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More Delays Ahead at WTC: Audit CNYB 06-30-08 A 1 6/27/2008 7:49 PM Page 1 TOP STORIES DIVERSITY How much progress Mass retailers after years of effort? discover the joy Pages 15-22 of yoga apparel PAGE 2 ® Hip diners close their doors as costs soar VOL. XXIV, NO. 26 WWW.CRAINSNEWYORK.COM JUNE 30-JULY 6, 2008 PRICE: $3.00 PAGE 3 John Lennon’s Two Virgins necklace: More delays yours for half a mil NEW YORK, NEW YORK, P. 6 ahead at How Zabar’s loyal workers keep competition WTC: audit in second place SMALL BUSINESS, PAGE 23 son today, according to real estate Port Authority sources. chief to undertake This month,after the Port Au- thority had missed another exca- reassessment; new vation deadline, Mr. Paterson re- dates months away quested an audit of the site by June 30. But sources say that to fully determine the extent of the chal- BY THERESA AGOVINO lenges and avoid establishing yet another set of unrealistic dead- the redevelopment of the lines, a thorough examination of World Trade Center site is so the project is necessary. fraught with problems,delays and “This is an opportunity for cost overruns that it will take Gov. Paterson to try to reform a months to sort out all the issues process that has been stalled,”says NEXT WEEK and develop a new timetable and Basil Smikle, a political consult- budget. ant. “It gives him an opportunity CRAIN’S GUIDE roger hagadone That’s the message the new to show leadership.” TO THE STATS EMPTY FEELING: The trading floor of chief of the Port Authority of Currently,the Port Authority’s the NYSE is sparsely populated New York and New Jersey, Freedom Tower and Larry Silver- THAT MATTER (above) compared with a decade or so ago (inset), when throngs of Christopher Ward, will deliver to stein’s three buildings are due to his board and Gov. David Pater- See AUDIT on Page 8 THIS YEAR IN traders hustled for business. ap images NEW YORK CITY AT DEADLINE NYSE filling 7 groups ready THE MARKET FOR INITIAL PUBLIC OFFERINGS IS experi- its empty floor bids for Starrett encing its biggest collapse since the dot-com bubble ex- ploded. Just 36 U.S. companies Live traders, opening bell add up Nonprofits’ role is went public in first-half MAKING AN OFFER 2008—a 73% drop from a year to big fees from listed companies key; eye price 7 groups that have confirmed their ago, Renaissance Capital says. interest in bidding for Starrett City: The last time business fell so under $1 billion BY AARON ELSTEIN G The Bluestone Group sharply: 2001, when IPO volume plunged by 80%. Half BY DANIEL MASSEY G Christian Cultural Center a dozen New York companies for years, a chorus on Wall Street loudly proclaimed the coalition* New York Stock Exchange’s historic trading floor to be obso- have completed offerings this at least seven groups are put- G lete and predicted it would be swept away by the fast pace of Enterprise Community year, versus 14 a year ago.The ting together pitches to buy Star- Partners six firms are movie distrib- computer-driven trading. Few were more certain of this than rett City,as the July 8 deadline ap- utor RHI Entertainment, in- Duncan Niederauer, once a powerful Goldman Sachs execu- proaches for bids on the largest G L+M Development Partners vestment adviser RiskMetrics tive who oversaw electronic trading services. federally subsidized housing com- G The New York Housing Group and four blank-check “It’s an unsustainable model,” he told Forbes in 2000. plex in the nation. Partnership companies. Most will include nonprofits, Today, as chief executive of NYSE Euronext, Mr. Nieder- G since tax-exempt groups could fi- The NHP Foundation auer has undergone a remarkable change of heart.The former THE BUDGET DEAL STRUCK nance the purchase of the Brook- G Omni New York BETWEEN THE CITY COUNCIL critic is now doing everything he can to prop up the trading lyn property through the sale of *Also includes the Metropolitan Council on Jewish and Mayor Michael Bloom- floor, trying to slow what in the past few years has been a bonds. Many bidders are working Poverty, the NYC Central Labor Council, Apollo Real Estate Advisors and The Cogsville Group. See AT DEADLINE on Page 2 See NYSE on Page 8 to put together teams that include Source: Crain’s research See STARRETT on Page 8 26 5 SUMMER IN THE CITY NINE GREAT IDEAS FOR ELECTRONIC EDITION FUN THIS SEASON Page 27 NEWSPAPER 71486 01068 0 CNYB 06-30-08 A 2,3 6/27/2008 7:19 PM Page 1 AT DEADLINE Continued from Page 1 celebrating its 50th anniversary. Yoga craze brings berg restored $129 million in Owner Lawrence Auriana says education funding and avoided key staffers are “reaching an age a real estate tax hike—but at the where they should enjoy life a cost of using a significant part bit.” Mr. Auriana, a mutual fund of the city’s $4.6 billion manager, bought the eatery a retailers to Zen zone available surplus. The city will decade ago from its founder and use about $1 billion of its namesake. Mr. Auriana says that reserve over five years to pay for he will either sell the building, at J. Crew, others launch apparel salary increases for police and 207 E. 34 St., or lease it to other uniformed employees, in another restaurant. KATE GAERTNER addition to the $3.2 billion in lines; squeezing the studios? opened her shop, surplus funds the mayor had THE CITY’S PLAN TO Omala, in Brooklyn TRANSFORM WILLETS POINT to promote her proposed using to balance the BY ADRIANNE PASQUARELLI multipurpose yoga next annual budget. In total, it into a development that clothing. appears that the city is ready to includes housing, a hotel, retail yoga inspires tranquility and calm in its adherents. exhaust more than 90% of its space and a convention center Mass retailers are finding a different kind of rainy day fund to cover could get a big boost tonight operating expenses. when Queens Community inspiration—a purely financial one—for launching Board 7 casts an advisory vote yogawear lines. TAO IS THE LATEST ENTRY ON A on the proposal.The board’s Selling yoga apparel has long been the domain of GROWING LIST OF HIGH-PROFILE Willets Point committee voted New York restaurants being overwhelmingly in favor of the specialty shops and back alcoves of sued for allegedly underpaying project last week, but members studios or gyms. But now, large their servers. A lawsuit filed on could switch sides if the city companies like J. Crew, Victoria’s behalf of two former employees does not resolve outstanding Secret and J.C. Penney are charges that concerns about traffic and the Tao failed to board’s future role in the jumping on the Zen pay for redevelopment. bandwagon, rolling out or overtime and testing their own yoga tips from POLYTECHNIC UNIVERSITY WILL styles. Department private RAISE TUITION RATES OVER parties. the next several years to match store chain Lord & Outten & those at New York University, Taylor is making Golden, with which it’s merging. But more room on its which is tuition will increase just 5% next representing the workers, filed a year, says Craig Matthews, shelves for similar complaint against chairman of Polytechnic’s board yogawear. Buddha Bar NYC in March. of trustees.The union received “With yoga, we’ve The law firm also won a final state approval last week. had so many requests,” preliminary $3.9 million Polytechnic President Jerry settlement last week after a two- Hultin is expected to remain in Tracy Gardner, year battle on behalf of his role and will report directly J. Crew’s president of employees of the Fireman to NYU President John Sexton retail and Hospitality Group. and Provost David merchandising, says of McLaughlin. News of the NICOLA PAONE, THE FAVORITE merger has already helped consumer demand for ITALIAN RESTAURANT OF A LONG expand Polytechnic’s applicant comfortable leggings and line of mayors, including Rudy pool, which is up 20%. Graduate form-fitting tops. Giuliani, served its last meal enrollment is also expected to david neff Saturday, two months after increase by at least 20%. Yoga’s growth has been explosive. More than 14 million people in the United States THIS WEEK IN CRAIN’S practice yoga and tai chi, a 125% increase over the past eight years, NEW YORK, NEW YORK----------6 according to the Sporting Goods 29 See MASS RETAILERS on Page 7 ALAIR TOWNSEND -------------------11 THE INSIDER------------------------------------12 MULTIPLE AWARDS NEIGHBORHOOD JOURNAL------------------------------------------13 WEEK IN REVIEW -----------------------14 Crain’s honored for excellence REPORT: DIVERSITY----------------15 CRAIN’S NEW YORK BUSINESS has won the first-place In addition, the paper won a first-place award for SMALL BUSINESS ------------------- 23 award for general excellence at the the best use of photography and illustration and 31 annual competition of a third place for best overall CLASSIFIEDS ----------------------------------24 the Alliance of Area design. Business Publications. Editor Greg David REAL ESTATE DEALS--------------26 It is the third time the received a first-place BUSINESS LIVES------------------------27 weekly newspaper has award for editorial writing won the coveted honor. for his 2007 column “How CORPORATE LADDER------- 29 “This publication is to save the garment EXECUTIVE MOVES--------------29 inviting to read and has district.” Senior reporter great, sassy writing,’’ the Aaron Elstein won a BOB LAPE --------------------------------------- 31 judges said. “The second place for his 2007 THE WEEKS AHEAD ------------31 personality of New York investigative story “The shows through in the swindle on Staten Island.” vol.
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