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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 CROWN HEIGHTS TENANTS UNITE: Residents of buildings on Classon Avenue NEWSPAPER alerted the city to illegal rent increases. 71486 01068 0 THIS PICK NEARLY SHUT DOWN A DALLAS BAR. When a musician and his guitar unexpectedly drew a crowd too large for The Rustic bar’s air conditioner to handle, the owners’ INK BUSINESS CARD gave them the flexibility they needed to purchase a new cooling system. There are thousands of things a business cannot control. Find out how Chase for Business helped The Rustic control its finances at Chase.com/forBusiness. So you can own it. © 2015 JPMorgan Chase & Co. All rights reserved. Credit cards are issued by Chase Bank USA, N.A. 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.
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