Big Blocks of Space Go Begging
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CNYB 08-11-08 A 1 8/8/2008 7:42 PM Page 1 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.