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IN THE MARKETS NETS UP FOR BID And may score a shocking sum CRAIN’S® NEW YORK BUSINESS PAGE 4

VOL. XXXI, NO. 3 WWW.CRAINSNEWYORK.COM JANUARY 19-25, 2015 PRICE: $3.00 ‘Stress test’ puts pressure on Citi ‘Do-or-die time’ for bank if it fails federal exam for third year in a row

BY AARON ELSTEIN

This a make-or-break year for Citi- group—and everything hinges on the bank’s passing one single test. “There’s no reason to mince words: It’s do-or-die time for Citi,” said Mike Mayo, a banking-industry analyst at CONFIDE PRESIDENT brokerage firm CLSA. “No more ex- Jon Brod wants cuses, no more apologies. Either Citi to replicate the privacy of face-to-face gets it done or it’s time to more aggres- conversations in sively break up the company.” business. The “it” that Citi needs to get done is passing the so-called stress test ad- See CITI on Page 19 Owners compelled to sell

Three rare building sites hit market as Vanishing App sales top record sums BY DANIEL GEIGER Gossipy teenagers BY MATTHEW FLAMM This advanced Snapchat for grown-ups, the company believes, will For most of his 50- GOTTESMAN aren’t the only ones Sometime in the coming weeks, bring back the sense of privacy and year career, Jerry FAMILY ADDS confidential-messaging startup Con- control that has increasingly become a Gottesman has fol- HUMOR TO trying to make their fide will launch a service that allows casualty of online communications. It lowed a simple rule ITS HOLDINGS should also provide a defense against in building a proper- GOTHAM GIGS secrets disappear businesses to send documents, not PAGE 6 just texts, using its signature version of hackers, like those who breached ty empire worth over disappearing ink. See VANISHING on Page 19 $3 billion:Never sell. without a trace But in November,even Mr.Gottes- man was persuaded to change his game See LANDOWNERS on Page 20 photo: buck ennis/illustration: konefal wally 03 5 REPORT SMALL THE LISTS BUSINESS A sweeter SBA lenders & loans outlook for lending PAGE 11 PAGES 13 & 15 NEWSPAPER 71486 01068 0 20150119-NEWS--0002-NAT-CCI-CN_-- 1/16/2015 7:17 PM Page 1

REPORTER’S NOTE

Eye on the ball FYICRAINSNEWYORK.COM Long known as the “Liar’s Ball” for the tall stories of big deals that flow as copiously as the free Is the cold war over for booze, the annual Real Estate the mayor and police? Board of New York banquet nonetheless stands as the best ayor Bill de Blasio’s icy relationship gauge of the true state of the with the New York Police Department is market. And last Thursday night, beginning to thaw. ¶ On Monday, the Daniel Geiger M the lights on that meter all Daily News revealed that only 4% of the 23,000 glowed a deep, rich, joyous green. active members of the Patrolmen’s Benevolent The city’s biggest landlords and brokers flocked to Association had signed President Patrick Lynch’s ap images the New York Hilton, as they do every year, to much-hyped petition asking Mr. de Blasio to mix, mingle and ask our local electeds, whose skip their funerals if they were killed in the line of duty. ¶ Then Capital New York reported that campaigns they lavishly fund, what they have five City Council members dropped their support for a resolution asking the state legislature to done for the industry lately. When it was over, increase disability pensions for recently hired police officers, taking pressure off the mayor, who REBNY reported that the number of guests had softened his opposition to the measure to avoid further antagonizing cops. ¶ Things got even topped last year’s 2,300 attendees. There was our worse for Mr. Lynch. A Tuesday meeting of his union in Queens devolved into a shouting match hyperactive senior U.S. senator in a button-up as some members blasted his demand for a de Blasio apology, saying their priority was more sweater. Our mayor wrapped his left arm around funding—which, as it happens, the mayor supports. On Thursday, a poll showed an the shoulder of the outgoing head of the powerful overwhelming majority of voters considered Mr. Lynch’s comment about “blood” being on the Real Estate Board of New York, and his right mayor’s hands to be “too extreme,” and disapproved of police turning their backs on Mr. de Blasio. around the shoulder of the next one. There, too, ¶ For his part, the mayor ramped up his praise of cops and his criticism of protesters’ anti-cop was the powerfully built head of the city’s rhetoric, and backed a $7.3 million council proposal for new bulletproof vests for the NYPD. construction unions, locked in conversation with Detectives’ Endowment Association President Michael Palladino was moved to say the mayor’s his mates in a room packed to the rafters with actions could be interpreted as an apology, albeit unspoken. —andrew j. hawkins landlords and the brokers who sold them their PROPERTY-TAX RELIEF. More than man David Greenfield,D-Brooklyn, buildings. Mostly male, mostly in black tie, they 209,000 New York City homeowners introduced a bill that would cap surge HOORAY! beamed like they hadn’t since 2007, the year would get a property-tax credit aver- pricing at twice the normal rate. aging $872 a year under a $1.7 billion However, one policy expert said FILMS MADE before the market collapsed. When Steven plan proposed by Gov.Andrew Cuo- Uber’s pricing plan is beneficial to in New York, Spinola took the podium for the last time as mo. … MUNI ID DEMAND. Interest in consumers and drivers by helping to including Begin Again, REBNY’s leader, closing a 30-year reign that has the city’s new municipal ID program balance supply and demand, and an- Birdman and tracked the city’s long rebound, the audience was so overwhelming in its first week other councilman said imposing a cap Still Alice, that City Hall launched an online ap- is “un-American.” … SAY “CHEESE!” nabbed 11 members did something they hadn’t done since Oscar pointment-based system to replace Stock-photo startup Shutterstock nominations. the great Harry Helmsley made his farewell walk-ins—and the site temporarily acquired editorial-imagery company appearance there in the previous millennium. crashed.More than 5,000 people had Rex Features and music-and-sound- enrolled as of Jan. 15. … TRAFFIC effects provider PremiumBeats for a They stopped, and they listened. Briefly. SAFETY. Mayor Bill de Blasio touted combined $65 million.The deal with OY VEY! his Vision Zero initiative by declar- Rex Features marks Shutterstock’s WEST ELM quietly ing 2014 the safest year for Big Ap- entrance into the $700 million edito- removed from its ple pedestrians since rial-image market, website THIS WEEK IN CRAIN’S at least 1910.Though and makes the Man- products ‘Try to stop advertised as pedestrian deaths and hattan company a di- “Made in IN THE BOROUGHS------3 overall traffic fatali- stepping in rect rival to Getty Brooklyn” ties dropped 27% and Images. … CRAFTING that were IN THE MARKETS------4 dog shit, manufactured 15%, respectively, AN IPO. Etsy, an on- in China. THE INSIDER ------5 from a year earlier,the which we do line marketplace for number of bicyclists handmade and vin- BUSINESS PEOPLE ------6 killed climbed to 20 every now tage goods, might NOT BIG OPINION------8 from 12 . … and then’ become a publicly ENOUGH.MetLife has traded company.The … LEND LEASE HIRE. Melissa Burch,a GREG DAVID ------9 —JPMorgan Chase & Co. sued the U.S. govern- CEO Jamie Dimon, on one Brooklyn firm is re- top executive at developer Forest City REAL ESTATE------10 ment for singling it of the bank’s top goals portedly seeking to Ratner and a 2013 Crain’s 40 Under out as a too-big-to- raise as much as $300 40 honoree, will join the Australia- REPORT------11 for 2015 NEW YORK, NEW YORK fail company, claim- million in an IPO as based construction company to lead THE LISTS------Jennifer Simonetti-Bryan 13, 15 ing the designation soon as this quarter. its U.S. real estate projects. … makes the insurer less competitive Its valuation could hit $2 billion. ... AMAZON TV. Bronx-born and (left) and other execs talk CLASSIFIEDS ------16 WHAT TECH BUBBLE? shop at Omar Khan’s (right) without reducing systemic risk.Too- New York Brooklyn-raised Woody Allen will FOR THE RECORD------International Business and 18 big-to-fail institutions must follow venture-capital spending jumped write and direct a half-hour series for more stringent capital requirements. 53%, to $4.5 billion, in 2014 com- Amazon’s Prime Video service. The Wine Society. P. 21 SOURCE LUNCH------22 … UBER CAP. The ride-sharing app pared with 2013—the highest level show will debut next year. CORRECTION came under fire when City Council- since 2000,according to CB Insights. —emily laermer Union workers who work on open-shop jobs still enjoy the same benefits and wages, and are still considered union members on those projects. This fact was misstated in the Jan. 12 “Nonunion spire aims to shatter record.”

vol. xxxi, no. 3, january 19, 2015—Crain’s New York Business (issn 8756-789x) is STORIES TO WATCH THIS WEEK published weekly, except for double issues the weeks of June 29, July 13, July 27, Aug. 10, Aug. 24 and Dec. 21, by Crain Communications Inc., 685 Third Ave., New York, NY 10017. Periodicals postage paid at New York, N.Y., and additional mailing offices. Post- Jan. 20: City Jan. 21: Gov. Jan. 21: Sotheby’s Jan. 22: MTA master: Send address changes to: Crain’s New York Business, Circulation Department, 1155 Council hearing on Cuomo’s combined Impressionist and board votes on fare Gratiot Avenue, Detroit, MI 48207-2912. for subscriber service: Call (877) 824-9379.Fax (313) 446-6777.$3.00 a copy,$99.95 one short-term rentals State of the State modern-art sale and toll hikes. year, $179.95 two years. (GST No. 13676-0444-RT) ©Entire contents copyright 2015 by Crain Communications Inc. All rights reserved. via Airbnb, other address and budget begins. sites presentation

2 | Crain’s New York Business | January 19, 2015 20150119-NEWS--0003-NAT-CCI-CN_-- 1/16/2015 6:24 PM Page 1

IN THE BOROUGHS Beauty biz getting beastly BRONX Founder of Ricky’s Corridor returns to launch, only to find crowded eyed for high-end market new zoning BY ADRIANNE PASQUARELLI Change would bring Ricky Kenig is giving the beauty business a makeover. After years of more housing, jobs trouble at Ricky’s,the 29-unit drug- to Jerome Avenue store chain Mr. Kenig founded with his brother a quarter-century ago, the beauty guru ditched his name- BY THORNTON MCENERY sake firm to launch a new venture— one not weighed down by the fami- The bulletin board just inside the ly and financial drama that has door at the New Settlement Com- clouded Ricky’s since 2012. munity Center on Jerome Avenue “I left Ricky’s to pursue creating hints at the shifts underway in the a newer, updated beauty niche,” said surrounding area of the South Bronx. Mr.Kenig,who partnered with pro- A flier offering help to runaway fessional makeup supplier Alcone to youths is sandwiched between a no- found the 2,100-square-foot store tice on how to sign up for a winter Kenig + Alcone in the West Village farm share and a schedule for upcom- last year. “I’m using my over-25 ing ballet classes taught by members years of experience at Ricky’s to give POLISHED: Ricky Kenig of the Alvin Ailey dance company. the consumer a little bit more of an left his namesake firm The two-year-old community education,” he said. to open a new beauty center and its bulletin board reflect business. Unfortunately for Mr.Kenig,he is what Borough President Ruben not the only one who has noticed an Diaz Jr. fondly refers to as the “new opportunity in the business of dolling Bronx.” But just outside the front up women. Across Manhattan, door runs a street that looks far more dozens of beauty brands boasting like the old model, one lined with unique concepts, from make-your- auto-body shops in the shadow of own lipstick to grocery-store-style the elevated tracks of the 4 train. displays of powders and potions,have It’s that juxtaposition of new and opened in the past two years.They’re old that is inspiring community taking advantage of polished and leaders and city planners alike.That sophisticated customers eager to includes many within the de Blasio experiment with their looks. administration, which is in the early The beauty bubble shows no sign stages of formulating a rezoning of popping as sales growth of high- plan for a narrow, 57-block-long end beauty products outpaces that corridor along Jerome Avenue. of apparel. For the 12 months end- It will be designed to bring new

See BEAUTY on Page 20 buck ennis See ZONING on Page 10 Database of 35 million names STATS AND THE CITY by Nicholas Wells THINK, WATSON: IBM received a record 7,534 patents in 2014, more than any other firm in the U.S. Big Blue’s revenue from hardware fell 18% in 2013 from a year helps startup take on LinkedIn earlier, so expanding into data analytics and mobile computing offers a new horizon.

INCREASE in the number combs the Web and other sources work plus a vast network of suppli- of patents granted to IBM Reachable aims to for intelligence but also lets users ers, partners and vendors,” said Mr. in+130% the past decade, from 3,277 in 2004 make connections upload contacts from their email, Ohana, managing partner of Rolodexes and social networks. It Parkview Ventures. “We help them APPROXIMATE PROFIT from by using the social sifts the information using algo- leverage those networks to find the $17B sales and servicing of IBM’s and work networks rithms, figures out who’s connected shortest path to a target.” mainframe computers, about 35% of the With a database of 35 million company’s total profit in 2013 of entire companies names and an enviable partnership ‘The average PORTION of IBM’s patents from with Standard & Poor’s, Reachable database management in 2012, is signing up customers. Head- 12%up from 7% in 2002 BY JUDITH MESSINA company has ... hunters use the tool to find talent. Partners and directors at private- NUMBER of patents granted to Xerox If it takes audacity to challenge a vast social equity and venture-capital firms use in 2014, the second-highest for a NY- LinkedIn and the growing crowd of Reachable to conduct due diligence 967area company. It ranked 36th in the U.S. business networking companies, network’ on investments, make introductions Laurent Ohana has it. A venture for their portfolio companies and NUMBER of patents granted to capitalist and the chief executive of beef up their networks. Subscribers 7,886NY-area inventors in 2013—the Manhattan-based Reachable, Mr. pay a range of prices, up to $200 per most to a metro area outside Silicon Valley Ohana is making a play for a top user per month, for the platform. spot in the business of making con- to whom, ranks the relationships “It can show you where you’re INCREASE in patents to Sources: IBM, Securities and B’klyn inventors from nections. and lays out the strongest path to a weak and strong,”said Brian Smiga, Exchange Commission, +13 3 .7% The Economist, IFI Claims, 2003 through 2013, the largest jump in the city Like other purveyors of net- potential recruit, customer or other a partner with Alpha Venture Part- U.S. Patent and Trademark Office working tools, Reachable amasses business target. ners, which has been testing Reach- ap images data about people, their jobs, their “The average company has 1,000 able for potential adoption. ADDICTED TO NUMBERS? GET A DAILY DOSE AT @STATSANDTHECITY schools and their associations. It employees with a vast social net- See REACHABLE on Page 20

January 19, 2015 | Crain’s New York Business | 3 20150119-NEWS--0004-NAT-CCI-CN_-- 1/16/2015 6:22 PM Page 1 IN THE MARKETS by Aaron Elstein NEW YEAR. NEW OPPORTUNITY. Cassidy Turley is now DTZ

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President, New York Tri-State Region +1 212 318 9790 Net big payday www.dtz.com Global Commercial Real Estate Services ast year, the Los Angeles Clippers were acquired for a stunning $2 billion. Now the Brooklyn Nets are for Lsale. What might the team be worth? It could fetch even more than the Clippers did. But this is a deal that Join our List for Event Notifi cations and Email Alerts comes with some New York-size complications. We begin with Forbes’ estimate for the team’s value: $780 www.CrainsNewYork.com/Newsletters million. Bear in mind that the magazine estimated the Clippers were valued at only $575 million before former Microsoft CEO Steve Ballmer swooped in. Should the Nets sell for the same multiple as the Clippers—15 times last year’s estimated revenue—they would go for $2.8 billion.

How can the Nets possibly be Bucks were acquired last year for six worth that much? Well, the Knicks times revenue.) aren’t available, much to the cha- Here’s the glitch: As it stands, grin of their fans. Also, revenue at any Nets buyer would pay rent to the the money-losing Nets seems team’s majority owner, Mikhail poised to soar. Prokhorov, who is a partner with de- That’s because the National Bas- veloper Forest City Enterprises in oper- ketball Association last October ating Barclays Center. Forest City signed a new media-rights deal wants to sell its 55% stake in the with the owners of ESPN/ABC and arena; Mr.Prokhorov reportedly in- Turner Broadcasting worth a whop- tends to keep his Barclays interest ping $24 billion. The agreement but sell his 80% stake in the team. takes effect in 2016 and would triple In financial filings, Forest City January 21–25 • Javits Center the league’s fees from those broad- values Barclays Center at $1 billion, casters. The Nets’ deal with YES for even though the arena didn’t quite local broadcasts expires in 2016. break even over the nine months LIQUID ASSETS, REDEFINED. Sports economist Andrew Zimbal- ended last Sept. 30. So now you’re ist recently told the Financial Times talking about a $3.8 billion transac- that the national-rights deal works tion to own the Nets and the arena Come see what’s new for 2015 at out to $60 million in new annual free and clear. But wait, there’s America’s first boat show! Find the best revenue per club.The Nets generat- more. The New York Islanders will in boats and marine gear, engines and ed $190 million in revenue last year, play at Barclays starting next sea- electronics at the world’s first and longest according to Forbes, so the new TV son,which presumably would drive money should lift sales to $250 mil- the arena’s price higher. running boat show. lion,assuming the team manages to Then again, all Mr. Prokhorov PLUS… Boating and fishing seminars, keep the seats and suites filled at and Forest City need to find is one Barclays Center. That bump would bored billionaire who wants to im- Miss GEICO racing boat, and more. lower the multiple paid on a $2.8 press his friends. There are thou- billion sale to 11 times revenue.(For sands of brownstones in Brooklyn, Pre-shop, tickets and details at NYBoatShow.com those keeping score, the Milwaukee but only one pro basketball team. Ⅲ SHOW HOURS: Wednesday–Friday Noon–9pm; Saturday 10am–9pm; Sunday 10am–6pm AVERAGE COMPENSATION paid out to employees at Goldman Sachs last year. Produced by Find us on $373K The figure, little changed from 2013, reflects stagnant revenue at the Wall Street bank run by CEO Lloyd

ap images Blankfein (pictured).

4 | Crain’s New York Business | January 19, 2015 20150119-NEWS--0005-NAT-CCI-CN_-- 1/16/2015 6:41 PM Page 1

CYRUS VANCE, addressing a Crain’s breakfast last week, THE pointed a finger at companies that don’t report cyberattacks. seizing vehicles and pursuing signif- icant charges even if he doubts that INSIDER a jury will return a conviction. by Erik Engquist and Chris Bragg Mr. Vance said that he em- pathizes with victims’ families, but that “my job really is to make sure that the cases we take to court … are DA calls out biz for hiding cybercrime crimes, and we can prove them.” ne of Cyrus Vance’s early moves upon becoming Major donation Manhattan district attorney in 2010 was to establish a A company owned by tech billion-

cybercrime bureau, which he has since ramped up to buck ennis aire Sean Parker made a $250,000 do- O Bill de Blasio include 15 full-time attorneys and 17 part-timers. He also nation to Mayor ’s non- formed a partnership with London to extend his reach against about privacy. But Mr. Vance said dozen or so advocates who attended profit lobbying group last July, international hackers and other cybervillains. And he can they went too far. the breakfast pointed to a litany of newly released records show. It was “I can’t understand why Apple or cases in which drivers causing hor- by far the largest gift to the group point to successes, such as the arrests of two Internet crooks Google as good corporate citizens rific crashes escaped serious punish- over the past six months. when they left safe havens to vacation in Greece and Spain. would say ‘Go take a hike,’” he said, ment because their actions appeared Records list Mr. Parker as the But Mr. Vance doesn’t pretend that law enforcement has pointing out that his office obtains inadvertent. president of Palo Alto, Calif.-based warrants before going into devices. Streetsblog headlined its report on Tektite, which was founded in 2012. these elusive criminals on the run. Quite the contrary. “It’s not like we’re going in like the the breakfast, “DA Cy Vance: Most Mr. Parker, who has Cybercrime has reached “epidemic levels,” Mr. Vance said. NSA.” Manhattan traffic deaths aren’t a home in Manhat- If a smartphone were found at a crimes.” It said motorists hit about tan, gained fame as “We’re playing catch-up,”the prosecutor said at a Crain’s Breakfast Forum crime scene, its clues would be inac- 10 people per day in Manhattan, the charismatic co- last week. “I don’t know anybody in the cyberworld who thinks we are win- cessible because Apple and Google which would be more than 10,000 founder of Napster ning. But we are doing the best we can.” have “thrown away the key” to get during Mr. Vance’s tenure. Mr. and founding presi- The business community, however, is not, said Mr. Vance. into the devices, he said. “You are Vance said he has filed vehicular- dent of Facebook. ap images “A huge number of cases aren’t reported to police,” he said.The result, he going to be the losers,” he told the homicide charges in “several” cases Sean Parker A de Blasio noted, is that cybercriminals “operate with impunity.” He assured the exec- audience, “if something happens to and vehicular-assault charges in 37. spokesman who utives gathered at the Yale Club that coming forward would not backfire, you or your families.” Decisions are based on “whether or provided a copy of the lobbying dis- saying, “We are a friendly office.” Mr. Vance said his office might not we have conduct that is criminal. closure filing did not comment about To combat cybercrime, the district attorney has been building up trust pursue a legislative remedy. Not negligent,but criminal,”he said, whether Mr. Parker’s donation was with some data security firms, but his relationship with Google and Apple has While the district attorney called involving “gross recklessness and in- intended for a particular lobbying soured since the two technology giants made it much harder for law enforce- out the business community, advo- tentional conduct.” purpose.It does not appear to be mo- ment to extract information from devices running their latest mobile oper- cates for pedestrian and bicyclist The advocates want the district tivated by ideology: Mr. Parker gave ating systems. Smartphones and other such devices are linked in some way safety lambasted Mr. Vance for say- attorney to also make examples of heavily in 2014 to Republicans na- to “probably 90%” of crimes today, Mr. Vance said. ing that many accidents don’t rise to more drivers who mow people tionally, while the mayor is a Demo- The companies tightened the screws in response to consumer concerns the level of a crime. One of the down,by holding press conferences, crat and an unabashed liberal. Ⅲ

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January 19, 2015 | Crain’s New York Business | 5 20150119-NEWS--0006-NAT-CCI-CN_-- 1/16/2015 12:15 PM Page 1

BUSINESS +300% Increase in hard-cider producers in New York state since 2010, to a total of 20 PEOPLE Source: Empire State Development Corp.

ARCHIE EXECUTIVE MOVES GOTTESMAN is the woman behind Manhattan Mini Rosenthal & Storage’s amusing Rosenthal Inc.: James ads. J. Occhiogrosso, 58, was promoted to chief financial officer at the financing firm. He was previously executive vice president and head of asset-based lending. Science and Resilience Institute at Jamaica Bay: Adam Parris, 37, joined the environmental center as executive director. He was previously Climate Assessment and Services division chief, Regional Integrated Sciences and Assessments program manager, and a physical scientist at the National Oceanic and Atmospheric Administration. HR&A Advisors: Connie Chung,34, was promoted to director at the economic- development, real estate and public- policy consulting firm. She was previously senior analyst. Pitta Bishop Del Giorno & Giblin: Salvatore J. Cassano, 69, joined the government-relations and consulting firm as senior managing director. He was previously commissioner of the Fire Department of New York. New York Philharmonic: Lisa Mantone, 52, joined as senior vice president of institutional advancement, a newly created position. She was previously vice president of development and

buck ennis communications for WNET New York Public Media. GOTHAM GIGS Skyline Windows: Matthew Kraus,31, was promoted to senior vice president at the window design, installation and manufacturing Never a dull moment company. He was previously project executive. Forbes Media: Fred Poust, 55, joined as Adding a touch of wit to her family’s businesses senior vice president of conferences and business development at the In the 20 years that Archie Gottesman has over- Gottesmans’ businesses. She’s taking over the task media, branding and technology ‘There’s company. He was previously a seen marketing for Manhattan Mini Storage, she of branding the Hippodrome Building, the 21- principal at FMP Partners. no reason has given her family’s decidedly unsexy business story, 680,000-square-foot office tower on Sixth Michael Peck, 43, was promoted to vice an unlikely dollop of wit, irreverence and style. ¶ Avenue and West 44th Street that is the crown president of conference partnerships. real estate He was previously director of Penning lines like “Chopping onions on your air jewel of the family’s sizable real estate holdings. ¶ conferences. conditioner is not an option” and “Stop showering It may need a dose of cool. Almost half its space is Melody Khodaverdian, 29, joined as can’t associate director of conference at the gym because your skis are in the tub,” Ms. vacant or is set to become available within the partnerships. She was previously be fun’ Gottesman, 52, has built the company into a next year. By giving it personality on an avenue director of partnerships at TEDx Toronto. brand recognized by New Yorkers for its knowing best known for corporate towers, Ms. Gottesman Children’s Tumor Foundation: Simon commentary on the predicament of city dwellers wants to make it appealing to tenants arriving Vukelj, 44, was promoted to vice president of communications at the with too much stuff and too little space. ¶ “For from hotter precincts like midtown south. One neurofibromatosis foundation. He years, we were just saying the same things as every idea: Ditch the lobby’s giant picture of the was previously director of other storage business,” said Ms. Gottesman, who Hippodrome Theatre, which used to occupy the communications. Plaza Construction: David Munoz, 41, grew up in New Jersey and resides in Summit. site, and replace it with a digital screen that could joined the construction management “But then we started talking to New Yorkers, serve as a ticker for Ms. Gottesman’s witticisms. ¶ and general contracting company as vice president of business really talking to them, and they responded.” ¶ She “There’s this thought that real estate has to be a development. He was previously began her career in the late 1980s by marketing little dull, but there’s no reason it can’t be fun,” she senior director of business her family’s empire of parking lots. Now she’s said. “We want the building to give off a positive development at Skanska USA Building. building an audience for another of the vibe that gets people energized.” —daniel geiger —nazish dholakia

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OPINION CRAIN’S NEW YORK BUSINESS

Ground this airport plan editor in chief Rance Crain publisher, vp Jill R. Kaplan eems the Federal Aviation Administration is the location of any smartphone user or dog with a GPS EDITORIAL editor Glenn Coleman not a big fan of New York. Delays at our three collar, but not a jumbo aircraft with hundreds of passengers managing editor Jeremy Smerd major airports have a ripple effect that backs up aboard?) It would be a shame if slot caps kept NextGen from deputy managing editors Valerie Block, Erik Ipsen flights across the country, so, to keep the reaching its potential to increase our airports’ capacity. assistant managing editors Barbara Benson, problem in check, the agency in 2008 The proposal includes minor changes that the FAA says Erik Engquist senior news producer Amanda Fung implemented temporary limits on takeoffs and would encourage competition among carriers at JFK, contributing editor Elaine Pofeldt landings assigned to designated carriers.These LaGuardia and Newark. It would compel airlines to use columnists Greg David, Steve Hindy, Alair Townsend senior reporters Theresa Agovino, “slot caps” were a bureaucratic solution to a physical more of their slots or make them available to other carriers. Aaron Elstein, Lisa Fickenscher, Matthew Flamm, problem—like restricting the number of vehicles that can We’re all for more competition, though would note that Daniel Geiger, Adrianne Pasquarelli S reporters Joe Anuta, Chris Bragg, enter an aging roadway. airport advocates consider slot caps themselves to be Andrew J. Hawkins, Irina Ivanova, Jonathan LaMantia, Thornton McEnery Unfortunately, the problem hasn’t been fixed, leading the anticompetitive. It’s not clear what might work better than news producer Emily Laermer FAA to extend the caps, most recently through October the slot system, but web reporter/producer Nazish Dholakia art director Steven Krupinski 2016. Now the agency proposes to make them permanent, Permanent caps permanently capping deputy art director Carolyn McClain even though it has two major projects underway to improve the number of slots is staff photographer Buck Ennis copy desk chief Steve Noveck the flow of flights in and out of the airports. on flights would not a solution. copy editor Thaddeus Rutkowski The agency should send its plan back to the gate. Slot caps have been data editor Suzanne Panara limit the city’s researchers Jessica Kramer, Nicholas Wells Permanent caps on flights would limit the city’s economic imposed on only one editorial intern Yoona Ha growth and eliminate the pressure to finish the economic growth major U.S. airport ADVERTISING advertising director Joanna Harp improvements—an airspace redesign for New York, New besides the three sales manager Irene Bar-Am Jersey and Philadelphia, and NextGen, a satellite-based air serving New York City. senior account managers Jill Bottomley Kunkes, Courtney McCombs, traffic control system to replace radar-based technology in With increasing Rob Pierce use since World War II. numbers of tourists and account managers Zita Doktor, Stuart Smilowitz sales coordinator LeAnn Richardson The FAA claims it would consider adjusting the caps if businesspeople seeking to fly here, we should try to credit manager Jason Hogan (313-446-0353) future conditions allow it. In that case, deeming them accommodate them.That can be done with NextGen and CUSTOM CONTENT, EVENTS AND PRODUCTION director of custom content Trish Henry permanent seems unnecessary. Better to get on with the airspace redesign, and by continuing to enhance terminals, director of audience & content airspace redesign and NextGen, which would allow planes to gates, taxiways and runways. Permanent limits on flights to partnership development Michael O’Connor director of conferences & events land more frequently because the control tower would know and from New York would be a diversion from improvement Courtney Williams exactly where they are. (How lame is it that we can pinpoint projects that have already dragged on too long. events coordinator Adrienne Yee events coordinator & scheduler Alexis Sinclair reprint account executive Alicia Samuel COMMENTS media services manager Nicole Spell CRAIN’S ONLINE POLL ONLINE AND INTERACTIVE SERVICES general manager Rosemary Maggiore TO SUBSCRIBE: For print and digital subscriptions or customer A sour ‘sweetener’ service, e-mail [email protected] or call 877-824-9379 (in the U.S. and Canada) or 313-446-0450 (all other locations). $3.00 a copy for LOADED LANGUAGE It is irresponsible and dis- addition is enormous. Viewed the print edition; or $99.95 one year, $179.95 two “Watchdogs worry de Blasio respectful to portray this from Fifth Avenue or Central years, for print subscriptions with digital access. will sweeten police pensions” solemn obligation as a “sweet- Park, it will overwhelm the www.crainsnewyork.com/subscribe (CrainsNewYork.com) grossly ener” and to boost the long- original Henry Clay Frick TO ADVERTISE:

ap images mischaracterizes the disability running campaign against mansion, a National Historic Contact Joanna Harp at [email protected] pension benefits referenced in public employee benefits. Landmark. And yet the net or call 212-210-0278. SHOULD THE MAYOR Police Commissioner William These attacks only further increase in exhibition space www.crainsnewyork.com/advertise APOLOGIZE TO THE POLICE? Bratton’s recent remarks on the damage the morale of the would be a mere 3,600 square FOR INFORMATION ON OUR EVENTS: low morale in the NYPD. police officers who have made feet. Thus, a large proportion Contact Courtney Williams at Officers hired since 2009 who New York City’s recent of this massive new building [email protected] or 212-210-0257. Yes. He inflamed tensions, and now he needs www.crainsnewyork.com/events to make amends so the force can get back to are permanently disabled in the prosperity possible. would be used almost entirely policing the city. line of duty get a fraction of —patrick j. lynch for backstage functions. TO CONTACT THE NEWSROOM: what’s provided to more senior President Other Upper East Side art 685 Third Ave., New York, NY 10017-4024 No. He didn’t say anything wrong. The police colleagues and every other Patrolmen’s Benevolent institutions have thoughtfully editorial phone: 212-210-0277 work for the mayor, and they need to show fax 212-210-0799 police officer in the state. Association of the City reassessed their interiors, Entire contents ©copyright 2014 Crain Communications Inc. respect for their leader. Repairing this illogical scheme of New York finding efficiencies and new All rights reserved. ®CityBusiness is a registered trademark Date of poll: Jan. 14 is a matter of basic fairness, not space. Such a process is worth of MCP Inc., used under license agreement. 209 votes a “pension sweetener.” a second look at the Frick. CRAIN COMMUNICATIONS INC. BOARD OF DIRECTORS ALTERNATIVES FOR THE FRICK Every day, our officers face Also, the museum could pur- chairman Keith E. Crain extraordinary risks: We have The conversation about the chase the ground-floor, two- president Rance Crain just seen two assassinated in proposed expansion of the story condominium unit next treasurer Mary Kay Crain Brooklyn and two seriously Frick Collection has focused door at 11 E. 70th St. Cindi Crain wounded in the Bronx. New on the 1977 Russell Page Friends of the Upper East executive vp, operations William Morrow Yorkers expect their police to Garden (Editorial, “Expand Side is not against the Frick’s executive vp, director of strategic 55% 45% be prepared to sacrifice their the Frick museum,” Jan. 5). expansion. We simply do not operations Chris Crain Yes No executive vp, director of corporate health and even their lives on While our support of its believe this proposal is the operations K.C. Crain behalf of their city, and preservation is steadfast, it is way to go about it. senior vp, group publisher David Klein understand that they must worth reiterating some of the —tara kelly vp/production, manufacturing David Kamis bear the cost of an adequate other reasons we find this Executive director chief financial officer Thomas Stevens chief information officer Anthony DiPonio disability benefit for those plan to be inappropriate. Friends of the Upper East officers and their families. The bulk of the proposed Side Historic Districts founder G.D. Crain Jr. (1885-1973) chairman Mrs. G.D. Crain Jr. (1911-1996) secretary Merrilee Crain (1942-2012) FOR THIS WEEK’S QUESTIONS: CRAIN’S WELCOMES SUBMISSIONS to its opinion pages. Send letters to [email protected]. Send columns of 475 Go to www.crainsnewyork.com/poll to have your say. words or fewer to [email protected]. Please include the writer’s name, company, address and telephone number.

8 | Crain’s New York Business | January 19, 2015 20150119-NEWS--0009-NAT-CCI-CN_-- 1/15/2015 5:55 PM Page 1

KEVIN GOGGINS Tipped-wage hike: eliminate jobs altogether. These are not pleasant options. Customers could see dramatic changes in restaurants, with servers a gratuitous change replaced by automated tableside or- dering and checkout, as well as ex- press lunches. A quick-serve model f it ain’t broke, don’t fix it. Unfortunately, this familiar would be a complete realignment saying appears to be lost on New York officials consid- and not desirable.But if government ering a hike in wages for tipped employees.It’s one more mandates continue to strain my bot- tom line, eliminating jobs and/or government mandate that would have negative reper- adding technology may be my only cussions on one of New York’s most vibrant employers— choice. the restaurant industry—and would change the dining experi- This is more than lost employ- I ment—it’s lost opportunity.Restau- ence for customers. rants are a sought-after industry for The big question is whether a hike in tipped wages is even millions of people for the flexibility we offer to work and to meet other necessary. Here are the facts. ployees during shifts when business family, school and life obligations. Tipped employees are among the might be slow or tips are below av- We also provide a ladder for ad- highest earners in any restaurant es- erage. vancement. I know this firsthand: I tablishment. Today, our entry-level An additional wage hike for started as an entry-level employee servers earn $16 an hour on average. tipped employees on the heels of the earning minimum wage and More-experienced servers can earn recent state wage increase would be worked my way up,first as a kitchen $22 an hour. This is far above the a one-two punch to already manager and later as a general man- poverty line. stretched restaurant owners, who ager.It would pain me to not be able Although the tipped wage in operate on very slim margins and to offer this same career mobility to New York is $5 per hour on paper, can’t absorb the increased labor others. every employee must earn at least costs. If the state Department of Labor the full minimum wage of $8.75, For me, raising menu prices is views the proposed tipped-wage including tips (increasing to $9 at one possibility, but running restau- hike through the lens of the employ- the end of this year). If they don’t, rants in western New York isn’t the ers and employees who will be se- employers are required to make up same as in New York City, where verely affected, it will realize that it the difference between the cash price sensitivity is much different. is a solution in search of a problem. wage and the tipped wage. This The next option is to cut costs by re- amount is known as the tip credit. ducing shifts and work hours for our Kevin Goggins is a joint-venture partner of This safeguard protects tipped em- employees. Worse, we may have to Outback Steakhouse in Clifton Park, N.Y.

4 KEY NYC BUSINESS TAXES Does mayor’s tax In billions Type of tax Revenue General corporate $3.02 proposal add up? Unincorporated business $2.03 Banking $1.14 ayor Bill de Blasio has decided to try to pull off Commercial rent $0.74 a nifty trick.He proposes to sharply reduce tax- Source: Independent Budget Office December es on banks,as the state recently did,and try to report for current fiscal year make up the revenue by higher collections million. To make up that amount, it from global giants that operate without a big seeks to collect more from big out- presence in the city. of-state companies that have little or M no footprint in the city yet do plenty He’s likely to fail, but most of what he has suggested in what of business here—think Amazon, he calls the most extensive corporate overhaul in city history is for one; maybe Apple, too. The problem is that the compa- a good idea. Here’s the background nies the city is eyeing for this wind- to this story—and what will most fall are among the most sophisticat- likely happen. ed tax avoiders anywhere. They will Last year, Gov. Andrew Cuomo find ways to avoid paying New York engineered a restructuring of state by shifting how they operate—just corporate taxes to eliminate a special as they do with federal corporate levy on banks, which the financial taxes, by the way. institutions regarded as discrimina- Remember, the de Blasio plan tory and costly. He also lowered the isn’t the last word,since Albany must tax rate slightly.The idea was to re- agree to the plan. (The only major duce complexity,ease the burden on tax the city controls is the property- companies and win kudos from peo- tax rate.) Expect companies like ple who assess how friendly New Amazon to lobby the governor and York is for business. GREG DAVID put up a fight in the legislature to The state action put enormous derail the city’s designs on them. pressure on the de Blasio administra- No matter what happens in Al- tion because it meant that city banks passage of the state change. bany, the city has little choice but to had to deal with two sets of rules, To strike a balance, the mayor eliminate the bank tax. Financial in- which add up in compliance costs. wants to end the separate bank tax stitutions are moving thousands of And, as the chart shows, banks pay a and conform to the state (with a few people to less costly locales as they lot of taxes to the city.But simply fol- tweaks), and slightly reduce the tax cope with new regulations, the need lowing the state could cost the city burden on small businesses and to boost capital and treacherous mar- billions in revenue, the Independent manufacturers. The administration kets.Failure to align the state and the Budget Office warned shortly after estimates the lost revenue at $324 city will just increase the job losses.

January 19, 2015 | Crain’s New York Business | 9 20150119-NEWS--0010-NAT-CCI-CN_-- 1/16/2015 12:16 PM Page 1

IN THE BOROUGHS BRONX

that runs from prekindergarten Jerome Ave. zoning through 12th grade. “A lot of people are going to be a Continued from Page 3 citywide median of $52,223. part of this new plan,”said New Set- businesses and thousands of units of “This will be part of the new tlement’s executive director, Jack affordable housing. housing plan, but it’s not just about Doyle. Over nearly 20 years, Mr. The first step is completion of the housing,”said Carol Samol,director Doyle has been responsible for Cromwell- of the Bronx Office at the Depart- maintaining 17 affordable apart- Jerome Neigh- ment of City Planning.“This is a big ment buildings with a total of 1,022 80% borhood Study, area with a diverse,long list of needs, units in the area, in addition to the HOUSING STOCK expected by the so we’re looking at it holistically.” community center. “It’s going to be built before 1950 end of this year. To do that,Ms.Samol’s office will all about what can we do to strength- in the rezoning It will draw on work with the departments of Hous- en and enhance the neighborhoods area what Mr.de Bla- ing Preservation and Development, that are already here,” he said. sio has begun to Parks and Recreation, and Small 36 do elsewhere, Business Services, as well as the city’s Affordable-housing question SHOOTING most notably in Economic Development Corp.A key INSPIRING SIGHT: A new For the de Blasio administration, INCIDENTS impoverished asset for planners is the area’s multi- community center shows what however, the endgame has to come in the 44th East New York, ple transit links. Properly exploited, can be done in the area. back to affordable housing and mak- Precinct in 2014 Brooklyn. they will make it easier to draw a new buck ennis ing a meaningful contribution to the In the Bronx, class of businesses that can infuse mayor’s goal of building 80,000 such $27K the aims will be more jobs and life into the area. “Rents in this city are already out hoods along Jerome Avenue, not units during the next decade.Under- MEDIAN similar, but the of control,” said a man who identi- create new ones. standably,local leaders like Mr.Diaz HOUSEHOLD means will like- ‘Help us stay’ fied himself only as Robinson, an According to the men outside are hoping for the best. INCOME in the ly differ.City of- “It’s got great transit,” said Mr. auto mechanic who worked in a the livery office, the city could take “I’m supportive of the idea of re- area ficials and local Diaz. “But the question is, should nearby shop. “They need to help us a cue from up the street.“It would be zoning and doing residential, but leaders ac- we just attract business or does the stay, not push us out.” nice to see more stuff like that,” said when you look at housing, you need knowledge that the needs of the five community need more amenities to In fact, the fear that more devel- one of the men, gesturing toward to look at more than just how many neighborhoods that make up the help support the people and busi- opment will only lead to less afford- the New Settlement center, which units,” he said.“Housing for whom? Cromwell-Jerome corridor— nesses that are already there?” ability has led some locals to line up takes up almost a full city block. Seniors? Veterans?” Highbridge, Mount Eden, Con- Several owners and employees of in opposition to any rezoning. In The two-year-old, 172,000- For community leaders like Mr. course, Mount Hope and Morris the auto-body shops dotting Jerome those predominantly black and square-foot facility offers dance stu- Doyle, the answer should be hous- Heights—differ from many others Avenue professed ignorance of the Latino neighborhoods, where the dios, a kitchen for culinary classes, a ing for the people already living in in the city. All agree that communi- new study. On East 171st Street, a majority of people live in public roof garden designed to educate the area—the same people making ty input will be vital to figuring out group of four men standing outside housing, that concern is very real. children and seniors, and even a 75- the bulletin board inside his com- what can be done in a section of the Quest Livery Leasing had heard ru- City officials are quick to stress that foot-long, five-lane swimming munity center more representative city that has a median household in- mors of city interest in the area, but fear is unfounded and that the goal pool.The bulk of the building,how- of a Bronx that is neither old nor come of $26,934, roughly half the were guarded in their comments. is to strengthen existing neighbor- ever, is a 1,100-seat public school new, just ready for change. Ⅲ

REAL ESTATE DEALS

said Mr. Garodnick. “Nobody five more years. Madison Square wants to site a garage and leave the Buyer bets $210M Park’s shopping and restaurant Biotech neighbor rest of the block up for debate.” on Madison Sq.Park scene has gained in prominence The issue arose when Hunter since the arrival of Eataly a few years College struck a deal in 2011 to re- A Japanese real estate investment ago at 200 Fifth Ave. Jowa could locate its nursing school to the firm that entered the Manhattan of- aim to net a high-profile tenant and for garbage garage Upper East Side, vacating a prime fice market only a year ago has made big rents for the space. plot on a block that sits south of its second sizable acquisition here. Eastdil Secured, led by brokers nder a new plan, the Sanitation Department trucks scheduled Bellevue Hospital. One block north Tokyo-based Jowa Holdings has Adam Doneger,Doug Harmon and to park in a yet-to-be-built garage in Manhattan’s Kips Bay of Bellevue is the Alexandria Cen- acquired two office buildings, Adam Spies, handled the deal for could be sharing their home with biotech startups and health ter for Life Science, a state-of-the- 24-28 W. 25th St. and 40 W. 25th St., Brickman and DivcoWest. care companies. art tower complex that provides lab paying $210 million. —daniel geiger Under a 2012 proposal made by the Bloomberg adminis- and office space to companies look- The price represents a gain of tration,theU city planned to erect a $200 million sanitation garage in the mid- ing to make biotech breakthroughs nearly 100% for the sellers in the BARE BONES dle of a block bordered by First Avenue, the FDR Drive, and East 25th and East 26th in Silicon Alley. deal, a partnership between Brick- streets. The project, which was designed to house 150 sanitation vehicles “This is an economic- man Real Estate and DivcoWest, ranging from garbage trucks to street sweepers, was quickly met with development opportunity for the which paid roughly $115 million for protests from locals, including Councilman Dan Garodnick. city first and foremost, in an area the properties two years ago. Crain’s has learned that Mr.Garodnick,who represents Kips Bay and who that creates synergy with health and Jowa has retained Brickman to chairs the council’s Economic Development Committee, has worked out a biotech usages,” said Mr. Garod- operate the buildings, including the deal with the city’s Economic Development Corp.that would make any Kips nick. “It’s a fully fledged health care handling of all leasing. The two Bay sanitation garage part of a much larger development project. The new corridor,and the use of this site must properties are 12 stories with slight- plan will take three parcels of land on the site and pitch them to prospective be consistent with this idea.” ly more than 130,000 square feet developers as a single, full-block site on what has become the thriving heart A spokesman for EDC Presi- each. Both sit at the north end of of the city’s biotechnology sector. dent Kyle Kimball confirmed that Madison Square Park. “We have been pushing for a more complete and thoughtful plan here,” the agency is working with Mr.Gar- In recent years, the area sur- odnick and his council colleagues on rounding that famous open space a new plan for the whole block, but has rapidly improved. High-priced noted that the EDC’s vision for condos like 1 Madison Avenue and Kips Bay might be a little broader. 10 Madison Square West have 112 W. 34TH ST. “Next month, we will begin a opened up,and Class A office spaces ASKING RENT; TERM: $1,000 per community-visioning process at 200 Fifth Ave. and 11 Madison square foot; undisclosed where we work with it to determine Ave. rent for premium rates. Jowa’s SQUARE FEET: 11,300 a feasible project,for which there are investment is a bet that the north TENANT; REP: Sephora; Virginia a variety of options, not just limited side of the park, which has some- Pittarelli of Crown Retail Services to biotech,” said the spokesman. what lagged in the area’s transfor- LANDLORD; REPS: Empire State “There’s a real opportunity here mation, still has upside potential. Realty Trust; Ian Lerner and Joanne to grow an already thriving sector,” Among Jowa’s chief opportuni- Podell of Cushman & Wakefield said Mr.Garodnick.“We’ll have the ties will be repositioning the build- BACK STORY: The makeup giant conversation about the garage in ing around the retail space at 40 W. will take the retail space, which is that context.” 25th St., where a large antiques occupied by Foot Locker, in 2016,

dsny —thornton mcenery shop has a lease stretching about according to the New York Post.

10 | Crain’s New York Business | January 19, 2015 20150119-NEWS--0011-NAT-CCI-CN_-- 1/15/2015 5:56 PM Page 1

SMALL BUSINESS INSIDE Top SBA Lenders List See who ranked first in making loans to small business in FY 2014 P. 13 Top SBA-Guaranteed Loans List REPORT FY 2014’s biggest was close to $13M P. 15 Banks open the spigots slowly Borrowing gets easier SMALL LOANS for small firms, but Deals under $100,000, including credit-card loans, have inched up lenders still favor in the U.S. larger loans $129.6 $124.1 billion billion BY ANNE FIELD

When restaurateur Amin Himani took out a seven-year, $700,000 loan several months back, one thing was clear: Getting a small-business loan would be easier than it was a few years ago. Mr. Himani needed the money June 2013 June 2014 for capital improvements to his Man- Source: U.S. Small Business Administration hattan-based Pizza Plus restaurant, which has 12 employees and $1 mil- rising a bit,and big banks are approv- lion to $3 million in revenue. Savoy ing a higher percentage of deals. Bank, a community-based lender in “Small-business lending is look- Manhattan, provided the funding for ing up,”said Rohit Arora,co-founder the profitable two-year-old eatery. of Biz2Credit, a Manhattan-based “During the recession, it was company that provides online small- tough,” said Mr. Himani. “Now, business lending resources and whatever we ask for,we’re able to get helped Mr. Himani find funding. it.” “For 2015, that should continue as As co-owner of about 40 restau- the economy grows slowly but steadi- rants in New York City and New Jer- ly, oil prices continue to drop and in- BITTERSWEET sey that have total revenue of about terest rates remain low.” VICTORY: Brooklyn $40 million, Mr. Himani is in a Approval rates by banks with $10 chocolate makers Jean- stronger financial position than many billion or more in assets for small François Bonnet (left) entrepreneurs. Yet he is hardly alone businesses in the New York City area and Michael Altman in his experience. Several recent sur- have been slowly edging up.They hit applied to seven banks veys and studies show that it is be- 21.2% in November and December, before they won financing. coming a little easier for many own- up from 20.9% in October according ers to get loans. Lending backed by to the new Biz2Credit-Crain’s New

buck ennis the Small Business Administration is See BANKS on Page 12 Primary care doctors find it’s not easy to stay independent

number of creative solu- pertise in sports medi- to get more immediate, customized number of primary care physicians Financial pressures tions. They have ranged 37% cine, has treated profes- care. Hybrid practices treat both who remain in private practice. spur more to try from forming a now- SHARE OF sional athletes on teams concierge and traditional patients. Only 7% of primary care physicians disbanded group practice PHYSICANS who including the Yankees, In Dr. Bruno’s roughly 2,000- in the U.S.owned a stake in a single- concierge practices took their jobs at with 60 colleagues to his hospitals to avoid the Knicks and the patient practice, 200 patients now specialty practice in 2014, down or not take insurance ongoing strategy of work- administrative Rangers. pay $4,500 a year for perks like be- from 12% in 2014, according to a ing at a nursing home one hassles With reimbursements ing able to reach him directly by mo- national survey in 2014 by Jackson day a week to supplement Source: Jackson dropping, Dr. Bruno bile phone; he bills their insurance Healthcare, a staffing company in BY ELAINE POFELDT his income in his current Healthcare survey, 2014 made the bold move in company for the actual care. He is Alpharetta, Ga. Meanwhile, the solo practice. July of converting his six- looking for a physician to become a percentage of primary care physi- To stave off the pressures prompting “It’s more and more difficult for employee private practice on East junior partner in his managed care cians employed by hospitals in- many physicians to sell their prac- doctors to make ends meet,” ex- 59th Street in Manhattan to a hybrid practice and ultimately treat the creased to 20% in 2014 from 10% in tices to hospital systems, Manhat- plained Dr.Bruno,who began prac- concierge model. In concierge care, other patients, whom he sees now. 2012. Typically, when doctors sell tan internist Peter Bruno has tried a ticing in 1979 and, thanks to his ex- patients pay an annual fee or retainer Dr. Bruno is one of a dwindling See DOCS on Page 14

January 19, 2015 | Crain’s New York Business | 11 20150119-NEWS--0012-NAT-CCI-CN_-- 1/15/2015 5:57 PM Page 1

REPORT SMALL BUSINESS

NEW YORK FIRMS SPILL RED INK NEARLY HALF OF THE SMALL BUSINESSES in New York state are operating at a Banks open spigots slowly loss, according to a new survey by the Federal Reserve Banks of New York, Atlanta, Cleveland and Philadelphia. The banks surveyed 656 firms with Continued from Page 11 Sloane, chief executive of Newtek prices for Tumbador Chocolate, a fewer than 500 employees. Many were from New York City. York Small Business Lending Index. Business Services, who has seen a Brooklyn-based, 10-year-old choc- The research, conducted in the first half of 2014, shows 48% of “Lending has improved because the growth in demand for refinancing olate manufacturer that he runs with companies were in the red in the first half of 2014, while 20% were health of many small businesses has during the past year at a subsidiary partner Jean-François Bonnet.But it breaking even and just 32% were turning a profit. improved,” said Mr. Arora. that is one of the top 50 SBA lenders was only after three months spent “The pace of recovery for small businesses has been quite uneven,” said The modest uptick in local lend- in New York City for fiscal 2014,ac- applying to seven banks that he was Claire Kramer, assistant vice president and community affairs officer at the ing reflects national trends.Seventy- cording to recent figures from the able to arrange for a credit line from Federal Reserve Bank of New York. seven percent of privately held busi- SBA. TD Bank for his 37-employee com- In this environment, 58% of businesses reported no change in full- nesses that sought a loan, most with Undoubtedly, lenders still prefer pany, which has about $3 million in time hiring during the previous 12 months, 26% increased such hiring and revenue of less than $5 million, got to make larger loans. The loan size sales. “My loan officer really went to 16% reduced it. About one-third of profitable companies created jobs. bank financing in 2014,up from 69% for three of the top five SBA lenders bat for me,” he said. the year before, according to the in New York City averaged around The top challenge—facing 25% of small businesses in the first half of Secondary market 2014—was attracting customers. For another 19%, the biggest obstacle was Pepperdine Private Capital Markets $1 million or more, according to the uneven cash flow. In the sample, 35% of firms said their revenue had Project, an annual survey of lending agency. And the top five borrowers Another reason for that interest decreased in the previous 12 months, 32% had seen flat receipts and just to privately held businesses. received funding for which the SBA at many banks is the ability to sell 33% saw an increase. On closer inspection, however, guaranteed $5 million or close to it. SBA-backed loans on the secondary the economic picture is cloudier. For For example, Skyline Restoration, a market, where they are typically Against this backdrop, only 25% of the firms had sought financing in the example, the single most prevalent company based in Queens, got a purchased by institutional investors first half of 2014, but about 40% intended to do so in the next 12 months. reason for borrowing in the U.S.is re- $12.7 million loan,of which $5 mil- and big banks. The market for such Those who did seek loans fared well, with 60% receiving approvals in the financing, according to Craig lion was SBA-guaranteed, accord- loans crashed in 2009, but it has first half of 2014. The highest approval rate (77%) came from online Everett,assistant professor of finance ing to the agency. since picked up again, according to lenders, followed by big national banks (47%). at Pepperdine University’s Graziadio In addition, from June 2013 to Bob Coleman, editor of The Cole- In one new trend, more firms needed money for expansion, said Ms. School of Business and Manage- June 2014, for all loans of more than man Report, a newsletter for small- Kramer. “Coming out of the recession, the most common reason for applying ment and director of the Pepperdine $1 million,the U.S.total rose to $2.2 business bankers. for credit tended to be to finance day-to-day operations,” she said. Private Capital Markets Project. trillion from $2.1 trillion, according Celtic Bank, based in Salt Lake —ELAINE POFELDT “That’s very different from tak- to a recent SBA report. In contrast, City,is making a big lending push.It ing on a loan to expand,” said Barry there was a total of $129.6 billion in is one of the top 50 lenders of SBA- commercial and industrial loans un- backed loans in New York. “We sell der $100,000 in June 2014, up from most of our loans in the secondary $124.1 billion the year before. market,” said Richard Gaitano, vice president of business development. Slower comeback for small loans The bank sells 75% to 85% of the CRAIN’S Many of the most active lenders amount, which is the SBA- of bigger SBA-backed loans in New guaranteed portion for 7(a) loans. York City have headquarters in Asia Celtic’s focus on making deals or do extensive outreach to Asian helped Abe Rothman, who heads clients. They include such institu- Century Write-ups,a profitable six- arts&&culture tions as East West Bank, which tar- employee Brooklyn-based consul- arts culture gets the U.S. and China, and Woori tancy that helps brands protect on- BREAKFAST America Bank,a wholly owned U.S. line prices for their products. He subsidiary of Woori Bank in South spent a year and a half looking for a Korea. “Asian-American businesses loan to fund working-capital needs. are some of the fastest-growing Finally, in April, he got a $150,000 firms in New York,” said Mr. Arora. SBA-backed loan from Celtic. “And these banks are the beneficiar- Company revenue in 2014 was ies of that growth.” about $4 million, up from $1.8 mil- Smaller loans have not bounced lion the year before, in large part a back as much, according to small- result of that financing,according to business lending experts. With that Mr. Rothman. “I can devote my en- in mind, the SBA has been trying to ergy to running the business, not increase the number of smaller loans fundraising,” he said. it guarantees. The dollar volume of A variety of alternative lenders lending in New York City rose by are also targeting small loans. The Photo Credit: Buck Ennis, Crain’s New York Business 6% from fiscal 2013 to 2014, the list includes players, such as On- same percentage as the year before. Deck,that provide short-term loans Join us as we sit down with New York’s cultural thought Wednesday, March 4, 2015 But the number of loans increased with interest rates higher than bank leaders to discuss the vision and priorities for one 11%, versus a drop of 8% previously, loans to a new peer-to-peer lending of New York’s thriving industries and the vital role the Con Edison Conference Center according to Kellie LeDet, regional platform from Biz2Credit, under- administrator for the SBA. written by Los Angeles-based industry plays on driving the city’s economy. 4 Irving Place To fill more requests for smaller Direct Lending Investments. In ARMCHAIR DISCUSSIONS: 8:00 a.m. – 8:30 a.m. Networking amounts, according to Ms. LeDet, March, Lending Club, a San Breakfast the SBA has extended a no-fee pol- Francisco-based peer-to-peer icy for 7(a) loans, which are used for lender, introduced a platform aimed Jed Bernstein, President, Lincoln Center for the 8:30 a.m. – 10:00 a.m. Program Performing Arts working capital and are $150,000 at small businesses. Like OnDeck, and under.In New York City,the of- the company recently went public. Majority Leader Jimmy Van Bramer, Chair, Cultural Cost to Attend: fice also has boosted its outreach to Ahmed Omari, who heads tiny small lenders, which make most of SQL Technologies, a profitable Affairs and Libraries Committee, New York City Council $115 for individual ticket(s) the 7(a) loans. “We expect to see an Manhattan-based five-employee IT Shelly B. Lazarus, Chairman Emeritus, Ogilvy & Mather, $1,150 for priority reserved table(s) of 10 increase in lending to smaller busi- consulting firm, recently decided the Board of Directors, Lincoln Center for the Performing Arts You must be pre-registered to attend this event. nesses this year,” said Ms. LeDet. only way to hire top tech talent was No refunds permitted. Certainly,some banks see an op- to take out a loan for working capital. For more information: portunity in giving smaller loans. He applied to Lending Club, Adrienne Yee Take TD Bank. It has been making which approved a $50,000 loan in Register Today >> a big push in the region recently and December. At 12.9%, the interest www.crainsnewyork.com/events-artmarch2015 Phone: 212-210-0739 Email: [email protected] is one of the top 50 SBA-backed rate was higher than what a bank lenders in New York City.“We do a would charge; the range on SBA- Host Sponsor: lot of smaller loans for smaller com- backed 7(a) loans is 5.5% to 8%. panies,” said Chris Giamo, regional However, it was much less than oth- vice president. er alternatives he’d considered. “The Supporting Sponsor: Last summer, Michael Altman best way for me to develop my com- For sponsorship information, contact Joanna Harp received a $350,000 line of credit pany is to hire people,and that means at 212-210-0278 or [email protected]. that he could draw on as needed to finding more working capital,” he negotiate discounted bulk-volume said. “This was the best solution.” Ⅲ

12 | Crain’s New York Business | January 19, 2015 20150119-NEWS--0013-NAT-CCI-CN_-- 1/15/2015 5:57 PM Page 1

THE New York Area’s Top SBA Lenders LIST Ranked by dollar value of loans in fiscal 2014

Dollar value Dollar value Number Number of loans of loans Percent of loans of loans Percent Rank Lender in fiscal 2014 in fiscal 2013 change in fiscal 2014 in fiscal 2013 change

1 Newbank $113,626,000 $91,881,300 +24% 110 75 +47% 2 Noah Bank $103,195,000 $71,600,000 +44% 112 61 +84% SBS CHIEF’S 3 JPMorgan Chase Bank $53,909,800 $48,099,800 +12% 526 513 +3% LENDING 4 TD Bank $26,604,525 $49,497,700 -46% 104 86 +21% OUTLOOK 5 Live Oak Banking Co. $22,646,000 $12,254,000 +85% 16 15 +7% ALTHOUGH THERE HAS BEEN a slight increase in lending to 6 Cross River Bank $22,342,000 $8,725,000 +156% 18 13 +38% small businesses in New York 7 Community National Bank $20,544,000 $24,120,000 -15% 26 30 -13% City recently, it’s still hard to 8 BBCN Bank $20,285,000 get a loan under $100,000. $14,881,000 +36% 33 27 +22% Crain’s spoke with Maria 9 Newtek Small Business Finance Inc. $19,118,000 $28,047,800 -32% 25 25 0% Torres-Springer, commis- sioner of the Department of 10 Wells Fargo Bank $18,209,500 $16,097,600 +13% 49 40 +23% Small Business Services, 11 Manufacturers & Traders Trust Co. $17,309,600 $12,523,900 +38% 100 95 +5% about the climate for borrowing and the city’s 12 Woori America Bank $15,310,000 $3,705,000 +313% 19 7 +171% efforts to improve it. 13 New York Business Development Corp. $15,270,600 $21,270,100 -28% 35 32 +9% What are the biggest 14 Celtic Bank Corp. $14,879,600 $12,821,100 +16% 32 22 +45% obstacles facing small 15 Citibank $11,683,000 $12,542,100 -7% 76 24 +217% businesses seeking loans? Many lack the three-plus 16 Pacific Western Bank $10,495,000 $4,821,625 +118% 5 4 +25% years of financial history that 17 Capital One $10,232,500 $8,962,000 +14% 35 39 -10% banks generally require. 18 Santander Bank $9,955,800 There’s also the problem of $7,188,500 +38% 102 73 +40% declining cash flow for those 19 Keybank $8,469,000 $12,609,100 -33% 12 28 -57% still dealing with the effects of the downturn. 20 Certusbank $7,894,400 n/a 2 n/a n/a n/a 21 Wilshire Bank $6,305,000 $18,261,000 -65% 18 42 -57% Do businesses in different boroughs face distinct 22 Square 1 Bank $5,950,000 $7,910,000 -25% 3 4 -25% challenges? 23 Empire State Certified Development Corp. $5,476,400 $4,424,800 +24% 44 30 +47% Yes, to the extent that a particular borough, for 24 East West Bank $5,129,000 $4,365,000 +18% 6 4 +50% example, has a large 25 Hanmi Bank $4,998,000 $9,800,000 -49% 1 2 -50% immigrant population or low- income community. We pay 26 1st Constitution Bank $4,740,000 $4,830,000 -2% 11 15 -27% attention to the unique 27 Metro Bank $4,400,000 n/a n/a 2 n/a n/a challenges of each commu- 28 United Midwest Savings Bank $3,896,300 nity by working with the right $6,689,700 -42% 4 2 +100% partners. Immigrant busi- 29 Empire State Bank $3,822,500 $3,201,000 +19% 7 7 0% ness owners face cultural barriers and mistrust of 30 First Niagara Bank $3,681,300 $2,054,000 +79% 43 17 +153% government. So we make 31 First Trade Union Bank $3,637,500 $1,850,000 +97% 10 4 +150% sure to work with organiza- tions located in their commu- 32 Colonial American Bank $3,540,000 $665,000 +432% 2 2 0% nities that they trust. 33 Grow America Fund Inc. $3,535,000 $4,095,000 -14% 5 3 +67% What is SBS doing to help 34 Indus American Bank $3,500,000 $947,500 +269% 1 2 -50% small businesses overcome 35 West Town Bank & Trust $3,240,000 $150,000 +2,060% 2 1 +100% barriers to borrowers? Through our seven NYC 36 Yadkin Bank $3,215,000 $250,000 +1,186% 1 1 0% Business Solutions centers, 37 New Millennium Bank $3,100,000 n/a n/a 2 n/a n/a we provide business 38 Webster Bank $3,075,000 education and one-on-one $525,000 +486% 7 4 +75% assistance, and connect 39 Loan Source Inc. $2,770,000 $13,265,000 -79% 5 12 -58% companies to the right type of lender. In 2014, 91% of 40 Spring Bank $2,740,000 $6,780,200 -60% 1 7 -86% the financial awards 41 Provident Bank $2,647,000 n/a n/a 3 n/a n/a facilitated by the centers were under $100,000, and 42 Pacific City Bank $2,352,000 n/a n/a 4 n/a n/a nearly half the loans we 43 City National Bank $2,250,000 $260,000 +765% 5 1 +400% helped make were through 44 Greater Hudson Bank $2,055,400 n/a n/a 1 n/a n/a alternative lenders, with an average amount of $39,000. 45 Compass Bank $2,048,900 n/a n/a 4 n/a n/a What’s ahead for 2015? 46 Banc of California $2,000,000 n/a n/a 1 n/a n/a Our focus will be on creating 47 Flushing Bank $1,831,000 $523,000 +250% 5 3 +67% strong partnerships, 48 T Bank $1,760,000 specialized services and n/a n/a 1 n/a n/a enhanced access to capital. 49 HSBC Bank USA $1,630,000 $1,730,000 -6% 12 15 -20% We want to connect business owners to even more sources 50 Ridgestone Bank $1,580,000 $1,650,000 -4% 1 1 0% of funding—for instance, The U.S. Small Business Administration’s New York District includes New York City and Dutchess, Nassau, Orange, Putnam, Rockland, Suffolk, Sullivan, Ulster and Westchester counties. Rankings are for the fiscal year ended Sept. 30, crowdfunding. —ANNE FIELD 2014. Figures include both banks’ 7(a) loans (loans to businesses unable to secure financing on reasonable terms through normal lending channels) and certified development companies’ 504 loans (long-term, fixed-rate financing for major fixed assets). n/a-Not applicable. These banks did not make loans that year.

January 19, 2015 | Crain’s New York Business | 13 20150119-NEWS--0014-NAT-CCI-CN_-- 1/15/2015 5:57 PM Page 1

REPORT SMALL BUSINESS

SQUEEZED: A drop Docs find private practice harder in reimbursements has compelled Dr. Peter Bruno to adopt a concierge Continued from Page 11 insurers that larger players can.“The think more like business owners care model. their practice to a hospital group, insurers have the upper hand. They than many of them would prefer. In they take on the role of employee. pay larger groups and hospitals at a New York City,not taking insurance “The number of traditional higher rate,” said Mr. Lipton. is now more common,said Mr.Lip- independent-style physicians is def- To be sure, practicing in parts of ton. Concierge medicine is also initely on the decline and will con- New York City, such as Manhattan, growing at a fast clip. His firm, tinue to decline,” said Wayne Lip- does have some built-in advantages. founded almost a decade ago, now ton, founder and chief executive of There is a dense population, and has about 100 New York City area Concierge Choice Physicians, a many city dwellers insist on seeing a firms in its network. company in Rockville Centre, L.I., that helps physicians build Painful choices concierge programs. Urgent care The choices physicians make to High overhead, administrative keep their practices healthy are hassles and reimbursement cuts centers are ‘like painful at times. Not all of Dr. topped the list of reasons physicians Bruno’s patients have been happy to gave for leaving private practice in the McDonald’s hear he was moving into concierge the Jackson Healthcare survey. In care. New York City,physicians face local of medicine’ “I had a certain number of pa- pressures, too. High rents, especial- tients who thought I should have ly in Manhattan,contribute to steep done this a long time ago,” he said. overhead. And competition from “I had a small number of patients

urgent care centers is mounting, who thought this was terrible and I buck ennis with many young,newly insured pa- was doing it for greed. They were tients choosing them because they local doctor. “They will not go to angry and left. The bulk of patients are trying a different approach. staffers at many practices. “Like don’t have a relationship with a pri- Jersey City or Long Island,” said who couldn’t justify joining the Take Louis J. Morledge, who runs any other small-business owner, mary care doctor. “They are like the Divan Dave, chief executive of concierge practice all said they total- an 11-employee practice with an- you have to make sure you have a McDonald’s of medicine,” said Mr. OmniMD, a software and practice ly understood.” other physician on East 58th Street good handle on costs,” Dr. Lipton. management firm based in Tarry- Fortunately,most traditional pa- in Manhattan and accepts tradi- Morledge said. town, N.Y., that has clients in New tients have stayed with him as he tional insurance and Medicare. He But he’s willing to pay close at- Lower reimbursement rates York City. looks for a partner. He refers those employs a physician’s assistant to tention to finances to stay in pri- Meanwhile, it is hard for small Nonetheless,to survive econom- who want to leave to internists who see certain patients under a physi- vate practice.“None of this negates independent practices to negotiate ically,primary care physicians in in- work in the same building. cian’s supervision, and outsources the joy of taking care of patients,” the better reimbursement rates from dependent practice have had to Some primary care physicians billing, which devours the time of he said. Ⅲ Spectacular Sublease Available 2500 Halsey Street | Bronx, New York 10461

AVAILABILITY Entire 1st floor: 74,060 RSF Asking rent: upon request Possession: arranged Term: thru September 1, 2019 TI: As-is Basis Landlord: Commerce – Halsey LLC FEATURES All furniture to be included Ample off street parking Close proximity to public transportation Westchester Square amenities

FIRST FLOOR—74,060 RSF For additional information, contact: Mark Jaccom | 212.758.3131 | [email protected] Possibility of combining with landlord’s 45,000 SF Stephen Santoro | 212.687.4240 | [email protected] for a total of 119,060 SF Sam Mann | 212.687.4365 | [email protected]

14 | Crain’s New York Business | January 19, 2015 20150119-NEWS--0015-NAT-CCI-CN_-- 1/15/2015 6:12 PM Page 1

THE NY Area’s Largest SBA-Guaranteed Loans LIST Biggest loan approvals in fiscal 2014, ranked by total amount

SBA/CDC Third-party lender/ Third-party lender’s Total dollar volume 1 1 Borrower/location Total loan amount share of loan Borrower’s business type certified development company share of loan For all area lenders in fiscal years, in millions Skyline Restoration Inc. $12,733,000 $5,000,000 Construction Manufacturers and Traders Trust Co. $7,733,000 1 Queens Empire State Certified Development Corp. 2010 $483.0 Kunjip Restaurant $11,833,000 $5,000,000 Restaurant Wilshire Bank $6,833,000 2 Manhattan Empire State Certified Development Corp. 2011 $789.0 Airway Inn $11,719,000 $4,469,000 Hotel and motel Woori America Bank $7,250,000 3 Queens Empire State Certified Development Corp. 2012 $723.1 Lucky Supply Inc. $11,383,000 $5,000,000 Paper wholesaler BBCN Bank $6,383,000 2013 Queens Empire State Certified Development Corp. 4 $772.3

Key Food Supermarket $10,384,000 $4,684,000 Supermarket BBCN Bank $5,700,000 2014 Brooklyn Empire State Certified Development Corp. 5 $820.6

Gowanus Inn & Yard $9,707,000 $3,702,000 Hotel and motel BCB Community Bank $6,005,000 6 Brooklyn Business Initiative Corp. of New York Total number of loans Dealer Storage Corp. $6,340,900 $2,861,000 Warehousing Investors Bank $3,479,900 For all area lenders in fiscal 7 Staten Island Empire State Certified Development Corp. years 2010 Noamex Inc. $5,006,500 $2,259,000 Clothing wholesaler Citibank $2,747,500 8 Brooklyn Empire State Certified Development Corp. 1,739 2011 Baltic Hotel $4,858,500 $1,854,000 Hotel and motel State Bank of Texas $3,004,500 2,090 9 Brooklyn Business Initiative Corp. of New York 2012 C&L Sales Corp. $4,684,000 $2,114,000 Durable-goods wholesaler Nassau Educators FCU $2,570,000 1,917 10 Bronx Empire State Certified Development Corp. 2013 Gotham Greens Jamaica $4,672,300 $2,368,000 Farming New York Business Development Corp. $2,304,300 1,761 11 Queens Empire State Certified Development Corp. 2014 Law Offices of Ilona Finkelshteyn $4,650,000 $2,220,000 Law office Signature Bank $2,430,000 1,962 12 Brooklyn Empire State Certified Development Corp.

Nor-Spring Service Station Inc. $4,386,000 $1,836,000 Gasoline station TD Bank $2,550,000 13 Queens Empire State Certified Development Corp. Value of 7(a) loans In millions Brooker Engineering $4,221,400 $1,864,000 Engineering Zions First National Bank $2,357,400 14 Rockland Empire State Certified Development Corp. $668.0 $601.4 Utopia Produce Inc. $4,187,105 $1,890,000 Produce wholesaler Bank of America $2,297,105 15 Queens Empire State Certified Development Corp. $557.5

Oaklander Coogan & Vitto Architects $3,800,000 $1,800,000 Architecture Citibank $2,000,000 16 Manhattan Empire State Certified Development Corp.

Jamaica Development One $3,750,000 n/a Hotel and motel n/a n/a 17 Queens Newbank

Southern Hospitality $3,750,000 n/a Hotel and motel n/a n/a 17 Bronx Noah Bank

Ultimate Hospitality Group $3,750,000 n/a Hotel and motel n/a n/a 17 Queens Noah Bank 2012 2013 2014 Shri Sai Shakti d/b/a Sheridan Hotel $3,748,500 n/a Hotel and motel n/a n/a Bronx Hanmi Bank 20 Value of 504 loans Dumbo Moving & Storage Inc. $3,448,626 $1,557,000 Household and office moving Atlantic Stewardship Bank $1,891,626 In millions 21 Queens New Jersey Business Finance Corp. $170.9 $165.6 Dr. Franz Goyzueta Medical Practice $3,375,000 n/a Medical practice n/a n/a 22 Manhattan Live Oak Banking Co. $152.6

Jamaica Development One $3,300,000 n/a Hotel and motel n/a n/a 23 Queens Newbank

G&G Electric Supply Co. $3,281,000 $1,481,000 Electrical supply store Citibank $1,800,000 24 Bronx Empire State Certified Development Corp.

Fortune Poly Products Inc. $2,954,000 $1,504,000 Plastic bag manufacturing JPMorgan Chase Bank $1,450,000 25 Queens Empire State Certified Development Corp.

The U.S. Small Business Administration’s New York district includes New York City and Dutchess, Nassau, Orange, Putnam, Rockland, Suffolk, Sullivan, Ulster and Westchester counties. Ratings are for the fiscal year ended Sept. 30, 2014. The top 25 loans were approved either under the 504 loan program or the 7(a) loan program. The 504 loan program provides growing businesses with long-term fixed-rate financing for major fixed assets, such as equipment, land and buildings. The 7(a) loan program is the SBA’s most-used nondisaster financial assistance program to small businesses because of its flexibility in loan structure, variety of loan proceeds uses and availability. In cases of tied figures in the total loan amount, borrowers are listed alphabetically. n/a-Not applicable. 1-The certified development company listed for each loan is the CDC that handled the loan processing (504 loans only). Source: U.S. Small Business Adminis- tration. Additional research by Nicholas Wells. 2012 2013 2014

January 19, 2015 | Crain’s New York Business | 15 P016-17CL_CN_20150119.qxp 1/15/2015 11:39 AM Page 16

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Arts. of Org. filed whom process against it may be Notice of Qualification of 85 Broad 2015, LLC. Arts. of Org. filed with NY 8th Ave., NY, NY 10011, regd. agent with Secy. of State of NY (SSNY) on served and shall mail process to: c/o Property Manager LLC. Authority filed Dept. of State on 11/17/14. Office upon whom process may be served. 12/3/14. Office location: NY County. CT Corporation System, 111 8th Ave., with NY Dept. of State on 12/3/14. location: NY County. Sec. of State DE addr. of LLC: 1209 Orange St., SSNY designated as agent of LLC NY, NY 10011, regd. agent upon Office location: NY County. Princ. bus. designated agent of LLC upon whom Wilmington, DE 19801. Cert. of Form. upon whom process against it may whom process may be served. DE addr.: 200 State St., Ste. 5, Boston, MA process against it may be served and filed with DE Sec. of State, 401 be served. SSNY shall mail process addr. of LP: c/o The Corporation 02109. LLC formed in DE on 11/10/14. shall mail process to the principal Federal St., Dover, DE 19901. to: c/o The LLC, 711 Fifth Avenue, Trust Co., 1209 Orange St., NY Sec. of State designated agent of business address: 45 E. 9th St., Ste. Purpose: any lawful activity. 16th Fl., NY, NY 10022. Purpose: any Wilmington, DE 19801. Name/addr. LLC upon whom process against it 46, NY, NY 10003, Attn: Thomas lawful activity. of genl. ptr. available from NY Sec. of may be served and shall mail process Russell. Purpose: any lawful activity. Qualification of Blackstone Real Estate State. Cert. of LP filed with DE Sec. Partners VIII L.P. Authority filed with to: c/o CT Corporation System, 111 Notice of Formation of BUNN of State, 401 Federal St., Dover, DE the Sect of State of NY (SSNY) on 8th Ave., NY, NY 10011, regd. agent Notice of Formation of COJI, LLC. GANSEVOORT, LLC. Arts. of Org. filed 19901. Purpose: all lawful purposes. 10/28/14. Office Loc: NY County. LP upon whom process may be served. Arts. of Org. filed with Secy. of State with Secy. of State of NY (SSNY) on formed in DE on 10/22/14. SSNY has DE addr. of LLC: c/o The Corporation of NY (SSNY) on 12/08/14. Office 11/24/14. Office location: NY County. Qualification of Blackstone Real Estate been designated as agent of LP upon Trust Co., 1209 Orange St., location: NY County. SSNY designated Princ. office of LLC: Mr. Hyun Soo Lee, Partners VIII.F L.P. Authority filed with whom process against it may be Wilmington, DE 19801. Cert. of Form. as agent of LLC upon whom process c/o Bunn Gansevoort, LLC, 1965 the Sect of State of NY (SSNY) on served and shall mail process to: c/o filed with DE Sec. of State, 401 against it may be served. SSNY shall Broadway, Ste. 16J, NY, NY 10023. 11/20/14. Office Loc: NY County. LP The Blackstone Group L.P., 345 Park Federal St., Dover, DE 19901. mail process to Corporation Service SSNY designated as agent of LLC formed in DE on 11/12/14. SSNY has Avenue, NY, NY 10154. DE address Purpose: all lawful purposes. Co., 80 State St., Albany, NY 12207, upon whom process against it may been designated as agent of LP upon of LP: 200 Bellevue Pkwy, Ste 210, regd. agent upon whom and at which be served. SSNY shall mail process whom process against it may be Notice of Formation of BH-MIO, LLC. Wilmington, 19809. Name/addr of process may be served. Purpose: to the LLC at the addr. of its princ. served and shall mail process to: c/o Arts. of Org. filed with Secy. of State genl ptr avail from SSNY. Cert of LP Any lawful activity. office. Purpose: Any lawful activity. The Blackstone Group L.P., 345 Park of NY (SSNY) on 11/21/14. Office filed with DE Sect of State, 401 Avenue, NY, NY 10154. DE address location: NY County. SSNY designated Notice of Qualification of HAVAS Federal St, Ste 4, Dover, DE 19901. of LP: 200 Bellevue Pkwy, Ste 210, as agent of LLC upon whom process FIKA 10 PARK AVENUE LLC, Arts. of WORLDWIDE, LLC. Appl. for Auth. Org. filed with the SSNY on 10/15/2014. Purpose: any lawful activity. Wilmington, 19809. Name/addr of against it may be served. SSNY shall filed with Secy. of State of NY (SSNY) genl ptr avail from SSNY. Cert of LP mail process to Corporation Service Office loc: NY County. SSNY has on 03/20/14. Office location: NY been designated as agent upon Notice of Qualification of UE filed with DE Sect of State, 401 Co., 80 State St., Albany, NY 12207, County. LLC formed in Delaware (DE) Management LLC. Authority filed Federal St, Ste 4, Dover, DE 19901. regd. agent upon whom and at which whom process against the LLC may on 09/20/07. Princ. office of LLC: be served. SSNY shall mail process with NY Dept. of State on 11/18/14. Purpose: any lawful activity. process may be served. Purpose: 200 Hudson St., NY, NY 10013. SSNY Office location: NY County. Princ. bus. Any lawful activity. to: Lars Akerlund, 66 Pearl St., NY, Notice of Qualification of Budget designated as agent of LLC upon NY 10004. Reg Agent: Lars Akerlund, addr.: 210 Route 4 East, Paramus, NJ Travel, LLC. Authority filed with NY Notice of Formation of Limited whom process against it may be 66 Pearl St., NY, NY 10004. Purpose: 07652. LLC formed in DE on 10/7/14. Dept. of State on 10/7/14. Office Liability Company (LLC) Name: 149 served. SSNY shall mail process to Any Lawful Purpose. NY Sec. of State designated agent of location: NY County. Princ. bus. BAYARD LLC. Articles of Organization the LLC at the princ. office of the LLC. LLC upon whom process against it addr.: 499 7th Ave., 18th Fl., South filed by the Department of State of DE addr. of LLC: 2711 Centerville Notice of Formation of IMPETUS may be served and shall mail process Tower, NY, NY 10018. LLC formed in New York on: 10/29/2014. Office Rd., Ste. 400, Wilmington, DE 19809. PHYSICAL THERAPY PLLC. Arts. of to: c/o CT Corporation System, 111 DE on 2/25/14. NY Sec. of State location: County of New York. Cert. of Form. filed with DE Secy. of Org. filed with Secy. of State of NY 8th Ave., NY, NY 10011, regd. agent designated agent of LLC upon whom Purpose: any and all lawful activities. State, Townsend Bldg., 401 Federal (SSNY) on 11/24/14. Office location: upon whom process may be served. process against it may be served Secretary of State of New York St., Ste. 3, Dover, DE 19901. Purpose: NY County. SSNY designated as DE addr. of LLC: 1209 Orange St., and shall mail process to: PO Box (SSNY) designated as agent of LLC General marketing, advertising, & agent of PLLC upon whom process Wilmington, DE 19801. Cert. of Form. 680999, Franklin, TN 37068-0999. upon whom process against it may public relations services. against it may be served. SSNY shall filed with DE Sec. of State, 401 DE addr. of LLC: 1209 Orange St., be served. SSNY shall mail a copy of mail process to Corporation Service Federal St., Dover, DE 19901. Wilmington, DE 19801. Cert. of Form. Notice of Qualification of AITHON Co., 80 State St., Albany, NY 12207- Purpose: any lawful activity. process to: c/o Bryan Min, 149 CAPITAL MANAGEMENT, LP. Appl. filed with DE Sec. of State, 401 Bayard Street, Brooklyn, NY 11222. 2543. Purpose: Any lawful activity. Federal St., Dover, DE 19901. for Auth. filed with Secy. of State of NY Notice of Qualification of RELATED Purpose: all lawful purposes. Notice of Qualification of APOLLO NA (SSNY) on 12/02/14. Office location: NOTICE FOR FORMATION of a limited REAL ESTATE FUND II (FEEDER), L.P. MANAGEMENT II, LLC. Authority filed NY County. LP formed in Delaware liability company (LLC). The name of Appl. for Auth. filed with Secy. of State Notice of Qualification of SHS Upper with Secy. of State of NY (SSNY) on (DE) on 10/02/14. Princ. office of LP: the limited liability company is 53 EAST of NY (SSNY) on 12/24/14. Office City NY II LLC. Authority filed with 12/17/14. Office location: NY County. 501 Madison Ave., 8th Fl., NY, NY 7 STREET LLC. The date of filing of location: NY County. LLC formed in Secy. of State of NY (SSNY) on LLC formed in Delaware (DE) on 10022. SSNY designated as agent of the articles of organization with the Cayman Islands (C.I.) on 12/08/14. 12/08/14. Office location: NY County. 08/15/14. Princ. office of LLC: 9 W. LP upon whom process against it may Department of State was November 18, Princ. office of LLC: 60 Columbus LLC formed in Delaware (DE) on 57th St., 43rd Fl., NY, NY 10019. SSNY be served. SSNY shall mail process 2014. The County in New York in Circle, NY, NY 10023. SSNY designated 05/21/14. SSNY designated as agent designated as agent of LLC upon to the Partnership at the princ. office which the office of the company is as agent of LLC upon whom process of LLC upon whom process against it whom process against it may be of the LP. The regd. agent of the located is New York. The Secretary of against it may be served. SSNY shall may be served. SSNY shall mail served. SSNY shall mail process to company upon whom and at which State has been designated as agent of mail process to c/o Related Fund process to: c/o Cheer Land the LLC, Attn: John J. Suydam at the process against the company can be the company upon whom process Management, LLC at the princ. office Investments Group Limited, 152 West princ. office of the LLC. DE addr. of served is Harold Lehr at the princ. may be served, and the Secretary of of the LLC. C.I. addr. of LLC: c/o 57th St., Ste. 3901, NY, NY 10019. LLC: c/o Corporation Service Co., office of the LLC. Name and addr. of State shall mail a copy of any process Maples Corporate Services Limited, Address to be maintained in DE: 2711 Centerville Rd., Ste. 400, each general partner are available against the company served upon him P.O. Box 309, Ugland House, Grand Corporation Service Company, 2711 Wilmington, DE 19808. Arts. of Org. from SSNY. DE addr. of LP: 2711 or her to c/o Stefka Nazarkewycz, 182 Cayman, C.I. KY1-1104. Cert. of Form. Centerville Rd., Ste. 400, Wilmington, filed with the Secy. of State of the Centerville Rd., Ste. 400, Wilmington, 2nd Avenue, Apt #2, New York, New filed with Registrar of Companies, P.O. DE 19808. Arts of Org. filed with the State of DE, Dept. of State, Div. of DE 19808. Cert. of LP filed with York 10003. The business purpose of Box 123, Ground Fl., Government DE Secy. of State, John G. Townsend Corps., John G. Townsend Bldg., Secy. of State of the State of DE, 401 the company is to engage in any and Admin. Bldg., 133 Elgin Ave., George Bldg., 401 Federal St., Dover, DE 401 Federal St., Ste. 4, Dover, DE Federal St., Dover, DE 19901. all business activities permitted under Town, Grand Cayman, C.I. KY1- 19901. Purpose: any lawful activities. 19901. Purpose: Any lawful activity. Purpose: Any lawful activity. the laws of the State of New York. 9000. Purpose: Any lawful activity.

16 | Crain’s New York Business | January 19, 2015 P016-17CL_CN_20150119.qxp 1/15/2015 11:39 AM Page 17

TO PLACE A CLASSIFIED AD, CALL 1-800-444-6007 OR EMAIL [email protected] PUBLIC & LEGAL NOTICES Qualification of Blackstone Real Estate Qualification of Blackstone Real Estate Notice of Qualification of 2403 Notice of Qualification of Carlyle Asia MTC Construction LLC, Articles of Associates VIII L.P. Authority filed Partners VIII.TE.1 L.P. Authority filed QUEENS PLAZA NORTH LLC. Appl. Structured Credit Opportunities Fund, Org. filed N.Y. Sec,. of State (SSNY) with the Sect of State of NY (SSNY) with the Sect of State of NY (SSNY) for Auth. filed with Secy. of State of NY L.P. Authority filed with NY Dept. of 30th day of October 2014. Office in on 10/28/14. Office Loc: NY County. on 11/20/14. Office Loc: NY County. (SSNY) on 01/08/15. Office location: State on 12/11/14. Office location: NY New York Co. at 61 W 82nd St, Suite LP formed in DE on 10/22/14. SSNY LP formed in DE on 11/12/14. SSNY NY County. LLC formed in Delaware County. LP formed in Cayman Islands 1B New York, NY 10024. SSNY has been designated as agent of LP has been designated as agent of LP (DE) on 12/23/14. Princ. office of (CI) on 7/18/14. NY Sec. of State design. agt. upon whom process may upon whom process against it may upon whom process against it may LLC: 152 W. 57th St., 60th Fl., NY, designated agent of LP upon whom be served. SSNY shall mail copy of be served and shall mail process to: be served and shall mail process to: NY 10019. SSNY designated as process against it may be served and process to 61 W 82nd St, Suite 1B, c/o The Blackstone Group L.P., 345 c/o The Blackstone Group L.P., 345 agent of LLC upon whom process shall mail process to the principal New York, NY 10024. Reg. Agt. upon Park Avenue, NY, NY 10154. DE Park Avenue, NY, NY 10154. DE against it may be served. SSNY shall business addr.: c/o The Carlyle Group, whom process may be served: address of LP: 200 Bellevue Pkwy, Ste address of LP: 200 Bellevue Pkwy, mail process to the LLC at the princ. 520 Madison Ave., NY, NY 10022. CI Spiegel & Utrera, P.A., P.C. 1 Maiden 210, Wilmington, 19809. Name/addr Ste 210, Wilmington, 19809. Name/ office of the LLC. DE addr. of LLC: addr. of LP: c/o Intertrust Corporate Lane, NYC 10038. 1 800 576-1100 of genl ptr avail from SSNY. Cert of addr of genl ptr avail from SSNY. Cert 2711 Centerville Rd., Ste. 400, Services (Cayman) Ltd., 190 Elgin Purpose: Any lawful purpose. LP filed with DE Sect of State, 401 of LP filed with DE Sect of State, 401 Wilmington, DE 19808. Cert. of Form. Ave., George Town, Grand Cayman Federal St, Ste 4, Dover, DE 19901. Federal St, Ste 4, Dover, DE 19901. filed with DE Secy. of State, Div. of KY1-9005, CI. Name/addr. of genl. Dana's Bakery NY, LLC. Arts. of Org. Purpose: any lawful activity. Purpose: any lawful activity. Corps., John G. Townsend Bldg., ptr. available from NY Sec. of State. filed with Secy. of State of NY (SSNY) 401 Federal St., Ste. 4, Dover, DE Cert. of LP filed with Registrar of on 10/16/14. Off. loc.: NY Co. SSNY ACTIVE WORKING PARTNERS LLC, 35 PERRY ST. OWNERS LLC. Art. of 19901. Purpose: Any lawful activity. Exempted LPs, Govt. Administration designated as agent of LLC upon Org. filed with the SSNY on 12/02/14. a domestic LLC, filed with the SSNY Bldg., 133 Elgin Ave., George Town, whom process may be served. SSNY Office: New York County. SSNY desig- on 11/12/14. Office location: New Notice of Formation of IMA Systems Grand Cayman, CI. Purpose: all shall mail process to c/o Dana nated as agent of the LLC upon whom York County. SSNY is designated as LLC Arts. of Org. filed with Secy. of lawful purposes. Pollack, PO Box 662, Franklin Lakes, process against it may be served. SSNY agent upon whom process against State of NY (SSNY) on 12/19/14. NJ 07417. Purpose: General. shall mail copy of process to the LLC, the LLC may be served. SSNY shall Office location: NY County. SSNY SAN BLAS LLC. Art. of Org. filed c/o Karasyk & Moschella, LLP, 233 mail process to Rebecca Frankel, 37 designated as agent of LLC upon with the SSNY on 10/23/14. Office: Notice of Formation of Lau’s Realty Broadway, Suite 2340, New York, NY W. 72nd St., #7E, NY, NY 10023. whom process against it may be New York County. SSNY designated Associate LLC, Art. of Org. filed 10279. Purpose: Any lawful purpose. General Purposes. served. SSNY shall mail process to as agent of the LLC upon whom Secy. of State of NY (SSNY) on c/o Corporation Service Co., 80 process against it may be served. 07/23/2014. Office location: New Notice of Formation of GENERATION Notice of Formation of FoxHog York County. SSNY Designated as PRODUCTIONS LLC. Arts. of Org. State St., Albany, NY 12207-2543. SSNY shall mail copy of process to MEDICAL ASSOCIATES PLLC. Arts. Purpose: Any lawful activity. the LLC, 79 Washington Place, Suite agent of LLC upon whom process of Org. filed with Secy. of State of NY filed with Secy. of State of NY (SSNY) against it may be served. SSNY shall on 12/17/14. Office location: NY #1C, New York, NY 10011. Purpose: (SSNY) on 11/24/14. Office location: Notice of Qualification of Bedrock Any lawful purpose. mail copy of process to: The LLC, 9 NY County. Princ. office of PLLC: 21 County. Princ. office of LLC: Sandra Manufacturing Company, LLC. Mott St., Suite #300, New York, NY E. 69th St., NY, NY 10021. SSNY Gotham Meehan, 220 E. 73rd St., Ste. Authority filed with NY Dept. of State Sun Arthur LLC. Arts. of Org. filed 10013. Purpose: any lawful activity. designated as agent of PLLC upon 5C, NY, NY 10021. SSNY designated on 1/12/15. Office location: NY with Secy. of State of NY (SSNY) on whom process against it may be as agent of LLC upon whom process County. LLC formed in TX on 5/30/14. 12/09/14. Off. loc.: NY Co. SSNY Notice of Formation of: SOHO PIXEL served. SSNY shall mail process to against it may be served. SSNY NY Sec. of State designated agent of designated as agent of LLC upon LLC. Arts of Org. filed with Secy of Attn: Norbert Gleicher, Manager at shall mail process to the LLC at the LLC upon whom process against it whom process may be served. SSNY State of NY (SSNY) on 07-25-2014. the princ. office of the PLLC. addr. of its princ. office. Purpose: may be served and shall mail process shall mail process to 52 Vanderbilt Off. Loc.: New York County. SSNY Purpose: Any lawful activity. Any lawful activity. to: c/o CT Corporation System, 111 Ave., Ste. 403, New York, NY 10017. designated as agent of LLC upon Notice of Formation of 225 Central 8th Ave., NY, NY 10011, regd. agent Purpose: General. whom process against it may be NOTICE OF FORMATION OF SHINE upon whom process may be served. GLORY LLC. Arts of Org filed with Park North LLC. Arts. of Org. filed served. SSNY shall mail process to: TX and principal business address: Notice of Formation of Steuben Debt Secy of State of NY (SSNY) on with Secy. of State of NY (SSNY) on 400 E 56 St STE 100.New York, NY 1039 E. 15th St., Plano, TX 75074. LLC, Art. of Org. filed Sec'y of State 11/19/14. Office location: NEW YORK 11/12/14. Office location: NY County. 10022. Purpose: Any lawful activity. Cert. of Org. filed with TX Sec. of (SSNY) 3/17/14. Office location: NY County. SSNY designated agent upon SSNY designated as agent of LLC State, 1019 Brazos, Austin, TX County. SSNY designated as agent Notice of Formation of Peninsula whom process may be served and upon whom process against it may 78701. Purpose: all lawful purposes. of LLC upon whom process against Realty Holdings LLC, Art. of Org. filed shall mail copy of process against be served. SSNY shall mail process it may be served. SSNY shall mail Sec'y of State (SSNY) 7/2/14. Office LLC to principal business address: to: c/o RCR Management LLC, 155 Notice of Formation of HILL HOUSE copy of process to Bluestone Group, location: NY County. SSNY designated 8514 Broadway, Apt.5A, Elmhurst, Riverside Drive, Ste. 1D, NY, NY NY LLC. Arts. of Org. filed with Secy. 225 Broadway, NY, NY 10007. as agent of LLC upon whom process NY 11373. Purpose: any lawful act. 10024. Purpose: any lawful activity of State of NY (SSNY) on 12/17/14. Purpose: any lawful activities. against it may be served. SSNY shall Office location: NY County. SSNY Notice of Formation of BAR CAPITAL Notice of Qualification of PROTEAN mail copy of process to Bluestone designated as agent of LLC upon LLC. Arts. of Org. filed with NY Dept. COMPANY, LLC. Appl. for Auth. filed Bond Street Capital Group LLC. Arts. Group, 225 Broadway, NY, NY 10007. whom process against it may be of State on 11/20/14. Office location: with Secy. of State of NY (SSNY) on of Org. filed with Secy. of State of Purpose: any lawful activities. served. SSNY shall mail process to NY County. Sec. of State designated 12/24/14. Office location: NY County. NY (SSNY) on 10/30/14. Off. loc.: NY c/o Paul Wrobleski, Clarfeld, 560 agent of LLC upon whom process LLC formed in Delaware (DE) on Co. SSNY designated as agent of Notice of Formation: Greenpoint White Plains Rd., Tarrytown, NY against it may be served and shall mail 12/11/12. SSNY designated as agent LLC upon whom process may be Pencil Works LLC, files with SECY of 10591. Purpose: Any lawful activity. process to: CT Corporation System, of LLC upon whom process against it served. SSNY shall mail process to State of NY on 11/19/14. Off. Loc.: 111 8th Ave., NY, NY 10011, regd. may be served. SSNY shall mail process 460 Park Ave South, Ste. 204, New NY County. SSNY designated as to c/o Corporation Service Co., 80 Notice of formation of IBP Group LLC. York, NY 10016. Purpose: General. agent of LLC upon process may be agent upon whom process may be Articles of organization filed with the served. Purpose: all lawful purposes. State St., Albany, NY 12207-2543. served. SSNY shall mail process to: DE addr. of LLC: c/o CSC, 2711 Secretary of State of N.Y. (SSNY) on Notice of Formation of Parker Ave JV 160 6th Ave., #3, NY, NY 10013. Notice of Formation of HSC ATLANTIC, Centerville Rd., Ste. 400, Wilmington, 10/28/2014. Office location: New York LLC, Art. of Org. filed Sec'y of State Purpose: Any Lawful Activity. LLC. Arts. of Org. filed with Secy. of DE 19808. Cert. of Form. filed with DE County. SSNY has been designated (SSNY) 5/23/14. Office location: NY State of NY (SSNY) on 12/05/14. Secy. of State, 401 Federal St., Dover, as agent of the LLC upon whom County. SSNY designated as agent Notice of Formation of DT 153 Office location: NY County. Princ. DE 19901. Purpose: Any lawful activity. process against it may be served. of LLC upon whom process against Bruckner LLC. Art/Org. filed with SSNY office of LLC: 12 W. 23rd St., 4th Fl., SSNY shall mail process to the LLC, it may be served. SSNY shall mail 10/3/13. NY office location: NY NY, NY 10010. SSNY designated as Qualification of Blackstone Real Estate 350 Fifth Ave, 59FL, Ste 5900, New copy of process to Bluestone Group, County. SSNY designated as agent agent of LLC upon whom process Partners VIII.TE.2 L.P. Authority filed York, NY 10118. Purpose: Any lawful 225 Broadway, NY, NY 10007. for process. SSNY shall mail copy of against it may be served. SSNY shall with the Sect of State of NY (SSNY) activity. Purpose: any lawful activities. process to: c/o Princeton Holdings mail process to Hope Street Capital on 11/19/14. Office Loc: NY County. LLC, 375 Park Ave., Ste 1604, NY, LP formed in DE on 11/12/14. SSNY Notice of Formation of TYCHE, LLC. Notice of Formation of INTER-PROJECTS NY 10152. Any lawful act or activity. LLC at the princ. office of the LLC. Arts. of Org. filed with Secy. of State Purpose: Any lawful activity. has been designated as agent of LP ARCHITECTURE, PLLC. Arts. of Org. upon whom process against it may of NY (SSNY) on 01/02/15. Office filed with Secy. of State of NY Notice of Formation of 153 East NOTICE OF FORMATION OF Dave be served and shall mail process to: location: NY County. SSNY designated (SSNY) on 11/25/14. Office location: Broadway LLC. Arts. of Org. filed with Friedman 1, LLC. Articles of c/o The Blackstone Group L.P., 345 as agent of LLC upon whom process NY County. SSNY designated as Secy. of State of NY (SSNY) on Organization filed with the Secretary Park Avenue, NY, NY 10154. DE against it may be served. SSNY shall agent of PLLC upon whom process 11/4/14. Office location: NY County. of State of NY (SSNY) on 10/24/2012. address of LP: 200 Bellevue Pkwy, Ste mail process to Wendy L. Schoen, against it may be served. SSNY shall SSNY designated as agent of LLC Office location: NEW YORK County. 210, Wilmington, 19809. Name/addr 301 E. 62nd St., #14B, NY, NY 10065. mail process to c/o Seth E. upon whom process against it may be SSNY has been designated as agent of genl ptr avail from SSNY. Cert of The regd. agent of the company Zuckerman, Esq., 18 Columbia Tpke, served. SSNY shall mail process to: upon whom process against it may LP filed with DE Sect of State, 401 upon whom and at which process Ste, 200, Florham Park, NJ 07932- The LLC, 153 East Broadway, NY, NY be served. The Post Office address Federal St, Ste 4, Dover, DE 19901. against the company can be served 2266. Purpose: Architectural. 10002. Purpose: any lawful activity. to which the SSNY shall mail a copy Purpose: any lawful activity. is Corporation Service Co., 80 State of any process against the LLC St., Albany, NY 12207. Purpose: Any Notice of Qualification of AITHON Notice of Qualification of Carlyle Asia served upon him/her is: c/o Max Notice of Qualification of SDCL EE lawful activity. CAPITAL GP LLC. Appl. for Auth. filed Structured Credit Opportunities Markus Katz, P.C., 88 University Co (US) Management, LLC. Appl. for with Secy. of State of NY (SSNY) on Fund-A, L.P. Authority filed with NY Notice of Qualification of TribeTats Place, New York, NY 10003. The Auth. filed with Secy. of State of NY 12/02/14. Office location: NY County. Dept. of State on 12/11/14. Office LLC. Appl. for Auth. filed with Secy. principal business address of the LLC (SSNY) on 10/14/14. Office loc.: NY LLC formed in Delaware (DE) on location: NY County. LP formed in of State of NY (SSNY) on 10/30/14. is: c/o Max Markus Katz, P.C., 88 Cnty. LLC formed in Delaware on 11/06/14. Princ. office of LLC: 501 Cayman Islands (CI) on 11/17/14. NY University Place, New York, NY 10003. 09/05/14. SSNY designated as agent Office location: NY County. LLC Madison Ave., 8th Fl., NY, NY 10022. Sec. of State designated agent of LP formed in Delaware (DE) on 10/20/14. Purpose: any lawful act or activity. of LLC upon whom process against it SSNY designated as agent of LLC upon whom process against it may be may be served. Orig. addr. of process: Princ. office of LLC: 79 Madison Ave., upon whom process against it may be served and shall mail process to the c/o Sustainable Development Capital, Fl. 3, NY, NY 10016. SSNY designated served. SSNY shall mail process to principal business addr.: c/o The LLC, 485 Madison Ave., 7th Fl., NY, as agent of LLC upon whom process the LLC at the princ. office of the LLC. Carlyle Group, 520 Madison Ave., NY, NY 10022. As amended by Cert. of against it may be served. SSNY shall The regd. agent of the company upon NY 10022. CI addr. of LP: c/o To place your Change filed on 11/21/14, SSNY mail process to c/o Corporation whom and at which process against Intertrust Corporate Services (Cayman) shall mail process to princ. office of Service Co. (CSC), 80 State St., the company can be served is Harold Ltd., 190 Elgin Ave., George Town, classified ad LLC: 36 W. 44th St., Ste. 1412, NY, Albany, NY 12207-2543. DE addr. of Lehr at the princ. office of the LLC. Grand Cayman KY1-9005, CI. Name/ NY 10036. DE addr. of LLC: c/o LLC: c/o CSC, 2711 Centerville Rd., DE addr. of LLC: c/o Corporation addr. of genl. ptr. available from NY call Joanne Barbieri National Corp. Research, Ltd., 615 S. Ste. 400 Wilmington, DE 19808. Cert. Service Co., 2711 Centerville Rd., Ste. Sec. of State. Cert. of LP filed with DuPont Hwy., Dover, DE 19901. Cert. of Form. filed with Secy. of State, 400, Wilmington, DE 19808. Cert. of Registrar of Exempted LPs, Govt. of Form. filed with DE Secy. of State, John G. Townsend Bldg., 401 Form. filed with Secy. of State of the Administration Bldg., 133 Elgin Ave., @ 212-210-0189 401 Federal St., Ste. 4, Dover, DE Federal St.-Ste. 4, Dover, DE 19901. State of DE, 401 Federal St., Dover, DE George Town, Grand Cayman, CI. 19901. Purpose: Any lawful activity. Purpose: Any lawful activity. 19901. Purpose: Any lawful activity. Purpose: all lawful purposes.

January 19, 2015 | Crain’s New York Business | 17 20150119-NEWS--0018-NAT-CCI-CN_-- 1/16/2015 12:15 PM Page 1

FOR THE RECORD

Targeted Achievement Accountability and Frank Liantonio. The asking rent ● Regeneron Pharmaceuticals Inc. (REGN) Reporting Information System was not disclosed. Peter Powchik, senior vice president of ABOUT THIS SECTION (TAARIS) Data Management Modules. clinical development, sold 10,822 shares FOR THE RECORD is a weekly listing of information from the public record Proposals can be downloaded at ● Sweetgreen signed a lease for 2,400 of common stock at prices ranging from that can help businesspeople in the New York area find opportunities, vendorportal.nycenet.edu. To square feet at 100 Kenmare St. The $410.99 to $418.40 per share on Jan. 2, make inquiries, contact the vendor organic fast-food chain will open its in a transaction worth $4,481,214. He potential new clients and updates on competitors. hotline at (718) 935-2300 or fourth New York City location.The now directly holds 30,332 shares. To ask questions or get more information on this section, contact [email protected]. tenant was represented by SCG Retail’s Crain’s research department at [email protected]. Taryn Brandes, David Firestein and ● Loews Corp. (L) ● Economic Development Corp. Jacqueline Klinger.The landlord, Andrew H. Tisch, co-chairman of the Requests proposals by 4 p.m. on Feb. 18 Coral Realty, was represented by board of directors and chairman of the to conduct a feasibility study for an Aaron Fishbein and Darrell Rubens executive committee, exercised options NEW IN TOWN Midcontinent, owed $40,000. integrated flood-protection system for of Winick Realty.The asking rent was on 60,000 shares of common stock at Red Hook, Brooklyn. The RFP is not disclosed. prices ranging from $23.68 to $30.54 Companies that would like to have details ● Classon Business Machines Corp. available for in-person pickup between per share between Jan. 2 and Jan. 5, in a of openings published should submit 1737 Coney Island Ave., Brooklyn 9:30 a.m. and 4:30 p.m., Monday ● Nanoosh signed a lease for 1,700 transaction worth $1,566,750. In the descriptions following this format to Filed for Chapter 11 bankruptcy on through Friday, from the NYCEDC at square feet on the ground floor at 469 same period, he sold 60,000 shares of [email protected], with Dec. 22. The filing cites estimated assets 110 William St., fourth floor, Seventh Ave. The Mediterranean eatery common stock at prices ranging from “New in Town” in the subject line. of $0 to $50,000 and estimated liabilities Manhattan. To make inquiries, contact is opening its fourth New York City $40.82 to $41.76 per share, in a of $100,001 to $500,000. The creditors Maryann Catalano at (212) 312-3969 or location. The tenant was represented by transaction worth $2,495,518. He now ● At Wilderness with the largest unsecured claims are [email protected]. Kenji Ota of Cushman and Wakefield, directly holds 14,848,600 shares. 365 State St., Brooklyn Chase, owed $49,986.39; CI Avenue, with Rob Bonicoro of CBRE helping to The apothecary shop opened in Boerum owed $42,000; and Emanuel G. Tsarnas ● Housing Authority facilitate. The landlords, Eric and Marty James S. Tisch, president and chief Hill. It offers Himalayan bath salts and PC, owed $18,000. Requests proposals by 2 p.m. on Jan. 27 Meyer, along with Dan Shavolian of executive, exercised options on 60,000 facial detox kits, as well as products from for continuing legal-education Foremost Real Estate, were represented shares of common stock at prices Brooklyn stores. Merchandise includes ● Third Ave & St. Mark’s Inc. programming services. Proposals are by Eric and Marty Meyer. ranging from $23.68 to $30.54 per share rose-gold threadbare rings from Catbird d/b/a Continental available at nyc.gov/nychabusiness. between Jan. 2 and Jan. 5, in a and Hunter roll-on perfume oil from 25 Third Ave., Manhattan To make inquiries, contact Meddy transaction worth $1,566,750. In the MCMC. Filed for Chapter 11 bankruptcy on Ghabaee at (212) 306-4539 or STOCK TRANSACTIONS same period, he sold 60,000 shares of Dec. 24. The filing cites estimated assets [email protected]. common stock at prices ranging from ● Prova of $0 to $50,000 and estimated liabilities Following are recent insider transactions at $40.82 to $41.76 per share, in a 184 Eighth Ave., Manhattan of $100,001 to $500,000. The creditors New York’s largest publicly held companies transaction worth $2,495,518. He now The Neapolitan pizzeria opened in with the largest unsecured claims are REAL ESTATE DEALS filed with the Securities and Exchange directly holds 25,578,900 shares. Chelsea. The menu features high-end American Express, owed $36,137; Commission by executives and major ingredients such as uni, quail eggs and AFCO Insurance Financing, owed Companies that would like to have details shareholders. Listings are in order of Jonathan M. Tisch, co-chairman of the black truffles. $4,281.85; and Con Edison, owed of their recent transactions appear in these transaction value.The information was board and chairman of Loews Hotels, $2,034. listings should email descriptions following obtained from Thomson Reuters. exercised options on 60,000 shares of ● Ramen Lab this format to JKramer@crainsnewyork common stock at prices ranging from 70 Kenmare St., Manhattan .com, with “Real estate transaction” in the ● Celgene Corp. (CELG) $23.68 to $30.54 per share between Jan. The ramen restaurant opened in Nolita. GOVERNMENT CONTRACT subject line, or enter them online at Gilla Kaplan, director, sold 45,536 2 and Jan. 5, in a transaction worth The 10-seat ramen bar offers three OPPORTUNITIES crainsnewyork.com/submitadeal. Deals are shares of common stock at $113.47 per $1,566,750. In the same period, he sold items: gyoza dumplings and two ramens listed in order of square footage. share on Jan. 2, in a transaction worth 60,000 shares of common stock at prices (chicken shoyu and vegetarian miso). Following are selected contract $5,167,152. She now indirectly holds ranging from $40.82 to $41.76 per opportunities recently announced by New COMMERCIAL 79,508 shares. share, in a transaction worth $2,495,518. York City agencies.To learn how to sell ● Houghton Mifflin Harcourt signed a He now directly holds 17,157,700 COMPANY MOVES goods and services to city government, 12-year lease for 35,000 square feet at ● Automatic Data Processing Inc. (ADP) shares. visit www.nyc.gov/selltonyc. For a 3 Park Ave. The publishing company is Edward B. Flynn III, executive vice Companies that would like to have details searchable database of current procurement relocating from 215 Park Ave. South. president of worldwide sales and David B. Edelson, senior vice president of recent moves published should submit notices, visit www.nyc.gov/cityrecord. The tenant was represented by Joseph marketing, exercised options on 51,454 and chief financial officer, exercised descriptions following this format to Listings are alphabetical by category and Cabrera and David Glassman of Colliers shares of common stock at $33.04 to options on 45,000 shares of common [email protected], with department. International, while the landlord, $43.53 per share on Jan. 2, in a stock at prices ranging from $24.17 to “Company Moves” in the subject line. Charles Cohen, was represented in- transaction worth $1,873,759. On the $30.54 per share on Jan. 5, in a CONSTRUCTION SERVICES house by Marc Horowitz of Cohen same day, he sold 59,590 shares of transaction worth $1,178,888. On the ● Diptyque ● Department of Design and Construction Brothers Realty Corp. The asking rent common stock at prices ranging from same day, he sold 45,000 shares of 10 Columbus Circle, Manhattan Seeks competitive sealed bids by 11 a.m. was $63 per square foot. $82.98 to $83.62 per share, in a common stock at $40.83 per share, in a The French fragrance store opened its on Jan. 27 for the installation of water transaction worth $4,974,561. He now transaction worth $1,837,350. He now fourth stand-alone store in Manhattan, mains and appurtenances for building ● Pearlfisher signed a six-year lease for directly holds 32,479 shares. directly holds 80,279 shares. Ⅲ on the Upper West Side. It offers construction and improvements to the 8,000 square feet at 455 Broadway.The candles, perfumes and cosmetics. water-main distribution system and brand-design agency is relocating from fire protection in locations citywide. 48 W. 21st St. and will occupy space on ● Drybar Bid documents are available at the fifth and sixth floors of the 24,000- DEALS ROUNDUP 69 W. 71st St., Manhattan nyc.gov/buildnyc for a $35 deposit. To square-foot building. The tenant was The salon opened on the Upper West make inquiries, contact Emmanuel represented by Kelly Broderick and Side. It offers no haircuts, only different Charles at (718) 391-2200 or David Glassman of Colliers TRANSACTION SIZE TARGET/SELLERS (IN MILLIONS) BUYERS/INVESTORS TRANSACTION TYPE types of blowouts, all for $40. [email protected]. International, while the landlord, 455 Broadway Realty, was represented by Stuart Weitzman $574.0 Coach Inc. (Manhattan) SB M&A ● Refine Method ● Department of Parks and Recreation David Barreto and Kim Skarvelis of Intermediate/ 131 Perry St., Manhattan Seeks competitive sealed bids by 10:30 Cast Iron Real Estate. The asking rent Stuart Weitzman Topco The gym opened its third Manhattan a.m. on Jan. 27 for the reconstruction of was $72 per square foot. Dorsey Wright & Associates $225.0 Nasdaq OMX Group Inc. SB M&A location, in the West Village. Its roofing systems at parks and recreation Inc./Boxwood Capital (Manhattan) workout features a series of strength- facilities in the Bronx, Brooklyn, Queens ● Precision IT Group signed a seven- Partners, Falfurrias Capital Partners training moves with some cardio and and Staten Island. Bid documents can be year, four-month lease for 6,300 square stretching, set to pop music. purchased for a $25 fee in the Blueprint feet at 242 W. 36th St. The personalized 274,218-square-foot / $152.0 Columbia Property Trust Inc. SB M&A Room, Room 64, Olmsted Center, IT and consulting company will move to Class A office building at 116 Huntington Ave. Flushing Meadows Corona Park, its former building from its 237 W. 37th in Boston’s Back Bay/ BANKRUPTCIES Queens, from 8 a.m. to 3 p.m. St. headquarters. The tenant was Broadway Partners Fund To make inquiries, contact Michael represented by the Kaufman Manager (Manhattan) The following listings are selected from the Shipman at (718) 760-6705 or Organization’s Henry Fuentes and Tempus Applied Solutions/ $97.7 Chart Acquisition Corp. SB M&A most recent available filings by companies [email protected]. Michael Heaner, while the landlord, not disclosed (Manhattan) seeking bankruptcy protection in the the Kaufman Organization, was 226,000-square-foot $81.0 PNC Bank National Association, SB M&A Southern and Eastern Districts of New Seeks competitive sealed bids by 10:30 represented in-house by Grant office tower in downtown asset management arm York. Information was obtained from U.S. a.m. on Jan. 28 for the reconstruction of Greenspan. The asking rent was San Jose, Calif./ Bankruptcy Court records available on comfort stations and facilities at parks roughly $40 per square foot. Angelo Gordon & Co. Public Access to Court Electronic Records. and recreation locations in Queens. Bid (Manhattan), DiNapoli Listings are in alphabetical order. documents can be purchased for a $25 RETAIL Capital Partners fee in the Blueprint Room, Room 64, ● Bottega Veneta signed a lease for La Plantation d’Albion, Club $70.4 W.P. Carey Inc. (Manhattan) SB M&A ● Airport Development Corp. Olmsted Center, Flushing Meadows 24,000 square feet at 740 Madison Ave. Med resort property 133-44 150th St., Queens Corona Park, Queens, from 8 a.m. to 3 and 23 and 25 E. 64th St. The Italian on Mauritius/ Filed for Chapter 11 bankruptcy on p.m. To make inquiries, contact Michael luxury-goods company will occupy five not disclosed Dec. 24. The filing cites estimated Shipman at (718) 760-6705 or floors in three landmarked townhouses. Agrium Inc., Niota and $50.0 Trammo Inc. (Manhattan) SB M&A liabilities of $0 to $50,000 and estimated [email protected]. The tenant was represented by Meredosia storage and assets of $100,001 to $500,000. The Cushman & Wakefield’s Jim Downey, distribution assets/ Agrium Inc. creditors with the largest unsecured GOODS AND SERVICES Sarah Mohr Fabian and Eric Le Goff, claims are Cumberland Farms Inc., ● Department of Education while the landlord, Wildenstein Realty Selected deals announced for the week ended Jan. 8 involving companies in metro New York. SB M&A: Strategic buyer M&A represents a minority or majority acquisition of existing shares owed $196,476.35; New York State Requests proposals by 1 p.m. on Feb. 2 Corp., was represented in-house by of a company without the participation of a financial buyer. source: capitaliq Department of Taxation and Finance, for the development and programming David Wildenstein, along with by owed $179,076.31; and Core-Mark of complex data-reporting websites for Cushman & Wakefield’s John S. Gray

18 | Crain’s New York Business | January 19, 2015 20150119-NEWS--0019-NAT-CCI-CN_-- 1/16/2015 6:22 PM Page 1

He cited media, law, technology, venture capital,recruiting and sports ‘Do or die’ for Citi Vanishing app for biz among the categories showing an in- terest. “We clearly struck a chord.” Continued from Page 1 makes it impossible to capture with But Confide for Business faces Continued from Page 1 cash that regulators have forced it to Apple’s cloud services and Sony a screen shot. The user reads by plenty of competition. San ministered by the Federal Reserve. hoard in recent years. Mr. Mayo es- Pictures’ firewall and showed that moving a finger underneath each Francisco-based Wickr, for in- Citi has flunked the test twice in the timates Citi could buy back as much all companies are vulnerable to line of text, which unveils just a few stance,is used “in enterprises around past three years, and Chief Execu- as 10% of its 3 billion outstanding intrusions. words at a time. the world,” wrote Chief Executive tive Michael Corbat probably can’t shares and spend $40 billion in the Confide, which is based in the Confide for Business will offer Nico Sell in an email. The compa- survive another failure. The bank next four years on buybacks or divi- Flatiron district and launched its free the same protection for photo- ny’s goal is to make the ephemeral submitted its paperwork earlier this dends. Those moves, combined “ephemeral” texting application a graphs and files, which users will messaging app “the default commu- month and should get results near with continued operating efficien- year ago, is hardly the only service to upload from the likes of Google nication channel for consumers and the Ides of March. cies, would be enough to double follow Snapchat with messages that Drive and Dropbox. The company corporations.” Stress tests are annual exams in Citi’s share price. self-destruct after they’ve been read. is keeping the exact cloaking According to a spokeswoman, which 31 large banks forecast how If things break right,“Citi is per- The past couple of years have brought method under wraps until the serv- users have been able to send docu- much money they could lose in a se- haps the most attractive global bank a spate of messaging and social- ice launches.It will charge a month- ments over the service for the past rious economic downturn.Last year, restructuring story,” Mr. Mayo media apps—among them Wickr, ly per-user licensing fee. two years. the Fed said Citi’s projections were wrote in a recent report. Frankly and Cyber Dust—that The business version will also in- Targeting business “is the only too rosy.It added there was “not suf- Citi seems to have taken the les- promise to keep communications tegrate Confide with corporate ad- way to make money,” said Fatemeh ficient improvement” in fixing pre- sons of last year’s test failure to heart. from falling into the wrong hands. dress books and—ultimately— Khatibloo,an analyst at Forrester Re- viously identified deficiencies that Last September, it submitted an But Confide, its founders say, company email. Also down the road search who advises businesses on pri- affected its ability to forecast updated stress-test review will be the first to focus specifically is a desktop version. (The service is vacy issues. “Almost all of the losses across the many coun- with more conservative on the business market, which is currently available as an app for ephemeral messaging apps are think- tries it serves and lines of assumptions. For ex- primed for rapid growth now that iPhone and Android.) ing of ways to extend into enterprise.” business it maintains. ample, it forecast that executives finally realize what Confide’s other selling points in- And though the market for Citi,with $1.8 trillion a key capital ratio teenagers learned long ago: Any- clude end-to-end encryption,mean- ephemeral apps is still very new, in assets, was the only would fall to 8.4% in a thing you put into cyberspace can ing that the message travels across Confide needs to play catch-up. Its major U.S.-based insti- serious downturn, embarrass you forever. servers in coded form until the recip- app was ranked 534th for iOS down- tution to fail last year’s compared with the ient’s “unique key” decodes it. The loads last Thursday, according to test, demonstrating that 9.1% it had forecast The phone call message vanishes from users’ phones App Annie’s U.S. social-networking the bank still didn’t have previously. To simplify “We had always wanted to create once it’s sent and after it’s read. chart. (Confide’s high point during its house in order after operations, the bank aban- a corporate business version of Con- In addition to accelerating devel- the past month came on Dec. 18, in years of turmoil.Man- doned retail banking opera- fide,” said President Jon Brod, an opment, the Sony hack gave Con- the middle of the Sony drama, when agement swore it tions in such countries as AOL veteran who founded the fide its best month for downloads it reached 168th.) would do better Spain and Greece in the company with Yext Chief Executive “by a country mile,” according to Wickr was ranked 139th last next time. past year. Howard Lerman in 2013. “The Mr. Brod. And the announcement Thursday, and Los Angeles-based “We clearly Sony hack accelerated it for us.” of Confide for Business—the com- Cyber Dust, founded last year by said throughout Fed questions getty images The idea for Confide began with pany offered it free to the entertain- Dallas Mavericks owner Mark 2014 that priority Still, the bank the founders attempting to call each ment community in a full-page ad in Cuban, was 111th (after peaking in No. 1 was CCAR, CEO Michael generates more other to discuss a sensitive business the Los Angeles Times—gave the December at No. 36). priority No. 2 was than half its rev- matter and ended with them playing firm a taste of the potential demand. Mr. Brod pointed out that the CCAR and prior- Corbat may enue overseas—a phone tag.The system has been en- “We received hundreds of in- other companies are targeting a ity No. 3 was fact that appears to visioned as a sort of online version of quiries, from everybody from small wide audience while Confide is CCAR,” said not survive if present it with the private business call. and medium-size businesses to For- aimed at professionals, and that Chief Financial more of a challenge Alone among ephemeral apps, tune 500 companies,from more than downloads do not indicate usage. Officer John Citi fails again in passing the stress Confide cloaks the text in a way that a dozen countries,” Mr. Brod said. But the company is still going to Gerspach in a test than such do- need a critical mass of users. phone interview mestically focused “These apps are predicated on last week, using an competitors as DIS THE BOSS WITH IMPUNITY! the idea that people [you want to abbreviation for JPMorgan and talk to] are on the platform,” Ms. the stress test’s BofA. In com- EMPLOYEES AT NEW YORK’S LARGEST INDEPENDENT ADVERTISING AGENCY Khatibloo said.“There isn’t room in formal name, the ments on last year’s will soon be speaking their minds to their bosses without fear of blowback. In the market for 10 different Comprehensive Capital Analysis failed test, Fed officials questioned fact, they’ll be encouraged to, as part of Horizon Media’s experiment with a ephemeral messaging platforms.” and Review. Citi’s ability to “project revenue and new, anonymous social-media application called Canary. The stakes couldn’t be higher be- losses under a stressful scenario for The free mobile app is like a workplace version of Twitter, but with Global need cause investor patience with Citi is material parts of the firm’s global users identified only by icons and no record of who they are. Unlike Confide and its backers aren’t just about gone.The bank’s stock has operations.” anonymous messaging and social-media apps Whisper, Secret and Yik Yak, worried. “The history of messaging fallen by 75% over the past decade, It didn’t help that a few weeks be- which have sprung up in recent years partly out of privacy concerns, Canary platforms is pretty clear,” said Eric nearly double the decline of the next- fore getting its report card, Citi dis- requires users to sign in through a company email or through LinkedIn Hippeau, a managing director at worst performer, Bank of America. closed a surprising pretax loss of if it connects to a work email address. Users start a discussion under their Lerer Hippeau Ventures, one of the At a recent $47 a share, Citi about $400 million after officials at company name, though others can see and add comments. dozen investors behind the compa- trades at just 70% of its stated book its Mexican subsidiary were duped The work association “gives credibility and context,” said founder Geoff ny’s $1.9 million seed round last value, while Wells Fargo fetches 1.6 into an accounting fraud involving a Pitfield, a serial entrepreneur and former McKinsey consultant who launched February. “Your timing has to be times book, and JPMorgan Chase client in the oil business. Canary in November. Based in Vancouver, he works with freelancers in New right, but more and more people trades near its book value.Consider- “The question is whether Citi’s York. “That elevates the conversation a little bit.” adopting a platform mean more ing that the chorus is growing loud- systems are good enough, global have to. I am confident Confide will er for breaking up JPMorgan despite enough, to capture everything the Currently, there are threads on problems at an Amazon warehouse in follow that path.” its stock nearly doubling during the bank is doing,” said Mayra Rod- Dallas, jokes about company jargon at Microsoft, and patter at Yahoo about a Mr. Brod thinks Confide’s end- past 10 years,Citi simply can’t afford riguez Valladares, a consultant who lawsuit against a top executive. Horizon is Canary’s first partner. to-end encryption and screen-shot another snafu. helps financial institutions comply “It’s challenging to create an unedited dialogue across the entire spectrum protection will help it stand out to A third stress-test failure in four with regulations. of employees,” said Donald Williams, Horizon’s chief digital officer, who will business users as well as to the enter- years would likely mean the end of At a conference last month, Mr. pilot the program with 200 experts from his division’s Manhattan and Los tainment industry. (The company’s Mr. Corbat’s tenure as CEO and Corbat said the bank had revamped Angeles offices. “The theory is, as long as we provide guardrails around topics backers include Access Hollywood force the board to explore drastic re- more than half of its financial mod- we think would be really important to discuss, we potentially have a vehicle host Billy Bush and Entourage cre- structuring measures, such as sever- els that forecast the effect of dire that will allow for fairly honest and open conversations.” ator Doug Ellin.) ing the retail banking business from economic times. And Mr. Gerspach Topics could range from office renovations to health and wellness He is already planning to triple corporate banking. Mr. Mayo esti- last week said Citi spent $180 mil- initiatives. Mr. Williams also wants staffers of all ranks to toss around creative its staff of four over the next 12 mates that Citi’s various compo- lion more on test-prep last year than ideas. “We have bright folks,” he said. “I don’t want them to feel hindered by months, bringing on salespeople as nents are collectively worth $100 a it did in 2013. Now all the bank can whatever social constraints they perceive.” well as engineers. share,more than double the compa- do is wait for word from the Fed. Horizon will have a team of “provocateurs” to encourage “We’re being used in 130-plus ny’s current stock price, suggesting Asked if he thought Citi would conversation and watch for abusive behavior or anyone divulging countries,with half of our usage over- investors would be amply rewarded pass the test this time,Mr.Gerspach proprietary information. Though Canary doesn’t keep user information and seas, which speaks to the global need in a breakup. said, “We’re confident that we have can’t say who is behind each icon, it can block problem users. for this,” Mr. Brod said. “From a us- made significant improvements in “Whenever there’s a new form of communication, the immediate reaction age standpoint, any time you send an On the bright side our capital-planning process.” is, ‘Oh my God, this is terrible,’” Mr. Pitfield said. “But people find interesting email and say it’s confidential, that’s a Yet if Citi can manage to pass the Yes,but what if that’s not enough? Ⅲ Ⅲ ways to use them that are often quite different from what their creators had great opportunity for Confide.” test,its future could be brighter than “I don’t want to speculate,” he said. in mind.” —MATTHEW FLAMM that of almost any other giant bank. LISTEN to a discussion at That’s because it would put Citi LISTEN to a discussion at CrainsNewYork.com/podcasts in a position to spend much of the CrainsNewYork.com/podcasts

January 19, 2015 | Crain’s New York Business | 19 20150119-NEWS--0020-NAT-CCI-CN_-- 1/16/2015 6:23 PM Page 1

tage of an emerging tech sector. viduals, as LinkedIn does, his new ing them away or losing them,” said Reachable connects “I’ve been in the Internet busi- approach maps an entire company’s Outsell’s Mr.Richards.“That’s where ness 20 years, and I’ve seen trends network of contacts and customers [Reachable] has hit a sweet spot.” come and go,” said the Silicon Alley to help employees generate revenue. The company last summer inked Continued from Page 3 bought London’s BoardEx in veteran. “The notion of people “They are filling the void that a strategic partnership with Stand- Still, for all its audacity, Reach- October for $21 million, and Sales- leveraging the Internet to connect LinkedIn has left,” said Mani ard & Poor’s Capital IQ that makes able is a David among some well- force.com acquired RelateIQ last July and find each other, we’re just at the Sadeghi, one of those angel investors an additional 4 million curated funded Goliaths, all pushing their for nearly $400 million. beginning.” and a managing partner names available on Reachable’s plat- own versions of social graphing. “The need Reachable is filling is Pivoting, he raised of Equifin Capital Part- form and enlists Capital IQ’s sales There’s the granddaddy of network- how to leverage relationships in a nearly $1 million from ners. “Where LinkedIn force to help sell it. Ironically, S&P ing, publicly held LinkedIn, but also functional way,” said Chuck angel investors and re- is personally driven, bought Capital IQ, a data analytics companies like Relationship Science, Richards, vice president and lead capitalized the compa- Reachable offers the provider, 10 years ago from Neal a Manhattan-based startup with $90 analyst with California-based Out- ny,handing over most of business enterprise side, Goldman, who went on to found million in venture capital and a cadre sell, a research and advisory firm fo- the shares to employees. which is a large and legit- Relationship Science, a competitor of influential backers, including in- cused on information industries. He took on the CEO imate opportunity.” of Reachable. vestor and philanthropist Kenneth Two years ago, though, things role and transplanted Importantly, an indi- Langone and Henry Kravis, co- looked very different for Reachable. Reachable to midtown vidual’s Rolodex stays Looking forward founder of investment firm KKR. Founded in 2007 in Salt Lake City Manhattan,where it has private. Users cannot Harry Chopra, Capital IQ’s head and later moved to Palo Alto, Calif., five employees. It also look directly into anoth- of global sales, said that Reachable’s Making connections the company was an early entrant in has contract workers in ability to make use of a company’s Laurent Ohana er user’s contacts, but The relationship-mapping busi- social graphing. It got its start as a Romania and China. Reachable can. It collective intelligence is “unique.” ness is still too young to adequately people search engine, marrying Most significantly, searches for connections “It makes our intellectual proper- assess its size or potential. But ana- users’ Rolodexes and social-media he pulled the six-year-old business across an organization and gener- ty even stickier,”he said.“We provide lysts credit it with filling a huge hole contacts with data mined from the in a new,more lucrative direction,fo- ates a pathway to get to them. the gas. Reachable makes it work.” in the traditional contacts and lead- Web. But by 2013, it had reduced its cusing on tools to exploit the collec- The emphasis on privacy is a key Critical next steps are raising generation business. While compa- workforce and was struggling to at- tive connections of the organization selling point because many people more money and expanding sales. nies like Dun & Bradstreet have long tract new capital, said Mr. Ohana, as a whole—a “massive resource balk at sharing their hard-won con- Mr. Ohana isn’t worried about com- provided detailed biographical infor- who was an investor in the company. massively underutilized,” according tacts, even with co-workers. petition. “Now I know I’m in a real mation, Reachable and its ilk show Still, he refused to let go, believing to his analysis. Whereas earlier “You can use personal assets in business,” he said. “It gives you a how to connect with those companies the company was on the cusp of fine- Reachable was focused on helping conjunction with corporate assets map to differentiate yourself. It’s and executives.That’s why The Street tuning its approach to take advan- individuals connect with other indi- without ceding control, without giv- great to have competition.” Ⅲ

have partnered with bigger boxes so square feet. Aspen, Colo.-based Cos makeup applied, has also been well they can get the backing to build Bar, a 39-year-old firm opening its received since it opened last Febru- Beauty business their brand.” first Manhattan location at Brook- ary on Grand Street. The shop Even Mr. Kenig is feeling the field Place this March, signed on for charges $35 for services like a smoky Continued from Page 3 ket can find something that appeals heat—and he saw his share of turmoil 1,300 square feet.It expects to show- eye and $60 for an entire makeup ap- ed in November, U.S. sales of pres- to them.” at Ricky’s. (Before he quit Ricky’s, case some 20 brands in the space. plication, compared with as much as tige fragrance, makeup and skin care The new stores are fresh compe- which is majority-owned by Long Is- “A beauty store will build a great $250 for similar at-home services. products were $11 billion, a 2% rise tition for industry giant Sephora,the land-based Quality King Distribu- installation and look good,” said over the year-earlier period. Mean- LVMH-owned global chain that tors, Mr. Kenig served as creative di- Faith Hope Consolo, chairman of Alternative choice while,U.S.apparel sales were flat dur- operates 15 local outposts,including rector for four chief executives—one retail leasing at Douglas Elliman.“If Hiyam McKelvey, a former ing the same time, according to mar- a recent 7,000-square-foot location of them his brother,who left the com- we’re in a co-op building where banking executive who co-founded ket research firm NPD Group Inc. on Lexington Avenue.Sephora’s an- pany under questionable terms in [property owners are] concerned Pucker,said the bilevel shop attracts Experts credit the increase in swer to new rivals is to buy them; 2012—in less than three years.) about quality of life, [beauty stores] between 100 and 125 customers beauty-product sales to their acces- LVMH’s Kendo acquired Canadian He admitted that opening a new make very nice tenants, and they’re weekly and has added services such sibility—they are priced more af- lipstick brand Bite Beauty for an shop, which he said can cost usually highly profitable.” as hairstyling to meet demand. She fordably than clothing—and to their undisclosed amount in November. between $500,000 and $750,000, Indeed,many of these small stores started Pucker to offer an alternative targeted appeal. More and more in- “New York City is among the has been “challenging,” though he is are already seeing big returns. Bite, to larger stores. dependent brands have launched, most active and successful markets optimistic. which opened its SoHo shop less “It’s a place where you can come offering something for everyone. for us,” said a Sephora spokes- Nevertheless, New York’s real es- than two years ago, sees about 240 and get beautiful, professional woman. tate market is embracing beauty, customers a week, the majority of makeup application without the Fresh competition Ms.Grant expects even more ac- welcoming cosmetics tenants into a whom pay between $36 and $48 for pushiness,the awkwardness,of a de- “It’s the age of the indie brand,” quisitions by larger players of niche variety of spaces. Because eyeliners, personalized lipstick,said store man- partment store,where you’re expect- said Karen Grant,global beauty in- brands, even though such artisanal lipsticks and perfumes come in small ager Brigid Kozak.The shop recent- ed to buy at the end of a session,”she dustry analyst at NPD. “That’s a appeal is what attracts consumers in packages, many companies are leas- ly expanded its operating hours to explained. Ⅲ big dynamic bringing in younger the first place. ing boutique-size shops ranging seven days a week from six last year. consumers and a variety of ethnic “There’s always a shakeout,” she from 500 to 1,000 square feet, Similarly, Pucker, a new store LISTEN to a discussion at consumers—everyone in the mar- said. “Some of the hottest indies though a few come in at about 2,000 where customers pay to have their CrainsNewYork.com/podcasts

er,520 Fifth Ave.,can accommodate Developers believe they will,giv- a building of similar proportions, en the influx of foreign buyers look- Landowners sell while 200 Amsterdam Ave. allows ing to Manhattan real estate as a safe for the tallest tower on the Upper investment. Two recent closings at West Side, 601 feet, where a luxury tower One57 totaling $80 Continued from Page 1 old neighborhoods are definitely boarded-up synagogue now stands. million have buoyed their opti- plan.That’s when a buyer made Mr. upgrading themselves and becom- While low-rise residential proj- mism. But others see a property Gottesman an offer not even some- ing a viable place for upper-end de- ects typically cost about $400 to bubble and point to evidence that one who prides himself on holding velopment.” build per square foot, towers can be buyers are blanching at apartments onto real estate through booms and If the three parcels sell for those as much as triple that amount be- priced above $2,500 a square foot as busts could refuse: an $800 million sums, it would signal the first time cause of their complexity and special cause for concern. bid for a parking lot by the High that values per buildable square foot materials, such as super-hard con- The sites on the market now Line that he bought in the early have reached four figures. RECORD HIGH LAND PRICES mean building crete. On top of that, the more ex- have potential revenue sources oth- ultra-thin luxury towers, like one (right) 1980s for roughly $2.4 million. “I don’t think anyone thought proposed by owners of 1710 Broadway (left). pensive a unit—and the more there er than luxury apartments. A buyer Now other landowners are being that development sites could ever be are of them—the longer it takes to of 1710 Broadway could create a drawn to the auction block by the worth $1,000 to $1,100 a foot,” said sell, driving up the interest costs on digital billboard that could reap price paid for Mr. Gottesman’s land Jonathan Miller,president and chief would have to fetch $3 million or the project’s loans. That can add up millions in annual rent. And both it between West 17th and West 18th executive of Miller Samuel Inc., a more to break even. Builders would to millions of dollars. and 520 Fifth Ave. will have valu- streets. Last week, three large resi- real estate appraisal and consulting have to sell units for even more just to Compounding the risk,more than able retail space as well. dential development sites were put up firm.“This is a unique time in devel- make a “basic return,” said Michael 6,000 condo units are in the pipeline Mr. Shvo is in the camp of for sale with asking prices of $1,000 opment history.” Shvo, a developer with a handful of for 2015, with more to come. builders who believe prices will only or more per buildable square foot—a luxury projects in Manhattan. “It takes three years to bring a go up. He said he was recently of- 50% premium above the value of dirt $3 million apartments The three sites that hit the mar- project up out of the ground,” said fered close to $1,400 per square foot in Manhattan just a year ago. Manhattan condo builders, who ket last week let developers build tall. Mr.Shvo.“Development is a futures for a development site he bought “They’re not making any more are driving the land boom, would The owner of one, 1710 Broadway, business. You’re buying for the fu- two years ago next to the High Line land in Manhattan,” Mr. Gottes- have to sell at nosebleed prices to re- previously envisioned a nearly ture,and you have to believe that the on West 24th Street. A sale at that man said. “There’s more people coup their investment. A 1,000- 1,000-foot spire on the site, at the numbers will go up, especially if price would be a record. But he’s moving here every month, and even square-foot apartment, for instance, north end of Times Square. Anoth- you’re paying $1,000 a foot.” holding onto it—for now. Ⅲ

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HELLUVA TOWN INSIDE Source Lunch Terrence McNally at center stage PAGE 22 Out and About The colors of jazz at the Kids’ museum Met PAGE 23 takes shape

The effort to build a children’s museum in the Bronx took two major steps forward recently. Last month, the Bronx Children’s Museum and government officials approved the schematic design for the 13,000-square-foot Kids’ Wine and dine Powerhouse Discovery Center, to be based in a city-owned former power plant near Yankee Stadium. Monthly gatherings draw execs looking to stimulate That milestone came after the museum officially received a B license to occupy the space last their palates and minds; high fees apply October. In the next few weeks, the museum will learn whether the $5.8 million in government funds earmarked for construction will be enough. If not, it will need to raise MARKET BUBBLES: more or modify the design. Society member “It has taken too long,” said Jennifer Simonetti- Carla Precht, executive director of Bryan with founder the Bronx Children’s Museum. Omar Khan “This administration really wants to make it happen.” The project was conceived in 2005. In addition to construction funding, $2.2 million in private money was raised to finance exhibits. While waiting for a physical location, management created a “museum without walls”: Exhibits travel to schools and neighborhood festivals via a donated, refitted bus, and some programs are offered in schools. —theresa agovino We are Charlie A cocktail party last week to raise awareness for a French nonprofit, Reporters Without Borders, planned months earlier, took on greater significance after the gruesome terrorist events in Paris. Lucie Morillon, head of advocacy and new media, addressed the journalists, advertising executives and others at the home of Maryam Banakarim,a board member ap images and the newly appointed global chief marketing officer of Hyatt Hotels. Ms. Morillon spoke of seeing

bullets on the floor at the offices neff david of French satirical magazine Charlie Hebdo, where 12 people BY LISA FICKENSCHER RARE were slaughtered, and the growing danger journalists face worldwide. VINTAGE Sixty-six were killed in 2014 he Champagne tasting in the intimate private dining room of Benoit Bistro alone, she said. “We see how resembled a game of charades, with some 40 guests breathlessly shouting out carefully staged the threats against their impressions of the French bubbly, describing it as voluptuous or sensuous journalists have become, and we cannot let that continue.” with hints of smoked tea and mango. One woman said she detected the aroma Marc and $5,000 Also present were of a French Canadian cheese. ¶ When another participant apologized in ANNUAL MEMBERSHIP Debra Tice Austin , whose son advance for his “crass” question inquiring about the price of one of the four fee for International (pictured), a freelance journalist, Business and Wine went missing in Syria two years Champagnes being served, the group snickered, but none raised an eyebrow Society ago.They chatted with United Nations Ambassador Samantha over the Champagne’s $500-plus price tag. ¶ Many of the attendees at the Powers. Dec. 9 gathering have private wine collections that are kept in storage facilities.They have gotten J. Walter Thompson will help to know each other over the past year as members of the fledgling International Business and launch a campaign, using a TWine Society, which was hosting one of its monthly dinners at the bistro—at a cost of $425 per blindfold emblazoned with #freeaustintice as key imagery, to person for a four-course meal that included rabbit fricassee and duck confit. ¶ The monthly $500 help bring attention to Austin’s MEDIAN PRICE of plight. gatherings draw deep-pocketed heavy hitters in business, who are looking to stimulate both their a dinner with the —valerie block palates and minds.The $5,000 annual membership fee filters out the casual See WINE on Page 22 society istock

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SOURCE Wine and business LUNCH: Interview by Theresa Agovino TERRENCE MCNALLY Continued from Page 22 jority are men in their 40s and 50s. participant. But money alone is not Some join to network, others are se- enough to get in. rious oenophiles, and some might “You must be an interesting, vital have a romantic motive. person who leads a business organi- Ms. Simonetti-Bryan, who is 50 years on Broadway, and zation,” said Omar Khan, founder of married, keeps an eye out at the din- the society,which has 40 members so ners for her single friends, she said. far—all vetted. “I have played Cupid, because I Mr. Khan is a foodie and wine have so many single women friends,” the footlights still beckon collector who was born in Egypt to she said. Pakistani diplomats. He has deep ties in the culinary and corporate A 30-year obsession errence McNally cele- seared in your brain. You can tell by to find a meeting time. worlds as the founder and senior The allure for real estate executive brated his 50th year on sitting in the theater if the audience partner of consulting firm Sensei In- Dean Bernstein is the combination Broadway in 2014 with liked it. What are some of the biggest changes ternational, which counts among its of fine wine and business presenta- the star-studded re- you have seen in the theater? clients Unilever, Danone and Eliza- tions.The executive vice president at vival and box-office How do you weigh financial success The worst change is the diminu- beth Arden. The society marries Brixmor Property Group, which Tsuccess of It’s Only a Play. versus artistic success? tion of quantity.There are so many both of his interests. owns shopping centers,said his wine The 76-year-old playwright has If you get both, you’ve hit the jack- fewer plays, and that saddens me. I “We will have people who have a obsession goes back 30 years—he won four Tony Awards for writ- pot. I’m very respectful of people wish we had less competition from net worth of many millions or some even had a discussion about wine ing—only Tom Stoppard has en- who invest their California and what they pay who are earning several million or with the obstetrician as the doctor joyed the same success—as well as money and hope they WHERE writers. I don’t think Eugene half a million, but they are in no way was delivering Mr. Bernstein’s first an Emmy, four Drama Desk will make their mon- THEY O’Neill or Tennessee middle class,” he said. daughter. The oenophile conceded Awards and two Guggenheim fel- ey back. I won’t Williams was ever tempted Good manners also count. Mr. that the delivery-room chatter did lowships, among other accolades. change something to DINED to go out and write for TV. Khan recently launched a chapter in not sit well with his wife, but it did Mr.McNally’s ability to write in make it more com- KNICKERBOCKER When young playwrights Hong Kong, where a member invit- result in the doctor’s giving him a different genres is a rarity. Love! mercial. People said BAR & GRILL ask me for advice, I say, “If ed two guests who were mostly inter- prized bottle. Valour! Compassion! and Master my last play, Mothers 33 University you are serious about being a Place ested in getting drunk. Larry Klane, a garrulous partici- Class earned Tonys for best play; and Sons, had impor- (212) 228-8490 playwright,stay in New York pant at the dinners, joined the soci- Kiss of the Spider Woman and Rag- tant things to say.We knickerbockerbar and write plays.”I’ll see them ety after a three-year stint heading a time for best book of a musical. didn’t make the mon- andgrill.com a year later,and they’ll tell me Dinners bank in South Korea, which he de- Mr.McNally wrote the book for ey back, but I’m still AMBIENCE: Old- they are writing a TV pilot. scribed as “not a wine-friendly The Visit, a musical that received proud of it. school New York. always include country.” critical praise at Williamstown, Leather booths, Is winning the Tony still Prior to working in Seoul, he was Mass., last summer. It will come to Mothers and Sons deals wood paneling, important to you? a business with AIDS, a subject ceiling fans and president of global financial services Broadway this spring with star caricatures by Al It helps to sell tickets. It for Capital One Financial Corp., Chita Rivera, who appeared in Kiss you’ve tackled before. Hirschfeld. A real doesn’t mean I’m more tal- presentation and he now runs private-equity firm of the Spider Woman. Do you think you’ll keep piano bar where ented. But it does mean ac- Pivot Investment Partners. He saw writing about it? booze bottles rest ceptance by your peers, and his move to New York two years ago Do you still go to your plays every night? It’s so easy to say atop the Broadway is a small world. I instrument. as an opportunity to reconnect with I go every night up until opening AIDS is behind us, look at them [his Tonys] his passion for wine—he has a col- night. After that, I get nervous be- but it is not. The dif- WHAT THEY ATE: whenever I’m feeling sorry Ⅲ “These guys were bored, rolling lection of 1,000 bottles in storage. cause I’m not working on it any- ference is that people Arugula salad, for myself, and say,“Stop it.” pan-roasted their eyes and couldn’t wait to get to “I’ve made new friends at these more. I think, “Did they laugh are living with AIDS. chicken, iced tea, the wine tasting,”Mr.Khan recalled. dinners,” he said, “and I could easily more last night?” If there is any I thought writing coffee Who is your favorite playwright? “It created a dynamic that kills what imagine doing business deals with diminution of the volume of the about the aftereffects Ⅲ Tomato bisque, Shakespeare. For the beauty we want to create. We didn’t follow them.” laugh, it is upsetting. [of the early crisis] spaghetti of the language—he gives up with them.” Savio Chan, a consultant who was interesting. I’m carbonara, iced English such rhythm and vi- What differentiates Mr. Khan’s helps U.S. companies connect with What are you looking for in actors? married, but homo- tea, cappuccino tality.He is the one I read for startup from other wine societies in wealthy Chinese consumers, is per- You want people who understand phobia still exists. PRICE: $88.54, for pleasure and inspiration. New York, including Com- haps the most unlikely member of your point of view, get your jokes. That’s why I wanted including tip manderie de Bordeaux and the the society.The chief executive of Nathan [Lane] has never said to me, to write it. How about a living playwright? Confrérie des Chevaliers du US China Partners didn’t drink “I don’t understand this line.” If You only lose mentioning favorites. Tastevin, is its focus on mem- alcohol at all, “not even beer,” he someone doesn’t know what is fun- Do you have a preference between bers’ professional status. Mr. said, before he joined. ny or ironic, it is hard to explain. writing plays and musicals? To what do you attribute your success? Khan’s dinners always include a “The first time I went to one of When actors aren’t well cast, the I consider myself a playwright who I write accessible characters.No one business presentation by a the dinners, I had four glasses of odds of it working out are nil. has written some musicals. I don’t ever says, “I don’t understand what prominent executive. wine, and I asked Omar why I dream in musicals. I don’t like the you are getting at.” People who like On Dec. 9, for example, didn’t get drunk,” he said.“I was Do you read reviews? time they take. In a play, I have a my work think I transition from hu- Cecile Bonnefond, chief ex- very functional.” I have stopped reading them in the meeting with a director. In a musi- mor to the most serious without a ecutive of Piper-Heidsieck, The answer he received past 20 years. It’s just healthier. I cal, it is me, the director, the com- lot of grinding of gears.It is like life. the Champagne house that was that he’d imbibed over a don’t remember the good reviews. I poser, the lyricist, the choreogra- You don’t get ready to get hit by the provided the tasting, talked period of hours and had only remember bad ones—they are pher.You spend half your life trying bus. You just get hit by the bus. Ⅲ about what it means to be a plenty of food to accompany luxury brand. the alcohol. A fast talker and story- PLAY/LIST People, places and things that make Terrence McNally tick Civilized networking teller, Mr. Chan’s interest in “Doing business with the society, he said, is to BIG APPLE ARRIVAL: Actors Studio. HARDEST TASK: TV TIME: Girls and ever existed.” people at those other soci- “connect with the masters of On his first night in Quitting smoking Veep. “I think Julia eties is frowned on; they are business, wine and food.” New York, he went to DREAM ACTORS: Louis-Dreyfus is just ABSURD PROMISE: In seen as a way to get away He is slowly becoming a see Damn Yankees. He’d love to work fantastic.” Catholic school, he from business,” said Jen- wine drinker. with Emma pledged to never see nifer Simonetti-Bryan, a PIPER-HEIDSIECK One dinner did result in provided the bubbly DEBUT GIG: Stage Thompson (pictured) SILVER SCREEN: another Ingrid member of Mr.Kahn’s soci- for a Champagne a new client, Graff Dia- manager at the and Jennifer Casablanca (below) Bergman film after ety and a former investment monds, whose chief execu- tasting. Lawrence. “I is a “perfect work of the actress left her banker who helped start tive was a guest speaker.And tech firm Wine Ring Inc. knowing Mr. Khan is an- thought I’d art. I think Ingrid husband. She is also a master of wine, one of other perk. made my Bergman is the most 35 in the United States. “Omar knows all the chefs of the peace about INDULGENCE: perfect person who INFORMATION IS “We hope that people can net- fine restaurants,” Mr. Chan said, not working Häagen-Dazs vanilla POWER: “I didn’t go work in a civilized way, not slavishly “and he helps me get a table at some with Meryl Swiss almond ice through the shame of or desperately,” Mr. Khan said. of the best.” Ⅲ Streep, but cream being gay. I never Most of the society’s members are she’s doing had the feeling I was involved in wine as a hobby rather LISTEN to a discussion at the movie of ROAD NOT TAKEN: the only gay person. I CrainsNewYork.com/podcasts bloomberg news than a profession, and the vast ma- Master Class.” Journalism bloomberg news read a lot.”

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OUT AND SNAPS Fashion scholarship fund raises a record $3.4M ABOUT by Jessica Kramer

CULTURE FIX CAREER BUILDER TUESDAY, MONDAY, JANUARY 26 JANUARY 27 The New York Building Congress Avant-garde presents its ANNUAL MEMBERSHIP composer John MEETING AND LUNCHEON FORUM featuring Zorn (pictured) Metropolitan Transportation Authority presents three new Chairman Thomas Prendergast. The works for violin, meeting kicks off with a reception,

piano and cello in scott irvine followed by a luncheon and the program. TRIOS BY ZORN. The audience can enjoy The event starts at 11:30 a.m. at the free drinks and sit onstage to hear the Mandarin Oriental New York, 80 music, which explores “10 metaphysical Columbus Circle. Tickets are $275 ambiguities,” as well as witchcraft and for members and $325 for the general

love.The free concert takes place at 6 public. For information, visit ramos alexis buatti p.m. at the Miller Theatre at Columbia buildingcongress.com. FIONA RUDIN, CORA CAHAN and JOHN LITHGOW at the timmy blupe University, 2960 Broadway. For more New Victory Theater’s New 42nd Street Gala. The Jan. 12 VERA WANG and DOUGLAS EVANS at the YMA Fashion Scholarship’s Geoffrey information, visit millertheatre.com. WEDNESDAY, JANUARY 28 benefit took in more than $900,000. Beene Scholarship Fund Dinner. The Jan. 7 gala raised a record-breaking $3.4 million. The New York State Society of Certified TUESDAY, JANUARY 27, Public Accountants hosts its annual AND WEDNESDAY, JANUARY 28 C CORPORATIONS TAXATION CONFERENCE. Former Soul Coughing front man The program will cover new IRS Mike Doughty wrote, composed, tangible-property regulations and directed and performs REVELATION, a procedures, Gov. Andrew Cuomo’s rock opera based on the last book of corporate tax changes, and how to avoid the Bible. Studio 360 host Kurt audit traps and reduce client exposure Andersen holds a post-show Q&A on involving shareholder and corporation the first night. Performances take transactions. The conference runs from place at 7 p.m. at the Greene Space at 8:30 a.m. to 4:30 p.m. at the NYSSCPA WNYC, 44 Charlton St. Tickets cost offices at 14 Wall St. Tickets are $335 for $40 and can be purchased at members and $460 for the general public, thegreenespace.org. and can be purchased at nysscpa.org. DON’T MISS MUSIC AT THE MET FRIDAY, JANUARY 30 mikiodo & ken goodman photography & ken goodman mikiodo After two autumns of lively music set against dave allocca/starpix dave GREG NAUGHTON, KELLI O’HARA, JAMES NAUGHTON JAZZ & COLORS Central Park’s striking fall foliage, COMMON, ANNIE SCHULHOF and AVA DUVERNAY at the National Board of and CHRIS SULLIVAN at the Stuttering Association for the took a break last year. Even though it’s now winter, Review’s 2014 Awards Gala, celebrating achievement in filmmaking. A Most Violent Young’s Third Annual All-Star Bowling Benefit. The Jan. 12 it returns, but with an inspired twist: The music is Year won top honors as best film of 2014. event raised more than $160,000. now performed among vibrant works of art. A dozen ensembles, including one with percussionist Mino Cinelu (pictured), play the same program See more of this week’s Snaps online at CrainsNewYork.com/galleries. simultaneously in galleries located throughout the museum. Two sets of performances take place at 6 p.m. and 7:30 p.m. at the Metropolitan Museum of Art, 1000 Fifth Ave. The music is free with michael weintrob museum admission, which is a recommended donation of $25 for adults. For more information, visit jazzandcolors.com.

OPENING FUNDRAISERS WEDNESDAY, JANUARY 28, TUESDAY, JANUARY 27 THROUGH WEDNESDAY, APRIL 22 Unlock Foundation hosts its 2015 NOW AVAILABLE The Buddhist notion of attachment, UNLOCK CHARITY GALA to support its symbolized by the “attachment trap” efforts to address educational gaps (pictured), is explored in this year’s in rural African schools. The BRAINWAVE series of evening includes drinks, appetizers THE talks between artists and a performance from Ghanaian and scientists. The troupe Harambee Dance Company. series kicks off its The event starts at 7:30 p.m. at Taj eighth season with II, 48 W. 21st St. Regular tickets “Attached to Touch,” are $50 and can be purchased at as chef Tom unlockfoundation.org. 2015 Colicchio shows how important texture THURSDAY, JANUARY 29 and touch are in the Harlem arts and education kitchen, while nonprofit Boys & Girls Harbor neuroscientist David hosts its YOUNG LEADERSHIP J. Linden analyzes COUNCIL COCKTAIL BENEFIT. The BOOK how the brain evening includes an open bar, a processes feeling. silent auction and hors-d’oeuvres. This talk is at 7 p.m. (other times vary) at the The evening begins at 8 p.m. at the Rubin Museum of Art, 150 W. 17th St. Ainsworth, 122 W. 26th St. Tickets Tickets are $20 to $59 and can be purchased are $115 and are available at at rubinmuseum.org/brainwave. theharbor.org. OF MARK YOUR CALENDAR…

THURSDAY, MARCH 5 THE TIBET HOUSE BENEFIT CONCERT returns LISTS for its 25th year with another star-studded lineup. Artistic director and composer Philip Glass performs along with Laurie Anderson, Purchase the Print or Excel edition at: the Flaming Lips (pictured) and more diverse artists to be announced. The show CrainsNewYork.com/DataCenter takes place at 7:30 p.m. at Carnegie Hall, 881 Seventh Ave. Tickets are $35 to $200

and can be purchased at carnegiehall.org. michelle martin-coyne

January 19, 2015 | Crain’s New York Business | 23 to our business banking THANK YOU customers for inspiring us.

In 2014, J.D. Power ranked Chase “Highest in Customer Satisfaction with Small Business Banking in the Northeast Region.”

Chase received the highest numerical score in the northeast region in the proprietary J.D. Power 2014 Small Business Banking Satisfaction Study.SM Study based on 8,996 total responses, measuring 10 financial institutions in the northeast region (CT, ME, MA, NH, NJ, NY, PA, RI, VT) and measures opinions of small business customers with annual revenues from $100,000 to $10 million. Proprietary study results are based on experiences and perceptions of customers surveyed in July–September 2014. Your experiences may vary. Visit jdpower.com JPMorgan Chase Bank, N.A. Member FDIC © 2015 JPMorgan Chase & Co.