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BUSINESS LIVES TOP STORIES Summer spats can Restoring Pierre wreak havoc on is so costly, rooms relationships will cost $1,000 PAGE 23 PAGE 2 ® Humble pie: Wall St. losses are at $133 billion VOL. XXIV, NO. 31 WWW.CRAINSNEWYORK.COM AUGUST 4-10, 2008 PRICE: $3.00 PAGE 3 New law will curb city’s kangaroo Tony seafood firm files Ch. 11 violations court Labor action cripples Wild Edibles; Wild Edibles’owner,Richard Mar- SMALL BUSINESS, PAGE 5 DISPUTE HURTS tin. He also acknowledges that he others in industry under pressure as well SEAFOOD SELLER “made a mistake,” though he de- four stores, including a popular clines to discuss specific details BY LISA FICKENSCHER stand at Grand Central Market, ASSETS $2.2 million about the lawsuit. BUDGET CRISIS and a supplier to many of the city’s LIABILITIES $2.1 million As a result, he says, he had no INSIDER Sage advice one of new york’s best-known toniest restaurants—had been the choice but to file for Chapter 11 seafood purveyors has filed for object of a widening customer boy- REVENUES $16 million bankruptcy protection last month. for the embattled Source: Wild Edibles’ bankruptcy petition governor PAGE 9 bankruptcy, done in by a bitter la- cott organized by a labor group. A He also is asking the court to ap- bor dispute that is one of a growing year ago, the organizers, Brand- prove a loan for $250,000 to help EDITORIAL Is saying number of such confrontations af- workers International, filed a law- the company restructure after it the right things fecting local restaurants and food suit accusing the company of failing workers because of their efforts to emerges from bankruptcy. enough? PAGE 10 sellers. to pay employees overtime and of organize a union. Thomas Bianco,legal counsel to OP-ED So many ways Wild Edibles—the owner of harassing and even firing some “I couldn’t win this lawsuit,”says See TONY on Page 8 to cut—Alair Townsend PAGE 11 CBS aims for digital success with CNET Counts on Web operations to offset AT DEADLINE BOTTOMS UP: Stacey Pecor ad downturn at TV of Olive & SOME OF NEW YORK’S BEST- Bette’s says and radio units KNOWN RESTAURATEURS— nothing new is and The Donald—are happening in preparing bids to take over the pants. BY AMANDA FUNG space occupied by Tavern on the Green, the city’s top- with its eye on the future, CBS

grossing restaurant.The New roger hagadone Corp. is betting on CNET to lead York City Department of its digital efforts.CBS closed on its Parks & Recreation, which $1.8 billion acquisition of the net- officially oversees the city- work of technology news and owned property, is readying a video-game sites last month, final- request for proposals that it Retailers play ly declaring its commitment to its expects to send out in the next digital operations. several months. Also expected Plagued by the downturn in ad- to bid are current leaseholder BARGAIN BIN: Aéropostale is selling its graphic vertising sales for its traditional ra- T-shirts at half-price to lure teen shoppers. Jennifer LeRoy; the Glazier the top card dio and television units, the broad- Group; Dean Poll, who runs caster says its gamble on the pricey the Central Park Boathouse; to simply freshen their wardrobes with new network will pay off by transform- and upscale caterer Great Cater to stylish, cost-conscious shirts and jackets. ing CBS Interactive into a $1 bil- Performances.The lease buyers as school season starts The retail landscape is bleak. Several chains, in- lion business by 2011. expires in December 2009. cluding Steve & Barry’s, Goody’s and Mervyns, have The significance of the deal was declared bankruptcy in recent weeks. Kmart, Talbots made clear in last week’s earnings THE UNION THAT REPRESENTS BY ADRIANNE PASQUARELLI and the teen accessories retailer Claire’s might also be report, when CBS said CNET HOME HEALTH AIDES WILL in trouble, according to industry insiders. would add at least 2 percentage hold a rally Thursday at the to get on top in the tough economy during this In preparation for a crucial season, New York spe- points to the company’s revenue WaMu Theater at Madison back-to-school season, New York’s apparel retailers cialty shops like Olive & Bette’s and Wink are putting and profit growth rates. It will be- See AT DEADLINE on Page 2 are depending on, well, tops. With skinny jeans and their best blouse, blazer or jacket forward. Many gin reporting results of CBS Inter- plaid skirts a holdover trend, consumers are expected See TOPS ON TOP on Page 8 active, which includes CNET, in September. “Interactive will become a 31

5 meaningful business for CBS,”says SPORTS REPORT Zander Lurie, CBS Interactive’s chief financial officer, who held the IN A LEAGUE OF THEIR OWN: same role at CNET. “Appetite for ELECTRONIC EDITION content on the Web is huge.” YANKEES, METS PAGE 13 The company wasn’t born to bet NEWSPAPER See CBS AIMS on Page 8 71486 01068 0 CNYB 08-04-08 A 2 8/1/2008 7:37 PM Page 1

AT DEADLINE

Continued from Page 1 private equity firm or a deep- Square Garden as it intensifies pocketed local businessman its drive to secure higher wages would be interested. A source and benefits for 30,000 workers. close to New York Observer Local 1199 SEIU has owner Jared Kushner says he threatened to strike if contracts would be likely to make a bid. with 25 New York area home “Media properties have never care agencies are not agreed had a problem being sold,” says upon by the middle of Edward Atorino, managing September. Some 8,000 aides director of the Benchmark Co. never had contracts, and the rest The nation’s 15th-largest daily are working under expired deals. will be put up for sale if it can’t Negotiations have begun with a cut costs. few employers, but the union says the majority have not come BANKRUPTCIES ARE BOOMING, to the table.The union is AND NEW YORK LAW FIRM looking to raise the minimum Weil Gotshal & Manges is in pay for a unionized home health the lead, filing more big-money aide above $8 and maintain Chapter 11 cases than any other health benefits. U.S. firm this year, according to data released last week.The firm WHILE OTHER NONPROFITS handled eight bankruptcies ARE TAKING HITS, LOCAL amounting to $7.1 billion in the universities seem immune to the first seven months of the year, economic downturn. New York compared with just one big University has raised a record filing in the same period last $698 million with one month year. Weil Gotshal’s remaining in its fiscal year.The restructuring group gained PIERRE’S RARE FLAIR: amount is an eye-popping 70% international star status earlier The overhaul is “an ideal higher than the total for the in the decade. opportunity” for parent previous year, which was also a Tata Group , says GM record. Yeshiva University also MANHATTAN-BASED CLICKABLE Heiko Kuenstle.

set a record, raising $104 million INC. RAISED $14.5 MILLION IN buck ennis in the fiscal year ended June 30. funding in a second round of financing.The startup, which SOME MEDIA EXPERTS BELIEVE helps small marketers track and THE NEWARK STAR-LEDGER manage search-advertising will be a difficult sell if it is put campaigns, will use the capital Luxury at a high price on the block by the Newhouse infusion to develop its tech- family. Its losses are expected to nology.The Founders Fund, a reach $30 million to $40 million San Francisco venture firm, led this year. “If this paper has been the investment. Earlier investor Pierre will charge $1,000 a night to recoup investment losing money as long as [parent Union Square Ventures, a company] Advance says it has, it Manhattan firm, contributed to wouldn’t be very attractive,” says the new round. Clickable has BY JOYCE HANSON newspaper analyst John raised $22.5 million in venture Morton. Others believe a capital this past year. the pierre hotel, the grande dame overlooking Central Park, is undergoing a massive face- lift. Unfortunately, the operation to restore the dowager’s beauty is costing a lot more money CORRECTION and taking much longer than expected. The phone number for The Waverly Inn & Garden is (212) 243-7900. The number was incorrect in the July 28 “Table Talk” review. When Taj Hotels Resorts and Palaces took control of the hotel in mid-2005, the company estimated that renovating The Pierre would require about $35 million and a year or two of work. Three years later, the project is still dragging on, and costs have ballooned to $100 million. THIS WEEK IN CRAIN’S In the lengthy time it has taken to work on The Pierre, other hotels have been sprouting up, boosting the number of rooms in the city and creating more competition. What’s more, the

SMALL BUSINESS ------5 luxury hotel’s room rate will average $1,000 a night.That will put it in the top tier of local hotels 25 See LUXURY on Page 7 THE INSIDER------9

ALAIR TOWNSEND ------11

WEEK IN REVIEW ------12 REPORT: BUSINESS Christie’s bids on design OF SPORTS ------13 Art Basel and Art Basel Miami with design pieces because they are NEIGHBORHOOD Auction house offers Beach,have added large sections de- much cheaper than contemporary furniture, other voted to the art form. paintings or sculptures. Estimates JOURNAL------19 “In our general sales of 20th- for the 30 works being offered range objects; prices lower century decorative art and design from $6,000 to $300,000, and the 27 CLASSIFIEDS ------20 than for paintings over the past few seasons here in sale is expected to bring in $1.2 mil- REAL ESTATE DEALS------22 New York, we have seen a continu- lion to $1.7 million overall. ing trend toward buying “You can’t go to a contem- BUSINESS LIVES------23 BY MIRIAM KREININ SOUCCAR contemporary pieces, by porary art auction and buy both established and new $6K something for $6,000,” Ms. THE WEEKS AHEAD ------24 LOWEST christie’s is launching an auc- buyers,” says a spokesman estimate for the Cromwell says. Some collec- CORPORATE LADDER------25 tion dedicated exclusively to works for Christie’s. design works tors are switching to design by contemporary designers. Experts say the new auc- being offered because it’s more affordable, EXECUTIVE MOVES------25 The sale, which will take place tion is in tune with trends in by Christie’s she adds. BOB LAPE ------27 Sept. 8, will include furniture and the art market. The timing of the auction other objects by some of the most “A specific contemporary design is set to coincide with Christie’s vol. xxiv, no. 31, august 4, 2008—Crain’s New York Business (issn 8756-789x) is published weekly by Crain Communications Inc., 711 Third Ave., New York, NY 10017. Periodicals important designers living and sale is somewhat visionary,” says First Open sale on Sept. 9, which postage paid at New York, N.Y. and additional mailing offices. Postmaster: Send address working today, such as internation- Wendy Cromwell, an art adviser. was created eight years ago to offer changes to: Crain’s New York Business, Circulation Department, 1155 Gratiot Avenue, Detroit, MI 48207-2912. for subscriber service: Call (888) 909-9111. Fax (313) 446-6777.$3.00 a al starchitect Zaha Hadid. “It’s going to probably do very well.” lower-priced postwar and contem- copy, $59.79 one year, $109.79 two years. (GST No. 13676-0444-RT) ©Entire contents The move comes as more collec- The sale also offers a new way for porary art to new collectors. copyright 2008 by Crain Communications Inc. All rights reserved. tors are becoming interested in de- Christie’s to attract emerging collec- sign. The most prestigious art fairs, tors, some of whom are now starting [email protected]

2 | Crain’s New York Business | August 4, 2008 CNYB 08-04-08 A 3 8/1/2008 7:59 PM Page 1

$133 billion humble pie Whitney

Tracking Wall Street’s meltdown CITIGROUP CEO: Vikram Pandit houses THE BAD NUMBERS KEEP PILING UP. CITIGROUP INC. has the most to lose after Merrill’s sale last When Merrill Lynch & Co. sold week. Citi has the largest CDO exposure of any bank—$22.5 most of its portfolio of collateralized debt obligations last week in a fire billion, according to Deutsche Bank—and values it at 53 cents sale, it was forced to take another $5.7 billion in write-downs and raise on the dollar, 141% higher than Merrill’s price. The company for sale $8.5 billion in will probably have to write down the assets to reflect the new reality, which analysts say capital—adding to the could trigger losses ranging from $4 billion to $16 billion. That would likely translate growing cost of the into Citi’s fourth consecutive quarter in the red. mortgage crisis. Five Museum to use of the leading banks in TOTAL WRITE-DOWNS money from 5 the city have written BOND RATING off a collective $132.8 properties for billion and raised $54.6B AA- building downtown $100 billion in fresh Downgraded from capital in the past 12 CAPITAL RAISED months. But those BY THERESA AGOVINO numbers could be AA going up significantly, $49.1B the whitney museum of Ameri-

m ö and soon: Merrill sold can Art is looking to sell five town- r t s d its CDO portfolio for houses next to its location on Madi- n i l a just 22 cents on the son Avenue that were slated to be k k be dollar, which could part of its controversial proposal, by ts force other firms to now defunct, to expand on the Up- ar ch mark down their per East Side. CDO portfolios and trigger yet another round of brutal write-offs and A spokesman says the Whitney is capital injections. in the early stages of exploring a sale

—aaron elstein bloomberg news and will put the proceeds toward its

MERRILL LYNCH CEO: John Thain MORGAN STANLEY CEO: John Mack IF ONLY THE CDO PURGE marked the end of Merrill’s MORGAN STANLEY LARGELY CLEANSED its books of problems. The investment bank faces future asset write- problematic mortgage securities after taking a huge write- downs from a portfolio that includes $44.7 billion of down late last year and now has just $1.5 billion of net CDO residential mortgages, $17.7 billion of commercial mortgages exposure. Still, it isn’t out of the woods. The firm has $34 and $18 billion of investments in U.S. banks. What’s more, Merrill provided financing billion of capital but a $69 billion assortment of risky assets that are impossible to for 75% of the $6.7 billion sale of its $30 billion problem portfolio, which means it’s on value. A recovery in the investment banking business would be especially helpful to the hook if losses in that package exceed $1.7 billion. Morgan Stanley, but it’s nowhere in sight.

TOTAL WRITE-DOWNS BOND RATING TOTAL WRITE-DOWNS BOND RATING

$51.8B A $14.4B A+ THE WHITNEY abandoned its proposal to add CAPITAL RAISED Downgraded from CAPITAL RAISED Downgraded from space on the Upper East Side two years ago.

$30.8B AA- AA- planned building in the meatpack- $5.6B ing district. The museum has tapped CB Richard Ellis Inc. to sell the town- houses, on Madison between East 74th and East 75th streets, with the aim of raising $60 million, accord- ing to real estate sources. The spokesman won’t confirm the dollar figure and says the institution’s bloomberg news bloomberg news board must approve any deal. The properties would be a chal- LEHMAN BROTHERS CEO: Richard Fuld Jr. GOLDMAN SACHS CEO: Lloyd Blankfein lenging development site. For in- stance, any demolition or exterior THE GOOD NEWS AT LEHMAN BROTHERS: It has only $615 million HAVING AVOIDED THE MORTGAGE MELTDOWN, Goldman Sachs work would require permission from of CDOs on its books. The bad news: It holds $72 billion of Group Inc. is poised to profit enormously from its rivals’ misery. The the city Landmarks Preservation mortgages and related securities, including $21 billion so toxic they firm just raised $10 billion to invest in distressed securities and Commission. The buildings’ only can’t be priced. That’s serious, considering Lehman has just $26 might be ready to pounce, with analysts predicting that Merrill’s CDO billion of capital. Some speculate that the firm will sell its money management arm, sale will unleash a flood of similar transactions. Earlier this year, Goldman acquired a occupants are two retail tenants. Neuberger Berman, to raise cash or will agree to be taken over by another loan servicing company to help it evaluate such opportunities. Meanwhile, the Two years ago, the Whitney company. investment banking staff is bracing for layoffs because business is slow. scrapped a plan to build a tower be- hind the townhouses,even though it TOTAL WRITE-DOWNS had obtained the necessary ap- BOND RATING TOTAL WRITE-DOWNS provals—despite opposition from BOND RATING some Upper East Side residents and $8.2B A $3.8B preservationists.The expansion was Downgraded from to incorporate the townhouses. CAPITAL RAISED CAPITAL RAISED AA- The spokesman says the institu- Unchanged tion abandoned the idea when a lot A+ on Gansevoort and Washington $13.9B $0.6B streets became available.The Whit- ney’s board believed that would be a better place to grow. That building is expected to open in late 2012. It was designed by famed architect Renzo Piano, who also created the Madison Avenue blueprint. getty images bloomberg news COMMENTS? [email protected]

August 4, 2008 | Crain’s New York Business | 3 CNYB 08-04-08 A 4 8/1/2008 8:02 PM Page 1

IN THE MARKETS

HIGHLIGHTS REEL Medco Health’s shares +1.2% perfect recession antidote The Bloomberg/ strength is clearly evident in Medco’s new lower their health care costs. Last year’s Crain’s New Pharmacy benefits bookings for next year. $1.5 billion acquisition of PolyMedica York Index manager uses leverage They currently stand at $2.9 billion, Corp., a maker of diabetes testing sup- rose 1.2% to according to Deutsche Bank analyst Russ plies and drugs, is part of that effort. Di- end the Muken.“It’s an aston- abetes care is one of week at 312. to help clients cut costs ishing number,” he the fastest-growing

The S&P ➡ says. In a typical good segments of the health 500 Index BY THERESA AGOVINO rose 0.2%, year, new bookings care market. Medco closing at would be $1 billion to estimates that diabetes 1260. or the makersof blockbuster $2 billion. care is a $25 billion drugs, these are hard times. Medco also stands business.Mr.Hender- Faced with patent expirations to gain from the nu- son says the acquisi- and pricing pressures, their merous drugs losing tion will help Medco’s stocks have swooned. patent protection this clients better manage FHappily, Medco Health Solutions is year and next. Among the care of diabetes pa- RISERS one health care stock that is living up to them are such block- tients—and lower 5-DAY 1-MONTH 3-MONTH CLOSING the sector’s reputation for recession re- buster drugs as acid costs in the process. % CHANGE % CHANGE % CHANGE PRICE sistance. Shares of the pharmacy benefit reflux pill Protonix, Medco bought MBIA +58.9% +80.8% -34.1% $7.74 manager are up nearly 17% over the past antidepressant Paxil Critical Care Systems, ImClone +40.9% +63.0% +35.9% $65.34 12 months and have more than tripled and asthma treatment which serves patients over the past four years.Investors looking Advair. taking intravenous Cablevision +17.2% +13.2% +11.7% $25.19 for a proven antidote to economic down- Medco’s profit drugs. Mr. Henderson Avon Products +17.1% +19.1% +10.6% $42.60 turns should take note and buy Medco. margin on generic Market cap $24.8B says that many new Morgan Stanley +11.8% +12.3% -18.3% $41.10 The Franklin Lakes, N.J.-based com- drugs is far higher— Estimated 2009 P/E 17.9 drugs need to be in- pany shows no signs of slowing. Medco typically 20% or jected, so a company develops lists of preferred drugs and uses more—because the Prescriptions managed 500M+ that coordinates such SINKERS its immense buying power to win dis- company finds it easi- care makes sense. 5-DAY 1-MONTH 3-MONTH CLOSING counts from drugmakers.It is the nation’s er to extract major dis- After a strong sec- % CHANGE % CHANGE % CHANGE PRICE largest pharmacy benefits manager,shep- counts when numerous companies man- ond quarter, Medco raised its 2008 per- Sirius Satellite -35.1% -25.1% -45.7% $1.46 herding more than 500 million prescrip- ufacture a medication. The margin on share earning estimates to between $2.10 NYSE Euronext -12.9% -16.9% -40.1% $41.13 tions a year. patent-protected drugs is in the low sin- and $2.13. That would represent a jump Yes, Medco has lost some important MasterCard -10.1% -10.0% -19.4% $237.02 gle digits,says Arthur Henderson,a man- of between 29% and 31% over last year’s clients, including BellSouth, but it has aging director at Jefferies & Co. profits. Mr. Muken expects revenues to Viacom -8.4% -7.8% -29.8% $28.02 more than made up for any defections Mr. Henderson and other analysts rise 16% to $51.5 billion this year. Coach -6.6% -14.8% -31.1% $24.82 by adding new clients, including Cov- praise Medco not just for managing pre- entry Health’s Medicare business. That scriptions but also for helping clients COMMENTS? [email protected]

US Open Tickets STOCKS TO WATCH by Erik Ipsen In volatile week, Big Blue ranks as island of stability once again For an old company, IBM is awfully good at growing. The last time its quarterly earnings failed to rise at a two-digit pace was a year and a half ago. The last time profits actually dipped was in 2002. Growth is strongest in emerging markets. Services provide the bulk of revenues, but software sales pace the pack—led by Lotus and a bevy of acquisitions including Cognos. Big Blue’s shares are up 15% over the past 52 weeks. In the past month, Nasdaq completed its acquisition of the Philadelphia Stock Exchange—picking up a nifty options business in the process—and in a The action starts on Monday, August 25th! major coup lured the Chicago Merc away from the NYSE, where it had long been listed. This week, Nasdaq is expected to post a 22% jump in earnings. Too bad investors don’t care. Fearing a cut in trading volume, they have The 2008 US Open is almost here! If you would pushed the shares down 45% so far in 2008. like to purchase tickets for any session, our Event www.admitone.com Bond-insurer Ambac had its best Specialists are standing by ready to assist you. monthly performance of the year in If you are a season ticket holder and would July, soaring 221%. Brought low by the like to sell any of your tickets, call Admit One 646-307-4239 subprime meltdown, Ambac has today! Our Market Makers are ready to make revived as signs that the worst is over you an o%er. mount. News that it had cut a deal allows it to reduce its hit on a $1.4 When purchasing US Open Tennis tickets from billion guarantee by $150 million. The Admit One, you will receive a full refund for relief is likely to be short-lived. Even Ocial USTA cancelled sessions. worse, without its AAA credit rating, Ambac’s ability to write new business is nil. The shares are off 85% this year. charts: lindström bekka

4 | Crain’s New York Business | August 4, 2008 CNYB 08-04-08 A 5 8/1/2008 11:25 AM Page 1

SMALL BUSINESS Law to streamline ‘kangaroo court’

Owners have lost KAFKA MEETS thousands fighting JOHN BELUSHI ECB violation TRANSCRIPTS like this one from a 2004 hearing before Administra- notices over the years tive Law Judge Frederick Joseph, which reads like a Saturday Night BY FRAN HAWTHORNE Live skit, helped push through Environmental Control Board o fight a summons for reforms, including a translation having his vending cart service. Vendor Munnu Dewan, too close to a crosswalk, from Bangladesh, was accused of Cheikh Fall had to shut having 12 sausages unwrapped. down for an entire day last November. He waited several MR. DEWAN: He said I have hot dog T box wrapped down, and this is a bowl. hours at the NYC Environmental Bowl loose hot dog, and package. Control Board, but the issuing offi- cer didn’t show up.The hearing was JUDGE: A what? adjourned. MR. DEWAN: Bowl. This is basket, A month later, Mr. Fall again bowl. closed up his cart—from which he JUDGE: Ball? sells socks, hats and sunglasses— and trekked to the ECB.The officer MR. DEWAN: Yeah. failed to show. Mr. Fall, already out JUDGE: Bag? about $100 for the two days of lost MR. DEWAN: No, not bag. This is … business, says he “gave up and just paid” the $250 fine. JUDGE: A cylinder? Small business advocates say a INSPECTOR WHO ISSUED THE version of this story has been hap- SUMMONS: I think he means “ball.” pening thousands of times a year at MR. DEWAN: No, no, no ball. This is the ECB, a 36-year-old agency cre- a plastic … ated to handle quality-of-life com- plaints. “The ECB had become a bit of a The ECB oversees violation no- kangaroo court,” says Councilman tices issued by the sanitation and en- James Gennaro, D-Queens, chair- vironmental protection depart- man of the City Council’s Environ- ments and 10 other agencies. More mental Protection Committee.The than 75% of businesses that get no- board, which levies fines ranging tices pay the fine to avoid the hassle Your company may be eligible for from $25 to $25,000, hauled in of having to appear. nearly $88 million from about 700,000 violation notices in 2007. Years in appeal Mr. Gennaro hopes that a bill he “if a small business has to close to up to $400,000 in Training Funds sponsored and that the council just respond to a summons, and then do passed unanimously will eliminate it two or three times, it could cost most of the problems. The bill lim- hundreds or thousands of dollars in “NYC Business Solutions its each case to one adjournment, lost business,”says Chuck Hunt,ex- Training Funds made it easy authorizes a real-time telephone ecutive vice president of the New translation service, requires appeals York State Restaurant Association. to lower the cost of employee to be decided within six months and About a third of the owners who training and increase my profits.” upgrades the system’s technology. persist in challenging notices win In addition, the ECB will be their cases, according to the ECB. moved from the Department of En- Those appealing a decision also David Serrano, General Manager vironmental Protection to the Of- sometimes win, though it can take Fairway Market –Red Hook, Brooklyn fice of Administrative Trials and years. Mr. Bookman recently got a Hearings, which has more experi- $750 fine overturned for a Manhat- ence running government hearings. tan nightclub owner—five years af- Critics say the historical setup has ter filing the appeal. presented conflicts of interest be- Officials don’t dispute most of Pre-Apply cause the DEP issues many of the the criticism. The city was trying to citations that the ECB rules on. address the worst flaws before the by new law was passed, Mr. Goldin August 14th Just a first step says. For instance, the ECB hired a Finding out is fast and easy “this is beginning to be a process translation service last year and has built on customer service princi- halved the time taken to decide ap- Complete a simple pre-application! ples,” says Administrative Justice peals, to an average of a year. www.nyc.gov/training Coordinator David Goldin, who The translation service is expect- oversees city tribunals. ed to cost $18,000 to $24,000 a year, Robert Bookman of Manhattan but officials have no cost estimate on New York City Department of Small Business Services Michael R. Bloomberg, Mayor | Robert W. Walsh, Commissioner law firm Pesetsky & Bookman, who technology upgrades and won’t argues dozens of cases before the forecast how much collections could Equal Opportunity Employer/Program, Auxiliary aides and services available upon request to individuals with disabilities. ECB each year, says the new law is a be reduced. good first step but doesn’t go far “We’re not doing any of this to enough. He and other advocates get more fines paid or not get more want New York to hire more full- fines paid,” Mr. Goldin says. “It’s time judges rather than rely on non- about making the system more fair.” staff lawyers to hear cases, and they want guidelines better enforced. COMMENTS? [email protected]

August 4, 2008 | Crain’s New York Business | 5 CNYBtemplate: 08-04-08 ANew 6 8/1/2008 York 4:02New PM York Page 1ver A

NEW YORK,NEW YORK edited by Valerie Block

labels like Thom Browne and Michael Upset in local Bastian.The collection will debut news race in February. The neckwear is a break from ¡ay, caramba! Spanish-language the traditional, featuring station WXTV is kicking some embroidered patterns of objects English-language butt. like toy robots (below), bowler For the first time since hats and Barbasol shaving cream local people meters went cans. into use in New York four “David brings this eclecticism years ago, WXTV won the to neckwear,” said Tommy Fazio, July ratings contest for the men’s fashion director at 6 p.m., 6:30 p.m. and Bergdorf Goodman. “His 11 p.m. newscasts and collection fits prime time among 18- to right into the 49-year-olds. new modern way The station’s victory in of the dandy the July sweeps is at least a man’s dressing.” temporary upset in the local Mr. Hart, who ratings race, which has been started the dominated by WABC-TV. business last year

That station remained No. 1 in Park Slope, buck ennis in newscasts among 25- to Brooklyn, hopes 54-year-olds and total to hire a staff and expand his viewers, according to Nielsen offerings to items below the neck. Media Research. “I’d like to eventually start a FTsharing Univision plans to trumpet its full-on clothing line,” he says. new status to advertisers. “It opens wealth stateside up a great conversation,” says WXTV General Manager Ramon Kosher eatery he Financial Times Pineda. “We are an advertiser’s packs ’em in will bring its new growth engine.” high-end magazine, But it will take time to most restaurateurs are worried T translate ratings growth into about soaring food costs and FT Wealth, to the United revenue gains. “Eventually, it will frugal customers these days. States in September, create more interest from people according to an insider. not using the station, but it’s a The London-based slow process,” says Valentin Newmark Knight Frank Polyakov, media director at ad newspaper introduced the agency GlobalWorks. is pleased to announce that glossy quarterly, which targets the world’s richest Bergdorf suits 1%, overseas in March. FT Wealth steps up the designer of ties battle between the salmon- novice brooklyn tie design firm colored daily and its much David Hart & Co. just got its first big break.The one-man shop sewed larger rival, The Wall Street up an exclusive deal to sell its Journal, which will quirky ties, including self-tie bow

introduce its luxury-market ties, at tony retailer Bergdorf yokum tanja monthly, WSJ.,in Goodman, alongside well-known But not Jose de Meirelles, the September.The FT has also celebrated chef and former owner published an upscale CHAIN STORE of Les Halles brasseries. At Le bimonthly title, How to COUNTDOWN Marais, his theater district Spend It, since the 1990s. steakhouse, 250 seats can’t keep Michael J. Ziatyk TURNS OUT STARBUCKS up with demand. This week, the The publication declined doesn’t domi- Portuguese native, who also owns to comment about FT nate New York Club House Café on West 46th Wealth. streets. A recent Street, will begin renovating the second floor of the 13-year-old has joined Newmark Knight Frank as The FT is on a roll on report from Cen- ter for an Urban kosher spot to add capacity for Managing Director this side of the Atlantic. Ad Future finds more another 60 diners. pages for its New York- Dunkin’ Donuts than “Business has been very Patricia Thieffry at the firm’s New York headquarters based North American any other retailer in the good,” says , vice five boroughs. president of operations. “Our edition are up 11% through revenues are greater this year May, according to TNS Dunkin’ Donuts 341 than last, and we didn’t even raise Media Intelligence, prices.” Subway 335 The extra space will allow Le compared with a 12% Marais to accommodate larger decline at the Journal. McDonald’s 248 weddings, bar mitzvahs and Michael J. Ziatyk “We offer advertisers a corporate events, Ms.Thieffry 125 Park Avenue targeted, premium, affluent Starbucks 235 says. New York, NY 10017 audience,” says FT Chief Duane Reade 646.441.3701 216 Contributors: Lisa Fickenscher, Matthew [email protected] Executive John Ridding. Flamm, Adrianne Pasquarelli CNYB 08-04-08 A 7 8/1/2008 7:39 PM Page 1

Luxury at a high price

Continued from Page 2 top five to 10 hotels pulling in $800 We are pleased to announce our appointment as when it reopens early next year, at to $900 per night. The Pierre will which point the economy may be in have to charge an even higher room exclusive leasing agent for even worse shape than it is now. rate, because builders have seen big While New York tourism con- cost increases for commodities such tinues to flourish—room revenues as concrete and steel, as well as fuel. were up 8.9% and occupancy was up Still, renovating during an eco- 1290 Avenue of the Americas 1.4% for the first half of 2008, says nomic slowdown isn’t necessarily a hotel advisory firm PKF Consult- bad thing, says John Fox of PKF New York, NY ing—economists are taking a bleak Consulting. view of the industry’s prospects. “I think as soon as the guest They say that the economic malaise rooms are ready, they’ll do as well as a 2,000,000 square foot office tower in the United States is sure to infect the rest of the city, if not better. the rest of the world and that do- They’ll be the newest product,” he in the heart of Midtown's Corporate Row mestic consumer softness will per- says. sist. And, they warn, the city can’t rely forever on a weak dollar, which Little competition has brought in a flood of foreign the pierre occupies the highest a property tourists. end of the high-end market, which However, Taj’s parent, India’s has seen a diminishing supply of Tata Group, has deep pockets. The room inventory, Mr. Fox adds. Lux- conglomerate owns 52 hotels in 12 ury hotels such as The Plaza and For leasing information contact: countries, the Tetley tea company, The Stanhope have converted much customer call centers, plus steel and if not all of their space into residen- Diana Biasotti Alexander Chudnoff Amy Fox Paul Glickman Franklin Speyer automobile companies. As of the tial units. Managing Director Executive Director Senior Director Vice Chairman Vice Chairman end of the second quarter, the com- “There will be some dilution in 212.841.7613 212.841.5981 212.841.5971 212.841.7847 212.841.5050 pany had more than $1 billion in occupancy from hotel construction, available cash. but the properties likely to open in Far from showing any fear of the next 12 to 18 months are in the global recession,Tata is so confident midmarket tourist arena,”Mr.Hen- about The Pierre’s potential that it nessey says. “The Pierre will not see has shut down the hotel’s 250 guest a lot of new luxury competition.” rooms and its restaurant for the en- In an “only in New York” spin on tire year. Usually, a hotel renovation the Pierre story, life keeps getting takes place in floor-to-floor stages. more fabulous for The Pierre’s 70 “The closure hurts, but this is an superrich co-op shareholders. They ideal opportunity for international are the hotel’s true owners—living expansion into the Western Hemi- in apartments mixed on the same sphere,” Pierre General Manager floors as the “transient”rooms—and 2006 and 2007 Tax Abatement Heiko Kuenstle says.“Tata wants to they rent those transient rooms, the Certificates Available make this a profitable hotel. And in banquet space and the restaurant to my opinion, you can’t time the mar- the Taj under a long-term lease. ket. Nobody knows what will hap- The Taj is funding the upgrade of pen in six or nine months.” The Pierre’s public spaces, which 421-A NEGOTIABLE TAX will raise property values. The Redecorating not enough shareholders won’t have to invest a ABATEMENT CERTIFICATES estimated costs typically grow penny, according to Stanley Turkel, for a project like The Pierre’s—es- who was executive vice president of pecially considering the age of the the co-op corporation when the FOR SALE hotel, which was built 80 years ago. Four Seasons managed the hotel, “Before the renovation talk start- before turning it over to Taj. While ed,The Pierre was a very nice hotel, there may be some dust and noise but it had a traditional and classical now, the co-op voted unanimously The June 30, 2008 deadline has come type of decor and feel that bordered in favor of the upgrade. and gone. Call immediately if you are on being dowdy,” according to Sean “The shareholders, who are cer- Hennessey,chief executive of Lodg- tainly at the top 1% of wealthy peo- a developer in need of 2006 or 2007 ing Investment Advisors. ple in the U.S., want to live in the 421-a certificates. “When you’re trying to compete best hotel in the country,” Mr. against the million-dollar rooms of Turkel says.“The Pierre is a rare and other hotels, The Pierre got to the special place, and the shareholders point where redecorating wasn’t go- want The Pierre to be even more ing to help,” he adds. “They really special. If business is slow when the ACT NOW needed to get down to the bones and hotel reopens,Taj will have to take it redevelop the hotel.” on the chin. Taj is not going away, 2006 certificates allow you to get your The current price of an average even if they have a few poor years.” Manhattan hotel room is about foundations in the ground by June 30, $300, Mr. Hennessey says, with the COMMENTS? [email protected] 2009 and receive a full tax abatement.

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CRAIN’S OFFERS READERS FREE two-week trial subscriptions to its daily online newsletters, Crain’s Health Pulse and The Crain’s Insider. Pulse deals with the business of health care. An annual subscription is $319. The Crain’s Insider covers political gossip and government and political DEVELOPMENT GROUP issues. An annual subscription is $269. To receive a free trial, go to 421-A www.crainsnewyork.com, and click on “Health Darren Klein, Executive VP Pulse” or “Insider” under “Newsletters” on the right side of the page. Under “Health Pulse Tools” or “Insider Tools,” click on Jackson Development Group “Request a Free Trial.” After registering, you will receive an e-mail 718.343.6262 X233 with instructions on accessing the trial issues. [email protected] CNYB 08-04-08 A 8 8/1/2008 7:57 PM Page 1

lar TV shows through more than 191 BROADCASTER’S Web sites. CBS Audience Network, CBS aims for digital success which reaches 92% of online users in BLUES the United States, allows CBS to Continued from Page 1 growth in its digital operations two dia Metrix. CBS Interactive ranked CBS’s earnings for second quarter of take a share of the ad revenue collect- on the Internet. When Sumner years ago when it hired Chief Exec- 24th prior to the deal. 2008. Dollars in millions. ed from each partner site. Redstone, now chairman of CBS, utive Quincy Smith, a tech buff, to “CBS will benefit from the im- Operating “It is a wise strategy,” says James Revenue Income split Viacom into CBS Corp. and jump-start CBS Interactive. mediate scale,” says Bobby Tulsiani, % change* % change* McQuivey, a media and technology Viacom Inc. almost three years ago, media analyst at Jupiter Research. analyst at Forrester Research. CBS was expected to provide value Rich deal TV $2,201.1 $495.6 “Advertisers come along with visi- +2% -10% Furthermore,as CBS’s tradition- to investors with positive-cash-flow, critics say cbs overpaid for tors and page views.” al radio business struggles, the com- slow-growth businesses. The com- CNET, a niche network of sites CBS is already taking advantage Radio $416.4 $158.6 pany has been focusing on digital ra- pany burst out of the gate, outpacing whose audience is far smaller than of CNET’s reach. Last month, -10% -15% dio. the growth of its sister company. that of MySpace, a social network CNET sites delivered more than *Compared with second quarter of 2007. Last year, CBS bought Last.fm, Source: CBS Corp. But a weak advertising market that News Corp. bought in 2005 for 200 million ad impressions for CBS a music social network, for $250 and audience fragmentation dragged just $580 million. Earlier deals, in- brands. CBS has also been able to million. CBS also recently teamed the company down—70% of its cluding NBC’s acquisition of online return the favor. During the launch Smith joined the media company, up with AOL Radio to distribute business is exposed to advertising. women’s network iVillage for $600 of the Apple iPhone 3G,CNET ed- CBS has been expanding its Web 150 of its local radio stations to During the second quarter, profits million, also cost less than half as itors made more than 30 appear- presence. Last year, it made smaller AOL’s 1.5 million daily listeners. for the company’s television and ra- much as the CBS/CNET tie-up. ances on CBS TV shows including deals by acquiring financial blog Later this summer, CBS will launch dio businesses dropped significantly CBS insists that the CNET deal The Early Show and Entertainment WallStrip for $5 million and gossip Play.it, an ad-supported radio play- from the same period last year. The is already paying off. The family of Tonight. Video content from The blog Dotspotter for $10 million. er that allows users to create their mediocre results are forcing CBS to sites is expected to generate $100 mil- Early Show was also added to own stations. sell 50 radio stations in several mid- lion in profit on $450 million in rev- CNET sites. All of these initiatives Large online network “We will be aggressive in terms of size markets. enue this year. CNET has also made tripled traffic and video streams on recognizing that it couldn’t com- launching sites, distributing video CBS’s shares have fallen 49% this CBS Interactive the eighth-largest CNET sites, according to CBS. pete against giants like Google for and making acquisitions for past year, to $15.98. Web property in terms of traffic,with CNET is the largest piece of the eyeballs, the company created CBS growth,” says Mr. Lurie. The media company,led by Leslie about 160 million global unique users CBS Interactive puzzle, but not the Audience Network, which distrib- Moonves, laid the groundwork for monthly,according to comScore Me- only one. Since tech dealmaker Mr. utes original video including popu- COMMENTS? [email protected]

To encourage back-to-class buy- ended May 3, a 27% increase over ing of its preppy argyle knits,graph- the year-earlier period, but invento- Tops on top of retailers lists ic T-shirts and patterned scarves, J. ries were down 1% year over year, as Crew is mailing its credit card hold- the company is wary about cost- Continued from Page 1 New Yorkers plan to cut back their ers $25 reward cards. conscious shoppers. chains, including Aéropostale and spending for back-to-school Meanwhile, Wink, a New York Macy’s,are discounting prices for T- items. company whose three boutiques are Department store dilemma shirts and crisp blouses, which “Back-to-school this year is go- all in the city,is banking on versatile giant macy’s is also stressing slen- they’re promoting to teens trying to ing to be more of a massive headache tops and jackets to bring traffic to its der upper body silhouettes by offer- emulate the trend popularized by than a fun experience,” says Can- stores. ing four pages of new tops for jun- Gossip Girl, the CW network’s hit dace Corlett, president of WSL “We’re seeing a lot of silk blous- iors on its Web site. The show. Strategic Retail. es and things that can be tucked much-troubled department store “Across the board, tops are driv- Sensing this, retailers are reacting in—it’s very Gossip Girl-inspired, needs such enticements to draw ing a lot of the business,” says Lori by offering top-of-the-line items. but our customer will put her own young shoppers. Net same-store Holliday Banks, a senior analyst at twist on it,” says Sara Mattler, sales for the quarter ended May 3 fashion consulting firm Tobe. “If Sweater weather Wink’s senior vice president of mer- were down 2.6% from a year earlier, you’re sitting at a desk or a table, olive & bette’s, which has four chandising. and the company listed a $59 mil- people notice what you’re wearing Manhattan boutiques, expanded its TONGUE-WAGGING: Gossip Girl has had a Larger retailers are also focusing lion loss for the period. on top, not bottom.” sweater inventory by 150% this year. big impact on how young girls want to dress. on tops but keeping inventories lean “Kids look at Macy’s and ask, Last year,back-to-school sales of It’s also increasing its blouse and T- and items inexpensive.Aéropostale, ‘How does this work?’ ” says Bob apparel for kids aged 7 to 17 gener- shirt stock. Owner Stacey Pecor is with 814 stores, expects that print- Grayson, co-president of retail ated revenues of about $10.6 billion, betting that a $250 open-front cash- newness but can’t seem to find it,” ed T-shirts will be hot items. In advisory firm Grayson/Hughes. according to trend tracker NPD mere hoodie, layered with bright Ms. Pecor says. keeping with its discounting tradi- “They’ve grown up with stores like Group Inc. knit T-shirts, will appeal to teens Collegiate tees have been a fa- tion, the chain is selling the tees at Aéropostale, Abercrombie and For- Retailers require all the help who want a preppy schoolgirl look. vorite among the back-to-school half-price and is also offering re- ever 21; they don’t understand the they can get this year: Consumers She is cautious about bottom sales crowd, and Scoop Kids is stuffing duced-price polo shirts and sweater department store.” are shopping less—and spending and is maintaining flat inventory the shelves with them, along with vests. less when they do. A recent De- levels. other sportswear like cardigans and Aéropostale posted a net profit COMMENTS? loitte survey found that 56% of “In pants, we’ve looked for some vests. of $17.5 million for the first quarter, [email protected]

cautions bankruptcy attorney In its bankruptcy filing,the Long Michael Venditto, a partner with Island City, Queens-based seafood Tony seafood firm files Ch. 11 Reed Smith. wholesaler and retailer listed $2.1 “In this economic climate, labor million in debt and $2.2 million in Continued from Page 1 Chodorow—announced that it had example, came under fire late last groups and employees have to be assets. Among its 20 largest credi- Wild Edibles and a partner in ceased buying seafood from Wild year. As two unions tried to organ- aware of not pushing the company tors, the company listed eight Meltzer Lippe Goldstein & Breit- Edibles. ize its warehouse workers, FreshDi- over the cliff, because they’ll be out seafood distributors and suppliers stone, says that some workers may “I don’t think any business of our rect’s reputation took a hit. Before of work,” he says. based at the Hunts Point Fish Mar- not have been paid correctly, but he size or [Wild Edibles’] could afford that, celebrity chef Daniel Boulud ket in the Bronx. maintains that the situation that led to lose 33 customers and stay in was accused of engaging in discrim- Taken by surprise Several of the company’s suppli- to underpayments has been rectified. business,”says David Coop- inatory hiring practices. Mr. daniel gross, director of Brand- ers said they had no idea that Wild “Now the record-keeping at er, president of Scandia Boulud resolved the dispute workers International, admits that Edibles was so close to the edge. Wild Edibles is much more strin- Seafood, the wholesale divi- 33 in a private settlement. he was surprised by Wild Edibles’ “These are tough times for the gent,” he says. sion of Pescatore Seafood NUMBER Boycotts or even bad bankruptcy filing. industry,with the increase in oil and of restaurants Over the past year, as the dispute Co. that have joined publicity can have an outsize “I’m amazed that we haven’t been the fact that most of the fish we use dragged on and more restaurants With the economy the Wild Edibles impact on companies al- able to come to a reasonable solu- is imported,” says Vagelis Micha- joined the boycott, Wild Edibles’ weakening and costs rising, boycott to date ready weakened by the tion,” he says. lidis, owner of Los Angeles-based problems mounted significantly. food service companies are slumping economy. Pesca- For the company, the key stick- Worldwide Seafood, who had not finding themselves especially vul- tore, which operates a fish stand in ing point became the organizers’ been overly concerned that Wild China Grill joins in nerable to the increasing number of Grand Central Market, says that its demands for a union contract— Edibles was a bit late in paying its to date, 33 big restaurant cus- actions brought by labor groups.Be- sales have been flat since February. something that co-owner Mr.Mar- bills. tomers have opted to take their busi- ginning last year, unions and advo- “We are watching the trend and tin terms unfeasible but that Mr. “Of course, slow payments cer- ness elsewhere after representatives cacy organizations have publicly ac- bringing in less expensive fish,in the Gross insists was not a make-or- tainly don’t show financial strength, of Brandworkers pressured them to cused a slew of high-profile $9- to $15-a-pound category,” says break issue. but I couldn’t have foreseen this,” he do so. The most recent and largest companies, restaurateurs and chefs Pescatore’s co-owner, Glenn Licht. “If I became a union house, I’d adds. defection came just last week, when of everything from failing to pay As companies readjust to chang- probably go out of business within six China Grill Management—run by overtime to discrimination. ing consumer behavior, unions may months,” Mr. Martin says. “I’d have COMMENTS? celebrity restaurateur Jeffrey Online grocer FreshDirect, for need to carry a slightly smaller stick, to pay $350,000 more a year in labor.” [email protected]

8 | Crain’s New York Business | August 4, 2008 CNYB 08-04-08 A 9 8/1/2008 12:28 PM Page 1

Hillary Clinton’s campaign, has joined as field director. PATERSON WATCH Erin Monju, former deputy press secretary for Sen. Charles Schumer, THE INSIDER POLITICAL CONSULTANTS have some advice for Gov. David will take over as communications HOT Paterson, whose efforts to force the Legislature to deal with director in mid-August. by Erik Engquist and Matthew Sollars the state’s budget crisis have been mostly ineffective. Bill Cunningham says the governor should lead by Revamping B’klyn example and sharply pare the executive chamber budget. Telecom Building Harking back to cuts made by his former boss, Mayor Union swings into gear Michael Bloomberg, Mr. Cunningham says that “when councilwoman Letitia James will the agencies had to cut 5% or 6%, the mayor had already to block big box meet shortly with a group looking cut 20%.” to redevelop Brooklyn’s Telecom If that doesn’t lure lawmakers to the negotiating table, Mr. he newest front in unions’ Building. Cunningham suggests giving each side what they want most— war against big-box stores is The property, across the street a property tax cap for Senate Republicans and a millionaire’s from the Atlantic Yards site, was tax for Assembly Democrats. In return, the Legislature would Tabout to erupt in Brooklyn. renovated years ago with the have to reduce Medicaid funding or state pensions. The United Food and Commercial intention of making it a dot-com “That way everybody is getting and everybody is giving,” Workers Local 1500, which represents supermarket hub. A developer plans to convert NOT Mr. Cunningham says. “No one’s going to like the outcome.” employees, is preparing to stop two BJ’s Wholesale Club the structure into residences, with Political consultant Basil commercial and retail space on Smikle Jr. offers another path. locations from opening in the borough. Pat Purcell of UFCW lower floors. “Paterson has either got to use the stick says BJ’s doesn’t pay workers well and shuns low-income Ms. James plans to ask that 30% or the carrot,” Mr. Smikle says. The carrot customers by charging a membership fee and not accepting of the units be affordable. She will would involve “locking [legislators] in a also seek community-oriented food stamps. room until they see things his way,” then retail outlets. letting them “take credit for being fiscally One project in Bensonhurst requires City Council approval. “Two of the things I’m thinking responsible.” UFCW is counting on Councilman Domenic Recchia to of pushing for are a bookstore and a The stick would be bowling alley,” she says. canceling the discretionary ensure that BJ’s won’t be a tenant. west from East 125th Street and funding that lawmakers Mr. Recchia is a friend of labor but Second Avenue. routinely take back to is also close to the project’s The project will also include Congressman their districts, which developer, Joseph Sitt. open space and a cultural center, skips convention would force them to The union is also trying to keep and possibly a hotel. BJ’s out of the Brooklyn Terminal Local Councilwoman Melissa rep.randy kuhl, R-Ham- explain to constituents Market in Canarsie. Mark-Viverito supports the mondsport, won’t attend the why they lost it.

development. Republican National ap images Convention.The upstate Countdown begins congressman will remain in his congressional Republicans, serious challenge. His opponent, on Harlem project McMahon snags district, “meeting with constit- including Sen. Elizabeth Dole Eric Massa, lost by only 6,000 votes seasoned staff uents and talking about his of North Carolina, also are staying in 2006. the city Economic Development comprehensive energy plan to home, to concentrate on their own Reps. Peter King, R-Nassau, and Corp. is a month away from staten island Councilman combat the high cost of gasoline,” a re-elections. John McHugh, R-North Country, choosing a developer for six acres in Michael McMahon has enticed campaign spokesman says. Mr. Kuhl is the only sitting New plan to join the GOP in East Harlem. experienced people to run his A number of prominent York Republican who faces a Minnesota. Vornado Realty Trust,Thor campaign for Congress. Equities and General Growth Chris Miller, who was Midwest Properties are said to be the field director for Sen. Barack finalists to build 1.7 million square Obama’s presidential campaign, is feet of “targeted-income” housing, campaign manager. Jeremy Hoffman, 470,000 square feet of retail, and a former aide to City Council THE FASHION THE FASHION DISTRICT 300,000 square feet of office space Speaker Christine Quinn, is political on three parcels running north and director. Jared Rosen, from Sen. Times Square Port 42nd Street DISTRICT Authority Bryant Park IT WILL TAKE the addition of just one Democratic state senator to oust When it comes to location, you can’t get Republicans from their sole remaining more midtown than this! The Fashion District stronghold in New York. Senate Minority 5th Avenue 2008 has it all: a midtown Manhattan address, premiere Avenue 8th Leader Malcolm Smith (below) is so WATCH confident about the prospects that he’s tenants, convenient transportation, restaurants, willing to name the three Republicans he theaters, shopping, galleries and more. Penn Station 34th Street will defeat, says no incumbent Democrat will lose and dismisses the possibility of defections from his caucus. The Republicans most likely to fall are Caesar Trunzo of Suffolk County, LOOK WHO’S HERE! Serphin Maltese of Queens and Joseph Robach of Rochester, he says. Missing from that list is Frank Padavan of Queens, who faces a challenge WHO from Councilman James Gennaro. Mr. Smith also asserts that the chances of conservative Democrats’ changing to the other side of the aisle have been grossly overstated. Two— Group M Worldwide, Inc. Ruben Diaz of the Bronx and Carl Kruger of Brooklyn— a division of WPP Group are considered possible party switchers if it would keep Republicans in control of the Senate. Mr. Diaz WHAT is fueling the speculation by running on both the 360,000 sq. ft. Republican and Democratic lines. WHERE Promising to run the Senate in a democratic 498 Seventh Avenue (small “d”) fashion, Mr. Smith even foresees bills being passed by coalitions of both parties— BROKERS unheard-of in Albany. He won’t say whether he’ll Cushman & Wakefield support nonpartisan redistricting after the 2010 CB Richard Ellis census, which is a top priority of good-government George Comfort & Sons, Inc. groups. No matter what happens, Mr. Smith is certain that once Democrats “take the majority, it will probably stay that way for ® www.fashioncenter.com

40 years.” ® zuma press August 4, 2008 | Crain’s New York Business | 9 CNYB 08-04-08 A 10 8/1/2008 10:26 AM Page 1

VIEWPOINT Good Paterson, Bad Paterson editor in chief Rance Crain publisher, vp Jill R. Kaplan

he drama playing out in albany over Senate’s then-Majority Leader Joseph Bruno turned a deaf EDITORIAL the state’s growing budget crisis presents ear to his pleas for restraint when the Legislature passed the editor Greg David managing editor Robert Hordt voters with an intriguing political budget. Last week, Mr. Silver clearly signaled that he isn’t deputy managing editors Valerie Block, question. How should they evaluate a inclined to take any significant steps to reduce the budget, Erik Ipsen contributing editors politician who says all the right things and and Majority Leader Dean Skelos was only slightly more Frederick P. Gabriel Jr., Elizabeth MacBride tries to do the right thing, but who has responsive, insisting that no one should think about reducing columnist Alair Townsend senior reporters Theresa Agovino, very limited success? school aid—one of the two largest parts of the budget. Little Aaron Elstein, Erik Engquist, Lisa Fickenscher, The person who presents that quandary, of course, is the is likely to happen at the special session. Matthew Flamm, Samantha Marshall, state’s accidental governor, David Paterson. Ever since he The governor bears some responsibility for this state of af- Miriam Kreinin Souccar T reporters Barbara Benson, Amanda Fung, took office after Eliot Spitzer’s startling fall from grace in fairs. In an effort to distinguish himself from his predecessor, Daniel Massey, Adrianne Pasquarelli, mid-March, he warned that New York was facing a financial the self-proclaimed steamroller, he has been conciliatory and Hilary Potkewitz, Gale Scott, Matthew Sollars restaurant critic Bob Lape implosion. He said it in early April when he reluctantly ap- even deferential to the art director Steven Krupinski proved a budget that raised spending by a reckless 5%. He re- legislators. He doesn’t deputy art directors Carolyn McClain, The governor has Daniel Mednick iterated it last week in a highly unusual statewide address an- think he has the power staff photographer Buck Ennis nouncing that next year’s budget deficit had ballooned to more ordered agencies to compel legislators to copy desk chief Wendy Zuckerman copy editors Michele Arboit, than $6 billion and could get even larger. He has insisted, to reduce follow his lead, or he Thaddeus Rutkowski over and over, that the problem is out-of-control spending, doesn’t have the will to research editor Denise Southwood www.crainsnewyork.com not a decline in tax collections. He opposes new taxes. spending by 3.5% use what clout he has. web producers Kira Bindrim, Beyond rhetoric, the governor has ordered state agencies In the end, Mr. Pater- Elisabeth Butler Cordova to reduce spending by 3.5% and plans to increase that target son can’t shirk responsi- EDITORIAL AND ADVERTISING OFFICES to 7%. (Of course, that affects only a small part of the bility for the budget 711 Third Ave., New York, NY 10017-5806 editorial: 212.210.0277 Fax 212.210.0799 budget.) He has summoned legislators back to Albany later mess, especially if he advertising: 212.210.0259 Cable craincom nyk this month, telling them they must take a knife to the seeks election in 2010. It’s time to back up good words and Fax 212.210.0499 irresponsible budget they passed only four months ago. good deeds with whatever actions it takes to meet his goals. Entire contents ©copyright 2008 Crain Communications Inc. All rights reserved. No matter how insistent the governor has been, he has ®CityBusiness is a registered trademark of MCP been ignored. Assembly Speaker Sheldon Silver and the COMMENTS? [email protected] Inc., used under license agreement. TO SUBSCRIBE: Call 888.909.9111; fax 313.446.6777. $3.00 a copy, $59.79 one year, $109.79 two years. LETTERS TO THE EDITOR www.crainsnewyork.com ADVERTISING AND MARKETING advertising director Jeff Adler senior account manager William E. Squitieri account executives Why the city needs a Wal-Mart Irene Irvill, Courtney McCombs, Anthony Mowad western account manager STORE WOULD FILL pians face alternatives, it should come as no that workers work instead of Ellen Mazen (Los Angeles) 323.370.2477 GROCERY GAP sales manager, classified unique trials’’ surprise that the perpetually inept talking on cell phones, text print & online John Gallagher stuart appelbaum’s July 28 was certainly Metropolitan Transportation messaging and enjoying leisurely newsletter product manager letter, “City doesn’t need Wal- news to me. I Authority can only respond with meals on company time. Catherine Evans Gittens Martization,” requires a response. had no clue deteriorating service and threats G Quality assurance to stop the sales coordinator, print & online New York City residents need that New of yet another fare hike (Crain’s, bleeding on poor installations and Lulé Haznedari Wal-Mart more than ever. Gas York July 28). the use of unsuitable, expensive sales coordinator Anita Perrino credit Todd J. Masura 313.446.6097 prices are well over $4 per gallon, produced After all, clean subway stations materials that result in endless marketing director Amy Crossman inflation is on the rise, and there Olympians. and trains and buses that run on repairs of elevators, escalators and marketing manager Jill H. Bottomley are a diminishing number of gro- I also time, coupled with discounted crumbling floor tiling. marketing coordinator Jenny Mashberg cers operating in the five boroughs. think it is fares on weekends and non-rush G No more E-ZPasses for circulation manager Andrea Richardson The irony is that the grocery shameful that NYC OLYMPIANS: Emily hour periods, might actually result executives (let alone their assistant circulation manager workers union recently launched a New York Cross, Sandra Fong, Chen in increased revenues via higher families), who can well afford the Rosalie Ford massive PR campaign aimed at get- politicians Wang, Anthony Famiglietti levels of ridership. tolls and who clearly have no general manager, interactive (clockwise from top left). ting government to attract and re- ignore them. Such ideas are apparently commitment to mass transit. Marc Minardo tain grocery stores in the city (“No It is so anathema to the bureaucrats miriam s. michel NEW YORK PRODUCTION more miles of aisles,” May 26). important that New York’s youth at the MTA,who clearly embrace production and pre-press director Grocery is a critical part of the see that we have athletes who the notion that the only solution SECOND AVENUE SUBWAY Michael Corsi merchandise offering that compete for the love of the sport, to budget shortfalls is to raise SHOULD BE PRIORITY advertising production manager customers want and expect at a not just for the money and fame. prices on the working-class Marilyn DeMilta Wal-Mart. It is an area where we Politicians should make a huge stiffs who comprise their customer we allow single individuals to PUBLISHED BY CRAIN COMMUNICATIONS INC. are able to save our customers deal of our very own Olympians. I base. make over $1 billion a year but we chairman Keith E. Crain money by offering unbeatable would think that they would do dennis middlebrooks can’t find $1.3 billion to help president Rance Crain prices. On top of all this, we are a everything in their power to hundreds of thousands get to secretary Merrilee Crain good employer that provides acknowledge (or take credit for) work on the Second Avenue treasurer Mary Kay Crain THREE MTA AREAS executive vp, operations William Morrow competitive wages and affordable what is positive in their boroughs. THAT NEED WORK subway. senior vp, group publisher Gloria Scoby health coverage. Who really is Finally, the news media should The executive quoted in the group vp, technology, circulation, looking out for the best interests of report their accomplishments as here’s a startling concept for Crain’s story doesn’t know how manufacturing Robert C. Adams hardworking New York families? well. the MTA: Run it like a business, right she is when she says “there is vice president/production & philip serghini ana padron with “shareholder value” belonging a need for a careful review and manufacturing David Kamis Senior manager to city businesses and workers. rethinking of mass-transit chief information officer Paul Dalpiaz corporate circulation director Wal-Mart Public Affairs MTA CAN’T SEE To that end, improvements in investment priorities.” Patrick Sheposh BEYOND FARE HIKE the following three areas are vital, Perhaps we should broaden our with potential savings large thinking to other priorities as well. founder G.D. Crain Jr. (1885-1973) LOCAL OLYMPIANS chairman Mrs. G.D. Crain Jr. (1911-1996) DESERVE SPOTLIGHT at a time when high gas prices enough to obviate the need for a dart westphal are forcing large numbers of fare hike: President the july 28 story “Local Olym- people to consider mass-transit G Supervisors actually seeing Mosholu Preservation Corp.

10 | Crain’s New York Business | August 4, 2008 CNYB 08-04-08 A 11 8/1/2008 11:21 AM Page 1

Companies large and small rely on Amper, and

told Crain’s that, to solve the MTA’s you can too. financial problems, “the biggest contribution is going to have to come from the wealthiest New Yorkers.” The Working Families Party also says that we need a circuit breaker to provide property tax relief to the state’s homeowners, paid for—you guessed it—“by repealing some of the tax giveaways to the wealthiest New Yorkers.” The problem with soaking the rich is that the combined state and city tax rates already are nearly 11.4%, compared with 5% in Con- necticut. More to the point, there are fewer big dogs now, given Wall Street layoffs, and those remaining are earning less. Experts predict that bonuses will plummet by $10 billion this year. Hiking taxes on the rich won’t pro- duce as much revenue as the soakers would like. john h.john howard Our big-spending Legislature only responds to crises, and then of- ten only feebly. It took near-bank- ruptcy in the mid-1970s, for exam- ple, to summon the will to revamp So many ways pensions for government workers to “Seeing Beyond the Numbers...” lower costs. www.amper-pc.com There is so much the governor to cut state budget and Legislature can do to save mon- ey for the state and its localities. They can enact a new pension tier ew york state, New York City and the Metro- for state and local workers.They can politan Transportation Authority are heading target education aid more carefully and reduce aid to the wealthiest dis- into a fiscal tsunami that will leave them awash in tricts. They can restructure Medic- red ink. It’s ugly and getting uglier. aid to bring costs and benefits more In Albany, Gov. David Paterson is projecting in line with national norms. They budget gaps totaling an astonishing $26.2 billion over the next can require public retirees to pay N more for their health insurance. three years. He sees the fiscal crisis as real and urgent, and he They can increase the state work week to 40 hours. They can close wants the Legislature to Union leaders say no some unnecessary upstate prisons. starting dealing with one should expect them They can remove the Wicks Law the perilous situation to give up any jobs. provisions from all public construc- now. Goring the rich in- tion projects. They can reform the Responses so far stead of sacred cows is archaic tort laws governing New W&H Properties have been utterly pre- the magic bullet for York City. dictable. Assembly many. Assemblyman There is more they could do be- is pleased to announce that Speaker Sheldon Silver Richard Brodsky is fore resorting to the nuclear option seems utterly amazed quoted as saying that of soaking the rich or taxing busi- that anyone may think “the wealthiest citizens nesses more heavily, making New services will have to be can afford to get us York even more uncompetitive.And Ellen Tracy cut. Senate Majority ALAIR through this crisis.” we need to hold them individually 1400 BROADWAY Leader Dean Skelos TOWNSEND The rich can also get responsible for doing so during the has leased 27,486 sq.ft. on warns that cuts in local us through other crises, upcoming elections. the entire 32nd and 33rd fl oors education aid are off the apparently. Dan Can- at 1400 Broadway table. Mayor Michael Bloomberg tor, executive director of the union- COMMENTS? says not to look at aid to the city. backed Working Families Party, [email protected]

Ellen Tracy was represented by CRAIN’S ONLINE POLL William Cohen of Newmark Knight Frank. SHOULD EMPLOYEES BE EXPECTED TO CHECK E-MAIL AFTER HOURS? 100% commission was paid Number of respondents: 373 on lease signing. Date of poll: July 30 If employers want Employees must be workers to check willing to be available e-mail, they should from home, at least in reimburse them for .29% 28%. emergencies; e-mail the time involved makes that easy

Employers have no Workers have right to require always taken work employees to check .27% 16%. home; e-mail is no e-mail from home different For more information please contact: istockphoto Michael Frantz, Director Visit us online at whpropertiesny.com [email protected] / 212-372-2203 For this week’s questions: Go to www.crainsnewyork.com/poll to have your say.

August 4, 2008 | Crain’s New York Business | 11

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

offset weak advertising results. It ECONOMIC SPOTLIGHT also reported second-quarter net income of $408.4 million, or 61 cents a share, up from $404 million, or 55 cents a share, compared with the year-earlier period. L of a train the l train ranked as the city’s best subway line in 2007, according to the 11th annual NYPIRG Straphanger Campaign.The train scored “$1.40” out of a possible “$2.00” rating for its regularity of service and announcements.The W train came in last, again, with a HENRY KRAVIS, rating of 70 cents. ... A technical chief of Kohlberg Kravis Roberts & Co. problem disabled MetroCard vending machines citywide for landov most of two days. KKR skipping IPO to go public NBA whiz to MSG PRIVATE EQUITY FIRM Kohlberg Kravis Roberts & Co. madison square Garden Sports confirmed plans to go public on the New York Stock appointed Scott O’Neil, a Exchange through a takeover of its Amsterdam-listed National Basketball Association marketing executive, its new investment fund, KKR PRIVATE EQUITY INVESTORS. Executives president. He replaces Steve Mills, Economy Watch will retain 79% of the firm when it goes public in late a key figure in the embarrassing With the first of the Wall Street layoffs showing up, the city’s jobless rate November. Industry insiders questioned the plan because discrimination suit against MSG, rose in June, and the total number of jobs declined. similar firms’ stocks declined after they went public, but KKR who moves to a new position. MAY ’08 JUNE ’08 COMPARISON managers say they’re taking advantage of the weak market. NY area inflation change +1.0% +1.0% +4.5%1 Court frees two NYC unemployment rate 5.2% 5.4% 5.5%2 NYSE specialists significant discount from Mr. NYC employment change -300 -1,000 +12,7003 Jones’ new togs Macklowe’s 2007 purchase price. the second U.S. Circuit Court of 1-NY area inflation change for the latest 12-month period. 2-U.S. unemployment rate for the lat- jones apparel Group Inc.’s Appeals threw out the convictions est month. 3-NYC employment change year to date. footwear division Nine West of two New York Stock Exchange NYC Hotel Stats Broadway Stats Group is teaming up with athletic Comcast specialists who were sentenced to shoe company New Balance to convinced six months in jail for allegedly Average occupancy and room rate Figures for both attendance and create a new footwear collection. skimming small amounts of rose in May, PKF Consulting data box-office gross dipped in the week The collection, which will be under pressure from state money from stocks they oversaw. show, continuing to rebound after ended 7/27, according to The marketed under both brands, is Attorney General Andrew Cuomo, Michael Hayward and Michael the typical drop at the start of the Broadway League. Ticket sales slated to debut next spring. Comcast Corp. and three other Stern were the last of 15 specialists year. Year-to-date averages topped ranged from $162,700 for [title of Internet service providers agreed to facing prison. those for the same period in ’07. show] to $1.5 million for Wicked. purge their servers of child-porn sites and eliminate access to child- GFI eyes merger porn newsgroups. AT&T Inc., Verizon Communications Inc. and gfi group inc., a large broker that others had already agreed to take specializes in the niche complex similar measures. derivatives trades market, announced it is in merger talks istockphoto CONSTRUCTION is becoming less costly. with Tullett Prebon Plc, a Classic cuts London-based rival.The talks at Clear Channel became public one day after a City lightens court denied GFI an injunction classic rock station WAXQ- against 20 employees who construction rules FM will lose its longtime program defected to another firm. director, Bob Buchmann, as Clear to persuade more contractors to Channel Communications Inc. American’s JFK bag Capital IQ’s Weekly Deals Report bid on the city’s construction continues to cut costs. He is one of projects, Mayor Michael four local directors losing their system botched Bloomberg introduced five jobs after the radio and outdoor TRANSACTION SIZE COMPANY/LOCATION (in millions) BUYER/INVESTOR TRANSACTION TYPE reforms to make municipal advertising firm was sold to a software glitch at American developments less costly and more private investors. Airlines wreaked havoc for two Agent Video Intelligence Ltd. $9.0 21 Ventures GCI Manhattan efficient for builders. In one days at John F. Kennedy change, the city decided to allow International Airport.The airline 10gen Inc. $1.5 Union Square Ventures GCI Hospital: OB-GYout Manhattan contractors on some projects to delayed dozens of flights, canceled BKF Capital Group Inc. $1.4 The Catalyst Fund FB M&A receive damages for delays caused long island College Hospital in a handful of takeoffs and faced a Manhattan by the city. Brooklyn is closing its maternity towering backlog of baggage. Juli B. Inc. n/a Modern Luxury Media SB M&A ward and plans to sell two —from staff reports and Manhattan buildings, including one that bloomberg news reports MeetUp Inc. n/a Union Square Ventures GCI Another Macklowe houses some of its obstetric Manhattan building nears deal clinics.The shuttering will help Rosa Mexicano Restaurants n/a Goode Partners GCI pay off debt that might otherwise Manhattan private equity firm Somerset bankrupt the hospital. Vericom Technologies Inc. n/a InterGis SB M&A Partners is near a deal to buy 527 Manhattan Madison Ave. for more than Selected deals announced during the week of July 20 for companies headquartered in metro New $1,000 a square foot.The 50 radio stations York. n/a Not available. FB M&A: Financial buyer M&A represents a minority or majority acqui- sition of existing shares of a company with the participation of a financial buyer. GCI: Growth building, which Harry Macklowe for sale at CBS capital investment represents new money invested in a company for a minority stake. SB M&A: returned to his lenders earlier this ap images Strategic buyer M&A represents a minority or majority acquisition of existing shares of a company year, is expected to sell for $215 cbs corp.plans to sell 50 radio AMERICAN AIRLINES faced a backlog of without the participation of a financial buyer.

bekka lindström bekka million to $240 million, a stations in midsize markets to baggage at JFK Airport.

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BUSINESS OF SPORTS INSIDE NY area’s pro teams, ranked by 2007 attendance PAGE 17 “It’s easier to charge people more after you’ve given them a Super Bowl.” —Robert Tilliss, chief executive, Inner Circle Sports, Page 16 New $tadium widens lead in $tandings Yankees’ revenues to double; pity the poor Red Sox

BY AARON ELSTEIN in 1973, George Steinbrenner paid $10 million to buy the New York Yankees, a team now worth $1.3 billion, according to Forbes. His heirs have a chance to coin money much faster once the team moves into its new stadium next year. The team’s revenues—already the highest in the sport, at an estimated $327 million last year—are poised to double almost immediately.This quantum leap will be driven by factors ranging from higher prices for tickets and hot dogs to increased revenues from the YES Network for game telecasts.There will also be new revenue sources, such as leasing out the new stadium for concerts. The ballpark promises to once again give the Yankees a decided financial edge over the world champion Boston Red Sox, after their archrival surpassed them on the field last year and narrowed the monetary deficit by expanding seating in cramped Fenway Park and sharply raising ticket prices. “The new Yankee Stadium will change the economics of all baseball,” says Robert Boland, a sports agent See STADIUM on Page 15

INSIDE FUNDS BATTED IN: Seats won’t be going for peanuts at the THE METS’ new Yankees’ crackerjack stadium, Citi Field, new stadium. completes the team’s return to respectability Page 14

THE GIANTS await the major payday from their Super Bowl triumph Page 16 getty images

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CITI FIELD will have fewer seats than Shea Stadium, but the new Mets’ new base completes seats will cost more. return to respectability

Revenue expected OLD VERSUS NEW to rise 30% with Citi How Mets stadiums stack up. Field; faithful fans Shea Stadium Citi Field could be priced out Capacity 57,333 45,000 (including standing room) BY DANIEL MASSEY Lowest ticket price $5 $12 Highest ticket price $117 $495 the talk in a front-row loge box at a recent Mets game against the Luxury suites 45 54 Philadelphia Phillies wasn’t about Luxury suite prices $175,000-$390,000 $250,000-$500,000 the battle for first place between the Concession points of sale 1 per 254 fans 1 per 150 fans two teams. Instead, fans in the choice location behind the plate Source: New York Mets conversed about a different kind of struggle: how to cope with a dou- zle that will guarantee the fran- nanced construction. The bulk of bling in price of those seats when the chise’s stability for years to come. construction costs will be covered by Mets move into Citi Field next year. But the Mets—who have a non- the $20 million-a-year, 20-year “Everybody’s saying, ‘We’re not corporate fan base—will have to naming rights agreement with Citi- going to be able to afford our tick- make sure that they don’t alienate group Inc. ets,’ ” says Maggie Felpo, a profes- the faithful in an all-out push for Luxury suite revenue should ex- sional fundraiser who has shared a dollars as they increase their rev- ceed $20 million. The Mets had season ticket plan behind home enues by more than 30%. And while trouble selling corporate boxes at plate for 12 years. “We’re going to their finances will be more robust, Shea because many of the 45 were have to cut back.” they will remain well behind the situated in the outfield and had poor Ticket prices at Citi will rise, as Yankees,who are also opening a new sight lines. By contrast, all 54 Citi the Mets, who for years languished stadium next year that could double Field boxes are located in the infield, in an outdated Shea Stadium, final- their take. with much better views of the ac- ly capitalize on the revenues and re- tion.Most of the Shea suites sold for sources that New York City can Solid base $175,000 a year, while the Citi ones generate. Citi Field will provide the the move into Citi Field follows will cost $250,000 to $500,000. Al- Mets with unprecedented revenue the Mets’ return to respectability on ready, the Mets have nearly sold out

getty images and will be the final piece of the puz- the diamond that began with the ac- all 49 suites for next season and may quisition of pitcher Pedro Martinez convert five single-game party and the launch of the club’s own re- suites into season-long rentals to gional sports television network, keep pace with demand. SportsNet New York. Revenue from ticket sales will “Citi Field is the final key com- also rise, to as much as $215 million ponent to ensuring the stability of from Forbes’ estimate of $114 mil- the Mets for generations to come,” lion at Shea—even though there says Lee Berke, president of LHB will be nearly 15,000 fewer seats at Inc., a sports consulting firm. Citi Field. The sight lines are im- Luxury suites and club seats in proved, and the seats are closer to ALL THE the ballpark inspired by Brooklyn’s the field, allowing the club to fabled Ebbets Field will help push charge more. the Mets’ revenue above $300 mil- “Every seat will be a great seat,” lion, from a Forbes estimate of $235 says Mr. Howard. Some seats will be BIG NAMES million in the 2007 season.For own- as inexpensive as $12, and the team ers Fred and Jeff Wilpon, the value claims that more than 50% of the PLAY IN THE NY MARKET. of the team—already second high- seats will cost $50 or less.Some 7,500 est in the majors—will soon exceed club seats will run from $60 to $495 $1 billion, up from $824 million, and will come with access to adjacent sports business experts say. climate-controlled restaurants. Like our clients SUBWAY® restaurants, Amtrak, Nikon and Wise Snacks. “This is Ebbets Field on steroids,” says Bob Leffler, president of the Revenue streams At Source, we deliver for our clients not just on game day, but every day. From Leffler Agency,one of the top sports revenue from food and merchan- negotiations to execution to activation, we do it all. And we’ve been doing it marketing firms in the country. dise should bring in another $24 successfully for 25 years—creating long-standing relationships with NY teams, The Mets declined to detail rev- million, after expenses, with ticket management and players. Let us put our expertise to work for you getting the results enue estimates but acknowledged holders expected to spend an aver- you want. In the business of sports, NY is a tough town. But we make it look easy. the obvious:Their new $800 million age of $17 on food. Restaurant ca- stadium provides ways to make pacity will jump to 3,100, from 500 money as varied as pitcher Oliver at Shea, and points of sale for food Perez’s arm angles. and beverages will rise to 1 per 150 “We’re taking on a very large fans from 1 per 254 fans. risk by being responsible for the Money will also flow in from largest private real estate develop- merchandise sales, which a bond ment in the history of the borough prospectus estimates will total $3.6 of Queens,”says Dave Howard,ex- million, or $3.75 per fan. The new ecutive vice president of business stadium will house a 7,200-square- operations for the Mets. “We do foot team store, which is more than have a lot of entrepreneurial drive twice the size of the current one.The To get in the game, call Larry Rothstein, President, at 212.366.4077 to take advantage of all the new op- team will also keep the first $8 mil- portunities.” lion in parking revenues and split 27 West 24th Street | New York, NY 10010 | 212.366.4077 | sourcead.com The Mets will pay about $32 the rest with the city. million annually over 40 years to Some 12,000 square feet of high- service the debt on bonds that fi- See METS on Page 15

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Stadium boosts Yanks’ revenues $1.3B $824M VALUE VALUE Continued from Page 13 The Yankees make no secret of Still, the new revenues will be so $327M $235M and a professor at New York Univer- the fact that top seats in the new sta- large that Hank and Hal Steinbren- REVENUES REVENUES sity’s Preston Robert Tisch Center dium will cost a fortune: Some box ner’s team—which has lost money for Hospitality,Tourism and Sports seats near the field,which now fetch every year since 2004, according to Management. $250, will cost 10 times more next Forbes—could easily push its payroll While the Yankees have never year. The 56 luxury suites—almost much higher than the $200 million been prone to modesty, officials are three times as many as in the current level that for years has vastly exceed- MOST VALUABLE PLAYERS loath to discuss the size of their new stadium—will go for as much as ed the figure for any other team. Teams ranked by current value Teams ranked by 2007 revenues gold mine. $850,000 each, and the Yankees are Financing shutout? “We do expect a good increase 1 New York Yankees $1.3B 1 New York Yankees $327M in revenue,” is all team President The IRS may to help pay for this cash cow, the Randy Levine says. Yankees are asking the government 2 New York Mets $824M 2 Boston Red Sox $263M There is ample reason for this to let the team raise as much as an- reticence.As the cost of the new sta- block the team’s other $366 million in tax-exempt 3 Boston Red Sox $816M 3 New York Mets $235M dium marches upward, the team is financing.But the Internal Revenue asking the government for a second latest push Service is considering a rule change 4 Los Angeles Dodgers $694M 4 Los Angeles Dodgers $224M time to help it lower its borrowing that would block the request, while costs by allowing the Yankees to is- for tax-exempt members of Congress are investi- 5 Chicago Cubs $642M 5 Chicago Cubs $214M sue tax-exempt bonds that will pay gating why baseball’s most valuable 6 Los Angeles Angels $500M 6 Los Angeles Angels $200M for items including a big center- financing team got tax-exempt financing to field scoreboard, enhanced security begin with. 7 Atlanta Braves $497M 7 Atlanta Braves $199M and litigation costs. Last month, New York state While the Yankees lobby for Assemblyman Richard Brodsky— 8 San Francisco Giants $494M 8 San Francisco Giants $197M lower borrowing costs, it makes chair of the Committee on Corpo- sense for them to lowball the seeking multiyear commitments. rations, Authorities, and Commis- 9 St. Louis Cardinals $484M 9 St. Louis Cardinals $194M amount of revenues the new stadi- The Yankees insist that they will sions—held a hearing to examine $481M $194M um is expected to generate—es- hold the line on prices for seats now why the public should help the 10 Philadelphia Phillies 9 Seattle Mariners pecially since tax-exempt financing costing $45 or less. Yankees’ owners lower their bor- Source: Forbes estimates is typically reserved for public agen- The team also stands to collect rowing costs. cies such as schools and fire another $70 million in annual rev- “The evidence seems to be that departments. enues from operating the conces- we are creating an island of extreme- who runs the blog NYYStadium will remain the same for too long, For example, in the prospectus sion stands, based on the amount ly wealthy people in a community Insider.com, says the cost of his sea- even if they are the same next year,” for the $942 million of tax-exempt the current vendor, Centerplate that will be fundamentally unable, son tickets, located high in the up- Mr. Sheingold says. “However, I debt raised in 2006, the Yankees Inc., says it generated from selling even at $45 a ticket, to attend per deck directly behind home plate, have been dreaming of a new stadi- said,“Projected 2009 revenues at the hot dogs and other essentials last games,” Mr. Brodsky said at the was increased by a painful 47% this um for so long that I have to have new stadium are expected to be year.The new stadium also will fea- hearing. year. He sold his tickets this year at season tickets if the opportunity $253.2 million based on an assumed ture more places to buy food and Many season ticket holders are face value and may have to cancel his presents itself.” attendance of 3.4 million people.” shop for memorabilia. worried about being priced out of plan if prices rise any higher. The team is leasing out space to the new stadium. Ross Sheingold, “I have no illusions that prices COMMENTS? [email protected] PItch is low companies such as the Mohegan as rich as those estimates may Sun casino, which will operate a sound, they are quite conservative. sports bar in center field,and it plans The projection assumes that only to rent the stadium for rock concerts 42,000 people will attend each and other events. The Yankees also “For those who know Manhattan Woods – home game next year—about 20% figure to get higher rights fees from below this year’s average to date. YES, which they partially own. it is truly a sanctuary More likely, the team will sell These deals should bring in tens of tickets for all or nearly all of the new millions in new revenues. from the nearby bustle of New York City.” stadium’s 52,325 seats for every Of course, not all of the new rev- game next year, just as the team has enues will fall to the bottom line. Gary Player – June 23, 2008 done at the current stadium for the The Yankees will pay $51 million past four seasons. Plug in the $74 annually in interest payments on ex- average ticket price implied in the isting bonds until 2047, they must team’s 2009 projections, and the share a chunk of their revenues with team’s seat and suite revenues other teams, and they will have to should reach about $312 million cover operating costs, like buying next year. giant vats for all the hot dogs. Mets look to score

Continued from Page 14 sluggish economy put increased tech video displays will be built into pressure on the Mets to field a suc- the stadium, providing new outlets cessful team,and experts say the club for advertisers and at least $24 mil- needs to be careful not to alienate lion in revenue for the team. diehard fans. Although curiosity and excite- “You’re going to have a honey- The Greatest City. The Finest Golf. ment should trump the sputtering moon period where the demand is economy next season, a prolonged going to outstrip the supply like you Just 35 minutes from Midtown Manhattan… yet worlds apart. economic downturn, combined wouldn’t believe,” says Wayne Mc- with increased competition from Donnell, an assistant professor of other new stadiums opening in the sports management at New York area,could make the Mets a tougher University. “But I hope they don’t Celebrating 10 years as New York’s Hidden Private Golf Gem… sell down the road. sell their soul, because unlike the rewarding every member with unsurpassed concierge-level service Fans are already scrambling to tried-and-true fans who have lived for their golf, special event and corporate outing enjoyment. find partners to share season ticket and died with the team for genera- plans, with many expecting to at- tions, the corporate dollar is fickle tend half as many games in the new and fluctuates with the market.” www.mwgconline.com • Among Golf Digest’s “Best In State” 07-08 stadium. The heightened competition and COMMENTS? [email protected]

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their asking price,” says Todd Parker, vice president of Eastern operations Giants victors, awaiting the spoils for the sports marketing firm Pre- mier Partnerships. “It’s always easier to negotiate sponsorships during an Being champs OK, at the Meadowlands, owned 50-50 emotional winning run,” he adds. with the Jets. 2007 NFL VALUATIONS but stadium is key “A victory like that gives the team Luxury boxes galore to higher revenues a lot of capital that will carry over for 1 Dallas Cowboys $1.50B the number of luxury boxes will the next year or two,” says Bob 2 Washington Redskins $1.46B double at the new arena,to 200.De- Gutkowski, chief executive of the spite hard times on Wall Street, BY HILARY POTKEWITZ sports consulting firm Marketing 3 New England Patriots $1.19B 60% of them are spoken for, accord- Group International. It will allow 4 Houston Texans $1.05B ing to analyst Mr. Tilliss. The 20 they may be the National Football the Giants to charge more for tick- ultraswank Commissioner’s Suites, League champs, but the New York ets, concessions and sponsorships, 4 Philadelphia Eagles $1.05B priced at about $1 million a year, re- Giants barely make the league’s list he says. 6 Denver Broncos $994M portedly sold out in a month. of 10 wealthiest teams. Game-day revenues should at The seat license fees were most Valued at roughly $970 million, least double in the first year at the 7 Chicago Bears $984M likely one of a number of revenue- the team is No. 8, far behind the new stadium, according to Robert 8 New York Giants $974M boosting measures the team must Dallas Cowboys and Washington Tilliss, chief executive of Inner Cir- 9 Cleveland Browns $969M implement to meet its financial ob- Redskins, each worth about $1.5 cle Sports, a merchant bank. ligations, at least until the stadium billion, according to Forbes.Even 10 New York Jets $967M opens. Super licensing fees WIDE RECEIVER Plaxico Burress the Patriots, which the Giants van- Source: Forbes scores during the 2008 Super Bowl. “When a team is family-owned,

quished in February, are comfort- that will probably be enough for bloomberg news there’s more pressure to generate in- ably ahead at $1.2 billion. the Giants to break into the top come,” says Mr. Gutkowski, refer- Their epic Super Bowl triumph three most-valuable teams in the $20,000, the fees will bring in $371 the bonds, but in April the team re- ring to the Maras, team owners has boosted the Giants’ value by at NFL and shove the Patriots aside million. Those funds will be used to deemed $100 million of the issue since the 1920s, and the Tisch fam- most $200 million—a combination once again. offset spiraling construction costs, rather than pay such high rates. ily, who acquired a 50% share in of higher merchandise sales and “It’s much easier to charge peo- says team co-owner John Mara. The revenues to repay the debt 1991. goodwill. Attendance can’t rise, be- ple more after you’ve given them a The organization has taken on a will come from such sources as con- “They don’t have a parent com- cause every home game already sells Super Bowl,” Mr. Tilliss says. heavy debt load in the stadium proj- cessions, naming rights and luxury pany they can go to as a bank to get out. And though product sales are The first increase came in July, ect. It issued $650 million in bonds boxes. Each corner of the stadium more money,” Mr. Gutkowski says. up, those revenues are shared with when the Giants instituted personal and borrowed $150 million from the will have a sponsor paying an eye- “The only asset they have to raise the rest of the league. seat license fees—which season tick- NFL in 2007. The credit crunch popping tab of at least $10 million. capital is the team itself.” The big gains will come in 2010, et holders must pay to secure the op- caused the interest rates on some of MetLife and Anheuser-Busch have when the Giants expect to move tion to renew their tickets in the new the bonds to reset as high as 22%. taken two of the four spots. COMMENTS? into their new, $1.6 billion stadium stadium. Ranging from $1,000 to The Giants decline to comment on “The [Super Bowl] win validates [email protected]

16 | Crain’s New York Business | August 4, 2008 nb31p17.qxp 7/31/2008 3:23 PM Page 1

REPORT BUSINESS OF SPORTS

HIGHEST-PAID PLAYERS AT THE TOP FIVE NEW YORK AREA TEAMS NEW YORK YANKEES NEW YORK METS NEW YORK KNICKS NEW YORK RANGERS NEW JERSEY NETS SALARY SALARY SALARY SALARY SALARY PLAYER/Age (in millions) PLAYER/Age (in millions) PLAYER/Age (in millions) PLAYER/Age (in millions) PLAYER/Age (in millions) Alex Rodriguez Carlos Beltran Stephon Marbury Scott Gomez Vince Carter Third baseman $28.0 Center fielder $18.6 Point guard $19.0 Center $10.0 Guard-forward $13.3 32 31 31 29 31 Jason Giambi Johan Santana Zach Randolph Jaromir Jagr Bobby Simmons First baseman $23.4 Pitcher $17.0 Power forward $13.3 Right wing $8.3 Small forward $9.3 37 29 26 36 28 Derek Jeter Carlos Delgado Eddy Curry Chris Drury Devin Harris Shortstop $21.6 First baseman $16.0 Center $8.9 Center $7.1 Point guard $4.0 34 36 25 31 25 TOTAL TEAM PAYROLL: $207.1M TOTAL TEAM PAYROLL: $137.4M TOTAL TEAM PAYROLL: $88.8M TOTAL TEAM PAYROLL: $56.7M TOTAL TEAM PAYROLL: $59.8M Figures for the Yankees and the Mets are for the 2008 season. Figures for the other teams are for the 2007-08 season. Sources: ESPN.com, USA Today, team Web sites New York Area’s Professional Sports Teams Ranked by 2007 attendance 2007 2007 season 2007 2007 No. of record attendance/ No. of executive win-loss Year Rank Team name Phone/Web site Team ownership % change1 games2 suites (ties) founded Key corporate sponsors League

New York Yankees 3 (718) 293-4300 George Steinbrenner 4,271,867 81 n/a 94-68 1903 Coca-Cola, Adidas, Sony, Major League 161st Street and River Avenue www.yankees.com +1.7% Verizon Communications, Baseball 1 Bronx, NY 10451 Bank of America

New York Mets (718) 507-6387 Sterling Mets 3,853,949 81 45 88-74 1962 Citi, Verizon/Verizon Major League 123-01 Roosevelt Ave. www.mets.com +14.0% Wireless, Anheuser-Busch, Baseball 2 Flushing, NY 11368 Delta Air Lines, Pepsi

New York Knicks (212) 465-6471 Cablevision Systems 783,789 41 89 23-59 1946 T-Mobile, Foot Locker, National Basketball 2 Penn Plaza www.nyknicks.com +1.7% Coca-Cola, Continental Association 3 New York, NY 10121 Airlines, Capital One 4

New York Rangers (212) 465-6000 Cablevision Systems 746,200 41 89 42-27 1926 Anheuser-Busch, Canon, National Hockey 2 Penn Plaza www.newyorkrangers.com 0.0% (13) Discover Financial, League 4 New York, NY 10121 Continental Airlines 4

New Jersey Nets (201) 935-8888 Bruce Ratner 695,444 41 28 34-48 1967 Vonage, Barclays, Izod, National Basketball 390 Murray Hill Parkway www.njnets.com +0.2% Tiffany, MGM Grand Association 5 East Rutherford, NJ 07073

New Jersey Devils (973) 757-6100 Jeff Vanderbeek, Mike Gilfillan, 638,144 41 76 46-29 1982 n/a National Hockey 165 Mulberry St. www.newjerseydevils.com Peter Simon +9.8% (7) League 6 Newark, NJ 07102

New York Giants (201) 935-8111 Mara and Tisch families 629,848 8 119 10-6 1925 Toyota, Verizon, Wachovia, National Football 50 Route 120 East www.giants.com +0.1% Anheuser-Busch, League 7 East Rutherford, NJ 07073 Continental Airlines

New York Jets (516) 560-8100 Robert Wood Johnson IV 616,855 8 n/a 4-12 1960 Atlantic Health, Budweiser, National Football 1000 Fulton Ave. www.newyorkjets.com -0.3% Coors, Sprint, Toyota League 8 Hempstead, NY 11550

New York Islanders (516) 501-6700 Charles B. Wang 560,203 41 33 35-47 1972 Parts Authority, Capital National Hockey 1535 Old Country Road www.newyorkislanders.com +6.0% One, Allstate, League 9 Plainview, NY 11803 Anheuser-Busch, Geico

Long Island Ducks (631) 940-3825 Frank Boulton 427,536 72 20 72-54 2000 Citibank, Newsday, Adelphi Atlantic League 3 Court House Drive www.liducks.com +2.0% University, Pepsi, Commerce 10 Central Islip, NY 11722 Bank

Brooklyn Cyclones (718) 449-8497 Brooklyn Baseball Co. 294,972 36 12 49-25 2001 KeySpan, Pepsi New York-Penn 1904 Surf Ave. www.brooklyncyclones.com +2.0% League 11 Brooklyn, NY 11224

New York Red Bulls (201) 583-7000 Red Bull GmbH 245,951 15 119 12-11 1996 Red Bull, Adidas, Hospital Major League Soccer 1 Harmon Plaza www.newyorkredbulls.com +5.5% (7) for Special Surgery, 12 Secaucus, NJ 07094 American Airlines, Makita

Newark Bears (973) 848-1000 Marc Berson 186,807 70 20 72-54 1998 New Jersey Institute of Atlantic League 450 Broad St. www.newarkbears.com +4.9% Technology, 13 Newark, NJ 07102 Rutgers-Newark, Prudential, St. Barnabas Health Care Systems, Pepsi Staten Island Yankees (718) 720-9265 Steinbrenner Family Trust, 164,207 38 19 47-28 1999 Richmond County Bank, New York-Penn 75 Richmond Terrace www.siyanks.com Mandalay Baseball Properties +42.3% Verizon, Staten Island League 14 Staten Island, NY 10301 Physician Practice, Farmer’s Insurance Group, Con Edison New York Liberty (212) 564-9622 Cablevision Systems 155,075 18 89 16-18 1996 Coca-Cola, Amtrak, Women’s National 2 Penn Plaza www.wnba.com/liberty 0.0% Ameriprise, American Dairy Basketball Association 15 New York, NY 10121 Association, Foot Locker

New Jersey Jackals (973) 746-7434 Floyd Hall Enterprises 107,000 52 2 49-44 1998 PSE&G, Continental Canadian-American 1 Hall Drive www.jackals.com -12.6% Airlines, Coors Light, Association of 16 Little Falls, NJ 07424 Commerce Bank, RE/MAX Professional Baseball

Continued on Page 18

August 4, 2008 | Crain’s New York Business | 17 CNYB 08-04-08 A 18 7/31/2008 3:36 PM Page 1

REPORT BUSINESS OF SPORTS

FIELDS OF DREAMS TEAM YANKEES METS NETS GIANTS AND JETS DEVILS RED BULLS COST $1.3B $600M-$800M $3.5B (entire Atlantic Yards project) $1.3B $375M $100M-$200M STATUS Ground broken 8/17/06 Ground broken 11/13/06 Expected to start late 2008 Ground broken 9/5/07 Complete Ground broken 9/19/06 NAME Yankee Stadium Citi Field Barclays Center New Meadowlands Stadium Prudential Center Red Bull Park OPENING April 2009 April 2009 2010-11 season 2010-11 season October 2007 2009-10 season SEATS 52,325 45,000 18,000 82,500 17,625 25,000 LOCATION Bronx, north of existing Queens, east parking lot Downtown Brooklyn East Rutherford, N.J., next to Downtown Newark Harrison, N.J. Yankee Stadium of existing Shea Stadium existing Giants Stadium

2007 2007 season 2007 2007 No. of record attendance/ No. of executive win-loss Year Rank Team name Phone/Web site Team ownership % change1 games2 suites (ties) founded Key corporate sponsors League New York Dragons 3 (516) 501-6700 Charles Wang, Sanjay Kumar, 72,580 8 n/a 8-8 2001 Discover, Newsday.com, Arena Football 1535 Country Road www.newyorkdragons.com Russell Artzt -3.9% Southwest Airlines, Aviator, League 17 Plainview, NY 11803 SUNY at Stony Brook

New York Titans (212) 599-3429 Gary Rosenbach 39,055 6 89 10-6 2006 Slap Energy Drinks, Morgan National Lacrosse 420 Lexington Ave. www.nytitans.com -36.2% Stanley, Riverside League 18 New York, NY 10170 Orthopaedic, Zywiec Beer, U.S. Limousine Long Island Lizards (631) 424-2606 D Group 29,298 6 0 5-7 2001 Lax Hut, Rose Fence Co., Major League 231 E. Jericho Turnpike www.longislandlizards.com +3.3% Dave & Buster’s, New York Lacrosse 19 Huntington Station, NY 11746 Physical Therapy

Long Island Rough Riders (516) 622-3900 Peter Zaratin 4,779 9 0 7-6 1994 Bethpage Credit Union, United Soccer 1425 Old Country Road www.liroughriders.com -73.2% (3) TGI Office Automation, Leagues 20 Plainview, NY 11803 Schaefer Transportation

New York area includes New York City and Nassau, Suffolk and Westchester counties in New York, and Bergen, Essex, Hudson and Union counties in New Jersey. Crain’s New York Business uses staff research, extensive surveys and the most current references available to produce its lists, but there is no guarantee that the listings are complete. To qualify for this list, a professional team must be located in the New York area. All information was supplied by the teams, unless otherwise noted. For teams that did not respond to our surveys, some information/figures are based on published sources that include ESPN.com, Forbes.com, team Web sites and leagues. n/a Not available. 1-Home attendance for the team’s most recently completed season. 2-Home games for the team’s most recently completed season. 3-Team declined to respond to this year’s survey. Some information/figures are Crain’s estimates based on other published information. 4-Information is from Forbes.com. Research: Denise Southwood, Sarah Studley and Heather Holland

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18 | Crain’s New York Business | August 4, 2008 CNYB 08-04-08 A 19 7/31/2008 8:34 PM Page 1

NEIGHBORHOOD JOURNAL

duce, something he says contributes Pratt Institute and a member of the Developer’s rooftop rink to a health crisis for area residents. Clinton Hill Society, a preservation “They’re talking about preserv- group. He puts the preservation tab ing Admiral’s Row, but what about at $12 million tops and says the preserving the communities across Navy Yard’s figure is based on a cool addition for Queens the road?” Mr. Brown asks. restoring the mansions’ interiors to Mr. Kimball estimates that re- their former glory,something he in- building the badly dilapidated sists no one wants. buildings would cost $50 million. Instead, Mr. Porter has pro- City Ice Pavilion Preservationists dispute that figure. posed restoring the facades and to open in October; “The Navy Yard has greatly in- hollowing out the interiors as a flated the price because they want to marketplace, possibly including a marketing efforts tear them down,” says Brent Porter, working bakery. reach into Manhattan a professor of architecture at nearby —matthew sollars rost will come early this year to Long Island City, Queens.The own- ers of a three-story WORTH KEEPING: A rendering building there have be- of a renovated Admiral’s Row Fgun work on a dome-enclosed ice at the Brooklyn Navy Yard. rink that they hope to open by Oc- tober.The rooftop rink will be called the City Ice Pavilion. Built to Na- forts.He’s already in talks with near- Navy Yard mansions’ tional Hockey League specifica- ly 20 high schools in Manhattan tions,it will be enclosed in an inflat- about hockey programs. In addi- fate stirs debate able white dome. tion,the rink will have its own house “There is a tremendous shortage league with eight to 10 youth teams. fort greene residents have al- of ice in the New York City area for The challenge for would-be ready spent decades waiting for ac- kids,” says Chuck Witmer, director hockey players in the city has long tion on the decaying mansions of of the Queens-based North Park been a scarcity of ice.Manhattan has Admiral’s Row in the Brooklyn Hockey youth league, which boasts one enclosed rink, Chelsea Piers. Navy Yard. 80 children ages 6 to 12. He notes “You should see what some of Now, following a recent public that his teams used to drive up to these teams have to do to get ice meeting, they’ll have wait another New Rochelle every weekend to time,” says Mr. Ekstein, who plans six months as Washington decides practice, until the rink closed last to charge $600 per hour for ice once and for all whether the build- spring. He has already booked ice time—comparable to Chelsea Piers’ ings should be preserved. time for Thursday evenings and prices.“Chelsea Piers is booked sol- Area residents, along with city Saturday and Sunday mornings at id, so some [Manhattan teams] are and local elected officials, want to the Long Island City rink. traveling more than an hour to get see the buildings ripped down and The pavilion is being built by de- to a rink in Brooklyn.” replaced by what they insist is a bad- veloper and hockey enthusiast Erik With a tennis center and the ly needed supermarket. Ekstein, whose Ekstein Develop- YMCA of Long Island City nearby, “It seems [the federal govern- ment owns the building on 32nd the area is quickly becoming a sports ment] is interested in as much Place between 47th and 48th av- destination. preservation as possible,” says An- enues. He is partnering on the $4.5 Mr. Ekstein owns the building, drew Kimball, president of the city- million project with RD Manage- which has commercial and retail owned Brooklyn Navy Yard. “But ment.The dome will be taken down tenants on the first floor, parking on we don’t feel it’s economically viable in the summers. the second floor, and locker rooms or a smart use of the space.” Using the rink’s proximity to and lofts on the third floor. Ed Brown, president of the ten- Manhattan—just four stops deep “We couldn’t be more excited ants associationatthesprawling pub- into Queens on the No. 7 train— that this rink is being built,”says Mr. lic complex Ingersoll Houses nearby, Mr. Ekstein is reaching across the Witmer. says the real issue in the area is the East River with his marketing ef- lack of access to fresh food and pro- —hilary potkewitz Advertisement On behalf of a private investment group led by Nathan Halegua and Marty Newman, Rosewood Realty Group has arranged the New musicals for Broadway sale of 308-40 West 49th Street to The Orbach Group. Aaron Jungreis, President of Rosewood Realty successfully Next up is Rebecca, a musical in is to minimize the risk involved in Production company Europe based on an Alfred Hitch- Broadway production.” brokered this transaction for $70 million. Mr. Halegua, Principal of has three shows cock film, which was itself based on The venture is attracting new- Jonis Realty and Mr. Newman purchased this 252 unit and 6 store the book by Daphne Du Maurier. comers to the Great White Way. package for $28 million in March of 2002. In their time of ownership, in development; Global Broadway bought the Eng- Global Broadway’s largest investor, they added tremendous value through renovations and buyouts of investors sign on lish-language rights and will open Tony Fusco, an attorney who has the show on Broadway in the 2009- represented big names like Mike apartments and extensive capital improvements on the properties. 10 season. The musical is expected Tyson, is putting his money into “These buildings were contracted within 2 weeks of marketing BY MIRIAM KREININ SOUCCAR to cost $15 million. Broadway for the first time. and the buyer recognized the enormous upside potential,” said “The key to me is who is involved Jungreis. “Because of its strategic location near Worldwide Plaza broadway is about to get an infu- The old Cuba in the production, what the materi- and the near mint condition of the properties The Orbach Group sion of large-scale musicals. following that is Havana,a new al is and who the creative people Theater producers Ben Sprecher musical about the days leading up to are,” Mr. Fusco says.“But by invest- moved quickly and efficiently to bring about a sale.” and Louise Forlenza have formed a Fidel Castro’s takeover of Cuba, ing in three productions, it spreads According to Jungreis, “this was a wonderful opportunity for company to develop and produce planned for the fall of 2010 on the risk.” new musicals for Broadway,the road Broadway.That production will cost Theater executives say develop- The Orbach Group to make a huge entrance in Manhattan and international stages. Global $12 million to $15 million. ment funds for musicals are not by purchasing a block of buildings that has 325 feet of frontage Broadway Productions Inc.has lined Mr. Sprecher, a former off- common but have been used before. on 49th Street up a small number of deep-pocketed Broadway theater owner, says he “This isn’t like a blind pool,” says and tremendous investors and secured the rights for and Ms. Forlenza structured the John Breglio, an entertainment residential and its initial slate of three shows. company like a venture capital fund. lawyer and Broadway producer. Its first project,Little House on the “We developed an entity that “The people who are investing here commercial traf- Prairie, has been selling out in pre- gives investors a substantial leg up in know which three shows are being fic on the block.” views and will have its world pre- relationship to the three properties, developed. People like to invest miere in Minneapolis on Aug. 15. as compared to if they were to invest when they know what they have.” Discussions to bring the show to in each of them individually,” Mr. Broadway are under way. Sprecher says. “The whole purpose COMMENTS? [email protected]

August 4, 2008 | Crain’s New York Business | 19 nb31p20-22cls.qxp 7/31/08 2:37 PM Page 20

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ENTREPENEURS WANTED PUBLIC & LEGAL NOTICES

Notice of Formation Color By Pergament MERCER STREET DEVELOPMENT LLC, a Notice of Formation of Just Intimates Notice of Qualification of EKARD, LLC. Crain's Classified is not responsible forLLC corrupt art. of filesorg. filed submitted Secy. of State by client NY or adsdomestic run under Limited the Liability wrong Company subheading. (LLC) LLC. Arts. of Org. filed with Secy. of State Authority filed with Secy. of State of NY (SSNY) 5/30/08. Off. loc. in NY Co. filed with the Sec of State of NY on 12-4- of NY (SSNY) on 7/2/08. Office location: (SSNY) on 6/6/08. Office location: NY SSNY designated as agent of LLC upon 07. NY Office location: New York County. NY County. Princ. bus. loc.: 1407 County. LLC formed in Delaware (DE) on Crain'swhom process Classified may be is served. not responsible SSNY forSSNY corrupt is designated files submitted as agent upon by clientwhom or adsBroadway, run under Rm. the3701, wrong NY, NY subheading.10018. 5/8/07. SSNY designated as agent of LLC shall mail copy of process to: Edward Crain'sprocess against Classified the LLC is notmay responsiblebe served. forSSNY corrupt designated files submittedas agent of LLC by upon client or adsupon run whom under process the wrongagainst subheading.it may be David Esq, 3 Becker Farm Rd, Roseland, SSNY shall mail a copy of any process Crain'swhom process Classified against is it notmay responsiblebe served. forserved. corrupt SSNY files shall submitted mail process by to client or ads run under the wrong subheading. NJ 07068. Purpose: Any lawful purpose. against the LLC served upon him/her to SSNY shall mail process to: Corporation princ. bus. loc.: 2 Wall St., NY, NY Joe Sabbagh, C/O Ultimate Realty, 28 E. Service Co., 80 State St., Albany, NY 10005. DE address of LLC: 2711 Crain’s Classified is not responsible for corrupt files submitted by client or adsNotice run of under Qualification the wrong of The subheading.Stillwater 12207, registered agent upon whom Matrix Fund, LP. Authority filed with Secy. 14th St., NY, NY 10003. Latest date to Centerville Rd., Ste. 400, Wilmington, DE dissolve: 12-31-2055. General purposes. process may be served. Purpose: any 19808. Arts. of Org. filed with DE Secy. of State of NY (SSNY) on 6/17/08. Office lawful activity. location: NY County. LP formed in Notice of Formation of WHGA HARRIET of State, 401 Federal St., Ste. 4, Dover, REAL ESTATE Delaware (DE) on 10/5/07. SSNY desig- TUBMAN APARTMENTS, L.P. Certificate Notice of Formation of Wood River NY DE 19901. Purpose: any lawful activity. nated as agent of LP upon whom process filed with Secy. of State of N.Y. (SSNY) on LLC. Arts. of Org. filed with Secy. of State Notice of Formation of Cohen Fashion COMMERCIAL/FOR SALE against it may be served. 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LLC formed in New Jersey Off Wall St. on Pearl St. - Entire floor Crain’sdomestic ClassifiedLimited Liability is not Company responsible (LLC) forPrincipal corrupt business files submitted address: 1540 by Kirby client or adsto princ. run under bus.. loc.: the c/o wrong Gatsby subheading. (NJ) on 3/14/08. SSNY designated as approx. 4,000 sf. Move in cond. Avail filed with the Sec of State of NY on 4-22- Dr., Houston, TX 77019. Secy. of State Enterprises, 347 Fifth Ave., NY, NY 10016. agent of LLC upon whom process against immed.Crain's New Classified AC. $8600.00 is not per responsible month. for08. corrupt NY Office files location: submitted New York by County. client or adsdesignated run under as agent the of wrong PLLC subheading.upon whom Purpose: any lawful activity. it may be served. SSNY shall mail process SSNY is designated as agent upon whom to: 2 WFC, Ste. 36001, 225 Liberty St., David - 917-804-8442 or 917-548-9997 process against it may be served and Notice of Formation of Hornstein Studios process against the LLC may be served. shall mail process to: c/o CT Corporation NY, NY 10281. NJ address of LLC: Zhiyu SSNY shall mail a copy of any process LLC. Arts. of Org. filed with Secy. of State Hu, Esq., 151 Washington Ave., Edison, Crain'sSystem, 111 Classified 8th Ave., isNY, not NY responsible10011. forof corrupt N.Y. (SSNY) files on submitted 6/16/08. Office by loca- client or ads run under the wrong subheading. TELEPHONE EQUIPMENT against the LLC served upon him/her to Purpose: practice architecture. NJ 08817. Arts. of Org. filed with NJ Chasten Harmon, 216 W. 136th St., #1, tion: NY County. SSNY designated as Division of Revenue, 225 West State St., WILL BUY ALL NY, NY 10030. General purposes. NOTICE OF FORMATION of Marimba agent of LLC upon whom process against 3rd Fl., Trenton, NJ 08608. Purpose: any OFFICE TELEPHONE EQUIPMENT Films LLC. Arts. Of Org. filed with Secy. it may be served. SSNY shall mail process lawful activity. Please Call: 212-Richard. NOTICE OF FORMATION OF LIMITED Of State of N.Y. (SSNY) on 5/20/08. Office to princ. bus. loc.: c/o The LLC, 315 W. Please Call: 212-742-4273 Crain’sLIABILITY Classified COMPANY. isNAME: not responsibleGRAND forlocation: corrupt New files York submitted County SSNY by desig- client or ads39th run St., under Ste. 1305, the NY, wrong NY 10018. subheading. Notice of Formation of CKE2, LLC. Arts. of BOWERY BRIGHT, LLC. Articles of nated as agent of LLC upon whom Crain'sPurpose: Classifiedany lawful activity. is not responsible forOrg. corrupt filed with files Secy. submitted of State of byNY client(SSNY) or ads run under the wrong subheading. Organization were filed with the Secretary process against it may be served. SSNY on 7/8/08. Office location: NY County. of State of New York (SSNY) on 04/08/08. Notice of Formation of Harborview SSNY designated as agent of LLC upon PUBLIC & LEGAL shall mail process to principal business Preservation GP II, LLC. Arts. of Org. filed Crain's Classified is not responsible forOffice corrupt location: files New submitted York County. by SSNY client or adslocation: run under 203 East the 7th wrong Street, subheading.2nd Fl., NY, whom process against it may be served. has been designated as agent of the LLC with Secy. of State of NY (SSNY) on SSNY shall mail process to: Corporation NOTICES NY 10009. Purpose: Any lawful activity. 6/6/08. Office location: NY County. upon whom process against it may be 1053701 w.o Service Company, 80 State St., Albany, Notice of Qualification of JPMorgan U.S. served. SSNY shall mail a copy of process Crain's Classified is not responsible forPrincipal corrupt bus. files loc.: submitted 60 Columbus by Circle, client or adsNY run12207. under Purpose: the wrongany lawful subheading. activity. Direct Corporate Finance Institutional to the LLC, c/o Dr. Howard Lai, 11 East Notice of Formation of Appena Fatto LLC. NY, NY 10023. SSNY designated as agent Investors IV LLC. Authority filed with Broadway, #15, New York, New York Arts. of Org. filed with Secy. of State of Crain'sof LLC upon Classified whom process is not against responsible it may forCORE corrupt CLASSICS files submittedLLC Articles of by Org. client filed or ads run under the wrong subheading. Secy. of State of NY (SSNY) on 7/9/08. Crain's10038. Purpose: Classified For any is notlawful responsible purpose. forN.Y. corrupt (SSNY) files on 7/3/08. submitted Office location: by client NY or adsbe runserved. under SSNY the shall wrong mail process subheading. to: NY Sec. of State (SSNY) 01/15/08. Office Office location: NY County. Princ. bus. County. SSNY designated as agent of LLC c/o Corporation Service Co., 80 State St., in New York County. SSNY design. agent loc.: c/o Proskauer Rose LLP, 1585 NOTICE OF FORMATION OF LIMITED upon whom process against it may be Albany, NY 12207. Purpose: any lawful of LLC upon whom process may be Broadway, Rm 23-78, NY, NY 10036. LLC LIABILITY COMPANY. NAME: BITETTO served. SSNY shall mail process to princ. activity. served. SSNY shall mail copy of process formed in Delaware (DE) on 4/21/08. EQUITIES LLC. Articles of Organization bus. loc.: c/o Pasta Resources, 45 E. 20th to 641 Lexington Ave 6th Floor, New York, 224 REALTIES LLC, a domestic Limited SSNY designated as agent of LLC upon were filed with the Secretary of State of St., 3rd Fl., NY, NY 10003. Purpose: any NY 10022. Purpose: Any lawful purpose. Liability Company (LLC) filed with the whom process against it may be served. New York (SSNY) on 07/03/08. Office lawful activity. location: New York County. SSNY has Sec of State of NY on 5-9-08. NY Office Notice of Formation of Metropolitan SSNY shall mail process to: c/o Advisory Group, LLC. Arts. of Org. filed Crain's Classified is not responsible forCorporation corrupt files Service submitted Company (CSC), by client 80 or adsbeen run designated under the as agent wrong of subheading.the LLC Notice of Formation of Let’s Go Stables IV, location: New York County. SSNY is des- upon whom process against it may be LLC. Arts. of Org. filed with NY Dept. of ignated as agent upon whom process with NY Dept. of State on 5/6/08. Office State St., Albany, NY 12207. DE address Crain's Classified is not responsible for corrupt files submitted by client or adslocation: run under NY County. the wrongSecy. of subheading.State desig- of LLC: c/o CSC, 2711 Centerville Rd., served. SSNY shall mail a copy of State on 6/16/08 . Office location: NY against the LLC may be served. SSNY Crain's Classified is not responsible for corrupt files submitted by client or adsCrain's run under Classified the wrong is not subheading. responsible fornated corrupt as agent files of submittedLLC upon whom by client or ads run under the wrong subheading. Ste. 400, Wilmington, DE 19808. Cert. of process to the LLC, 15 Charles Street, County. Secy. of State designated as agent shall mail a copy of any process against process against it may be served and Form. filed with DE Secy. of State, Apartment PHC, New York, New York of LLC upon whom process against it may the LLC served upon him/her to shall mail process to the principal busi- Townsend Bldg., Dover, DE 19901. 10014. Purpose: For any lawful purpose. be served and shall mail process to: The Steinberg & Pokoik Management Corp., Purpose: any lawful activity. LLC, c/o Phillips Nizer LLP, 666 5th Ave., 575 Madison Ave., 7th Fl., NY, NY 10022. ness address: 630 5th Ave., Ste. 2000, Notice of Formation of 31 West 21st Street General purposes. NY, NY 10111, Attn: Stefan Miller, regis- Equities LLC. Arts. of Org. filed with Secy. NY, NY 10103, Attn: Monte Engler, Esq. Name of For. LP: 275 MAIN STREET Purpose: any lawful activity. tered agent upon whom process may be ASSOCIATES, LP. Appl. for Auth. filed with of State of NY (SSNY) on 07/23/08. Office NOTICE OF FORMATION of Rubina LLC. served. Purpose: any lawful activity. location: New York County. Principal busi- Notice of Formation of LIPMAN DIGITAL, Arts. Of Org. filed with Secy. Of State of N.Y. Sec. of State of NY: 5/14/03. Jurisd. and Notice of Formation of STRANGE CORE ness location: 55 Fifth Ave., 15th floor, LLC. Arts. of Org. filed with Secy. of State (SSNY) on 5/13/08. Office location: New date of org.: DE 3/27/03. NY State office Crain's Classified is not responsible for corrupt files submitted by client or ads run under the wrong subheading. PRODUCTIONS, LLC. Arts. of Org. filed New York, NY 10003-4398. SSNY desig- of N.Y. (SSNY) on 5/15/08. Office location: York County SSNY designated as agent of loc.: New York Cty. Sec. of State designat- with Secy. of State of NY (SSNY) on Crain's Classified is not responsible fornated corrupt as agent files of submittedLLC upon whom by client or adsNew run York under County. the SSNY wrong designated subheading. as LLC upon whom process against it may be ed as agent upon whom process against it 06/19/08. Office location: New York process against it may be served. SSNY agent of LLC upon whom process against served. SSNY shall mail process to princi- may be served. Sec. of State shall mail County. Principal business location: c/o copy of process to: National Registered shall mail process to and registered agent it may be served. SSNY shall mail process pal business location: 58 Avenue C, #4A, Crain's Classified is not responsible forApple corrupt Core filesHoldings, submitted 1450 Broadway, by client or ads run under the wrong subheading. Agents, Inc., 875 Avenue of the Americas, upon whom and at which process can be to: The LLC, 408 W. 14th St., New York, NY, NY 10009. Purpose: Any lawful activity. 40th Floor, New York, NY 10018. SSNY Suite 501, New York, NY 10001. Addr. of served is: Robert Kantor, 55 Fifth Avenue, NY 10014. Purpose: any lawful activity. designated as agent of LLC upon whom LP in DE is The Corporation Trust 15th Floor, New York, NY 10003-4398. NOTICE OF FORMATION of Dalmatian Company, 1209 Orange Street, Purpose: Any lawful activity. SCHARF MARKETING, LLC Articles of Org. Consulting Group, LLC. Arts. Of Org. filed process against it may be served. SSNY Wilmington, DE 19801. Name/addr. of GP filed NY Sec. of State (SSNY) 4/28/08. with Secy. Of State of N.Y. (SSNY) on shall mail process to: c/o Apple Core Crain'sNotice of ClassifiedFormation of is Strassburger not responsible forCrain's corrupt Classified files submitted is not responsible by client or for ads corrupt run under files the submitted wrong subheading. by client or ads run under the wrong subheading. avail. from Sec. of State. Authorized office Office in NY Co. SSNY desig. agent of LLC 4/25/08. Office location: New York County. Holdings, 1450 Broadway, 40th Floor, New Meats LLC, Art. of Org. filed Sec’y of in DE where Cert. of LP is filed is Sec. of upon whom process may be served. SSNY designated as agent of LLC upon York, NY 10018. Purpose: Any lawful activity. State (SSNY) 4/26/02. Office location: NY State of DE, 401 Federal Street, Dover, DE SSNY shall mail copy of process to 122 W whom process against it may be served. County. SSNY designated as agent of LLC NOTICE OF FORMATION of Action 19901. Purpose: any lawful activity. 26th St., #1100, NY, NY 10001, which is SSNY shall mail process to principal busi- upon whom process against it may be Research NY LLC. Arts. Of Org. filed with also the principal business location . ness location: 18 Stuyvesant Oval, #9A, served. SSNY shall mail copy of process Secy. Of State of NY (SSNY) on 5/08/08. Notice of Qualification of 46th Street Purpose: Any lawful purpose. NY, NY10009. Purpose: Any lawful activity. to 446 W. 14th St., NY, NY 10014. Office location: NY County SSNY desig- Platinum Holding Company, L.L.C. nated as agent of LLC upon whom Purpose: any lawful activities. Notice of Qualification of ARAMARK Notice of Qualification of Goldman Sachs Authority filed with Secy. of State of NY process against it may be served. SSNY Management, LLC. Authority filed with NY Investment Partners ESC Fund, L.P. (SSNY) on 07/17/08. Office location: New shall mail process to principal business NOTICE OF FORMATION OF LIMITED Dept. of State on 6/5/08. Office location: Authority filed with Secy. of State of NY York County. LLC formed in Delaware (DE) location: 330 W 72nd St., NY, NY 10023. on 07/15/08. SSNY designated as agent of LIABILITY COMPANY. NAME: NY County. Principal business address: (SSNY) on 6/24/08. Office location: NY Purpose: Any lawful activity. LLC upon whom process against it may be NATHANIEL ALEXANDER VENTURE 1101 Market St., Philadelphia, PA 19107. County. LP formed in Delaware (DE) on served. SSNY shall mail process to: c/o PARTNERS, LLC. Articles of Organization LLC formed in DE on 12/20/07. NY Secy. 11/21/07. SSNY designated as agent of SJP Properties, Morris Corporate Center were filed with the Secretary of State of of State designated as agent of LLC upon LP upon whom process against it may be IV, 379 Interspace Parkway, Parsippany, NJ New York (SSNY) on 06/16/08. The latest whom process against it may be served served. SSNY shall mail process to: To place your 07054, registered agent upon whom date of dissolution is 06/10/2043. Office and shall mail process to: c/o CT Goldman Sachs Investment Partners GP, process may be served. Principal office of location: New York County. SSNY has Corporation System, 111 8th Ave., NY, NY LLC, 85 Broad St., NY, NY 10004. DE LLC: 379 Corporate Center IV, Parsippany, been designated as agent of the LLC upon 10011, registered agent upon whom address of LP: 1209 Orange St., classified ad call NJ 07054. Arts. of Org. filed with Secretary whom process against it may be served. process may be served. DE address of Wilmington, DE 19801. Name/address of of State, State of Delaware, Division of SSNY shall mail a copy of process to the LLC: 1209 Orange St., Wilmington, DE each genl. ptr. available from SSNY. Cert. John Gallagher @ Corporations, John G. Townsend Building, LLC, c/o Alan J. Harris, P.C., 427 Manville 19801. Arts. of Org. filed with DE Secy. of of LP filed with DE Secy. of State, 401 Federal Street, Dover, DE 19901. Road, Pleasantville, New York 10570. State, 401 Federal St., Dover, DE 19901. Townsend Bldg., Dover, DE 19901. 212-210-0189 Purpose: Any lawful activity. Purpose: For any lawful purpose. Purpose: any lawful activity. Purpose: any lawful activity.

20 | Crain’s New York Business | August 4, 2008 nb31p20-22cls.qxp 7/31/08 2:38 PM Page 21

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

PUBLIC & LEGAL NOTICES

Notice of Formation of Elite Home NOTICE OF FORMATION of ABILTO LLC. BLINK ENTERTAINMENT, LLC, a foreign Name of LLC: TDF BRUCKNER, LLC. Notice of Qualification of Goldman Sachs Services, LLC. Arts. of Org. filed with Arts. Of Org. filed with Secy. Of State of Limited Liability Company (LLC) filed with Articles of Org. filed Dept. of State of NY Global Alpha Employee Fund, LLC. Crain's Classified is not responsible forSecy. corrupt of State files of NY submitted (SSNY) on by 5/9/08. client or adsN.Y. run (SSNY) under on the6/03/08. wrong Office subheading. location: the Sec of State of NY on 5-29-08. NY on 5/21/08. Office location in NY: New Authority filed with Secy. of State of NY Office location: NY Co. SSNY designated Crain'sNew York Classified County. SSNY is notdesignated responsible as forOffice corrupt location: files New submitted York County. by clientSSNY or adsYork run County. under Secy. the of wrong State designated subheading. as (SSNY) on 6/5/08. Office location: NY Crain'sas agent Classifiedof LLC upon iswhom not process responsible foragent corrupt of LLC files upon submitted whom process by clientagainst or adsis designated run under asthe agent wrong upon whom subheading. agent of LLC upon whom process against County. LLC formed in Delaware (DE) on against it may be served. SSNY shall mail it may be served. SSNY shall mail process process against the LLC may be served. it may be served. Sec. of State shall mail 1/27/06. SSNY designated as agent of process to: Diane Schottenstein, 165 to: National Registered Agents, Inc., 875 SSNY shall mail a copy of any process a copy of process to: c/o The Doe Fund, LLC upon whom process against it may West End Ave., Apt. 4D, NY, NY 10023. Ave. of the Americas, Ste 501, NY, NY against the LLC served upon him/her to Inc., 232 East 84th Street, New York, NY be served. SSNY shall mail process to Purpose: any lawful activities. 10001. Principal business location: 880 The LLC, 303 Fifth Ave., Ste. 1606, NY, Crain's10028. Purpose: Classified any lawful is not activity. responsible forprinc. corrupt bus. filesloc.: Goldman submitted Sachs by Asset client or ads run under the wrong subheading. 5th Ave., Ste 5C, NY, NY 10021. Purpose: NY 10016. General purposes. Management L.P., One New York Plaza, Notice of Qualification of Anthion Partners, Any lawful activity. Notice is hereby given that an “EATING NY, NY 10004. DE address of LLC: 1209 LP, App. for Auth. filed Sec’y of State JUDAH LLC, a domestic Limited Liability PLACE BEER LICENSE” has been applied Orange St., Wilmington, DE 19801. Arts. (SSNY) 3/28/08. Office location: NY Notice of Qualification of Legg Mason Crain'sCompany Classified (LLC) filed with is not the responsibleSec of State forfor corrupt by the undersigned files submitted to sell Beer by clientfor or adsof Org. run filed under with the DE wrongSecy. of subheading.State, County. LP org. in DE 3/27/08. SSNY des- Global Asset Allocation, LLC. Authority of NY on 6-18-08. NY Office location: New “On Premises Consumption” in their Pizza Townsend Bldg., Dover, DE 19901. ignated as agent of LP upon whom Crain'sfiled withClassified NY Sec. of State is not (SSNY) responsible forYork corrupt County. files SSNY submitted is designated by as client or adsPlace run Establishment, under the wrongunder the subheading. Alcoholic Purpose: any lawful activity. process against it may be served. SSNY 6/25/07.Juris. of org: DE filed: 10/11/06 agent upon whom process against the Beverage Control Law at “West 68 Crain's Classified is not responsible forshall corrupt mail copy files of submittedprocess to Attn: by David client or adsNY runoff. loc. under in NY the Co. wrong SSNY designated subheading. as LLC may be served. SSNY shall mail a STREET PIZZA CORP, d/b/a “Traviata Notice of Qualification of Atticus Moradi, 471 Broadway, #2, NY, NY 10013. agent of LLC upon whom process may be copy of any process against the LLC Pizza” located at 101 West 68th Street, Fundamental Holdings, LLC. Authority filed Crain'sDE office Classifiedaddr.: c/o CSC, is not2711 responsible Centerville forserved. corrupt SSNY files shall submitted mail copy of by process client or adsserved run upon under him/her the wrongto The LLC, subheading. C/O New York, NY 10023. (Serial No. 1211872) with Secy. of State of N.Y. (SSNY) on Rd., Wilmington, DE 19808. Cert. of LP on to: Nat. Reg. Agents Inc., 875 Avenue of Gatsby Enterprises, 347 5th Ave., 16th Fl., 5/30/08. Office location: NY County. LLC file: SSDE, Townsend Bldg., Dover, DE the Americas, Ste 501, NY, NY 10001. NY, NY 10016. General purposes. Notice of Formation of Manhattan formed in Delaware (DE) on 5/20/08. SSNY 19901. Name/addr. of each gen. ptr. avail. Dermatology, PLLC. Arts. of Org. filed LLC’s principal address: 399 Park Ave, Notice of Qualification of Talos Investment designated as agent of LLC upon whom at SSNY. Purpose: any lawful activities. NY, NY 10022. Arts of org. on file with with NY Dept. of State on 7/11/08. Office Management LLC. Authority filed with NY process against it may be served. SSNY SSDE, Div of Corps, PO Box 898, Dover, location: NY County. Secy. of State desig- shall mail process to: The LLC, 767 Fifth Notice of Qualification of Buffalo Crain'sDept. of State Classified on 6/16/08. is not Office responsible location: forCrain's corrupt Classified files submitted is not responsible by client or for ads corrupt run under files the submitted wrong subheading. by client or ads run under the wrong subheading. DE 19903 Purpose: Any lawful purpose. nated as agent of PLLC upon whom Ave., 12th Fl., NY, NY 10153. DE address Resources, LLC. Authority filed with NY NY County. Principal business address: process against it may be served and of LLC: Corporation Service Co., 2711 Dept. of State on 6/26/08. NYS fictitious MAIDMAN REALTY GROUP LLC, a 570 Lexington Ave., NY, NY 10022. LLC shall mail process to the principal busi- name: Buffalo Resources Exploration, LLC. formed in Delaware (DE) on 6/14/07. NY Centerville Rd., Ste. 400, Wilmington, DE domestic Limited Liability Company (LLC) ness addr.: 71 Park Ave., Ste. 1A, NY, NY 19808. Arts. of Org. filed with DE Secy. of Office location: NY County. LLC formed in filed with the Sec of State of NY on 5-1- Secy. of State designated as agent of LLC 10016. Purpose: practice the profession State, P.O. Box 898, Dover, DE 19903. NV on 5/25/06. NY Secy. of State desig- 08. NY Office location: New York County. upon whom process against it may be Crain's Classified is not responsible for corrupt files submitted by client or ads run under the wrong subheading. of medicine. Purpose: any lawful activity. nated as agent of LLC upon whom SSNY is designated as agent upon whom served and shall mail process to: c/o CT process against it may be served and shall process against the LLC may be served. Corporation System, 111 8th Ave., NY, NY Notice of Formation of Spoon Foods NYC Notice of Formation RCM and AJM Family mail process to: c/o CT Corporation SSNY shall mail a copy of any process 10011, registered agent upon whom LLC. Arts. of Org. filed with NY Dept. of Crain's Classified is not responsible forSystem, corrupt 111 files 8th Ave., submitted NY, NY 10011, by client reg- or ads run under the wrong subheading. LLC No. 1 art. of org. filed Secy. of State against the LLC served upon him/her to Crain'sprocess may Classified be served. is DE not address responsible of forState corrupt on 7/10/08. files submittedOffice location: by NY client or adsNY run(SSNY) under 6/29/07. the Off. wrong loc. subheading.in NY Co. istered agent upon whom process may be Maidman and Mittelman, LLP, 70 E. 55th LLC: 1209 Orange St., Wilmington, DE County. Secy. of State designated as agent served. NV and principal business SSNY designated as agent of LLC upon St., NY, NY 10022. General purposes. 19801. Arts. of Org. filed with DE Secy. of of LLC upon whom process against it may whom process may be served. SSNY shall address: 112 N. Curry St., Carson City, NV State, 401 Federal St., Dover, DE 19901. be served and shall mail process to the 89703. Arts. of Org. filed with NV Secy. of mail copy of process to: c/o Joseph Notice of Qualification of Liberty Harbor, Purpose: any lawful activity. principal business address: 17 W. 20th Michaels IV, Esq, Dunnington, Bartholow State, 202 N. Carson St., Carson City, NV LLC. Authority filed with Secy. of State of St., NY, NY 10011. Purpose: any lawful 89701. Purpose: all lawful purposes. Notice of Qualification of Rockefeller & & Miller, 477 Madison Ave, 12th Fl, NY, NY (SSNY) on 6/5/08. Office location: NY activity. NY 10022. Purpose: Any lawful purpose. HIMMA LLC, Articles of Org. filed N. Y. County. LLC formed in Delaware (DE) on Co. U.S. Small Capitalization Fund, L.P. Sec. of State (SSNY) 24th day of April, 12/8/06. SSNY designated as agent of Authority filed with Secy. of State of NY Notice of Formation of Trade X Media, (SSNY) on 5/29/08. Office location: NY Notice of Qualification of Rockefeller Tax 2008. Office in New York Co. at 131 LLC upon whom process against it may LLC. Arts. of Org. filed with Secy. of State County. LP formed in Delaware (DE) on Exempt Income Fund - NY., L.P. Authority Varick Street, Suite 1026, New York, New be served. SSNY shall mail process to Crain's Classified is not responsible forof corrupt N.Y. (SSNY) files on submitted 6/12/08. office by location: client or adsfiled run with under Secy. of the State wrong of NY subheading. (SSNY) on princ. bus. loc.: Goldman Sachs Asset 3/28/1994. SSNY designated as agent of NY County. SSNY designated as agent of Crain'sYork 10013. Classified SSNY design. is not agt. responsible upon for corrupt files submitted by client or adsLP runupon under whom theprocess wrong against subheading. it may be 5/29/08. Office location: NY County. LP whom process may be served. SSNY shall Management L.P., One New York Plaza, LLC upon whom process against it may formed in Delaware (DE) on 1/29/88. NY, NY 10004. DE address of LLC: 1209 served. SSNY shall mail process to: c/o be served. SSNY shall mail process to: mail copy of process to 131 Varick Street, Rockefeller & Co., 30 Rockefeller Plaza, SSNY designated as agent of LP upon Suite 1026, New York, New York 10013. Orange St., Wilmington, DE 19801. Arts. Robert N. Solomon, Esq., 1212 Avenue of whom process against it may be served. Crain'sof Org. filed Classified with DE Secy. is not of responsibleState, forNY, corrupt NY 10112. files DE submitted address of LP: by c/o client or adsthe runAmericas, under 18th the Fl., wrong NY, NY subheading. 10036. Reg. Agt. upon whom process may be Corporation Trust Center, 1209 Orange SSNY shall mail process to: c/o Townsend Bldg., Dover, DE 19901. Purpose: any lawful activity. Rockefeller & Co., 30 Rockefeller Plaza, served: Spiegel & Utrera, P.A., P.C. 1 Purpose: any lawful activity. St., Wilmington, DE 19801. Name/address Maiden Lane, NYC 10038 1 800 576-1100 of genl. ptr. available from SSNY. Cert. of Crain's Classified is not responsible forNY, corrupt NY 10112. files DE submitted address of LP: by c/o client or ads run under the wrong subheading. Notice of Qualification of TS TRYLONS, Corporation Trust Center, 1209 Orange Purpose: Any lawful purpose. Name of LLC: EGL ASSOCIATES, LLC. LP filed with DE Secy. of State, 401 L.L.C. Authority filed with Secy of State of St., Wilmington, DE 19801. Name/address Articles of Org. filed Dept. of State of NY Federal St., Ste. 3, Dover, DE 19901. Notice of Formation of SSDS, LLC. Arts. of NY (SSNY) on 07/10/08. Office location: of genl. ptr. available from SSNY. Cert. of on 6/13/08. Office location in NY: New Purpose: any lawful activities. Org. filed with Secy. of State of N.Y. (SSNY) New York County. LLC formed in LP filed with DE Secy. of State, 401 Crain’s Classified is not responsible for corrupt files submitted by client or adsYork run County. under Principal the wrong bus. loc.: subheading. 667 on June 10, 2008. Office location: New Notice of Qualification of Lyrical Long-Only Delaware on 06/16/08. SSNY designated Federal St., Ste. 3, Dover, DE 19901. Madison Avenue, New York, NY 10021. York County. SSNY designated as agent of Value Partners LP. Authority filed with NY as agent of LLP upon whom process Purpose: any lawful activities Secy. of State designated as agent of LLC LLC upon whom process against it may be Dept. of State on 7/7/08. Office location: against it may be served. SSNY will mail upon whom process against it may be process to: National Registered Agents, served. SSNY shall mail process to: The NY County. LP formed in DE on 6/30/08. Notice of Formation of Peak Property served. Sec. of State shall mail a copy of Inc., 875 Avenue of the Americas, Suite LLC, 225 East 57th Street, #4A, New York, NY Secy. of State designated as agent of Services LLC. Arts. of Org. filed with process to c/o Howard Guberman, 667 501. New York, NY 10001. National NY 10022. Purpose: any lawful activity . LP upon whom process against it may be Crain's Classified is not responsible forSecy. corrupt of State files of NY submitted (SSNY) on by 6/18/08. client or ads run under the wrong subheading. Madison Avenue, New York, NY 10021. served and shall mail process to the prin- Registered Agents, Inc. is the Registered Office location: NY County. SSNY desig- Name: PAROD’S 3303 LLC Art. Of Org. Purpose: any lawful activity. cipal business addr.: c/o Lyrical Partners, Agent as well. Address required to be nated as agent of LLC upon whom maintained in home jurisdiction: 160 Filed Sec. Of State of NY 6/20/08. Off. Crain'sL.P., 405 ClassifiedPark Ave., 6th is Fl., not NY, responsible NY 10022, for corrupt files submitted by client or adsprocess run underagainst theit may wrong be served. subheading. SSNY Notice of Qualification of Hirschfeld Greentree Drive, Ste. 101, Dover, DE Loc.: New York Co. SSNY designated as Attn: Jeffrey A. Keswin, regd. agt. upon shall mail process to princ. bus. loc.: 65 Properties LLC. Authority filed with NY 19904. Arts of organization filed with Del agent upon whom process against it may Crain's Classified is not responsible forwhom corrupt process files may submitted be served. byDE address client or ads run under the wrong subheading. E. 55th St., 18th Fl., NY, NY 10022. Dept. of State on 7/14/08. NYS fictitious Secretary of State, Div of Corporations, be served. SSNY to mail copy of process of LP: c/o The Corporation Trust Co., 1209 Purpose: any lawful activity. to THE LLC 100 Park Avenue, Ste. 1600, name: Hirschfeld Properties Development Orange St., Wilmington, DE 19801. John G. Townsend Bldg. Federal & Duke NY, NY 10017. Purpose: Any lawful act. LLC. Office location: NY County. LLC Name/addr. of genl. ptr. available from NY of York Streets, P.O. Box 898, Dover, DE Notice of Formation of UWS VENTURES formed in CT on 2/6/98. NY Sec. of State Secy. of State. Cert. of LP filed with DE 19903. Purpose: Any lawful purpose LLC, a domestic LLC. Arts. of Org. filed NOTICE OF FORMATION OF ATG Holdings designated as agent of LLC upon whom Secy. of State, 401 Federal St., Dover, DE with the SSNY on 04/22/08. Office loca- Crain'sNOTICE OF Classified FORMATION is of not TAMUNANGUE, responsible for corrupt files submitted by client or ads run under the wrong subheading. LLC. Article of Organization filed with the process against it may be served and 19901. Purpose: any lawful activity. tion: NY County. SSNY has been designat- LLC. Arts. Of Org. filed with Secy. Of State Secretary of State of NY (SSNY) on April shall mail process to: CT Corporation ed as agent upon whom process against Notice of formation of Culinary Tech of N.Y. (SSNY) on 6/28/07. Office location: 9, 2008 Office location NEW YORK System, 111 8th Ave., NY, NY 10011, the LLC may be served. SSNY shall mail a Center, LLC. Arts. of Org. filed with the New York County. SSNY designated as County. SSNY has been designated as regd. agt. upon whom process may be copy of process to: Waqar Samad, PO Sect’y of State of NY (SSNY) on agent of LLC upon whom process against agent upon whom process against it may served. CT and principal business addr.: Crain's Classified is not responsible for corrupt files submitted by client or adsBox run 250642, under NY, the NY wrong10025. Purpose: subheading. Any 1030 New Britain Ave., West Hartford, CT 6/13/2008. Office location, County of it may be served. SSNY shall mail process be served. The Post Office address to Lawful Purpose. which the SSNY shall mail a copy of any 06110. Arts. of Org. filed with CT Sec. of New York. The street address is: 424 to: c/o Lois M. Vitti, Esq., 12 Perry Street, Crain's Classified is not responsible forprocess corrupt against files the submitted LLC served by upon client or adsCrain'sState, run 30 under ClassifiedTrinity theSt., Hartford, wrong is not subheading. responsibleCT 06115. forWest corrupt 33rd Street, files submittedSte. 240, New by York, client NY or ads2C, runNY, NY under 10014. the Date wrong of Dissolution: subheading. Notice of Qualification of Third Avenue him/her is C/O the LLC 350 west 42nd Purpose: any lawful activity. 10001. SSNY has been designated as 12/31/2095. Principal business location: Buyer LLC. Authority filed with Secy. of Street apt 7-G. New York, NY 10036. agent to the LLC upon whom process 317 Pavonia Ave., #8, Jersey City, NJ State of NY (SSNY) on 12/4/07. Office Purpose of LLC: to engage in any lawful Notice of Qualification of The Wylie against it may be served. SSNY shall mail 07302. Purpose: Any lawful activity. location: NY County. LLC formed in act or activity. Street address of Principal Agency LLC. Authority filed with Secy. of process served to: The LLC, 424 West Delaware (DE) on 11/21/07. SSNY desig- NOTICE OF FORMATION of JCP VENTURES Business location is: 350 West 42nd State of NY (SSNY) on 07/21/08. Office 33rd Street, Ste. 240, New York, NY nated as agent of LLC upon whom LLC. Arts. Of Org. filed with Secy. Of State Street apt 7-G. New York, NY 10036. location: New York County. LLC formed in 10001. Purpose: any lawful activity process against it may be served. SSNY Delaware (DE) on 07/09/08. LLC agrees of N.Y. (SSNY) on 6/17/08. Office loca- shall mail process to: c/o National Notice of Qualification of PEQP1B1, L.L.C. to use fictitious name of Andrew Wylie Notice of Qualification of J.H. Ferguson & tion: New York County. SSNY designated Registered Agents, Inc., 875 Avenue of Authority filed with NY Dept. of State on LLC while conducting business in NY. Associates, LLC. Authority filed with Secy. as agent of LLC upon whom process the Americas, Ste. 501, NY, NY 10001. 5/30/08. Office location: NY County. LLC SSNY designated as agent of LLC upon of State of NY (SSNY) on 6/18/08. Office against it may be served. SSNY shall mail Address to be maintained in DE: 160 formed in Delaware (DE) on 1/31/08. NY whom process against it may be served. location: NY County. LLC formed in process to: 400 E 70th St., Suite 803, NY, Greentree Dr., Ste. 101, Dover, DE 19904. Secy. of State designated as agent of LLC SSNY shall mail process to: c/o Illinois (IL) on 12/31/02. SSNY designat- NY 10021. Principal business location: Arts. of Org. filed with DE Secy. Of State, upon whom process against it may be Corporation Service Company, 80 State ed as agent of LLC upon whom process 400 E 70th St., Suite 803, NY, NY 10021. 401 Federal St., Ste 4., Dover, DE 19901 . served and shall mail process to: c/o CT Street, Albany, NY 12207, registered against it may be served. SSNY shall mail Purpose: Any lawful activity Purpose: any lawful activities. Corporation System, 111 8th Ave., NY, NY agent upon whom process may be process to: c/o National Registered 10011, registered agent upon whom served. Principal office of LLC: 250 West Agents, Inc., 875 Avenue of the Americas, process may be served. DE address of 57th Street, Suite 2114, New York, NY Ste. 501, NY, NY 10001. Address of the LLC: c/o The Corporation Trust Co., 1209 10107. Arts. of Org. filed with Secretary principal office: 1800 Sherman Place, Ste. Orange St., Wilmington, DE 19801. Cert. of State of Delaware, Division of 402, Evanston, IL 60201. Arts. of Org. of Form. filed with DE Secy. of State, Corporations, John G. Townsend Bldg., filed with IL Secy. Of State, 213 State www.crainsnewyork.com Townsend Bldg., Dover, DE 19901. 401 Federal Street, Dover, DE 19901. Capitol, Springfield, IL 62756. Purpose: Purpose: any lawful activity. Purpose: Any lawful activity any lawful activities.

August 4, 2008 | Crain’s New York Business | 21 CNYB 08-04-08 A 22 7/31/2008 3:29 PM Page 1

REAL ESTATE DEALS Guggenheim Foundation growing

“Normally, contemporary show- “Material ConneX- Museum’s parent rooms for furniture are a lot smaller, ion is a great addition to expands space so when you have a larger space you the building, since it has can impress upon your clients that a large customer base 403-415 SIXTH AVE. will be Restaurant Kao’s launching pad. at Hudson Square you can handle the job,” Mr. that will be coming by to Hakakian says. see the premises,” Mr. headquarters Domus plans an extensive Dreizen says. makeover of the space and expects to The firm intends to move in by Thai fast food bows he solomon r. Gug- open the store next year. A group of early fall. in West Village genheim Foundation is GVA Williams principals have —damian ghigliotty expanding at 345 Hudson owned the building for some time. a new eatery offering Thai treats St., bringing its total oc- Jerome Cohen, chairman of GVA in short order is opening soon in cupancy in the building, Williams’ parent firm, Williams Security firm 1,500 square feet on the ground Tbetween King and Charlton streets, Real Estate Co., negotiated the deal makes artful exit floor of 403-415 Sixth Ave., between to 63,000 square feet. for both parties. Eighth Street and Greenwich Av- The foundation already has the —adrianne pasquarelli adt security services is moving enue.Asking rent was $100 a square entire 12th floor and signed an to 229 W. 28th St., between Seventh foot. eight-year lease for 13,000 square and Eighth avenues. The Tyco sub- Restaurant Kao, which has feet on the 13th floor. It is expected 136 MADISON is a few blocks from Domus Materials expert sidiary recently signed a 10-year signed a 12-year lease, will be the to move into that space, which had Design Collection’s current flagship store. gets upgrade lease for the 12-story building’s en- first spot in the city for owner Krit- asking rent in the $50-per-square- tire fifth floor, which is 12,500 sada Phooprasert, who plans to foot range, by the end of the year. material connexion is expanding square feet.It will also pick up 1,500 open as many as four more here if all The extra space is needed to ac- Trendy furnisher its office and burnishing its image at square feet in the basement for stor- goes well. Mr. Phooprasert operates commodate new staffers who are grows on Madison the same time. The global consult- age and distribution. three upscale eateries—two on being hired to work on the Guggen- ing firm has signed a 10-year lease Asking rent was $42 a square foot, Hilton Head Island, S.C., and one heim museum that is scheduled to feeling no pain in this drooping for 12,000 square feet at 60 Madison which represents a considerable sav- in Syracuse, N.Y.—under the name open in Abu Dhabi in 2013,accord- economy,upscale furniture and light- Ave., between East 26th and East ings from ADT’s current, larger Little Thai. ing to Brendan Connell, the foun- ing store Domus Design Collection 27th streets. space, spread over several floors at Kao is a different concept. It will dation’s director and counsel for ad- has signed a 15-year lease for a store The space, on the second floor of 335 W.16th St.The company signed sell sandwiches and wraps and offer ministration. at 136 Madison Ave.,between East 31st the 13-story building,is nearly twice a deal in March to sublease that space seating for 20. Trinity Real Estate,the landlord, and East 32nd streets. At 28,000 that of Material ConneXion’s cur- to the School of Visual Arts. “It’s going to be a gourmet, was represented in-house by Jason square feet, the space is 20% bigger rent office at 127 W. 25th St. Ask- “We saw an opportunity to get quick-service restaurant,” Mr. Pizer and Tom Lynch. CB Richard than Domus’ existing flagship. ing rent at the new location was $55 out of that obligation and take a new Phooprasert says. Ellis brokers Lisa Cear and Joseph Asking rent wasn’t disclosed, a square foot. space perfectly suited in terms of Jean Bates and Chris Salizzoni of Mangiacotti negotiated for the though sources say that typical retail “It’s not just a bigger space—it’s size and location—and most impor- Manhattan Commercial Real Es- foundation. asking rents in the area are between branding,” says Newmark Knight tantly cost,” says CB Richard Ellis tate negotiated for the tenant. It is the parent organization of $175 and $225 a square foot. Frank broker Howard Kesseler,who broker Dirk Hrobsky, who repre- “We looked for a year, and this The Guggenheim Museum,in New Domus is now two blocks north, represented the tenant. “In Milan sented the tenant. was the location that excited him,” York City; the Guggenheim Bilbao, at 181 Madison Ave. and Bangkok, people know where Winoker Realty Co.brokers Bar- Ms. Bates says. in Spain; the Peggy Guggenheim The firm needed more room to Madison Avenue is.” ry Bernstein and David Danick han- Michael Smith, a principal at Collection, in Venice; and the keep up with growing demand from Michael Dreizen and Andrew dled the transaction for JOSS Realty management firm Samco Proper- Deutsche Guggenheim, in Berlin. its affluent clients, according to Sia- Udis, also at Newmark, represented Partners, the building’s owner. ties, represented the landlord. —theresa agovino mak Hakakian,a principal in Domus. the owner, the Moinian Group. —damian ghigliotty —adrianne pasquarelli

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PUBLIC & LEGAL NOTICES

Notice of Qualification of Agile Partners Notice of Formation of Reade Street Studio, Notice of Qualification of GS TACS Active Notice of Qualification of Dada Notice of Qualification of Royalty Pharma Technologies, LLC. Authority filed with LLC. Article of Organization filed with the Continuous (U.S. Large Cap), LLC. Entertainment, LLC. Authority filed with US Partners 2008, LP. Authority filed with Secy. of State of NY (SSNY) on 6/3/08. Secretary of State NY(SSNY) on 9/04/2007. Authority filed with Secy. of State of NY Secy. of State of NY (SSNY) on 6/12/08. Secy. of State of NY (SSNY) on 6/2/08. Office location: NY County. LLC formed in Office location New York County. SSNY (SSNY) on 6/5/08. Office location: NY Office location: NY County. Princ. bus. Office location: NY County. LP formed in Delaware (DE) on 12/19/07. SSNY desig- has been designated as agent upon whom County. LLC formed in Delaware (DE) on loc.: 225 W. 34th St., Ste. 501, NY, NY Delaware (DE) on 3/26/08. SSNY desig- nated as agent of LLC upon whom process against it may be served. The Post 7/19/06. SSNY designated as agent of 10122. LLC formed in Delaware (DE) on nated as agent of LP upon whom process process against it may be served. SSNY Office address to which the SSNY shall mail LLC upon whom process against it may 8/6/07. SSNY designated as agent of LLC against it may be served. SSNY shall mail shall mail process to: c/o National a copy of any process against the LLC be served. SSNY shall mail process to upon whom process against it may be process to princ. bus. loc.: 110 E. 59th Registered Agents, Inc., 875 Avenue of served upon him/her is C/O the LLC 103 princ. bus. loc.: Goldman Sachs Asset served. SSNY shall mail process to: c/o St., Ste. 3300, NY, NY 10022. DE address Crain's Classified is not responsible forCrain'sthe corrupt Americas, Classified files Ste. submitted 501, is NY, not NY responsibleby 10001. client or for adsCrain'sReade corrupt run Street, under Classified files 4th the Floor. submitted wrong is New not York subheading. responsible by NY client or for adsCrain'sManagement corrupt run under Classified files L.P., the submitted One wrong is New not York subheading. responsible by Plaza, client or for adsCrain'sCorporation corrupt run under Classified files Service the submitted Co., wrong is not80 State subheading. responsible by St., client or for adsof corrupt LP: run c/o under Corporation files the submitted wrong Service subheading. byCo., client 2711 or ads run under the wrong subheading. Address to be maintained in DE: 160 10013. Date of Dissolution: N/A. Purpose of NY, NY 10004. DE address of LLC: 1209 Albany, NY 12207. DE address of LLC: Centerville Rd., Ste. 400, Wilmington, DE Greentree Dr., Ste. 101, Dover, DE 19904. LLC: to engage in any lawful act or activity. Orange St., Wilmington, DE 19801. Arts. 2711 Centerville Rd., Ste. 400, 19808. Name/address of each genl. ptr. Arts. of Org. filed with DE Secy. Of State, Street address of Principal business of Org. filed with DE Secy. of State, Wilmington, DE 19808. Arts. of Org. filed available from SSNY. Cert. of LP filed with 401 Federal St., Ste. 4., Dover, DE 19901 . location is: 103 Reade Street, 4th Floor. Townsend Bldg., Dover, DE 19901. with DE Secy. of State, PO Box 898, Dover, DE Secy. of State, Townsend Bldg., Dover, Purpose: any lawful activities. New York, NY 10013. Purpose: any lawful activity. DE 19903. Purpose: any lawful activity. DE 19901. Purpose: any lawful activity.

Notice of Qualification of 932 Carroll LLC. Notice of Qualification of 111 15 ST LLC. Notice of Qualification of 1402 Sterling Notice of Qualification of 2255 Concourse Notice of Qualification of 382 Eastern Authority filed with NY Dept. of State on Authority filed with NY Dept. of State on LLC. Authority filed with NY Dept. of State LLC. Authority filed with NY Dept. of State LLC. Authority filed with NY Dept. of State 6/6/08. Office location: NY County. LLC 6/6/08. Office location: NY County. LLC on 6/6/08. Office location: NY County. LLC on 6/6/08. Office location: NY County. LLC on 6/6/08. Office location: NY County. LLC formed in Delaware (DE) on 5/30/08. NY formed in Delaware (DE) on 5/30/08. NY formed in Delaware (DE) on 5/30/08. NY formed in Delaware (DE) on 5/30/08. NY formed in Delaware (DE) on 5/30/08. NY Secy. of State designated as agent of LLC Secy. of State designated as agent of LLC Secy. of State designated as agent of LLC Secy. of State designated as agent of LLC Secy. of State designated as agent of LLC upon whom process against it may be upon whom process against it may be upon whom process against it may be upon whom process against it may be upon whom process against it may be served and shall mail process to the prin- served and shall mail process to the prin- served and shall mail process to the prin- served and shall mail process to the prin- served and shall mail process to the prin- cipal business address: c/o Hudson Realty cipal business address: c/o Hudson Realty cipal business address: c/o Hudson Realty cipal business address: c/o Hudson Realty cipal business address: c/o Hudson Realty Capital LLC, 250 Park Ave. So., 3rd Fl., Capital LLC, 250 Park Ave. So., 3rd Fl., Capital LLC, 250 Park Ave. So., 3rd Fl., Capital LLC, 250 Park Ave. So., 3rd Fl., Capital LLC, 250 Park Ave. So., 3rd Fl., NY, NY 10003. DE address of LLC: c/o NY, NY 10003. DE address of LLC: c/o NY, NY 10003. DE address of LLC: c/o NY, NY 10003. DE address of LLC: c/o NY, NY 10003. DE address of LLC: c/o Corporation Service Co., 2711 Centerville Corporation Service Co., 2711 Centerville Corporation Service Co., 2711 Centerville Corporation Service Co., 2711 Centerville Corporation Service Co., 2711 Centerville Rd., Ste. 400, Wilmington, DE 19808. Rd., Ste. 400, Wilmington, DE 19808. Rd., Ste. 400, Wilmington, DE 19808. Rd., Ste. 400, Wilmington, DE 19808. Rd., Ste. 400, Wilmington, DE 19808. Arts. of Org. filed with DE Secy. of State, Arts. of Org. filed with DE Secy. of State, Arts. of Org. filed with DE Secy. of State, Arts. of Org. filed with DE Secy. of State, Arts. of Org. filed with DE Secy. of State, P.O. Box 898, Dover, DE 19903. Purpose: P.O. Box 898, Dover, DE 19903. Purpose: P.O. Box 898, Dover, DE 19903. Purpose: P.O. Box 898, Dover, DE 19903. Purpose: P.O. Box 898, Dover, DE 19903. Purpose: any lawful activity. any lawful activity. any lawful activity. any lawful activity. any lawful activity.

22 | Crain’s New York Business | August 4, 2008 CNYB 08-04-08 A 23 7/31/2008 7:20 PM Page 1

BUSINESS TABLE TALK Olana offers great-tasting modern American food PAGE 27 buck ennis

GOTHAM GIGS Getty’s go-getter MIKE LAWRIE, 26, came to New York City from Ohio four years ago as a bike messenger.Today, as the field photo editor for Getty Images, Mr. Lawrie is a different kind of courier. He is the link between the photographer and the world. THE PASSION Mr. Lawrie’s love of photos began in high school with a World War II exhibit. He remembers looking at those pictures and thinking how powerful they were. “From that point on, I just wanted to make great photos,” he says. THE GLAMOUR That drive led him to Getty Images, which produces thousands of images annually, including shots of the red carpet. Mr. Lawrie works with photographers at the Oscars and Emmy Awards, among other events, choosing the best photos for distribution to media outlets. THE GOAL His schedule remains packed through September with events like the MTV Music Awards and Fashion Week, but no amount of experience can dull his enthusiasm. “I still get a rush,” he says. “I want to be the first person to get the best images.” —amanda wheat TAKE A HIKE! Real estate brokers Daniel and Yandouba Monahan tend to start bickering as soon as EXPERT OPINIONS they set foot on the trail.

OUTDOOR DINING buck ennis IS A BREEZE enjoy the summer sun and Common have a burger at Wollensky’s tension triggers Grill on East 49th Street, or for a more formal meeting, Season of the spat reserve a table on the terrace at Rising Jean Georges, which mercury overlooks Central Park and Tempers flare as temperatures rise in summer has a fixed lunch price of $24. For larger parties, check out BY SAMANTHA MARSHALL Which the Sea Grill, which offers outdoor seating in what barbecue f there’s one thing Yandouba and Daniel Monahan can agree on, it’s this: to attend becomes Rockefeller Center’s Nothing beats a brisk hike up the hills of the Hudson Valley on a bright July day. ice rink during the winter and can hold up to 60 guests.The But the moment the pair sets foot on the trail, the bickering begins. restaurants may seem pricey, “My husband always wants to go on a detour or take the toughest route, even if Summer but most offer lunch rates it’s not on the map, and it’s my job to stop him so he won’t break his damn neck,” traffic nearly 25% lower than their says Ms. Monahan. dinner prices. —tim zagat Welcome to the season of summer spats, when fine weather and free time foster Hamptons Chief executive fun, togetherness and friction between even the most loving couples. Whether she getaways Zagat Survey wants to lie by the pool and he wants to play 18 holes of golf, See SEASON on Page 24 istockphotos I August 4, 2008 | Crain’s New York Business | 23 CNYB 08-04-08 A 24 7/31/2008 7:22 PM Page 1

BUSINESS LIVES Season of the summer spat TIPS TO KEEP Continued from Page 23 advice book,Ambition Is Not a Dirty lationship that remain hidden dur- A COOL HEAD or he wants to go the beach and she Word. ing the busy winter work schedule. TO KEEP an argument from getting prefers a bike ride, tempers can flare Over time, Ms. Condren has “Summer is a time for consoli- too heated, do something that amid the expanded options for learned to accept the wasted energy dating closeness in a relationship, or removes you from the immediate recreation and the pressure to make and constant freezing cold because not,” says Penny Donnenfeld, a situation and gives some extra the best use of the remaining sunny her heat-sensitive husband,a lawyer, Manhattan-based psychologist who perspective. Drink a glass of water days. spends much of his time working often sees referrals spike in Septem- or wash your face to cool down. The happily married Monahans, from home and needs the cold to ber as couples deal with the fallout. Never argue in front of the both real estate brokers in Manhat- stay alert. He contends that the rest “That’s not to say it’s not a time of children, and develop a code to tan, enjoy a good nature trail so of the family can always add more good experiences, but I don’t think discuss disagreements privately. much that they organized the NYC layers to keep warm, but it won’t do it’s a slam dunk.” Think about what you’re going to Hiking Group three years ago so Going too far say and how you’re going to say it. that others could share the love. Air conditioning When planning a vacation, Most Saturdays, the couple can be a case in point is the executive don’t assume your needs are seen leading a group of about a whose fastidious wife makes him identical to your spouse’s, and don’t make your spouse guess what you dozen like-minded city folk up a is the main bone shower outside at their Hamptons want. Express clearly what it is you’d like to get out of a summer trip, and be trail on Breakneck Ridge or Bear summer home because she finds Mountain. of contention in him too messy.Or the husband who prepared to spend some of the vacation time apart, if necessary. Also, don’t But part of the weekend ritual is hosting a corporate retreat at his make a sacrifice, like going to a golf game that doesn’t interest you, and then typically involves a prolonged stop one household Long Island beach home and con- be resentful about it. The vacation isn’t going to be perfect at every moment, at a fork in a path while the pair hot- stantly criticizes his wife’s efforts at but having a wide range of emotions, including exasperation, doesn’t mean ly debates which turn to take and organizing and catering the event. it’s an unsuccessful trip. the rest of the group look on. After Both are now clients of Manhattan —PENNY DONNENFELD, Psychologist a few awkward minutes,the battle is divorce lawyer Nancy Chemtob. istockphoto over and Ms. Monahan prevails, for him to walk around the apart- Fueling the tensions are the so- sort of. ment naked. He’s also concerned cial demands,when invitations pour busiest months. rather start his mornings with a “Dan just shuts me up by saying, that his wine collection will spoil. in for barbecues, picnics and week- Of course, strong bonds can simple egg sandwich and a cup of ‘Yes,ma’am,’ then goes off and does Meanwhile, Ms. Condren has ends away. keep couples together, despite their regular coffee at a modest beach what he wants anyway,” she says. declared her home office a Freon- Some couples find they’d rather bickering. bum diner. free zone. She’ll also get a break spend time with friends than each Hospitality consultant Alan His better half prefers to stay on Cold comfort from the full-time freeze later this other. Others get accustomed to Philips looks forward spending the scene, hitting a gourmet brunch of course,not all of the disputes be- month, when the family will rent a spending their weeks at the summer weekends in Bridgehampton, L.I., spot like Pierre’s for smoked salmon tween partners involve the great out- beach house outside San Francisco home in Connecticut or at the Jer- with his girlfriend of four years. But eggs Benedict and a Bellini. “She doors. Air conditioning is the main that relies on sea breezes, not air sey shore while their spouse stays in an ongoing dispute revolves around has expensive tastes,” he says. bone of contention between Debra conditioning, to keep the tempera- the city and hits the bar scene from the restaurant choices for breakfast. For the most part, though, he Condren and her husband, who has ture comfortable. Monday through Thursday. As co-founder of the Sky Group, gives in. “If this is my biggest prob- it on full blast in every room. Most of these squabbles are be- “If a person is going to have a whose clients include Rande Ger- lem, so be it,” he says. “The rest of us are forced to wear nign, but how couples handle extra fling, it usually starts in the sum- ber’s bar and lounge empire, Mr. wool sweaters in the height of sum- leisure time and high expectations mer,” points out Ms. Chemtob, Philips gets a belly full of fancy food COMMENTS? mer,” says the author of the career- can also highlight problems in a re- adding that August is one of her every night of the week, so he’d [email protected]

THE WEEKS AHEAD

THIS WEEK’S EVENTS opportunities and strategies in today’s Sterling National Bank hold networking AUGUST 15 AUGUST 20 AUGUST 5, 19 economy. 1 p.m. to 4 p.m., UJA- reception. 6 p.m. to 8 p.m., Roger Smith International Council of Shopping New York Commercial Real Estate Manhattan Review holds workshop on Federation, 130 E. 59th St. Free. Hotel, 501 Lexington Ave. Fee: $15 Centers holds networking lunch for Women and Association of Real Estate M.B.A. admissions. 7 p.m. to 8:30 p.m., (212) 453-9592 or members, $25 nonmembers. students and young professionals. Women hold breakfast program on Graybar Building, 420 Lexington Ave., [email protected] (212) 473-7805 or 12:30 p.m. to 2 p.m., 1221 Sixth Ave., leading ladies of New York. 8 a.m. suite 2310. Free. (212) 997-1660 or AUGUST 6 [email protected]. 41st floor. Free. (646) 728-3665 or to 9:15 a.m., Sonnenschein Nath [email protected]. Anglestone Inc. holds networking AUGUST 12 [email protected]. & Rosenthal, 1221 Sixth Ave. Fee: AUGUST 5 reception on commercial real estate. Pace University Small Business AUGUST 16 $35 members, $50 nonmembers. Lower Manhattan Business Solutions 6 p.m. to 9 p.m., St. John’s University, Development Center holds workshop Craigslist Foundation holds nonprofit Preregister by Aug. 15. Center holds workshop on mass 101 Murray St., room 118. Free. on business planning. 5:30 p.m. to boot camp. 8:30 a.m. to 5 p.m., New (212) 499-6566 or marketing tools. 9 a.m. to 12 p.m., (718) 701-4342 or 7:30 p.m., 163 William St. Free. York University’s Kimmel Center, [email protected]. 79 John St., second-floor conference [email protected]. (212) 618-6655 or [email protected]. 60 Washington Square South. Fee: $75. AUGUST 21 room. Free. (212) 618-8914 or AUGUST 6 AUGUST 12 (212) 500-5953, ext. 707. Caribbean Business Network holds [email protected]. Asian Women in Business holds StartupAlpha.com holds networking networking reception. 7 p.m. to 9 p.m., AUGUST 5 workshop on business communication. reception. 5:30 p.m. to 8:30 p.m., AUGUST 18-24 Crystal Manor, 1460 Flatbush Ave. Brazilian-American Chamber of 6 p.m. to 9 p.m., Bovis Lend Lease, 200 Midtown Pub, 8 E. 36th St. Fee: Free AUGUST 18 Free. (718) 207-0635 or Commerce Inc. holds breakfast on Park Ave. Fee: Free for members, $30 for members, $10 nonmembers. Cowan Financial Group holds [email protected]. carbon credit markets in Brazil. 8 a.m. nonmembers. (212) 868-1368 or Preregistration required. information session on safeguarding to 9:45 a.m., Covington & Burling, [email protected]. (646) 529-5330. your children’s inheritance from health SEPTEMBER 1-7 620 Eighth Ave., 46th floor. Fee: $50 AUGUST 6 AUGUST 12 care costs. 5:30 p.m. to 7 p.m., 530 Fifth SEPTEMBER 3 members, $100 nonmembers. Lower Manhattan Business Solutions Camba holds workshop on creating Ave., 14th floor. Free. (212) 536-6009 or Benevon holds seminar on sustainable (212) 751-4691. Center holds seminar on running a a Web site and marketing via the [email protected]. funding. 9 a.m. to 11 a.m., Manhattan AUGUST 5 business at home. 2 p.m. to 4 p.m., Internet. 3 p.m. to 5:30 p.m., AUGUST 19 World Culture Open Center, Camba Small Business Services holds 79 John St., second-floor conference 884 Flatbush Ave., second floor, Sandler Training holds program on why 19 W. 26th St., fifth floor. Free. workshop on Web search engines. 6 p.m. room. Free. (212) 618-8914 or Brooklyn. Free. (718) 282-2500. salespeople fail and what to do about it. (206) 709-9400, ext. 104, or to 9:30 p.m., 884 Flatbush Ave., [email protected]. AUGUST 12 9 a.m. to 11 a.m., Hippodrome [email protected]. AUGUST 6 Building, 1120 Sixth Ave., fourth floor. Brooklyn, second floor. Free. Wachovia Securities holds seminar on —sarah studley (718) 282-2500. Forty Plus of New York holds retirement planning. 6:30 p.m. to Free. (888) 330-6452 or AUGUST 5 networking workshop for out-of-work 7:30 p.m., 250 Park Ave., seventh floor. [email protected]. New York Public Library holds executives and professionals. 2 p.m. to Free. (212) 916-0425 or AUGUST 19 information session on finding 3:30 p.m., 470 Seventh Ave., suite 403. [email protected]. RedChip Cos. and EnterConnect Inc. TO LIST YOUR EVENT business statistics. 6 p.m. to 7:15 p.m., Free. Preregistration required. AUGUST 12 hold lunch on driving high-performance Crain’s lists business meetings online and includes Science, Industry and Business Library, (212) 947-4230. Business Networking International, operations on Wall Street. 11 a.m. to them in the print edition on a space-available basis. 188 Madison Ave. Free. AUGUST 6 Chapter 19, holds networking breakfast. 2 p.m., 35 W. 44th St. Free. Events in New York City with admission fees of less (212) 592-7800. Five O’Clock Club holds seminar on 7 a.m. to 8:30 a.m., 3 West Club, (800) 733-2447, ext. 127, or than $300 are considered for the print publication. AUGUST 6 turning job interviews into offers. 3 W. 51st St. Fee: $20. (718) 249-2920 [email protected]. Listings can be submitted only through the Crain’s Metropolitan Council on Jewish 6:30 p.m. to 8:30 p.m., 11 Penn Plaza, or [email protected]. AUGUST 19 Web site. To submit a calendar listing, go to Poverty holds workshop on funding fifth floor. Fee: $50. (914) 788-5482 or AUGUST 13 Networking for Professionals holds www.crainsnewyork.com and click on “Events.” [email protected]. Five O’Clock Club holds seminar on networking reception. 6:30 p.m. to Sponsors have a choice of several free or paid list- More meetings online at developing new targets for your search. 8:30 p.m., Techspace, 41 E. 11th St., ing options. All business events will be posted www.crainsnewyork.com AUGUST 11-17 6:30 p.m. to 8:30 p.m., 11 Penn Plaza, 11th floor. Fee: $25 members in online within two business days. Click on “Events” AUGUST 12 fifth floor. Fee: $50. (914) 788-5482 or advance, $35 nonmembers in advance; Crain’s can neither confirm receipt of listings nor say Manhattan Chamber of Commerce and [email protected]. $40 for all at the door. (212) 227-6556. if or when event listings will appear in the print edition.

24 | Crain’s New York Business | August 4, 2008 CNYB 08-04-08 A 25 7/31/2008 8:36 PM Page 1

BUSINESS LIVES CORPORATE LADDER Neal Kwatra Working the hotel room Union’s new political “We want to work hard to make sure that candidates are elected who PERSONNEL FILE director uses people have similar beliefs as ours about what’s important for our city,” says EMPLOYER New York Hotel and skills, sense of justice Peter Ward, president of the Hotel Motel Trades Council to promote agenda Trades Council. TITLE Director, political and The immediate concern is 225 strategic affairs hotels—an unprecedented number BY LISA FICKENSCHER for the city—that are expected to AGE 34 open over the next five years. Want- RÉSUMÉ Director, new hotel fter neal kwatra ar- ing to ensure that new properties em- development, Unite Here rived in New York sev- ploy union workers, the council is eral months ago to take pressuring politicians whose districts HOBBIES Cooking, particularly a job with the hotel are being rezoned to allow the proj- Chinese, Thai and Indian union, it didn’t take ects and who are seeking public funds FIVE-YEAR GOAL Elect a union Ahim long to get chummy with the to offer incentives to developers. member to the City Council power brokers in city politics. At a party of labor movement Do the right thing leaders, attorney Kevin Finnegan the union’s approach is to begin “Being a person of color makes expected to introduce Mr. Kwatra organizing a hotel before it’s built by you more aware of the inequities in

around the room. securing an agreement with the fu- society,” Mr. Kwatra says. buck ennis “Then a number of people came ture operator that lets the union pe- His parents, who had hoped that up to Neal to give him bear hugs,” tition workers without company in- their son would become a doctor or development, traveling nationwide nonunion hotels opened here. says Mr. Finnegan, a partner in law put and without an election. lawyer, weren’t keen on his career to secure labor agreements. To combat that, Mr. Kwatra is firm Levy Ratner, which represents These so-called card check neu- choice.His father,a civil engineer for building a leadership team made up the union. “I was dumbfounded by trality agreements are controversial the Port Authority of New York and “Gold standard” of rank-and-file members. So far, how quickly he had developed rela- and have even become an issue in New Jersey,and his mother,who also mr. kwatra says he is applying 300 leaders are encouraging people tionships.” the presidential campaign. Nation- worked outside the home, once everything he learned in that posi- in their communities and members Mr. Kwatra will need those peo- ally,established hotel brands are op- compared his devotion to the labor tion to his work in New York City, of their families to register to vote. ple skills in his position as the direc- posed to them. movement to joining a cult, he says. where the council’s contract with “Historically, we have endorsed tor of political and strategic affairs Mr. Kwatra sees the matter as a After graduating from Rutgers the hotel association is seen as the candidates and funded their cam- for the New York Hotel and Motel question of justice.The only child of University,he worked on several state “gold standard.” paigns,but now we are targeting our Trades Council. His mandate is to parents who immigrated from India, and U.S. senate campaigns, includ- “Much of the union’s strength own membership” to make a differ- marshal its 30,000 members into a he was born in Corona, Queens, and ing that of former Sen. Bill Bradley nationally is derived from the densi- ence, Mr. Kwatra says. more effective political force, one grew up in suburban New Jersey.He of New Jersey. He then joined Unite ty and power we have here,” he says. that will influence city and state was influenced by his heritage, in- Here,the Hotel Trades Council’s na- “It would have a ripple effect around COMMENTS? elections, as well as public policy. cluding family vacations to India. tional union, as director of new hotel the country” if a large number of [email protected]

EXECUTIVE MOVES

ACCOUNTING & CONSULTING wholesale distribution. He was formerly Troutman Sanders. BDO Seidman: Michael Burke, 37, was vice president for market development Chadbourne & Parke: David Gallai, 34, HOT JOBS promoted to partner from senior and diversity at Nationwide. was promoted to partner from associate. manager. Pali Capital Inc.: Randal V.Stephenson, Dennis Hopkins, 41, was promoted to Irina Gershengoren, 30, was promoted to 47, was named senior managing partner from associate. WANTED: CHIEF EXECUTIVE partner from senior manager. director. He was formerly head of Scott Naidech, 35, was promoted to Cornerstone Accounting Group: Stan middle-market mergers and acquisitions partner from counsel. ORGANIZATION New York Power Authority Perla, 65, was named managing partner. at CIT Group. Dreier: Peter Bronstein, 64, joined as JOB DESCRIPTION Supervise and manage the business affairs of He was formerly vice president and Spectrum Group Management: Stephen C. partner and chairman, matrimonial law. director of internal audit at Vornado Jacobs, 46, was named chief operating He had been a name partner at the NYPA, which operates 18 generating facilities and more than Realty Trust. officer and general counsel. He had been Bronstein Van Veen & Schuck. 1,400 circuit-miles of transmission lines in the state partner at Kramer Levin Naftalis & Donald Lockhart Schuck, 55, joined as MOST IMPORTANT TASK Maintaining the authority as New York’s ADVERTISING & COMMUNICATIONS Frankel. partner. He had been a name partner at most affordable energy provider for corporate and institutional Jack Morton Worldwide: Richard Elder, Bronstein Van Veen & Schuck. 44, was named senior vice president and HOSPITALITY & TOURISM Gene L. Small, 52, joined as partner. He clients executive creative director. He was Jones Lang LaSalle: Clay Walker, 39, was was formerly managing director, CREDENTIALS NEEDED High-level experience in energy and utility formerly brand and product creative named director of food tenant principal and senior counsel at Bear management or electrical engineering director at Nike Inc. management and tenant coordination Stearns & Co. Nielsen-IAG: Richard E. Khaleel, 57, was for Grand Central Terminal. He was SALARY The most recent CEO earned $259,000 in his last year MEDIA & ENTERTAINMENT appointed executive vice president of the formerly director of operations and RECRUITER NYPA’s seven-member board of trustees financial services division. He had been marketing at Papaya King. Forbes.com: Lisa Mogensen, 44, was executive vice president and chief named chief financial officer. She was UPSIDE The chance to lead an organization that has pioneered marketing officer at Bank of New York. LAW formerly chairman of LAM Endeavors, and invested in energy-efficient technology Peer39: Hugh McGoran, 47, was Crowell & Moring: Michael V.Blumenthal, which she founded. appointed senior vice president of 58, joined as partner. He was formerly a Madison Square Garden Entertainment: DOWNSIDE A potentially limited tenure, depending on the result of advertising sales, a new position. He had partner at Thelen Reid Brown Raysman Melissa Miller, 42, was promoted to the 2011 gubernatorial race. The governor appoints board mem- been vice president, Eastern advertising & Steiner. chief operating officer from executive bers for five-year terms; some members are near the end of their sales, at Tacoda. Baker Hostetler: Richard M. Lehrer, 41, vice president, bookings. terms. was named partner. He had been a Andrea Greenberg, 49, was appointed FINANCE & INSURANCE partner at Troutman Sanders. executive vice president. She had been Former CEO Roger Kelly resigned in July and stepped down Aug. 1. Amalgamated Bank: Barry A. Kipnis, 56, David J. Sheehan, 64, was named president of Rainbow Media Ventures. —DAMIAN GHIGLIOTTY was promoted to chief operating officer partner. He had been a partner at SK Global Media: Sheldon Kawer, 61, was from senior vice president and director Troutman Sanders. named president, a new position. He of trust operations. Oren J. Warshavsky, 39, was named was formerly a partner at Media First Guardian Life Insurance Co.: Deanna M. partner. He had been a partner at International. Mulligan, 44, was appointed executive vice president, individual life and REAL ESTATE Urban America: Thomas P.Kennedy, 51, SERVICES disability. She was formerly president at EXECUTIVE PROMOTIONS Cauldwell Wingate: Louis Vele, 49, was was named chief financial officer and DiscoverReady: Amy Hinzmann, 31, joined DMM Management, which she The fastest way to get an announcement into appointed senior vice president, chief operating officer. He was formerly as vice president of discovery strategy. She founded. Crain’s is to submit details online. Fill out the form purchasing and estimating. He was principal managing director of was formerly a vice president at Merrill ING: Tariq Khan, 43, was named senior at www.crainsnewyork.com/submit. The formerly vice president of estimating at Equitable Real Estate, subsidiary of Lynch Pierce Fenner & Smith. vice president, U.S. wealth management Executive Moves column is also available online. Henegan Construction Co. Lend Lease. —sarah studley

August 4, 2008 | Crain’s New York Business | 25 Project5 7/31/08 5:26 PM Page 1

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BUSINESS LIVES TABLE TALK by Bob Lape three segments. ter in all but an upscale chocolate Risotto with duck prosciutto and sundae. Peaches & Cream features peas is wonderfully wed with a polenta waffle toasts, lavender poached duck egg blended in at ta- caramel, whipped mascarpone and bleside. Filled pasta squares called blueberry ice cream. Nice. cappellacci are filled with veal and Olana’s waitstaff is personable ricotta and napped in roasted toma- and professional, with only a “Do to sauce with Sicilian pistachios and you prefer sparkling or flat bottled grated Grana Padano cheese. Ravi- water?” ringing the crass bell. Our olini stuffed with bitter greens lend response: “Château Bloomberg, flavor balance to the assortment. iced.” Another periodic star is mint tac- TALAY brings a Thai-Latin beat to Harlem. coni: fresh sheet pasta with mint COMMENTS? [email protected] leaves pressed inside, served with eggplant purée, sweet sausage and Manhattan. (212) 491-8303.Yet red peppers. BEST OF BOB LAPE another duplex hospitality new- Some seasons bring flounder comer to West Harlem, this one poached in blood orange juice and Restaurants that offer al fresco dining with a Thai-Latin beat, two talent- Armagnac. Summer signals olive during the hot months: ed chefs and an engaging service oil-poached halibut, superb crispy- crew. skinned Mediterranean sea bass with gazpacho salad, and pan- The Waverly Inn & Garden seared Maine scallops with heir- 16 Bank St. (at Waverly Place), loom tomatoes, fingerling potatoes Manhattan. (212) 243-7900. Chef and brown butter-caper sauce. John DeLucie’s American comfort In addition to the revved-up food sustains the celebrity crowd at roasted rabbit dish, other meats this Village mecca, creation of from the oven are pork tenderloin Graydon Carter, Vanity Fair’s edi- wrapped in spiced pancetta sausage, tor. Tough to get tables without and beef sirloin accessorized with MONTEVERDE offers modern American food. guile or grease. bone marrow, red onion marmalade and a shiitake-scallion lasagnette.

buck ennis A tower of herbed onion rings is Monteverde at Oldstone Manor WELL-MATCHED PARTNERS: Albert Di Meglio (middle) brings food experience to Olana, while a good call among side dishes ($7 to brothers William (left) and Patrick Resk bring front-of-the-house and wine savvy. $12). www.monteverderestaurant.com Pastry chef Katie Rosenhouse 28 Bear Mountain Bridge Road produces 10 sweet endings ($8 to (Route 6), Cortlandt Manor, N.Y. $12), with fresh fruit front and cen- (914) 739-5000. Chef Neil Fer- guson (Gordon Ramsay) and serv- ice ace Glenn Vogt (Windows on Artist’s estate the World) spark a memorable transformation of the 1760 Van Cortlandt mansion high above the Hudson. Wonderful modern inspires eatery American food; stunning views. Olana offers visually seasons. One wall displays a sweep- BLT Market ½ ing mural of the area in the style of www.bltmarket.com appealing, great- 1876. However, it is not well-lit. The Ritz-Carlton New York, 1430 What lights up Olana time and Sixth Ave. (at Central Park South), tasting American food; again is the painterly quality of chef Manhattan. (212) 521-6125.The Di Meglio’s cuisine. The difference Bistro Laurent Tourondel team drippy water service between what’s on the tables and scores again, big-time, in the for- what’s on the walls is the chef ’s con- mer Atelier space at Central Park SUPERIOR OFFICE hef albert Di Meglio, stant fine-tuning of dishes while us- OLANA South and Sixth Avenue. Country AVAILABILITIES born and raised on ing local market-fresh elements to chic decor, seasonal new American 72 Madison Ave. (between 212.594.2700 Staten Island, brings a devise new ones. What unifies all East 27th and East 28th streets) food, attentive service and 610 world of experience, this eye candy is great taste in har- (212) 725-4900 wines. passion and artistry to mony with marvelous looks. www.olananyc.com COlana, his new restaurant on Madi- The best way to appreciate this Hudson River Café ½ son Avenue. artistry of the edible is four-,five- or www.hudsonrivercafe.com SLGREEN.COM Chef Di Meglio’s work with food six-course tasting meals, portioned CUISINE Contemporary 697 W. 133rd St. (at 12th Avenue), at home dates from age 2.His career modestly. Anything with octopus is American Manhattan. (212) 491-9111. A spiffy chart cites teenage toil in a pizzeria, a strength, whether roasted in a sal- double-patio, modern American then New York Restaurant School ad with couscous, or arranged in an WINES 130 choices, 20 by the restaurant next to Fairway. Chef (high honors) followed by ever-in- amazing flower-like terrine of glass Ricardo Cardona (Lua) offers a The Most Unusual Villa Rentals in the creasing responsibilities in some of chopped tentacles. DRESS No code menu ranging from Kobe beef World! Nygard Luxury Cay in the New York’s finest kitchens. Experi- burgers and Buffalo shrimp to rab- Bahamas, is a $50 Million Dollar A spring recipe of quails in hon- NOISE LEVEL Lively ences in Tuscany and Thailand also ey-plum pastry with cinnamon- bit- and chorizo-laden paella. Private Island with 10-13Bedrooms and 10 Acres. infuse his creative contemporary spiced rhubarb gelée gives way to a PRICE RANGE $25-$35; four-, cooking at Olana. summer roast rabbit dish stuffed five- or six-course tastings, $68, Arthur’s Landing Comes with a 82 Foot Yacht and 48 Foot Fishing Boat, 20 Servants, His partners, co-owners and with foie gras and apricots and gar- $81 or $94 www.arthurslanding.com All Inclusive, a $450,000 Movie brothers William and Patrick Resk, nished with Bing cherries and fava Pershing Circle, Port Imperial, Theater, Tennis Court, 2 Pools, WINE MARKUP 100%-280% 5 Jacuzzi’s. There is a 1 Day Min. bring front-of-the-house and wine beans. The ubiquitous peekytoe Weehawken, N.J. starting at $42,000 Per Day for 20 CREDIT CARDS All major People. We can have up to 250 savvy to the equation. But it is art crab stars in a warm-weather melon (201) 867-0777. New chef Michael People (not staying on the Cay) that makes the match. mélange, with watermelon, can- Haimowitz ties up at the 16-year- for Business Meetings, Weddingss RESERVATIONS Recommended And Special Events! Call John Greer The restaurant is named for the taloupe and honeydew. old waterside window on Manhat- @ (800) 846-7280 or in the US upstate estate of Frederic Edwin Time well spent with the Mac- HOURS Lunch, Mon.-Sat., tan. His flavorful contemporary (804) 288-2823 Church, mainspring of the Hudson cione family’s Osteria Circo may 11:45 a.m.-2:30 p.m.; Dinner, food at the ferry port stirs new Valley School of art. Small wonder, have endowed the chef with partic- Mon.-Sat., 5:30-11 p.m. interest on the vibrant west shore Over 2800 Private Villas For Rent in 56 then, that guests comfortably en- ular pasta power, and none of = Outstanding of the Hudson. Countries. From 1-48 Bedrooms, Ranging sconced in burgundy mohair-cov- Olana’s is to be missed. There are = Excellent From $500-$5,000 Per Person, Per Week. ered easy chairs are surrounded by usually three,and in the tasting con- = Very good Talay illuminated art boxes depicting the figuration, small samplings of each = Good www.talayrestaurant.com WWW.UNUSUALVILLARENTALS.COM Hudson River Valley in different are served on a rectangular dish of 701 W. 135th St. (at 12th Avenue),

August 4, 2008 | Crain’s New York Business | 27 Project3 3/20/08 4:04 PM Page 1

Broccoli: it’s what happy anniversaries are made of

food bank for new york city commemorates our 25th anniversary this year

But instead of jewelry, flowers or fancy gifts, we’re askingn for your ddollars. Every dollar you give helps provide five meals to those in need. Help make this anniversary one to remeembm er for the 1.3 million New Yorkers who rely on us. Donate now at www.foodbankn nyc.c org or 212.566.7855.

ConcCo eptept:epe WalW rus.s.. Photogrto aphyy: Jameses WojcWo ik.ik