No More Miles of Aisles Do Realty Trust, General Growth Media Division to the Properties and Thor Equities

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TOP STORIES Political He-man programs overkill proliferate on on cable cable networks —Valerie Block on media ® PAGE 2 Page 13 Plaza to replace cumbersome seats in ritzy Palm Court VOL. XXIV, NO. 21 WWW.CRAINSNEWYORK.COM MAY 26-JUNE 1, 2008 PRICE: $3.00 NEW YORK, NEW YORK, P. 6 Quinn for mayor? The challenges Airline woes threaten Queens she must face it was a year ago and briefly hit $135 60,000 jobs in borough depend on airports; a barrel last week. EDITORIAL, PAGE 12 hotels, restaurants already feel the sting The U.S. airline industry is expected to lose $7.2 billion this year, Naming the cutback in flights and signifi- according to Jamie Baker, an ana- BY HILARY POTKEWITZ cant layoffs. Meanwhile, the bor- lyst at J.P.Morgan Chase & Co. winners, losers ough’s second-largest employer, Queens, which is home to both in Fossella scandal while all eyes are fixed on Wall JetBlue Airways, has been scaling John F. Kennedy International INSIDER, PAGE 14 Street, the woes afflicting the air- back growth, often citing fuel and La Guardia airports, is wide- line industry foretell another eco- costs. ly believed to have more than nomic problem—in Queens. The moves come as the entire 60,000 jobs both directly and in- Last week, the borough’s airline industry is scrambling to directly related to aviation. When BUSINESS LIVES largest employer, American Air- survive amid escalating fuel prices. the airlines go into a tailspin, the Housekeepers lines, announced plans for a sharp The price of oil is 89% higher than See AIRLINE on Page 7 lindström bekka reciting Shakespeare? City ready PAGE 35 to choose E.125th developer Will select builder before rezoning; AT DEADLINE financing a concern FUSE, CABLEVISION SYSTEM CORP.’S MUSIC CHANNEL, IS BY THERESA AGOVINO NELSON EUSEBIO of the expected to launch a $15 National Supermarket million ad campaign this week Association, which has fresh from the rezoning of as part of its re-branding seen a quarter of its most of 125th Street, the city is effort.The Brooklyn Brothers, members shift their focus preparing to select a developer for a Manhattan-based boutique away from New York. a project on the eastern edge of the

ad agency, worked on the neff david planned revitalization of Harlem’s campaign, which includes storied thoroughfare. A decision is print and television spots.The BAGGING IT expected by the end of the summer. MTV rival has been going Real estate sources tell Crain’s through a programming that the three companies vying for overhaul since it was moved the roughly six-acre site are Vorna- from Cablevision’s Rainbow No more miles of aisles do Realty Trust, General Growth Media division to the Properties and Thor Equities. Madison Square Garden unit Thor confirmed its interest. The last year. Fuse plans to launch a In the past five years, about 100 possible,” says Eligio Peña, who others declined to comment. roster of new music-related Supermarkets flee grocery store owners have either closed the last of his six Associated The East 125th Street Devel- shows later this year. city’s high costs; left the city entirely or focused supermarkets here in 2000 after 30 opment calls for the creation of a their expansion efforts outside the years in business. Today he co- 1.7 million-square-foot complex, USING SKYPE AND E-MAIL, A poor neighborhoods Big Apple. In response to recent owns 26 Compare Foods markets which will include a retail compo- MANHATTAN PSYCHIATRIST reports detailing the situation, a in the Carolinas. nent anchored by a national chain, who heads the nonprofit hit especially hard special commission is now strug- Mr. Peña’s complaint and his plus local shops, restaurants, cine- China American gling to come up with recommen- response are common. The Na- mas, nightclubs and possibly a ho- Psychoanalytic Alliance is BY LISA FICKENSCHER dations that might help turn the tional Supermarket Association, a tel.It will also have offices and spe- coordinating the training of tide. The experiences of many of Queens-based group that repre- cialized space for nonprofits. The mental health workers in anyone who wants to know why the grocers leaving town show, sents independent chains includ- plan also envisions up to 1,000 China to help survivors of the the number of supermarkets in the however, that it won’t be easy. ing Associated, Key Food, Pioneer apartments, with at least 30% of See AT DEADLINE on Page 2 city is rapidly declining only needs “The cost of operating super- and C-Town,reports that a quarter the units reserved for low-income to ask the people who own them. markets in New York City was im- See SUPERMARKETS on Page 7 residents. The city is in the midst of rezoning the eastern portion, whose de- 21

5 velopment will bring much-needed INSIDE: THE CRAIN’S 250 jobs and services to the area, community leaders say. Construction NEW YORK’S TOP PUBLICLY could begin by the end of 2009. ELECTRONIC EDITION “Whatever they build on that HELD FIRMS PAGE 20 site will be a plus for the neighbor- NEWSPAPER See CHOICE on Page 7 71486 01068 0 CNYB 05-26-08 A 2 5/23/2008 5:53 PM Page 1

AT DEADLINE

Continued from Page 1 The fair will spread to Pier 92, recent earthquake. Dr. Elise giving it an additional 30,000 Snyder is helping coordinate square feet of exhibition space efforts by connecting Chinese that can accommodate around professionals with those who 70 new exhibitors. Currently, can provide help; American the fair is housed in Pier 94, a Psychiatric Association and 75,000-square-foot space that other disaster relief groups are holds 160 exhibitors. Next year’s providing the actual training. show begins March 5. A PRESIDENTIAL CAMPAIGN CONTRACT TALKS BETWEEN THE BOOSTED RATINGS FOR A UNION THAT REPRESENTS 1,500 local newscast in the May private security guards and the sweeps, but it wasn’t the Realty Advisory Board will campaign the rest of the country resume Tuesday, after significant is focused on. Coverage of the progress on economic issues was May 16 election in the made at a bargaining session late Dominican Republic pushed last week. Wages have been the Spanish-language station main sticking point, with SEIU WXTV-Univision 41 into Local 32BJ demanding second place for the latest increases to cover the rising cost ratings period, according to of living in the city.The two Nielsen Media Research. Local sides have extended the current news leader WABC Channel 7 contract, which expired earlier SWEET SPOT: truTV’s came in first, but only by a hair. this year. programs offer a way Among viewers 18 to 49 years to reach a coveted old, WXTV drew an average of FISHS EDDY HAS INKED A DEAL demographic, says 124,000 for its 6 p.m. newscast, WITH BRITISH CHINA MAKER Marc Juris. just 9,000 behind Channel 7’s. Wedgwood for a collection that

the dishware purveyor will sell buck ennis MICHELLE SIMON HAS BEEN to hotels, restaurants and retail NAMED DEAN OF PACE customers.The durable fine- University’s law school, the first china line will target midpriced time the school has chosen a sit-down restaurants, says Julie dean from within the faculty. Gaines, owner of Fishs Eddy. Ms. Simon, a member of the “In this economy, the middle- Watching men at work faculty since 1985, has been of-the-road restaurants are serving as interim dean since having a rebirth,” she says. June of last year. Cable nets fight with each other for male viewers THE HUDSON RIVER PARK THE ARMORY SHOW, THE TRUST BOARD IS SLATED TO BY MATTHEW FLAMM LARGEST ART FAIR IN NEW YORK meet on Thursday to authorize City, is expanding its size and contracts for businesses that on the discovery channel, there’s Deadliest Catch, about Alaskan crab fishermen braving broadening its scope to include provide services to the park.The brutal seas. On the History channel, Ice Road Truckers and Ax Men show other ways manly men modern as well as contemporary agenda doesn’t include a can get killed making a living. And in June, truTV will start running Black Gold, about very art.The move will help the 10- discussion about Pier 40. By the year-old fair better compete end of June, the trust is supposed grimy Texas oil riggers. with Art Basel, widely to receive a development The shows are an alternative to the scripted programming on the broadcast networks. But considered to be the most proposal for Pier 40 from a the growing number of tough-job shows on cable television is also a sign of the gold to be important art fair in the world, nonprofit organization and a mined among male viewers, as well as the need to stand out in a crowded and competitive which shows both types of art. camp operator. environment. Discovery, History and truTV—formerly Court TV—are all using these programs to add to their core audiences and offer advertisers a male-skewing alternative to sports. THIS WEEK IN CRAIN’S “Men are hard to reach,” says Gary Lico, president of research firm CableU and a program supplier to cable networks. “So when you find something that does attract men, particularly WEEK IN REVIEW ------10 37 See HE-MAN PROGRAMS on Page 8 NEIGHBORHOOD

JOURNAL------11

VALERIE BLOCK ------13 THE INSIDER------14 Food Bank going hungry SMALL BUSINESS ------16 REPORT: pantries,” says Carlos Rodriguez, worse, says Mr. Rodriguez. Donations decline as vice president of agency relations The number of people who de- BIGGEST COMPANIES -----17 supermarkets, other and programs for the bank. pend on the Food Bank has in- Supermarkets,food manufactur- creased 24% over the past year,to 1.3 REAL ESTATE DEALS------30 suppliers run leaner ers and wholesale distributors are million. cutting back on their contributions In response, the organization is THE WEEKS AHEAD ------31 to the Food Bank’s Hunts trying to encourage families CLASSIFIEDS ------32 BY LISA FICKENSCHER Point warehouse as they be- to be less dependent on the come more efficient and 1.3M emergency food programs it BUSINESS LIVES------35 NUMBER of the shelves at the Food Bank for produce less waste.They are people who supports. One measure in- CORPORATE LADDER------37 New York City are largely empty as running leaner in response depend on the volves helping qualified fam- the nonprofit faces its largest food to rising prices, which have Food Bank ilies sign up for food stamps. EXECUTIVE MOVES------39 38 crisis in 25 years. squeezed their margins. The Food Bank is also as- BOB LAPE ------39 Donations to the bank are ex- “We have a lot of cereal, but we sisting families in filing for the pected to decline 44% in fiscal year don’t have enough milk,” adds Mr. earned low income tax credit. vol. xxiv, no. 21, may 26, 2008—Crain’s New York Business (issn 8756-789x) is published weekly by Crain Communications Inc., 711 Third Ave., New York, NY 10017. Periodicals 2008,which ends in June,to 7.6 mil- Rodriguez. “And we have pasta but The organization will also ask its postage paid at New York, N.Y. and additional mailing offices. Postmaster: Send address lion pounds of processed food. nothing to put in it.” current and past donors to increase 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 “We have seen a tremendous and The not-for-profit supplies their contributions. copy, $59.79 one year, $109.79 two years. (GST No. 13676-0444-RT) ©Entire contents unexpected decrease in the number about 60% of the food that soup copyright 2008 by Crain Communications Inc. All rights reserved. of donated packaged foods that kitchens,pantries and senior centers COMMENTS? families take home from food give away. The timing couldn’t be [email protected]

2 | Crain’s New York Business | May 26, 2008 CNYB 05-26-08 A 3 5/23/2008 5:40 PM Page 1 Cablevision’s Wi-Fi try positive, as analysts subscribers, 93,000 voice cus- wireless technology, like 3G, is al- Plan to offer free weigh the investment tomers and 61,000 broadband ready available in some parts of the service pleases against the need for Ca- subscribers during the first New York area for a fee, and Cable- blevision to retain cus- quarter. The company now has vision’s service will be limited in analysts as Verizon tomers. 2.34 million broadband users. scope. But others say that deploying “They are being the free system is Cablevision’s best revs up competition threatened by compa- Aggressive marketer option. nies like Verizon,” says meanwhile,Verizon has been “It’s relatively inexpensive,” says BY AMANDA FUNG Paul DeBeasi, a senior aggressively marketing its tel- Dana Spiegel, executive director of analyst at The Burton evision and high-speed Inter- NYCWireless, a nonprofit that op- cablevision systems corp. has a Group, a research and net service over its state-of- erates Wi-Fi hot spots across the city. knack for irking its shareholders. It consulting firm. “They the-art fiber-optic network, Cablevision says the network

bought the Sundance Channel this are in a tough spot.” lindström bekka dubbed FiOS, since 2005. costs about $100 per subscriber to month for $496 million, and then it Cablevision ex- And it continues to win ca- build and costs little to operate, be- shelled out $650 million for News- ecutives say that by ble franchises across Ca- cause the company’s technology is day, at a time when newspapers are the end of 2010, all blevision’s service area. an extension of its existing broad- losing advertising revenue and read- of its broadband In fact, Verizon re- band network delivered to homes. ers. Both transactions had share- subscribers in the ceived a huge boost last Analysts expect customers to em- holders and analysts wondering New York area will be able to check “It will help them hang on to ex- month when it reached an agree- brace the free Wi-Fi.Despite the rise about the cable operator’s logic. e-mail and surf the Web for free us- isting customers,” says Jeff Kagan, ment with New York City for a in free Wi-Fi hot spots across the On top of those two deals, the ing Wi-Fi-enabled laptops or mo- an independent telecom analyst. “If cable TV franchise. If the deal is New York area, the demand for reli- company used its first-quarter earn- bile devices anywhere in their customers use multiple services, it is approved, Cablevision’s 600,000 able service at no charge continues to ings conference call to unveil a $310 neighborhood. Non-Cablevision harder for them to leave the subscribers in the Bronx and por- increase. And Cablevision hopes to million venture that’s even more customers will be able to use the net- provider.” tions of Brooklyn will be fair game. feed off consumers’ desire to be con- mind-boggling: Cablevision, which work for a fee, yet to be determined. Cablevision has been surprising- Verizon now offers FiOS in about nected to the Internet at all times. is run by the Dolan family, plans to ly resilient so far. Although it’s en- 30% of Cablevision’s footprint; it “It’s better than sitting there and launch a New York area Wi-Fi net- Keep them hanging on gaged in an escalating turf war with also competes with Time Warner doing nothing,” says Mr. Kagan, the work that would be free to sub- the system is already available to Verizon for cable customers, the Cable in other areas. analyst. “We have to wait and see scribers. subscribers in 15 communities on firm has managed to expand its base In the face of the increasing com- how many customers take advan- The Wi-Fi initiative was as un- Long Island and in Westchester, of TV, broadband and phone cus- petition, some analysts wonder tage of it.” expected as the two acquisitions. New Jersey, Connecticut and the tomers. Cablevision surprised ana- whether Cablevision can effectively But this time, the reaction has been Bronx. lysts by adding 2,000 basic-cable use Wi-Fi as a retention tool. Faster COMMENTS? [email protected] NY as science central USA BY THE NUMBERS

take some years to get those numbers,” says Festival aims to brand Alan Friedman, the former director of the city; likely to fall short New York Hall of Science, who is now a consultant in museum development and science of 100,000-attendee goal communication. “It takes a long time to get something new in people’s consciousness.” Regardless,Mr.Friedman—who is giving BY MIRIAM KREININ SOUCCAR a lecture Saturday on the views of the famed istockphoto physicist Albert Einstein—says the event is three years ago, Columbia University long overdue. Bitter Medicine physicist Brian Greene was asked to speak at “A few months ago, they had Nascar Day an event in Genoa, Italy.When he got there, in New York, and there were all these sports average spending on medical he couldn’t believe how excited the entire city cars parked in a plaza on Park Avenue,” he care for the typical family of four was—over a science festival. says. “If Nascar has a day in New York, cer- jeff dunn Not to be outdone, Mr. Greene, a best- / tainly science should have a whole week.” in New York City exceeds the selling author and the host of the PBS mini- To manage and pay national average by almost 20% series The Elegant Universe, immediately de- for the festival, Mr. and has risen faster than the U.S. cided that New York must host a science Greene and Ms. Day andrea cross andrea festival of its own. / founded the Science Fes- figure in recent years, the latest His ambitions stretch beyond turning the tival Foundation. The Milliman Medical Index shows. average joe on to science: He hopes to organ- foundation has raised Miami is the only major city edgeworx ize a festival that will brand New York City ALL’S FAIR: Brian Greene hopes $5.2 million from a num- tracked by actuarial and consult- as a science capital. to lure New Yorkers with 40 ber of donors, including ing firm Milliman that has high- “It’s astonishing how many science insti- programs on a range of topics. the Sloan Foundation tutions are here,”Mr.Greene says.“But when and the Rockefeller er medical costs than New York. people think of New York, they think of cul- Foundation. The science ture or finance; they don’t think of science.” ing from lectures by Nobel Prize winners to organization’s main corporate sponsor is Few people realize,for example,that New science-themed dance performances at the Credit Suisse. Ticket sales are expected to York City was the second-largest recipient of Guggenheim Museum. Events for kids will cover roughly 10% of expenses. National Institutes of Health funding from include exhibits on robotics and virtual reality Taking a page from the World Economic 1999 through 2006. Or that in the past by Walt Disney Imagineering, the entertain- Forum in Davos, Switzerland, the science decade, scientists at local institutions have ment company’s research and development summit will feature a daylong closed gather- produced more biotechnology-related arm, and a daylong street fair on May 31. ing of experts. About 100 leading scientists, patents than any other metro area in the policy makers, and business and academic country. Big ambitions leaders will discuss cutting-edge innovations The fruits of Mr. Greene’s labors will be “the event can help stamp New York as a and their potential. on view this week as the city hosts its first science capital,” Mr. Greene says. He is hop- Next year, the organizers hope to expand World Science Festival. The festival, which ing that about 100,000 people will take part. the festival beyond Manhattan to include all he co-founded with wife Tracy Day, an But drawing that many people to a new fes- five boroughs. Emmy Award-winning former journalist, tival won’t be easy, say experts. Only six out of “We think this can create a tipping point will take place from May 28 through June 1 40 festival events were sold out as of last Thurs- to get the country looking at science,” Mr. at 17 venues throughout the city, mostly day. A spokesman for the festival says the or- Greene says. around New York University’s campus. ganizers are happy with the ticket sales. For families covered by an employer-sponsored PPO.

The event will feature 40 programs, rang- “No matter how successful this is, it will COMMENTS? [email protected] lindström bekka

May 26, 2008 | Crain’s New York Business | 3 CNYB 05-26-08 A 4 5/23/2008 6:21 PM Page 1

IN THE MARKETS HIGHLIGHTS REEL AmEx losing its charge -3.9% The Bloomberg/ for prospective investors Crain’s New York Index

➡ fell 3.9% to Revenues, meanwhile, jumped 13% to company’s “strong, flexible business end the Card company boosts $31.6 billion. model,” nonetheless has her near-term week at provisions for losses, This year,the company has been send- concerns. She estimates that AmEx’s 330. The ing entirely different provisions for losses S&P 500 faces tougher laws sorts of messages. and claims will soar to Index fell Particularly worri- $7.2 billion next year, 3.5%, some was a decision, up 66% from last year’s closing at BY AARON ELSTEIN revealed in its first- level.Ms.Whitney es- 1376. quarter results, to timates that earnings or years, American Express boost provisions for will slow to a 3% pace Co. boasted that it gave its credit losses by 48%, this year before grind- members unparalleled “privi- to $1.3 billion. At the ing to a complete halt leges.” Now, an increasing same time, AmEx an- next year. number of those members are nounced that its rate Meanwhile, AmEx RISERS Fpaying the company back with some- of credit write-offs and other credit card 5-DAY 1-MONTH 3-MONTH CLOSING thing else entirely—heartache. jumped to 5.5%, ex- companies face anoth- % CHANGE % CHANGE % CHANGE PRICE Over the past five years,the number of ceeding manage- er hit from federal reg- Children’s Place +12.1% +43.9% +60.4% $33.29 green, blue and platinum cards in wallets ment’s forecasts. A ulators, who intro- Barr Pharmaceuticals +6.9% -14.1% -13.1% $42.76 around the world has soared by more than year earlier, that rate duced a proposal to 50%, to 88 million. Problem is, AmEx’s stood at 4.1%. prohibit issuers from Foot Locker +4.2% +14.8% +6.3% $13.54 elite clientele is having trouble keeping Amid these signs increasing interest Cablevision +3.3% +12.5% -7.5% $25.82 up with its bills as the economy weakens. of stress, consumers Market cap $52.3 billion rates on existing bal- NY Community Bancorp +2.9% +11.1% +17.9% $20.26 Although its stock has shed nearly a continue to use their 2008 estimated P/E 14 ances. The proposal third of its value over the past year, in- cards aggressively.The U.S. cards in force 52.9 million would also require a vestors should think twice before charg- growth has been fed 21-day grace period SINKERS ing up a few shares. by AmEx’s effort to before issuers charge 5-DAY 1-MONTH 3-MONTH CLOSING “AmEx has got exposure to a lot of the get members to use late-payment fees. % CHANGE % CHANGE % CHANGE PRICE things troubling the economy,” says An- the cards not just for fancy dinners and If enacted, those rules could hurt Moody’s -24.1% -8.8% -10.8% $34.16 drew Horowitz,president of money man- flights but for everyday items as well. To- AmEx, where fees charged to consumers MBIA -22.7% -16.2% -39.5% $7.37 agement firm Horowitz & Co., which tal charge volume jumped 14% in the first who didn’t pay their balances was the doesn’t have a position in AmEx’s stock. Lehman -17.3% -17.4% -33.4% $36.11 quarter, a development that worries even firm’s fastest-growing source of revenue The darkening outlook comes on the bullish analysts,who fear the increase may in the first quarter.The total rose 19%, to JetBlue -13.9% -9.7% -30.7% $4.20 heels of stellar results last year. In 2007, only sow the seeds for larger credit losses. $257 million. Saks -13.3% -0.2% -22.6% $12.50 AmEx generated $4 billion of net in- Oppenheimer & Co.’s Meredith come, or $3.36 a share, an increase of 8%. Whitney, who is optimistic about the COMMENTS? [email protected]

STOCKS TO WATCH by Erik Ipsen The nation’s credit crisis is alive and getting even uglier at Ambac PEOPLE WONDERING if the crunch is easing should look at Ambac, the nation’s 2nd-largest bond insurer and worst-performing AAA-rated credit. Last week, its shares hit $3.22, down 97% from a year ago. Losses of $5 billion on its guarantees of subprime- tainted securities—losses larger than the previous nine years’ worth of profits—account for much of the drop. Last week’s report of a record dip in house prices axed hope of a rebound. Growing demand for its baubles, from Bahrain to Beijing, is polishing up Tiffany’s earnings and allure to investors. The stock is up 10% in the past month. Tiffany is expected to post a 14% jump in quarterly earnings this week. It has added stores and expanded its offerings to include glasses and watches, which started popping up in powder-blue boxes in January. Having Maria Sharapova sport Tiffany earrings in this week’s French Open will help. All that glitters is not gold. Amid soaring oil prices, investors had sucked up boatloads of shares of General Maritime, the nation’s second-largest owner of oil tankers. But shipping oil is a tricky business, as five quarters of sharply lower earnings show. Some of the decline stems from selling off older boats, but shipping rates are sinking as more tankers steam into the market. No wonder the shares sank last week. charts: lindström bekka

4 | Crain’s New York Business | May 26, 2008 Project11 5/19/08 12:06 PM Page 1

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200871 CNYB 05-26-08 A 6 5/23/2008 3:29 PM Page 1

NEW YORK,NEW YORK edited by Valerie Block

New seat set for Palm Court Meanwhile, controversial author Ben Mezrich, whose best- he legendary Palm selling Bringing Down the House Court at the Plaza is spawned the hit movie 21, will tap Mr. Zuckerberg’s Harvard getting another classmate and one-time Facebook T Eduardo Saverin makeover, just months after the chief executive, , for glamorous hotel and condo his less official, tell-all tale. Mr. Mezrich landed a $1.9 million debuted a $400 million advance from Doubleday for the renovation. title, Face Off, according to an Well, this is a makeover with industry source. a small “m.”Turns out the Mr. Saverin and Mr. Zuckerberg are currently suing pricey wingback chairs (left) in each other over financial the ritzy restaurant are not arrangements dating back to the sitting well with customers and founding of the company, must be replaced. according to 01238, the magazine for Harvard alumni. Executives at the Plaza were Readers are not likely to get loath to discuss the problem the two books confused. “I see a perches, but General Manager Shane Krige gave this business audience for our book, though it transcends the business explanation for plans to ditch them: “Some of our guests world to get to the social relish the privacy of our high-back chairs, while others implications of Facebook,” says prefer lower-backed chairs in order to be seen.” Bob Bender, the Simon & Schuster After all, if one pays an arm and a leg for lunch, at the senior editor who acquired Mr. Kirkpatrick’s book. very least one should be seen. Meanwhile, staffers complain that the thrones are too heavy to maneuver. Even New York Post gossip columnist Cindy Adams Bringing home complained about “the velvet chairs with sky-high backs” in foreign buyers a recent column. while home prices dive in the Local manufacturer Prince Seating estimates that the 120 burbs, real estate in Manhattan seats cost $2,500 apiece.The Palm will have a sell quite a continues to rise, thanks largely to foreign buyers, who account for few $60 afternoon teas to make up that kind of dough. roughly 30% of condo sales. But brokerages ain’t taking anything because contracts haven’t been for granted these days. More kicks signed, sources say it stars Jerry To keep those euros, yen and with flicks Seinfeld. won flowing, real Long established To finance the LOUNGING AROUND estate firms are folks who flock to films under screenings, Fresh drafting brokers in commitment the Brooklyn Bridge (below) in Air Flicks is selling TIME SQUARE’S Time Hotel countries from the summer may be familiar with corporate gets a new lounge this France to Korea. Weiser LLP Fresh Air Flicks. Now, the sponsorships. A week. Ric Addison, the They’re Certified Public Accountants Brooklyn-based company is company willing to nightlife maven behind increasingly expanding its freebie reach. It will shell out $45,000 AVA Lounge and advertising New announce a deal this week with the gets the rights to Rm.Fifty5, launches Inc. York condos in Parks Department to show one the entire run and Lounge on Thursday. papers like The film in 10 parks around town. exclusive rights to Accessories designer to International to the The screenings will begin on the Central Park the stars Jody Singleton Herald Tribune, too. New York City New York July 10 in the Bronx’s High Bridge screening, which is And last 135 West 50th Street styled the watering hole New York, NY 10020 business community Park and end on Aug. 8 in Staten expected to attract with plush club chairs, month, the Web Tel 212.812.7000 Island’s Conference House Park. 3,000 to 5,000 leather settees, alligator site and brochures Fax 212.375.6888 For nearly a century,Weiser has provided Central Park’s Naumburg people. So far, Hot swivel stools and a jet- for midtown’s 43- Bandshell gets its gratis showing 97, KISS-FM and story Platinum Long Island accounting, tax, and consulting services, such black bar. 3000 Marcus Avenue as state and local tax planning, internal audit on July 19. Health Plus have came out in Italian, Lake Success, NY 11042 outsourcing, and business restructuring, “We intend to build something signed on as media French, Spanish, Tel 516.488.1200 to private clients and business enterprises, that becomes an institution in and promotional sponsors. Korean and Japanese. Local Fax 516.488.1238 including closely-held and emerging entities, New York City,” says Glen Sanders, brokers who can speak those Westchester in a variety of industries including: president of Fresh Air Flicks. He languages are in demand, and 660 White Plains Road says the film will be animated, and Antisocial many firms are putting their Suite 430 • Real estate though he won’t reveal the title staffers through cultural Tarrytown, NY 10591 networking? • Manufacturing and distribution sensitivity training to make sure Tel 914.333.0555 • Auto dealerships Fax 914.333.0556 facebook’s founders will they don’t offend potential buyers. • Media and communication face off in a battle of the Says Carolyn Sebba, Platinum’s New Jersey • Banking books. Fortune writer David director of sales, who touted the 399 Thornall Street • Food and dairy Kirkpatrick Edison, NJ 08837 will rely on building in trade shows in Korea • Health care Facebook’s chief executive, and Abu Dhabi: “Americans still Tel 732.549.2800 • Financial services Fax 732.549.2898 Mark Zuckerberg, for his story want to own, but there is so much • Professional services of the online social interest from elsewhere.” www.weiserLLP.com • Not-for-Profit networking phenomenon, The Facebook Effect, to be Contributors:Theresa Agovino, For more information, contact Douglas Phillips at 212.375.6701. published by Simon & Lisa Fickenscher, Matthew Flamm, Schuster. Miriam Kreinin Souccar

6 | Crain’s New York Business | May 26, 2008 CNYB 05-26-08 A 7 5/23/2008 6:35 PM Page 1

cultural organizations. plenty of time to examine the cho- Only recently have some strains sen builder’s proposal before the Choice near on 125th Street among the parties begun to emerge. City Council votes on the rezoning. They stem from the city’s decision Local council member Melissa Continued from Page 1 hood generally could fall victim to als in 1997 generated little interest. in March to start the rezoning Mark-Viverito agrees with him. hood,” says Eugene Giscombe, the weak economy and credit crisis, And in 2005, community opposi- process before selecting a developer. Her continued support of the chairman of 125th Street Business which has severely reduced the sup- tion squashed a developer’s plan for Though not unprecedented, choos- process is vital, because members Improvement District. “It will be ply of funding for big projects.Many a big retail complex. ing a developer during rezoning is typically take their cues from the better than what is there now.” developers who bought properties Chastened by those failures, unusual. legislator who represents the area Currently, an MTA bus depot on or near 125th Street are delaying community activists, politicians Some community activists argue involved. dominates the largely scruffy parcel, construction until the economy im- and city officials worked unusually that rezoning without a developer Another potential obstacle is which extends from East 125th to proves, Mr. Giscombe says. Many closely on the current proposal to weakens the city’s bargaining power. that the city owns only 81% of the East 127th streets between Second are also waiting to see what impact ensure that it would offer the land designated for the project. Mr. and Third avenues. Also located the rezoning passed earlier this neighborhood multiple benefits. Better deal Pinsky says discussions are ongoing there are a parking lot, vacant plots month will have. The selected developer, for exam- conversely,Seth Pinsky,president with the owners of the other plots. and some low buildings housing a ple, must partner with a local firm. of the city Economic Development Though he doesn’t believe invoking few businesses—including a tire Earlier failures The city is encouraging the three Corp., claims that delaying the eminent domain will be necessary, shop, a dry cleaner and a gas station. this is the third time the city has competitors to incorporate in their choice extends the competition. he doesn’t rule it out. The city’s vision for the site tried to develop the East 125th proposals an investment fund to “We’ll get a better deal,”says Mr. specifically and for the neighbor- Street parcel. A request for propos- help neighborhood businesses and Pinsky, adding that there will be COMMENTS? [email protected]

nority of states that bar supermar- empire in North Carolina more kets from the lucrative trade of sell- than four times as large as his former Supermarket owners flee city ing wine, and is among a handful of holdings in New York.He notes that states requiring them to accept bot- he paid between $3 and $5 in real es- Continued from Page 1 In three areas of Brooklyn, for main in those areas. tate taxes per square foot here, a of its 400 members have shifted example, there is less than 10,000 The industry’s main beefs with multiple of North Carolina’s rate of their focus elsewhere, opening square feet of supermarket space for the city center on high taxes and 40 cents to $1. One of his biggest stores along the East Coast from every 10,000 residents. That is less rent. Veteran grocer Cesar Ramirez savings is on insurance, which now Florida and Georgia to as far north than half the amount in many afflu- is a prime example.Although he still costs him $7,000 a year in North as Massachusetts. ent neighborhoods in Manhattan. owns three C-Town markets in up- Carolina, compared with $100,000 “These are very successful entre- Approximately 3 million New per Manhattan and the Bronx,in re- in New York. preneurs who have moved away,” Yorkers live in supermarket-de- cent years he has focused his ener- says Nelson Eusebio, president of prived areas, according to city data. gies on Florida, where he has New generation awaits the trade group. Last year, the city appointed a opened five Freshco stores. “because my expenses are lower, In another sign of the exodus,lo- food policy coordinator, Ben “I definitely wouldn’t expand in my net profit margins are as much as cal distributor Krasdale Foods today Thomases, to lead initiatives to ad- New York unless there were tax re- 10%,” says Mr. Peña. “In New York, has customers in seven states. It has dress the problem. He has set up a bates and subsidized rent,” says Mr. I was happy if I was making a 2% followed its city-based customers supermarket commission which Ramirez. He notes that he has been ‘In New York, profit.” that have been lured out of town by later this year will suggest econom- able to hold on in New York largely As bleak as the outlook may be lower rents, taxes, insurance and la- ic incentives to attract and keep su- because he owns the real estate at I was happy if here, there are some hopeful signs. bor costs. Three years ago, Krasdale permarkets in low-income neigh- two of his locations. A new generation of store owners had no business outside the New borhoods. Without that advantage, many I was making a are eagerly waiting for their oppor- York area. of his peers are facing closure. In tunity. The defections come at a time Making matters worse what is becoming an increasingly 2% profit’ “There are managers who have when the city can least afford it. A meanwhile, grocers argue that one common event in the city,a rally was worked in a store for 10 years, saved study released this month by the of the city’s interim remedies will held last week in front of a Bronx enough money and are ready to take Department of City Planning looks only exacerbate the problem. They Met Food that the landlord is the next step,” says Mr. Klein of at the combination of dwindling su- charge that plans to put an addition- threatening to replace with a Wal- Krasdale. “But finding a location is permarket numbers and a rising al 1,000 produce vendors on the greens. tles for recycling. the big issue.” population and finds a severe short- streets in poorer neighborhoods will A tough regulatory environ- Life in other states is far easier,as age of grocery stores in some neigh- siphon business from the produce ment is also contributing to the ex- Mr.Peña has discovered.In just sev- COMMENTS? borhoods. sections of the supermarkets that re- odus. New York is among the mi- en years, he has built a supermarket [email protected]

cuts, only a third of which were di- nounced its plans to become New rectly with airlines. But unlike that York’s leading airline.It appears that Airline woes threaten Queens crisis, no amount of improved securi- those plans are being moved to the ty or marketing will lower fuel prices back burner. Continued from Page 1 or boost carriers’ flagging earnings. Local leaders in Queens main- borough gets slammed. American plans to cut domestic tain that the borough deserves some “The airline industry is one of flight capacity by about 11% and home-court advantage. our main employers, both directly will lay off thousands of workers by “Given the fact that tax benefits and in its spinoff businesses,” says a the end of the year. were given and government entities spokeswoman for Queens Borough “With oil at $135-plus per bar- have been extremely lenient in their President Helen Marshall.“Any loss rel, we have to do what we have to dealing with American Airlines to of jobs is troubling.” do,” says a spokesman for American provide them with maximum incen- For every 1,000 job cuts in air Airlines. The airline has a total of tives to build—we would expect and transportation, the borough loses more than 8,000 employees at the hope they will use that as a guide- another 470 jobs in ancillary indus- two airports,he says,so it is “reason- post when they make their cuts,” tries—from restaurants and hotels able to assume” that some cuts will says Ms. Marshall’s spokeswoman. to supply companies to fleet servic- be made here. JetBlue has been struggling since es, says the Queens County Overall February 2007, when it was caught Economic Development Corp. Losers the first to go off-guard by a Northeast ice storm Service requests by airport ten- company executives insist that it’s and forced to ground hundreds of ants have dropped noticeably over too soon to determine where and flights. Thousands of passengers the past six months, says Dolores how many employees will be laid off, were left stranded,resulting in a rev- Hofman, coordinator for the Air saying only that unprofitable routes enue loss of about $30 million. Services Development Office, will be the first to go. When Amer- Though fewer planes may fly which is responsible for connecting ican announced similar cuts in 2002, over Queens in the coming months, bloomberg news Queens-based vendors with airport TERMINAL BLUES: American is cutting back 11% of its flights and will lay off thousands. it canceled local service to Syracuse, the neighborhoods still exist in the tenants. Albany and other smaller cities. It industry’s shadow. “People are just buying less,” Ms. also eliminated 1,000 jobs at JFK “When the air traffic starts di- Hofman says. liers have been complaining for two are hurting, because they want to do and La Guardia. minishing, all these other industries months about having to drop room all sorts of promotions with us JFK is one of American’s biggest get affected,” Mr. Friedman says. Ancillary pain rates, according to Jack Friedman, they’ve never done before,” Mr. hubs, with 95 flights leaving the air- “And it’s already started to happen.” queens businesses were feeling executive vice president of the Friedman says. port daily. Just a year ago, the carri- the effects even before American Queens Chamber of Commerce. During the downturn of 2001 and er moved into its state-of-the-art, COMMENTS? Airlines announced its cuts. Hote- “And you know the restaurants 2002, Queens had about 14,000 job $1.3 billion terminal and an- [email protected]

May 26, 2008 | Crain’s New York Business | 7 CNYB 05-26-08 A 8 5/23/2008 6:27 PM Page 1

Catherine Warburton, senior vice president, national broadcast, at He-man programs proliferate on cable media buyer Universal McCann. That is, of course, if they attract Continued from Page 2 of continuing viewers aged 25 to 54 and ranked an audience. For example, National younger men, the tendency in tele- BRINGING HOME THE BACON series like The sixth in that demographic among Geographic Channel’s America’s vision is to do that thing a lot more.” Universe and ad-supported cable networks. Networks get a lift from new programming. Port failed to catch on recently. Some observers trace the roots of Cities of the Un- Deadliest Catch, Truckers and Ax “It remains to be seen how suc- the tough-jobs genre to Cops, the % change derworld Men were all the work of producer cessful all of these shows will be,” low-budget Fox Broadcasting 2007 revenue from ’06 helped the divi- Thom Beers. Little wonder that last says Nancy Dubuc, general manag- perennial that also runs on truTV. Discovery Channel $728 million +10% sion of A&E year, when it was still Court TV, er of History, who championed the But the latest and far more elab- Television Net- truTV picked up his new show, genre at the once-sleepy network. orate iteration started three years History $535 million +4% works expand Black Gold. She says the shows are a fit with the ago on Discovery with Deadliest truTV $306 million +21% its average The show will do better with ad- network’s mission. Catch and the blue-collar travelogue Source: SNL Kagan prime-time au- vertisers than truTV’s more down- “Our [shows] really emphasize Dirty Jobs. dience by 20% market programs like Cops and Most the frontier spirit,” Ms. Dubuc says. in the first Shocking, observers say. But even if some shows aren’t History repeats and garnered record ratings. The quarter, to 1.3 million viewers, ac- “It makes the network more successful, cable networks will con- history jumped on the bandwag- addition of Ax Men, which pre- cording to Nielsen Media Research. palatable to an advertiser that had- tinue mining the dirty-occupation on last year with Ice Road Truckers— miered this March, and the success The channel was up 23% with n’t been using it in the past,” says vein. Bargain programming at $250,000 to $550,000 an episode, the shows are relatively cheap to produce, at least compared with $3 million an episode for scripted programming.They can also help a network stand out in a crowded, frag- mented landscape and push it in the direction it wants to go. In 2006, Court TV introduced an action-programming block that improved ratings and skewed Wrench in the Works? younger and more male. Those shows laid the groundwork for the truTV rebranding in January. Powerful Leverage. All Rights © Reserved. 2008 LLP. Dickstein Shapiro TruTV hopes that Black Goldwill continue the trend. “You start to hit a sweet spot,and because it’s a coveted demographic, you continue to program to build on that,” says truTV General Manager Marc Juris. Discovery continues to post good numbers for Deadliest Catch, by far the most popular offering in the category.Season four, which debuted in April, is up 11% from the prior season among adults 25 to 54. General Manager John Ford says the best of the dirty-job programs exhibit no signs of slowing down. “These shows are not all going for the same audience, and they’re not on the same night,and the audience’s satisfaction level has yet to be reached,” Mr. Ford says. “There’s still room for them to succeed.”

COMMENTS? [email protected]

CRAIN KAPLAN NAMED VICE PRESIDENT JILL KAPLAN, publisher of EXPERIENCE INNOVATION. Crain’s New York Business, HOB ENTERTAINMENT, INC. DOES. has been elected a vice HOB Entertainment, Inc. (House of Blues) is a part of Live Nation, a global entertainment company and the leading president of live music concert promoter. When its insurance company rejected a Directors & Officers policy claim, House of parent Crain Blues turned to Dickstein Shapiro’s premier Insurance Coverage Practice for a strategic resolution. Saving House Communications. of Blues significant costs, Dickstein Shapiro obtained a complete reversal of position by the insurance company Ms. Kaplan has been publisher since September 2006 after only two weeks. By providing House of Blues with innovative solutions to enforce its insurance rights, and came to Crain from The Wall Dickstein Shapiro quickly became House of Blues’ primary advisor for a wide range of insurance coverage matters. Street Journal. Also named vice presidents were Alison Arden, publisher of Advertising Age; Chris Crain, WASHINGTON, DC | NEW YORK | LOS ANGELES Prior results do not guarantee a similar outcome. associate publisher of Advertising Age; and K.C. Crain, publisher of AutoWeek.

8 | Crain’s New York Business | May 26, 2008 Project7 5/19/08 11:30 AM Page 1

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

ECONOMIC SPOTLIGHT Random House names CEO bertelsmann ag named Markus Dohle, head of a printing unit in the company’s Arvato division, chief executive of its Random House book publishing division. Mr. Dohle, who will begin on June 1, succeeds Peter Olson, who stepped down earlier this month after a decade as CEO. ESDC’s Schick steps down avi schick, president of the Empire State Development Corp., said he will step down and return to the private sector in September. His departure, part of Hudson Yards project revived a political overhaul at the THE METROPOLITAN TRANSPORTATION AUTHORITY’s board economic development agency, follows that of former co- members unanimously approved a deal with THE RELATED chairman Patrick Foye, who was COMPANIES and financial partner GOLDMAN SACHS to pressured to resign in March. develop Hudson Yards. Related CEO Stephen Ross (above), who jumped at the chance to develop the $1 billion project Port Authority Economy Watch after talks with former contract winner Tishman Speyer fell OKs JFK study NYC’s jobless rate remains below the U.S. level. Area food and beverage prices through, is planning to develop 5.5 million square feet of delta air lines and the Port rose 5.3% in the year ended in April, the biggest 12-month change since 12/90. commercial space, a hotel, 1 million square feet of retail Authority of New York and New MARCH ’08 APRIL ’08 COMPARISON space and 5.3 million square feet of residential space on Jersey announced plans for the $3 NY area inflation change +0.9% +0.3% +3.6%1 the 26-acre site. billion reconstruction of two ter- 2 minals at John F.Kennedy Interna-

NYC unemployment rate 4.6% 4.5% 5.0% zuma press tional Airport.The Port Author- 3 NYC employment change +900 +1,200 +40,900 officers’ first five years on the job. ity’s board authorized plans to 1-NY area inflation change for the latest 12-month period. 2-U.S. unemployment rate for the lat- Merrill eyes The agreement prompted a union spend $20 million studying the est month. 3-NYC employment change for the latest 12-month period. WTC again that represents the city’s redevelopment of Terminals 2 and firefighters to reopen its most 3, both occupied by Delta. merrill lynch & co. restarted recent contract in the hopes of NYC Hotel Stats Broadway Stats negotiations with developer Larry garnering a comparable wage McGraw-Hill cuts Silverstein to move into the World increase. Average hotel occupancy and room Attendance and box-office gross Trade Center site’s Tower 3.The mcgraw-hill cos., owner of rate climbed in March, PKF Con- rebounded in the week ended 5/18, Port Authority of New York and ratings agency Standard & Poor’s, sulting reports. First-quarter averages The League of American Theatres New Jersey approved Mr. Time Warner’s said it will cut 395 positions in its were 81.4% and $273.71, respec- and Producers says. But for the sea- Silverstein’s request for a six- cable split financial services and education tively, compared with 79.3% and son to date, the levels were down month development extension; divisions.The cut, which $251.53 in the same period of 2007. 3.5% and 4.5%, respectively. the building is now slated for time warner inc. said it will represents 2% of McGraw-Hill’s completion by August 2012. receive $9.25 billion, or $10.27 per total workforce, comes on top of share, from the spinoff of its cable the elimination of 611 positions division.Time Warner Cable Inc. that the company announced in WSJ picks will have to borrow $10.9 billion January. managing editor to fund the special dividend for all stockholders. GM Building talks wall street journal Publisher Robert Thomson (below) was Inspectors added an investment group that named manag- includes Boston Properties Inc., ing editor at the mayor michael bloomberg and Goldman Sachs Group Inc. and newspaper. Mr. the city’s acting buildings investment authorities from Qatar Thomson, hand- commissioner, Robert LiMandri, and Kuwait is in talks to buy the picked by News said the city will hire 63 additional General Motors Building (below) Corp. Chief inspectors to enforce safety rules at and several other skyscrapers from Executive Rupert construction sites.The addition real estate developer Harry Murdoch, brings the total number of Macklowe.The $3.9 billion deal Capital IQ’s Weekly Deals Report succeeds Marcus building inspectors to 461. values the GM Building at $2.8 Brauchli, who billion.

TRANSACTION SIZE resigned under zuma press —from staff reports and COMPANY/LOCATION (in millions) BUYER/INVESTOR TRANSACTION TYPE pressure last month. Merck to pay bloomberg news reports MGL Finance $35.0 Mascon Global Ltd. SB M&A Manhattan $58M for Vioxx Aceto Agricultural Chemicals Corp., n/a Amvac Chemical Corp. SB M&A NYPD gets raise; merck & co. will pay $58 million phorate product line to 29 states and the District of Manhattan FDNY wants same Columbia to settle claims that ads Animoto Inc. n/a Amazon.com Inc. GCI Manhattan investment arm an arbitration panel awarded for painkiller Vioxx, which the Distressed Debt Investor n/a Gordian Group SB M&A New York City’s 23,000 police company withdrew from the Manhattan officers a retroactive 9.7% raise market, hid the drug’s increased ThinkInternational n/a BRQ SB M&A over two years, and increased the risks. Whitehouse Station, N.J.- Massapequa, L.I. starting pay for recruits to $36,000 based Merck will now be Selected deals announced during the week of May 11 for companies headquartered in metro New from $25,000.The cost to the city required to submit all television York. n/a Not available. GCI: Growth capital investment represents new money invested in a com- was reduced by givebacks, ads to the U.S. Food and Drug pany for a minority 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. including a cutback to 10 days of Administration for review before ap images bekka lindström bekka vacation annually from 20 during they are aired.

10 | Crain’s New York Business | May 26, 2008 CNYB 05-26-08 A 11 5/22/2008 5:03 PM Page 1

NEIGHBORHOOD JOURNAL

helping raise funds for the associa- Low-profile tussle in Carroll Gardens tion. Her factory in southern China employs 42 people from the earthquake zone, seven of whom lost opposing the change. neighborhood its name. City Council after the department their family homes there. Zoning change aims Over the past year, the residential But Peter Pober, who owns a approves it. Though there are plenty of Chi- to limit the height project, which is under construction house in Carroll Gardens, says that —matthew sollars nese relief groups, the FCBA plans at 360 Smith St., has inspired new the amendment would strip home- to give its money to the Red Cross. of new buildings; community blogs, advocacy groups owners of valuable air rights and un- “It’s not that we don’t trust [the some owners cry foul and even a so-called Freedom Wall of fairly limit what people can do with Flushing biz group other organizations],but sometimes art protesting the 70-foot-tall build- their property. helps quake victims they don’t have the know-how to do ing, which residents believe will be “The city should be penalizing it all,” Mr. Koo says.The Red Cross utrage over a 48-unit out of scale among surrounding the developer who goes out of the flushing chinese Business is well-known and trusted in China, condominium build- brownstones and quaint front yards. bounds,” Mr. Pober says. “Instead, Association sprang into action after he adds. The Red Cross Society of ing in the heart of In response to the complaints, they’re penalizing the homeowners.” the earthquake in western China.In China was the first responder after Brooklyn’s Carroll the Department of City Planning Despite opposition from Mr. less than two weeks, its 330 mem- the earthquake, arriving even before Gardens has spurred has proposed a zoning amendment Pober and others, Community bers—most of whom own business- the army. Othe city to propose a zoning amend- that the agency says will limit new Board 6 approved the amendment es clustered around the bustling The business association’s ex- ment that would bar such develop- construction to 55 feet and help pre- this month by a vote of 20-7. commercial strips of Roosevelt Av- pected donation of $45,000 would ments in the future. In turn, devel- serve the area’s height profile,as well “People were going nuts about enue and Main Street—raised near- be the largest single donation from opers and some homeowners are as the deep front lawns that give the the original design [at 360 Smith], ly $45,000 for quake relief. any group so far, according to Joan and things kind of took off,” says “Most of our members are from Foley, director of the Queens chap- Bob Zuckerman, a community Taiwan, but a few, especially the ter of the American Red Cross. board member who voted in favor of Sichuan restaurant owners,have rel- According to U.S. census data, the zoning change. He says that the atives and family in mainland Chi- more than 165,000 Queens resi- amendment “was an opportunity to na,” says FCBA President Peter dents are ethnic Chinese, and most slow stuff down.” Koo. of them live in Flushing. Residents had been worried Because the epicenter was in The FCBA has rallied after oth- about a potential rush of big build- Sichuan province, the quake struck er disasters, and not just Asian ones, ings, even after the developer of 360 a more personal note than previous Ms. Foley says. It raised $200,000 Smith revised his plans, Mr. Zuck- disasters in the region—including for the Red Cross’ Hurricane Katri- erman says. the 2004 tsunami in Southeast Asia na relief effort. The donation was The next step is a hearing at the or the recent cyclone in Myanmar, the largest made by a city group and Planning Department set for June 4. according to Mr. Koo. “People are earned Mr. Koo an invitation as a The amendment doesn’t have to go still mailing checks to us,” he says. guest of honor to the 2006 Red through the entire land-use process Tai Wang, co-founder of WAC Cross gala. NOT IN OUR FRONT YARD: Carroll Gardens residents protested that the project is out of scale. but must get the green light from the Lighting Co. in Long Island City,is —hilary potkewitz

May 26, 2008 | Crain’s New York Business | 11 CNYB 05-26-08 A 12 5/22/2008 8:24 PM Page 1

VIEWPOINT Speaker Quinn for mayor? editor in chief Rance Crain publisher Jill R. Kaplan

nder sharp questioning over her find a way to deal with a growing revolt by council members EDITORIAL responsibility for the financial scandal at over other development plans, like the one for Willets Point. editor Greg David managing editor Robert Hordt the City Council, Speaker Christine But of these, the most important challenge she faces is the deputy managing editors Valerie Block, Quinn told the Crain’s Breakfast Forum brewing council scandal. For those who haven’t followed the Erik Ipsen contributing editors last week that she hopes to be judged by ins-and-outs of the controversy, the City Council sets aside Frederick P. Gabriel Jr., Elizabeth MacBride how she responds to the problem rather about $200 million for members to dole out in their districts. columnist Alair Townsend senior reporters Aaron Elstein, Erik Engquist, than by the problem itself. As for her They are much like congressional earmarks—except that the Lisa Fickenscher, Matthew Flamm, expected mayoral candidacy, she said her entire record council used the names of fictitious organizations to hide Samantha Marshall, Miriam Kreinin Souccar reporters Theresa Agovino, Barbara Benson, should be considered, not just this one event. money for later disbursement. Elisabeth Butler Cordova, Amanda Fung, U Daniel Massey, Hilary Potkewitz, Gale Scott, Fair enough.The scandal is only one of the three issues Worse, some council Matthew Sollars discussed that will help New Yorkers decide whether Ms. The city wants members directed large restaurant critic Bob Lape art director Steven Krupinski Quinn should succeed Mayor Michael Bloomberg. sums to nonprofit deputy art directors Carolyn McClain, Start with the budget. Ms. Quinn has been a key partner the next mayor to organizations that Daniel Mednick of the mayor’s in sticking to tough-minded fiscal policies employed members of staff photographer Buck Ennis continue honest copy desk chief Wendy Zuckerman that have given the city a cushion of more than $4 billion to their families and copy editors Michele Arboit, government Thaddeus Rutkowski help ride out tough times. She even proposed spending less former staffers. research editor Denise Southwood next year than Mr. Bloomberg originally suggested. And Executives at some of associate research editor Adrianne Pasquarelli though she wants to restore the mayor’s cuts to city schools, those nonprofits www.crainsnewyork.com she wants to so do only by trimming elsewhere. It’s a record contributed to the online reporter Kira Bindrim her potential rivals can’t match. campaign funds of their EDITORIAL AND ADVERTISING OFFICES 711 Third Ave., New York, NY 10017-5806 Yet, she also said she would consider a tax on wealthy benefactors and helped them politically.Two council staffers editorial: 212.210.0277 Fax 212.210.0799 residents a year from now if the city’s revenue prospects get have been indicted for stealing money. Many of the advertising: 212.210.0259 Cable craincom nyk worse.The wealthy are an easy target, and Democratic transgressions occurred on Ms. Quinn’s watch. She needs to Fax 212.210.0499 politicians in Albany and Washington also want to make the take the lead in ending these practices. Entire contents ©copyright 2008 Crain Communications Inc. All rights reserved. rich pay. Instead, Ms. Quinn should stress the unmatched The matter is crucial primarily because New Yorkers want ®CityBusiness is a registered trademark of MCP tax burden borne by city residents. the next mayor to continue the honest government that Mr. Inc., used under license agreement. TO SUBSCRIBE: Ms. Quinn will also be tested by the growing anti- Bloomberg has made a hallmark of his two terms. Decisive Call 888.909.9111; fax 313.446.6777. $3.00 a copy, $59.79 one year, $109.79 two years. development forces. She has guided many of the Bloomberg action to deal with the scandal is the only way Ms. Quinn www.crainsnewyork.com administration’s most important initiatives through the City can provide that assurance. ADVERTISING AND MARKETING Council, and she needs to do the same with the rezoning advertising director Jeff Adler necessary for the Hudson Yards project.The speaker must also COMMENTS? [email protected] senior account managers Robert N. Grossman, William E. Squitieri account executives Andrew Carlin, Robert Christiaanse, Irene Irvill, Courtney McCombs western account manager LETTERS TO THE EDITOR Ellen Mazen (Los Angeles) 323.370.2477 sales manager, classified print & online John Gallagher newsletter product manager Catherine Evans Gittens sales coordinator, print & online Nonprofit boards aren’t piggy banks Lulé Haznedari sales coordinator Anita Perrino TRUSTEES HAVE THE VALUE credit Pat Grondziak 313.446.6082 marketing director Amy Crossman BROADER DUTIES OF BRANDING POLL COMMENTS marketing manager Jill H. Bottomley “struggling nonprofits seek the dilemma facing I WOULDN’T TAKE the New York Post marketing coordinator Jenny Mashberg new trustees,” (Crain’s, April 28), leaseholders on for free, even if I had fish that circulation manager Andrea Richardson assistant circulation manager draws timely attention to the Broadway—whether to needed wrapping (see Crain’s Rosalie Ford complex challenges a recession cash out on long-term online poll, Page 13). It’s not a general manager, interactive poses for nonprofits. But it may leases or stay put—is newspaper; it’s rubbish. Marc Minardo leave the impression that a another sign of the david arnow nonprofit’s survival during impact of the weakening NEW YORK PRODUCTION downturns in the overall economy dollar (Crain’s, May 19). THE POST, when founded, was a production and pre-press director largely depends upon winning a It also shows the liberal paper. I haven’t read it since Michael Corsi advertising production manager “race to recruit” additional wealthy branding value provided Dorothy Schiff ran it. Marilyn DeMilta

trustees. roger hagadone by a store in New York l. schwar PUBLISHED BY CRAIN COMMUNICATIONS INC. Without a doubt, the board of MARCIA STEIN (right) is executive director of nonprofit City, and SoHo in THE PEOPLE WHO CALL the Post a fish chairman Keith E. Crain directors, as trustees, bears organization Citymeals-on-Wheels. particular. While the president Rance Crain ultimate responsibility for the retailers may not get the wrapper lack the sense of humor to secretary Merrilee Crain financial stewardship of a margins they would appreciate its flair and probably treasurer Mary Kay Crain nonprofit. Nevertheless, the If board members have been wish for, the branding showcase don’t actually read it. It is a great executive vp, operations William Morrow concept of nonprofit boards as prepared to govern well—through can have a payoff since the newspaper! The opinion columns senior vp, group publisher Gloria Scoby group vp, technology, circulation, essentially serving the function of governance training, new member company is reaching thousands of are the best of any city paper. manufacturing Robert C. Adams a piggy bank overlooks the broader orientation and group self- tourists from other parts of the bill yankus vice president/production & duties required for effective evaluation—a board is likely to be United States and the world. manufacturing David Kamis governance, including reviewing in a strong position to navigate This physical engagement and YOU CAN BUY bathroom paper for less! chief information officer Paul Dalpiaz the organization’s mission, through stormy financial times. A branding is perhaps more roscoe george corporate circulation director Patrick Sheposh providing long-term strategic nonprofit’s health, effectiveness important than ever as consumers planning, articulating smart policy and sustainability do not rest on increasingly tune out messages THE DAILY NEWS AND THE POST are founder G.D. Crain Jr. (1885-1973) choices, maintaining constant emergency infusions of cash alone. through other media. both rags.They should merge and chairman Mrs. G.D. Crain Jr. (1911-1996) fiscal vigilance and partnering gordon j. campbell roberto ramos give the paper away free.They are effectively with executive staff to Chief executive Chief executive both worth scrap value. diversify funding streams. United Way of New York City thevoxcollective gerry fisher

12 | Crain’s New York Business | May 26, 2008 CNYB 05-26-08 A 13 5/22/2008 8:43 PM Page 1

The Staubach Company is the leading Corporate Real Estate Services Firm. George Stephanopoulos dragged down the process further, focusing — WATKINS RESEARCH GROUP, INC. (2007) more on Mr. Obama’s refusal to flaunt a flag pin than on issues like the economy and environment. Americans, bombarded by non- “After being named the nation’s leading corporate stop coverage, are still mostly in the real estate firm twice in a row, we paused briefly to dark about what these candidates celebrate. Then we got back to work to make it would do to solve the country’s three in a row.” problems or whether they could ful- fill any of their promises. Roger Staubach Instead, analysis is replaced with Executive Chairman the cacophony of liberal-conserva- THE STAUBACH COMPANY tive crossfire and distractions like bitter-gate and Jeremiah Wright- gate and race baiting. Seriously, more than one cable TV anchor asked whether Mr.Oba- ma was making an obscene gesture when he scratched his face with his middle finger during a recent speech. And of course, McCain versus Obama is getting off to a one- dimensional start, with sound bites john h. howard of the former accusing the latter of embracing a “reckless” foreign policy and of Mr. Obama shooting back with his “Bush-McCain” refrain. Is John McCain a maverick who 212.418.2600 Informed voters? will stand up to his party, or a Bush www.staubach.com lackey who toes the line? Is Barack Obama a consensus-building New 1,600 people. 70 offices. One client. You. Not on TV’s watch Democrat, or a knee-jerk liberal? The conflicting images that the public receives have raised questions can’t wait until june 3,when the last Democratic pri- that the media isn’t doing anything to help clarify, let alone answer. mary is over. That’s when Hillary Clinton can stop Mr. McCain says that he can de- fighting for her new,less-educated friends and the news liver a victory in Iraq in four years, a outlets can move on to the sniping between Sen. John remark that goes virtually unchal- Sign Up for McCain and the Democratic nominee, who is likely to lenged. He also suggests that cap- and-trade mechanisms and carbon Crain’s Daily Alert & Ibe Barack Obama. offsets will curtail global warming. ENTER TO WIN OK, I lied. I’m dying for the primaries to be over, but I’m not Mr. Obama says he will remove the troops as soon as he takes office looking forward to the torate’s most important but offers no evidence that he could the Ultimate presidential campaign. decision in a generation actually achieve such a feat. Nor do Yes, I’m pleased about to a cartoonish joke. we know whether he could imple- how much interest the It’s right for the rat- ment his health care proposal to in- Father’s Day competition is generat- ings, but it’s wrong for sure every child. Luxury Package ing and how energized the country. But instead of getting to the bot- voters have become. The season began tom of these and other vital matters, By signing up for Crain’s free Daily Alert, not only do you But the coverage? well, with a host of spir- the media will continue obsessing enter a community of active informed New York business Shameless. 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The Post will lose 15%. readers, but those remaining will be wealthier and will attract lucrative advertisers Contest is open from May 19-June 20th, 2008 to all NEW registrants to Crain’s Daily News Alerts from crainsnewyork.com who are 18 years or older and bloomberg news legal residents of the United States. Employees of Crain Communications and The Shops at Columbus Circle - Time Warner Center and their immediate families are ineligible to enter. For full list of rules and regulations, go to crainsnewyork.com/contest. For readers’ comments, see Letters to the Editor on Page 12.

May 26, 2008 | Crain’s New York Business | 13 CNYB 05-26-08 A 14 5/22/2008 8:47 PM Page 1

FOSSELLA FALLOUT would support a bill from REP. VITO FOSSELLA’s sudden fall from grace has shaken up Councilman Peter Vallone Jr. to Staten Island’s political landscape. The Republican prevent members from allocating congressman’s decision last week not to seek re-election THE INSIDER funds to organizations at which a following revelations of drunken driving and a secret family family, staff or recent staff member has benefited some officials and not others. has a salaried position. by Erik Engquist and Matthew Sollars The measure is a response to WINNERS Mary Pat Fossella examples of the longstanding COUNCILMAN MICHAEL MCMAHON The term-limited practice, detailed in a recent series Democrat had been slipping toward political irrelevance before Mr. Fossella’s of newspaper articles. But insiders downfall. He immediately became a favorite for the congressional seat that Quinn talks the budget talk say her repeated references to it once seemed out of reach. foretell her backing. ASSEMBLYMAN MICHAEL CUSICK His phone hasn’t stopped ringing since the G ity council speaker Christine Quinn told the Crain’s Tried to correct the widely held news broke. Mr. Cusick is on everyone’s short list of candidates for the seat. notion that she knew a year ago that Breakfast Forum last week that in the event of a her finance staff was including fake DISTRICT ATTORNEY DANIEL DONOVAN He won’t run for Congress, but with Mr. budget deficit next year, she groups in the budget and ignored Fossella’s demise, Staten Island’s top prosecutor emerged as top dog among C her instructions to stop. borough Republicans. wouldn’t rule out raising personal income taxes for those earning She said that what she learned JAMES SIMPSON The Federal Transit Administration chief and former Staten last spring was that for decades the $1 million or more annually. Island Chamber of Commerce chairman emerged as the GOP’s fallback council had been holding candidate when its elected officials hesitated to seek Mr. Fossella’s seat. That threshold is much higher discretionary funds in reserve—not than the $250,000 advocated by that fake groups were the LOSERS the Working Families Party, mechanism used. Ms. Quinn said she immediately notified the city COUNCILMAN DOMENIC RECCHIA Having raised $300,000 to challenge Mr. which has had a close Department of Investigation and Fossella, the Brooklyn Democrat initially looked like a winner. But it soon relationship with Ms. Quinn, federal prosecutors when she became clear that a Staten Island Democrat would launch a bid, forcing Mr. a possible mayoral candidate discovered that detail in late fall or Recchia to step aside. in 2009. early winter of 2007. STATE SEN. ANDREW LANZA With an open congressional seat dangling before G Called for renewal of mayoral Mr. Lanza, Senate Majority Leader Joseph Bruno held him back. Mr. Lanza Though the fiscal 2009 control of city schools while can’t run for Congress without leaving a seat that’s vital to Republicans’ budget won’t be too proposing that the Independent control of the chamber. painful, “2010 is going to Budget Office be a data THE SPEAKER clearinghouse. STATE SEN. DIANE SAVINO Had Mr. Fossella resigned before July 1, a special be a lot worse,” the would consider election would have been called and Ms. Savino would have been able to run speaker observed. raising personal without giving up her seat. But he resolved to serve out his term, so Ms. income taxes for Port’s ship Savino will return to Albany at half the salary of a House member. “We shouldn’t be fooled millionaires. BROOKLYN ATTORNEY STEPHEN HARRISON The Democratic nominee against into a sense that things buck ennis on horizon Mr. Fossella in 2006 had refused to back out of the primary this September, the city Economic Development reasoning that Mr. Recchia could be beat. But with stronger candidates are going to be easy.” reduction in the Education Corp. is said to be starting emerging, he won’t be able to make that argument. On other issues, Ms. Quinn: Department’s contracts budget. conceptual work on a new port in G Declared the mayor’s $191 She also believes that putting Sunset Park, Brooklyn—a Giuliani million in proposed budget cuts for private bus contracts—which cost administration plan that has the city’s schools unacceptable. She $1.1 billion a year—out for bid languished. way we haven’t seen before,” one should be available for purchase in suggests non-classroom cuts of could yield $100 million in savings. “They seem to be working in insider says. mid-June at the City Store in the $160 million, including a 4% G Declined to say whether she concert with the 1999 port plan in a An EDC spokesman says that Municipal Building or at “there have been significant changes www.nyc.gov/citystore. recently in the shipping industry, including the ongoing widening of 33 Washington Street the Panama Canal. As a result, No tag team we’ve been updating the plan.’’ on Silver Newark, New Jersey EDC dredged the South Brooklyn Marine Terminal in November and luke henry and Paul Newell, the plans more work there. upstart challengers to Assembly Speaker Sheldon Silver, agreed on nearly all issues at a candidates’ 95,000 SF New chapter forum recently, and most for Green Book enthusiastically about the need to AVAILABLE give Mr. Silver a strong race. • Unobstructed views the city’s Green Book, which lists But both said they wouldn’t step top government employees and aside to give the other a better shot • Renovated lobby and their salaries, will return next at upsetting him in the Democratic common areas month after a one-year hiatus.The primary. On-site security 80th edition of the book—the first Splitting the ticket would

• Full-service cafeteria was published in 1918—will reflect diminish their already-long odds. • And much more! recent leadership changes in the Both candidates must collect R governor’s mansion and at the city enough signatures during the June I Department of Buildings. About petitioning period to make the D 20,000 copies will be printed and ballot. S E A 2 0 V MI BROOKLYN BOROUGH President Marty E NU T E S , Markowitz’s maneuvering for the mayoralty $ 3 was evident in statements he issued last 0 M 2009THE RACE TO SUCCEED week on two citywide issues. IL L ION! The formerly Brooklyn-centric Mr. Markowitz (right) MIKE first said that the Bloomberg administration’s latest proposal to cut the school budget “makes no www.cbre.com/33washingtonstreet sense,” adding that “if we need to make any cuts in For more information, please contact: education, they should occur at Tweed [administrative headquarters] and not in our classrooms.” He then owned & managed by: Richard Charles Robert Norton cheered the arbitration ruling that raised police 201.712.5646 201.712.5890 officers’ pay, saying, “NYPD salaries have been Licensed Real Estate Broker [email protected] [email protected] SAVITAR REALTY ADVISORS deplorable for far too long.” landov

14 | Crain’s New York Business | May 26, 2008 Project10 4/23/08 4:29 PM Page 1

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SMALL BUSINESS

basement of her store. Ari Ginsberg,professor of entre- When cosmetic changes won’t do preneurship at New York Universi- ty’s Stern School of Business, says: “Unless an entrepreneur has a busi- the end of 1998, revenues at Laura her business. ness plan to significantly grow their Sales explosion forced Laura Geller Makeup Geller Makeup had soared to more In fact, Ms. Geller had no idea business, when growth occurs, it is to quickly build up its infrastructure than $1 million from $650,000 the what to charge for a bulk order, very common to struggle. To have a year before, and Ms. Geller such as the one QVC successful midsize business, an en- THE mous Upper East Side boutique and was sprinting just to keep GRADUATES placed, or how to properly trepreneur first has to develop the BY VICTORIA RIVKIN cosmetics company, discovered that up with demand. Part of a series present her products— infrastructure.” when she appeared on the QVC “I knew how to apply on firms that much less make large quan- have outgrown Higher volume very red-blooded en- shopping channel in May 1997. makeup and how to sell it, the ranks of tities of them. trepreneur strives for Within five minutes, 750 units of but I didn’t know how to run small businesses In preparation for her TV after a year of trying to keep up, success. But success can her $39.50 Face Structuring Kits a midsize business,” says appearance, for example, Ms. Geller began to focus on build- cause problems if it had been sold—more than in all of Ms.Geller,who was trained Ms.Geller rounded up some ing the company to deal with high- comes too quickly. the previous 12 months. in cosmetology and taught of her mother’s friends to er volume. She contracted with a ELaura Geller,owner of an epony- That was just the beginning. By it before and after starting help her package kits in the fulfillment house to handle packaging and began working with chemists at private-label cosmetic firms to develop products. Today, she uses 14 manufacturers, compared with just four when she opened her boutique in 1993. The company now boasts a collection of more than 140 items. An- nual revenues top $50 million, largely because of QVC, which in 2002 gave Ms. Geller a regular one- hour show. Laura Geller Makeup ranks among the channel’s five best- selling cosmetics brands, according to Allen Burke, QVC’s director of merchandising for beauty.

IN A NUTSHELL

OPENED March 1993 EMPLOYEES 30 SALES SOURCES QVC U.S. 61% QVC U.K. 22% Sephora 17% TOP 3 SELLERS Long-Lasting Brow Marker $22 Balance & Brighten, with brush $33.50 Blush-N-Brighten Berry, with brush $33.50

In late 2006, cosmetics chain Sephora began to carry Laura Geller Makeup in 17 stores and on its Web site.The line will be in all 260 stores within a year. Delegating duties sephora presented Mr. Geller with a new challenge: to make her products stand out on brick-and- mortar shelves. In 2006, she hired a branding firm, which developed her red-lips logo and the “Beauty Inge- nuity” motto. She also hired a former QVC executive to head up product development. Ms. Geller now wants to bring on a president to handle much of the day-to-day administration. And for the first time, she’s using a recruiter to help expand staff, including hir- ing a group of middle managers. “Letting go and not micro- managing is a great challenge for an entrepreneur, especially one used to . having a successful small business,” Mr. Ginsberg says.

COMMENTS? [email protected]

16 | Crain’s New York Business | May 26, 2008 CNYB 05-26-08 A 17 5/21/2008 6:22 PM Page 1

BIGGEST COMPANIES INSIDE Publicly held companies, ranked by annual revenues PAGE 20 “I see no evidence the worst is over, no matter what top people on Wall St. say” —Graham Summers, GPS Capital Research, Page 18 Subprime crises ebb; more loom Investment banks’ problems mounting on multiple fronts impact.” BY AARON ELSTEIN In the year that ended March 31, the subprime crisis triggered $82 to hear it from the chief execu- billion in pretax losses at Wall Street tives of Wall Street’s top firms, the firms, according to Standard & brutal subprime mortgage crisis is at Poor’s. The industry now faces last dissipating. mounting losses on soured loans “The worst is over,” CEO that were used to finance everything Richard Fuld declared at Lehman from leveraged buyouts and com- Brothers’ annual meeting in mid- mercial real estate to consumer April.A week earlier,Morgan Stan- spending. ley’s John Mack described the deba- The International Monetary cle as being “maybe at the top of the Fund puts the total cost of the cred- ninth.” it crisis at $1 trillion,with more than Early this month,Treasury Secre- half of that burden borne by banks. tary Henry Paulson, a former Gold- Thousands of securities industry man Sachs CEO, sounded a employees have lost their similarly upbeat note, claim- jobs in the first wave of cut- ing that “we are closer to the backs. end of this problem than we $1TESTIMATED cost of credit Volatile outlook are to the beginning.” crisis, according While the subprime to the Int’l “the outlook [for Wall storm may well be subsid- Monetary Fund Street] is weak and increasing, even bigger problems ingly unpredictable,” S&P for Wall Street’s big four—Gold- warned in a report early this month. man Sachs, Lehman Brothers, “We have become more concerned Merrill Lynch and Morgan Stan- about the profit outlook for the ma- ley—loom straight ahead. jor investment banks and brokers “If we’re in the late innings [of given the persistently difficult oper- the financial crisis], that means ating environment.” we’re going to have a doubleheader,” The dollar amount of dodgy quips Sanford C. Bernstein & Co. loans and debt on the books of the analyst Brad Hintz. “The subprime big investment banks is rising faster crisis may be ending, but the econo- than many can raise funds to cover harry pulver my is slowing rapidly, and Wall potential losses. Meanwhile, in- Street is just beginning to feel the See CREDIT on Page 18 Top drug companies aching for a blockbuster remedy

ries Inc.—tell the story. able to replace them with new mir- PHARMACEUTICAL MANUFACTURERS Loss of patents, lean All of them are struggling with acle treatments. pipelines lead to cuts some combination of overreliance “The market dynamics have From Crain’s list of the New York area’s 250 largest publicly held companies. on acquisitions, tougher bargaining shifted,”says Ben Hohn,a partner at across the board by insurers and slumping stock Monitor Group, a Manhattan con- Market prices. A few have compounded sulting firm.“The number of attrac- Rank Rank 3-year total return capitalization BY FRAN HAWTHORNE their problems by lying to investors tive areas in which to develop new 2008 2007 Company to shareholders (in millions) and regulators. products, and what they need to do 11 11 Pfizer Inc. -16.6% $136,048 if ever an industry were in need But those difficulties pale in to make up for what’s coming off of a miracle cure, it’s Big Pharma. comparison to the one overwhelm- patent, is out of balance.” 21 21 Bristol-Myers Squibb Co. -3.2% $43,390 Four drug companies in the New ing industry-wide failure: Block- With more than $48 billion in 35 34 Schering-Plough Corp. -8.7% $29,842 York area—Pfizer Inc., Bristol- buster drugs produced by each of the sales last year, Manhattan-based Myers Squibb Co., Schering- four face patent expirations at a Pfizer is the biggest drug company 69 70 Forest Laboratories Inc. -2.7% $10,807 Plough Corp. and Forest Laborato- faster pace than the companies are See AILING on Page 19

May 26, 2008 | Crain’s New York Business | 17 CNYB 05-26-08 A 18 5/21/2008 6:24 PM Page 1

REPORT

INVESTMENT BANKS From Crain’s list of the New York area’s 250 largest publicly held companies.

Market Rank Rank 3-year total return capitalization 2008 2007Company to shareholders (in millions) 6 8 Goldman Sachs Group Inc. 83.3% $75,490 ÜÉäéáåÖ=óçì 7 6 Morgan Stanley 18.9% $53,718 8 9 Merrill Lynch & Co. -3.0% $48,939 áåëíáää=áåîÉëíçê 9 12 Lehman Brothers Holdings Inc. -1.1% $24,393 ÅçåÑáÇÉåÅÉ SEC Filings SOX 404 Consulting Credit crises live on Internal Audit Services Registration Statements Continued from Page 17 Morgan Stanley note that it has dis- IPO & Secondary Offerings come from lucrative mainstays,such closed its Level III exposures fully This is what our SEC Practice is all about. Audit Committee Assistance as handling initial public offerings and taken considerable write- and advising on mergers and acqui- downs on the value of those assets. From assisting you with your IPO to compliance with sitions, is shriveling. As if things weren’t grim enough, SEC and Sarbanes-Oxley regulations, Holtz Rubenstein One of the biggest problems at Wall Street firms are also being Reminick has been helping middle market companies Merrill Lynch is Level III assets— socked with huge declines in IPO succeed. We are one of the leading CPA firms in the defined as those with so few buyers and M&A activity. country serving SEC registrants. that banks can only guess at their IPO volume in the United value. Merrill’s Level III assets rose States has plunged by more than ëìéÉêáçê 67% in the first quarter of 2008 from half so far this year, says Renais- íÜáåâáåÖK fourth-quarter 2007, to $70 billion. sance Capital in Greenwich, Conn. Much of the increase stemmed from Domestic M&A volume is off by ìåã~íÅÜÉÇ the firm’s putting back on its books 38% in the same period, according áåíÉÖêáíóK off-balance-sheet vehicles contain- to Bloomberg data. ing mortgages, as well as from re- Some banks are responding by classifying commercial mortgages shuttering entire divisions. For ex- For more information, contact in Europe and complex securities ample, UBS said in early May that Lawrence J. Waldman, CPA known as credit default swaps. it would exit the municipal bond (212) 697-6900 Altogether, these assets equal business—in which it has been one [email protected] 90% of Merrill’s tangible capital— of Wall Street’s leaders—and sack CERTIFIED PUBLIC ACCOUNTANTS. BUSINESS ADVISERS. its net worth minus goodwill—ac- 2,600 investment banking employ- Holtz Rubenstein Reminick LLP cording to Bernstein research. That ees in New York and London. 1430 Broadway, New York, NY 10018 may explain why Merrill’s manage- 125 Baylis Road, Melville, NY 11747 ment drummed up nearly $10 bil- Silver lining www.hrrllp.com lion in cash in April by issuing debt wall street’s dire situation is and selling preferred stock. The attracting herds of short-sellers, ©2008 Holtz Rubenstein Reminick LLP who sell borrowed shares of a company in the hope of later buying ‘Corporate them back at a lower price. One short-seller, GPS Capital heads aren’t Research founder Graham Sum- mers, says he began shorting finan- receiving cial stocks in February, right before Bear Stearns Cos. collapsed. pain signals’ Though the group has rallied since Bear’s government-orches- trated bailout, Mr. Summers thinks that the share prices of banks and brokerages are poised to decline significantly in the coming months as fundraising came after officials in- the recession sinks in. sisted for months that they wouldn’t “If corporate profits were rising have to return to the trough. and people were getting jobs instead of losing them, I would agree that Injury upon injury fundamentals are changing and the lehman brothers’ $43 billion of worst financial crisis of the last 35 Level III assets, which amounts to years is coming to an end,” Mr. more than twice the firm’s tangible Summers says. “But I see no evi- capital, could pose an even larger dence that the worst is over,no mat- threat. More than half of those as- ter what people at the top on Wall sets are mortgages or mortgage-re- Street say.” lated securities—debris of the firm’s Mr. Summers suggests that rank as Wall Street’s largest sub- there’s a reason—besides sheer self- prime dealer during the frothiest interest—Wall Street executives in- years of the housing bubble. sist that they see better times ahead Lehman says it is working to light- in the face of such profound gloom: At Anchin, We See en its load of mortgages. The members of this elite group suf- In much the same boat are Gold- fer from congenital insensitivity to Beyond the Numbers. man Sachs and Morgan Stanley, pain with anhidrosis,or CIPA,a real whose Level III assets amount to though extremely rare genetic dis- more than twice their respective order. Anchin, Block & Anchin LLP We are experts in data mining, which enables our renowned bases of tangible capital. Goldman “As with CIPA, these corporate Litigation, Forensics & Valuation Services Team to create effective Accountants and Advisors has $25 billion of toxic mortgage- heads don’t seem to be receiving Litigation, Forensics and analysis and solutions for your dispute resolution needs. Our team related securities on its books; the pain signals from their corporate Valuation Services has the experience and credentials recognized by attorneys, business primary problem at Morgan Stanley bodies,” Mr. Summers says. owners, and the courts to act as experts in helping them make New York Westchester Long Island is LBO-related debt that the firm informed decisions. Let us connect you with Your Expert Partner in 212.536.6845 www.anchin.com has not been able to sell. Insiders at COMMENTS? [email protected] Litigation, Forensic and Valuation Services. CNYB 05-26-08 A 19 5/21/2008 6:26 PM Page 1

REPORT

What makes Amper the nation’s 19th largest auditor of public companies? It’s the unique perspective we bring to Ailing drugmakers the table. In addition to “Big 6” pedigrees, many of our partners are former Board Members, CFOs, Controllers, and Tax Directors. Continued from Page 17 ConvaTec, for $4 billion. on the planet—and it has problems Many people regard razaxaban,a Representative services for US and foreign registrants on a matching scale. blood thinner in midstage trials, as Last fall, the company stopped the company’s best hope for a new include: marketing inhaled insulin Exubera, blockbuster. which carried high expectations but Until recently, Schering-Plough Other Public Companies Financial Statement Audits had disappointing sales.Barely a year had looked to be one of the few big Rely on AMPER… Sarbanes-Oxley Section 404 Planning, before that, late-stage trials of what pharmaceutical makers that had en- And You Can Too was supposed to have been an inno- tered recovery mode. Documentation & Implementation vative cholesterol-lowering drug, Corporate and International Tax Services torcetrapib, were halted after it was Hopeful signs squashed linked to a high number of deaths. between 2002 and 2007, the com- Internal Audit (Outsourced, Co-Sourced) Additionally, sales of Pfizer’s pany—which had sales of nearly $13 blockbuster painkiller Celebrex billion in 2007 and is based in Kenil- Corporate Executive Taxes, Net Operating plunged after a similar drug, Vioxx, worth, N.J.— paid $1 billion in fines Loss Studies, Earnings & Profit Studies, was withdrawn by archrival Merck & to settle three federal investigations R&D Tax Credits Co.in September 2004.Pfizer pulled into its involvement in Medicaid its second drug in that class, Bextra, fraud, poor manufacturing condi- Pension Plan Audits because of regulatory pressures. tions and improper marketing.In ad- Additionally, patent protection dition, its blockbuster allergy drug, IT Governance recently expired on two big money- Claritin,had gone off-patent in 2002. makers, blood pressure drug Nor- After Fred Hassan took over five vasc and antidepressant Zoloft. years ago, Schering-Plough was For more information contact: Cholesterol-lowering Lipitor, the “showing signs of turning the ship Peter Bible, Neal Godt, Jeffrey Allen world’s best-selling drug, will meet around,” according to Mr. Hohn at 6 East 43rd Street the same fate in just two years. Monitor. In an effort to get back on track, Powered largely by cholesterol New York, NY 10017 Pfizer announced last year that it drugs Vytorin and Zetia—both co- (212) 682-1600 would cut 10,000 jobs,or about 10% marketed with Merck—the company’s stock price jumped in early 2007. Then the ax fell. A two-year ‘There’s nothing study showed that the drugs were no more effective in reducing arterial in the labs blockages than older, cheaper med- ications. Schering-Plough and that can really Merck were then accused of trying to hide the results of the study. “Seeing Beyond the Numbers...” excite investors’ Sales of Vytorin and Zetia fell about 15%, and analysts expect the www.amper.com declines to continue. In April, Schering-Plough accepted the in- evitable and announced that it of its global workforce, over two would pare annual costs by $1 bil- years. It also brought in two new lion, which will include laying off senior scientists to shake up R&D. 10% of its 55,000 workers world- Pfizer’s problem is that “nothing wide.The plan comes on top of $500 [in the labs] really can ignite in- million in cuts announced last fall. vestors’ excitement,” says Shaojing The reductions are a “good way” Tong,who until April was an analyst for Schering-Plough to put its prob- with Mehta Partners, a Manhattan lems behind it, according to Mr. money management firm specializ- Tong. The company also has a rela- ing in pharmaceutical and biotech. tively robust R&D pipeline of Some of the biggest troubles at promising products, including the Bristol-Myers Squibb in Manhat- rheumatoid arthritis medication tan, which had sales of $19 billion Golimumab. in 2007, stem from a pair of legal The smallest local drugmaker, debacles. Forest Laboratories of Manhattan,is also the most fragile. One product, Exacerbating matters antidepressant Lexapro, generates in 2005,two top officials at the com- about two-thirds of its $3.4 billion in pany were indicted for misleading sales and has patent protection for investors by artificially pumping up just four more years. The company’s sales. Their trials are pending. The other big seller, Alzheimer’s drug board ousted Chief Executive Peter Namenda,will go off-patent in 2010. Dolan in 2006 over his handling of Forest got good news last fall, a patent challenge to Plavix,a block- when the Food and Drug Adminis- buster blood thinner; last year, Bris- tration approved two products to tol-Myers Squibb pleaded guilty to treat high blood pressure, Bystolic making false statements in connec- and Azor. The company expects to tion with that dispute. get the regulator’s nod soon for a Plavix will face competition from treatment for fibromyalgia. generics in just three years. To help The bottom line for all four com- prepare, the company has imple- panies is that they face years of ad- mented a $1.5 billion belt-tighten- justing to sagging sales of the drugs ing program, which it announced in that have made them rich. December. It will cut more than “These companies are represen- 10% of its 43,000 jobs; sell or shut tative of the industry’s challenges,” half of its 27 plants; and shed prod- Mr. Hohn says. “But I wouldn’t put uct lines, including medical imag- these companies at the leading edge ing, to focus on pharmaceuticals. In of solving them.” April,it announced that it had a deal to sell its wound-care business, COMMENTS? [email protected] CNYB 05-26-08 A 20 5/21/2008 6:51 PM Page 1

REPORT BIGGEST COMPANIES NY Area’s Largest Publicly Held Companies Ranked by annual revenues

this list ranks by 2007 revenues the 250 on Long Island, or in one of four counties in McGraw-Hill Cos., from its database of year-earlier levels, industry and number of largest publicly held companies in the New northern New Jersey: Bergen, Essex, Hud- publicly held companies. employees. York area covered by Crain’s New York Business. son or Union. The list provides each company’s head- Results from previous years are provided Companies must have their headquarters The following information was compiled quarters address, phone, Web site, 2007 rev- for those companies for which 2007 infor- in New York City, in Westchester County, by Standard & Poor’s, a division of The enues and net income, percent change from mation is not available.

2007 2007 revenues net income Rank Company (Ticker symbol) Phone/Web site (in millions) % change (in millions) % change Industry/# of employees

Citigroup Inc. (C) (212) 559-1000 $157,333.0 +7.1% $3,617.0 -83.2% Financial services 1 399 Park Ave., New York, NY 10043 www.citigroup.com 387,000 NATIONWIDE GAIN J.P. Morgan Chase & Co. 1 (JPM) (212) 270-6000 $116,353.0 +16.5% $15,365.0 +6.4% Financial services FiOS TV subscribers. 2 270 Park Ave., New York, NY 10017 www.jpmorganchase.com 180,667 American International Group Inc. (AIG) (212) 770-7000 $109,607.0 -2.9% $6,200.0 -55.9% Insurance 943,000 3 70 Pine St., New York, NY 10270 www.aigcorporate.com 116,000 International Business Machines Corp. (IBM) (914) 499-1900 $98,786.0 +8.1% $10,418.0 +9.8% Computer products and services 4 1 New Orchard Road, Armonk, NY 10504 www.ibm.com 386,558 Verizon Communications Inc. (VZ) (212) 395-1000 $93,469.0 +6.0% $5,521.0 -10.9% Telecommunications 140 West St., New York, NY 10007 www.verizon.com 234,971 207,000 5 ▼ Goldman Sachs Group Inc. 2 (GS) (212) 902-1000 $87,968.0 +26.8% $11,599.0 +21.6% Securities 6 85 Broad St., New York, NY 10004 www.gs.com 30,522 4Q 2006 4Q 2007 2 Morgan Stanley (MS) (212) 761-4000 $85,328.0 +20.6% $3,209.0 -57.1% Securities MORE HOOKUPS 7 1585 Broadway, New York, NY 10036 www.morganstanley.com 48,256 Merrill Lynch & Co. (MER) (212) 449-1000 $62,675.0 -7.0% ($7,777.0) n/m Securities Verizon Communica- 8 4 World Financial Center, New York, NY 10080 www.ml.com 64,200 tions Inc.’s plans to Lehman Brothers Holdings Inc. 2 (LEH) (212) 526-7000 $59,003.0 +26.3% $4,192.0 +4.6% Securities penetrate the cable 9 745 Seventh Ave., New York, NY 10019 www.lehman.com 28,556 television market got a MetLife Inc. (MET) (212) 578-2211 $52,978.0 +9.8% $4,317.0 -31.4% Insurance boost last month when 10 200 Park Ave., New York, NY 10166 www.metlife.com 49,000 the company reached Pfizer Inc. (PFE) (212) 573-2323 $48,209.0 0.0% $8,144.0 -57.9% Pharmaceuticals an agreement to offer www.pfizer.com 86,600 11 235 E. 42nd St., New York, NY 10017 television service in New Time Warner Inc. (TWX) (212) 484-8000 $46,482.0 +6.4% $4,387.0 -33.0% Entertainment and media 1 Time Warner Center, New York, NY 10019 www.timewarner.com 86,400 York City. Verizon says it 12 has enough fiber-optic Medco Health Solutions Inc. (MHS) (201) 269-3400 $44,506.2 +4.7% $912.0 +44.7% Pharmacy benefits management 13 100 Parsons Pond Drive, Franklin Lakes, NJ 07417 www.medco.com 20,800 cable in the ground to PepsiCo Inc. (PEP) (914) 253-2000 $39,474.0 +12.3% $5,658.0 +0.3% Food and beverage products deliver TV service to 14 700 Anderson Hill Road, Purchase, NY 10577 www.pepsico.com 185,000 about 30% of the city’s Prudential Financial Inc. (PRU) (973) 802-6000 $34,500.0 +6.2% $3,704.0 +8.1% Insurance homes by the end of 15 751 Broad St., Newark, NJ 07102 www.prudential.com 40,703 2008. Meanwhile, the Hess Corp. (HES) (212) 997-8500 $31,711.0 +13.0% $1,832.0 -4.6% Petroleum cost of rolling out its 16 1185 Sixth Ave., New York, NY 10036 www.hess.com 13,300 fiber-optic network American Express Co. (AXP) (212) 640-2000 $31,557.0 +13.1% $4,012.0 +8.2% Financial services continues to be a drag 17 200 Vesey St., New York, NY 10285 www.americanexpress.com 67,700 on earnings. Alcoa Inc. (AA) (212) 836-2674 $30,748.0 +1.2% $2,564.0 +14.1% Alumina and aluminum products 18 390 Park Ave., New York, NY 10022 www.alcoa.com 107,000 News Corp. 3 (NWS.A) (212) 852-7000 $28,655.0 +13.1% $3,426.0 +48.1% Entertainment and media 19 1211 Sixth Ave., New York, NY 10036 www.newscorp.com 53,000 Philip Morris International 4 (PM) (917) 663-2000 $22,798.0 +9.6% $6,026.0 -2.0% Tobacco, food and beverage products 20 120 Park Ave., New York, NY 10017 www.philipmorrisinternational.com 75,500 Bristol-Myers Squibb Co. (BMY) (212) 546-4000 $19,348.0 +12.1% $2,165.0 +36.6% Pharmaceuticals 21 345 Park Ave., New York, NY 10154 www.bms.com 42,000 Loews Corp. (LTR) (212) 521-2000 $17,551.0 +3.3% $2,489.0 -0.1% Holding company 22 667 Madison Ave., New York, NY 10021 www.loews.com 21,700 Bear Stearns Cos. 1 (BSC) (212) 272-2000 $16,151.0 -2.4% $233.0 -88.7% Securities 383 Madison Ave., New York, NY 10179 www.bearstearns.com 14,153 23 RATINGS CHASE Arrow Electronics Inc. (ARW) (631) 847-2000 $15,985.0 +17.7% $407.8 +5.0% Electronics 24 50 Marcus Drive, Melville, NY 11747 www.arrow.com 12,600 Prime-time ratings are Time Warner Cable Inc. (TWC) (203) 328-0600 $15,955.0 +35.6% $1,123.0 -43.2% Cable TV and telecommunications down at CBS, and the 25 1 Time Warner Center, New York, NY 10019 www.timewarnercable.com 45,600 decision to make Katie Bank of New York Mellon Corp. 5 (BK) (212) 495-1784 $14,782.0 +62.8% $2,039.0 -32.3% Banking Couric (above) the 26 1 Wall St., New York, NY 10286 www.bankofny.com 42,100 evening news CBS Corp. (CBS) (212) 975-4321 $14,072.9 -1.7% $1,247.0 -24.9% Entertainment and media anchor has been a 51 W. 52nd St., New York, NY 10019 www.cbscorporation.com 23,970

27 ▼ bust. But CBS Corp. L-3 Communications Holdings Inc. (LLL) (212) 697-1111 $13,960.5 +11.9% $756.1 +43.7% Communication systems Chief Executive Leslie 600 Third Ave., New York, NY 10016 www.l-3com.com 64,600 28 Moonves is plowing Colgate-Palmolive Co. (CL) $13,791.8 (212) 310-2000 +12.7% $1,737.4 +28.4% Health and beauty aids ahead. He expanded 29 300 Park Ave., New York, NY 10022 www.colgate.com 36,000 Pepsi Bottling Group Inc. (PBG) (914) 767-6000 $13,591.0 +6.8% $532.0 +1.9% Beverages the outdoor 30 1 Pepsi Way, Somers, NY 10589 www.pbg.com 69,100 advertising division to Viacom Inc. (VIA.B) (212) 258-6000 $13,423.1 +18.1% $1,838.1 +15.5% Film production and cable television South America and 31 1515 Broadway, New York, NY 10036 www.viacom.com 10,800 paid $1.8 billion for Consolidated Edison Inc. (ED) (212) 460-4600 $13,120.0 +9.7% $940.0 +25.7% Electric and gas utility CNET Networks, 32 4 Irving Place, New York, NY 10003 www.conedison.com 15,214 tripling the company’s Public Service Enterprise Group Inc. (PEG) (973) 430-7000 $12,853.0 +9.3% $1,339.0 +80.2% Electric and gas utility Web presence 33 80 Park Plaza, Newark, NJ 07102 www.pseg.com 8,767 overnight. Media Omnicom Group Inc. (OMC) (212) 415-3600 $12,694.0 +11.6% $975.7 +12.9% Advertising agencies observers will be 34 437 Madison Ave., New York, NY 10022 www.omnicomgroup.com 70,000 looking closely at how Schering-Plough Corp. (SGP) (908) 298-4000 $12,690.0 +20.3% ($1,473.0) n/m Pharmaceuticals well the deal works. 35 2000 Galloping Hill Road, Kenilworth, NJ 07033 www.schering-plough.com 55,000

20 | Crain’s New York Business | May 26, 2008 CNYB 05-26-08 A 21 5/21/2008 6:53 PM Page 1

REPORT BIGGEST COMPANIES

2007 2007 revenues net income Rank Company (Ticker symbol) Phone/Web site (in millions) % change (in millions) % change Industry/# of employees

Marsh & McLennan Cos. (MMC) (212) 345-5000 $11,350.0 +7.6% $2,475.0 +150.0% Insurance 36 1166 Sixth Ave., New York, NY 10036 www.mmc.com 56,100 ANYONE HOME? Avon Products Inc. (AVP) (212) 282-5000 $9,938.7 +13.4% $530.7 +11.1% Health and beauty aids Monthly closing stock prices. 37 1345 Sixth Ave., New York, NY 10105 www.avoncompany.com 42,000 ITT Corp. (ITT) (914) 641-2000 $9,003.3 +15.3% $742.1 +27.7% Defense systems and services 38 4 W. Red Oak Lane, White Plains, NY 10604 www.itt.com 39,700 Hertz Global Holdings Inc. (HTZ) (201) 307-2000 $8,685.6 +7.8% $264.6 +128.2% Trucking 39 225 Brae Blvd., Park Ridge, NJ 07656 www.hertz.com 29,350 Assurant Inc. (AIZ) (212) 859-7000 $8,383.2 +5.5% $653.7 -8.9% Insurance 40 1 Chase Manhattan Plaza, New York, NY 10005 www.assurant.com 14,000 CIT Group Inc. (CIT) (212) 771-0505 $8,096.9 +16.6% ($81.0) n/m Commercial and consumer finance 41 505 Fifth Ave., New York, NY 10017 www.cit.com 6,700 Automatic Data Processing Inc. 3 (ADP) $7,800.0 (973) 974-5000 +14.1% $1,138.7 -26.7% Data processing THINKING SMALLER 42 1 ADP Blvd., Roseland, NJ 07068 www.adp.com 46,000 Dover Corp. (DOV) (212) 922-1640 $7,226.1 +14.2% $661.1 +17.7% Industrial equipment Bed Bath & Beyond 43 280 Park Ave., New York, NY 10017 www.dovercorporation.com 33,400 Inc. is facing trouble Bed Bath & Beyond Inc. 6 (BBBY) (908) 688-0888 $7,048.9 +6.5% $562.8 -5.3% Domestic goods, home furnishings at home. Specifi- 650 Liberty Ave., Union, NJ 07083 www.bedbathandbeyond.com 39,000

44 ▼ cally, the housing 3 Estée Lauder Cos. (EL) (212) 572-4200 $7,037.5 +8.9% $449.2 +83.9% Health and beauty aids market slump has 45 767 Fifth Ave., New York, NY 10153 www.elcompanies.com 28,500 7 crimped the home Great Atlantic & Pacific Tea Co. (GAP) (201) 573-9700 $6,850.3 -21.6% $26.9 -93.2% Grocery stores furnishings retailer’s 2 Paragon Drive, Montvale, NJ 07645 www.aptea.com 38,000 46 plans for expanding its McGraw-Hill Cos. (MHP) $6,772.3 (212) 512-2000 +8.3% $1,013.6 +14.9% Publishing and information services store count. Fewer 47 1221 Sixth Ave., New York, NY 10020 www.mcgraw-hill.com 21,171 Interpublic Group of Companies Inc. (IPG) (212) 704-1200 $6,554.2 +5.9% $167.6 n/m Advertising agencies home buyers mean 48 1114 Sixth Ave., New York, NY 10035 www.interpublic.com 43,000 fewer customers Cablevision Systems Corp. (CVC) (516) 803-2300 $6,484.5 +11.3% $218.5 n/m Cable and pay television making large purchases 49 1111 Stewart Ave., Bethpage, NY 11714 www.cablevision.com 16,705 at the chain. Still, the IAC/InterActiveCorp (IACI) (212) 314-7300 $6,373.4 +7.9% ($144.1) n/m Television and Internet interests firm might be helped by 50 555 W. 18th St., New York, NY 10011 www.iac.com 21,000 picking up sales from Becton Dickinson & Co. 8 (BDX) (201) 847-6800 $6,359.7 +10.8% $890.0 +18.3% Medical equipment and supplies rival Linens ’n Things, 51 1 Becton Drive, Franklin Lakes, NJ 07417 www.bd.com 28,018 which is mired in Starwood Hotels & Resorts Worldwide Inc. (HOT) (914) 640-8100 $6,153.0 +2.9% $542.0 -48.0% Hotels bankruptcy. 52 1111 Westchester Ave., White Plains, NY 10604 www.starwoodhotels.com 155,000 Continued

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REPORT BIGGEST COMPANIES

2007 2007 revenues net income Rank Company (Ticker symbol) Phone/Web site (in millions) % change (in millions) % change Industry/# of employees Henry Schein Inc. (HSIC) (631) 843-5500 $5,920.2 +17.3% $215.2 +31.4% Medical and hospital equipment 53 135 Duryea Road, Melville, NY 11747 www.henryschein.com 12,000 Asbury Automotive Group Inc. (ABG) (212) 885-2500 $5,713.0 +0.3% $51.0 -16.1% Auto dealerships 54 622 Third Ave., New York, NY 10017 www.asburyauto.com 8,300 Foot Locker Inc. 9 (FL) (212) 720-3700 $5,437.0 -5.4% $51.0 -79.7% Shoe stores 55 112 W. 34th St., New York, NY 10120 www.footlocker-inc.com 44,415 Barnes & Noble Inc. 9 (BKS) (212) 633-3300 $5,410.8 +2.8% $135.8 -9.8% Bookstores 56 122 Fifth Ave., New York, NY 10011 www.barnesandnobleinc.com 40,000 BlackRock Inc. (BLK) (212) 810-5300 $4,844.7 +130.9% $995.3 +208.5% Investment advice 57 40 E. 52nd St., New York, NY 10022 www.blackrock.com 5,952 Jarden Corp. (JAH) (914) 967-9400 $4,660.1 +21.2% $28.1 -73.5% Consumer products 555 Theodore Fremd Ave., Rye, NY 10580 www.jarden.com 25,000

58 bloomberg news Sealed Air Corp. (SEE) (201) 791-7600 $4,651.2 +7.5% $353.0 +28.8% Packaging 59 200 Riverfront Blvd., Elmwood Park, NJ 07407 www.sealedair.com 17,700 MIXED NEWS Liz Claiborne Inc. (LIZ) (212) 354-4900 $4,577.3 -1.4% ($372.8) n/m Apparel This has been a rough 60 1441 Broadway, New York, NY 10018 www.lizclaiborne.com 16,500 year for the New York Transatlantic Holdings Inc. (TRH) (212) 770-2000 $4,381.8 +8.2% $487.1 +13.8% Insurance Times Co. Declining 61 80 Pine St., New York, NY 10005 www.transre.com 570 advertising revenue 10 Polo Ralph Lauren Corp. (RL) (212) 318-7000 $4,287.4 +14.4% $400.9 +30.2% Apparel forced the flagship 650 Madison Ave., New York, NY 10022 www.polo.com 14,000 62 paper to lay off NYSE Euronext Inc. 11 (NYX) (212) 656-3000 $4,188.0 +73.6% $643.0 +213.7% Stock market 11 Wall St., New York, NY 10005 www.nyse.com 3,083 reporters for the first 63 time. Even when ad MasterCard Inc. (MA) (914) 249-2000 $4,067.6 +22.3% $1,085.9 +2,063.6% Payment solutions 64 2000 Purchase St., Purchase, NY 10577 www.mastercard.com 5,000 sales held steady at The CA Inc. 10 (CA) (631) 342-6000 $3,943.0 +4.5% $118.0 -25.8% Software New York Times, as they 65 1 Computer Associates Plaza, Islandia, NY 11749 www.ca.com 14,500 did in April, they plunged Jones Apparel Group Inc. (JNY) (212) 642-3860 $3,848.5 -5.8% $311.1 n/m Apparel at The Boston Globe. 66 1411 Broadway, New York, NY 10018 www.jny.com 13,830 No. 1 newspaper Web Vornado Realty Trust (VNO) (212) 894-7000 $3,568.8 +20.4% $568.9 +1.6% Real estate investment trust site NYTimes.com has 67 888 Seventh Ave., New York, NY 10019 www.vno.com 4,020 seen a surge in traffic Warner Music Group Corp. 8 (WMG) (212) 275-2000 $3,385.0 -3.7% ($21.0) n/m Record labels thanks to the presiden- 68 75 Rockefeller Plaza, New York, NY 10019 www.wmg.com 3,800 tial primaries. Times Co. Forest Laboratories Inc. 10 (FRX) (212) 421-7850 $3,360.3 +15.4% $454.1 -35.9% Pharmaceuticals Chairman Arthur Sulz- 69 909 Third Ave., New York, NY 10022 www.frx.com 5,126 berger Jr. (above) New York Times Co. (NYT) (212) 556-1234 $3,195.1 -2.9% $208.7 n/m Publishing has to make the site 620 Eighth Ave., New York, NY 10036 www.nytco.com 10,231 70 ▼ a revenue driver as MBIA Inc. (MBI) (914) 273-4545 $3,116.0 +15.9% ($1,921.9) n/m Insurance big as the paper. 71 113 King St., Armonk, NY 10504 www.mbia.com 486

22 | Crain’s New York Business | May 26, 2008 CNYB 05-26-08 A 23 5/21/2008 6:58 PM Page 1

REPORT BIGGEST COMPANIES

2007 2007 revenues net income Rank Company (Ticker symbol) Phone/Web site (in millions) % change (in millions) % change Industry/# of employees

Blackstone Group (BX) (212) 583-5000 $3,050.1 +172.3% $1,623.2 -28.4% Financial services 72 345 Park Ave., New York, NY 10154 www.blackstone.com 1,020 SKY-HIGH Universal American Corp. (UAM) (914) 934-5200 $3,034.6 +132.5% $84.1 -29.5% Insurance Jet fuel price per gallon. 73 6 International Drive, Rye Brook, NY 10573 www.uafc.com 2,000 Tiffany & Co. 9 (TIF) (212) 755-8000 $2,938.8 +11.0% $303.8 +19.6% Jewelry stores +89.6% 727 Fifth Ave., New York, NY 10022 www.tiffany.com 8,800 ➧ 74 $3.775 JetBlue Airways Corp. (JBLU) (718) 286-7900 $2,842.0 +20.3% $18.0 n/m Airline 118-29 Queens Blvd., Forest Hills, NY 11375 www.jetblue.com 11,632

75 ▼ Systemax Inc. (SYX) (516) 608-7000 $2,779.9 +18.5% $69.5 +53.9% Computers and related products $1.991 76 11 Harbor Park Drive, Port Washington, NY 11050 www.systemax.com 3,535 Jefferies Group Inc. (JEF) (212) 284-2300 $2,718.9 +38.5% $144.7 -29.7% Securities 77 520 Madison Ave., New York, NY 10022 www.jefferies.com 2,568 2007 2008 Coach Inc. 3 (COH) (212) 594-1850 $2,612.5 +28.4% $663.7 +34.3% Leather products 78 516 W. 34th St., New York, NY 10001 www.coach.com 10,100 LOSING ALTITUDE Barr Pharmaceuticals Inc. (BRL) (201) 930-3300 $2,500.6 +90.2% $128.4 -61.9% Pharmaceuticals JetBlue Airways Corp. 79 225 Summit Ave., Montvale, NJ 07645 www.barrlabs.com 8,900 12 hoped some California Icahn Enterprises (IEP) (212) 702-4300 $2,487.6 -17.2% $308.3 -72.2% Building operator dreaming would help it 767 Fifth Ave., New York, NY 10153 www.icahnenterprises.com 6,013 80 forget about high fuel Nasdaq OMX Group Inc. 13 (NDAQ) $2,436.6 (212) 401-8700 +47.0% $518.4 +305.3% Stock market costs. But the airline 81 1 Liberty Plaza, New York, NY 10006 www.nasdaqomx.com 891 Phillips-Van Heusen Corp. 9 (PVH) (212) 381-3500 $2,425.2 +16.0% $183.3 +18.1% Apparel said goodbye to 82 200 Madison Ave., New York, NY 10016 www.pvh.com 11,600 Hollywood in May, Annaly Capital Management Inc. (NLY) (212) 696-0100 $2,416.7 +100.9% $414.4 +341.7% Real estate investment trust ditching plans to 83 1211 Sixth Ave., New York, NY 10036 www.annaly.com 39 expand to Los Angeles Ann Taylor Stores Corp. 9 (ANN) (212) 541-3300 $2,396.5 +2.3% $97.2 -32.0% Apparel stores International Airport. 84 7 Times Square, New York, NY 10036 www.anntaylor.com 18,400 After a bout of bad Volt Information Sciences Inc. 14 (VOL) (212) 704-2400 $2,353.1 +0.6% $39.3 +28.3% Help supply services publicity for holding a 85 560 Lexington Ave., New York, NY 10022 www.volt.com 43,000 passenger in the International Flavors & Fragrances Inc. (IFF) (212) 765-5500 $2,276.6 +8.6% $247.1 +9.1% Artificial flavors and aromas lavatory, is its friendly 86 521 W. 57th St., New York, NY 10019 www.iff.com 5,300 reputation going down Moody’s Corp. (MCO) (212) 553-0300 $2,259.0 +10.9% $701.5 -7.0% Credit rating agency the drain, along with 87 250 Greenwich St., New York, NY 10007 www.moodys.com 3,600 the meager profit it 15 Pall Corp. (PLL) (516) 484-5400 $2,249.9 +11.6% $127.5 +144.5% Industrial equipment earned in 2007? 88 2200 Northern Blvd., East Hills, NY 11548 www.pall.com 10,700 E*Trade Financial Corp. (ETFC) (646) 521-4300 $2,228.3 -42.1% ($1,441.8) n/m Financial services 89 135 E. 57th St., New York, NY 10022 www.etrade.com 3,757 C.R. Bard Inc. (BCR) (908) 277-8000 $2,202.0 +11.2% $406.4 +49.4% Medical equipment and supplies 90 730 Central Ave., New Providence, NJ 07974 www.crbard.com 10,200 Continued easy.

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REPORT BIGGEST COMPANIES

2007 2007 revenues net income Rank Company (Ticker symbol) Phone/Web site (in millions) % change (in millions) % change Industry/# of employees

Scholastic Corp. 16 (SCHL) (212) 343-6100 $2,179.1 -4.6% $60.9 -11.2% Publishing 91 557 Broadway, New York, NY 10012 www.scholastic.com 10,200 Broadridge Financial Solutions Inc. 3 (BR) (201) 714-3000 $2,163.5 +10.9% $197.1 +18.2% Data processing 92 2 Journal Square Plaza, Jersey City, NJ 07306 www.broadridge.com 4,241 Children’s Place Retail Stores Inc. 9 (PLCE) (201) 558-2400 $2,162.6 +7.2% ($59.6) n/m Children’s apparel stores 93 915 Secaucus Road, Secaucus, NJ 07094 www.childrensplace.com 23,800 Cognizant Technology Solutions Corp. (CTSH) (201) 801-0233 $2,135.6 +49.9% $350.1 +50.4% Software 94 500 Glenpointe Center West, Teaneck, NJ 07666 www.cognizant.com 55,400 Hudson City Bancorp Inc. (HCBK) (201) 967-1900 $2,134.8 +31.7% $295.9 +2.5% Banking BIG TASK 95 80 West Century Road, Paramus, NJ 07652 www.hcbk.com 1,362 NBTY Inc. 8 (NTY) (631) 567-9500 $2,014.5 +7.1% $207.9 +86.0% Pharmaceuticals Monster 96 90 Orville Drive, Bohemia, NY 11716 www.nbty.com 10,800 114 Worldwide 15 IDT Corp. (IDT) (973) 438-1000 $2,012.7 -9.6% $58.6 n/m Telecommunications ▼ Inc.’s CEO, Sal 97 520 Broad St., Newark, NJ 07102 www.idt.net 2,360 Iannuzzi (above), has to Warnaco Group Inc. (WRNC) (212) 287-8000 $1,860.1 +12.4% $79.1 +55.9% Apparel put in a lot of overtime to 98 501 Seventh Ave., New York, NY 10018 www.warnaco.com 4,656 revitalize the career site MSC Industrial Direct Co. 17 (MSM) (516) 812-2000 $1,688.2 +28.1% $173.9 +27.5% Industrial products he took over last year. 99 75 Maxess Road, Melville, NY 11747 www.mscdirect.com 3,952 He has appointed a new Griffon Corp. 8 (GFF) (516) 938-5544 $1,616.6 -1.2% $22.1 -57.4% Specialty building products, systems management team and 100 100 Jericho Quadrangle, Jericho, NY 11753 www.griffoncorp.com 5,300 has laid a stock-option New York Community Bancorp Inc. (NYB) (516) 683-4100 $1,614.8 +7.3% $279.1 +20.0% Banking scandal to rest. Now, he 101 615 Merrick Ave., Westbury, NY 11590 www.mynycb.com 2,834 faces a shrinking U.S. Dun & Bradstreet Corp. (DNB) (973) 921-5500 $1,599.2 +8.4% $298.1 +23.8% Information services job market. For the first 103 JFK Parkway, Short Hills, NJ 07078 www.dnb.com 4,900 102 quarter of this year, Curtiss-Wright Corp. (CW) (973) 597-4700 $1,592.1 +24.2% $104.3 +29.5% Aerospace and defense 4 Becker Farm Road, Roseland, NJ 07068 www.curtisswright.com 7,500 Monster’s profit dropped 103 43% as marketing and Aéropostale Inc. 9 (ARO) (646) 485-5410 $1,590.9 +12.6% $129.2 +21.1% Apparel stores 104 112 W. 34th St., New York, NY 10120 www.aeropostale.com 11,155 promotion costs sky- Atlas Air Worldwide Holdings Inc. (AAWW) (914) 701-8000 $1,562.7 +5.9% $132.4 +121.5% Airline rocketed 47%, to $114.6 105 2000 Westchester Ave., Purchase, NY 10577 www.atlasair.com 1,725 million. Mr. Iannuzzi Och-Ziff Capital Management Group (OZM) (212) 790-0041 $1,502.0 +49.3% ($915.0) n/m Investment advice insists increased mar- 106 9 W. 57th St., New York, NY 10019 www.ozap.com 400 keting will pay off. Inves- M&F Worldwide Corp. (MFW) (212) 572-8600 $1,472.8 +104.0% ($4.2) n/m Camera systems, licorice extract tors remain skeptical. 107 35 E. 62nd St., New York, NY 10021 www.mandfworldwide.com 8,184 Weight Watchers International Inc. (WTW) (212) 589-2700 $1,467.2 +19.0% $201.2 -4.1% Weight-loss services 108 11 Madison Ave., New York, NY 10010 www.weightwatchersinternational.com 49,000 ON PLUS SIDE iStar Financial Inc. (SFI) (212) 930-9400 $1,455.2 +49.7% $239.0 -36.2% Real estate investment trust Astoria profits, in millions. 1114 Sixth Ave., New York, NY 10036 www.istarfinancial.com 326 109 $233.8 Covanta Holding Corp. (CVA) (973) 882-9000 $1,433.1 +13.0% $130.5 +23.4% Insurance $219.5 110 40 Lane Road, Fairfield, NJ 07004 www.covantaholding.com 3,500 $174.9 Alleghany Corp. (Y) (212) 752-1356 $1,428.0 +18.1% $305.3 +21.5% Insurance, mineral products $124.8 111 7 Times Square Plaza, New York, NY 10036 www.alleghany.com 1,886 Celgene Corp. (CELG) (908) 673-9000 $1,405.8 +56.4% $226.4 +228.3% Biotechnology 112 86 Morris Ave., Summit, NJ 07901 www.celgene.com 1,685 Revlon Inc. (REV) (212) 527-4000 $1,400.1 +5.2% ($16.1) n/m Health and beauty aids 113 237 Park Ave., New York, NY 10017 www.revlon.com 5,600 2004 2005 2006 2007 Monster Worldwide Inc. (MNST) (212) 351-7000 $1,351.3 +21.0% $146.4 +294.2% Online career services, advertising 114 622 Third Ave., New York, NY 10017 www.monsterworldwide.com 5,210 TIME FOR CHANGE 9 J. Crew Group Inc. (JCG) (212) 209-2500 $1,334.7 +15.9% $97.1 +24.8% Apparel stores Astoria Financial Corp. 770 Broadway, New York, NY 10003 www.jcrew.com 8,700 115 has “stuck to its knit- Fortress Investment Group (FIG) (212) 798-6100 $1,236.0 -18.8% ($59.8) n/m Financial services 1345 Sixth Ave., New York, NY 10105 www.fortressinv.com 699 ting” for decades, giving 116 regular mortgages to John Wiley & Sons Inc. 18 (JW.A) (201) 748-6000 $1,234.9 +18.3% $99.6 -9.7% Publishing 117 111 River St., Hoboken, NJ 07030 www.wiley.com 4,800 qualified customers Gentiva Health Services Inc. (GTIV) (631) 501-7000 $1,229.3 +11.3% $32.8 +58.0% Home health care services and holding on to the 118 3 Huntington Quadrangle, Melville, NY 11747 www.gentiva.com 11,800 loans rather than selling BioScrip Inc. (BIOS) (914) 460-1600 $1,197.7 +4.0% $3.3 n/m Pharmacy benefits management them off. It avoided the 119 100 Clearbrook Road, Elmsford, NY 10523 www.bioscrip.com 904 perils of the subprime New York & Company Inc. 9 (NWY) (212) 884-2000 $1,194.9 +3.6% ($4.9) n/m Apparel stores mortgage debacle by 120 450 W. 33rd St., New York, NY 10001 www.nyandcompany.com 8,363 staying away from such National Financial Partners Corp. (NFP) (212) 301-4000 $1,194.3 +10.9% $54.2 -5.8% Financial services newfangled instru- 121 787 Seventh Ave., New York, NY 10019 www.nfp.com 3,247 ments. But skeptics Astoria Financial Corp. (AF) (516) 327-3000 $1,181.1 -0.2% $124.8 -28.6% Banking doubt that its conser- 1 Astoria Federal Plaza, New Hyde Park, NY 11042 www.astoriafederal.com 1,615

122 ▼ vative ways will Hudson Highland Group Inc. (HHGP) (212) 351-7300 $1,179.1 +1.8% $15.0 -26.7% Executive search and staffing shield it from defaults 123 560 Lexington Ave., New York, NY 10022 www.hhgroup.com 3,600 that would result from a Overseas Shipholding Group Inc. (OSG) (212) 953-4100 $1,129.3 +7.8% $211.3 -46.2% Shipping severe recession. 124 666 Third Ave., New York, NY 10017 www.osg.com 3,754

Rank on ’08 Rank on ’08 3-year Market list of top 3-year Market list of top TOPS IN NET net income capitalization publicly net income capitalization publicly Rank Company (ticker symbol) growth rate (in millions) held firms Rank Company (ticker symbol) growth rate (in millions) held firms INCOME 1 Nasdaq OMX Group Inc. (NDAQ) +257.3% $5,061.8 81 6 WebMD Health Corp. (WBMD) +130.0% $1,793.7 198 2 G-III Apparel Group (GIII) +191.9% $242.2 163 7 Cohen & Steers Inc. (CNS) +118.0% $1,111.1 210 GROWTH 3 NYSE Euronext Inc. (NYX) +177.3% $17,516.5 63 8 Prestige Brands Holdings Inc. (PBH) +102.0% $449.0 205 Companies posting highest 4 Standard Microsystems Corp. (SMSC) +173.9% $675.5 186 9 Nymex Holdings Inc. (NMX) +101.5% $8,701.8 145 rates among NY’s largest 5 Marsh & McLennan Cos. (MMC) +141.4% $14,100.4 36 10 Iconix Brand Group Inc. (ICON)1 +100.0% $909.5 245

publicly held firms Net income growth rate: three-year compound growth rate based on four years of data that return a linear percent rate of growth. Restated data are used when available. Market capitalization: The closing stock price on April 30, 2008, multiplied by the number of common shares outstanding for the most recent quarter. 1-Income growth is expressed as a two-year growth rate. Source: Standard & Poor’s Compustat

24 | Crain’s New York Business | May 26, 2008 CNYB 05-26-08 A 25 5/21/2008 7:19 PM Page 1

REPORT BIGGEST COMPANIES

2007 2007 revenues net income Rank Company (Ticker symbol) Phone/Web site (in millions) % change (in millions) % change Industry/# of employees

SL Green Realty Corp. (SLG) (212) 594-2700 $1,101.3 +106.0% $660.4 +199.2% Real estate investment trust 125 420 Lexington Ave., New York, NY 10170 www.slgreen.com 1,059 IRONCLAD Leucadia National Corp. (LUK) (212) 460-1900 $1,097.2 +32.5% $484.3 +155.7% Insurance Weekly closing stock prices. 126 315 Park Ave. South, New York, NY 10010 www.leucadia.com 4,057 Minerals Technologies Inc. (MTX) (212) 878-1800 $1,077.7 +5.3% ($63.5) n/m Mineral products 127 405 Lexington Ave., New York, NY 10174 www.mineralstech.com 2,706 Scientific Games Corp. (SGMS) (212) 754-2233 $1,046.7 +16.7% $65.4 -2.1% Wagering and lottery systems 128 750 Lexington Ave., New York, NY 10022 www.scientificgames.com 6,000 Village Super Market Inc. 15 (VLGEA) (973) 467-2200 $1,046.4 +2.9% $20.5 +24.4% Grocery stores 129 733 Mountain Ave., Springfield, NJ 07081 www.shoprite.com 4,400 GLG Partners Inc. 19 (GLG) (212) 380-2230 $1,040.1 +67.5% $92.6 -74.2% Investment advice 130 1114 Sixth Ave., New York, NY 10036 www.glgpartners.com 349 Kimco Realty Corp. (KIM) (516) 869-9000 $1,033.4 +16.7% $442.8 +3.4% Real estate investment trust 131 3333 New Hyde Park Road, New Hyde Park, NY 11042 www.kimcorealty.com 682 IN RIGHT PLACE Take-Two Interactive Software Inc. 14 (TTWO) (646) 536-2842 $981.8 -5.4% ($138.4) n/m Software Knight Capital Group 132 622 Broadway, New York, NY 10012 www.take2games.com 1,900 Inc. is shining during Six Flags Inc. (SIX) (212) 652-9403 $972.8 +2.9% ($253.2) n/m Amusement parks dismal times for most 133 1540 Broadway, New York, NY 10036 www.sixflags.com 29,594 Wall Street rivals. The GFI Group Inc. (GFIG) (212) 968-4100 $966.9 +30.0% $94.9 +55.3% Securities trading services firm, which trades for 100 Wall St., New York, NY 10005 www.gfigroup.com 1,599 134 institutions, has thrived Sirius Satellite Radio Inc. (SIRI) (212) 584-5100 $922.1 +44.7% ($565.3) n/m Satellite radio 1221 Sixth Ave., New York, NY 10020 www.sirius.com 973 because the market tur- 135 moil has its customers Sotheby’s (BID) (212) 606-7000 $917.7 +38.0% $213.1 +99.1% Auction house 136 1334 York Ave., New York, NY 10021 www.sothebys.com 1,555 trading more often. Its 1-800-Flowers.com Inc. 3 (FLWS) (516) 237-6000 $912.6 +16.7% $17.1 +437.1% Flowers and gifts stock is up 19% this 137 1 Old Country Road, Carle Place, NY 11514 www.1800flowers.com 4,000 year, while the Amex Hain Celestial Group Inc. 3 (HAIN) (631) 730-2200 $900.4 +21.9% $47.5 +30.6% Food and beverage products broker-dealer index is 138 58 S. Service Road, Melville, NY 11747 www.hain-celestial.com 2,131 down 19%. Net Knight Capital Group Inc. (NITE) (201) 222-9400 $892.3 -6.7% $122.2 -22.8% Securities income fell by 23% 545 Washington Blvd., Jersey City, NJ 07310 www.knight.com 868 last year due to a

139 ▼ Loral Space & Communications Inc. (LORL) (212) 697-1105 $882.5 +10.7% $29.7 n/m Communications equipment misstep in Knight’s 140 600 Third Ave., New York, NY 10016 www.loral.com 2,140 asset management Bowne & Co. (BNE) (212) 924-5500 $850.6 +2.0% $27.1 n/m Commercial printing business, but still was 141 55 Water St., New York, NY 10041 www.bowne.com 3,600 double the amount for Finlay Enterprises Inc. 9 (FNLY) (212) 808-2800 $835.9 +13.1% ($10.0) n/m Jewelry stores 2005. 142 529 Fifth Ave., New York, NY 10017 www.finlayenterprises.com 7,300 Continued

May 26, 2008 | Crain’s New York Business | 25 nb21p26.qxp 5/21/2008 7:22 PM Page 1

REPORT BIGGEST COMPANIES

2007 2007 revenues net income Rank Company (Ticker symbol) Phone/Web site (in millions) % change (in millions) % change Industry/# of employees Macquarie Infrastructure Co. (MIC) (212) 231-1000 $831.4 +59.8% ($52.1) n/m Airport services 143 125 W. 55th St., New York, NY 10019 www.macquarie.com 0 20 THE TOP 250 Standard Motor Products Inc. (SMP) (718) 392-0200 $790.2 -2.7% $2.3 -75.8% Motor vehicle parts Revenues gain 144 37-18 Northern Blvd., Long Island City, NY 11101 www.smpcorp.com 3,800 Nymex Holdings Inc. (NMX) (212) 299-2000 $788.9 +23.2% $224.0 +44.7% Commodities exchange 145 1 North End Ave., New York, NY 10282 www.nymex.com 391 AEP Industries Inc. 14 (AEPI) (201) 641-6600 $786.0 -2.0% $30.1 -52.2% Plastic products 146 125 Phillips Ave., South Hackensack, NJ 07606 www.aepinc.com 1,850 +10.2% ➧ Par Pharmaceutical Cos. (PRX) (201) 802-4000 $769.7 +6.1% $49.9 +753.4% Pharmaceuticals 147 300 Tice Blvd., Woodcliff Lake, NJ 07677 www.parpharm.com 716 Hearst-Argyle Television Inc. (HTV) (212) 887-6800 $755.7 -3.8% $64.7 -34.5% Television stations 148 300 W. 57th St., New York, NY 10019 www.hearstargyle.com 3,415 Profits fall Nu Horizons Electronics Corp. 7 (NUHC) (631) 396-5000 $737.5 +31.4% $7.7 +126.1% Electronics 70 Maxess Road, Melville, NY 11747 www.nuhorizons.com 748 149 ➧ Investment Technology Group Inc. (ITG) (212) 588-4000 $731.0 +24.7% $111.1 +13.5% Securities trading services -31.1% 150 380 Madison Ave., New York, NY 10017 www.itginc.com 1,218 Newcastle Investment Corp. (NCT) (212) 798-6100 $693.4 +24.0% ($65.5) n/m Real estate investment trust 151 1345 Sixth Ave., New York, NY 10105 www.newcastleinv.com 0 20 Navigators Group Inc. (NAVG) (212) 244-2333 $677.4 +28.2% $95.6 +31.8% Insurance 152 1 Penn Plaza, New York, NY 10119 www.navg.com 401 Drew Industries Inc. (DW) (914) 428-9098 $668.6 -8.3% $39.8 +28.2% Metal products 153 200 Mamaroneck Ave., White Plains, NY 10601 www.drewindustries.com 3,499 Sirona Dental Systems Inc. 8 (SIRO) (718) 937-5765 $659.9 +26.8% $56.5 +7,379.3% Dental equipment 154 30-30 47th Ave., Long Island City, NY 11101 www.sirona.com 2,280 WHX Corp. (WXCP) (914) 925-4413 $637.9 +58.0% ($20.8) n/m Metal products 155 555 Theodore Fremd Ave., Rye, NY 10580 www.whxcorp.com 2,552 Footstar Inc. (FTAR) (201) 934-2000 $637.0 -11.0% $52.0 +14.8% Shoe stores 156 933 MacArthur Blvd., Mahwah, NJ 07430 www.footstar.com 3,948 ImClone Systems Inc. (IMCL) (212) 645-1405 $590.8 -12.8% $39.8 -89.3% Biotechnology 157 180 Varick St., New York, NY 10014 www.imclone.com 1,128 Comforce Corp. (CFS) (516) 437-3300 $586.7 +3.3% $6.0 +46.9% Help supply services 158 415 Crossways Park Drive, Woodbury, NY 11797 www.comforce.com 620 Movado Group Inc. 9 (MOV) (201) 267-8000 $574.5 +7.8% $60.8 +21.3% Watchmaker and retailer 159 650 From Road, Paramus, NJ 07652 www.movadogroup.com 1,500 AmTrust Financial Services Inc. (AFSI) (212) 220-7120 $573.2 +49.3% $90.1 +84.5% Insurance 160 59 Maiden Lane, New York, NY 10038 www.amtrustgroup.com 625 Centerline Holding Co. (CHC) (212) 317-5700 $572.9 +47.9% ($60.1) n/m Real estate investment and finance 161 625 Madison Ave., New York, NY 10022 www.centerline.com 500 HLTH Corp. 21 (HLTH) (201) 703-3400 $527.1 -51.8% $19.9 -97.4% Online health information and news 162 669 River Drive, Elmwood Park, NJ 07407 www.hlth.com 2,450 bloomberg news 9 G-III Apparel Group (GIII) (212) 403-0500 $518.9 +60.1% $17.5 +146.6% Apparel HIT HARD 163 512 Seventh Ave., New York, NY 10018 www.g-iii.com 573 Kenneth Cole Productions Inc. (KCP) (212) 265-1500 $510.7 -4.8% $7.1 -73.5% Footwear and apparel LaBranche & Co., one 164 603 W. 50th St., New York, NY 10019 www.kennethcole.com 1,800 of the largest traders on Lifetime Brands Inc. (LCUT) (516) 683-6000 $493.7 +7.9% $8.9 -42.8% Housewares the New York Stock 165 1000 Stewart Ave., Garden City, NY 11530 www.lifetimebrands.com 1,469 Exchange floor, has Marvel Entertainment Inc. (MVL) (212) 576-4000 $485.8 +38.1% $139.8 +138.2% Comics, character licensing been devastated by the 166 417 Fifth Ave., New York, NY 10016 www.marvel.com 250 NYSE’s move to trade Lexington Realty Trust (LXP) (212) 692-7200 $478.2 +150.5% $76.9 +891.2% Real estate investment trust shares over computers. 167 1 Penn Plaza, New York, NY 10119 www.lxp.com 65 Last year, the 83-year- Empire Resources Inc. (ERS) (201) 944-2200 $475.5 +32.6% $4.5 -48.0% Semifinished aluminum products 1 Parker Plaza, Fort Lee, NJ 07024 www.empireresources.com 80 old firm suffered a 168 whopping $350 million Town Sports International Holdings Inc. (CLUB) (212) 246-6700 $472.9 +9.2% $13.6 +193.7% Fitness clubs 169 5 Penn Plaza, New York, NY 10001 www.mysportsclubs.com 9,000 net loss and a 33% LaBranche & Co. (LAB) (212) 425-1144 $464.5 +6.7% ($350.5) n/m Securities drop in revenue. It 1 Exchange Plaza, New York, NY 10006 www.labranche.com 257 was the firm’s third

170 ▼ Audiovox Corp. 7 (VOXX) (631) 231-7750 $456.7 -13.3% $2.9 n/m Electronics money-losing year in 171 180 Marcus Blvd., Hauppauge, NY 11788 www.audiovox.com 840 the last five. The firm let Westwood One Inc. (WON) (212) 641-2000 $451.4 -11.9% $24.4 n/m Program and information services go 40% of its 172 40 W. 57th St., New York, NY 10019 www.westwoodone.com 2,000 employees last year, Steven Madden Ltd. (SHOO) (718) 446-1800 $449.4 -8.2% $35.7 -22.8% Footwear but Chief Executive 173 52-16 Barnett Ave., Long Island City, NY 11104 www.stevemadden.com 1,510 Michael LaBranche Tarragon Corp. (TARR) (212) 949-5000 $448.5 -14.9% ($388.4) n/m Real estate investment trust (above)—whose 174 423 W. 55th St., New York, NY 10019 www.tarragoncorp.com 511 compensation more Comtech Telecommunications Corp. 15 (CMTL) (631) 962-7000 $445.7 +13.8% $65.2 44.1% Communications equipment than doubled in 2007, 175 68 S. Service Road, Melville, NY 11747 www.comtechtel.com 1,230 to $2.3 million—faces 16 Lazare Kaplan International Inc. (LKI) (212) 972-9700 $434.4 -17.7% ($3.0) n/m Jewelry and watches continuing challenges. 176 19 W. 44th St., New York, NY 10036 www.lazarediamonds.com 178

Rank on ’08 Rank on ’08 3-year Market list of top 3-year Market list of top TOPS IN total return capitalization publicly total return capitalization publicly Rank Company (ticker symbol) to shareholders (in millions) held firms Rank Company (ticker symbol) to shareholders (in millions) held firms SHAREHOLDER 1 Hess Corp. (HES) 248.1% $34,298.5 16 6 Leucadia National Corp. (LUK) 200.3% $11,402.1 126 2 Celgene Corp. (CELG) 227.8% $25,050.2 112 7 G-III Apparel Group (GIII) 189.6% $242.2 163 RETURNS 3 Metalico Inc. (MEA) 224.0% $458.5 197 8 BlackRock Inc. (BLK) 180.8% $23,419.7 57 Among NY’s largest 4 Icahn Enterprises (IEP) 218.2% $5,993.8 80 9 M&F Worldwide Corp. (MFW) 169.8% $733.8 107 publicly held firms 5 Iconix Brand Group Inc. (ICON) 205.6% $909.5 246 10 Investment Technology Group Inc. (ITG) 153.9% $2,109.1 150

Total return to shareholders reflects stock price appreciation plus reinvestment of monthly dividends and the compounding effect of dividends paid on reinvested dividends for the period April 29, 2005, through April 30, 2008. Market capitalization: The closing stock price on April 30, 2008, multiplied by the number of common shares outstanding for the most recent quarter. Source: Standard & Poor’s Compustat

26 | Crain’s New York Business | May 26, 2008 CNYB 05-26-08 A 27 5/22/2008 2:27 PM Page 1

REPORT BIGGEST COMPANIES

2007 2007 revenues net income Rank Company (Ticker symbol) Phone/Web site (in millions) % change (in millions) % change Industry/# of employees

KBW Inc. (KBW) (212) 887-7777 $427.5 +6.6% $27.3 -48.8% Securities 787 Seventh Ave., New York, NY 10019 www.kbw.com 529 RIDING OUT STORM 177 Weekly closing stock prices. AllianceBernstein Holding (AB) (212) 969-1000 $415.3 +15.5% $376.2 +15.7% Financial services 178 1345 Sixth Ave., New York, NY 10105 www.alliancebernstein.com 5,580 Tower Group Inc. (TWGP) (212) 655-2000 $411.6 +37.6% $45.1 +22.6% Insurance 179 120 Broadway, New York, NY 10271 www.twrgrp.com 549 NorthStar Realty Finance Corp. (NRF) (212) 547-2600 $403.6 +105.6% $47.8 +25.7% Real estate investment trust 180 399 Park Ave., New York, NY 10022 www.nrfc.com 82 Veeco Instruments Inc. (VECO) (516) 677-0200 $402.5 -8.7% ($17.4) n/m Industrial equipment 181 100 Sunnyside Blvd., Woodbury, NY 11797 www.veeco.com 1,216 Greenhill & Co. (GHL) (212) 389-1500 $400.4 +37.8% $115.3 +52.3% Securities 300 Park Ave., New York, NY 10022 www.greenhill.com 214

182 ▼ Inter Parfums Inc. (IPAR) (212) 983-2640 $389.6 +21.3% $23.8 +34.2% Fragrances and beauty aids CENTER OF ACTIVITY 183 551 Fifth Ave., New York, NY 10176 www.interparfumsinc.com 248 Entertainment Distribution Co. 22 (EDCI) (212) 333-8400 $384.6 +10.3% ($15.1) n/m Communications and entertainment Corporate mergers and 184 825 Eighth Ave., New York, NY 10019 www.edcllc.com 2,000 acquisitions have all Datascope Corp. 3 (DSCP) (201) 391-8100 $378.8 +1.6% $17.5 -32.4% Medical equipment and supplies but halted due to the 185 14 Philips Parkway, Montvale, NJ 07645 www.datascope.com 1,200 credit crisis, yet M&A Standard Microsystems Corp. 6 (SMSC) (631) 435-6000 $377.8 +2.0% $32.9 +21.8% Semiconductors advisory boutique 186 80 Arkay Drive, Hauppauge, NY 11788 www.smsc.com 888 Greenhill & Co. seems MSCI Inc. 2 (MXB) (212) 804-3990 $369.9 +19.1% $81.1 +13.5% Financial services to be weathering the 187 88 Pine St., New York, NY 10005 www.mscibarra.com 660 downturn. Its share ACI Worldwide Inc. 23 (ACIW) (646) 348-6700 $366.2 +5.3% ($9.1) n/m Applications software price is down only 4% 188 120 Broadway, New York, NY 10271 www.aciworldwide.com 2,186 this year, ahead of MFA Mortgage Investments Inc. (MFA) (212) 207-6400 $365.1 +84.1% $30.2 +244.9% Real estate investment trust peers Lazard and www.mfa-reit.com 16 189 350 Park Ave., New York, NY 10022 Evercore, in part Anthracite Capital Inc. (AHR) (212) 810-3333 $358.5 +18.2% $84.0 +4.4% Real estate investment trust 40 E. 52nd St., New York, NY 10022 www.anthracitecapital.com 0 20 because the firm is 190 getting a seat at the Duff & Phelps Corp. (DUF) (212) 871-2000 $353.9 +352.4% $0.5 -94.8% Information services 191 555 E. 52nd St., New York, NY 10055 www.duffandphelps.com 1,070 table of the few big TAL International Group Inc. (TAL) (914) 251-9000 $343.3 +12.3% $38.8 -7.9% Intermodal containers lessor deals still being 192 100 Manhattanville Road, Purchase, NY 10577 www.talinternational.com 194 hammered out. OSI Pharmaceuticals Inc. (OSIP) (631) 962-2000 $341.0 +41.5% $66.3 n/m Biotechnology 193 41 Pinelawn Road, Melville, NY 11747 www.osip.com 517 Continued

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May 26, 2008 | Crain’s New York Business | 27 CNYB 05-26-08 A 28 5/22/2008 2:31 PM Page 1

REPORT BIGGEST COMPANIES

2007 2007 revenues net income Rank Company (Ticker symbol) Phone/Web site (in millions) % change (in millions) % change Industry/# of employees Evercore Partners Inc. (EVR) (212) 857-3100 $340.0 +57.1% ($34.5) n/m Securities 194 55 E. 52nd St., New York, NY 10055 www.evercore.com 290 NEW Arbitron Inc. (ARB) (212) 887-1300 $338.5 +6.0% $40.2 -20.7% Media information provider 195 142 W. 57th St., New York, NY 10019 www.arbitron.com 1,092 COMPANIES Metalico Inc. (MEA) (908) 497-9610 $334.2 +60.9% $14.8 +42.8% Metal recycling, lead fabrication ON THE 2008 196 186 North Ave. East, Cranford, NJ 07016 www.metalico.com 612 Provident Financial Services Inc. (PFS) (201) 333-1000 $332.2 +5.8% $37.4 -30.4% Banking CRAIN’S 197 830 Bergen Ave., Jersey City, NJ 07306 www.providentnj.com 1,019 21 PUBLICLY WebMD Health Corp. (WBMD) (212) 624-3700 $332.0 +33.4% $65.9 +2,497.9% Online health information and news 198 111 Eighth Ave., New York, NY 10011 www.webmd.com 1,175 HELD LIST Russ Berrie & Co. (RUS) (201) 337-9000 $331.2 +12.4% $8.9 n/m Dolls and stuffed toys 199 111 Bauer Drive, Oakland, NJ 07436 www.russberrie.com 1,036 COMPANIES whose Gramercy Capital Corp. (GKK) (212) 297-1000 $330.8 +69.4% $161.6 189.1 Real estate investment trust common stock became 200 420 Lexington Ave., New York, NY 10170 www.gramercycapitalcorp.com 0 20 publicly traded in 2007 or Martha Stewart Living Omnimedia Inc. (MSO) (212) 827-8000 $327.9 +14.7% $10.3 n/m Media, merchandising the first quarter of 2008 201 11 W. 42nd St., New York, NY 10036 www.marthastewart.com 760 Lincoln Educational Services (LINC) (973) 736-9340 $327.8 +5.5% $8.3 -46.4% Postsecondary educational services Rank 202 200 Executive Drive, West Orange, NJ 07052 www.lincolneducationalservices.com 2,671 Gamco Investors Inc. (GBL) $324.9 #20 Philip Morris (914) 921-3700 +9.4% $79.6 +10.6% Investment advice International (PM) 1 Corporate Center, Rye, NY 10580 www.gabelli.com 214 203 Blackstone Group Morgans Hotel Group Co. (MHGC) (212) 277-4100 $323.0 +14.6% ($14.8) n/m Hotels #72 (BX) 204 475 10th Ave., New York, NY 10018 www.morganshotelgroup.com 4,400 Prestige Brands Holdings Inc. 10 (PBH) (914) 524-6810 $318.6 +7.4% $36.1 +37.3% Consumer products #106 Och-Ziff Capital 90 N. Broadway, Irvington, NY 10533 www.prestigebrands.com 92 Management 205 Group (OZM) Aceto Corp. 3 (ACET) (516) 627-6000 $313.5 +5.4% $10.2 +10.6% Chemicals 1 Hollow Lane, New Hyde Park, NY 11042 www.aceto.com 224 #130 GLG Partners Inc. 206 (GLG) Signature Bank (SBNY) (646) 822-1500 $310.4 +18.9% $27.3 -18.2% Banking 207 565 Fifth Ave., New York, NY 10017 www.signatureny.com 501 #187 MSCI Inc. (MXB) Arbor Realty Trust Inc. (ABR) (516) 832-8002 $308.6 +73.6% $84.5 +67.7% Real estate investment trust #191 Duff & Phelps 208 333 Earle Ovington Blvd., Uniondale, NY 11553 www.arborrealtytrust.com 29 Corp. (DUF) Investors Bancorp Inc. 3 (ISBC) (973) 924-5100 $282.5 +12.3% $22.3 +48.3% Banking #226 RiskMetrics Group 209 101 JFK Parkway, Short Hills, NJ 07078 www.isbnj.com 510 Inc. (RMG) Cohen & Steers Inc. (CNS) (212) 832-3232 $282.4 +47.5% $75.5 +2,256.3% Investment advice NEW TO THE AREA 210 280 Park Ave., New York, NY 10017 www.cohenandsteers.com 220 Allied Healthcare International Inc. 8 (AHCI) (212) 750-0064 $277.8 -0.9% $66.4 n/m Home health care services #25 Time Warner 211 245 Park Ave., New York, NY 10167 www.alliedhealthcare.com 821 Cable Inc. (TWC) Caché Inc. (CACH) (212) 575-3200 $274.5 -1.6% $6.5 -21.2% Apparel stores #136 Sotheby’s (BID) 212 1440 Broadway, New York, NY 10018 www.cache.com 2,860 #188 ACI Worldwide Inc. Delia*s Inc. 9 (DLIA) (212) 590-6200 $274.3 +6.5% ($2.3) n/m Apparel and accessories for youths (ACIW) 213 50 W. 23rd St., New York, NY 10010 www.delias.com 1,960 Syms Corp. 6 (SYMS) (201) 902-9600 $267.1 -5.0% $0.8 -91.5% Apparel stores FIRST YEAR QUALIFYING 214 1 Syms Way, Secaucus, NJ 07094 www.syms.com 1,700 for Crain’s top 250 list CKX Inc. (CKXE) (212) 838-3100 $266.8 +27.7% $12.1 +32.1% Movies and entertainment #177 KBW Inc. (KBW) 650 Madison Ave., New York, NY 10022 www.ckx.com 619 215 #208 Arbor Realty Trust Apollo Investment Corp. 10 (AINV) (212) 515-3200 $265.0 +73.4% $125.3 +40.6% Financial services Inc. (ABR) 9 W. 57th St., New York, NY 10019 www.apolloic.com 0 20 216 #210 Cohen & Steers W.P. Carey & Co. (WPC) (212) 492-1100 $263.1 -1.6% $79.3 -8.2% Commercial real estate investments Inc. (CNS) 50 Rockefeller Plaza, New York, NY 10020 www.wpcarey.com n/a 24 217 #216 Apollo Investment Capital Trust Inc. (CT) (212) 655-0220 $262.7 +44.3% $84.4 +56.0% Real estate investment trust Corp. (AINV) 410 Park Ave., New York, NY 10022 www.capitaltrust.com 53 218 #218 Capital Trust Inc. Cowen Group Inc. (COWN) (646) 562-1000 $261.6 -24.2% ($11.3) n/m Securities (CT) 1221 Sixth Ave., New York, NY 10020 www.cowen.com 527 219 #229 DealerTrack Bel Fuse Inc. (BELFB) (201) 432-0463 $259.1 +1.6% $26.3 +4.5% Electronics Holdings Inc. 220 206 Van Vorst St., Jersey City, NJ 07302 www.belfuse.com 1,948 (TRAK) 7 Park Electrochemical Corp. (PKE) (631) 465-3600 $257.4 +15.8% $39.8 +48.1% Printed circuit boards #230 Medical Action 221 48 S. Service Road, Melville, NY 11747 www.parkelectro.com 950 Industries Inc. General Maritime Corp. (GMR) (212) 763-5600 $255.0 -21.8% $44.5 -71.6% Shipping (MDCI) 222 299 Park Ave., New York, NY 10171 www.generalmaritimecorp.com 573 #232 Flushing Financial Cambrex Corp. (CBM) (201) 804-3000 $252.5 +7.4% $209.2 n/m Human health bioproducts Corp. (FFIC) 223 1 Meadowlands Plaza, East Rutherford, NJ 07073 www.cambrex.com 844 #234 Dime Community Bio-Reference Laboratories Inc. 14 (BRLI) (201) 791-2600 $250.4 +29.7% $14.0 +23.6% Medical laboratories Bancshares Inc. 224 481 Edward H. Ross Drive, Elmwood Park, NJ 07407 www.bioreference.com 1,648 (DCOM) Allion Healthcare Inc. (ALLI) (631) 547-6520 $246.7 +17.7% $3.3 +2.2% Drug retail #235 Financial Federal 225 1660 Walt Whitman Road, Melville, NY 11747 www.allionhealthcare.com 226 Corp. (FIF) RiskMetrics Group Inc. (RMG) (212) 981-7475 $240.3 +137.4% $2.4 -85.0% Risk management services #237 Ares Capital Corp. 226 1 Chase Manhattan Plaza, New York, NY 10005 www.riskmetrics.com 1,040 (ARCC) Jaco Electronics Inc. 3 (JACO) (631) 273-5500 $240.2 +5.1% ($3.1) n/m Electronics #238 ExlService Holdings 227 145 Oser Ave., Hauppauge, NY 11788 www.jacoelectronics.com 205 Inc. (EXLS) Crystal River Capital Inc. (CRZ) (212) 549-8400 $238.7 +18.6% ($345.9) n/m Real estate investment trust 20 #239 BP Prudhoe Bay 228 200 Vesey St., New York, NY 10281 www.crystalriverreit.com 0 Royalty Trust (BPT) DealerTrack Holdings Inc. (TRAK) (516) 734-3600 $233.8 +35.0% $19.8 +2.2% Web-based software and finance #240 CapLease Inc. (LSE) 229 1111 Marcus Ave., Lake Success, NY 11042 www.dealertrack.com 1,000 10 #241 Franklin Credit Medical Action Industries Inc. (MDCI) (631) 231-4600 $217.3 +44.0% $13.0 +13.2% Medical supplies manufacturer Management 230 800 Prime Place, Hauppauge, NY 11788 www.medical-action.com 703 Corp. (FCMC) Alexander’s Inc. (ALX) (201) 587-8541 $208.0 +4.6% $114.3 n/m Real estate investment trust #243 Resource Capital 231 210 Route 4 East, Paramus, NJ 07652 www.alx-inc.com 99 Corp. (RSO) Flushing Financial Corp. (FFIC) (718) 961-5400 $203.8 +21.2% $20.2 -6.7% Banking #244 Excel Technology 232 1979 Marcus Ave., Lake Success, NY 11042 www.flushingsavings.com 325 Inc. (XLTC) 9 Alloy Inc. (ALOY) (212) 244-4307 $199.1 +1.5% ($64.4) n/m Media and marketing for youths #245 Iconix Brand Group 233 151 W. 26th St., New York, NY 10001 www.alloy.com 674 Inc. (ICON) Dime Community Bancshares Inc. (DCOM) (718) 782-6200 $192.0 +5.1% $22.4 -26.6% Banking #246 Sterling Bancorp 234 209 Havemeyer St., Brooklyn, NY 11211 www.dimewill.com 414 (STL) 15 Financial Federal Corp. (FIF) (212) 599-8000 $191.3 +17.7% $50.0 +14.7% Financial services Jaclyn Inc. (JLN) 733 Third Ave., New York, NY 10017 www.financialfederal.com 230 #248 235 #249 Cedar Shopping NYMagic Inc. (NYM) (212) 551-0600 $190.4 -5.0% $13.4 -55.2% Insurance Centers Inc. (CDR) 236 919 Third Ave., New York, NY 10022 www.nymagic.com 152

28 | Crain’s New York Business | May 26, 2008 CNYB 05-26-08 A 29 5/22/2008 2:34 PM Page 1

REPORT BIGGEST COMPANIES

2007 2007 revenues net income Rank Company (Ticker symbol) Phone/Web site (in millions) % change (in millions) % change Industry/# of employees

Ares Capital Corp. (ARCC) (212) 750-7300 $188.9 +57.4% $90.8 +30.3% Financial services 237 280 Park Ave., New York, NY 10017 www.arescapitalcorp.com 0 20 ExlService Holdings Inc. (EXLS) (212) 277-7100 $179.9 +47.7% $27.0 +92.4% Data processing 238 350 Park Ave., New York, NY 10022 www.exlservice.com 10,000 BP Prudhoe Bay Royalty Trust (BPT) (212) 815-6908 $177.3 -4.1% $175.7 -4.4% Crude oil 239 101 Barclay St., New York, NY 10286 — 0 20 CapLease Inc. (LSE) (212) 217-6300 $172.2 +38.2% ($2.3) n/m Real estate investment trust 240 1065 Sixth Ave., New York, NY 10018 www.caplease.com 22 Franklin Credit Management Corp. (FCMC) (201) 604-1800 $169.3 +39.4% ($8.6) n/m Residential mortgage loans 241 101 Hudson St., Jersey City, NJ 07302 www.franklincredit.com 207 Hudson Valley Holding Corp. (HUVL) (914) 961-6100 $165.2 +7.1% $34.5 +1.2% Banking FINDING THE FIT www.hudsonvalleybank.com 471 242 21 Scarsdale Road, Yonkers, NY 10707 Iconix Brand Group Resource Capital Corp. (RSO) (212) 506-3870 $162.1 +26.0% $8.9 -43.0% Real estate investment trust 712 Fifth Ave., New York, NY 10019 www.resourcecapitalcorp.com 0 20 Inc. keeps shaking up 243 the fashion industry as Excel Technology Inc. (XLTC) (631) 784-6175 $160.0 +3.6% $17.7 +26.5% Laser and electro-optical technology 244 41 Research Way, East Setauket, NY 11733 www.exceltechinc.com 719 CEO Neil Cole (above) Iconix Brand Group Inc. (ICON) (212) 730-0030 $160.0 +98.3% $63.8 +96.2% Licensing and brand management seeks acquisitions to 1450 Broadway, New York, NY 10018 www.iconixbrand.com 94 maintain ambitious

245 ▼ Sterling Bancorp (STL) (212) 757-3300 $157.2 +4.6% $14.6 +35.7% Banking growth. Revenues 246 650 Fifth Ave., New York, NY 10019 www.sterlingbancorp.com 568 almost doubled in Young Broadcasting Inc. (YBTVA) (212) 754-7070 $155.7 -5.8% ($72.7) n/m Television stations 2007, and 2008 should 247 599 Lexington Ave., New York, NY 10022 www.youngbroadcasting.com 1,067 show further gains. Icon- Jaclyn Inc. 3 (JLN) (201) 909-6000 $154.5 +22.0% $0.7 -53.7% Women’s apparel and accessories ix most recently bought 248 197 West Spring Valley Ave., Maywood, NJ 07607 www.jaclyninc.com 164 sporting goods brand Cedar Shopping Centers Inc. (CDR) (516) 767-6492 $154.3 +22.8% $22.0 +43.3% Real estate investment trust Starter and home furnish- 249 44 S. Bayles Ave., Port Washington, NY 11050 www.cedarshoppingcenters.com 91 ings line Official IntegraMed America Inc. (INMD) (914) 253-8000 $152.0 +20.2% $3.3 +1.0% Medical management services Pillowtex. 250 2 Manhattanville Road, Purchase, NY 10577 www.integramed.com 1,182 Source: Standard & Poor’s Compustat; additional research by Denise Southwood and Sarah Studley All companies listed were publicly traded as of April 30 and had released their 2007 earnings by that day, unless otherwise noted. All financial figures are from the most recent 10-K’s or newswire data available as of April 30. Employee numbers are from the most recent 10-K’s. Financial figures are for calendar year except where noted. The most recent data for companies with fiscal years ending in March through December are for the year ended in 2007, and the most recent data for companies with fiscal years ending in January and February are for the year ended in 2008, except where noted. All numbers have been rounded to one decimal place. Rankings and percent changes are based on unrounded numbers. n/m Not meaningful. n/a Not available. 1-In 2008, J.P. Morgan Chase agreed to buy Bear Stearns. Fiscal year ends Nov. 30. 2-Fiscal year ends Nov. 30. 3-Fiscal year ends June 30. 4-In March 2008, parent company Altria spun off Philip Morris International. 5-On July 1, 2007, the Bank of New York Co. and Mellon Financial Corp. merged into the Bank of New York Mellon Corp. 6-Fiscal year ends Feb. 28. 7-Data are for 2006 and 2005. Fiscal year ends Feb. 28. 8-Fiscal year ends Sept. 30. 9-Fiscal year ends Jan. 31. 10-Fiscal year ends March 31. 11-On April 4, 2007, NYSE Group and Euronext combined their businesses. 12-On Sept. 17, 2007, American Real Estate Partners changed its name to Icahn Enterprises. 13-On Feb. 27, 2008, Nasdaq merged with OMX. 14-Fiscal year ends Oct. 31. 15-Fiscal year ends July 31. 16-Fiscal year ends May 31. 17-Fiscal year ends Aug. 31. 18-Fiscal year ends April 30. 19-On Nov. 2, 2007, Freedom Acquisitions Holdings changed its name to GLG Partners Inc. 20-The company hires another firm to manage day-to-day operations. 21-On May 6, 2008, HLTH Corp. and WebMD Health Corp. entered into a merger agreement. 22-On May 11, 2007, Glenayre Technologies changed its name to Entertainment Distribution Co. 23-On July 24, 2007, Transaction Systems Architects Inc. changed its name to ACI Worldwide Inc. Fiscal year ends Sept. 30. 24-A wholly owned subsidiary of W.P. Carey & Co. employs individuals who perform services for W.P. Carey.

ALPHABETICAL LISTING OF COMPANIES

COMPANY RANK COMPANY RANK COMPANY RANK COMPANY RANK COMPANY RANK

Aceto Corp.------206 CapLease Inc. ------240 Gramercy Capital Corp.------200 Loral Space & Communications Inc. ------140 Polo Ralph Lauren Corp. ------62

ACI Worldwide Inc. ------188 CBS Corp. ------27 Great Atlantic & Pacific Tea Co.------46 M&F Worldwide Corp.------107 Prestige Brands Holdings Inc.------205

AEP Industries Inc. ------146 Cedar Shopping Centers Inc. ------249 Greenhill & Co. ------182 Macquarie Infrastructure Co. ------143 Provident Financial Services Inc. ------197

Aéropostale Inc. ------104 Celgene Corp.------112 Griffon Corp. ------100 Marsh & McLennan Cos. ------36 Prudential Financial Inc. ------15

Alcoa Inc. ------18 Centerline Holding Co. ------161 Hain Celestial Group Inc.------138 Martha Stewart Living Omnimedia Inc. ------201 Public Service Enterprise Group Inc. ------33

Alexander’s Inc. ------231 Children’s Place Retail Stores Inc.------93 Hearst-Argyle Television Inc. ------148 Marvel Entertainment Inc. ------166 Resource Capital Corp. ------243

Alleghany Corp.------111 CIT Group Inc. ------41 Henry Schein Inc. ------53 MasterCard Inc. ------64 Revlon Inc.------113

AllianceBernstein Holding------178 Citigroup Inc.------1 Hertz Global Holdings Inc.------39 MBIA Inc. ------71 RiskMetrics Group Inc.------226

Allied Healthcare International Inc. ------211 CKX Inc.------215 Hess Corp.------16 McGraw-Hill Cos. ------47 Russ Berrie & Co.------199

Allion Healthcare Inc.------225 Coach Inc.------78 HLTH Corp. ------162 Medco Health Solutions Inc. ------13 Schering-Plough Corp.------35

Alloy Inc. ------233 Cognizant Technology Solutions Corp. ------94 Hudson City Bancorp Inc. ------95 Medical Action Industries Inc.------230 Scholastic Corp.------91

American Express Co.------17 Cohen & Steers Inc. ------210 Hudson Highland Group Inc.------123 Merrill Lynch & Co. ------8 Scientific Games Corp.------128

American International Group Inc.------3 Colgate-Palmolive Co.------29 Hudson Valley Holding Corp.------242 Metalico Inc. ------196 Sealed Air Corp. ------59

AmTrust Financial Services Inc.------160 Comforce Corp.------158 IAC/InterActiveCorp------50 MetLife Inc. ------10 Signature Bank ------207

Ann Taylor Stores Corp.------84 Comtech Telecommunications Corp. ------175 Icahn Enterprises------80 MFA Mortgage Investments Inc.------189 Sirius Satellite Radio Inc.------135

Annaly Capital Management Inc.------83 Consolidated Edison Inc.------32 Iconix Brand Group Inc. ------245 Minerals Technologies Inc.------127 Sirona Dental Systems Inc.------154

Anthracite Capital Inc.------190 Covanta Holding Corp. ------110 IDT Corp.------97 Monster Worldwide Inc. ------114 Six Flags Inc.------133

Apollo Investment Corp. ------216 Cowen Group Inc. ------219 ImClone Systems Inc. ------157 Moody’s Corp.------87 SL Green Realty Corp. ------125

Arbitron Inc. ------195 Crystal River Capital Inc. ------228 IntegraMed America Inc.------250 Morgan Stanley ------7 Sotheby's ------136

Arbor Realty Trust Inc. ------208 Curtiss-Wright Corp.------103 Inter Parfums Inc. ------183 Morgans Hotel Group Co.------204 Standard Microsystems Corp. ------186

Ares Capital Corp.------237 Datascope Corp. ------185 International Business Machines Corp. ------4 Movado Group Inc. ------159 Standard Motor Products Inc.------144

Arrow Electronics Inc. ------24 DealerTrack Holdings Inc. ------229 International Flavors & Fragrances Inc. ------86 MSC Industrial Direct Co.------99 Starwood Hotels & Resorts Worldwide Inc. ------52

Asbury Automotive Group Inc.------54 Delia*s Inc.------213 Interpublic Group of Companies Inc.------48 MSCI Inc.------187 Sterling Bancorp------246

Assurant Inc. ------40 Dime Community Bancshares Inc.------234 Investment Technology Group Inc.------150 Nasdaq OMX Group Inc.------81 Steven Madden Ltd.------173

Astoria Financial Corp. ------122 Dover Corp.------43 Investors Bancorp Inc.------209 National Financial Partners Corp. ------121 Syms Corp. ------214

Atlas Air Worldwide Holdings Inc. ------105 Drew Industries Inc.------153 iStar Financial Inc. ------109 Navigators Group Inc. ------152 Systemax Inc.------76

Audiovox Corp.------171 Duff & Phelps Corp. ------191 ITT Corp. ------38 NBTY Inc.------96 Take-Two Interactive Software Inc.------132

Automatic Data Processing Inc.------42 Dun & Bradstreet Corp.------102 J. Crew Group Inc.------115 New York & Company Inc.------120 TAL International Group Inc. ------192

Avon Products Inc.------37 E*Trade Financial Corp. ------89 J.P. Morgan Chase & Co.------2 New York Community Bancorp Inc. ------101 Tarragon Corp. ------174

Bank of New York Mellon Corp.------26 Empire Resources Inc. ------168 Jaclyn Inc. ------248 New York Times Co.------70 Tiffany & Co. ------74

Barnes & Noble Inc. ------56 Entertainment Distribution Co. ------184 Jaco Electronics Inc. ------227 Newcastle Investment Corp.------151 Time Warner Cable Inc.------25

Barr Pharmaceuticals Inc.------79 Estée Lauder Cos.------45 Jarden Corp. ------58 News Corp. ------19 Time Warner Inc.------12

Bear Stearns Cos. ------23 Evercore Partners Inc. ------194 Jefferies Group Inc. ------77 NorthStar Realty Finance Corp.------180 Tower Group Inc.------179

Becton Dickinson & Co.------51 Excel Technology Inc.------244 JetBlue Airways Corp.------75 Nu Horizons Electronics Corp.------149 Town Sports International Holdings Inc.------169

Bed Bath & Beyond Inc.------44 ExlService Holdings Inc. ------238 John Wiley & Sons Inc. ------117 NYMagic Inc. ------236 Transatlantic Holdings Inc.------61

Bel Fuse Inc. ------220 Financial Federal Corp. ------235 Jones Apparel Group Inc.------66 Nymex Holdings Inc. ------145 Universal American Corp. ------73

Bio-Reference Laboratories Inc. ------224 Finlay Enterprises Inc.------142 KBW Inc. ------177 NYSE Euronext Inc.------63 Veeco Instruments Inc.------181

BioScrip Inc. ------119 Flushing Financial Corp. ------232 Kenneth Cole Productions Inc. ------164 Och-Ziff Capital Management Group ------106 Verizon Communications Inc.------5

BlackRock Inc.------57 Foot Locker Inc. ------55 Kimco Realty Corp.------131 Omnicom Group Inc.------34 Viacom Inc.------31

Blackstone Group ------72 Footstar Inc. ------156 Knight Capital Group Inc. ------139 1-800-Flowers.com Inc. ------137 Village Super Market Inc.------129

Bowne & Co. ------141 Forest Laboratories Inc.------69 L-3 Communications Holdings Inc.------28 OSI Pharmaceuticals Inc.------193 Volt Information Sciences Inc. ------85

BP Prudhoe Bay Royalty Trust------239 Fortress Investment Group ------116 LaBranche & Co. ------170 Overseas Shipholding Group Inc.------124 Vornado Realty Trust ------67

Bristol-Myers Squibb Co. ------21 Franklin Credit Management Corp.------241 Lazare Kaplan International Inc.------176 Pall Corp. ------88 W.P. Carey & Co.------217

Broadridge Financial Solutions Inc.------92 Gamco Investors Inc.------203 Lehman Brothers Holdings Inc.------9 Par Pharmaceutical Cos.------147 Warnaco Group Inc. ------98

C.R. Bard Inc.------90 General Maritime Corp.------222 Leucadia National Corp.------126 Park Electrochemical Corp.------221 Warner Music Group Corp. ------68

CA Inc.------65 Gentiva Health Services Inc.------118 Lexington Realty Trust ------167 Pepsi Bottling Group Inc.------30 WebMD Health Corp. ------198

Cablevision Systems Corp.------49 GFI Group Inc. ------134 Lifetime Brands Inc. ------165 PepsiCo Inc. ------14 Weight Watchers International Inc. ------108

Caché Inc. ------212 G-III Apparel Group ------163 Lincoln Educational Services ------202 Pfizer Inc. ------11 Westwood One Inc.------172

Cambrex Corp. ------223 GLG Partners Inc. ------130 Liz Claiborne Inc. ------60 Philip Morris International ------20 WHX Corp.------155

Capital Trust Inc. ------218 Goldman Sachs Group Inc. ------6 Loews Corp.------22 Phillips-Van Heusen Corp.------82 Young Broadcasting Inc. ------247

May 26, 2008 | Crain’s New York Business | 29 CNYB 05-26-08 A 30 5/22/2008 4:57 PM Page 1

REAL ESTATE DEALS Short-term sublease works for Dallas law firm

will house leather goods and a cus- Haynes and Boone expects to outgrow tom tailoring department. space by time three-year deal expires Alfred Dunhill, now located at 711 Fifth Ave., plans to open the new store by mid-July. It will be the allas-based law business is growing steadily and may only retailer operating in the newly firm Haynes and need more space in the future. renovated 17-story office building, Boone signed a lease “New York real estate is not inex- which is owned by development for nearly 35,000 pensive. You can’t warehouse space company LCOR. square feet at 1221 for future growth,”says Mr.Bezozo, “We thought they’d be a great fit DSixth Ave., between West 48th and who came to the city in March 2004 for the tenants we’re attracting up- West 49th streets. The asking rent to start the firm’s local office. The stairs,” says David Sigman, an was about firm now has 32 attorneys here, and LCOR principal. The company is $70 a square he expects that number to jump to targeting hedge funds, law offices foot. 50 in a couple of years. and investment firms for the Class BRIT FIT: Clothier Alfred Dunhill’s relocated flagship will be the sole retail outlet at 545 Madison. The firm “We are just not in a position A office space. is subleasing where it makes economic sense to Susan Kurland of CB Rich- part of the take a 10-year lease and build out ard Ellis negotiated the deal on 1250 Broadway. Michael Beyda, a pany will build eight showrooms— 26th floor the space, only to outgrow it in two LCOR’s behalf, and CBRE broker broker at Benchmark Properties double its current number—in the of the build- or three years,” says Mr. Bezozo. Paul Muratore represented Alfred who represented Actimize, says the new building, as well as additional ing for three Brokers from CB Richard Ellis Dunhill. business had outgrown its space. office space. The company will also years from represented both law firms in the —elisabeth butler cordova The company specializes in soft- add about 12 more employees to its another law transaction. ware to detect and prevent fraud. 40-person staff. firm, Son- —theresa agovino Newmark Knight Frank brokers “320 Fifth Ave. is in the heart of nenschein Fraud-fighting firm Brian Waterman and Michael the intimate-apparel district, so we Nath & takes more space Frantz represented the building’s thought it would be an appropriate Rosenthal. Alfred Dunhill’s owner,W&H Properties,a partner- home for our company,” says Mr. Haynes and clothes call actimize inc., which makes soft- ship led by real estate investor Peter Hanan. Boone plans ware for the financial services indus- Malkin.A $54 million renovation of Other tenants in the building in- SIXTH SENSE: Haynes to move in and Boone is subleasing british luxury clothier Alfred try, signed a 10-year lease for nearly the property was completed last clude Francesco Biasia, Nicole July. space at 1221 Sixth Ave. Dunhill is planning to relocate its 24,000 square feet at 1359 Broadway, year. Miller, Guess, Charles David and Ken Be- Manhattan flagship to 545 Madison between West 36th and West 37th —theresa agovino Badgley Mischka. zozo, man- Ave., at East 55th Street. The com- streets. Jonata Dayan and Corey Abdo, aging partner of Haynes and Boone’s pany recently signed a 10-year lease The company will take over the brokers at Winoker Realty, repre- New York office, says that the firm for 7,000 square feet in the building. building’s fifth floor during the Industrial business sented the building’s owner, Brause has outgrown the 20,000 square feet The asking rent was $600 a square fourth quarter. The asking rent was finds maternal side Realty Inc.,in the deal.Panties Plus, it now occupies at the Citigroup foot. $52 a square foot. which will do a complete renova- Center, at 153 E. 53rd St. The law The space includes 4,000 square Actimize, a division of Israeli rosie pope maternity signed a tion, expects to move in September. firm’s leadership opted to take a feet on the ground floor and a 3,000- company NICE Systems,is now lo- 10-year lease for the ground floor at Howard Rosenblum and Peter Pa- short-term sublease because the square-foot basement,part of which cated in about 14,000 square feet at 78 Greene St., where it will open its cific of the Kaufman Organization first retail location in September. represented the tenant. The asking rent was $335 a square —diane hess foot. The clothier, which specializes in stylish maternity wear, will take A new era for Epoch over a 2,200-square-foot space pre- on Hudson Street viously occupied by B&Z Steel Equipment Co., which owns the epoch films has signed a 10-year six-story building between Spring lease at 435 Hudson St., between and Broome streets. Leroy and Morton Streets, for “One of the oldest industrial 15,000 square feet, more than dou- companies in SoHo is handing the ble the size of its current office torch to a modern retailer,” says Pe- space. The asking rent was $55 a ter Weisman of The Lansco Corp., square foot. who represented the landlord along The 20-year-old film company with colleague Yair Staab. will occupy half of the third floor. It B&Z Steel will maintain an of- plans to sublet 1,500 square feet. fice on the second floor. The rest of Marc Schoen,a broker at Hunter the building is residential. Realty Organization, represented Betty Ende and Laura Pomer- Epoch. He says the company was antz of PBS Realty negotiated on impressed with the list of tenants in behalf of the tenant. the nine-story building, which is —diane hess fully occupied. The New York Review of Books rents the other half of the third floor. Getting intimate Other tenants in the building in- on Fifth Avenue clude L’Oréal, branding agency Baron & Baron, clothing manufac- panties plus inc., a 14-year-old turer Miss Sixty and production intimate apparel company, has company Radical Media. signed a 10-year lease for a 10,748- Epoch Films, whose 2005 fea- square-foot office at 320 Fifth Ave., ture film Junebug was nominated for between East 32nd and East 33rd an Oscar, has outgrown its office on streets, as it prepares to launch two two floors at 122 Hudson St. new brands. The asking rent was Mindy Goldberg, president of about $50 a square foot. Epoch, says the company has ex- The apparel maker will occupy panded over 17 years at 122 Hudson the second floor of the 12-story in “an ad hoc way,”and was no longer building. The space is double the using the space efficiently. size of its current office at 180 The building’s owner, Trinity Madison Ave. Real Estate, was represented in- According to Abe Hanan, chief house by Garett Varricchio. executive of Panties Plus, the com- —diane hess

30 | Crain’s New York Business | May 26, 2008 CNYB 05-26-08 A 31 5/22/2008 4:58 PM Page 1

THE WEEKS AHEAD

THIS WEEK’S EVENTS Industry and Business Library holds Ballroom. Fee: $125. (212) 210-0151 or on the fast track to more clients. 9 a.m. networking breakfast and program with MAY 27 session on emerging technologies. [email protected]. to 7 p.m., New York Real Estate Robert Lieber, new deputy mayor of Seedco holds workshop on restaurant 4:15 p.m. to 5:30 p.m., 188 Madison JUNE 5 Institute, 139 W. 35th St., second floor. New York. 8 a.m. to 9:30 a.m., Crowne management. 2 p.m. to 4:30 p.m., 110 Ave., lower level. Free. (212) 592-7800. Urban Land Institute, New York Fee: $199. (831) 338-7790 or Plaza Times Square, 1605 Broadway. William St., seventh-floor boardroom. District Council, holds session on [email protected]. Fee: $70. (212) 210-0739 or Free. (212) 513-6394 or JUNE 2-8 existing green office buildings. 7:45 a.m. JUNE 12 www.crainsnewyork.com/events. [email protected]. JUNE 3 to 9:45 a.m., Club 101, 101 Park Ave. Crain’s New York Business holds —adrianne pasquarelli MAY 28 Direct Marketing Association holds Fee: $45 members, $60 nonmembers. Gold Place Network holds networking seminar on the psychology of rewards. (800) 321-5011 or [email protected]. reception. 6 p.m. to 8 p.m., The Support 1 p.m. to 2 p.m., 1120 Sixth Ave., 13th JUNE 5 CRAIN’S SPECIAL SECTION Center, 305 Seventh Ave., 11th-floor floor, seminar center. Fee: $149 mem- New York Interagency Engineering conference room. Fee: $15. bers, $199 nonmembers. (212) 790-1500 Council holds conference on planning (212) 465-8080. or [email protected]. and building for the future of New York MAY 28 JUNE 4 City. 9 a.m. to 5 p.m., Frank Sinatra Seeking New York’s Camba Small Business Services holds Mogo Media holds seminar on getting Auditorium, 30-20 Thomson Ave., workshop on starting a home-based started with Dreamweaver and CSS. Long Island City, Queens. Fee: $95 business. 3 p.m. to 5:30 p.m., 9:30 a.m. to 5 p.m., New York Marriott members, $150 nonmembers if 884 Flatbush Ave., second floor, Marquis, 1535 Broadway. Fee: $49. preregistered by May 28; $150 members, top employers Brooklyn. Free. (718) 282-2500 or (866) 518-7200. $175 nonmembers thereafter. [email protected]. JUNE 4 (201) 807-4013 or [email protected]. do you work for one of the 25 best companies in New York City? If MAY 28 Workshops in Business Opportunities JUNE 5 you think so, nominate your company for Crain’s New York Business’in- Milano The New School for holds legal clinic. 6 p.m. to 8 p.m., NYC Business Solutions holds workshop augural Best Places to Work competition. More than 100 top New Management and Urban Policy and 55 Exchange Place, fifth floor. Free. on small business bookkeeping. 6 p.m. to York companies have already entered the competition; don’t be left out! Center for New York City Affairs hold (212) 684-0854, ext. 053, or 8 p.m., 110 William St., fourth-floor Anyone can nominate a company or get more information by vis- lecture on the hyperpartisan era in [email protected]. conference room. Free. (212) 618-8817 or Washington, D.C. 6 p.m. to 7:45 p.m., JUNE 4 [email protected]. iting www.crainsnewyork.com/bestplaces. The deadline for nomina- Swayduck Auditorium, 65 Fifth Ave. Five O’Clock Club holds seminar on JUNE 7 tions is June 30. Free. (212) 229-5418. beating the odds with search firms and Bizstarters.com holds workshop on The free competition will recognize workplaces based on an em- MAY 29 job ads. 6:30 p.m. to 8:30 p.m., 11 Penn starting a business. 8:30 a.m. to 5 p.m., ployee survey, measuring factors including work Business Network International, Wall Plaza, fifth floor. Fee: $50. Cornell Club, 6 E. 44th St. Fee: $299. environment, innovations/new ideas and people Street chapter, holds networking (914) 788-5482 or [email protected]. (877) 232-0744 or [email protected]. practices. Companies compete against firms in breakfast. 7 a.m. to 8:30 a.m., George’s JUNE 4 their size category. Finalists and winners will be & Sons Restaurant, 89 Greenwich St., Hatchery, Pace University and Sun JUNE 9-15 announced in a supplement to Crain’s and at an second floor. Fee: $19. (212) 661-4590 Microsystems hold networking JUNE 11 event in fall 2008. or [email protected]. reception. 6 p.m. to 8 p.m., 100 Spruce Northwestern Mutual holds breakfast To be eligible, companies must have at least MAY 29 St. Fee: $15 in advance, $20 at the door. on taxation of noncitizens. 8 a.m. to 10 New York Public Library’s Science, (212) 386-7608 or [email protected]. a.m., National Arts Club, 15 Gramercy one location and at least 50 employees within JUNE 4 Park South. Free. Seating is limited. the five boroughs. Crain’s is working with More meetings online at Media Business Magazine holds Media Registration required. (917) 449-9600 or leading research firm Quantum Market Re- www.crainsnewyork.com Business Innovator Awards luncheon. [email protected]. search to conduct and evaluate the employee Click on “Events” 11:30 a.m. to 2:15 p.m., Hilton New JUNE 11 surveys. York, 1335 Sixth Ave., Mercury Action Plan Marketing holds seminar

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May 26, 2008 | Crain’s New York Business | 31 nb21p32-33cls.qxp 5/22/08 4:31 PM Page 32

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Billboard Opportunity For Rent EXECUTIVE RECRUITER Billboard space with high visibility on West Never Been Done Before Side Highway - Great for National Company, $28K in Days not Weeks facing north and south as well as... …simply returning phone calls. POSITIONS AVAILABLE Retail Space - Part of the newly revitalized No Selling! No Explaining! West Harlem at 125th Street Adjacent No Convincing! Bilingual (Japanese) Compliance Officer Looking for a highly knowledgeable to the Columbia University expansion “I received $34K Cash to my front door position in NYC. Primarily response. and new West Harlem Piers. Contact for review of private equity agreements, & motivated NYC RE salesperson (212) 575 5335 or [email protected] in my first 3 weeks!”-Joe, CA. analysis of legal issues, work w/ outside with 3-5 years experience. “My best week since joining the program attorneys & priv equity fund mgrs. is $17,000” Single Mom-Anne, WA J.D. or L.L.M. req’d. Bar admission not Join one of NYC’s most successful BUSINESS OPPORTUNITY/EVENTS 888-593-8287 rec-msg req’d. Send resume by mail: Attn: TShiras teams. Must be a team player. Private gifting, allowed by Ref. # MO-CO, NLI International, Crain's Classified is not responsible for corrupt filesIRS submitted tax codes by client or ads1251Crain's run Ave. under Classified of Americas, the wrong is 18 not Fl, subheading. responsibleNYC 10020 for corruptEmail [email protected]. submitted by client or ads run under the wrong subheading. PUBLIC & LEGAL NOTICES

Notice of Formation of 8 Centre Realty App. for Authority of Mondottica LLC was filed Notice of Formation of Strada LLC. Arts. of Org. filed with Secy. of 11/2/07. LLC organized 10/4/07 in Delaware. Development LLC, Art. of Org. filed Crain's Classified is not responsible forState corrupt of NY files(SSNY) submitted on 1/25/08. by Office client or adsPrincipal run under office location: the wrong 55 Greene subheading. St., PH6, Sec’y of State (SSNY) 4/9/08. location: NY Co. SSNY designated as NY, NY 10013, NY County. Sec. of State of NY Office location: NY County. SSNY agent of LLC upon whom process against is designated as agent for service of process designated as agent of LLC upon it may be served. SSNY shall mail against LLC and shall mail a copy to Leonard whom process against it may be process to: The LLC, 433 West 14th St., Witman, Esq., Witman Stadtmauer, P.A., 26 served. SSNY shall mail copy of Ste. 429 3R, Ny, NY 10014. Purpose: any Columbia Tpke, Florham Park, NJ 07932. process to 331 W. 57th St., Ste. REAL ESTATE lawful activities. Copy of formation documents filed w/Sec. of 301, NY, NY 10019. Purpose: any State of DE, 401 Federal St., Ste. 3, Dover, DE lawful activities. 19901. Purpose of LLC: any lawful activity. Notice of Formation of Barry LLC. Arts. AUCTION of Org. filed with Secy. of State of N.Y. Notice of Formation of HOMESLICE, LLC, a (SSNY) on 4/25/08. Office location: NY 9 SQUARED ENTERTAINMENT, LLC Articles domestic LLC. Arts. of Org. filed with the Crain'sCounty. SSNY Classified designated is not as responsibleagent of forof corrupt Org. filed filesNY Sec. submitted of State (SSNY) by client4/15/08. or adsSSNY run on under 01/09/08. the Office wrong location: subheading. NY LLC upon whom process against it may Office in NY Co. SSNY desig. agent of LLC County. SSNY has been designated as agent be served. SSNY shall mail process to: upon whom process may be served. SSNY upon whom process against the LLC may be 95 Delancey Street, NY, NY 10022. shall mail copy of process to 45 W. 21st St., served. SSNY shall mail a copy of process to: Purpose: any lawful activity. Ste. 401, NY, NY 10010, which is also the Hayden Lockaby, 24 West 76th St., Apt. BR, principal business location. Purpose: Any NY, NY 10023. Purpose: Any Lawful Purpose. lawful purpose. Notice of Qualification of Dal Si America LLC. Authority filed with Secy. of State of N.Y. (SSNY) on 4/9/08. Office location: NY County. Notice of Formation of 301SG LLC. Notice of Formation of KFC Properties LLC, LLC formed in California (CA) on 4/1/08. Arts. of Org. filed with Secy. of State of Art. of Org. filed Sec'y of State (SSNY) SSNY designated as agent of LLC upon whom Crain'sN.Y. (SSNY) Classified on 11/19/2007. is not responsibleOffice loca- for2/6/08. corrupt Office files location: submitted NY County. by clientSSNY or ads run under the wrong subheading. Crain'sprocess against Classified it may be is served. not responsible SSNY shall fortion: corrupt NY County. files submittedSSNY designated by client as or adsdesignated run under as agent the of wrong LLC upon subheading. whom mail process to: United Corporate Services, agent of LLC upon whom process process against it may be served. SSNY Ten Bank St., Ste. 560, White Plains, NY against it may be served. SSNY shall shall mail copy of process to Attn: Charlie 10606, registered agent upon whom process mail process to: c/o Galster Gammal, 1407 Broadway, NY, NY 10018. may be served. CA address of LLC: 1017 Management, 156 William St., Ste. 802, Purpose: any lawful activities.. COMMERCIAL NY, NY 10038. Term: until 12/31/2060. Maybrook Drive, Beverly Hills, CA 90120. Arts. Purpose: any lawful purpose. of Org. filed with CA Secy. of State, 1500 11th STATEN ISLAND PUBLIC & LEGAL St., 3rd Fl., Sacramento, CA 98514. Purpose: Notice of Formation of CORONA SPORTS LOCATION • LOCATION any lawful activity. Notice of Formation of BOWERY DEVEL- CAFÉ, LLC Arts. Of Org. filed with Secy. Of LOCATION! NOTICES OPMENT, LLC, a domestic LLC. Arts. of State of NY (SSNY) on 4/23/08. Office Crain's Classified is not responsible for23,000 corrupt SF files property submitted street byto clientstreet or ads run under the wrong subheading. Notice of Formation of GEMJ Intimate Org. filed with the SSNY on 03/21/08. location: NY Co. SSNY designated as + 4,000 SF building expandable. Apparel LLC. Arts. of Org. filed with NY Office location: NY County. SSNY has agent of LLC upon whom process against C 8 zone All automotive uses etc. Dept. of State on 4/24/08. Office location: it may be served. SSNY shall mail process Notice of Formation of Planet B-Boy NY County. Principal business address: been designated as agent upon whom (718) 720-2020 to: The LLC, 37-01 Main Street. Flushing Crain'sDistribution, Classified LLC. Arts. is of notOrg. responsiblefiled with NY for1407 corrupt Broadway, files Ste. submitted 504, NY, NY by 10018. client or adsprocess run under against the the wrongLLC may subheading. be served. Dept. of State on 4/10/08. Office location: NY Secy. of State designated as agent of LLC SSNY shall mail a copy of process to: NY 11354. Purpose: any lawful activities. RESTAURANT FOR SALE County. Secy. of State designated as agent of upon whom process against it may be 88 University Place 8th Fl., NY, NY LLC upon whom process against it may be served and shall mail process to: Seltzer Notice of Formation of Primeiro Productions served and shall mail process to the principal Sussman & Habermann LLP, 100 Jericho 10003. Purpose: Any Lawful Purpose. Staten Island North Shore LLC. Arts. of Org. filed with Secy. of State of business address: 150 W. 28th St., Ste. 502, Quadrangle, Jericho, NY 11753. Purpose: RESTAURANT BUSINESS FOR SALE NY (SSNY) on 01/23/08. Office location: NY NY, NY 10001. Purpose: any lawful activity. any lawful activity NOTICE OF FORMATION OF LIMITED Great opportunity. Outside courtyard County. Principal business location: c/o LIABILITY COMPANY. NAME: R & C 529 Levine Plotkin & Menin, LLP, 1740 Broadway, dining, party room & a la carte seating. NOTICE OF FORMATION of R S & P L, LLC. Articles of Organization were filed with 22nd Fl., NY, NY 10019. SSNY designated as Seats 170 indoor/outdoor Bar - Notice of Formation Team Love, LLC art. of the Secretary of State of New York(SSNY) org. filed Secy. of State NY (SSNY) 4/4/08. LLC. Articles of Organization filed with the agent of LLC upon whom process against it $298,000 - Call for more information on 04/03/08. Office location: New York may be served. SSNY shall mail process to: Off. loc. in NY Co. SSNY designated as agent Sec. of State of NY (SSNY) on 04/23/08. County. SSNY has beendesignated as agent 917.916.8839 of LLC upon whom process may be served. The LLC, 135 Central Park West, 6N, NY, NY Office location: New York County. SSNY of the LLC upon whom process against it 10023. Purpose: any lawful activity. SSNY shall mail copy of process to: attn. has been designated as agent upon whom may be served.SSNY shall mail a copy of Nathaniel Krenkel, 352 E 13th St, #3, NY, NY process to the LLC, c/o Richard Gershuny, TELECOMUNICATIONS 10003. Purpose: Any lawful purpose. process against it may be served. SSNY shall mail copy of any process to 260 West 54th Street, Apartment 31J, New York, New York 10019. Purpose: For any Yungman Lee, 207 Bowery, New York, NY lawful purpose. Notice of Qualification of Silver Lake Windward 10002. Purpose: To engage in any lawful Diversified Aggressive Fund, L.P. Authority act or activity. The Principal Business Notice of Qualification of Locust Wood Select To place your filed with NY Dept. of State on 4/4/08. Office location is: 207 Bowery, NY, NY, 10002 Capital Management, LLC. Authority filed with location: NY County. Principal business address: Secy. of State of N.Y. (SSNY) on 2/25/08. 2775 Sand Hill Rd., Menlo Park, CA 94025. Office location: NY County. LLC formed in LP formed in Delaware (DE) on 1/30/08. NY Notice of Formation of Autoexportology Delaware (DE) on 2/7/08. SSNY designated Crain'sSecy. of State Classified designated is as not agent responsible of LP upon forCrain'sLLC, corrupt Art. Classifiedof filesOrg. filed submitted Sec'y is not of responsibleState by client(SSNY) or for adsas corrupt runagent underof filesLLC upon the submitted whom wrong process subheading. by clientagainst or ads run under the wrong subheading. whom process against it may be served and 3/6/08. Office location: NY County. SSNY it may be served. SSNY shall mail process to: classified ad shall mail process to: c/o CT Corporation designated as agent of LLC upon whom 1540 Broadway, Ste. 1504, NY, NY 10036. System, 111 8th Ave., NY, NY 10011, registered process against it may be served. SSNY DE address of LLC: 1209 Orange St., Crain's Classified is not responsible foragent corrupt upon fileswhom submittedprocess may be by served. client DE or adsshall run mail under copy of the process wrong to 303 subheading. Fifth Ave., Wilmington, DE 19801. Cert. of Form. filed address of LP: The Corporation Trust Co., Ste. 1016, NY, NY 10016. Purpose: any with DE Secy. of State, P.O. Box 898, Dover, 1209 Orange St., Wilmington, DE 19801. lawful activities. DE 19903. Purpose: all lawful purposes. Name/address of genl. ptr. available from NY Secy. of State. Cert. of LP filed with DE call John Secy. of State, 401 Federal St., Dover, DE Notice of Qualification of GCP (JPM) SINGH EQUITIES, LLC Notice of Conversion 19901. Purpose: any lawful activity. Investments, LLC. Authority filed of a Partnership into the above Limited with NY Dept. of State on 3/18/08. Office location: NY County. LLC Liability Company (“LLC”). A Cert. of Name of LLC: V AGENCY LLC. formed in Delaware (DE) on 6/6/05. Conversion was filed with the Department of Articles of Org. filed Dept. of State NY Secy. of State designated as State of NY on 12/5/2007. Office Location: of NY on 4/9/08. Office location in agent of LLC upon whom process New York County. The street address is: Gallagher @ NY: New York County. Principal bus against it may be served and shall 22 West 27th Street, New York, NY 00000. loc.: 11 Mercer Street, NY, NY mail process to the principal busi- 10013. Secy. of State designated as ness address: c/o Greenhill & Co., The Secretary of the State of NY (“SSNY”) agent of LLC upon whom process LLC, 300 Park Ave., 23rd Fl., NY, NY has been designated as agent of the LLC TELEPHONE EQUIPMENT against it may be served. Sec. of 10022. DE address of LLC: c/o The upon whom process against it may be State shall mail a copy of process Corporation Trust Co., 1209 Orange served. SSNY shall mail a copy of any WILL BUY ALL to National Corporate Research, St., Wilmington, DE 19801. Cert. of process served upon the LLC to: The LLC, 212-210-0189 Ltd., 10 East 40th Street, 10th Form. filed with DE Secy. of State, OFFICE TELEPHONE EQUIPMENT 22 West 27th Street, New York, NY 00000. Headsets, Etc. Floor, New York, NY 10016. 401 Federal St., Dover, DE 19901. Purpose: any lawful act. Call Toll Free 877-742-4273 Purpose: any lawful activity. Purpose: any lawful activity.

32 | Crain’s New York Business | May 26, 2008

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

Crain's Classified is not responsible for corrupt files submitted by client or ads run under the wrong subheading. Crain's Classified is not responsible for corrupt files submitted by client or ads run under the wrong subheading. nb21p32-33cls.qxp 5/22/08 2:33 PM Page 33

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

Notice of Qualification of Onyx 1103-1105 SHERIDAN AVE. LLC, a domestic Notice of Qualification of Bluestone Plaza East, Notice of Qualification of BLT 33 LLC. Notice of Formation of Industco Holdings, Healthcare, LLC. Authority filed with Limited Liability Company (LLC) filed with the LLC. Authority filed with Secy. of State of N.Y. Authority filed with Secy. of State of N.Y. LLC. Arts. of Org. filed with Secy. of State NY Dept. of State on 4/25/08. Office Sec of State of NY on 4-1-08. NY Office location: (SSNY) on 4/2/08. Office location: NY County. (SSNY) on 4/29/08. Office location: NY of N.Y. (SSNY) on 4/28/08. Office location: location: NY County. Principal busi- New York County. SSNY is designated as LLC formed in Delaware (DE) on 5/3/07. SSNY County. Principal business location: 11 NY County. SSNY designated as agent of ness address: 1660 Pearl St., agent upon whom process against the LLC designated as agent of LLC upon whom Denver, CO 80203. LLC formed in may be served. SSNY shall mail a copy of process against it may be served. SSNY shall Madison Ave., NY, NY 10010. LLC formed LLC upon whom process against it may Delaware (DE) on 6/29/05. NY Secy. any process against the LLC served upon mail process to: Rivkin Radler LLP, 926 Rex in Delaware (DE) on 4/17/08. SSNY des- be served. SSNY shall mail process to: of State designated as agent of LLC him/her to Mandell, Mandell, Okin & Edelman, Corp Plaza, Uniondale, NY 11556, Attn: ignated as agent of LLC upon whom c/o Signature Urban Properties, LLC, 853 upon whom process against it may LLP, 3000 Marcus Ave., Lake Success, NY Stephen Weissman, Esq. Principal office of process against it may be served. SSNY Broadway, Ste. 2014, NY, NY 10003. be served and shall mail process to: 11042. General purposes LLC: 30 Broad St., 33rd Fl., NY, NY 10004. shall mail process to: c/o Corporation Purpose: any lawful activity c/o CT Corporation System, 111 8th Arts. of Org. filed with DE Secy. of State, 401 Ave., NY, NY 10011, registered agent Federal St., Dover, DE 19901. Purpose: any Service Company, 80 State St., Albany, upon whom process may be served. Notice of Qualification of docuMATCH, LLC. lawful activity. NY 12207. DE address of LLC: 2711 NOTICE OF FORMATION OF LIMITED LIABIL- DE address of LLC: The Corporation Authority filed with NY Dept. of State on Centerville Rd., Ste. 400, Wilmington, DE ITY COMPANY. NAME: 25 WA ASSOCI- Trust Co., 1209 Orange St., 4/4/08. Office location: NY County. LLC ATES,LLC. Articles of Organization were filed formed in Delaware (DE) on 4/1/08. NY Secy. Notice of Formation of Global Design Strategies 19808. Arts. of Org. filed with DE Secy. of Wilmington, DE 19801. Arts. of Org. LLC. Arts. of Org. filed with NY Dept. of State with the Secretary of State of New York filed with DE Secy. of State, 401 of State designated as agent of LLC upon State, 401 Federal St., Ste. 4, Dover, DE on 4/1/08. Office location: NY County. Secy. of Crain's Classified is not responsible for(SSNY) corrupt on 12/12/06. files submitted Office location: by New client or ads run under the wrong subheading. Federal St., Dover, DE 19901. whom process against it may be served and 19901. Purpose: any lawful activity. York County. SSNY has been designated as Purpose: any lawful activity. shall mail process to the principal business State designated as agent of LLC upon whom process against it may be served and shall agent of the LLC upon whom process against address: 1221 Ave. of the Americas, NY, NY Notice of Formation of Compound Ventures it may be served. SSNY shall mail a copy of 10020. DE address of LLC: The Corporation mail process to the principal business address: Notice of Qualification of Joffee-333 W. 39 c/o Michael D. Kirchmann, 75 Rockefeller Pl., IV, LLC. Arts. of Org. filed with Secy. of State process to the LLC, 15 Washington Avenue, Realty LLC. Authority filed with NY Dept. of Trust Co., 1209 Orange St., Wilmington, DE of N.Y. (SSNY) on 4/17/08. Office location: Brooklyn, New York 11205. Purpose: For any 19801. Arts. of Org. filed with DE Secy. of 20th Fl., NY, NY 10019, registered agent upon State on 4/10/08. Office location: NY County. whom process may be served. Purpose: any NY County. SSNY designated as agent of lawful purpose. LLC formed in Delaware (DE) on 11/13/07. State, 401 Federal St., Dover, DE 19901. LLC upon whom process against it may be Purpose: any lawful activity. lawful activity. NY Secy. of State designated as agent of LLC served. SSNY shall mail process to: c/o NOTICE OF FORMATION of upon whom process against it may be served Roosevelt Management Inc., 2500 Wilcrest Notice of Formation: Solar Smart, LLC (LLC) OverUnder Records LLC. Arts. Of and shall mail process to: c/o Cowan, Drive, Ste. 200, Houston, TX 77042. Notice of Formation of The Levinsohn Family Arts. of Org. Filed with the Sec.of State NY Org. filed with Secy. Of State of N.Y. Liebowitz & Latman, P.C., 1133 Ave. of the Purpose: any lawful purpose. Crain's Classified is not responsible for corrupt files submitted by client or adsII Limited run under Partnership. the wrong Certificate subheading. filed with (SSNY) on 4/8/2008. NY Office Location: (SSNY) on 2/11/08. Office location: Americas, NY, NY 10036, Attn: Simon Gerson, Secy. of State of NY (SSNY) on 3/31/08. New York County. SSNY Desig. Agent of LLC New York County. SSNY designated Esq. DE address of LLC: c/o The Corporation Crain's Classified is not responsible forOffice corrupt location: files NY submittedCounty. SSNY bydesignated client or adsupon run whom under process the wrongagainst it subheading. may be Crain'sName of ClassifiedForeign LLC: FOIS-GP, is not responsibleLLC. App. for foras corrupt agent of files LLC submitted upon whom by process client or ads run under the wrong subheading. Trust Co., 1209 Orange St., Wilmington, DE as agent of LP upon whom process against it served. SSNY to mail copy of process to Auth. filed NY Dept. of State: 3/28/08. Jurisd. against it may be served. SSNY shall 19801. Arts. of Org. filed with DE Secy. of may be served. SSNY shall mail process to: LLC at 224 West 30th St., Suite 403, New and date of org.: DE 3/27/07. NY State office mail process to: 151 First Avenue, State, 401 Federal St., Dover, DE 19901. The Partnership, 80 8th Ave., Ste. 1107, NY, York, NY 10001-4905. Purpose: any lawful loc.: NY County. Princ. bus. loc. of LLC: 230 Suite 36, NY, NY 10003. Principal Purpose: any lawful activity. NY 10011. Name/address of each genl. ptr. purpose. Park Ave, Ste. 610, NY, NY 10169. SSNY has business location: 151 First Avenue, available from SSNY. Term: until 4/1/2108. been designated as agent of LLC upon whom Suite 36, NY, NY 10003. Purpose: Purpose: any lawful activities. Any lawful activity. Notice of Qualification of HLT NY Notice of Formation of INNOVA CREATIVE process may be served. SSNY shall mail Waldorf LLC. Authority filed with SERVICES LLC. Arts. of Org. filed with Secy. copy of process to the LLC, c/o Gnosis Secy. of State of NY (SSNY) on Notice of Qualification of Sirius Solutions Crain'sof State of Classified NY (SSNY) ison not04/14/08. responsible Office forAdvisors, corrupt LLC, files 230 submitted Park Ave., Ste. by 610, client NY, or adsNotice run of under Formation the wrong of CHILAOS, subheading. LLC. 10/22/07. Office location: NY GP, L.L.C. Authority filed with Secy. of location: NY County. SSNY designated as NY 10169, Attn: Joseph Augustine. Addr. of Arts. Of Org. filed with Secy. Of State County. LLC formed in Delaware State of N.Y. (SSNY) on 5/1/08. Office agent of LLC upon whom process against it Crain'sforeign LLC Classified in DE is:is 615 not South responsible DuPont forof corrupt NY (SSNY) files on submitted 4/23/08. Office byclient loca- or ads run under the wrong subheading. (DE) on 9/20/07. SSNY designated Hwy., Dover, DE 19901. Auth. officer in DE tion: NY Co. SSNY designated as agent location: NY County. LLC formed in may be served. SSNY shall mail process to: as agent of LLC upon whom process c/o Elisabeth M. Kovac, Esq., 90 Park Ave., where Cert. of Form. filed is DE Sec. of of LLC upon whom process against it against it may be served. SSNY Delaware (DE) on 8/7/02. SSNY designat- Ste. 1710, NY, NY 10016. Purpose: any State, Townsend Bldg., Dover, DE 19901. may be served. SSNY shall mail shall mail process to: c/o ed as agent of LLC upon whom process lawful activity. Purpose: any lawful activity. process to: The LLC, 37-01 Main Corporation Service Company, 80 against it may be served. SSNY shall mail Street. Flushing NY 11354. Purpose: State St., Albany, NY 12207. Address any lawful activities. to be maintained in DE: c/o process to: Capitol Services, Inc., 1218 Notice of Qualification of Tandem Global Notice of Formation of Raglan Plaza Corporation Services Company, 2711 Central Ave., Ste. 100, Albany, NY 12205. Emerging Markets Fund, L.P. Authority filed 1938, LP. Cert. filed with NY Dept. of Centerville Rd., Ste 400, Wilmington, DE address of LLC: 1209 Orange St., with NY Dept. of State on 4/22/08. Office State on 4/15/2008. Office location: NY NOTICE OF FORMATION of FLOE DE 19808. Arts. of Org. filed with DE Wilmington, DE 19801. Arts. of Org. filed location: NY County. LP formed in Delaware County. Secy. of State designated as VENTURES LLC. Arts. Of Org. filed with Secy. Of State of N.Y. (SSNY) Secy. Of State, 401 Federal St., Ste with DE Secy. of State, 401 Federal St., (DE) on 3/26/08. NY Secy. of State designat- agent of LP upon whom process against 4., Dover, DE 19901 . Purpose: any on 4/29/08. Office location: New Ste. 4, Dover, DE 19901. Purpose: any ed as agent of LP upon whom process lawful activities. against it may be served and shall mail it may be served and shall mail process York County. SSNY designated as lawful act or activity. process to: c/o CT Corporation System, 111 to: The LP, c/o Windels Marx Lane & agent of LLC upon whom process 8th Ave., NY, NY 10011, registered agent Mittendorf, LLP, 156 W. 56th St., NY, NY against it may be served. SSNY shall Notice of Qualification of ELK 33 East 33rd Crain's Classified is not responsible forupon corrupt whom files process submitted may be served. by client DE or ads10019, run underAttn: Edward the wrongP. Nolan, subheading. Esq. mail process to: 190 E 72nd St., Unit Notice of Formation of YESH CONSULTANTS 17-D, NY, NY 10021. Principal busi- LLC. Authority filed with Secy. of State of address of LP: The Corporation Trust Co., Name/address of genl. ptr. available from N.Y. (SSNY) on 3/18/08. Office location: NY LLC. Arts. of Org. filed with Secy. of State of ness location: 23 E 10th St., Unit Crain's Classified is not responsible for corrupt files submitted by client or ads1209 run Orange under St., the Wilmington, wrong subheading. DE 19801. Secy. of State. Term: until 4/1/2108. County. LLC formed in Delaware (DE) on N.Y. (SSNY) on 3/31/08. Office location: NY Name/address of genl. ptr. available from NY 711, NY, NY 10003. Purpose: Any 3/14/08. SSNY designated as agent of LLC County. SSNY designated as agent of LLC Secy. of State. Cert. of LP filed with DE Secy. Purpose: any lawful activity. lawful activity. upon whom process against it may be upon whom process against it may be served. of State, 401 Federal St., Dover, DE 19901. SSNY shall mail process to: 220 Riverside served. SSNY shall mail process to principal Purpose: any lawful activity. REQUEST FOR PROPOSALS business location: ELK Investors, 489 Fifth Blvd., Apt. #38B, NY, NY 10069. Purpose: any lawful activity. Ave., 7th Fl., NY, NY 10017. DE address of Notice of Formation PG 69 LLC art. of org. LLC: c/o Corporation Service Company, 2711 filed Secy. of State NY (SSNY) 1/23/08. THE PORT AUTHORITY OF NEW YORK AND NEW JERSEY Centerville Road, Ste. 400, Wilmington, DE Notice of Formation of Alvo Realty, LLC. Off. loc. in NY Co. SSNY designated as 19808. Arts. of Org. filed with DE Secy. of Arts. of Org. filed with Secy. of State of REQUEST FOR PROPOSALS FOR PERFORMANCE OF State, 401 Federal St., Dover, DE 19901. NY (SSNY) on 4/10/08. Office location: agent of LLC upon whom process may be EXPERT PROFESSIONAL REAL ESTATE ADVISORY SERVICES FOR served. SSNY shall mail copy of process Purpose: any lawful activity. NY County. SSNY designated as agent THE WORLD TRADE CENTER ON AN “AS-NEEDED” BASIS upon whom process against it may be to: Philippe Guegan, 68 Bradhurst Ave, served. SSNY shall mail process to c/o: 1U, NY, NY 10039. Purpose: Any lawful The Port Authority of New York and New Jersey (the “Port Authority”) is seeking to identify Notice of Qualification of ELK Central Alvo Realty, LLC, 115 W. 73rd St., NY, Properties Orchard LLC. Authority filed with purpose. consultants to respond to a Request for Proposals (RFP) for performance of expert NY 10023. Purpose of LLC: Any lawful professional real estate advisory services for the Authority’s assets at the World Trade Secy. of State of N.Y. (SSNY) on 3/18/08. activity. Office location: NY County. LLC formed in Notice of Qualification of The Catalyst Center on an “as-needed” basis. Delaware (DE) on 3/14/08. SSNY designated Distressed Mortgage Fund, L.P. Authority filed The specific proposal information is set forth in the document entitled “Request for Proposal as agent of LLC upon whom process against NOTICE OF FORMATION of Clementine with NY Dept. of State on 4/11/08. Office it may be served. SSNY shall mail process to Consignment LLC. Arts. Of Org. filed with for Performance of Expert Professional Real Estate Advisory Services for the World location: NY County. LP formed in Delaware Trade Center on an “As-Needed” Basis”. A copy can also be requested, via e-mail, at principal business location: ELK Investors, 489 Secy. Of State of N.Y. (SSNY) on 4/04/08. (DE) on 4/1/08. NY Secy. of State designated Fifth Ave., 7th Fl., NY, NY 10017. DE address Office location: New York County. SSNY des- as agent of LP upon whom process against it [email protected]. It can also be obtained directly via download at www.panynj.gov. of LLC: c/o Corporation Service Company, ignated as agent of LLC upon whom process may be served and shall mail process to the Addenda to this RFP, if any, shall be posted at this Web site. Upon requesting the RFP, 2711 Centerville Road, Ste. 400, Wilmington, Crain'sagainst it Classifiedmay be served. is SSNY not responsibleshall mail forprincipal corrupt business files submitted address: 767 by 3rd client Ave., or adsplease run underreference the RFP wrong Number subheading. 15792 in the subject line. Your e-mail should include the DE 19808. Arts. of Org. filed with DE Secy. of process to: 39 1/2 Washington Square 32nd Fl., NY, NY 10017. DE address of LP: 15 following information: full legal firm name, e-mail address, contact person, mailing address, State, 401 Federal St., Dover, DE 19901. South, NY, NY 10012. Principal business E. North St., Dover, DE 19901. Name/address and telephone number. Joint Ventures/teams are acceptable. Purpose: any lawful activity. location: 39 1/2 Washington Square South, of genl. ptr. available from NY Secy. of State. NY, NY 10012. Purpose: Any lawful activity. Cert. of LP filed with DE Secy. of State, 401 Proposals in response to this RFP are due by 2:00 P.M. on June 17, 2008, and must Notice of Qualification of Generation Repair and Federal St., Dover, DE 19901. Purpose: any have the RFP number and full legal firm name clearly indicated on the outside package. Service, LLC. Authority filed with NY Dept. of Notice of Qualification of MQS Capital lawful activity. State on 4/14/08. Office location: NY County. Partners, LP, App. for Auth. filed Sec'y of Principal business address: 700 Universe Blvd., State (SSNY) 3/13/08. Office location: NY Notice of Formation of RIVER TWICE LLC. Juno Beach, FL 33408. LLC formed in County. LP org. in DE 3/11/08. SSNY desig- Arts. of Org. filed with Secy. of State of NY Delaware (DE) on 4/8/08. NY Secy. of State nated as agent of LP upon whom process (SSNY) on 4/3/08. Office location: NY designated as agent of LLC upon whom against it may be served. SSNY shall mail County. SSNY designated as agent of LLC process against it may be served and shall copy of process to Attn: Neal Berger, 171 mail process to: c/o CT Corporation System, Madison Ave., Ste. 1300, NY, NY 10016. upon whom process against it may be 111 8th Ave., NY, NY 10011, registered agent DE office addr.: 1220 N. Market St., served. SSNY shall mail process to princi- upon whom process may be served. DE Wilmington, DE 19801. Cert. of LP on file: pal business location: c/o Zachary address of LLC: 1209 Orange St., Wilmington, SSDE, Townsend Bldg., Dover, DE 19901. Karabell, 121 W. 72nd St., NY, NY 10023. DE 19801. Arts. of Org. filed with DE Secy. of Name/addr. of each gen. ptr. avail. at Purpose: any lawful activity. State, 401 Federal St., Dover, DE 19901. SSNY. Purpose: any lawful activities. Purpose: any lawful activity. Notice of Formation of Catalyst Advisors LLC. NOTICE OF FORMATION of RBR Technology Notice of Formation of SPEARPOINT CAPITAL Arts. of Org. filed with NY Dept. of State on LLC. Arts. Of Org. filed with Secy. Of State of MANAGEMENT, LLC. Arts. of Org. filed with 4/2/08. Office location: NY County. Principal N.Y. (SSNY) on 1/07/08. Office location: New Secy. of State of N.Y. (SSNY) on February 22, business address: 205 E. 59th St., Apt. 21C, NY, York County. SSNY designated as agent of 2008. Office location: New York County. SSNY NY 10022. Secy. of State designated as agent of LLC upon whom process against it may be designated as agent of LLC upon whom LLC upon whom process against it may be served. SSNY shall mail process to: 460 process against it may be served. SSNY shall served and shall mail process to: Nancy C. West 24th Street, #7B, NY, NY 10011. mail process to: The LLC, 245 Park Avenue, McDonald, Esq., c/o McDonald Law Group, Principal business location: 460 West 24th Suite 39041, New York, NY 10167. Purpose: LLC, 25-A Hanover Rd., Ste. 320, Florham Park, Street, #7B, NY, NY 10011. Purpose: Any any lawful activity. NJ 07932. Purpose: any lawful activity. lawful activity.

May 26, 2008 | Crain’s New York Business | 33 Project7 5/21/08 1:08 PM Page 1 NOT ALL BUILDING OWNERS ARE DOING ENOUGH TO KEEP YOU SAFE

Security officers in New York City are responsible for protecting millions of people who enter office buildings every day—and billions of dollars in property. But the private security industry is plagued by low wages, paltry benefits, uneven training and high turnover. That’s not good for our City, our buildings and our residents.

Some owners continue to use security contractors who refuse to equip ofﬁcers with the tools they need to do their jobs as well as possible. The wealthy real estate industry can afford to raise standards in the private security industry, and it’s about time they do.

RESPECTING PRIVATE SECURITY OFFICERS IS A MATTER OF PUBLIC SAFETY.

32BJ UNITED FOR SECURITY OFFICERS Local 32BJ SEIU 101 Avenue of the Americas New York, NY 10013 212.388.3800 www.seiu32bj.org CNYB 05-26-08 A 35 5/23/2008 11:28 AM Page 1

BUSINESS TABLE TALK Brasserie Cognac comes to Bistro Row PAGE 39 FPO buck ennis

GOTHAM GIGS Brooklyn to Baghdad My housekeeper is on TV! TUCKER REED, 28, will leave Some artists would rather clean than wait tables the post of first executive director of Dumbo’s business improvement district next month to join the State Department in Iraq as a senior city-management adviser. CREATING CHANGE Last year, Mr. Reed began searching for a way to help with reconstruction in Iraq and Afghanistan. “We will always be living with the fallout of what’s happening in the Middle East right now,” he says. “If I didn’t help in some way, I’d always regret it.” READY TO HELP Mr. Reed will be in Iraq for 13 months— most likely working in Bagh- dad, advising a team of 60 on building government institutions. “It’s tough to know, sitting here, the best way to con- tribute,” he says. “A lot of that will unfold once I get there.” PROVEN SKILLS Mr. Reed is equipped with a degree in government and a background in small business services. In his two years at the Dumbo BID, he piloted local initiatives for urban renewal, like improving the arts scene and promoting environmental sustainability. —adrianne pasquarelli EXPERT OPINIONS COURTNEY EVERETT, WHAT’S FRESH an actor, has worked AT THE FARMERS’ MARKET? for Manhattan Feather Dusters for 10 years. may is a little early for most local fruit, but strawber- ries are coming soon.They’ll arrive in early to mid-June. Raspberries usually get rolling in late June and are on shelves by the first of July; meanwhile, July will mark the beginning

for cherries. If we get a little buck ennis warmer weather, asparagus will NO, THANKS soon be coming on, along with BY MIRIAM KREININ SOUCCAR some greens and radishes. Rhu- Weird requests for services, barb is already out. Also expect ostume designer Nancy Adzima works on some of the hottest all rejected: Swiss chard, green onions and I Cleaning topless squash soon; but tomatoes productions in theater,TV and film. I won’t be ready for a few weeks. The New York University Tisch School of the Arts graduate has dressed Cleaning up crime scenes —diane eggert celebrities for Ocean’s Eleven and Two Weeks Notice. She’s created prison I Scrubbing factories Executive director garb for the HBO series Oz. She even won an Emmy for her work on Farmers’ Market Federation of New York Guiding Light. She also takes pride in another of her roles—working as a cleaning lady. “In the beginning, my friends didn’t understand,” says Ms. Adzima, who signed up with Manhattan Feather Dusters Inc. a few years ago to help pay her skyrocketing rent. “But I really like See HOUSECLEANING on Page 36 istockphoto C istockphoto May 26, 2008 | Crain’s New York Business | 35 CNYB 05-26-08 A 36 5/23/2008 11:25 AM Page 1

BUSINESS LIVES Housecleaning Continued from Page 35 The income he gets from his to clean. I don’t think people realize company allows him to continue how much fun this job can be.” his acting career. And despite his © Hublot Geneve When most people think of management status, he still cleans housecleaners in New York City, il- apartments one day a week, adding legal immigrants in search of off- special touches like scouring med- the-books work typically come to icine cabinets and arranging the mind. bottles inside with the labels fac- But a surprising number of ing out. artists and performers are challeng- “It’s very therapeutic to see some ing the cliché that every aspiring ac- real results from your work and to tor waits tables while awaiting his or use your aesthetic sense of how her big break. Many creative types things look,” he says. “And when instead are making ends meet with you do a good job, your client is so Windex and a broom. grateful.” “Entertainers make excellent cleaners,” says Everet Goldberg, There’s a limit owner of Manhattan Feather not every artist is enamored Behold, the Venable team at work. Dusters, where actors and musi- with the tasks of the cleaning trade. All the right pieces. All working together. cians make up about half of the staff. Peter Runnells, a professional “They approach everything they do drummer who cleans for Manhat- Because we immerse ourselves in your business, we with gusto, they have a unique un- tan Feather Dusters, visits a client recognize that many issues and opportunities have more derstanding of aesthetics, and they once a month to clean his blinds. than one moving part. We bring just the right lawyers to pay attention to detail.” “After three hours of that, I’m the table from the outset, lawyers who are recognized Most of these performers never ready to go,”Mr.Runnells says.Still, by clients and peers as the leading practitioners in their even thought about making an extra he adds: “I’m not a person who ﬁelds. Our knowledge and experience enable us to deliver buck by scrubbing floors. wants to sit behind a com- creative, pragmatic and integrated solutions, grounded But they were enticed by ads puter screen eight hours a in the reality that matters most. Yours. in showbiz trade magazines 150 day. I do this because I don’t from agencies like Manhat- NUMBER of have to be in the same place people working CALIFORNIA • MARYLAND • NEW YORK • VIRGINIA • WASHINGTON, DC tan Feather Dusters and for cleaning every day.” White Glove Elite. With agency White Other artists forge close www.Venable.com / 1.888.VENABLE actors’ incomes often below Glove Elite relationships with their reg- the poverty level—Actors’ ular clients, something they Equity Association reports the me- couldn’t get from waiting tables. dian annual salary of its 45,000 Courtney Everett, an award- members is $7,400—the typical winning actor who has performed in cleaner’s wage of around $20 an Raisin in the Sun and Guys and Dolls, hour can pay for those head shots to name just a couple of his Broad- and voice lessons. way roles, has worked for Manhat- These artists say they like the tan Feather Dusters for 10 years. work because it offers more flexible He now cleans a dentists’ office hours and less pressure than waiting five days a week and has gotten to tables or working in an office. They know the employees there so well also enjoy the solitude—many actu- that many of them come to see him ENJOY HAPPY HOUR ally practice their lines for auditions perform. The dentists even let Mr. while they dust. And the vigorous Everett clean during patient hours AT THE HIGHEST LEVEL. workout helps keep them in shape so he can perform at night. for the stage. “They are rallying me on in my “The reason I think some people career,” Mr. Everett says. prefer it is because it’s physically de- The cleaning companies that manding,” says Jim Ireland, owner hire artists tend to get clients in the of White Glove Elite. “You feel like arts as well, including major you don’t have to go to the gym.” celebrities like Jon Stewart and Spike Lee, both customers of His own business White Glove Elite. Many celebri- mr.ireland,an actor who was seen ties request actors to clean their recently in the off-off-Broadway apartments so they can help out Opening June 2008 show Happy Endings, started clean- their less fortunate peers. But some ing apartments when he moved to don’t want to hire other artists be- Manhattan 16 years ago. He ended cause they are worried they’ll be hit up with so much business that he up for contacts in the business, says opened a cleaning service which Mr. Ireland. now employs 150 people—many of them actors—and handles an aver- COMMENTS? age of 50 jobs a day. [email protected] A HECK OF A JOB SOME CLEANING JOBS are more demanding than others. Mr. Ireland of White Glove Elite was once called in by an elderly woman who was being forced by her landlord to clear a path to the windows in her apartment to comply with regulations. When he and two staffers got there, the floors were covered with three feet of garbage, ranging from old magazines to empty McDonald’s cartons. The piles were so high the cleaners had to duck to get through the doorways. But the client told them not to throw anything away. | | 212.885.6095 mad46.com The cleaners called on their acting skills to distract the woman while Located at The Roosevelt Hotel th Street at the corner of Madison Avenue shepherding 37 bags of garbage out the door. The job took three days. “When Entrance is on 46 we were done, she didn’t even notice that we had thrown out half her stuff,” Mr. Ireland says.

36 | Crain’s New York Business | May 26, 2008 CNYB 05-26-08 A 37 5/23/2008 12:39 PM Page 1

BUSINESS LIVES CORPORATE LADDER Michael Culang Mapping a turnaround Apparel firm chief also navigate the volatile waters of the clothing industry. PERSONNEL FILE to launch clothing Specifically, he needs to maintain strong relations with the de- COMPANY Hampshire Group Ltd. line, expand labels, partment stores that have been TITLE Chief executive Hampshire Group’s bread and but- lead relocation ter—even as those stores are placing AGE 58 more emphasis on their own pri- RÉSUMÉ CEO of Hampshire BY ELISABETH BUTLER CORDOVA vate-label brands. The company Designers and Hampshire Brands produces sweaters for such chains as divisions, Hampshire Group; pres- uring histwo years as Sears, Kohl’s and J.C. Penney. ident of Somerset Knitting Mills, interim chief execu- Phillips-Van Heusen Corp. tive of clothier Losses posted Hampshire Group for the three-month period EDUCATION M.B.A., Baruch Col- Ltd.,Michael Culang ended March 29, Hampshire lege; B.A., Brooklyn College Daccrued a list of tasks intended to Group’s sales from continuing oper- HOMETOWN Sheepshead Bay, help the struggling company make ations fell 2%,to $39.8 million,from Brooklyn buck ennis it through some tough times. $40.6 million for the same period HOBBY Last month, he got the green last year. The company reported a Travels extensively; to launch a major marketing push to name prospective targets. light from the board to tackle that list loss of $5.5 million, compared with recently returned from Egypt, entice other retailers to follow suit. The company also plans to launch as the company’s permanent CEO. a previous loss of $4.9 million. where his youngest son studies Spring + Mercer now accounts for a licensed men’s line called Joseph His first priority will be to shep- In 2007, Hampshire Group about 8% of the company’s sales, he Abboud Components this fall. herd the firm through a lawsuit it posted a tiny net loss on sales of says, adding that his short-term goal As Mr. Culang leads Hampshire filed against its former CEO, Lud- $310.8 million. That’s down from ny’s core business. is to boost that number to 25%. Group through these changes, he wig Kuttner, and other executives. $4.3 million in earnings and sales of He also recently consolidated Fashion consultants say the line has a loyal staff to support him.Ten Prompted by whistle-blowers, $330.0 million in the previous year. seven New York offices into one and has plenty of potential for growth. years ago, he led about two dozen Hampshire Group in March filed a “Over the last couple of years, plans to move the company’s official “They have definitely elevated the employees to Hampshire Group lawsuit charging the executives with there have been some distractions,” headquarters to the city from An- fashion quotient in the knitwear for from the knitwear division he di- fraud and tax evasion, among other Mr. Culang says. “It’s not been a lot derson, S.C. the label,” says Lori Holliday Banks, rected at Phillips-Van Heusen crimes, and now seeks restitution of of fun, but it’s going to make us a a senior analyst at fashion consulting Corp. Many of those staffers still more than $13 million. stronger company as a result.” Major push firm Tobe.“It seems nicely made,and work for him. Mr.Kuttner,who was removed as The Brooklyn-raised industry going forward, Mr. Culang plans it’s a good value for the money.” “The field is clear now,” he says. CEO in June 2006 and owns about veteran is ready to scrabble for to focus on strengthening the compa- Mr. Culang also wants to acquire “It’s time to take it to the next level.” 30% of the company’s shares,still sits Hampshire Group’s success. He’s al- ny’s fledgling Spring + Mercer collec- another fashion brand that would sell on Hampshire Group’s board. ready sold or discontinued three dition. Macy’s already carries the high- in premium stores and complement COMMENTS? Meanwhile, Mr. Culang must visions that didn’t fit into the compa- er-end line, and Mr. Culang intends Spring + Mercer. He declined to [email protected]

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May 26, 2008 | Crain’s New York Business | 37 CNYB 05-26-08 A 38 5/23/2008 11:33 AM Page 1

BUSINESS LIVES

EXECUTIVE MOVES steak or seafood? ADVERTISING & COMMUNICATIONS Lisa Tonery, 46, joined as partner. She can’t decide between ContextWeb Inc.: Jay Sears, 41, was had been a partner at King & Spalding. promoted to executive vice president of Mintz Levin Cohn Ferris Glovsky and neither can we. strategic products and business Popeo: Charlotte Edelman, 36, was development, a new position, from promoted to member from associate. senior vice president of strategic Timur Slonim, 38, was promoted to products and business development. member from associate. Greater Than One: Elizabeth Izard Apelles, Orrick Herrington & Sutcliffe: Richard A. 48, was promoted to chairman and chief Martin, 59, joined as partner. He had executive from president. been a partner at Heller Ehrman. Richard Newman, 51, was promoted to president from general manager. MEDIA & ENTERTAINMENT IN Demand Networks: Terri B. Hyacinth, FINANCE & INSURANCE 41, joined as regional vice president, J.P. Morgan Chase: Scott Geller, 49, was affiliate relations. She was formerly promoted to president, Northeast director of affiliate sales at Current TV. middle-market banking, from head of MSG Media: Art Ventura, 38, was named middle-market credit. senior vice president of advertising sales, On Deck Capital: Michael Johnston, 47, a new position. He had been a local sales was named chief financial officer and manager at Fox Television. senior vice president of processing Travel + Leisure magazine: Jordana operations. He was formerly chief Pransky, 36, was named vice president, financial officer at Orbian Corp. advertising director, for the American Express Publishing title. She was HIGH TECH & NEW MEDIA formerly advertising director at Food & Mimeo.com: Chuck Gehman, 47, joined as Wine magazine. vice president of product platforms. He Warner Music Group: Will Tanous, 38, was had been director of product promoted to executive vice president and management at EFI Inc. chief communications officer from Holly Muscolino, 53, joined as vice senior vice president, corporate president of product and print solutions. communications. She had been a vice president at Global Document Solutions. REAL ESTATE Alexico Group: Michael Holloway, 53, king crab and filet $49 HOSPITALITY & TOURISM joined as a director of construction. He Algonquin Hotel: Gary Budge, 57, was had been vice president at Plaza named general manager. He had been Construction. Manhattan | 212.245.9600 | 148 W. 51st St. general manager at the Sheraton Cushman & Wakefield: Andrew Kahn,38, Parsippany Hotel. was promoted to senior director from available in participating locations Travel Ad Network: Brian Silver, 41, was director. group private dining available | reservations & gift cards at ruthschris.com promoted to president from chief operating officer. SERVICES Consolidated Edison: James P.O’Brien,61, LAW was promoted to treasurer from general Blank Rome: Nicholas A. Giannasca, 46, auditor and continues as vice president. joined as partner. He was formerly Dumbo Improvement District: Kate partner at Dewey & LeBoeuf. Kerrigan, 30, was appointed executive Bryan Cave: Shephard Melzer, 65, joined director. She was formerly vice president as partner. He had been a partner at at the Alliance for Downtown New York. Fulbright & Jaworski. Safe Horizon: Ariel Zwang, 44, was Fulbright & Jaworski: Mark Tibberts, 43, named chief executive. She had been joined as partner. He has been senior executive director at New York Cares. counsel at Simpson Thacher & Bartlett. —sarah studley

HOT JOBS WANTED: CHIEF EXECUTIVE

COMPANY Barneys New York JOB DESCRIPTION Running a 39-store chain of luxury-fashion department stores; expanding worldwide MOST IMPORTANT TASK Establishing more Barneys and Co-op stores CREDENTIALS NEEDED “Candidates should have a strong fashion sense,” because Barneys competes fiercely for the hottest clothing and accessory designs, and exclusive product launches, says Jack Hendler, president of investment adviser Net Worth Solutions Inc., which specializes in retail and fashion deals. Solid international-relations skills are also required, as Barneys is looking to expand under new owner Istithmar World Capital, which is financed by the government of Dubai. SALARY Howard Socol, 62, who will leave the top job next month, draws an estimated base salary of $4 million to $4.5 million. Industry insiders expect the new base to start at about $2 million. RECRUITER Herbert Mines Associates THE CHALLENGE Mr. Socol is a widely respected retail veteran, and his successor will be under tremendous pressure to perform. Istithmar bought Barneys from Jones Apparel Group Inc. in 2007 for the premium price of $942 million—more than double what Jones paid for it in 2004. UPSIDE The name Barneys New York has heft in the retail world, and its edgier Co-op stores have impressed young shoppers. —ELISABETH BUTLER CORDOVA

38 | Crain’s New York Business | May 26, 2008 CNYB 05-26-08 A 39 5/23/2008 11:37 AM Page 1

BUSINESS LIVES TABLE TALK by Bob Lape charcuterie selection is paced by ex- work, with cognac, of course: grilled Street), Manhattan. (212) 239-1010. ceptional duck rillettes to spread on lobster served with truffled celery Five years and $3 million in the bread. purée,and beef filet with green pep- making, this eatery justifies a culi- Appetizers and salads ($8 to $20) percorn sauce. are uniformly attractive and hit all Cheese options are plentiful, the right taste notes. Whether the with more than 50 in stock. And order is for onion soup with cheese desserts track the familiar French gratiné or moules mariniere in a forte in tartes,mousses,profiteroles, white wine and shallot broth, the crème brûlée and Ile Flotante, the kitchen is sure-handed. Marinated, Floating Island of our past, made grilled octopus is accented with new again at Brasserie Cognac. All tomato, basil and tapenade fondue; are exactly as expected. and warm, truffled potatoes are The restaurant’s service team is sprinkled with champagne vinegar attractive, alert, professional and and fresh herbs. congenial. Lush lobster bisque is festooned Wine prices are fair, and then nary trip to the bus terminal: appeal- with mushrooms, and a textbook there are those 100 cognacs by the ing French brasserie fare with a take on steak tartare is heaped with glass. take-out component. Three meals a matchstick potatoes. day and good brunch prospects, too. Main courses are bistro stan- COMMENTS? [email protected] dards ranging from steak frites with a petite steak component to an un- commonly large chicken paillard. It BEST OF BOB LAPE covers the dinner plate and is itself crowned with a crisp frisée salad. A Following are other recently reviewed feather-light pastry-clad vol-au- brasseries. vent holds chunks of lobster and sautéed foie gras in creamy lobster Bar Boulud ½ sauce. www.danielnyc.com Brasserie Cognac’s version of 1900 Broadway (between West macaroni and cheese rings my bell 63rd and West 64th streets), Man- with its add-ins of ham and truffles, hattan. (212) 595-0303. The most but the whole package ($23) is nei- accessible and reasonable eatery in ther large nor especially flavorful. chef Daniel Boulud’s empire, this SUPERIOR OFFICE More winning is the blanquette de charcuterie/bistro/wine bar near veau—a stew of tender veal pieces Lincoln Center is jammed for AVAILABILITIES with pearl onions—over basmati lunch, dinner and brunch. 212.594.2700

buck ennis rice. Flame-roasted free-range GOUGÈRES-AND-QUENELLES TEAM: Florian Hugo, Vittorio Assaf and Fabio Granato (left to chicken with tarragon sauce is an- Metro Marché right) of Brasserie Cognac. The roomy restaurant has three dining areas and other niches. other treasure, and there are two www.metromarche.com dishes featuring tableside flambé Port Authority Bus Terminal, 625 Eighth Ave. (at West 41st SLGREEN.COM New eatery on Bistro Row a lively,welcoming aura and offering Brasserie Cognac well-made classic bistro fare, in offers well-prepared modest portions at moderate prices. It’s a great jumping-off point for the classic fare; steaks theater or spot to relax after shop- can be petite ping or sightseeing. BRASSERIE If time is of the essence, a four- COGNAC faced clock near the entrance dis- 1740 Broadway nce home to formal plays the hour at four different (at West 55th Street) French giants La points on the globe, including St. (212) 757-3600 Caravelle and La Barts. Brasserie Cognac has some- ½ Côte Basque, West thing for everyone—three well-lit 55th Street is the new dining areas plus other niches for CUISINE French bistro OBistro Boulevard. Ironically, some bakery, cheese and charcuterie WINES 110 choices, 25 by the key figures of the former gougères- items. A zinc-topped bar and a glass; 100 cognacs and-quenelles set continue to play a striking curved ceiling of pressed tin role in the new B’s on the block.And add further Gallic gloss to Julius DRESS No code guess what Brasserie Cognac and Balalonia’s design. NOISE LEVEL High Benoit are serving—gougères and Chef Florian Hugo, an eight- quenelles! year veteran of Ducasse restaurants, PRICE RANGE $19-$35 Brasserie Cognac, where Serafi- is a descendant of author Victor WINE MARKUP 100%-225% na restaurant group owners Fabio Hugo and has his own way with Granato and Vittorio Assaf are classics. One of seven salads offered CREDIT CARDS All major making their first French food for- here, Cesar au Caviar, sends our RESERVATIONS ay,also bears the stamp of Rita Jam- sense of Caesar in a delightful new Recommended met. Madame Jammet, the whip- direction. Many guests prefer the HOURS Open seven days, noon- smart consultant and former creamy caviar dressing to an an- midnight, for lunch, dinner and co-owner of La Caravelle, can usu- chovy-studded toss. Marcum & Kliegman LLP brunch ally be spotted spreading the wel- The clientele is youthful and not 800.921.0777 come mat at the handsome, casual above the occasional smooch be- = Outstanding newcomer on the corner of Broad- tween bites at the communal table. = Excellent WWW.MKLLP.COM way. In the nibbles-with-drinks = Very good The roomy restaurant looks as if genre, a basket of gougères (warm = Good it has been there forever, projecting cheese puffs) is perfect, and a $15

May 26, 2008 | Crain’s New York Business | 39 fp template 5/19/08 3:59 PM Page 1

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