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SECRET Used Motor Oil Is Being Pumped Into Furnaces, Triggering Lawsuits and Putting New Yorkers at Risk PAGE 15 CRAINSNEW YORK BUSINESS NEW YORK BUSINESS®®®® JANUARY 9 - 15, 2017 | PRICE $3.00 DIRTY SECRET Used motor oil is being pumped into furnaces, triggering lawsuits and putting New Yorkers at risk PAGE 15 THE LIST GREASE IS CUOMO’S The New York Area’s THE WORD FULL- Top SBA Lenders and IN QUEENS COURT Largest SBA-Guaranteed P. 18 PRESS Loans P. 13 P. 19 VOL. XXXIII, NO. 2 WWW.CRAINSNEWYORK.COM NEWSPAPER P001_CN_20170109.indd 1 1/6/17 8:30 PM WE HEAR YOU, MARIO. With Express Funding, get your card payments in your Chase checking account the next business day. Chase.com/ExpressFunding All businesses are subject to credit approval. Next business day funding is available to eligible Chase merchant services clients who deposit into a single Chase business checking account. Visa®, MasterCard® and Discover® credit and debit transactions are eligible. Additional terms, conditions and restrictions apply. Merchant services are provided by Paymentech, LLC (“Chase”), a subsidiary of JPMorgan Chase Bank, N.A. Real business owners compensated for use of their actual statements. Deposit products offered by JPMorgan Chase Bank, N.A. Member FDIC ©2016 JPMorgan Chase & Co. Untitled-11 1 8/30/2016 12:13:11 PM JANUARY 9 - 15, 2017 CRAINSNEW YORK BUSINESS FROM THE NEWSROOM | JEREMY SMERD | EDITOR IN THIS ISSUE Weisbrod’s exit interview 4 AGENDA 5 IN CASE YOU MISSED IT AS THE HEAD OF CITY PLANNING, Carl Weisbrod has been work- Times Square 6 POLITICS ing nonstop for three years trying to bake more affordable block to 8 WHO OWNS THE BLOCK get another housing into developers’ projects. His labor is only starting makeover to produce results: The city has identified 15 neighborhoods 9 REAL ESTATE as ripe for so-called mandatory inclusionary zoning; only a 10 ASKED AND ANSWERED plan to remake East New York has been adopted. Weisbrod, 11 VIEWPOINTS who said he will step down next month, is taking the long 13 THE LIST view. “We’re going to see more over time,” he promised in an exit interview. “And once we rezone a neighborhood, then FEATURES everything that gets built is subject to that rezoning.” 15 OIL STAIN His departure announcement coincided with news that We thought that 18 DRAIN FREEZE a rezoning of midtown east was finally ready to begin the people followed 19 BENCH PRESS seven-month land-use review process. About 10% of the “ city’s real estate tax base comes from that commercial dis- business. It’s very trict. New office towers will make the area more desirable clear that it’s the for corporations. Their construction will help pay for the reverse. Business infrastructure upgrades needed to accommodate the city’s growth. “Its future is really central and crucial to the city’s goes where talent is long-term economic health,” Weisbrod said. Views toward economic development have changed P. 24 since Weisbrod helped spearhead the revitalization of Times Square in the 1980s, MARKUS RHOTEN he said. “We thought, and maybe it was true,” he said, “that people followed where businesses went. Now I think it’s very clear that it’s the reverse: Business goes where 24 GOTHAM GIGS talent is.” That means midtown’s future is no sure bet, and it’s one reason employers 25 SNAPS should support the creation of housing as much as new office space. “If businesses 26 FOR THE RECORD have a workforce that can’t live here,” he said, “they won’t be able to stay here.” 27 PHOTO FINISH Weisbrod’s replacement when he leaves next month is Marisa Lago, who has worked in public-sector economic development and was head of compliance at Citigroup. His advice to her? “Land use is always contentious in New York. You can’t allow your ego to get enmeshed in the swirl of activity. If you approach everything as objectively and calmly as you can, you end up doing fine and sleeping well at night.” Did he ever not sleep well? “Never.” At 72, Weisbrod says he is not retiring. “There’s a lot of things I’d like to get done while I’m still ambulatory,” he said. Part of his focus will be on Governors Island, where he will become chairman of the trust overseeing it. Cornell Tech, nearing completion on Roosevelt Island, is his inspiration. ON THE COVER “This is not going to be Cornell Tech but Cornell Tech, Stage 2,” he said. “What is ILLUSTRATION BY: DAVID JUNKIN the next step in terms of innovation? And how does that flourish on a piece of real estate like Governors Island? It’s like a tabula rasa.” DIGITAL DISPATCHES NOMINATIONS REMAIN OPEN RISING STARS Go to CrainsNewYork.com READ As congressional Republicans move DO YOU KNOW AN UP-AND- closer to repealing the Affordable Care COMING NEW YORKER? Act, New York enrollments in Obamacare CRAIN’S wants to hear from coverage have gone up a record 22.7%. you. To submit a nominee, go to CrainsNewYork.com/40nominate. ■ Supermarkets object to the Obama Because of the high volume of administration’s decision to allow New applications, a $199 service fee will Yorkers to use their food stamps be charged to process and to buy groceries from online review submissions. retailers. DEADLINE HAS BEEN ■ Gatsby Enterprises is buying EXTENDED TO JAN. 13 56 W. 45th St., a 17-story > All nominees must be younger 1920s-era office building. than 40 as of March 27, 2017. ■ Private trash haulers hire an executive director to head their Vol. XXXIII, No. 2, January 9, 2017—Crain’s New York Business (ISSN 8756-789X) is published weekly, except for double efforts to stop a trash collection issues the weeks of June 27, July 11, July 25, Aug. 8, Aug. 22 and Dec. 19, by Crain Communications Inc., 685 Third Ave., proposal that could harm their New York, NY 10017. Periodicals postage paid at New York, NY, and additional mailing offices. Postmaster: Send address changes to: Crain’s New York Business, Circulation Department, 1155 Gratiot Ave., Detroit, MI 48207-2912. For subscriber businesses. service: Call (877) 824-9379. Fax (313) 446-6777. $3.00 a copy, $99.95 one year, $179.95 two years. (GST No. 13676- 0444-RT) ©Entire contents copyright 2017 by Crain Communications Inc. All rights reserved. BUCK ENNIS January 9, 2017 | CRAIN’S NEW YORK BUSINESS | 3 P003_CN_20170109.indd 3 1/6/17 8:31 PM WHAT’S NEW January 9, 2017 AGENDASecond Avenue subway’s lesson: Don’t do it again—do it better wo possible conclusions can be drawn from the fact that it took a century and more than $4 billion to build the Second Avenue subway, and that instead of the once-envisioned con- nection from the Bronx to Brooklyn, we’ve settled for three Tstations on the Upper East Side. One is that the saga proved that subway expansions are too expen- sive and prone to delay to undertake in the future. The other is that it showed us what mistakes to avoid, and that perseverance is rewarded. We are of the latter opinion. The lessons of Second Avenue have been learned. (For one, don’t THE FIRST PHASE of the Second Avenue subway opened Jan. 1, with stops at demolish what’s being replaced—in this case, an elevated subway line East 72nd (above), East 86th and East 96th streets in Manhattan. taken down in 1942—until the new plan is securely funded.) But the knowledge gained from the project’s many mistakes will be wasted if from one another by their dependence on the automobile. its future phases are abandoned. And now that the Upper East Side is Subways are why New York looks and works like it does. It stands enjoying the benefits of its new subway, it would be perverse to make to reason that we should extend them where possible. The engineer- the needier neighborhoods of the east Bronx wait any longer than nec- ing giant AECOM has suggested continuing the No. 1 train from lower essary for their phase of the line. Manhattan to Red Hook, Brooklyn, a neighborhood with spectacu- New York initially became a great city lar views that remains underdeveloped largely because its waterways facilitated the The knowledge gained from the because it’s so isolated. The taxes gener- movement of people and goods. For gen- project’s mistakes will be wasted ated by a subway ultimately would pay erations, however, the subway system has for the project, just as they will for the been its most essential asset. Mass transit if future phases are abandoned Second Avenue subway and the $2 bil- is what allows more than 8.5 million peo- lion extension of the No. 7 line to Hudson ple—plus 1 million suburban commuters and hundreds of thousands Yards—which enabled that redevelopment. Subways also attract young of tourists—to function in such a dense environment. Manhattan has people and foreigners to New York and trigger the apartment construc- about four times as many residents per square mile as San Francisco, tion essential to easing the city’s housing shortage. the nation’s second-densest large city. This fosters a sharing of ideas, Gov. Andrew Cuomo should pursue the next phase of the Second an architectural dynamic and an overall efficiency that separates New Avenue subway with the same vigor that he eventually did the first one. York from American population centers rendered indistinguishable And he should add projects like it to his bucket list. — THE EDITORS FINE PRINT The state set aside money to help home health care agencies cover the cost of the minimum-wage increase to $11 an hour, which took effect Dec.
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