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RIGHTS Who Decides What a Neighborhood Is Called and Where It Starts and Ends? Harlem Civic Leader Brian Benjamin Is Finding out the Hard Way PAGE 14 VOL

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RIGHTS Who Decides What a Neighborhood Is Called and Where It Starts and Ends? Harlem Civic Leader Brian Benjamin Is Finding out the Hard Way PAGE 14 VOL CRAINSNEW YORK BUSINESS NEW YORK BUSINESS® APRIL 24 - 30, 2017 | PRICE $3.00 WILL NETFLIX STOP FILMING IN NEW YORK? P.5 THE LIST Top Manhattan Commercial Property Owners P. 12 20 WAYS TO MAKE MONEY IN RESTAURANTS P.16 NAMING RIGHTS Who decides what a neighborhood is called and where it starts and ends? Harlem civic leader Brian Benjamin is finding out the hard way PAGE 14 VOL. XXXIII, NO. 17 WWW.CRAINSNEWYORK.COM NEWSPAPER P001_CN_20170424.indd 1 4/21/17 8:10 PM “With Star Citizen, we do 15 to 25 builds every day. We’re talking tremendous amounts of data. Fortunately, our fi ber network is absolutely stellar.” Chris Roberts, CEO Cloud Imperium Games Client since 2012 PC gaming is serious business. To compete, you need a robust network and IT infrastructure. We help clients like Cloud Imperium Games get that edge—with a winning mix of data, voice, video and cloud solutions, all delivered over a nationwide fi ber network. Game on. Visit enterprise.spectrum.com or call 866-709-5512 © 2017 Charter Communications. All Rights Reserved. Not all products, pricing and services are available in all areas. Restrictions may apply. Subject to change without notice. All trademarks remain property of their respective owners. ent-APR17-Brand-CIG-10-8x14-5-CrainsNY-8667095512.inddCN018234.indd 1 1 4/20/174/4/17 11:12 3:09 PMAM APRIL 24 - 30, 2017 CRAINSNEW YORK BUSINESS FROM THE NEWSROOM | JEREMY SMERD | EDITOR IN THIS ISSUE Selling the Navy Yard 4 AGENDA 5 IN CASE YOU MISSED IT BILL DE BLASIO MAY NOT HAVE enough cash to pay for his 6 ASKED & ANSWERED Midtown streetcar connecting the Brooklyn and Queens waterfronts. streetscape You know where he can get it? The Brooklyn Navy Yard. 7 HEALTH CARE improvements 8 WHO OWNS THE BLOCK hit a speed In case you missed it: The mayor admitted last week bump that his plan to pay for the Brooklyn Queens Connector by 9 REAL ESTATE capturing the resulting rise in property values along the 17- 10 RETAIL mile route might not pencil out. That’s probably because the 11 VIEWPOINTS cost of building it would be higher than expected. We don’t 12 THE LIST know for sure. A full analysis of the proposal is pending. But a shortfall would leave the mayor two options: Re- FEATURES duce the project’s scope and cost (but when do infrastruc- As we bring 14 NAMING RIGHTS ture costs in New York City ever go down?) or find a way 16 RECIPES FOR SUCCESS to increase revenue. Because an increase in real estate val- “space on line, ue is tied to a property’s proximity to the streetcar, the best it’s getting way to raise more real estate tax revenue is to build more leased up residences as close as possible to the transit line. Long Island City, Greenpoint and Williamsburg have as soon as already developed high-rise waterfront towers. The next we market it obvious place would be the area around the Navy Yard, P. 16 which is burnishing its reputation as a place where cool NIKI RUSS FEDERMAN things are made (film and TV, body armor, robotics, chocolate, coffee). “As we bring space on line, it is getting leased up as soon as we market it,” Navy Yard CEO David 21 GOTHAM GIGS Ehrenberg told Crain’s when he visited our newsroom recently. 22 SNAPS The success of the city-owned Navy Yard has piqued the curiosity of New York- 23 PHOTO FINISH ers. When a Wegmans supermarket and a 60,000-square-foot food hall that are CORRECTIONS being built on the premises open, the public will be able to partake in the gated GoTenna Pro costs $499. The price was misstated industrial complex’s cool factor. The BQX would be the transportation infrastruc- in “Sandy-inspired texting tool now helping Sandy ture that cements the neighborhood’s live-work-play status, something the streetcar survivors,” published April 17. could also do for Industry City and the Brooklyn Army Terminal in Sunset Park, Tribeca Film Festival will have 97 feature films, not 80, and declined to disclose its revenue. The reve- which are following in the Navy Yard’s new manufacturing model. nue for the Tribeca Film Institute was misattributed To plug the expected BQX funding gap with real estate taxes, though, requires to the festival in “Tribeca Film Festival undergoes a more real estate. And the only way to create that in New York is to build upward. costume change,” published April 17. As it happens, the Navy Yard is sitting on 15 million to 20 million square feet of development rights. If the city were to sell those air rights to owners of adjacent properties, the mayor could raise more money for his project. How much could be raised is unclear, as is the amount needed to plug City Hall’s projected shortfall. And like any development that would lead to high-rises, there will be plenty of naysayers. But as we’ll explore June 14 at the Sheraton New York Times Square (see below), if the mayor wants to think big, he’ll have to build big. ON THE COVER PHOTO: BUCK ENNIS CONFERENCE CALLOUT JUNE 14 DIGITAL DISPATCHES REAL ESTATE: DON’T JUST Go to CrainsNewYork.com THINK BIG. BUILD BIG. READ If you enjoy reading SL Green CEO Marc Holliday Viewpoints in the maga- > will keynote a morning-long zine, visit CrainsNewYork conference on the .com/opinion to see the magnitude, complexity many op-eds that don’t ap- and necessity of pear in print. To submit an building transformational op-ed on a topic specific to projects like One Vanderbilt. New York City’s business community, email it to [email protected]. A good SHERATON NEW YORK TIMES SQUARE HOTEL length is 500 words. 8 a.m. to noon ■ JOIN Who is the highest-paid hospital [email protected]. executive in the New York area? Which company signed the largest office lease last year? You can get the answers to Vol. XXXIII, No. 17, April 24, 2017—Crain’s New York Business (ISSN 8756-789X) is published weekly, except for double issues the weeks of June 26, July 10, July 24, Aug. 7, Aug. 21 and Dec. 18, by Crain Communications Inc., 685 Third all these questions by becoming a Data Ave., New York, NY 10017. Periodicals postage paid at New York, NY, and additional mailing offices. Postmaster: Send Center member. As a member you will address changes to: Crain’s New York Business, Circulation Department, 1155 Gratiot Ave., Detroit, MI 48207-2912. have access to all our curated business For subscriber service: Call (877) 824-9379. Fax (313) 446-6777. $3.00 a copy, $99.95 one year, $179.95 two years. lists, which can be used for lead gener- (GST No. 13676-0444-RT) ©Entire contents copyright 2017 by Crain Communications Inc. All rights reserved. ation and give you a competitive edge. Go to CrainsNewYork.com/data-center to learn more. BUCK ENNIS APRIL 24, 2017 | CRAIN’S NEW YORK BUSINESS | 3 P003_CN_20170424.indd 3 4/21/17 8:11 PM WHAT’S NEW APRIL 24, 2017 AGENDAThe most energy-wasting landlord in the city is the city itself he most frustrating job in New York City might be curbing energy use at Housing Authority developments, which have 400,000 tenants on their leases but probably house about 700,000. e residents face challenges in their daily lives, but Tsaving energy is not one of them—because the majority get no electric or heating bills. It’s safe to say that Earth Day came and went Saturday, April 22, without much fanfare in the projects, which use 40% more energy than similar-size private buildings. e annual tab is $280 million. WHAT A WASTE: Public-housing Public-housing units tend not to have individual meters to measure residents without electricity use. But some do, and what we know from them is extraordi- electric meters use four times nary: Tenants without meters—who pay the same rent regardless of how more power than much power they use—consume four times as much electricity as tenants those with them. who pay their own bills. e authority’s energy czar, Bomee Jung, is honest about why the agen- that is set to keep the coldest tenant comfortable. Buildings are heated ac- cy has not metered every unit: the fear that tenants would run up bills cording to the weather outside, regardless of how hot apartments are. And they could not a ord. Many own ine cient air conditioners (which are tenants have little or no control over radiators. e result is widespread cheaper to buy than Energy Star appliances) and blast them all summer— overheating that forces tenants to open windows in the dead of winter. to keep their pets cool or so they can return is pulls cold outside air into lower oors home to a chilled apartment—and might Of cials fear that if tenants paid for through cracks in aging facades. Insane. not change their ways. Some elderly ones e agency makes steam in a central plant would do the opposite, keeping their units electricity, they would still run up and pipes it through giant water tanks that too hot and putting their health at risk. huge bills. That is defeatist thinking lose heat rapidly. For the past decade the au- But that is defeatist thinking. It patron- thority has been replacing them with small- izes tenants and cannot be justi ed given er, on-demand hot-water heaters, which are public housing’s desperate nancial situation and Mayor Bill de Blasio’s far more e cient.
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