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TOP STORIES REPORT Publishers turn to 2008 SMALL bloggers, podcasts BUSINESS to promote books AWARDS PAGE 2 ® PAGE 17 Surge in interest income gives banks a big boost VOL. XXIV, NO. 32 WWW.CRAINSNEWYORK.COM AUGUST 11-17, 2008 PRICE: $3.00 PAGE 3 Economic omens: ENTERTAINMENT Greg David looks Big blocks at ’87, the sequel Who needs PAGE 11 of space Broadway? More shows opt out of runs here, go begging head straight for the road OLYMPICS Wakefield Inc. Empty buildings On Park Avenue, options are MOM JOINING SON BY MIRIAM KREININ SOUCCAR also increasing indeed limited. But on the storied AT OLYMPICS street and beyond, the number of She’ll see new yorkers who were waiting to see as demand falls; large blocks of vacant office space him in Melissa Gilbert’s heralded comeback in pressure on prices is soaring, with tenants spoiled for Beijing choice as they have not been in the popular new musical Little House on years. thanks to the Prairie will have to book a flight to Crain’s BY THERESA AGOVINO As of June,there were 54 blocks reader PAGE 3 catch her performance. of large space—defined as 100,000 The producers of the musical—which last tuesday, nearly 70 brokers square feet or more—available in BUSINESS LIVES is breaking box-office records in Min- gathered in the new marketing Manhattan. That figure is up 35% Jumping neapolis, where it opened last month— center for 120 Park Ave. to hear from the year-ago period, accord- through have no plans to visit Broadway. Instead, about the building’s virtues.While ing to Colliers ABR Inc., which hoops to they’re booking a 40-week U.S. tour to the brokers sat munching omelets also reports that in June there were see games and muffins they were told about 15 totally empty buildings, eight firsthand begin in October 2009 and are fielding requests from Asia. the premier location, wraparound with large blocks of space. A year PAGE 31 “It is unusual for a show to go out on tour without go- terraces, private parking garage earlier, there were only six vacant ing to Broadway,” points out Amy Sprecher, Little House’s and branding opportunities that properties, four with large blocks See PASSING on Page 8 come with the nearly 440,000 of space. square feet of available space in the Large blocks can be leased at building. 909 Third Ave., 3 Columbus Cir- AT DEADLINE “This is a rare opportunity for a cle and 345 Park Ave. Empty corporate headquarters on Park buildings include 545 Madison HEFTY RENT INCREASES WILL Avenue,” says Paul Glickman, a Ave. and 224 W. 57th St. and the KEEP WALT DISNEY CO. FROM vice chairman of Cushman & See BIG SPACES on Page 8 renewing its lease for the World of Disney store at 711 Fifth Ave. when it expires in 2010.The entertainment giant notified the store’s 220 High abortion rate employees late last week that it will leave the 36,000-square- foot space.The company said it is looking for another site. worries NY experts MAGAZINE PUBLISHERS ARE BRACING FOR TODAY’S Higher cost and report from the Audit Bureau of Circulations, which will health complications show dismal newsstand sales lead to concerns figures in the first half.Titles that rely on sales at supermarket checkout stands, BY GALE SCOTT including O:The Oprah Magazine, Elle, Glamour and in most of the United States, 24 Vogue, are among those that HEADING EAST: abortions are carried out for every have had sharp declines. John Breglio is 100 live births. In New York, 72 opening his abortions occur for every 100 live CELEBRITY CHEF DAVID production of births. BOULEY HAS SIGNED A LEASE Dreamgirls in Korea. The continuing boom in abor- at 10 Hudson Square, where tions—90,157 were performed in See AT DEADLINE on Page 2 the city in 2006, the last year for

buck ennis which statistics are available—ap- parently means that many women 32 are using abortion as their birth lindström bekka

5 COMINGNEXT WEEK control method of choice. That BUSINESS LIVES: Hyperproductive concerns health advocates, who these women are not protected New Yorkers can’t relax even on their point out that the procedure some- against AIDS and other sexually summer vacations. They’d rather be times causes complications and is transmitted diseases. learning than lazing around the pool. more expensive than contracep- “No doctor would ever tell a

NEWSPAPER tion.The high rate also shows that See ABORTIONS on Page 8 71486 01068 0 CNYB 08-11-08 A 2 8/8/2008 7:43 PM Page 1

AT DEADLINE

Continued from Page 1 Manhattan. Instead, they are he plans to open a 10,000- ordering individual tickets. square-foot casual restaurant in Similar problems afflicted some January.The new eatery, which summer outings. will serve lunch and dinner, will occupy the retail ground floor PFIZER INC. SELECTED CB and basement of a 12-story RICHARD ELLIS INC. TO MARKET building owned by Trinity Wall the 750,000 square feet of Street. The building is on Manhattan office space that it Varick Street between Charlton plans to lease or sublease. The and Vandam streets. As yet drugmaker, which wants to unnamed, the restaurant will be unload 29% of the 2.6 million BRAND-NAME AUTHORS Mr. Bouley’s fourth spot in square feet it now occupies, get the most elaborate online campaigns, like the Webisodes (above) for a short story collection by Stephen King. the city. interviewed many brokerages in recent months. The location METS FANS ATTENDING TODAY’S of the space is unclear. Pfizer AFTERNOON GAME WILL HAVE owns its headquarters, at 235 to contend with more than the E. 42nd St., and 685 Third team’s sputtering bullpen. Ave. but leases space in other Willets Point business owners buildings. Pfizer is just one of Web becomes many companies to shed space amid a weakening economy. In the first vehicle to create half of 2008, the amount of sublease space rose 73%, to 5.2 million square feet, according to best-sellers

bloomberg news real estate firm Colliers ABR. plan a truck rally outside the Blogs and podcasts replace traditional marketing Shea Stadium parking lot SPECIAL EDUCATION beginning at 3:15 p.m. to protest ADVOCATES HAVE FORMED A the city’s proposed retail, new coalition, called Arise, to BY MATTHEW FLAMM housing and commercial push New York City public development for the area. More schools to reform services for after it was published in may, The Prosecution of George W.Bush for Murder received no than 25 trucks bearing banners children with special needs. mainstream coverage. Maybe the media avoided the nonfiction title because of its controversial will line 126th Street, making Local groups such as Advocates for a postgame traffic mess. for Children of New York, the stance, or they figured people had tired of hearing about an unpopular president. Brooklyn Center for The book made best-seller lists anyway. NEW YORK HOSPITALS ARE Independence of the Disabled Now the latest title by former Los Angeles prosecutor Vincent Bugliosi has become SEEING THE BEGINNING OF and New York Lawyers for the what they fear is a major Public Interest have joined the publishing’s favorite example of how the Web can move books. A campaign that blanketed downturn in corporate alliance, which is being funded blogs with excerpts, podcasts, author videos and advertising has led to sales of more than philanthropy. Hospitals selling with an undisclosed amount 60,000 copies of The Prosecution, according to publisher Vanguard Press, part of the Perseus tickets to fall galas report from the New York Books Group. A total of 140,000 copies are in print. difficulty persuading firms to Community Trust. About buy $10,000 tables, says David 181,000 children with special “There’s no question [the Web] drove sales,” says Vanguard Publisher Roger Cooper. “It Rock, managing partner of Carl needs are in the public school drove word-of-mouth across-the-board.” Marks Healthcare Partners in system. The Internet is gaining ground as a marketing vehicle for books just as traditional outlets are pulling back. Newspapers—most recently the Los Angeles Times—are cutting their book review sections. Today and Good Morning America dropped their regular book segments long ago. THIS WEEK IN CRAIN’S See ONLINE on Page 9

GREG DAVID ------11

THE INSIDER------12 WEEK IN REVIEW ------14 Starwich out of bread NEIGHBORHOOD

JOURNAL------16 pensive fare, combined with tax lia- opened its first shop in 2004 and Sandwich shop files bilities,created financial difficulties. two years ago predicted it would be- REPORT: for Chapter 11 in In its filing, the Manhattan- come the next great publicly traded 33 SMALL BUSINESS------17 based restaurant and caterer listed fast-food empire.Co-founder Spiro stunning reversal $1.2 million in liabilities, including Baltas told Crain’s in June 2006 that REAL ESTATE DEALS------27 $750,000 in taxes and $400,000 he would take the company public owed to suppliers and landlords. within a year and that it would ex- THE WEEKS AHEAD ------27 BY DANIEL MASSEY The company has $400,000 in as- pand to 25 stores, with revenues sets, according to the filing. It has projected to reach between $50 mil- CLASSIFIEDS ------28 starwich, the pricey sandwich between 50 and 99 unse- lion and $60 million. BUSINESS LIVES------31 shop that just two years ago had vi- cured creditors, including a But the faltering economy sions of making pulled duck and marketing firm owed more $1.2M and the tax liabilities, which LIVING LARGE------32 LIABILITIES pomegranate-glazed chicken staples than $45,000 and a paper listed by the company is challenging, CORPORATE LADDER------33 of New Yorkers’ diets, has filed for bag company owed almost Starwich in proved too much to over- protection from creditors under $42,000. its bankruptcy come. A Wall Street location EXECUTIVE MOVES------33 filing 35 Chapter 11 of the bankruptcy law. closed in 2007 and its two BOB LAPE ------35 The owners want to sell the business, Planned to go public Boston stores are no longer according to a federal court filing. the upscale sandwich and salad listed on the company’s Web site. vol. xxiv, no. 32, august 11, 2008—Crain’s New York Business (issn 8756-789x) is published weekly by Crain Communications Inc., 711 Third Ave., New York, NY 10017. Periodicals The company, which has four purveyor takes in about $280,000 in Starwich President Michael postage paid at New York, N.Y. and additional mailing offices. Postmaster: Send address stores in New York City,is the latest revenue each month and pays out Ryan and his partner, Mr. Baltas, changes to: Crain’s New York Business, Circulation Department, 1155 Gratiot Avenue, Detroit, MI 48207-2912. for subscriber service: Call (888) 909-9111. Fax (313) 446-6777.$3.00 a small business to fall victim to the $95,000 in salary and benefits to 65 could not immediately be reached copy, $59.79 one year, $109.79 two years. (GST No. 13676-0444-RT) ©Entire contents downturn in the economy, claiming employees. for comment. copyright 2008 by Crain Communications Inc. All rights reserved. that escalating costs of raw goods Starwich’s filing marks a stun- and lack of demand for its more ex- ning reversal for a company that COMMENTS? [email protected]

2 | Crain’s New York Business | August 11, 2008 CNYB 08-11-08 A 3 8/8/2008 7:20 PM Page 1

FAVRE’S FINANCIAL STATS Banks’ silver lining the new york jets’ unexpected acquisition New York’s two largest banks of legendary quarterback Interest income WIDER MARGINS PAY BIG DIVIDENDS have found a way to cash in on in- soars with lending vestors’ pessimism. J.P. Morgan Brett Favre will boost the Chase & Co. and Citi are profiting team’s prospects on the to finance bonds, by lending securities and providing balance sheet as well as bets against banks other services to short sellers— on the field. those betting that stock prices will decline. Many of those people are COMES TO A SECOND-PLACE CLUB BY AARON ELSTEIN betting against banks specifically, with shorts against banks in the Value amount and rankings, and TV ratings. last month, Citigroup Inc. re- S&P 500 nearly tripling this year. ported its third consecutive quar- J.P.Morgan reported a 16% rise terly disaster, writing down $7 bil- in second-quarter revenues in the lion in mortgage-related securities division that serves short sellers, to and booking a $2.5 billion loss. a record $2 billion. Citi’s similar It could have been far worse. unit posted a revenue increase of Underneath all the bad news was a 31%, to more than $800 million. GIANTS JETS staggering surge in Citi’s net inter- est income—the difference be- Small is beautiful tween what the bank charges for for the new york area’s small $974 $967 million million

loans and what it pays for deposits. lindström bekka banks, which typically rely on net That most basic of banking activi- interest income to produce most of ties generated three-quarters of the are betting that the share prices of mortgages and other loans have re- their revenues, these are the best of NO.10 company’s $18 billion in revenues, banks and other companies will fall. mained stubbornly high. times. Profits at Hudson City Ban- NO.8 a figure that even seemed to sur- “Banks actually have a lot Helping Washington finance its corp Inc. of Paramus, N.J., soared THE VALUE prise Citi executives. going for them right now,” says record deficits is providing a big lift 38% in first-half 2008 as rates for “We frankly didn’t expect quite Dick Bove,an analyst at Ladenburg for an elite group of the nation’s jumbo mortgages—the bank’s spe- this magnitude of impact,” Chief Thalmann. largest banks and brokerage hous- cialty—hit their highest levels since 13.9 10.0 Financial Officer Gary Crittenden Citi’s nearly $3 billion rise in net es. These so-called primary dealers 2000. Investors have driven Hud- THE LOCAL TV RATINGS said in a conference call. interest income in the second quar- earn fees for selling government son’s shares up 25% in the past year; As the worst financial crisis in bonds to investors. the 123-branch bank now boasts a PART OF A WIN-NOW STRATEGY decades grinds on, powered in part Congress recently approved an larger market value than Washing- Amount spent by Jets this season by meltdowns in cutting-edge prod- ‘Banks actually $800 billion increase in the federal ton Mutual Inc., which has 2,300 to acquire players. ucts like collateralized debt obliga- debt ceiling, to $10.6 trillion. That branches. tions,some of banking’s oldest lines have a lot move clears the way for Washington Manhattan-based Signature of business are galloping along. to begin to unleash a new avalanche Bank posted a 22% increase in loan Leading the charge is income from going for them of Treasury bonds.That is a godsend volume in the first half. Net interest $140+$12 commercial and consumer lending, for bond dealers,who are experienc- income rose by a similar amount as million million which is providing both big and right now’ ing a 75% drop in the volume of new the company raced to fill the void left for Favre small banks with a powerful earn- mortgage, corporate, and other by the scores of mortgage specialists ings kick. kinds of private sector debt. that have folded in the past year.Sig- COULD DELIVER A BIG PAYOFF Sanford C. Bernstein & Co. an- nature is busy staffing up its com- Federal windfall alyst Brad Hintz says government mercial mortgage business and just FAVRE MAY make it easier for the meanwhile, the big institutions ter almost offset the amount that the debt trading typically generates up landed its first big deal—an $18 mil- Jets to impose seat licenses in the that help the U.S. government raise bank wrote down on subprime mort- to 20% of Wall Street’s total bond lion loan for a midtown property. new stadium. money in the debt markets are gages. Much of the gain was a result revenues, which he predicts will “The world is coming our way,” working overtime courtesy of the of the Federal Reserve’s halving in- soar this year because safe invest- says Chief Executive Joseph De- ballooning federal deficit. Some terest rates over the past year, which ments are in such demand. Paolo. MILLION banks are even raking in record has dramatically lowered banks’costs “Government trading should be $300 sums from lending to investors who of funds. At the same time, rates for booming,” Mr. Hintz says. COMMENTS? [email protected] Sporting reader sends a mom to China

to be with him in China.” a moment and said, “You’re a crazy Crain’s story helps Ms. Ehrlich declines to say how chick, but in a good way,” and pro- Olympian’s mother much she spent. ceeded to donate $2,000. Last week, the do the long jump price of a round- Bank teller donates trip from New York meanwhile, Ms. Williams-Mur- A HELPING HAND: Lisa Ehrlich to Beijing ranged ray was receiving even more sup- BY AMANDA WHEAT (left) paid for an airline ticket from $2,000 to port. Before she left, she stopped at and her boss paid for a hotel $4,000. a local bank to exchange dollars into room so Cheryl Williams-Murray when 23-year-old Olympic ath- (far right) could go to Beijing to And Ms. Ehr- Chinese yuan. Upon hearing her lete Taraje Williams-Murray, a see her son, Taraje (right), lich didn’t stop at story, the bank teller donated an ex- Bronx native, competes in the judo compete in the Olympics. the airfare. tra 200 yuan, approximately $30. competition in Beijing this week, Just days away Ms. Williams-Murray was his biggest cheerleader will be on from the speechless when she found out she hand to support him. As of a few games, the would be Beijing-bound. “I will be weeks ago, that wasn’t going to be rates for Bei- there cheering for my son because of the case. jing’s remain- people’s good hearts,” she says. Mr. Williams-Murray’s mother, ing hotel Ms. Ehrlich will be cheering, Cheryl, is his “biggest fan,” he says. rooms had sky- too, as she tunes in to watch judo But she couldn’t afford the trip to neff david rocketed. Ms. for the first time. “This city is a China to watch him pursue his Murray’s airfare to Beijing. breaker,” Ms. Ehr- Ehrlich tough place,” she says. “We’re phys- Olympic dream. Lisa Ehrlich, a director at a lich says. “Taraje has asked her ically close and emotionally distant. After a story about New York’s hedge fund in the city, says she was accomplished so much, boss, Jay Pell- But at the end of the day,we’re all in Olympic athletes appeared in Crain’s struck by the injustice of Ms. and his mom—who I’m er, to help pay the this together.” July 28 issue, however, a reader was Williams-Murray’s predicament. sure has worked her butt hotel fee. He moved to pay for Ms. Williams- “It just seemed like such a heart- off, too—was not going looked at her for COMMENTS? [email protected]

August 11, 2008 | Crain’s New York Business | 3 CNYB 08-11-08 A 4 8/8/2008 7:44 PM Page 1

IN THE MARKETS HIGHLIGHTS REEL Sealed Air looks attractive +2.9% after it wraps up bad year The Bloomberg/ Crain’s New wrote Banc of America Securities analyst why the company trimmed its financial York Index Cost cuts, higher prices George Staphos in a recent client report. outlook for the year. rose 2.9% to likely to pad margins; “Sealed Air is positioning itself for the While it boosts prices, the company is end the next decade.” also paring costs. week at 322. growth seen in IV bags For the first half of Nearly 1,000 employ- The S&P ➡ this year, Sealed Air ees will lose their jobs 500 Index had net income of in a restructuring that rose 3.1%, BY AARON ELSTEIN $123 million, or 67 is expected to be com- closing at cents a share, on rev- pleted by year’s end. 1296. ealed air corp. has had a rough enues of $2.5 bil- The effort should cut year. Soaring oil prices have se- lion—a steep drop operating expenses by verely squeezed margins at the from the year-earlier nearly $60 million. maker of Bubble Wrap, Jiffy per-share income of That’s on top of the Mailers and other packaging $1.07 on $2.2 billion $55 million the com- RISERS Sproducts. In response, Sealed Air an- in revenues. pany expects to shave 5-DAY 1-MONTH 3-MONTH CLOSING nounced last month that the firm will slash The culprit was the off annually starting % CHANGE % CHANGE % CHANGE PRICE its workforce by 5%, and it warned that skyrocketing cost of next year as it contin- Nasdaq OMX +24.0% +33.1% -13.8% $33.73 earnings this year will fall short of targets. petroleum products, ues to shift manufac- Avis Budget +23.2% +32.7% -44.1% $7.43 Compounding matters, the company which are used to turing overseas. agreed in June to pay $25 million to the make the plastics used The company also Polo Ralph Lauren +20.7% +11.6% +21.0% $71.23 relatives of the 100 people killed in a 2003 in Sealed Air’s pack- sees a chance to in- Warnaco +20.7% +17.5% +15.5% $50.80 fire during a rock concert at a Rhode Is- aging. The Elmwood Market cap $3.6 billion crease sales of medical Coach +20.3% +3.9% -12.8% $29.89 land club where Sealed Air packaging Park,N.J.-based com- Est. 2009 P/E 12 products, including was used as soundproofing material. pany said commodity Bubble Wrap 1/26/09 bags for intravenous With Sealed Air’s shares now trading costs were $75 million Appreciation Day fluids. Such products SINKERS at a puny 12 times next year’s expected higher than anticipat- now bring in about 5-DAY 1-MONTH 3-MONTH CLOSING earnings, this is a perfect time for in- ed in the first half of $200 million in annual % CHANGE % CHANGE % CHANGE PRICE vestors to stock up. the year. In all, the revenues. Fortress Invest. -11.5% -12.1% -25.4% $10.19 Earnings should rise by nearly 20% firm expects costs to rise by $200 million A leaner Sealed Air should pay off big Maidenform -9.0% +7.1% -2.5% $13.82 next year, according to analysts’ esti- in 2008. for investors next year: Analysts surveyed mates, helped by recently announced American Int’l. -7.2% -9.2% -43.7% $24.87 To soften the blow,the company plans by Reuters Estimates expect 2009 earn- cost-cutting measures and by price in- to raise prices across all its business seg- ings to rise by 18%, to $1.85 a share, on a Hess -5.2% -15.4% -16.6% $95.87 creases. The recent sharp decline in oil ments. Unfortunately, management ex- mere 4% increase in revenues. Bunge -5.2% -7.5% -21.6% $93.08 prices should help ease cost pressures. pects that price hikes will offset only 85% “Earnings should accelerate in 2009,” of the anticipated cost increases, which is COMMENTS? [email protected]

US Open Tickets STOCKS TO WATCH by Erik Ipsen Macy’s takes on the look of a turkey as both sales and margins contract Profits at Macy’s have fallen in three of the past four quarters, and the company is likely to make it four out of five this week. It is expected to post a 34% earnings dip, triggered by an ongoing shrinkage in same-store sales and margins as the retailer relies more on discounting. The shares are off 38% in the past year. Running 800 department stores in 45 states amid an economic downturn has become thankless work. A year ago, some analysts called downtrodden home builders like Hovnanian good candidates for a rebound. Some of the same folks now warn that a number of builders might go bust. Hovnanian itself has seen far better days, The action starts on Monday, August 25th! having posted losses in five—soon to be six—straight quarters. Fitch rates the company’s debt at B-, deep into junk territory, with a negative outlook no less. Its stock is off 48% in the past year. The 2008 US Open is almost here! If you would like to purchase tickets for any session, our Event Hard times make for odd bedfellows. Specialists are standing by ready to assist you. www.admitone.com In the past year, Morgan Stanley has If you are a season ticket holder and would had $14 billion in write-downs, mostly mortgage-related. Yet the Treasury like to sell any of your tickets, call Admit One 646-307-4239 last week tapped the firm to, of all today! Our Market Makers are ready to make things, provide advice to mortgage you an o%er. giants Fannie Mae and Freddie Mac. When purchasing US Open Tennis tickets from Shares of both are down over 75% Admit One, you will receive a full refund for this year versus a mere 12% drop for Ocial USTA cancelled sessions. Morgan Stanley. The difference is that Morgan’s write-downs look to be closer to an end than a beginning. charts: lindström bekka

4 | Crain’s New York Business | August 11, 2008 Project5 8/4/08 12:06 PM Page 1

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Newmark Knight Frank NEW YORK,NEW YORK is pleased to announce that edited by Valerie Block

Law firm Trumps up charges onald trump’s company will be featured in a new a reality show of sorts, but he certainly won’t judge the proceedings. D On Aug. 27, the firm will face off against a tenant over a rent dispute at The Trump Building at 40 Wall St. in Manhattan’s civil court. Four years ago, tenant John Bostany rented the 6,100-square-foot top floor of the office tower, expecting the kind of high-class operation Glenn J. Elliott Mr.Trump hypes. Instead, Mr. Bostany says, his law office has endured eight major floods caused by a leaky roof. He stopped paying his rent in April has joined Newmark Knight Frank as 2007 because the problem hasn’t been fixed. Mr.Trump (left) is suing Mr. Bostany for $306,414 in back rent. Executive Managing Director Mr. Bostany has countersued, claiming that he was essentially at the firm’s New York headquarters evicted when the floods turned his office into a rain forest and that Mr.Trump breached their contract. George Ross, who has been a judge on The Apprentice,says he’ll be a witness in the case but The Donald won’t appear. He had no further comment. Christopher Halligan of law firm Adam

zuma press Leitman Bailey will represent Mr. Bostany.

Glenn J. Elliott can’t be cut out of the picture. It all Election Collection, hoping to 125 Park Avenue More magazine started on July 17 when the capitalize on the excitement New York, NY 10017 gets less superstore axed its cleaning around the presidential race 212.372.2047 contractor, Skyscraper Service between Sens. Barack [email protected] more magazine is aging badly. Co., after 31 workers Obama and John The title for women over 40 signed up with SEIU McCain and the launched with fanfare 10 years ago Local 32BJ, the powerful general Democrat- and became an advertising building service workers Republican divide. darling. But recent research shows union. The tanks,T- that More has fewer readers per The workers lost their jobs shirts, copy than previously thought, and and have been leafleting the thermals that’s causing advertisers to run, superstore ever since, trying to and onesies industry insiders say. get rehired. But last Friday, for adults More executives had estimated the plot thickened when the union and children 3.5 readers per copy, for a total filed charges with the National feature blue and audience of around 4 million. But Labor Relations Board against red donkeys and in its first official survey in B&H, a mecca for tourists and elephants and Long established November from Mediamark industry professionals. are produced Research & Intelligence—which A B&H spokesman said he through ChoiceShirts Inc.The commitment is used to negotiate ad rates— had not seen the charges and line will debut this week at More turned out to have just 1.1 could not comment, but insisted www.blumevote.com for $28 to Weiser LLP readers per copy. It’s total the dispute was between the union $36, and at high-end specialty Certified Public Accountants audience: 1.3 million. and Skyscraper. boutiques like Blush downtown. “They got killed,” says a media Skyscraper says it had to let go “I like to be inspired by what’s buyer, some of whose advertisers of the workers—who earned as going on in our world, and I dropped the little as $7.50 an hour, without thought what better way to Meredith benefits—after it lost the B&H participate in the upcoming to the Corp. title. account. Under the union’s election than to outfit everyone?” New York City New York Indeed, contract, their salaries would have says Ms. Blume. 135 West 50th Street New York, NY 10020 business community April’s ad doubled and they would have Tel 212.812.7000 pages plunged received health care and other Contributors:Theresa Agovino, Fax 212.375.6888 For nearly a century,Weiser has provided 35% benefits. Matthew Flamm, Daniel Massey, Long Island accounting, tax, and consulting services, such compared Adrianne Pasquarelli 3000 Marcus Avenue as state and local tax planning, internal audit with a year Lake Success, NY 11042 outsourcing, and business restructuring, ago, according Under(wear) Tel 516.488.1200 to private clients and business enterprises, to Media Industry Newsletter. DOING A BANK JOB Fax 516.488.1238 statements including closely-held and emerging entities, July/August’s pages fell 50%. Westchester in a variety of industries including: More Publisher Brenda Saget blume girl underwear Credit crisis aside, The Vault’s annual 660 White Plains Road Darling insists that the economy is and thongs are hot items Guide to the Top 50 Banking Employers • Real estate Suite 430 the problem, not readership. She in Hollywood. Celebrities survey finds Goldman Sachs No.1 for the Tarrytown, NY 10591 • Manufacturing and distribution adds that MRI showed that the like Britney Spears, Paris ninth year. Deutsche Bank cracks the top Tel 914.333.0555 • Auto dealerships More reader has an exceptionally Hilton and Lindsay Lohan 10 for the first time, and Citigroup drops Fax 914.333.0556 • Media and communication high household income. wear the five-year-old four spots, to No. 11. The top five: • Banking New Jersey “Advertisers buy us on the quality Manhattan firm’s 399 Thornall Street • Food and dairy 1. Goldman Sachs Edison, NJ 08837 • Health care of our audience,” she says. personalized Tel 732.549.2800 • Financial services undergarments, which are 2. The Blackstone Group Fax 732.549.2898 • Professional services often adorned with the Cleaning crew’s names of their latest 3. Morgan Stanley www.weiserLLP.com • Not-for-Profit flings. 4. Lehman Brothers messy situation Stacey For more information, contact Douglas Phillips at 212.375.6701. Now, designer famed photo shop B&H has a Blume is putting her 5. J.P. Morgan Investment Bank little maintenance problem that money behind a new

6 | Crain’s New York Business | August 11, 2008 Project6 6/6/08 12:20 PM Page 1

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opened on the road,” he says. The obscure show won this year’s Tony Passing on New York for Best Musical and is now gross- BROADWAY BABIES ing more than $1 million a week. THE FALL BROADWAY LINEUP includes some epic new musicals and star- Continued from Page 1 Some theater executives confess Such recognition won’t be a studded plays. The first major opening is A Tale of Two Cities, a musical based lead producer. that acerbic New York critics, who problem for John Breglio, an en- on Charles Dickens’ novel. Previews begin Aug. 19, and the show opens on “But Little House is such a quin- have the power to ruin a show— tertainment lawyer-turned-pro- Sept. 18. tessential American story that we along with its chances for a life after ducer who is working on a new But a number of productions bowing later are receiving even more buzz. knew it really belonged on the road.” Broadway—are a driving reason for presentation of Dreamgirls.Mr. Among the most eagerly awaited is the London-stage hit Billy Elliot, Ms. Sprecher isn’t the only trail- their defection. Breglio has teamed up with in- adapted from the movie about a boy who becomes a ballet dancer, which blazer.A growing number of Broad- vestors in South Korea to launch a debuts Nov. 13. Hot on its heels is Shrek The Musical, opening Dec. 14. Some need Broadway way producers, including the behe- $4 million, six-month run there in Plays that are sure to get a lot of attention include Arthur Miller’s All My moth Disney Theatrical, are “we’re scared of the critics,” con- February. The show will begin a Sons—with Katie Holmes making her first Broadway appearance—and a thumbing their noses at New York cedes Ben Sprecher, Amy’s hus- North American tour in Boston in revival of Anton Chekhov’s The Seagull, starring Kristin Scott Thomas. This and opting to take shows to other band and a producer on the show. November 2009. production premiered at London’s Royal Court Theatre last year and became venues around the country—or the “The problem for Little House on “Dreamgirls has gotten a whole the venue’s biggest-selling stage event ever. world. They’re relying on the mass Broadway is that it’s a family-ori- new profile because of the movie appeal of their material, including ented, redemptive, hopeful piece of and because of American Idol,” as Dreamgirls and High School Musical, material—not the typical edgy many contestants select material to pack houses. Broadway stuff that critics em- from the show, says Mr. Breglio. “I Celebrity Attractions,a theater pre- came a phenomenon so quickly that Producers are increasingly skip- brace,” he says. have interest all over the world now senter in the Midwest. it didn’t need Broadway. The com- ping New York as a matter of neces- Still, skipping the Great White without taking a gamble on the New The Drowsy Chaperone, for ex- pany began licensing the show to sity. With Broadway continuing its Way isn’t for everyone, and most York critical reception.” ample, has been a box-office disap- high schools and regional theaters boom,finding an available theater is producers yearn for its bright lights. Executives in other cities con- pointment for Mr. Payton—even after the first movie was released in difficult. Some producers are forced Additionally, shows without recog- tend that a familiar title is more im- though it received great reviews on January 2006.Though 3,300 licens- to wait until the last minute to se- nizable titles or stars need Broad- portant to their customer base than Broadway, returned its $10 million es were sold worldwide, demand cure a stage. Soaring costs and way’s stamp of approval before even Broadway’s imprimatur. investment in just seven months and was still so intense that Disney put stingy theater deals don’t help, ei- attempting to tour. “The need for a show to come was a Tony winner. together a 40-city national tour, ther. For example, Times Square “The road is very tough,” says from Broadway is not as big as mak- “People keep asking, ‘What’s a which just ended. venues don’t offer revenue guaran- Seth Gelblum, a theater attorney. ing sure the product is a big name,” drowsy chaperone?’ ” he says. tees—a routine practice elsewhere. “In The Heights could never have says Larry Payton, president of Disney’s High School Musical be- COMMENTS? [email protected]

floors in a luxurious boutique build- owners of 120 Park Ave.,among oth- ing is key to the property’s allure. ers. Brokers were impressed by the Big spaces go vacant “Such tenants aren’t important in a amenities at the former headquarters big building,” she says. The asking of the world’s largest tobacco compa- Continued from Page 1 the market as they lay off employees. rents in the building, which will be ny, Altria Group Inc. But some say old New York Times Building at For example, Lehman Brothers is re- ready in October, are between $110 the asking rents of between $100 to 229 W. 43rd St. linquishing about 167,000 square feet and $150 a square foot. $120 a square foot are too pricey. Meanwhile, several real estate at 399 Park Ave. and 100,000 square That could be a problem as mar- brokers estimate that there are only feet at 605 Third Ave.Meanwhile,iS- Rents coming down keting for the building begins. Glob- 15 to 20 tenants scouting for such tar Financial shed roughly 107,000 the trouble is that many other al Holdings Inc. bought the building large spaces. That imbalance be- square feet at 1095 Sixth Ave. buildings in the area are chasing the earlier this year after Altria an- tween supply and demand in the Additionally, Bank of America, same clientele,including 510 Madi- nounced plans to leave the city.Altria large-space market is expected to The New York Times Co. and others son Ave., which is being developed retained only four floors in its home push rents lower in the long term and have moved into new buildings,leav- by Macklowe Properties and is set to of the last 24 years on the corner of make tenants more reluctant to rush ing a swath of space in their wake. open in October. Park Avenue and East 42nd Street. into new leases in the near term. In other cases, new owners have The big question is whether Mr. Glickman says the building “Last year,I’d be saying to clients, cleared out and refurbished build- rents will buckle under the pressure will give a company an opportunity

‘You really need to get this done,’ ” ings in the hope of charging higher buck ennis of so much supply and a demand de- to have a major presence in New says Nicola Heryet, senior manag- rents. That’s exactly what LCOR PAUL GLICKMAN of Cushman & Wakefield is pressed by a sagging economy and York. He also points out that a big ing director at Colliers,who has two did after purchasing 545 Madison marketing Altria’s former headquarters. skittish tenants. While the data tenant would be allowed to put its clients that are each seeking more Ave. two years ago. The developer published by most firms show rents logo on the tower, not to mention than 100,000 square feet of space. stripped the building down to the holding fairly steady, some brokers enjoying large floor plates and high “Now, you certainly don’t want to steel and rebuilt it as a sleek modern considering constructing another, insist that when incentives such as ceilings. lose a good opportunity, but there tower that the landlord hopes will says Lisa Kiell, a managing director free rent and more generous con- Mr. Glickman insists such at- isn’t the same pressure.” appeal to high-paying hedge funds at Jones Lang LaSalle, who is mar- struction allowances are factored in, tributes merit the asking rent, even Available space is multiplying for and private equity firms. To help keting the building. rents are already down 15% to 20% in a crowded market. several reasons. Struggling financial lure tenants to the building, LCOR Ms. Kiell says that the fact that from last year. services firms are dumping space on has prebuilt two office suites and is small tenants can have their own That is a challenge for the new COMMENTS? [email protected]

and Hospitals Corp.policy that pro- ages women psychologically. Dr. population, black women were re- vides free abortions to poor women Hoskins and others interviewed sponsible for 45% of the abortions in Abortions worrisome at its facilities. The surgical costs disagree and offer anecdotes about the city in 2006. That mirrors a na- alone are between $1,000 and patients who felt guilt and regret. tional trend, according to the Continued from Page 1 formed in the city each day at more $1,800 per abortion,compared with “I’ve never had a patient who Guttmacher Institute, which tracks woman that abortion was one of the than 200 clinics and doctor’s offices. the $425 average annual cost for took the decision to end a pregnan- abortion numbers and found that choices she should rely on for con- And even though free or low- birth control pills. cy cavalierly,” says Dr. Hoskins. the rate among black women is traception,” says Iffath Hoskins, cost contraception is offered But the biggest concern over the Then there is the issue of spread- twice the national average. chief of obstetrics and gynecology at through 59 publicly funded pro- high abortion rate is the impact it is ing sexually transmitted diseases. Since condoms prevent both Lutheran Medical Center in grams at 218 sites in New York state, having on women’s health. Dr. Robert Fullilove, a Columbia pregnancy and STDs, many people Brooklyn. mostly in New York City, more Most health experts agree that it University Mailman School of Pub- in the public health community be- The high rate is especially trou- could be provided, says Deborah is wise to keep abortion safe, legal lic Health researcher and expert on lieve they are the best form of birth bling because it indicates that more Kaplan,deputy commissioner of the and available in New York,but some STD prevention, is concerned that of control. city residents are turning to abor- city Department of Health and are also concerned that too many the high abortion figures are a sign But DOHMH statistics show tion. Years ago, most abortions in Mental Hygiene. women are not using other methods that women in the city are putting that condom use is falling,with only the city—up to two-thirds in some “To me, the problem is access,” to prevent unwanted births. themselves at risk of catching AIDS 35% to 40% of men using them in years—were performed on women says Ms. Kaplan. “If we improved Surgical abortion always carries or other diseases. their most recent sexual encounter. from out of town who flocked to access to contraceptives, there risks, though slight, of complica- It may be especially difficult for New York because of its liberal abor- would be a reduction in abortion.” tions—including ones that can tear Unprotected sex black women in communities where tion policies. Now, however, 93% of or scar the uterus and compromise a “any time you see these high rates men are scarce, due to incarceration the abortions in New York City are Costly to taxpayers woman’s ability to have healthy chil- of abortion, it is a sign of high rates or addiction problems, to insist that performed on city residents. that would be good news to tax- dren in the future, Dr. Hoskins says. of women having unprotected sex,” their partners use condoms. The easy availability of abortion payers. In a time of fiscal con- There is an ongoing debate about he says. “Once the ratio of women to men and not enough access to affordable straints, abortion is costing the state the emotional consequences of That seems to be particularly is 2 to 1, courtship rules go out the contraception may be reasons be- at least $16 million in Medicaid abortion. A spokeswoman for the true for New York City’s African- window,” Dr. Fullilove says. hind the city’s high abortion rate. spending annually, and city taxpay- state Department of Health says American women. Though blacks An average of 250 abortions are per- ers still more through a city Health that no studies have shown it dam- make up about 24% of the city’s COMMENTS? [email protected]

8 | Crain’s New York Business | August 11, 2008 CNYB 08-11-08 A 9 8/8/2008 2:48 PM Page 1

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Continued from Page 2 cording to the Book Industry Study 2006 certificates allow you to get your Bookstore chains are further hiking Group. Revenues are forecast to rise foundations in the ground by June 30, the fees they charge publishers for just 1%, to $15.2 billion. displaying titles in prime locations. Even if they haven’t made the 2009 and receive a full tax abatement. Even Oprah’s Book Club has re- “seismic shift,” publishers are work- duced the number of its selections— ing at it. Web-savvy publicists and which means fewer blockbusters for marketers are the most sought-after the industry. new hires, and digital initiatives are Increasingly, publishers are look- being announced nearly every day. ing to the Web to connect readers “Everybody’s experimenting,” with books. They’re advertising on says Michael Morrison,president of targeted sites and pitching bloggers the trade books division at Harper- to review and discuss titles that jibe Collins, which has been testing on- with their concerns and sensibilities. line giveaways. Sales of Neil DEVELOPMENT GROUP “The blog world is a million lit- Gaiman’s American Gods rose 250% 421-A tle Oprahs,”says M.J.Rose,founder after the house made it free to read of AuthorBuzz, an online market- on the Web for a limited time. Darren Klein, Executive VP ing firm that handled media buying Jackson Development Group for The Prosecution. Changing formats Because they reach a targeted au- other successes include Holt 718.343.6262 X233 dience at relatively low cost, blogs Paperbacks’ new best-seller, Gram- [email protected] are an efficient marketing tool. mar Girl’s Quick and Dirty Tips for While a half-page black-and-white Better Writing, which started out as a ad in USA Today costs podcast. The publisher $53,000,a two-week on- built a Web site around line campaign on a net- the property before re- work of small Web sites leasing the book—a can go for as little as model it is using to launch Many Solutions.One Relationship. $3,000 to $5,000 and other titles in the Quick $ $ $ $ reach 2 million to 3 mil- and Dirty Tips series. 68,700,000 10,000,000 17,500,000 4,500,000 Senior Secured Senior Senior Secured Senior Revolving lion people, Ms. Rose Scribner has adapted Credit Facility Credit Facility Revolving Credit and says. animated Webisodes Credit Facility Term Loan Facility Publicity also comes from the Stephen King Provided for Provided for Provided for Provided for cheaper online, says short story “N.,” which Fauzia Burke, president will be published in a of FSB Associates, new collection in No- which connected Van- vember.Right after their release $ $ $ $ guard with the right bloggers. Her last month, the videos shot to No. 1 5,000,000 10,250,000 4,500,000 20,500,000 RevolvingCredit Senior Secured Senior Secured Senior Secured services for a two-month campaign in the iTunes animation category. Facility Credit Facility Credit Facility Credit Facility are priced at $5,000, about half of The possibilities for digital mar- Provided for Provided for Provided for Provided for what a publicist could charge for keting appear endless—which is getting a book noticed through tra- one of its drawbacks. CLEVELAND ditional outlets. “It costs more in time than in DIE & MFG money,” says Betsy Hulsebosch, di- Earthquake-proof rector of creative marketing for web campaigns don’t succeed with Bantam Dell, which recently ran a every book, of course. The Prosecu- successful YouTube campaign for tion was more Web-friendly than Odd Hours, by Dean Koontz. “You many: Mr. Bugliosi is a well-known have to be careful.” writer,and his subject was catnip for The expensive efforts tend to in- left-wing bloggers. volve brand-name authors, but ex- Critics of the book industry say ecutives say that eventually those that publishers were slow to under- techniques will also be used for less- See why we’ve earned our reputation as a leadingprovider of stand the Internet’s potential and re- er-known writers. Their hope lies workingcapital financingto growingcompanies. For more information main far from where they need to be. with the blogs for now, however. about Webster Business Credit, contact Warren Mino, President, at “Publishers haven’t made the “We can say, ‘OK, we lost the seismic shift,” says a consultant. L.A. Times [book review], but wow, 212-806-4500 or visit our new website at Websterbcc.com to submit “You still have publicists banging there are literary bloggers and other an online application for credit or find our nearest office location. their heads against the wall trying to sites supporting books,’” Ms. Burke get an author on Today.” says. “They’re coming through for The industry undoubtedly feels us, and they sell our books.” SM the pressure to change. Unit sales of COMMENTS?

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VIEWPOINT The value of common stocks editor in chief Rance Crain publisher, vp Jill R. Kaplan tate comptroller Thomas DiNapoli wants invested in over a long-enough period—which is exactly EDITORIAL the authority to increase the percentage of the what a pension fund is supposed to do. editor Greg David managing editor Robert Hordt state pension fund that is allowed to be These principles are especially important given the deputy managing editors Valerie Block, invested in private equity deals, hedge funds infatuation with private equity and hedge funds, and with Erik Ipsen contributing editor and real estate from the current 25%. He argues real estate.Their returns have been impressive in recent years Elizabeth MacBride that the returns from those alternative and coincided with a long expansion and historically low columnist Alair Townsend senior reporters Theresa Agovino, investments have far outpaced the volatile interest rates. But private equity funds are now running into Aaron Elstein, Erik Engquist, Lisa Fickenscher, Matthew Flamm, Samantha Marshall, stock and bond markets, which form the core of the $154 trouble (Cerberus’ disastrous takeover of Chrysler), hedge Miriam Kreinin Souccar billion fund. funds have hit a rough patch (they had their worst monthly reporters Barbara Benson, Amanda Fung, S Daniel Massey, Adrianne Pasquarelli, Likewise, one of the leading candidates for city performance in six years in July) and real estate is no longer a Hilary Potkewitz, Gale Scott, Matthew Sollars comptroller, David Weprin, wants to reduce the sure winner. No one knows if these investments will indeed restaurant critic Bob Lape art director Steven Krupinski concentration in equities of the $105 billion city pension prove superior over the deputy art directors Carolyn McClain, fund. He wants diversification but doesn’t say exactly what long term. Daniel Mednick Stocks produce staff photographer Buck Ennis he would do. One other factor copy desk chief Wendy Zuckerman Both the state and city undoubtedly need top-flight superior gains if should also be copy editors Michele Arboit, Thaddeus Rutkowski investment performance because of the growing number of invested in over a considered. City and research editor Denise Southwood government workers drawing lucrative pensions.The state www.crainsnewyork.com state pension funds web producers Kira Bindrim, fund gained 2.6% in the fiscal year ended March 31, despite long-enough time have learned the folly of Elisabeth Butler Cordova the difficult stock market, but the value of its total assets fell aggressive investment EDITORIAL AND ADVERTISING OFFICES as the number of retirees grew. With most stocks depressed, strategies.The 711 Third Ave., New York, NY 10017-5806 editorial: 212.210.0277 Fax 212.210.0799 proposals to find ways to beat the market resonate with transactional and advertising: 212.210.0259 Cable craincom nyk voters. management costs Fax 212.210.0499 Unfortunately, just because a strategy has worked in involved in trading stocks and bonds mean that no money Entire contents ©copyright 2008 Crain Communications Inc. All rights reserved. recent years doesn’t mean it will work in the future.Those manager can beat the market consistently. Both funds now ®CityBusiness is a registered trademark of MCP who have studied the market historically know there are invest through low-cost index strategies that track the Inc., used under license agreement. TO SUBSCRIBE: three basic truths. As summarized in Winning the Loser’s market. Call 888.909.9111; fax 313.446.6777. $3.00 a copy, $59.79 one year, $109.79 two years. Game:Timeless Strategies for Successful Investing, by Charles Alternative investments require subjective judgments www.crainsnewyork.com Ellis, they are: about which funds to choose and even which specific ADVERTISING AND MARKETING Common stocks have average returns higher than bonds, buildings to buy. Not only is that far riskier, but such advertising director Jeff Adler which have higher returns than short-term money market decisions can be influenced by campaign contributions or senior account managers Cornelius P. Gore, William E. Squitieri funds. Daily, monthly and yearly fluctuations of stocks worse sorts of corruption. commercial real estate sales manager exceed those of bonds, which exceed those of money market Some diversification makes sense, but the 25% figure for Cory Marks account executives funds.The shorter the investment horizon, the greater the the state is high enough. Irene Irvill, Courtney McCombs, Anthony Mowad western account manager fluctuation; the longer the horizon, the more stability. Ellen Mazen (Los Angeles) 323.370.2477 The bottom line: Stocks will produce a superior return if COMMENTS? [email protected] sales manager, classified print & online John Gallagher newsletter product manager Catherine Evans Gittens sales coordinator, print & online LETTERS TO THE EDITOR Lulé Haznedari sales coordinator Anita Perrino credit Todd J. Masura 313.446.6097 marketing director Amy Crossman marketing manager Jill H. Bottomley marketing coordinator Jenny Mashberg Readers reject airlines’ pillow talk circulation manager Andrea Richardson assistant circulation manager Rosalie Ford IT WOULD BE BETTER for airlines to understand: that passengers are It’s absurd, I know, but I love my nuts.The loss of good will, on the general manager, interactive simply raise the fares. (See Crain’s tired of being treated like cattle. job and I love my passengers; that’s other hand. ... Marc Minardo web developer, interactive Online Poll, Page 11.) All this jack keats why I haven’t quit.These things charles bennett Chris O’Donnell nickel-and-diming is aggravating, are not going to change unless we to say the least.The checked- HAVE YOU SEEN THE PILLOWS and change what has happened to my HOW WILL THEY CALCULATE the cost NEW YORK PRODUCTION baggage fees are especially blankets on airplanes? They are wonderful industry—which isn’t of the toilet paper? By the sheet? production and pre-press director Michael Corsi irksome, if not discriminatory, to usually dirty and sometimes smell. so wonderful right now. Will you have to pay the advertising production manager elderly women like myself who Why anyone would use them is megan brown stewardess to clean the restrooms? Marilyn DeMilta cannot lift a bag into and out of crazy. I would much rather buy a bob barnett the overhead baggage fresh pillow-and-blanket kit and I DON’T THINK airlines will lose PUBLISHED BY CRAIN COMMUNICATIONS INC. PRETTY SOON, chairman Keith E. Crain compartment without help. Now know I’m getting something that business, because we have to they will charge extra president Rance Crain having to bring one’s own pillow is is clean. travel, and sometimes that means for planes with wings. Why not secretary Merrilee Crain one more petty aggravation. kendoll vanderpool we can’t choose which airline we pass a hat around the cabin to pay treasurer Mary Kay Crain Paying $7 isn’t a burden, but use. But if they think this is going for the pilot’s salary? executive vp, operations William Morrow schlepping the blanket and pillow QUIT THE ADDITIONAL CHARGES! Raise to make money for them, they are senior vp, group publisher Gloria Scoby jeffrey tullman group vp, technology, circulation, on and off is! the fare to what it takes to fly the manufacturing Robert C. Adams l. schwar plane.The flying experience is vice president/production & stressful enough as it is.The fees manufacturing David Kamis THE SOLUTION to obnoxious fees, confuse the check-in process. WHAT’S COMING UP IN CRAIN’S? chief information officer Paul Dalpiaz corporate circulation director cramped seating, stuffy cabins, lost Charge one fee: the airfare. Patrick Sheposh luggage, delayed takeoffs and ed narozniak Business New York City’s Business missed connections is obvious: of green largest of fashion founder G.D. Crain Jr. (1885-1973) Mrs. G.D. Crain Jr. Don’t fly. I don’t. I can’t believe I WORK FOR AN AIRLINE, one that is report health insurers report chairman (1911-1996) people put up with it. Send the struggling and that just raised the Aug. 18 Aug. 25 Sept. 1 airlines the only message that they price of alcoholic beverages to $7.

10 | Crain’s New York Business | August 11, 2008 CNYB 08-11-08 A 11 8/8/2008 11:42 AM Page 1

in summer 2007. So far, announced layoffs at big securities firms total 22,000. Write-downs at the five largest firms have hit $133 billion. Yet the New York economy is still adding jobs, thanks to tourism, re- tail and health care.And Manhattan apartment prices are strong. There are differences between the 1980s’ downturn and today’s. Real estate executives aside,most business leaders, the governor and the mayor are facing reality.They say the ques- tion is not whether we will escape hard times, but just how harsh they will be.There’s no definitive answer, since history never repeats itself ex- actly, but three issues may provide crucial clues in coming months. Will Lehman survive? It is a given What’s the best balance that Wall Street layoffs will reach 30,000, in line with previous con- between buying and leasing tractions. If Lehman is forced into a merger or is liquidated, the number office furniture? will be much higher.The losses will be far worse than those caused by the john h.john howard CORT can help you calculate. collapse of Bear Stearns:J.P.Morgan absorbed half of that firm’s 14,000 Buying office furniture can be tricky. How much will employees, and about 1 million square feet of space hit the market. you need? How long will you need it? What if you Economic omens: Lehman employs 25,000 and leases more than 2 million square feet. add or reduce staff? What if you need to update? Will law and accounting firms be Renting from CORT can help you remain flexible. We’ll 1987, the sequel? forced to downsize? Late last month, Cadwalader Wickersham & Taft let find the smartest lease option for you, so you can 96 lawyers go—the first significant change when you have to. Fast, flexibly and affordably. n 1988, the most influential real estate landlord in cutbacks in law or accounting, two sectors that have expanded rapidly in One call and you’ll get it all: quick delivery, great the city, Lew Rudin, called up then-Publisher Alair recent years because of Wall Street Townsend in a foul mood.“What is Crain’s trying to do,’’ work. Several large regional ac- office furniture and superior customer service. he complained, “talk New York into a recession?’’ counting firms have seen enormous A few weeks ago, two of the city’s leading real estate growth, in large part thanks to work Long Island from hedge funds. If they run into executives called up Crain’sreal estate reporter—on the same day, 631.420.5802 I trouble,it will demonstrate the mul- Manhattan no less—to echo Mr. Rudin’s complaint. Crain’s constant front- tiplier effect of Wall Street’s woes. 212.867.2800 Will New York’s tourism industry Wherever you’re heading, we’ll be there. Connecticut page stories on the city’s growth in other indus- remain untouched? Elsewhere, the 203.353.0400 troubled economy paint tries—primarily govern- hotel business is lousy because Amer- A Berkshire Hathaway Company CORT.com North Brunswick, NJ far too negative a por- ment and health care— icans are cutting back on travel plans. 732.729.4744 trait, they argued. offset the losses. The Here, the hospitality sector contin- Northern New Jersey Real estate execu- commercial real estate ues to thrive, with both occupancy 201.288.0153 tives’efforts to pretty up market weakened, but and room rates setting records as for- the economic picture are residential sales held up. eign tourists take advantage of the just one of many eerie The reprieve was weak dollar. Tourism served as the parallels between the temporary. By late 1989, afterburner during the boom years. late 1980s and today. the economy headed in- Will it be the countercyclical savior? Two decades ago, to a tailspin that eventu- When those questions are an- the October 1987 stock GREG ally cost the city 329,000 swered,New York will know wheth- market crash shook the DAVID jobs—1 in every 9—and er today’s similarities to the scenario city. The securities in- led to a brutal four-year of the late 1980s were harbingers of dustry began a severe re- recession, followed by another severe recession. trenchment. Overall, the city’s econ- three years of minimal growth. omy seemed to hold its own, as job This time, the credit crisis struck COMMENTS? [email protected]

CRAIN’S ONLINE POLL No. It’s going to cost airlines customers in Is JetBlue wise to start charging $7 the long run

for a pillow and blanket? Yes. Given the 878 VOTES price of jet fuel, Date of poll: Aug. 4 airlines need to cut costs and .5% raise revenues wherever 72%. they can .23% Yes. Most people don’t use them, and those who really want them aren’t going to mind paying

For readers’ comments, see Letters to the Editor on Page 10. bloomberg news

August 11, 2008 | Crain’s New York Business | 11 nb32p12.qxp 8/8/2008 3:13 PM Page 1

A spokeswoman for the council, a collaborative forum for regional transportation planning, noted that THE INSIDER similar gains had been seen after previous spikes in gas prices, only to be lost when prices eased. “We 2008 by Erik Engquist and Matthew Sollars hope that this is a change in long- WATCH term behavior,” she says. “But given what we’ve seen in the past, we’re ASSEMBLY SPEAKER not banking on it.” Sheldon Silver, a 32-year Gas prices drive Albany veteran, unveiled a campaign Web site last commuters to switch Streets closed month that drew praise even to Segways from his opponents. The ommuters who are abandoning their cars are highlight was a Google map boosting virtually every form of mass transit, with the a new state law allowing showing all of the projects Mr. Silver has brought to his district. But Andrew localities to legalize Segways— Rasiej, founder of the Personal Democracy Forum, says that Mr. Silver, just biggest increases seen on express buses and ferries. motorized, two-wheeled devices C Metropolitan Transportation like every other New York City politician, lags in using online tools. Newly compiled data by the that go up to 12 miles per hour— “If Mr. Silver wanted to be really innovative, he would post not only projects Council shows that exempts New York City, so their use will remain illegal here. It but also the location of his donors, and provide true transparency to voters,” trips on an average appears that the Bloomberg Mr. Rasiej says. He says that New York City politicians are in kindergarten when weekday rose 3.7% in administration requested the it comes to understanding the Internet. the first quarter of exemption to prevent the City Even Alex Navarro-McKay, a senior executive at consulting firm 2008, to 9.9 million, Council from approving Segways BerlinRosen, who dreamed up Silver’s map, agrees that “there isn’t a lot of over its wishes. really innovative work going on in New York.” compared with the City Transportation Mr. Navarro-McKay says most New York politicians still treat Web sites like year-ago period. Commissioner Janette Sadik-Khan electronic brochures. Only a few—state Sen. Craig Johnson and Rep. José The Metropolitan says any exemption request Serrano among them—use Facebook as a tool to stay in touch with supporters Transportation preceded her tenure, but she has and encourage them “to use their social capital to bring others on board.” her own concerns about Segways’ Mr. Rasiej believes that New York politicians will catch up as technology Authority, which safety. Nonetheless, her spokesman changes the landscape and new players emerge. bloomberg news manages city and says the administration would “You’re witnessing the conversion of our political system from the 20th to suburban buses and trains, accounted for 8.6 million daily trips reconsider Segways if they prove the 21st century,” he says. “Right now, politicians’ ability to use new technology and saw use rise nearly 4% systemwide.The breakdown: 4% safe elsewhere. is directly proportional to the number of staffers they have under the age of 25. They are like horse traders trying to figure out how to buy steam engines.” on subways, 5% on Metro-North also saw substantial ridership gains, Cardholders may and the Long Island Rail Road, up 6% each, although the increase catch a break Cardholders Bill of Rights would William Thompson Jr. and 3% on suburban buses.The was slightly lower than in the 2006- benefit consumers and is opposed “I would try to diversify that biggest number: 13% on the express 07 comparison. an overhaul of credit card rules is by lenders. It was approved recently portfolio” so it would be “a little bit city buses that the MTA recently Noteworthy gains were seen on being spearheaded by Rep. Carolyn by the Financial Services more stable,” he says. took over from private operators. ferries, up 10%, to 97,249, rides on Maloney, D-Manhattan. Unlike the Committee, 39-27, and could be Domestic equities account for The use of regular city buses was an average weekday—a pronounced bankruptcy reform passed by the headed for a vote by the full House. 44% of the funds, and private virtually flat. turnaround from their 3% decrease previous Congress, which Ms. The bill would fundamentally equities have risen to $9 billion, PATH and New Jersey Transit trains the previous year. Maloney opposed, her Credit change the way credit card from $1 billion, since Mr. companies can charge customers. Thompson took office in 2002. For example, the interest rate on Mr. Thompson’s spokesman says past debt could not be raised. “A such investments have store cannot raise the price of what “significantly diversified” the you’ve bought after you’ve bought funds. The portfolio has also added it,” Ms. Maloney reasons. $4.2 billion in real estate, as well as Banks that issue credit cards other alternatives to fixed-income oppose the bill. Its prospects in the instruments. full House and in the Senate are uncertain. School buses GOP is solid seek easier route on Staten Island the city’s school bus companies have been lobbying in Albany for the republican party on Staten relief from rising diesel costs.They Island is healthier than recent say several of the city’s 49 school headlines indicate, says bus operators risk going out of Councilman James Oddo.Any business this fall. party that endures the untimely A bill to provide additional state death of one leader and the funds passed the Senate scandal-ridden departure of unanimously June 19, but a similar another in two months would not bill died in the Assembly. Meetings can be tiring. look good, he says. Bus companies estimate that the But Mr. Oddo, who plans to run bill would cost the city $8 million but Luckily, our boardrooms are next to our guest rooms. for borough president in 2009, says argue that allowing the businesses Island Republicans will turn things to fail—and rebidding their around next year. “When we win contracts—would cost much more. Borough Hall and the mid-island [council] seat, all this talk of We have the perfect spot for your next meeting. Whether you need an eight disarray will go right out the person boardroom, a 300 person event room or something in between, window,” he says. we’ve got the space to suit your needs. Every room comes equipped with a complete array of today’s technologies, including flat screen TVs, projection Plan to stabilize screens, Wi-Fi and video-conferencing, all with professional service. pension funds given the volatile market, city comptroller candidate 212 East 42nd Street, New York, NY 10017 • www.newyorkhelmsley.com • Contact Cynthia Romito at 212.405.4271 David Weprin says he would de- emphasize equities in the $105 billion city pension funds if he is elected to succeed term-limited

12 | Crain’s New York Business | August 11, 2008 CN012117 6/11/08 1:52 PM Page 1

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WEEK IN REVIEW For daily news updates, go to www.crainsnewyork.com

square-foot technology incubator ECONOMIC SPOTLIGHT in the Flatiron district.The company offers workstations with Internet connections, phone service and conference space for prices that range from $500 to $1,000 a month. Mr. Rose only aims to break even on the venture. Nymex members push for more cash new york mercantile exchange members threatened to block CME Group Inc.’s $8.7 billion takeover bid unless they get another $408 million from the Chicago-based firm. Dissidents started circulating a petition last week with the goal of getting 205 votes against the deal. An earlier JetBlue puts a price on comfort: $7 veto threat produced a higher bid. JETBLUE AIRWAYS CORP. plans to start charging passengers UBS attorney quits $7 for a pillow-and-blanket kit. The offering, which comes in auction probe with a $5 coupon to retailer Bed Bath & Beyond, is the david aufhauser resigned as latest effort to counter the surging cost of jet fuel. Some UBS AG’s North American Economy Watch airlines now ask $2 for a soda and charge a fee for checking general counsel just days after the state named him as a key figure in With the first of the Wall Street layoffs showing up, the city’s jobless rate even one bag. US AIRWAYS is likely to follow JetBlue’s lead a suit over auction-rate securities. rose in June, and the total number of jobs declined. and charge for pillows by year’s end. He and six others at the Swiss

MAY ’08 JUNE ’08 COMPARISON getty images bank are accused of selling $21 NY area inflation change +1.0% +1.0% +4.5%1 million of the securities just before wholly owned subsidiary of Sony the $330 billion market collapsed NYC unemployment rate 5.2% 5.4% 5.5%2 Laughs for 3 years Corp. of America. Bertelsmann in February. 3 NYC employment change -300 -1,000 +12,700 the new york comedy festival and Sony Corp. formed the joint 1-NY area inflation change for the latest 12-month period. 2-U.S. unemployment rate for the lat- signed a three-year marketing deal venture in August 2004. est month. 3-NYC employment change year to date. with Comedy Central.The cable Murdoch allots network will provide on-air and $100M for India TV NYC Hotel Stats Broadway Stats online promotions for the festival’s Singer’s big mouth lineup, which includes Sarah worth big money rupert murdoch’s Star Group Average occupancy slipped in June Figures for attendance and box- Silverman and Tracy Morgan.The Ltd. will invest $100 million to while the room rate edged up, PKF office gross dipped in the week end- channel will also run a one-hour ecco, an imprint of HarperCollins, launch six new regional television Consulting data show. Year-to-date ed 8/3, according to The Broadway special taped during the festival. won an auction to publish rocker channels in India during the next averages—at 85.2% and $296.98, League. Through the first 10 weeks Steven Tyler’s autobiography.The year. Star Group currently operates respectively—remained above those of the season, attendance was down company is 17 channels there, including some for the same period in ’07. 0.8%, and gross was off by 1.5%. Cablevision spinoff said to have regional channels that cater to may be on again paid more different ethnic groups. than $2 cablevision systems corp. once million for Willets Point deal again started talking about the rights to spinning off some of its assets, put out the attracts critics such as Madison Square Garden, Aerosmith to revive its battered stock price. lead singer’s complications threatened to Investors balked at a similar plan story, which scuttle a deal to relocate one of the three years ago.The firm’s board includes a largest Willets Point landowners. will also explore regular dividend recovery from While the city’s Economic payouts and stock buybacks. a heroin addiction. Development Corp. and the owners of Sambucci Bros. Auto Airport auctions Salvage smoothed over their Citi and Merrill issues, College Point officials say pay back investors irk Port Authority they plan to fight the salvage Capital IQ’s Weekly Deals Report yard’s relocation to their area. citigroup inc. and Merrill the port authority of New TRANSACTION SIZE Lynch & Co. agreed to buy back York and New Jersey butted heads Suit is no secret COMPANY/LOCATION (in millions) BUYER/INVESTOR TRANSACTION TYPE billions in auction-rate securities with the Federal Aviation Volt Information Sciences Inc., $178.0 Yellow Pages Income Fund SB M&A from their retail clients after Administration when it pledged to publishing house Simon & Volt Directory Systems & Services regulators said they misled block takeoffs and landings for Schuster Inc. got dragged into a and DataNational Inc. investors about the securities’ flights obtained through auction. long-running legal battle over self- Manhattan value. Citigroup will buy back $7 The FAA promptly set a date of help book The Secret.Drew Yonkers Racing Corp. $75.0 MML Capital Partners, New York Life GCI billion in securities by November, Sept. 3 for auctions to start at Heriot, who directed the 2006 Yonkers Investment Management while Merrill will buy back $10 Newark Liberty movie version of The Secret, sued Logic Controls Inc. $22.0 Bematech International Corp. SB M&A New Hyde Park, L.I. billion beginning in January. International Airport.The the company for Clickable Inc. $14.5 FirstMark Capital, Union Square GCI dispute is headed to the signing an exclusive Manhattan Ventures, The Founders Fund courts. deal with Rhonda Electro-Optical Sciences Inc. $11.9 Not disclosed GCI Bertelsmann AG Byrne, creator of Irvington, N.Y. cashes out of Sony the concept and Mogulus $10.0 Gannett Co. GCI SparkSpace author of a book Manhattan bertelsmann ag is selling its ignited based on the film. Selected deals announced during the week of July 27 for companies headquartered in metro New 50% stake in Sony BMG to Sony —from staff York. GCI: Growth capital investment represents new money invested in a company for a minority Corp. in a $1.2 billion deal.The angel investor David reports and stake. SB M&A: Strategic buyer M&A represents a minority or majority acquisition of existing shares of a company without the participation of a financial buyer. new company, Sony Music Rose launched bloomberg news

bekka lindström bekka Entertainment Inc., will be a SparkSpace, a 15,000- reports

14 | Crain’s New York Business | August 11, 2008 Project4 8/4/0812:02PMPage1

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NEIGHBORHOOD JOURNAL

for businesses that might want to Farmers’ market sprouts in the Bronx come into the neighborhood.” —hilary potkewitz

Norwood neighborhood market is shortage of supermarkets in the duce or that it’s too expensive,” Ms. Local hospitals help at West Mosholu Parkway North Bronx,and parts of Harlem and east- DeIorio says. “So we decided to Baby Bombers soar Norwood section and Jerome Avenue. The Harvest ern Queens. Fewer than 25% of food bring farmers’markets to our neigh- while S.I. waits Home Farmers Market, which retailers in those communities sell borhoods to support our message of get fresh produce manages half a dozen similar spots fresh fruits and vegetables. healthy nutrition.” after a slow start—seven years, in the Bronx, set up this one in col- These neighborhoods have “near Not everyone views produce in fact—the Staten Island Yankees he bronx is greening. laboration with North Central epidemic levels” of diet-related dis- peddlers’ proliferation as progress. are on fire. Attendance has explod- The borough, infa- Bronx Hospital and Jacobi Medical eases, such as obesity and diabetes, “These markets are just season- ed since new management took over mously short on super- Center, affiliated facilities that want says Barbara DeIorio, marketing di- al,” says Richard Lipsky, head of the last year. markets, landed its 20th to help bring better food options to rector for North Central Bronx Hos- Neighborhood Retail Alliance, The Baby Bombers have sold out outdoor produce market this part of the borough. pital and Jacobi Medical Center. which supports mom-and-pop gro- their home field, the 7,171-seat Tlast month. A recent study by the Department “We’ve heard from our patients cers. “They don’t help local busi- Richmond County Bank Ballpark, Open every Wednesday, the of City Planning found an acute that it’s difficult to find fresh pro- nesses, and they serve as a deterrent 15 times so far this season.The team expects total sellouts to hit 18— triple the number in all previous sea- sons combined—before the final home game on Sept. 5. Joseph Carroll, district manager of Community Board 1, calls the turnaround “extraordinary.” Don’t Push Your Luck “We all had such high hopes,but they didn’t come to fruition initial- ly,” Mr. Carroll says. “Now there’s a line forming outside the stadium With Your Push To Talk. before each game.” Some local officials are still wait- ing for that success to rub off on the MAKE THE SWITCH TO VERIZON WIRELESS. surrounding St.George community. “At the end of day,the majority of Make your business instantly more productive by switching to the only Push to Talk service people drive or take mass transit to that comes with the Network. And right now you can get a great deal on one of our hardest- a game and then leave right after,” working phones. Verizon Wireless. The smart choice for Push to Talk. says Cesar Claro, president of the Staten Island Economic Develop-

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16 59207-07.indd| Crain’s New 1 York Business | August 11, 2008 8/4/08 8:29:49 PM CNYB 08-11-08 A 17 8/7/2008 1:23 PM Page 1

SMALL BUSINESS INSIDE How to handle the difficult task of laying off employees PAGE 24 “Working with Target has put us through the ‘University of Retail.’ ” —Christiane Lemieux, DwellStudio, Page 20 Firms 2008 AWARD WINNERS gear up veryone knows that entrepreneurs must be willing to take risks. Crain’s Small Business Award winners this for costly year have another vital quality: fortitude.They found ways to keep shipping Etheir firms going in the face of trials that included a four-year environmental cleanup, labor strife Hire logistics and the near-collapse of cash flow. experts, use own Christiane Lemieux’s response to the economic trucks to cope turmoil after Sept. 11 was typical of these with fuel prices DICK CHEN PAGE 20 entrepreneurs’ endurance. When her bookkeeper DANIEL GARCIA PAGE 22 Aerospace Wire & Cable Inc. told the founder of DwellStudio to shut down Salsa Caterers & Special Events BY JOYCE HANSON because she was running out of money, Ms. Lemieux stopped drawing a salary and persuaded ben barber has been manufac- overseas suppliers to give her more time to pay turing fancy linens in Brooklyn them. Based in a second-floor walkup with no since 1974, but this year he has started to see his suppliers heat, she also talked her husband into working adding a new line item to their with her part-time.The company survived, and bills: fuel surcharges that have Target began selling Ms. Lemieux’s houseware raised his ground shipping costs 20%. designs this year. “Everybody has raised their Though the winners of Crain’s Small Business fuel costs,” says Mr. Barber, president of Elegant Linen Inc. Awards relish challenges, they recognize that “We know our business, so operating in New York City is harder than it we’re not worried, but we’re not CHRISTIANE LEMIEUX PAGE 20 should be. Such problems as real estate policies TOM SHANNON PAGE 22 looking to expand this year. DwellStudio Strike Holdings Inc. We’re just looking to control that make it easier to build apartment towers than our costs and survive.” to keep a factory open and one of the nation’s Small businesses all over the highest tax burdens have turned the city into a city have been hit hard with the exploding cost of shipping, crucible for small business.The companies that which has doubled in some cas- last are tougher for the struggle, but these es. Companies are being forced entrepreneurs hope for changes that will make to find new ways to cope, from hiring freight logistics man- things easier for those who follow them. agers to using their own truck- ing fleets. The third and fourth quar- WEB EXCLUSIVE 2008 AWARD WINNERS ters are going to be “brutal,” Slide show: These top entrepreneurs share says Chris Baumann, a partner at Transport Systems Inc. in insights and tips on how to succeed in business in Basking Ridge, N.J. Manufac- TERRY TANG PAGE 21 New York City. www.crainsnewyork.com JOSH SELIG PAGE 23 turers, he says, will scramble to TMI Food Group Inc. Little Airplane Productions Inc. See FIRMS on Page 18

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REPORT SMALL BUSINESS Firms gear up for costly shipping

Continued from Page 17 containers and trucks, and lack the Mr.Ryan has found a way to save find suppliers closer to home, and volume to negotiate hard for dis- money: He has hired a logistics companies of all kinds may begin counts. Shipping costs can account manager. Oeuf ’s Latvian supplier major restructurings of their supply for as much as 10% of a small man- ships the baby gear to a third-party chains. ufacturer’s or wholesaler’s budget. order fulfillment house in Trenton, “We’re swinging back to inven- which works with Mr.Ryan’s freight tory closer to the consumption,thus ‘We’re not Ikea’ handler, Logistics Management less mileage.The fuel costs are driv- “it’s hard for us to deal with con- Inc., to move Oeuf ’s goods around ing that,” Mr. Baumann says. tainer and fuel costs,” says Michael the country as orders come in. LMI ELEGANT LINEN is looking But small businesses are the least Ryan, a co-founder of Oeuf, a has a network of 2,500 less-than- to control costs of shipping equipped to deal with increased Brooklyn-based baby furniture and truckload customers across the its high-end goods. shipping costs. They pay higher apparel wholesaler. “We’re not country, and that economy of scale freight charges for less-than-full Ikea.” has helped Oeuf cut shipping costs by half. Some small businesses are still able to pass on costs to their cus- tomers—although even that re- quires some finessing by people like Karl Keuroghlian, international sales director for AFC Industries, a College Point, Queens, company that makes ergonomic workstations for medical and high-tech offices. When fuel prices began going up, Mr. Keuroghlian quoted cus- tomers a price, but warned them it might go up 15% to 20% within a month. The uncertainty may have cost him some deals. So he started adding 30% up front, and then knocking 10% to 15% off at the time of shipping. “It makes the customer really happy,” he says. “You have to play these games, unfortunately.” Some businesses have found that they can better control fuel costs by bringing local truck transportation in-house. Diesel fuel in the Eastern United States rose 67.9%, to $4.92 per gallon, as of July 7, versus $2.93 a year earlier,according to the week- ly retail gasoline and diesel index published by the U.S. Energy Infor- mation Administration “Having our own fleet of trucks definitely helps,” says Paul Storch, vice president of the Summit Appli- ances division of Felix Storch Inc. The company ships 100,000 refrig- erators, washers and other appli- ances annually. Van plan elegant linen, too, now sends its own vans to pick up supplies rather than relying on common carriers like FedEx. Consolidating warehouses can also save companies money on their shipping costs, if firms can figure out locations that reduce their miles shipped.Eventually,more may want to move their warehouses closer to the huge New York metropolitan area and its more than 20 million consumers. “Companies are asking them- selves, ‘Where are my suppliers and raw materials located? Where are my end users located? Could I pos- sibly get my product for distribution closer to where my end users are?’ ” says Tom Valentine, vice president of the northern U.S. region for Mainfreight USA. Mainfreight itself will be moving in New Jersey to an 80,000-square- foot warehouse from a 30,000- square-foot warehouse this Sep- tember, he says.

COMMENTS? [email protected]

18 | Crain’s New York Business | August 11, 2008 Project3 8/4/08 11:57 AM Page 1

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REPORT SMALL BUSINESS CABLE ENGINEER PLUGS INTO NICHE MARKET Immigrant entrepreneur thrives on flexibility, discipline

BY TINA TRASTER

he washington monument is a symbol of pride and patriotism for many people. Dick Chen feels the same way, but for more personal reasons. The 59-year-old engineer’s work helps the monument weather the elements. Mr. Chen’s company, Aerospace Wire & Cable Inc., designed a unique, stone- DICK CHEN says his company can colored cable that collects data on humidity, acidity and pollution. That kind of deliver cable faster specialized product is an example of the niche thinking that has taken Aerospace to the top of its and cheaper than T competitors can. small industry.

The thriving business, with $10 million in 2007 revenues, is all the more impressive because of its buck ennis location in College Point,Queens.New York City has been steadily losing heavy industry to cheaper 2008 AWARD WINNER overseas markets. and two minority part- ization.” Among the industries the mental Protection relies on Aero- PLACES USING AEROSPACE WIRE “This company is AEROSPACE CABLE ners, Andy Han and company serves are aerospace,com- space’s technology for cooling sys- living proof that if Chi Chen, decided to munications, nuclear power, min- tems at water-treatment plants. & CABLE INC. you’ve got the right G The start Aerospace. They ing and defense. Staying fleet-footed and small product and the right Washington aimed for a niche: the has been the charm for Aerospace, FOUNDER Dick Chen market, a manufactur- Monument market for Teflon-cov- Quick on its feet but it does face challenges. REVENUES $10 million ing outfit can thrive in G ered cable designed to “the company is flexible and Rising taxes,higher energy costs, A research EMPLOYEES 25 New York City,” says station at the carry data faster than turns around orders quickly,” says $12,000 a month in rent and a Sara Garretson, presi- North Pole conventional cables at Andy Beebe, sales manager for shortage of skilled labor worry Mr. MAJOR ACHIEVEMENTS dent of the Industrial & G The Empire extreme temperatures. Manhattan Wire Products in New Chen. On top of that, the company Rising to the top through narrow Technology Assistance State Building “Building contrac- Jersey, a cable distributor. “I’ve needs to expand, which may mean specialization; keeping a

Corp. in Manhattan. istockphoto tors first go to Belden placed orders as small as 1,000 feet of relocating outside New York City manufacturing operation thriving Mr. Chen emigrat- Wire & Cable, the in- cable.That’s not something the big- within the next two to five years. in New York City. ed from Taiwan 36 years ago with dustry’s major player, which has a ger manufacturers will bother with.” “We started out with 5,000 CHARITABLE WORK The company empty pockets. When his employer, huge catalog,” says Mr. Chen.“Then Nearly 25% of what Aerospace square feet at this location 22 years donates to the American Cancer another cable company,moved from they call us. We can deliver product manufactures is geared for projects in ago, expanded to 10,000 a decade Society, the YMCA and Chinese Tarrytown,N.Y.,to Florida in 1986, in four weeks, not eight, at half the New York City. High-rises use the later, and now we’re at capacity.” he seized his chance for the Ameri- price, and make the wires blue for cable because it meets stringent fire cultural organizations. can dream. Rather than relocate, he identification. It’s all about special- codes.The Department of Environ- COMMENTS? [email protected] DESIGNER SCALES UP TO BE NATIONAL BRAND

Turning a company inside-out for Target 2008 AWARD WINNER BY TINA TRASTER DWELLSTUDIO FOUNDER Christiane Lemieux en p.m.often finds Christiane Lemieux bent over a drafting table in her SoHo office, toward the end REVENUES $16 million of another 15-hour day. The owner of design firm EMPLOYEES 37 DwellStudio launched a housewares and baby MAJOR ACHIEVEMENTS Scaling down to fulfill the founder’s vision; scaling collection at Target in January. She has spent the up within a year to become a Target Tpast year working to meet the demand in more than 1,500 stores supplier. nationwide. CHARITABLE WORK The company Ms.Lemieux is scaling way up to become a nationally known supports New York Cares, Miracle brand. Three years ago, in order to build her brand, she had to House and Baby Buggy. do something much pursue an unadulter- CHRISTIANE LEMIEUX’S TOP tougher: scale way HOUSEWARES TRENDS ated vision; you’re in down. control,” says the de- Caponigro, style director at Domino CHRISTIANE In 2005,the then G Bold colors signer. “In private la- magazine. “She delivers modern de- LEMIEUX wants her own vision six-year-old com- G Mixing bel, it’s an interpre- sign to people who don’t even know to dominate. pany was at a cross- heirlooms and tation of what they want modern design.” roads. Ms. Lemi- contemporary someone else wants, These days, DwellStudio has a eux, a former design pieces and inevitably that high-end line,sold at more than 800

director for Portico, G Layering textures,prints means a lot of com- specialty stores, as well as the Target buck ennis had built DwellStu- and colors promise.” line.The high-end line has a follow- dio into a successful Between 2005 and ing of celebrity moms, including metrics,abstract florals and fresh in- plating two new directions: depart- private-label shop, 2006, as she dropped Gwyneth Paltrow, Liv Tyler, Gwen terpretations of old-world motifs. ment stores and the overseas market. producing under such labels as Crate some accounts, annual revenues fell Stefani and Teri Hatcher. To supply Target, Ms. Lemieux “Working with mass retailers like & Barrel, J.C. Penney and Bed, Bath by a third. But that allowed Ms. and her husband, Joshua Young, the Target has put us through the ‘Uni- & Beyond. Lemieux to market to more high-end Same motifs company’s president,tripled produc- versity of Retail’”Ms.Lemieux says. Ms. Lemieux wasn’t satisfied. A specialty stores. Her success there led the target line is not as pricey— tion.They added five overseas facto- One goal remains elusive: a former fashion assistant for Isaac to the deal with Target,which saw the a 200-thread-count crib set costs ries and doubled their workforce to storefront in Manhattan.“The rents Mizrahi, she wanted her own vision mass-market appeal in Ms. $79.99 at Target, while a similarly 37 employees. The company’s 2007 in this city are so daunting, so for and her own name to dominate the Lemieux’s brand of modern design. designed 300-thread-count crib set revenues of $16 million are expected now we keep dreaming,” she adds. company. “Christiane figures out the trends at specialty stores retails for $385. to increase to $24 million in 2008. “When it’s your brand, you can before everyone else does,”says Dara Both lines include the same geo- Now, the company is contem- COMMENTS? [email protected]

20 | Crain’s New York Business | August 11, 2008 CNYB 08-11-08 A 21 8/7/2008 1:30 PM Page 1

REPORT SMALL BUSINESS TERRY TANG samples all potential new MANUFACTURER FINDS offerings. FORTUNE IN ASIAN FOOD Sales in ethnic, mainstream grocery stores propel firm

BY CARA S. TRAGER

eing an entrepreneur in the food industry means having the confidence to trust your own instincts—right down to your taste buds. As chief executive of TMI Food Group Inc., an Asian food manufacturer, Terry Tang samples all potential new offerings. “I know what tastes good,” he says. BMr.Tang also knows a thing or two about making noodles, having turned a 3,000-square-foot Chinatown noodle maker into one of the largest producers of Asian food on the East Coast.

In 1989, Mr.Tang, along with his brother Joseph and other family members, pooled $120,000 buck ennis to start the business. Two years ago, Mr. 2002 for $2.5 million. Renovations 2008 AWARD WINNER Since then, Mr. Tang MR. TANG’S ASIAN Tang,seeing the grow- and machinery cost an additional $2 back by remaining a constant pres- RESTAURANT TMI FOOD has tapped into his taste RECOMMENDATIONS ing popularity of natu- million. ence at food shows and regularly re- buds again and again to ral foods, launched Growth hasn’t been indigestion- assuring customers that as soon as GROUP INC. introduce new Asian G Sentosa and Ocean Tang’s Natural, which free for the 140-employee firm. In the Bushwick plant’s four produc- food sensations to the Jewels in Flushing, includes a whole- anticipation of moving into the tion lines—each capable of churn- FOUNDERS Terry Tang and family Queens U.S. market. Selling to wheat dumpling. Bushwick facility, the firm pumped ing out 11,000 dumplings per members ethnic markets and G Shanghai TMI’s constant up its roster of new products and hour—were buzzing, TMI’s service REVENUES $16.8 million mainstream grocers Café, flurry of new victuals added trade show appearances— and products would be better than such as Key Food and Golden has driven up sales 15% only to face a serious problem. A ever. And it delivered. EMPLOYEES 140 FreshDirect, the firm Unicorn “I can come into the plant at a drop and Ping’s to 20% annually—to leaking in-ground oil tank delayed MAJOR ACHIEVEMENT Turning a introduced the Japan- Seafood in $16.8 million last year. the Bushwick plant’s opening by of a hat to develop a product,and Ter- small Chinatown noodle maker ese udon noodle.Under Chinatown It also has fueled the four years. The cleanup cost was ry has people who will work into the into one of the largest East Coast

the Chef One label, the istockphoto firm’s physical expan- $50,000. night until we get exactly what we Asian food makers. firm markets 30 differ- sion, with its facilities want,” says Bruce Cost, an authority ent dumplings, many of them with a now totaling an immense 110,000 Difficult situation on Asian cuisine and a partner in two CHARITABLE WORK Sponsors the fusion flare, such as the Italian square feet. “we were promising our cus- Midwest restaurant chains, Big Bowl annual Hong Kong Dragon Boat sausage, teriyaki and lemongrass va- The four sites include the original tomers products, but deliveries were and Wow Bao. “Terry is a stickler for Festival in New York; funds two rieties. Chinatown factory and an 80,000- stalled, and we were trying to get quality and consistency.” scholarships at the New York City It also produces a certified kosher square-foot headquarters in Bush- new customers,” says Mr. Tang. College of Technology. line under the Twin Marquis label. wick, Brooklyn, which it bought in The company survived the set- COMMENTS? [email protected]

August 11, 2008 | Crain’s New York Business | 21 CNYB 08-11-08 A 22 8/7/2008 1:33 PM Page 1

REPORT SMALL BUSINESS CATERER ADDS SPICE DANIEL GARCIA offers Hispanic cuisine, music and AT STADIUM, BIG EVENTS decor. Networking skills, attention to detail, authenticity win clients

BY CARA S. TRAGER

ike many successful entrepreneurs, Daniel Garcia got his start when his boss reneged on a promise to make him a partner. “I grabbed my Rolodex and resigned,” says Mr. Garcia, chief executive of Salsa Caterers & Special Events, the firm he subsequently founded. Overcoming the stigma of a Bronx location, his financial inexperience and the Longoing challenge of finding skilled managers,Mr.Garcia’s catering and event-planning business has become the city’s pre-eminent caterer for Hispanic cuisine, music and decor, be it South American, Latin American, Caribbean Latin or Spanish. buck ennis And last year, Salsa Caterers made history—as Yankee Stadium’s first-ever entirely Latin food 2008 AWARD WINNER concession—a de- What sets the ing Corp., which has been tapping steady diet of sales and management SALSA CATERERS velopment that has MR. GARCIA’S RECIPE FOR company apart, say Salsa Caterers’ event-planning serv- courses, tapes and books. ADOBO CRIOLLO SEASONING & SPECIAL EVENTS fueled Mr. Garcia’s its clients, are its at- ices for its 150-person picnic and An incident early in his career long-range plans to INGREDIENTS tention to detail, 300-person Christmas party. shows the extent to which he’s will- FOUNDER Daniel Garcia franchise the fast- 3 oz. fresh peeled garlic customer service and ing to go for a customer. REVENUES $1.6 million food concept. 1 tsp. Caribbean event authenticity. Higher visibility Mr. Garcia launched the business “We didn’t think oregano (Italian is OK) Customers include the company has been lifted by the in 1990 with just $6,000 in savings in EMPLOYEES 60 full- and part-time of anyone else,”says a 1 tsp. black pepper Bronx Lebanon increasing recognition of Latino cul- a 4,000-square-foot site. The day af- MAJOR ACHIEVEMENTS spokesman for Goya 3 tbsp. apple cider Hospital, Philip ture and the political importance of ter a customer asked if his location was vinegar Becoming the go-to caterer for Foods Inc., which Morris and KPMG. the Latino community. Salsa Cater- available for parties, Mr. Garcia Latin food in New York City, joined with the Yan- 3 tbsp. vegetable oil “The company is ers was tapped to cater the posh promptly entered the on-site catering 1½ tbsp. salt opening a Latin food stand in kees in coming up very reliable and opening-night gathering for the Pi- business,placing colored film paper on Yankee Stadium. with the idea of a In a food processor, combine professional, pro- casso exhibit at the Metropolitan fluorescent bulbs for mood lighting. Latin food stand. “A all of the ingredients and mix to viding lots of per- Museum of Art and a party for the Since then, Mr. Garcia has in- CHARITABLE WORK Every year, lot of restaurants do a purée. Keep refrigerated for sonal attention,” William J. Clinton Foundation. vested more than $250,000 in his Salsa Caterers hosts a catering, but they use on pork, chicken or beef. says Jose Velazquez, Salsa Caterers owes its gigs to Bathgate headquarters—now total- Thanksgiving dinner in its ballroom

don’t do off-premis- istockphoto founder and presi- word-of-mouth and Mr. Garcia’s ing 10,400 square feet. for 200 families from Aguila, a es, and he can do the dent of Manhattan- tenacious,backslapping networking homeless shelter in the Bronx. whole gamut of Latin cuisine.” headquartered Tri-Line Contract- skills. He gets his energy from a COMMENTS? [email protected] NOT RALPH KRAMDEN’S BOWLING ALLEY

Mojito-swilling hipsters take over the lanes 2008 AWARD WINNER TOM SHANNON is credited with making bowling STRIKE HOLDINGS cool again. BY TINA TRASTER FOUNDER Tom Shannon cting on little more than a hunch that REVENUES $33 million bowling would always have a place in American EMPLOYEES 110 full-time; 30 part- pop culture,Tom Shannon bought Bowlmor Lanes time for $1.4 million when it was on the verge of closing MAJOR ACHIEVEMENTS Making in 1997.Injecting the tired business with hip design, bowling hip again; building up the company to six locations. upscale cuisine and a full bar,and marketing Bowlmor as a party A CHARITABLE WORK Offers discounts venue, Mr. Shannon not only revived a Greenwich Village to local schools, day camp groups, institution but changed the bowling alley industry. organizations for the disabled, firefighters and police officers. “I knew bowling At the time, his had legs,” Mr. Shan- CELEBRITY ROLLERS purchase looked like non says. “But it G Cameron Diaz a gutter ball. With needed to become G Julia Roberts little business back- “He’s made bowling sexy,” says relevant. It needed G Benjamin Bratt ground or knowledge Jeffrey Roseman,a partner at real es- an update.” G Dustin Hoffman of the sport, Mr. tate broker Newmark Knight Frank

His company, wireimages Shannon borrowed Retail.“It’s hip,cool—it’s not Ralph

Strike Holdings $2 million from Kramden’s bowling alley.” buck ennis Inc., now has six alleys—in Man- friends, family and Bowlmor’s sellers hattan; Long Island; Bethesda, to buy and transform the dingy alley. Taking a hit “Luckily, everyone believed Shannon tried something new about Md.; Miami; and Southern and The revamp—which included strike holdings was a media dar- [me],” he says. four years ago. Leasing space for $20 Northern California. Revenues installing video screens and glow-in- ling, but its image was challenged The risks that Mr. Shannon took a square foot in a Miami mall,he dis- were $33 million last year, and Mr. the-dark lanes and balls, and adding when the New York Post reported in have largely paid off. He eliminated covered that the increased walk-in Shannon expects that figure to rise such amenities as cocktails and lane- 2004 that new investors had links to leagues—a bowling staple that he had trade justified the doubled rent. to $40 million this year. He also side waiter service—made Bowlmor Yassir Arafat. Strike bought them been told paid the rent—to ease out “As large retail stores close across plans to add four locations in Cali- a favorite of celebrities,hipster drop- out, and Mr. Shannon held a press regulars who did not cotton to the the country, there will be a lot more fornia, Florida and New York over ins and event planners. Mr. Shan- conference, saying that he had not fancy trappings or the higher prices. mall space on the market, which is the next two years.The well-known non’s success in attracting a new gen- known about any relationship be- The entrepreneur’s first moves good news for our expansion,” Mr. Bowlmor name was maintained in eration of bowlers has inspired other tween a boutique investment bank outside of the city were to Hyde Park, Shannon says. the Village, but the rest of the loca- chains, including California-based that had loaned the company $4 mil- L.I., and Bethesda, where he leased tions carry the Strike moniker. Lucky Strike,to adopt his strategies. lion and a Palestinian pension fund. space for $10 a square foot. But Mr. COMMENTS? [email protected]

22 | Crain’s New York Business | August 11, 2008 CNYB 08-11-08 A 23 8/7/2008 1:35 PM Page 1

REPORT SMALL BUSINESS JOSH SELIG performed on Sesame Street when he was a child, then PRODUCTION FIRM MELDS wrote for the show. WHIMSY, DISCIPLINE Approach includes ‘flight plan’ of daily goals for creative staff

BY STEVE GARMHAUSEN

very day,840,000 preschoolers watch a show on Nickelodeon’s Nick Jr. starring an operatic guinea pig, turtle and duckling who leave their little red schoolhouse to rescue baby animals. Those pint-size viewers of Wonder Pets! might not be able to describe the theatrical format and cutting-edge animation, but they know the program is special. “Wonder Pets! is really cool,” says 5-year-old Ella Dastillung, who lives in Cincinnati. “My E buck ennis favorite part is when Ming-Ming says, ‘This is serious!’ ” says her twin brother, Jack, referring to its duckling star. 2008 AWARD WINNER The Emmy winner is the brainchild of Little Airplane Productions Inc.,considered a hothouse LITTLE AIRPLANE for great children’s “I think that most ries,Oobi!,before Mr.Selig had even Musicians of Greater New York, programming. MR. SELIG’S FAVORITE creative people, myself found an office. It featured ultra- Local 802 AFM, Little Airplane FOUNDER Josh Selig KIDS’ PROGRAMS “Wonder Pets! is a included, work best minimalist “puppets”: actors’ hands agreed that the musicians who work EMPLOYEES 105 true testament to inno- G under clear deadlines,” with plastic eyeballs attached. Oobi on Wonder Pets! would be covered by The Backyardigans REVENUES $18 million from two vative design and ani- G says founder Josh was so popular that Noggin, anoth- a union contract. Charlie and Lola shows in production mation,” says Teri G Bear in the Selig, whose approach er Nickelodeon channel, ordered a Mr. Selig acknowledges that Weiss,senior vice pres- Big Blue includes a “flight plan” season of long-form shows—and New York production firms and the MAJOR ACHIEVEMENTS Produces ident of preschool pro- House that details daily goals then another. unions have a history of tension.But the Emmy-winning Wonder Pets! duction and develop- G for each artist. he tries to create a harmonious envi- and 3rd & Bird!, for U.S. and U.K. The Bugs Big plans ment at Nickelodeon. Bunny Show Mr. Selig has been ronment for his own creative staff markets; Oobi! was breakout hit. “We thought it was in the business of har- the company is producing two by, for instance, providing feed- G Mister Rogers’ CHARITABLE WORK Supports local unique from the mo- nessing ideas practi- shows at its New York studios,locat- back—known as “notes”—in a Neighborhood schools by donating tours. ment we saw the first cally his entire life. A ed in South Street Seaport.Both se- straightforward but thoughtful way. shorts back in 2003.” former Sesame Street ries—Wonder Pets!, which is head- “If the notes improve the final prod- Audaciously creative and mas- child actor who later wrote for the ing into its third season, and the uct,then everyone is happy,”he says. terfully organized into 13- and 14- show, he founded Little Airplane in brand-new 3rd & Bird!—use the This owner continues to chart a “I’ve always been very curious minute episodes, Wonder Pets! is a 1999 because it was the only way that bold, colorful style known as photo- challenging course. With nearly a about my own potential and the po- metaphor for Little Airplane.Disci- he could ensure his stories ended up puppetry animation. decade of preschool productions un- tential of my team,” Mr. Selig says. pline underpins the shop’s commer- the way he had written them. This summer, after contentious der its belt, the company is now ex- cial and critical success. Little Airplane sold its first se- negotiations with the Associated ploring family-oriented film projects. COMMENTS? [email protected] We believe in small business.

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August 11, 2008 | Crain’s New York Business | 23 CNYB 08-11-08 A 24 8/7/2008 1:38 PM Page 1

REPORT

HOW-TO

TURNED OFF BY LAYOFFS: Lúgh’s Peter Byrnes couldn’t stomach post-Sept. 11 layoffs; he later had to rebuild his firm. buck ennis Realism and tact ease layoffs

make sure that the company is in Preparation can save compliance with employment laws. a business; empathy Prepare official notification letters, severance package details and expla- helps both former nations of benefits. Review collec- tive-bargaining and employment and remaining staff agreements to ensure that the com- pany complies with layoff proce- BY TINA TRASTER dures and employee notification requirements outlined in union fter sept. 11, work contracts or employee agreements. dried up for Lúgh Stu- Make arrangements ahead of dio Inc., a graphic arts time for job placement services. firm that handles sev- This will communicate the fact that eral financial clients. the company will do what it can to ABut Peter Byrnes, president of the care for its employees. Brooklyn company, didn’t have the heart to lay off employees. TIP 2 That sentimentality nearly cost Stay in compliance. him his business. “By September 2002, we were in the worker adjustment and Re- the hole for $250,000,” says Mr. training Notification Act says that Byrnes. “It got to the point where I employees must receive 60 days’ no- had to lay off everyone, give away tice before they are laid off, or they 50% of my paycheck after taxes to may be entitled to 60 days’ pay.The repay debt, and rebuild the compa- rule applies to firms with more than ny from scratch.” 100 employees that are laying off a If the economy continues to sour, significant number. For details, vis- Mr. Byrnes will act more swiftly. it www.doleta.gov/layoff/warn.cfm. Laying off employees is one of the hardest things a business owner TIP 3 may have to do. At times, however, Decide who will be laid off. layoffs are necessary to ensure the long-term viability of a company. establish a list of skills most crit- No matter what, the decision will ical to increasing productivity.Eval- have financial and emotional conse- uate workers based on those criteria, quences, both for those who are los- rather than on performance or sen- ing their jobs and for those remain- iority, so that cutbacks are in line ing at the company. Layoffs will with restructuring goals.This is not always be difficult—but there are the time to focus on performance. ways to handle them effectively. TIP 4 TIP 1 Steer clear of the courts. Be prepared. treat people fairly,and do all you consult with an attorney to can to ensure that they perceive your

24 | Crain’s New York Business | August 11, 2008 CNYB 08-11-08 A 25 8/7/2008 1:41 PM Page 1

REPORT SMALL BUSINESS

treatment as fair. Avoid using a lot- felt terrible about laying off an em- in time for her to meet her targets,” employment and salaries. Agree them time to grieve.Let them know tery system or targeting employees ployee who had moved from San says Mr.Dochtermann.“She agreed upon what the company will say whether they will be required to take based on age, sex, race or any other Francisco to join his firm—and had to let me out of the contract, and I during reference-check calls. on extra work or responsibilities,and demographic criteria that could ap- signed a two-year contract.But three agreed to pay for her relocation back assure them that they will be trained. pear to be discriminatory. months into her tenure,the economy to San Francisco.” TIP 8 To prevent a downward spiral in Get legal or accounting advice was bad,business was way off and the Soothe the survivors. productivity and loyalty, reassure about Cobra obligations and about new hire could not meet her goals. TIP 7 them that their jobs are safe—if they whether the company will pay ben- Rather than risk an ugly verbal Cope with the morning after. layoffs generate aftershocks are. If more layoffs are possible, be efits, such as accumulated vacation confrontation, Mr. Dochtermann among remaining employees. Don’t honest about this. But bear in mind time, in a lump sum or in staggered offered the employee a chance to be prepared to handle requests for become elusive. This is the time to that it’s best to complete layoffs in payments.If you want a laid-off em- suggest in writing an appropriate referrals and job verifications. Tell show leadership. one fell swoop rather than imple- ployee to depart at once,provide two way to sever their relationship. terminated workers whom their Tell employees why the layoffs menting them in waves, which cre- weeks’ pay in lieu of service. “It turned out she agreed that the prospective employees should con- were needed. Encourage them to ates fear and kills morale. situation was hopeless, and that the tact, and offer post-employment ask questions and express their fears, TIP 5 economy was not going to improve letters verifying their titles, dates of and convey your empathy. Give COMMENTS? [email protected] Deliver the news personally. do not delegate layoffs to an un- derling, and never use e-mail to de- liver the bad news. It is the compa- ny owner’s responsibility to inform employees directly and in person. Call a meeting with the employ- He asked how cash flow ee, and include his or her manager and/or an HR staffer. Use a scripted notification process, and don’t en- affects my sleep. We could gage in small talk. Thank the em- ployee for his time and service, and then explain why the layoff is a fi- nancial necessity. Tell him that the have talked all night. decision does not reflect on his work; avoid discussions of why one person was retained rather than an- other. Convey your sincere regrets. Keep the meeting under 15 min- utes.Then hand the employee a lay- off letter that’s been vetted by an attorney, including the reason that layoffs are needed.Tell the employee that her work was valued, highlight the useful or exceptional work that she performed, and wish her well. Then usher the employee to HR or to an outplacement service.

TIP 6 Dinesh Kapoor Sweeten the departure. textiles importer/exporter New York, NY offer a generous severance pack- age and the services of a profession- al outplacement firm.Outplacement support—which can last from one month to a year, depending upon an employee’s position—must kick in immediately after termination. It should assist people in evaluating skill sets, writing résumés, accessing job resources, networking, and de- veloping interview strategies. Erik Dochtermann, chief execu- tive of Manhattan ad agency KD&E,

At HSBC Business Banking, we build our relationship WHAT DOES RAQs A LAYOFF COST? with you on Rarely Asked Questions ( ). The better your HSBC relationship manager understands your business, the better he SEVERANCE PACKAGES vary a lot or she can tap into our global financial network to give you a competitive advantage. by industry. Two weeks’ pay is the That’s why our first conversation together is going to be about you — not us. When minimum. Six to eight weeks’ pay is more generous. was the last time your bank asked you the right questions about your business? Visit a branch or call 1-866-909-1267 to talk to a relationship manager. us.hsbc.com/business If a worker has a contract, you may be able to negotiate its end by offering a cash payment, a relocation package or assistance in finding a new job. Products in the United States offered by HSBC Bank USA, N.A. or HSBC National Bank USA. Both banks are Member FDIC. ©2008 HSBC Bank USA, N.A. istockphotos

August 11, 2008 | Crain’s New York Business | 25 CNYB 08-11-08 A 26 8/8/2008 1:09 PM Page 1

NEW SUPERMARKETS Kosher superstore

WHOLE FOODS coming to Brooklyn didn’t reduce its store prototype when it came to New York. Arrival of Pomegranate BIG KID ON THE BLOCK could prompt battle with other Midwood markets

BY JOYCE HANSON

a brooklyn-based independent grocer is opening a store in Midwood that emulates

buck ennis Whole Foods—with a kosher twist. Pomegranate occupies an entire block on Coney Island Avenue at Avenue L. The Whole Foods has 20,000-square-foot space has been under construction for two years, and the develop- ment includes a 50-car parking lot. Scheduled to open Aug. 19, the upscale appetite for Big Apple market will cater to the neighborhood’s grow- ing population of both Ashkenazi and

make the Big Apple home to the largest clus- Sephardic Jews. It also expects to draw kosher lindström bekka Company leases Upper ter of Whole Foods stores. Chicago is second, shoppers from Boro Park and Williamsburg, East Side location; with six locations. Brooklyn, and Five Towns, L.I. Others say that those stores are the ones While neighborhood residents rejoice— that should be worried. will be 8th store in city the nearest Whole Foods location is at Whole Foods-inspired “The rumor is that Moisha’s Supermarket Columbus Circle—industry insiders say the “whole foods is definitely the inspiration and Glatt Mart are quaking in their boots an- addition will benefit a neighborhood bereft of for Pomegranate,” says Sam Ash, creative ticipating the opening of this behemoth,”says BY ADRIANNE PASQUARELLI many supermarket options. director with advertising agency KZ Cre- Chaptzem Blog! “That would be a great access point for a lot ative. “There is opportunity in any indus- Mr. Ash says Moisha’s and Glatt Mart are the recession may be taking a bite about of of East Side residents to take advantage of,” try when you go up-market instead of mass- traditional grocery stores and therefore not Whole Foods elsewhere in the country,but New says David LaPierre, a senior vice president at market, and the kosher market is no Pomegranate’s competition. York remains the apple of the company’s eye. CB Richard Ellis Inc., who is not connected exception.” Managers at Moisha’s and Glatt Mart de- The Austin-based company just signed a to the deal. “It would be a great divide to hit Under full-time rabbinical supervision, clined to comment. lease for its first Upper East Side location, at that Tudor City crowd to the south and the Pomegranate will sell fresh fish, aged meat, 250 E. 57th St., in a building under develop- Upper East Side residents to the north.” imported cheeses, gourmet packaged goods Bigger margins ment by the World-Wide Group, the devel- and a wide range of vegetables and exotic “we don’t object to anyone opening up a oper’s publicist says. The three-floor space, Popular spot fruits—including pomegranates, of course. neighborhood store, even if it’s a little bigger above the High School of Art and Design and he adds that Manhattan could most likely The store is the brainchild of Abraham than the other stores,” says Richard Lipsky, a P.S. 59, will be 47,000 square feet. Construc- support two more Whole Foods stores. Banda, a Williamsburg resident and grocery lobbyist for the Neighborhood Retail Al- tion is expected to be completed by 2012. Whole Foods has been very popular with store owner on Long Island. liance, which supports mom-and-pop shops. The decision follows the company’s report of New Yorkers since its 2001 arrival,and the new At a time when more large grocery “Their profit margins may be a little better poor third-quarter earnings and announcement store is expected to continue the trend. stores are closing in the city than opening, than average because this is specialty kosher that it will reduce its planned store openings. “Historically, markets in New York City Pomegranate may well spark a supermar- food for a wealthy community.” have either been bodegas or the homegrown su- ket war. Kosher consumers also spend more at the Healthy market permarkets like D’Agostino and Gristedes, Commenters on JBlog Central, The Jew- cash register than average shoppers because “whole foods delivered one of its weakest which are much smaller,” says Andrew Moger, ish and Israeli Blog Network are already they buy more expensive items, including fish performances in over a decade,” Simeon Gut- chief executive of BCD, a restaurant and retail abuzz. Skeptics say that Mr. Banda has spent and meat, says Rabbi Chaim Fogelman, a man, an analyst at Goldman Sachs, noted in a development firm. “Whole Foods did not par- millions of dollars on a business that will face spokesman for OK Kosher Certification, a research report.Yet the organic grocer still sees ticularly dial down their store prototype when tough competition from entrenched kosher nonprofit that certifies thousands of products Manhattan as a viable market. they came here, so it stands out.” groceries in Midwood, including Moisha’s nationwide. The new location will be the supermarket Discount Supermarket and Glatt Mart, both chain’s eighth New York City location and will COMMENTS? [email protected] on Avenue M. COMMENTS? [email protected] Chinese bank wins nod for NY branch future expansion in the country.The ceeds international standards for have set up marketing offices here. markets and make efficient use of Other banks based new branch will handle wholesale capital. The Chinese government The banks to follow, including China’s massive foreign reserves. In in China expected deposits, lending, trade finance and owns nearly 75% of ICBC, which major national as well as regional addition,Chinese lenders need to be other commercial banking services. boasts assets worth $1.3 trillion. commercial institutions from Chi- on the ground here to assist Chinese to open here soon; “China’s economic standing has na, are undergoing major restruc- companies looking to expand and a sign of maturity One of a few shifted considerably, and now it has turings and are waiting for their buy up assets. the new branch is one of only a one of the largest foreign exchange shares to be traded publicly before The presence of more Chinese handful of offshoots of Chinese reserves in the world,” says Mitchell they expand internationally, says branches will also help New York in- BY SAMANTHA MARSHALL banks that has passed Silk,head of the China group Mr. Silk. More branch openings are vestors looking to do more business muster with the Federal Re- at law firm Allen & Overy, likely to happen in the next year or in China. Mainland banks will be after a 15-year delay, the Federal serve over the past 20 years. $1.3 T who represented ICBC and two, spurred in part by the Chinese able to help with credit analysis and Reserve last week gave the green Fifteen years ago, ICBC— ASSETS the Agricultural Bank in government’s new policy of sup- introduce businesses here to their light to China’s biggest lender, the as well as the Agricultural of the their initial attempts to ob- porting and promoting Chinese in- network of clients in China. Industrial and Industrial and Commercial Bank of Bank of China—had unsuc- Commercial tain branch licenses. vestment and acquisitions overseas. “This is a good development be- China, to open a branch in Manhat- cessfully sought approval to Bank of China The news about ICBC “The name of the game now is cause it opens up opportunities for in- tan.The approval is likely to mark the open branches. comes six months after Chi- offshore investment,” he adds. creasing trade between New York beginning of a wave of Chinese bank Federal regulators downgraded na Merchants Bank signed a 10-year and China,”says John Wang,found- branches opening in New York. that requested branch to a represen- lease for a Manhattan branch—the Places to be er and president of the Asian Amer- ICBC’s branch,which had already tative office because China’s banks first new outpost of a Chinese bank chinese banksalso need to be more ican Business Development Center. been OK’d by state regulators, will and national financial system were here in two years. Other major Chi- active in major financial centers like be the bank’s main beachhead in the not deemed to be up to U.S. stan- nese financial institutions, includ- New York and London to access for- COMMENTS? United States and a springboard for dards. Today, however, ICBC ex- ing the Agricultural Bank of China, eign exchange markets and money [email protected]

26 | Crain’s New York Business | August 11, 2008 CNYB 08-11-08 A 27 8/7/2008 7:36 PM Page 1

REAL ESTATE DEALS

pal with CPEX Real Estate.He and School bells to ring on lower B’way colleagues Ryan Condren and Eric Altschul represented Yofiore. Mr. Shin ruled out Manhattan, for a total of more than 18,000 square a five-year deal for 4,500 square feet which he describes as an oversatu- City carves space feet at 1330 Sixth Ave.,whose $30 mil- on the 24th floor. Asking rent was rated market. at Sports Museum lion renovation is almost complete. $120 a square foot. This will be the His attorney, Gabriel Tatalaga, Improvements at the 40-story first New York location for the Mia- handled the transaction for Mr. building to house tower, owned by Macklowe Proper- mi-based investment fund. It is ex- Shin. high school in ’09 ties,include a new lobby,and new el- pected to move in by the end of the —adrianne pasquarelli evators and bathrooms. The build- month.Newmark Knight Frank bro- he city School Con- ing also got an exterior face-lift. ker Derek Myers represented the struction Authority has Macklowe bought the property tenant. Personal injury reached an agreement to in late 2006. Chief Executive —theresa agovino lawyers unite on 5th lease 136,500 square feet William Macklowe says the up- at 26 Broadway, between grades were designed to make the a law firm specializing in asbestos- TBeaver Street and Exchange Place. tower a better fit with the company’s Frozen yogurt shop related lung cancer cases is consoli- The deal comes at a time when there existing portfolio. “We want the heads for Brooklyn dating under one well-placed roof: are a growing number of large blocks best amenities to serve an exacting 546 Fifth Ave., at 45th Street. of space on the market. tenancy,” says Mr. Macklowe. long island-based Yofiore— Belluck & Fox has signed a 10- The SCA is taking the fourth, CB Richard Ellis brokers Paul which currently has six frozen yogurt year lease for the entire fourth fifth and sixth floors in a 20-year Amrich and Fernando Urrutia are stores, all in Queens—has signed a floor—11,700 square feet—of the deal. The asking rent was about $45 leasing the building for Mr. Mack- five-year lease for 650 square feet at 23-story building,which is owned by a square foot.A high school is expect- lowe. 32 Court St., across the street from Safra National Bank of New York. ed to be in the space in fall 2009.Stu- Investment banking firm GCA Brooklyn’s Borough Hall. Asking Asking rent was $59 a square foot. dents will have their own entrance Savvian,one of the new tenants,was rent was $258 a square foot. “Belluck & Fox were on two non- and lifts. The building also houses represented by Newmark Knight The shop is expected to open by contiguous floors in their previous the new Sports Museum of America. Frank broker Erik Harris, who says BRONZE TO SILVER: Renovations at 1330 October. Anthony Shin, Yofiore’s space at 295 Madison Ave.,and they Newmark Knight Frank brokers the sleek new look was part of the Sixth Ave. are almost finished. Korean-born founder, hopes to wanted all their employees to be to- Howard Kesseler and Brian Water- draw for his client. GCA Savvian open another Brooklyn store in Park gether,” says CB Richard Ellis bro- man represented the landlord, The signed a five-year deal for 10,400 Slope. His intention is to follow up ker Derrick Ades, who represented Chetrit Group. Peter Hennessy and square feet on the 28th floor.Asking which doesn’t have a New York of- with 30 more locations, including the landlord. Scott Cahaly, brokers at Jones Lang rent was about $125 a square foot. fice, will move in about a month. ones in Virginia and Maryland, by James Gross, with Williamson LaSalle, negotiated for the SCA. The firm expects to move in by the Newmark Knight Frank brokers the end of 2009. Picket Gross, negotiated for the —theresa agovino end of the year. Noel Flagg and Ashley Whitney “Downtown Brooklyn has be- tenant. Renovations of the space BlueSky Capital, a London- represented BlueSky. come a tourist destination in its own should be finished by January. based real estate development firm, Last, Atlas One Holdings signed right,” says Timothy King, a princi- —damian ghigliotty Macklowe snares signed a seven-year deal for nearly three new tenants 3,200 square feet—about a quarter of the sixth floor. Asking rent was three tenants have signed leases $105 a square foot. The company,

THE WEEKS AHEAD

THIS WEEK’S EVENTS AUGUST 18-24 AUGUST 13 AUGUST 18 Workshop in Business Opportunities Brazilian-American Chamber of holds forum on importing/exporting. Commerce Inc. holds breakfast with 6 p.m. to 8 p.m., Edwin Gould Central Bank of Brazil President Foundation, 55 Exchange Place, Henrique Meirelles. 8 a.m. to 8:30 a.m., NYU’S sixth-floor conference room. Free. Westin New York at Times Square, 270 Preregistration required. W. 43rd St., Broadway Ballroom. Fee: SCHOOL OF (212) 684-0854, ext. 0538, or $50 members, $100 nonmembers. CONTINUING AND [email protected]. (212) 751-4691. PROFESSIONAL AUGUST 13 AUGUST 19 STUDIES Acción New York, Citi and Harlem Sandler Training holds program on why Community Development Corp. salespeople fail and what to do about it. hold entrepreneurs’ financing panel. 9 a.m. to 11 a.m., Hippodrome 8:30 a.m. to 12 p.m., 163 W. 125th St., Building, 1120 Sixth Ave., fourth floor. second floor. Free. Free. (888) 330-6452 or (212) 387-0377, ext. 323. [email protected]. You know a good financial opportunity when you see it. AUGUST 15 AUGUST 21 Lower Manhattan Business Solutions New York Media Information Exchange PROGRAMS IN FINANCE Center holds marketing workshop. Group and SobelMedia hold 2 p.m. to 4 p.m., 110 William St., networking breakfast. 7:30 a.m. to The complexities of today’s financial environment present numerous opportunities for fourth-floor conference room. 10 a.m., 1375 Broadway, suite 2103. those looking to advance their level of expertise and increase their value in the workplace. Free. (212) 618-8914 or Fee: $25 members, $35 nonmembers. NYU’s School of Continuing and Professional Studies (SCPS) offers an exceptional range [email protected]. (212) 725-2295 or of finance courses and certificate programs that respond to the changing needs of this AUGUST 15 [email protected]. dynamic field. Our faculty of leading industry authorities provides you with a direct line to New York Building Congress holds the latest developments, practices, and trends. breakfast forum with Port Authority AUGUST 25-31 CERTIFICATE PROGRAMS and CONTINUING EDUCATION include: Executive Director Christopher AUGUST 27 Ward. 8 a.m. to 9:30 a.m., New Five O’Clock Club holds seminar on York Academy of Sciences, 7 World salary negotiation. 6:30 p.m. to 8:30 Trade Center, 40th floor. Fee: $70 p.m., 11 Penn Plaza, fifth floor. Fee: $50. members, $95 nonmembers. (914) 788-5482 or [email protected]. (212) 481-9230. —heather holland AUGUST 15 and sarah studley International Council of Shopping Centers holds networking lunch for TO LIST YOUR EVENT students and young professionals. Information Session: 12:30 p.m. to 2 p.m., 1221 Sixth Ave., Crain’s lists meetings online and includes them in the Wednesday, August 20, 6-8 p.m. 41st floor. Free. (646) 728-3665 or print edition as space permits. NYC events with fees NYU Midtown Center, 4th Fl.,11 W. 42nd St. (btwn. 5th and 6th Aves.) [email protected]. under $300 are considered for the print publication. Visit our website, or call us to receive our new Bulletin. Listings can be submitted only through the Crain’s scps.nyu.edu/x579 1-800-FIND NYU, ext.579 More meetings online at Web site. Go to www.crainsnewyork.com and click www.crainsnewyork.com on “Events.” Sponsors have a choice of several free New York University is an affirmative action/equal opportunity institution. ©2008 New York University School of Continuing and Professional Studies Click on “Events” or paid listing options. All business events will be posted online within two business days.

August 11, 2008 | Crain’s New York Business | 27 nb32p28-30cls.qxp 8/7/08 3:02 PM Page 28

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ACCOUNTING SOFTWARE TELECOMUNICATIONS PUBLIC & LEGAL NOTICES

QuickBooks Enterprise Notice of Formation of WHGA HARRIET Notice of Formation of Just Intimates Notice of Formation of Cohen Fashion Consulting, Setup, Training TUBMAN APARTMENTS, L.P. Certificate LLC. Arts. of Org. filed with Secy. of State Optical Store No. 246, LLC. Arts. of Org. Visit us at www.QB-Software.com filed with Secy. of State of N.Y. (SSNY) on Crain'sof NY (SSNY) Classified on 7/2/08. is notOffice responsible location: forfiled corrupt with Secy. files ofsubmitted State of NY (SSNY) by client on or ads run under the wrong subheading. Call us at 888.270.6120 March 13, 2008. Office location: New York NY County. Princ. bus. loc.: 1407 6/6/08. Office location: NY County. SSNY County. SSNY designated as agent of LP Broadway, Rm. 3701, NY, NY 10018. designated as agent of LLC upon whom Serving NY, NJ & CT Crain's Classified is not responsible forupon corrupt whom files process submitted against it bymay client be or adsSSNY run designated under the as wrongagent of subheading.LLC upon process against it may be served. SSNY Crain'sserved. SSNY Classified shall mail is notprocess responsible to: The forwhom corrupt process files against submitted it may be by served. client or adsshall run mail under process the to: wrong Corporation subheading. Service Partnership, 1652 Amsterdam Avenue, SSNY shall mail process to: Corporation Co., 80 State St., Albany, NY 12207. New York, NY 10031. Name/address of Service Co., 80 State St., Albany, NY Purpose: any lawful activity. EXECUTIVE each genl. ptr. available from SSNY. Term: 12207, registered agent upon whom until December 31, 2058. Purpose: any process may be served. Purpose: any Notice of Qualification of PAC FIRST RECRUITER lawful activity. lawful activity. PROPERTIES LIMITED LIABILITY COM- PANY. Authority filed with Secy. of State REAL ESTATE/ LIVING ROOM STUDIOS NY, LLC, a of N.Y. (SSNY) on 4/8/08. Office location: POSITION AVAILABLE SCHARF MARKETING, LLC Articles of Org. domestic Limited Liability Company (LLC) filed NY Sec. of State (SSNY) 4/28/08. NY County. LLC formed in New Jersey (NJ) on 3/14/08. SSNY designated as Crain'sfiled with Classifiedthe Sec of State is not of NY responsible on 4-22- forOffice corrupt in NY files Co. SSNY submitted desig. agent by clientof LLC or ads run under the wrong subheading. REAL ESTATE SYNDICATION SPECIALIST agent of LLC upon whom process against Crain’s Classified is not responsible for08. corrupt NY Office files location: submitted New York by County. client or adsupon run whom under process the wrongmay be served. subheading. Prominent RE Developer with Projects in NY it may be served. SSNY shall mail process SSNY is designated as agent upon whom SSNY shall mail copy of process to 122 W and CT seeks a Real Estate Syndication to: 2 WFC, Ste. 36001, 225 Liberty St., Specialist in its Yonkers, NY Headquarters. process against the LLC may be served. 26th St., #1100, NY, NY 10001, which is Accomplished RE/Structured Finance SSNY shall mail a copy of any process NY, NY 10281. NJ address of LLC: Zhiyu also the principal business location . Hu, Esq., 151 Washington Ave., Edison, Professionals Only. Minimum 5 Years against the LLC served upon him/her to Purpose: Any lawful purpose. Syndication Exp. with Minimum Chasten Harmon, 216 W. 136th St., #1, NJ 08817. Arts. of Org. filed with NJ $5-$125 Million Syndicates NY, NY 10030. General purposes. Division of Revenue, 225 West State St., Fax Credentials to 801-421-1794 Notice of Formation of Fort Washington 3rd Fl., Trenton, NJ 08608. Purpose: any NOTICE OF FORMATION of Marimba Holding LLC. Arts. of Org. filed with Secy. lawful activity. Crain'sFilms LLC. Classified Arts. Of Org. is notfiled responsiblewith Secy. forof corrupt State of NY files (SSNY) submitted on 10/30/06. by client Office or ads run under the wrong subheading. Of State of N.Y. (SSNY) on 5/20/08. Office location: NY County. SSNY designated as Notice of Formation of CKE2, LLC. Arts. of REAL ESTATECrain’s Classified is not responsible forlocation: corrupt New files York submitted County SSNY by desig- client or adsCrain'sagent run of underLLC Classified upon the whom wrong is not process subheading. responsible against forOrg. corrupt filed with files Secy. submitted of State of byNY client(SSNY) or ads run under the wrong subheading. nated as agent of LLC upon whom it may be served. SSNY shall mail process on 7/8/08. Office location: NY County. SSNY designated as agent of LLC upon AUCTION COMMERCIAL/RESIDENTIAL process against it may be served. SSNY to princ. bus.. loc.: c/o Gatsby shall mail process to principal business Enterprises, 347 Fifth Ave., NY, NY 10016. whom process against it may be served. location: 203 East 7th Street, 2nd Fl., NY, Purpose: any lawful activity. SSNY shall mail process to: Corporation NY 10009. Purpose: Any lawful activity. Service Company, 80 State St., Albany, 1053701 w.o Notice of Formation of Hornstein Studios NY 12207. Purpose: any lawful activity. LLC. Arts. of Org. filed with Secy. of State Notice of Formation of Appena Fatto LLC. Crain'sof N.Y. (SSNY) Classified on 6/16/08. is not Office responsible loca- forCORE corrupt CLASSICS files submittedLLC Articles of by Org. client filed or ads run under the wrong subheading. Crain'sArts. of Org. Classified filed with is Secy. not of responsible State of fortion: corrupt NY County. files SSNY submitted designated by clientas or adsNY runSec. underof State the (SSNY) wrong 01/15/08. subheading. Office Crain's Classified is not responsible forN.Y. corrupt (SSNY) files on 7/3/08. submitted Office location: by client NY or adsagent run of underLLC upon the whom wrong process subheading. against in New York County. SSNY design. agent County. SSNY designated as agent of LLC it may be served. SSNY shall mail process of LLC upon whom process may be upon whom process against it may be to princ. bus. loc.: c/o The LLC, 315 W. served. SSNY shall mail copy of process served. SSNY shall mail process to princ. 39th St., Ste. 1305, NY, NY 10018. to 641 Lexington Ave 6th Floor, New York, bus. loc.: c/o Pasta Resources, 45 E. 20th Purpose: any lawful activity. NY 10022. Purpose: Any lawful purpose. St., 3rd Fl., NY, NY 10003. Purpose: any lawful activity. Notice of Formation of Harborview Notice of Formation of Metropolitan Preservation GP II, LLC. Arts. of Org. filed Advisory Group, LLC. Arts. of Org. filed Notice of Formation of Let’s Go Stables IV, with Secy. of State of NY (SSNY) on with NY Dept. of State on 5/6/08. Office LLC. Arts. of Org. filed with NY Dept. of 6/6/08. Office location: NY County. location: NY County. Secy. of State desig- State on 6/16/08 . Office location: NY Crain'sPrincipal Classifiedbus. loc.: 60 isColumbus not responsible Circle, fornated corrupt as agent files of submittedLLC upon whom by client or ads run under the wrong subheading. Crain'sCounty. Secy. Classified of State isdesignated not responsible as agent forNY, corrupt NY 10023. files SSNY submitted designated by as client agent or adsprocess run underagainst theit may wrong be served subheading. and of LLC upon whom process against it may of LLC upon whom process against it may shall mail process to the principal busi- be served and shall mail process to: The be served. SSNY shall mail process to: ness address: 630 5th Ave., Ste. 2000, LLC, c/o Phillips Nizer LLP, 666 5th Ave., c/o Corporation Service Co., 80 State St., NY, NY 10111, Attn: Stefan Miller, regis- NY, NY 10103, Attn: Monte Engler, Esq. Albany, NY 12207. Purpose: any lawful tered agent upon whom process may be Purpose: any lawful activity. activity. served. Purpose: any lawful activity. Notice of Formation of STRANGE CORE Notice of Formation of Pure Element 224 REALTIES LLC, a domestic Limited Apparel LLC, Art. of Org. filed Sec’y of PRODUCTIONS, LLC. Arts. of Org. filed Liability Company (LLC) filed with the with Secy. of State of NY (SSNY) on State (SSNY) 6/18/08. Office location: NY Sec of State of NY on 5-9-08. NY Office County. SSNY designated as agent of LLC 06/19/08. Office location: New York location: New York County. SSNY is des- County. Principal business location: c/o upon whom process against it may be ignated as agent upon whom process Crain'sserved. SSNY Classified shall mail is copy not responsibleof process forCrain's corrupt Classified files submitted is not responsible by client or for adsApple corrupt run Core under filesHoldings, the submitted wrong1450 Broadway, subheading. by client or ads run under the wrong subheading. against the LLC may be served. SSNY 40th Floor, New York, NY 10018. SSNY to 32 W. 33rd St., NY, NY 10001. shall mail a copy of any process against Purpose: any lawful activities. designated as agent of LLC upon whom the LLC served upon him/her to process against it may be served. SSNY MIRAVOS LLC, a domestic Limited Steinberg & Pokoik Management Corp., shall mail process to: c/o Apple Core Liability Company (LLC) filed with the Sec 575 Madison Ave., 7th Fl., NY, NY 10022. Holdings, 1450 Broadway, 40th Floor, New General purposes. York, NY 10018. Purpose: Any lawful activity. COMMERCIAL of State of NY on 7-7-08. NY Office loca- tion: New York County. SSNY is designat- To place your ed as agent upon whom process against NOTICE OF FORMATION of Rubina LLC. NOTICE OF FORMATION of Action the LLC may be served. SSNY shall mail Arts. Of Org. filed with Secy. Of State of N.Y. Research NY LLC. Arts. Of Org. filed with classified ad call a copy of any process against the LLC (SSNY) on 5/13/08. Office location: New Secy. Of State of NY (SSNY) on 5/08/08. served upon him/her to Maud Maron/ the York County SSNY designated as agent of Office location: NY County SSNY desig- John Gallagher @ LLC, 682 Broadway, 8D, NY, NY 10012. LLC upon whom process against it may be nated as agent of LLC upon whom General purposes. served. SSNY shall mail process to princi- process against it may be served. SSNY 212-210-0189 pal business location: 58 Avenue C, #4A, shall mail process to principal business Crain's Classified is not responsible for corrupt files submitted by client or ads run under the wrong subheading. NOTICE OF FORMATION of Dalmatian NY, NY 10009. Purpose: Any lawful activity. location: 330 W 72nd St., NY, NY 10023. Consulting Group, LLC. Arts. Of Org. filed Purpose: Any lawful activity. Crain's Classified is not responsible forwith corrupt Secy. Of files State submitted of N.Y. (SSNY) by on client or adsNOTICE run underOF FORMATION the wrong OF LIMITED subheading. LIA- 4/25/08. Office location: New York County. BILITY COMPANY. NAME: STUDIO 814 REDBRICK VENTURES LLC Articles of SSNY designated as agent of LLC upon LLC. Articles of Organization were filed Org. filed NY Sec. of State (SSNY) PUBLIC & LEGAL NOTICES whom process against it may be served. with the Secretary of State of New York 7/30/08. Office in NY Co. SSNY desig. SSNY shall mail process to principal busi- (SSNY) on 04/17/08. Office Location: NY agent of LLC upon whom process may be ness location: 18 Stuyvesant Oval, #9A, County. SSNY designated as agent of the served. SSNY shall mail copy of process Notice of Qualification of The Stillwater Notice of Qualification of JPMorgan U.S. NY, NY10009. Purpose: Any lawful activity. LLC upon whom process against it may to 244 Madison Ave., NY, NY 10016, Matrix Fund, LP. Authority filed with Secy. Direct Corporate Finance Institutional be served. SSNY shall mail process to the which is also the principal business loca- of State of NY (SSNY) on 6/17/08. Office Investors IV LLC. Authority filed with Notice of Qualification of ARAMARK LLC, 814 Broadway, 4th Floor, NY, NY, tion. Purpose: Any lawful purpose. location: NY County. LP formed in Secy. of State of NY (SSNY) on 7/9/08. Management, LLC. Authority filed with NY 10003. Purpose: Any lawful act. Delaware (DE) on 10/5/07. SSNY desig- Office location: NY County. Princ. bus. Dept. of State on 6/5/08. Office location: nated as agent of LP upon whom process loc.: c/o Proskauer Rose LLP, 1585 NY County. Principal business address: Notice of Formation of 31 West 21st Street against it may be served. SSNY shall mail Broadway, Rm 23-78, NY, NY 10036. LLC 1101 Market St., Philadelphia, PA 19107. Equities LLC. Arts. of Org. filed with Secy. process to: 41 Madison Ave., 29th Fl., NY, formed in Delaware (DE) on 4/21/08. LLC formed in DE on 12/20/07. NY Secy. of State of NY (SSNY) on 07/23/08. Office Advertise on NY 10010. Registered agent upon whom SSNY designated as agent of LLC upon of State designated as agent of LLC upon location: New York County. Principal busi- process may be served: Corporation whom process against it may be served. whom process against it may be served ness location: 55 Fifth Ave., 15th floor, Service Co. (CSC), 80 State St., Albany, SSNY shall mail process to: c/o and shall mail process to: c/o CT New York, NY 10003-4398. SSNY desig- www.crainsnewyork.com NY 12207. DE address of LP: c/o CSC, Corporation Service Company (CSC), 80 Corporation System, 111 8th Ave., NY, NY nated as agent of LLC upon whom 2711 Centerville Rd., Ste. 400, State St., Albany, NY 12207. DE address 10011, registered agent upon whom process against it may be served. SSNY Call John Gallagher Wilmington, DE 19808. Name/address of of LLC: c/o CSC, 2711 Centerville Rd., process may be served. DE address of shall mail process to and registered agent each genl. ptr. available from SSNY. Cert. Ste. 400, Wilmington, DE 19808. Cert. of LLC: 1209 Orange St., Wilmington, DE upon whom and at which process can be of LP filed with DE Secy. of State, 401 Form. filed with DE Secy. of State, 19801. Arts. of Org. filed with DE Secy. of served is: Robert Kantor, 55 Fifth Avenue, @ 212-210-0189 Federal St., Ste. 4, Dover, DE 19901. Townsend Bldg., Dover, DE 19901. State, 401 Federal St., Dover, DE 19901. 15th Floor, New York, NY 10003-4398. Purpose: any lawful activity. Purpose: any lawful activity. Purpose: any lawful activity. Purpose: Any lawful activity.

28 | Crain’s New York Business | August 11, 2008 nb32p28-30cls.qxp 8/6/08 4:10 PM Page 29

Crain's Classified is not responsible forCrain's corrupt Classified files submitted is not responsible by client or for adsCrain's corrupt run under Classified files the submitted wrong is not subheading. responsible by client or for adsCrain's corrupt run under Classified files the submitted wrong is not subheading. responsible by client or for adsCrain's corrupt run under Classified files the submitted wrong is not subheading. responsible by client or for ads corrupt run under files the submitted wrong subheading. by client or ads run under the wrong subheading.

PUBLIC & LEGAL NOTICES

Notice of Qualification of Anthion Partners, Notice of Qualification of Legg Mason JUDAH LLC, a domestic Limited Liability Name of LLC: TDF BRUCKNER, LLC. Notice of Qualification of Atticus LP, App. for Auth. filed Sec’y of State Global Asset Allocation, LLC. Authority Company (LLC) filed with the Sec of State Articles of Org. filed Dept. of State of NY Fundamental Holdings, LLC. Authority filed (SSNY) 3/28/08. Office location: NY filed with NY Sec. of State (SSNY) of NY on 6-18-08. NY Office location: New on 5/21/08. Office location in NY: New with Secy. of State of N.Y. (SSNY) on County. LP org. in DE 3/27/08. SSNY des- 6/25/07.Juris. of org: DE filed: 10/11/06 York County. SSNY is designated as York County. Secy. of State designated as 5/30/08. Office location: NY County. LLC ignated as agent of LP upon whom NY off. loc. in NY Co. SSNY designated as agent upon whom process against the agent of LLC upon whom process against formed in Delaware (DE) on 5/20/08. SSNY process against it may be served. SSNY agent of LLC upon whom process may be LLC may be served. SSNY shall mail a it may be served. Sec. of State shall mail designated as agent of LLC upon whom Crain's Classified is not responsible forCrain'sshall corrupt mail Classified copy files of submittedprocess is not to Attn: responsible by David client or for adsserved. corrupt run SSNY under files shall the submitted mail wrong copysubheading. of by process client or adscopy run of underany process the wrongagainst the subheading. LLC a copy of process to: c/o The Doe Fund, process against it may be served. SSNY Moradi, 471 Broadway, #2, NY, NY 10013. to: Nat. Reg. Agents Inc., 875 Avenue of served upon him/her to The LLC, C/O Crain'sInc., 232 ClassifiedEast 84th Street, is not New responsible York, NY forshall corrupt mail process filessubmitted to: The LLC, by767 clientFifth or ads run under the wrong subheading. DE office addr.: c/o CSC, 2711 Centerville the Americas, Ste 501, NY, NY 10001. Gatsby Enterprises, 347 5th Ave., 16th Fl., 10028. Purpose: any lawful activity. Ave., 12th Fl., NY, NY 10153. DE address Rd., Wilmington, DE 19808. Cert. of LP on LLC’s principal address: 399 Park Ave, NY, NY 10016. General purposes. of LLC: Corporation Service Co., 2711 NY, NY 10022. Arts of org. on file with file: SSDE, Townsend Bldg., Dover, DE Notice is hereby given that an “EATING Centerville Rd., Ste. 400, Wilmington, DE SSDE, Div of Corps, PO Box 898, Dover, 19901. Name/addr. of each gen. ptr. avail. Notice of Qualification of CRESTVIEW PLACE BEER LICENSE” has been applied 19808. Arts. of Org. filed with DE Secy. of DE 19903 Purpose: Any lawful purpose. OFFSHORE HOLDINGS II (CAYMAN), L.P. at SSNY. Purpose: any lawful activities. Crain's Classified is not responsible forfor corrupt by the undersigned files submitted to sell Beer by clientfor or adsState, run P.O. under Box 898, the Dover, wrong DE subheading. 19903. Authority filed with Secy. of State of NY “On Premises Consumption” in their Pizza Purpose: any lawful activity. Notice of Qualification of Buffalo MAIDMAN REALTY GROUP LLC, a (SSNY) on 07/23/08. Office location: New Place Establishment, under the Alcoholic domestic Limited Liability Company (LLC) Resources, LLC. Authority filed with NY York County. LP formed in Cayman Islands Beverage Control Law at “West 68 Notice of Formation RCM and AJM Family filed with the Sec of State of NY on 5-1- Dept. of State on 6/26/08. NYS fictitious on 10/26/07. SSNY designated as agent of STREET PIZZA CORP, d/b/a “Traviata LLC No. 1 art. of org. filed Secy. of State 08. NY Office location: New York County. Crain'sname: Buffalo Classified Resources is notExploration, responsible LLC. for corrupt files submitted by client or adsLP runupon underwhom process the wrong against subheading. it may be Pizza” located at 101 West 68th Street, NY (SSNY) 6/29/07. Off. loc. in NY Co. SSNY is designated as agent upon whom Office location: NY County. LLC formed in served. SSNY shall mail process to: c/o CT New York, NY 10023. (Serial No. 1211872) SSNY designated as agent of LLC upon process against the LLC may be served. NV on 5/25/06. NY Secy. of State desig- Corporation System, 111 Eighth Avenue, whom process may be served. SSNY shall SSNY shall mail a copy of any process nated as agent of LLC upon whom New York, NY 10011, registered agent Notice of Formation of Manhattan mail copy of process to: c/o Joseph against the LLC served upon him/her to process against it may be served and shall upon whom process may be served. Arts. Dermatology, PLLC. Arts. of Org. filed Michaels IV, Esq, Dunnington, Bartholow Maidman and Mittelman, LLP, 70 E. 55th mail process to: c/o CT Corporation of Org. filed with Registrar of Exempted with NY Dept. of State on 7/11/08. Office & Miller, 477 Madison Ave, 12th Fl, NY, St., NY, NY 10022. General purposes. Crain's Classified is not responsible forSystem, corrupt 111 files 8th Ave., submitted NY, NY 10011, by client reg- or ads run under the wrong subheading. Crain'sLimited Partnerships, Classified Ground is not Floor, responsible Citrus forlocation: corrupt NY files County. submitted Secy. of State byclient desig- or adsNY run10022. under Purpose: the wrongAny lawful subheading. purpose. istered agent upon whom process may be Grove Building, Goring Avenue, George nated as agent of PLLC upon whom served. NV and principal business Notice of Qualification of Liberty Harbor, Town, Grand Cayman, Cayman Islands. process against it may be served and Notice of Qualification of Rockefeller Tax address: 112 N. Curry St., Carson City, NV LLC. Authority filed with Secy. of State of Purpose: Any lawful activity. shall mail process to the principal busi- Exempt Income Fund - NY., L.P. Authority 89703. Arts. of Org. filed with NV Secy. of NY (SSNY) on 6/5/08. Office location: NY ness addr.: 71 Park Ave., Ste. 1A, NY, NY filed with Secy. of State of NY (SSNY) on State, 202 N. Carson St., Carson City, NV County. LLC formed in Delaware (DE) on Notice of Qualification of Rockefeller & 10016. Purpose: practice the profession 5/29/08. Office location: NY County. LP 89701. Purpose: all lawful purposes. 12/8/06. SSNY designated as agent of Co. U.S. Small Capitalization Fund, L.P. of medicine. formed in Delaware (DE) on 1/29/88. LLC upon whom process against it may Authority filed with Secy. of State of NY SSNY designated as agent of LP upon NOTICE OF FORMATION OF LIMITED be served. SSNY shall mail process to (SSNY) on 5/29/08. Office location: NY Notice of Formation of Spoon Foods NYC whom process against it may be served. LIABILITY COMPANY. NAME: GRAND Crain's Classified is not responsible forprinc. corrupt bus. filesloc.: Goldman submitted Sachs by Asset client or adsCounty. run underLP formed the in wrong Delaware subheading. (DE) on LLC. Arts. of Org. filed with NY Dept. of SSNY shall mail process to: c/o BOWERY BRIGHT, LLC. Articles of Management L.P., One New York Plaza, 3/28/1994. SSNY designated as agent of State on 7/10/08. Office location: NY Rockefeller & Co., 30 Rockefeller Plaza, Organization were filed with the Secretary Crain's Classified is not responsible for corrupt files submitted by client or ads run under the wrong subheading. NY, NY 10004. DE address of LLC: 1209 LP upon whom process against it may be County. Secy. of State designated as agent NY, NY 10112. DE address of LP: c/o of State of New York (SSNY) on 04/08/08. Crain's Classified is not responsible for corrupt files submitted by client or ads run under the wrong subheading. Orange St., Wilmington, DE 19801. Arts. served. SSNY shall mail process to: c/o of LLC upon whom process against it may Corporation Trust Center, 1209 Orange Office location: New York County. SSNY Crain's Classified is not responsible for corrupt files submitted by client or adsof Org. run filed under with the DE wrongSecy. of subheading.State, Rockefeller & Co., 30 Rockefeller Plaza, be served and shall mail process to the St., Wilmington, DE 19801. Name/address has been designated as agent of the LLC Townsend Bldg., Dover, DE 19901. NY, NY 10112. DE address of LP: c/o principal business address: 17 W. 20th of genl. ptr. available from SSNY. Cert. of upon whom process against it may be Purpose: any lawful activity. Corporation Trust Center, 1209 Orange St., NY, NY 10011. Purpose: any lawful LP filed with DE Secy. of State, 401 served. SSNY shall mail a copy of process St., Wilmington, DE 19801. Name/address activity. Federal St., Ste. 3, Dover, DE 19901. to the LLC, c/o Dr. Howard Lai, 11 East Name of LLC: EGL ASSOCIATES, LLC. of genl. ptr. available from SSNY. Cert. of Purpose: any lawful activities Broadway, #15, New York, New York Articles of Org. filed Dept. of State of NY LP filed with DE Secy. of State, 401 Notice of Formation of Trade X Media, 10038. Purpose: For any lawful purpose. on 6/13/08. Office location in NY: New Federal St., Ste. 3, Dover, DE 19901. LLC. Arts. of Org. filed with Secy. of State Notice of Formation of LIPMAN DIGITAL, York County. Principal bus. loc.: 667 Purpose: any lawful activities. of N.Y. (SSNY) on 6/12/08. office location: LLC. Arts. of Org. filed with Secy. of State Notice of Qualification of Goldman Sachs Madison Avenue, New York, NY 10021. Crain's Classified is not responsible for corrupt files submitted by client or ads run under the wrong subheading. NY County. SSNY designated as agent of of N.Y. (SSNY) on 5/15/08. Office location: Investment Partners ESC Fund, L.P. Secy. of State designated as agent of LLC NOTICE OF FORMATION OF LIMITED LLC upon whom process against it may New York County. SSNY designated as Authority filed with Secy. of State of NY upon whom process against it may be LIABILITY COMPANY. NAME: be served. SSNY shall mail process to: agent of LLC upon whom process against (SSNY) on 6/24/08. Office location: NY served. Sec. of State shall mail a copy of NATHANIEL ALEXANDER VENTURE Robert N. Solomon, Esq., 1212 Avenue of it may be served. SSNY shall mail process County. LP formed in Delaware (DE) on process to c/o Howard Guberman, 667 PARTNERS, LLC. Articles of Organization the Americas, 18th Fl., NY, NY 10036. to: The LLC, 408 W. 14th St., New York, 11/21/07. SSNY designated as agent of Madison Avenue, New York, NY 10021. were filed with the Secretary of State of Purpose: any lawful activity. NY 10014. Purpose: any lawful activity. LP upon whom process against it may be Purpose: any lawful activity. New York (SSNY) on 06/16/08. The latest served. SSNY shall mail process to: date of dissolution is 06/10/2043. Office Goldman Sachs Investment Partners GP, Notice of Formation of Strassburger Notice of Formation of PILOT NYC, LLC, a Notice of Qualification of Hirschfeld location: New York County. SSNY has LLC, 85 Broad St., NY, NY 10004. DE Crain's Classified is not responsible for corrupt files submitted by client or adsMeats run LLC, under Art. theof Org. wrong filed Sec’y subheading. of domestic LLC. Arts. of Org. filed with the Properties LLC. Authority filed with NY been designated as agent of the LLC upon address of LP: 1209 Orange St., State (SSNY) 4/26/02. Office location: NY SSNY on 07/18/08. Office location: NY Dept. of State on 7/14/08. NYS fictitious whom process against it may be served. Wilmington, DE 19801. Name/address of name: Hirschfeld Properties Development Crain'sCounty. SSNY Classified designated is not as agent responsible of LLC forCounty. corrupt SSNY files has submitted been designated by client as or ads run under the wrong subheading. each genl. ptr. available from SSNY. Cert. SSNY shall mail a copy of process to the upon whom process against it may be agent upon whom process against the LLC. Office location: NY County. LLC LLC, c/o Alan J. Harris, P.C., 427 Manville of LP filed with DE Secy. of State, formed in CT on 2/6/98. NY Sec. of State served. SSNY shall mail copy of process LLC may be served. SSNY shall mail a Townsend Bldg., Dover, DE 19901. Road, Pleasantville, New York 10570. to 446 W. 14th St., NY, NY 10014. copy of process to: 45 West 45th St. 6th designated as agent of LLC upon whom Purpose: For any lawful purpose. Purpose: any lawful activity. process against it may be served and Purpose: any lawful activities. Fl, NY, NY 10036, which is also its princi- pal place of business. Purpose: Any shall mail process to: CT Corporation Notice of Qualification of Lyrical Long-Only NOTICE OF FORMATION OF ATG Holdings System, 111 8th Ave., NY, NY 10011, Notice of Qualification of Whitehall Street Lawful Purpose. Crain'sLLC. Article Classified of Organization is not filed responsible with the for corrupt files submitted by client or adsValue run Partners under LP. the Authority wrong filed subheading. with NY International REPIA Japan Fund 2008, L.P. regd. agt. upon whom process may be Dept. of State on 7/7/08. Office location: Secretary of State of NY (SSNY) on April served. CT and principal business addr.: Authority filed with Secy. of State of N.Y. Notice of Qualification of Third Avenue 9, 2008 Office location NEW YORK NY County. LP formed in DE on 6/30/08. (SSNY) on 7/9/08. Office location: NY Buyer LLC. Authority filed with Secy. of 1030 New Britain Ave., West Hartford, CT NY Secy. of State designated as agent of County. SSNY has been designated as 06110. Arts. of Org. filed with CT Sec. of County. LP formed in Cayman Islands (CI) State of NY (SSNY) on 12/4/07. Office agent upon whom process against it may LP upon whom process against it may be on 3/14/08. SSNY designated as agent of location: NY County. LLC formed in State, 30 Trinity St., Hartford, CT 06115. served and shall mail process to the prin- be served. The Post Office address to Purpose: any lawful activity. LP upon whom process against it may be Delaware (DE) on 11/21/07. SSNY desig- which the SSNY shall mail a copy of any cipal business addr.: c/o Lyrical Partners, served. SSNY shall mail process to: 85 nated as agent of LLC upon whom process against the LLC served upon L.P., 405 Park Ave., 6th Fl., NY, NY 10022, Crain's Classified is not responsible for corrupt files submitted by client or adsNOTICE run underOF FORMATION the wrong of TAMUNANGUE, subheading. Broad St., NY, NY 10004. DE address of process against it may be served. SSNY him/her is C/O the LLC 350 west 42nd Attn: Jeffrey A. Keswin, regd. agt. upon LLC. Arts. Of Org. filed with Secy. Of State LP: Maples Corporate Services Limited, shall mail process to: c/o National Street apt 7-G. New York, NY 10036. Crain’s Classified is not responsible forwhom corrupt process files may submitted be served. byDE address client or ads run under the wrong subheading. of N.Y. (SSNY) on 6/28/07. Office location: P.O. Box 309, Ugland House, Grand Registered Agents, Inc., 875 Avenue of Purpose of LLC: to engage in any lawful of LP: c/o The Corporation Trust Co., 1209 New York County. SSNY designated as Cayman, KY1-1104, CI. Name/address of the Americas, Ste. 501, NY, NY 10001. act or activity. Street address of Principal Orange St., Wilmington, DE 19801. each genl. ptr. available from SSNY. Cert. agent of LLC upon whom process against Address to be maintained in DE: 160 Business location is: 350 West 42nd Name/addr. of genl. ptr. available from NY of LP filed with Registrar of Exempted it may be served. SSNY shall mail process Greentree Dr., Ste. 101, Dover, DE 19904. Street apt 7-G. New York, NY 10036. Secy. of State. Cert. of LP filed with DE LPs, Elizabethan Sq., 4th Fl., Phase Four, Arts. of Org. filed with DE Secy. Of State, to: c/o Lois M. Vitti, Esq., 12 Perry Street, Secy. of State, 401 Federal St., Dover, DE George Town, Grand Cayman, CI. Purpose: 401 Federal St., Ste 4., Dover, DE 19901 . 2C, NY, NY 10014. Date of Dissolution: Notice of Formation of UWS VENTURES 19901. Purpose: any lawful activity. any lawful activity. Purpose: any lawful activities. LLC, a domestic LLC. Arts. of Org. filed 12/31/2095. Principal business location: Crain's Classified is not responsible forwith corrupt the SSNY files on submitted04/22/08. Office by clientloca- or adsCrain's317 run Pavonia under Classified Ave., the #8, wrong isJersey not City, subheading. responsible NJ forName: corrupt PAROD’S files 3303 submitted LLC Art. byOf clientOrg. or ads run under the wrong subheading. tion: NY County. SSNY has been designat- 07302. Purpose: Any lawful activity. Filed Sec. Of State of NY 6/20/08. Off. ed as agent upon whom process against Loc.: New York Co. SSNY designated as the LLC may be served. SSNY shall mail a Notice of Qualification of The Wylie agent upon whom process against it may copy of process to: Waqar Samad, PO Agency LLC. Authority filed with Secy. of be served. SSNY to mail copy of process Box 250642, NY, NY 10025. Purpose: Any State of NY (SSNY) on 07/21/08. Office to THE LLC 100 Park Avenue, Ste. 1600, Lawful Purpose. location: New York County. LLC formed in NY, NY 10017. Purpose: Any lawful act. Delaware (DE) on 07/09/08. LLC agrees Notice of Qualification of PEQP1B1, L.L.C. to use fictitious name of Andrew Wylie Notice of Qualification of J.H. Ferguson & Authority filed with NY Dept. of State on LLC while conducting business in NY. Associates, LLC. Authority filed with Secy. 5/30/08. Office location: NY County. LLC SSNY designated as agent of LLC upon of State of NY (SSNY) on 6/18/08. Office formed in Delaware (DE) on 1/31/08. NY whom process against it may be served. location: NY County. LLC formed in Secy. of State designated as agent of LLC SSNY shall mail process to: c/o Illinois (IL) on 12/31/02. SSNY designat- upon whom process against it may be Corporation Service Company, 80 State ed as agent of LLC upon whom process served and shall mail process to: c/o CT Street, Albany, NY 12207, registered against it may be served. SSNY shall mail Corporation System, 111 8th Ave., NY, NY agent upon whom process may be process to: c/o National Registered 10011, registered agent upon whom served. Principal office of LLC: 250 West Agents, Inc., 875 Avenue of the Americas, process may be served. DE address of 57th Street, Suite 2114, New York, NY Ste. 501, NY, NY 10001. Address of the LLC: c/o The Corporation Trust Co., 1209 10107. Arts. of Org. filed with Secretary principal office: 1800 Sherman Place, Ste. Orange St., Wilmington, DE 19801. Cert. of State of Delaware, Division of 402, Evanston, IL 60201. Arts. of Org. of Form. filed with DE Secy. of State, Corporations, John G. Townsend Bldg., filed with IL Secy. Of State, 213 State Townsend Bldg., Dover, DE 19901. 401 Federal Street, Dover, DE 19901. Capitol, Springfield, IL 62756. Purpose: Purpose: any lawful activity. Purpose: Any lawful activity any lawful activities.

August 11, 2008 | Crain’s New York Business | 29 nb32p28-30cls.qxp 8/7/08 11:08 AM Page 30

Crain's Classified is not responsible for corrupt files submitted by client or ads run under the wrong subheading.

PUBLIC & LEGAL NOTICES

NOTICE OF FORMATION OF LIMITED Notice of Qualification of CRESTVIEW OFF- Notice of Qualification of CWCapital EY Notice of Qualification of CWCapital EY Notice of Qualification of 46th Street LIABILITY COMPANY. NAME: BITETTO SHORE HOLDINGS II (FF CAYMAN), L.P. REIT Greenwich LLC. Authority filed with REIT UBS LLC. Authority filed with Secy. Platinum Holding Company, L.L.C. EQUITIES LLC. Articles of Organization Authority filed with Secy. of State of NY Secy. of State of NY (SSNY) on 07/23/08. of State of NY (SSNY) on 07/23/08. Office Authority filed with Secy. of State of NY were filed with the Secretary of State of (SSNY) on 07/23/08. Office location: New Office location: New York County. LLC location: New York County. LLC formed in (SSNY) on 07/17/08. Office location: New New York (SSNY) on 07/03/08. Office York County. LP formed in Cayman Islands formed in Delaware (DE) on 12/04/07. Delaware (DE) on 05/05/08. SSNY desig- York County. LLC formed in Delaware (DE) Crain's Classified is not responsible forlocation: corrupt New files York submitted County. SSNY by clienthas or adson run11/08/07. under SSNY the designated wrong subheading. as agent of SSNY designated as agent of LLC upon nated as agent of LLC upon whom process on 07/15/08. SSNY designated as agent of been designated as agent of the LLC LP upon whom process against it may be whom process against it may be served. against it may be served. SSNY shall mail LLC upon whom process against it may be upon whom process against it may be served. SSNY shall mail process to: c/o CT SSNY shall mail process to: c/o process to: c/o Corporation Service served. SSNY shall mail process to: c/o served. SSNY shall mail a copy of Corporation System, 111 Eighth Avenue, Corporation Service Company, 80 State Company, 80 State Street, Albany, NY SJP Properties, Morris Corporate Center process to the LLC, 15 Charles Street, New York, NY 10011, registered agent Street, Albany, NY 12207, registered agent 12207, registered agent upon whom IV, 379 Interspace Parkway, Parsippany, NJ Apartment PHC, New York, New York Crain'supon whom Classified process may is not be served. responsible Arts. forupon corrupt whom filesprocess submitted may be served. by client or adsprocess run undermay be theserved. wrong Principal subheading. office of 07054, registered agent upon whom 10014. Purpose: For any lawful purpose. of Org. filed with Registrar of Exempted Principal office of LLC: 1540 Broadway, LLC:Crain's 1540 Classified Broadway, 23rd is not Floor, responsible New forprocess corrupt may files be served. submitted Principal by office client of or ads run under the wrong subheading. Limited Partnerships, Ground Floor, Citrus 23rd Floor, New York, NY 10036. Arts. of York, NY 10036. Arts. of Org. filed with LLC: 379 Corporate Center IV, Parsippany, Notice of Qualification of TS TRYLONS, Grove Building, Goring Avenue, George Org. filed with SOS, DE, Division of SOS, DE, Division of Corporations, John NJ 07054. Arts. of Org. filed with Secretary L.L.C. Authority filed with Secy of State of Town, Grand Cayman, Cayman Islands. Corporations, John G. Townsend Bldg., G. Townsend Bldg., 401 Federal Street, of State, State of Delaware, Division of NY (SSNY) on 07/10/08. Office location: Purpose: Any lawful activity. 401 Federal Street, Suite 4, Dover, DE Suite 4, Dover, DE 19901. Purpose: Any Corporations, John G. Townsend Building, New York County. LLC formed in 19901. Purpose: Any lawful activity. lawful activity. 401 Federal Street, Dover, DE 19901. Delaware on 06/16/08. SSNY designated Notice of Qualification of CRESTVIEW Purpose: Any lawful activity. as agent of LLP upon whom process PARTNERS II (CAYMAN), L.P. Authority Notice of Qualification of Agile Partners Notice of Qualification of CWCI Enhanced against it may be served. SSNY will mail filed with Secy. of State of NY (SSNY) on Technologies, LLC. Authority filed with Yield Capital Partners LLC. Authority filed Notice of Formation of Peak Property process to: National Registered Agents, 07/02/08. Office location: New York Secy. of State of NY (SSNY) on 6/3/08. with Secy. of State of NY (SSNY) on Services LLC. Arts. of Org. filed with Inc., 875 Avenue of the Americas, Suite County. LP formed in Cayman Islands on Office location: NY County. LLC formed in 07/24/08. Office location: New York Secy. of State of NY (SSNY) on 6/18/08. 501. New York, NY 10001. National 10/26/07. SSNY designated as agent of Delaware (DE) on 12/19/07. SSNY desig- County. LLC formed in Delaware (DE) on Office location: NY County. SSNY desig- Registered Agents, Inc. is the Registered LP upon whom process against it may be nated as agent of LLC upon whom 12/01/06. SSNY designated as agent of nated as agent of LLC upon whom Agent as well. Address required to be served. SSNY shall mail process to: c/o process against it may be served. SSNY LLC upon whom process against it may process against it may be served. SSNY maintained in home jurisdiction: 160 M&C Corporate Services Limited, P.O. shall mail process to: c/o National be served. SSNY shall mail process to: shall mail process to princ. bus. loc.: 65 Greentree Drive, Ste. 101, Dover, DE Box 309GT, Ugland House, South Church Registered Agents, Inc., 875 Avenue of c/o Corporation Service Company, 80 E. 55th St., 18th Fl., NY, NY 10022. 19904. Arts of organization filed with Del Crain'sStreet, George Classified Town, isGrand not Cayman, responsible forthe corrupt Americas, files Ste. submitted 501, NY, NYby 10001. client or adsState run Street, under Albany, the wrongNY 12207, subheading. registered Purpose: any lawful activity. Secretary of State, Div of Corporations, Cayman Islands, registered agent upon Address to be maintained in DE: 160 agent upon whom process may be John G. Townsend Bldg. Federal & Duke whom process may be served. Arts. of Crain'sGreentree Classified Dr., Ste. 101, is Dover, not responsible DE 19904. forserved. corrupt Principal files office submitted of LLC: byOne client or adsNotice run of under Formation the of wrong SSDS, subheading.LLC. Arts. of of York Streets, P.O. Box 898, Dover, DE Org. filed with Registrar of Exempted Arts. of Org. filed with DE Secy. Of State, Charles River Place , 63 Kendrick Street, Org. filed with Secy. of State of N.Y. (SSNY) 19903. Purpose: Any lawful purpose Limited Partnerships, Ground Floor, Citrus 401 Federal St., Ste. 4., Dover, DE 19901 . Needham, MA 02494. Arts. of Org. filed on June 10, 2008. Office location: New Grove Building, Goring Avenue, George Purpose: any lawful activities. with SOS, DE, Division of Corporations, York County. SSNY designated as agent of Notice of Qualification of CWCI Enhanced Town, Grand Cayman, Cayman Islands. John G. Townsend Bldg., 401 Federal LLC upon whom process against it may be Yield GP LLC. Authority filed with Secy. of Purpose: Any lawful activity. Street, Suite 4, Dover, DE 19901. served. SSNY shall mail process to: The Name of For. LP: 275 MAIN STREET Purpose: Any lawful activity. State of NY (SSNY) on 07/24/08. Office ASSOCIATES, LP. Appl. for Auth. filed with LLC, 225 East 57th Street, #4A, New York, location: New York County. LLC formed in Notice of Qualification of BRULANT, LLC. NY 10022. Purpose: any lawful activity . Authority filed with Secy. of State of NY Sec. of State of NY: 5/14/03. Jurisd. and Notice of Qualification of 382 Eastern Delaware (DE) on 12/01/06. SSNY desig- date of org.: DE 3/27/03. NY State office (SSNY) on 7/15/08. Office location: NY LLC. Authority filed with NY Dept. of State Notice of Qualification of CRESTVIEW nated as agent of LLC upon whom loc.: New York Cty. Sec. of State designat- County. LLC formed in Delaware (DE) on on 6/6/08. Office location: NY County. LLC PARTNERS II (FF CAYMAN), L.P. Authority process against it may be served. SSNY ed as agent upon whom process against it 6/12/08. SSNY designated as agent of formed in Delaware (DE) on 5/30/08. NY filed with Secy. of State of NY (SSNY) on shall mail process to: c/o Corporation may be served. Sec. of State shall mail LLC upon whom process against it may Secy. of State designated as agent of LLC 07/24/08. Office location: New York Service Company, 80 State Street, Albany, copy of process to: National Registered be served. SSNY shall mail process to upon whom process against it may be County. LP formed in Cayman Islands on NY 12207, registered agent upon whom Agents, Inc., 875 Avenue of the Americas, princ. bus. loc.: c/o Rosetta LLC, 100 served and shall mail process to the prin- 11/08/07. SSNY designated as agent of LP process may be served. Principal office of Suite 501, New York, NY 10001. Addr. of American Metro Blvd., Ste. 201, Hamilton, cipal business address: c/o Hudson Realty upon whom process against it may be LLC: One Charles River Place , 63 LP in DE is The Corporation Trust NJ 08609, Attn: Kurt Holstein. DE address Capital LLC, 250 Park Ave. So., 3rd Fl., served. SSNY shall mail process to: c/o CT Kendrick Street, Needham, MA 02494. Company, 1209 Orange Street, of LLC: 2711 Centerville Rd., Ste. 400, Crain's Classified is not responsible for corrupt files submitted by client or adsCorporation run under System, the wrong111 Eighth subheading. Avenue, Arts. of Org. filed with SOS, DE, Division Wilmington, DE 19801. Name/addr. of GP NY, NY 10003. DE address of LLC: c/o Wilmington, DE 19808. Arts. of Org. filed New York, NY 10011, registered agent of Corporations, John G. Townsend Bldg., avail. from Sec. of State. Authorized office Corporation Service Co., 2711 Centerville with DE Secy. of State, Loockerman & upon whom process may be served. Arts. 401 Federal Street, Suite 4, Dover, DE in DE where Cert. of LP is filed is Sec. of Rd., Ste. 400, Wilmington, DE 19808. Federal Sts., Dover, DE 19901. Purpose: of Org. filed with Registrar of Exempted 19901. Purpose: Any lawful activity. State of DE, 401 Federal Street, Dover, DE Arts. of Org. filed with DE Secy. of State, any lawful activity. Limited Partnerships, Ground Floor, Citrus 19901. Purpose: any lawful activity. P.O. Box 898, Dover, DE 19903. Purpose: Notice of Qualification of Whitehall Street any lawful activity. Grove Building, Goring Avenue, George International PMD ESC Fund 2008, L.P. Notice of Qualification of Whitehall Street Town, Grand Cayman, Cayman Islands. Notice of Qualification of W2007 245 Fifth Authority filed with Secy. of State of N.Y. International PMD ESC Japan Fund 2008, Purpose: Any lawful activity. Mezz Seller, LLC. Authority filed with Notice of Qualification of GS TACS Active (SSNY) on 7/9/08. Office location: NY L.P. Authority filed with Secy. of State of Secy. of State of NY (SSNY) on 6/23/08. Continuous (U.S. Large Cap), LLC. County. LP formed in Cayman Islands (CI) N.Y. (SSNY) on 7/10/08. Office location: Notice of Formation of RT BOOKS LLC. Office location: NY County. Princ. bus. Authority filed with Secy. of State of NY on 3/14/08. SSNY designated as agent of NY County. LP formed in Cayman Islands Arts. of Org. filed with Secy. of State of loc.: 85 Broad St., NY, NY 10004. LLC (SSNY) on 6/5/08. Office location: NY LP upon whom process against it may be (CI) on 3/14/08. SSNY designated as N.Y. (SSNY) on 5/13/08. Office location: formed in Delaware (DE) on 2/29/08. County. LLC formed in Delaware (DE) on served. SSNY shall mail process to: 85 agent of LP upon whom process against it NY County. SSNY designated as agent of SSNY designated as agent of LLC upon 7/19/06. SSNY designated as agent of Broad St., NY, NY 10004. DE address of may be served. SSNY shall mail process LLC upon whom process against it may whom process against it may be served. LLC upon whom process against it may LP: Maples Corporate Services Limited, to: 85 Broad St., NY, NY 10004. DE be served. SSNY shall mail process to: SSNY shall mail process to: c/o CT be served. SSNY shall mail process to P.O. Box 309, Ugland House, Grand address of LP: Maples Corporate Services The LLC, c/o Maurice Kassimir & Assoc., Corporation System, 111 8th Ave., 13th princ. bus. loc.: Goldman Sachs Asset Crain'sCayman, ClassifiedKY1-1104, CI. is Name/address not responsible of forCrain'sLimited, corrupt P.O. Classified files Box submitted309, isUgland not responsibleHouse, by client or for adsCrain's corrupt run under Classified files the submitted wrong is not subheading. responsible by client or for ads corrupt run under files the submitted wrong subheading. by client or ads1065 run Ave. under of the the Americas, wrong 10th subheading. Fl., NY, Fl., NY, NY 10011. DE address of LLC: c/o Management L.P., One New York Plaza, each genl. ptr. available from SSNY. Cert. Grand Cayman, KY1-1104, CI. NY 10018. Purpose: any lawful activity. The Corporation Trust Co., 1209 Orange NY, NY 10004. DE address of LLC: 1209 of LP filed with Registrar of Exempted Name/address of each genl. ptr. available St., Wilmington, DE 19801. Arts. of Org. Orange St., Wilmington, DE 19801. Arts. LPs, Elizabethan Sq., 4th Fl., Phase Four, from SSNY. Cert. of LP filed with Registrar Notice of Formation of 362 Casanova filed with DE Secy. of State, 401 Federal of Org. filed with DE Secy. of State, George Town, Grand Cayman, CI. of Exempted LPs, Elizabethan Sq., 4th Fl., Street, LLC. Arts. of Org. filed with Secy. St., Ste. 4, Dover, DE 19901. Purpose: Townsend Bldg., Dover, DE 19901. Purpose: any lawful activity. Phase Four, George Town, Grand Cayman, of State of NY (SSNY) on 7/16/08. Office any lawful activity. CI. Purpose: any lawful activity. Purpose: any lawful activity. location: NY Co. SSNY designated as Notice of Qualification of KG Funds agent of LLC upon whom process against Managing Member LLC. Authority filed Notice of Qualification of Goldman Sachs Notice of Qualification of Royalty Pharma Notice of Qualification of Dada it may be served. SSNY shall mail process with Secy. of State of N.Y. (SSNY) on Global Alpha Employee Fund, LLC. US Partners 2008, LP. Authority filed with Entertainment, LLC. Authority filed with to: The LLC, 1536 Third Ave., 3rd Fl., NY, 7/24/08. Office location: NY County. LLC Authority filed with Secy. of State of NY Secy. of State of NY (SSNY) on 6/2/08. Secy. of State of NY (SSNY) on 6/12/08. NY 10028. Purpose: any lawful activities. formed in Delaware (DE) on 6/18/08. (SSNY) on 6/5/08. Office location: NY Office location: NY County. LP formed in Office location: NY County. Princ. bus. SSNY designated as agent of LLC upon County. LLC formed in Delaware (DE) on Delaware (DE) on 3/26/08. SSNY desig- loc.: 225 W. 34th St., Ste. 501, NY, NY whom process against it may be served. 1/27/06. SSNY designated as agent of nated as agent of LP upon whom process 10122. LLC formed in Delaware (DE) on Coming Up SSNY shall mail process to princ. bus. LLC upon whom process against it may against it may be served. SSNY shall mail 8/6/07. SSNY designated as agent of LLC loc.: The LLC, c/o Kier Global LLC, 1775 be served. SSNY shall mail process to process to princ. bus. loc.: 110 E. 59th upon whom process against it may be on the Calendar Crain's Classified is not responsible forCrain'sBroadway, corrupt Classified Ste. files 604, submitted NY, is notNY 10019, responsible by client Attn: or for adsCrain'sprinc. corrupt run bus. under Classified filesloc.: theGoldman submitted wrong is not Sachs subheading. responsible by Asset client or for adsCrain'sSt., corrupt run Ste. under3300, Classified files NY, the submitted NY wrong is 10022. not subheading. responsibleDE by address client or for adsserved. corrupt run SSNY under files shall the submitted mail wrong process subheading. by to: client c/o or ads run under the wrong subheading. Isaac Kier. DE address of LLC: c/o United Management L.P., One New York Plaza, of LP: c/o Corporation Service Co., 2711 Corporation Service Co., 80 State St., August 18th Corporate Services, Inc., 874 Walker NY, NY 10004. DE address of LLC: 1209 Centerville Rd., Ste. 400, Wilmington, DE Albany, NY 12207. DE address of LLC: Business of Green Road, Ste. C, Dover, DE 19904. Cert. of Orange St., Wilmington, DE 19801. Arts. 19808. Name/address of each genl. ptr. 2711 Centerville Rd., Ste. 400, Form. filed with DE Secy. of State, 401 of Org. filed with DE Secy. of State, available from SSNY. Cert. of LP filed with Wilmington, DE 19808. Arts. of Org. filed August 25th Federal St., Dover, DE 19901. Purpose: Townsend Bldg., Dover, DE 19901. DE Secy. of State, Townsend Bldg., Dover, with DE Secy. of State, PO Box 898, Dover, Healthcare any lawful activity. Purpose: any lawful activity. DE 19901. Purpose: any lawful activity. DE 19903. Purpose: any lawful activity. September 1st Notice of Qualification of 932 Carroll LLC. Notice of Qualification of 111 15 ST LLC. Notice of Qualification of 1402 Sterling Notice of Qualification of 2255 Concourse Business of Fashion Authority filed with NY Dept. of State on Authority filed with NY Dept. of State on LLC. Authority filed with NY Dept. of State LLC. Authority filed with NY Dept. of State September 8th 6/6/08. Office location: NY County. LLC 6/6/08. Office location: NY County. LLC on 6/6/08. Office location: NY County. LLC on 6/6/08. Office location: NY County. LLC Small Business formed in Delaware (DE) on 5/30/08. NY formed in Delaware (DE) on 5/30/08. NY formed in Delaware (DE) on 5/30/08. NY formed in Delaware (DE) on 5/30/08. NY Secy. of State designated as agent of LLC Secy. of State designated as agent of LLC Secy. of State designated as agent of LLC Secy. of State designated as agent of LLC September 15th upon whom process against it may be upon whom process against it may be upon whom process against it may be upon whom process against it may be Real Estate served and shall mail process to the prin- served and shall mail process to the prin- served and shall mail process to the prin- served and shall mail process to the prin- cipal business address: c/o Hudson Realty cipal business address: c/o Hudson Realty cipal business address: c/o Hudson Realty cipal business address: c/o Hudson Realty September 22nd Capital LLC, 250 Park Ave. So., 3rd Fl., Capital LLC, 250 Park Ave. So., 3rd Fl., Capital LLC, 250 Park Ave. So., 3rd Fl., Capital LLC, 250 Park Ave. So., 3rd Fl., Executive Travel NY, NY 10003. DE address of LLC: c/o NY, NY 10003. DE address of LLC: c/o NY, NY 10003. DE address of LLC: c/o NY, NY 10003. DE address of LLC: c/o Corporation Service Co., 2711 Centerville Corporation Service Co., 2711 Centerville Corporation Service Co., 2711 Centerville Corporation Service Co., 2711 Centerville Call John Gallagher Rd., Ste. 400, Wilmington, DE 19808. Rd., Ste. 400, Wilmington, DE 19808. Rd., Ste. 400, Wilmington, DE 19808. Rd., Ste. 400, Wilmington, DE 19808. @ 212-210-0189 Arts. of Org. filed with DE Secy. of State, Arts. of Org. filed with DE Secy. of State, Arts. of Org. filed with DE Secy. of State, Arts. of Org. filed with DE Secy. of State, to place your classified P.O. Box 898, Dover, DE 19903. Purpose: P.O. Box 898, Dover, DE 19903. Purpose: P.O. Box 898, Dover, DE 19903. Purpose: P.O. Box 898, Dover, DE 19903. Purpose: advertisement today any lawful activity. any lawful activity. any lawful activity. any lawful activity.

30 | Crain’s New York Business | August 11, 2008 CNYB 08-11-08 A 31 8/7/2008 7:32 PM Page 1

BUSINESS

LIVING LARGE Doc’s dowdy place gets makeover PAGE 32 buck ennis

GOTHAM GIGS Good sport KEN MUNOZ, 57, is all about sports. As one of four partners at SCP Worldwide, he seeks ELLIOT MEENA, a out and negotiates deals with former All-American sports and entertainment swimmer, used his properties. Christmas bonus for a flight to Beijing. MOVING UP After graduating from New York University’s law school in 1975, the Queens native spent 24 years working his way up from staff attorney to executive vice president at Madison Square Garden.There, he closed a deal to acquire Radio City Productions. GOING GLOBAL In 2006, Mr. Munoz helped SCP Worldwide acquire the St. Louis Blues hockey team and its venue, the Scottrade Center, for $180 million. Now the firm is looking into global television deals for English soccer leagues and even Indian cricket. DOWNTIME SCP Worldwide and Mr. Munoz are involved with Running Subway, the company that produced How the Grinch Stole Christmas.He helped get the show back on Broadway during the November stagehand strike in time to see it with his family. “You want to do things you can be proud of,” he says. —sarah studley EXPERT OPINIONS MINDING YOUR MANNERS practicing business

etiquette is crucial in buck ennis professional situations. Always wait until the end of a meal to KEEPING exchange business cards. SCORE Order the same number of dishes as your guest, and never Number of ask to split an entrée or Olympic journeys dessert. Make sure the coat airlines that fly check has been prepaid, and Fans jump hurdles to attend Beijing games nonstop from escort your guest to the door at New York to the end of the meal. If you’re BY HILARY POTKEWITZ Beijing 4 the guest, handwrite (don’t e-mail!) a thank-you note lliot meena tried not to think too much about it before forking over his Duration within 24 hours. first-ever Christmas bonus to Delta Air Lines for a flight to Beijing. —lyudmila bloch of flight Co-founder and partner “I’d never spent $1,500 on anything in my life,” says the 24-year-old former 14.5 hours EtiquetteOutreach.com All-American swimmer at the University of Florida, whose best friend and teammate is swimming for gold in the Summer Olympics this week. “But Number everyone said, ‘That’s what bonuses are for.’ ” of events The 10-day trip is the first time the Morgan Stanley employee will be out in Summer of the country. Olympics 302 Visa hassles, expensive flights, political See FANS on Page 32 istockphoto E August 11, 2008 | Crain’s New York Business | 31 CNYB 08-11-08 A 32 8/7/2008 7:34 PM Page 1

BUSINESS LIVES LIVING LARGE Dermatologist erasing the past on Fifth Avenue Divorced doctor giving severely dated VITAL STATS PROPERTY 870 Fifth Ave. co-op a makeover ASKING PRICE $2,300,000 and new spirit PURCHASE PRICE $2,275,000 IT’S JUST NOT ME: CLOSING DATE April 2007 Dr. Neil Sadick is eager to begin renovations that will BY ALIX STRAUSS UNIT NUMBERS 2B and 3B transform the unit’s look.

MAINTENANCE $2,000 buck ennis r. neil sadick lives with ghosts. The re- 2,000-square-foot unit gets a when Dr. Sadick decided to vacate dry service. nowned dermatolo- well-worn mauve window seat $500,000 face-lift later this month. a two-bedroom Lexington Avenue Dr. Sadick looked at just five or gist, who Botoxes and overlooking the avenue. “Though A dropped ceiling will be removed, rental for something more perma- six apartments, put down the de-blemishes Man- some of the furniture is mine, it floors refinished in dark-wood nent. He wanted proximity to his required 50% and closed in a mere Dhattan’s elite, has been stuck with still resembles a stranger’s home.” stain and walls painted in an 13-year-old daughter and Park two months. He will stay at the the musty old furnishings of the appealing neutral. The new decor Avenue office, as well as to Central Regency while his residence is couple who sold him his co-op Ike and Mamie-style will feature pinstriped and flannel Park. Dr. Sadick, an avid biker and transformed. apartment on Fifth Avenue at East the previous owners, a pair of fabrics, and accessories accented in runner, is training for the New Pointing out that he has lived 68th Street since he moved in over lawyers in their 50s, had decorated sharp grays and browns. York City marathon. on Fifth Avenue once before—in a a year ago. the apartment as if they were living “My goal is to keep it clean and five-bedroom spread with his ex- The doctor wasn’t aware of the during the Eisenhower administra- classy but add a Parisian-like, Short walk wife—Dr. Sadick says that he is co-op’s restrictions on when reno- tion—complete with glossy Formi- bachelor pad feel,” says Dr. Sadick, the apartment met all of his cri- happy to be back. vations could be done when he ca built-ins, pallid wooden floors who is divorced and in his mid- teria. But this space is a “single man’s bought the two-bedroom, three- and dull-yellow paint. They cov- 50s. “I hired a very established “Sidney lives a block away at her apartment,” he says. “I hope to bath duplex in April 2007. Making ered the master bedroom walls decorator, had a number of custom mother’s,” says Dr. Sadick, dressed in meet that special someone, fall in plans took awhile, and ordering with pink fabric padding. pieces built and ordered furniture a gray suit, white shirt and polished love and get married again,” he items from abroad further slowed Additionally, the lingering, from overseas.” The furnishings black shoes. “I can walk to work, declares. “Until I do, this is a great the process. heavily floral scent of old-lady per- and other materials for the and I’m only feet from the park.” place to live. Once the ghosts leave, “I feel like I’m living in a poorly fume welcomes the doctor every makeover have been sitting in a The building’s bonuses include it will feel a lot roomier.” furnished and designed hotel,” time he enters his bathroom. warehouse for several months. a gym and sunroof, meeting and laments Dr. Sadick, sitting on a All of that will change when the His search for new digs began party facilities, and concierge laun- COMMENTS? [email protected] Fans go all out to see games NOT SO FAST ... TRAVELERS TO THE OLYMPIC GAMES in Beijing can’t Continued from Page 31 Continental Airlines. to tourist sites like the Great Wall, even get off the ground without a tourist visa. controversy and pollution be “I expect the trip will be very cost about $45,000—tickets to the Unlike those attending the last Summer Olympics damned; a hard-core group of New disruptive, with lots of sleep depri- opening ceremonies alone ran about in Athens, where Americans could enter and leave the York enthusiasts is heading to Bei- vation and jet lag,” says Mr. $5,000 each. Meanwhile, a single country unannounced, travelers to this year’s games jing to enjoy the summer games, Adgate, who hopes to catch tennis, ticket to the ceremonies was recent- needed to submit their itinerary to their local Chinese from swimming to track and field. basketball and swimming. “It’s one ly listed on Craigslist for $12,000. consulate. The Chinese government quietly tightened its They’re spending more money of those once-in-a-lifetime oppor- visa requirements in April, just ahead of the games. Creative plans than they expected and taking tunities, and we’re just going to For a smooth entry, David Alwadish, president of visa and passport extra time off for the long trip, but have to gut it out,” he says. the chinese government used expediter ItsEasy.com, says travelers must go to the Chinese consulate they are no less enthusiastic. Travel agents are less thrilled the Olympics as an opportunity to with the following documents in hand: a valid passport with at least six Mr. Meena’s former college about the Beijing Olympics, report- double the cost of a tourist visa, up- months remaining, two photos, a copy of a round-trip airline ticket, and a roommate, Ryan Lochte, just set a ing that fewer customers bought ping it to $130 last fall,and the con- copy of hotel bookings from arrival through departure dates. If planning world record at the World Champi- packages for the games this year. sulate was requesting financial to stay in a private home, travelers must show a letter of invitation from onships in Sydney. “To witness him “Our typical Olympic client is statements from applicants. a friend or family, including contact details and the ID number of the winning a gold medal would be one just not psyched to go to China Such circumstances led some of the greatest things I this year,” says Jack Ezon, travelers to get creative with their host. In some cases, the consulate may require a bank statement show- could ever experience,” says president of leisure travel plans. Kevin Swanepoel, president ing a minimum balance of $3,000. Mr. Meena, who will meet $45K for Ovation Travel Group. of advertising awards organization up with several teammates COST of a 12-day Such sports-oriented The One Club, wanted to bring package for two, to form a cheering section. including airfare, travelers, he explains, chase his family to the games—especially it will be fine.” With prime access to every event, hotel and event tournaments like the his 13-year-old son, Dylan, who Even those for whom money is the pair will need to choose wisely, Jumping at chance tickets World Cup, the PGA Tour ranked third in Connecticut in no object face tough decisions as the games provide over 3,000 for brad adgate,a re- and the Summer and Win- swimming last season, and is nur- when it comes to the games. hours of live sports entertainment. search director at Horizon Media, a ter Olympics around the world. turing his own Olympic dreams. Jonathan Klein, co-founder and As the chief executive of the last-minute invitation to the games Mr. Ezon says he put together Mr. Swanepoel’s firm has an chief executive of Getty Images, is game’s official photo company, Mr. from a big New York media compa- about 50 package trips to Athens office in Beijing, so securing tick- bringing his 18-year-old son and Klein admits he’ll feel a little silly ny provided the impetus for making for the 2004 Summer Games, ets to the events wasn’t a problem, leaving his other two kids behind. using his point-and-shoot Canon the trek halfway around the globe. while this year he arranged only but finding affordable airfare for It’s a precollege father-son to capture personal moments. “I just The 53-year-old executive can bare- about 20. four was another matter. He found bonding trip, he explains. He hopes use it to take pictures of people,” he ly contain his excitement. The slowing economy played a direct flights for the bargain price his other kids will forgive him. says. “For me to try and take photos “My wife and I are the only role, as did high airfares and other of $1,800 per ticket—on Aerosvit Getty has been the official of the event is pointless.” people we know who are going,” expenses. Mr. Ezon says a 12-day Airlines, Ukraine’s national airline. imaging partner for the games for says Mr. Adgate. The pair spent package for two, including hotel, “I had never heard of them, nearly two decades, and this will be COMMENTS? $5,000 on coach-class tickets on airfare, event tickets and side trips either,” he confesses. “But I’m sure Mr. Klein’s fourth Olympiad. [email protected]

32 | Crain’s New York Business | August 11, 2008 CNYB 08-11-08 A 33 8/7/2008 8:16 PM Page 1

BUSINESS LIVES CORPORATE LADDER Stephen Bryan Ear for digital music deals

Exec will lead Warner critical importance of digital sales to the survival of the industry. He has PERSONNEL FILE Music to next level been a key member of the team that as industry struggles, has been growing digital revenues to COMPANY Warner Music Group 21% of total revenues in the second TITLE Senior vice president album sales fall quarter of 2008 from virtually noth- ing in 2004. AGE 38 “It is a great advantage for us to RÉSUMÉ Vice president, Warner BY SAMANTHA MARSHALL have a seasoned executive with the Music Group; manager of capability to execute complex deals business development, Reader’s ith an m.b.a. to help us [get] to the next level,” Digest; marketing manager, The degree from the says Michael Nash, executive vice New York Times Co. Wharton School, president of digital strategy. a young family in MANAGEMENT STYLE “I always the suburbs, and Sliding stock give my team enough freedom to preppy,W boy-next-door looks, despite mr. bryan’s efforts, the come up with creative new ideas.” Stephen Bryan doesn’t exactly fit the music giant has been struggling PERSONALITY TYPE Quiet mold of a typical music executive. along with other labels to reverse an observer Clean-cut and earring-free, the ongoing decline in album sales— native Californian didn’t come up in which are down industrywide 11% the business managing bands, pro- over the past two quarters.WMG is sic to Nokia, a joint venture with

moting concerts or strumming a gui- faring better than its competition, MySpace Music, and partnerships buck ennis tar.For him,the real thrill of working reporting last week a narrower than with Real Networks and Verizon. for Warner Music Group is the mon- expected net loss of $9 million for His responsibilities could not be It’s not often that Mr. Bryan’s dle music services and products to umental challenge of shaping the the third fiscal quarter, ended June more different from the job descrip- personal life intersects with his give young people greater access to digital future of the third-largest la- 30,compared with a $17 million loss tion he had when he joined the com- work,but last December the diehard music that they can pay for as part of bel group in the world. a year earlier. Revenue rose 5.5%, to pany, almost fresh out of graduate Led Zeppelin fan got premium seats a broader network or subscription “This is a business that is con- $848 million. school, at the height of the CD sales to see the group in London at the service. stantly changing on a monthly and WMG has had one of the most boom and well before Napster. Back biggest reunion concert ever.“As far “The à la carte model [like 99- even weekly basis,” says the newly cutting-edge digital strategies of all then, his job was to buy up indie la- as perks of the job go, that was the cent iTunes downloads] doesn’t re- appointed senior vice president of the majors, carving out profitable bels and music catalogs. But he be- ultimate,” he says. ally support the new technology,” digital strategy and business devel- global deals and partnerships with came intrigued by emerging online says Mr. Bryan. “Kids have iPods opment. an array of businesses. Mr. Bryan technology and was among the first Next challenge that can hold thousands of albums.” A company insider since 1997, played a significant role in forging to jump on the ring-tone bandwag- meanwhile, the digital pioneer is Mr. Bryan has seen his responsibil- WMG’s biggest digital deals, in- on,cutting lucrative deals with major seeking new highs. He believes the COMMENTS? ities broaden in lockstep with the cluding the recent licensing of mu- wireless networks around the world. industry needs to find a way to bun- [email protected]

EXECUTIVE MOVES

ACCOUNTING & CONSULTING 52, was promoted to principal from Gold, 62, joined as partner. He had been AlixPartners: Mercedes Arango, 39, joined director, New York office. a partner at DLA Piper. HOT JOBS as director. She was formerly a director at Financial Guaranty Insurance Co. FINANCE & INSURANCE MEDIA & ENTERTAINMENT James Quallen, 33, joined as director. He New York Life Insurance Co.: Mark E. 02138 magazine: Jamie Hooper, 39, was WANTED: had been partner at Mitchell Madison Arning, 51, was promoted to general appointed publisher and chief executive Group, which he co-founded. auditor from senior vice president and of the Manhattan Media publication. CHIEF ARCHITECT-VICE PRESIDENT Ralf Schwarzendahl, 45, joined as deputy general auditor. He was formerly managing director of director. He had been a director at Sagent Advisors Inc.: Scott Moses, 32, national sales at Modern Luxury Deloitte Consulting. joined as principal. He was formerly magazine. COMPANY Ammann & Whitney Cornerstone Accounting Group: Stuart executive director at J.P.Morgan David Blum, 52, was named editor in JOB DESCRIPTION Supervise the engineering and architectural Backer, 48, was promoted to equity Securities. chief. He had been editor in chief at firm’s 30 designers and architects; report directly to Chief Executive partner from partner. New York Press. Nick Ivanoff Harry Dublinsky, 46, was promoted to HEALTH CARE MSG Entertainment: Bob Shea, 55, was equity partner from partner. Metropolitan Jewish Health System: appointed senior vice president, regional MOST IMPORTANT TASK Help oversee Ammann & Whitney’s Marge Filippelli, 47, was promoted to Millie Gamble, 64, was promoted to bookings and special projects. He had expansion in the Northeast and mid-Atlantic regions equity partner from principal. director of business development for been senior vice president of booking at Dan Vitulli, 40, was promoted to equity hospice and palliative care from clinical Live Nation. CREDENTIALS NEEDED More than 20 years as a registered, partner from partner. director. Don Simpson, 51, was named senior vice practicing architect; experience in the public sector KPMG: Kevin Martinez, 46, was Caroline Mansuetto, 53, was named president, business development. He had SALARY Characterized as “market competitive”—which would put it named executive director, corporate director of hospice development for the been president of House of Blues citizenship. He had been vice foundation. She had been director of Concerts Canada. at $150,000 to $170,000—with performance-based bonuses and president of community affairs at development and alumni relations at St. Lee Weinberg, 36, joined as senior vice equity potential Home Depot. John Villa Academy. president of business and strategic UPSIDE Chance to play a critical role in the growth of a 250-person planning. He had been vice president ADVERTISING & COMMUNICATIONS LAW of strategy and operations at The Wall business that generates revenues of $5 million annually. Clients Attention: Colin Nagy, 27, joined as Kaye Scholer: Janet A. Barbiere, 54, Street Journal. include the U.S. Army Corps of Engineers, the NYC School Construc- director of social media. He was joined as partner. She had been a partner RCA Music Group: Mark Flaherty, 43, was tion Authority, and the NYC Department of Design and Construction formerly director at Source at Thacher Proffitt & Wood. promoted to senior vice president, DOWNSIDE Company is vulnerable to state budget cuts for Communications. William J. Cullen, 48, joined as partner. marketing, from vice president, Doremus: Matthew Broom, 33, joined as He had been a partner at Thacher marketing. development projects in New York and around the country. director of business development, North Proffitt & Wood. Waterfront Media: Debra Davidson, 54, —DAMIAN GHIGLIOTTY America. He had been partner and sales Pryor Cashman: Michael P.Dunworth, 52, was named senior director of research. and marketing director at TORI Global, joined as partner. He had been a partner She was formerly director of research at which he founded. at Shearman & Sterling. About.com. Seigenthaler Public Relations Inc.: Wilson Sonsini Goodrich & Rosati: Robert Amy Feng, 32, was named senior John Seigenthaler, 51, joined as partner director of client services. She was and chief executive, SPR New York. formerly director, client services, at from associate. He had been vice president and chief He had been an anchor and special EXECUTIVE PROMOTIONS CondéNet. Sinvin Realty: Christopher Johnson, 29, operating officer at The Brown Cos. correspondent at NBC and MSNBC. The fastest way to get an announcement into joined as director. He had been an Olga Ousmanova, 39, joined as director. Crain’s is to submit details online. Fill out the form REAL ESTATE investment sales associate at Eastdil She had been an associate broker at ARCHITECTURE & DESIGN at www.crainsnewyork.com/submit. The Massey Knakal: Michael Amirkhanian, Secured. Metro Spire. Cooper Carry Associates: Chris Reynolds, Executive Moves column is also available online. 26, was promoted to director of sales Peter C. Oberlink, 57, joined as director. —sarah studley

August 11, 2008 | Crain’s New York Business | 33 CN012263 8/7/08 3:30 PM Page 1 CNYB 08-11-08 A 35 8/7/2008 6:52 PM Page 1

BUSINESS LIVES TABLE TALK by Bob Lape made with 75% turtle meat from dusted with powdered sugar, crème of Latin America and Spain. Louisiana, some ground veal and brûlée is hyped with white choco- broth. late,and pecan pie is,naturally,laced Tengda Asian Bistro The Bourbon Street Bar and with bourbon. www.tengdaasianbistro.com Grille kitchen is remarkably sure- The tiny wine list appears to be 286 Katonah Ave. (next to the post handed with the likes of BBQ or an afterthought, and well-meaning office), Katonah, N.Y. Creole-style shrimp, crab-crusted servers are often inept.They simply (914) 232-3900. A colorful and grouper,almond-clad trout,chicken don’t know how to put dishes on appealing pan-Asian attraction and andouille étouffée, pepper- too-small tables, forget items, serving hefty portions of delicious crusted duck with dirty rice, and and fail to replace utensils they food with style, and big drinks. roasted chicken. removed. There are also richly-anointed Still, gotta love the rib-stickin’ Peniche ½ meats: Creole-seasoned filet with quality of good Nawlins grub. www.penichetapas.com chive mashed potatoes, grilled 175 Main St., White Plains. onions and a roasted shiitake demi- COMMENTS? [email protected] (914) 421-5012. At Anthony Gon- glaze; a double-cut pork chop in calves’ new Portuguese and Spanish bourbon BBQ sauce, and roasted tapas restaurant, everything is in- rack of lamb in port wine re- BEST OF BOB LAPE tense: flavors, caring service and duction. striking ambience. Tailor meal costs Straddling the beef and bayou More recently reviewed spots that to your appetite. border is a steak and shrimp duet. will add spice to your life: It’s a 14-ounce New York strip steak seared in a cast-iron skillet, finished Bengal Tiger with a bourbon-chile glaze and pre- www.bengaltiger1.com sented with sautéed shrimp and ly- 144 East Post Road (between Court onnaise potatoes. Street and Mamaroneck Avenue), Noteworthy sides ($7) often White Plains. (914) 948-5191.Sim- complement main courses. If they son Kalathara’s 33-year romance don’t,some worth ordering are thick with White Plains results in the and tangy jambalaya, and three- best Indian restaurant outside New cheese grits. York City and one of the best in A TASTE FOR THE Desserts ($7 to $9) often pack a America. FRENCH QUARTER: wallop, whether it’s Grand Marnier Tommy Hines, syrup here or Early Times Bourbon Rayuela SUPERIOR OFFICE Bourbon Street’s chef, caramel there. The latter figures in www.rayuelanyc.com has the eats of New AVAILABILITIES Orleans down pat. the drunken raisin bread pudding, 165 Allen St. (between Stanton and the former on Creole cream cheese- Rivington streets), Manhattan. 212.594.2700

buck ennis cake.Beignets are made to order and (212) 253-8840. This chic “freestyle Latino” restaurant has an olive tree growing through it. Chef Maximo Tejada lights up the Lower East SLGREEN.COM Theater eatery Side with creative cookery from all nails Nawlins ognize most of the menu. Bourbon Street The first-floor lounge offers features Cajun-Creole muffalettas crammed with cured Italian meats and cheeses and food, including gator; topped with Creole olive salad.The po’ boy sandwich options are oys- servers are forgetful ters, shrimp, catfish and roast beef BOURBON STREET debris. Pronounced “DAY-bree,” BAR AND GRILLE Marcum & Kliegman LLP stuffed alligator this is an overstuffed sandwich of 346 W. 46th St. crowns the busy bar in thinly sliced roast beef smothered in (between Eighth and Ninth aves.) Certified Public Accountants & Consultants the atmospheric new a highly reduced gravy thick with (212) 245-2030 Bourbon Street Bar tiny scraps of beef. www.bourbonny.com and Grille on New I like the view from the balcony, AYork’s Restaurant Row. There is al- where guests may ogle the stuffed ligator on many plates, too—Buffa- alligator while nibbling on five bat- CUISINE New Orleans lo alligator. ter-fried pieces of gator. It has min- The toothsome gator is but one imal taste other than the Buffalo WINES 23 choices, 14 by the entertaining item amid the sturdy seasoning—mild in this case—and glass New Orleans Cajun-Creole cuisine is on the chewy side. It’s served with DRESS No code brought to Broadway. a celeriac, carrot and red onion slaw NOISE LEVEL Laissez les bon The kitchen star is chef Tommy and blue cheese cream for dipping. temps rouler! Hines, who wore the Commander’s Afterward you may brag of eating it, Comprehensive assurance, Palace colors until recently. A New and it was only $9. I suspect repeats PRICE RANGE $17-$34 Orleans native, he has its eats down are few and far between. WINE MARKUP 180%-333% advisory and tax solutions. pat,and it’s said that only Hurricane Other appetizers ($7 to $14) Katrina forced his move north. range from red bean dip and taco CREDIT CARDS All major Chef Hines’ New York stage is a chips to pan-seared crab cakes with RESERVATIONS Recommended Unparalleled personal service. bilevel restaurant with terrific jalapeño-cayenne aioli. Oysters French Quarter visuals. Wrought Rockefeller are adorned with spin- HOURS Lunch and Dinner, Sun.- iron-faced balconies look down on ach, bacon, Parmesan and Pernod, Wed., 11 a.m.-1 a.m., Thurs.-Sat., That’s the bottom line. ornate chandeliers, gas-burning then roasted. Flash-fried catfish 11 a.m.-2 a.m.; Brunch, Sat.- lanterns, a mahogany bar boasting comes with fire-roasted corn relish Sun., 11 a.m.-4 p.m. 50 bourbons as well as Bloody and five-pepper jelly. = Outstanding Visit us at Solutions.MKLLP.com Marys with 15 garnishes, and that Soups such as seafood gumbo = Excellent gator. and turtle could get saints to march. = Very good Anyone familiar with the Turtle soup, an outstanding signa- = Good NEW YORK (NY) • MELVILLE (NY) • ROSELAND (NJ) • TINTON FALLS (NJ) • GREENWICH (CT) • GRAND CAYMAN (BWI) NOLA’s full-flavored fare will rec- ture of Commander’s Palace, is

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