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INSIDE MICHAEL TOP STORIES GROSS TRIES TO THROW On the waterfront: HIS WEIGHT The city soaks up AROUND development ideas ® PAGE 2 PAGE 2 Rudins resuscitate St. Vincent’s deal VOL. XXVII, NO. 11 WWW.CRAINSNEWYORK.COM MARCH 14-20, 2011 PRICE: $3.00 PAGE 2 BALLOONING PROTEST: The amazing Parade stars try to drum There’s no Spider-Man’s up support for returning economics the event to Times Square. stopping PAGE 3 this jobs generator Tiffany looks overseas to add NYC’s fastest-growing sales sparkle employer is none other PAGE 4 than Bloomberg LP, Why veterans often up 3,400 jobs since ’08 make the best entrepreneurs BY MATTHEW FLAMM SMALL BUSINESS, PAGE 9 THOUGH THE SUBJECT may never come up in City Hall discussions about job cuts, Mayor Michael Bloomberg has BUSINESS LIVES created an employment program for New York that has worked like a charm. He just can’t take credit for it while he’s in office. Bloomberg LP, the financial infor- mation giant he founded in 1981, has emerged in recent years as the fastest- growing company in New York. Since 2008,it has added 1,800 jobs in the city, for a total of 6,500 here. It plans to add 1,600 more in Manhattan in 2011. The privately held company is run

gettyimages day-to-day by Chairman Peter Grauer GOTHAM GIGS See BLOOMBERG on Page 23 The puppetmaster of Union Square park P .. 25 ● ANNE FISHER says it’s time to reward your best Whose Parade Is It? employees P .. 25 Self-styled ● MOVERS & SHAKERS Hitting the road with Ken Fermaglich P .. 26 Business big shots, city at loggerheads crusader’s ● GAEL GREENE feels no heat at Ember Room P .. 27 over lucrative Macy’s Thanksgiving route downfall In a statement, the city said the parade will run BY LISA FICKENSCHER on Sixth Avenue in 2012 and 2013, and attributed INDEX the change to upcoming work on the pedestrian Lobbyist in bribery THE MACY’S THANKSGIVING DAY PARADE is a longtime plazas around Times Square. It plans to revisit the NEW YORK, NEW YORK ______6 favorite live and telecast event, featuring everything decision after 2013. scandal touched NEIGHBORHOOD JOURNAL ______7 from Snoopy to performances by pop singers. It is A Macy’s spokesman pointed out that there will nearly every biz cause THE INSIDER ______8 also a giant economic engine for Macy’s, broadcast- be a different city administration in 2014. “There is

CLASSIFIEDS ______20 ing partner NBC,the businesses along the route and no one to talk to now about it being reconsidered,” the city. The parade is New York’s largest annual said Orlando Veras. BY DANIEL MASSEY FOR THE RECORD ______22 event, drawing 3.5 million visitors. Times Square businesses—including the Mar- HOT JOBS ______25 But events of the past week threaten to disrupt riott Marquis hotel and the Shubert Organization, IN THE 1990S, lobbyist Richard Lipsky EXECUTIVE MOVES ______25 this profitable ecosystem. the largest owner of Broadway theaters—reacted fought ferociously on behalf of small RÉSUMÉ REVIEW ______26 Macy’s decision last Monday to move the parade angrily. Relocating the parade will cost them vital business owners against building a

THE WEEK AHEAD ______27 from Times Square next year for safety reasons has revenues during that lucrative weekend, they said. Pathmark supermarket in East set off a clash of corporate titans. See TUSSLE on Page 23 Harlem, and, a decade later, against a Walmart store on Staten Island. But the underdog narrative that ran REPORT REAL ESTATE through his three-decade career be- came muddied more recently as signs Tourists transforming retail landscape, emerged that Mr.Lipsky was following from Fifth Avenue to Brooklyn’s Dumbo P. 13 the money rather than his principles. Forest City Ratner hired him in NYC’s 20 biggest BIDs P. 17 2006 for its $5 billion Atlantic Yards NEWSPAPER See THE LOBBYIST on Page 24 20110314-NEWS--0002,0003-NAT-CCI-CN_-- 3/11/2011 8:22 PM Page 1

COMMENTARY Tapping into NYC’s m

Some days, City unveils 10-year plan to transform you eat waterfront: 130 projects, no big ideas maining in office, the mayor has run BY JEREMY SMERD out of time for grand new initiatives. AND THERESA AGOVINO Recent years have seen cuts to the city’s The Lion capital plan. Private financing for ma- THE LANDLUBBER’S VERSION of New jor developments remains anemic. WAS A SPOILED RESTAURANT-GOER early on. York City may be skyscrapers and sub- And strict environmental laws and ways,but to seafarers,the five boroughs concerns over the destruction of wet- My father,a newspaper columnist,took me to are four islands and a peninsula lands limit the scope and pace of wa- only a handful of Manhattan restaurants, but wrapped in 520 miles of shoreline. terfront projects. Less, however, may they were good ones. And though usually not Nine years into his ad- be more. ministration,Mayor Michael BOTTOM LINE “The total may be greater the most important man in the room, he was Bloomberg, has for the first than the sum of its parts,”said treated like a king. time laid out a citywide vi- City Council Speaker Chris- I “BLUE NETWORK”: I thought of that while fuming at the bar at The sion for the comprehensive tine Quinn, who ushered development of this sixth $3.3B through legislation requiring The mayor and the Lion a few months back after waiting an hour for a SET ASIDE to City Council’s plan borough, as the administra- an updated waterfront plan table. Surrounded by a Sex and the City crowd and cover costs, with envisions New York tion calls the waterfront. A every decade. “That’s appro- as a premier waiting for the free champagne the apparently help- 190-page plan to be released half going to priate. New York is a diverse waterfront city. March 14 envisions New water treatment place and our waterfront less maître d’ had did you guess?— York as a waterfront city to should be diverse.” promised but things were dif- rival the likes of Seattle and San Fran- As a result of the plan’s reliance on never delivered, I ferent. cisco, where pleasure boats and ferries local projects, Vision 2020: New York thought back to “Mr. Gross!” connect humans and habitats. City’s Comprehensive Waterfront the couple of the maître d’ de- “When our work is complete, New Plan contains little in the way of new great meals I’d claimed as I York City will again be known as one ideas and no new funding. Instead, the had in The Lion’s walked in. “Your of the world’s premier waterfront 10-year plan sets its near-term sights pre-buzz period table is ready!” I cities,” Mr. Bloomberg said. on finishing what the mayor has al- and wondered if felt like I’d stum- But with less than three years re- See TAPPING on Page 24 I’d ever see its bled onto the set clubby dining of Cheers. Our room again. MICHAEL table was two Five minutes GROSS down from later, my group Calvin Klein and decamped for his boy toy—the Rudins’ Greenwich Village Piadina a block away.I vowed night’s star attractions. And never to return. You don’t immediately, the chef-pro- have to be spoiled to resent an prietor, John DeLucie, was at hour’s wait for a reserved our table. He knows he’s got- gamble back in the works table. ten some bad press lately and There are currently two sounded determined to do genres of hot restaurants in better. Deal struck to bring New York. One kind of Midway through the restaurant practices faux meal, I remembered how BILL OF HEALTH: condos to site of St. democracy and refuses res- much I’d loved his cooking William Rudin, Vincent’s, but loans, ervations, seating on a first- since first eating it at another whose family plans come, first- who-you-know a high-quality approvals needed served basis. restaurant, the complex in a rising Check your What’s Waverly Inn. market, is optimistic about getting a loan. self-importance ‘power’ if it “We’d better BY AMANDA FUNG at the door. The come back here, other is the sort can’t get you I guess,” I told FOUR YEARS after the Rudin family vaguely dis- my wife sheep- unveiled plans for a massive residen- dained by blogs a table at an ishly. tial development in Greenwich Vil- like The Awl, exclusive I also was re- lage, and a year after those plans which last week minded of the were derailed by the bankruptcy of made sport of restaurant? days when I the site’s owner, Saint Vincent insider boîtes wouldn’t even Catholic Medical Centers,the proj- like Michael’s try to book at ect is back on track. and The Lion Keith McNally’s As it turns out, the timing that not only restaurants for at couldn’t be better for what will be take reservations but blatant- least a year after they opened. the largest condominium complex ly cater to “the kind of people I don’t ever want to hear “6 or to be built in the neighborhood in who have ‘power.’ ” 11?” more than a decade.The market has What’s “power” if it can’t Nowadays, Mr. McNal- stabilized in recent months, and get you a last-minute table at ly’s tiny, impossible-to-book banks have even begun to lend again a see-and-be-seen restaurant Minetta Tavern is one of my for the soundest developments. and get you seated close to the regular stops. But that’s be- If everything proceeds as time you booked? I feel cause I finally got the friends- planned, the renowned real estate slightly shameless admitting and-family phone number family expects to begin developing this, since jumping the queue that’s one of the rewards, I seven residential properties on St. can be embarrassing, but it’s suppose, of survival in Fun Vincent Manhattan’s East Campus vastly preferable to stewing City. on West 12th Street sometime next for an hour at the bar. So last It’s like insider trading, year, according to William Rudin. week, I went back to The only legal—and everybody When the project is completed, it Lion, but first, I called the who can does it. will boast about 300 condo units, restaurant’s PR person, and plus five townhouses. said I planned to write up the LISTEN to a discussion at “We will create a unique [yet] rk.com/audi CrainsNewYork.com/audioo place for Crain’s. This time— buck ennis See RUDINS on Page 23

2 | Crain’s New York Business | March 14, 2011 20110314-NEWS--0002,0003-NAT-CCI-CN_-- 3/11/2011 8:23 PM Page 2

HOW YOU CAN HELP s most liquid assets DISASTER VICTIMS AS OF FRIDAY, AT LEAST 300 PEOPLE HAD DIED IN the earthquake that hit Japan early that day, setting off a tsunami across the Pacific Ocean. Hundreds more were missing, and the death toll was expected to surpass 1,000, according to news reports out of Japan. International charities began mobilization and fundraising efforts almost immediately. Save the Children, a Westport, Conn.-based organization that has worked in Japan for 25 years, sent an international emergency team to help out, and the Manhattan-based International Rescue Committee put a response team on standby. “Once we know more, including what the Japanese government requests from the international community, we’ll be able to better assess a possible response,” said Gillian Dunn, the IRC’s director of emergency response. You can help by making donations to the following funds: l Save the Children: the Japan Earthquake Tsunami Children in Emergency Fund: www.savethechildren.org l American Jewish Joint Distribution Committee: www.jdc.org l International Rescue Committee: www.rescue.org BY THE NUMBERS

Weekly shift of the city’s economy é OVER A BARREL Oil prices topping $100 a barrel are draining cash out of the economy, bloomberg news slamming consumer confidence and ballooning the trade deficit. Yuck. 117K 1997 $158.8K NYC POTHOLES LAST TIME coffee MEDIAN PRICE More Spider-Man woes filled by early bean prices were of a U.S. home in March 2011, up this high (over January, the 62% vs. year- $2.80 a pound) lowest level earlier period Source: since 2002 dented number of other block- Mr. Miramontez said. “There isn’t a Source: NYC Dept. Intercontinental- Source: National of Transportation Exchange Inc. Assoc. of Realtors Rumor of hiatus was last buster musicals opening this plan in place to cease performances, straw for group agents; spring, including Sister Act and but the producers have made it clear NYC JOBS WINNERS AND LOSERS Since the bottom of Catch Me If You Can. that they will do what it takes to get the recession in late 2009, employment in the city has clients want refunds The doubts are also affecting to opening night with a great show.” grown by a net 50,700 through the 13 months ended Group Sales’ clients, from major People familiar with the produc- Jan. 31, paced by restaurants. tour operators that bought hun- tion said its capitalization is now more Industry Change in thousands BY MIRIAM KREININ SOUCCAR dreds of Spider-Man tickets to than $70 million, and many theater Food services/drinking places +11.7 mom-and-pop shops that insiders speculate that it will reach as Employment services +11.6 SPIDER-MAN: TURN OFF THE DARK has a new booked school groups, ac- much as $100 million before its nemesis, one that could be more devastat- cording to Ms. Lee. She opening, now slated for June 14. Health services +10.2 ing than bad reviews, on-stage accidents said her company has sold It is too early to know, however, -10.8 Local government and the loss of its star director. Irritated by and delivered $800,000 how much of a dent the group repeated delays and cancellations, and by worth of tickets for the month of May sales disruption will put in Spi- -9.1 Construction uncertainty over a possible hiatus, group alone, when the show is rumored to be der-Man’s bottom line, as all -3.9 Religious/civic/nonprofits sales agents have turned against the show. planning the break. the problems and bad re- Source: Eastern Consolidated After hints last week, which were later views have done noth- confirmed, that the most expensive Broad- In everyone’s best interest ing to curtail its box-of- ADDICTED TO NUMBERS? way musical ever would shut down for a few BOB GIANNINO, an owner of All Seasons fice success. For the week GET A DAILY DOSE AT @STATSANDTHECITY weeks this spring to rework the story line Travel in Peabody, Mass., has made the ending March 6, Spider-Man grossed and songs, agencies were besieged by calls arrangements for 320 children traveling to $1.28 million. Since it began previews in CORRECTIONS AND CLARIFICATIONS from customers demanding their money New York in May. He is getting calls from November,it has consistently been the sec- back. Conversely, calls stopped for new their schools asking for refunds on ond-highest grossing-show on Broadway, A lawyer for former McKinsey & Co. CEO Rajat Gupta calls Spider- Securities and Exchange Commission allegations of insider group bookings—the bread and butter of Man tickets. after Wicked. trading “totally baseless.” That information was not included in every production—and agents are reluctant “I don’t want to be reading the paper Broadway veterans were doubtful that the March 7 story “Scandal taints McKinsey.” to commit the few groups still interested. every day to find out if these kids are going interest would be derailed by last week’s Bank of America pledged to increase its lending to small and “I have a staff of 22 people just fielding to see a show or not,” Mr. Giannino said. announcement of director Julie Taymor’s midsize businesses by $5 billion in 2010. The terms of its pledge complaint calls and e-mails, and they can’t “I’m wondering if the consumer is being ouster, the installation of a new creative were described incorrectly in the March 7 story “Banks kick up even handle the volume,” said Stephanie protected here or thought about.” team and the sixth postponement of open- lending, but with mixed results.” Lee,chief executive of Group Sales Box Of- The agents claimed that the show’s pro- ing night. In fact, they said the media cov- Recent cost-cutting efforts by local construction contractors and organized labor salvaged $16 billion in projects and produced 54 fice, which has sold about $2 million ducers have kept them in the erage only feeds demand for Spider-Man. million hours of work, according to industry sources. The source of worth of tickets for Spider-Man. dark, but spokesman “The fact that there is such visibility those facts was misstated in the Feb. 28 article “The Hardest Hit.” “We’ve been through the musicians Rick Miramontez into the problems makes the public feel strike, blackouts, even Sept. 11, said they have been like they have ownership of the show,”said vol. xxvii, no. 11, march 14, 2011—Crain’s New York Business (issn 8756-789x) is published weekly, except for double issues the weeks of and I’ve never experienced communicating honestly. branding specialist Adam Hanft. “There’s July Fourth, Labor Day and Christmas, by Crain Communications anything like this.” “The purpose of any sched- an affection for it now.” Inc., 711 Third Ave., New York, NY 10017. Periodicals postage paid at Ms.Lee said that deal- ule change is to allow the neces- Producer Ken Davenport said he ex- New York, N.Y., and additional mailing offices. Postmaster: Send address changes to: Crain’s New York Business, Circulation Depart- ing with the Spider- sary time for the creative team to pected the backers to keep pumping money ment, 1155 Gratiot Avenue, Detroit, MI 48207-2912. for subscriber Man debacle is eating make the best show possible,and into it, and the audiences to keep coming.Ⅲ service: Call (888) 909-9111. Fax (313) 446-6777.$3.00 a copy, $59.79 IT HAS LEGS: one year, $109.79 two years. (GST No. 13676-0444-RT) up her staff ’s time and Mishaps seem that is ultimately in the best in- ©Entire contents copyright 2011 by Crain Communications Inc. hindering its efforts to to have fed box- terests of everyone involved,in- LISTEN to a discussion at All rights reserved. market an unprece- office demand. cluding group sales agents,” rk.com/audi CrainsNewYork.com/audioo

March 14, 2011 | Crain’s New York Business | 3 20110314-NEWS--0004-NAT-CCI-CN_-- 3/11/2011 8:03 PM Page 1

To maintain luster, Tiffany IN THE MARKETS turns to overseas markets by Aaron Elstein

hurry. Earlier this year, the compa- raw materials such as gold and dia- Jeweler adds purses, ny reported that worldwide sales for monds to the loss of younger, entry- colored diamonds; November and December jumped level luxury shoppers. 11%, to $888.5 million, compared Mr. Cumenal’s arrival is part of Hovnanian CEO holds a full house new stores in China with last year’s result. On March 21, an increasing shift in focus toward analysts expect Tiffany to report emerging markets. In addition, the AST YEAR was another tough haul BY ADRIANNE PASQUARELLI retailer famous for its association for Ara Hovnanian (right), chief with lavish spending is scrimping executive of Hovnanian FEW COMPANIES have bounced itself—drastically reducing its aver- L back from the recession like age store size to save on rent. It Enterprises, the Red Bank, N.J.-based Tiffany & Co., whose share is also widening its offerings, home builder whose stock was a hot price has quadrupled in the adding everything from its first property during the housing bubble. past two years as shoppers line of purses to trendy yellow around the world filled up its diamonds. Revenues fell for the fiscal year that powder-blue boxes with pricey ended last October—the fourth baubles. Now comes the hard Acquisition possible consecutive annual decline—and its part: maintaining that momen- IN FACT, Tiffany may be an attrac- stock, which fetched upward of tum. tive acquisition target. Last week, To do that, the most famous LVMH’s purchase of jeweler Bul- $70 a share in the glory days, is U.S.jeweler is redoubling its efforts gari spurred speculation that Tif- currently less than $4.The

overseas,a priority signaled just last buck ennisfany could be acquired by French company laid off 120 staffers in week by the arrival of Frédéric Cu- holding company PPR or Swiss firm 2010 and now has 75% fewer menal.The new executive vice pres- Richemont. ident is expected to succeed retiring Worldwide sales The moves come at a time when employees than it did during President James Quinn in 2012.Mr. Tiffany is facing challenges. the boom. Ouch. Cumenal was lured away from for November To maintain profit margins in Nonetheless, Mr. bloomberg news French luxury goods giant LVMH the face of rising costs of materials, Moët Hennessy Louis Vuitton. and December Tiffany raised its prices last year by Hovnanian was awarded $6.3 million in total compensation about 10%, analysts estimate, and last year—far more than double than his company’s Understanding is key jumped 11% upped them yet again in January. $2.6 million in net income. And most of that pay was a bonus, “HE REALLY UNDERSTANDS the global In addition, sales of Tiffany’s or, as the company puts it, “incentive pay.” luxury consumer, and we think that lower-priced silver jewelry, which will be a big benefit for us as we con- represented almost a third of sales in What did the head honcho do to It’s worth noting that in better tinue to expand in Asia Pacific, Eu- 2009, have dropped as entry-level deserve it? Well,Mr.Hovnanian did times Mr. Hovnanian’s incentive rope, Russia, the Middle East and 2010 revenues of almost $3.1 bil- luxury shoppers—who dabbled in eke out the company’s first profit pay was based on return on equity, a India,” said Mark Aaron, vice presi- lion, up 15% from 2009. But the buying upscale brands before the re- since 2006. But Hovnanian’s board measure of profitability. But the dent of investor relations at Tiffany. 174-year-old jeweler has its share of cession hit—have cut back. Even now rewards its CEO—whose fam- housing bust resulted in losses of On the face of it, there’s little troubles—from the soaring cost of See TIFFANY on Page 24 ily holds virtually all of a special class $2.5 billion between 2007 and 2009. of stock that gives it control of the In other words, the builder had no company—for how much he re- profits on which to base a bonus duces its formidable debt load. payout for its leader. That burden, $1.6 billion at last Corporate governance experts count, stems from a borrowing aren’t too impressed with Hovnan- spree that hit its stride in 2003, just ian’s revised rationale for CEO pay. as the housing bubble began Proxy advisory firm Glass Lewis gives swelling to epic proportions. It has the company a “D” grade on its ef- left a painful hangover. Like many fort to link pay and performance. homeowners, the company’s debts Might Mr. Hovnanian or his dwarf its assets, as it has negative board answer such criticism at the net worth of $339 million. At least annual shareholder meeting, sched- the hole is filling up, with Hovnan- uled for Tuesday in a midtown law ian reducing debt by about $130 office? A spokesman didn’t return a million last year. call seeking comment. Why so few SEC workers ever leave IT’S USUALLY BIG NEWS when promi- trition is that the SEC is “an attractive nent Securities and Exchange Commis- place to work”and has a strong union sion employees depart through the to protect workers’ interests. More- revolving door for a Wall Street firm over, salaries of the rank and file are they’ve been regulating.But accord- not significantly lower than those of ing to Boston Consulting Group, the most managers at the agency. problem isn’t that too many SEC It’s no surprise that the M.B.A.’s staffers leave but that too many of at Boston Consulting find the situ- them stick around. ation unsatisfactory. Having so A report by the consulting firm many well-paid, risk-averse em- released last week said that between ployees hinders the sort of reforms 2005 and 2009, the SEC’s “volun- needed at the agency,they argued in tary attrition” rate was 3.6%—half the report, adding: “It is imperative the federal average. Additionally,its that the SEC develop a plan to re- “involuntary attrition” rate is less link pay with performance.” than 1%, compared with as much as Then again, Wall Street also 8% for other government agencies. struggles to link pay with perform- Boston Consulting acknowl- ance. It’s hard to see why its regula- edged that one reason for the low at- tor should be any different. Ⅲ

BANKS LISTED AS “JOINT LEAD MANAGERS” in last week’s IPO for 9 hospital operator HCA. That tied the record for the most banks leading a single IPO since records began in 1985, according to Thomson Reuters.

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Sprint Customized Connection Savings: Offer ends 4/16/11. $10 monthly discount requires activation on select business plan and mobile broadband plan. Savings claim based on participation in eligible plans for 12 consecutive months. No more than one discounted connection offer allowed per line of service on select business plans. Voice/3G Data Usage Limitation: Sprint reserves the right, without notice, to limit throughput speeds, and to deny, terminate, modify, disconnect or suspend service if off-network usage in a month exceeds (1) voice: 800 minutes or a majority of minutes; or (2) data: 300 megabytes or a majority of kilobytes. Prohibited network use rules apply. See in-store materials or sprint.com/termsandconditions for specific prohibited uses. Mobile Broadband/Connection Plan: Includes 5 GB of data usage. Additional data usage is $0.05/MB. Connection Plan 3G Data Usage Limitation: Sprint reserves the right to limit throughput speeds or amount of data transferred; and to deny, terminate, modify, disconnect or suspend service if usage exceeds 300 MB/month while off-network roaming. 1,024 KB equal 1 MB. 1,024 MB equal 1 GB. Other Terms: Coverage is not available everywhere. The Sprint 4G Network reaches over 70 markets and counting, on select devices. The Sprint 3G Network reaches over 271 million people. See sprint.com for details. Offers and service plan features not available in all markets/retail locations or for all phones/networks. Pricing, offer terms, fees and features may vary for existing customers. Other restrictions apply. See store or sprint.com for details. ©2011 Sprint. Sprint and the logo are trademarks of Sprint. The HTC logo and HTC EVO are trademarks of HTC Corporation. Other marks are the property of their respective owners. 20110314-NEWS--0006-NAT-CCI-CN_-- 3/11/2011 12:07 PM Page 1

MARCH IS NATIONAL KIDNEY MONTH 26 million Americans — 1 in 9 adults — have kidney disease and most don’t know it. NEW YORK,NEW YORK HIGH Valerie Block BLOOD PRESSURE. edited by DIABETES. PROCRASTINATION.

THREE THINGS THAT CAN Tupperware whips up gourmet makeover LEAD TO UPPERWARE—the 64-year-old brand known for KIDNEY T originating house parties—wasn’t even a flash in the pan DISEASE. for Michael White (right) a month ago. But the chef and co-owner of the Altamarea Group is set to prepare fancy private dinners on Tuesday and Wednesday in the penthouse suite of The Setai Fifth Avenue hotel, using Tupperware tools as varied *G
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CEO Rick Goings. ¶ Mr. White, the head of acclaimed 7JTJU
loveyourkidneys.org eateries such as Marea and Ai Fiori (at The Setai), is the most prominent chef Tupperware has partnered with so This message is made possible with support from far. He called his relationship with the company “a work in progress.” ¶ He won’t be the only star at the inaugural “TupperClub.” Singers Ashanti and John Legend, and Josh Charles, who stars on The Good Wife, are set to attend © 2011 National Kidney Foundation, Inc. All rights reserved. 03-25-522B_BBB

on Tuesday. sung evan Impact of Gay Marriage” at Medicine.” MetLife. “They could be going to “The bottom line is we’ve built hotels in Manhattan.” up quite a bit of equity in the Lee Badgett, an economics North Shore-LIJ name,” the professor at the University of spokesman said. Massachusetts and a panelist, estimates that about 18,000 istock photo couples in New York state would Broadway guy A QUARTER OF take advantage of a change in the goes Hollywood Gay wedding bells law and would spend as much as ring cha-ching $135 million on their nuptials. THE ASSOCIATE DIRECTOR of Jersey A MILLION READERS But the economic benefits would Boys is taking his first step into GOV. ANDREW CUOMO promised extend beyond caterers and filmmaking. West Hyler, who helps last week to put his political wedding planners. cast and direct new actors in the AWAIT capital on the line in the fight for Insurance agents can’t wait to musical’s productions around the same-sex marriage.Tonight, the pitch gay couples. “When world, will debut a short at the 40 NAMES Manhattan Chamber of individuals see themselves in a International Family Film Festival Commerce and gay activists will formal relationship, they address in Hollywood on Sunday. host a panel discussion on one of issues” concerning their future, A Jake and a Tom, a coming-of- the key benefits of changing the said MetLife assistant vice age story, features two (human) law: It would boost business in the president and panelist Jeffrey turkey hunters and two state, as it has in Connecticut. Hollander. “People are taking the train up to Stamford to get married,” said Paul Schindler, editor-in-chief of Guess we’ll keep Gay City News, who will be the old name moderating “The Economic NEARLY A YEAR’S EFFORT with a global rebranding company has A RICH WEB ended without a new name for the MAN: TUROFHEDK SPIDER--MAN: TURN OFF THE DARK North Shore-LIJ Health System. After (animated) turkeys. Mr. Hyler, a may be flailing, but Spidey the acquiring Lenox Hill Hospital in Kentucky native, received a comic-book character can still March 2010, the system hired $100,000 grant from the South spin gold. ComicConnect.com Landor Associates—whose Carolina Film Commission for just sold a mint copy of the customers include Target,Tide the project. He also enlisted some Steve Rankin superhero’s and Kraft—to find a moniker Jersey Boys alumni. , first issue, more appropriate to an director of the musical’s fight organization extending beyond scenes, plays the lead; Levon from 1962, Long Island. Ichkhanian, a guitarist in its for $1.1 mil- “We were also hoping for a Toronto production, wrote the lion. Only one- or two-word name,” a score. Superman’s spokesman said. Mr. Hyler, who is set to direct 1938 debut Though the team came up the Big Apple Circus next year, has com- with a few, including “NorthStar,” admitted that he’s nervous. “With March 28, 2011 manded that key players liked, copyright film,” he said, “you can’t make any more, with searches showed that they were changes, like you can with a copy sell- taken. Additionally, the system musical theater.” ing for $1.5 had just received accreditation for million last year. its new medical school as “Hofstra Contributors:Lisa Fickenscher,Matthew North Shore-LIJ School of Flamm, Gale Scott, Miriam Kreinin Souccar

6 | Crain’s New York Business | March 14, 2011 20110314-NEWS--0007-NAT-CCI-CN_-- 3/10/2011 8:04 PM Page 1

NEIGHBORHOOD JOURNAL Yankee Stadium garages striking out

Last year,Bronx Parking officials shortfall on Metro-North and its street parking spots are consumed Bronx outfit faces complained that an estimated 800 new train station at Yankee Stadi- by fans on game days. default on bonds as cars a game were parking at the um, which the company said is re- nearby Gateway Shopping Center. ducing the number of cars—the Time to reconsider fans park elsewhere And for good reason: Spaces at the very purpose for building the station LOCAL LEADERS said it’s all a waste. PARK IT HERE: Facilities have 9,000 spaces. and residents fume center cost about $4 an hour, com- (with public money). “The first step should be to re- pared with $23 a game for a self- According to Metro-North data, consider how they’re using these velopment in this area.” park space in the stadium garages an average of 3,900 attendees use parking lots,” said Lourdes Zapata, The air rights could be used for BY HILARY POTKEWITZ (or $35 for valet service). This year, the train to get to weekend games, senior vice president of SoBro, the other commercial purposes or for rates will increase to $35 a game and 3,200 take the train to games South Bronx Overall Economic building housing, Ms. Zapata said. HE FIRST PITCH of the ($45 for valet), according to the during the week. Development Corp. “Looking at “At this point, I don’t think any- baseball season and the company’s 2011 operating budget. Meanwhile, residents have them exclusively for parking is a thing should be off the table,”she re- return of thousands of Bronx Parking also blamed its groused that despite the garages, shortsighted way of looking at de- marked. Ⅲ fans cannot come fast enough for most busi- Tnesses around Yankee Stadium. But one company might prefer that April be postponed this year. Bronx Parking Development Co., which runs the garages for the new stadium, faces an April 1 due date for a $6.8 million interest pay- ment on bonds issued to fund con- struction of three facilities.The com- pany had to dip into reserves to make a similar payment in October, and— barring a last-minute renegotia- A Real Plan for tion—all signs point to a default this time. A default could set up a seizure Expanding Operations. by bondholders and would leave the garages’ future in question. The property, which covers some 21 acres, was part of parkland taken over to make way for the current in- carnation of Yankee Stadium. The potential irony has some in the community seething. “Our community loves its parks, and we could always use more,” said Pastor Wenzell Jackson, chairman of Bronx Community Board 4, which includes the stadium and the surrounding area. “Now there’s just empty parking garages that are not benefiting the community.” A spokesman for Bronx Parking declined to comment on its financial situation.Its parent company,Com- munity Initiatives Development Corp., also would not comment. Build a hotel Anne D. Shybunko-Moore COMMUNITY LEADERS, including President, GSE Dynamics, Inc. Borough President Rubén Díaz Jr., and State Bank Client are planning for what comes next. “We’ve been working diligently to bring a top-flight hotel to the area near Yankee Stadium,” Mr. Díaz said in his State of the Borough Ad- dress late last month. “As many of you have heard,the Yankee Stadium parking lots are facing severe finan- cial problems … and we believe one of the garages could be used for the Put Your Business in a Be er State. hotel development.” Every day provides new possibilities to prove dreams can be realized. It’s clear that not all the garages are needed. In August, Bronx Park- State Bank supports this visionary spirit with real people and real solutions ing admitted that the facilities, which contain 9,000 parking spaces, that free your business to pursue opportunity – to imagine, to plan and were never more than 60% full on game days. As a result, it said, rev- expand. You’ll nd proven expertise, genuine  exibility and a relationship enues were insufficient to service focus that inspires trust. More than bankers, we’re business people, the more than $237 million in tax- exempt bonds issued to fund its listening, learning and responding to your needs, so you can take on project, which involved building tomorrow.
is is the power that comes from pu ing your business in a three new garages and refurbishing 516.465.2300 several existing ones. be er state. Opportunity is calling. Let’s get to work www.statebanko i.com The garages have more competi- tion than any party involved antici- pated—including the city’s Indus- trial Development Agency, which issued the bonds in 2007.

March 14, 2011 | Crain’s New York Business | 7 20110314-NEWS--0008-NAT-CCI-CN_-- 3/11/2011 5:02 PM Page 1

Welch Allyn makes a device that can take a patient’s vital signs and transmit them to a hospital’s 911 A failure to communicate THE INSIDER electronic medical records. Of its MAYOR MICHAEL BLOOMBERG has vowed to replace New York’s outdated 1,300 employees in New York, emergency-response technology. But if the city abandons Vesta—a glitch- by Erik Engquist and Jeremy Smerd about 425 are in manufacturing. prone software still being tested—the mayor will be unable to cut the ribbon Ms. Shimer was named to the on a new 911 system before he leaves office in company’s board in 2002 to provide 2013, according to an internal memo by technical expertise on wireless Gartner Consulting, the city’s technology communication and was named consultant. CEO in 2007. The April 2010 memo obtained by “The “Commercializing technology is Insider” concludes that “if the city decides to Meet the first a great way to grow companies and abandon the Vesta platform completely, create jobs,” she told “The Insider.” Gartner believes it will take three to four years Frustration led her to switch to to select, implement, test and cut over to a business from engineering. Ms. ESDC chairwoman new long-term E911 platform.” Shimer felt the businesses Despite the risks and delays associated supported by her labs at Motorola with giving up on the software, officials at the HE FIRST WOMAN were “uncomfortable with technology risk” and slow to adapt, police and fire departments and at the bloomberg news nominated to chair she said. Engineers, who Department of Information Technology and Telecommunications the Empire State understood the technology, could concluded last September that it should be scrapped, a source familiar with Development Corp. bring it to market faster and gain a the meetings said. The city began investigating ways to keep only the first-mover advantage. Ms. Shimer functional elements of the new system, but the mayor brought in Skip Funk board is an electrical as his head of emergency communications to try to save the entire project. engineer who likes to solve took over a small paging division at T Motorola in 1997 and within a Vesta, meant to replace the antiquated system that receives 911 calls problems and isn’t afraid to be couple of years was running the and delivers them to operators, has faltered in tests simulating high-call an early adopter of new company’s $1 billion North volumes. technology. America paging-subscriber The product of a Verizon subcontractor, Vesta is now well into its 15th business. iteration, and not even Mr. Funk gives it more than a 50% shot of succeeding, Julie Shimer (left), president Engineers make good chief one insider said. and CEO of Skaneateles Falls- executives, Ms. Shimer said, The city has not established a deadline for getting Vesta up and running, based medical device maker because they tend to be problem- but a spokesman for the mayor said network-wide testing is scheduled to be Welch Allyn, doesn’t have solvers. “We look at a problem as a completed in June. The spokesman said the testing has shown “positive good challenge and a lot of fun, results.” specific plans for the ESDC to create high-tech jobs, nor rather than as a pain in the neck,” The new system is part of a larger, $2 billion overhaul of the city’s does she yet know where she fits into Gov. Andrew Cuomo’s she said. emergency-response service that has dragged on for years. plan to have regional economic councils spur high-tech development. Regional councils But Ms. Shimer, 58, does know why she was selected. Welch will help SUNY promised that change is coming, to transportation officials within the Allyn is the kind of business the governor would love to see all but whether that means shuttering next month.The winner will prepare over the state. And the holder of a patent for a semiconductor TO THE CRITICS who believe SUNY’s schools “remains to be seen,” she a pilot project to begin this summer. budget problems stem in part from said. Sources confirm two finalists: Alta laser is the kind of businesswoman more likely to be found in having too many campuses—64— Ms. Zimpher, seeking to Bicycle Share, based in Portland, Silicon Valley than 20 miles west of Syracuse. Chancellor Nancy Zimpher has consolidate shared services and Ore., and B-Cycle, owned by better coordinate similar course Wisconsin cycle maker Trek, health offerings between schools, said insurer Humana and ad agency Gov. Andrew Cuomo’s regional Crispin Porter + Bogusky. economic councils could save It was unclear whether a third additional money by “further proposal, by BYKNYC, had been knitting together” the campuses in rejected or not. Founder Aaron each of 10 regions. “We’ve already Marks, a former analyst at got them talking to each other,” Goldman Sachs and hedge fund Ms. Zimpher said. “Out of that SAC Capital and representatives may come something more than from Alta and B-Cycle declined to shared services.” comment. A bridge to PPPs Unions finally THE NEWLY CONFIRMED state embrace Wilson Department of Transportation commissioner said a private-public HARRY WILSON (below) sees the irony partnership could help pay for the in his recruitment by the Teamsters $800 million replacement of the to save union jobs after labor Kosciuszko Bridge. Joan McDonald opposition cost him the state said she hasn’t explored revenue comptroller’s race. But, he told “The options.Tolls would likely be Insider”: “I always believed that if the needed to create revenue for private public-sector unions really developers to pay for a new bridge understood what I was trying to do connecting Greenpoint and long-term, they’d understand that I Maspeth. With state transportation was working in their best interest.” capital funding set to run out by Mr. Wilson said he wants to 2012, private-public partnerships address unfunded pension liabilities are being considered for the Tappan and spiraling Zee and Goethals bridges. government costs. He is helping Whittling down to restructure bike hopefuls ailing trucking company THE SIX APPLICANTS vying to run the YRC Worldwide, city’s bike-share program have been where 25,000 reduced to two, possibly three.The jobs are at finalists are expected to present plans stake. Ⅲ

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8 | Crain’s New York Business | March 14, 2011 20110314-NEWS--0009-NAT-CCI-CN_-- 3/10/2011 5:40 PM Page 1

SMALL BUSINESS Veterans’ grit gives startups muscle PRESSED FOR SUCCESS: and JetBlue Airways. at seven universities nationwide, in duces vets to franchise op- Sang Cho Ex-military personnel credits the Some servicemen and women partnership with the SBA.The “Buy portunities—to buy a Marines with prove well-suited to learn that they prefer to accomplish Veteran” campaign, launched by the Smart Tax store in Queens- teaching him their goals outside of the armed National Veteran-Owned Business bridge,Queens,for $40,000. determination. new firms’ risks, rigors forces’ “Yes, sir” culture. But it’s not Association last Veterans Day, con- Mr. Quintana expects easy for every vet recovering from nects Americans with the country’s $80,000 in sales this year. BY DIANE HESS war to leap into business ownership. 3 million veteran-run businesses. After he got the keys to buck ennis In recent years, the government, his shop in December, Mr. Quin- chanic in the Marine Corps. His ANG CHO didn’t initially nonprofits and private-sector enter- Program provides a boost tana turned to a handful of buddies team once had to fix 379 vehicles plan on leaving the military prises have taken steps to support JORGE QUINTANA, 32, just took ad- to help him gut the store and com- and 129 trailers in two months to in 2005 after his deploy- entrepreneurial veterans. The En- vantage of a 25% discount from Vet- plete a renovation in two weeks. He meet inspection standards. ment in Iraq. Indeed, he trepreneurship Bootcamp for Veter- Fran—an International Franchise credits his can-do attitude to his “We worked 16-hour days and had dreamed of becoming ans with Disabilities offers training Association initiative that intro- four years as a diesel-engine me- ate in the shop,” he recalled. Ⅲ Sthe first Korean-American general in the U.S. Marine Corps. But when his parents convinced him that it was time to come home, Mr. Cho seized the chance to grow their dry-cleaning business into a commercial laundry company,Pres- tige Hospitality Services, which he expects to post $30 million in sales this year. It has four facilities—in Manhattan,the Bronx and New Jer- sey and on Long Island—and one is on the way in the Philadelphia area. Entrepreneurship came easily for Mr. Cho, 29. Relying on the dis- cipline and attention to detail he cultivated as a sergeant, he quickly grasped how to serve customers, prepare invoices and manage his 350-plus employees as they process 250,000 pounds of laundry daily. “I don’t walk around our plants with an M16,” Mr. Cho said. “But the basic qualities of determination and refusal to give up on problems, which the Marine Corps teaches you, are part of my job every day.” Gravitating to opportunities ENTREPRENEURIAL CAREERS are at- tracting many veterans, locally and across the country. The U.S. Small Business Administration estimates that one in seven veterans is self- employed or owns a small business, and that vets are 50% more likely than the rest of the work force to be- come entrepreneurs. The trend is attributable partly to a weak job market, but also owes to veterans’ disposition and skills, which a stint in the military hones. “A lot of people have good ideas, but they don’t have the stomach for risk-taking,” said Ari Ginsberg, a professor of entrepreneurship at New York University’s Stern School of Business.“Soldiers are steeled for You want a financial ally with a powerful grasp of the national and international marketplace. With Union Bank®, you’ll have the this kind of experience.” They also have the discipline to expertise and solutions you need to expand your business on a global scale. Our relationship managers can help you streamline tough it out in New York City’s com- operations with everything from global treasury management solutions to foreign exchange. And through our relationship with petitive market.Consider Chris Can- Mitsubishi UFJ Financial Group, you’ll have access to local experts in over 40 countries. That’s the definition of a strong global partner. cialosi, who spent two years as an Army battalion operations officer in Iraq and as a Black Hawk helicopter With Union Bank, the world can be an easy place to do business. Call us today. pilot. He launched organizational Commercial Treasury Services: Corporate & Institutional Treasury Services: Specialized Financial Services: consulting firm GothamCulture five years ago; it’s on track to record Les J. Goodwin Marla Feldman Robert Dawson over $1 million in sales this year. 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March 14, 2011 | Crain’s New York Business | 9 20110314-NEWS--0010-NAT-CCI-CN_-- 3/11/2011 3:09 PM Page 1

VIEWPOINT Don’t rain on our parade route editor in chief Rance Crain publisher, vp Jill R. Kaplan HE BLOOMBERG ADMINISTRATION’S Work planned at the Times Square pedestrian plaza is rerouting of the Macy’s Thanksgiving Day hardly a reason to relocate the parade, which has navigated EDITORIAL editor Xana Antunes Parade from its traditional path through around more significant construction before. managing editor Glenn Coleman Times Square has left businesspeople Moving the event to Sixth Avenue for two years raises the deputy managing editors Valerie Block, Erik Ipsen angry and perplexed.They cannot think of possibility that it will never return to the route that has been assistant managing editor Erik Engquist a single good reason to move the parade such a bonanza for the city. Mr. Bloomberg should reverse senior producer, projects Kira Bindrim senior producer, news Elisabeth Butler Cordova and its beloved balloons to drab Sixth his decision. contributing editor Avenue. Neither can we. Elaine Pofeldt columnists Greg David, Alair Townsend The official explanation is that construction will affect pulse editor Barbara Benson T senior reporters Theresa Agovino, Times Square for the next two years. But Mayor Michael Et tu, Richard? Aaron Elstein, Lisa Fickenscher, Bloomberg’s comments last week were telling. “Sixth Matthew Flamm, Miriam Kreinin Souccar THE ARREST reporters Marine Cole, Amanda Fung, Avenue is far and away Macy’s preference,” he said. “Macy’s of state Sen. Carl Kruger last week for Daniel Massey, Adrianne Pasquarelli, is paying for the parade. We’ll try to do whatever we can to allegedly taking more than $1 million in bribes came as Jeremy Smerd art director Steven Krupinski accommodate them.” no great surprise to observers of Albany and the Brooklyn deputy art directors Carolyn McClain, He should have insisted on a parade that showcases the senator. Mr. Kruger’s reputation as a self-interested Daniel Mednick staff photographer Buck Ennis signature attractions of Times Square and Broadway.The operator with questionable ethics goes back decades and copy desk chief Wendy Zuckerman retailer has the right to request a route change, but the became increasingly obvious as he rose to power in the copy editor Thaddeus Rutkowski research editor Dana Gordon administration’s job is to do what’s best for the city.That Senate. assistant research editor Suzanne Panara means letting the parade stay put. But Richard Lipsky, who is charged with funneling cash research interns Anya Khalamayzer, Laura Shin editorial interns Benjamin J. Spencer, Images of the parade are broadcast around the world, to Mr. Kruger in exchange for political support, is another Teresa Tomassoni making Thanksgiving—along with New Year’s Eve—one matter. A lobbyist for 30 years, Mr. Lipsky cast himself as a of the two most lucrative days of the year for owners of defender of small business against imperialist, Machiavellian EDITORIAL AND ADVERTISING OFFICES 711 Third Ave., New York, NY 10017-5806 Times Square signage. Sixth Avenue cannot replicate that politicians and bureaucrats. He portrayed himself as a editorial: 212.210.0277 Fax 212.210.0799 revenue. In addition, the Seventh Avenue route has 200 lobbyist motivated by morality. Sadly, it is impossible to read advertising: 212.210.0259 Cable craincom nyk retail businesses, about 50% more than Sixth Avenue, and investigators’ account of Albany’s latest scandal without Fax 212.210.0499 7,000 hotel rooms, compared with 3,000 along the concluding that Mr. Lipsky became everything he claimed Entire contents ©copyright 2011 Crain Communications Inc. All rights reserved. proposed route. to oppose—and worse. ®CityBusiness is a registered trademark of MCP The parade draws visitors who spend several days Mr. Lipsky’s clients had the good sense to fire him when Inc., used under license agreement.

patronizing hotels, holding catered events, seeing Broadway his actions came to light.The MediSys Health Network has TO SUBSCRIBE: shows, shopping and dining out. It brings a flood of revenue not done the same to its chief executive, David Rosen, who is Call 888.909.9111; fax 313.446.6777. $3.00 a copy, $59.79 one year, $109.79 two years. to Seventh Avenue businesses and, ultimately, the city’s accused of paying hundreds of thousands of dollars to www.crainsnewyork.com coffers. Shifting parade viewers to Sixth Avenue office legislators for political favors. We cannot imagine what buildings and cold sidewalks risks a drop in tourism. MediSys is waiting for. ADVERTISING AND MARKETING advertising director Trish Henry senior account managers Irene Bar-Am, Courtney McCombs sales manager, classified print & online John Gallagher CRAIN’S ONLINE POLL COMMENTS sales coordinator, print & online Lulé Haznedari newsletter product manager SHOULD DONALD Alexis Sinclair credit Todd J. Masura 313.446.6097 TRUMP RUN FOR marketing director Amy Crossman A letter on letters assistant marketing manager PRESIDENT? Sabra Harrison WHAT NORMAL NEW YORKERS BELIEVE should focus on to bolster the prospects for director, audience development Date of poll: March 10 economic growth in their areas” (Opinion, John LaMarca 341 votes WELL WELL. senior audience development manager , Isn’t it interesting that all your Feb. 21). Tarek Cotran reader letters in the Feb. 21 issue of Crain’s Actually, the No. 1 initiative that the city’s support Walmart? I wonder what kind of five borough presidents can focus on to bolster web developer, interactive Chris O’Donnell Yes. He gets AstroTurf lobbying effort is afoot. our prospects is education reform. NEW YORK PRODUCTION things done, . 30% No normal New Yorker welcomes a retailer While the initiatives that each president and he’d that has had a hand in so many social crimes. cited would indeed stimulate the economy in production and pre-press director

shake up the Michael Corsi

Washington When your letter-writers promote Walmart’s the short term, investment in public education advertising production manager . alleged tax boost to the city’s coffers, they is the city’s optimum long-term strategy, with scene like 70% Suzanne Fleischman Wies no one else. neglect to put price tags on any of the the added benefit of transforming environmental, mercantile, community and neighborhoods into attractive communities for PUBLISHED BY CRAIN COMMUNICATIONS INC. even national security issues that the behemoth parents who cannot afford private school chairman Keith E. Crain Walmart has effected in the last few decades in tuitions. Rance Crain No. We’re talking president degraded towns and cities and landfills across There is no better path to a strong and secretary Merrilee Crain about leadership treasurer Mary Kay Crain of the free world, the U.S. sustainable economy than an educational Yes, I know this is America, where system that enables the city’s schoolchildren to executive vp, operations William Morrow not some reality senior vp, group publisher Gloria Scoby show. capitalism is king, but don’t expect me to fall in fulfill their potential to compete in our group vp, technology, circulation, line with desiring a cheap shopping alternative. information-based, global economy. manufacturing Robert C. Adams No one needs more junk (or junk jobs) at the —dr. pamela cantor vice president/production & real price that Walmart extracts. President and CEO manufacturing David Kamis —elizabeth frenchman Turnaround for Children Inc. chief information officer Paul Dalpiaz corporate circulation/audience development director Kathy Henry CRAIN’S WELCOMES SUBMISSIONS to its opinion THREE WORDS FOR THE FIVE BEEPS: founder G.D. Crain Jr. (1885-1973)

bloomberg news pages. Send letters to [email protected]. SCHOOLS, SCHOOLS, SCHOOLS chairman Mrs. G.D. Crain Jr. (1911-1996) For this week’s questions: Go to Send columns of 475 words or fewer to www.crainsnewyork.com/poll to have your say. YOU INVITED the five borough presidents to [email protected]. Please include the writer’s “identify the No. 1 initiative that the city name, company, address and telephone number.

10 | Crain’s New York Business | March 14, 2011 20110314-NEWS--0011,0012-NAT-CCI-CN_-- 3/10/2011 8:10 PM Page 1

OPINION Each time gain of 23,600 jobs in 2010, anoth- er 20,400 are forecast for this year, City gaining jobs, more than half of them accountants, lawyers and other professionals. the state raises But two other sectors responsible for a large share of the anticipated but at lower pay job gains don’t pay nearly as well. taxes by a The education and health services sector (which doesn’t include public BY RONNIE LOWENSTEIN schools and colleges and public hos- pitals) is projected to add 16,400 billion dollars, HILE NEW YORK CITY has already regained jobs in 2011, on top of the 21,200 more than 40% of the jobs lost during the re- added last year. Pay averaged cession,the mix of jobs added is not the same $50,000 in 2010, modest compared with the financial or even profes- as the ones that disappeared. The most im- sional services sectors. 188,000 portant difference is that many of the jobs The leisure and hospitality indus- we’re regaining don’t pay as well as the lost jobs.Lower pay means try pays even less, averaging $43,000 W in 2010. The IBO anticipates this less money to spend and less of a boost to the local economy. sector will add 10,800 jobs this year, New Yorkers By the fourth quarter of 2010, the city had regained roughly after gaining 10,600 in 2010. The expected job gains could be 58,000 of the 132,000 private-sec- upended by a number of factors. tor jobs lost from the peak of em- New jobs offer New Wall Street regulations are still move out. ployment in the third quarter of being written and could affect fi- 2008 through the recession’s trough less of a boost nancial industry profitability and,as in the third quarter of 2009.The lat- a result, hiring. National health care At some point, est projections from the Indepen- to the economy, reform and state-level Medicaid dent Budget Office estimate that changes are also just taking shape the city will gain another 73,200 tax revenues and could lead to fundamental there won’t jobs in 2011 (fourth-quarter 2010 changes in an industry that added through fourth-quarter 2011). jobs through recent downturns. Although a quarter of the pri- The city is benefiting from a vate-sector jobs lost in the recession broad-based recovery, with private- be anyone were in the financial industry, the securities is the city’s highest-paying sector job gains in all industries ex- IBO projects that finance will gen- major industry. Securities sector cept manufacturing. But to the ex- erate only about 9% of the jobs added wages (including bonuses) averaged tent that the added jobs are less left to tax. this year. But at the same time, this an estimated $347,000 in 2010. highly paid than the jobs that were industry will generate 60% of the in- Professional and business servic- lost, they will provide less of a boost crease in the city’s aggregate wages. es is expected to be the biggest jobs to the economy and tax revenues. The securities sector alone is expect- gainer in 2011. The sector is rela- ed to account for nearly 36% of the tively high-paying, with average Ronnie Lowenstein is director of the New increase—not a surprise, given that 2010 wages of $102,000. After a York City Independent Budget Office.

mirable, each is being championed by isolated groups of stakeholders. This is a time when consensus is New tunnel plan: needed among all the local,state,re- gional and federal authorities that Over the last decade the state will be tasked with providing the has lost 1.7 million people and first stop, unity political muscle and identifying the funding streams required to build a new tunnel. 400,000 jobs. The problem isn’t BY RICHARD T. ANDERSON The governors of New York and New Jersey, Mayor Michael that we’re taxed too little, it’s AST OCTOBER 15 Bloomberg, the Metropolitan , despite years of project planning that the state spends too much. and more than $600 million in initial investment, Transportation Authority, the Port Authority, NJ Transit, Amtrak, the New Jersey Gov. Chris Christie unilaterally termi- Federal Transit Administration, key And then, they come back to the nated construction of a vital new trans-Hudson rail elected representatives in Albany, tunnel known as Access to the Region’s Core. Trenton and Washington, D.C., taxpayers for more. Fortunately, The ARC project enjoyed broad public support and was and industry experts all have a say as L to how a tunnel will be built and how Governor Cuomo has a plan championed by a long list of New York and New Jersey officials, it will be funded. as well as New Jersey Transit and the Port Authority of New The first step, then, is to get that balances the budget and everyone in one room in order to York & New Jersey. What’s more town Manhattan, created 6,000 quickly reach agreement on a plan maintains needed programs impressive, an unprecedented $9 construction jobs and added more that is feasible, affordable and sus- billion in funding was assembled than $10 billion to the gross region- tainable. Only then can we move on without raising taxes. Raising from various local,regional and fed- al product was lost. to other key issues,such as where the eral sources. What the ARC project But the governor’s decision, money will come from in an era of taxes costs us people and jobs. lacked—like so many other worth- however shortsighted, has renewed shrinking resources, and how the while projects—was agreement over the public focus on the need to in- risks can be shared equitably among Tell the legislature: ENOUGH. how risk should be shared among crease commuter rail capacity be- all beneficiaries of a future tunnel. the stakeholders and beneficiaries. tween New York and New Jersey. It The New York Building Con- This allowed Mr. Christie to has also prompted alternative ideas, gress recommends that Govs. claim that he pulled the plug be- such as the City of New York’s pro- Christie and Andrew Cuomo con- Visit LetsFixAlbany.org cause New Jersey taxpayers were on posal to extend the No. 7 subway vene this panel of stakeholders in or- the hook for any and all cost over- line to New Jersey,and another pro- der to determine a new way for- runs on the project, for which cost posal by Amtrak and New Jersey ward—before yet another window estimates varied by as much as $3 Sens.Frank Lautenberg and Robert of opportunity closes. billion. A once-in-a-generation Menendez to bring a new train tun- PAID FOR BY THE COMMITTEE TO SAVE NEW YORK, INC. project that would have doubled nel directly into Penn Station. Richard T.Anderson is president of the New rush-hour train capacity into mid- While these proposals are ad- York Building Congress.

March 14, 2011 | Crain’s New York Business | 11 20110314-NEWS--0011,0012-NAT-CCI-CN_-- 3/10/2011 8:10 PM Page 2

OPINION

Most of the people responding to my poll are fired up about the SHOWMAN: Eliot Spitzer for mayor news. Spitzer has done little One of the most politically in- to dispel a rumor that volved businesspeople I know, who he’s interested in a said he was a Spitzer supporter and mayoral run. may be real drama contributor pre-scandal, reported that he “stopped using CNN as my home page when they started pro- RT FREQUENTLY IMITATES LIFE—for example, on moting him—I could not stand see- the hit television show The Good Wife, in which a ing his face every day.” politician named Peter Florrick is attempting to Another asked if Mr. Sheen was revive a career derailed by a prostitution scandal. going to be on the ticket, maybe for comptroller. And one plaintively The locale may be Chicago and the office he’s try- asked why Mr. Spitzer won’t just go Aing to regain that of Cook County state’s attorney,but away quietly to run his the inspiration is Eliot Spitzer. dad’s real estate busi- ness. Mr. Spitzer’s life is now imitating art as the former A City Hall veteran governor drops hints that he wants to run for mayor picked the “appalling” option but insightfully in 2013. Is he watching The Good turned-CNN talk- suggested that syco- Wife? Is his wife, Silda? Is this news show host was mulling phants were encourag- appalling, ridiculous or something a mayoral bid. The re- ing the disgraced gover- to be taken seriously? port was credible, be- nor to seek the office.

To find out, I decided to poll the cause Mr. Gasparino The amazing thing bloomberg news most politically astute people I has good Spitzer about my very unscien- know. The results may surprise at sources from his work GREG tific poll, however, was rick), New York politics are so cus attention on her and on their first. on the Wall Street DAVID that a sizable number of bizarre that this could actually fly,or children.The spotlight would be in- If you haven’t been paying atten- scandals of the Inter- participants, especially the field is so weak that Mr. Spitzer tense. After all, Julianna Margulies, tion—perhaps because the Charlie net-bubble era. And journalists, said that a might stand out. who plays Mr. Florrick’s wife in the Sheen spectacle is sating your Mr. Spitzer himself threw gasoline Spitzer-for-mayor campaign should Seriously, they say that! drama, is acting. It would be all too tabloid appetite—here are the ba- on the fire when he failed to rule out be taken seriously. I wonder what Silda thinks? If real for Silda. sics. Fox correspondent Charlie the idea and would say in an inter- The three major rationales: she has been watching The Good Oh,well;maybe Mr.Spitzer’s just Gasparino broke the story earlier view only that he “loves” his job at Americans love a comeback story Wife, she knows that any political trying to raise his dismal ratings on this month that the governor- CNN. (Nixon, Cuomo and, I guess, Flor- move her husband makes would fo- CNN. At least that’s what I hope.

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12 | Crain’s New York Business | March 14, 2011 20110314-NEWS--0013-NAT-CCI-CN_-- 3/10/2011 7:15 PM Page 1

REAL ESTA TE INSIDE BIDs list New York City’s largest business improvement districts PAGE 17 Deals Plus Space tightens up at the top of trophy towers; Harry Macklowe’s back in action; more PAGE 18

Reborn AT THE CROSSROADS: While just a few years ago, some major brands buildings spurned Times Square, they’re now clamoring to drawing open stores there. crowds Owners cut rents, add amenities to spark interest; three stand out

BY KERRY MURTHA

A PECULIAR THING happened at 825 Eighth Ave. last month. Not one but two large tenants found themselves angling for big blocks of space at the odd- ly located tower, also known as Worldwide Plaza, which has had trouble drawing tenants since the day it opened in 1989. In the end, it was Nomura Holding America that carried the day, signing a letter of in- tent to lease 800,000 square feet of space at the 44-story property, while law firm Welcome Wilmer Hale walked away Worldwide Plaza, Then and Now to Tourist $100 $60 ASKING RENT ASKING RENT per square foot per square foot Town for Cravath under proposed Swaine & Nomura lease Moore in 2007 in 2011 City’s millions of visitors

empty-handed. An improving are rewriting its retail map economy helped spark the con- test,but much of the credit goes to the building’s new owners BY ANDREW MARKS and to their freshly slashed ask- ing rents. THE GOING WAS TOUGH AS TERRY PILLOW rushed to a meeting at the Fred Nomura signed on at an French Building on Fifth Avenue and 45th Street back in December. asking rent of $60 per square “The sidewalk was so thick with tourists and shoppers,it was like wad- foot, and got a generous build- ing through molasses,” Mr. Pillow recalled. out allowance. That contrasts But instead of being irritated—as many New Yorkers are at their starkly with the $100 per tourist-clogged sidewalks, museums and restaurants—Mr. Pillow, the square foot that Cravath CEO of Seattle-based Tommy Bahama Group, was thrilled. His compa- Swaine & Moore agreed to pay ny had just leased 8,500 square feet in the French Building, where asking for its space in the tower back rents were $450 a square foot. in 2007. “More shoppers’ feet on the ground means more business for us,” said “We are willing to address Mr. Pillow,who expects to have the casual apparel chain’s New York flag- the needs of our tenants,” said ship open in time for the 2011 holiday season. “There were less-expen- Peter Duncan, president of sive locations,but this is where our main clientele—tourists and vacation- George Comfort & Sons, minded New Yorkers—are shopping.” which along with RCG See VISITORS on Page 14 Longview purchased the build-

See TENANTS on Page 16 buck ennis

March 14, 2011 | Crain’s New York Business | 13 20110314-NEWS--0014,0015-NAT-CCI-CN_-- 3/10/2011 7:16 PM Page 1

REPORT REAL ESTA TE Visitors redraw city’s retail map

Continued from Page 13 fell an average of 9% from their 2008 destinations are the clearest benefi- Welcome to Tourist Town. New peak to last year’s nadir, but New ciaries of the $31 billion visitor dol- York drew a record 48.7 million York’s decline was just a third of lars spent here last year—$5 billion visitors last year and expects to that. more than in 2006 and just $1 bil- draw 50 million in 2012, and it’s In addition, the report from lion less than the 2008 record, ac- counting its blessings (and curses) as Cushman & Wakefield said, the cording to NYC & Company—but a result. strength of the city’s tourist sector the impact is felt everywhere. More For example, in its year-end re- than 15 million tourists made it to port for 2010, real estate brokerage Brooklyn in 2010, for instance, ac- A LONGER WALK ON FIFTH AVENUE and consulting firm Cushman & More say, ‘I cording to the office of the borough SHOPPING OR STROLLING on Fifth Avenue is a classic New York experience for Wakefield concluded that all those want to see president. locals and out-of-towners alike, which is why retailers are willing to pay eye- sightseers have combined to gener- Sean Hennessey, chief executive popping rents to be there. ate higher store rents, growth in the Williamsburg of Lodging Advisors,a consultant to BOUNDARIES 59th to 42nd streets “It’s about branding and building a footprint of major shopping dis- hotel investors and developers, is tricts and a hotel boom. one of those who have noted the AVERAGE RETAIL RENTS business,” said Terry Pillow, CEO of casual Others experts see a growing and Park Slope trend. Upper (59th to 49th) apparel retailer Tommy Bahama, which Today, $2,300/sq. foot; 2008 tourism cycle. “We’re seeing a significant in- market peak, $2,500/sq. foot; will open a flagship location at 551 Fifth and Dumbo’ crease in tourists who are not only 2001, $1,500/sq. foot later this year. A reliable sector willing to take a 20-minute subway Lower (49th to 42nd) Another case in point: Japanese fast- “NEW YORK HAS PROVED during this or cab ride outside Manhattan but Today, $540/sq. foot; 2008 market fashion sensation Uniqlo, which is paying last big downturn that it’s one of the who are saying, ‘I want to see peak, $593/sq. foot; 2001, $300 million over 15 years to take its $250/sq. foot few places you can really count on Williamsburg and Park Slope and place alongside Tiffany, Cartier, Apple and for tourism, and that’s bringing in a has helped retail rents here rebound Dumbo, along with Times Square NEWEST HOT ARRIVALS H&M on the world’s priciest shopping Urban Outfitters 521 Fifth, opened lot of new hotels and a lot of retail- more rapidly. and Central Park and Fifth Av- Dec. 2010, 32,000 sq. feet corridor. ers,”said Robert K.Futterman,chief That’s what has happened in enue,’ ” Mr. Hennessey said. Hollister 666 Fifth, opened Nov. With sightseers walking past executive of real estate firm Robert shopping magnets like Fifth Av- 2010, 22,000 sq. feet Rockefeller Center on their way to places K. Futterman & Associates. enue in midtown and the SoHo sec- Traversing the river Uniqlo 666 Fifth, opening in 2011, like Bryant Park and the public library, an For many retail landlords, tion of lower Broadway.In both cas- BUSINESS OWNERS in the boroughs 90,000 sq. feet influx of national brands has boosted the tourism kept rents from collapsing es, per-square-foot rents are nearly can attest to that. Natasha Samoy- profile of the strip’s lower end. Asking rents have followed suit, recently during the recession, as they did back to their 2008 peaks of $2,500 lenko is one of the owners of Trunk, climbing to $500 a square foot. elsewhere. In the country’s top 10 and $600, respectively. a boutique on Jay Street in Dumbo retail markets, rents per square foot The primary tourist shopping that opened in October 2009. For-

The owner of one of ’s most desirable apartments had four equal, sealed

bids after listing it in the spring . The owner decided to sell to the bidder

who could solve the following riddle: There were three light switches in the

hallway that lit three different lamps inside the apartment’s foyer. The door .

was closed and there were no windows in the hallway so there was no way of seeing

inside. The owner allowed each bidder to enter the foyer only once to determine which

switch turned on which lamp . One of the bidders quickly called her .

accountant who gave her the solution and she became the proud owner of the classic

junior six. How’d she do it?

2011 Marks Paneth & Shron LLP

Riddles are easy. You want something harder? Try the real estate market. We won’t venture a guess as to which direction it’s heading. But we can help our clients answer other big questions like how will recently proposed tax changes affect property values. We’re Marks Paneth & Shron and for the past 100 years, we’ve been helping real estate owners, builders, developers, investors, property managers and REITs make smart fi nancial decisions. We’re trusted advisors to some of the top real estate developers, management companies and prominent real estate families in the New York area. So if you’ve got a riddle, call us at 212.503.8846 or visit markspaneth.com. We’ll shed some light on it.

VISIT MARKSPANETH.COM/LIGHTSWITCH FOR THE SOLUTION.

14 | Crain’s New York Business | March 14, 2011 20110314-NEWS--0014,0015-NAT-CCI-CN_-- 3/10/2011 7:16 PM Page 2

REPORT REAL ESTA TE

eigners are an important part of her Mr.Slattery noted,however,that during the downturn, dipping to shopper base and in fact make up Manhattan retail rents overall re- 73% in 2009, before climbing back about half of her customers, Ms. main well below their peaks of sev- to 80% last year. Samoylenko said. Retail rents in eral years ago. That resurgence occurred de- Dumbo have recovered from $45 Meanwhile, the need of those 50 spite the arrival on the market of a square foot in 2009 to as high as million visitors to sleep somewhere new room inventory, as properties $80 now. has boosted hotel occupancy rates to including the Trump SoHo, The Back in the Times Square the mid-80% range. Standard, the Ace and the Chatwal Bowtie, space is in such high de- “It’s a figure that the rest of the opened in Manhattan. mand that average rents have al- country and most of the world Hotels also began raising rates ready surpassed their previous peak. would envy,” said travel and hospi- last year, with the average hitting “The Bowtie will be rivaling tality expert Bjorn Hanson, the $330 in December, 8.9% higher Fifth Avenue’s rents soon,” predict- dean of NYU’s Preston Robert than those in 2009, according to STRETCHING LOWER BROADWAY ed Faith Hope Consolo, chairman Tisch Center for Hospitality,Tour- NYC & Company. SOHO’S STYLISH CACHET is encompassing of retail leasing and sales at Pruden- ism, and Sports Management. Rates are likely to be back at peak BOUNDARIES East Eighth to Canal a stretch of Broadway above Houston and tial Douglas Elliman. levels by next year, forecast Arthur streets Brokers also pointed out that High occupancies Adler, CEO of Jones Lang LaSalle trickling south, toward the knockoff-watch AVERAGE RETAIL RENTS stalls on Canal Street. Prada and popular shopping areas are expand- THE DENIHAN HOSPITALITY GROUP, Hotels, Americas. Prince-Spring area Today, ing. For example, the prime Fifth which owns seven Manhattan ho- That’s good news for Eddie $500/sq. foot; 2008 market peak, Bloomingdale’s co-exist with The Gap and Avenue strip now extends south tels, is keenly aware of the power of Hidary, chief operating officer at $600/sq. foot; 2001, $175/sq. foot Forever 21. from its traditional boundary at the city’s tourist economy. Hidrock Realty, who has temporar- Canal Street Today, $200/sq. foot; “SoHo’s always gotten the edgier, 47th Street to 42nd Street, and “Tourists are the reason we’ve ily turned from developing office 2008 market peak, $250/sq. foot; fashion-conscious New Yorkers, and now 2001, $75/sq. foot Times Square is overflowing toward maintained close to 90% occupancy towers to building two midtown ho- that you add all the tourists, it’s a great NEWEST HOT ARRIVALS opportunity,” said Daniel Pang, North Eighth Avenue. rates even as our business clientele tels for Marriott. Aritzia 524 Broadway, opened American president of teen clothier “Retail rents are all about foot declined by more than 20% over the “There isn’t a lot not to like about summer 2010, 15,000 sq. feet traffic, and 50 million tourists make last three years,” said David Dun- the hotel market now,” Mr. Hidary AllSaints 512 Broadway, opened Who.A.U., which opened at 575 Broadway, for a lot of shoppers, albeit concen- can, the Denihan group’s chief fi- said. June 2010, 13,600 sq. feet at Prince Street, just before last Christmas. trated in the few areas that draw big nancial officer. Despite the projected addition of American Eagle Outfitters 599 Mr. Pang didn’t flinch at the cost of crowds,” said Michael Slattery, sen- Aided by hoteliers who aggres- 6,500 hotel rooms over the next Broadway, opened Nov. 2010, space. “Rents are growing because ior vice president at the Real Estate sively slashed rates, the city’s occu- three years, he said: “Even then, we 24,000 sq. feet business is growing,” he said. Ⅲ Board of New York. pancy remained reasonably robust don’t have enough for tourists.” by buckphotos ennis

COMMAND COMPLEX COMPOSED COACH COGNIZANT COLLABORATIVE CONTEMPORARY COUNSEL CONFIDENCE COZEN COURAGE CELEBRATES O’CONNOR COLLEAGUE COMMUNICATOR Geoffrey Ferrer, Corporate / Trial Lawyer

TIMES SQUARE’S SHARP BOWTIE Whether you need an unrivaled trial lawyer or corporate AS RECENTLY AS TWO YEARS AGO, major retailers were still leery of the Crossroads counsel who understands your business, our attorneys of the World. They were unconvinced that the 37 million or so people gawking at have the training and fl exibility to help you win. the neon billboards or catching a Broadway show were interested in serious shopping. But big names are now clamoring For worldwide offi ces, visit us at cozen.com. BOUNDARIES West 42nd to West for a place in the Bowtie, the area’s heart of 47th streets between Broadway and five and a half square blocks. Seventh Avenue Family-friendly venues and teen Abby M. Wenzel, Offi ce Managing Partner AVERAGE RETAIL RENTS fashion are the prime shopping features of $1,400/sq. foot; 2008 market peak, 277 Park Avenue $600/sq. foot; 2001, $350/sq. foot Times Square. “It’s now considered the New York, New York 10177 212.883.4997 | [email protected] NEWEST HOT ARRIVALS best bang for retailers’ buck, with signage Aéropostale 1515 Broadway, opportunities, an extended shopping day— Geoffrey D. Ferrer, Offi ce Managing Partner opened Oct. 2010, 19,000 sq. feet some stores are open until 2 a.m.—and 16th Floor, 45 Broadway Forever 21 1540 Broadway, 365,000 pedestrians each day who’ve New York, New York 10006 212.908.1201 | [email protected] opened June 2010, 90,000 sq. shown they’re willing to spend real money,” feet Disney Store 1540 Broadway, said Faith Hope Consolo, chairman of 550 Lawyers | 24 Offi ces opened Nov. 2010, 20,000 sq. feet retail leasing and sales at Prudential Douglas Elliman. Brad Mendelson, executive vice president at Cushman & Wakefield, brokered the pioneering deal that brought Toys “R” Us to 1514 Broadway a The confi dence to proceed. decade ago. “National and international retailers see that all those tourists are ® anxious to spend money here, and now the rush is on to open big flagship © 2010 Cozen O’Connor stores,” he said.

March 14, 2011 | Crain’s New York Business | 15 20110314-NEWS--0016-NAT-CCI-CN_-- 3/10/2011 7:49 PM Page 1

REPORT REAL ESTA TE

825 EIGHTH AVE., Tenants flock to reborn buildings WORLDWIDE PLAZA Continued from Page 13 math of the recession from over- cutting rents. Now, towers that re- ing in July 2009 from Deutsche leveraged owners or their lenders. mained nearly half-empty and OWNER George Comfort & Sons Bank for $590 million—70% less Under new ownership, and with re- couldn’t charge rents high enough to and RCG Longview than Harry Macklowe paid for it duced break-even points from their finance their debt are offering ten- PURCHASE PRICE $590 million two years earlier. Mr. Duncan said lower debt-service payments, they ants competitive rents and eye- PURCHASE DATE July 2009 his firm is currently in negotiations are making waves in the market. In catching amenities. with at least five companies looking the case of three of them—World- “There are substantial discounts FORMER OWNER Harry Macklowe to lease space. wide Plaza, 1540 Broadway and 100 to be had,” said Luigi Rosabianca, STORIES 42 Worldwide Plaza is one of a Church St.—the new owners have principal attorney and founder of real number of buildings large and small quickly pressed their advantage by estate law firm Rosabianca & Asso- SQUARE FEET 1.7 million that were snapped up in the after- pouring money into renovations and ciates. VACANCY RATE, CURRENT/PRIOR TO PURCHASE 30%/40% Good deals downtown 100 CHURCH ST. MR. ROSABIANCA SAID he has down- ASKING RENT PER SQUARE FOOT, town clients who have purchased a CURRENT/2008 Mid-$60s/$80 OWNER SL Green Realty Corp. handful of Class A and B buildings PURCHASE PRICE Acquired via in recent years for great prices.They foreclosure are currently signing leases for $30 Since then,SL Green has invest- CBRE Investors, which purchased PURCHASE DATE January 2010 to $35 per square foot versus the ed more than $10 million on a new the distressed building for $360 typical price of $35 to $40 per lobby, facade, windows and bath- million in March 2009, converted FORMER OWNER Sapir square foot in the rest of the neigh- rooms. Vacancy rates have dropped the entire eighth floor into an Organization borhood. to 30% from 50% in the past year amenity for tenants. It includes a STORIES 21 Among buyers who have done alone. fitness center, a catering service, a just that is Manhattan’s largest land- Among the new tenants is man- concierge desk and a conference SQUARE FEET 1.1 million lord, SL Green Realty Corp. It took aged care organization Healthfirst, center facility. VACANCY RATE, CURRENT/PRIOR over 100 Church St. via foreclosure. which leased approximately 170,000 TO PURCHASE 30%/50% The 1.1 million-square-foot office square feet last summer. Mostly occupied tower had languished on the market A huge selling point, according the 44-story Class A tower, bet- ASKING RENT PER SQUARE for years. SL Green took over the to Jim Anderson, vice president of ter known as the Bertelsmann FOOT, CURRENT/2008 building when the Sapir Organiza- facilities for Healthfirst, was SL Building, is now nearly 85% occu- $35/$52 tion failed to make an $85 million Green’s willingness to build out four pied, up from 78% at the time of loan payment. contiguous floors of open space for the acquisition. the company, in- The first to sign cluding glass walls, on after CBRE new conference A selling point took over was soft- rooms and an in- ware giant Adobe terconnecting was SL Green’s Systems. The staircase. 21,000 square feet “It’s a building willingness it leased allowed we would have the company to shied away from, if to build out keep its operations not for SL Green’s on a single floor. commitment,”said four floors And while ask- Mr. Anderson. ing rents are $60 to Marisa Manley, $70 per square president of Com- foot, brokers said mercial Tenant Adobe was offered Real Estate Representation, notes a more attractive deal as the first that these types of incentives have tenant in. To date, leases have been become far more commonplace signed for 95,000 square feet. since the recession.“In the past sev- “These landlords are in a better eral years,we’ve seen more landlords position to market a deal because willing to build out space at no cost they aren’t burdened with the carry- to tenants and to offer other accom- ing costs that the prior owners had,” modations.” said Derek Trulson, a broker with In addition to lower rents and Jones Lang LaSalle. “But as the generous build-outs, landlords are market rebounds and credibility for wooing tenants with luxurious these buildings is regained, land- building accommodations. lords can ratchet up the rents and At 1540 Broadway, for example, make more aggressive deals.” Ⅲ 1540 BROADWAY, BERTELSMANN BUILDING OWNER CBRE Investors PURCHASE PRICE $360 million PURCHASE DATE March 2009 FORMER OWNER Harry Macklowe STORIES 44 SQUARE FEET 1.1 million VACANCY RATE, CURRENT/PRIOR TO PURCHASE 15%/22% ASKING RENT PER SQUARE FOOT, CURRENT/2008 $60-$70/$85-$90

16 | Crain’s New York Business | March 14, 2011 20110314-NEWS--0017-NAT-CCI-CN_-- 3/10/2011 7:17 PM Page 1

REPORT REAL ESTA TE NYC’s Largest Business Improvement Districts Ranked by assessment budget

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March 14, 2011 | Crain’s New York Business | 17 20110314-NEWS--0018-NAT-CCI-CN_-- 3/10/2011 7:18 PM Page 1

REPORT REAL ESTA TE

Deals Plus Harry Macklowe keted since July by brokerage Massey Knakal Realty Services,were sold to UP A DOWN is back as a buyer New Valley in October, according to STAIRCASE public city records. Mr. Lorber is Tight at the top HARRY MACKLOWE is staging a come- president and chief executive of New Average asking rent per square back. The ultimate risk-taking de- Valley, which owns 50% of Douglas foot in midtown in February veloper, who lost almost all of his Elliman,and sources say Mr.Mack- empire in a spectacularly bad bet, lowe is partnering on the deal. of trophy towers has teamed up with a new partner— Few developers have suffered Douglas Elliman Realty head hon- bigger losses recently than Mr. +$2.15 PACE AT THE TOP IS GETTING SCARCE.The vacancy cho Howard Lorber—to snap up Macklowe.He and his son,William, INCREASE for the month, loans on a midtown Manhattan de- purchased seven Manhattan office the biggest jump since rate for the uppermost floors of midtown trophy velopment site that were in default. buildings for $7 billion in 2007.They June 2007 office towers had shriveled to a mere 4.2% by the end Sources say Messrs. Lorber and were forced to return them to of February, says Jones Lang LaSalle, which assessed Macklowe plan to build a residential lenders—as well as four others, in- spaces available on the 25th floor and higher tower on the site, located at 953-961 cluding the senior Mr. Macklowe’s S .That First Ave., between East 52nd and beloved General Motors Building— $57.97 contrasts with a vacancy rate of 5.5% for the lower floors of such East 53rd streets. Mr. Lorber de- when they couldn’t pay off the loans. AVERAGE ASKING RENT, down clined to comment, and an individ- Macklowe Properties sold three resi- buildings, and 12.3% for midtown Class A buildings overall. 25.9% vs. the June 2007 level ual who answered the phone at dential buildings to Sam Zell for $475 JLL classifies 52 properties base of 500 Fifth Ave. was Macklowe Properties said the de- million last February.Three months Source: CB Richard Ellis in that market as “trophies.” $50 a square foot in De- veloper does not speak to the press. later, Harry and William separated. The tightness is having cember, says Harry Blair, a However, a spokeswoman for —amanda fung a predictable effect. Colliers International ex- Alexico Group, the developer that and theresa agovino for seven years. The asking rent for “With demand rising ecutive managing director, defaulted on the loans, insisted that the space was $39 per square foot. and the shortage of space, who markets the 59-story it is paying off the debt and intends The Adamstown,Pa.-based firm the asking rent for tower building. The asking rent to proceed with developing the site. Hatmaker’s home has used the entire fifth floor of the floor space has been rising,” for the 58th and 59th Alexico Group and Steven El- measures up 11-story building as its New York said Cynthia Wasserberger, floors was $85 a square foot. ghanayan defaulted three years ago showroom and office since 2005,ac- a JLL managing director. “The views and the light on two notes, valued at $30.6 mil- BOLLMAN HAT CO.,which bills itself as cording to David Levy of Adams & While the average rent 500 Fifth Ave. tend to be the main drivers,” lion, for the vacant 150,000-square- the nation’s oldest hatmaker,has de- Co. Real Estate. Mr. Levy repre- remains well below peak Ms. Wasserberger noted, foot site. Lender Bank of America cided to remain at its Murray Hill lo- sented Bollman as well as the land- levels, the highest floors are flirting explaining the premium for top was in the process of foreclosing on cation. Founded in 1868, the maker lord, 411 Fifth Avenue Associates. with $100 per square foot,versus $78 floors. Typical occupants are hedge them, sources said. Alexico and Mr. and distributor of men’s,women’s and “They are comfortable, and they for trophy towers overall and $65 for funds, private equity firms and oth- Elghanayan had planned a luxury children’s hats and accessories has re- are here,” said Mr. Levy.“It’s a great all Class A midtown properties. er money-management businesses. rental project,the Oliver,for the site. newed its lease for 11,000 square feet location.” The asking rent for space in the —marine cole The notes, which had been mar- at 411 Fifth Ave., at East 37th Street, —amanda fung

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18 | Crain’s New York Business | March 14, 2011 Project2:fp template.qxd 3/10/11 4:51 PM Page 1

WHEN YOU TRULY LOVE YOUR JOB, THE MOVES COME NATURALLY.

Building upon its 25 year history as the most trusted name in New York business, Crain’s is giving readers the opportunity to tell us why their company is the best place to work. Nominations are now open for this annual New York City honor, recognizing outstanding employers in the five boroughs. Companies will be profiled in Crain’s New York Business and honored at an event in the fall of 2011.

Does your company allow you to:

• Work with a stellar group of people? • Do what you enjoy? • Explore new opportunities for growth? • Follow your own path?

Tell us why your company is so great by nominating it as one of New York City’s Best Places to Work at www.bestplacestoworkNYC.com nb11p20-21cl.qxp 3/11/11 2:33 PM Page 20

LUXURY PROPERTIES PUBLIC & LEGAL NOTICES

Notice of Qualification of Mediant Notice of Qualification of PIMCO NOTICE OF FORMATION OF Archa Communications LLC. Authority filed Investments LLC. Authority filed with Consulting, LLC. Articles of with NY Dept. of State on 12/7/10. Secy. of State of NY (SSNY) on Organization filed with the Secretary Office location: NY County. Princ. 1/20/11. Office location: NY County. of State of NY (SSNY) on 02/08/2011. bus. addr.: 17 State St., 7th Fl., NY, LLC formed in Delaware (DE) on Office location: NEW YORK County. NY 10004. LLC formed in DE on 7/7/10. SSNY designated as agent SSNY has been designated as agent 9/6/02. NY Sec. of State designated of LLC upon whom process against upon whom process against it may agent of LLC upon whom process it may be served. SSNY shall mail be served. The Post Office address against it may be served and shall process to: c/o National Registered to which the SSNY shall mail a copy mail process to: c/o CT Corporation Agents, Inc., 875 Ave. of the of any process against the LLC System, 111 8th Ave., NY, NY 10011, Americas, Ste. 501, NY, NY 10001. served upon him/her is C/O the LLC regd. agent upon whom process may Principal office address: 1345 Ave. of 300 E. 79th St., Apt. 7A. New York, be served. DE addr. of LLC: c/o The the Americas, 49th Fl., NY, NY NY 10075. Purpose of LLC: to Corporation Trust Co., 1209 Orange 10105. Address to be maintained in engage in any lawful act or activity. St., Wilmington, DE 19801. Cert. of DE: c/o National Registered Agents, Street address of Principal Business Form. filed with DE Sec. of State, Inc., 160 Greentree Dr., Ste. 101, location is: 300 E. 79th St., Apt. 7A. 401 Federal St., Dover, DE 19901. Dover, DE 19904. Arts of Org. filed New York, NY 10075. FOR SALE Purpose: any lawful activity. with DE Secy. Of State, 401 Federal REAL ESTATE St., Ste. 4, Dover, DE 19901. EAST HAMPTON Purpose: any lawful activities. Motobook LLC. Arts. of Org. filed with NOTICE OF FORMATION of Rubber Secy. of State of NY (SSNY) on OFFICE SPACE Onion LLC. Arts of Org filed with the 12/10/10. Ofc in NY Cty. SSNY UNION/ NEW JERSEY Secy of State of New York (SSNY) on Notice of Formation of James Passin designated agent of LLC upon whom 1/21/11. Office location: NY County. Holdings LLC. Arts. of Org. filed with process against it may be served. SSNY has been designated as an Secy. of State of NY (SSNY) on SSNY shall mail process to 439 Offices Union NJ near Rts 22 & 78, GSP, agent upon whom process may be 2/4/11. Office location: NY County. Lincoln Pl Apt 11, Bklyn, NY 11238. NWK Airport 2600 SF 5 offices + conf rm & served and shall mail a copy of any SSNY designated as agent of LLC Purpose: General. open area Pvt Pkng 1st fl small bldg quiet process to: PO Box 250342 NY, NY upon whom process against it may $1995.00/Mo Call John 973 345-1802 10025. Principal business address: be served. SSNY shall mail process 456 Riverside Drive NY, NY 10027. to: The LLC, 2112 Broadway, NY, NY Name of LLC: Benet Les Designs LLC. STUNNING BEACH HOUSE IN THE DUNES Purpose: any lawful acts. 10023. Purpose: any lawful activity. Arts. of Org. filed with NY Dept. of Amagansett. Impeccable 6,000 SF+/- State: 10/28/10. Office loc.: NY Co. sq. ft. summer cottage next to reserve. Sec. of State designated agent of LLC Notice of Formation of GIREHBAN, West 87th Street Bld LLC. Arts. of Org. Exclusive $11.8M WEB# 35028 VISIT OUR WEBSITE upon whom process against it may LLC. Art. Of Org. filed with SSNY filed with Secy. of State of NY (SSNY) Joseph DeCristofaro, Salesperson 11/24/10. Office Location: NY County. be served and shall mail process to: 631.873.5362 CRAINSNEWYORK.COM on 1/28/11. Ofc in NY Cty. SSNY SSNY designated as agent for designated agent of LLC upon whom c/o Business Filings Inc., 187 Wolf Rd., process. SSNY shall mail a copy of process against it may be served. Ste. 101, Albany, NY 12205, regd. agt. any process to: The LLC, 161 Hudson SSNY shall mail process to Attn: upon whom process may be served. Street, Apt. 6C, New York, NY 10013. Benjamin London, 257 Park Ave S, Purpose: any lawful act. Purpose: To engage in any lawful act NY, NY 10011. Purpose: General. BUSINESS OPPORTUNITIES or activity. P & M Worldwide Trading Company, Notice of Formation of Sharon LLC. Arts. of Org. filed with Secy. of Notice of Qualification of State of NY (SSNY) on 2/10/11. Ofc ACCOUNTING AND AUDITING SERVICES REQUEST FOR PROPOSALS Sinclair, LLC. Arts. of Org. filed with PricewaterhouseCoopers Advisory Secy. of State of NY (SSNY) on in NY Cty. SSNY designated agent of The New York City Educational Construction Fund (“ECF”) is seeking proposals from LLC. Authority filed with NY Dept. of 2/11/11. Office location: NY County. LLC upon whom process against it organizations that are capable of providing accounting and auditing services (“Proposer”) State on 12/6/10. Office location: NY SSNY designated as agent of LLC may be served. SSNY shall mail for the examination of annual financial statements. A copy of the Request for Proposal County. Princ. bus. addr.: 300 upon whom process against it may be process to Michael Scherer, 494 8th (RFP) may be obtained from ECF by contacting the Fund at (718) 472-8287. Madison Ave., NY, NY 10017. LLC served. SSNY shall mail process to: Ave Ste 1500, NY, NY 10001-2557. Responses to the RFP must be received at the Fund’s offices by 12 noon, April 11, 2011. formed in DE on 9/13/10. NY Sec. of 181 Seventh Ave., Apt. 5-C, NY, NY Purpose: General. New York City Educational Construction Fund State designated agent of LLC upon 10001. Purpose: any lawful activity. 30-30 Thomson Avenue, 4th Floor whom process against it may be Long Island City, New York 11101 served and shall mail process to: c/o Notice of Formation of L’S KITCHEN, (718) 472-8287 phone (718) 752-5222 facsimile CT Corporation System, 111 8th MK DEVELOPMENT HOLDINGS, LLC. Arts. of Org. filed with Secy. of http://www.nycenet.edu/offices/ecf/index.asp Ave., NY, NY 10011, regd. agent LLC, a domestic Limited Liability State of NY (SSNY) on 1/5/11. Office upon whom process may be served. Company (LLC), filed with the Sec of location: NY County. SSNY designated DE addr. of LLC: 1209 Orange St., State of NY on 12/15/10. NY Office as agent of LLC upon whom process BUSINESS INVESTMENT Wilmington, DE 19801. Cert. of location: New York County. SSNY is against it may be served. SSNY shall EXPERTISE OPPORTUNITY Form. filed with DE Sec. of State, designated as agent upon whom mail process to: The LLC, 333 E. 401 Federal St., Dover, DE 19901. process against the LLC may be 56th St., Ste. 12A, NY, NY 10022. MBA to assist the decision maker of 7% Floor Energy Notes, 2 year term Purpose: any lawful activity. served. SSNY shall mail a copy of Purpose: any lawful activity. a corp. or foundation, sharing my Backed by Natural Gas any process against the LLC served upon him/her to Eleanor Ma, 10 W. business acumen; tackling a panoply Putnam Energy, LLC Notice of Qualification of Candescent 10th St., #18G, NY, NY 10004. Notice of Qualification of WHW LLC. of projects. [email protected] [email protected] Films, LLC. Authority filed with Secy. General Purposes. Authority filed with NY Dept. of State of State of NY (SSNY) on 2/15/11. on 1/26/11. Office location: NY County. Office location: NY County. LLC LLC formed in DE on 11/9/10. NY Sec. formed in California (CA) on 6/2/10. LIMITED LIABILITY COMPANY of State designated agent of LLC upon TELECOMMUNICATIONS SSNY designated as agent of LLC Notice of Formation of Limited Liability whom process against it may be PUBLIC & upon whom process against it may be Company (LLC) Name: DS FLORIDA served and shall mail process to the served. SSNY shall mail process to: LLC. Articles of Organization filed by principal business addr.: 527 Madison LEGAL NOTICES The LLC, 34 Barrow St., NY, NY 10014. the Department of State of New York Ave., 6th Fl., NY, NY 10022. DE addr. Principal office address: 37 East 4th on 12/31/2010. Office location: County of LLC: c/o The Corporation Trust Co., St., #1A, NY, NY 10003. Arts of Org. of New York. Purpose: any and all 1209 Orange St., Wilmington, DE 33 East 33rd Street Notice of Formation of M1 Internet filed with CA Secy. Of State, 1500 lawful activities. Secretary of State of 19801. Cert. of Form. filed with DE New York (SSNY) designated as agent New York, NY 10016 Marketing, LLC. Arts. of Org. filed 11th St., Sacramento, CA 95814. Sec. of State, P.O. Box 898, Dover, DE with NY Dept. of State on 01/07/11. Purpose: any lawful activities. of LLC upon whom process against 19903. Purpose: any lawful activity. 212-532-7400 Location: NY County. Sec. Of State it may be served. SSNY shall mail a [email protected] designated agent of LLC upon whom copy of process to: 1 Battery Park NOTICE OF FORMATION OF PPNY 7 Plaza, 26th Floor, New York, NY 10004 Notice of Qualification of Limited EMERGENCY process against it may be served and LLC. Article of Organization filed Brands Service Company, LLC. COMMUNICATIONS shall mail process to the principal with the Secretary of State of NY Authority filed with NY Dept. of State business address: LLC, c/o Mitchell (SSNY) on 12/15/10 Office location Notice of Qual. of Mavid Construction on 2/7/11. Office location: NY County. SYSTEMS Malnati, 133 W. 126th St., Suite 3, NY, SPECIALISTS NEW YORK County. SSNY has been Services, LLC. Auth. filed with Sec of Princ. bus. addr.: PO Box 16000, NY 10027. Purpose: any lawful activity. designated as agent upon whom State NY (SSNY): 12/7/10. Ofc in NY Columbus, OH 43216. LLC formed in • FREE PICKUP & DELIVERY process against it may be served. Cty. Formed in Arizona: 2/8/08. SSNY DE on 1/29/11. NY Sec. of State • 48 HOUR TURNAROUND Notice of Formation of Figure 5 Art The Post Office address to which designated agent of LLC upon whom designated agent of LLC upon whom ON REPAIRS LLC. Arts. of Org. filed with NY Dept. the SSNY shall mail a copy of any process against it may be served & process against it may be served and • FREE ENGRAVING of State on 3/4/11. Office location: process against the LLC served shall mail process to: National shall mail process to: c/o CT • SHORT & LONG TERM NY County. Sec. of State designated upon him/her is C/O the LLC 1420 Registered Agents, Inc, 875 Ave of the Corporation System, 111 8th Ave., RENTALS agent of LLC upon whom process Rocky Ridge Drive, Ste 100, Americas Ste 501, NY, NY 10001. NY, NY 10011, regd. agent upon whom against it may be served and shall Roseville, CA 95661. Date of Principal office: 1039 W Mason St process may be served. DE addr. of mail process to: c/o Cohen Tauber Dissolution: n/a Purpose of LLC: to Ste 118, Green Bay, WI 54303. Arts. LLC: c/o The Corporation Trust Co., Spievack & Wagner P.C., 420 engage in any lawful act or activity. of Org. filed with Sec of State, 1209 Orange St., Wilmington, DE Lexington Ave., Ste. 2400, NY, NY Street address of Principal Business Capitol Executive Tower, 1st Fl, 1700 19801. Cert. of Form. filed with DE Sec. 10170, Attn: Adam Stein, Esq. location is: 1420 ROCKY RIDGE DR W Washington St Ste 103, Phoenix, of State, 401 Federal St., Dover, DE Purpose: any lawful activity. STE 100. Roseville, CA 95661. AZ 85007-2888. Purpose: General. 19901. Purpose: all lawful purposes.

20 | Crain’s New York Business | March 14, 2011 nb11p20-21cl.qxp 3/11/11 1:30 PM Page 21

PUBLIC & LEGAL NOTICES

NOTICE OF FORMATION of Wild Notice of Qualification of Notice of Qualification of 25 Fifth Ave. Notice of Qualification of SUNGEVITY URBAN MERCENARIES LLC App. Brands, LLC. Article of Organization AllianceBernstein AIS - Holdings, LLC. Authority filed with SD, LLC. Authority filed with Secy. of for Auth. filed NY Sec. of State (SSNY) filed with the Secretary of State of Credit/Distressed Strategies LLC. Secy. of State of NY (SSNY) on 2/8/05. State of NY (SSNY) on 02/08/11. Office 2/23/2011. LLC was organized in DE NY (SSNY) on 09/10/10. Office loca- Authority filed with NY Dept. of State Office location: NY County. LLC location: NY County. LLC formed in on 2/17/2011. Office in NY Co. SSNY tion: NY County. SSNY has been on 12/21/10. Office location: NY formed in Delaware (DE) on 1/27/05. Delaware (DE) on 12/02/10. Princ. desig. as agent of LLC upon whom designated as agent upon whom County. LLC formed in DE on 12/17/10. SSNY designated as agent of LLC office of LLC: 66 Franklin St., Ste. 310, process may be served. SSNY to process against it may be served. NY Sec. of State designated agent of upon whom process against it may be Oakland, CA 94607. SSNY designated mail copy of process to 555 W. 23rd The Post Office address to which the LLC upon whom process against it served. SSNY shall mail process to: as agent of LLC upon whom process St., Apt. N6P, NY, NY 10011. Required SSNY shall mail a copy of any may be served and shall mail process c/o RFR Holding, LLC, 390 Park Ave., against it may be served. SSNY shall office at 3500 S. Dupont Hwy., Dover, process against the LLC served to the principal business addr.: 1345 NY, NY 10022, registered agent upon mail process to c/o Corporation DE 19901.Cert. of Org. filed with SSDE, upon him is C/O the LLC 162 E. 90th Ave. of the Americas, NY, NY 10105. whom process may be served. DE Service Co. (CSC), 80 State St., Albany, 401 Federal St., Ste. 4, Dover, DE St, Apt 5W, New York, NY 10128. DE addr. of LLC: The Corporation address of LLC: RL&F Service Corp., NY 12207-2543. DE addr. of LLC: 19901. Purpose: Any lawful purpose. Date of Dissolution: n/a. Purpose of Trust Co., 1209 Orange St., Wilmington, One Rodney Sq., 10th Fl., Tenth and c/o CSC, 2711 Centerville Rd., Ste. LLC: to engage in any lawful act or DE 19801. Cert. of Form. filed with DE King Sts., Wilmington, DE 19801. 400, Wilmington, DE 19808. Arts. of activity. Street address of Principal Sec. of State, Townsend Bldg., Dover, Arts. of Org. filed with DE Secy. of Org. filed with Secy. of State, Div. of NOTICE OF FORMATION OF LIMITED Business location is: 162 E. 90th St, DE 19901. Purpose: any lawful activity. State, 401 Federal St., Dover, DE Corps., PO Box 898, Dover, DE LIABILITY COMPANY. NAME: PUNCH Apt 5W, New York, NY 10128. 19901. Purpose: any lawful activity. 19903. Purpose: Any lawful activity. PARENT LLC. Articles of Organization were filed with the Secretary of State Notice of Formation of Sixty-Three of New York (SSNY) on 01/25/11. Notice of Formation of CALLIDA LLC. Arts. of Org. filed with Secy. of Notice is hereby given that a license, Name of LLC: Highview Capital Office location: New York County. ENERGY, LLC. Arts. of Org. filed with State of NY (SSNY) on 4/8/10. Office number 1251910, for liquor has been Holdings LLC. Art. of Org. filed Dept. SSNY has been designated as agent Secy. of State of NY (SSNY) on location: NY County. SSNY designated applied for by Empire Delight Inc. to of State of NY on 1/18/11. Off. Loc. of the LLC upon whom process 09/29/10. Office location: NY County. as agent of LLC upon whom process sell liquor at retail in a restaurant in NY: NY Cty. Secy. of State desig- against it may be served. SSNY shall mail a copy of process to the LLC, SSNY designated as agent of LLC against it may be served. SSNY shall under the Alcoholic Beverage Control nated as agent of LLC upon whom 1015 Madison Avenue, New York, upon whom process against it may be mail process to: c/o The Parker Trust, Law at 21 South End Avenue, New process against it may be served. served. SSNY shall mail process to York, NY 10280 in New York County Sec. of State shall mail a copy of New York 10021. Purpose: For any 140 E. 63rd St., Apt. 12C, NY, NY lawful purpose. Corporation Service Co., 80 State St., 10065. Purpose: real estate ownership for on premises consumption. process to: Levi Lubarsky & Albany, NY 12207, regd. agent upon and any other purposes permitted by Feigenbaum LLP, Attn: Terrence M. whom and at which process may be Bennett, 1185 Avenue of the applicable law. Notice of Formation of HOT COCO, NOTICE OF FORMATION of DAVID served. Purpose: Any lawful activity. Americas, 17th Fl., NY, NY 10036. KAPLOWITZ, M.D., PLLC. Arts. LLC. Arts. of Org. filed with Secy. of Purpose: any lawful activity. of Org. filed with Sec. of State of Notice of Formation of Starec Services State of NY (SSNY) on 2/8/11. Office Notice of Qualification of James H. N.Y. (SSNY) on 12/31/2010. Office LLC. Arts. of Org. filed with NY Dept. location: NY County. SSNY designated Coleman, LLC App. for Auth. filed MIKE ROLLINS FINE ART LLC, a location: New York County. SSNY of State on 12/14/10. Name amended as agent of LLC upon whom process designated as agent of PLLC upon Sec’y of State (SSNY) on 2/1/11. domestic Limited Liability Company to Lotus Star LLC on 12/24/10. Office against it may be served. SSNY shall whom process against it may be Office location: New York Co. LLC (LLC), filed with the Sec of State of location: NY County. Princ. bus. addr.: mail process to: c/o Albert Jack served. SSNY shall mail a copy of org. in DE 12/9/10. SSNY designated NY on 1/21/11. NY Office location: 590 5th Ave., 19th Fl., NY, NY 10036. Kassin, 20 W. 33rd St., 5th Fl., NY, NY any process to the principal business as agent of LLC upon whom process New York County. SSNY is desig- Sec. of State designated agent of LLC 10001. Purpose: any lawful activity. address: 527 East 84th Street, against it may be served. SSNY shall nated as agent upon whom process upon whom process against it may Apartment 1A, New York, NY 10028. mail copy of process to 40 W. 57th St, against the LLC may be served. be served and shall mail process to: Purpose: any lawful activity. 20th Fl, New York, NY 10019. Office ANGELS & EMERALDS, LLC, a SSNY shall mail a copy of any process c/o CT Corporation System, 111 8th address in DE 40 E. Division St, Ste A, domestic Limited Liability Company against the LLC served upon him/her Ave., NY, NY 10011, regd. agent Dover, DE 19901. Cert. of Form. on (LLC), filed with the Sec of State of to Michael E. Rollins, Jr., 105 Bowery, upon whom process may be served. Notice of Formation of Family Office file: SSDE, Jeffrey W. Bullock, NY on 1/20/11. NY Office location: Third Fl., NY, NY 10002-4900. Purpose: any lawful activity. Private Advisors LLC. Arts. of Org. Secretary of State, State of DE, 401 New York County. SSNY is designated General Purposes. filed with Secy. of State of NY (SSNY) Federal St, #4, Dover, DE 19901 as agent upon whom process against on 1/21/11. Office location: NY Co. the LLC may be served. SSNY shall Purpose: any lawful activities. Notice of Qualification of MCR SSNY designated as agent of LLC mail a copy of any process against Notice of Formation of IVAN GITTARDI INVESTORS LLC, Authority filed with upon whom process against it may the LLC served upon him/her to CPA LLC, a Prof. LLC. Arts. of Org. the SSNY on 12/14/2010. Office loca- be served. SSNY shall mail process NOTICE OF FORMATION OF BlumbergExcelsior Corporate filed with the SSNY on 01/26/2011. tion: NY County. LLC formed in DE to: c/o CPCP I Management LLC, REGISTERED LIMITED LIABILITY Services, Inc., 62 White St., NY, NY Office location: NY County. SSNY on 05/03/2006. SSNY is designated has been designated as agent upon Attn: R. Adam Smith, 1350 Ave of PARTNERSHIP. NAME: REID GLYNN, 10013. General Purposes. the Americas, 3rd Fl., NY, NY 10019. LLP. Certificate of Registration was as agent upon whom process against whom process against it may be Purpose: any lawful activities. filed with the Secretary of State of the LLC may be served. SSNY shall served. SSNY shall mail a copy of New York (SSNY) on 01/06/11. mail a copy of process to: 152 W 57th Notice of Formation of Y FOUR BY RSR, process to: 234 West 39th St., FL 2, St. 46th Fl , NY, NY 10019. Address Office location: New York County. LLC. Arts. of Org. filed with Secy. of NY, NY 10018. Purpose: To Practice Notice of Qualification of P6 SBCO 48 SSNY has been designated as agent required to be maintained in DE: 160 State of NY (SSNY) on 01/27/11. The Profession Of Certified Public Greentree Dr. Ste 101, Dover DE St NYC Lodging LLC. Authority filed of the LLP upon whom process Office location: NY County. Princ. Accountancy. with NY Dept. of State on 1/27/11. against it may be served. SSNY shall 19904. Cert of Formation filed with office of LLC: 622 Third Ave., NY, NY DE Div. of Corps, 401 Federal St., Office location: NY County. LLC mail a copy of process to the LLP, 10017. SSNY designated as agent of BY CHANCE LLC, a domestic formed in DE on 11/19/10. NY Sec. 90 Park Avenue, New York, New York Suite 4, Dover, DE 19901. Purpose: LLC upon whom process against it Any Lawful Purpose. Limited Liability Company (LLC), filed of State designated agent of LLC 10016, which is also the location of may be served. SSNY shall mail with the Sec of State of NY on 6/3/08. upon whom process against it may the partnership. Purpose: For the process to c/o Zengo NYC, LLC at NY Office location: New York County. be served and shall mail process to: practice of the profession of Law. Notice of Formation of ANASTASIA the princ. office of the LLC. Purpose: SSNY is designated as agent upon c/o CT Corporation System, 111 8th REAL ESTATE LLC. Arts. of Org. filed Restaurant management services. whom process against the LLC may Ave., NY, NY 10011, regd. agent with Secy. of State of NY (SSNY) on be served. SSNY shall mail a copy upon whom process may be served. NOTICE OF FORMATION of Life 11/01/10. Office location: NY County. of any process against the LLC DE addr. of LLC: 1209 Orange St., Notice of Formation of Tuition Realty Gamma, LLC. Art. of Org. filed Princ. office of LLC: 15 Union Square W, served upon him/her to c/o Marissa Wilmington, DE 19801. Cert. of Form. Payments, LLC. Articles of Org. filed with Secy. of State of NY (SSNY) on Apt. 4C, NY, NY 10003. SSNY desig- Miglis, 300 Mercer St., Apt. 14G, NY, filed with DE Sec. of State, 401 10/26/10. Off. loc.: NY County. SSNY nated as agent of LLC upon whom with Secy. of State of NY (SSNY) on NY 10003 . General Purposes. Latest Federal St., Dover, DE 19901. designated as agent upon whom process against it may be served. 02/24/11. Office loc.: New York Co. date to dissolve 12/31/2099. Purpose: any lawful activity. process against LLC may be served. SSNY shall mail process to SSNY designated as agent of LLC SSNY shall mail a copy of any Corporation Service Co., 80 State St., upon whom process against it may process against the LLC served Albany, NY 12207, regd. agent upon be served. SSNY shall mail process upon him to the principal business whom and at which process may be to the LLC, c/o RGS Holdings, LLC, loc.: C/O the LLC, 150 W 51st Street, served. Purpose: Any lawful activity. 265 West 122nd St., Ste C, New #2019, NY, NY, 10019. Purpose: any York, NY 10027. Purpose: any lawful lawful act or activity. act or activity. Notice of Qualification of FBDC Investors Offshore, L.P. Authority Notice of Qualification of Ionic Capital filed with Secy. of State of NY Notice of Qualification of SANFORD Management Holdings LP. Authority (SSNY) on 1/13/11. Office location: W. MORHOUSE LLC. Authority filed filed with NY Dept. of State on 2/22/11. NY County. LP formed in Cayman with Secy. of State of NY (SSNY) on Office location: NY County. LP formed Islands (CI) on 1/6/11. SSNY desig- 02/09/11. Office location: NY County. Contact in DE on 2/15/11. NY Sec. of State nated as agent of LP upon whom LLC formed in Delaware (DE) on designated agent of LP upon whom process against it may be served. 03/20/08. Princ. office of LLC: 1301 John Gallagher process against it may be served and SSNY shall mail process to: 200 Ave. of the Americas, NY, NY 10019. shall mail process to the principal West St., NY, NY 10282-2198. CI SSNY designated as agent of LLC [email protected] business addr.: 366 Madison Ave., address of LP: c/o Walkers SPV Ltd., upon whom process against it may be 9th Fl., NY, NY 10017. DE addr. of Walker House, 87 Mary St., George served. SSNY shall mail process to c/o 212.210.0189 LP: c/o The Corporation Trust Co., Town, Grand Cayman KY1-9002, CI. Corporation Service Co. (CSC), 80 1209 Orange St., Wilmington, DE Name/address of each genl. ptr. State St., Albany, NY 12207-2543. DE 19801. Name/addr. of genl. ptr. available from SSNY. Cert. of LP filed addr. of LLC: CSC, 2711 Centerville available from NY Sec. of State. with Registrar of Exempted LPs, Rd., Ste. 400, Wilmington, DE 19808. Cert. of LP filed with DE Sec. of Elizabethan Sq., 4th Fl., Phase Four, Arts. of Org. filed with Secy. of State, State, P.O. Box 898, Dover, DE George Town, Grand Cayman, CI. DE, 401 Federal St., Ste. 4, Dover, DE 19903. Purpose: any lawful activity. Purpose: any lawful activity. 19901. Purpose: Any lawful activity.

March 14, 2011 | Crain’s New York Business | 21 20110314-NEWS--0022-NAT-CCI-CN_-- 3/11/2011 11:34 AM Page 1

FOR THE RECORD

www.brooklynbridgeparknyc.org or asking rent for Class A space in the $904,400. During the same period, he www.govisland.com. To make inquiries, Grand Central submarket is in the low sold 17,000 shares at prices ranging ABOUT THIS SECTION contact Cosmo Anselmo at (212) 440- $60s a square foot. from $83.37 to $85.74, in a transaction 2200 or [email protected]. worth $1,440,990. He now directly FOR THE RECORD is a weekly listing of information from the public record that ● Turkish Airlines signed a lease for holds 74,449 shares. can help businesspeople in the New York area find opportunities, potential ● Economic Development Corp. 5,900 square feet at the Empire State new clients and updates on competitors. Requests proposals by 4 p.m. on March Building, 350 Fifth Ave., which is ● IAC/InterActiveCorp (IACI) To ask questions or get more information on this section, contact Suzanne 30 for environmental consulting services managed by W&H Properties. The firm Gregory R. Blatt, chief executive and Panara at [email protected]. for the preparation of an environmental occupies the 75th floor. Albert Duryea director, sold 286,777 shares of common impact statement for the Seward Park and Tina Duryea of ITRA/New York stock at $31.16 on Feb. 23, in a Mixed-Use Development Project. Realty Group represented the tenant, transaction worth $8,935,971. He now Seward Park is a 6.4-acre site located on while William Cohen, Ryan Kass and directly holds 178,523 shares. the Lower East Side of Manhattan. To Lauren Davidson of Newmark Knight BANKRUPTCIES Taxation, owed $21,375.93. make inquiries, contact Maryann Frank represented the landlord. The ● Dice Holdings Inc. (DHX) Catalano at (212) 312-3969 or asking rent was $55 a square foot. Scot W. Melland, chairman, president The following listings are selected from the [email protected]. and chief executive, exercised options on most recent available filings by companies GOVERNMENT CONTRACT RETAIL 400,000 shares of common stock at seeking bankruptcy protection in the OPPORTUNITIES ● Economic Development Corp. ● Crank Cycling Studio signed a lease prices ranging from $0.20 to $1.98 on Southern and Eastern Districts of New Requests proposals by 4 p.m. on April 7 for 800 square feet at 4630 Center Blvd., Feb. 22, in a transaction worth York. Information was obtained from U.S. Following are selected contract for qualified printers to supply printing, in Long Island City, Queens, a building $375,630. On the same day, he sold Bankruptcy Court records available on opportunities recently announced by New mail house and/or related services to the owned by Modern Spaces. The firm will 400,000 shares at $13.75, in a Public Access to Court Electronic Records. York City agencies.To learn how to sell New York City Economic Development occupy the ground floor. Ted Kokkoris transaction worth $5,500,520. He now Listings are in alphabetical order. goods and services to city government, visit Corp. on an as-needed, on-call basis.The of Modern Spaces represented the directly holds 188,750 shares. www.nyc.gov/selltonyc. For a searchable RFP is available at www.nycedc.com/rfp. tenant, while Steven Baker and Josh ● Barnett Business Products Inc. database of current procurement notices, To make inquiries, contact Maryann Singer of Winick Realty represented the ● Moody’s Corp. (MCO) 315 Crossways Park Drive, visit www.nyc.gov/cityrecord. Listings are Catalano at (212) 312-3969 or landlord. The asking rent for retail in the Raymond W. McDaniel Jr., chairman Woodbury, L.I. alphabetical by category and department. [email protected]. area is about $35 a square foot. and chief executive, exercised options on Filed for Chapter 7 bankruptcy 115,000 shares of common stock at protection on Feb. 24. The filing cites CONSTRUCTION SERVICES $19.99 on Feb. 25, in a transaction estimated liabilities of $100,001 to ● City University of New York REAL ESTATE DEALS STOCK TRANSACTIONS worth $2,298,563. On the same day, he $500,000 and estimated assets of $0 to Seeks competitive sealed bids by 2 p.m. sold 115,000 shares at $31.00, in a $50,000. Among the creditors with the on March 23 for the removal of the Companies that would like to have Following are recent insider transactions at transaction worth $3,565,000. He now largest unsecured claims are Superior existing steel guardrail and the details of their recent transactions New York’s largest publicly held companies directly holds 162,362 shares. Transcribing, owed $18,595; Catholic fabrication installation of a new guardrail appear in these listings should e-mail filed with the Securities and Exchange Health Services, owed $16,750; and at the Roscoe C. Brown Jr. Student descriptions following this format to Commission by executives and major ● Medco Health Solutions (MHS) Genzyme, owed $10,895. Center Terrace at Bronx Community [email protected], with shareholders. Listings are in order of Robert S. Epstein, president of advanced College.This opportunity is open to “Real estate transaction” in the transaction value.The information was clinical science and research, chief clinical ● Manor Ventures New York state small businesses and subject line, or enter them online at obtained from Thomson Reuters. research and development officer, 2001 Flatbush Ave., Brooklyn businesses certified pursuant to Article crainsnewyork.com/submitadeal. Deals are exercised options on 51,440 shares of Filed for Chapter 11 bankruptcy 15-A of the New York State Executive listed in order of square footage. ● Hess Corp. (HES) common stock at prices ranging from protection on Feb. 23. The filing cites Law.To make inquiries, contact Sharon John B. Hess, chairman and chief $22.10 to $29.24 on March 1, in a estimated liabilities of $1,000,001 to Luckie at (718) 298-5800 or COMMERCIAL executive, exercised options on 39,400 transaction worth $1,393,787. On March $10 million and estimated assets of [email protected]. ● Pavia & Harcourt signed a lease for shares of common stock at $29.96 on 2, he sold 35,312 shares at $63.00 in a $500,001 to $1 million. Among the 13,000 square feet at 590 Madison Ave.,a Feb. 23, in a transaction worth transaction worth $2,224,656. He now creditors with the largest unsecured ● Department of Parks and Recreation 43-story, 1 million-square-foot building $1,180,424. Between Feb. 23 and Feb. directly holds 114,084 shares. claims are Myrna Ginsberg Real Estate, Seeks competitive sealed bids by 10:30 owned by Edward J. Minskoff Equities. 25, he sold 264,400 shares at prices owed $36,000; and Yeager Realty a.m. on March 22 for the reconstruction Arthur Draznin of Newmark Knight ranging from $82.06 to $85.07, in a Karin V. Princivalle, senior vice president Associates, owed $36,000. of a portion of the playground in Juniper Frank represented the tenant, while transaction worth $22,152,652. He now of human resources, exercised options on Valley Park and the reconstruction of the David Kleinhandler of CB Richard Ellis indirectly holds 10,445,700 shares. 35,220 shares of common stock at ● Potato Farms ball field at Tudor Park in Queens. Bid represented the landlord. The asking $33.70 on Feb. 28, in a transaction worth 53 Park Place, Manhattan documents can be purchased in the rent was $58 a square foot. John J. Scelfo, senior vice president, $1,186,738. On the same day, she sold Filed for Chapter 11 bankruptcy blueprint room, Olmsted Center, exercised options on 17,000 shares of 35,220 shares at $62.01, in a transaction protection on Feb. 22. The filing cites Flushing, Queens, from 8 a.m. to ● Poof Clothing signed a lease for common stock at $53.20 between Feb. worth $2,183,992. She now directly estimated liabilities of $1,000,001 to 3 p.m. To make inquiries, contact 11,200 square feet at 1407 Broadway,a 22 and Feb. 28, in a transaction worth holds 50,204 shares. Ⅲ $10 million and estimated assets of $0 to Juan Alban at (718) 760-6771 or building owned by Lightstone Group. $50,000. The creditor with the largest [email protected]. Jack Terzi of Jack Terzi Real Estate and unsecured claim is Lionshead 53 Ralph Sitt of Sitt Leasing represented Development, owed $57,000. ● Department of Parks and Recreation the tenant, while Michael Heaner and DEALS ROUNDUP Seeks competitive sealed bids by 10:30 Grant Greenspan of The Kaufman ● Starr & Co. a.m. on April 4 for the construction of a Group represented the landlord. The TRANSACTION SIZE 405 Lexington Ave., Manhattan dog run and pathways in J. Hood asking rent was $42 a square foot. SELLER/TARGET (IN MILLIONS) BUYERS/INVESTORS TRANSACTION TYPE Filed for Chapter 7 bankruptcy Wright Park in Manhattan and the protection on Feb. 17. The filing cites reconstruction of a portion of the ● Pantheon signed a 10-year lease for Centro Properties Group Ltd./ $9,400.0 The Blackstone Group, SB M&A estimated liabilities of $1,000,001 to playground in Alex Lindower Park in 9,400 square feet at the 1095 Sixth Ave.,a 588 shopping centers asset management arm in United States (Manhattan) $10 million and estimated assets of Brooklyn. Bid documents can be 1 million-square-foot building owned by $100,001 to $500,000. Among the purchased in the blueprint room, Equity Office Properties.The firm will Kohlberg Kravis Roberts & Co. $1,606.7 Not disclosed (15.25%) SB M&A creditors with the largest unsecured Olmsted Center, Flushing, Queens, occupy part of the 32nd floor. Keith (Manhattan), Wendel/ Legrand S.A. claims are Chartis Property Casualty from 8 a.m. to 3 p.m. To make inquiries, Caggiano, Howard Fiddle and Arkady Co., owed $202,500; CIT Technology contact Juan Alban at (718) 760-6771 or Smolyansky of CB Richard Ellis Severstal North $1,192.0 The Renco Group Inc. SB M&A America Inc./ (Manhattan) Financing Services Inc., owed [email protected]. represented the tenant; Robert Severstal Sparrows Point, $149,451.04; and CCH, owed Alexander, Scott Bogetti, Zach Freeman, Severstal Warren Inc., $38,922.18. ● Department of Parks and Recreation Brian Hay and Robert Stillman, also of Severstal Wheeling Inc. Seeks competitive sealed bids by 10:30 CBRE, represented the landlord.The Shinsei Bank Ltd. $849.1 J.C. Flowers & Co. GCI ● Steelstone Construction Inc. a.m. on April 5 for the reconstruction of asking rent wasn’t disclosed. (Manhattan), individual 253 Greenpoint Ave., Brooklyn the porch and cellar waterproofing at the investors Filed for Chapter 7 bankruptcy Kingsland Homestead in Queens. A ● Cohen Rabin Stine Schumann signed protection on Feb. 23. The filing cites prebid conference will be held at 11:30 a four-year sublease for 8,300 square feet Travelport Ltd. $720.0 Kuoni Reisen Holding AG SB M&A estimated liabilities of $1,000,001 to a.m. on March 14 at the Kingsland at 7 Times Square, a 47-story, 1.2 (Manhattan)/ $10 million and estimated assets of Homestead, north of 37th Avenue and million-square-foot building owned by Travelport Ltd., GTA $100,001 to $500,000. Among the west of Parsons Boulevard in Weeping Boston Properties. The firm occupies business creditors with the largest unsecured Beech Park. Bid documents can be the 38th floor. Belvedere Capital, Arthur Eight-property multifamily $460.0 Pantzer Properties Inc. SB M&A claims are A&W Fire Controls, owed purchased in the blueprint room, Draznin of Newmark Knight Frank real estate portfolio in (Manhattan), Dune Real Estate $2,300; Alpine Ready Mix Inc., owed Olmsted Center, Flushing, Queens, represented the tenant, while Jennifer suburban Washington Partners $1,850; and Allied Building Products, from 8 a.m. to 3 p.m. To make inquiries, Ogden of CB Richard Ellis negotiated J. Crew Group Inc. $400.0 Not disclosed GCI owed $862. contact Juan Alban at (718) 760-6771 or on behalf of the sublessor, Day Pitney. [email protected]. The asking rent was $60 a square foot. The Witkoff Group $260.8 UDR Inc. SB M&A ● Tribeca Market (Manhattan)/ 53 Park Place, Manhattan GOODS AND SERVICES ● Gonzalez Saggio & Harlan signed a 493-home apartment Filed for Chapter 11 bankruptcy ● Brooklyn Bridge Park Corp. five-year lease for 6,000 square feet at community at 10 Hanover Square, protection on Feb. 22.The filing cites Requests proposals by 3 p.m. on March 292 Madison Ave., a 26-story, 204,500- Manhattan estimated liabilities of $1,000,001 to $10 23 for independent, certified public square-foot building owned by Hamilton State $231.6 Tailwind Capital (Manhattan), GCI million and estimated assets of $100,001 accounting firms to perform auditing, Metropolitan Real Estate Investors.The Bancshares Inc. Angelo Gordon & Co. (Manhattan) to $500,000. Among the creditors with accounting and financial reporting firm occupies the 19th floor. Rick Marek Selected deals announced for the week ended March 6 involving companies in metro New York. the largest unsecured claims are Rose services for Brooklyn Bridge Park Corp. and Oliver Petrovic of The Vortex Group GCI: Growth capital investment represents new money invested in a company for a minority Associates Inc., owed $57,247.23; S&B and Governors Island Corp. (d.b.a. The represented the tenant, while Brian Gell stake. SB M&A: Strategic buyer M&A represents a minority or majority acquisition of existing Fruit Vegetable, owed $49,920; and the Trust for Governors Island). The RFP is and Laurence Briody of CB Richard shares of a company without the participation of a financial buyer. source: capitaliq New York State Department of available for download at Ellis represented the landlord.The

22 | Crain’s New York Business | March 14, 2011 20110314-NEWS--0023-NAT-CCI-CN_-- 3/11/2011 8:47 PM Page 1

Tussle over Macy’s parade route Bloomberg is hiring

Continued from Page 1 tially turned a deaf ear to the al- sources. Continued from Page 1 and providing generous benefits,life They argued that the city would lose liance, is now trying to smooth One city official said that NBC and President Daniel Doctoroff, al- along its sleek open-plan floors can tax revenue as a result and that the things over. Members said he executives have complained to though the mayor, as majority own- seem like a 21st century version of image of the parade traveling reached out to them last Thursday Macy’s that other networks have too er,weighs in on the bigger decisions. Modern Times. Employees are re- through Times Square is a priceless and promised to listen to their argu- much access to an event NBC has Bloomberg LP has gotten plen- quired to always wear their identity promotion for the city and a call to ments. One of the points they made paid to “own.” The executives be- ty of attention for acquiring Busi- badge, and their whereabouts are tourists. to him is that Macy’s insistence that lieve Sixth Avenue is a more neutral nessWeek in 2009 and hiring journal- tracked electronically pretty much “It’s like a postcard of New Sixth Avenue is safer for the gigan- route. ists in record numbers for its news at all times. And a staffer who takes York,” said Tim Tompkins, presi- tic balloons is a red herring, as the CBS, for example, broadcasts division. But in fact, most of the a job elsewhere can never come dent of the Times Square Alliance, last two parades have gone down views of the parade from the Times 12,900-employee company’s hires back, a spokeswoman confirmed. whose members fear that the Seventh Avenue and Square studio of sister network have been techies and salespeople Company executives say that parade will never come back. 3.5M through Times Square with- MTV. Its Thanksgiving Day cov- dedicated to the Bloomberg Profes- knowing where employees are sim- The group said it would out incident. erage used to include parades na- sional service. ply makes the workplace more effi- retaliate if the city does not VISITORS They said the powerful tionwide but now centers on New Also known as the Bloomberg cient. But the regimentation and to NYC to see reverse its decision. Busi- Macy’s holiday retailer wants to avoid glitzy York. Terminal, the platform provides lack of privacy have caused some nesses could withdraw their parade Times Square because it data, analytics, portfolio manage- new hires to flee. support for the district’s siphons attention from Her- Single-minded focus ment tools, electronic trading sys- beautification project and cut their ald Square, the site of Macy’s flag- “IT SEEMS THAT the Macy’s parade is tems—and some 85% of the compa- Terminal velocity funding of the city’s tourism bureau, ship. all CBS covers now,” said Bill Car- ny’s nearly $7 billion in annual BLOOMBERG’S continued growth is NYC & Company. The alliance’s “We want the truth to come out,” roll, vice president of programming revenue. More than 300,000 sub- hardly guaranteed, as it battles rival members have also offered to find said Fred Rosenberg, senior vice for Katz Television Group, which scribers pay around $1,700 a month information giant Thomson Reut- another sponsor for the parade. president of Sherwood Equities, sells TV advertising space. for the service. ers, which also provides a desktop Macy’s, they said, threatened to which owns three buildings in NBC has flexed its muscle in its Wall Street has added jobs in re- data and analytics service. move the event to another city. Times Square. exclusivity arrangement with cent months, and the information- “They are the two behemoths, For decades, Macy’s has enjoyed Macy’s before.According to a report services sector that Bloomberg is and it’s an increasingly challenging Sixth Avenue favored the image of benevolent corporate in The Washington Post two years part of has also seen gains. But no- market,” said Larry Tabb, chief ex- BUT MACY’S GOT ITS WISH.It has long citizen bestowed by the parade and ago, the network nixed a float that body in New York is hiring like the ecutive of research firm TABB wanted to move the parade to Sixth the July 4th fireworks extravaganza. would have featured the cast mem- Lexington Avenue colossus. Group. “There’s very little [busi- Avenue, which it contends is a safer But the company generates millions bers of the Fox series Glee. The pa- “That [amount of hiring] is pret- ness] that doesn’t come directly out route because it is wider and has no of dollars on those events. per said Macy’s had extended an in- ty much unheard of,” said Barbara of the pocket of a competitor.” turns. Macy’s charges about $200,000 vitation to the show before Byrne Denham,chief economist for Some believe that Bloomberg’s “Sixth Avenue is far and away per float, according to an alliance informing NBC, which considered real estate services firm Eastern recent gains have come at Thomson Macy’s preference,” Mayor Michael member who researched the matter. Glee programming competition. Consolidated. “[Bloomberg] can Reuters’expense.Bloomberg’s share Bloomberg said last week.“Macy’s is Companies also pay to sponsor bal- NBC declined to comment for this take risks because they have this paying for the parade.We’ll try to do loons, such as Peanuts Worldwide’s story. cash cow—their terminals—which whatever we can to accommodate Snoopy. Moreover, NBC pays Macy’s spokesman Mr. Veras provides the capital they can invest Its 6-year-old them.” He reiterated that point on a Macy’s millions for exclusive broad- said NBC had no involvement in in new industries.” radio show on Friday. casting rights to part of the parade deciding the parade route, adding Those new industries include headquarters Robert Steel, deputy mayor for and the performances,given in front that “the city and the mayor have Bloomberg Law, a vast legal- economic development, who ini- of Macy’s,according to TV industry committed to this change.” Ⅲ research service that recently has tower is already hired hundreds of lawyers; Bloomberg Government, a Wash- packed about the sheer size of the new tow- ington, D.C.-based service for reg- Rudins’ big gamble er, as well as other details of the de- ulatory and political news; and velopment. They hope to address Bloomberg Sports, which offers the these matters during the public re- company’s expertise in data and an- Continued from Page 2 While the proposed residential view of the rezoning. alytics to fantasy baseball partici- of the financial information market traditional type of residential envi- buildings will be separate, Mr. “The bulk is too great, especially pants and Major League Baseball rose to 30% in 2010 from 27% in ronment in the Village,” said Mr. Rudin said, they all will be connect- on the Seventh Avenue site,” said teams. 2008, according to Burton-Taylor Rudin. ed underground.This will allow res- Carol Greitzer,co-chair of the West But in the fiercely competitive International Consulting. Revenue More specifically, he promises idents to share amenities and servic- 12th Street Block Association and a world of desktop information, last year was $6.9 billion, up 10% one of Bing & Bing quality—refer- es, which will include parking, a 50-year resident of the neighbor- Bloomberg’s edge has been its abil- from the prior year’s total. ring to the developer whose stately, health club and a playroom. hood. ity to constantly add new functions Thomson Reuters’ share slid to spacious and elegant brick apartment The chances that the develop- She also opposes plans to put an to the terminal, like its Middle East 33% last year from 35% in 2008. (A buildings, constructed in the prewar ment will come to fruition are now entrance for the new complex’s Turmoil page, which can spin out Thomson Reuters spokesman said years, set the standard for luxury good. garage on West 12th Street, which “oil stress” scenarios. that no one was available to com- properties that still holds today. The Rudins’ plans were ap- already has three—the most among Creating those new products and ment.) The next largest player is Real estate brokers predict a proved by the city Landmarks any block in the Village, according explaining them to clients requires IDC, with 4% of the market. warm reception for the new condos, Preservation Commission nearly to Ms. Greitzer. an army of staffers in the areas of re- Bloomberg’s gains are reflected which will be erected in a part of the two years ago. Last week, SVCMC The biggest challenge that the search and development, analytics in the metric of most importance to city where the market has held up reached a deal with the Rudins and project faces is one familiar to all de- and sales. More than 500 R&D its top executives:the number of ter- better than in many others. Last the North Shore-LIJ Health Sys- velopers since the real estate crash: technicians alone will be hired this minal subscribers. After dipping to year, median sales prices for condos tem under which the Rudin family obtaining construction financing. year, joining a global total of 265,000 during the depths of the fi- in Greenwich Village hit $1.8 mil- will pay $260 million for the eight The Rudins’ chances of nailing 2,500—most of whom are packed nancial crisis in 2009, according to lion, up 6.8% from 2009 levels, ac- hospital buildings,as well as lots and down a loan are better than most, into the company’s 6-year-old Burton-Taylor,the number is now at cording to appraisal firm Miller parcels of land around 12th Street thanks to their long track record— glass-walled headquarters tower. a record high of more than 300,000. Samuel Inc. That compares with a and Seventh Avenue. The Rudins three generations and counting— “As the economy has [im- 2.4% rise to a median price of $1.1 will transfer one of those properties, and the development’s location in a A company full of quirks proved], the people who had given million in the overall Manhattan the O’Toole Building, to North prime part of town, which has seen “MANY OTHER companies have these up their Bloombergs have come condo market. Shore-LIJ, which will convert it to a little in the way of new housing late- [divisions] outsourced in Asia,” said back,” said Douglas Taylor, manag- “It’s a desirable neighborhood,” health care center offering emer- ly. But getting funded is hardly a Melinda Wolfe, who heads human ing partner of Burton-Taylor. said Richard Grossman, executive gency-department services. sure thing. resources and confirms she’s been a “They’re not going to a competitor.” director of downtown sales for bro- While Mr. Rudin declined to lot busier than her counterparts at Bloomberg LP continues to ex- kerage Halstead Property. “Green- Please, judge, please disclose the cost of the project, he is other local companies.“We have the plore new areas of growth and has wich Village can support new devel- BUT THE PROJECT still needs to over- optimistic that he will be able to se- lion’s share of our research and de- been looking at developing a real es- opment done right.The units will be come several big hurdles. The deal cure a loan.He has an extra edge be- velopment people here.” tate information service, for in- sold quickly.” must win bankruptcy court approval. cause he is planning to build condos, To accommodate growth, stance, according to an industry ex- The Rudins’plan calls for tearing Only then will the developer be able which typically give developers Bloomberg recently signed a lease ecutive. A spokesman declined to down two old Seventh Avenue hos- to begin the lengthy city rezoning higher and quicker returns on their for 400,000 square feet, or close to comment. pital buildings and constructing a process, which can take as long as six money than rentals do. Mr. Rudin half its current Manhattan foot- “We’re always interested in find- 200-foot-high condo tower in their months, to make the East Campus attributes the decision to build con- print, on Park Avenue at East 42nd ing ways to expand,”Ms.Wolfe said. place.To the east of that,they intend available for residential use. Mr. dos to what he calls “the economics Street. It will begin filling the space “We scope out niches where we to construct five townhouses. The Rudin said he expects to start the zon- of the deal.” Ⅲ later this year. think there is opportunity.” residential buildings on Seventh ing process as soon as next month. A company full of quirks, With the mayor planning to lay will have 10,000 square feet of retail Additionally, residents and local LISTEN to a discussion at Bloomberg is not for everyone. off more than 4,000 teachers,maybe space. preservationists are still concerned rk.com/audi CrainsNewYork.com/audioo Though it is known for paying well an educational service is next. Ⅲ

March 14, 2011 | Crain’s New York Business | 23 20110314-NEWS--0024-NAT-CCI-CN_-- 3/11/2011 8:23 PM Page 1

2005, Mr. Lipsky has posted 4,113 whose fundraising was being probed entries. The most recent, about the by federal prosecutors, and tried to The lobbyist in bribery scandal need for overhauling food-cart reg- persuade him to distance himself. ulations, came two days after feder- “I said to Richard more than Continued from Page 1 damning details of Mr. Lipsky and parking lots, calling a list of reporters al agents swept through his apart- once,‘Kruger’s going to be led out in megaproject in Brooklyn, and a re- Mr. Kruger’s wiretapped conversa- to make sure they were up-to-date on ment on Riverside Drive and found handcuffs,’ ” said Richard Schrader, lated corporate entity snagged him tions, says the lobbyist exchanged whatever topic he was trumpeting. $102,000 in cash in a safe and an- New York legislative director at the to pave the way for an East Harlem cash for favors on matters that in- other $4,000 in crisp, high-denom- Natural Resources Defense Council shopping mall whose anchor is a cluded an expansion of nickel de- Barging into offices ination bills in a suit pocket. and a former city commissioner of Target superstore. Those moves posits to noncarbonated beverages, “FOLKS WHOSE ISSUES would other- It isn’t clear when his relation- consumer affairs. were widely attrib- collection of taxes on wise have been over and done with, ship with Mr.Kruger developed,but But Mr. Lipsky defended Mr. uted to the developer’s sales of cigarettes on he managed to crank out stuff every observers suspect their ties solidi- Kruger and as recently as last desire to prevent Mr. Indian reservations day to guys in the press to keep it fied around 2006, when Mr. Lipsky month, drove to 18th Street and Lipsky from stirring and a Brooklyn “su- alive,” said Walter McCaffrey,a for- signed on with Forest City Ratner. Fifth Avenue to meet him and hand up and advocating for perstore” that is mer councilman and now a political Its executive vice president for gov- over what agents watching believe the little guys, his tra- unidentified but is consultant who hired Mr. Lipsky to ernment affairs, Bruce Bender, has was a check.Last Monday morning, ditional constituency. most likely a poten- fight congestion pricing. “I’d always known Mr. Kruger for decades. they arrived at the lobbyist’s home He aligned himself tial Walmart. know that when I was doing a hear- Friends didn’t understand Mr. with a search warrant. The giant with four rogue legis- Both Mr.Lipsky’s ing,he was going to have folks com- Lipsky’s loyalty to Mr. Kruger, killer was being taken down. Ⅲ lators who upended friends and foes were ing up to the table to testify.” the Democrats’ tenu- shocked.They some- Councilman Lew Fidler, D- ous hold on the Sen- times thought his Brooklyn, added: “He thought noth- ate in 2009. And he style too combative, ing of walking right past the recep- Tapping liquid assets recently signed on but never suspected tionist in your office and barging in, with the Committee him of engaging in no matter who you were sitting with.” to Save New York, a such a scheme. In recent years, Mr. Lipsky was Continued from Page 2 ment a B grade. He said a low point RICHARD big-business alliance LIPSKY “I have a list of 60 seemingly omnipresent.He got in the ready started. came several years ago, when former backing Gov. Andrew other people I would middle of the city’s most controversial The plan’s “action agenda” calls Deputy Mayor for Economic Devel- Cuomo’s fiscally con- not be a bit surprised development battles—Willets Point, for completing 130 previously an- opment Daniel Doctoroff proposed servative agenda. about, but him—I Walmart,Atlantic Yards and Colum- nounced projects by the time Mr. turning Red Hook’s port into a glitzy “He was serving postnew york was taken aback,”said bia University’s expansion—and op- Bloomberg leaves office at the end of mixed-use development. far too many masters,”said a Demo- Michael Nieves, who has been active posed congestion pricing, menu la- 2013. The city funds this to-do list Mr. Lewis said the recession has cratic operative. “You could pur- in Bronx politics for years. beling, soda taxes and the bottle bill. with $3.3 billion, but three-quarters been a blessing in disguise for the wa- chase his position on an issue.” After earning a doctorate in po- He also made heavy use of his of that money will go toward im- terfront because there is no longer a litical science and working for As- blog, momandpopnyc. Posts typical- provements in wastewater treatment push for massive residential develop- Allegations of wrongdoing semblyman Louis Nine of the ly carried playful headlines such as facilities, sewer and storm drainage ment. An approach that balances job AND NOW THE 63-YEAR-OLD is being Bronx,Mr.Lipsky launched his lob- “Van Wicked” (about ramps on the upgrades, city officials said. creation,recreation and environmen- charged with doing some purchasing bying career in 1981. Last year, his Van Wyck Expressway, which Part of the remainder of that tal protection has followed. of his own: namely, buying the help one-man shop raked in $362,500, formed the basis of his strategy to kill money will help pay for the comple- “The gold rush to the water has of a state senator on a wide range of according to public filings. Among the Willets Point project); “No tion of 50 acres of waterfront parks. abated,” he said, “and that is a good issues that mattered to his clients. his clients were Walmart foes Red Khan-Do” (about Transportation That includes the 22-acre Bush Ter- thing.” Federal prosecutors handed Apple and the Retail, Wholesale Commissioner Janette Sadik-Khan’s minal in Sunset Park, a project that down an indictment last week alleg- and Department Store Union; and bike lanes); and “Shoprite, Wal- recently hit a setback when the city Reviving Red Hook’s docks ing that Mr. Lipsky directed Willets Point United, an organiza- Wrong” (about Walmart, which he reissued a request for proposals to at- CARGO ACTIVITY at the Port of New $252,000 to a shell account con- tion of businesses opposed to the dubbed “the Walmonster”). tract more qualified bidders to de- York & New Jersey roared back 16% trolled by state Sen. Carl Kruger in city’s plan to redevelop the rundown “He is very effective at framing is- velop a portion of the site. in 2010. At Red Hook’s container exchange for support of causes con- area adjacent to Citi Field. sues publicly as David versus Goliath The Bloomberg administration terminal, shipping volume for goods sidered important to corporate Mr. Lipsky was a fixture on the when the reality is often far more wants to build a five-acre waterfront destined for east of the Hudson Riv- clients, including Forest City Rat- steps of City Hall and outside Room complicated,” said David Lombino, park at Hunter’s Point South in er has increased 36% since the city ner,grocery magnate John Catsima- 9, where reporters ply their trade. a city economic development official Long Island City, Queens. And it started promoting the terminal over tidis’ Red Apple Group and a beer With a Bluetooth device hooked to who covered Mr.Lipsky as a reporter plans to complete an environmental a year ago. distributors association. his ear, he would move from there to with the New York Sun. review of a $350 million expansion “A lot of people didn’t even know The complaint, which contains meetings in diners, Starbucks and Since launching the blog in of the Staten Island Container Ter- there was a port in Brooklyn,” said minal that has hit delays. Sabato Catucci, chief executive of More than $120 million will go American Stevedoring, which oper- toward connecting existing green- ates at the Red Hook port. Tiffany eyes overseas growth ways and esplanades. The mayor’s The number of workers who are office said the action agenda will cre- registered to stack, service and check ate 13,000 construction jobs and container cargo, as well as maintain Continued from Page 4 Tiffany has now brought in Mr.Cu- stores will be in a smaller format of 3,400 permanent maritime jobs. port warehouses and load baggage worse, some observers say that the menal, who was previously chief ex- nearly 3,700 square feet—less than The plan stresses restoring the from cruise ship passengers, remains scale of Tiffany’s success is ecutive of LVMH’s Moët & Chan- a quarter of the 15,000-square-foot natural waterfront and making the 10% below its recent peak of around overblown.They say that much of it don champagne business. There, he footprints of previous years—and waterways, which it calls its “blue 5,500 in 2005, according to the Wa- is due to nothing more than a mas- took a brand whose sales had peaked will contain less storage space and network,”a haven for kayaks,canoes, terfront Commission of New York sive consolidation of the jewelry in- in its home market and achieved less large jewelry and china. Ana- ferries and even swimming.The plan Harbor, a bistate agency. But the dustry after many smaller competi- sales growth in markets as far away lysts applaud the shrinkage, hoping identifies potential new boat launch shipping growth in Red Hook means tors folded during the recession. In as Australia. the move will drive a significant im- points, but only a few existing proj- 50 additional workers, each of whom the New York area, such well- provement in margins. ects, like the expansion of a dock at could earn more than $100,000. known names as Fortunoff, Finlay Frenchman to carry flag far “We have better capabilities to Hunts Point in the Bronx, will get After years of neglect, the water- Enterprises and Whitehall Jewelers AT TIFFANY,the Frenchman is expect- replenish inventories, so we don’t immediate attention. front’s redevelopment became a pri- have all gone to the wall. ed to help lead the jeweler’s plan to need the extra space,” said Mr. Ferry service has long been seen ority in 1992, when the city devel- “A lot of mom-and-pop stores more than double its present 14- Aaron. “And we save a lot on rent.” as the waterways’holy grail,with the oped its first comprehensive were forced out of business, and store foothold in China in the next In addition,Tiffany is also bank- potential to fill in gaps in public waterfront plan. Since then, major that’s an opportunity for those who few years.The company is also plan- ing on new high-end products to at- transportation while taking riders rezoning allowed developers to build remain standing, especially ning to open 21 stores in Europe, tract more buys from its wealthy off congested streets and subways. along the East River in Williams- Tiffany,”said Jennifer Milan,an an- where it currently has 29 and where customers. In the fall, it introduced “Commutation is a huge issue for burg, Greenpoint and Queens. alyst at Sterne Agee & Leach. sales growth over the past two years a handbag line, with prices ranging the city, and the waterfront provides The city plans no major rezoning Tiffany also made its share of mis- has averaged 13.2%, according to from $100 to $5,000,in a dozen U.S. a huge opportunity,”said Vin Cipol- now, though it does plan zoning re- takes in recent years, buying brands Bloomberg data. Other countries, stores. The jeweler also launched a la, president of the Municipal Art visions to encourage redevelopment such as a cruise ship-related jewelry where the jeweler has little or no collection of jewelry featuring yel- Society of New York. of waterfront industrial sites, many line called Little Switzerland and presence, including India and Rus- low diamonds to cash in on the col- But making service profitable re- of which are polluted. In the mean- stocking more lower-priced goods. sia, are also being eyed for possible ored-gemstones craze in the quires government subsidies. How time, Vision 2020 will proceed “All the while,Tiffany was trying expansion. celebrity world. much is a question that will be ex- piecemeal, said Ms. Quinn. to apply their processes to other busi- “They’re not only benefitting “They have great [fresh offer- plored this summer when a three- “We’re never again going to lose nesses, but they came to understand from the strength of the Chinese ings] with the leather and jewelry,” year $9 million pilot project begins touch with our waterfront,”she said. that their brand is incredibly special consumer, but from that consumer said Mr. Schick. “They have done a to offer service along the East River. “It’s wise to do the strategic planning and unique,” said David Schick, an traveling to places like Europe and great job with the handbags.” Ⅲ Roland Lewis,president and chief now, during a down economic mo- analyst at Stifel Nicolaus. “There’s a the U.S. and spending a lot of mon- executive of the Metropolitan Water- ment, so the second we have the re- big, worldwide appetite for it.” ey,” said Ms. Milan. IS L TEN to a discussion at front Alliance, gives the Bloomberg sources, we can devote them imme- Having learned its lesson, The majority of these future rk.com/audi CrainsNewYork.com/audioo administration’s waterfront develop- diately and effectively.” Ⅲ

24 | Crain’s New York Business | March 14, 2011 20110314-NEWS--0025-NAT-CCI-CN_-- 3/10/2011 7:19 PM Page 1

19% of New Yorkers have significantly cut spending in this economy, while only 5% have significantly increased spending BUSINESS LIVES Source: Empathica Wave 3 Winter Insights survey

HOT JOBS THE HAND PUPPETS THAT FEED HIM: Marty Allen and friends EXECUTIVE (clockwise from top) INBOX Tony Imhotep, Phineas Von Cliven III, Penelope Durtlinger and Lillith Anne Fisher SALES EXECUTIVE Lollybottom. COMPANY ZocDoc Inc. JOB DESCRIPTION Signing up Will rivals doctors and specialists to join the company’s online physician-referral poach your system best workers? MOST IMPORTANT TASK Meeting an aggressive weekly sales quota “AFTER THREE YEARS of salary freezes or cuts, and doing several CREDENTIALS NEEDED Outside jobs at once, people are fed up,” transactional sales experience and noted Stephen Viscusi. “They’re experience selling to doctors; ready to change jobs now at the bachelor’s degree preferred first decent opportunity.” SALARY $100,000+ Mr. Viscusi points to a recent RECRUITER Internal survey by global staffing company Manpower showing that a full DOWNSIDE Traveling to doctors’ 87% of U.S. workers are eyeing offices and getting past the exits. Closer to home, Mr. gatekeepers for face-to-face time Viscusi is CEO of The Viscusi UPSIDE Having the opportunity for Group, a boutique recruiting firm job growth in a rapidly expanding for designers and makers of home company decor, furniture and fixtures. ZocDoc, which was named the “My recruiting business is up city’s best place to work last year 50% so far this year, and most of by Crain’s, plans to add 150 sales- that increase is coming from people in the next three months. clients who say they want to hire a top person from a competitor,” —SUZANNE PANARA he said. “Employees these days feel so taken for granted, they are easy to poach.” A year ago, he remarked, EXECUTIVE MOVES most workers were so relieved to be working at all that they didn’t The Society of Memorial Sloan- want to rock the boat. No longer. Kettering Cancer “Employees know when Center: Ellen business is picking up,” Mr. Viscusi Haddigan, 44, was said. “If you’re not rewarding them, named executive are you ready to lose them?” director. She was GOTHAM GIGS No? Then Mr. Viscusi has a executive director of few suggestions about how to the Rush Philanthropic Arts Foundation, where she worked with make demoralized staffers feel entrepreneur and social activist Russell appreciated, so they’ll say “No, Simmons. thanks” when headhunters come Fireman Hospitality Group: Steve sniffing around. Weissman, 54, joined as chief financial Hands-On Artistry First, say thank you. Then put officer of the restaurant group that owns buck ennis some cash behind it. Offer raises, Bond 45, Brooklyn Diner and Red Eye merit bonuses, a few extra days Grill, among others. He was formerly MOST SELF-DESCRIBED ARTISTS in New York end up serving as waiters chief financial officer of B.R. Guest His puppet- of paid vacation or increased Restaurants. or wine clerks, or holed up behind a desk in a midtown office building. health insurance contributions. NBC Universal: portrait- Marty Allen found himself in Union Square Park, where he hawks Another important point: The Nicholas Lehman, 39, portraits of sock puppets. ¶ The 32-year-old art school grad, who candidates he’s pirated have told joined as president of rock band moved here from Boston in 2006, makes and photographs his hand- Mr. Viscusi that “they want their digital for the quality of life back. If you’ve had company’s puppet creatures at his loft in Clinton Hill, Brooklyn. His portraits, Entertainment and empire is someone working 12-hour days digital networks and also available online, range from $10 to $25.The puppets themselves for a couple of years, think about integrated media ‘conceptual are not for sale. ¶ Each of Mr. Allen’s 45 characters has a personality— taking some of the pressure off.” division, where he will oversee a very specific personality. ¶ “Spot the Elusive Dinosaur is a For example, he said, you businesses such as iVillage, Daily overkill,’ narcoleptic ukulele player,” he said.“Sgt. Bullocks is a punk rocker with could bring in a temp or a part- Candy, Swirl and Fandango. The time assistant. position is newly created. Mr. Lehman Mr. Allen a softer side.” ¶ Some have Myspace and Facebook profiles. A couple was formerly chief executive of Rewarding and encouraging Plum TV. concedes play in rock band Uncle Monsterface, which tours nationally, along someone you rely on could be a YourTango: Brian Kroski, 40, was hired as with their creator. Nine puppets star in an online soap opera that Mr. bargain, Mr. Viscusi pointed out: chief digital officer of the lifestyle brand Allen plans to release this month. ¶ “I call it conceptual overkill,” he “It would cost you a lot more to focused on love and relationships. He hire and train someone new.” was formerly chief operating officer at said. ¶ The puppets have paid Mr. Allen’s bills for the past four years. Louise Blouin Media. When people see his table in the park, they often look confused. IF YOUR BUSINESS has started Amy Labroo, 32, was appointed director recovering, how have you shared the of audience development, a newly Then they giggle.Then they take a couple of his portraits home. bounty with employees? Tell us at See EXECUTIVE MOVES on Page 26 —shane dixon kavanaugh www.crainsnewyork.com/execinbox.

March 14, 2011 | Crain’s New York Business | 25 20110314-NEWS--0026-NAT-CCI-CN_-- 3/10/2011 8:11 PM Page 1

RÉSUMÉ REVIEW Taking music on the road Is your job search all it could be? We ask the experts. Booking agent brings What’s your worst nightmare? that’s about to blow up? NAME BARBARA L. DIXON An underperforming tour.The pro- Wiz Khalifa. He’s a rapper that has SUMMARY major acts to venues verbial sickness prior to a show. effectively gone from selling a thou- There’s a lot of worst nightmares. I sand tickets at Irving Plaza to sell- Communications professional with extensive around the globe put out fires all day. ing out the Roseland a few days ago editorial experience in 15 minutes. The songs he’s writ- PROFESSIONAL EXPERIENCE Tell me your favorite band. ing are infectious. BY SHANE DIXON KAVANAUGH Rush.I’ve seen them over 100 times. Cottages & Gardens Publications, 2006-2010 That band was an inspiration.They Do you ever hit the road with artists? Editorial director/editor at large T BEGAN WITH Billy Joel at taught me that a great band must I go around the world. I flew over Created and oversaw content, tone and style of magazines. Made Madison Square Garden in have a great live show. 100,000 miles last year. I just got frequent public appearances. Implemented a designer referral service. 1980. It was Ken Fermaglich’s back from Brazil with Paramore. McGraw-Hill Cos., 2004-2006 first concert. Today, Mr. Fer- What’s on your iPod right now? Acting editor in chief, MyHouse Imaglich, 42, brings top acts to the I keep music on both an iPod and But you get to party on the road, right? Recruited to work with editorial director to develop the MyHouse brand. Garden and other venues world- iPad. Let’s see. A little Bruno Mars. I’d say that “party” would be a big Developed original concept of magazine and editorial product. wide. As a senior vice president for A little Alice in Chains. A little misnomer. When you’re on the Dixon Publicity Consultants, Toronto and New York, 1992, 1996-2006 the Agency Group, he manages 12 MGMT. A little road,you’re always playing catch-up Managing director booking Neon Trees. A with your other clients. The work Articles, photo styling for magazines. TV appearances on design/talk agents that little Aaron doesn’t stop. shows. Associate producer for various design shows. represent the Lewis, the EDUCATION MOVERS & likes of the lead singer What’s the best city in the world for a SHAKERS Black Keys, of Staind. band to play a show? University of Southern California, M.A., journalism Lauryn Hill What I saw in Rio and São Paulo Mills College, B.A., journalism and Nickel- Is there a blew my mind. The audiences are Résumé appears in condensed form. Ken back. Mr. group or rabid.They know the words to every Fermaglich act song.They line up for the show days EXPERT ADVICE Fermaglich might have in advance. It’s different than any- Barbara is an established pro with an excellent background. Because she missed book- thing I’ve seen anywhere. thrives in a creative environment, she should consider addressing her ing gigs for audience in a more “out of the box” résumé format as an alternative to her Elvis Presley or the Beatles, but the You have a 9-year-old son and 5-year-old traditional, chronological paper version. By reworking content and using Livingston, N.J., resident delights twin boys. What music are they into? headers such as Editorial/Design, Branding Strategy, TV Production, in working with Paramore and I’ve brainwashed them to like rock. PR/Guest Appearances and Media Credits, she can still tell her story, but Creed. Straight up. in a more unique way. —nancy schuman, vice president of marketing, Lloyd Staffing What’s the misconception about What do you love that’s not music- booking agents? related? To contact this candidate or to be featured in “Résumé Review,” e-mail us People think we’re just out to make The Yankees. If I wasn’t in the mu- at [email protected]. money. We aren’t in stocks and sic business, I’d have to get a career bonds. We deal in people. In music. in baseball. Ⅲ

EXECUTIVE MOVES Holy Name Province: Father David of development for Viacom and VH1. technology for Empathy Lab. executive director. He was president of Convertino, 61, was named director of Mesa Global: Jacob Brody, 28, joined as Corporate Insight: his own real estate brokerage and fundraising for the group of Franciscan director of business and community Dana Peterson, 43, was consultancy. Continued from Page 25 friars. He was formerly guardian and development, a newly created position at hired as vice president Draftfcb: Jennifer Comiteau, 43, joined as created position. She was associate executive director of St. Anthony the merchant bank catering to the of product director of content creation, a newly director of online development and Shrine. entertainment business. Previously, he development and created position at the marketing e-marketing at Advantage Business BST America: Diane M. Goldstein, 60, was a writer covering digital media, strategic services for communications agency. Previously, she Media. was hired as managing director of technology, public policy, venture capital the competitive was an editor and reporter at Adweek. Frank Crystal & Co.: Michael Sean Grant, recruitment for the market data and startups for VentureBeat. intelligence research American Institute of 46, was hired as executive managing consulting services firm. Most recently, Brown Brothers Harriman & Co.: Jared S. and consulting firm. Architects: David director for the insurance brokerage. He she owned Diane M. Goldstein & Keyes, 49, was promoted to partner at He was previously principal at Life Miles Ziskind, 71, was was formerly president of New York Associates, her recruiting firm for the financial institution. He was Value Advisors. appointed a fellow of operations at USI Insurance Services. information professionals. previously managing director. MARS Advertising: Scott Mueller, 48, the professional NYU School of Continuing and Rainbow Media Holdings: Jennie Morris, Jeffrey B. Meskin, 40, was named a joined as senior vice president of client organization that Professional Studies: Jennifer Bobrow 38, was promoted to director of affiliate partner. He was previously co-manager services at the business advertising and honors only 2,700 of Burns, 39, was appointed associate marketing at the subsidiary of at BBH Capital Partners. marketing company. He was previously its 80,000 members as director of career services at the Tisch Cablevision Systems Corp. She was NYC Administration for president of Aurora 12 Consultants. fellows. He continues Center for Hospitality,Tourism and senior director of program planning and Children’s Services: Complex Media: Scott Cherkin, 38, was as senior vice president and chief Sports Management. She was formerly scheduling. Charles Barrios, 42, hired as executive vice president of architect at architecture and engineering assistant dean for career services at the Sally Habbershaw, 40, was named vice joined as deputy product and business development. He firm STV. Quinnipiac University School of president of scheduling, acquisitions and commissioner for was senior vice president of product and ReServe Inc.: Bruce Patrick, 63, was Communications. promotions. She was formerly director family support business development at Travel Ad promoted to chief financial officer of the services. Previously, he Network. nonprofit group that matches older was division director 1E: Paul Szemerenyi, 45, joined as adults with part-time service CORPORATE LADDER for Good Shepherd director of North American channel opportunities. He had been the Services. sales, a newly created position at the company’s interim chief financial officer. Morrison Cohen: Jonathan S. Margolis, enterprise efficiency company. He was Suzanne O’Keefe, 64, joined as director EDITOR TRIES HAND AT LIVING 55, was hired as a partner in the law vice president of North American sales of special projects. She continues as firm’s real estate department. He was for AppSense Inc. project manager of Friends of Vietnam PILAR GUZMÁN, 40, has been named editor in chief of previously a partner at Greenberg Razor & Tie: John Veterans Plaza. monthly magazine Martha Stewart Living. In addition Traurig. Franck, 40, was hired Co Collective: Jacob Styburski, 35, joined to her editorial responsibilities, she’ll oversee the Kelley Drye & Warren: Joshua A. Berman, as senior vice president as chief collaborator, a newly created creation of digital editions of the lifestyle 37, was named partner at the of marketing for the position at the advertising and publication. She’ll represent the magazine through multidisciplinary law firm. He was entertainment marketing firm. He leads brand design formerly a partner at Meltzer Lippe company. He was and service teams. He was previously a appearances on The Martha Stewart Show and help buck ennis Goldstein & Breitstone. senior vice president major-account director at Frog Design. develop Living’s presence on MarthaStewart.com. She co-founded parenting Music Choice: Jason Guarracino, 35, was of marketing at eOne. —anya khalamayzer website Momfilter.com and was the founding editor in chief of parenting hired as director of Web and mobile Molinaro Koger: magazine Cookie, named Launch of the Year in 2007 by Advertising Age. application development, responsible Stephen J. Pearlman, 66, was hired as The University of California, Berkeley graduate has also been an editor or for the strategic direction of mobile and managing director of the capital markets EXECUTIVE PROMOTIONS contributor for a number of publications. In 2008, she was named one of Web components for Music Choice group. He was formerly senior The fastest way to get an announcement into Crain’s “40 Under 40.” properties including Video on managing director at Beacon Crain’s is to submit online. Fill out the form Demand. The position is newly Hospitality Partners. at www.crainsnewyork.com/section/ —DANA GORDON created. Mr. Guarracino was formerly Associated Builders & Owners of Greater executive_moves. The Executive Moves column director of e-commerce and mobile New York: Dan Margulies, 60, was named is also available online.

26 | Crain’s New York Business | March 14, 2011 20110314-NEWS--0027-NAT-CCI-CN_-- 3/10/2011 7:23 PM Page 1 chemex / INSATIABLE CRITIC www.scorenyc.org or $69 at the door. flickr.com Gael Greene THE NETWORKING RECEPTIONS MONDAY , MARCH 21 NETWORKING FOR PROFESSIONALS will WEEK hold a high-speed networking event, with light hors d’oeuvres and a cash bar, from 6:30 p.m. to 8:30 p.m., upstairs at Now playing: AHEAD the Galway Hooker Pub, 7 E. 36th St. Tickets are $20 for NFP members and $30 for nonmembers when purchased in MARCH 21-27 advance, or $35 for all at the door. cool food fusion Tickets are available at www.networkingforprofessionals.com. CONFERENCES AND WHAT HE’S Theater district’s SEMINARS URAL CULTURALT EVENTS WEDNESDAY , MARCH 23 TUESDAY, MARCH 22 Pick READING handsome Ember BANK OF AMERICA and Roy Fenichel Esq. NEW YORK CITY OPERA present “Representing the Buyer: Co-op celebrates the opening of of the DEAN JAMES KOWALSKI, head of Room isn’t hot enough and Condo Due Diligence and Contract its spring season with week the Cathedral Church of Saint Matters,” a free accredited continuing Donizetti’s The Elixir of John the Divine, likes to juggle a LOVED THE SWEET, savory, legal education class for lawyers. Join Love. The revival of Jonathan few books at a time. The Westing smoky allure of Kittichai, and instructor John Bradbury Esq. for a Miller’s production will run through Game, by Ellen Raskin—about I was an early fan of the Plaza discussion of topics including the time- April 9.The opening night performance of-the-essence clause and co-op and begins at 7:30 p.m. in the David H. getting kids to read—was a Food Hall.So for weeks before condo financial statements, and receive Koch Theater, 20 Lincoln Center. suggestion from his “book buddy.” its stalled opening, I could al- three professional practice credits. The Ticket prices for all performances He’s finding The Nine: Inside most taste the sticky torrid combus- CLE will take place at Bank of America, range from $12 to $140, and can I buck ennis the Secret World of the Supreme tion to come from the fusion of Todd LOVED BY ALL: Barbecued-beef fried rice 50 Rockefeller Plaza, fifth floor, from be purchased by visiting Court, by Jeffrey Toobin, a English and Ian “Kittichai” Cha- 8:30 a.m. to noon. To register, call www.nycopera.com/seasontickets, calling “fascinating” read. “It goes into lermkittichai at Ember Room. Now (646) 695-7925 or e-mail (212) 721-6500 or stopping at the [email protected]. David H. Koch Theater box office. the conflicts the justices have I’m here. Sweeping aside the thick EMBER ROOM with the job itself, their relation- velvet windbreak at the door, I actu- 647 NinthHURSDA Ave. TTHURSDAY , MARCH 24 FRIDAY , MARCH 25 ships with each other, and how ally lick my lips. Given the drama of (212) 245-8880 Score NYC presents “Search Engine AMERICAN FOLK ART MUSEUM presents much [their decisions] shape the crowds lined up for its opening bash, www.emberroom.com Optimization and Pay Per Click: “Infinite Variety: Three Centuries of the place is shockingly empty. Well, history of the country,” he said. Building Your Online Success,” with Red and White Quilts,” a part of the What’s Your Decision: How to it’s an arctic Tuesday, on not exactly Jennifer Shaheen, president of The museum’s Year of the Quilt program. gentrified Ninth Avenue, post- Technology Therapy Group. The More than 650 quilts will be on display Make Choices With Confidence pretheater rush, and it’s the first CUISINE Oven-baked/BBQ seminar will take place at the Science, through March 30 in a floor-to-ceiling and Clarity, by J. Michael Spar- week, perhaps too soon to draw a PRICE RANGE Entrées $12-$30 Industry and Business Library, 188 arrangement in the Wade Thompson ough, Jim Manney and Tim Hip- crowd in this shabby-chic ZIP code. Madison Ave., from 10:15 a.m. to 1:30 Drill Hall at the Park Avenue Armory, skind, is also on his list. “I check SERVING Dinner 7 nights; brunch We pick up a favorite dine-out p.m. Guests will also have access to 643 Park Ave. For more information my own sense of vocation and Saturday, Sunday Score counselors for one-on-one follow- about this free exhibition, visit how I make decisions,” he said. buddy from the bar,where he claims up help with any business question. www.folkartmuseum.org/infinitevariety. to have taught the very serious (and RESERVATIONS Recommended Admission is $59 with preregistration at —suzanne panara “Sometimes the things you feel seriously adorable) bartender how NOISE LEVEL Moderate resistance to give you clues.” to make a Tongue Pleaser: Scotch To view Crain’s classified events listings, go to www.crainsnewyork.com/events —VALERIE BLOCK and St. Germain. If only we were as I can’t wait to return. tickled with what we’re eating as he I will definitely go back. is with his invented drink. I’ll let them simmer awhile. Spicy hot chocolate-glazed baby backs are just OK, their coating NO HATS Never again. dense but not caramelized. Mongo- lian barbecue supposedly flavors broiled quail with fennel and blood running the show,”our companion,a orange.The juicy little birds are sur- star chef of the ’80s, laments. “Now prisingly dowdy and dull. Thai pas- they’re opening the next restaurant in Expect us to be trami meatballs stoked with corian- Las Vegas or Singapore.” Midway der, tamarind sauce, coconut and through our dinner, I notice English Chinese mustard are chewy—not has arrived and is deep in conversa- YOUR PARTNER. really a flaw. But they are also not tion with the man behind the count- hot,and that is a flub.Nothing is hot er.That must be Kittichai. enough. Nothing tastes as if it was After a lull, we have a dish that cooked to order. we all love: Korean barbecued-beef $9,000,000 $22,000,000 $12,500,000 $29,000,000 Yes, marinated ox tongue must fried rice, peppery hot—in temper- Revolving Credit Revolving Senior Revolving Senior Credit be bathed and sliced ahead, but it ature, too. It’s in a big earthenware Facility & Term Loan Line of Credit Credit Facility Facility has lost its unique texture and bowl, the rice stickily clustered and Provided for Provided for Provided for Provided for picked up a sharply saline rubble of rocking with flavor, just $12. A big jalapeño, black pepper and sea salt. platter of pulled Berkshire pork Our server is gorgeous. Indeed, sandwiches, neatly quartered, ar- all the women to-ing and fro-ing rives, too—with chili jam aioli and here are lookers, with one shoulder apple slaw, rolls already stale. Hard bared in sleek black frocks. The to believe that’s a $12 entrée (others ASSET-BASED FINANCING place itself is as strikingly handsome are up to $30). as the women in black. Thousands “You’ve eaten so much,”our serv- e’re helping businesses like yours grow. of temple bells are suspended from a er observes. “You probably won’t double-height ceiling at the en- even want dessert.” See why we’ve earned our reputation as a leading provider of working capital trance, where gold letters spell out a “Of course, we’ll have dessert,” I financing to growing companies. For more information, contact Warren Mino, President, philosophy of welcome in Thai. say. She describes three options: a at 212-806-4500 or visit us at Websterbcc.com to submit an online application for In the open kitchen, the custom- flourless chocolate cake, Meyer credit or find our nearest location. built oven boasts two stone woks, a lemon crêpes and cheesecake. grill and seven roasting ovens, in- “They’re all very small,” she adds. NEW YORK | BOSTON | PHILADELPHIA | HARTFORD cluding one big enough to handle a Our trio votes for the cheesecake. suckling pig. Much attention has The caramelized cheesecake—made been paid to the monogram TE near with a Thai flavoring and served with NYSE:WBS* the crown of the facade. A pair of coconut ice cream, raspberry purée ® walls in a patchwork of rough-cut and one raspberry—is small indeed, Visit Websterbcc.com

wood seem to mute the sound.Com- but at $7, that’s hardly a felony. All credit facilities are subject to the normal credit approval process. munal tables have bare backless * The NYSE ticker symbol of WBS is assigned to Webster Financial Corporation and does not constitute an offer to buy or sell securities by the Company, its subsidiaries or any associated party and is meant purely for informational purposes. Webster Business Credit Corporation is a subsidiary of Webster Bank, N.A. Member FDIC. Equal Housing Lender. The Webster Symbol and Webster Business Credit are registered in the U.S. Webster Bank, N.A. benches: the Momofuku effect. Copyright © 2011 by Gael Greene. Member FDIC “In the old days,the chef would be Syndicated by www.insatiable-critic.com. Patent and Trademark Office.

March 14, 2011 | Crain’s New York Business | 27 CN014268 3/10/11 11:39 AM Page 1

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