2013 40under40 front and back covers.qxp 3/22/2013 7:38 PM Page 2 CRAIN’S® NEW YORK BUSINESS VOL. XXIX, NO. 12 WWW.CRAINSNEWYORK.COM MARCH 25-31, 2013 PRICE: $3.00 CREATIVE Madonna and DIRECTOR ALTUZARRA HERE THEY Jennifer Lawrence Joseph Altuzarra, 29 HERE THEY swear by this young designer’s high-end ARE!ARE! THISTHIS duds. He’s just one of the budding YEAR’SYEAR’S 4040 superstars on our list: UNDERUNDER 4040 Pages 13 to 35 Stakes raised for NY’s gambling bid. THE MAYOR’S RACE Casino proliferation statewide and Greg David on Chris Quinn, ELECTRONIC EDITION regionally could crack the golden Ray Kelly, Joe Lhota, John NEWSPAPER egg: tax lucre P. 3 Catsimatidis and more P. 11 20130325-NEWS--0002-NAT-CCI-CN_-- 3/22/2013 7:41 PM Page 1 EDITOR’S NOTE 40 somethings FYICRAINSNEWYORK.COM Way back in 1993, when I was 32 and an assistant managing editor of Crain’s Chicago Business, one of New anchor my responsibilities was running the for Seaport annual 40 Under 40 franchise for the Windy City paper. (I say paper, he South Street Seaport and only paper, because the World redevelopment project buck ennis Wide Web had just been invented cleared its final hurdle last week, when the City Council approved the developer’s plan to Glenn Coleman T that year. Yes, newsroom interns, I build a new shopping mall at Pier 17 by 2015. am rilly, rilly that old.) Among the But Dallas-based Howard Hughes Corp. had to agree to some significant concessions to more memorable 40 Under 40 honorees in that appease the downtown community’s concerns about the project. It is required to build at least Chicago Class of ’93, even back then, was a 32-year- one public food market by October 2014 that will be open seven days a week—and if it old community organizer named Barack Obama. He develops the Tin Building at the historic Fulton Fish Market site, it will be required to set aside was fresh off a stunning local political success, having 10,000 square feet for a second food market selling locally and regionally sourced products led 10 employees and 700 volunteers in a voter- seven days a week. registration drive that added an unprecedented The company also had to delay the start date for construction by three months until Oct. 1, 150,000 people to the Illinois rolls. Clearly, he would allowing the tenants of Pier 17 to stay open all summer to help recoup their losses from be going places.The state Legislature, probably. Superstorm Sandy.“We can’t explain how happy we are to get the summer,” said Sal Himani, Maybe even … City Hall. Now, I personally believe whose family owns six restaurants at Pier 17. “We need it.” I ended up with the better job than he did 20 years Questions remain, however, about what the developer plans to do to revive the Uplands area later. (And the better city than D.C.) But I think of the Seaport, where it is the primary landlord.That area has remained largely closed since late about that improbably prescient pick every time we October when Sandy hit.The cobblestone pedestrian plaza located on Fulton Street had been a here at Crain’s New York Business begin sifting lively retail community but is virtually shuttered now. —lisa fickenscher through the hundreds of nominations we receive CITI SETTLES. each year for our own annual 40 Under 40 issue. We Citigroup on Monday major city in the nation to enact such announced it was shelling out $730 a ban. … WTC OBSERVATORY HOORAY! don’t necessarily look for future presidents. We do million to settle a class-action lawsuit OBSERVATION. New York and New look for unusually impressive young achievers in brought by investors who said they Jersey Govs. Andrew Cuomo and NBC’S had been misled about the risk and TONIGHT business, government, nonprofits, the arts and Chris Christie last week announced SHOW is quality of 48 bonds and preferred that Legends Hospitality, a firm returning to elsewhere who we believe will play leading roles in stocks. Plaintiffs in the case include owned by the Dallas Cowboys, the New York City 42 years after shaping all that is New York City over the next 20 the Arkansas Teacher Retirement New York Yankees and New York- Johnny Carson years.The audacity of hope, you might call it. I am Systems and the Louisiana Sheriffs’ based Checketts Partners moved pleased to point you to Pages 13 to 35, where you Pension and Relief Fund. … THAR Investment Fund, will operate the production to SHE BLOWS! JPMorgan Chase & observation deck at 1 World Trade buck ennis Burbank, Calif. will meet our latest collection of 40 of New York’s Co. received a downgrade on its Center.The observation deck, which most audacious hopes. And I hope you agree: management rating from the office of will be 1,200 feet above ground on the Clearly, they will be going places. the Comptroller of building’s 100th, OY VEY! the Currency last July, 101st and 102nd but the confidential ‘Looking floors, is expected to CITY FIRE DEPARTMENT classification was forward to a cost $62 million and COMMISSIONER THIS WEEK IN CRAIN’S revealed only last will open in 2015, a Salvatore week. The down- tax refund? So year after tenants Cassano’s son resigned from his IN THE BOROUGHS-------------------------- grade was made begin moving into 3 are identity FDNY job after a public in the Senate the building. … series of IN THE MARKETS---------------------------------- 4 report on the thieves’ GUGGENHEIM TO GO offensive Twitter posts, many newscom REAL ESTATE DEALS ----------------------- “London whale” —Former Mayor Rudy EAST. The Solomon 5 racially charged. trade, which cost the Giuliani, in infomercials R. Guggenheim THE INSIDER ----------------------------------------------- 6 bank $6.2 billion in for LifeLock, an ID-theft Museum and OPINION --------------------------------------------------------10 2012. The rating is prevention firm that is a Foundation received part of a system for client of Mr. Giuliani’s one of the 10 biggest will reopen on Independence Day, ALAIR TOWNSEND -------------------------11 judging banks’capital consulting company acquisition grants in eight months since being closed after GREG DAVID--------------------------------------------11 adequacy, asset its 74-year history. Superstorm Sandy damaged Liberty quality, management, earnings and The grant is reportedly for about $10 Island’s docks and infrastructure. No 40 UNDER 40 --------------------------------------13 liquidity on a 5-point scale, with 5 million and came from the Robert word yet on a timetable for Ellis CLASSIFIEDS -----------------------------------------36 being the worst. The company’s H.N. Ho Family Foundation, which Island’s reopening. … SUBWAY BUSINESS PEOPLE rating rose to 3 from 2. The feds say was established in Hong Kong in WORKER RESCUED. A construction SMALL BUSINESS--------------------------39 Olivia Crenshaw,NYC’s top anything 3 and above poses concerns. 2005. The grant will be used to worker was rescued just after NEW YORK, NEW YORK ---------- Girl Scout cookie purveyor, 41 … CIGS OUT OF SIGHT. After his commission works from at least three midnight last week after being has mastered the hard sell. P. 7 SOURCE LUNCH--------------------------------42 large-soda ban was struck down by a Chinese artists. The foundation trapped waist-deep in mud for four court, Mayor Michael Bloomberg previously sponsored two major hours 75 feet below ground. He was CORRECTIONS proposed requiring New York City’s Chinese art exhibitions at the working on the Second Avenue CBRE broker Susan Kahaner has met with the Brooklyn Public Library to discuss the retailers to hide cigarette displays. Guggenheim. … LADY LIBERTY TO subway at East 95th Street. possibility of helping it sell off locations. That information was misstated in the March New York would become the first REOPEN JULY 4.The Statue of Liberty —ali elkin 18 “Nonprofits sell space to prosper.” Laila Worrell was promoted to head of Accenture’s New York and New Jersey offices. She continues as managing director, financial services. That information was misstated in the Feb. 4 Executive Moves. STORIES TO WATCH THIS WEEK vol. xxix, no. 12, march 25, 2013—Crain’s New York Business (issn 8756-789x) is published weekly, except for double issues the weeks of July Fourth, Labor Day and Christmas, by March 25: March 27: March 28: March 29: Crain Communications Inc., 711 Third Ave., New York, NY 10017. Periodicals postage paid at New York, N.Y., and additional mailing offices. Postmaster: Send address changes to: Crain’s State AG’s office Town hall in ‘21st Century City Deadline to register New York Business, Circulation Department, 1155 Gratiot Avenue, Detroit, MI 48207-2912. for subscriber service: Call (877) 824-9379. Fax (313) 446-6777.$3.00 a copy, $99.95 one meets trustee Rockaways on for All’ session for FEMA disaster year, $179.95 two years. (GST No. 13676-0444-RT) ©Entire contents copyright 2013 by Crain Communications Inc. All rights reserved. for Bernie Madoff federal funding for at Skadden Arps assistance in New victims. Sandy relief offices York 2 | Crain’s New York Business | March 25, 2013 20130325-NEWS--0003-NAT-CCI-CN_-- 3/22/2013 7:42 PM Page 1 IN THE BOROUGHS Landmark battle turns green MANHATTAN Best fate for many Vendors energy-inefficient glass towers may bingeing be the wrecking ball on B’way BY ANNIE KARNI Developers and other backers of a Locals want city to roll massive plan to rezone east mid- town have a new and surprising ar- back proliferation of row in their quiver: a green one. pushcarts in SoHo A report by an environmental consulting group has concluded that the city’s dozens of midcentury BY ADRIANNE PASQUARELLI glass-sheathed skyscrapers, with a total of tens of millions of square feet On a recent Sunday, Peter Davis of office space, are so wildly energy- counted 70 street carts—from cup- inefficient that it would be better for cake vendors to sellers of cellphone the environment to bulldoze them cases—lining the seven blocks of and start over.