- Stream encourages a more responsible use of the health care system by aligning with the state’s goals. “If you’re getting enrolled in Med- icaid in an emergency room, you’re a high cost,” Mr. Geyerhahn said. “There’s a far greater likelihood that if you’re enrolled in Medicaid before you have a need, you’re going to use it in a way that’s the least expensive.” New Yorkers eligible for Medic- aid often don’t enroll.Ms.McMann- Oliveri remembers that in previous jobs she sat with employees for more than two hours to work on Medicaid enrollment. Even when she was able to get the right support on the phone to start the process there was no guar- Sometimes life pulls you in unexpected directions. antee an employee would avoid any number of roadblocks to enrollment. The support BeneStream provides to Our insurance plans help workers,she said,is its biggest selling point. keep your business on track. “I know for a fact that I’ve had people not apply for benefits be- Finding health insurance to meet your employees’ needs as well as your bottom line can be complicated. cause they’re afraid and they don’t We help make ﬁnding the right plan simpler, while our broad Oxford Metro Network helps make getting care easier. understand the process,” she said. Which is a healthy solution for everyone. “When they have someone helping them, they’re willing to do it.” Columbia’s Mr. Gross said he Contact your broker visit uhc.com/metro can see BeneStream’s appeal to employers adapting to Obamacare. NY-15-583 Premium rates, plan designs, and/or the new Metro network have been ﬁled and are subject to approval “Most employers just aren’t by regulators. Oxford HMO products are underwritten by Oxford Health Plans (NY), Inc. Oxford insurance products are underwritten by Oxford Health Insurance, Inc. equipped to deal with this,” he said. “It’s nice to have a company that you pay to take the headache away.” Ⅲ

14 | Crain’s New York Business | October 5, 2015 20151005-NEWS--0015,0016-NAT-CCI-CN_-- 10/1/2015 6:12 PM Page 1

THE Largest Benefits Consulting Firms LIST Ranked by number of New York-area professionals THE SCOOP TRENDS

rain’s 2015 edition of the area’s largest benefits consulting Gotham growth HR heavyweights firms shows the same 20 as last year’s version. But the iden- These five firms had at least a 20% increase in their Six firms have at least 10,000 consultants companywide. tity of this group is soon to change, as companies are merg- total number of New York-area professionals. Arthur J. Gallagher now has 500 more than Mercer. ing to better meet clients’ retention challenges and global Alliant Insurance Services Arthur J. Gallagher & Co. opportunities. 66% 21,098 Arthur J. Gallagher & Co. Mercer Just two weeks ago, Korn Ferry acquired Hay Group (No. 18 on Crain’s 20,587 C 49% list) for $452 million, putting a global management consultancy under the Deloitte umbrella of the world’s largest executive search firm. It allows Korn Ferry NFP 19,200 31% Willis Group to become more of a one-stop shop—like Goldman Sachs and JPMorgan Aon Hewitt 18,000 are to finance—and consult on companies’ efforts to retain employees. Towers Watson & Co. Gary Burnison 28% 16,000 “The No. 1 change in the workforce is its borderless nature—you’re Frenkel Benefits PwC just not going to sit at a desk for 20 years and get a gold watch,”said Gary 20% 10,000 Burnison (pictured), CEO of Korn Ferry. “Millennials may work 25 jobs over the course of 0 10% 20% 30% 40% 50% 60% 70% 0 5K 10K 15K 20K 25K their careers, while baby boomers like me will work five. How can benefits create a stickier Source: Crain’s research Source: Crain’s research workforce, and a more engaged workforce?” As benefits consultants assist more clients in broadening employment packages,they’re also Service breakdown trying to expand their reach. Watson & Co. (No. 5) and Willis Group (No. 14) will soon combine Benefits consulting firms generally offer a similar array of services, although just 14 provide outsourcing. to become Willis Towers Watson, a move that will cut more than $125 million in costs. But 20 20 20 20 19 reductions in expenditures are only part of the equation for these mergers. More prominent is 15 18 18 18 18 the fact that the combined firm will be able to integrate Willis’ global outreach with Towers 14 Watson’s array of consulting and risk-management services. And similar mergers may still be 10 coming. 5 “I think the industry is strong,”said Lenny Sanicola,a spokesman for WorldatWork,a non- 0 profit human-resources association.“When we see firms consolidating,it’s not because they’re Human Retirement/ Welfare-plan Comm. Administrative Benefits Compensation Technology Outsourcing struggling. It’s because they’re looking for synergies and expanding their expertise.” resources savings plans consulting consulting administration —gerald schifman Source: Crain’s research

Services

3 New York-area Firmwide professionals1 professionals2 % of Head(s) of NY office/ clients in Rank Firm phone/website 2015 2014 2015 2014 Administrativeconsulting Benefitsadministration CommunicationsCompensationconsulting Human-resourcesconsulting OutsourcingRetirement/savings plansTechnologyconsulting Welfare-planconsulting NY area Compensation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

Continued on Page 16

October 5, 2015 | Crain’s New York Business | 15 20151005-NEWS--0015,0016-NAT-CCI-CN_-- 10/1/2015 6:12 PM Page 2

THE LIST Largest Benefits Consulting Firms

Services

3 New York-area Firmwide professionals1 professionals2 % of Head(s) of NY office/ clients in Rank Firm phone/website 2015 2014 2015 2014 Administrativeconsulting Benefitsadministration CommunicationsCompensationconsulting Human-resourcesconsulting OutsourcingRetirement/savings plansTechnologyconsulting Welfare-planconsulting NY area Compensation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16 | Crain’s New York Business | October 5, 2015 20151005-NEWS--0017-NAT-CCI-CN_-- 10/1/2015 6:23 PM Page 1

REPORT HEALTH CARE

Management pursued venture their rates were. There was talk backing, for example, and would about how they were inadequate,” Small groups squeezed have created a for-profit subsidiary said Paul Macielak, president of the “at least a year ago, but that was de- New York Health Plan Association, nied by CMS,” said Ms. Pickering. an insurance group. Health Republic’s exit Health Republic wasn’t a typical With any new venture, “access to “We explored every option pos- The state does not “allow large, insurer. Obamacare created a new capital is so critical,”said Health Re- sible,” she said, but the federal gov- wholesale rate revisions after the leaves fewer choices type of nonprofit carrier,called a co- public board member Laurel Picker- ernment was “not able to provide the submission process [or] companies op, with unworkable regulations, ing, president and chief executive of support that we anticipated.” would try to reverse-engineer their for small firms Health Republic asserts. the Northeast Business Group on And then there’s the matter of rates based on their competitors,” “Starting a new insurance com- Health.“The rules around the co-op those ultralow rates. DFS has the said a DFS spokesman. BY BARBARA BENSON pany is a daunting task,but the chal- program really stymied our efforts to power to adjust an insurer’s pro- A rate hike “absolutely would lenges placed on us by the structure identify opportunities for capital.” posed premiums. Health Republic have helped,” said Ms. Pickering. ichard Romanoff, own- of the co-op program as enacted by The company’s executives, she misjudged what it should charge. A “But that would have been only one er of the Bronx meat dis- a bitterly partisan Congress were added, “had lots of good ideas, but new management team recognized piece. It wouldn’t have solved it.” tributor Nebraskaland, simply too difficult to overcome,” many were disallowed” by CMS, the misstep, but it was too late. decided to give Health Health Republic said in a statement. which oversees health insurance. “People were shocked at how low Jonathan LaMantia contributed reporting. Republic Insurance a Rshot when it debuted in 2014. The price was right—the lowest quote— and about 85% of his workers’doctors were in the newcomer’s network. Mr. Romanoff signed up. Neb- raskaland was featured the following year in Health Republic’s $3 million “Real Savings” promotional cam- Natalia Arbelaez FOUNDER paign, in an ad that said his business BUSYBEES had saved $156,000 on health coverage for its 43 employees. But by then, Nebraskaland had switched to Oxford Health Plans after Mr.Romanoff objected to Health Republic’s 10% rate hike. “We don’t allow our employees to pay more than a 5% increase a year,” he said. Oxford may get many more of Health Republic’s small-business customers.The state Department of Financial Services ordered Health Republic to shut down after it lost $77.5 million last year. But Health Republic insured a hefty 35% of small firms that bought coverage through Obamacare. “The logical choices are getting Getting serious fewer and fewer,”said Richard Allen, president of consultancy American Corporate Benefits. “Oxford, EmblemHealth, Aetna, CareCon- about play. nect, and you had Health Republic. That’s it on the small-group market.” Mr. Allen was himself a Health Republic customer for the same reason some 200,000 New Yorkers enrolled: rock-bottom premiums. “They were selling a dollar bill Understanding for 75 cents,” said Mr. Allen. ‘One less choice’ what’s important. Health Republic was an option offered by HealthPass New York, a private exchange for small firms. “It’s one less choice for our members,” said Vince Ashton, Health- Pass’ president. A mom herself, Natalia was looking to create a unique space for kids that could be enjoyed year-round. She just needed a Oxford is coming out with a plan that has a narrower provider net- bank that believed in her. At M&T, we took a close look at her business plan, scope and long-term goals, and then found the work, priced competitively, brokers say. And North Shore-LIJ’s Care- right loan to get her up and running and get youngsters through her doors. Our eagerness to help businesses like BusyBees is

Connect Insurance Co. is aggres- 1 sively marketing to small firms. why M&T is a top SBA lender in the nation and why we’ve been recognized by Greenwich Associates for excellence in small “There will be some new choic- business banking.2 To learn how M&T can help your business, visit mtb.com/businessbanking. es, and it’s good it’s happening at this time,” added Mr. Ashton. When it pulled the plug, DFS did not specify what will happen to Health Republic’s small-group policies that expire after 2015. This week, the state’s insurers will meet with DFS to address how to transi- tion members to other plans. That’s the official agenda. No LENDING SOLUTIONS | MERCHANT SERVICES | TREASURY MANAGEMENT | DEPOSITORY SERVICES doubt the hallway chatter will be about whom to blame for the insur- 1According to statistics released by the U.S. Small Business Administration (SBA) for total approved loans through the SBA’s 7(a) lending program during the federal fiscal year ending 9/30/2014. er’s demise: management, New York 2Based on the 2014 Greenwich Excellence Awards in Small Business Banking. regulators or the Centers for ©2015 M&T Bank. Member FDIC. Equal Housing Lender. Medicare and Medicaid Services?

October 5, 2015 | Crain’s New York Business | 17 20151005-NEWS--0018-NAT-CCI-CN_-- 10/1/2015 6:06 PM Page 1

IN THE BOROUGHS QUEENS

7 p.m., but that may soon 30K LIC retailers climb together change. Mr. Bri- SQUARE an has applied FOOTAGE of Continued from Page 4 vertical climbing while, his patrons are a merchant’s called the Mill on the ground floor for a liquor li- terrain at the spring of 2014 in a former ware- dream:25- to 40-year-olds with dis- of his building just over a year ago. cense. He notes Cliffs at LIC house, the gym has helped trans- posable income. Thus began a highly productive that “climbers form its little stretch of Long Island symbiotic relationship, as Mr. Brian kept saying, ‘We City from an almost lifeless indus- ‘Ecosystem’ impact tells it. His employees get a corpo- want craft beer!’” 2014 trial block into one teeming with “The climbers have had a huge rate membership rate at the gym The changes OPENING DATE young people. The 20,000-square- impact on our ecosystem,” said Chip and, spurred by a special discount come amid an foot facility has climbing walls, a Brian,owner of Best & Co.,a custom program, rock climbers make up explosion in new 1,500 SCALING HIS “bouldering” area for climbing millwork and general-contracting about 12% of the Mill’s customer development in SIGN-INS on BUSINESS: Mike without ropes and a fitness center. firm across the street from the Cliffs. base. Business is going so well that the area, which peak weekend Wolfert’s Cliffs gym Owner Mike Wolfert reports that He ought to know. In answer to Mr. Brian will soon open a second took off nearly a afternoons has helped spur development in about 500 people check in on a typ- complaints from his 120 staffers coffee shop nearby, on Jackson decade ago with Long Island City. ical weeknight,and as many as 1,500 about the lack of good coffee near- Avenue and 11th Street. the first of a half-dozen residential

buck ennis on a weekend afternoon. Mean- by,he opened a gourmet coffee shop Currently, the café closes at towers along the waterfront. In the past couple of years, that activity has leapfrogged upland, to the area around the Citibank tower. Elizabeth Lusskin, president of the LIC Partnership and executive director of the LIC Business Im- provement District, noted that the Cliffs has been one of the catalysts for change in the neighborhood. In UNIFYING A GLOBAL NETWORK WITH ONE BRAND. fact, there’s now so much activity on McGladrey is changing its name to RSM. nearby blocks that the BID has launched an expansion effort to en- compass that section of 44th Drive and use it to connect the area’s two main commercial strips, on Vernon and Jackson avenues. “Rather than people just coming out of the subway,going to the Cliffs and going back, we want those people to fan out across the neighborhood,” Ms. Lusskin said. “And also, we want people on Vernon and Jack- son to know that right around the corner is the Cliffs.” A Boulder move Soon the Cliffs will get a neighborhood rival. About 10 blocks away, on 41st Avenue near the Queensbridge subway station, Brooklyn Boulders (BKB), whose flagship location in Gowanus is one of the largest indoor climbing gyms in the Northeast, is about to open a Queens outpost. After nearly two years of construction, founder Lance Pinn hopes to open later this month.The 25,000-square-foot facility will feature climbing walls, a fitness center and a sauna, as well as co-working space,a café and even an art gallery. “We want to offer anything we can to make people stay as long as possible,” he said. Like The Cliffs,BKB has sought out neighborhood partners. Mr. Pinn has been working with local coffee roaster Coffeed and a nearby bar, the Baroness, to host private events in the space while he awaits the city’s final approvals. Many insist that LIC can easily accommodate both gyms. Others predict that they could be only the Since 1926 McGladrey has been a champion for growing businesses. That continues today with beginning. “We could have a mini- our team of audit, tax and consulting advisors dedicated to taking the middle market to the global rock-climbing cluster happening market. And now our expansive network, with ﬁrms in over 110 countries, is unifying as one brand. here,” said Jonathan Bowles, execu- On October 26 we are coming together as RSM to take you to even greater heights. tive director of the Center for an Ur- ban Future. Clusters often attract Visit rsm us.com to learn more. ancillary businesses and services, he explained: “Maybe we’ll see an REI or an EMS set up a satellite store between the two gyms—or even better, an independent retailer selling outdoor equipment.” One entrepreneur is already latching on. John Brown Smoke- On October 26, 2015, McGladrey LLP, the U.S. member of RSM International, is changing its name to RSM US LLP. Visit rsmus.com for more information regarding RSM US LLP and RSM International. house’s Mr.Bowen plans to open another barbecue joint within walking distance of the new BKB location. Ⅲ

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Most investors at this point of financial security in their lives want to kick things up a notch. In doing so, Yyou’ll want to make sure, first of all, that you have the right investment adviser. Someone who’s asleep at the wheel is not going to keep your money on track. So we’ve provided you with an insider’s knowledge of the difference between a good investment adviser and one whose main skill is slicing and dicing returns numbers just like he does his golf score. See 8 Signs It’s Time To Find a New Investment Adviser.

Then it becomes a question of can you have some fun, do some good and increase your returns? Angel investing may be what you’re looking for. But keep in mind, there is a lot of risk in angel investing, and so you ought to do it because you want to help entrepreneurs, not because you want to be the next Warren Buffett. For those ready to spread out their wings, we offer ideas on how find a good pool of companies in which to invest. That’s the best way to start. See Want To Be an Angel Investor? Here’s How To Invest Like a Pro.

Finally, you may be in a position to start rewarding yourself with a few passion purchases—that beautiful painting for your living room, or the watch you always wanted. But, wisely, you don’t want to spend that much money on an asset whose value melts faster than butter in the sun. Here’s a rundown of the top collectibles for investment and what you can expect them to bring in the way of returns. See Follow Your Passions To Smart Investments.

Good luck! And kudos for being in a position to take your investing to the next level.

Wealth Management Special Section MECH.indd 1 9/30/15 3:20 PM ADVERTISING SUPPLEMENT TO CRAIN’S NEW YORK BUSINESS

8 Signs It’s Time To Find Your family. Your legacy. Building wealth today and sustaining it for future generations can be a New Investment Adviser challenging. Effective investment management should be integrated with strategic tax and estate planning, philanthropy and family culture. hen is it time to leave will look much better than one who doing — for instance, he might lost money. Advanced advisers then fiduciaries, which means that one investment calculates returns on their model say that you could expect higher rapidly replace that investment with they are legally bound to put your At City National, we’ll help you with the complexities of wealth Wadviser and move portfolios starting March 2010. The returns, or lower volatility — then a similar one, so that your portfolio interests first, so there is little on to another? It all depends on underlying lesson is always that no you might want to look for the looks roughly the same. You have reason to stick with someone management so you can more fully enjoy your version of the good life. whether you have a good adviser one can time the market. One fair, door. a loss on your investment, which serving two masters. We’re with you every step of the way as you grow your wealth, enjoy it or a bad one. The bad ones fall accurate way to calculate returns you can then subtract from your into three categories. First, there is on a strict time basis, from the Doesn’t know investment income for tax purposes, Not delivering with your family and build a lasting legacy. are the criminals. Second are end of the most recent quarter how to invest. and your portfolio keeps the asset what you want. the advisers who are behind the back five years, 10 years or 20 By far the biggest allocation you wanted. It can add to Investment advisers times and do not keep up with years. The longer the time frame, mistake investors your returns and is almost certainly don’t offer uniform Find your way up.SM the science of their profession, the better; and you can always ask 5.make is pulling their investments worth it if your taxable portfolio has 8.services, and the definition of which is constantly changing and the adviser to do the calculations out too soon. Bluntly speaking, at least $100,000 in it. investment advice can vary: Call (917) 322-5245 or visit Findyourwayup.com/WealthNY to learn progressing. Third are the advisers for different time periods so that investors sell in a panic. Over the Some people take it to include more about how we can help you plan for your family’s future. in the grip of a conflict of interest, you can see how they stack up. 30 years through 2014, according Does not act in financial planning; others to whose judgment may be colored to Boston-based research firm your best interest. include advanced hedging and by sales goals or big commissions Doesn’t speak Dalbar, average equity fund If your investment options strategies. So the first step coming from his employer. openly about investor returns were only about adviser is selling you a in picking the right investment fees. There are 4% annually compared with an 7.product, especially a high-priced adviser is deciding what you want. There are many reasons why an three kinds of fees: average 11% in the S&P 500. mutual fund or insurance policy, If you’re most interested in a low- adviser may not be right for you. 3.the fee you pay your adviser Even the most iron-stomach that lines his or her pocket instead cost, low-touch advisory service, Look for these other signs that it’s to manage your portfolio, the investor can fall prey to panic. of yours, it’s time to look for the one of the new online platforms time to move along: fees you pay to buy and sell the And if not panic, are you prone to door. This is more apt to happen may fit. Do you want someone investment products (generally Your returns exchange traded funds and mutual are almost too funds) and the fees you pay to good. The clearest the company that created and sign that you have a maintains the products, aka the 1.criminal on your hands is if your funds. Your adviser should be A 1% reduction in fees over the 30-year returns are just too good to be able to break down the amount true. If everyone else you know of each of those kinds of fees in is making 7% a year, and you are your portfolio, and tell you what life of a $200,000 portfolio (to which you consistently making 20%, ask your total fee is. If you think this questions and check with a third doesn’t matter, think again. A 1% party who can give you an opinion. reduction in fees over the 30- continue contributing $12,000 a year) year life of a $200,000 portfolio (to Your adviser which you continue contributing doesn’t speak 12,000 a year) means you end up means you end up with $400,000 more: openly about with $400,000 more: $2.02 million returns. Your instead of $1.6 million. That’s the $2.02 million instead of $1.6 million. 2.adviser should certainly be able difference between earning 5% or to tell you what the returns have 6% a year. been over time. If an adviser says he or she can’t give you return Can’t cope with data because your portfolio the topic of overconfidence and jumping for if the adviser is an employee or who can help you with financial will be customized, ask for the benchmarks. the latest, greatest scheme? affiliate of a large company. planning, from writing a will to returns on similar portfolios. One of the trickiest finding insurance? Or, do you want Watch for whether your adviser 4.questions in investing is what to Does not do tax- Questions to ask: Are you earning an adviser on the bleeding edge, is setting the beginning and end measure a portfolio against. Your loss harvesting. a commission on this product? who is employing high-risk, high- dates for her return calculations adviser should be able to clearly This is one of the most Is the sale of this product, going return strategies and will charge City National Wealth Management CNB MEMBER FDIC to her advantage. For example, explain what he or she uses as a useful tools in investing. to help you meet any kind of you commensurately high fees? an adviser who starts return benchmark, and why. If he can’t 6.Tax-loss harvesting is the practice sales goals? A growing number Have the talk with your adviser calculations in, say, March of 2009 explain the rationale for what he’s of selling your investments that have of investment advisers are about what services you want. Non-deposit Investment Products: n are not FDIC insured n are not Bank guaranteed n may lose value Past performance is not an indication of future results. ©2015 City National Bank

Wealth Management Special Section MECH.indd 2 9/30/15 3:20 PM Your family. Your legacy.

Building wealth today and sustaining it for future generations can be challenging. Effective investment management should be integrated with strategic tax and estate planning, philanthropy and family culture.

At City National, we’ll help you with the complexities of wealth management so you can more fully enjoy your version of the good life. We’re with you every step of the way as you grow your wealth, enjoy it with your family and build a lasting legacy.

Find your way up.SM Call (917) 322-5245 or visit Findyourwayup.com/WealthNY to learn more about how we can help you plan for your family’s future.

City National Wealth Management CNB MEMBER FDIC

Non-deposit Investment Products: n are not FDIC insured n are not Bank guaranteed n may lose value Past performance is not an indication of future results. ©2015 City National Bank ADVERTISING SUPPLEMENT TO CRAIN’S NEW YORK BUSINESS ADVERTORIAL Want To Be An Angel Investor? What Place Does Angel Investing Have In Your Portfolio? The Canell Group at Morgan Stanley Our Mission Our Approach Our Talent Recognition from Our Peers Making a Difference To Investment At Your Disposal Research Magazines’s Top Ranked Advisor Teams in At The Canell Group, our cli- Management The Canell group is a America ents are highly accomplished Where we serve as the prin- cohesive team of financial The Winners Circle 2008 Here’s How To Invest individuals who have built suc- cipal architects of a client’s professionals with comple- The Canell Group cessful businesses, or produc- investment strategy, we mentary talents. We are tive careers. They have made follow a highly disciplined focused on fixed income Barron’s Top 1000 Financial Advisors a difference in their industries, investment process, helping products, equity securi- Ranked #29 in New York in 2009, #34 in 2010, #39 in as well as their communi- each of our clients cre- ties, mutual fund selection, 2011, #45 in 2012, #69 in 2013 Jay Canell ties and have accumulated ate a customized strategy retirement planning and considerable wealth in the designed for their income customer service. We are Ranked #30 in New York in 2009, process. They turn to us for needs, risk tolerance, time deeply committed to helping #34 in 2010, #42 in 2011, #45 in 2012, #66 in 2013 help in handling their increas- horizons and other factors. our clients reach their goals Neil Canell ingly complicated investment By adhering to a carefully and appreciate the trust Like A Pro. and financial planning needs. selected investment pro- they have placed in us. We Barron’s Top 100 Advisors in the US n the past, the opportunity to any other professional opportunity, groups, like Tiger 21, are more Phase Three: What Kind of It’s fun to be involved in a flashy Our goal is to make their gram that is based on their maintain the highest levels Ranked #94 in 2010 invest in startups was reserved with a careful analysis of your own exclusive, with on-going meetings, Companies And How Many Should consumer idea, but some of the lives simpler, taking on the financial needs and goals, of service and integrity. Jay Canell Ifor people who were close to strengths, weaknesses, goals and yearly requirements and a formal You Invest In? biggest investment hits and best complex tasks of managing we help our clients stay on a founder or prominent player in opportunities. In this case, it might vetting process for its members. Determine your bandwidth. If you deals are Internet companies in their wealth so they are free to track. Ranked #96 in 2010 Neil Canell whatever industry the startup was help to think of it as a three-phase develop a portfolio of investments, what’s called the enterprise space enjoy the rewards. operating. One of the most famous process: Here are some key questions to perhaps 12-15, your chances of — businesses that serve other Neil I. Canell Jay B. Canell angels investors in history, Mike before joining an angel-investor having a winner will increase. And, businesses. Managing Director-Wealth Management Managing Director-Wealth Management Markkula, had the chance to invest Phase One: Know Thyself site or group: the more you invest, the faster you’ll Financial Advisor/Portfolio Manager Financial Advisor/Portfolio Manager in Apple because he was a Silicon The Securities and Exchange learn how to be a better investor in Many experienced angels say Sports & Entertainment Director Jay Canell is a Managing Director and Valley engineer. He was sitting in Commission rules used by many • What happens after the check the tricky asset class of start-ups. their key to success comes from Neil Canell is a Managing Director and Portfolio Portfolio Manager in the firm’s 1290 Avenue his office one day when Steve Jobs angel groups and platforms is cut: are the investors active some combination of evaluating a Manager in the firm’s 1290 Avenue of the of the Americas office. Prior to joining the firm, showed up carrying what looked restrict angel investing to people or passive? How involved do you The number of companies you business idea, the market, and the Americas office. Before joining the firm, he was he was a Senior Vice President and Chairman’s like a souped-up typewriter. who have $1 million in net worth expect me to be in advising startup decide to invest in will also business’s founder. Of those three, a Senior Vice President and Chairman’s Council Council member at UBS. He has been a member or $200,000 in annual income. founders? determine the size of your the least important element is the member at UBS. Neil has been a member of Morgan Stanley’s Chairman’s Club since 2006. of Morgan Stanley’s Chairman’s Club since Jay is experienced in equity investments with That scenario between investor Even wealthier investors should investments. If you’ve decided business idea. On the long journey 2006. His primary focus is on the fixed income areas of focus which include portfolio analysis, and inventor is changing. Because limit angel investments to about • What is the strategy for filtering to allocate $100,000 to angel to profitability and an eventual exit, marketplace, specifically in products such as municipal and corporate providing access to lending services, mutual funds and our professional it is so inexpensive to start a 10% of their investible portfolio. potential investments? Does the investments, 10% of your almost every startup changes strategy bonds, preferred stock, CDs and Structured Products. In conjunction with a money management programs. Jay, a Professional Alliance Group Director, company, there are many more Big foundations and institutions group use a scientific process, such investible assets, that means at least once and often several times. private banker, Neil also coordinates client mortgages, HELOC and credit line coordinates and manages our referral relationships with various trusted investment opportunities. Consider usually allocate this much or as looking at growth rates or the you can afford to invest about strategies. In addition, he is a Director in Morgan Stanley’s Global Sports and advisors, such as attorneys, sports agents, entertainment industry that an entrepreneur today can less to their private equity asset sizes of markets, to vet potential $8,000 in each to build a decent- Given that most of the startups you’ll Entertainment Group (GSE) and is our primary contact for our professional executives and CPAs. He received his B.A. degree from Lehigh University athletic and entertainment clientele. Neil received his B.A. degree from and is Series 7, 31, 63 and 65 registered and Life Insurance licensed. build an app to sell pet food for classes. investments? sized portfolio. see probably have the right technical Lehigh University and is Series 7, 31 and 63 registered. Neil resides in Jay resides in Scarsdale with his wife, Sari and their two children, $10,000 or $20,000; 20 years ago, an skills to deliver a good product (and Purchase with his wife Loren, and their three children, Jordan, Charlie Hayley and Dylan. He is currently a board member of S.C.O.P.E., a entrepreneur needed to set up a you can quickly suss out if they don’t, and Harper. Neil is currently a board member of S.C.O.P.E., a non-profit non-profit organization that sends less fortunate children to summer storefront and build a distribution the size of the market is a more organization that sends less fortunate children to summer camp, as well as a camp, as well as a board member and the current Commissioner of the network to sell pet food. Many experienced angels say their key to success crucial question, because it gives board member of The Riley Sandler Foundation. He also serves on the board Scarsdale Youth Lacrosse Association (SYLA). Jay also serves on the board you a sense of how likely a startup is of both Harrison Youth Lacrosse as well as Harrison Varsity Lacrosse. of the Riley Sandler Foundation. Technology has also made it comes from a combination of evaluating a business to succeed. It’s easier to carve out a The investments listed may not be suitable for all investors. Morgan Stanley Smith Barney LLC recommends that investors independently evaluate particular investments, and encourages possible to develop matchmaking space in a big market. investors to seek the advice of a financial advisor. The appropriateness of a particular investment will depend upon an investor’s individual circumstances and objectives. services between investors and idea, the market, and the business’s founder. Source: Research Magazine’s “130 Top-Ranked Advisor Teams in America,” September 2008 as identified by The Winner’s Circle®, LLC, bases its rankings on qualitative criteria: professionals with a minimum of 7 years’ financial services experience, acceptable compliance records, client retention reports, customer satisfaction, and more. With over 7,000 nominations compiled on startups — online platforms that But seasoned angel investors an annual basis, Financial Advisor teams are quantitatively ranked based on varying types of revenues and assets advised by the financial professional, with weightings associated for each. didn’t exist a decade ago are emphasize that the most important Additional measures include: in-depth interviews and discussions with senior management, peers, and customers, and telephone-based and in-person interviews with the nominees. Because individual client portfolio performance varies and is typically unaudited, this ranking focuses on customer satisfaction and quality of advice. For more information on ranking methodology, go now proliferating. And some are Most importantly, you should only • What is the mark-to-market value Many angels decide to invest element in a startup’s success to www.WCorg.com. The rating may not be representative of any one client’s experience because it reflects a sample of all of the experiences of the Financial Advisor’s clients. The rating is not beginning to allow investors to become involved as an angel of the investments? It may be in a specific area of specialty, is its founder. That points to the indicative of the Financial Advisor’s future performance. Neither Morgan Stanley Smith Barney LLC nor its Financial Advisors pay a fee to The Winner’s Circle in exchange for the rating. actually invest online, rather than investor if you enjoy the challenge years before an angel investment especially one aligned with following rule and its corollary, both Source: Barron’s “Top 1,000 Advisors” February 18, 2013, and Barron’s “Top 100 Financial Advisors,” April 20, 2015, as identified by Barron’s Magazine, using quantitative and qualitative criteria and selected from a total annual pool of over 3,000 nominations. Advisors who are selected have a minimum of seven years of financial services experience. Quantitative factors just find a startup to invest in. of working with startups. The exits and returns any money at their own backgrounds. You which may help you navigate angel include, but are not limited to, the amount of assets under management. Qualitative factors include, but are not limited to, compliance record, interviews with senior management, and emotional satisfaction of doing all, so in the meantime, does the can use a broad platform, like investing in a world where there are philanthropic work. Investment performance is not a criterion. The rating may not be representative of any one client’s experience and is not indicative of the Financial Advisor’s future performance. Neither Morgan Stanley Smith Barney LLC nor its Financial Advisors pay a fee to Barron’s in exchange for the rating. Barron’s is a registered trademark of Dow Jones & Company, But just because it’s easier to what you love will lessen the blow group tell how the investments are AngelList or Gust, to cast your so many more conduits to startups: L.P. All rights reserved.The investments listed may not be suitable for all investors. Morgan Stanley Smith Barney LLC recommends that investors independently evaluate particular investments, be an angel, doesn’t mean you if you lose money. performing? net wide and before zeroing and encourages investors to seek the advice of a financial advisor. The appropriateness of a particular investment will depend upon an investor’s individual circumstances and objectives. Residential mortgage loans/home equity lines of credit are offered by Morgan Stanley Private Bank, National Association, an affiliate of Morgan Stanley Smith Barney LLC. With the exception should expect to be the next Mike in on the specific kinds of If you’re investing through a group of the pledged-asset feature, an investment relationship with Morgan Stanley Smith Barney LLC does not have to be established or maintained to obtain the residential mortgage products Markkula. Historically, many Phase Two: Who Can You • Please name some of your exits? investments you want to build that gives you face-to-face access offered by Morgan Stanley Private Bank, National Association. All residential mortgage loans/home equity lines of credit are subject to the underwriting standards and independent approval of Morgan Stanley Private Bank, National Association. Rates, terms, and programs are subject to change without notice. Residential mortgage loans/home equity lines of credit may not be angels have lost money. About Invest With? In angel investing, as in every your portfolio. Another option to founders, you’ll get a better sense available in all states; not available in Guam, Puerto Rico and the U.S. Virgin Islands. Other restrictions may apply. The information contained herein should not be construed as a commitment 40% of the angels studied by the Some groups and platforms present other kind of investing, the proof is is to start off with a platform of whether you can trust a start-up to lend. Morgan Stanley Private Bank, National Association is an Equal Housing Lender and Member FDIC that is primarily regulated by the Office of the Comptroller of the Currency. Nationwide Mortgage Licensing System Unique Identifier #663185. The proceeds from a residential mortgage loan (including draws and advances from a home equity line of credit) are not Kauffman Foundation’s Angel you with investment opportunities, in the pudding. that has a built-in specialty, team with your money. permitted to be used to purchase, trade or carry eligible margin stock; repay margin debt that was used to purchase, trade or carry margin stock; or to make payments on any amounts owed Performance Project had a return which you then invest in alone— like CircleUp, which allows under the note, loan agreement, or loan security agreement; and cannot be deposited into a Morgan Stanley Smith Barney LLC or other brokerage account. of less than 1%. you can find some of these at the • What is the aggregate return? people to make investments If you’re investing through a platform, ©2015 Morgan Stanley Smith Barney LLC. Member SIPC. CRC1305113 09/15 Angel Resource Network. Other Unless the group is very new, in consumer companies. San your investments will be more like If you want to be a successful angel online platforms, like AngelList, it should be able to tell you the Francisco-based Astia offers shots in the dark, and so the more investor, you’ll increase your odds of allow you to pool your investment real returns it has earned for angels a chance to invest in you can afford to take on, the more making money if you approach it like with other angels. And some investors. women-led startups. likely at least one will hit its mark. Contact Info • 212.551.7232 Main • 800.777.4888 Toll free • Jay Canell: [email protected] • Neil Canell: [email protected] The Canell Group at Morgan Stanley • 1290 Avenue of the Americas • 12th floor, New York, NY 10104

Wealth Management Special Section MECH.indd 4 9/30/15 3:20 PM CRAIN'S The Canell Group at Morgan Stanley MECH w Bleed.indd 1 9/28/15 11:25 AM ADVERTORIAL The Canell Group at Morgan Stanley Our Mission Our Approach Our Talent Recognition from Our Peers Making a Difference To Investment At Your Disposal Research Magazines’s Top Ranked Advisor Teams in At The Canell Group, our cli- Management The Canell group is a America ents are highly accomplished Where we serve as the prin- cohesive team of financial The Winners Circle 2008 individuals who have built suc- cipal architects of a client’s professionals with comple- The Canell Group cessful businesses, or produc- investment strategy, we mentary talents. We are tive careers. They have made follow a highly disciplined focused on fixed income Barron’s Top 1000 Financial Advisors a difference in their industries, investment process, helping products, equity securi- Ranked #29 in New York in 2009, #34 in 2010, #39 in as well as their communi- each of our clients cre- ties, mutual fund selection, 2011, #45 in 2012, #69 in 2013 Jay Canell ties and have accumulated ate a customized strategy retirement planning and considerable wealth in the designed for their income customer service. We are Ranked #30 in New York in 2009, process. They turn to us for needs, risk tolerance, time deeply committed to helping #34 in 2010, #42 in 2011, #45 in 2012, #66 in 2013 help in handling their increas- horizons and other factors. our clients reach their goals Neil Canell ingly complicated investment By adhering to a carefully and appreciate the trust and financial planning needs. selected investment pro- they have placed in us. We Barron’s Top 100 Advisors in the US Our goal is to make their gram that is based on their maintain the highest levels Ranked #94 in 2010 lives simpler, taking on the financial needs and goals, of service and integrity. Jay Canell complex tasks of managing we help our clients stay on their wealth so they are free to track. Ranked #96 in 2010 enjoy the rewards. Neil Canell

Neil I. Canell Jay B. Canell Managing Director-Wealth Management Managing Director-Wealth Management Financial Advisor/Portfolio Manager Financial Advisor/Portfolio Manager Sports & Entertainment Director Jay Canell is a Managing Director and Neil Canell is a Managing Director and Portfolio Portfolio Manager in the firm’s 1290 Avenue Manager in the firm’s 1290 Avenue of the of the Americas office. Prior to joining the firm, Americas office. Before joining the firm, he was he was a Senior Vice President and Chairman’s a Senior Vice President and Chairman’s Council Council member at UBS. He has been a member member at UBS. Neil has been a member of Morgan Stanley’s Chairman’s Club since 2006. of Morgan Stanley’s Chairman’s Club since Jay is experienced in equity investments with 2006. His primary focus is on the fixed income areas of focus which include portfolio analysis, marketplace, specifically in products such as municipal and corporate providing access to lending services, mutual funds and our professional bonds, preferred stock, CDs and Structured Products. In conjunction with a money management programs. Jay, a Professional Alliance Group Director, private banker, Neil also coordinates client mortgages, HELOC and credit line coordinates and manages our referral relationships with various trusted strategies. In addition, he is a Director in Morgan Stanley’s Global Sports and advisors, such as attorneys, sports agents, entertainment industry Entertainment Group (GSE) and is our primary contact for our professional executives and CPAs. He received his B.A. degree from Lehigh University athletic and entertainment clientele. Neil received his B.A. degree from and is Series 7, 31, 63 and 65 registered and Life Insurance licensed. Lehigh University and is Series 7, 31 and 63 registered. Neil resides in Jay resides in Scarsdale with his wife, Sari and their two children, Purchase with his wife Loren, and their three children, Jordan, Charlie Hayley and Dylan. He is currently a board member of S.C.O.P.E., a and Harper. Neil is currently a board member of S.C.O.P.E., a non-profit non-profit organization that sends less fortunate children to summer organization that sends less fortunate children to summer camp, as well as a camp, as well as a board member and the current Commissioner of the board member of The Riley Sandler Foundation. He also serves on the board Scarsdale Youth Lacrosse Association (SYLA). Jay also serves on the board of both Harrison Youth Lacrosse as well as Harrison Varsity Lacrosse. of the Riley Sandler Foundation.

The investments listed may not be suitable for all investors. Morgan Stanley Smith Barney LLC recommends that investors independently evaluate particular investments, and encourages investors to seek the advice of a financial advisor. The appropriateness of a particular investment will depend upon an investor’s individual circumstances and objectives. Source: Research Magazine’s “130 Top-Ranked Advisor Teams in America,” September 2008 as identified by The Winner’s Circle®, LLC, bases its rankings on qualitative criteria: professionals with a minimum of 7 years’ financial services experience, acceptable compliance records, client retention reports, customer satisfaction, and more. With over 7,000 nominations compiled on an annual basis, Financial Advisor teams are quantitatively ranked based on varying types of revenues and assets advised by the financial professional, with weightings associated for each. Additional measures include: in-depth interviews and discussions with senior management, peers, and customers, and telephone-based and in-person interviews with the nominees. Because individual client portfolio performance varies and is typically unaudited, this ranking focuses on customer satisfaction and quality of advice. For more information on ranking methodology, go to www.WCorg.com. The rating may not be representative of any one client’s experience because it reflects a sample of all of the experiences of the Financial Advisor’s clients. The rating is not indicative of the Financial Advisor’s future performance. Neither Morgan Stanley Smith Barney LLC nor its Financial Advisors pay a fee to The Winner’s Circle in exchange for the rating. Source: Barron’s “Top 1,000 Advisors” February 18, 2013, and Barron’s “Top 100 Financial Advisors,” April 20, 2015, as identified by Barron’s Magazine, using quantitative and qualitative criteria and selected from a total annual pool of over 3,000 nominations. Advisors who are selected have a minimum of seven years of financial services experience. Quantitative factors include, but are not limited to, the amount of assets under management. Qualitative factors include, but are not limited to, compliance record, interviews with senior management, and philanthropic work. Investment performance is not a criterion. The rating may not be representative of any one client’s experience and is not indicative of the Financial Advisor’s future performance. Neither Morgan Stanley Smith Barney LLC nor its Financial Advisors pay a fee to Barron’s in exchange for the rating. Barron’s is a registered trademark of Dow Jones & Company, L.P. All rights reserved.The investments listed may not be suitable for all investors. Morgan Stanley Smith Barney LLC recommends that investors independently evaluate particular investments, and encourages investors to seek the advice of a financial advisor. The appropriateness of a particular investment will depend upon an investor’s individual circumstances and objectives. Residential mortgage loans/home equity lines of credit are offered by Morgan Stanley Private Bank, National Association, an affiliate of Morgan Stanley Smith Barney LLC. With the exception of the pledged-asset feature, an investment relationship with Morgan Stanley Smith Barney LLC does not have to be established or maintained to obtain the residential mortgage products offered by Morgan Stanley Private Bank, National Association. All residential mortgage loans/home equity lines of credit are subject to the underwriting standards and independent approval of Morgan Stanley Private Bank, National Association. Rates, terms, and programs are subject to change without notice. Residential mortgage loans/home equity lines of credit may not be available in all states; not available in Guam, Puerto Rico and the U.S. Virgin Islands. Other restrictions may apply. The information contained herein should not be construed as a commitment to lend. Morgan Stanley Private Bank, National Association is an Equal Housing Lender and Member FDIC that is primarily regulated by the Office of the Comptroller of the Currency. Nationwide Mortgage Licensing System Unique Identifier #663185. The proceeds from a residential mortgage loan (including draws and advances from a home equity line of credit) are not permitted to be used to purchase, trade or carry eligible margin stock; repay margin debt that was used to purchase, trade or carry margin stock; or to make payments on any amounts owed under the note, loan agreement, or loan security agreement; and cannot be deposited into a Morgan Stanley Smith Barney LLC or other brokerage account. ©2015 Morgan Stanley Smith Barney LLC. Member SIPC. CRC1305113 09/15

Contact Info • 212.551.7232 Main • 800.777.4888 Toll free • Jay Canell: [email protected] • Neil Canell: [email protected] The Canell Group at Morgan Stanley • 1290 Avenue of the Americas • 12th floor, New York, NY 10104

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Wealth Management Special Section MECH 2.indd 7 9/29/15 6:45 PM

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TO PLACE A CLASSIFIED AD, CALL 1-800-444-6007 OR EMAIL [email protected] PROPOSALS PUBLIC & LEGAL NOTICES

NOTICE OF FORMATION OF HADIDI Notice of Qual. of Scopia Capital Notice of Qualification of 92 PINEHURST CAPITAL, LLC. Articles of Organization Management LP, Auth. filed Sec’y of AVENUE LLC Appl. for Auth. filed with THE PORT AUTHORITY OF NY & NJ filed with the Secretary of State of NY State (SSNY) 1/8/15. Office loc: NY Cty. Secy. of State of NY (SSNY) on REQUEST FOR PROPOSALS (SSNY) on 9/14/2015. Office location: LP org. in DE 12/16/11. SSNY desig. 09/03/15. Office location: NY County. FOR PERFORMANCE OF EXPERT PROFESSIONAL NEW YORK County. SSNY has been as agent of LP upon whom proc. against LLC formed in Delaware (DE) on designated as agent upon whom it may be served. SSNY shall mail copy 09/01/15. SSNY designated as agent of RECRUITMENT AND SOURCING RESEARCH SERVICES process against it may be served. The of proc. to Att: Matthew Sirovich, 152 LLC upon whom process against it may FOR MULTIPLE STAFFING FUNCTIONS AS REQUESTED Post Office address to which the SSNY W. 57th St., NY, NY 10019. DE office be served. SSNY shall mail process ON A “CALL-IN” BASIS DURING 2016 - 2018 shall mail a copy of any process against addr.: CSC, 2711 Centerville Rd., to c/o Corporation Service Co. (CSC), the LLC served upon him/her is: 202 Wilmington, DE 19808. Cert. of LP on 80 State St., Albany, NY 12207-2543. The Port Authority of New York and New Jersey is seeking to identify firms interested ELIZABETH STREET, SUITE 28, NEW file: SSDE, Townsend Bldg., Dover, DE DE addr. of LLC: CSC, 2711 Centerville in responding to a Request for Proposals (RFP) to provide expert recruitment services YORK, NY 10012 The principal business 19901. Name/addr. of each gen. ptr. Rd., Ste. 400, Wilmington, DE 19808. as requested on a “call-in” basis during 2016-2018. address of the LLC is: 202 ELIZABETH avail. at SSNY. Purp: any lawful activities. Cert. of Form. filed with Secy. of State, The RFP and its associated documents can be downloaded directly at http://www.panynj.gov/ STREET, SUITE 28, NEW YORK, NY State of DE, Div. of Corps., PO Box 10012 business-opportunities/bid-proposal-advertisements.html?tabnum=6 or you may request a copy Purpose: any lawful act or activity. Notice of Qualification of Cerberus PSERS 898, Dover, DE 19903. Purpose: Any by e-mail to: [email protected]. Please reference RFP Number: 43861 in the subject line Levered Opportunities GP, LLC. lawful activity. on all requests and include the following information in your e-mail: Firm name, contact person, Notice of Qualification of JPPF 2000 Authority filed with NY Dept. of State on e-mail address, mailing address and telephone number. Joint Ventures are acceptable. Proposers Broadway, LLC. Authority filed with NY Notice of Qualification of 200 are advised to monitor this website to ensure consideration of all addenda, if any. 8/6/15. Office location: NY County. Princ. BRIGHTON 15TH STREET LLC Appl. Dept. of State on 9/18/15. Office bus. addr.: 875 3rd Ave., NY, NY 10022. If you have any technical problems accessing the proposal documents online, email us at location: NY County. LLC formed in DE for Auth. filed with Secy. of State of NY LLC formed in DE on 6/15/15. NY Sec. of (SSNY) on 09/30/13. Office location: [email protected] or call (212) 435-4600 for assistance. on 9/11/15. NY Sec. of State designated State designated agent of LLC upon whom agent of LLC upon whom process NY County. LLC formed in Delaware It is currently anticipated that proposals shall be due by 2:00 PM on Friday, October 23, 2015, process against it may be served and shall (DE) on 09/26/13. SSNY designated or as otherwise indicated in the document. Responses must have the RFP Number and full legal against it may be served and shall mail process to: c/o CT Corporation mail process to: c/o JAMESTOWN, as agent of LLC upon whom process name of the proposing firm clearly indicated on the outside package. System, 111 8th Ave., NY, NY 10011. DE against it may be served. SSNY shall Send Proposal(s) to: The Port Authority of NY & NJ, Attn: Bid/RFP Custodian, Procurement Ponce City Market, 7th Fl., 675 addr. of LLC: c/o The Corporation Ponce de Leon Ave., NE, Atlanta, GA mail process to c/o Corporation Service Department, 150 Greenwich Street, 4 World Trade Center, 21st Floor, New York, NY 10007. Trust Co., 1209 Orange St., Wilmington, Co. (CSC), 80 State St., Albany, NY 30308, principal business address. DE 19801. Cert. of Form. filed with DE A VALID PHOTO ID IS REQUIRED TO GAIN ACCESS INTO THE BUILDING, IF YOU ARE DE address of LLC: c/o CT 12207-2543. DE addr. of LLC: CSC, HAND DELIVERING YOUR PROPOSAL. Sec. of State, 401 Federal St., Dover, 2711 Centerville Rd., Ste. 400, Corporation System, 1209 Orange DE 19901. Purpose: all lawful purposes. St., Wilmington, DE 19801. Cert. of Wilmington, DE 19808. Cert. of Form. POSITIONS TELECOMMUNICATIONS Form. filed with DE Sec. of State, filed with Secy. of State of the State 401 Federal St., Dover, DE 19901. Notice of Qualification of 125 of DE, PO Box 898, Dover, DE 19903. AVAILABLE Purpose: all lawful purposes. BRIGHTON 11TH STREET LLC Appl. As amended by Cert. of Amendment for Auth. filed with Secy. of State of filed with SSNY on 01/28/14, name Software Engineer NY (SSNY) on 09/30/13. Office location: changed to GOTHAM SEGREGATED Notice of Foreign Registration of Ice Twitter, Inc. seeks Software Engineer in NY County. LLC formed in Delaware AUTO LLC. Purpose: Any lawful activity. Miller LLP. Authority filed with NY (DE) on 09/26/13. SSNY designated New York City: Responsible for bldg the Dept. of State on 9/18/15. Office entire frontend stack from inception to 33 East 33rd Street as agent of LLC upon whom process Notice of Qualification of WMQS IM location: NY County. LLP registered against it may be served. SSNY shall production. Build tools to analyze & New York, NY 10016 HOLDINGS GP LLC Appl. for Auth. filed in IN on 11/4/05. Sec. of State desig- mail process to c/o Corporation Service with Secy. of State of NY (SSNY) on improve team’s media recognition capabil- 212-532-7400 nated agent of LLP upon whom Co. (CSC), 80 State St., Albany, NY 08/27/15. Office location: NY County. ities. Define problem areas, data req’s & [email protected] process against it may be served 12207-2543. DE addr. of LLC: CSC, LLC formed in Delaware (DE) on areas for imprvmnt. Work clsly with & and shall mail process to: c/o CT 2711 Centerville Rd., Ste. 400, 08/26/15. Princ. office of LLC: 66 Fifth Ave., incorporate feedback from product mgmt, EMERGENCY Corporation System, 111 8th Ave., COMMUNICATIONS Wilmington, DE 19808. Cert. of Form. 9th Fl., NY, NY 10103. SSNY designated interaction designers & back-end engi- NY, NY 10011, regd. agent upon filed with Secy. of State of the State as agent of LLC upon whom process neers. Req’s: MS(or equiv.)+1 yr. exp. OR SYSTEMS whom process may be served. of DE, PO Box 898, Dover, DE 19903. against it may be served. SSNY shall mail BS(or equiv.)+5 yrs. exp. Submit resume SPECIALISTS Principal office address: One Purpose: Any lawful activity. process to c/o Corporation Service Co. w/ref. to Req.# SN226(CNYB) at: ATTN: s&2%%0)#+50$%,)6%29 American Sq., Ste. 2900, Indianapolis, (CSC), 80 State St., Albany, NY 12207- IN 46282. Cert. of Reg. filed with IN Global Mobility, Twitter, Inc., 1355 Market s(/52452.!2/5.$ 2543. DE addr. of LLC: c/o CSC, 2711 Sec. of State, 302 W. Washington Notice of Formation of Madison Paige St., Suite 900, San Francisco, CA 94103. /.2%0!)23 Securities LLC. Arts. of Org. filed with Centerville Rd., Ste. 400, Wilmington, s&2%%%.'2!6).' St., Indianapolis, IN 46204. Purpose: DE 19808. Cert. of Form. filed with DE practice the profession of law. Secy. of State of NY (SSNY) on s3(/24,/.'4%2- 07/15/15. Office location: NY County. SSNY Secy. of State - Div. of Corps., John G. Townsend Senior Quality Engineer 2%.4!,3 designated as agent of LLC upon whom Bldg., 401 Federal St. - Ste. 4, Dover, DE Twitter, Inc. seeks Senior Quality Engineer Notice of Qualification of LSREF4 process against it may be served. SSNY 19901. Purpose: Any lawful activity. in New York City: Ensure quality of all Vine Bayview Colonial Member, LLC. shall mail process to: The LLC, 599 apps (iOS, Android, front-end & back-end) Authority filed with NY Dept. of State on Lexington Ave., 47th Fl., NY, NY Notice of Formation of TRAVIS POM- by both manual & automated testing. Dvlp 9/10/15. Office location: NY County. 10022. Purpose: any lawful activities. POSELLO LLC. Arts. of Org. filed with test automation tools & scripts. Integrate Princ. bus. addr.: 2711 N. Haskell Ave., Secy. of State of NY (SSNY) on Ste. 1700, Dallas, TX 75204. LLC tests w/Jenkins. Write Selenium tests Notice of Formation of AGENTIC 7/13/15. Office location: NY County. SSNY formed in DE on 8/18/15. NY Sec. of designated as agent of LLC upon using Java. Write UI tests for iOS app. CONSULTING, LLC. Arts. of Org. filed ADVERTISING State designated agent of LLC upon with Secy. of State of NY (SSNY) on whom process against it may be using Swift. Write load-testing scripts for whom process against it may be served 6/25/2015. Office location: NY County. served. SSNY shall mail process to: Vine API. Req’s: MS(or equiv.)+3 yrs. exp. and shall mail process to: c/o CT SSNY designated agent upon whom 315 Madison Avenue, Ste. 3019, NY, OR BS(or equiv.)+5 yrs. exp. Submit Corporation System, 111 8th Ave., NY, process may be served and shall mail NY 10017. Purpose: any lawful activity. resume w/ref. to Req.# AK304(CNYB) at: NY 10011, regd. agent upon whom copy of process against LLC to: c/o ATTN: Global Mobility, Twitter, Inc., 1355 process may be served. DE addr. of United States Corporation Agents, Inc., Notice of formation of Go Organic LLC: 1209 Orange St., Wilmington, Market St., Suite 900, San Francisco, CA 7014 13th Avenue, Suite 202, Brooklyn, Cleaning LLC. Arts of Org filed with DE 19801. Cert. of Form. filed with DE 94103. NY 11228. Purpose: any lawful act. Secy. of State of NY (SSNY) on Sec. of State, 401 Federal St., Dover, 5/18/2015. Office location: NY DE 19901. Purpose: all lawful purposes. County. SSNY designated agent Head of International Development – Twitter Notice of Formation of Bleecker Street upon whom process may be served Amplify Twitter, Inc. seeks Head of Notice of Formation of CHESIRE Owner 4 LLC. Arts. of Org. filed with and shall mail copy of process against International Development – Twitter Amplify in New PUBLIC & LEGAL NOTICES BRIDGE ENTERTAINMENT, LLC Arts. Secy. of State of NY (SSNY) on LLC to: 7014 13th Ave #202 Bklyn, York City: Manage strategic prtnrshps in of Org. filed with Secy. of State of NY 07/30/15. Office location: NY County. NY 11228. Purpose: any lawful act. SSNY designated as agent of LLC emerging mkts. Provide Amplify product DOORPOST BLESSING, LLC Art of (SSNY) on 09/11/15. Office location: upon whom process against it may expertise to support the int’l Twitter sales team in Org filed with Secretary of State of New NY County. SSNY designated as be served. SSNY shall mail process Notice of Formation of 462 FIFTH emerging mkts. Negotiate & close new deals in York (SSNY) on Dec. 8, 2014. Office location: agent of LLC upon whom process to: National Registered Agents, Inc., AVENUE LLC Arts. of Org. filed with regions worldwide where the Twitter Amplify team Richmond County. SSNY is designated as against it may be served. SSNY shall 111 Eighth Ave., NY, NY 10011. Secy. of State of NY (SSNY) on 08/13/15. has not yet directly expanded. Dvlp sponsorship agent of LLC upon whom process against mail process to Corporation Service Purpose: any lawful activities. Office location: NY County. SSNY solutions for local & int’l advertisers. Dvlp & it may be served against LLC to: DoorPost Co., 80 State St., Albany, NY 12207- designated as agent of LLC upon whom manage a team of regional specialists & int’l Blessing 572 Cary Ave., SI, NY 10310. 2543. Purpose: Any lawful activity. process against it may be served. SSNY sales dvlpmnt managers. Req’s: BS(or equiv.)+5 Purpose: Any lawful activity or purpose. Notice of Formation of Seamless shall mail process to c/o JEMB Realty yrs. exp. Will accept a 3 or 4 year bachelor degree. Talent, LLC. Arts of Org filed w/Secy. of Corporation, 150 Broadway, Ste. 800, NY, Submit resume w/ref. to Req.# MS302(CNYB) Notice of Qualification of Hudson Notice of Formation of Almine Rech Advisors L.P. Authority filed with NY State of NY (SSNY) on 7/29/15. Office NY 10038. Purpose: Any lawful activity. at: ATTN: Global Mobility, Twitter, Inc., 1355 Market location: NY County. SSNY designated St., Suite 900, San Francisco, CA 94103. Invest LLC. Arts. of Org. filed with Dept. of State on 9/23/15. NYS ficti- SSNY on 8/19/15. Office location: NY tious name: Hudson Advisors New York agent upon whom process may be Notice of Qualification of 1 FERRY County. SSNY designated as agent L.P. Office location: NY County. Princ. served and shall mail copy of process ROAD PROPERTY OWNER LLC Appl. for process & shall mail to: 233 bus. addr.: 2711 N. Haskell Ave., Ste. against LLC to: Incorp Services, Inc., for Auth. filed with Secy. of State of NY PUBLIC & Broadway, Ste. 2208, NY NY 10279. 1800, Dallas, TX 75204. LP formed in DE One Commerce Plaza Albany, NY (SSNY) on 08/11/15. Office location: NY Purpose: Any lawful activity. on 8/27/15. NY Sec. of State designated 12210. Purpose: any lawful act. County. LLC formed in Delaware (DE) LEGAL NOTICES agent of LP upon whom process against on 08/06/15. Princ. office of LLC: 152 W. NOTICE OF FORMATION OF 40 X it may be served and shall mail process Notice of Formation of 120 Union 57th St., 60th Fl., NY, NY 10019. SSNY NORTHWIND LLC. Arts of Org filed to: c/o CT Corporation System, 111 8th Developer LLC. Arts. of Org. filed with designated as agent of LLC upon whom 405 Madison Street LLC, a domestic with Secy of State of NY (SSNY) on Ave., NY, NY 10011, regd. agent upon Secy. of State of NY (SSNY) on 08/14/15. process against it may be served. SSNY LLC, filed with the SSNY on 7/8/15. 9/11/15. Office location: NY County. whom process may be served. DE addr. Office location: NY County. SSNY shall mail process to the LLC at the princ. Office location: New York County. SSNY is SSNY designated agent upon whom of LLC: 1209 Orange St., Wilmington, DE designated as agent of LLC upon whom office of the LLC. DE addr. of LLC: 2711 designated as agent upon whom process may be served and shall 19801. Name/addr. of genl. ptr. avail- process against it may be served. SSNY Centerville Rd., Ste. 400, Wilmington, DE process against the LLC may be served. mail copy of process against LLC to able from NY Sec. of State. Cert. of LP shall mail process to: The LLC, c/o 19808. Cert. of Form. filed with DE Secy. SSNY shall mail process to The LLC, c/o principal business address: 66 Pearl filed with DE Sec. of State, 401 Federal Adam America Real Estate, 850 Third Ave., of State, Div. of Corps., John G. Townsend Elisabeth M. Kovac, Esq., 90 Park Ave., St. STE 405, NY NY 10004. Purpose: St., Dover, DE 19901. Purpose: all Ste. 13D, New York, NY 10022, Attn: Bldg., 401 Federal St., Ste. 4, Dover, DE Fl. 18, NY, NY 10016. General purpose. any lawful act. lawful purposes. Omri Sachs. Purpose: any lawful activities. 19901. Purpose: Any lawful activity.

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TO PLACE A CLASSIFIED AD, CALL 1-800-444-6007 OR EMAIL [email protected] PUBLIC & LEGAL NOTICES

Notice of Qualification of Tier Asset Notice of Qualification of Elixir Health Notice of Qualification of Northstar NY Notice of Qualification of GROVERTON Notice of Qualification of 787 Eleventh Management LLC. Authority filed with Experience LLC. Authority filed with NY LLC. Authority filed with Secy. of State INSURANCE AGENCY, LLC Appl. for Auth. Funding LLC. Authority filed with NY Dept. Secy. of State of NY (SSNY) on 07/16/15. Dept. of State on 5/29/15. Office location: of NY (SSNY) on 07/07/15. Office filed with Secy. of State of NY (SSNY) of State on 7/2/15. Office location: NY Office location: NY County. LLC formed NY County. Princ. bus. addr.: 175 Varick location: NY County. LLC formed in Ohio on 04/10/15. Office location: NY County. County. Princ. bus. addr.: 500 Stanton in Delaware (DE) on 07/16/15. SSNY St., 9th Fl., NY, NY 10014. LLC formed (OH) on 05/21/15. SSNY designated LLC formed in Delaware (DE) on Christiana Rd., Ops 3/Floor 2, Newark, designated as agent of LLC upon whom in DE on 4/17/15. NY Sec. of State as agent of LLC upon whom process 01/20/15. Princ. office of LLC: 919 N. DE 19713. LLC formed in DE on process against it may be served. SSNY designated agent of LLC upon whom against it may be served. SSNY shall Market St., Ste. 725, Wilmington, DE 6/29/15. NY Sec. of State designated shall mail process to: 599 Lexington process against it may be served and mail process to: c/o National Registered 19801. SSNY designated as agent of agent of LLC upon whom process Ave., 4th Fl., NY, NY 10022. Address shall mail process to: c/o CT Corporation Agents, Inc., 111 Eighth Ave., NY, NY LLC upon whom process against it may against it may be served and shall mail to be maintained in DE: c/o Registered System, 111 8th Ave., NY, NY 10011, 10011, also the registered agent. Address be served. SSNY shall mail process to process to: CT Corporation System, Agent Solutions, Inc., 1679 S. Dupont regd. agent upon whom process may to be maintained in OH: 150 E. Broad St., Corporation Service Co., 80 State St., 111 8th Ave., NY, NY 10011. DE addr. Hwy., Ste. 100, Dover, DE 19901. Arts be served. DE addr. of LLC: 1209 Ste. 305, Columbus, OH 43215. Arts Albany, NY 12207-2543, regd. agent of LLC: 1209 Orange St., Wilmington, of Org. filed with the DE Secy. of Orange St., Wilmington, DE 19801. of Org. filed with the OH Secy. of State, upon whom and at which process may DE 19801. Cert. of Form. filed with DE State, 401 Federal St., Dover, DE Cert. of Form. filed with DE Sec. of 180 E. Broad St., 16th Fl., Columbus, be served. DE addr. of LLC: 2711 Sec. of State, 401 Federal St., Dover, 19903. Purpose: any lawful activities. State, 401 Federal St., Dover, DE OH 43215. Purpose: any lawful activities. Centerville Rd., Ste. 400, Wilmington, DE DE 19901. Purpose: all lawful purposes. 19901. Purpose: all lawful purposes. 19808. Cert. of Form. filed with DE Secy. of State, 401 Federal St., Dover, DE Notice of Qual. of Scopia Health Care LLC, Notice of Qualification of Great Bowery Notice of Formation of D.A.M. REALTY 19901. Purpose: Insurance agency Auth. filed Sec’y of State (SSNY) 11/25/14. Notice of Qualification of BB3 Holdings, LLC. Authority filed with NY I LLC Arts. of Org. filed with Secy. of and insurance marketing services. Office loc: NY County. LLC org. in DE Productions LLC. Authority filed with Dept. of State on 8/18/15. Office location: State of NY (SSNY) on 09/01/15. Office 11/24/14. SSNY desig. as agent of LLC NY Dept. of State on 9/8/15. Office NY County. Princ. bus. addr.: 466 Broome location: NY County. SSNY designated upon whom proc. against it may be served. location: NY County. Princ. bus. addr.: St., 4th Fl., NY, NY 10013. LLC formed Notice of formation of THEPICURIST, as agent of LLC upon whom process SSNY shall mail copy of proc. to Att: Aaron 245 N. Beverly Dr., Beverly Hills, CA in DE on 6/28/13. NY Sec. of State LLC. Arts of Org filed with Secy. of State of against it may be served. SSNY shall Morse, 152 W. 57th St., NY, NY 10019. DE 90210. LLC organized in GA on designated agent of LLC upon whom NY (SSNY) on 5/7/2015. Office location NY mail process to David Levine, 159-00 office addr.: CSC, 2711 Centerville Rd., 1/30/15. NY Sec. of State designated process against it may be served and county. SSNY designated agent upon whom Riverside Dr. West, Ste. 1M-70, NY, Wilmington, DE 19808. Cert. of Form. on agent of LLC upon whom process shall mail process to: c/o CT Corporation process may be served and shall mail NY 10032. Purpose: Any lawful activity. file: SSDE, Townsend Bldg., Dover, DE against it may be served and shall mail System, 111 8th Ave., NY, NY 10011, copy of process against LLC to principal 19901. Purp: any lawful activities. process to: c/o CT Corporation System, regd. agent upon whom process may business address 254 Park Ave South Notice of Formation of KMei 111 8th Ave., NY, NY 10011, regd. be served. DE addr. of LLC: The Corporation NY, NY 10010 Purpose: any lawful act. Productions LLC Arts. of Org. filed Notice of Formation of 246 East 58 LLC. agent upon whom process may be Trust Co., 1209 Orange St., Wilmington, with Secy. of State of NY (SSNY) on Arts. of Org. filed with Secy. of State of served. GA addr. of LLC: 1201 DE 19801. Cert. of Form. filed with DE Notice of Qualification of Evolution 09/10/15. Office location: NY County. NY (SSNY) on 07/31/15. Office location: Peachtree St. NE, Atlanta, GA 30361. Sec. of State, 401 Federal St., Dover, Energy Partners LLC. Authority filed with SSNY designated as agent of LLC NY County. SSNY designated as agent Cert. of Org. filed with GA Sec. of State, DE 19901. Purpose: all lawful purposes. NY Dept. of State on 8/21/15. Office upon whom process against it may of LLC upon whom process against it 2 MLK, Jr. Dr., SE, Ste. 313, Atlanta, location: NY County. Princ. bus. addr.: be served. SSNY shall mail process GA 30334. Purpose: all lawful purposes. 102 Pickering Way, Ste. 508, Exton, may be served. SSNY shall mail process Notice of Qualification of Falconhead to Corporation Service Co., 80 State PA 19341. LLC formed in DE on to: c/o Smith, Gambrell & Russell, LLP, Holdings Manager, LLC. Authority filed St., Albany, NY 12207-2543. 1/21/14. NY Sec. of State designated Attn: Edward L. Schiff, Esq., 1301 Notice of Qualification of 193 HENRY with NY Dept. of State on 8/12/15. Office Purpose: Any lawful activity. agent of LLC upon whom process Ave. of the Americas, 21st Fl., NY, NY STREET LLC Appl. for Auth. filed with location: NY County. LLC formed in DE on against it may be served and shall mail 10019. Purpose: any lawful activities. Secy. of State of NY (SSNY) on 08/06/15. 8/5/15. NY Sec. of State designated Notice of Formation of BRP JAMSTA process to: c/o CT Corporation System, Office location: NY County. LLC formed agent of LLC upon whom process TC Owner LLC. Arts. of Org. filed 111 8th Ave., NY, NY 10011, regd. agent Notice of Qualification of Cappex.com, in Delaware (DE) on 04/22/15. Princ. against it may be served and shall mail with NY Dept. of State on 4/13/15. upon whom process may be served. DE LLC. Authority filed with NY Dept. of office of LLC: 64 Delancey St., NY, NY process to: 645 Madison Ave., 9th Fl., NY, Office location: NY County. Princ. addr. of LLC: 1209 Orange St., Wilmington, State on 9/1/15. Office location: NY 10002. SSNY designated as agent of NY 10022, principal business address. bus. addr.: 767 3rd Ave., 33rd Fl., NY, DE 19801. Cert. of Form. filed with DE County. LLC organized in IL on LLC upon whom process against it may DE address of LLC: c/o The Corporation NY 10017. Sec. of State designated Sec. of State, 401 Federal St., Dover, 5/19/15. NY Sec. of State designated be served. SSNY shall mail process to Trust Co., 1209 Orange St., Wilmington, agent of LLC upon whom process DE 19901. Purpose: all lawful purposes. agent of LLC upon whom process the LLC at the princ. office of the LLC. DE 19801. Cert. of Form. filed with DE against it may be served and shall against it may be served and shall mail Sec. of State, 401 Federal St., Dover, mail process to: c/o CT Corporation DE addr. of LLC: Corporation Service ONS APPAREL LLC Articles of Org. filed process to: c/o CT Corporation System, Co., 2711 Centerville Rd., Ste. 400, DE 19901. Purpose: all lawful purposes. System, 111 8th Ave., NY, NY 10011. 111 8th Ave., NY, NY 10011, regd. agent NY Sec. of State (SSNY) 8/12/2015 Purpose: all lawful purposes. Wilmington, DE 19808. Cert. of Form. as: CNS APPAREL LLC Office in NY upon whom process may be served. filed with DE Secy. of State, 401 Notice of Formation of DERB LLC Arts. Co. SSNY desig. agent of LLC upon IL and principal business address: Federal St., Dover, DE 19901. Purpose: Notice of Qual. of Seren 730 LLC, Auth. of Org. filed with Secy. of State of NY whom process may be served. SSNY 230 W. Monroe St., Ste. 1200, Chicago, Any lawful activity. filed Sec’y of State (SSNY) 4/10/15. (SSNY) on 06/09/15. Office location: NY shall mail copy of process to 1 Astor IL 60606. Cert. of Org. filed with IL Office loc: NY County. LLC org. in DE County. Princ. office of LLC: 747 Orienta Place PHC, NY, NY 10003, which is Sec. of State, 213 State Capitol, 4/7/15. SSNY desig. as agent of LLC Notice of Qualification of EMIGRANT Ave., Mamaroneck, NY 10543. SSNY also the principal business location. Springfield, IL 62756. Purpose: all upon whom proc. against it may be BANK CLASSIC CAR FINANCE LLC designated as agent of LLC upon whom Purpose: Any lawful purpose. lawful purposes. served. SSNY shall mail copy of proc. Appl. for Auth. filed with Secy. of State process against it may be served. SSNY to NRAI, 111 Eighth Ave., NY, NY 10011, of NY (SSNY) on 08/13/15. Office shall mail process to the LLC, c/o Levin Notice of formation of Disarm Studio, Notice of Qualification of New York the Reg. Agt. upon whom proc. may location: NY County. LLC formed in & Glasser, P.C., 420 Lexington Ave., NY, LLC. Arts of Org filed with Secy. of State Continuous Care Fund LLC. Authority be served. DE office addr.: 160 Delaware (DE) on 06/30/15. Princ. office of NY 10170. Purpose: Any lawful activity. of NY (SSNY) on 4/15/2015. Office filed with Secy. of State of NY (SSNY) Greentree Dr., Ste. 101, Dover, DE on 09/15/15. Office location: NY County. LLC: 6 E. 43rd St., NY, NY 10017. SSNY location: NY County. SSNY designated designated as agent of LLC upon whom agent upon whom process may be 19904. Cert. of Form. on file: SSDE, LLC formed in Delaware (DE) on Notice of Qual. of Sagamore AK process against it may be served. SSNY served against LLC to principal business Townsend Bldg., Dover, DE 19901. 09/14/15. SSNY designated as agent of Property Company LLC, Auth. filed Sec’y shall mail process to c/o Corporation address: 134 W 26th St Suite 1201 New Purp: any lawful activities. LLC upon whom process against it may of State (SSNY) 7/6/15. Office loc: NY be served. SSNY shall mail process to: Service Co. (CSC), 80 State St., Albany, York NY 10001. Purpose: any lawful act. Cty. LLC org. in DE 7/1/15. SSNY desig. Notice of Formation of 140 WEST 22ND 426 Broadway, P.O. Box 1386, Monticello, NY 12207. DE addr. of LLC: CSC, 2711 as agent of LLC upon whom proc. STREET LLC Arts. of Org. filed with NY 12701. Address to be maintained Centerville Rd., Ste. 400, Wilmington, NOTICE OF FORMATION OF ORIENT against it may be served. SSNY shall Secy. of State of NY (SSNY) on in DE: 160 Greentree Dr., Ste. 101, Dover, DE 19808. Cert. of Form. filed with DE VISION, LLC. Arts of Org filed with Secy. of mail copy of proc. to NRAI, 111 Eighth 08/10/15. Office location: NY County. DE 19904. Arts of Org. filed with the DE Secy. of State, The John G. Townsend State of NY (SSNY) on 08/17/2015. Ave., NY, NY 10011, the Reg. Agt. upon SSNY designated as agent of LLC upon Secy. of State, John G. Townsend Bldg., Bldg., 401 Federal St., Ste. 4, Dover, DE Office location: NY County. SSNY whom proc. may be served. DE office whom process against it may be served. 401 Federal St., Ste. 4, Dover, DE 19901. Purpose: Any lawful activity. designated agent upon whom process may addr.: 160 Greentree Dr., Ste. 101, Dover, SSNY shall mail process to the LLC, 19901. Purpose: any lawful activities. DE 19904. Cert. of Form. on file: SSDE, be served and shall mail copy of process against LLC to principal business Attn: Edward Farrell, Esq., 1350 Notice of Formation of 781 Metropolitan Townsend Bldg., Dover, DE 19901. Broadway, NY, NY 10018. Purpose: Purp: any lawful activities. address: 7 Mott Street, Suite 600, New Notice of Formation of State St. Developer LLC. Arts. of Org. filed with York, NY 10013. Purpose: any lawful act. Any lawful activity. Townhomes LLC. Arts. of Org. filed Secy. of State of NY (SSNY) on 08/13/15. with Secy. of State of NY (SSNY) on Office location: NY County. SSNY Notice of Formation of BIG MOZZ Potomac Rhin LLC. filed with the Secy Notice of Qualification of 388 GARAGE 08/06/15. Office location: NY County. designated as agent of LLC upon whom HOLDINGS, LLC Arts. of Org. filed with of State of NY (SSNY) on 2/4/15. LLC Appl. for Auth. filed with Secy. of SSNY designated as agent of LLC process against it may be served. SSNY Secy. of State of NY (SSNY) on Office location: NY County. SSNY State of NY (SSNY) on 09/14/15. Office upon whom process against it may shall mail process to: The LLC, c/o Adam 09/01/15. Office location: NY County. designated agent upon whom process location: NY County. LLC formed in be served. SSNY shall mail process to: America Real Estate, 850 Third Ave., Princ. office of LLC: 309 W. 99th St., #2C, may be served against LLC to: 7014 Delaware (DE) on 09/03/15. SSNY IBEC Building Corp., 55 Broad St., 16th Ste. 13D, New York, NY 10022, Attn: NY, NY 10025. SSNY designated as agent 13th Ave #202 Bklyn, NY 11228. Prince designated as agent of LLC upon whom Fl., NY, NY 10004, Attn: Mr. Hesky Omri Sachs. Purpose: any lawful activities. of LLC upon whom process against Office: 15 Broad Street #3200, NY, process against it may be served. SSNY Brahimy. Purpose: any lawful activities. it may be served. SSNY shall mail NY, 10005 Purpose: any lawful act. shall mail process to c/o Corporation process to the LLC at the princ. office Service Co. (CSC), 80 State St., Albany, NY Notice of Qualification of CAPE POGE of the LLC. Purpose: Any lawful activity. Notice of Qualification of 24-16 QUEENS MACRO FUND L.P. Appl. for Auth. filed Notice of Qualification of WMQS GP 12207-2543. DE addr. of LLC: c/o CSC, PLAZA PROPERTY OWNER LLC Appl. with Secy. of State of NY (SSNY) on HOLDINGS LLC Appl. for Auth. filed with 2711 Centerville Rd., Ste. 400, Wilmington, for Auth. filed with Secy. of State of NY 08/12/15. Office location: NY County. LP Notice of Qualification of Fox News Secy. of State of NY (SSNY) on DE 19808. Cert. of Form. filed with (SSNY) on 08/12/15. Office location: NY formed in Delaware (DE) on 07/29/15. Network, LLC. Authority filed with NY 08/27/15. Office location: NY County. LLC Div. of Corps., John G. Townsend County. LLC formed in Delaware (DE) Princ. office of LP: 900 Third Ave., Ste. Dept. of State on 8/26/15. Office location: NY formed in Delaware (DE) on 08/26/15. Bldg., 401 Federal St., Ste. 4, Dover, on 08/06/15. Princ. office of LLC: 152 W. #201-9, NY, NY 10022. SSNY designated as County. Princ. bus. addr.: 1211 Ave. of the Princ. office of LLC: 66 Fifth Ave., 9th Fl., DE 19901. Purpose: Any lawful activity. 57th St., 60th Fl., NY, NY 10019. SSNY agent of LP upon whom process against Americas, NY, NY 10036. LLC formed NY, NY 10103. SSNY designated as agent designated as agent of LLC upon whom it may be served. SSNY shall mail process in DE on 7/1/15. NY Sec. of State designated of LLC upon whom process against it Notice of Formation of iLaser Vision process against it may be served. SSNY to Ripple Capital GP LLC at the princ. agent of LLC upon whom process may be served. SSNY shall mail process Ophthalmology, PLLC. Arts. of Org. filed shall mail process to the LLC at the office of the LP. Name and addr. of each against it may be served and shall mail to c/o Corporation Service Co. (CSC), 80 with Secy. of State of NY (SSNY) on princ. office of the LLC. DE addr. of LLC: general partner are available from SSNY. process to: c/o CT Corporation System, State St., Albany, NY 12207-2543. DE addr. 08/05/15. Office location: NY County. 2711 Centerville Rd., Ste. 400, Wilmington, DE addr. of LP: 2711 Centerville Rd., 111 8th Ave., NY, NY 10011, regd. agent of LLC: c/o CSC, 2711 Centerville Rd., SSNY designated as agent of LLC upon DE 19808. Cert. of Form. filed with DE Ste. 400, Wilmington, DE 19808. Cert. upon whom process may be served. DE Ste. 400, Wilmington, DE 19808. Cert. whom process against it may be served. Secy. of State, Div. of Corps., John of LP filed with Secy. of State, DE, addr. of LLC: 1209 Orange St., Wilmington, of Form. filed with DE Secy. of State SSNY shall mail process to: 160 East G. Townsend Bldg., 401 Federal St., Div. of Corps., John G. Townsend DE 19801. Cert. of Form. filed with DE - Div. of Corps., John G. Townsend 56 St., Ste. 900, NY, NY 10022. Ste. 4, Dover, DE 19901. Purpose: Bldg., 401 Federal St., Ste. 4, Dover, Sec. of State, 401 Federal St., Dover, Bldg., 401 Federal St. - Ste. 4, Dover, Purpose: to practice the profession Any lawful activity. DE 19901. Purpose: Any lawful activity. DE 19901. Purpose: all lawful purposes. DE 19901. Purpose: Any lawful activity. of medicine and any lawful activities.

28 | Crain’s New York Business | October 5, 2015 P027-28-29CL_CN_20151005.qxp 10/1/2015 1:03 PM Page 28

TO PLACE A CLASSIFIED AD, CALL 1-800-444-6007 OR EMAIL [email protected] PUBLIC & LEGAL NOTICES

Notice of Qualification of LSREF4 Notice of Qualification of NHT3 Notice of Qualification of WMQS IM Notice of Qualification of RES System Notice of Qualification of 79 BRIGHTON Cambridge Village Member, LLC. Insurance Services, LLC. Authority filed HOLDINGS LP Appl. for Auth. filed with 3, LLC. Authority filed with NY Dept. of 11TH STREET LLC Appl. for Auth. filed Authority filed with NY Dept. of State on with NY Dept. of State on 9/2/15. Office Secy. of State of NY (SSNY) on State on 9/17/15. Office location: NY with Secy. of State of NY (SSNY) on 9/10/15. Office location: NY County. location: NY County. Princ. bus. addr.: 08/27/15. Office location: NY County. LP County. Princ. bus. addr.: 11101 W. 120th 09/30/13. Office location: NY County. Princ. bus. addr.: 2711 N. Haskell Ave., 600 College Rd. East, Ste. 3500, formed in Delaware (DE) on 08/26/15. Ave., Ste. 400, Broomfield, CO 80021. LLC formed in Delaware (DE) on Ste. 1700, Dallas, TX 75204. LLC Princeton, NJ 08540. LLC formed in DE Princ. office of LP: 66 Fifth Ave., 9th Fl., LLC formed in DE on 5/19/15. NY Sec. 09/26/13. SSNY designated as agent formed in DE on 8/20/15. NY Sec. of on 2/5/15. NY Sec. of State designated NY, NY 10103. SSNY designated as of State designated agent of LLC upon of LLC upon whom process against State designated agent of LLC upon agent of LLC upon whom process agent of LP upon whom process whom process against it may be served it may be served. SSNY shall mail whom process against it may be against it may be served and shall mail against it may be served. SSNY shall and shall mail process to: c/o CT process to c/o Corporation Service Co. served and shall mail process to: c/o process to: c/o CT Corporation System, mail process to c/o Corporation Service Corporation System, 111 8th Ave., NY, (CSC), 80 State St., Albany, NY CT Corporation System, 111 8th Ave., 111 8th Ave., NY, NY 10011, regd. agent Co. (CSC), 80 State St., Albany, NY NY 10011, regd. agent upon whom 12207-2543. DE addr. of LLC: CSC, NY, NY 10011, regd. agent upon whom upon whom process may be served. DE 12207-2543. Name and addr. of each process may be served. DE addr. of 2711 Centerville Rd., Ste. 400, process may be served. DE addr. of addr. of LLC: 222 Delaware Ave., Ste. general partner are available from SSNY. LLC: 1209 Orange St., Wilmington, Wilmington, DE 19808. Cert. of Form. LLC: 1209 Orange St., Wilmington, DE 1200, Wilmington, DE 19801. Cert. of DE addr. of LP: c/o CSC, 2711 Centerville DE 19801. Cert. of Form. filed with filed with Secy. of State of the State 19801. Cert. of Form. filed with DE Form. filed with DE Sec. of State, 401 Rd., Ste. 400, Wilmington, DE 19808. DE Sec. of State, 401 Federal St., of DE, PO Box 898, Dover, DE 19903. Sec. of State, 401 Federal St., Dover, DE Federal St., Dover, DE 19901. Purpose: Cert. of LP filed with DE Secy. of State Dover, DE 19901. Purpose: all lawful Purpose: Any lawful activity. 19901. Purpose: all lawful purposes. all lawful purposes. - Div. of Corps., John G. Townsend purposes. Bldg., 401 Federal St. - Ste. 4, Dover, Notice of Qualification of 1511-1521 DE 19901. Purpose: Any lawful activity. NOTICE OF FORMATION OF ZAP BRIGHTWATER AVENUE LLC Appl. for Notice of Qualification of DIVINSHIRE Notice of Qualification of 658 WEST Navigation LLC. Articles of INSURANCE AGENCY, LLC Appl. for 188TH STREET LLC Appl. for Auth. Notice of Qualification of Kinch Auth. filed with Secy. of State of NY Organization filed with the Secretary (SSNY) on 09/30/13. Office location: NY Auth. filed with Secy. of State of NY filed with Secy. of State of NY (SSNY) Advertising, LLC. Authority filed with of State of NY (SSNY) on (SSNY) on 05/18/15. Office location: NY on 09/03/15. Office location: NY County. Secy. of State of NY (SSNY) on County. LLC formed in Delaware (DE) 06/02/2015. Office location: NEW on 09/26/13. SSNY designated as agent County. LLC formed in Delaware (DE) on LLC formed in Delaware (DE) on 09/17/15. Office location: NY County. LLC YORK County. SSNY has been des- 03/23/15. SSNY designated as agent of 09/01/15. SSNY designated as agent of formed in Delaware (DE) on 09/11/15. of LLC upon whom process against ignated as agent upon whom it may be served. SSNY shall mail LLC upon whom process against it may LLC upon whom process against it may SSNY designated as agent of LLC upon process against it may be served. be served. SSNY shall mail process to be served. SSNY shall mail process to whom process against it may be served. process to c/o Corporation Service Co. The Post Office address to which the (CSC), 80 State St., Albany, NY Corporation Service Co., 80 State St., c/o Corporation Service Co. (CSC), 80 SSNY shall mail process to: 637 Elm SSNY shall mail a copy of any Albany, NY 12207-2543, regd. agent State St., Albany, NY 12207-2543. DE St., Westfield, NJ 07090. Address to 12207-2543. DE addr. of LLC: CSC, process against the LLC served upon 2711 Centerville Rd., Ste. 400, upon whom and at which process may addr. of LLC: CSC, 2711 Centerville be maintained in DE: National Registered him/her is: 11-15 46th RD #2G Long be served. DE addr. of LLC: 2711 Rd., Ste. 400, Wilmington, DE 19808. Agents, Inc., 160 Greentree Dr., Ste. Wilmington, DE 19808. Cert. of Form. Island City NY11101 The principal filed with Secy. of State of the State Centerville Rd., Ste. 400, Wilmington, DE Cert. of Form. filed with Secy. of State, 101, Dover, DE 19904. Arts of Org. business address of the LLC is: 11- 19808. Cert. of Form. filed with DE Secy. State of DE, Div. of Corps., PO Box filed with the DE Secy. of State, 401 of DE, PO Box 898, Dover, DE 19903. 15 46th RD #2G Long Island City Purpose: Any lawful activity. of State, 401 Federal St., Dover, DE 898, Dover, DE 19903. Purpose: Any Federal St., #3, Dover, DE 19901. NY11101 Purpose: any lawful act or 19901. Purpose: Any lawful activity. lawful activity. Purpose: any lawful activities. activity. Notice of Qualification of DLJ PARTNERS GROUP II, LLC Appl. for Auth. filed with Secy. of State of NY (SSNY) on 08/12/15. Office location: NY County. LLC formed in Delaware (DE) on 06/25/15. Princ. office of LLC: 590 Madison Ave., 8th Fl., NY, NY 10022. SSNY designated as agent of LLC upon whom process against it may be served. SSNY shall mail process to c/o Corporation Service Co. (CSC), 80 State St., Albany, NY 12207-2543. DE addr. of LLC: c/o CSC, 2711 Centerville Rd., Ste. 400, Wilmington, DE 19808. Cert. of Form. filed with Secy. of State of DE, Corp. Div., Townsend Bldg., Dover, DE 19904. Purpose: Any lawful activity.

Do You Want To Get Notice of Qualification of METRO- POLITAN PROPERTY HOLDINGS, LLC Appl. for Auth. filed with Secy. of State of NY (SSNY) on 09/03/15. Office location: NY County. LLC formed in Delaware (DE) on 04/17/15. Princ. Your Company In Front Of office of LLC: Waterford Realty, LLC, c/o Richard Garapedian, 330 W. 72nd St., Apt. 10C, NY, NY 10023. SSNY designated as agent of LLC upon whom process against it may be served. SSNY shall mail process to the LLC at the addr. of its princ. office. DE New York City’s Influential Business Professionals? addr. of LLC: 2711 Centerville Rd., Ste. 400, Wilmington, DE 19808. Cert. of Form. filed with Secy. of State, 401 Federal St., #3, Dover, DE 19901. Purpose: Any lawful activity.

Notice of Qualification of Maybach Contact Joanne Barbieri at Ventures LLC. Authority filed with NY Dept. of State on 9/14/15. Office location: NY County. LLC formed in DE on 11/12/13. NY Sec. of State designated agent of LLC upon whom process against it may be served and shall mail 212-210-0189 for classified process to: c/o Argent Ventures LLC, 551 5th Ave., 34th Fl., NY, NY 10176, principal business address. DE address of LLC: c/o National Corporate Research, Ltd., 615 S. DuPont Hwy., Dover, DE 19901. Cert. of Form. filed advertising opportunities. with DE Sec. of State, Duke & York Sts., Dover, DE 19901. Purpose: any lawful activity.

Notice of Formation of PEEP West 48th LLC. Arts. of Org. filed with NY Dept. of State on 9/1/15. Office location: NY County. Princ. bus. addr.: 235-237 W. 48th St., NY, NY 10036. Sec. of State designated agent of LLC upon whom process against it may be served and shall mail process to: c/o CT Corporation System, 111 8th Ave., NY, NY 10011, regd. agent upon whom process may be served. Purpose: all lawful purposes.

October 5, 2015 | Crain’s New York Business | 29 20151005-NEWS--0030,0031-NAT-CCI-CN_-- 10/2/2015 7:00 PM Page 1

He’s the most feared tenant lawyer in NYC

Mr. Rozenholc said on a recent David Rozenholc morning at his small,five-lawyer of- just won $25 million fice on Madison Avenue in midtown.“I will have deals like that this for a client. He’s year—yes, sir.” only getting started Critics of Mr. Rozenholc question whether his methods amount to gaming an inefficient legal system BY DANIEL GEIGER that can be bogged down for months or years in far-fetched arguments, Real estate investment firm Tish- long-winded cross examinations man Speyer was left with a simple and legal technicalities. choice last year after it paid $438 million for a development site in Looking at every angle Hudson Yards.It could pony up $25 In one suit, for instance, a lawyer million to get a pair of tenants to va- working for Mr. Rozenholc claimed cate a small apartment building on that the proceeding should be nulli- the site or deal indefinitely with a fied because a tenant was presented lawyer who has become the nemesis with just one complaint, without an of the city’s real estate industry. additional copy for his wife—and Tishman Speyer made the pru- also because it was wedged against dent choice. It settled—and in the the doorknob of his apartment and DAVID ROZENHOLC process made one of the biggest pay- not actually affixed to the door. says the hot real estate outs ever to tenants who refused to In a recent case, Starwood Capi- market means leave their apartments. Of course, tal moved to evict three dentists rep- developers eager to build are intent on the two holdouts didn’t get all the resented by Mr.Rozenholc from the removing impediments money. Their attorney, David 19th-floor penthouse of 1414 Sixth like recalcitrant Rozenholc, walked away with a Ave. to convert the building from tenants. Translation? third of the sum. office space to a hotel. In order to Big settlements for Although the $25 million settle- push out the tenants, Starwood was him. ment was just an unknown footnote hoping to utilize a clause in the den- in a much bigger real estate transac- tists’ lease that would allow it to tion,it shows how lawyers are able to empty the property in the case of a use the state’s court system to extract demolition. But Mr. Rozenholc multimillion-dollar paydays for scrutinized whether Starwood’s tenants who block development. work really fit that definition, inter- Mr. Rozenholc, who has spent viewing an engineer in court for

the past 40 years defending renters hours about a single structural col- buck ennis and negotiating huge settlements umn that Starwood had installed. for them, is widely regarded as the “We’re adding hundreds of new pushed to the ground once by a rival not tenants, who have the upper legal services to tenants in the South king of this area of law. structural beams. … Are you going attorney outside the courtroom. hand in court and that he must use Bronx during an era when, he said, “He’s the most feared tenant at- to take two hours of cross [examina- Early in Mr. Rozenholc’s career, a every approach at his disposal to landlords ran roughshod over resi- torney with respect to development tion] for every new beam?” fumed a Bronx landlord whom he had faced even the playing field. dents.He started his own firm in the sites,” said Ben Shaoul, a major res- Starwood lawyer to Mr. Rozenholc off against in court noticed him mid-1980s, at a time when rent- idential developer. “I don’t think he in an email. while he was waiting in line with his stabilized tenants were offered— has ever lost a case.” After about four years in court, wife to see a movie. ‘Rozenholc and often accepted—very little from In real estate, where developers Starwood abandoned the case. “He just could not control him- landlords to leave their apartments. must rush to build projects in time In the litigation that led to the self—he went off the wall,” Mr. knows how to capitalize on sunny economic $25 million payout from Tishman Rozenholc said.“He was calling me Identifying opportunity conditions before an inevitable Speyer,Mr.Rozenholc represented horrible things.” to work But as city real estate prices rose downturn, lawyers like Mr. Rozen- two tenants in a building on the In the Starwood case, the com- during the 1990s, Mr. Rozenholc holc don’t need to actually win in corner of West 35th Street and pany attorney who complained the system’ was one of the first attorneys to court to triumph. Instead, victory 10th Avenue that was too small to about Mr. Rozenholc’s focus on the recognize and calculate the growing can come by simply forcing lengthy qualify for rent stabilization—a structural columns blew up at him in sums that a tenant holdout could be delays. Developers, faced with hav- designation that makes it difficult another email. worth. ing to slug it out in front of a judge to evict. But he argued that an ob- “That’s the difference between for months or even years,often drop scure law required that the building Path to prominence me and other tenant lawyers—I put cases or pay up, even if they think be treated in tandem with its near- “We still think your case stinks,” myself in the position of the devel- they can win in the long run. ly identical neighbor, which would the lawyer wrote. “Convince your “If General Motors is in a law- oper,” Mr. Rozenholc said. “I find That’s especially true now. With push both buildings into rent stabi- clients that they should settle for suit, they hire the best lawyer, who out what they paid for the property, developers shelling out more cash lization. The approach eventually what we’ve offered.” raises every single legal argument he what are they are going to build, than ever for parcels, setbacks are failed, but the message was clear: Mr. Rozenholc wound up using can,”he said.“But when you do it for what the construction will cost and costlier than ever, and exorbitant Mr.Rozenholc would be as creative the email as evidence in court that the underdog, people complain.” how much the financing costs are.It tenant buyouts are increasingly as he had to be to continue the helped his case. Mr. Rozenholc took an unlikely takes two to tango, so you have to viewed as the price of doing business fight. “Rozenholc knows how to work path to prominence in the world of figure out exactly what it is worth to in New York. Which is why Mr. “It made no difference,” he ex- the system,” said Stephen Meister, a real estate litigation. He was born in them.” Rozenholc believes the astronomi- plained. “I would have taken the real estate attorney who has squared 1945 in Kyrgyzstan after his father, In the process, Mr. Rozenholc cal settlements will only get bigger. next step and come up with another off against him.“When you’re deal- who was Polish, was released from a built his practice into a multimillion- “In all the years I have been do- argument. If [the developer] wins ing with a mom-and-pop tenant or gulag in Siberia.Mr.Rozenholc and dollar business, eclipsing most of his ing this, this is the most intense pe- every step of the way, it will take a dentist or a residential tenant his family moved to Israel when he peers, who took what is traditionally riod of development, and real estate them five years.” against a big developer, the courts was 3 and then to the Bronx when considered the lucrative path in real values are just continuing to go up,” Mr. Rozenholc’s indefatigability favor the tenant.” he was 15. estate law: representing landlords. has a way of infuriating his oppo- Mr. Rozenholc disputes the no- He attended Rutgers School of Mr. Rozenholc declined to disclose LISTEN to a discussion at nents. The diminutive lawyer, who tion that he’s doing anything uneth- Law and began his career in the late his net worth,but it is almost certain- CrainsNewYork.com/podcasts will be 70 this month, said he was ical. He insists that it is landlords, 1960s at a nonprofit that provided ly in the tens of millions of dollars.He

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Residents beat eviction, but worry about the consequences

affordability agreements. And the Mr. Josephson said. Developers who pay too much Crown Heights portfolio was creat- To prevent this kind of thing, ed through one of the city’s most ANHD argues that for-profit de- for affordable housing raise concerns common methods of funding af- velopers such as ELH should not be fordable housing—one that contin- allowed to own buildings earmarked deal say the 14 buildings sold for an ues to be employed. for low-income residents, citing a BY JOE ANUTA inflated price in the middle of an af- The origins of this particular deal study on Mitchell-Lama housing fordability agreement, rather than at can be traced back to 1999,when the that showed, in high-value neigh- After developer Yoel Goldman the end (when a looser regulation Giuliani administration sold the 14 borhoods, for-profit entities are bought a portfolio of 14 Crown kicks in and landlords have more lee- buildings scattered between Pacific more likely to sell. Heights apartment buildings in the way to raise rents). Street and Classon,Franklin and St. “The city continues to follow a spring of 2014, he distributed lease With housing values skyrocket- Marks avenues to an investor group model where they give subsidies and renewals that jacked up rents— ing in sought-after Brooklyn neigh- led by an affordable-housing devel- land to for-profit companies, who tripling them in some cases, accord- borhoods, they believe more land- opment company called ELH get around the rules and cash out at ing to residents. They could either lords will try to do what Mr. Management, helmed by developer the back end,” Mr. Gates said. sign, tenants said, or be evicted. Goldman attempted, leading to un- Larry Hirschfield. “They should be giving them The scenario fit squarely into the justly hiked rents or properties He used a federal subsidy called to nonprofit community- narrative of rapidly rising housing falling into disrepair.ANHD has allow-income housing tax credits, development corporations.” costs in the Brooklyn neighbor- ready heard about a similar transac- along with equity and city subsidies, Others believe the solution is not hood—or would have, had Mr. tion taking shape in Harlem. to pay for the renovations of the so easy. Many portfolios similar to Goldman pulled it off. Officials at Mr. Goldman’s com- blighted apartments, and signed an the one in Crown Heights have Instead, he ran into some deter- pany disputed the allegations, and agreement to keep them affordable been run so poorly by nonprofits mined tenants, who teamed up with said the paperwork governing the for 30 years. that the organizations have had to a pair of nonprofits and alerted city agreements was in such disarray As is typical in these kinds of relinquish control to the city or an- regulators. Mr. Goldman’s compa- when they purchased the property deals, halfway through the agree- other operator.Meanwhile,many of ny, All Year Management, was told that is was difficult to know what ment, ELH Management, which the city’s go-to affordable-housing by Department of Housing did not respond to a re- developers are for-profit ventures. Preservation and Develop- quest for comment,got “Certainly, history has not borne ment officials that the 110 full control of the prop- out the argument that nonprofit units it had purchased were erty, including the companies are unilaterally better,” only halfway through a 30- right to sell it. Typical- said Jolie Milstein, head of the New year affordable-housing ly, only affordable- York State Association for Afford- agreement, and that such housing developers or able Housing, a trade group repre- rent hikes were not allowed. managers would be in- senting for-profit affordable- The landlord withdrew terested in such a prop- housing developers. the increases, but lawyers erty. But in this case, representing tenants and All Year Management, Lax enforcement affordable-housing organi- with little experience in Instead, she argued, the city sim- zations believe the build- the field,snapped it up. ply needs to get better at monitoring ings are now overleveraged Crown Heights was buildings with rent-regulated units, and at risk of falling into a different place by no matter who owns them,and inter- disrepair. The city is cur- then. Rents and land vene before properties become over- rently working with All values were surging as leveraged or long-term affordable- Year Management, which new developments be- housing agreements are violated. recently put his Upper East Side owns the portfolio under a gan cropping up near Mayor Bill de Blasio boosted mansion, complete with eight fire- limited-liability company the rapidly changing funding for the Department of places and a wine cellar, on the mar- called Prospect Heights Franklin Avenue retail Housing Preservation and Devel-

ket for $30 million. Holdings,to find a solution. buck ennis corridor. Mr. opment in his latest budget, giving One of his earliest victories But tenants, now without Hirschfield marketed the department more resources to came over self-proclaimed perpet- leases at all, remain wary. ‘We believe this his portfolio through brokerage oversee its affordable housing prop- ual winner Donald Trump. Mr. “They are trying to get rid of us,” firm Ariel Property Advisors and erties. Trump spent five years in the 1980s said Carolyn Lovejoy, who since is the beginning sold it for an estimated $8 million— But that is cold comfort for the trying to empty out 100 Central 1964 has lived at 649-651 Classon much more than advocates suspect- Crown Heights tenants. They Park South, tear it down and build Ave. (pictured), which now houses of a dangerous ed All Year Management should learned their options only after con- a luxury condo tower on the site.In- four generations of her family, from have paid, given the strict limits on tacting Legal Services NYC and an- stead, Mr. Rozenholc blocked the her mother down to her grandchil- new trend’ rent increases. other nonprofit, the Pratt Area evictions, and Mr. Trump was dren. “But we have a right to the “I don’t think it was ignorance,” Community Council, which dug up forced to take a consolation prize, services we pay rent for, and I wish said Edward Josephson, an attorney and interpreted the dusty agree- converting the building’s unoccu- they’d just go somewhere else.” at Legal Services NYC who repre- ments before alerting HPD. pied apartments to luxury The problem of rent-regulated sents several tenants in the building. “If it had not been for them, we dwellings.The case,which ended in buildings changing hands for more “I think there is a culture at play here would have all been homeless,” Ms. 1986,sent a highly prominent mes- than they’re worth has been dogging they could rent units for. that whatever you can get away with Lovejoy said. sage to landlords that they would administrations for decades, al- “[That] led to lease renewals be- is fair game.” It remains to be seen whether not be able to steamroll Mr.Rozen- though only extreme cases, such as ing sent with erroneous rent Overleveraged affordable prop- HPD can do more to prevent such holc in court. the ill-fated $5.4 billion purchase of amounts,” the firm said in a state- erties are problematic for a variety of sales. But it is clear that more atten- Mr. Rozenholc hit a career apex Stuyvesant Town-Peter Cooper ment. “After being contacted by reasons. When rents don’t provide tion is being paid to the issue. in the mid-2000s, when he secured Village in 2006,seem to make head- tenant advocates, we sent tenants enough revenue to keep up with Recently, Mr. de Blasio signed a $17 million and a $1-per-month lines. But some housing groups see written notice to cancel the lease mortgage and maintenance costs, number of bills that aim to tackle the luxury apartment for life for a hold- the case of Crown Heights as a sign agreements that were sent in error.” the city has to intervene and, in ex- problem from a different angle. His out tenant to leave the Mayflower that things are getting worse. The firm said it intends to honor treme cases, pump more taxpayer administration has increased the Hotel, which was being demol- “We believe this is the beginning all previous agreements, and has cash into the deal. Tenants face the penalties for harassing tenants in ished to make way for 15 Central of a dangerous new trend,” said frozen rents while it continues to stress of potentially increased rents, rent-regulated buildings.The move Park West. The case is thought to Moses Gates, director of planning work with the city to sort out what deteriorating conditions and pres- could deter landlords from harass- be the biggest-ever payout to a and community development for is allowed on a unit-by-unit basis. sure to move. ing or misleading tenants over buy- single tenant. the Association for Neighborhood In the Crown Heights buildings, outs, which is often done to open up “I like to win,” Mr. Rozenholc and Housing Development, a mem- Common problem one woman receiving $687 a month a unit to someone who might pay said. “Winning was more impor- bership group representing nonprof- ANHD expects more episodes in Social Security and disability more. Ⅲ tant to me than making money. its,many of which specialize in devel- like this because thousands of units payments, who for years had been And that’s why I have made a lot of opment and property management. in suddenly desirable neighbor- paying $357 a month, was offered a LISTEN to a discussion at money.” Ⅲ Critics of the Crown Heights hoods are at a similar stage in their lease renewal at $1,267 a month, CrainsNewYork.com/podcasts

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BUSINESS $9.7B Pension payments to retired city police officers, firefighters and gov’t employees in FY 2015, a 4.3% hike over FY’14 PEOPLE Source: Empire Center for Public Policy

EXECUTIVE MOVES

Office of the Manhattan Borough President: Matthew Washington, 32, joined Gale Brewer’s office as deputy borough president. He was previously deputy director of external affairs at the Durst Organization. Open Road Integrated Media: Paul Slavin, 58, joined the e-book publisher as president. He was previously executive vice president and chief operating officer at Everyday Health. ThoughtWorks: Craig Gorsline, 45, was promoted to president and chief commercial officer at the tech firm. He was previously president and chief operating officer. Sports & Arts in Schools Foundation: Maureen Fonseca, 60, joined the nonprofit as president. She was previously the head of school at the Masters School in Dobbs Ferry. Publicis Health Media: Dave Nussbaum, 52, joined the marketing firm as a senior vice president. He was previously a vice SARA CHIPPS is aiming to teach president at tween and teen girls Symphony Health how to code. Solutions. Bank Leumi USA: Shawn McGowen, 37, joined as executive vice president and head of commercial banking. He was previously president for the west and central regions at Citi Commercial

buck ennis Bank. Martini Media: Vincent Krsulich, 43, GOTHAM GIGS joined the advertising company as senior vice president of sales. He was previously senior vice president of sales at InsideHook. Capital One Commercial Bank: Chris Mendelsohn, 52, joined as a senior vice president. He was previously a senior Feeling the technology buzz vice president at HSBC. BankUnited: Anthony DeLorenzo, 40, joined as vice president and relationship manager in the New York Smart bracelets could attract more girls to computing market. He was previously a vice president at Astoria Bank. Five years after founding Girl Develop It, a got into computers: because she wanted to make ClickPay: Emily ‘We’ve Kramer, 33, joined nonprofit that teaches women how to code, Sara friends. As a child, she connected with people via the billing and hosted two Chipps has set her sights a little smaller. Her new bulletin-board services—pre-Internet servers payment solutions firm as vice hackathons company, Jewelbots, sells programmable that featured message boards and games. ¶ president for client friendship bracelets for girls ages 9 to 14. ¶ Out Today, Jewelbots capitalizes on a growing development and partnership strategy. so far, and of the box, each Bluetooth-powered Jewelbot movement to introduce girls to the science, She was previously a allows its wearer to use a smartphone app to set technology, engineering and mathematics fields business development specialist at these 8- the bracelet’s flower-shaped charm to buzz when early on. ¶ “We’ve hosted two hackathons so far, American Express. KeyBank Real Estate Capital: Thomas and 9-year- friends are nearby or light up when she gets a and these 8- and 9-year-old girls really get into Peloquin, 28, joined as vice president. new Instagram follower. More-advanced kids it,” said Ms. Chipps. “They’re not intimidated.” ¶ He was previously a vice president and olds really relationship manager at People’s can use open-source software to program their When the Lower East Side-based company United Bank. bracelets. ¶ “One thing I kept hearing from Girl launched its Kickstarter campaign in July, it sold Brown Harris Stevens Residential get into it’ Management: Anthony Milstein,39, Develop It students was that they wished they 1,600 units in 10 days. Single bracelets cost $59, joined the real estate company as a vice had even thought of engineering as a field they and a pair go for $89.The campaign generated president and managing director. He could get into when they were younger,” said Ms. $166,945, far surpassing its $30,000 goal. An was previously managing director at FirstService Residential New York. Chipps, who is 34 but was 12 when she began additional $440,000 was garnered through Michael Nath, 53, joined as an account learning to code. She went on to study computer investors. ¶ Ms. Chipps expects manufacturing executive. He was previously an account executive at Douglas Elliman science at Penn State University. ¶ Ms. Chipps to begin this year.The first bracelets will be Property Management. said her bracelets remind her of the reason she shipped by spring. —caroline lewis Bond Street: Peter Vidani, 28, joined

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SOURCE

the tech firm for small businesses as vice MEETING: ELLEN ZIMILES president of product. He was previously creative director at Tumblr. Interview by Aaron Elstein ContextMedia:Health: Loretta Lurie, 60, joined the advertising and marketing firm as senior director of strategic solutions. She was previously a senior vice president and managing director at PHD. She makes sure white collars are clean Simone Management Group: Patricia Simone, 29, was promoted to president of the real estate firm. She was llen Zimiles,55,is head I just loved that work.I also learned I bought the bookstore in 2008, previously vice of global investigations a whole new set of skills, such as and this will be the first year president of leasing and compliance and is how to find the right accounting we’ll break even, so this isn’t a and operations. the financial risk and systems and finding software that business you do to pay the rent. Crowdtap: Justin compliance segment tracked when people were working. We moved to a new location in Squezello, 38, joined the marketing leader at consulting firm Navigant. We had 100 people in New York January 2009, and Mario platform as chief financial officer. He E A former federal prosecutor, she’s and London and other places. We Cuomo, who was chairman of was previously chief financial officer at the person banks and other large competed with the Big Four ac- Daylight, came to the open- Magnetic. companies call when they’re under counting firms, and I remember ing with his wife. That Sailthru: Eric Porres, 40, joined the email- and personalization-software investigation for tax evasion, fraud wondering why I hadn’t started my demonstrated to the town we company as chief marketing officer. He and other such crimes. own business before. were real. We’ve had 200 or 300 was previously chief marketing officer at Ms. Zimiles was appointed by But there came a time when speakers come to discuss their Rocket Fuel. New York state and the U.S. Justice growing the firm meant acquiring books. UJA-Federation of New York: Hindy Department to her current post as a others, and doing that would have Poupko, 32, joined the nonprofit as monitor of Standard Chartered. diluted my equity. So I sold to I understand you train many people managing director of the Commission The British bank has paid more Navigant. there with special needs. on the Jewish People. She was than $1 billion in fines for violating My son has autism, and it’s impor- previously managing director at the How did you get the job as monitor to Jewish Community Relations Council money-laundering laws. tant that people with that diagno- Standard Chartered? of New York. She also owns a bookstore in her sis learn work skills. About 70 Westcor Land Title Insurance Co.: Michael hometown of Maplewood, N.J. Generally speaking, in jobs like people have been through our Alfieri, 54, joined as a senior commercial that, the bank approaches you and training program at the book- underwriter. He was previously a vice How does a speech-pathology major at then you apply to the government, store. We teach them how to put president and senior underwriting Brooklyn College become an which has to approve you. I’ve stickers on bags, how to counsel at Lincoln Land Services. investigator? served as a monitor in many capac- properly stack shelves Coro New York Leadership Center: Tal The thing about speech pathology ities, not just for banks. After Hur- and more, if they’re Golomb, 39, was appointed to the was you were always treated sec- ricane Sandy, I served as a monitor capable. We have a nonprofit’s board of directors. He continues as a partner at Fried Frank. ondarily to the physician, and I for the city.My job was to make sure similar kind of train- Jamie Torres Springer, 39, was appointed didn’t like that much. I started money intended to get electricity ing program at Navi- to the board of directors. He continues thinking about health care admin- back into people’s homes was used gant, and I wouldn’t as senior principal at H&A Advisors. istration when I was still in college appropriately. have sold my company Douglas Elliman: Brad and was advised that law school if they hadn’t agreed to do Loe, 37, joined the real would be useful. I finished law After Standard Chartered paid about that. estate company as school when I was 23, and a few $700 million in penalties for money- executive sales years later landed at the U.S.Attor- laundering violations, it later had to Who runs the bookstore when manager. He was ney’s Office in Manhattan. pay another $300 million because you you’re working? previously a sales found it was backsliding into the same manager and vice When I was offered the job of My husband.He was a lawyer president at Fox heading the forfeiture unit, I came misbehavior. Do banks really want to at first, but he later attended Residential Group. into the office four days a week so do the right thing? Columbia Business School at BDO USA: Michael Kingele, 33, was I could take care of my young In general,they do;they just some- age 49 and had just finished promoted to assurance partner at the daughter. Of course, that meant I times don’t have the right people. in 2008 when I suggested we financial-services firm. He was worked from home a lot, getting I can’t say whether they’re doing a buy the bookstore because previously a senior manager. faxes at midnight and sending better job finding the right people; we wanted a place for vo- John Tax, 44, was promoted to assurance them back right away. After 10 it wouldn’t be fair. cational training for peo- partner. He was previously a director. Penton: Laura Viscusi, 58, joined the years, I went to KPMG, where I ple with autism. He How many times have you served as a information-services company as market eventually became the top revenue hadn’t worked in retail leader in the supermarkets and restaurants producer at the firm. government monitor? since he was a box boy group. She was formerly group publisher Many times—for city, state and at a supermarket, and and vice president for integrated media at What was your sales pitch to clients? federal agencies. I’m probably said Columbia didn’t Architectural Record Media. I could tell them—if they were in a doing a half-dozen assignments teach him how to run a Greenberg Traurig: Elana Broitman, 49 room filled with prosecutors, FBI now. For instance, we monitored bookstore. The next joined the law firm as a shareholder. She agents and so forth—that here’s the New York City Department of day, he said he would was previously a senior vice president at what those people would want to Education after it was ordered by a take it on if we got a big- UJA-Federation of New York. Sullivan & Worcester: Hayden S. Baker, know. I’d say to clients that I’d be judge to provide services to chil- ger space, which we did. 39, joined the law firm as a partner in telling them things they liked and dren with special needs. I have the environment and natural resources things they didn’t like. They found served as an independent examiner Do you sell more e-books or practice. He was previously counsel at it compelling. for several Swiss banks to make sure paper books? Davis Polk & Wardwell. they were identifying U.S. clients Some people really love Jeffrey Gleit, 40, joined as a partner in the Why did you start your own firm? for tax reasons. e-books, but others have bankruptcy and restructuring practice. I was approached by a private- gotten sick of them. The He was previously a partner at Togut equity firm and started my own You own a bookstore called Words. price of e-books has gone up buck ennis Segal & Segal. company in 2006. It was called How’s business in this age of Amazon and isn’t that different from Roy Andersen, 63, joined as of counsel in and e-books? Ⅲ the firm’s finance group. He was Daylight Forensic & Advisory, and traditional books anymore. previously a partner at Connell & Andersen. McGlinchey Stafford: Brian McGrath, 40, joined the law firm’s commercial PLAY/LIST People, places and things that make Ellen Zimiles tick litigation practice as of counsel. He was previously supervising attorney at WHIZ KID: Ms. Zimiles was raised in Claire Huxtable, Phylicia Rashad’s Citibank customers of kitchen Hogan Lovells. Brooklyn and, after skipping eighth character on The Cosby Show, who figure out how to use a appliances,” she grade, graduated from Midwood High played a lawyer living in Brooklyn. “My new device called ATMs recalled. EXECUTIVE PROMOTIONS School at 16. Her favorite movie about daughter said, ‘You’re kind of tough, and explained how Bunn The fastest way to get an announcement into the New York she grew up in is Dog Day but warm,’ ” Ms. Zimiles said. coffeemakers and Sunbeam food READING LIST: Books she has read Crain’s is to submit online. Fill out the form Afternoon. processors worked at places such as recently include Andrew Solomon’s Far at www.crainsnewyork.com/section/ executive_moves. The Executive Moves column DEMO DAME: In college, she Bloomingdale’s and Hammacher From the Tree and Bill Clegg’s Did You is also available online. HEART OF GOLD: She was pleased supported herself by working as a Schlemmer. “I’d take the subway Ever Have a Family. She’s now when her daughter compared her to product demonstrator. She helped from Brooklyn College with a bag full planning to read Don Quixote.

October 5, 2015 | Crain’s New York Business | 33 20151005-NEWS--0034-NAT-CCI-CN_-- 10/2/2015 4:28 PM Page 1

FOR THE RECORD

(718) 760-6705 or michael.shipman@ landlord, Ten West Thirty Third share, in a transaction worth $5,565,062. parks.nyc.gov. Associates, was represented by David He now directly holds 485,997 shares. ABOUT THIS SECTION Levy of Adams & Co. The asking rent FOR THE RECORD is a weekly listing of information from the public record that GOODS AND SERVICES was $65 per square foot. ● Regeneron Pharmaceuticals Inc. (REGN) ● can help businesspeople in the New York area find opportunities, potential Human Resources Administration Michael S. Brown, director, exercised Seeks requests for proposals by 2 p.m. on ● Full-service beauty salon Kolorbar options on 3,000 shares of common new clients and updates on competitors. Oct. 20 to provide permanent supportive signed a 10-year lease for 2,700 square stock at a price of $57.11 per share on To ask questions or get more information on this section, contact Crain’s congregate housing for chronically feet at 10 W. 33rd St. The tenant was Sept. 21, in a transaction worth research department at [email protected]. homeless single adults who are living represented by Winick Realty Group’s $171,330. On the same day, he sold with HIV/AIDS and who suffer from a Matthew Ball. The landlord, KMR 3,000 shares of common stock at a price co-occurring serious and persistent Management, was represented by of $551.55 per share, in a transaction ● Modification Associates Inc. mental illness, or a substance-abuse Winick’s Patty Holmstrom and Jeeun worth $1,654,650. He now directly NEW IN TOWN 208 Guinea Woods Road, disorder.To make inquiries, contact Paula Elizabeth Kim. The asking rent was holds 18,349 shares. Old Westbury, L.I. Sangster-Graham at (212) 620-5493 or $150 per square foot. Companies that would like to have details Filed for Chapter 7 bankruptcy on Sept. [email protected]. Charles A. Baker, director, exercised of openings published should submit 15. The filing cites estimated assets of options on 5,000 shares of common descriptions following this format to cnyb- $500,001 to $1 million and estimated ● Housing Authority STOCK TRANSACTIONS stock at a price of $18.61 per share on [email protected], with “New liabilities of $500,001 to $1 million. Seeks requests for proposals by 10 a.m. Sept. 17, in a transaction worth $93,050. in Town” in the subject line. on Oct. 22 for the maintenance painting Following are recent insider transactions at On the same day, he sold 5,000 shares of ● Omni Homes of apartments in the Castle Hill Houses, New York’s largest publicly held companies common stock at a price of $550.00 per ● Hotel Indigo Lower East Side 95-25 120th St., Bronx. To conduct a search for the RFQ filed with the Securities and Exchange share, in a transaction worth $2,750,000. 180 Orchard St., aka 171 Ludlow St. Richmond Hill, Queens number, visit nyc.gov/nychabusiness. Commission by executives and major He now directly holds 9,000 shares. Hotel Indigo will open its Lower East Filed for Chapter 7 bankruptcy on Sept. Nonelectronic bid documents are shareholders. Listings are in order of Side location in late November. The 26- 18. The filing cites estimated assets of available Monday through Friday, from transaction value.The information was ● Time Warner Cable (TWC) story property will feature 293 rooms $1,000,001 to $10 million and estimated 9 a.m. to 4 p.m., at 90 Church St., sixth obtained from Thomson Reuters. Robert D. Marcus, chief executive, and suites, a rooftop pool, a terrace and liabilities of $1,000,001 to $10 million. floor, for a $25 fee in the form of a exercised options on 10,000 shares of bar, a 14th-floor local marketplace and money order or certified check made ● Ralph Lauren Corp. (RL) common stock at prices ranging from Mr. Purple, a restaurant operated by the ● Quirky Inc. payable to NYCHA. To make inquiries, Ralph Lauren, chief executive, exercised $77.04 to $86.76 per share on Sept. 21, Gerber Group. 608 W. 28th St. contact Erneste Pierre-Louis at options on 50,000 shares of common in a transaction worth $834,902. On the Filed for Chapter 11 bankruptcy on (212) 306-3609 or erneste.pierre-louis@ stock at a price of $55.43 per share on same day, he sold 10,000 shares of Sept. 22. The filing cites estimated assets nycha.nyc.gov. Sept. 21, in a transaction worth common stock at prices ranging from COMPANY MOVES of $10,000,001 to $50 million and $2,771,250. On the same day, he sold $12.01 to $12.05 per share, in a estimated liabilities of $50,000,001 to 50,000 shares of common stock at prices transaction worth $2,104,672. He now Companies that would like to have details $100 million. The creditors with the REAL ESTATE DEALS ranging from $110.77 to $111.55 per directly holds 756,945 shares. Ⅲ of recent moves published should submit largest unsecured claim are Flex Sales & descriptions following this format to cnyb- Marketing North Asia, owed Companies that would like to have details [email protected], with $18,690,653.72; Undercurrent, owed of their recent transactions appear in these “Company Moves” in the subject line. $14,097,619.68; and UPS, owed listings should email descriptions following DEALS ROUNDUP $1,316,884.82 this format to cnyb-research@crains ● Harlem Shake newyork.com, with “Real estate 2162 Second Ave. transaction” in the subject line, or enter TRANSACTION SIZE TARGET/SELLERS (IN MILLIONS) BUYERS/INVESTORS TRANSACTION TYPE The burger restaurant has leased a GOVERNMENT CONTRACT them online at crainsnewyork.com/ second New York City space on the OPPORTUNITIES submitadeal. Deals are listed in order of Cablevision Systems Corp. $19,433.3 Altice SB M&A corner of Second Avenue and East square footage. (Bethpage, L.I.)/Dolan family; 111th Street in East Harlem. In Following are selected contract Paulson & Co. Inc. (Manhattan); addition to burgers made with grass-fed opportunities recently announced by New COMMERCIAL T. Rowe Price Associates Inc. beef, its menu features a variety of York City agencies.To learn how to sell ● Medical and technology company Solera Holdings Inc./ $6,750.0 Vista Equity Partners FB M&A comfort foods such as grilled-cheese- goods and services to city government, visit Strathspey Crown Holdings signed a 10- BlackRock Institutional and-bacon sandwiches, chicken and www.nyc.gov/selltonyc. For a searchable year lease for an additional 12,000 square Trust Co.; Janus Capital Management; 570 Lexington Ave. Morgan Stanley Investment waffles, and organic shakes. The current database of current procurement notices, feet at , expanding its Management Inc. (Manhattan); location, on West 124th Street and visit www.nyc.gov/cityrecord. Listings are space to 16,000 square feet and taking up T. Rowe Price Associates Inc.; Lenox Avenue, opened in 2013. alphabetical by category and department. floors 26 through 28 and the 35th floor of TimesSquare Capital Management the 50-story building. Strathspey Crown (Manhattan) ● Snowdays CONSTRUCTION Holdings did not have a broker, and David Sirona Dental Systems Inc. $5,520.5 Dentsply International Inc. SB M&A 167 Seventh Ave. South ● City University of New York Turino of the Feil Organization (Long Island City, Queens)/ After its debut at 241 E. 10th St. in the Seeks competitive sealed bids by noon represented the landlord in-house. The not disclosed East Village last fall, the shaved-cream on Nov. 24 for the renovation of the asking rent ranged between $75 and $78 Dezima Pharma/ $1,550.5 Amgen Inc. SB M&A company is leasing a second space, in the Field Building at Baruch College. A site per square foot. BioGeneration Ventures; West Village. Made popular on the West visit and prebid conference have been Forbion Capital Partners; Coast, the frozen dessert “combines the scheduled for 10 a.m. on Oct. 16. Bid ● On-demand cab company Via New Science Ventures (Manhattan) fluffy texture of snow with the flavor and documents are available for Transportation signed a seven-year lease Trilogy Investors (96%)/not disclosed $1,125.0 Griffin-American Healthcare SB M&A creaminess of ice cream,” according to downloading at lirobiddocuments.com. for 8,425 square feet at 10 Crosby St. Via REIT III Inc.; Northstar Asset the company’s website. It is also now To make inquiries, contact James will occupy the entire second floor of the Management Group Inc. working with Eastern Consolidated to Gaspari at (646) 660-6034 or five-story, 35,000-square-foot building. (Manhattan) find additional sites in Brooklyn, the [email protected]. The landlord, Madison Capital, was Alliance Healthcare Services Inc./ $725.4 Fujian Thaihot Investment Co. SB M&A Upper West Side and financial district. represented by Mitch Konsker, Daniel Alliance-MTS Co-Investors I ● Department of Design and Construction Turkewitz and Brittany Wunsch of JLL. (Manhattan); (52.62%) ● Papyrus Little Treasure Alliance-MTS Co-Investors II Seeks competitive sealed bids by 2 p.m. The tenant was represented by Jason (Manhattan); Alliance-Oaktree 149 Reade St. on Oct. 27 for roof replacement and Frazier and David Young of CBRE. The co-investors; MTS Health Investors The San Francisco-based stationery related work at the South Jamaica asking rent was in the high $60s per (Manhattan); Oaktree Capital chain opened its first TriBeCa store. It is Branch Library in Queens. An optional square foot. Management the first Papyrus outpost in New York to prebid walk-through is scheduled for 10 UCAR Technology Inc./not disclosed $550.0 Beijing Legend Capital GCI operate as a smaller-scale “Little a.m. on Oct. 9 at the library, located at RETAIL Management Co.; CAR Inc.; Treasures” location—stores that are 500 108-41 Guy R. Brewer Blvd. A bid ● Hat-and-shoe designer Eugenia Kim individual investors; to 900 square feet. The TriBeCa location document deposit of $35, in the form of signed a five-year expansion lease at 347 Warburg Pincus (Manhattan) is the company’s 19th in the New York a money order or company check, is W. 36th St. The deal boosts her space by Village Roadshow Entertainment $480.0 Falcon Investment Advisors; GCI City area. required. Bid documents are available at roughly 2,400 square feet, to 8,932 Group USA Inc./not disclosed Village Roadshow Ltd.; nyc.gov/buildnyc. To make inquiries, square feet, in the 123,800-square-foot, Vine Alternative Investments contact Emmanuel Charles at 16-story building. The tenant and the Group (Manhattan) BANKRUPTCIES (718) 391-3170 or charlesem@ landlord were represented by Barry Antero Midstream Partners/ $243.0 Atlantic Trust PWM; Center Coast \ GCI ddc.nyc.gov. Bernstein of EVO Real Estate. The not disclosed Capital Advisors; Cohen & Steers Inc. The following listings are selected from the asking rent was $45 per square foot. (Manhattan); Goldman Sachs Asset ● Department of Parks and Recreation Management (Manhattan); Legg Mason most recent available filings by companies Partners Fund Advisor (Manhattan); ● seeking bankruptcy protection in the Seeks competitive sealed bids by 10:30 Soul Cycle signed a deal for at least 10 Managed Portfolio Series; Oppenheimer Southern and Eastern Districts of New a.m. on Oct. 26 for the reconstruction of years for 3,300 square feet on an as-yet- Funds Inc. (Manhattan); Pennsylvania York. Information was obtained from U.S. play equipment, safety surfacing, to-be-built floor at 342 Flatbush Ave.in Public School Employees’ Retirement Bankruptcy Court records available on handball courts, basketball courts, Prospect Heights, Brooklyn. Josh System; Salient Capital Management; Public Access to Court Electronic Records. pavements, fencing, plantings, site Augenbaum and Allie Beyda, both of Telemus Investment Management; Teachers’ Retirement System of Oklahoma; Tinicum Listings are in alphabetical order. plumbing and general site work at various Augenbaum Realty, represented the Inc. (Manhattan); Tortoise Capital Advisors; parks on Staten Island. Bid documents tenant and the landlord. The asking Zimmer Partners (Manhattan) ● 239 Warwick Corp. are available between 8 a.m. and 3 p.m. in rents last March for ground-floor space Selected deals announced for the week ended Sept. 17 involving companies in metro New York. 239 Warwick St., Brooklyn the Blueprint Room, Room 64, Olmsted were $55 and $85 per square foot. SB M&A: Strategic buyer M&A represents a minority or majority acquisition of existing shares Filed for Chapter 11 bankruptcy on Center, Flushing Meadows Corona of a company without the participation of a financial buyer. FB M&A: Financial buyer M&A Sept. 17. The filing cites estimated assets Park, for a $25 fee payable by company ● Straw Studios, which specializes in represents a minority or majority acquisition of existing shares of a company with the participa- of $0 to $50,000 and estimated liabilities check or money order to the City of New products from natural materials, inked a tion of a financial buyer. GCI: Growth capital investment represents new money invested in a of $1,000,001 to $10 million. York, Parks and Recreation.To make deal for 2,856 feet on the sixth floor of company for a minority stake. source: capitaliq inquiries, contact Michael Shipman at 306 E. 86th St. The tenant and the

34 | Crain’s New York Business | October 5, 2015 OUR BANKERS AREN’T JUST ON THE BALL. THEY’RE OFTEN AHEAD OF IT.

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