New Chief Shakes up Film Society Banks Unclench Fists,Selectively
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CNYB 03-30-09 A 1 3/27/2009 8:24 PM Page 1 FAREWELL, 2009 BOB LAPE Our restaurant reviewer these past 24 years dishes it up ® for us—one last time PAGE 35 New York’s Rising Stars VOL. XXV, NO. 13 WWW.CRAINSNEWYORK.COM MARCH 30-APRIL 5, 2009 PRICE: $3.00 They’re here! Read tales of success in our annual section featuring the best and brightest young minds in NY business PAGES F1-F19 THE$1.3TRILLION MAN BlackRock founder Larry Fink has become DC’s go-to guy on Wall Street. Here’s why. BY AARON ELSTEIN he’s uncle sam’s favorite money manager. Laurence Fink, founder of BlackRock Inc., which invests in mortgages and other forms of toxic debt at the heart of the banking crisis,gets TOP STORIES a call pretty much whenever the federal government needs help cleaning up the latest financial mess. City’s biggest office Mr. Fink and his 5,300 employees are helping manage $30 landlord looks to billion worth of mortgage assets the feds guaranteed upon the raise cash collapse of Bear Stearns. They are overseeing the winding IN THE MARKETS, PAGE 4 ADVICE FOR A PRICE: down of American International Group Laurence Fink’s Inc. assets.Theirs is one of four investment BlackRock saw advisory revenue firms managing a program in which the grow 40% last year. Federal Reserve buys $500 billion worth of mortgage-backed securities. And just last week, Mr. Fink said BlackRock wanted to participate in the Obama administration’s private-public partnership program to buy up to $1 trillion in poisoned assets from ailing banks— hardly a shocker, since the Treasury Department reportedly redux Booze buoys sought BlackRock’s seal of approval before unveiling / restaurant sales details of the plan. See FINK on Page 7 during downturn PAGE 2 chris mueller Protests balloon over shift in Macy’s parade route New chief Banks unclench PAGE 3 fists,selectively Heat’s on in shakes up Albany: Lawmakers Film Society Property deals under $100M sweat a budget deal seized on as relatively safe THE INSIDER, PAGE 12 Director wants to broaden BY AMANDA FUNG INDEX appeal, may change name CUTTING ROOM: Mara Manus is known for taking a last month, Ron Glazer did something many businesslike approach in NEW YORK, NEW YORK _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _6 people thought was impossible amid the eco- BY MIRIAM KREININ SOUCCAR reviving cultural nonprofits. REAL ESTATE DEALS _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _9 nomic crisis. With help from his bank, the in- vestor snapped up four modest apartment VIEWPOINT _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _10 the prestigious Film Society of Lincoln Cen- And, though mak- buildings on East 101 Street, paying $12.5 mil- ALAIR TOWNSEND _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _11 ter will get a jolt of star power when it honors ing money from a gala lion in a package deal. CLASSIFIEDS _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _32 Tom Hanks at its 36th annual gala on April 27. seems like a given, the “Financing is scarce, but it is still available,” SMALL BUSINESS _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _34 He is one of the few Hollywood actors ever cho- event will be a Mr. Glazer says.“I’m in it for the long haul, and sen to receive its Gala Tribute Award. fundraiser for the first time. That’s just one of lenders are willing to lend to longtime owners.” many changes made under Executive Director While the market for Manhattan office tow- 13 Mara Manus, who is even considering renam- ers has all but ceased to function, sales of multi- 5 ing the nonprofit, which she joined in Septem- family properties and smaller commercial build- ber after six years at the Public Theater. ings for $2 million to $50 million are moving “It is a new era for the Film Society,” says a along.Supporting that resilience:a host of small spokesman for the organization, which has sold and midsize banks, some of which have actual- ELECTRONIC EDITION almost $1 million in tickets for the gala. ly stepped up their real estate lending over the The society is undergoing a $38 million ex- past year. NEWSPAPER See FILM SOCIETY on Page 8 See BANKERS UNCLENCH on Page 8 71486 01068 0 CNYB 03-30-09 A 2 3/27/2009 7:42 PM Page 1 climbed 3.2%, according to the Depart- IN BRIEF ment of Taxation and Finance. Liquor conglomerate Diageo reported that its rev- AS THE FIRST QUARTER DRAWS TO A CLOSE, Hey, bartender, enues worldwide were up 18% in the sec- VACANCY RATES FOR CLASS A OFFICE SPACE ond half of 2008 versus a year earlier. in the city have soared 66% over the past 12 City dwellers and workers seem to be months, hitting 11.9%, according to a new turning to social drinking to keep their report from Jones Lang LaSalle.The spirits up. preliminary first-quarter results revealed that make it a double For example, though the Oyster Bar in midtown fared the worst, with Class A office Grand Central has been forced to lay off vacancies soaring to 13.5%—the highest rate restaurant workers because business is recorded since Jones Lang LaSalle began Restaurants report spike in alcohol sales down overall, General Manager Jonathan tracking vacancies in 1995. In addition, asking Young says alcohol-generated revenues are rents are beginning to plummet. Overall, asking and Mr. Masdoumier estimates that bar holding steady. rents in the city fell about 10% over the past 12 BY LISA FICKENSCHER business is up 15% year-over-year. months, dropping to $64.43 per square foot. Gary Cohen, a partner in accounting The ritual Class A rents fell 11% to $74.88 per square foot like other restaurateurs in the city, firm J.H. Cohn, which has many restau- that’s partly thanks to customers like for the quarter. Waldy Malouf is watching revenues at his rant clients, sees the reality reflected in George, who lost his job in February but Beacon eatery shrivel like bacon on a their books. “Those who have bars are not continues to come in several days a week LONG-RUNNING DRIVE-TIME PROGRAM ELVIS griddle. doing as badly as the rest of the restaurant from his Flushing, Queens, home to meet DURAN AND THE MORNING SHOW, WHICH But one part of his business is still industry,” he says. up with buddies.The former law firm con- used to be called The Morning Zoo, is going booming: Bar sales at the acclaimed New Experts say downturns historically troller has made some concessions to un- national. Premiere Radio American chophouse are up 10% so far this prompt an increase in the use of mood el- employment—now ordering a $6 rum and Networks, a subsidiary of year versus the same period in 2008. coke instead of his former $11 bourbon— Clear Channel Communi- “We have seen an upswing in after- but wouldn’t consider giving up this ritual. cations Inc., has picked up the work bar business,” says Mr. Malouf, Bea- Eateries with bars George says the camaraderie is a tonic and WHTZ-FM show for con’s executive chef and co-owner. helps with his networking. syndication, the company will Ailing restaurants and lounges across ‘are not doing as The partying masses also find the new announce today. Mr. Duran’s the city report similar gains in bar business crop of promotions appealing. show, which features prank as frazzled New Yorkers, stressed from badly as the rest At Counter, an East Village vegan getty images Elvis Duran calls, song parodies and a team market gyrations and layoffs, hit the bot- bistro,alcohol sales have jumped 25% since of sidekicks, is already heard tle.While the downturn is taking a big bite of the industry’ it began including complimentary snacks in Philadelphia, Miami and Cleveland, in out of lunch and dinner tabs, booze sales at its 10-seat bar. addition to New York. remain practically recession-proof. Also in the East Village, the Blue Owl is packing them in with a happy hour pro- NEARLY 20 UNIVERSITIES FROM AROUND THE Endless happy hour longed to 10 p.m., expanded bar food op- COUNTRY ARE TEAMING UP TO CREATE AN looking to capitalize on the trend,pro- evators, including alcohol and drugs. tions and, on Wednesdays, half-price alumni job fair in New York City.The event, prietors are extending happy hours, offer- “A bad economy can cause stress, anxi- cocktails.