Murdoch's Myspace Hit Now a Miss

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INSIDE SPECIAL REPORT TOP STORIES Medical Landlords malpractice turn on insurance charm in ® muddle our final PAGE 12 Brave New

World installment VOL. XXV, NO. 24 WWW.CRAINSNEWYORK.COM JUNE 15-21, 2009 PRICE: $3.00 PAGE 2 Licenses to kill: City, biz want snips in red tape, regs PAGE 2 BlackRock buys big money shop. Which one is next? IN THE MARKETS, PAGE 4 BUSINESS LIVES CAREER/LIFESTYLE We’ve revamped our back pages, with a new focus on zuma careers and leisure time PAGES 21-23 The rapid rise CITIZEN PAIN: Geoffrey Croft is a “one-man green machine.” says one and faster fall admirer. Critics call him something else. of Sen. Smith

G ANNE FISHER offers execs Malcolm’s crash offers reasons to be optimistic a case study in how not PAGE 21 G AN ARMY OF ONE to lead an organization MOVERS & SHAKERS Bonnier Corp.’s Terry Snow still digs print How a media-savvy parks gadfly ticks off city, BY ERIK ENGQUIST PAGE 22 developers—on less than $30,000 a year G RÉSUMÉ REVIEW the coup that toppled Senate Democrat- Job seekers get search tips ic leader Malcolm Smith came suddenly, but from the pros PAGE 22 BY DANIEL MASSEY the foundation of his power had been crum- bling since November, when several Democ- geoffrey croft wolfed down a plate of rice and beans last week and hustled to rats held up his coronation as majority leader. City Hall, where he told a NY1 reporter that the new High Line elevated park in The disintegration intensified through a trendy Chelsea was getting more than its fair share of security guards. The camera rocky transition and legislative session,culmi- nating in his overthrow last week. had barely stopped rolling when he dashed around the corner to a press conference See MR. SMITH on Page 8 on the city’s plan to allow private schools to pay for special access to ball fields on Randall’s Island. “This is outrageous,” he said, echoing one of his signature ALBANY AGONISTES Who’s to blame for this See PARKS GADFLY on Page 20 mess? Greg David says: You are. Page 11 G GAEL GREENE falls in love buck ennis with De Niro’s latest TriBeCa eatery PAGE 23 INDEX Murdoch’s MySpace hit now a miss REAL ESTATE DEALS ______5 NEIGHBORHOOD JOURNAL ______7 Layoffs eyed as networking site, like, loses it spacious new headquarters in Los teractive fell 16% in the quarter that THE INSIDER ______8 Angeles. ended March 31. News Corp. does vorite chief executive for letting No one’s calling Mr. Murdoch a not break out numbers for MySpace, SMALL BUSINESS ______9 BY MATTHEW FLAMM MySpace slip away—into the visionary now. but the site makes up the biggest BENEFITS CONSULTANTS ______15 hands of Rupert Murdoch. The Advertising revenue for Fox In- See MYSPACE on Page 20 CLASSIFIEDS ______17 if the world were a fair place, News Corp. chairman paid just GOTHAM GIGS ______21 Tom Freston would get his job back. $580 million for the social media THE AD REVENUE PICTURE SeeTHE ATWEEK DEADLINE AHEAD _on ______Page______2 ______23 Three years ago, Viacom Chair- giant in 2005 and was hailed as a vi- man Sumner Redstone fired his fa- sionary. Now, MySpace is losing traffic and has been pushed aside by new- 24 er social networking sites Facebook VS. 5 and Twitter. Last week, the blog TechCrunch reported that up to -15% +10% Decline in 2009 Growth in 2009 ELECTRONIC EDITION 500 employees out of nearly 3,000 could soon be laid off at MySpace parent Fox Interactive Media, NEWSPAPER which just backed out of a move to 71486 01068 Source: eMarketer 0 20090615-A--0002,0003-MAIN-CCI-CN_-- 6/12/2009 8:26 PM Page 1

IN BRIEF MOST BIG BANKS AGREED LAST WEEK TO REPAY THEIR FEDERAL BAILOUT MONEY, BUT Landlords they still face big costs to get the government out of their hair.The banks now must repurchase the warrants they issued to the government last fall, and that’s expected to take woo tenants a big bite out of the institutions’ earnings. Bank of America Securities-Merrill Lynch says that buying back the warrants could wipe out nearly all of J.P.Morgan Chase’s second-quarter with savings profits and believes Morgan Stanley will post a loss. BAS-Merrill also reduced Goldman Sachs’ second-quarter earnings forecast by 19%. Change tacks as vacancies mount REVENUE FROM CINEMA ADVERTISING—THOSE COMMERCIALS THAT MAKE THE START OF THE overleveraged buyers—are offering more movie seem to take forever—grew by 5.8% in BY THERESA AGOVINO months of free rent, cut-rate leases and 2008, to $571 million, according to the Cinema lavish prebuilt office space. They’re also Advertising Council.Theater ad revenue has the fashion tower is out of vogue. throwing in other goodies,such as flexible now risen every year since the council started Management shed the old name of lease terms, environmentally friendly keeping count in 2002. More national 499 Seventh Ave. like last suites, and amenities like advertisers have come into the mix, and the year’s shoe style and now concierge services. WIDENING THE NET: automotive import category was particularly refers to the building by its “In order to get the Michael Dubin is strong, according to the council, whose address alone, in the hope transaction done, land- seeking a broader range members account for 82% of U.S. screens. that the property will no lords have to be very cre- of tenants for a Seventh Avenue building known President Dave Kupiec says money for the ads longer be pigeonholed as a ative and very flexible,” until recently as the is coming out of television budgets. single tenant-type tower. In says Mitchell Konsker, a Fashion Tower. the lobby, display cases no vice chairman at Cushman THE MERGER OF THE DEVELOPERS GROUP longer feature fashion ten- & Wakefield Inc. WITH THE REAL ESTATE GROUP OF NEW YORK ants’ wares. Upstairs, the is the latest in a wave of consolidation in the landlord has constructed a No good options depressed residential brokerage industry.The sample office to show all BRAVE landlords have no

combined firm, temporarily known as sorts of companies how it choice. The vacancy rate buck ennis TDG/TREGNY, will give each an entrée into could build office space to NEW for Manhattan office space new markets.The Developers Group has suit their individual needs. soared to 9.6% in the first Average Manhattan asking rents are focused on sales in new residential “We are repositioning WORLD quarter, up from 6.1% a down 11% from their peak of last year, to developments in Brooklyn, while The Real the building to be industry- In this final part year earlier, according to $65 a square foot, but brokers say the Estate Group has concentrated its energies on neutral,” says Michael Du- Cushman & Wakefield. amounts that landlords are actually accept- Manhattan rentals.The new firm has more than bin,president of Savitt Part- of our series, Meanwhile, the amount of ing has plunged by between 25% and 30%. 70 agents. Financial terms were not disclosed. ners, which manages 499 Crain’s looks at space covered in new leases The $100-a-square foot rents that had be- Seventh and owns four oth- property owners tumbled 39% from the come practically commonplace during the THE RECESSION IS SOBERING UP THE CITY’S er buildings in Manhattan. struggling to fill year-earlier period, to 3 boom years are a rarity. Only five deals PARTYING TYPES, WHO SAY THEY ARE GOING “We want to appeal to a big- offices as firms million square feet,making reached that lofty level in the first quarter, to less expensive bars and ordering fewer ger audience.” this the least-active first down 81% from the year-earlier period. drinks, according to the latest Zagat Survey Faced with anemic de- cut back staff quarter in 25 years. Earlier in 2009, the owners of 650 New York City Nightlife guide, due to come out mand for space,rising vacan- Battered companies, Madison Ave. dropped their rent to on Wednesday. Nearly 40% of respondents cy rates and all-too-scarce mostly in the financial sec- around $85 a square foot from about reported choosing cheaper bars, clubs and credit,landlords are battling for tenants in tor, are flooding the market with sublease $100 and began breaking up two tower lounges and ordering less pricey drinks. a glutted office market.Owners—ranging space. In the first quarter, the amount floors into smaller office suites. The from traditional real estate companies to doubled, reaching 10.3 million square strategies worked. Activity blossomed, vol. xxv, no. 24, june 15, 2009—Crain’s New York Business (issn lenders that have seized buildings from feet.Sublease spaces drive down rents be- and although no deals have been signed 8756-789x) is published weekly, except for the 1st and 3rd week of July, the 1st and 5th week of August, the 4th week of November cause tenants anxious to unload them fre- yet for the prebuilt space, there are sever- and the 4th week of December, by Crain Communications Inc., quently deeply undercut market rates in a al leases under consideration. 711 Third Ave., New York, NY 10017. Periodicals postage paid at scramble to ease the strain on their bal- “Tenants are looking for value, and we New York, N.Y., and additional mailing offices. Postmaster: Send address changes to: Crain’s New York Business, Circulation USINESS IVES ance sheets. believe 650 Madison offers that to them,” Department, 1155 Gratiot Avenue, Detroit, MI 48207-2912. BL for subscriber service: Call (888) 909-9111. Fax (313) 446-6777. TODAY MARKS THE DEBUT of two columnists in the $3.00 a copy, $59.79 one year, $109.79 two years. (GST No. 13676-0444-RT) pages of Crain’s New York Business. Gael Greene, ©Entire contents copyright 2009 by Crain Communications Inc. whose writing on restaurants and food has set the gold All rights reserved. standard in this city and beyond, returns to print with a column introducing us to the epicurean delights of Locanda Verde, the newest addition to Robert ECONOMETER De Niro’s TriBeCa dining empire. An author and critic for Small businesses 40 years at New York magazine, Gael blogs at Weekly shift of the city’s economy. insatiable-critic.com. With James Beard, she co-founded Citymeals-on-Wheels, a program that has grown into the IT FELT A BIT LIKE the summer doldrums of yore. nation’s largest public-private partnership. City plans to issue more violations to raise The Dow quietly established a new closing high for the year, 10-year Treasury yields softly nudged 4%, ALSO APPEARING FOR THE FIRST TIME in our pages is revenue, even as it promises to cut red tape and consumer confidence firmed. Dull is dandy. Anne Fisher, whose insights on workplace and management issues are published regularly on stocking dented cans in a pantry.

POSITIVE NEGATIVE CNNMoney.com and in Time and Fortune, where she BY DANIEL MASSEY “We’ve become very jaded with the

CLOUDY was a senior writer and columnist for 12 years. Anne’s concept that the Health Department is column for Crain’s, Executive Inbox—which can also be they fought hard to defeat Mayor there to protect the public and to edu- S read at crainsnewyork.com/execinbox.com—will cover Y T Michael Bloomberg’s ban on smoking cate businesspeople on the proper way O eclectic ground, everything from intriguing conversations N R in restaurants, and when they lost that to handle food,” says Ken Tirado, own- N with thought leaders to C-suite career news and smart M U battle in 2003,Staten Island’s restaurant er of Killmeyer’s Old Bavaria Inn. “It is Y ideas for running a business. S and tavern owners, bruised and bat- so clear that they are just generating in- WE SHOWCASE BOTH WRITERS in our redesigned tered,disbanded their trade association. come for the city.” Business Lives section, starting on Page 21. We’ve But the borough’s restaurateurs are upgraded some old favorites like Gotham Gigs and the making noise again. More than three Relief in sight? +0.5% -$1.3 0% calendar, and we’ve expanded our coverage of careers dozen owners recently met with top of- city hall increasingly depends on Rise in retail trillion Q1 drop Bloomberg/ and the workplace. We hope you’re as taken with the ficials from the Department of Health fines to pad municipal coffers. But busi- sales in May from in household Crain’s NY results as we are. Let us know what you think. and Mental Hygiene to complain that ness owners like Mr.Tirado hope to find April, 3rd gain in wealth, mostly Stock Index 5 months housing and weekly Xana Antunes city inspectors are routinely hitting them a bit of relief through a new mayoral pan- (Commerce stocks change Editor with fines—starting at $200 a pop—for el tasked with stripping away some of the Department) (Federal Reserve) [email protected] what they consider nitpicky violations, rules and red tape that can make it hard like improperly storing silverware or to be an entrepreneur in New York.

2 | Crain’s New York Business | June 15, 2009 20090615-A--0002,0003-MAIN-CCI-CN_-- 6/12/2009 8:25 PM Page 2

IN OUT Polo exec adds flair

READY-TO-USE RAW SPACE SPIN: WHY SHOULD WE PAY? to trendy thrift shop Sales jump at Housing Works

DOWN-TO-EARTH RENTS SKY-HIGH RENTS clothing stores, even as SPIN: GET REAL economy slows

BY ADRIANNE PASQUARELLI

eleven months ago, trendy Housing Works Thrift Shops got even trendier with new President Richard Vorisek, who joined the nonprofit from fashionable clothier Polo Ralph Lauren. LENDERS AS OWNERS DEADBEAT OWNERS Mr. Vorisek arrived at the organization just in SPIN: LEVERAGE KILLS time for the downward retail spiral and the move by consumers to thrift shops, many of which saw forgiving lease terms. sales jump by double digits in recent months. And then there is the newest, The 42-year-old Mr. Vorisek is riding the trend. fastest-growing group of land- He set about updating Housing Works by launch- says Andrew Chung, principal at The “I know what is out there and what it lords: creditors that have reclaimed con- ing an online sales site last fall. He has opened two Carlyle Group, which owns the building looks like,” says Mr.Westreich.“It would trol of buildings from overleveraged Manhattan locations within the past four months, with Ashkenazy Acquisition Corp. be nonsensical for me not to build space.” owners. Barclays Capital is taking back bringing Housing Works’ total thrift store count to Landlords are also waking up to the Rather than compete simply on price 475 Fifth Ave. from a fund run by West- nine.Next,he’s planning strategic hires,eyeing more facts that recession-weary tenants don’t and on prebuilt space, SL Green Realty brook Partners and its partner, The retail locations, and trying to boost donations from want to pay top dollar for space and they Corp. is trying to pique tenants’ interest Moinian Group. A Quebec government big-name fashion designers such as Marc Jacobs. don’t want to dip into their pockets to by offering green space. Manhattan’s pension fund recently took control of “We’re doing things a new hip downtown store outfit that space—and that in this mar- largest landlord just completed a prebuilt 1330 Sixth Ave. from developer Harry would do, things that people typically wouldn’t ket, they don’t have to do either. Compa- office suite that was constructed using Macklowe. think a thrift store would do,” says Mr. Vorisek. nies subleasing offices typically will hand environmentally friendly products. The new owners will likely enlist pro- His actions, helped by recession-conscious over a fully furnished space at rents that fessional managers to oversee their fashionistas, are paying off. This year, sales of ap- are nearly 20% lower than those for di- Green is good spoils. And they will also be more eager parel, accessories and furniture at Housing Works rect-from-the-landlord space. “this sets me apart,” says Steven than most to lease up their space—and to are up nearly 10% over last year, and Mr. Vorisek Anthony Westreich, chief executive Durels, executive vice president of SL sell off their properties and get back to expects a 20% jump next year. For the 2009 fiscal of Monday Properties,says he decided to Green.“There is a groundswell of enthu- business. year, which ends June 30, the thrift division will build out space for an existing tenant that siasm for the green movement.” “If the markets open up and lenders have earned about $12.5 was looking to expand in his tower at 230 Such efforts to anticipate tenants’ start lending again, then the sale market million, a 10% increase Park Ave.,since there is nearly a half mil- every whim contrast sharply with the will strengthen, providing stronger exit See POLO on Page 19 lion square feet of beautifully appointed trends of recent years, during which strategies for lenders and owners alike,” sublease space available in neighboring building owners got rich by routinely hit- says Doug Harmon,senior managing di- IN STYLE: Hiring buildings. ting tenants with higher rents and less rector of Eastdil Secured. someone with Richard Vorisek’s fashion expertise was a first for Housing Works. are getting fined to death

tions affecting companies small and large are enforced by other agencies ranging, from the Department of Health to the Department of Buildings. BAD DEAL: James McBratney, owner Fine-tooth comb of Jimmy Max, “we have to go one by one through the received a violation for presoaking regulations that small businesses are sub- silverware. ject to and ask the question, ‘Is there a public value served here?’ ” says Council- man David Yassky,D-Brooklyn,who will sit on the panel. “If not, we have to elim- inate them.” Mr. Yassky points to a furniture deal- buck ennis er in his district who was recently fined thousands of dollars for operating without a license to sell used goods. The re-

buck ennis quirement is intended to prevent the fencing of stolen items, but Mr. Yassky While Mayor Michael Bloomberg timated 70,000 small businesses span- believes that existing fraud laws should has yet to formally announce the panel’s ning 55 categories are licensed by the suffice. members and mission, there’s certainly city’s Department of Consumer Affairs “There should be some special reason no shortage of material to study: An es- alone. And untold numbers of regula- See LICENSES on Page 19

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hedge fund pools. The bank typically commits to More NYC banks exit paying back an investor’s principal after a fixed period of time— IN THE MARKETS say, five years. In the meantime, it a hedge fund niche puts the money to work,investing in a variety of hedge funds and other by Aaron Elstein securities. ing the group that operates in Asia Push to attract small intact. Earlier this month, J.P.Mor- “It looked smart” investors worked. gan Chase disbanded a similar unit, by selling the securities as prin- BlackRock’s big deal reassigning about 150 employees to cipal-protected notes,the banks are Until it didn’t. other divisions. And last summer, able to edge around wealth require- to fuel money mergers Bank of America sold its prime bro- ments that used to limit participa- lackrock inc. shook up the BY HILARY POTKEWITZ kerage unit, which also created and tion in hedge funds to the most elite ROLLING IN IT stodgy world of asset sold these securities. individual and institution- Largest New York-based after an abysmal year for hedge “Creative banking has al investors. And by back- management last week by money managers’ assets funds and hedge fund-related invest- fallen out of favor across the ing the investments with B under management 75% agreeing to acquire Barclay’s ments, some banks are quietly back- board,”says Timothy Clark,a PLUNGE in new their own credit, the banks investment investment management business for BlackRock* ing out of the very businesses they partner at Proskauer Rose in in structured are ostensibly taking the prized as innovative and ground- the hedge fund practice. hedge fund risk out of alternative in- $13.5 billion to form the world’s largest $2.8 TRILLION breaking a mere two years ago. “Some of those instruments products vesting. money manager, with assets of nearly J.P. Morgan Banks are getting rid of their turned out to be much more “It looked smart com- $2.8 trillion.The question now is who $1.1 TRILLION New York structured hedge fund dangerous than investors expected, pared to the rest of the market,” says products divisions at a rapid clip, and people are now turning away Keith Styrcula, chairman of the will make the next deal. BNY Mellon and the remaining players will from them.” Structured Products Association, Two forces are driving consolidation. First, $900 BILLION mostly be European and Asian whose 9,000 members champion many banks need to raise cash, and their asset- Goldman Sachs banks,whose customers still have an Supposed to dampen risk this type of financial innovation.“In management units are among their most $800 BILLION appetite for hedge fund-linked in- these investment arrangements the normal [market] environment, valuable businesses. At the same time, profits in *Includes Barclays Global merger. struments. were designed to dampen the risk of you never know when a fund is just the field figure to be depressed for years, as Note: Assets as of Dec. 31, 2008. Last week, HSBC reportedly hedge fund investing and to appeal going to blow up.This took the risk anyone who has opened a 401(k) statement in Source: Pensions & Investments closed its New York structured to small investors who in the past out of being in a hedge fund during the past few months can attest. istockphoto hedge fund operations, while leav- wouldn’t have qualified to play in See BANKS on Page 20 A report last month from consulting firm Watson Wyatt says so-called active managers (ones who try to beat the market indexes) face revenue decreases of 30% to 50% from 2008. “For asset managers, the pain is just starting,” Watson Wyatt warns. One possible takeover candidate: AllianceBernstein Holding.The Manhattan firm, 64%-owned by French insurance giant Axa, is struggling to right itself. Assets under management sank by 40% last year, to about $460 billion, and its stock plunged 70%. Assets have continued to decline this year, though more slowly, and the firm said last week that President and Chief Operating Officer Gerald Lieberman would retire at the end of July. AllianceBernstein would be a bite-size morsel for money managers like J.P. Morgan Chase, State Street or even Fidelity. And Chief Executive Peter Kraus seems incentivized to sell—the $52 million equity grant he received on taking the job last December vests immediately if the firm is acquired. Money managers sold last year fetched, on average, prices equal to 3.3% of their assets, according to SNL Financial.The math suggests that AllianceBernstein could bring more than $15 billion, yet its market value is only $2 billion. Either the stock is dramatically undervalued or investors believe that assets under management will seriously erode. A sponge-worthy stock? here’s a sign that investors are regaining their taste for risk: They are going ga-ga over an unlisted stock in a Manhattan company that handles—no kidding—sponges. SpongeTech Delivery Systems Inc.’s specialties include marketing SpongeBob SquarePants sponges. Its shares soared to 28 cents Friday from less than a nickel earlier in the month, before closing at 17 cents.That means the company, which according to Standard & Poor’s employs just five people, has a market value of more than $120 million. Last week, SpongeTech said gross revenues for the fiscal year that ended May 31 exceeded $50 million and pretax profits were about $10 million—both about 10 times as high as last year’s figures. A month ago, the company said it had met “most” requirements to get its stock listed on Nasdaq. “Talk about SPNG oon [sic] da NASDAQ!!!!! on TV!!” screamed one ebullient fan on a Yahoo message board last week.“We rich!!” Take a deep breath, people. Revenues might be growing fast, but a recent regulatory filing shows accounts receivables of $14 million as of Feb. 28, way up from $4 million on May 31, 2008. SpongeTech says in the filing that it fully expects to get all its owed, but such a large jump in receivables is a red flag. Collecting could also be difficult, as two-thirds of receivables are owed by overseas customers, according to the company. And SpongeTech has some distance to go before it’s ready for Nasdaq. The exchange requires that companies initially list with a minimum share price of $4.

THE RETURN THAT TAXPAYERS have collected from extending $45 billion in bailout cash to Citigroup, Bloomberg News says. That’s more than three times as much as if the money had been invested 7.5% in the S&P 500. This is the best news concerning Citi in months. 4 | Crain’s New York Business | June 15, 2009 20090615-A--0005-MAIN-CCI-CN_-- 6/11/2009 6:41 PM Page 1

REAL ESTATE DEALS MANHATTAN OFFICE LEASING MARKET May ’08 May ’09 % change Sales of towers a good sign Activity (millions of sq. ft.) 1.69 0.98 -42% Availability rate 8.9% 14.1% n/a Vacancy rate 5.6% 9.1% n/a berger, a broker at Jones Lang La- But too early to tell Salle, who represented Inner Work- Lawyers Alliance Average asking rent (per sq. ft.) $71.25 $54.63 -23% if market rebound ings with her colleague Ed Ditolla. sets example n/a Not applicable. Source: CB Richard Ellis Inc. Ms. Wasserberger says the com- is taking place pany was drawn to the location be- the lawyers alliance for New cause it’s near all of the existing York Inc., which provides business a 10-year lease for 7,200 square feet about lease negotiations. he commercial real es- offices. Plus, landlord Monday law services to nonprofits, got what at 171 Madison Ave. Paul Wolf of Denham Wolf Real tate market got some Properties is building out the space it believes is an inspiringly good deal The asking rent was $36 per Estate Services Inc. represented the rare good news in the to the company’s specifications. on its new midtown space. square foot, but the alliance is pay- tenant along with colleague Amy past two weeks when Monday Properties was repre- “We are happy to set an example ing $27 per square foot,according to Lawrence. Brian Steinwurtzel and agreements were struck sented in-house by Craig Panzirer and find cheaper space for our- Mr.Delany,who notes that much of Andy Udis of Newmark Knight Tto sell three Manhattan office tow- and Issa Deas. selves,” says Sean Delany, executive his group’s recent work has consist- Frank represented the landlord. ers.But experts say it may be too ear- —theresa agovino director of the alliance,which signed ed of giving other nonprofits advice —amanda fung ly to talk about the beginning of a big rebound in the market. “The lack of [available credit] is a major obstacle,” says Jonathan Caplan, an executive vice president at Cushman & Wakefield Inc. “But there also aren’t that many properties for sale.” In the first five months of this year, those two factors combined to push sales activity deep into the doldrums. In the year through May, a total of $1.2 billion worth of office buildings changed hands, roughly a quarter of the volume in the year- earlier period, according to Cush- man & Wakefield. The dearth of buildings on the market may be close to ending. There are dozens of Manhattan office towers with mortgages coming due in the next two years, and many owners are expected to struggle to make payments.That squeeze could lead to a slew of buildings hitting the auction block, unless banks agree to renegotiate loans. Special circumstances played big roles in all of the recent building sales. AIG was under huge pressure to raise whatever cash it could,which is why it chose to sell its 70 Pine St. headquarters and the adjacent tower at 72 Wall St. Youngwoo & Associates and Korea-based Kumho Invest- ment Bank offered to buy the towers for what sources said was roughly $100 a square foot, or as much as 80% below peak prices of last year. Meanwhile, sources say an investor group that includes George Comfort & Sons and RCG Long- view agreed to buy a stake in midtown’s Worldwide Plaza from Deutsche Bank for an undisclosed sum. Deutsche Bank was anxious to unload at least part of the property at 825 Eighth Ave.,which was in the portfolio of seven office towers it took back from developer Harry Mack- lowe.To get the deal done, Deutsche Bank will provide the financing. —theresa agovino No vacancy at 1440 Broadway inner workings inc. signed a 12- year lease for nearly 23,000 square feet at 1440 Broadway, bringing the building to 100% occupancy. The asking rent for the deal was $50 a square foot. Inner Workings,which manages the printing of promotional materi- als, will move in the fall. It currently operates out of three offices here. “The company really wanted to be all together,” says Cynthia Wasser-

June 15, 2009 | Crain’s New York Business | 5 20090615-A--0006-MAIN-CCI-CN_-- 6/12/2009 8:27 PM Page 1

NEW YORK,NEW YORK edited by Valerie Block

Study guides lower standards enerations of high school students have W&H PROPERTIES scraped by in literature classes with the help of IS PLEASED TO ANNOUNCE GCliffsNotes versions of Crime and Punishment and THE FOLLOWING TRANSACTION AT Moby Dick. But the venerable study guide might be THE EMPIRE STATE BUILDING loosening its standards: It has just added editions of blockbuster best-sellers The Notebook and A Walk to Remember by romance writer Nicholas Sparks. “There’s a lot more to these stories than meets the eye,” insisted Mr. Sparks, 43, who was autographing copies of his CliffsNotes editions at the recent Book Expo in New York. “You might miss the character traits or structure. You turn the pages,but why do you turn the pages?” For CliffsNotes, it was a rare chance to work with an 3,402 sq.ft. ground floor retail author who’s still breathing. “We’re doing more modern titles,” says Publisher Cindy Kitchel, adding that they’re aimed at both high school students and reading groups. Represented By The Wiley Publishing imprint’s A Walk to Remember is in stores. It will publish the Lori Shabai and Monica Kass Notebook guide next month.The $5.99 paperbacks feature chapter summaries, analysis and Winick Realty the author’s comments.

coming back this fall for an encore Robuchon (left), and Commerce. A moving game with the New York Knicks. Each week, the restaurants share REINVENTING THE WORLD’S MOST subject All ticket sales for the event, to two baby lambs that they buy FAMOUS OFFICE BUILDING take place on Oct. 18, will from meat purveyor DeBragga & flatrate Moving and Storage, benefit Israel’s Migdal Ohr Spitler.The Four Seasons Hotel’s the city’s largest moving company orphanage, the largest in the L’Atelier gets the shoulder by volume, plans to hire 100 world.The 2007 game meat, and Commerce of workers this summer. And to netted the organization the West Village takes make sure its new hires can $1.2 million.This year, the the rib and hind legs. properly pack up group added a “I was buying a and cart customers’ HEY, TWITTERATI! second game whole lamb for 100% COMMISSION ON SIGNING precious against the between $100 and possessions, it has CHECK OUT the 140 Los Angeles $115, and then I launched Mover Character Conference Clippers. stopped because it wasn’t STEPHEN K. EYNON Director of Leasing University. on June 16 and 17, Tickets are on economical for the way I was 212-400-3351 | [email protected] “Students” at its hosted by blogger Jeff sale now for $36 serving it,” says Commerce Harold The Empire State Building design is a trademark of ESBC. Bronx warehouse Pulver and O’Reilly to $2,500, with the co-owner and chef learn how to hoist a Media. Speakers entire net going to Moore. About a month ago, piano, pack include Twitter founder the orphanage. DeBragga suggested that the complicated Jack Dorsey, Zappos Migdal Ohr, eateries share the cost. The electronics, park on Chief Executive Tony with a $25 restaurants jumped on the W&H09-0408_ESBretail2_crains.indd 1 6/10/09 10:04:58 AM crowded city streets Hsieh, CNN anchor million budget, is idea. “I’m paying two-thirds and deal with Rick Sanchez and working hard to come of what I was paying,” says Mr. Want to STAND OUT from the crowd? nervous clients. recording artist Wyclef up with creative Moore. Promote your coverage with Crain’s Custom Reprints Who knew Jean. The event will be fundraising ideas. photo: robuchon joël getty images schleppers needed at New World Stages, “You can’t use the Contributors: Lisa Fickenscher, Matthew such an education? 340 W. 50th St. Price recession as an Flamm, Miriam Kreinin Souccar What are the benefits of reprints? “People don’t excuse,” says of admission: $495 to • Offer a unique opportunity to know how much Robert Katz, $995. co-brand your company with goes on behind the executive vice SUMMER BREW a reputable news source scenes so stuff president of JUST IN TIME FOR THE SEASON, Fire moves safely from point A to point the American Friends of • Help underscore your PR efforts Island Beer Co. last month introduced its B,” says Chief Marketing Officer Migdal Ohr. “You have to by including in press kits and first commercial offering, Lighthouse Ale. recruitment pieces Jon Katz. work harder, be more With $30 million in annual creative and get help from The amber beer is the handiwork of broth- • Digital reprints boost your news/press ers Tom and Bert Fernandez and their web pages and help drive traffic to revenue and corporate clients like above.” WebMD, the company has reason cousin Jeff Glassman. The trio developed your site their home-brewing skills while spending Reprint Plaque to make sure its movers are spot-on. Mr. Katz has seen a higher Smaller time on the mellow barrier island, also demand for jobs, along with the known as the anti-Hamp- SK ABOUT OUR EPRINT RODUCTS portions A R P : recession. “White-collar people tons. Manhattan Beer HARD COPY REPRINTS • EPRINTS • PLAQUES are turning blue-collar,” he says. diners share plates to distributes the suds, BANNERS/BUTTONS • TRADE SHOW COLLATERAL • POSTCARDS save money at already carried by 230 restaurants. Now, establishments Shooting hoops restaurateurs are around town, Contact Lauren Melesio at 212.210.0707 or including the Roger [email protected] for information on how to turn for charity teaming up to cut their your Crain’s press coverage into great marketing. food costs. Smith Hotel, Boots after playing to a sellout crowd Take the & Saddles and in 2007, Israel’s pro-basketball arrangement between Whole Foods. team, Maccabi Electra Tel Aviv, is L’Atelier, run by Joël

6 | Crain’s New York Business | June 15, 2009 20090615-A--0007-MAIN-CCI-CN_-- 6/11/2009 7:51 PM Page 1

NEIGHBORHOOD JOURNAL

who notes that the closest large Related’s rumble in the West Bronx booksellers are on East 86th Street in Manhattan and in Yonkers. Both Community Board 7 and that the developer will further ad- “We do not believe it is viable for mory Redevelopment Alliance, the mayor’s office have requested Kingsbridge Armory dress their concerns at the hearing us to impose a wage scale on tenants Community Board 7 and Bronx that a supermarket be part of the project runs into later this month. that could be in conflict with other Borough President Rúben Díaz Jr. project,to give consumers better ac- “The problem with these kinds wage scales they already have in oth- will all participate in the public cess to fresh produce—a problem in community push of negotiations is that people speak er stores in this area,” he says. hearing. many parts of the Bronx. for ‘living wage’ in generalities, while we’re waiting But Mr. Masyr points out that The community board has until for a defined list of tasks,”Mr.Masyr the shopping center workers Relat- Who goes there? mid-July to advise Mr. Díaz, who says. ed hires would get a living wage.Ad- another important item on the will then make a recommendation BY HILARY POTKEWITZ The main sticking point appears ditionally, he says, the developer agenda at that event will be the type to the City Council. to be the living wage. KARA insists embraces the community board’s of retailers the center will comprise. The fate of the Armory has been n june 24,Bronx on a clause that guarantees pay of suggestion that the center include a Residents want a major book- under discussion since 1996, when Community Board 7 about $10 an hour, but Mr. Masyr computer lab for kids. store, such as a Barnes & Noble or a the National Guard turned the will hold its last public calls such a provision a nonstarter. Related, the Kingsbridge Ar- Borders, says Ms. Pilgrim-Hunter, property over to the city. hearing on the Kings- bridge Armory proj- Oect,which would turn the sprawling, long-vacant building into a shopping mall. The Related Companies sub- mitted the winning bid, but not everyone is thrilled with its propos- What do you call a firm that adds more than al—even though the project would 80 business lawyers in just four months? bring employment and growth opportunities to a neglected part of the West Bronx. Related predicts that the 575,000-square-foot center’s retail stores, movie theater and health club will provide more than 1,200 GAMECHANGER permanent positions. But community groups fear that those jobs will be low-wage, part-time and bereft PHILADELPHIA NEW YORK Corporate Corporate Demonstrating what it takes to win in today’s business environment. Charles G. Kopp David E. Bronston Jason M. Shargel Robert E. Fischer Michael M. Sherman Martha J. Flanders A solid strategy for growth. A strong financial platform. A proven Asaf Hahami Commercial Litigation Albert J. Pinzon record of strength in adversity and performance under pressure. John V. Donnelly William Rosoff Cozen O’Connor’s full lineup now has 550 lawyers focused on Brian P. Flaherty Stuart A. Shorenstein John P. Moses high-end, complex litigation and business law matters, including Lisa Myers Commercial Litigation corporate, real estate, bankruptcy, health and IP—as well as private TamarS.Wise Jennifer F. Beltrami client services. Brian Levine Energy and Utilities Jill L. Mandell Jeffrey J. Norton Kenneth G. Roberts With 23 offices worldwide, Cozen O’Connor is the growing choice Richard Rodriguez Government Relations Angelo Savino for some of today’s most discerning clients—and attorneys. Mark L. Alderman James L. Simpson David F. Girard-diCarlo Edward J. Hazzouri Intellectual Property Amy Divino For worldwide offices, visit us at cozen.com. Private Client Services Michelle J. Dorman Leonard J. Cooper Aude Gerspacher Robert I. Friedman Andrew P. Nemiroff Edward M. Glickman Joshua L. Raskin David R. Glyn Martin G. Raskin Adam Grandwetter David B. Sunshine CASTLE-KEEPING: The armory has been Matthew H. Kamens Thomas A. “Tad” Decker, Chief Executive Officer vacant for more than a decade. David S. Kovsky Private Client Services Lester E. Lipschutz Judith E. Siegel-Baum 250 Park Avenue Alexander Sanford Richard J. Duffy of benefits. Amy Neifeld Shkedy New York, NY 10177 Steven G. Winters Herbert B. Fixler “We lobbied successfully to keep Gail Goldfarb 212.509.9400 Real Estate Donald J. Hayde Wal-Mart out of the Bronx,so we’re Charles B. Law, Jr. not looking to have a poverty-wage Christine R. Deutsch 45 Broadway Atrium, Suite 1600 Herman C. Fala Stephanie Lehman shopping center in the middle of Anthony Faranda-Diedrich New York, NY 10006 Helene S. Jaron Real Estate 212.509.9400 Kingsbridge Road,” says Desiree Christian Beltz Pilgrim-Hunter, a member of the Elizabeth E. Kearney Bernard Lee William F. Davis Kingsbridge Armory Redevelop- Diana C. Liu Kenneth K. Fisher ment Alliance. Henry F. Miller Paul J. Proulx Richard B. Salomon The group is trying to hammer Shawn Neuman Adam M. Silverman Abby M. Wenzel out a community benefits agree- Robert A. Silverman ment with the developer that in- Susan E. Stanier WASHINGTON, DC cludes a living wage guarantee and Matthew I. Weinstein Government Relations James R. Williams Mark L. Alderman hiring preferences for local resi- Thomas P. Witt David F. Girard-diCarlo dents. “We don’t want just another Tax White Collar Joseph C. Bright Kathryn R. Yingling shopping hub that sucks all the Thomas J. Gallagher money from the area,” Ms. Pilgrim- Cheryl A. Upham WILMINGTON, DE Hunter says. Joshua C. Weinberger Bankruptcy Arthur A. Zatz Simon Fraser Barry M. Klayman Nonstarter LOS ANGELES The confidence to proceed. jesse masyr, partner at law firm Litigation HARRISBURG Erik L. Jackson Tax Wachtel & Masyr, which is repre- Reeve Segal Dan A. Schulder ® senting The Related Companies, says he has spoken with representa- tives from the redevelopment al- © 2009 Cozen O’Connor liance on several occasion. He adds

June 15, 2009 | Crain’s New York Business | 7 20090615-A--0008-MAIN-CCI-CN_-- 6/12/2009 9:51 PM Page 1

(down 11%).Transportation and sought. However, municipal pension tier for city unions without housing would each be cut by 25%, unions, which just conceded $1 their consent would be a departure parks by 24%, social services by billion in health care savings to the from past practice. “Every major THE INSIDER 22% and children’s services by 21%. mayor, say they’ve done enough. A pension change has come with the state senator says that the agreement of affected parties,” the by Erik Engquist and Daniel Massey Landlords breathe Legislature’s creation of a new senator says. sigh of relief landlords are breathing easier Cuomo gets mileage from bill after last week’s Senate coup. They were sure that the Democratic tate attorney general leadership, now out of power, Andrew Cuomo (right) planned to sneak pro-tenant bills around landlord-friendly Senate ALBANY MAYHEM: says that with 10,521 Housing Committee Chairman The insurrection by S Pedro Espada Jr. “At the 11th hour, Hiram Monserrate (left) governments across New York, something would have been and Pedro Espada Jr. his consolidation bill would left the Senate in passed, and we would never have unprecedented chaos. lower taxes. Never mind that been in a position to stop it,” says 77% of them don’t levy taxes or Joseph Strasberg, president of the

are exempt from the bill: The Rent Stabilization Association. ap images proposal has been a major success Now the GOP and Mr. Espada can block the bills. “My sense is for Mr. Cuomo, who crisscrossed they’re going to shelve most of the There goes Mr. Smith the state to tout it for five months and contentious issues that were going saw it sail through the Legislature. to be shoved through,” Mr. David Paterson Strasberg says. That includes bills Continued from Page 1 the middle, and it’s difficult if you Gov. , in a written to limit rent increases triggered by The turn of events left the Sen- don’t have the votes.” release, tried to take credit, calling renovations of vacant apartments ate in an unprecedented state of Republicans played the victims, the bill something “that the and major capital improvements to chaos, all but dooming a legislative complaining about being excluded attorney general and I have been buildings. agenda that Senate Democrats ex- from governing—while acting to pected to push through after 40 ensure that they were.That enabled working on together.” But even years as a powerless minority. And them to criticize every Senate vote the secretary to the governor, City pension tier Mr. Smith was left to cope with his with the hope that voters would Larry Schwartz, calls it Mr. in doubt humbling demise—a case study in throw the Democrats out next year. the perils of anti-leadership. “They attacked us every single day Cuomo’s bill. bloomberg news the agreement between Gov. In five months as majority leader, on the [Senate] floor,” says one De- cripple their operations. But a David Paterson and two state the Queens Democrat flailed about mocratic operative. “The language Is new budget Bloomberg spokesman says the worker unions for a cheaper in a hopeless attempt to control his they used, the vitriol, was unprece- cutting boards? $169,709 proposed per board is a pension tier earlier this month chamber. With his conference dented. They said: ‘You’re letting 15% drop from $199,895 in elicited applause from Mayor plagued by self-interested senators criminals go free. You’re going to supporters of community 2009—smaller than the drops at Michael Bloomberg—even though it of differing views,and needing every bankrupt the state. You hate upstate. boards rallied at City Hall last every major agency except the did not include city workers. But one of their votes to pass bills in the You don’t care about the suburbs.And week, alleging that Mayor Michael Department of Education (down Mr. Paterson’s bill will cover them, face of blanket Republican opposi- Hiram, you’re a wife-beater.’ ” (Mr. Bloomberg’s 2010 budget would 13%) and uniformed services as Mr. Bloomberg has long tion, he was alternately pliant and Monserrate is facing charges for cut- domineering. Neither tack worked. ting his girlfriend with a broken glass; Republicans’ calls for his resignation Appease abated when he joined their coup.) Thursday, June 18, 2009 initially, Mr. Smith tried to ap- Despite the partisan split, De- pease dissident Democratic senators, mocrats were poised to pass bills to 8:00 am – 12:00 pm including Pedro Espada Jr., Ruben enact paid family leave, require pre- Diaz Sr. and Carl Kruger, only to re- vailing wages on state-subsidized verse himself to placate other De- projects,limit residential rent increas- Crowne Plaza Times Square mocrats. He backed out of a deal last es, cap greenhouse gas emissions and winter to give Mr.Espada a top lead- raise unemployment benefits—issues SMALL BUSINESS 1605 Broadway ership post and instead made him a that their labor and left-leaning sup- committee chairman. He promised porters have long championed. At 49th Street Mr. Diaz that he would not allow a vote on gay marriage,then disavowed Seize the arrangement. He supported then republicans seized power bridge tolls to fund the transit sys- and donned a mantle of reform. tem, then opposed them. And, again They said senators’ district offices Presented by: under pressure from his members,he and pet projects would be funded abandoned plans for a chamber more equally, and leadership posts would bipartisan than the one Republicans be term-limited.“The new coalition Presenting Sponsors: had run for so long. did more to reform the Senate in a A don’t-miss morning conference outlining Mr.Espada ultimately joined the few minutes than the Democrat Republican coup in exchange for leadership did in six months,” says specific New York City resources for your being appointed Senate president Mark Hansen, a spokesman for small business. The Guardian Life Insurance and persuaded fellow Democrat Hi- Senate Republicans. Company of America, NY, NY ram Monserrate of Queens to take But the coup was seen as a pow- Featuring: City Sponsor: part, emasculating Mr. Smith’s con- er grab. Republicans were criticized •Opening Session: City Council Speaker Christine Quinn ference. “Any coalition that is based for disrupting the crucial end of the on unstable people is inherently un- legislative session and for getting •Crain’s 2009 Top Entrepreneurs stable,” says a Democratic consult- into bed with Mr. Espada, who is City Supporters: ant. “Malcolm is obviously not under fire for shady campaign fi- •What Government Can Do For You without faults, but with no votes to nance and discretionary funding. •Breakout Sessions on Growing Revenues & spare,how can you please everybody That’s small consolation for Mr. when they disagree with one anoth- Smith,who has little to show for en- Managing the Workforce er constantly?” gineering Democrats’ historic elec- Adds Hank Sheinkopf, an infor- tion win last November. “The guy Partners: mal adviser to Mr. Smith last win- who did it is going to walk off with ter: “He was essentially in a no-win no reward,”says Mr.Sheinkopf,“ex- Plus much more. Go to: situation. He wanted to walk down cept enmity.” http://futurenyc.crainsnewyork.com For daily political and government news, subscribe to CRAIN’S INSIDER @ www.crainsnewyork.com/insider

8 | Crain’s New York Business | June 15, 2009 20090615-A--0009-MAIN-CCI-CN_-- 6/11/2009 7:52 PM Page 1

SMALL BUSINESS

KEEP THE PLAY DATE: Citibabes hasn’t had any falloff in membership, Recession-proof child care says owner Tracey Frost.

Ms.Frost,who worked in banking for a new parent is as important as With some tweaks, before opening Citibabes in 2005, growing motor skills for a new providers thrive says she hasn’t had any falloff in the child,” she says. center’s 650 membership families. Linda Ensko, executive director by catering to both But she has seen some signs of eco- of Buckle My Shoe Nursery School nomic distress: A growing number of in Manhattan, insists that creating a kids and parents fathers are bringing kids in,and more community of parents is central to parents use the gym. children’s learning. BY KIRA BINDRIM “Education is not top-down,” Even better she says. hough parents are citibabes’ revenue rose 11% last The school uses the Reggio cutting back on every- year from 2007,to nearly $3 million. Emilia approach,which emphasizes thing from haircuts to Ms. Frost expects this year to be involvement of parents, who often designer duds for their even better. She’s opening a Scars- work together to develop curricula. broods, some child care dale location in August and is inter- Despite the high tuition—between Tproviders are weathering the storm ested in launching outposts on the $10,000 and $30,000 a year—en- buck ennis by offering programs that also cater Upper East and Upper West sides. rollment at Buckle My Shoe is up. to moms and dads. Others are The story is similar at New York “People are redirecting their en- this month. the flat $50 to as little as $27. tweaking classes and costs.By inno- Kids Club,where founder Pam Wolf ergy to family,” says Ada Calhoun, At Citibabes, where member- The mix of education and quali- vating and providing value, many says parents are willing to pay for en- editor-in-chief of parenting site ship runs families $2,100 a year,Ms. ty time makes family-friendly child outlets are poised to emerge from richment even in hard times. It will Babble.com. “It’s a silver lining to Frost has reduced the cost of pre- care a tough cost to cut. the recession with just a few scraped open a seventh location in Septem- the recession.” school by 15%, added weekend en- “It’s such an economic win for knees. ber,thanks in part to more affordable The downturn has affected fami- tertainment and dropped a require- us,” says Citibabes member Nellie “It’s like a club for the whole fam- rents. Revenue was up 25% last year, ly-friendly centers in some ways. ment that a parent be on-site while Nakatani, each of whose three chil- ily,” says Tracey Frost, founder and to $7.5 million. NY Kids has no Citibabes shuttered an in-house spa kids are in classes.Citibabes has also dren takes more than five classes a chief executive of Citibabes, which membership fee,and the per-session earlier this year,and sales at its cloth- partnered with area retailers to offer week. “It’s never really been an op- offers activities for everyone. At the cost for classes—ranging from cook- ing store have plummeted. Earlier its members special discounts. tion to take that off the table.” SoHo location, kids can play in the ing to rock climbing—makes it op- this year,parents were cutting back to tumble room, attend preschool class- timal for families wary of a long- one class a week at NY Kids Club, More for less To sign up for Crain’s new es or participate in singing or crafts. term commitment. Ms.Wolf says,though numbers have ny kids club has added Friday af- twice-weekly SMALL BUSINESS The center also offers parenting sem- Ms. Wolf says letting parents returned to the normal average of ternoon events and eliminated a $20 NEWSLETTER, go to inars,and features an organic café and watch or participate in classes is key three. And MiniMasters, a play and fee on open-play sessions. Ms. Wolf www.crainsnewyork.com/smallbiz in-house gym for adult members. to the club’s appeal. “Socialization arts space in TriBeCa, closed earlier also reduced some class prices from

These companies set their goals sky high.

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June 15, 2009 | Crain’s New York Business | 9 20090615-A--0010,0011-MAIN-CCI-CN_-- 6/12/2009 1:43 PM Page 1

VIEWPOINT Citi’s and New York’s misery editor in chief Rance Crain publisher, vp Jill R. Kaplan ast week, most of New York’s major Citi has enormous incentives to again take outsize risks to editorial director Greg David banks, including J.P.Morgan Chase, boost earnings and help extricate it from the government’s EDITORIAL Goldman Sachs, Morgan Stanley and clutches. Knowing this, regulators will increase their scrutiny editor Xana Antunes managing editor Glenn Coleman Bank of New York Mellon, repaid their to unprecedented levels. Is this any way to run a bank? deputy managing editors Valerie Block, bailout money, thus loosening government FDIC Chairman Sheila Bair doesn’t think so. Last week, Erik Ipsen contributing editor control over their operations.Then there’s she continued her campaign to oust Citi management. Elizabeth MacBride Citigroup. It converted its government Neither does The Wall Street Journal, which called for letting columnist Alair Townsend senior reporters Theresa Agovino, bailout into common stock, which will make all of us the the company fail. Nor do investors: Citi’s stock has declined Aaron Elstein, Erik Engquist, Lisa Fickenscher, controlling shareholder, with a 34% stake that is unlikely to recently, while shares of stronger banks have rallied. Matthew Flamm, Miriam Kreinin Souccar L reporters Barbara Benson, Amanda Fung, be salable for years. Mr. Weill’s original critics had it right.The best solution is to Daniel Massey, Adrianne Pasquarelli, This outcome isn’t good for anyone. Citi should be broken break Citi up into an international bank, a domestic bank and Hilary Potkewitz art director Steven Krupinski up. an investment banking deputy art directors Carolyn McClain, What to do about Citi has long been controversial.The ink boutique.There might Daniel Mednick Original critics staff photographer Buck Ennis was barely dry on all the deals Sandy Weill pulled off to create be buyers for those copy desk chief Wendy Zuckerman the world’s largest financial group when some shareholders had it right: operations; if not, they copy editor Thaddeus Rutkowski research editor Denise Southwood began agitating to dismantle it.They argued that Citi was have a better chance of www.crainsnewyork.com simply too big to manage—as its lackluster profits soon proved. Citi should be thriving with clear web editor Brian Tracey The chorus became a groundswell during the unhappy strategies and discrete senior producer Elisabeth Butler Cordova broken up producer Kira Bindrim tenure of Mr. Weill’s successor, Charles Prince, as Citi took businesses. Whatever EDITORIAL AND ADVERTISING OFFICES ever-larger risks in an effort to match the profits reported by money taxpayers can 711 Third Ave., New York, NY 10017-5806 firms like Goldman Sachs. Citi’s reckless strategy led directly realize today far editorial: 212.210.0277 Fax 212.210.0799 advertising: 212.210.0259 to not one but two government bailouts totaling about outweighs the danger of Cable craincom nyk $45 billion. holding out for larger repayments many years in the future. Fax 212.210.0499 Entire contents ©copyright 2009 Crain The company’s current chief executive, Vikram Pandit, Some might argue that Citi’s demise will be bad for New Communications Inc. All rights reserved. ®CityBusiness is a registered trademark of MCP has sold off the Smith Barney brokerage. Other than that, York. Helping to prop up the sick man of financial services Inc., used under license agreement.

Mr. Pandit says he can make Citi as currently constituted does nothing for the city’s image and reputation. New York TO SUBSCRIBE: profitable enough to repay the government someday, though should be grateful that its other leading financial institutions Call 888.909.9111; fax 313.446.6777. $3.00 a copy, $59.79 one year, $109.79 two years. neither he nor anyone else will hazard a guess as to how long appear vigorous enough to dominate the industry in the www.crainsnewyork.com

that will take. decades to come. ADVERTISING AND MARKETING advertising director Trish Henry senior account managers Cornelius P. Gore, William E. Squitieri commercial real estate sales manager LETTERS TO THE EDITOR Cory Marks account executives Jacqueline Iovino, Irene Irvill, Courtney McCombs, Anthony Mowad sales manager, classified Gay marriage’s economic benefits print & online John Gallagher sales coordinator, print & online Lulé Haznedari STATE COULD GAIN over the past five years clearly would York are ego-driven, ineffective University structures that surround sales coordinator Anita Perrino $210 MILLION IN 3 YEARS be borne in our state as well (“Nice and duplicated elsewhere the bridge on the Manhattan end. credit Todd J. Masura 313.446.6097 day for a gay wedding,” June 8). (“Nonprofits gird for long battle,’’ When completed, the bridge was marketing director Amy Crossman marketing manager Jill H. Bottomley the economic benefits of A study by my office found that June 8). I think Crain’s should do a the tallest structure in New York circulation manager Andrea Richardson legalized marriage for same-sex New York state’s economy could series of stories on how merging City and Brooklyn, but this assistant circulation manager couples witnessed by Massachusetts gain $210 million in the three nonprofits would be good for distinction has long since Rosalie Ford years (and New York City could recipients. vanished.The bridge retains its general manager, interactive gain $149 million) immediately —kathryn markel glory despite a changing Marc Minardo following enactment of such Kathryn Markel Fine Arts environment. web developer, interactive legislation. —donald e. simon Chris O’Donnell I fully expect New York to still NEW YORK PRODUCTION POLL COMMENTS THERE IS NO SUCH THING AS stand as a prime destination for a right to production and pre-press director many couples because it will stand a view. If you want to see as far as Michael Corsi as a welcoming beacon of diversity WE SHOULD NOT ALLOW a 17-story your particular eyes can see, then advertising production manager and acceptance. condo tower near the Brooklyn you must buy everything along Suzanne Fleischman Wies —william c. thompson Bridge. Enough is enough! Does that path of vision. PUBLISHED BY CRAIN COMMUNICATIONS INC. jr. every inch of real estate need to be —joe wright chairman Keith E. Crain New York City Comptroller developed? president Rance Crain —jerry austin AS ONE WHO LIVED IN BROOKLYN secretary Merrilee Crain MERGING NONPROFITS Heights for 40 years up to 2003, I treasurer Mary Kay Crain executive vp, operations William Morrow buck ennis THE PROPOSED condo tower pales in cannot believe that this building WOULD HELP Gloria Scoby TO WED: Mike Combs (left) and Joel Derfner comparison with the much larger was allowed by variance. senior vp, group publisher talk with Gail Watson about their plans. group vp, technology, circulation, half the nonprofits in New police headquarters and Pace —richard lynd manufacturing Robert C. Adams vice president/production & manufacturing David Kamis chief information officer Paul Dalpiaz WHAT’S COMING UP IN CRAIN’S? corporate circulation director Patrick Sheposh Crain’s City Facts Small Real Small NY area’s founder G.D. Crain Jr. (1885-1973) Fortunate double business estate business top chairman Mrs. G.D. Crain Jr. (1911-1996) 100 issue report report report airlines June 22 June 29 July 13 July 27 August 10 August 17

10 | Crain’s New York Business | June 15, 2009 20090615-A--0011-MAIN-CCI-CN_-- 6/12/2009 2:04 PM Page 1

how completely the reform movement has failed.It’s not just that two renegade Democrats joined with Republicans to retake control of the state Senate in an undemocratic grab for power that overturned the results of the last election. It’s that the fight has nothing to do with the important issues of the day. But the outrage reflected in the media isn’t really universal. More than a few executives smiled Mon- day night when they heard that the Republicans would again hold sway in the Senate. Owners of rent-regulated apartments in the city can count on the Republicans to block the drastic tightening of the rent rules that Democrats were pushing. Health insurers will have an easier time de- railing the Paterson administration’s plans to regulate rates more, because the GOP has been insurers’ ally on the issue. The Business john h.john howard Council can expect a more sympathetic ear for its claim that raising Audit Tax Advisory unemployment benefits would be too costly for companies, given the recession. You are to blame Most telling is the reaction of Steve Mayer CPA gay-rights activists. Desperate to 212.682.1600 enact a gay marriage law, they im- www.amper.com for Albany’s mess mediately said they were neutral in the fight over control of the Senate, not wanting to offend anyone as lmost exactly five years ago—in July 2004— they try to put together the 32 votes needed. Their tactical response is the Brennan Center for Justice put its finger on ironic, since they are suffering the what was wrong in Albany:There was no democ- most from the lack of democracy in racy in the state Legislature. All 11,474 bills that Albany. reached the floor of either the Assembly or the Mr. Smith, reneging on his promises of a democratic (with a ASenate passed in the five-year period the Brennan researchers small “d”) Senate, had decided not studied.Public hearings were held on less than 1% of major laws to allow a vote on the issue unless it would pass. Apparently, he thought that were approved, and ries, and the editorial that its failure would be a sign of po- only 5% received any and opinion pages in litical weakness. But gay marriage debate. Crain’s told what was would be advanced even by a defeat, The Brennan study’s wrong and what needed because senators would have to take stark and easy-to-un- to change over and over a position and could be targeted in derstand findings had again. the next election.They would be ac- enormous influence and Candidates ranging countable to the voters. became the foundation from then-attorney The last thing legislators want is for a crusade to reform general and guberna- accountability.They avoid it by con- Albany. Good-govern- torial hopeful Eliot centrating power in leaders who ment groups like Citi- Spitzer in 2006 to Sen- make decisions behind closed zens Union and the GREG ate Democratic leader doors. Legislators hardly ever need League of Women Vot- DAVID Malcolm Smith last to cast controversial votes, and Al- ers lobbied for changes. year insisted they bany’s policies are disastrous be- The media signed on understood and would cause of that. Reform would benefit en masse. The tabloids railed, the fix things. New York. But as last week showed, Times did an extensive editorial se- Last week’s coup is a reminder of no one is really committed to it.

CRAIN’S ONLINE POLL Should NYC have OK’d a condo tower near the Brooklyn Bridge? 366 VOTES Date of poll: June 10 Yes. It’s a private project that will No. A 17-story benefit the tower looming community and .31% over one end of have little visual the Brooklyn impact on the Bridge will much bigger 69%. forever mar one Brooklyn Bridge. of New York’s best postcard views. bloomberg news For readers’ comments, see Page 10.

June 15, 2009 | Crain’s New York Business | 11 20090615-A--0012-MAIN-CCI-CN_-- 6/11/2009 5:55 PM Page 1

HEALTH CARE INSIDE Medical science goes social as doctors blog, chat and tweet about their work PAGE 14 Top benefits consultants in the New York area PAGE 15 State of emergency for med mal coverage Insurers may ON HER WAY OUT? Dr. Jacqueline raise their rates; Perlman may leave her field because of a pending cancellation doctors, hospitals of her malpractice insurance. would feel pinch

BY GALE SCOTT

a yearlong state moratorium on medical malpractice insurance rate hikes is set to expire on June 30,and that means long-sim- mering issues are about to boil over. All stakeholders are pushing for state action. Insurers are clamoring to charge higher rates, doctors are threatening to leave New York if insurance costs are not con- trolled and financially stressed hospitals are seeking limitations on the size of malpractice awards. In the absence of significant reform, an extension of the moratorium may be the best short-term solution, at least for the doctors, experts say. Only two major medical malpractice carriers serve the state, and both have cash reserve problems.The largest,Medical Li- ability Mutual Insurance Co. in Manhattan, pro- MEDICAL vides coverage for about 60% of physicians. Physi- MALPRACTICE cian Reciprocal Insurers, a WATCH Long Island company, in- sures about 25% of New York’s doctors. Physician Reciprocal has a “negative sur- plus” of $43 million, which means that under state regulation it is insolvent.The company’s response: Change the rules. It is lobbying for a state law that would allow it to scale back the reserves it must keep—a proposal that has alarmed many within the Insurance Department who say that such a change would be inviting Ponzi scheme sce- narios. Low on reserves medical liability mutual,which strong- AFRAID OF MALPRACTICE SUITS, INSURER DROPS DOCTORS ly opposes such a change,admits that its own OBSTETRICIAN JACQUELINE PERLMAN works for a small group practice He says the size of judgments must to be reined in. “Without reform reserves have dwindled to $300 million. whose physicians deliver 400 babies a year, mostly at Brooklyn’s in Albany, we have no choice,” he says. That is far less than the $1 billion that com- Methodist Hospital. By all accounts, she is a good doctor who loves Nicholas Papain, president of the New York State Trial Lawyers pany Vice President Ed Amsler says the the hard work. But Dr. Perlman may leave the field because of a Association, says, “Limiting claims is not the solution.” company should have on hand to pay claims, pending July 1 cancellation of her malpractice insurance. So far, she’s Preventing errors works better, he says. which is why it wants a rate increase. among a small number of the state’s 77,000 physicians who have Hospitals and doctors say that they are doing everything they can Meanwhile, the rate freeze’s looming ex- gotten such notices, but their number could soon grow. to reduce medical mishaps but that sometimes things go wrong. Dr. piration date has reform advocates fraz- Dr. Perlman’s carrier, CCC Insurance in Manhattan, offers Perlman recalls a case from when she was in training 15 years ago. A zled—they fear big rate increases if the Leg- malpractice insurance through its umbrella coverage for hospitals, patient came into the hospital in labor and was rushed to the delivery islature doesn’t extend the freeze. For physicians in specialties like neurosurgery, unlike the major carriers in the state. Dr. Perlman’s policy was one of room, where a fetal monitor showed the baby in distress. “We did obstetrics and orthopedics, where lawsuits 28 CCC decided not to renew. It was not responding to anything everything we could have and did it quickly, but there was a bad and large malpractice awards and settle- the doctors had done but was reducing the company’s exposure to outcome anyway. It was nobody’s fault, but the patient sued.” ments are most common, six-figure annual medical malpractice suits by dropping doctors not employed directly Though the case was dismissed, Dr. Perlman says it points to premiums—up to $180,000 a year for obste- through its insured hospitals. Though CCC doesn’t need the state’s the need for reforms. “I have patients tell me up front that if tricians—are the norm. Their professional approval to raise its rates, it wants to remain competitive and would anything goes wrong, they’ll sue me,” she says, an attitude she finds groups are among those, including hospi- have to charge hospitals more for the coverage. “depressing.” “No human being can anticipate everything that is tals,seeking relief through reform in Albany. CCC President Terence Kelleher regrets dropping the physicians. going to happen in a birth.” The last rate increases were in July 2007, when the state approved a 14% hike—far

buck ennis See STAKEHOLDERS on Page 14

12 | Crain’s New York Business | June 15, 2009 Project2 11/11/08 12:34 PM Page 1

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REPORT HEALTH CARE Medicine meets social networking

agnosis and injecting information in Mount Sinai Medical Cen- Doctors turn a more proactive and dynamic way,” ter neurologist Errol Gor- ELECTRONIC Rx: Dr. to blogs, Twitter says Fard Johnmar, Envision Solu- don regularly logs onto Sean Khozin tweeted tions’ health care marketing con- Physician Connect to give or about swine flu as it to share advice became a potential sultant. get information, including large-scale health the time he sought out car- problem. BY JUDITH MESSINA Membership grows diologists’ opinions about while consumers were quick to potential heart issues with a when a patient asked recently for embrace social media, doctors were stroke patient. “It’s almost a prescription for Dostinex to revive initially skeptical about its value. addictive,” says Dr. Gordon, his flagging libido, Brooklyn in- Now, prodded by the need to be 32. “It gives you perspective, ternist Sean Khozin was uncom- smarter and more competitive in the a national flavor of what fortable recommending the drug, complex world of modern medicine, people would do in the same which is used to treat hormonal dis- doctors are becoming converts.The situation.” orders. two largest doctor-only social net- The most enthusiastic Dr. Khozin took his concerns to works,Sermo and Medscape Physi- don’t stop with doctor chats, Sermo, a virtual community of doc- cian Connect, have more than but regularly blog and tweet tors who share experiences and in- 100,000 members each nationwide. about anything from tough formation online. He soon had 10 According to a Manhattan Re- cases to health care reform. responses,all of them agreeing there search report released earlier this Dr. Khozin tweeted in April was no evidence for using the drug year, 60% of doctors say they use or about swine flu as it began to to treat the man’s loss of libido. He want to use social networking sites. emerge as a potential public ended up not prescribing it. The enthusiasm spans genera- health problem.“I wanted to “The input was very helpful, and tions. The average Sermo user is in put things into the right con- I discussed with the patient the fact his or her late 40s or early 50s.Many text and talked about the fact that I got unbiased recommenda- are solo practitioners in rural areas that swine flu is less viru- tions from colleagues,” says Dr. with little time or opportunity to lent,” says Dr. Khozin, who Khozin. hang around the hospital cafeteria has Twitter and Facebook

Welcome to Health 2.0, where for impromptu consults with other icons on his e-mail messages. buck ennis social media meets medical science. physicians. Some enthusiasts are After lagging every other profession Richard Schoor, for example, is a even using online video, such as Dr. main goal is to ease patients’ fears, privacy, conflicts of interest and the in going electronic, doctors are to- solo practitioner in Smithtown, L.I. Alan Copperman, co-director of especially in a world where IVF potential liability when doctors give day flocking to blogs,Twitter, Face- The 41-year-old urologist frequents Reproductive Medicine Associates clinics can turn out patients like the advice to physicians they don’t know book, YouTube and networks such Sermo, blogs as the Independent of New York and vice chairman of Octomom. for the purpose of treating patients as Sermo to learn, chat, commiser- Urologist and runs his own online obstetrics and reproductive science they’ve never seen. Though practi- ate and sound off about the state of forum,the Physicians Entrepreneur at Mount Sinai. Three months ago, Promoting the mainstream tioners and sites are careful to em- modern health care. The implica- Group, which has about 60 mem- Dr. Copperman and his partners “evidence-based medical doctors phasize the safeguards they use to tions for patients are significant as bers who exchange advice on run- went live on YouTube with two need to take back the ground they’ve protect patient privacy and ensure social media give physicians instan- ning a medical practice. Dr. Schoor videos demonstrating the in vitro lost to the fringe and show that accuracy, even aficionados are skep- taneous access to an almost limitless says he’s gotten valuable informa- fertilization process. By the end of mainstream medicine is good,” says tical about some of social media’s pool of advice and problem-solving tion from the online forums,includ- May, some 40,000 people had Dr. Copperman. supposed virtues. tools. ing advice on equipment that has viewed them. Dr. Copperman, who Whether social media can ulti- “I worry that we almost get our “Physicians are more and more prevented costly mistakes. has six more videos in the works, ac- mately make doctors smarter and message lost amid the noise if every using the Internet as a resource, Even doctors at big medical cen- knowledges that YouTube can be a patients healthier remains to be thought comes pouring out in a blog Googling to get a more accurate di- ters are social media regulars. savvy marketing tool, but says his seen. Critics worry about patient or a tweet,” says Dr. Copperman. MEDICAL MALPRACTICE WATCH

setting up a no-fault birth injury women with no doctors,”says Exec- compensation fund, creating spe- utive Director Donna Montalto, Stakeholders are scrambling cial health court hearings to replace predicting double-digit insurance jury trials, and capping malpractice rate increases for obstetricians when awards to victims. the rate freeze ends. Continued from Page 12 year, Gov. Eliot Spitzer had then- malpractice advisory task force to But when Mr. Spitzer resigned As the pressure mounts, Albany lower than what the two major car- state Superintendent of Insurance come up with solutions to the rising in March 2008, both the task force refuses to discuss what will happen. riers said they needed. Later that Eric Dinallo convene a medical costs of premiums. Those include and the reform movement lost “The issue remains gridlocked,” momentum. In July, Gov. David says David Sandman, executive di- Paterson’s administration decided rector of the New York State to buy time with the current rate Health Foundation. He says that LAWYERS HIT THE WEB TO WOO CUSTOMERS freeze.Hopes dimmed even further many potential solutions devel- IN THE HIGH-STAKES WORLD of medical malpractice, Others can buy the books, which carry tabloid titles such with the recent resignation of Mr. oped by the task force remain vi- lawyers are turning to the Web to aggressively market their as Doctors Gone Wild, with covers to match. “You’ll learn Dinallo. able, if anyone were interested in services. That is particularly true for cases involving babies about a urology disaster, a dental implant nightmare, a acting on them. injured at birth. botched breast reduction surgery,” the book jacket says. Another moratorium? “We put in so much time and On average, even the best obstetricians get sued once Mr. Oginski says the big-money cases are not the “we are exasperated and fearful” work, but when Gov. Spitzer re- every four years, according to the New York chapter of the norm. One of his current cases, in which a New York City about what will come next, says a signed, it all fell off the table,” says American College of Obstetricians and Gynecologists, obstetrician accidentally and fatally crushed a baby’s skull source in the office of Assemblyman Mr. Amsler of Medical Liability which explains why malpractice insurance for obstetricians by using forceps during the child’s birth, will settle for less and health committee Chairman Mutual. is relatively expensive. Judgments can be huge, such as a than $400,000, he figures. Richard Gottfried. “Every group Many fault the state’s trial recent record-breaking $94. 8 million award for a child Their marketing may be brash, but neither lawyer that comes in to seek our help on lawyers for the task force’s failure. with cerebral palsy represented by John Fitzgerald’s firm in makes any apologies. “We’re doing a good thing, helping this, we’ve been telling them to ask For instance, the group wanted the the Bronx. Lawyers get a cut of those settlements and families,” says Mr. Fitzgerald. the governor’s office to enact anoth- state to change a law that caps the compete intensely for cases. Mr. Oginski says that the doctor in his current case er moratorium.” percentage of medical malpractice The American College of Ob- Fitzgerald & Fitzgerald has a bank of multilingual clearly made an error in judgment, and that he is seeking awards that lawyers get at 30%. stetricians and Gynecologists wants Nicholas Papain,president of the operators standing by for Web visitors who e-mail or phone justice for the grieving family. the moratorium continued,but only New York State Trial Lawyers As- in with potential cases. Long Island lawyer Gerald Oginski’s “Trial lawyers are portrayed with horns growing out of as a prelude to significant reform. sociation, denies the charge, saying site offers self-published primers on malpractice. They are their heads,” and that’s a reputation the profession does “We are going to see doctors leaving the group is ready to make some available as free downloads for New York City residents. not deserve, he says. the state because they can’t afford concessions—as long as other stake- the insurance, and that means holders do the same.

14 | Crain’s New York Business | June 15, 2009 20090615-A--0015,0016-MAIN-CCI-CN_-- 6/11/2009 6:43 PM Page 1

REPORT HEALTH CARE

MORE CONSULTANTS The number of New York area professionals at the top 25 benefits consulting firms on the Crain’s list increased by 6.8% in 2008, to 4,623.

SUPPORT OFFERED Of the top 25 benefits consulting firms, 23 offer retirement and savings plan services. Outsourcing is the service least commonly offered. NY Area’s Largest Benefits Consulting Firms Ranked by number of area professionals

Services (% of each)

2 New York area Firmwide professionals professionals % of Head of NY office/ clients in 1 1 1 1 Rank Firm Phone/Web site 2008 2007 2008 2007 Administrativeconsulting Benefitsadministration CommunicationsCompensationconsulting Humanconsulting resources Outsourcing Retirement/savings plansTechnologyconsulting Welfareconsulting plan NY area Compensation

Continued

June 15, 2009 | Crain’s New York Business | 15 20090615-A--0015,0016-MAIN-CCI-CN_-- 6/11/2009 6:43 PM Page 2

REPORT HEALTH CARE

Services (% of each)

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16 | Crain’s New York Business | June 15, 2009 nb24p17-18cls.qxp 6/12/09 2:06 PM Page 17

TELECOMMUNICATIONS INVESTMENT PUBLIC & LEGAL NOTICES OPPORTUNITY LOOKING FOR Notice of Qualification of Spring Hill EXCITEMENT Capital Markets, L.L.C. Authority filed REQUEST FOR PROPOSALS THIS SUMMER? with NY Dept. of State on 5/19/09. 307 Fifth Avenue Partnership shares available in Office location: NY County. LLC New York, NY 10016 world-class thoroughbred horses. formed in DE on 4/22/09. NY Sec. of REAL ESTATE ADVISORY SERVICES 212-532-7400 2-year-old colts purchased at State designated as agent of LLC March 2009 Ocala (Florida) upon whom process against it may REQUEST FOR PROPOSALS [email protected] Breeders Sale. Horses will be be served and shall mail process to: The New York City Educational Construction Fund (“ECF”) is seeking Metrocom is proud racing in New York — at Belmont Patrick Quinn, 30 Rockefeller Plz., and Saratoga. 41st Fl., NY, NY 10112, principal proposals from organizations that are capable of providing real estate to announce that we development advisory services (“Proposer”) for the re-development of Call Paul Braus at business address. DE addr. of LLC: have been appointed c/o The Corporation Trust Co., 1209 select underutilized properties within the portfolio of the New York City Fast Furlong Stable (914) 925-3596 Orange St., Wilmington, DE 19801. Department of Education. A copy of the Request for Proposal (RFP) for as a Vertex Standard Or e-mail Paul at Arts. of Org. filed with DE Sec. of Real Estate Advisory Services may be obtained from ECF by contacting Authorized Dealer State, 401 Federal St., Dover, DE coltsforsale@aol.com 19901. Purpose: any lawful activity. the Fund at (718) 472-8287. Responses to the RFP must be received at & Service Center. the Fund’s offices by 12 noon, July 6, 2009. Notice of Qualification of CRUTHIN CAPITAL LLC. Authority filed with New York City Educational Construction Fund WANTED Secy. of State of NY (SSNY) on 30-30 Thomson Avenue, 4th Floor 06/02/09. Office location: NY County. Long Island City, New York 11101 Seeking To Acquire LLC formed in Delaware (DE) on VERTEX STANDARD is registered in the US Patent and a distribution company in the (718) 472-8287 phone Trademark Office. All other product or service names are 02/13/09. SSNY designated as agent the property of their respective owners. Tri-State or New England area. of LLC upon whom process against it (718) 752-5222 facsimile Please contact Alyssa Brancazio, may be served. SSNY shall mail Equity Transfers at process to the LLC, 152 Reade St., VISIT OUR WEBSITE NY, NY 10013. DE addr. of LLC: 2711 NOTICE OF FORMATION OF Notice of Qualification of Financial (516) 304-2871 Centerville Rd., Ste. 400, Wilmington, W12LLC. Article of Organization filed Federal Funding II, LLC. Authority CRAINSNEWYORK.COM with all inquiries. DE 19808. Arts. of Org. filed with with the Secretary of State of NY filed with Secy. of State of NY (SSNY) State of DE, Secy. of State, Div. of (SSNY) on May 22, 2009. Office loca- on 5/18/09. Office location: NY Corps., John G. Townsend Bldg., 401 tion NEW YORK County. SSNY has County. LLC formed in DE on 2/5/09. Federal St., Ste. 4, Dover, DE 19901. been designated as agent upon SSNY designated as agent of LLC Purpose: Any lawful activity. whom process against it may be upon whom process against it may be served. The Post Office address to served. SSNY shall mail process to: REAL ESTATE which the SSNY shall mail a copy of Capitol Services, Inc., 1218 Central NOTICE OF FORMATION OF LIMIT- any process against the LLC served Ave., Ste. 100, Albany, NY 12205. DE ED LIABILITY COMPANY. NAME: upon him/her is Martin Klein c/o address of LLC: 615 South DuPont COMMERCIAL SPACE TACET CREATIONS LLC. Articles of Coastal Development LLC. 1 East Hwy., Dover, DE 19901. Arts. of Org. Organization were filed with the 57th Street, New York, NY 10022. filed with DE Secy. of State, 401 Secretary of State of New York (SSNY) Purpose of LLC: to engage in any Federal St., Dover, DE 19901. on 05/14/09. Office location: New York lawful act or activity. Street address of Purpose: any lawful act or activity. County. SSNY has been designated Principal Business location is: 1 East as agent of the LLC upon whom 57th Street, New York, NY 10022. process against it may be served. Notice of Formation of Kezar SSNY shall mail a copy of process to Productions, LLC. Arts. of Org. filed the LLC, 184 2nd Avenue, Suite 3A, Notice of formation of Redlines with NY Dept. of State on 5/8/09. New York, New York 10003. Purpose: Online, LLC Arts. of Org. filed with Office location: NY County. Princ. For any lawful purpose. the Sect’y of State of NY (SSNY) on bus. addr.: 666 Greenwich St., Apt. 5/20/2009. Office location, County of 505, NY, NY 10014. Sec. of State New York. The street address is: 1049 Name: WILLOW ROCK ASSOCIATES, designated as agent of LLC upon Fifth Avenue, #8B, New York, NY LLC Art. Of Org. Filed Sec. of State whom process against it may be 10028. SSNY has been designated as of NY 01/06/09. Off. Loc.: New York served and shall mail process to: c/o agent of the LLC upon whom process Co. SSNY designated as agent upon CT Corporation System, 111 8th against it may be served. SSNY shall whom process against it may be Ave., NY, NY 10011, regd. agt. upon mail process served to: The LLC, served. SSNY to mail copy of whom process may be served. 1049 Fifth Avenue, #8B, New York, process to THE LLC, 50 Broad, ST., Purpose: any lawful activity. NY 10028. Purpose: any lawful act. RM. 808, New York, NY 10004. Purpose: Any lawful act or activity. 2nd STORY SOUND RECORDS LLC, Notice of Formation of A.C. Metric a domestic Limited Liability Company OFFICE SPACE Elite Monk Media, LLC. Arts of Org LLC. Articles of Org filed with Secy. of (LLC) filed with the Sec of State of NY NYC Middle Market Accounting Firm has Advertise on filed with NY Sec of State (SSNY) on State of NY (SSNY) on 3/18/09. Off. on 4/27/09. NY Office location: New Loc.: New York County. SSNY desig- office space to sub-let 03/20/09. Office: New York County. York County. SSNY is designated as NYC Middle Market Accounting Firm has www.crainsnewyork.com SSNY designated as agent of LLC nated as agent of LLC upon whom agent upon whom process against the office space to sub-let. Sub-lease space in Top upon whom process may be served. process against it may be served. LLC may be served. SSNY shall mail “A” Building w/7 windowed offices, 11 Call John Gallagher SSNY shall mail copy of process to: SSNY shall mail process to: The LLC a copy of any process against the Cubicles, use of Conference Rooms, Reception 10 West 46th Street, New York, NY 301 W 108th St 11E NY, NY 10025. LLC served upon him/her to Area, Kitchen, Full Office Support available. @ 212-210-0189 10036. Purpose: Any lawful activity. Purpose: any lawful activity. Alexander Grasso, 2 Lincoln Ave., For further information Hasting, NY 10706 General purposes Please contact (212) 404-5403. NOTICE OF APPLICATION OF Notice of Formation of MTMH HOLD- AUTHORITY OF Air Berlin PLC & ING LLC. Arts. of Org. filed with Secy. NOTICE OF FORMATION of Altius Co. Luftverkehrs KG (a/k/a Air Berlin of State of NY (SSNY) on 05/08/09. Enterprises LLC. Arts. Of Org. filed PLC & Co. Luftverkehrs KG. L.P.) to Office location: NY County. Principal with Secy. Of State of N.Y. (SSNY) on do business in New York as a foreign office of LLC: c/o Martin Levine, 805 05/27/09. Office location: New York PUBLIC & LEGAL NOTICES limited partnership. Application for Third Ave., Ste. 1100, NY, NY 10022. County. SSNY designated as agent of Authority filed with the Secretary of SSNY designated as agent of LLC LLC upon whom process against it State of New York (SSNY) on 4/28/09. upon whom process against it may be may be served. SSNY shall mail served. SSNY shall mail process to process to principal business location: Notice is hereby given that a licence Notice of Formation of E. VILL. LABS N.Y. office location: New York County. Number PENDING for on premises LLC, a domestic LLC. Arts. of Org. LP formed in Berlin, Germany on the LLC at the address of its principal 111 Worth St., Suite 19K, NY, NY office. Purpose: Any lawful activity. 10013. Purpose: Any lawful activity. Liquor has been applied for by the filed with the SSNY on 05/12/09. 7/18/91. SSNY has been designated undersigned to sell Liquor at retail in Office location: NY County. SSNY has as agent of LP upon whom process a restaurant under the Alcoholic been designated as agent upon against it may be served. The P.O. Notice of Qualification of ETF SECU- NOTICE OF QUALIFICATION of Beverage Control law at 1770 whom process against the LLC may address to which the SSNY shall mail RITIES USA LLC. Authority filed with Dental Network of America, LLC. Second Avenue, New York, Ny 10128 be served. SSNY shall mail a copy of a copy of any process against the LP Secy. of State of NY (SSNY) on Application for Authority filed with the for on premises consumption. JON 2, process to: The LLC, 526 E 11th St. served upon him/her is C/O: Condon 06/03/09. Office location: NY County. Secretary of State of New York (SSNY) LLC d/b/a BLONDIES SPORTS. #18, NY, NY 10009. Purpose: Any & Forsyth LLP; Times Square Tower; LLC formed in Delaware (DE) on on 03/24/09. NY Office location: New Lawful Purpose. 7 Times Square; New York, NY 10036. 11/24/08. Princ. office of LLC: York County. LLC formed in Delaware The principal Business Address of Rockefeller Group Business Centers, on 01/01/09. SSNY has been desig- Notice of Formation of DG RIVER- the LP is: Saatwinkler Damm 42-43; 48 Wall St., 11th Fl., NY, NY 10005. nated as agent of LLC upon whom SIDE REALTY, LLC. Arts. of Org. filed Notice of Formation of Viceroy 13627 Berlin, Germany. The names SSNY designated as agent of LLC process against it may be served. with Secy. of State of NY (SSNY) on Partners LLC. Arts. of Org. filed with and business address of the general upon whom process against it may The P.O. address to which the SSNY 05/15/09. Office location: NY County. Secy. of State of NY (SSNY) on partners are available from the SSNY. be served. SSNY shall mail process shall mail a copy of any process Princ. office of LLC: 240 Riverside 5/28/09. Office location: NY Co. The name and business address of to c/o Corporation Service Co. (CSC), against the LLC served upon him is: Blvd., Apt. 17B, NY, NY 10069. SSNY SSNY designated as agent of LLC the authorized official where a certifi- 80 State St., Albany, NY 12207-2543. C/O the LLC 875 Avenue of the designated as agent of LLC upon upon whom process against it may cate of limited partnership is filed is: DE addr. of LLC: c/o CSC, 2711 Americas, Suite 501, New York, NY whom process against it may be be served. SSNY shall mail process Amtsgerich Berlin-Charlottenburg: Centerville Rd., Ste. 400, Wilmington, 10001.The Principal Business served. SSNY shall mail process to to: Faust Oppenheim LLP, Attn: Amtsgerichtsplatz 1:14057 Berlin, DE 19808. Arts. of Org. filed with DE Address of the LLC is: Two TransAm Adam B. Kaufman & Associates, Steven D. Oppenheim Esq., 488 Germany. Purpose of LP is to engage Secy. of State, Div. of Corps., P.O. Plaza Dr. Suite 500, Oakbrook PLLC, 585 Stewart Ave., Ste. 302, Madison Ave., 17th Fl., NY, NY in any lawful act or activity. Box 898, Dover, DE 19903. Purpose: Terrace, IL 60181. Purpose of LLC: To Garden City, NY 11530. Purpose: 10022. Duration: 12/31/2059. 1232255 w.o. Any lawful activity. engage in any lawful act or activity. Any lawful activity. Purpose: any lawful activities.

June 15, 2009 | Crain’s New York Business | 17 nb24p17-18cls.qxp 6/12/09 2:07 PM Page 18

PUBLIC & LEGAL NOTICES

Notice of Qualification of HIGHSTAR Notice of Qualification of Metropolitan Notice of Qualification of AUSAF I, NOTICE OF FORMATION of Limited Notice of Qualification of JBR PART- GP III HOLDINGS LLC. Authority filed Real Estate Partners VII, L.P., App. LLC. Authority filed with Secy. of State Liability Company / Partnership (LLC) NERS, LLC. Authority filed with Secy. with Secy. of State of NY (SSNY) on for Auth. filed Sec’y of State (SSNY) of NY (SSNY) on 04/30/09. Office loca- Laurel 17C, LLC L.L.C. Articles of of State of NY (SSNY) on 05/14/09. 04/21/09. Office location: NY County. 3/2/09. Office location: NY County. LP tion: NY County. LLC formed in Organization filed with the Secretary Office location: NY County. LLC LLC formed in Delaware (DE) on org. in DE 2/26/09. SSNY designated Delaware (DE) on 04/29/09. Principal of State of New York (SSNY) on formed in Delaware (DE) on 12/24/08. 04/20/09. Principal office of LLC: 277 as agent of LP upon whom process office of LLC: One Penn Plaza, Ste. 1/14/2009. N.Y. Office location: New Principal office of LLC: 825 Third Park Ave., 45th Fl., NY, NY 10172. against it may be served. SSNY shall 4625, NY, NY 10119. SSNY designat- York County. SSNY has been desig- Ave., 10th Fl., NY, NY 10022. SSNY SSNY designated as agent of LLC mail copy of process to Attn: Felipe ed as agent of LLC upon whom nated as an agent upon whom designated as agent of LLC upon upon whom process against it may Dorregaray, 135 E. 57th St., 16th Fl., process against it may be served. process against it may be served. whom process against it may be be served. SSNY shall mail process NY, NY 10022. DE office addr.: c/o SSNY shall mail process to the LLC at The Post Office address to which the served. SSNY shall mail process to to c/o Corporation Service Co., 80 CSC, 2711 Centerville Rd., Wilmington, the address of its principal office. DE SSNY shall mail a copy of any c/o Corporation Service Co. (CSC), State St., Albany, NY 12207-2543. DE 19808. Cert. of LP on file: SSDE, address of LLC: c/o Corporation process against the LLC served upon 80 State St., Albany, NY 12207-2543. DE address of LLC: 2711 Centerville Townsend Bldg., Dover, DE 19901. Service Co., 2711 Centerville Rd., Ste. him/her is C/O the LLC 16055 N. Dial DE address of LLC: c/o CSC, 2711 Rd., Ste. 400, Wilmington, DE 19808. Name/addr. of each gen. ptr. avail. at 400, Wilmington, DE 19808. Arts. of Blvd, Suite 4 Scottsdale, Arizona Centerville Rd., Ste. 400, Wilmington, Arts. of Org. filed with DE Secy. of SSNY. Purpose: any lawful activities. Org. filed with Secy. of State of DE, 85260. The Principal Business DE 19808. Arts. of Org. filed with DE State, Div. of Corps., John G. Jeffrey W. Bullock, John G. Townsend Address of the LLC is: 16055 N. Dial Secy. of State, John G. Townsend Townsend Bldg., 401 Federal St., Bldg., 401 Federal St., Dover, DE Blvd, Suite 4 Scottsdale, Arizona Bldg., 401 Federal St., Ste. 4, Dover, Ste. 4, Dover, DE 19901. Purpose: Notice of formation of Limited Liability 19901. Purpose: Any lawful activity. 85260. Dissolution Date: Perpetual (if DE 19901. Purpose: Any lawful activity. Any lawful activity. Company. Name: Selfhelp (KI-KII) any) Purpose/character of LLC: To Associates LLC (“LLC”). Articles of Notice of Qualification of Thesys engage in any lawful act or activity. Organization filed with NY Secretary 1236875 w.o. NOTICE OF FORMATION OF LIMITED Notice of Qualification of MANCUSO of State (“SSNY”) on May 13, 2009, Technologies, LLC. Authority filed LIABILITY COMPANY. NAME: EL & EL EQUITY PARTNERS, LLC. Authority NY Office location is New York with Secy. of State of NY (SSNY) on REALTY LLC. Articles of Organization filed with Secy. of State of NY County. The SSNY has been desig- 1/27/09. Office location: NY County. Notice of Formation of Caerus Global were filed with the Secretary of State (SSNY) on 05/18/09. Office location: nated as agent of the LLC upon LLC formed in Delaware (DE) on GP LLC, Art. of Org. filed Sec’y of of New York (SSNY) on 02/09/09. NY County. LLC formed in Delaware whom process against it may be 1/13/09. SSNY designated as agent State (SSNY) 4/14/09. Office loca- Office location: New York County. SSNY (DE) on 05/14/09. Princ. office of served. The SSNY shall mail a copy of LLC upon whom process against it tion: NY County. SSNY designated as has been designated as agent of the LLC: 900 Third Ave., 18th Fl., NY, NY of any process to LLC at 520 Eighth may be served. SSNY shall mail agent of LLC upon whom process LLC upon whom process against it may 10022. SSNY designated as agent of Avenue, New York, NY 10018. process to principal office address of against it may be served. SSNY shall be served. SSNY shall mail a copy of LLC upon whom process against it Purpose/character of LLC is to LLC: 54 Broad St., Ste. 200, Red mail copy of process to 750 Lexington process to the LLC, 40-39 69th Street, may be served. SSNY shall mail engage in any lawful act or activity. Bank, NJ 07701. Arts. of Org. filed Ave., 16th Fl., NY, NY 10022. Woodside, New York 11377-3835. process to c/o Corporation Service with DE Secy. of State, 401 Federal Purpose: any lawful activities. Purpose: For any lawful purpose. Co. (CSC), 80 State St., Albany, NY St., Ste. 4, Dover, DE 19901. 12207-2543. DE addr. of LLC: c/o Notice of formation of Limited Liability Purpose: any lawful activity. Notice of Formation of TRIBECA CSC, 2711 Centerville Rd., Ste. 400, Company. Name: Selfhelp (KI-KII) POINTE MEMBER (HHE) L.L.C. Arts. Notice of Formation of 8515 Bay Manager LLC (“LLC”). Articles of Wilmington, DE 19808. Arts. of Org. Name of LLC: ORDA LLC. Articles of of Org. filed with Secy. of State of NY Parkway JS LLC. Arts. of Org. filed Organization filed with NY Secretary filed with Secy. of State, Div. of Org. filed Dept. of State of NY on (SSNY) on 4/24/09. Office location: with Secy. of State of NY (SSNY) on of State (“SSNY”) on May 13, 2009, Corps., PO Box 898, Dover, DE 1/16/09. Office location in NY: New NY County. Principal business loca- 3/26/09. Office location: NY County. NY Office location is New York 19903. Purpose: Any lawful activity. York County. Secy. of State designated tion: 290 Park Avenue South, 14th SSNY designated as agent of LLC County. The SSNY has been desig- as agent of LLC upon whom process Fl., NY, NY 10010. SSNY designated upon whom process against it may nated as agent of the LLC upon against it may be served. Sec. of State as agent of LLC upon whom process be served. SSNY shall mail process Notice of Qualification of Kondaur whom process against it may be shall mail a copy of process to: Rayner against it may be served. SSNY shall to: c/o Wharton Realty, 500 Fifth Ventures VIII B1, L.L.C. Authority filed served. The SSNY shall mail a copy Rowe LLP, 75 Rockefeller Plaza, 20th mail process to: 290 Park Avenue Avenue, 54th Fl., NY, NY 10110. with NY Dept. of State on 5/12/09. of any process to LLC at 520 Eighth Floor, New York, NY 10019. Purpose: South, 14th Fl, NY, NY 10010, Attn: Purpose: any lawful activity. Office location: NY County. LLC formed Avenue, New York, NY 10018. any lawful activity. CEO. Purpose: any lawful activity. in DE on 4/30/09. NY Sec. of State Purpose/character of LLC is to designated as agent of LLC upon engage in any lawful act or activity. Notice of Formation of Independent whom process against it may be Notice of Formation of REGULATORY REEL YOU STUDIOS LLC, Articles of Content Company, LLC. Arts. of Org. served and shall mail process to: c/o REPORTING SERVICES, LLC. Arts. Org.filed N.Y. Sec.of State(SSNY) 7th filed with NY Dept. of State on NOTICE OF FORMATION of CT Corporation System, 111 8th Ave., of Org. filed with Secy. of State of NY day of April 2009. Office in New York 12/13/07. Office location: NY County. PresenceCare LLC. Arts. Of Org. filed NY, NY 10011, regd. agt. upon whom (SSNY) on 05/11/09. Office location: Co. at 825 3rd Avenue, 2nd Floor, New Sec. of State designated as agent of with Secy. Of State of N.Y. (SSNY) on process may be served. DE addr. of NY County. SSNY designated as York New York 10022. SSNY desig. LLC upon whom process against it 02/18/09. Office location: New York LLC: c/o The Corporation Trust Co., agent of LLC upon whom process agt. upon whom process may be may be served and shall mail County. SSNY designated as agent of 1209 Orange St., Wilmington, DE against it may be served. SSNY shall served. SSNY shall mail copy of process to the principal business LLC upon whom process against it 19801. Cert. of Form. filed with DE Sec. mail process to the LLC, c/o Michael process to 1 Maiden Lane, 5th Floor, addr.: 130 Watts St., #3S, NY, NY may be served. SSNY shall mail of State, Townsend Bldg., Dover, DE H. Barnett, Esq., 375 Lexington Ave., New York, New York 10038. Reg. Agt. 10013. Purpose: any lawful activity. 19901. Purpose: any lawful activity. process to: 7014 13th Ave., Suite 202, Ste. 200, NY, NY 10168-0002. upon whom process may be served: Brooklyn, NY 11228. Principal busi- Purpose: Any lawful activity. Speigel & Utrera, P.A., P.C. 1 Maiden ness location: 41 5th Ave., 14C, NY, NY NOTICE OF FORMATION of Neighbor- Notice of Qualification of Blackstone Lane, NYC 10038. 1 800 576-1100 10003. Purpose: Any lawful activity. Purpose: Any lawful purpose. hood Eats, LLC. Arts. Of Org. filed with Family Real Estate Special Situations Notice of Qualification of Blackstone Secy. Of State of N.Y. (SSNY) on Partnership L.P.Authority filed with NY Real Estate CMBS Fund L.P.Authority 5/06/2009. Office location: NY County. Dept. of State on 4/23/09. Office loca- Notice of Qualification of SGGP filed with NY Dept. of State on 5/1/09. Notice of Qualification of LEX SPECIAL SSNY designated as agent of LLC upon tion: NY County. LP formed in DE on MANAGEMENT, LLC. Authority filed Office location: NY County. LP formed ASSETS LLC. Authority filed with Secy. whom process against it may be served. 3/30/09. NY Sec. of State designated with Secy. of State of NY (SSNY) on in DE on 4/14/09. NY Sec. of State of State of NY (SSNY) on 05/20/09. SSNY shall mail process to principal as agent of LP upon whom process 03/23/09. Office location: NY County. designated as agent of LP upon whom Office location: NY County. LLC business location: 35 East 30th St., # 9C, against it may be served and shall LLC formed in Delaware (DE) on process against it may be served and formed in Delaware (DE) on 03/23/09. NY, NY 10016. Dissolution date: May mail process to the principal business 06/27/08. Principal office of LLC: c/o shall mail process to the principal Princ. office of LLC: 1271 Ave. of the 1, 2059. Purpose: Any lawful activity. addr. of the LP: c/o The Blackstone Stripes Group LLC, 70 E. 55th St., business addr. of the LP: c/o The Americas, NY, NY 10020. SSNY des- Group L.P., 345 Park Ave., NY, NY 11th Fl., NY, NY 10022. SSNY desig- Blackstone Group L.P., 345 Park Ave., ignated as agent of LLC upon whom 10154. Regd. agt. upon whom process nated as agent of LLC upon whom NY, NY 10154. Regd. agt. upon whom process against it may be served. Notice of Formation of Limited Liability may be served: CT Corporation process against it may be served. process may be served: CT Corporation SSNY shall mail process to c/o Company. Name: Pasha Events, LLC. System, 111 8th Ave., NY, NY 10011. SSNY shall mail process to the LLC System, 111 8th Ave., NY, NY 10011. Corporation Service Co., 80 State St., Articles of Org filed with Sec’y of State DE addr. of LP: c/o The Corporation at the address of its principal office. DE addr. of LP: c/o The Corporation Albany, NY 12207-2543. DE addr. of of NY (SSNY) 5/7/09. Office location: Trust Co., 1209 Orange St., DE address of LLC: c/o The Trust Co., 1209 Orange St., Wilmington, LLC: 2711 Centerville Rd., Ste. 400, NY County. SSNY designated as Wilmington, DE 19801. Name/addr. of Corporation Trust Co., 1209 Orange DE 19801. Name/addr. of genl. ptr. Wilmington, DE 19808. Arts. of Org. agent for LLC upon whom process genl. ptr. available from NY Sec. of St., Wilmington, DE 19801. Arts. of available from NY Sec. of State. Cert. filed with State of DE, Div. of Corps., may be served. SSNY shall mail copy State. Cert. of LP filed with DE Sec. Org. filed with State of DE, Div. of of LP filed with DE Sec. of State, 401 John G. Townsend Bldg., 401 Federal of process to the LLC, 29 Broadway, of State, 401 Federal St., Dover, DE Corps., 401 Federal St., Dover, DE Federal St., Dover, DE 19901. St., Ste. 4, Dover, DE 19901. Ste 2222, New York, NY 10006. 19901. Purpose: any lawful activity. 19901. Purpose: Any lawful activity. Purpose: any lawful activity. Purpose: Any lawful activity. Purpose: Any lawful purpose.

18 | Crain’s New York Business | June 15, 2009 20090615-A--0019-MAIN-CCI-CN_-- 6/12/2009 6:27 PM Page 1

Polo exec adds flair Licenses to kill

Continued from Page 3 gifts drop off even more dramatically. Continued from Page 3 the Health Department in a span of three over fiscal 2008. “We have this spread where we need more the government has to demand that a business weeks, there’s something wrong,” he says. Though Housing Works’ growth is below donations to keep up with the sales that we’ve get a license,”he says.“If there’s no special rea- The city’s dismal fiscal outlook could the national average for thrift stores, that’s been generating,” says Mr. Vorisek. son, we shouldn’t impose the cost and burden crimp any anti-regulation effort. Even as the mainly because resale prices of its designer To cope, Mr. Vorisek is budgeting this year of a license.” mayor calls for cutting red tape, he plans to goods—even at just 20% of an item’s original for a new director of donations, who will be Brooklyn-based home renovator Alistair generate almost $900 million in revenue from cost—are still substantially higher than prices charged with securing commitments from cor- Economakis says Building Department regu- fines in fiscal 2010. at a Goodwill or Salvation Army. Nationally, porations for regular donations. Generally, lations especially deserve rethinking. The de- sales are up between 10% and 50% at Nation- companies limit their merchandise gifts to one partment’s permitting process is needlessly la- The reason for red tape al Association of Resale and Thrift Shops of Housing Works’ two annual charity borious, he says, and once construction starts, “red tape exists for a specific reason—it’s the member organizations this year,estimates Ex- events—a furniture bash in the spring and an inspectors are sent every time anyone phones way the city exercises a piece of its power and ecutive Director Adele Meyer. apparel event in the fall—rather than donating in a complaint to 311, often delaying projects. the way the city collects a piece of its revenue,” “Whenever the economy slows down, this year-round. City stop-work orders, which can take says Patrick Siconolfi,executive director of the industry picks up,” says Ms. Meyer. Several designers are already stepping up. months to lift,even for small violations,are the Community Housing Improvement Program, Marc Jacobs was the honorary chair of last most disruptive, “When work stops,” Mr. a coalition of city landlords. “Unless you’re Selective about its selection year’s Fashion for Action fundraiser, and John Economakis explains, “contractors don’t get willing to get rid of the underlying reasons, founded 17 years ago, Housing Works Bartlett of Claiborne by John Bartlett donat- paid and workers get laid off.” you’re never going to get rid of the red tape.” Thrift Shops has never been your garden va- ed almost $40,000 worth of goods for the De- The most fertile ground for complaints The city plans to take in $894 million in riety secondhand shop. It is selective in what sign on a Dime event. could well be restaurants. Frustrated owners fines in fiscal 2010, up $112 million from the it resells, retailing only new or gently used In addition,though the thrift division cur- say they don’t always understand how inspec- previous year, according to the mayor’s execu- high-end merchandise donated by shoppers rently has about 250 staffers, Mr. Vorisek tors come up with the violations they cite. tive budget. A spokesman for the mayor says and fashion designers. The thrift division plans to hire a volunteer director to increase “We’re talking about dented cans and flies most of the increase will be generated by ad- provides as much as 40% of funding for its the head count. The director would create causing some of these fines,” says James ditional cameras at traffic lights, tougher en- parent, Housing Works Inc., an organization special training programs so volunteers will McBratney, owner of Jimmy Max on Staten forcement of “blocking the box” traffic rules, dedicated to helping homeless and poor New stick around. Island and president of the borough’s restau- and a new data-mining system that will catch Yorkers living with HIV or AIDS. Hiring Though Housing Works, which requires rant association. “I recently received a viola- scofflaws that haven’t paid city fines and fees. someone with Mr. Vorisek’s fashion expertise 600 to 2,500 square feet for its retail stores,just tion for presoaking my silverware as recom- The Department of Health anticipates was a first for Housing Works Inc., which opened its SoHo spot in April, the nonprofit mended by the manufacturer.” collecting an extra $8.4 million, according to spent several months convincing him to come still plans to expand. A lease is near comple- Department of Health Associate Commis- its preliminary fiscal 2010 budget. The in- on board. tion in Hells Kitchen,and Mr.Vorisek has not sioner Elliott Marcus denies any spike in vio- crease will come from more frequent inspec- Despite its good retail fortune, Housing ruled out moving into Westchester or even lations on Staten Island. “There is no agenda tions of restaurants with persistent unsanitary Works still has its share of challenges. With New Jersey. on our part to raise revenue for the city,”he says. conditions, Mr. Marcus says, insisting that many consumers hanging on to their old “Our model is to go into a neighborhood that Councilman James Oddo,R-Staten Island, restaurants with good sanitary conditions clothes,donations to the nonprofit have slipped is high-density housing and that can definitely thinks otherwise.“When I have owners of a lo- won’t face additional burdens. by nearly 10%.The nonprofit might have trou- get a lot of donations—enough to support an in- cal pizzeria, a large restaurant and the premier “If your restaurant is clean,” he says, “you ble stocking its stores with top-quality duds if dividual store,” says Mr. Vorisek. hotel on Staten Island complain to me about won’t get a violation.”

June 15, 2009 | Crain’s New York Business | 19 20090615-A--0020-MAIN-CCI-CN_-- 6/12/2009 9:46 PM Page 1

Parks gadfly: an army of one

Continued from Page 1 good at grabbing the headlines, but “There were prostitutes living in refrains. “We need to stop this.” sometimes you can grab headlines the bathroom on mattresses, crack It’s just another day in the fren- quickly without looking at the back- vials everywhere and nails sticking zied life of Mr. Croft, president of ground and giving an issue a hard out of the rink’s boards,” he says. “I NYC Park Advocates, a watchdog look.” called the Parks Department and group he founded in 2003. He’s Supporters of Mr.Croft—he has they said: ‘We don’t have manpow- everywhere, from Coney Island, plenty of those, too—say he gives er.’ I said, ‘This is New York City. where he’s rallying residents against voice to thousands of residents who We have billions in our budget, and JONATHAN MILLER an amphitheater sought by Brook- have neither the clout nor the re- we don’t have anyone to remove a (left) former head of lyn Borough President Marty sources to fight on their own. few nails?’ ” AOL, is now News Markowitz, to Randall’s Island, “He’s the quintessential public He founded the Stanley M. Corp.’s chief digital where he’s part of a suit trying to halt interest advocate,”says civil liberties Isaacs Park Association and helped officer, working for the private schools deal. And when lawyer Norman Siegel, who has raise $200,000 to renovate the rink. Rupert Murdoch. he’s not trying to prevent The Relat- joined Mr.Croft on the Randall’s Is- In 2000, he became a contract em- ed Companies from building a 40- land campaign. “He works all the ployee for the Parks Council—the story tower on the site of an Upper time; he’s very smart. And he has an nonprofit precursor to New Yorkers

East Side pocket park, he’s in the excellent framework, which is to be for Parks—where he helped lead a bloomberg news photos Bronx,blasting the city for being too suspect of government and people in survey of parks’ conditions and slow in replacing green space de- power.” staffing. stroyed to make way for the new Bronx residents insist that Mr. Probing the parks MySpace is a miss Yankee Stadium. Croft played a vital role in helping The relentless pace is especially them organize against the Yankees’ after a falling-out with the impressive considering that NYC new ballpark. council, Mr. Croft founded NYC Continued from Page 1 mately a newspaper guy,”says Roger Park Advocates has neither a staff “In this community, Geoffrey is Park Advocates. He eventually in- part of the division. Kay,president of research firm End- nor a real office. It’s arguably not spected all city, state and federal Hurt by competition and its own point Technologies Associates. even plural: Mr. Croft is the “advo- parks in the five boroughs, covering mismanagement, MySpace has be- “The idea may have been, ‘We cate”—a band of one who regularly He runs the nearly 20% of the city’s land, and re- come a textbook case of how quick- bought you, so make it happen for works 100-plus-hour weeks out of leased a report arguing that under- ly a digital juggernaut can become a us.’ ” his cramped Upper East Side studio ‘group’ from a funding of the parks caused many to has-been. Now News Corp. is Lately,News Corp.has been tak- apartment on a budget of less than fall into states of disrepair. promising that executive suite ing a firmer hand, bringing in AOL $30,000 a year. studio apartment Mr. Croft says he funds the or- changes will make MySpace a win- veteran Jonathan Miller as its chief “He’s a one-man green ma- ganization mostly with money ner again—even as analysts are fore- digital officer in March and forcing chine,” says Bethany Jankunis, chief on less than saved from his photography and a casting it will continue to lose mar- out MySpace founders Chris De- of staff to Assemblywoman Debo- lawsuit settlement, supplemented ket share. Wolfe and Tom Anderson in April. rah Glick.“I don’t know how he does $30,000 a year by a few private donations and Some observers feel that with a MySpace’s new chief executive, it, but it’s quite amazing.” grants. Ms. Glick has supported his home page ad that reads “Meet Owen Van Natta,a former chief op- Critics of Mr.Croft—and he has organization for the past three years, Russian Women” and a Wild West erating officer of Facebook, has plenty—contend his methods are providing a $5,000 grant last year. atmosphere that has resisted efforts vowed to bring back momentum by easy to grasp. Former Parks Com- Mr. Croft claims that officials at to transform it, MySpace will never returning the company to its entre- missioner Henry Stern says Mr. the real park advocate,” says Joyce the Department of Parks and Recre- get its buzz back. preneurial roots. Croft skillfully manipulates media Hogi, of Save Our Parks, which ation, including Commissioner “Facebook is seen as a place for with his reflexive “anti-everything” fought against the stadium.“It’s as if Adrian Benepe, have repeatedly personal and professional network- Opportunities ahead stance, which yields ripe pickings everyone was told, ‘Get in line, this tried to discredit him in recent years. ing,” says Derek Leedy, vice presi- “the great thing about the Inter- for journalists in search of contro- is going to happen, don’t touch it.’ Reporters at several news outlets say dent of client services at West Coast net is that you have the opportunity versy.Indeed, local print and broad- But NYC Park Advocates didn’t get city officials often portray his ad agency Mediasmith Inc. “My- to innovate and disrupt that [nega- cast outlets have quoted Mr. Croft the memo.” “group” as illegitimate. Space is seen as the digital equiva- tive] narrative if you can deliver on more than 500 times. Mr. Croft grew up in the South Asked to describe Mr. Benepe’s lent of a booty call.” these innovation promises,” he said Bronx, the son of actors who were view of Mr. Croft, a Parks Depart- While MySpace is still the ad at an industry conference last The devil and the details often unemployed and dependent ment spokeswoman issued a state- revenue front-runner, Facebook is month. “he’s like a devil’s advocate,ex- on government assistance. He ment that sidesteps any reference to poised to pull ahead domestically in News Corp.executives also point cept he really means it,” Mr. Stern dropped out of high school and, he the green gadfly: “There are always audience size. It has already taken out that Facebook has its own prob- says. “A stopped clock is right twice says, was a professional photogra- things we can do better. We count the lead internationally. lems with the revenue equation.The a day, so one cannot say that every- pher by the age of 17. on citizens to work with us in a pro- The number of unique visitors to site’s millions of visitors “don’t bring thing he says is wrong. But most of In 1986, he shot an event at a ductive partnership to fix problems MySpace in the United States fell any advertising with them,” Mr. it is unfair.” youth nonprofit, was recruited to and make sure our parks are the best 2% in April, compared with a year Murdoch said on a conference call Christian DiPalermo, president volunteer and became hooked on a they can be.” earlier, to 71 million, according to last month. of New Yorkers for Parks, says that life of service. Mr. Croft set up pho- Mr.Croft says that’s exactly what ComScore Media Metrix. Face- The company says that MySpace though he agrees with Mr. Croft on tography and roller hockey pro- he’s doing. He’s now scouring city book rocketed to 67 million unique is still profitable and that the rev- some issues, he wonders if his com- grams for young people,but the Up- parks for an upcoming report on visitors, an 89% gain. enue decline is largely recession-re- petitor hurts his cause more often per East Side park where the kids compliance with the Americans lated. The site can still boast of its than not in a quest for ink. “He’s played hockey was in terrible shape. with Disabilities Act. Ad revenue plunge hold on the youth audience and has meanwhile, research firm eMar- high hopes for MySpace Music, a keter forecasts a 15% plunge in My- joint venture with the major record Space’s ad revenue this year, to $495 labels that launched in September. Banks exit a hedge fund niche million. Ad revenue for Facebook Entertainment has generally will climb 10%, to $230 million. been MySpace’s strong point with The picture could get a lot worse advertisers. Continued from Page 4 time of its bankruptcy filing last steering clear.The New York offices starting in July 2010, when My- “There’s the ability to work with a shrinking market.” September. of French banks BNP Paribas and Space’s three-year, $900 million live events,” notes Andy Chapman, At least, that was the idea.These The U.S. market for structured Société Générale, Germany’s contract with Google expires. Ac- co-lead of The Exchange, a division securities were among many factors hedge fund products has collapsed Deutsche Bank,Japan’s Nomura and cording to TechCrunch, Google is of ad agency Mindshare. “With that helped spread hedge funds to since last fall.New investments in the the Royal Bank of Canada are busy, looking to renew the contract at less Facebook, the opportunities are thousands of new investors—and fourth quarter of 2008 dropped 75% reports Mr. Styrcula. They’re just than a third of the price. more limited.” led to an explosion in the number of from the beginning of the year, to busy serving non-U.S. customers. In fiscal 2008, Fox Interactive Some observers think MySpace’s hedge funds, which reached more $5.9 billion,according to alternative- “People got burned,” says Mr. had revenue of $856 million—a decline was probably inevitable,giv- than 15,000 at the 2007 peak. By investment research firm mtn-i. Clark of Proskauer Rose, adding 56% jump over the prior year—and en the compressed life cycle of so 2007,the U.S.market for structured that many of these principal-pro- operating income of $84 million,ac- many businesses on the Internet. hedge fund products had ballooned “People got burned” tected notes or hedge fund-linked cording to Pali Research. They also believe that MySpace to $114 billion,up from just $28 bil- it’s no wonder banks are following products are structured offshore, Neither MySpace nor News may have to get used to lower expec- lion in 2003. their customers out of the sector, which makes complex investments Corp. would comment for this arti- tations. Lehman Brothers was one of the paring down their structured hedge even harder to investigate. “In- cle. “Is it performing as well as Ru- U.S. pioneers in packaging and sell- fund units. vestors are so concerned about liq- Some observers say that while pert had hoped?” asks Debra ing these investments.The now-de- “One by one,” says Mr. Styrcula, uidity now, they’re having a hard Mr. Murdoch had the vision to grab Williamson, social networking sen- funct investment bank had about “banks are quietly looking to lay off enough time thinking about MySpace,he didn’t know what to do ior analyst at eMarketer. “No. But $900 million worth of structured fi- these types of positions.” whether or not to invest in hedge with it. MySpace still has a huge audience.I nance products outstanding at the It’s mostly the U.S.banks that are funds, period.” “It may be that Rupert is ulti- don’t see the site going away.”

20 | Crain’s New York Business | June 15, 2009 20090615-A--0021-MAIN-CCI-CN_-- 6/12/2009 6:43 PM Page 1

47% Increase in chief executive turnover in May BUSINESS LIVES Source: Challenger Gray & Christmas HOT JOBS EXECUTIVE INBOX

ASSOCIATE DEAN Anne Fisher ORGANIZATION Columbia Business School Hard work if JOB DESCRIPTION Head the school’s external relations and you can get it: development activities Managers MOST IMPORTANT TASK Help raise $400 million make lemonade CREDENTIALS NEEDED 10 years’ Yearning for a scintilla of good experience directing fundraising at a major institution news amid the economic slump? Consider this: In staffing SALARY $200,000, sources say firm Accountemps’ recent RECRUITER DRG nationwide survey of 457 DOWNSIDE Raising money in a managers and professionals, tough environment 77% said the recession is giving UPSIDE Taking a leadership their careers a boost. position at a prestigious They’re working harder than university ever—tackling new projects and Columbia Business School is shouldering more responsibility— playing a major role in the and believe that it will make university’s planned expansion of them more marketable when a its campus, which will include a recovery finally comes. And state-of-the-art academic center. they’re actually enjoying the The fundraising initiative will pay challenge. for that building, as well as help Of course, some of these enhance faculty recruitment and managers are in businesses that curriculum development. thrive in terrible times. David STILL STRUCK: —MIRIAM KREININ SOUCCAR Schechtman, 34, a senior Luke McDonough has been director at Eastern Consolidated, dressing actors helps banks and other clients at the Public squeeze the largest possible EXECUTIVE MOVES Theater for amount of cash from their more than distressed real estate holdings. two decades. Lincoln Center: “I’m working every hour of the Katherine G. Farley, day, including weekends, and I 59, was named love it,” Mr. Schechtman says. chairwoman. She will serve jointly with buck ennis “The goal is to get to ‘yes’ and current chairman, create a deal. Then we have a Frank A. Bennack Jr., GOTHAM GIGS nice dinner to celebrate, and I until he steps down in get a big check.” June 2010. Ms. Farley, a managing What’s not to like? director at Tishman Speyer, will Alan Rosen, 40, is going continue to oversee the redevelopment nonstop, too. The third- of Lincoln Center. Ford Foundation: Eric W. Doppstadt, 49, generation owner of Junior’s was promoted to vice president and Dressing the Part restaurants does it all—from chief investment officer. He most hawking cheesecakes on QVC to recently served as director of private even after dressing countless celebrities in his 24 years at keeping an eagle eye on costs at equity investments. The Ford In As You The Public Theater, costume master Luke McDonough remains the Brooklyn landmark’s four Foundation is currently offering buyouts eateries. to a third of its employees. starstruck. ¶ A highlight of his work on the current production of Like It, a Last week, Mr. Rosen even Bank of America: Jeff Twelfth Night at the Delacorte Theater: fitting Anne Hathaway Barker, 56, was sheep in spent a morning filling in for a promoted to New with her sword belt. ¶ Mr. McDonough collaborates with costume fry cook at the company’s new York City market the cast designers to translate their vision to the stage accurately and on location in the MGM Grand at president and will budget. He scours the globe for fabrics and handles emergencies, Foxwoods resort in Connecticut. continue in his role as ate the Sure, people are eating out consumer bank like the time a sheep ate the lead actress’s dress during a less, but cheesecake still sells. regional executive. performance of As You Like It. ¶ Summer shows are the trickiest, The Week: Kevin Morgan, 38, was named lead’s “I definitely think comfort chief financial officer of the Dennis Mr. McDonough says, because the performers—and their food is recession-proof,” Mr. Publishing title. He was formerly corpo- dress costumes—encounter everything from extreme weather to raccoons. Rosen says. “That’s why our rate controller at Marc Ecko Enterprises. For example, he has added pockets for ice packs in the fat suit of business is only down about Arrow Electronics Inc.: Paul Reilly, 51, 3%. But you know what they say: was promoted to executive vice Twelfth Night’s Jay O. Sanders, to ensure that the actor doesn’t roast. ‘Down 10% is the new up.’ ” president of finance and operations and will continue as chief financial officer. ¶ The 55-year-old Maine native, who learned to sew in college, got And what about you? Working He had been senior vice president. his big break at Lincoln Center Theater trimming the costumes for harder and loving it? Slaving Seyfarth Shaw: Esteban A. Ferrer, 58, a production of Hamlet. ¶ Mr. McDonough admits that when he’s away at all hours and hating it? joined as partner in the corporate and finance practice group. He previously working 16-hour days, he can get a bit cranky, adding, “You need a TELL US HOW you’re holding up at See EXECUTIVE MOVES on Page 22 big sense of humor for this job.” —miriam kreinin souccar www.crainsnewyork.com/execinbox.

June 15, 2009 | Crain’s New York Business | 21 20090615-A--0022-MAIN-CCI-CN_-- 6/12/2009 6:44 PM Page 1

RÉSUMÉ REVIEW Glutton for punishment? Is your job search all it could be? We ask the experts. The magazine business is tanking. What sources they probably deserved. Not NAME RENAD JABAJI Bonnier Corp. CEO makes you a believer? that they were totally abandoned, OBJECTIVE picks up 5 titles as What we’re mainly buying are very but they needed more investment in A managerial career in construction and real old, established brands that have a the Web and brand-extension op- estate development others cut and run loyal readership. More com- portunities. EXPERIENCE panies would be buying Forest City Ratner Cos., Manhattan, 2006- these titles if they weren’t What else is in store for March 2009. Project development coordinator: analyzed and assessed BY MATTHEW FLAMM publicly held or venture- Bonnier Corp.? capital-backed. We don’t Hopefully there will be more subcontractor estimates for Barclays Center, Brooklyn; obtained his could be the worst have to worry about quar- acquisitions. It’s a good time to substantial savings in construction schedules for Beekman Tower, time in history to own mag- terly earnings or bank buy right now,but it is challeng- Manhattan; value-engineered foundation and road design for significant azines, but for Bonnier covenants. ing. You have to have confi- savings for Ridge Hill, Yonkers Corp.’s Terry Snow, it’s a We’re also lucky in that dence that the advertising MWT Architecture, Buffalo, 2005-06. Junior architect for Destiny USA, Tvery good time to buy them.The 54- we’ve always focused on markets are going to Syracuse, a retail and hotel complex year-old chief executive has just ac- the special-interest come back. EDUCATION quired five titles—American Photo, category. You have City University of New York, Baruch College, graduation 2010, M.B.A., real So how did you get Popular Photography, Boating, Flying passionate con- estate major and Sound & sumers who will into the business Vision—from gobble up infor- anyway? State University of New York, Buffalo, 2001-05, B.S., architecture Hachette Fili- mation wherever I was a compet- Résumé appears in condensed form. pacchi Media they can get it— itive water-ski- MOVERS & U.S., bringing whether in print er. EXPERT ADVICE SHAKERS Bonnier’s total or on the Web or [WaterSkiing] In the current economic environment, employers are looking for people number of through events. was our first who can generate revenue and save money. In your cover letter and when Terry properties to magazine. It you’re speaking with recruiters, emphasize that you not only have the skill 49. Why would you was mainly done set they need but that you also have the ability to deliver projects on time Snow Mr. Snow expect to do out of interest in and under budget. And start building a roster of references. Rather than has been better than the sport, not in- calling friends or former colleagues and asking them if they know of a job, publishing the previous terest in maga- ask if they would be references. If they hear of an opportunity, they’ll most enthusiast magazines since owner? zines. After the certainly bring it up to you. 1978, when he launched World At many second or third title, –ware sykes Publications. He now runs a di- publishing you realize you’re in- Director of career services vision of Sweden’s privately held companies, terested in magazines, TheLadders.com Bonnier Group that rings up an- the big brands too. I stopped [compet- To hire this candidate or to be featured in “Résumé Review,” e-mail us at nual revenue of $350 million. have to get the ing] when I was in my [email protected]. Titles range from hunting-and- majority of the mid-30s, and now I’m an fishing bible Field & Stream to resources. So avid snow skier, so it’s foodie favorite Saveur. He still these titles did- good to have [Ski and Ski- believes in magazines. n’t get the re- ing] magazines.

planning and environmental EXECUTIVE MOVES sustainability services to organizations. He was the founding executive director was a partner at Paul Hastings Janofsky at the New York Industrial Retention & Walker. Network. Advisors Asset Management: Victor Morgan Lewis: Joanna Hendon, 43, joined Perretti Jr., 53, joined as executive vice as partner. She was president. He comes from Merrill Lynch, most recently at where he had been managing director. Merrill Lynch, where Alvarez & Marsal: Lau- she served as first vice reen M. Ryan, 49, was president, general appointed managing counsel’s office. director at the restruc- The Greenberg Group: turing and turnaround Gary Bienefeld, 56, was firm. She previously promoted to executive served as senior man- vice president, market research and site aging director at FTI selection, at the real estate advisory firm. Consulting. He had been vice president. FTI Consulting Inc.: Steven J. Siwinski, 39, —maia blume was appointed managing director. He joins from Ernst & Young, where he had EXECUTIVE PROMOTIONS been a partner. The fastest way to get an announcement into Pratt Center for Community Development: Crain’s is to submit details online. Fill out the form Adam Friedman, 51, was named director at www.crainsnewyork.com/submit. The of the organization, which provides Executive Moves column is also available online.

CORPORATE LADDER AD EXECS FILL SPACE John Partilla, 44, has joined Clear Channel Communications Inc. as executive vice president and president of global media sales, a newly created position. He will be responsible for the development of Clear Channel’s radio and outdoor businesses. Mr. Partilla comes from Time Warner, where he headed global media. Prior to that, Mr. Partilla worked for Young & Rubicam, where he founded Brand Buzz. He was replaced at Time Warner by Mark D’Arcy, 37, the chief creative officer of the global media group since 2004. Mr. D’Arcy will work with Time Warner’s largest advertisers. —maia blume

22 | Crain’s New York Business | June 15, 2009 20090615-A--0023-MAIN-CCI-CN_-- 6/12/2009 6:37 PM Page 1 chemex / INSATIABLE CRITIC Small Business Development Center’s flickr.com Gael Greene workshop on how to finance a small THE business from 6 p.m. to 8 p.m. at St. Joseph’s College, 245 Clinton Ave., Tuohy Hall. The event is free. Contact WEEK (718) 960-8697 or [email protected] for Second time’s a more details. AHEAD THURSDAY, JUNE 25 SOBEL MEDIA HOSTS BREAKFAST WITH JUNE 22-28 DANNY MEYER, chief executive of the charm for eatery Union Square Hospitality Group, from 7:30 a.m. to 9:30 a.m. at Tabla,

FORUMS 11 Madison Ave. Fees are $60 for buck ennis Handmade pasta, TUESDAY, JUNE 23 members and $75 for nonmembers. THE NEW YORK BUILDING CONGRESS will Contact (212) 725-2295, ext. 19, or sweets seduce host a forum with NYC Council [email protected] for details. WHAT HE’S Speaker Christine C. Quinn from 8 at Locanda Verde a.m. to 9 a.m. at the Hilton New York CULTURAL EVENTS READING in the Trianon Ballroom, 1335 Sixth MONDAY, JUNE 22 was cranky at first. It was Ave. Fees are $75 for members and MOMA WILL SCREEN THE 2008 FILM RESTAURANT GUIDE BOOK GURU warm outside and growing $140 for nonmembers. For more Rebirth of a Nation, a film project by DJ TIM ZAGAT just dove into Family of more humid. I wanted air details, contact (212) 481-9230 or Spooky based on the 1915 movie Birth Secrets: The Bush Dynasty, the conditioning. I wanted a qui- [email protected]. of a Nation, at 7 p.m. at 11 W. 53rd St. Powerful Forces That Put It in the eter table. I didn’t want that Tickets are $10 for adults, $8 for White House, and What Their LECTURES seniors, $6 for students, free for table with the doors thrown open to Influence Means for America, by I buck ennis TUESDAY, JUNE 23 children and members, and $5 for the sidewalk, as vibrant and inviting SHAREABLE: Pasta butterflies with clams. AMBASSADOR YUKIO TAKASU will speak guests of members. For more Russ Baker. as it made Locanda Verde seem.The on Japan’s bid for Security Council information, call (212) 708-9400. The renowned foodie and smiling hostess suddenly donned a reform and its role in the United Nations lifelong Democrat says he is bad-news face. “We aren’t using the LOCANDA VERDE at the Japan Society from 6 p.m. to 8 TUESDAY, JUNE 23 “surprisingly sympathetic to the air-conditioning tonight,” she said. 377 Greenwich St. p.m. at 333 E. 47th St.The event is free, THE METROPOLITAN MUSEUM OF ART will subjects of this book,” which he I had tried to be anonymous, let- (212) 925-3797 but preregistration is required. For more show two short films, Lost Treasures of describes as “unfair” to the Bush www.thegreenwichhotel.com details, contact (212) 715-1208 or Afghanistan and The Glassmakers of ting my friend use her pull to get a family. In the first 60 pages or so, table on the second night of already [email protected]. Heart, in conjunction with the Afghanistan: Hidden Treasures From the the author “has not made a single buzzing Locanda Verde, but for WEDNESDAY, JUNE 24 National Museum, Kabul exhibition. point that seemed justified by some reason tall men are calling me CUISINE Modern Italian THE NEW YORK PUBLIC LIBRARY will host The event will be held at 2 p.m. in the facts and evidence,” he says. by my first name.I find my seat in the an event on pricing strategies for Bonnie J. Sacerdote Lecture Hall at the PRICE RANGE Entrées, $14-$26 (And he may never finish it.) evening’s growing dim, the slightly freelancers and consultants from 5:30 Uris Center for Education at Fifth Meanwhile, how does the urban rustic room only a little bit too p.m. to 7 p.m. at the Science, Industry Avenue and 82nd Street. Entry is free SERVING Breakfast, lunch, dinner culinary critic maintain a healthy dark, and begin to fall in love. and Business Library, 188 Madison with museum admission. Contact (212) diet while eating out? In an effort Big fat triangles of focaccia RESERVATIONS Absolutely Ave., room 018.The event is free. For 570-3756 or [email protected] for details, call (212) 592-7047. more information. to shed some pounds, Mr. Zagat soaked with thin tomato sauce and I can’t wait to return. just faintly crisped on the edges add has been ordering more items— I will definitely go back. NETWORKING EVENTS SATURDAY, JUNE 27 such as grilled chicken or fish— to my emotional vulnerability. It’s TUESDAY, JUNE 23 SEE LORIN MAAZEL I’ll let them simmer a while. in his final concert that are not listed on the menu. possible that the management team IN COLLABORATION WITH LINKEDIN, The with the New York Philharmonic as he here is more celebrated than NO HATS Never again. Sports Club/LA Upper East Side will conducts Symphony of a Thousand at 8 “Any restaurant will give you a tonight’s VIPs and visiting foodies. host a “networkout” social networking p.m. at Avery Fisher Hall, 165 W. 65th simple fish and vegetables,” he Clearly Robert De Niro and his event that will provide career and St. Tickets range from $42 to $119. For says. “You have to be able to ask.” partners at the Greenwich Hotel Tom Colicchio’s growing empire, is fitness advice from 6 p.m. to 9 p.m. at more details, call (212) 875-5030. —LISA FICKENSCHER mean business. Ago’s quick wilt in here, turning out market-inspired 330 E. 61st St. Admission is $15 for —maia blume this same space spurred them to up members and $25 for nonmembers. dolce like toasted almond semifred- Preregistration is requested. Call (212) the ante. From the cast of characters do with Bing cherries, and sheep’s 501-1443 for more details. alone, it’s looking like a sure thing. milk ricotta panna cotta with straw- A Voce’s much admired Andrew berries and rhubarb.Her dolce plate THURSDAY, JUNE 25 Carmellini in the long open has lush melting chocolate biscotti, JOIN THE U.S. HISPANIC CHAMBER OF kitchen, Ken Friedman of Spotted sugar-dusted walnut dreams and ex- COMMERCE, Region V, for the second Pig recruiting the team and restag- otic fruit gels. As the only sweets annual Hispanic business-to-business ing the room. Josh Picard of Mercer lover at my table,I am not obliged to trade fair from 3 p.m. to 6 p.m. at Bank Bar and Chinatown Brasserie stir- share and get to taste everything. I of New York Mellon, 101 Barclay St. General admission is $25. Contact ring the mix as a front man. can’t wait to go back. (914) 375-0544 or De Niro is nowhere to be seen, One week later, it’s raining; the [email protected] for more details. but he’s as big a presence as Bobby jaunty fling of open doors is past.No Flay at the next table, Steve Hanson surprise, it’s noisier, a full house, big FUNDRAISERS in a corner with Pat La Frieda’s se- cheeses of the food world standing at WEDNESDAY, JUNE 24 ductive meat marketeer Mark Pas- the bar, waiting for a vacancy. Now HELP ST. JOHN’S BREAD & LIFE end tore, Josh Ozersky arriving latish. we are summoned, and six of us dive hunger. Attend the Rush Hour Benefit I love everything I’m tasting on into the melee. to Terminate Hunger from 5 p.m. to 8 this first visit: tangy whipped sheep’s We share pastas. Maltagliata p.m. at Grand Central’s Northeast Balcony, East 42nd Street and milk ricotta with sea salt and herbs to (“badly cut” shards of noodles with Vanderbilt Avenue. Tickets are $500 spread on toasted country bread, pesto), the robiola-filled ravioli with for patrons, $200 for rush hour and lamb meatball sliders with goat spring mushrooms and vermouth, junior committee attendees and $100 PICK OF THE WEEK cheese and tender little calamari and a reprise of the delicious farfalle for everyone else. Call (718) 574-0058 stuffed with yogurt and mint—al- exhibit a richness Carmellini is fa- for reservations and further details. THURSDAY, JUNE 25 Support the global peace effort with though three puny torsos seem rather mous for. Broccoli rabe sausage with AIDSfreeAFRICA and Swim Strong Foundation at the Jazz for meager for $14. I am totally seduced beans,an order of porchetta and sen- PROGRAMS & WORKSHOPS TUESDAY, JUNE 23 by the chef ’s handmade farfalle— sational garlic-roasted chicken for Peace Concert featuring Rick DellaRatta (above). The band, THE NEW YORK SOCIETY OF SECURITY featuring musicians from around the world, formed in 2002 pasta butterflies with clams, sweet two turns out to be more than ANALYSTS will host the fourth annual pepper and chorizo. enough for four.Admittedly,I’m dis- Wall Street forum from 8 a.m. to 5 p.m. to perform at the United Nations. The group has since Pastas are prudently priced at $14 appointed at how meager our pork at 1177 Sixth Ave., second floor. Entry performed more than 350 benefit concerts. The show runs to $17, but three modest sea scallops dish is, how scanty the curls of is $50 for members and $250 for Pugliese with rapini and chickpeas crunchy skin. But then a quartet of nonmembers. Call (646) 871-3405. from 6 p.m. to 10 p.m. at Iguana, 240 W. 54th St. look pretty chintzy for $24. Rich splendid desserts sent as a gift sends Admission is $35. For more details, call (212) 947-1104. braised beef short ribs in cacciatore us off on a high.The joint is still bub- WEDNESDAY, JUNE 24 sauce would be wonderful even with- bling. I feel like I’m leaving a great ENTREPRENEURS CAN CHECK OUT the out their charmingly rustic casserole. party too early. Prize-winning pastry chef Karen MON. TUES. WED. THURS. FRI. SAT. SUN. DeMasco,who leftCraft in 2008 af- Copyright © 2009 by Gael Greene. 6.22 6.23 6.24 6.25 6.26 6.27 6.28 ter seven years creating desserts for Read more at www.insatiable-critic.com.

June 15, 2009 | Crain’s New York Business | 23 s s s s $EDICATED"USINESS3PECIALISTSTOGETYOUTHEANSWERSYOUNEED FAST