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The Greater the Expertise, the More You Have to Gain NEW YORK BUSINESS® AUGUST 21 - SEPTEMBER 3, 2017 | PRICE $3.00 DOUBLE ISSUE ADVERTISEMENT THE GREATER THE EXPERTISE, THE MORE YOU HAVE TO GAIN. INVESTING \ BANKING \ TRUST & ESTATE SERVICES \ WEALTH PLANNING \ FAMILY OFFICE VOL. XXXIII, NOS. 34, 35 WWW.CRAINSNEWYORK.COM NEWSPAPER CN018322.indd 1 8/9/17 11:13 AM Whether you’re seeking to grow your wealth, make an impact, prepare for the next generation or plan for the future of your business, our holistic approach guides your decisions every step of the way. The New York team, featuring some of our experts below, will help you move confidently ahead. ACHIEVE GREATER PAUL LEE ELISA SHEVLIN RIZZO KATIE NIXON JOHN VOLTAGGIO Senior Vice President, Senior Fiduciary Officer, Executive Vice President, Managing Director, Global Fiduciary Strategist Senior Legal Counsel Chief Investment Officer Lead Relationship Manager Expertise: Tax Strategy Expertise: Fiduciary Management Expertise: Investment Solutions Expertise: Wealth Planning For investments to thrive, you We’re here to help you confidently Our team will work with you to Preserve what you’ve built and need a team specialized in income, navigate personal and estate create an investment strategy unique plan for what’s next with insight estate and transfer taxation. implications across jurisdictions. to your objectives and optimize from our leading wealth advisors. your portfolio over time. To learn more about Goals Driven Wealth Management, call Henry Johnson at 212.339.7279 or visit us at northerntrust.com/ny-team. Serving clients with investable assets of $10 million or more. Member FDIC. © 2017 Northern Trust Corporation. CN018323.indd 1 8/9/17 4:12 PM CRAINSNEW YORK BUSINESS ® NEW YORK BUSINESS®®®®® AUGUST 21 - SEPTEMBER 3, 2017 | PRICE $3.00 DOUBLE ISSUE ❤ about 25 Things we NEW YORK BUSINESS The people and places that make the city the economic envy of the world PAGE 14 CUOMO Hoping for THE WAR SHOWS HE’S a more INSIDE GOVERNOR business- TRUMP OF NYC friendly City VILLAGE TOO P. 3 Council? P. 20 P. 9 P001_CN_20170821.indd 1 8/18/2017 5:46:34 PM AUGUST 21 - SEPTEMBER 3, 2017 CRAINSNEW YORK BUSINESS FROM THE NEWSROOM | JEREMY SMERD | EDITOR IN THIS ISSUE You can make it here 4 IN CASE YOU MISSED IT 6 WHO OWNS THE BLOCK THE STATE OF THE CITY’S ECONOMY should be viewed as an 7 REAL ESTATE unmitigated success . More New Yorkers are gainfully em- 8 ASKED & ANSWERED Sea levels ployed than ever before (see Fine Print on page 3 for the are rising. upshot of that statistic). And jobs are being created in elds 9 POLITICS Is New York ready? that produce goods and services that non–New Yorkers 10 INSTANT EXPERT consume, which means outside money is pouring in. 11 VIEWPOINTS It’s hard to imagine a better time in the city’s history to be FEATURES a business owner. “You can make money in so many di er- ent ways,” said Ryan Harwood, founder and CEO of Pure- 14 WHY WE LOVE NEW YORK BUSINESS Wow, a fast-growing online women’s lifestyle publisher. 20 THE WAR AT TRUMP VILLAGE “You place a survivor and a hustler in the middle of New You place a survivor York City, they’re going to gure out how to make a living.” e fruits of that ingenuity are all around us, and they “and a hustler in the are the focus of our cover feature on the 25 ways business- middle of New York es make the city the unique place that it is (see page 14). City, they’re going At the heart of it all are New Yorkers, people who lack easy de nition except that they come from everywhere and are to gure out how to JOSE DER hungry to make it here. New Yorkers are smarter and fast- make a living er than most, impatient and driven. Full of contradiction, P. 25 we are aggressive yet compassionate, permissive yet easily 25 GOTHAM GIGS o ended. We are not laid-back and o en are way too stressed out. is is why our success is hardly without controversy. For every winner there is 26 SNAPS a loser. Con ict is a way of life here. Who should bene t when a public property is 27 FOR THE RECORD sold? e council and the MTA are at odds on that score (see ICYMI, page 4). Fear 28 PHOTO FINISH of displacement shadows the debate over development (see page 7). And all those CORRECTION gainfully employed New Yorkers have made getting around town a nightmare (see Ernie Lake co-founded El Media Group. That fact was our editorial, page 3). not reported in “Playlists on the Menu,” published As we hit the homestretch of August, most New Yorkers who can will leave the Aug. 7. city for a much-needed respite (which I hope will include unplugging from the constant strife emanating from Washington). With the next issue of Crain’s, we will resume our weekly print publishing schedule. Despite the cacophony coming out of our nation’s capital, New Yorkers will have their own agendas to focus on. And so will the business community . Our coverage will focus tightly on the mayoral election, including a review of Bill de Blasio’s rst term. We plan to host a debate between City Council members who want to lead the chamber, which is expected to move further to the le (see page 9). And two of our many fall conferences will fo- ON THE COVER cus on addressing the diabetes crisis and examining the sorry state of mass transit. COMPOSITE PHOTO: ISTOCK So stay tuned, and remember: ings are looking good. ere’s no problem we New Yorkers can’t solve. DIGITAL DISPATCHES CONFERENCE CALLOUT SEPTEMBER 19 Go to CrainsNewYork.com NOMINATE Do you know a whiz CRAIN’S kid? On Nov. 27 our 20 Under BREAKFAST FORUM 20 list will recognize the New > Join us for our arts and culture York area’s youngest business forum featuring Brooklyn Museum brains. Let us know who should be President David Berliner included at CrainsNewYork.com/ and others. The event 20nominate by Sept. 1. Meet our helps kick off the past honorees at CrainsNewYork fall season for the city’s .com/20under20. cultural organizations. ■ READ Crain’s takes a look at NEW YORK ATHLETIC CLUB New York’s changing music industry. To read our ongoing series, visit CrainsNewYork 8 to 9:30 a.m. .com/Music. [email protected] ■ CHECK OUT To nd an article in a past print edition or simply peruse the Vol. XXXIII, Nos. 34, 35, Aug. 21, 2017—Crain’s New York Business (ISSN 8756-789X) is published weekly, except for double issues the weeks of June 26, July 10, July 24, Aug. 7, Aug. 21 and Dec. 18, by Crain Communications Inc., 685 Third contents of a particular issue, go to Ave., New York, NY 10017. Periodicals postage paid at New York, NY, and additional mailing of ces. Postmaster: Send CrainsNewYork.com/Issue-Archives. address changes to: Crain’s New York Business, Circulation Department, 1155 Gratiot Ave., Detroit, MI 48207-2912. For subscriber 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. GETTY, BUCK ENNIS GETTY, 2 | CRAIN’S NEW YORK BUSINESS | AUGUST 21, 2017 P002_CN_20170821.indd 2 8/18/2017 5:47:03 PM WHAT’S NEW AUGUST 21, 2017 AGENDACuomo’s plan to ease New York City’s gridlock should be the first of many t is easy —and justi able—to moan about how much control Albany has over the city’s a airs. e state dictates nearly all of our tax rates. Our subways and buses are run by a state authority under the gov- ernor’s thumb. e city can’t even install red-light cameras without Ia green light from the state Legislature. Upstate and suburban lawmakers’ agendas impede the city’s interests in the best of circumstances, which these certainly are not, given upstate’s economic struggles and Mayor Bill de Bla- sio’s toxic relationships with Senate Republicans and Gov. Andrew Cuomo. FREE MARKET: Pricing a scarce But none of that is going to change any time soon, so it behooves the resource—space city to cheer when Cuomo champions solutions to our problems—as he is to drive in Manhattan—will nally doing to improve our tra c-choked roads and deteriorating sub- help businesses way system. Ten years a er then-Mayor Michael Bloomberg proposed and fund transit. congestion pricing, in 2007, the governor has declared it to be an idea whose time has come. From a policy perspective, that has been obvious all Cuomo has already improved tra c by introducing peak and o -peak along, but Cuomo was referring to the political environment. In any case, rates on Port Authority tunnels, highway-speed toll collection on Metro- his embrace of the concept, however belated, is worth celebrating. politan Transportation Authority bridges and tunnels, and half-price tolls Pricing, the bedrock of a free market, is the best way to apportion on trucks making nighttime deliveries. To convince New Yorkers that he’s something valuable, such as the ability to not merely raising revenue to x the sub- drive into Manhattan’s central business dis- Given Albany’s power over the city ways, he could do more to get the change trict. e lack of tolls on the East River’s in behavior he is seeking. Staying open for jam-packed bridges induces motorists to and the mayor’s lack of pull, the nighttime deliveries costs businesses mon- take irrational routes and clog Brooklyn and governor’s advocacy is much needed ey.
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