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TOP STORIES President New Medicaid Mike? fraud-buster stalks PAGES hospitals, hopes to 12, 14 recover $1.6 billion PAGE 2 ® Fresh 102.7 gives PLJ, LTW a run for ratings, revenues VOL. XXIII, NO. 26 WWW.NEWYORKBUSINESS.COM JUNE 25-JULY 1, 2007 PRICE: $3.00 PAGE 3 Upstart tech firms do well in Dumbo, SUMMER BLACKOUT THREAT but will they get priced out? Despite Con Ed upgrades, old feeder PAGE 3 cables could give out in some city areas City’s campaign finance reform bill bad for business ALAIR TOWNSEND, P. 13 Say-on-pay push gets off to a slow start; top-paid CEOs in New York EXECUTIVE PAY, PAGE 19 BY TOM FREDRICKSON

BUSINESS LIVES in the year since a blackout devastated northwest Queens for nine days, A LOOK DINNER Consolidated Edison has spent $90 million repairing and upgrading the BACK TO TO GO equipment that serves more than 300,000 residents and businesses. THE BLACK The victims of last Foodies An outage in that neighborhood is less likely, but the utility system re- year’s blackout plan mains vulnerable this summer because eight other areas—ranging from say efforts to their Fordham in the Bronx to Sheepshead Bay in Brooklyn—are operating on help them get vacations equipment more prone to failure than that in northwest Queens. back on their feet around “All of these other networks, by Con Ed’s own admission, are in worse missed the mark. cuisine See BLACKOUTS on Page 10 PAGE 31 PAGE 10 redux

AT DEADLINE Following Blackstone’s lead Deadline LAWMAKERS ADJOURNED LAST WEEK WITHOUT addressing a spurs rush bill that would establish a looks tough for firm’s peers statewide cable television franchise.The measure would vate equity industry. to build have accelerated plans by Private equity outfit’s In Washington, amid howls of Verizon Communications Inc. buyout sets tempting outrage over the amounts of mon- to offer cable TV in New York target, but industry ey being made on private equity Market-rate projects City—a process that has been deals, plans are afoot to slap the in- boom as developers in seeming standstill since last woes, backlash rise dustry with a huge tax hike.And in October, when the City the markets themselves, the melt- race 421-a expiration Council authorized the down in the subprime mortgage Bloomberg administration to BY AARON ELSTEIN market is driving up the cost of move forward with a request borrowings that are the lifeblood of BY JULIE SATOW for proposals by companies last week, private equity firm firms like Blackstone. that want to compete for a city Blackstone Group scored the most “If you’d asked me a month ago, a housing bill passed by the state franchise. City officials say lucrative deal in its 22-year history, I would have said absolutely more Legislature last week will lead to a they are working on it. raising over $4 billion in a wildly private equity firms would go pub- surge in condominium and apart- successful initial public offering of lic,” says Matthew Rhodes-Kropf, ment construction as developers MAYOR MICHAEL BLOOMBERG its own shares. a professor at Columbia Business rush to build market-rate projects WILL DISCUSS education and The deal, the largest IPO by a School. “Now, I really don’t think before a generous tax break expires. other issues at a Crain’s Wall Street firm since Goldman lindström bekka so. The industry is facing an awful On Thursday, lawmakers breakfast forum at 8:30 a.m. Sachs went public eight years ago, value of his remaining stake in the backlash.” agreed to extend the abatement, on Wednesday at the Sheraton gave Chief Executive Stephen company at nearly $8 billion— No wonder some of the very slated to end in December, until See AT DEADLINE on Page 2 Schwarzman a $900 million cash slightly less than the gross domes- largest private equity firms are July 2008. After that, builders in payday last Friday. It also put the tic product of Honduras and more rushing to get their IPOs done be- many parts of the city—including than that of 67 other countries. fore the opportunity slips beyond all of Manhattan, vast swaths of Mr. Schwarzman’s windfall will reach.Manhattan-based Kohlberg Brooklyn and a few neighbor- 26

5 certainly be long remembered, but Kravis Roberts & Co. is said to be hoods in the other three bor- following his example—as many close. Another giant local player, oughs—will have to set aside 20% others now hope to do—is sudden- Apollo Management,is believed to of new units for low- and middle- ELECTRONIC EDITION ly looking a lot harder than it did be mulling such a move, as are income New Yorkers to qualify for only weeks ago.While the celebra- Washington, D.C.-based Carlyle the long-term tax break. tions wind down at Blackstone, Group and Texas Pacific Group in The extension of the abate- NEWSPAPER clouds are thickening over the pri- See FOLLOWING on Page 8 See DEVELOPERS on Page 8 71486 01068 0 CNYB 06-25-07 A 2 6/22/2007 7:12 PM Page 1

AT DEADLINE Continued from Page 1 added another route to the 2008 Top cop targets New York.The mayor will make schedule: a nonstop flight to the remarks and be questioned by industrial city of Guangzhou. Crain’s editor Greg David and That flight, which will be WNYC’s Brian Lehrer. Go to available only to airlines www.NewYorkBusiness.com currently serving China, will be and click on Events to register. awarded next March. Continen- health care fraud tal has said it will compete for THE JEWISH MUSEUM HAS all available China routes.The program more than $700 million annually. In REACHED ITS GOAL of carrier flies daily from Newark Inspector general seeks addition to procuring settlements through $75 million in a fund-raising to Hong Kong and Beijing. audits, Mr. Sheehan must build cases to be campaign launched in 2004 to to recover $1.6 billion; mark its centennial.The THE MACARTHUR FOUNDATION passed on to Mr. Cuomo’s office for litigation. infusion has allowed the ANNOUNCED a $1.1 million grant linked to federal funds Legal action can result in even bigger museum to increase its to fund a city public school monetary awards, since they may involve endowment to $88 million from opening this fall that will use $23 million, and pay for new video games in the curricula for BY GALE SCOTT penalties and triple damages. exhibitions, art acquisitions and kids in grades 6 through 12. Mr. Sheehan, formally educational programs. Called the Gamelab Institute of as new york state’s new top cop for appointed earlier this month, will Play, the school will be built in health care fraud, Medicaid Inspector have to recover more than 15 times MANHATTAN MEDIA IS MOVING collaboration with New Visions General James Sheehan faces a INTO BROOKLYN. The publisher for Public Schools, a nonprofit the highest amount ever collected of neighborhood freebie papers that works with the NYC daunting task. His auditors must through audits in a single year in Our Town and The West Side Department of Education to recover a record $1.6 billion by 2011, order to meet the $1.6 billion Spirit is launching its first improve the quality of or the state will lose just about that goal. New York’s $50 Brooklyn publication, a spinoff education. Students will design of the company’s glossy monthly games and game-inspired much in promised federal aid. billion Medicaid giveaway New York Family. materials, which will be used to And that’s just the program is the nation’s Starting in September, 10,000 improve literacy and enhance beginning. largest, so there are a copies of New York Family learning for standard subjects. Both Gov. Eliot Spitzer Brooklyn will be distributed in slew of potential Park Slope, Brooklyn Heights, NEW YORK CITY MAY TURN OUT TO and Attorney General targets. In addition, Williamsburg and other areas. BE MERELY the first front in a Andrew Cuomo have Mr. Sheehan’s 20 wider war over restaurant menu vowed to be much years of experience THE U.S. DEPARTMENT OF TRANS- labeling. At least 10 states and tougher on fraud, PORTATION last week said it cities, including New Jersey and prosecuting would decide by Aug. 1 which Philadelphia, have introduced conservatively health care fraud airline will win the last available bills to require eateries to post estimated to cost gives him a nonstop U.S.-China route for caloric and nutritional data. Last New York’s running start. 2007. Continental Airlines has week, after the New York State See TOP on Page 9 been vying for a route from Restaurant Association sued, Medicaid Newark Liberty International New York City agreed to delay Airport to Shanghai.The DOT its rule until Oct. 1. I

CORRECTIONS The Columbia University Medical Center study of Alzheimer’s patients cited in the June 18 story “Labs target global plagues” took place in Washington Heights. The neighborhood was misidentified. Executive recruiter Rick Peterson says he has no documents or research to support a statement he made in an April 16 story that 600 top Smith Barney stockbrokers had left the firm in the previous six months. JAMES SHEEHAN, New York state’s Medicaid inspector general, says he’s “a persuader.”

THIS WEEK IN CRAIN’S buck ennis

THE WEEKS AHEAD ------9

REAL ESTATE DEALS------11 ALAIR TOWNSEND ------13 Politics stifle paid-leave bill THE INSIDER------14 GOP may be holding portune times to pass a measure to by progressive and good-govern- WEEK IN REVIEW ------16 increase the minimum wage,a bill on ment groups,including an end to tax off passage in hopes of emergency contraception and the breaks for projects that produce NEIGHBORHOOD Sexual Orientation Non-Discrimi- low-wage retail jobs in high-rent ar- election-year bargains nation Act.One Albany insider calls eas of Manhattan. JOURNAL------17 33 it “selling when the market is high.” But the administration watered SMALL BUSINESS ------18 The reprieve was good news for down its proposal, prompting labor BY ERIK ENGQUIST the Business Council of New York unions and the Working Families REPORT: EXECUTIVE PAY --19 State,which has made defeating the Party to object. Groups that had FORTUNATE 100------20 although it drew general sup- bill its top priority.The council says backed the bill then withdrew their port from state lawmakers,an initia- guaranteeing paid time off so that support,so the Legislature last week CLASSIFIEDS ------26 tive on paid family leave champi- employees can care for newborns or extended ICIP for one year in its oned by Gov. Eliot Spitzer was not ailing family or friends would in- current form. BUSINESS LIVES------31 passed before the legislative session crease absenteeism and leave small No agreements were reached on EXECUTIVE MOVES------32 ended last week—a classic example businesses shorthanded. power plant siting, congestion pric- of Albany politics trumping policy. Family leave wasn’t the only casu- ing, judicial pay raises, a tax cut for CORPORATE LADDER------35 33 Senate Republicans apparently alty last week.The Assembly blocked manufacturers, public authorities BOB LAPE ------35 prefer not to act on the measure un- reforms for the Industrial and Com- reform, brownfields and a slew of til 2008, a crucial election year for mercial Incentive Program proposed other issues. Also, the Senate failed vol. xxiii, no. 26, june 25, 2007—Crain’s New York Business (issn 8756-789x) is published weekly by Crain Communications Inc., 711 Third Ave., New York, NY 10017. Periodicals them.They can then pass the bill in by Mayor Michael Bloomberg. to pass a Wicks Law reform bill, de- postage paid at New York, N.Y. and additional mailing offices. Postmaster: Send address exchange for campaign help from ICIP provides property tax breaks spite having pledged to do so. changes to: Crain’s New York Business, Circulation Department, 1155 Gratiot Avenue, Detroit, MI 48207-2912. for subscriber service: Call (888) 909-9111. Fax (313) 446-6777.$3.00 a the legislation’s supporters, such as for up to 25 years for industrial and Mr. Spitzer plans to call a special copy, $59.79 one year, $109.79 two years. (GST No. 13676-0444-RT) ©Entire contents the Working Families Party. commercial buildings that are built session of the Legislature in July. copyright 2007 by Crain Communications Inc. All rights reserved. The GOP senators have used such or improved.The mayor’s office had strategies before:They waited for op- proposed changes that were cheered COMMENTS? [email protected]

2 | Crain’s New York Business | June 25, 2007 CNYB 06-25-07 A 3 6/22/2007 6:13 PM Page 1 Tech discovers Dumbo Manhattan, and startups would byte in his SoHo apartment, Scenic B’klyn nabe have to move even farther away to scoured lower Manhattan last year a haven for creative find affordable space. but found office rents unaffordable. Office space in Dumbo ranges Last September,he decided to move firms; must deal from $17 to $30 a square foot—at the three-man outfit into a 1,333- least $10 below the average asking square-foot space in Dumbo. with Manhattan gap prices in Manhattan. For tech startups with little avail- able cash,not being in Manhattan is BY AMANDA FUNG worth the sacrifice. “We’ve had to ‘Three years ago, messenger more material to clients, like many manhattanites,Wire- but it has been a breeze,” Mr. Kahn less Generation outgrew its first it was just us says.The $15 delivery fees are paltry home. compared with the $2,000 in Between 2001 and 2006, the and a few other monthly rent he is saving. educational software maker bal- Others consider the borough’s looned from three to 160 staffers in companies’ wealth of talent to be Dumbo’s three different offices in the Flat- biggest attribute. Four years ago, iron district. Its executives wanted Brooklyn Games relocated from to consolidate and needed about SoHo. The video game developer 40,000 square feet. But the price tag hires on a project basis, says co- for that kind of space in Manhattan Louis Ehrmann, Two Trees’ di- founder Jason Crawford,and having was prohibitive. rector of leasing, says the “sky-high’’ the Freelancers Union, an advocacy Wireless Generation joined a rents motivate companies to re- group for the creative industries, in growing group of tech firms cross- evaluate “whether it’s worth the ex- the same building has provided him ing the East River and setting up in tra money to have the Manhattan with valuable contacts. Dumbo, the awakening neighbor- OTHER ALLEY: Josh address.” For at least one company, the hood between the Manhattan and Reibel found large short distance between Dumbo and Brooklyn bridges that is named for space for his firm, Solid base Manhattan was too much. Ian its location: down under the Man- Wireless Generation, the growing Dumbo tech com- Schafer, founder of interactive ad hattan Bridge overpass. at an affordable rent. munity had a small but solid base. shop Deep Focus,says the commute The area—only one subway stop The area’s cheaper costs helped was a hassle. from Manhattan—offers water- firms like Waterfront Media, a pub- “If you asked a cab to take you to front views, a bohemian vibe and lisher of health Web sites,and inter- Dumbo from Manhattan at 3 p.m., lower rents. Dumbo is also home to active advertising shop Big Space- you would be more likely to get the a bursting supply of highly educat- ship flourish. Their success then finger,” Mr. Schafer says. ed and creative talent. inspired others—such as Zeitbyte, Many firms have become loyal to which helps businesses deliver video the neighborhood,however.Since it Can’t beat the view commercial landlord, Two Trees at the Center for an Urban Future. to the Web—to move there. launched six years ago, Big Space- “we have a spectacular view, Management Co.,says tech compa- “Creative and tech professionals like “Three years ago, it was just us ship has been in five different spaces one that would cost a fortune in nies make up about a quarter of its to cluster with like-minded people.” and two or three other companies,” there, says co-founder Michael Manhattan,” says Josh Reibel, approximately 100 tenants there. But the roots of this budding says Ben Wolin, co-founder of Wa- Lebowitz. “Dumbo has become the Wireless Generation’s president. “In the last five years, we have tech hub could wither if Dumbo be- terfront Media, which has 135 em- personality and culture of the com- The firm’s loftlike space exudes an seen an influx of highly educated comes heavily settled and rents rise. ployees and expects to hire an addi- pany,” he says. aura of tech entrepreneurialism. entrepreneurs to Brooklyn,” says Companies able to handle higher tional 50 over the next few years. The neighborhood’s largest Jonathan Bowles, research director costs might decide to return to Gary Kahn, who founded Zeit- COMMENTS? [email protected]

BY THE NUMBERS Fresh start for WWFS PRICEY HEALTH CARE New 102.7 doubles casting—in the target audience. the united states spends more RADIO DAYS WPLJ’s share of women aged 18 money on health care than any other monthly revenues to 49 held even at a 3.4 in the winter. Latest rating comparisons.* But 102.7’s share climbed to a industrialized nation. And New York and share of its Winter Fall % 3.9 from a 1.8 in the fall, when it City has the most expensive medical target audience 2007 2006 change was playing dance music under the care in the country, according to a new old Mix format.Fresh ranked ninth report by actuarial firm Milliman Inc. WWFS 4.3 2.1 +105% in the target demographic, up sev- BY MATTHEW FLAMM WPLJ 3.4 3.7 -8% en spots. WPLJ slipped to No. 11. The report includes a measure of the Fresh has now set its sights on average amount paid annually for a family of each weekday on WPLJ,listeners WLTW 9.4 9.8 -4% powerhouse WLTW, which re- four covered by an employer-sponsored can tune in to Scott & Todd in-the- *Average quarter-hour share of female audience cently dropped its longtime Lite preferred provider organization. istockphoto Morning.At WLTW,they can hear aged 25 to 54, Monday to Friday, 6 a.m. to FM moniker in favor of 106.7—a Karen & Christine in the Morning. midnight. Source: Arbitron Inc. move that some observers think But on WWFS, the newest sta- was made in response to competi- tion targeting suburban women, tion from Fresh. the morning host is virtually doubled from the fall. Long-suffering CBS Radio ex- anonymous. Competitors are taking notice. ecutives are delighted to see their A low-key approach and soft “It sounds like a station you problem station turn the corner. music mix aimed at younger listen- might hear in an elevator,” snipes “To land in the top 10 on a ers have finally given WWFS what Scott Shannon,WPLJ program di- launch was fabulous,” says Fresh years of fumbling and a series of rector and half of Scott and Todd. General Manager Maire Mason. format shifts could not: a ratings Nevertheless, he says, “it seems to “We have a very suburban, up- winner. be affecting LTW and PLJ.” scale audience, and advertisers love The CBS Radio station, which it.” Monthly ad revenue for 102.7 was once known as WNEW and is Aggressive marketing has doubled since the launch, and now called Fresh 102.7, jumped fresh is doing more than affect- nearly 50 new accounts have signed into the top 10 among its key audi- ing WPLJ. An aggressive market- on, Ms. Mason says. ence—women listeners—in its ing campaign when 102.7 launched Fresh still has catching up to do. first Arbitron survey this winter.Its in January helped it blow past Last year, it posted ad revenues of share of that audience more than WPLJ—owned by Citadel Broad- See FRESH START on Page 8

June 25, 2007 | Crain’s New York Business | 3 CNYB 06-25-07 A 4 6/22/2007 7:14 PM Page 1

IN THE MARKETS HIGHLIGHTS REEL Uncharacteristic gamble -1.9% The gets J.P.Morgan in trouble Bloomberg/ Crain’s New

➡ York Index ing buffeted by higher interest rates.The supplied $19 billion; treasury services, fell 1.9% to Loans to hedge fund benchmark 10-year Treasury note yield commercial banking and asset manage- end the gone bad fuel sell-off; rose nearly a third of a percentage point ment accounted for $8 billion to $10 bil- week at in the past month, to lion each. 396. The good time to cash out 5.14%. The compa- So far,J.P.Morgan’s S&P 500 ny’s stock has fallen earnings are doing fine, Index fell 6% over the same pe- thanks to a successful 2.0%, BY TOM FREDRICKSON riod, to $48.72.That’s overhaul of operations closing at 1503. no coincidence. engineered by Chief verything seemed to be “The [bank] group Executive Jamie Di- going great for J.P. Morgan has been underper- mon, who was brought Chase & Co. until recently. forming with the in after the 2004 merg- The bank, which has be- ratcheting up of long- er with Bank One. He come known for avoiding term interest rates,” integrated Bank One, RISERS Erisk, surprised Wall Street with news that says Peter Kovalski, a where he had been 5-DAY 1-MONTH 3-MONTH CLOSING it was one of several firms that had lent portfolio manager CEO, and made sure % CHANGE % CHANGE % CHANGE PRICE large amounts to a hedge fund at Bear with Alpine Funds. that J.P. Morgan fully JetBlue Airways +8.2% +2.4% -2.8% $11.37 Stearns that spent much of last week on They will hurt the val- digested several earlier deathwatch as the result of bad bets on ue of J.P. Morgan’s acquisitions. MasterCard +6.8% +21.4% +53.7% $168.43 subprime mortgages. vast bond holdings,he Earnings per share Polo Ralph Lauren +3.1% +1.3% +12.1% $97.71 “The value of J.P. Morgan’s collateral says, because the soared 29% in 2006,to Market cap $170 billion Time Warner +2.6% -0.7% +7.6% $21.45 [on the loan] was determined by algo- prices of the securities $3.78,on a 7% revenue Foot Locker +2.5% -1.5% -7.6% $21.67 rithms on a computer,”says Dick Bove,an move in inverse rela- Trailing 12 months P/E 11 gain, to $61.8 billion. analyst at Punk Ziegel. “That’s not the tion to bond yields. Return on equity 13.6% Analysts are expecting type of loan I expect J.P. Morgan to be Higher borrowing profit to climb 21% SINKERS making.” costs could curb con- this year. Some of the 5-DAY 1-MONTH 3-MONTH CLOSING Disillusioned investors began dump- sumer spending and optimism hinges on % CHANGE % CHANGE % CHANGE PRICE ing the shares, whose value slid nearly $2 consequently crimp growth in J.P. Mor- higher interest rates’ allowing the bank to SL Green Realty -8.3% -5.4% -8.5% $126.65 over the course of the week.But even now, gan’s hefty credit card business. Longer charge borrowers more.But that hope ig- Monster Worldwide -8.1% -12.5% -16.5% $41.34 the price of J.P. Morgan stock is 22% term, rate hikes may also hamstring bor- nores the possibility that the higher costs more than what it was a year ago. In- rowers’ ability to pay off the bank’s loans. could trigger a slowing in the economy, Lazard -7.2% -11.3% -10.3% $46.39 vestors should take their profits and head Credit cards and retail banking pro- hurt credit quality and consequently Merrill Lynch -6.4% -10.1% -0.7% $84.48 for the exits. duced the lion’s share of revenues at the squeeze J.P.Morgan’s profit. Vornado Realty Trust -6.3% -4.9% -10.6% $109.23 In addition to the seeming slippage in company last year—$35 billion and $32 its lending discipline, J.P. Morgan is be- billion, respectively. Investment banking COMMENTS? [email protected]

STOCKS TO WATCH SERIOUS PROTECTION by Erik Ipsen Really Moody investors turn FOR PEOPLE WHO thumbs down on big rating service Executive Protection Services ARE SERIOUS ABOUT A TIDAL WAVE of new debt-related securities in recent years has buoyed Moody’s. But investors are worried THEIR SAFETY that the good times are ending: Almost half of the rating agency’s revenues are tied to assessing exotic instruments—including those backed by subprime mortgages—and that business is cooling. The stock is off $10 from its February peak. At almost 25 times trailing earnings, though, it still may not be cheap enough. Executives at CBS still aren’t reading their scripts. They were supposed to act as if they were leading the duller, old-media half of Viacom since the split 18 months ago. Instead, the network has embraced modernity—cutting a forest of deals to get shows—and actually made money. Closing on Friday at $32.56, CBS shares are up nearly 30% since the split, while Viacom’s stock has barely budged. Commercial real estate may be white- I Professional Executive hot, especially in New York, but don’t Protection Officers tell that to investors in one of the I Highly trained law area’s biggest landlords, Mack-Cali. enforcement drivers The real estate investment trust’s share price actually hit a 52-week low I Highly confidential and discreet last week and is off 15% this year. I Reliable True, all REITs are suffering the effects Contact Joe Russo, former Special Agent in Charge, of rising interest rates, which dull the I Committed & Professional United States Secret Service, to arrange for Domestic or International Executive Protection attractiveness of their high dividends, I Safe & Secure Services. Telephone 212-422-0000. but Mack-Cali is now the worst- performing local REIT by a mile. charts: lindström bekka

4 | Crain’s New York Business | June 25, 2007 Project4 6/5/07 1:58 PM Page 1

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WILL KILL MORE BABY BOOMERS AND GENERATION XERS THAN NEW YORK,NEW YORK CANCER AND HIV COMBINED. edited by Valerie Block YOUR DOCTOR’S STANDARD CHOLESTEROL BLOOD TESTS AND STRESS TESTS MISS 50% OF PEOPLE AT RISK FOR the genre hasn’t graced the city’s HEART ATTACKS AND STROKES. Pita chain’s got NY airwaves in more than a decade. in its pocket Despite its growing cool factor— even Bon Jovi released a country al- Are you the one? pita joints are popping up all bum this month—radio execs in- Our expertise can prevent these catastrophes. around town, but only Extreme sist that the format won’t fly here. Pita is crossing the border from That’s not dashing Mr. Ravitz’s Canada to get here. dream. He’s talking to the Coun- THE NEW YORK CENTER FOR The Ontario-based chain, try Music Association in Nashville THE PREVENTION OF HEART DISEASE which has 180 restaurants up north and trying to raise $50,000 to 212-717-0666 www.thenyheartcenter.com and 25 in the United States, opened commission a study proving the its first New York City eatery this viability of the format in this urban month, at 119 E. 23rd St.The $60 enclave. (He’s quick to note that million company he’s working on plans to open 55 his own time, not PHOTO GALLERY more locations in BREAKFAST that of the Board LISTINGS OF LOCAL EVENTS the metro area in BEGETS LUNCH of Elections). Mr. 40 UNDER 40 PROFILES AND PHOTOS The want ads the next decade. Ravitz is seeking TOP LISTS FOR BUSINESS LEADS Extreme Pita’s With its morning sandwiches out like-minded NY BUSINESS DIRECTORY menu includes selling briskly in the city, New Yorkers, such department Philly cheese steak, Starbucks will expand its as DJ Jim Kerr.To LATE BREAKING ublisher David Carey falafel and chick- lunch offerings this week. get his country fix (below) was pressing en Caesar sand- On the menu: in the car and the LOCAL NEWS wiches—ranging Garden tuna salad wrap office, he sub- RESTAURANT REVIEWS the flesh last week dur- in price from scribes to Sirius LINKS TO MEMBERSHIP ORGANIZATIONS P $5.75 ing the final stretch of his $4.29 to $6.99— Satellite Radio. INTERACTIVE ONLINE POLLS race to fill Condé Nast Port- as well as soups White chicken curry with Mr. Ravitz is SEARCHABLE ARCHIVES and salads.Their couscous $5.50 convinced that COMPREHENSIVE INDUSTRY PAGES folio’s second issue with ads. bread is baked on country can suc- He met with clients to share Asian sesame noodle salad THERE’S SOMETHING FOR the premises. $4.95 ceed here, and he EVERYONE AT enthusiastic e-mails from Steve Haddad, wants to be in- some of the business whose family volved. “I might be owns six M&S Bargain Don Quixote,” he says, “but I’ll title’s high-profile Hunters stores in Brooklyn keep trying.” readers, media and Queens, acquired Ex- buyers say. treme Pita’s metro area fran- Movie casts its lot His efforts to chise rights and operates the first restaurant here.The re- with social network retain all his ad- tailer says he’s up to the culinary vertisers haven’t been en- challenge. “I did a lot of research members of social network tirely successful.The debut on fast-food franchises,” he says. Going.com will get a free preview Weiser LLP is pleased to introduce of the Don Cheadle movie Talk to issue, which arrived in April Me on Wednesday at the United Weiser Capital amid tremendous hype and City spawns leader Artists theater at Union Square. mixed reviews, had 185 ad of country The event is the first in an effort pages.The September issue by NBC Universal’s indie film Management LLC, john ravitz,exec- outfit, Focus Features, to use social will have roughly 120,a utive director of networking sites to build buzz our wealth advisory subsidiary. Portfolio spokeswoman says. the city’s Board of among twentysomething One executive at a major Elections, got tastemakers—generating the country word-of-mouth about its media-buying shop explains music bug on a movies in an increasing- why some clients whose ads road trip ly crowded marketplace. appeared in the first issue across Ohio Going.com’s 300,000 Through Weiser Capital Management, will not return: “They ex- several years members can sign up for a Registered Investment Adviser, we are pected a more hard-hitting, ago. He’s been the tickets and view pro- able to offer affluent individuals, families, hooked on Ras- files of other members who New York City cal Flatts family offices, endowments, and 401(k) substantive business environ- (right) are planning to attend. 135 West 50th Street ever since. Now At press time, 70% of New York, NY 10020 plans investment advisory and wealth ment, and what they got was Tel 212.812.7000 a fashion-centric, business- he’s determined the preview tickets were Fax 212.375.6888 management services including: to get a country taken. A Going.com as-background type of getty images Long Island • Strategic Asset Allocation music station spokesman says he 3000 Marcus Avenue • Alternative Investments Condé Nast title,” he says. on the air here. expects to fill the house. Lake Success, NY 11042 It’s a tough sell. While New Tel 516.488.1200 • Trust and Estate Planning Portfolio executives say Fax 516.488.1238 York is the second-largest U.S. Contributors: Lisa Fickenscher, Matthew • Insurance Advice the publication is meeting its Westchester market for country music sales, Flamm, Miriam Kreinin Souccar 660 White Plains Road • 401(k) Upgrade Services original goals, which were to Tarrytown, NY 10591 run an average of 125 pages Tel 914.333.0555 COMPOSER COMES OUT Fax 914.333.0556 Please contact in September, October and Jordan Berlin, CEO Indie label Thirsty Ear will officially release classi- New Jersey November. “This was the 399 Thornall Street Weiser Capital Management cal composer and violinist Daniel Bernard Edison, NJ 08837 212.375.6687 plan,” says the spokeswoman. Roumain’s debut album on Tuesday. Guest artists Tel 732.549.2800 include Philip Glass, DJ Spooky, DJ Scientific and Fax 732.549.2898 “We have solid fall issues and at least 30 new advertisers.” Ryuichi Sakamoto. Études 4 Violin & Electronix www.weiserLLP.com Weiser LLP | Certified Public Accountants will be available in stores, as well as through Mr. Carey will be booking iTunes and other online retailers.

david carey:david getty photo images September ads until July 10.

6 | Crain’s New York Business | June 25, 2007 Project2 6/14/07 6:40 PM Page 1

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The idea bulb that pops © on above your head should be a compact fluorescent one.

FIND MORE ENERGY SAVING TIPS AT CONED.COM CNYB 06-25-07 A 8 6/22/2007 7:17 PM Page 1

the industry’s wild swings.Last year, day party at the Park Avenue Ar- the firm generated $1.1 billion in mory this spring beneath a giant Following Blackstone looks hard net income.Just four years earlier,its portrait of—you guessed it— earnings were a minuscule $39 mil- Stephen Schwarzman. Continued from Page 1 threatens to drive up financing costs Bear’s fund had begun life with a lion. Similarly, Blackstone reported So long as the public views pri- Fort Worth. But for the next tier for private equity firms and drive mere $600 million in equity but in a $3.9 billion gain in the value of its vate equity executives as Wall down, which constitutes literally down profit margins. less than a year had piled on moun- investments last year, compared Street’s fattest of fat cats, it will be hundreds of firms, it’s probably al- Investors are also getting nerv- tains of debt to buy $6.7 billion in with a loss of $438 million in 2002. painful for any of them to sell shares ready too late. ous about some of the huge risks securities. Private equity players use to the public, Columbia’s Mr. Congress is looking to tax the similar amounts of leverage,and run Uncommon attention Rhodes-Kropf says. He reckons the profits of private equity firms at the similar risks as a result. the titans of the private equity in- executives should first try to im- 35% rate levied on ordinary income, ‘No one expected “No one expected a major fund dustry are used to such prove their images by taking instead of at the lower 15% capital out of a major firm to collapse,” swings and to making pots a page from Bill Gates’play- gains rate that currently applies to a major fund out comments David Deutsch,chief ex- of money. What they aren’t $8B book and dedicate a few of them. ecutive at investment banking firm used to is getting the kind of VALUE their billions to philanthro- of a major firm of Stephen David N. Deutsch & Co. “What public exposure—and past- Schwarzman’s py. Getting even wealthier Hold that thought does that say about the rest of the in- ing—that Blackstone’s Mr. stake in by holding IPOs is the last “there is an actual legislation to collapse’ dustry, if it happens? This is a ques- Schwarzman took in recent Blackstone thing the private equity in- process under way, so private equity tion that will have to be worked out weeks. dustry needs.Such windfalls firms will want to watch how that if the next private equity IPO is to In the last few months, the pub- are especially unlikely to sit well goes,” says Bob Kennedy, a partner be well-received.” lic has learned that the 5-foot-6- with members of congressional tax- at law firm Jones Day.“My guess is, Investors may also want to ask inch Mr. Schwarzman wolfs down writing committees. you’ll see a lot of firms deciding now that private equity and hedge funds another question. Will life ever three-course lunches in 15 minutes “If you shove your wealth in peo- is a great time to wait and see rather routinely take. The near-death ex- again be this good for private equity and orders as much as $3,000 worth ple’s faces, they will react,” says Mr. than go through the whole arduous perience of a Bear Stearns hedge shops? Last year, they made $746 of seafood for the weekend. Every- Rhodes-Kropf. “I think it would be IPO process.” fund last week has fanned those billion worth of acquisitions glo- one also now knows that he can be smart for these guys to lay low for a Meanwhile, the cost of borrow- fears especially,since the fund’s loss- bally, according to research firm sensitive to the sound of squeaky while.” ing money long-term has risen es came on some titanically lever- Dealogic, 10 times 2001’s total. shoes and that Rod Stewart and sharply in recent weeks. That move aged losing bets. Blackstone itself richly illustrates Patti LaBelle sang at his 60th birth- COMMENTS? [email protected] Fresh start for WWFS

Continued from Page 3 you have to see how it plays out,”says $17 million, according to BIA Fi- Rob Williams, market manager of nancial Network.WPLJ billed $37.2 Clear Channel New York, WLTW’s million and WLTW $65.6 million. operator. “There are plenty of sta- But Fresh is making progress. tions that can launch well.” “Its share of ad dollars is growing at a faster rate” than that of its two Ad growth questioned competitors, says Mark Lefkowitz, there’s also some question about MARQUEE NAMES NOT NEEDED: Fresh 102.7 says its advertising campaign has generated good results with marketers. media director at Furman Roth Ad- how much 102.7’s advertising rev- vertising Inc. “It’s still not a giant enue can grow. number,but if [102.7’s] ratings con- Fresh is far from topping the helped WPLJ bill far beyond its Web site is a great promotional tool an expensive station to buy. tinue to improve, I think both of ranks of stations targeting suburban modest ratings by promoting prod- and that advertisers are happy with “The more competition, the bet- those stations will take a hit.” women. 106.7’s No. 1 position in ucts and events. Having popular the results. ter for my clients,” says Tricia Pick- Even so, Fresh has to prove its that category makes that station a pitchmen helps stations charge ering, a senior media buyer at Carat staying power. New formats often must-buy for many advertisers.And higher rates for ads. Reasonably priced option USA. “Fresh may not be No. 1, but draw listeners eager to sample WWFS doesn’t have the selling “Fresh doesn’t have all the tools for marketers,Fresh is a welcome when you break into the top 10, something different, but they don’t power of star personalities. in the toolbox that WPLJ has,” says addition, largely because it gives that’s a big deal.” necessarily stick around. Morning hosts Scott Shannon radio consultant Robert Unmacht. them an alternative to 106.7, the “They’ve done a good launch,and and Todd Pettengill have long Ms.Mason argues that the Fresh top-billing signal in the country and COMMENTS? [email protected]

Developers race 421-a deadline 421-A AT A GLANCE EXCLUSION ZONE Area where developers get a tax abatement only if they Continued from Page 1 abatement if they pay builders of af- opers. Insiders say Gov. Eliot agree to build affordable housing. Bill would expand exclusion zone into 14 ment, known as 421-a, is a big boost fordable housing a set fee per unit. Spitzer is unlikely to veto it. neighborhoods throughout the city not included in the city version. for more than two dozen develop- These payments are made in the Developers are working overtime AFFORDABLE HOUSING The 20% of apartments in 421-a projects set aside for ers, which are expected to construct form of certificates intended to spur to start their projects. Their efforts low-income residents in the exclusion zone will be less expensive in the state thousands of units. Among the affordable housing. The state bill are driving up demand for labor and bill than in the city’s version. Bill calls for the units to be affordable to a family firms are Rockrose Development passed last week extends the certifi- materials at a time when many crews of four earning $42,000, versus $56,000 in the city version. Corp., which is building a large cates’ validity until December 2008. are already overwhelmed and firms rental project in the Hudson Yards struggle to find site managers. neighborhood in Manhattan, and Promoting affordable housing “There are many developers who Thompson Hotel Group, which in recent years, critics have blast- are calling us on a daily basis,but there critical efforts was to get an extension REBNY is in talks with the city’s hopes to start two Manhattan resi- ed the 421-a program for rewarding are only so many jobs you can do at the of the rules.“It would have been nicer Department of Housing and Preser- dential projects before next July. wealthy condo buyers and failing to same time,” says Angelo Sisca, vice to get nine months, but six months is vation about establishing guidelines “The six-month extension gives spur building of enough affordable president of operations at The reasonable,” Mr. Spinola says. for grandfathering some projects. us some breathing room,” says Jon housing.The City Council approved Laquila Group,which is laying foun- Though the extra time will help Right now,the legislation states only McMillan, Rockrose’s director of a plan last year to change the pro- dations for four Manhattan projects. big developers that have the re- that construction must start before planning. gram to promote more affordable In addition to causing a con- sources to expedite projects,over the next July. REBNY is arguing for ex- The tax-abatement program, es- housing, but the state bill, which is struction crunch, the July 2008 long term, the changes in the 421-a ceptions.The city agency did not re- tablished in 1971 to spur construc- required to implement the 421-a deadline will flood the market with program could slow construction of turn calls for comment. tion, has been an important element changes, goes further. It expands the new units,which is expected to drive market-rate developments and hurt “There must be some flexibility,” of the real estate boom. In some areas number of areas where the abate- down condo prices. builders, especially smaller firms. says Ross Moskowitz, a partner at of the city it provides market-rate de- ment won’t be available to develop- “You are taking a bunch of sites “The new rules could put us out of law firm Stroock & Stroock & La- velopers with a 10- to 15-year exemp- ers, mandates that affordable and that were planned to be started over business,” says Gerard Longo, the van and counsel to REBNY. “Let’s tion from property tax increases re- market-rate units be constructed the next few years, and they will all president of Madison Estates and say a project has timely commenced sulting from their work. This has within the same building and re- start by July 1,” says Steven Spinola, Properties. At a project in Sheeps- construction in order to be eligible translated into tax savings of as much quires that developers first market president of REBNY. “It will drive head Bay, Brooklyn, taxes on a two- but then has to amend its permits as $100 a square foot for condo buy- apartments to community residents. up construction costs, and it could bedroom unit would rise to $2,000 due to government action—in this ers and into lower rents for tenants. Both houses voted to pass the have a minor effect on prices.” from just $500. “My buyers won’t be case the project’s eligibility shouldn’t In so-called exclusion zones, the bill, which is endorsed by the Real REBNY supports the bill, even able to afford that,” Mr. Longo says. be jeopardized.” current 421-a program allows mar- Estate Board of New York, the lob- though it was forced to compromise There are still some unresolved ket-rate developers to receive the bying group that represents devel- on several key points.One of its most issues in the housing bill. COMMENTS? [email protected]

8 | Crain’s New York Business | June 25, 2007 CNYB 06-25-07 A 9 6/22/2007 2:28 PM Page 1

Top cop targets $1.6 billion in health fraud

Continued from Page 2 Adding to providers’ concerns, [case] referrals from the Medicaid ‘’We’re going to look at a variety of Mr. Sheehan has new resources: a inspector general.” major providers and major cate- state False Claims Act with a whis- Mr. Cuomo responds that Med- gories—managed care organizations, tle-blower provision that was passed icaid fraud is his office’s top priority. pharma companies, device compa- this year; a staff that’s been nearly “We are moving to add more nies,’’ says Mr. Sheehan. “We’ll find doubled to 300, including 100 new staff in accordance with the Hynes bad little guys and bad big guys.” auditors; and a bigger budget. report,” says a spokesman for Mr. Mr. Sheehan’s efforts might be Cuomo. Health care providers anxious slowed by long-standing problems That includes the April hiring of state health care providers are at the Medicaid Fraud Control a new unit chief, Heidi Wendel. As

digging in for a fight. Mr. Sheehan bloomberg news Unit, run by Mr. Cuomo’s office. A a U.S. attorney for the Southern earned a national reputation for January analysis done at Mr. Cuo- District of New York, she prosecut-

policing fraud when he was an asso- Fraud cases mo’s request by Kings County Dis- ed major health care fraud cases, lindström bekka ciate U.S.attorney for civil programs trict Attorney Charles Hynes con- such as one against Beth Israel in the Eastern District of Pennsyl- go to Andrew tained sharp criticism. The report Medical Center in 2005 that result- 2011—means winning some big vania. Already, industry lawyers are cites understaffing and says that the ed in a $73 million settlement. cases, Mr. Sheehan says. Fortunate- holding seminars focused on how to Cuomo’s office relationship between the unit and As the new Sheehan team takes ly, he has a record of doing just that, deal with his office. Mr. Sheehan’s office “needs to be over, it is still short of its target.The notably a $155 million federal case “Finding out you’re facing Jim for litigation clarified as quickly as possible.” unit has recovered $100 million against Medco Health Solutions Sheehan on a case is like having your through audits in fiscal 2007.That’s Inc., a Franklin Lakes, N.J., phar- secretary tell you Mike Wallace is on Medicaid fraud is priority a record recovery, but it is far short macy benefits manager, and $332 the phone,” says Francis Serbaroli, a though the recently passed of the federal target of $215 million million recovered from SmithKline health care lawyer at Cadwalader budget upped the unit’s funding by for 2008.That number is one of four Beecham Clinical Laboratories. Wickersham & Taft in Manhattan. groups and others. Mr. Sheehan’s more than 5% to $51.5 million and annual goals set by federal officials Mr. Sheehan may have a hard- Providers’ anxiety intensified af- spokeswoman said only 12 received increased its staff 6% to 345, Mr. as part of an agreement by which the nosed reputation, but he remains ter Mr. Sheehan’s enforcement bu- the missive because they are being Hynes wants to nearly triple the state gets aid to close unneeded low-key and affable, saying he’s “not reau sent out 70 letters, seeking 12 targeted for investigation. Others unit’s budget to $153.3 million and hospitals. a tough guy. I’m a persuader.” pages of detailed financial informa- on the list worry they will be expand the staff.Otherwise,he says, Clearly, reaching those goals— tion from surgical centers, medical dragged into a fishing expedition. the unit “will be swamped with the target will be $644 million in COMMENTS? [email protected]

THE WEEKS AHEAD

CORPORATE & INVESTMENT BANKING I ASSET MANAGEMENT I PRIVATE WEALTH MANAGEMENT THIS WEEK’S EVENTS JUNE 27 JUNE 26 New York Society of Security Analysts Camba, Small Business Services, holds holds program on the rise in secondary workshop on selling food in New York market transactions. 6:00 p.m. to 8:30 City. 6:00 p.m. to 8:30 p.m., 884 p.m., 1177 Sixth Ave., second floor. Fee: Flatbush Ave., second floor, Brooklyn. $75 members, $115 nonmembers. Free. (718) 282-2500, ext. 242, or (646) 871-3405 or [email protected]. [email protected]. JUNE 27 JUNE 26 Lower Manhattan Business Solutions Professional Women in Construction Center holds seminar on starting a holds networking reception and real business. 2:00 p.m. to 5:00 p.m., 110 estate program. 5:00 p.m. to 8:00 p.m., William St. Free. (212) 618-8845. Club 101, 101 Park Ave. Fee: $65 JUNE 27 members, $75 nonmembers. Women’s Bureau and Citi Markets & (212) 486-7745 or [email protected]. Banking hold breakfast program on JUNE 26 flexible work arrangements. 9:00 a.m. to New York chapter of Association for 11:00 a.m., 388 Greenwich St., room Corporate Growth, Vistage, The Deal, 26B. Free. (212) 337-2391 or Setting the stage Dealmaker, Merrill Corp. and Scherzer [email protected]. International hold breakfast program for JUNE 27 for our clients’ success. CEOs on selling your company. 8:00 StarCite holds forum on National a.m. to 10:00 a.m., Cornell Club, 6 E. Association of Securities Dealers’ rule 44th St. Fee: $55. (877) 224-6667 or 3060. 7:30 a.m. to 10:00 a.m., Grand [email protected]. Hyatt New York, 109 E. 42nd St. Free. JUNE 26 (212) 446-1877 or [email protected]. Nationwide Equities Corp. holds JUNE 27 networking reception. 6:00 p.m. to 8:00 Hodgson Russ holds seminar on federal p.m., Social Bar & Lounge, 795 Eighth and state tax dispute resolution. 8:30 a.m. Ave., second floor. Free. Registration to 10:15 a.m., Harvard Club, 35 W. 44th required. (917) 975-5985 or St. Fee: $45. (212) 751-4300 or [email protected]. [email protected]. JUNE 26 JUNE 27 Rose Group Coaching and Susan American Institute of Architects holds Drexler Coaching hold workshop on seminar on architecture, identity and creative marketing. 6:00 p.m. to 8:00 community. 6:00 p.m. to 8:00 p.m., p.m., 420 Bar and Lounge, 420 Center for Architecture New York, 536 Amsterdam Ave., downstairs. Fee: $15 La Guardia Place. Fee: $10 members, in advance, $20 at door. (917) 378-8988 $15 nonmembers. (212) 674-4711. or [email protected]. JUNE 27 JUNE 26 Speed Networking holds networking ReSpeedNetwork holds networking reception. 6:00 p.m. to 8:00 p.m., reception. 6:30 p.m. to 8:30 p.m., Park Latitude, 783 Eighth Ave. Fee: $30. Central New York, 870 Seventh Ave. Registration required. (203) 610-2808 or Fee: $50 in advance, $75 at door. o’[email protected]. (212) 532-8378 or JUNE 27 [email protected]. North Fork Bank holds networking JUNE 27 reception. 12:00 p.m. to 2:00 p.m., 470 Crain’s New York Business holds Park Ave. South. Free. (212) 679-1140 networking breakfast and program with or [email protected]. Mayor Michael Bloomberg. 8:00 a.m. to JUNE 28 www.db.com 9:30 a.m., Sheraton New York, 811 Brooklyn Chamber of Commerce holds Seventh Ave. Fee: $60. (212) 210-0739 course on safe work practices. 9:00 a.m. or www.newyorkbusiness.com. to 5:00 p.m., Department of Housing Preservation and Development, 210 More meetings online at Joralemon St., seventh floor, Brooklyn. Free. (718) 875-1000, ext. 116, or Deutsche Bank Securities Inc., a subsidiary of Deutsche Bank AG, conducts investment banking and securities activities in the United States. Deutsche Bank www.newyorkbusiness.com Securities Inc., is a member of NYSE, NASD and SIPC. © 2007 Deutsche Bank AG. Click on “Events” [email protected]. —adrianne pasquarelli

June 25, 2007 | Crain’s New York Business | 9 CNYB 06-25-07 A 10 6/22/2007 2:38 PM Page 1

Refunds too little, too late for hard-hit Queens owners

ness Administration approved 18 Con Ed checks, small low-interest loans,for a total of $1.5 business loans don’t million. cover blackout losses; More help needed too much red tape “we realized we had to do some- thing,” says SBS Commissioner Robert Walsh. “The blackout had a BY HILARY POTKEWITZ much more dramatic impact than the refund Con Ed was giving.” on the bustling avenues of As- About 40% of the businesses in the toria, Elmhurst and Long Island area, including groceries, butchers,

City, most business owners are still fish stores, ice cream stores and buck ennis getty images nursing the wounds from last sum- restaurants, worked with perishable MARIA NOTARO, co-owner of La Guli Bakery, says Con Ed’s compensation was too small. mer’s blackout—wary of what an- BLACKOUT AID food, according to Mr. Walsh. other heat wave might bring. Consolidated Edison made For some businesses, the money It’s only been a few months since wasn’t enough to make up the loss- Center of New York Inc. Of the They filed a suit against Con Ed in 2,499 payments of up to $7,000 Maria Notaro stopped having late- es. The Cold Stone Creamery on roughly 130 Korean-owned busi- March. Law firm Morelli Ratner is night panic episodes about her fam- each, totaling $4.9 million, to 31st Street in Astoria closed after its nesses affected by the power outage, handling the case, filed in State ily’s Astoria bakery. La Guli Bakery businesses that suffered owner,Michael DiStefano,watched he estimates that only 10% received Supreme Court in Queens.The case on Ditmars Boulevard, which she damages. his entire summer inventory melt. compensation for their losses. “Too is still pending. had been running for about six The New York City Department “The money from Con Ed was much red tape,” he says. months when the blackout hit, had of Small Business Services like a little joke,”says Ms.Notaro.In Almost half of his members are Fending for themselves just taken delivery of $9,000 worth issued 203 no-interest loans, up addition to the Con Ed reimburse- grocers who deal with produce and more than anything, the power of fresh milk,butter,eggs and cream. to $10,000 each, for a total of ment, she borrowed about $5,000 don’t traditionally keep detailed re- outage drove home what many of All of the baking products were lost $1.5 million. from SBS. But those sums didn’t ceipts—a requirement to receive these entrepreneurs have felt for in the wilting temperatures. even begin to cover her damages, funding. Neither Con Ed nor the years: When things go bad, they are Hundreds of thousands of Con- The U.S. Small Business which included three broken refrig- loan agencies disseminated infor- on their own. solidated Edison customers were af- Administration issued 18 erated display cases at a cost of near- mation in Korean. After losing about $10,000 in fected by the Queens blackout. low-interest loans for a total of ly $30,000. “People were not well informed, burned-out equipment last year, Businesses were forced to close, $1.5 million. Other owners didn’t even know so they didn’t do it,” Mr. Kim says. Noel Labat-Comess, president of some for nearly two weeks, as food Sources: Con Ed and the agencies about the small business loans or A Con Ed spokesman says the Tom Cat Bakery in Long Island spoiled in warm refrigerators and were unable to wade through the pa- company advertised its reimburse- City, is not taking any chances. He industrial ovens stayed cold. Help perwork. “I was surprised by the ment plan in English and Spanish. spent about $18,000 on a three- finally came in the form of partial up to $7,000 to 2,499 businesses,to- [low] number of applications,” Mr. And the SBS says its outreach team month contract to have a generator reimbursement from Con Ed and taling nearly $5 million. The city’s Walsh says. has members speaking seven lan- reserved on standby for his business, loans from the city and federal gov- Department of Small Business Ser- “People feel very vulnerable guages, but very few immigrant- just in case he needs it. “The thing’s ernments. But for many businesses, vices set up a no-interest loan pro- when it comes to approaching these owned businesses approached its of- the size of a semitrailer,” he says. “It it was too little, too late. gram for up to $10,000, underwrit- benefits,” says Sung Soo Kim, pres- fices for help with loan applications. can run our entire plant.” The utility admitted responsibil- ing 203 loans for a total of $1.5 ident of Flushing-based Korean- Owners of 52 other businesses ity for the outage and paid checks of million, and the federal Small Busi- American Small Business Service are still trying to recoup their losses. COMMENTS? [email protected]

sus mapping. “If there is a report of a power out- Blackouts are still a threat to New York City age, the Office of Emergency Man- agement,the Police Department and Continued from Page 1 addition, the company has imple- the Fire Department will respond shape,” says Assemblyman Richard mented more effective emergency and go door-to-door in the neigh- Brodsky,D-Westchester,who heads response systems to handle black- borhood to make an assessment of the committee that oversees the outs that do occur. how big it is,”says Deputy Mayor Ed Public Service Commission.“So it is Even so, the physical problems Skyler. “Then we will respond ac- impossible to know at this point won’t be cleared up for more than cordingly with the right scale.” whether Con Ed has solved the a decade. For example, Con Ed problem or ignored it.” doesn’t anticipate replacing anti- Emergency plan Con Ed says it believes it will be quated paper-insulated feeder ca- the enhanced information will able to meet demand this summer bles,which make up 27% of the main allow the city to quickly distribute without a crisis similar to last year’s. power lines in the city, until 2020. items such as bottled water, food, Over the last several years, the util- Failure of paper-insulated joints ice, generators and portable light ity has sharply accelerated its capital and cables, some of which are 60 towers and dispatch extra personnel years old,was implicated in the pow- to senior centers. er outages in northwest Queens last Con Ed Chief Executive Kevin Con Ed expects year and in Washington Heights in Burke says the utility has learned to spend $1.4 1999. Before last year’s outage, the lessons from last year and is ready for other areas considered prone to net- lindström bekka the summer. “Our 14,000 employ- work failure included the west ees have been hard at work prepar- billion this year Bronx;Jamaica,Queens;and Crown Bad management decisions also by the ‘seat of the pants,’ which is ing for this summer, and we contin- Heights, Williamsburg, Park Slope could continue to plague the utility. the approach that appeared to be ue to make substantial investments on upgrades and Flatbush in Brooklyn. Con Ed officials lacked important followed in this instance,” the PSC in our electric delivery system to information in the initial stages of report said. Con Ed faces a pru- provide New Yorkers with the high Peak expected to set record the Queens blackout. Officials left dence review, which—if it goes level of service reliability they de- while it tries to bring its system the network feeders on, in part be- against the utility—would force serve,” he says. up to date, Con Ed is facing in- cause they were unaware of the ex- shareholders, rather than cus- Queens residents and business investments. This year, it expects to creased demand. Driven by wide- tent of the outages, according to a tomers,to pay for repairs stemming owners remain skeptical. spend $1.4 billion on upgrades in its spread use of cheap window air con- February staff report by the PSC. from the blackout. “Con Ed says they’ll have more delivery and transmission system, ditioners and other appliances, an The report questioned that deci- Con Ed and the city say they now people on the phone, which is double the 2003 figure. amount of electricity that could sion,pointing out that manhole fires have systems in place to deal with great,” says Maria Notaro, co-own- The company anticipates spend- power 200,000 homes gets added to should have tipped off the engineers such a crisis better if a major black- er of La Guli Bakery on Ditmars ing about $7.5 billion over the next the system every year.This summer, and their supervisors. out occurs. They have coordinated Boulevard. “But that won’t prevent five years to make further improve- the utility expects peak demand to “The decision to shut down a efforts to gather accurate, timely in- another blackout from happening.” ments; it has sought a double-digit set a new record: 13,575 megawatts, network must be a calculated and formation on the number of people rate increase to help in that effort.In a 3% increase over last year. rational one, not one that is made affected by blackouts by using cen- COMMENTS? [email protected]

10 | Crain’s New York Business | June 25, 2007 CNYB 06-25-07 A 11 6/21/2007 2:32 PM Page 1

REAL ESTATE DEALS

cause Liberty Security Partners is Retailer finds better fit on Fifth Ave. taking the space “as is” and is not making any renovations, Mr. Ravetz says. The tenant will move ing’s fourth floor, The Witkoff hosiery in 20 countries. 21,000 square feet, or the entire into the new offices within the next Totes takes larger Group. —elisabeth butler 14th floor, at 100 William St. between several weeks. space for office, Other tenants in the 28-story of- Platt and John streets. The asking Newmark Knight Frank brokers fice building include Girl Scouts rent at the 21-story building is $45 Josh Gosin and Stephen Schofel, showroom; 2nd store of the USA, electronics retailer Firm finds space a square foot for the lower floors and who represented the tenant, de- CompUSA and The Rockefeller near WTC site $50 a square foot for the upper. clined to comment. for hosiery brand Foundation. “It is only a two-year lease, but The building is 95% occupied. —julie satow an engineering firm that is help- they have options to renew,” says Other tenants include law firm ubber overshoes may ing rebuild the World Trade Center Jeff Ravetz, a principal at Light- White & Case, Level 3 Communi- have gone the way of site has signed a short-term lease to house Real Estate Management, cations and financial software firm pinafores,but the retail- Hosiery retailer house its employees in lower Man- which owns and manages the office Interactive Data Fixed Income er best known for popu- makes stretch hattan. Liberty Security Partners building. Lighthouse was willing to Analytics. larizing the old-fash- signed a two-year lease for nearly make such a short-term deal be- —julie satow Rioned rain gear is more than luxury hosiery retailer Fogal is doubling its office and showroom opening a second Madison Avenue space on Fifth Avenue. store to cater to the neighborhood’s Cincinnati-based Totes Isotoner well-heeled shoppers. Corp., which was founded in 1923 The Zurich-based company has and distributes gloves, rainwear and signed a 10-year lease for 380 umbrellas to de- square feet at 611 Madison Ave.,at partment stores, East 58th Street. has signed a 15- The firm, which sells upscale year lease at 420 tights, pantyhose and lingerie, al- Fifth Ave. for ready operates a store at East 53rd 29,000 square Street. It is paying top dollar for the feet, or the en- second outpost—the asking rent for tire fourth floor. the space was about $1,100 per It occupies square foot. 14,000 square “That space is one of the most feet on part of desirable in the city,” says Roberto the third floor Camacho,a broker at Buchbinder & but will leave Warren Realty Group, the firm that that space. The represented property owner Zurich 420 FIFTH AVE. is providing more room asking rent at Holding Co. in the deal. for Totes Isotoner. the building, The new location marks the be- between East ginning of a national expansion,says 37th and East Faith Hope Consolo,the Prudential 38th streets, is $60 a square foot. Douglas Elliman broker who nego- Totes Isotoner, which has more tiated the lease on behalf of the ten- than 1,000 employees and addition- ant. Fogal aims to open other stores al offices in Toronto, London, Paris, in the city, as well as in Boston and Hong Kong and Manila, needs the Washington, D.C., in the next year larger offices to accommo- WORKING TOGETHER. date a recent acquisition. In October, it bought flip-flop maker ESNY from Manhat- tan-based retailer E.S. Orig- inals Inc. for an undisclosed amount. “It needs more space be- cause of the acquisition, and GETTING IT DONE. the company is also experi- encing natural growth,” comments Ron Shakerdge, the broker at Republic Real- ty Services who represented Totes Isotoner. The building on Fifth 611 MADISON AVE. will be a new outpost for Fogal. Avenue is one of the few con- dominium office towers in midtown.“It has been a condomini- or so, she says. um building for a very long time,” Twenty-five years ago, Madison says Mitchell Konsker, the broker at Avenue became Fogal’s first retail Cushman & Wakefield Inc. who destination outside of Switzerland. represented the owner of the build- The retailer currently sells its

TOP LEASES, SALES IN FIRST-HALF 2007 COSTAR SEEKS INFO ON REAL ESTATE DEALS COSTAR GROUP INC. is compiling data for two lists covering the New York real estate market in the first half of 2007. The first is a list of the largest office leasing deals in Manhattan, ranked by square feet; the second is a list of the largest commercial property sales in the five boroughs, ranked by deal price. The list of sales will include office building, apartment building, hotel WWW.CWCAPITAL.COM and development site transactions. Both rankings will be published in Crain’s New York Business on July 30. Brokers and others with information on transactions that could qualify for For more information or to discuss your specific financing needs, contact: either list should phone Marcie Wallis of CoStar at (866) 398-9381, or e-mail MICHAEL COTLER | 646.253.8809 | [email protected] her at [email protected], by Friday, June 29. MARC YOUNG | 646.253.8838 | [email protected]

June 25, 2007 | Crain’s New York Business | 11 CNYB 06-25-07 A 12 6/21/2007 8:03 PM Page 1

VIEWPOINT Good theater, bad outcome editor in chief Rance Crain publisher Jill R. Kaplan ew yorkers are captivated by the 2008 concentrate on the campaign—would alter the selection of EDITORIAL presidential campaign. Why not? Sen. his successor. editor Greg David Hillary Clinton is the leading Under the city’s charter, if a vacancy occurs with more managing editor Richard Barbieri deputy managing editors Valerie Block, contender for the Democratic nom- than a year left in a mayor’s term, the public advocate—Betsy Erik Ipsen ination. Former Mayor Rudy Giuliani, Gotbaum, in this case—takes over, followed by a assistant managing editors Carmen Fleetwood, Robert Hordt who has always sparked strong nonpartisan election within 60 days. columnist Alair Townsend emotions, leads the pack of GOP In such circumstances, only those people with name senior reporters Aaron Elstein, Lisa Fickenscher, Matthew Flamm, candidates in some polls. recognition and established organizations would be viable Tom Fredrickson, Samantha Marshall, Mayor Michael Bloomberg, despite his denials, has now candidates. A three-way contest between Comptroller Anne Michaud, Julie Satow, N Miriam Kreinin Souccar put himself in play. It has been fascinating to watch the William Thompson, City Council Speaker Christine reporters Barbara Benson, Elisabeth Butler, billionaire who learned how to be an expert politician and Quinn and Rep. Erik Engquist, Amanda Fung, Hilary Potkewitz, Gale Scott turned out to be one of the city’s best mayors ever. A Bloomberg run Anthony Weiner is restaurant critic Bob Lape If Mr. Bloomberg runs for president—a scenario made the most likely art director Steven Krupinski deputy art directors Carolyn McClain, more likely after his move last week to shed his affiliation for president scenario. Daniel Mednick with the Republican Party—the fun could continue. Bronx Borough staff photographer Buck Ennis would hurt copy desk chief Wendy Zuckerman But a Bloomberg candidacy will be serious business for President Adolfo copy editors Michele Arboit, New York City, and the consequences won’t be good. New York City Carrión would be Thaddeus Rutkowski research editor Denise Southwood Start with the likelihood that should he decide to run, the marginalized, despite associate research editor Adrianne Pasquarelli mayor would launch his campaign early next spring.The the groundwork he is www.NewYorkBusiness.com public should make no mistake: Running for president is a laying now. It would be online editor Catherine Tymkiw full-time job.That’s why many of the presidential next to impossible for a online reporter David Jones candidates have the word former before their title—former Bloomberg-like alternative candidate to run as a Republican EDITORIAL AND ADVERTISING OFFICES 711 Third Ave., New York, NY 10017-5806 mayor, former governor, even former senator. in a nonpartisan election. And how much discussion of editorial: 212.210.0277 Fax 212.210.0799 advertising: 212.210.0259 Though one of the secrets of Mr. Bloomberg’s success is important issues could take place in such a short period? Cable craincom nyk his ability to delegate, his top aides can’t make the most The regular election would be held in 2009, this time Fax 212.210.0499 Entire contents ©copyright 2007 Crain significant decisions—legally, politically or practically. with party primaries followed by a general election in Communications Inc. All rights reserved. ®CityBusiness is a registered trademark of MCP At best, the final 21 months of his term would be focused November. Whoever holds the office would have a huge Inc., used under license agreement.

on preserving the status quo. And that is feasible only if the advantage. TO SUBSCRIBE: economy keeps humming along, the budget remains in Maybe Michael Bloomberg, among the plethora of those Call 888.909.9111; fax 313.446.6777. $3.00 a copy, $59.79 one year, $109.79 two years. balance and no unforeseen event shakes the city. running for the office, would make the best president. But www.NewYorkBusiness.com

Or consider the way that a Bloomberg victory—or an it’s unlikely that New York will be better off if he becomes a ADVERTISING AND MARKETING earlier decision by the mayor to resign the post to candidate. advertising director Vanessa Cognard business development manager Robert N. Grossman senior account manager William E. Squitieri LETTERS TO THE EDITOR account executives Andrew Carlin, Lisa Pearly, Derek Reese, Jennifer Siniscalchi, Brigitte Stieglitz western account manager Ellen Mazen (Los Angeles) 323.370.2477 sales manager, classified Bloomberg query sparks debate print & online John Gallagher newsletter product manager Catherine Evans Gittens MICHAEL BLOOMBERG has done I’VE KNOWN MIKE since 1969, when I WOULD VOTE FOR HIM in a flash, I BELIEVE THAT the most important sales coordinator, print & online amazing things for this city, from he was the No. 1 man on Wall but he stands no chance against thing that Mayor Bloomberg could Lulé Haznedari establishing 311 to getting the Street because of his ability to the two big parties. do is firmly establish a third-party sales coordinator Anita Perrino budget deficit under control. His “cross” (be both the buyer and infrastructure and create a plat- credit Pat Grondziak 313.446.6082 serge d. krawiecki marketing manager Jill H. Bottomley wealth just makes it possible to seller of a large block of stock). His form to maintain a permanent circulation manager Andrea Richardson have a shot at the White House financial news service is No. 1. THIS COUNTRY NEEDS someone like spot on the ballot in every state, for general manager, interactive (see Crain’s online poll, Page 13). Being mayor of the No. 1 city in Mayor Bloomberg. He may be a the presidential as well as state Marc Minardo You go, Mike! the country is next to being bit standoffish, but he does get the elections.That would be his legacy. victor shine president of the United States. job done. david pon NEW YORK PRODUCTION The only thing left for him is to He cleaned up the fiscal mess production and pre-press director Michael Corsi GOD HELP US if Bloomberg is be No. 1 as president of the United left behind and swept under the WRITE TO US advertising production manager elected president. We would have a States. rug by the Giuliani administration. Marilyn DeMilta country filled with rich people in jim greene dianne washington Letters to the Editor: Crain’s New York Business, PUBLISHED BY CRAIN COMMUNICATIONS INC. the cities; overpriced, cookie- 711 Third Ave., New York, NY 10017. Fax letters to chairman Keith E. Crain IT’S TIME LEOPARDS DON’T CHANGE (212) 210-0799. Send e-mail to Crain’s staffers cutter homes; poor schools; awful that we Americans stop their Rance Crain by using their first initial, their last name and president sanitation; and crummy considering only political-party spots by just saying so. Neither do Merrilee Crain @Crain.com. For example, Editor Greg David is at secretary transportation systems. Run for affiliation and really consider what mayors. He’s still what he was and [email protected]. Names are in the list to the treasurer Mary Kay Crain the hills, folks; run for the hills! individuals have to offer. is. right. All letters are subject to publication, provid- executive vp, operations William Morrow cathy r. boston barbara house joe wright ed they are signed. senior vp, group publisher Gloria Scoby group vp, technology, circulation, manufacturing Robert C. Adams vice president/production & manufacturing David Kamis WHAT’S COMING UP IN CRAIN’S? chief information officer Paul Dalpiaz corporate circulation director Annual Small Minority Business Real Top M.B.A. Patrick Sheposh City Facts business business of sports estate programs founder G.D. Crain Jr. (1885-1973) report report report report report list chairman Mrs. G.D. Crain Jr. (1911-1996) July 2 July 9 July 16 July 23 July 30 Aug. 6

12 | Crain’s New York Business | June 25, 2007 CNYB 06-25-07 A 13 6/22/2007 11:28 AM Page 1 Berlin Boston BuenosAires 11 West 42nd Street

elections and policy by enhancing Chicago the role of individual citizen donors. Frankfurt But it seems at the very least naive, welcomes the following new tenant if not cynical, to ignore one of the

biggest sources of money. London The city’s Campaign Finance

Board, which oversees our public LosAngeles Kohn Pedersen Fox matching-grant program for cam- Associates, P.C. paign contributions and enforces represented by the rules, has urged the City Coun- Madrid Brian Feist of cil to prohibit contributions from

Milwaukee GVA Williams unions as well as LLCs.The council has declined. Most good-government groups NewYork also believe union giving should be curbed. But in the case of the new legislation, they have decided that NorthernVirginia half a loaf is better than nothing. Some even argue that when union money is the biggest pot out there,

it will be easier to gain support for Paris

limiting it. Philadelphia I think this is an embarrassing pipe dream. In the 2005 council elections, seven of the 10 top con- SanFrancisco for leasing information, please contact: john h.john howard tributors were unions. Why should David M.Taylor we expect candidates to give up their Gregory W.Conen most important contributors? This bill is the latest event signif- SaoPaulo 212.715.0300 icantly enhancing union power in

Businesses’ loss city elections. Seattle The first was term limits. Es- pecially in City Council races, SiliconValley is unions’ gain open seats attract many candidates. Unions can spend relatively little

and use their organizing and phone- Sydney ayor michael bloomberg and City Council bank capabilities to elect their Speaker Christine Quinn are basking in praise candidates. WashingtonDC from good-government groups about the cam- The second is the ban on busi- ness giving. I don’t understand why paign finance reform bill they have crafted. I’m some types of money are considered not applauding.I think it would further enhance more corrupting in politics than union power at the expense of business.That’s unfair and unwise. others. Why, for instance, should M teachers’ unions be allowed to give City law is already tough on businesses. It bans them from major bucks to city politicians,when large businesses,which pay a dispro- contributing to candi- from $2,750 in council portionate share of local property dates in any local race.A races, for example. taxes, cannot? loophole has allowed Public employee If unions are allowed to fight limited liability compa- unions and other nonunionized operations, like Wal- nies and limited liabili- unions with a vested in- Mart, with big donations to City ty partnerships to give, terest in city policy are Council members, why shouldn’t but the “reform” bill not deemed to be doing retailers be allowed to do the same would prohibit those business with the city, to protect their interests? contributions, as well. and their limit—$2,750 Money may be tainting the po- The bill would in- in council races— litical process,but most of the moves crease public-fund would not be reduced. being trumpeted to restrict contri- matching rates for small ALAIR The rationale for the butions from business won’t solve personal contributions. TOWNSEND ban on corporate and the problem. It would also lower the LLC and LLP contri- Instead, they will make union cap on gifts from those butions sounds reason- contributions even more valuable who do business with the city, such able and laudable: to reduce the and the balance of power even more as lobbyists and lawyers—to $250 power of big money in deciding lopsided.

CRAIN’S ONLINE POLL COULD MAYOR MICHAEL BLOOMBERG WIN THE PRESIDENCY? MOST OF THE 602 RESPONDENTS don’t No, America will Yes, he has a believe that the mayor could win the presi- not elect a tremendous billionaire New .17% track record as dency as an independent. Over a third say Yorker 25%. a mayor and a his chances would be marred since he’d businessman be running as a third-party candidate, No, independent Yes, voters while nearly one participant in six says his and third-party .38% 20%. are hungry for candidates stand an alternative personal profile would turn off voters. no chance of to the usual Still, 45% think he has a chance, with a getting enough two-party electoral votes candidates quarter citing his accomplishments.

For readers’ comments, see Letters to the Editor on Page 12.

June 25, 2007 | Crain’s New York Business | 13 CNYB 06-25-07 A 14 6/22/2007 2:17 PM Page 1

press conference last week, Rep. Anthony Weiner was conspicuously absent. Despite being the highest- MAYOR’S MOVE The frenzy begins THE INSIDER ranking foe of the mayor’s plan to THE CITY COULD FACE two mayoral elections charge fees for daytime driving in before Mayor Michael Bloomberg’s term by Erik Engquist and Anne Michaud most of Manhattan, Mr. Weiner ends in 2009 if the mayor were to win the has recently let Councilman David presidential election in 2008 or step down Weprin and Assemblyman Richard before then to focus on the race. Brodsky lead the fight. The mayor’s announcement last week A spokesman for Mr. Weiner that he had switched his party affiliation to Leader sought for says: “The congressman was in independent set off nationwide Washington working on passing speculation that he would launch a financial regs revamp the clean energy bill he helped campaign for president. The news came author. He has repeatedly discussed during a trip to California, where Mr. hen gov. eliot spitzer his plan to reduce traffic without Bloomberg lambasted both political regressively taxing middle-class announced a commission to parties and met again with another New Yorkers.” evaluate New York laws and independently minded politician, Gov. W Arnold Schwarzenegger. regulations to ensure that the city Beep hopefuls The City Charter elevates the public ap images remains the world’s financial capital, advocate—now Betsy Gotbaum—to be RENEGADES: Gov. Schwarzenegger many snickered at the irony that the in Brooklyn acting mayor in such a scenario, but the (left) and Mayor Bloomberg. scourge of Wall Street wanted to help it. city councilman Bill de Blasio city must hold a special election within 60 The Wall Street Journal said if Mr. held a major fund-raiser at which days after a mayor resigns if a year or more remains in his term. The election Spitzer were really serious, he would he was introduced as a 2009 would be nonpartisan, opening the door to multiple candidates from the candidate for Brooklyn borough same party. The usual primary rules would apply: The winner would need at scrap the Martin Law, which gives the president. least 40% of the vote to avoid a runoff.

bloomberg news state attorney general enormous power Mr. de Blasio told guests that it Political analysts say the short campaign would benefit those who are would most likely be his next race, already raising money for 2009 and have name recognition, like City Council to pursue securities violations. He wants someone who can work but he stopped short of committing Speaker Christine Quinn, Comptroller William Thompson Jr., Bronx The law won’t be repealed, but it with people at all levels and traverse to it.Two other term-limited Borough President Adolfo Carrión and Rep. Anthony Weiner. will be updated—as will scores of the “siloed” industries of invest- councilmen, Charles Barron and High-profile officials like Police Commissioner Raymond Kelly would also other rules that make it difficult and ment banking, insurance and Domenic Recchia, plan to run, as does gain from the scenario, while possible hopefuls like Jonathan Tisch and expensive to operate in the state, securities. state Sen. Carl Kruger. Richard Parsons, known best in business circles, wouldn’t. says Insurance Superintendent Eric Wall Street heavyweights, Each has advantages: Mr. “It’s very hard to compete with whoever’s ready the day the vacancy Dinallo (above), who will oversee the including Goldman Sachs Chief Recchia would be the choice of the happens,” says consultant Scott Levenson. commission. Executive Lloyd Blankfein and Democratic county chairman, Much of what needs fixing can Citigroup CEO Charles Prince,are Assemblyman Vito Lopez;Mr.de be accomplished by rewriting rules expected to sit on the panel. Blasio is a strong fund-raiser and rather than passing new ones, he has ties to unions and to Sen. Hillary Rangel finding Alternative plan says.The panel will consider Clinton. dollars for NYC for Columbia merging the state Insurance and Weiner steps out Mr. Kruger has a large district Banking departments. on congestion and would do well with Jewish rep.charles rangel added a community-friendly alterna- Mr. Dinallo is looking for an voters, while Mr. Barron is the only language to the House Democrats’ tive for developing a Columbia Uni- executive director, preferably a when the main group against African-American and enjoys energy bill to allow $1.723 billion versity Manhattanville campus would lawyer, to lead the panel’s efforts. congestion pricing held its latest extensive name recognition. in unused federal tax credits to be give the school only 13% of the put toward paying for New York long-term program space it needs, transportation infrastructure, a says a document posted online by Washington insider says. the city Planning Department. The New York Liberty Zone tax Last week, the department credits would come over 10 years, certified that Columbia’s proposal Spring is Here... starting Oct. 1.They would make a to develop 17 acres in West Harlem dent in funding gaps for mega- is ready for the land-use review in the Heart of projects like the Second Avenue process, or Ulurp.The document, a Midtown Manhattan subway and JFK Airport rail link. draft environmental impact The New York delegation fell statement, considers the effect of a short of getting the money last year, 197-a plan from Community Board 9 but the Democrats’ takeover of that would let Columbia build Congress makes it easier. Mr. around businesses and homes. Rangel, D-Manhattan, is chairman City planners conclude that the of the Ways and Means Committee. 197-a would allow for only four academic buildings and no university housing or central open Freelancers finally area. Columbia wants control over get a break all 17 acres and to build up to 18 towers; it is seeking to take private the new city budget lowers property by eminent domain. taxes on freelancers and other The 197-a also focuses on independent workers who pay the preserving and attracting unincorporated business tax by manufacturing to form a local job allowing more of their UBT base, an outcome planners say is 532 newly renovated guest rooms and payments to be deducted from city unlikely.The first Ulurp meeting is suites, 20,000 square feet of meeting space, income tax. Freelancers making July 9, when the City Planning and a dedicated banquet staff $75,000 will see their UBT reduced Commission will hear Columbia’s by 66%, about $500. presentation. I The Freelancers Union lobbied for the change, with help from the Partnership for New York City, Councilman David Yassky of Brooklyn and Comptroller William Thompson. It will cost the city $28 million next year. Independent workers 49 West 32nd Street, New York, NY 10001 were not targets of the Tel (212) 277-2647 www.radisson.com/martinique original UBT but now pay

13.5% of it—$181 million bloomberg news in 2006. LOCATION: A Columbia project starts the zoning process.

14 | Crain’s New York Business | June 25, 2007 Project6 5/24/07 4:12 PM Page 1

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WEEK IN REVIEW

through private transactions. ECONOMIC SPOTLIGHT Developer revamps Coney Island plan thor equities amended its redevelopment plans for the Coney Island amusement district. The new proposal reduces density and replaces a residential component—the main sticking point for opponents—with hotels. Claiborne reorg liz claiborne inc. named a new finance chief and said it will reorganize its brands under two Murdoch’s Dow Jones bid gains divisions—one focused on retail sales and the other on department GENERAL ELECTRIC CO. and Financial Times owner Pearson store customers. Andrew Warren, abandoned a potential offer for Wall Street Journal formerly chief financial officer of NBC Universal Television Group, publisher Dow Jones & Co., increasing the chances that will become CFO July 9. RUPERT MURDOCH (above) will prevail in his $5 billion bid for Dow Jones. Meanwhile, the Dow Jones board of directors WTC lawsuit took over negotiations from its controlling Bancroft family, a federal judge fined Zurich and Internet investor Brad Greenspan offered to buy a American Insurance Group and Economy Watch noncontrolling stake for $60 a share. two law firms representing the insurer $1.25 million for hiding NYC’s unemployment rate stayed below 5% for a 10th month. The 3-month bloomberg news evidence and denying coverage in rolling average for the most recent period was 4.4%, versus 5% a year earlier. a lawsuit over World Trade Center APRIL ’07 MAY ’07 COMPARISON Calorie reprieve Blackstone buys liability insurance. NYC jobless rate 4.4% 4.9% 4.5%1 for city eateries outsourcing firm NYC employment change -700 +6,300 +31,3002 New MTA chair the city delayed for three the blackstone group plans to 3 NY area inflation change +0.5% +0.6% +2.5% months rules—set to begin July acquire Mumbai, India-based gov. eliot spitzer nominated 1-U.S. unemployment rate. 2-Change since December 2006. 3-Inflation rate for the latest 1—that would have required Intelenet Global Services Ltd. New York City real estate 12-month period. restaurants to post calorie Intelenet provides business- developer H. Dale Hemmerdinger information on menus.The process outsourcing services. to be chairman of the NYC Hotel Stats Broadway’s New Record regulations would primarily affect Industry sources pegged the sale Metropolitan Transportation fast-food restaurants.The move figure at about $420 million. Authority. Mr. Hemmerdinger Average room rates and occupancy Attendance and gross slipped in the followed a federal lawsuit by the would succeed Peter Kalikow, who levels rose again in April, PKF week ended 6/17, says The League New York State Restaurant will step down June 30 after Consulting data show. The averages of American Theatres and Producers. Association challenging the rules. Six Flags takes serving for six years. for the year to date were $258.97 But the season is off to a strong start and 82.0%, topping year-earlier vs. ’06, with attendance up 9% and Dick Clark stake levels of $228.98 and 81.0%. gross up 6% for the first three weeks. NYT hiking six flags inc. and a AmEx splits prices private equity firm run into two units by Washington the new york times Redskins owner Daniel american express co. said it will Co. will raise the Snyder agreed to buy a split its operations into consumer cover price of its stake in Dick Clark and business units. Alfred Kelly Jr. flagship paper to Productions Inc. for will head the global consumer $1.25 from $1 $175 million. Man- group as president and Edward starting July 16. hattan-based Six Flags, Gilligan will lead the global Sunday newsstand of which Mr. Snyder is business-to-business group, prices will go up to chairman, will pay $40 effective July 1. $4 from $3.50, and million for a 40% stake. home delivery will rise 3% to 4%. Tiffany brings Verizon’s new sparkle downtown Bristol-Myers wins pay-by-cell service Capital IQ’s Weekly Deals Report the tiffany & co. foundation a court upheld Bristol-Myers verizon wireless partnered with will give $1 million to each of TRANSACTION SIZE COMPANY/LOCATION (in millions) BUYER/INVESTOR TRANSACTION TYPE Squibb Co.’s patent on its best- Obopay, a mobile payment service three lower Manhattan nonprofits: selling drug, Plavix.The ruling provider in Redwood City, Calif., the National Parks of New York Iconix Brand Group Inc. $250.0 Not disclosed GCI blocked Apotex Inc., a manu- to launch a service that would Harbor Conservancy, the Battery Manhattan facturer of generic drugs, from allow consumers to send money via Conservancy and Friends of the American Technical Ceramics Corp. $231.0 AVX Corp. SB M&A Huntington Station, L.I. producing a cheaper version of the cell phones. High Line.The gifts are timed to drug. Plavix had sales of $1.6 coincide with the opening of a NorthStar Realty Finance Corp. $150.0 Not disclosed GCI Manhattan billion last year. Tiffany store downtown. Community Education Centers Inc. $53.0 Primus, LLR Partners Inc. GCI Bear hedge funds —from staff reports and Roseland, N.J. CIT in M&A deal teeter near collapse bloomberg news reports Anthracite Capital Inc. $37.5 Not disclosed GCI Manhattan cit group inc. agreed to acquire bear stearns cos. narrowly ComTec Inc. $26.0 CSG Systems International Inc. SB M&A boutique advisory firm Edgeview averted the collapse of two hedge Fairfield, N.J. Partners to expand its mergers and funds, which borrowed at least Harris & Harris Group Inc. $14.0 Not disclosed GCI acquisitions business. Charlotte, $6 billion to stem big losses. Manhattan N.C.-based Edgeview specializes Merrill Lynch auctioned off some Selected deals announced during the week of June 10 for companies headquartered in metro New in middle-market companies and of the assets. Other banks, SPREADING THE York. GCI: Growth capital investment represents new money invested in a company for a minori- WEALTH: Tiffany ty stake. SB M&A: Strategic buyer M&A represents a minority or majority acquisition of existing private equity firms. Last year, it including Goldman Sachs & Co. donated $3 million shares of a company without the participation of a financial buyer. advised on more than $2.5 billion and J.P.Morgan Chase & Co., in lower Manhattan. bloomberg news bekka lindström bekka worth of transactions. agreed to unwind their positions

16 | Crain’s New York Business | June 25, 2007 CNYB 06-25-07 A 17 6/21/2007 6:20 PM Page 1

NEIGHBORHOOD JOURNAL Brooklynites push for F train express

was fixed in about six weeks.” summer. The campaign is designed taking office more than four years Hopes for service —erik engquist to attract visitors and is backed by ago, he has pushed aggressively to rise after decades about $200,000 given by Bronx market the borough, usually on the businesses, from Jacoby Medical radio. This is the first time that the of delays; more TV ads feature Center to the New York Yankees. campaign has made the jump to visibility for Bronx the Bronx Under the tagline “We’re Talking television. the Bronx,” the ads will highlight “This is a great time to visit our or decades,F train rid- bronx businesses think the bor- Little Italy on Archer Avenue, the borough and to establish a business ers in southern Brooklyn ough is finally ready for its close-up. new Fulton Fish Market at Hunts here,” says Mr Carrión, who points F TRAIN express neighborhoods, includ- The borough’s first television ad Point and Wave Hill, among other to more than $5 billion invested in service in Brooklyn ing Coney Island and campaign in recent memory notable sights. development projects throughout could cut commute Gravesend, have en- launches this week,with nine differ- Borough President Adolfo Car- the borough since he took office. times significantly. Fdured hourlong commutes into ent commercials to be aired over the rión stars in the commercials. Since —hilary potkewitz ruse travis Manhattan. And farther north, in Carroll Gardens and Cobble Hill, the F is often too crowded at rush hour for passengers to board. What’s frustrated many riders is that a remedy literally lies at their feet—unused express tracks. Ex- press trains on the line vanished about 20 years ago when New York City Transit yanked them to repair the rails. The agency later said there weren’t enough riders on the line to justify reinstating express service. It also cited complaints that moving trains to the express track would re- duce service at local stations. Still later, budget cuts were blamed. “There were always different ex- cuses,” says Morton Pupko, presi- dent of the Kensington Flatbush Preservation Association. But with ridership up hugely and with the Bloomberg adminis- tration actively promoting mass transit, the cry to restore F express service has returned. An online pe- tition launched June 12 by Gary Reilly, an attorney who commutes from Carroll Gardens, got big play in the Brooklyn blogosphere,draw- ing 1,700 signatures in its first week. Postings of outrage flooded Internet forums. “What surprised me was how fast word spread,” says Mr. Reilly. “I’m not the only one who’s looked at this and said,‘Why don’t we have this?’ ” Adding to the momentum, last week the Downtown Brooklyn Partnership, an influential com- pendium of business organizations, formally called for F express service. City Councilmen Bill de Blasio and Domenic Recchia, both Brooklyn Democrats, have begun to press the case as well. “The F train is unreliable,crowd- ed and slow,” says Gene Russianoff, senior attorney for the Straphangers Campaign, a transit advocacy group. “That line is [heavily] used, and there would be a market for ex- press service.” New York City Transit may re- store service, but not until 2011 at the earliest, a spokesman says. First, he says, the agency has to fin- ish rebuilding a Cobble Hill station damaged by fire in 1999. Then it will commence a four-year project to fix a key viaduct on the line.Only then will an F express be possible, he insists. Advocates are incredulous. “I don’t accept that as an answer,” says Mr. Reilly. “Remember the signal- room fire on the A line? They said it would take two years to fix that.It

June 25, 2007 | Crain’s New York Business | 17 CNYB 06-25-07 A 18 6/21/2007 2:38 PM Page 1

SMALL BUSINESS Spice plant’s growth plans dashed

maker House of Spices would like to Corp. wants to negotiate with local time that Mayor Michael City’s ambitions G.L. SONI’S House double its space. business owners to buy their proper- Bloomberg was presenting of Spices plant for Willets Point The problem is that his plant is ty, but says it will use eminent do- him with an entrepreneur’s was assessed at located in Willets Point, Queens— main if necessary. award from the Jackson $22 million. threaten factory the very area that the Bloomberg Heights Merchants Asso- larry ford administration envisions as the site No one wants to buy ciation—Mr. Soni had his plant as- corrugated metal storefronts and BY HILARY POTKEWITZ of a 1.7 million-square-foot com- for mr. soni, the plan is a disaster. sessed. The two-story building on unpaved roads, Willets Point has plex with housing,offices,stores and He can’t expand his present facili- four acres, with a 27,000-cubic-foot morphed into something entirely .l. soni would love to a convention center. To achieve its ty, and he can’t sell it and relocate, freezer, was worth an estimated $22 different. expand his 110,000- vision, the city plans to acquire the either. million. “It is one of the most valuable square-foot factory. In land now occupied by a welter of “Who would buy this building That was then. Courtesy of the pieces of real estate in Queens,” says fact, the chief execu- auto-body shops and a few factories. now?” he asks. city’s new vision for the area former- former borough President Claire tive of Indian food The city’s Economic Development Just last year—at about the same ly known as the Iron Triangle for its Schulman, head of the Flushing/ G Willets Point/Corona Local Devel- opment Corp., which supports the project. Because of the city’s possible use of eminent domain, however, Mr. Soni and other property owners in the area are unlikely to reap the ben- COMPLETE COVERAGE FOR efits of that sudden upgrade. To fight the project and protect their businesses, he and the owners of YOUR FINANCIAL FUTURE. eleven other companies have formed the Willets Point Industry and Realty Group. The EDC is taking note. “We want to listen to them and The Northwestern Mutual Financial Network offers make sure they receive a fair value for their land, the fixtures and the a variety of services and products to provide a improvements they’ve made,” says EDC President Robert Lieber. balanced approach to meeting your goal of Ironically, it was the city itself financial security. that lured House of Spices to Wil- lets Point from the south Bronx, back in 1991. The city’s Industrial For 150 years, people have been coming to Development Agency had anointed Northwestern Mutual to put their minds at Willets Point a future manufactur- ing hub and was offering companies ease. Call Brian Boder today for a FREE a host of tax breaks and relocation incentives to move there. Among no-obligation needs assessment. the firms that signed up was House of Spices, then primarily an im- porter, with a total staff of 40. Big operation in its new home, the company has flourished.Today, it boasts 280 em- ployees and manufactures its own Indian sauces, packaged foods and sweets. In addition, it distributes commodity products such as flour and lentils. Recently, the company began making ice cream and frozen prepared dishes.The firm is now the U.S. distributor for snack foods made by the India-based units of food giants Nestlé and Frito-Lay. House of Spices’eight trucks de- liver 400 tons of Indian food prod- ucts each week to markets from New Haven to Philadelphia. Another 500 tons are shipped weekly to Brian Boder warehouses in California, Illinois, Financial Representative Texas, Michigan and Georgia, ac- 245 Park Avenue, Suite 1800 counting for nearly 45% of the na- New York, NY 10167 tional market in ethnic Indian (212) 819-1800 x1115 foods. Revenues exceeded $60 million [email protected] in 2006 and have more than doubled since 2003. The company had planned to expand into beverages and frozen food manufacturing this year,but those plans—including the hiring of 50 more employees—are on hold. “In order to grow, our building needs to grow,” says Mr. Soni. “But, of course, I’m not going to do any of that now, not with all this hanging over our heads.” 05-2583 ©2007 Northwestern Mutual. Northwestern Mutual Financial Network is a marketing name for the sales and distribution arm of The Northwestern Mutual Life Insurance Company, Milwaukee, WI and its affiliates, and “the quiet company” is a registered trademark. Brian Boder is an Insurance Agent of NM (life insurance, annuities and disability income insurance). 7049-207C COMMENTS? [email protected]

18 | Crain’s New York Business | June 25, 2007 CNYB 06-25-07 A 19 6/21/2007 2:18 PM Page 1

EXECUTIVE PAY “It’s time for the company to listen to its shareholders on the matter of executive pay. We sent a strong message.” —Bill Jones, president of the Association of BellTel Retirees, Page 25 Slow start for say-on- pay push Few shareholder proposals prevail; bull market to blame

BY AARON ELSTEIN both men share a powerful bond: They are Verizon lifers. Bill Jones worked at what is now Verizon Communications Inc. for 30 years,and Ivan Seidenberg,also a longtime employee,has led the firm for nearly a decade. “He’s a good company man,” says Mr. Jones. But Mr. Jones has major problems with how the chief exec- utive gets paid. Over a five-year period ending in 2005, he says, Mr.Seidenberg was awarded $75 million in compensation while

Verizon’s stock fell by nearly 27%. month. Verizon hasn’t decided Earlier this year, Mr. Jones, 67, a for- whether it will adopt the resolution, BILL JONES, a retired veteran of what is now mer managing director at Verizon but said it would “further consider” Verizon, questions the predecessor Nynex and now presi- its pay policies. The public may not way the company chief dent of the Association of BellTel really know whether the retirees’ gets paid. Retirees,introduced a resolution say- push had any real impact until Veri- ing that shareholders should get the zon issues its next proxy statement to right to vote every year on the board’s shareholders in early 2008. rationale for paying top people. The anticlimactic result is typi- The call from Verizon sharehold- cal of what happened at dozens of ers may prove to be little more than blue-chip companies this spring. a cry in the wilderness. The say-on- Shareholder activists put forth pay proposal squeaked through, nearly identical say-on-pay propos- gaining 50.2% of the votes cast at the als, but only a handful won majori- company’s annual meeting last See SAY-ON-PAY on Page 25 INSIDE The Fortunate 100 Top-paid

CEOs at New York’s public companies PAGE 20 buck ennis

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June 25, 2007 | Crain’s New York Business | 19 nb26p20.qxp 6/21/2007 6:03 PM Page 1

REPORT EXECUTIVE PAY New York Area’s Fortunate 100 Chief executives ranked by 2006 compensation

Stock Long-term Other Company’s Total Short-term Option awards in cash awards compensation 2006 pay in 2006 pay in 2006 awards in 2006 2006 in 2006 in 2006 revenues Rank CEO/age Company/ticker symbol (in thousands) (in thousands) (in thousands) (in thousands) (in thousands) (in thousands) (in millions)

1 Mario J. Gabelli (64) Gamco Investors Inc. (GBL) $58,616.3 $0.0$0.0$0.0$0.0 $58,616.3 $290.8 ▼ 2 Lloyd C. Blankfein 1 (52) Goldman Sachs Group Inc. (GS) $54,321.0 $27,843.5 $10,453.0 $15,679.6$0.0 $344.8 $69,353.0 3 E. Stanley O’Neal (55) Merrill Lynch & Co. (MER) $46,375.3 $19,200.0$0.0 $26,800.0$0.0 $375.3 $68,622.0 4 Lew Frankfort (60) Coach Inc. (COH) $44,418.1 $2,903.3 $40,291.3 $801.3$0.0 $422.1 $2,111.5 5 John J. Mack 2 (62) Morgan Stanley (MS) $41,370.1 $800.0 $4,019.9 $36,206.8$0.0 $343.4 $76,551.0 6 James Dimon (51) J.P. Morgan Chase & Co. (JPM) $41,153.4 $14,000.0 $13,665.6 $13,000.0$0.0 $487.9 $99,302.0

7 James E. Cayne (72) Bear Stearns Cos. (BSC) $40,004.3 $17,320.7 $1,690.4 $14,838.8$0.0 $6,154.3 $16,551.4 landov 8 Mark P. Frissora 3 (51) Hertz Global Holdings Inc. (HTZ) $35,390.3 $4,378.0 $16,948.0$0.0$0.0 $14,064.3 $8,058.4 GAMCO INVESTORS 9 Richard B. Handler (45) Jefferies Group Inc. (JEF) $31,383.1 $8,908.1$0.0 $22,360.0$0.0 $115.0 $1,963.2 Other Wall Street CEOs 10 Jeffrey T. Slovin 4 (41) Sirona Dental Systems Inc. (SIRO) $28,317.7 $585.2 $27,718.9$0.0$0.0 $13.6 $520.6 may generate more headlines, but Mario 11 Richard S. Fuld Jr. (60) Lehman Brothers Holdings Inc. (LEH) $28,165.6 $7,000.0 $10,073.0 $10,903.1$0.0 $189.6 $46,709.0 Gabelli makes the 12 Martin J. Sullivan (52) American International Group Inc. (AIG) $27,872.6 $11,125.0 $4,130.0 $4,888.5 $7,025.7 $703.4 $113,489.0 most money. Gamco’s 13 Kenneth I. Chenault (55) American Express Co. (AXP) $27,185.0 $7,100.0 $5,423.0 $8,231.3 $5,297.5 $1,133.3 $27,136.0 founder owes his huge 14 Philippe P. Dauman 5 (53) Viacom Inc. (VIAB) $26,147.7 $4,036.7 $12,000.0 $10,087.9$0.0 $23.0 $11,466.5 pay to fees he collects 15 K. Rupert Murdoch (75) News Corp. (NWS) $25,908.9 $25,683.7$0.0$0.0$0.0 $225.2 $25,327.0 from managing funds for his clients. One Charles Prince III (57) $24,871.6 16 Citigroup Inc. (C) $14,200.0 $746.6 $9,666.7$0.0 $258.3 $146,905.0 wonders why he 17 Leslie Moonves (57) CBS Corp. (CBS) $24,473.9 $20,613.2$0.0 $3,549.8$0.0 $310.9 $14,320.2 bothered billing his firm 18 Ralph Lauren (66) Polo Ralph Lauren Corp. (RL) $22,678.8 $16,000.0 $2,136.0 $4,314.0$0.0 $228.8 $3,746.3 $18,714 to pay his club 19 Ivan G. Seidenberg (60) Verizon Communications Inc. (VZ) $20,211.9 $6,352.5$0.0 $13,125.0$0.0 $734.4 $88,144.0 membership dues. 20 Ian M. Cumming (66) Leucadia National Corp. (LUK) $19,997.1 $699.1 $18,783.0$0.0$0.0 $514.9 $827.8 21 Lewis A. Sanders (60) AllianceBernstein Holding (AB) $19,777.0 $275.0$0.0$0.0$0.0 $19,502.0 $359.5 22 William M. Pastore 6 (58) Monster Worldwide Inc. (MNST) $19,279.3 $1,780.0$0.0 $17,463.8$0.0 $35.5 $1,116.7 23 Samuel J. Palmisano (55) International Business Machines Corp. (IBM) $18,774.5 $6,750.0 $3,283.2 $7,818.8$0.0 $922.5 $91,424.0 24 Richard D. Parsons (58) Time Warner Inc. (TWX) $18,382.3 $10,000.0 $4,475.1 $3,480.0$0.0 $427.2 $44,224.0 25 Robert Greifeld (49) Nasdaq Stock Market Inc. (NDAQ) $18,369.2 $4,766.1 $13,564.8$0.0$0.0 $38.3 $1,657.8 ▼ 26 Kim S. Fennebresque (57) Cowen Group Inc. (COWN) $18,262.5 $2,597.5$0.0 $15,600.0$0.0 $65.0 $345.0 bloomberg news 27 Marc Holliday (40) SL Green Realty Corp. (SLG) $17,884.0 $8,100.0 $4,306.5 $2,645.5$0.0 $2,832.0 $596.5 NASDAQ 28 Louis C. Camilleri (52) Altria Group Inc. (MO) $16,677.7 $6,250.0$0.0 $10,017.7$0.0 $410.0 $70,324.0 Robert Greifeld is 29 Mark Reuben (68) Colgate-Palmolive Co. (CL) $16,551.1 $6,336.9$0.0 $10,000.0$0.0 $214.2 $12,237.7 locked in a perpetual 30 Sol J. Barer (60) Celgene Corp. (CELG) $16,215.3 $1,775.9 $13,630.1 $17.0 $649.0 $143.3 $898.9 battle with the New York 31 David T. Hamamoto (47) NorthStar Realty Finance Corp. (NRF) $16,172.7 $1,975.0$0.0 $2,188.9 $12,000.0$8.8 $196.4 Stock Exchange’s John 32 Steven J. Heyer (54) Starwood Hotels & Resorts Worldwide Inc. (HOT) $15,704.9 $3,000.0 $9,443.2 $2,683.6$0.0 $578.1 $5,979.0 Thain for listings, trades and acquisitions. The $15,502.7 33 Fred Hassan (61) Schering-Plough Corp. (SGP) $5,821.3 $5,202.5 $3,846.0$0.0 $632.9 $10,547.0 NYSE has the upper 34 Arthur F. Ryan (64) Prudential Financial Inc. (PRU) $15,316.7 $7,300.0 $3,192.8 $4,544.8$0.0 $279.1 $32,484.0 hand for the most part, 35 Harold W. McGraw III (58) McGraw-Hill Cos. (MHP) $15,282.7 $3,180.0 $8,644.1 $2,906.7$0.0 $552.0 $6,255.1 but Mr. Greifeld has 36 Laurence D. Fink (54) BlackRock Inc. (BLK) $14,847.0 $10,662.5$0.0 $3,823.7$0.0 $360.7 $2,098.0 triumphed in at least one critical area: His 37 John B. Hess (52) Hess Corp. (HES) $14,177.8 $4,650.0 $4,757.8 $4,756.8$0.0 $13.2 $28,067.0 compensation last year 38 Steven Roth (65) Vornado Realty Trust (VNO) $13,849.2 $1,000.0$0.0 $12,568.5$0.0 $280.7 $2,974.0 was double Mr. Thain’s. 39 Nelson Peltz (64) Triarc Cos. (TRYB) $13,448.5 $12,135.4$0.0$0.0$0.0 $1,313.1 $1,243.3 40 James L. Dolan (51) Cablevision Systems Corp. (CVC) $13,365.9 $5,351.2 $3,027.0 $1,804.9 $2,400.0 $782.8 $5,927.5 ▼ 41 Mitchell H. Caplan (49) E*Trade Financial Corp. (ETFC) $13,327.6 $5,450.0 $5,146.7 $2,573.3$0.0 $157.6 $3,848.4 42 Thomas A. Renyi (60) Bank of New York Co. (BK) $13,272.3 $7,276.0 $1,370.6 $4,389.7$0.0 $236.0 $9,062.0 43 Jeffrey M. Peek (59) CIT Group Inc. (CIT) $13,013.3 $3,810.0 $2,208.8 $6,620.0$0.0 $374.5 $6,927.7 44 Kevin M. Cameron (40) Emdeon Corp. (HLTH) $11,717.6 $4,190.0 $7,510.1$0.0$0.0 $17.6 $1,098.6 45 Robert W. Selander (56) MasterCard Inc. (MA) $11,666.2 $3,900.0 $2,815.3 $2,500.0$0.0 $2,450.9 $3,326.1 ap images 46 Jeffrey B. Kindler 7 (51) Pfizer Inc. (PFE) $11,409.0 $4,403.9 $5,018.0 $1,721.8$0.0 $265.3 $48,201.0 CABLEVISION 47 Andrea Jung (48) Avon Products Inc. (AVP) $10,692.9 $4,675.0 $4,948.6$0.0 $921.3 $148.0 $8,763.9 48 Steven R. Loranger (55) ITT Corp. (ITT) $10,564.8 $2,716.3 $1,279.3 $3,848.8 $2,500.0 $220.3 $7,807.9 This is probably the last time James Dolan will 49 Robert F. Greenhill (70) Greenhill & Co. (GHL) $10,549.0 $600.0$0.0 $3,043.6$0.0 $6,905.4 $290.6 rank as one of the 8 50 Edward Q. Scheetz (42) Morgans Hotel Group Co. (MHGC) $10,520.0 $1,500.0 $9,020.0$0.0$0.0$0.0 $278.6 Fortunate 100. No, 51 William L. McComb 9 (44) Liz Claiborne Inc. (LIZ) $10,279.9 $1,700.0 $2,748.7 $5,801.4$0.0 $29.9 $4,994.3 Charles Dolan, 52 David B. Snow Jr. (52) Medco Health Solutions Inc. (MHS) $10,080.8 $2,883.2 $7,152.8$0.0$0.0 $44.8 $42,498.7 Cablevision’s founder and chairman, isn’t 53 Alain J.P. Belda (63) Alcoa Inc. (AA) $10,031.0 $3,801.4 $5,632.2$0.0$0.0 $597.4 $30,379.0 about to cut his son’s 54 Surya N. Mohapatra (57) Quest Diagnostics Inc. (DGX) $10,019.2 $3,069.3 $3,904.3 $2,872.9$0.0 $172.7 $6,268.7 pay. Rather, having 55 A. Lorne Weil (61) Scientific Games Corp. (SGMS) $9,574.5 $2,673.8$0.0 $6,786.8$0.0 $113.9 $897.2 finally succeeded in 56 John A. Thain 10 (51) NYSE Group Inc. (NYX) $9,355.6 $5,036.9 $1,000.0 $3,000.0$0.0 $318.7 $2,412.3 buying out 57 Gary C. Dunton (51) MBIA Inc. (MBI) $9,279.6 $2,700.0$0.0 $5,805.0$0.0 $774.6 $2,680.5 shareholders, the family plans to take the $9,229.1 58 Ronald E. Hermance Jr. (59) Hudson City Bancorp Inc. (HCBK) $2,608.7 $6,060.0$0.0$0.0 $560.4 $1,621.1 company private. 59 Michael G. Cherkasky (57) Marsh & McLennan Cos. (MMC) $8,757.0 $3,650.0 $2,040.5 $3,021.5$0.0 $45.0 $11,921.0 Continued

20 | Crain’s New York Business | June 25, 2007 Project6 6/18/07 4:50 PM Page 1

nb26p22.qxp 6/21/2007 6:05 PM Page 1

REPORT EXECUTIVE PAY

Stock Long-term Other Company’s Total Short-term Option awards in cash awards compensation 2006 pay in 2006 pay in 2006 awards in 2006 2006 in 2006 in 2006 revenues Rank CEO/age Company/ticker symbol (in thousands) (in thousands) (in thousands) (in thousands) (in thousands) (in thousands) (in millions)

60 Michael I. Roth (61) Interpublic Group of Companies Inc. (IPG) $8,701.9 $3,162.5 $2,241.5 $3,125.0$0.0 $172.9 $6,190.8 ▼ 61 Robert C. Henrikson 11 (59) MetLife Inc. (MET) $8,645.5 $4,950.0 $1,520.2 $1,936.0$0.0 $239.3 $48,396.0 62 Robert M. Amen (57) International Flavors & Fragrances Inc. (IFF) $8,625.3 $2,011.7 $1,600.5 $1,900.0 $3,000.0 $113.2 $2,095.4 63 William J. Pesce (55) John Wiley & Sons Inc. (JWA) $8,340.0 $2,024.6 $2,558.8 $3,750.0$0.0$6.6 $1,044.2 64 James E. Newsome 12 (47) Nymex Holdings Inc. (NMX) $8,143.1 $2,183.1 $3,830.4 $2,065.0$0.0 $64.6 $640.3 65 Thomas M. Joyce (52) Knight Capital Group Inc. (NITE) $7,789.9 $6,510.0 $1,197.6$0.0$0.0 $82.3 $951.2

66 Jay Sugarman (44) iStar Financial Inc. (SFI) $7,719.4 $6,000.0$0.0 $1,583.4$0.0 $136.0 $992.6 redux 67 Paul R. Sinsheimer (59) Financial Federal Corp. (FIF) $7,664.6 $1,370.1$0.0 $6,294.6$0.0$0.0 $162.5 INTERPUBLIC 68 Arthur F. Weinbach (63) Automatic Data Processing Inc. (ADP) $7,649.1 $3,497.5 $1,834.3 $2,297.2$0.0 $20.0 $8,881.5 The advertising agency 69 Timothy M. Ring (49) C.R. Bard Inc. (BCR) $7,590.7 $2,289.4 $2,998.5 $1,611.2$0.0 $691.6 $1,985.5 holding company 70 Michael A.J. Farrell (55) Annaly Capital Management Inc. (NLY) $7,543.6 $7,246.6 $296.9$0.0$0.0$0.2 $1,202.7 posted a net loss for the fourth straight year 71 Raymond W. McDaniel Jr. (49) Moody’s Corp. (MCO) $7,505.3 $2,763.5 $2,277.2 $2,277.2$0.0 $187.5 $2,037.1 in 2006 and continued 72 John D. Wren (54) Omnicom Group Inc. (OMC) $7,288.5 $7,000.0$0.0$0.0$0.0 $288.5 $11,376.9 to grapple with a 73 Robert B. Catell (70) KeySpan Corp. (KSE) $7,214.7 $3,363.9$0.0 $3,514.0$0.0 $336.8 $7,181.6 federal investigation 74 William P. Lauder (46) Estée Lauder Cos. (EL) $7,202.3 $3,021.1 $1,888.5 $2,135.9$0.0 $156.7 $6,463.8 into its accounting 75 Emanuel Chirico 13 (50) Phillips-Van Heusen Corp. (PVH) $7,160.9 $2,992.4 $3,142.0$0.0 $900.0 $126.5 $2,090.6 practices. In addition, IPG’s largest client, $7,000.0 76 Edgar Bronfman Jr. (51) Warner Music Group Corp. (WMG) $7,000.0$0.0$0.0$0.0$0.0 $3,516.0 General Motors, 77 Robert J. Genader (60) Ambac Financial Group Inc. (ABK) $6,744.1 $2,225.0 $4,447.5$0.0$0.0 $71.6 $1,832.1 slashed its spending on 78 Ronald L. Hoffman (58) Dover Corp. (DOV) $6,692.6 $3,300.0 $2,885.0$0.0 $498.0$9.5 $6,511.6 advertising. Still, the 79 John A. Swainson 14 (52) CA Inc. (CA) $6,637.4 $1,337.6 $2,664.6 $2,402.1$0.0 $233.1 $3,796.0 board deemed 15 Michael Roth’s 80 Michael T. Strianese (51) L-3 Communications Holdings Inc. (LLL) $6,597.3 $2,425.2 $4,089.0$0.0$0.0 $83.1 $12,476.9 performance “very 81 Howard D. Lutnick (45) eSpeed Inc. (ESPD) $6,524.8 $1,500.0 $5,021.8$0.0$0.0$3.0 $148.1 good,” according to its 82 Edward J. Ludwig (55) Becton Dickinson & Co. (BDX) $6,441.9 $2,170.9 $1,600.1 $990.9 $1,611.4 $68.6 $5,840.2 proxy, and cited 83 John N. Hopkins (59) Kearny Financial Corp. (KRNY) $6,421.0 $690.4 $1,823.1 $3,813.0$0.0 $94.5 $92.6 progress in resolving management and 84 Harvey R. Blau (71) Griffon Corp. (GFF) $6,352.0 $5,010.0$0.0 $1,210.0$0.0 $132.0 $1,636.6 governance problems. 85 Indra K. Nooyi 16 (51) PepsiCo Inc. (PEP) $6,230.4 $3,964.4 $1,078.9 $1,033.5$0.0 $153.5 $35,137.0

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22 | Crain’s New York Business | June 25, 2007 nb26p23.qxp 6/21/2007 6:06 PM Page 1

REPORT EXECUTIVE PAY

Stock Long-term Other Company’s Total Short-term Option awards in cash awards compensation 2006 pay in 2006 pay in 2006 awards in 2006 2006 in 2006 in 2006 revenues Rank CEO/age Company/ticker symbol (in thousands) (in thousands) (in thousands) (in thousands) (in thousands) (in thousands) (in millions)

86 Mark Shapiro 17 (36) Six Flags Inc. (SIX) $6,150.7 $1,055.2 $2,793.0 $2,302.5$0.0$0.0 $945.7 87 William E. Mitchell (63) Arrow Electronics Inc. (ARW) $6,091.8 $2,090.0 $1,341.8 $2,502.5$0.0 $157.5 $13,577.1 88 Steven H. Temares (48) Bed Bath & Beyond Inc. (BBBY) $6,085.6 $1,131.0 $2,554.6 $2,400.0$0.0$0.0 $6,617.4 89 Peter C. Georgiopoulos (46) General Maritime Corp. (GMR) $6,065.2 $700.0$0.0 $5,346.0$0.0 $19.2 $326.0 90 Eric J. Foss 18 (48) Pepsi Bottling Group Inc. (PBG) $6,028.0 $2,043.5 $2,920.0 $1,000.0$0.0 $64.5 $12,730.0 91 Julian R. Geiger (61) Aéropostale Inc. (ARO) $6,004.2 $3,326.4 $1,093.5 $1,568.6$0.0 $15.7 $1,413.2

92 Katherine L. Krill (51) Ann Taylor Stores Corp. (ANN) $5,993.4 $2,320.0 $1,570.0 $1,482.8 $500.0 $120.6 $2,342.9 bloomberg news 93 Steven W. Alesio (52) Dun & Bradstreet Corp. (DNB) $5,971.7 $2,419.0 $1,509.6 $2,011.5$0.0 $31.7 $1,531.3 DOW JONES 94 Richard Robinson (69) Scholastic Corp. (SCHL) $5,936.0 $861.2 $4,820.5$0.0$0.0 $254.2 $2,283.8 Richard Zannino’s 95 Richard F. Zannino 19 (48) Dow Jones & Co. (DJ) $5,906.8 $1,778.8 $546.5 $3,152.3$0.0 $429.2 $1,783.9 ranking will surely rise ▼ next year if his employer 96 Antoine Dominic (46) Excel Technology Inc. (XLTC) $5,673.5 $4,052.6$0.0$0.0$0.0 $1,620.9 $154.5 is bought by News Corp. 97 Jessica M. Bibliowicz (47) National Financial Partners Corp. (NFP) $5,664.3 $1,322.5$0.0 $4,331.0$0.0 $10.8 $1,077.1 Change-in-control 98 Matthew D. Serra (62) Foot Locker Inc. (FL) $5,514.5 $2,094.1 $1,987.8$0.0 $1,350.0 $82.6 $5,750.0 provisions could make 99 Michael J. Kowalski (55) Tiffany & Co. (TIF) $5,410.1 $2,095.9 $1,452.5 $1,708.4$0.0 $153.4 $2,648.3 him eligible for nearly 100 Wilson T. Eglin (42) Lexington Corporate Properties Trust (LXP) $5,248.6 $1,159.0$0.0 $3,675.8$0.0 $413.8 $211.6 $20 million.

Source: Equilar Inc., San Mateo, CA., (877) 441-6090, www.equilar.com; additional research by Denise Southwood, Sarah Studley and Kathleen Morgenier New York area includes New York CityandNassau, Suffolk and Westchester counties in New York, and Bergen, Essex, Hudson and Unioncounties in New Jersey. This ranking is based on Crain’slist of the 300 largest publicly held companies inthe New York area andincludes CEOs who were with those companies attheendoftheir fiscal years, except where noted. Executivesmay share the CEO title and/or have additional titles.Executiveages are derived from biographical information disclosed incompany proxy statements and may not reflect recent birthdays. Annualized base salaries are obtained from employment agreements when available andestimated whennecessary. All financial data are derived fromthe most recent 10-Ks or newswire dataavailable as of April 30, 2007. Thedata for companies with fiscal years ending in March through December are for the year ended in 2006, and thedata for companies with fiscal years ending in January and February are for the year ended in 2007, except where noted. Compensation data are derived fromcompany filings available fromthe SEC as of May 31, 2007.Compensation andfinancial figureshave been rounded toonedecimal place. Calculations for total pay and short-termpay are based onunrounded numbers. Total pay represents the sum of base salary, bonus, option awards, stock awards, long-termcash awards(attarget) and other compensation. Short-term pay represents the sum of base salary andbonus. Option awards as disclosed for all new-regulationcompanies includesservice- and performance-based option awards and the targetvalueoflong-term incentive plan awards denominated in options; as disclosed for old-regulationcompanies includesservice-based option awards and the targetvalueoflong-term incentive plan awards denominated in options (when available).Estimated value for old-regulationcompanies(whennecessary). Stock awards represents theaggregate valueofservice- and performance-based stock awards and the targetvalueoflong-term incentive plan awards denominated instockand/or units for new-regulationcompanies; it represents theaggregate valueofrestricted stock awards and the targetvalueoflong-term incentive plan awards denominated instockand/or units for old-regulationcompanies. Long-term cash awards includesthe targetvalueoflong-term incentive plan awards denominated incash. Other compensation represents the valueofperquisites andbenefits awarded toexecutives. For old-regulationcompanies, thisvalueiscalculated asthe sum of other annual compensation and all other compensation. 1-Mr. Blankfein became chairman and CEO on June 28, 2006. 2-Mr. Mackrejoined the companyaschairman and CEO on June 30, 2005. Annualized base salary. 3-Mr. Frissora became CEO on July 19, 2006. Annualized base salary. 4-Mr. Slovinstepped down as CEO on June 20, 2006, and currently serves as executive vice president and COO of U.S.operations. 5-Mr. Dauman became president and CEO onSept. 5, 2006. Annualized base salary. 6-Mr. Pastore became CEO on Oct. 6, 2006, andresigned onApril 11, 2007. He will continue tobeemployed by the company through June 30, 2007. 7-Mr. Kindler became CEO on July 31, 2006, and chairman on Dec. 19, 2006. 8-Mr. Scheetz became president and CEO in February 2006. 9-Mr. McCombbecame CEO on Nov. 6, 2006. Annualized base salary. 10-Mr. Thain became CEO on July 1, 2005. Annualized base salary. 11-Mr. Henrikson became chairman, president and CEO onApril 25, 2006. 12-Mr. Newsomebecame president in August 2004 and CEO on March 14, 2006. 13-Mr. Chiricobecame president, chief operating officer and CEO on Feb. 27, 2006. 14-Mr. Swainson became CEO in February 2005. Annualized base salary. 15-Mr. Strianesebecame chairman, president and CEO on Oct. 23, 2006. 16-Ms. Nooyi waspromoted to president and CEO on Oct. 1, 2006. 17-Mr. Shapiro was appointed CEO on Dec. 13, 2005, andwasnot entitled to compensation fromthe company until Jan. 1, 2006. 18-Mr. Foss waspromoted to president and CEO on July 20, 2006. 19-Mr. Zannino became CEO and director on Feb. 1, 2006.

ALL CRAIN’S BUSINESS LISTS ARE AVAILABLE AT WWW.NEWYORKBUSINESS.COM/LISTS.

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June 25, 2007 | Crain’s New York Business | 23 CNYB 06-25-07 A 24 6/21/2007 5:49 PM Page 1

BUSINESS BREAKFAST FORUM REPORT JUST ANNOUNCED! ALPHABETICAL LISTING OF COMPANIES COMPANY RANK COMPANY RANK

Aéropostale Inc. 91 J.P. Morgan Chase & Co. 6 MEET MAYOR BLOOMBERG ------

Alcoa Inc. ------53 Jefferies Group Inc. ------9 Mayor Bloomberg will give an end-of-the-year report on progress in AllianceBernstein Holding 21 John Wiley & Sons Inc. 63 the city’s schools and answer questions on other key issues. He will ------

Michael Bloomberg be questioned by Crain's editor Greg David and another journalist. Altria Group Inc.------28 Kearny Financial Corp. ------83

Ambac Financial Group Inc. ------77 KeySpan Corp. ------73

American Express Co. 13 Knight Capital Group Inc. 65 DATE: WEDNESDAY, JUNE 27, 2007 To register go to ------newyorkbusiness.com and American International Group Inc. 12 L-3 Communications Holdings Inc. 80 PLACE: SHERATON NEW YORK click on “Events,” or fax your ------811 Seventh Ave. at 52nd St. business card and credit card Ann Taylor Stores Corp.------92 Lehman Brothers Holdings Inc. ------11 TIME: Networking Breakfast 8:00–8:30 a.m. information to “Bloomberg Breakfast” at 212-210-0499. Annaly Capital Management Inc. 70 Leucadia National Corp. 20 Program 8:30–9:30 a.m. ------

Arrow Electronics Inc.------87 Lexington Corporate Properties Trust ------100

YOU MUST BE PRE-REGISTERED TO COST TO ATTEND: Automatic Data Processing Inc. 68 Liz Claiborne Inc. 51 ATTEND THIS EVENT. ------ALL TICKETS ARE NON-REFUNDABLE. $60 for individual ticket(s) $600 for table(s) of ten FOR MORE INFORMATION, Avon Products Inc.------47 Marsh & McLennan Cos. ------59 CALL THE EVENTS HOTLINE (American Express, Visa or MasterCard only)

AT 212-210-0739. Bank of New York Co. ------42 MasterCard Inc. ------45

Bear Stearns Cos. 7 MBIA Inc. 57 SPONSORED BY: ------

Becton Dickinson & Co.------82 McGraw-Hill Cos. ------35

Bed Bath & Beyond Inc. ------88 Medco Health Solutions Inc.------52

BlackRock Inc.------36 Merrill Lynch & Co.------3

C.R. Bard Inc.------69 MetLife Inc. ------61

CA Inc.------79 Monster Worldwide Inc.------22

Cablevision Systems Corp. ------40 Moody's Corp. ------71

CBS Corp. ------17 Morgan Stanley------5

Celgene Corp. ------30 Morgans Hotel Group Co. ------50

CIT Group Inc. ------43 Nasdaq Stock Market Inc. ------25

Citigroup Inc. ------16 National Financial Partners Corp. ------97

Coach Inc. ------4 News Corp. ------15

Colgate-Palmolive Co. ------29 NorthStar Realty Finance Corp. ------31

Cowen Group Inc. 26 Nymex Holdings Inc. 64 ÜÉäéáåÖ=óçì ------Dover Corp. ------78 NYSE Group Inc. ------56

Dow Jones & Co. 95 Omnicom Group Inc. 72 mi^k=clo ------Dun & Bradstreet Corp. ------93 Pepsi Bottling Group Inc. ------90

Tax Planning & Compliance E*Trade Financial Corp.------41 PepsiCo Inc. ------85 Trust & Estate qeb=crqrob Emdeon Corp. ------44 Pfizer Inc. ------46 Personal Financial Management eSpeed Inc. 81 Phillips-Van Heusen Corp. 75 Family Office ------

Estée Lauder Cos. ------74 Polo Ralph Lauren Corp. ------18

This is what our Wealth Management Group is all about. Excel Technology Inc. ------96 Prudential Financial Inc. ------34

Financial Federal Corp. 67 54 Our partners offer personal service, financial strategy ------Quest Diagnostics Inc. ------and advice, allowing you to plan ahead. We are one Foot Locker Inc. ------98 Schering-Plough Corp. ------33 of the largest mid-size accounting firms managing the Gamco Investors Inc. 1 Scholastic Corp. 94 financial health of high net worth individuals and their ------

families in the New York metropolitan area. General Maritime Corp. ------89 Scientific Games Corp. ------55

ëìéÉêáçê Goldman Sachs Group Inc. 2 Sirona Dental Systems Inc. 10 íÜáåâáåÖK ------Greenhill & Co. 49 Six Flags Inc. 86 ìåã~íÅÜÉÇ ------Griffon Corp. 84 SL Green Realty Corp. 27 áåíÉÖêáíóK ------

Hertz Global Holdings Inc. ------8 Starwood Hotels & Resorts Worldwide Inc. ------32

For more information, contact Hess Corp. ------37 Tiffany & Co. ------99 Andrew H. Weiss, CPA Hudson City Bancorp Inc. 58 Time Warner Inc. 24 (212) 697-6900 ------

[email protected] International Business Machines Corp. ------23 Triarc Cos. ------39 CERTIFIED PUBLIC ACCOUNTANTS. BUSINESS ADVISERS.

Holtz Rubenstein Reminick LLP International Flavors & Fragrances Inc. ------62 Verizon Communications Inc. ------19 1430 Broadway, New York, NY 10018 Interpublic Group of Companies Inc. ------60 Viacom Inc. ------14 125 Baylis Road, Melville, NY 11747

www.hrrllp.com iStar Financial Inc. ------66 Vornado Realty Trust------38

ITT Corp. 48 Warner Music Group Corp. 76 ©2007 Holtz Rubenstein Reminick LLP ------

24 | Crain’s New York Business | June 25, 2007 CNYB 06-25-07 A 25 6/21/2007 2:20 PM Page 1

REPORT Brown paper Say-on-pay: slow start For the first time, Crain’s Life will explore the art- and Continued from Page 19 work is found wanting, the board science- of gift-giving to ty votes. On average, the resolutions would be asked to go back to the packages tied provide Crain’s affluent received about 42% of the votes, in- drawing board.Such votes have been dicating that despite public furor held in Europe for several years. readers with insight and tips over spiraling executive pay, most While many investors find the into navigating New York’s investors are inclined to let boards idea persuasive,an even larger num- up in string. . . figure out ways to better align pay ber have so far declined to back it. virtual and physical retail with performance. Big mutual fund managers have scene. been particularly cool toward say- Source of frustration on-pay. These institutions tradi- “executive pay is one of the most tionally have been reluctant to join frustrating issues for activists,” said activist causes because they don’t Ed Durkin,director of corporate af- want to alienate companies that This fresh new package will fairs at the United Brotherhood of might hire them to manage their Carpenters and Joiners, shortly be- employee retirement plans. . . . Crain’s have advice from shopping fore the annual meeting season In an effort to pressure these pros and a unique gatefold swung into gear this spring. firms, the American Federation of readers will find Although few say-on-pay reso- State, County and Municipal Em- map to give Crain’s lutions carried, advocates say they ployees earlier this month issued a their favorite trendsetter readers a list of mutual funds that it said con- things in Crain’s simulated shopping SCORECARD sistently backed proposals to in- crease executive pay and named experience and show them Recent say-on-pay proposals at such big firms as AllianceBernstein, Life Gift-Giving Issue. New York companies. Barclays Global and AIM. how to best find those SHAREHOLDERS Activists have scored a few victo- perfect gifts for clients, VOTING YES ries. Earlier this month, TIAA- CREF, a big insurer and money Issue Date: Sep 10 friends and family. Bank of New York 47.0% manager, said it would allow its pol- Citigroup 46.2% icyholders to vote on its executives’ Ad close: Aug 23 compensation plans. And a number Jones Apparel Group 48.0%* of large companies—including For advertising information J.P. Morgan Chase 40.6% Pfizer, Prudential Financial and Merrill Lynch 45.6% Schering-Plough—are in talks with contact Vanessa Cognard at advocates to explore ways to adopt 212-210-0732 or Morgan Stanley 39.2% say-on-pay voting. Time Warner 40.0% [email protected] Getting the word out Verizon 50.2% in the meantime, Mr. Jones is *Estimate. busy traveling to advise labor unions Source: American Federation of State, County and Municipal Employees and retiree groups on how they can replicate his group’s accomplish- ment at Verizon. “It’s time for the will try again next year.The prevail- company to listen to its sharehold- ing political winds also support their ers on the matter of executive pay,” efforts,since the U.S.House of Rep- he says.“We sent a strong message.” resentatives earlier this year ap- He has also teamed up with in- Personal Wealth Advisors Group proved a bill requiring companies to vestment banker and activist Gary hold say-on-pay votes. The Senate Lutin to hold investor forums ex- hasn’t yet taken up the matter. amining Verizon executives’ pay. “It takes time to build up a ma- Mr. Jones is also closely watching to COMPENSATION PLANNING IS KEY jority,” says Timothy Smith, direc- see if Verizon will enact his group’s TO NAVIGATING WEALTH CREATION. tor of socially responsive investing at say-on-pay proposal.After its annu- Walden Asset Management. al meeting, Verizon stated that it Say-on-pay resolutions represent “will further consider its policies in Tax exposure, investment and the latest and most sophisticated at- light of the high level of sharehold- business risk, and a multitude of tempt by activist investors to influ- er interest,” but Mr. Jones hasn’t ence executive pay.The proposals say heard anything since. other uncertainties can represent that companies should allow in- “If they don’t adopt the plan, troubled waters. vestors to hold a nonbinding vote we’ll be right back,” he promises. every year on the work of the board’s At Eisner, our approach is based compensation committee. If the COMMENTS? [email protected] on helping you steer through these issues in order to protect, preserve, and improve your financial status. IVAN SEIDENBERG, Verizon’s chief Our professionals tackle today’s executive, was issues to help you work toward a awarded $75 successful tomorrow. million in compensation over a five-year period.

Eisner LLP Accountants and Advisors For more information, contact:

NEW YORK NEW JERSEY Timothy P. Speiss Barbara Taibi [email protected] [email protected] www.eisnerllp.com 212.891.4087 973.593.7045 Independent Member of Baker TillyInternational bloomberg news

June 25, 2007 | Crain’s New York Business | 25 nb26p26_27_28_29cls.qxp 6/21/07 2:45 PM Page 26

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Notice of Formation of Electric Media LINEN CHATEAU, LLC Articles of Org. filed NY Notice of Qualification of Clark Wamberg, Solutions, LLC. Arts. of Org. filed with Secy. Sec. of State (SSNY) 5/2/07. Office in New LLC. Authority filed with Secy. of State of King’s Way ~ Chappaqua, NY of State of N.Y. (SSNY) on 2/23/07. Office York Co. SSNY desig. agent of LLC upon NY (SSNY) on 3/01/07. Office location: NY Live and work at this country estate less than an hour from Grand Central Station. On over location: NY County. SSNY designated as whom process may be served. SSNY shall County. LLC formed in Delaware (DE) on nine acres overlooking a scenic lake, the estate includes a majestic 1904 Manor and four large agent of LLC upon whom process against it mail copy of process to c/o Lazarus & Lazarus, 10/24/06. SSNY designated as agent of LLC outbuildings. The cloistered setting also offers beautifully planted grounds and a lakeside may be served. SSNY shall mail process to: P.C., 240 Madison Ave., 8th Fl., NY, NY 10016. upon whom process against it may be pool. A unique opportunity to live and work in a truly spectacular setting...... $4,200,000 230 W. 41st St., #1100, NY, NY 10036, Attn: Purpose: Any lawful purpose. served. SSNY shall mail process to: c/o Chappaqua Office 914.238.4766 Marc Schiller. Purpose: any lawful activity. National Registered Agents, Inc., 875 Ave 100% Local MLS Listings houlihanlawrence.com Name of LLC: Securities Acquisition Company of the Americas, Ste 501, NY, NY 10001. Notice of Qualification of Envirotech LLC. Arts. of Org. filed NY Sec. of State Address required to be maintained in DE: #1 RANKED GLOBAL NETWORK. Consultants LLC. Authority filed with Secy. 3/21/07. Princ. off. loc.: New York Cty. Sec. of 160 Greentree Dr., Ste 101, Dover, DE FAMILY OWNED, FAMILY RUN...SINCE 1888. State designated as agent of LLC upon whom 19904. Arts. of Org. filed with DE Secy. Of BEST OF BOTH WORLDS. of State of N.Y. (SSNY) on 4/26/07. Office location: NY County. LLC formed in New process against it may be served. Sec. of State State, 401 Federal St., Ste 4., Dover, DE Jersey (NJ) on 12/21/06. SSNY designated shall mail a copy of process to Gersten Savage 19901. Purpose: any lawful activities. MIAMI BEACH/FLORIDA as agent of LLC upon whom process against LLP, 600 Lexington Ave., 9th Fl., NY, NY 10022. Advertise on it may be served. SSNY shall mail process Purpose: any lawful activity. Notice of Formation of 176 East 3 Realty LLC. to: 201 S. First St., Elizabeth, NJ 07206, NJ Arts. of Org. filed with Secy. of State of NY TRUMP OCEANFRONT CONDOS address of LLC. Arts. of Org. filed with NJ Notice of Qualification of AIMCO 204-206 (SSNY) on 3/23/07. Office location: NY Co. OWN YOUR LUXURY CONDO TODAY! www.newyorkbusiness.com Secy. of State, PO Box 300, Trenton, NJ West 133 Net Lessee, LLC. Authority filed with SSNY designated as agent of LLC upon whom TRUMP GRANDE & TRUMP TOWERS 08625. Purpose: any lawful activity. Secy. of State of N.Y. (SSNY) on 5/11/07. process against it may be served. SSNY shall Buy directly from the Developer & Save $$ Office location: NY County. LLC formed in mail process to: c/o The Icon Group, 433 Delaware (DE) on 5/10/07. SSNY designated Furnished Condo Hotel units from $325k Call John Gallagher Notice of App. for Auth. for LLC. Name: W.14th St., Ste 429 3R, NY, NY 10014. as agent of LLC upon whom process against it 1-4 Bedrm Residential Condos from $875k EMPIRE 33RD ST. LLC Filed Sec. of State of Purpose: any lawful activities. may be served. SSNY shall mail process to: Ask for details on our FLY-BUY Program NY (SSNY) 3/13/07. Juris.: DE. Org: 3/8/07. c/o Corporation Service Company (CSC), 80 Call Exclusively Baronoff 305.213.3606 @ 212-210-0189 Off. Loc: NY. SSNY is designated as agent of State St., Albany, NY 12207. DE address of Notice of Formation of 420 East 66 Realty LLC upon process against it may be served. LLC: c/o CSC, 2711 Centerville Road, Ste. 400, LLC. Arts. of Org. filed with Secy. of State of SSNY shall mail copy of process to THE LLC Wilmington, DE 19808. Arts. of Org. filed with NY (SSNY) on 4/20/07. Office location: NY Co. C/O Nyre Associates, 58 East 79th. St., 5th DE Secy. of State, 401 Federal St., Dover, DE SSNY designated as agent of LLC upon whom Flr., NY, NY 10021. Juris. Off 508 Main Street, REAL ESTATE 19901. Purpose: any lawful activity. process against it may be served. SSNY shall Wilmington, DE 19804. Copy of the art. filed mail process to: : c/o The Icon Group, 433 with DE Secretary of State, Townsend Build., West 14th St., Ste 429 3R, NY, NY 10014. OFFICE SPACE Federal Street Dover, DE 19901. Purpose: Any Notice of Qualification of 85 Tenth First Mezz Purpose: any lawful activities. lawful act or activity. Associates, L.L.C. Authority filed with NY Dept. of State on 5/10/07. Office location: NY County. Principal business address: 60 Notice of Formation of Argot Partners, LLC. IMMEDIATE OFFICE SPACE Notice of Formation of Added Opportunity Columbus Circle, NY, NY 10023. LLC formed Arts. of Org. filed with Secy. of State of NY Space by the day, week, month, year and even virtual. LLC. Arts. of Org. filed with Secy. of State of in Delaware (DE) on 5/9/07. NY Secy. of State (SSNY) on 2/07/07. Office location: NY Co. NY (SSNY) on 10/10/2006. Office location: NY designated as agent of LLC upon whom SSNY designated as agent of LLC upon whom 212.573.0909 County. SSNY designated as agent of LLC process against it may be served and shall process against it may be served. SSNY shall VornadoFurnishedOffices.com upon whom process against it may be served. mail process to: c/o Corporation Service Co. mail process to: National Registered Agents, A SSNY shall mail process to: c/o Corporate (CSC), 80 State St., Albany, NY 12207. DE Inc., 875 Avenue of the Americas, Ste. 501, Service Company, 80 State Street, NY, NY 90 Park 909 Third 330 Madison 770 Broadway COMPANY address of LLC: c/o CSC, 2711 Centerville Rd., NY, NY 10001, also registered agent. Purpose: 12207-2543. Purpose: any lawful activities. Wilmington, DE 19808. Arts. of Org. filed with any lawful activities. OFFICE SPACE OFFICE SPACE DE Secy. of State, Federal & Duke of York Sts., Notice of Formation of Brilliant Trading Dover, DE 19901. Purpose: any lawful activity. Name of LLC: Pils Realty LLC. Arts. of Org. Company, LLC. Arts. of Org. filed with Secy. of filed with NY Dept. of State on 5/10/2007, as LOOKING FOR, State of N.Y. (SSNY) on 5/27/2004. Office Notice of Formation of ELIZA MACGREGOR amended. Office location: NY County. Secy. 212-947-5500 OFFICE SPACE, location: NY County. Principal business DESIGN, LLC. Arts. of Org. filed with Secy. of of State designated as agent of LLC upon RETAIL OR INVESTMENT PROPERTY?, location: 580 Fifth Ave., Ste. 800, NY, NY State of N.Y. (SSNY) on 5/9/07 as amended. whom process against it may be served and FOR ALL OFFICE, RETAIL & LOFT SPACES 10036. SSNY designated as agent of LLC Office location: NY County. SSNY designated shall mail process to: c/o Larissa N. Lachman, New York City, Brooklyn, Queens Let Us Assist You at No Fee To You. 500–50,000 SF upon whom process against it may be served. as agent of LLC upon whom process against 121 W. 19th St., Apt. 2B, NY, NY 10011, Call Sasha Majerovsky 212 695-8345 ext. 11 SSNY shall mail process to: One Rockefeller it may be served. SSNY shall mail process to: registered agent upon whom process may UNDER MARKET SUBLETS – NO FEE! [email protected] Search our listings @ www.midcomre.com Plaza, 28th Fl., NY, NY 10020. Term: until The LLC, 40 E. 10th St., Apt. 6-J, NY, NY be served. Term: until 12/31/2047. Call Paul 212 947-5500 x 100 www.citywidepropertiesre.com 12/31/2024. Purpose: any lawful activity. 10003. Purpose: any lawful activity. Purpose: any lawful activity.

26 | Crain’s New York Business | June 25, 2007 nb26p26_27_28_29cls.qxp 6/21/07 2:37 PM Page 27

PUBLIC & LEGAL NOTICES

Notice of Appl. for Auth. 325 Savanna LLC a Notice of Formation of BETAVILLE, LLC, a Notice of Qualification of Lee Equity Partners Notice of Formation of Stackpole Partners, Notice of formation of Molly Picu, LLC. foreign limited liability company (LLC). domestic Limited Liability Company. Arts. of Fund, L.P. Authority filed with Secy. of State of LLC. Arts. of Org. filed with Secy. of State of Arts. of Org filed with Secty. Of State of NY Appl. for Auth. filed with Secy. of State of Org. filed with the SSNY on 02/01/07. Office N.Y. (SSNY) on 5/3/07. Office location: NY NY (SSNY) on 4/25/07. Office location: NY Co. (SSNY) on 5/9/2007. Office location: New NY (SSNY) on 12/18/06. LLC organized in location: New York County. SSNY has been County. LP formed in Delaware (DE) on SSNY designated as agent of LLC upon whom York County. SSNY designated as agent of DE on 11/16/00. NY office location: New designated as agent upon whom process 4/27/07. SSNY designated as agent of LP process against it may be served. SSNY shall LLC upon whom process against it may be York County. SSNY designated as agent of against the LLC may be served. SSNY shall upon whom process against it may be served. mail process to: National Registered Agents, served. SSNY shall mail process to: c/o CRM the LLC upon whom process against it may mail a copy of process to: Andrew Leitch, 337 SSNY shall mail process to principal business Inc., 875 Ave of the Americas, Ste 501, NY, NY Management, 430 W. 14th St., NY, NY 10014. be served. SSNY shall mail copy of process West 14th St., Apt. 64, New York, NY 10014. location: c/o Lee Equity Partners, LLC, 767 10001, also registered agent. Purpose: any Purpose: any lawful activity. to: c/o The LLC, 10 East 53rd Street, 37th Purpose: Any Lawful Purpose. Fifth Ave., NY, NY 10153. DE address of LP: lawful activities. Flr., New York, NY 10022. Office address of c/o Corporation Service Company, 2711 Notice of Qualification of Hanover Group LLC in jurisdiction of organization: c/o Notice of Formation of Birsel + Seck LLC. Centerville Road, Ste. 400, Wilmington, DE NOTICE OF FORMATION OF LIMITED LIABILITY US, LLC. Authority filed with Secy. of State National Registered Agents, Inc., 160 Arts. of Org. filed with Secy. of State of NY 19808. Name/address of each genl. ptr. COMPANY. NAME: 1700 PARK STREET LLC. of NY (SSNY) on 4/03/07. Office location: Greentree Drive Suite 101, Dover, DE 19904. (SSNY) on 6/3/04. Office location: NY Co. available from SSNY. Cert. of LP filed with DE Articles of Organization were filed with the NY County. LLC formed in Delaware (DE) A copy of the Cert. of Form. is on file with SSNY designated as agent of LLC upon Secy. of State, P.O. Box 898, Dover, DE 19903. Secretary of State of New York (SSNY) on on 3/8/06. SSNY designated as agent of State of Delaware, Division of Corporation, whom process against it may be served. Purpose: any lawful activity. 12/20/06. Office location: New York County. LLC upon whom process against it may be 401 Federal Street, Ste. 4, Dover, DE 19901. SSNY shall mail process to: The LLC, 333 SSNY has been designated as agent of the served. SSNY shall mail process to: c/o Purpose: Any lawful act or activity. West 39th St., Ste 501, NY, NY 10018. Notice of Formation of RW Holdings LLC. LLC upon whom process against it may be National Registered Agents, Inc., 875 Ave Purpose: any lawful activities. Arts. of Org. filed with Secy. of State of NY served. SSNY shall mail a copy of process to of the Americas, Ste 501, NY, NY 10001. Notice of Formation of M&M Pictures, LLC. (SSNY) on 3/5/03. Office location: NY County. the LLC, c/o Gabrielle Schein, 145 East 15th Address required to be maintained in DE: Arts. of Org. filed with NY Dept. of State on SSNY designated as agent of LLC upon whom Street, New York, New York 10003. Purpose: 160 Greentree Dr., Ste 101, Dover, DE Notice of Qualification of Screen Media Films, process against it may be served. SSNY shall 19904. Arts. of Org. filed with DE Secy. Of 5/14/07. Office location: NY County. Secy. of LLC. Authority filed with NY Sec. of State For any lawful purpose. State designated as agent of LLC upon mail process to: c/o Rinzler & Rinzler, 200 State, 401 Federal St., Ste 4., Dover, DE (SSNY) 6/25/04.Juris. of org: Delaware (DE) Madison Ave., 24th Fl., NY, NY 10016. 19901. Purpose: any lawful activities. whom process against it may be served and filed: 1/15/02 NY off. loc. in NY Co. SSNY NOTICE OF FORMATION OF LIMITED shall mail process to: 19 Greenwich St., #5B, Purpose: any lawful activity. designated as agent of LLC upon whom LIABILITY COMPANY. NAME: WellBuilt Notice of Formation of BDL 147 Mercer Street, NY, NY 10014, principal business address of process may be served. SSNY shall mail copy Construction Enterprises, LLC. Articles of the LLC. Purpose: any lawful activity. Notice of Formation of 234 E. 84th Street, LLC. Arts. of Org. filed with Secy. of State of of process to: c/o Pavia & Harcourt LLP, Attn: LLC. Arts. of Org. filed with Secy. of State of Organization were filed with the Secretary N.Y. (SSNY) on 5/10/2007. Office location: NY John R. Firestone, Esq., 600 Madison Ave, 12 NY (SSNY) on 5/6/05. Office location: NY of State of New York (SSNY) on 05/14/07. County. Principal business location: 147 EPOLOGY LLC, a foreign Limited Liability Fl. NY, NY 10022. LLC address in DE: 2711 County. SSNY designated as agent of LLC Office location: New York County. SSNY has Mercer St., NY, NY 10012. SSNY designated Company (LLC) filed with Sec of State of Centerville Rd., Ste. 400, Wilmington, DE upon whom process against it may be served. been designated as agent of the LLC upon as agent of LLC upon whom process against it NY (SSNY) 5/4/07. NY Office location: NEW 19808. Arts of org. on file with SSDE, Div of SSNY shall mail process to: c/o James Rinzler whom process against it may be served. may be served. SSNY shall mail process to: YORK County. SSNY is designated as agent Corps, 401 Federal St. Ste 4, Dover, DE 19901 at Dominion Management, 200 Madison Ave., SSNY shall mail a copy of process to the Holland & Knight LLP, 195 Broadway, NY, NY upon whom process against the LLC may Purpose: Any lawful purpose. NY, NY 10016. Purpose: any lawful activity. LLC, c/o Lazer Vukaj, 213 West 35th Street, 10007, Attn: M. James Spitzer, Jr. Term: until be served. SSNY shall mail a copy of any Suite 601, New York, New York 10001. 12/31/2055. Purpose: any lawful activity. process against the LLC served upon him/her Notice of Qualification of The Chalice Fund L.P. Notice of Qualification of 81 Main Realty LLC. Purpose: For any lawful purpose. to THE LLC, 261 BROOME ST., APT. 3A, Authority filed with Secy. of State of N.Y. Authority filed with Secy. of State of N.Y. Notice of Formation of Sands Brothers NEW YORK, NY 10002. General Purposes (SSNY) on 12/21/06. Office location: NY (SSNY) on 5/8/07. Office location: NY County. Notice of Formation of REDSTONE CAPITAL, Venture Capital II LLC. Arts. of Org. filed with County. LP formed in Delaware (DE) on LLC formed in Delaware (DE) on 5/1/07. SSNY LLC. Arts. of Org. filed with Secy. of State of Secy. of State of NY (SSNY) on 3/28/2000. Notice of Formation of Carnegie Hill 10/12/06. SSNY designated as agent of LP designated as agent of LLC upon whom N.Y. (SSNY) on 3/5/07. Office location: NY Office location: NY County. SSNY designated Cardiology, PLLC. Arts. of Org. filed with upon whom process against it may be served. process against it may be served. SSNY shall County. SSNY designated as agent of LLC upon as agent of LLC upon whom process against Secy. of State of NY (SSNY) on 10/11/06. SSNY shall mail process to: c/o Grail Partners mail process to principal business location: whom process against it may be served. SSNY it may be served. SSNY shall mail process to: Office location: NY Co. SSNY designated as LLC, One Post Office Square, Boston, MA c/o Winter Management Corp., 730 Fifth Ave., shall mail process to: c/o Sasson Blaivas LLP, c/o Steven B. Sands, 90 Park Ave., NY, NY agent of LLC upon whom process against it 02109. DE address of LP: The Corporation 12th Fl., NY, NY 10019. DE address of LLC: 100 Park Avenue, 35th Fl., NY, NY 10017. 10016. Term: until 12/31/2030. Purpose: any may be served. SSNY shall mail process to: Trust Company, 1209 Orange St., Wilmington, c/o Corporation Service Company, 2711 Purpose: any lawful activity. lawful activity. The LLC, 162 East 95th Street, NY, NY 10128. DE 19801. Name/address of each genl. ptr. Centerville Road, Ste. 400, Wilmington, DE Purpose: any lawful activities. available from SSNY. Cert. of LP filed with DE 19808. Arts. of Org. filed with DE Secy. of State, Notice of Qualification of Pandit Investors, LP. Notice of Qualification of Primacy Relocation, Secy. of State, P.O. Box 898, Dover, DE 19903. Townsend Bldg., Dover, DE 19901. Purpose: Authority filed with NY Dept. of State on 4/23/07. LLC. Authority filed with Secy. of State of Notice of Qualification of Axton Owner LLC. Purpose: all lawful purposes. owning and managing real estate and any Office location: NY County. LP formed in NY (SSNY) on 1/23/07. Office location: NY Authority filed with Secy. of State of NY other purposes permitted by applicable law. Delaware (DE) on 7/14/05. NY Secy. of State County. LLC formed in Tennessee (TN) on (SSNY) on 1/22/07. Office location: NY Notice of Formation of 158 West 23 LLC. Arts. designated as agent of LP upon whom 12/13/96. SSNY designated as agent of LLC County. LLC formed in Delaware (DE) on of Org. filed with Secy. of State of NY (SSNY) Notice of Qualification of BS DVB Debt LLC. process against it may be served and shall mail upon whom process against it may be 1/3/07. SSNY designated as agent of LLC on 4/20/04. Office location: NY Co. SSNY Authority filed with NY Dept. of State on process to: Vikram S. Pandit, Old Lane served. SSNY shall mail process to: c/o upon whom process against it may be designated as agent of LLC upon whom 5/23/07. Office location: NY County. Principal Holdings, LLC, 500 Park Ave., NY, NY 10022, National Registered Agents, Inc., 875 Ave of served. SSNY shall mail process to: c/o process against it may be served. SSNY shall business address: 383 Madison Ave., NY, NY principal business address of the LP. DE the Americas, Ste 501, NY, NY 10001. National Registered Agents, Inc., 875 Ave of mail process to: c/o Rossrock LLC, Attn: 10179. LLC formed in Delaware (DE) on address of LP: c/o Corporation Service Co., Address required to be maintained in TN: the Americas, Ste 501, NY, NY 10001, also Mr.James Ross, 150 East 52nd St., 27th Fl, 5/18/07. NY Secy. of State designated as 2711 Centerville Rd., Ste. 400, Wilmington, DE 6077 Primacy Pkwy, Ste 300, Memphis, TN registered agent. Address required to be NY, NY 10022. Purpose: any lawful activities. agent of LLC upon whom process against 19808. Name/address of genl. ptr. available 38119. Arts. of Org. filed with TN Secy. Of maintained in DE: 160 Greentree Dr., Ste 101, it may be served and shall mail process to: from Secy. of State. Cert. of LP filed with DE State, 312 Eighth Ave N., 6th Fl, William Dover, DE 19904. Arts. of Org. filed with DE c/o CT Corporation System, 111 8th Ave., Secy. of State, 401 Federal St., Dover, DE Snodgrass Tower, Nashville, TN 37243. Notice of Qualification of CIP Europe, L.P. Secy. Of State, 401 Federal St., Ste 4., Dover, NY, NY 10011, registered agent upon whom 19901. Purpose: any lawful activity. Purpose: any lawful activities. Authority filed with Secy. of State of N.Y. DE 19901. Purpose: any lawful activities. process may be served. DE address of LLC: (SSNY) on 3/1/07. Office location: NY County. c/o Corporation Trust Co., 1209 Orange St., CHAUFFEURED TRANSPORTATION LP formed in Cayman Islands (CI) on Wilmington, DE 19801. Arts. of Org. filed Notice of Qualification of Block by Block, 10/18/06. SSNY designated as agent of LP with DE Secy. of State, Div. of Corps., LLC., fict name of Brantley Block by Block, upon whom process against it may be served. Townsend Bldg., Dover, DE 19901. Purpose: DESTINATION? LLC Authority filed with Secy. of State of SSNY shall mail process to: Co-Investment any lawful activity. NY (SSNY) on 2/27/07. Office location: NY Partners Europe, L.P., c/o Lexington Advisors Anytime. Anywhere. County. LLC formed in Kentucky (KY) on Inc., 660 Madison Ave., NY, NY 10022. Notice of App. of Auth. of Lime Brokerage 12/27/06. SSNY designated as agent of LLC Registered agent upon whom process may be Holdings LLC, filed NY Secy of State (SSNY) upon whom process against it may be served. served: CT Corporation System, 111 8th Ave., 4-30-07; Organized DE 4-23-07; NY office: Business Meetings and Events, SSNY shall mail process to: the LLC, 875 Ave. NY, NY 10011. CI address of LP: Walker NY Cty, 377 Broadway, NY, NY 10013; SSNY Road Shows, and 18-hour days; of the Americas, Ste. 501, NY, NY 10001. House, 87 Mary St., P.O. Box 908 GT, George Designated Agent For Service of Process, Address of LLC in jurisdiction of formation: Town, Grand Cayman, KY1-9002 CI. copy to Lime Brokerage Holdings LLC, 377 we know where you’re coming from 1325 S. 4th St, Louisville, KY 40208. Arts. of Name/address of each genl. ptr. available from Broadway, NY, NY 10013; Registered office and we know how to get you there. Org. filed with Secy. of State of KY, 700 SSNY. Cert. of LP filed with Walkers, Walker DE: Corporation Service Company, 2711 Anytime. Anywhere. Capital Ave, Ste 152, Frankfort, KY 40601. House, 87 May St., P.O. Box 265 GT, George Centerville Rd., Ste. 400, Wilmington, DE Purpose: any lawful activities. Town, Grand Cayman, KY1-9002, CI. Purpose: 19808; Cert. Formation filed DE Secy State, all lawful purposes. 401 Federal St., Ste. 4, Dover, DE 19901; Commonwealth Worldwide provides Notice of Qualification of Blue Opportunity Purpose: any lawful activity. Fund, L.P. Authority filed with Secy. of State Notice of Formation of Crosby Roamann, premium chauffeured transportation of NY (SSNY) on 3/12/07. Office location: NY LLC. Arts. of Org. filed with Secy. of State of Notice of Qualification of CPC NY 58 services for discriminating corporate County. LP formed in Delaware (DE) on 2/7/07. N.Y. (SSNY) on 1/27/06. Office location: NY Mortimer Realty, LLC. Authority filed with clients including senior executives, SSNY designated as agent of LP upon whom County. SSNY designated as agent of LLC Secy. of State of N.Y. (SSNY) on 5/9/07. process against it may be served. SSNY shall upon whom process against it may be Office location: NY County. LLC formed in and private aviation passengers. mail process to: c/o National Registered Agents, served. SSNY shall mail process to principal Delaware (DE) on 5/4/07. SSNY designated business location: Anne McBride Schreiber, Inc., 875 Avenue of the Americas., Ste. 501, NY, as agent of LLC upon whom process against Celebrating Our 25th Year NY 10001, also registered agent. DE address of 124 E 79th St., Apt. 19B, NY, NY 10021. it may be served. SSNY shall mail process to: LP: 160 Greentree Dr., St 101, Dover, DE Purpose: any lawful activity. c/o Corporation Service Company, 80 State 1982-2007 19901. Name/address of genl. ptr. available St., Albany, NY 12207. DE address of LLC: from SSNY. Cert. of LP filed with DE Secy. Notice of Formation of CYBERLAWSTUDIO, 1105 N. Market St., Ste. 1026, Wilmington, of State, Federal & Duke of York Sts., Dover, PLLC, a professional service limited liability DE 19801. Arts. of Org. filed with DE Secy. of DE 19901. Purpose: any lawful activities. company (PLLC). Arts. of Org. filed with State, 401 Federal St., Dover, DE 19901. Secy. of State of N.Y. (SSNY) on 3/15/04. Purpose: any lawful activity. Notice of Qualification of SLG 48E43 LLC. Office location: NY County. SSNY designated Authority filed with Secy. of State of NY as agent of PLLC upon whom process NOTICE OF FORMATION OF LIMITED LIABILITY (SSNY) on 3/21/07. Office location: NY against it may be served. SSNY shall mail COMPANY. NAME: JJ49 REALTY LLC. County. LLC formed in Delaware (DE) on process to: The LLC, 106 Bedford St., Apt. Articles of Organization were filed with the 3/20/07. SSNY designated as agent of LLC 6E, NY, NY 10014, Attn: Julia Cheng, registered Secretary of State of New York (SSNY) on upon whom process against it may be agent upon whom process may be served. 04/09/07. The latest date of dissolution is served. SSNY shall mail process to: c/o Purpose: provision of legal services. 12/31/2050. Office location: New York National Registered Agents, Inc., 875 Ave of County. SSNY has been designated as agent the Americas, Ste 501, NY, NY 10001, also 2904 ATLANTIC AVE LLC Articles of Org. of the LLC upon whom process against it registered agent. Address required to be may be served. SSNY shall mail a copy of filed NY Sec. of State (SSNY) 12/18/06. The World’s #1 Chauffeured Transportation Company maintained in DE: 160 Greentree Dr., Ste 101, Office in NY Co. SSNY desig. agent of LLC process to the LLC, c/o John Kaufman c/o Dover, DE 19904. Arts. of Org. filed with DE upon whom process may be served. SSNY Canavan & Kaufman, Esqs., One Barker Secy. Of State, 401 Federal St., Ste 4., Dover, shall mail copy of process to PO Box 20700, Avenue, White Plains, New York 10601. DE 19901. Purpose: any lawful activities. NY, NY 10009. Purpose: Any lawful purpose. Purpose: For any lawful purpose. 866.770.1677 or 718.706.5500 • commonwealthlimo.com

June 25, 2007 | Crain’s New York Business | 27 nb26p26_27_28_29cls.qxp 6/21/07 2:37 PM Page 28

PUBLIC & LEGAL NOTICES

Name of LLC: 2148 Broadway Holdings LLC. Notice of Formation of PWVA, LLC. Arts. of Notice of Qualification of Tailwind Capital Notice of formation of Fluid Editorial & Design, Notice of Formation of Spring Valley Site III Arts. of Org. filed NY Sec. of State 4/30/2007. Org. filed with Secy. of State of N.Y. (SSNY) Partners (TE), L.P. Authority filed with NY LLC. Arts. of Org. filed Sec. of State NY (SSNY) Developer LLC. Arts. of Org. filed with Secy. of Princ. off. loc.: New York Cty. Sec. of State on 5/9/07. Office location: NY County. SSNY Dept. of State on 5/3/07. Office location: NY 5/10/07. Off. Loc.: New York Co. SSNY State of N.Y. (SSNY) on 3/26/07. Office designated as agent of LLC upon whom designated as agent of LLC upon whom County. Principal business address: 390 Park designated as agent upon whom process location: NY County. SSNY designated as process against it may be served. Sec. of process against it may be served. SSNY Ave., NY, NY 10022. LP formed in Delaware against it may be served. SSNY to mail copy of agent of LLC upon whom process against it State shall mail a copy of process to principal shall mail process to: Peggy Ann Wallace, (DE) on 10/23/06. NY Secy. of State designated process to The LLC, 95 Horatio Street, Suite may be served. SSNY shall mail process to: bus loc.: 2148 Broadway Holdings LLC, 115 303 Park Ave. So., # 1151, NY, NY 10010. as agent of LP upon whom process against it 409, NY, NY 10014. Purpose: Any lawful act. c/o CPC Resources, Inc., 28 E. 28th St., 9th Fl., E. 57th St., Ste. 1102, NY, NY 10022. The Purpose: any lawful activity. may be served and shall mail process to: c/o NY, NY 10016. Purpose: any lawful activity. latest date at which the LLC may dissolve CT Corporation System, 111 8th Ave., NY, NY Notice of Formation of Colen MD Plastic is: 12/31/2057. Purpose: any lawful activity. Notice of Qualification of Rock New York 10011. DE address of LP: c/o Corporation Surgery Suite, P.L.L.C. Arts. of Org. filed Notice of Registration of Thompson Wigdor & (183 Madison Avenue) LLC. Authority filed Service Co., 2711 Centerville Rd., Ste. 400, with Secy. of State of NY (SSNY) on 3/26/07. Gilly LLP. Cert. filed with Secy. of State of NY FORMATION NOTICE OF THE LIMITED with Secy. of State of NY (SSNY) on 2/14/07. Wilmington, DE 19808. Name/address of Office location: NY Co. SSNY designated as (SSNY) on 2/3/03. Office location: NY County. LIABILITY COMPANY. NAME: BLACK SWAN Office location: NY County. LLC formed in genl. ptr. available from Secy. of State. agent of LLC upon whom process against it SSNY designated as agent of LLP upon whom VENTURES, LLC. Art. of Org. were filed with Delaware (DE) on 2/13/07. SSNY designated Cert. of LP filed with DE Secy. of State, may be served. SSNY shall mail process to: process against it may be served. SSNY shall the NY Secretary of State (SSNY) on May 21, as agent of LLC upon whom process against Townsend Bldg., Dover, DE 19901. Purpose: any The LLC, 742 Park Ave., NY, NY 10021. mail process to: c/o CT Corporation System, 2007. Office location: New York County. SSNY it may be served. SSNY shall mail process to: lawful activity. Purpose: any lawful activities. 111 8th Ave., NY, NY 10011, registered agent designated as agent of the LLC upon whom c/o National Registered Agents, Inc., 875 Ave upon whom process may be served. Purpose: process against it may be served. SSNY shall of the Americas, Ste 501, NY, NY 10001, also NOTICE OF FORMATION OF R&B Bradhurst, Notice of Qualification of Goldman Sachs practice the profession of law. mail a copy of process to Rosalind Resnick, registered agent. Address to be maintained in LLC. Art. of Org. filed with the Secy of St. of Global Trading Advisors, LLC. Authority filed 39 Fifth Avenue, Apt. 15B, New York, NY DE: 160 Greentree Dr., Ste 101, Dover, DE New York (SSNY) on 02/24/06. N.Y. Off. with Secy. of State of N.Y. (SSNY) on 5/2/07. Notice of Qualification of RepEvent, LLC. 10003. Purpose: All lawful purpose. 19904. Arts. of Org. filed with DE Secy. Of Loc.: NY County. SSNY has been designated Office location: NY County. LLC formed in Authority filed with NY Dept. of State on State, 401 Federal St., Ste 4., Dover, DE 19901. as agent of LLC upon whom process against Delaware (DE) on 11/26/02. SSNY designated 5/25/07. Office location: NY County. Principal it may be served. The P.O. address to which business address: 75 9th Ave., 4th Fl., NY, NOTICE OF FORMATION of Global Medical Purpose: any lawful activities. as agent of LLC upon whom process against the SSNY shall mail a copy of any process NY 10011. LLC formed in Delaware (DE) on Associates, PLLC, a professional service it may be served. SSNY shall mail process to against the LLC served upon him/her is C/O 3/7/07. NY Secy. of State designated as limited liability company (PLLC). Arts. of principal business location: Goldman Sachs Notice of Qualification of 708 Third Avenue the LLC: Abrams Garfinkel Margolis Bergson, agent of LLC upon whom process against it Org. filed with Secy. of State of NY (SSNY) Hedge Fund Strategies LLC, 1 New York Associates, LLC. Authority filed with Secy. of LLP 237 West 35th St., 4th Fl., NY, NY, 10001. may be served and shall mail process to: c/o on 4/24/07. Office location: NY County. Plaza, NY, NY 10004. DE address of LLC: State of N.Y. (SSNY) on 5/3/07. Office location: Purpose of LLC: any lawful act. Corporation Service Co., 80 State St., Albany, SSNY designated as agent of PLLC upon 1209 Orange St., Wilmington, DE 19801. NY County. LLC formed in Delaware (DE) on NY 12207. DE address of LLC: 2711 whom process against it may be served. Arts. of Org. filed with DE Secy. of State, P.O. 4/25/07. SSNY designated as agent of LLC NOTICE OF FORMATION OF LIMITED Centerville Rd., Ste. 400, Wilmington, DE SSNY shall mail process to: 4 Brook Avenue, Box 898, Dover, DE 19903. Purpose: any upon whom process against it may be LIABILITY COMPANY. NAME: SEARCHING 19808. Arts. of Org. filed with DE Secy. of Edison, NJ 08820. Purpose: practice the lawful activity. served. SSNY shall mail process to principal FOR SMILES, LLC. Articles of Organization State, 401 Federal St., Ste. 4, Dover, DE 19901. profession of Medicine. business location: The LLC, 708 Third Ave., were filed with the Secretary of State of Purpose: any lawful activity. 15th Fl., NY, NY 10017, Attn: Merchants’ New York (SSNY) on 04/19/07. The latest Notice of Qualification of Goldman Sachs EP COHEN INDUSTRIES I, LLC Articles of Org. National Properties, Inc. DE address of LLC: date of dissolution is 05/31/2030. Office Partners, LLC. Authority filed with Secy. of c/o Corporation Service Co., 2711 Centerville location: New York County. SSNY has been State of N.Y. (SSNY) on 5/2/07. Office location: Notice of Formation of 1540 Second Realty filed NY Sec. of State (SSNY) 5/16/07. Office LLC. Arts. of Org. filed with Secy. of State of in NY Co. NY desig. agent of LLC upon Rd., Ste. 400, Wilmington, DE 19808. Arts. of designated as agent of the LLC upon whom NY County. LLC formed in Delaware (DE) on Org. filed with DE Secy. of State, Townsend process against it may be served. SSNY 11/15/05. SSNY designated as agent of LLC NY (SSNY) on 4/20/07. Office location: NY Co. whom process may be served. SSNY shall SSNY designated as agent of LLC upon whom mail copy of process to c/o Gary Cohen, Bldg., Dover, DE 19901. Purpose: real estate shall mail a copy of process to the LLC, c/o upon whom process against it may be served. ownership and any other purposes permitted Jay R. Viders, PLLC, One Old Country Road, SSNY shall mail process to principal business process against it may be served. SSNY shall 8 Far Hill Ln., Pleasantville, NY 10570. mail process to: c/o The Icon Group, 433 West Purpose: Any lawful purpose. by applicable law. Carle Place, New York 11514. Purpose: For location: Goldman Sachs Hedge Fund Strategies any lawful purpose LLC, 1 New York Plaza, NY, NY 10004. DE 14th St., Ste 429 3R, NY, NY 10014. Purpose: address of LLC: 1209 Orange St., Wilmington, any lawful activities. Notice of Qualification of Focus 360 LLC. Notice of Qualification of Porthault NA, LLC. Notice of Formation of Eastern Capital Group DE 19801. Arts. of Org. filed with DE Secy. of Authority filed with Secy. of State of NY Authority filed with Secy. of State of NY State, P.O. Box 898, Dover, DE 19903. Notice of Formation of Hudson Third LLC. (SSNY) on 5/4/07. Office location: NY County. (SSNY) on 4/30/02. Office location: NY LLC. Arts. of Org. filed with Secy. of State of N.Y. (SSNY) on 7/12/02. Office location: NY Purpose: any lawful activity. Arts. of Org. filed with Secy. of State of N.Y. LLC formed in Delaware (DE) on 2/21/07. County. LLC formed in Delaware (DE) on (SSNY) on 5/11/07. Office location: NY SSNY designated as agent of LLC upon whom 10/23/01. SSNY designated as agent of County. SSNY designated as agent of LLC upon whom process against it may be Notice of Qualification of Goldman Sachs County. SSNY designated as agent of LLC process against it may be served. SSNY shall LLC upon whom process against it may be Princeton Fund, LLC. Authority filed with upon whom process against it may be served. mail copy of process to: 1400 SW Chapman served. SSNY shall mail process to: c/o served. SSNY shall mail process to: c/o CT Corporation System, 111 8th Ave., NY, NY Secy. of State of N.Y. (SSNY) on 5/2/07. SSNY shall mail process to principal business Wy, Ste C, Palm City, FL 34990. LLC address National Registered Agents, Inc., 875 Ave Office location: NY County. LLC formed in location: 826 Broadway, NY, NY 10003. in DE: 2711 Centerville Rd, Ste 400, of the Americas, Ste 501, NY, NY 10001, 10011, registered agent upon whom process may be served. Purpose: any lawful activity. Delaware (DE) on 2/25/05. SSNY designated Purpose: any lawful activity. Wilmington, DE 19808; Articles of Org filed also registered agent. Address of principal as agent of LLC upon whom process against with DE Secy. of State, 401 Federal St, Dover office: 18 East 69th St., NY, NY 10021. it may be served. SSNY shall mail process to Name of For. LLC: Kramer Design Group DE 19901. Purpose: any lawful activity. Arts. of Org. filed with DE Secy. Of State, Notice of Formation of Donaghy Family LLC. Arts. of Org. filed with Secy. of State of N.Y. principal business location: Goldman Sachs LLC. Appl. for Auth. filed with Sec. of State 401 Federal St., Ste 4., Dover, DE 19901. Hedge Fund Strategies LLC, 1 New York of NY: 7/30/01. Jurisd. and date of org.: DE Purpose: any lawful activities. (SSNY) on 2/1/07. Office location: NY County. Notice of Qualification of GS Capital Partners SSNY designated as agent of LLC upon whom Plaza, NY, NY 10004. DE address of LLC: 7/27/01. NY State office loc.: NY Cty. Sec. of VI Employee Master Fund, L.P. Authority filed process against it may be served. SSNY shall 1209 Orange St., Wilmington, DE 19801. State of NY designated as agent of LLC with Secy. of State of N.Y. (SSNY) on 4/30/07. Notice of Qualification of Blackstone Real mail process to: Anderson Kill & Olick, P.C., Arts. of Org. filed with DE Secy. of State, P.O. upon whom process may be served. Sec. of Office location: NY County. LP formed in Estate Partners International I.D L.P. 1251 Avenue of the Americas, NY, NY 10020, Box 898, Dover, DE 19903. Purpose: any State shall mail copy of process to the LLC: Cayman Islands (CI) on 2/14/07. SSNY Authority filed with Secy. of State of NY Attn: James G. Clements, Esq. Purpose: all lawful activity. 601 W. 26th St., NY, NY 10001. Addr. of LLC designated as agent of LP upon whom (SSNY) on 11/13/01. Office location: NY lawful purposes. in DE is: 2711 Centerville Road, Ste. 400, process against it may be served. SSNY shall County. LP formed in England on 12/19/00. Notice of Qualification of Thermo Fisher Wilmington, DE 19808. Authorized office in mail process to: 85 Broad St., NY, NY 10004. SSNY designated as agent of LP upon whom Notice of Qualification of Blackstone Scientific (Asheville) LLC. Authority filed with DE where Cert. of Form. is filed: DE Sec. of CI address of LP: c/o M & C Corporate process against it may be served. SSNY Mezzanine Partners II L.P. Authority filed with Secy. of State of N.Y. (SSNY) on 4/16/2007. State, Townsend Bldg., Dover, DE 19901. Services Ltd., P.O. Box 309GT, Ugland House, shall mail process to the principal office of Secy. of State of NY (SSNY) on 6/8/05. Office Office location: NY County. LLC formed in Purpose: any lawful activity. South Church St., George Town, Grand the LP: 345 Park Ave., NY, NY 10154. location: NY County. LP formed in Delaware Delaware (DE) on 6/3/1996. SSNY designated Cayman, CI, BWI. Name/address of each genl. Name/address of genl. ptr. available from (DE) on 6/6/05. SSNY designated as agent of as agent of LLC upon whom process against it Notice of Formation of Spring Valley Site III ptr. available from SSNY. Cert. of LP filed with SSNY. Cert. of LP filed with Registrar of LP upon whom process against it may be may be served. SSNY shall mail process to: Manager LLC. Arts. of Org. filed with Secy. of Registrar of Exempted LPs, Elizabethan Sq., Companies, Companies House, Crown Way, served. SSNY shall mail process to: The LP, c/o CT Corporation System, 111 8th Ave., NY, State of N.Y. (SSNY) on 3/26/07. Office location: 4th Fl., Phase Four, George Town, Grand Cardiff, Wales, CF14 3UZ, United Kingdom. c/o The Blackstone Group, 345 Park Ave., NY, NY 10011, registered agent upon whom NY County. SSNY designated as agent of Cayman, CI. Purpose: any lawful activity. Purpose: any lawful activity. NY 10154. Registered agent upon whom process may be served. DE address of LLC: LLC upon whom process against it may be process may be served: CT Corporation The Corporation Trust Company, 1209 Orange served. SSNY shall mail process to: c/o CPC Notice of Formation Inch Fitness Limited NOTICE OF FORMATION of limited liability System, 111 8th Ave., NY, NY 10011. DE St., Wilmington, DE 19801. Arts. of Org. filed Resources, Inc., 28 E. 28th St., 9th Fl., NY, Liability Company art. of org. filed Secy. of company (LLC). Name: NBE CONSULTING address of LP: c/o The Corporation Trust Co., with DE Secy. of State, 401 Federal St., Ste. 4, NY 10016. Purpose: any lawful activity. State NY (SSNY) 5/9/07. Off. loc. in NY Co. LLC. Articles of Organization filed with 1209 Orange St., Wilmington, DE 19801. Dover, DE 19901. Purpose: all lawful purposes. SSNY designated as agent of LLC upon Secretary of State of New York (SSNY) on Name/address of genl. ptr. available from Notice of Qualification of Goldman Sachs whom process may be served. SSNY shall 5/9/07. Office location: New York County. SSNY. Cert. of LP filed with DE Secy. of State, Notice of Qualification of Digital Laundry Distressed Opportunities III Employee Fund, mail copy of process to: 18 Mercer St, 6th Fl, SSNY designated as agent of LLC upon whom 401 Federal St., Dover, DE 19901. Purpose: LLC. Authority filed with Secy of State on L.P. Authority filed with Secy. of State of N.Y. NY, NY 10013. Purpose: Any lawful purpose. process against it may be served. SSNY shall any lawful activity. 4/26/07. Office location: NY County. LLC (SSNY) on 4/16/07. Office location: NY mail process to: c/o National Registered formed in Delaware (DE) on 12/7/06. SSNY County. LP formed in Delaware (DE) on NOTICE OF FORMATION OF LIMITED Agents, Inc., 875 Avenue of the Americas, Ste Notice of Qualification of CT Asia Fund designated as agent of LLC, upon whom 2/2/06. SSNY designated as agent of LP upon LIABILITY COMPANY. NAME: J. PEARCE, 501, NY, NY 10001, also registered agent. Manager, LLC. Authority filed with Secy. of process against it may be served. SSNY whom process against it may be served. LLC. Articles of Organization were filed with Purpose: any lawful activities. State of N.Y. (SSNY) on 4/30/07. Office shall mail process to 173 E. 120th St., NY, SSNY shall mail process to: 85 Broad St., NY, the Secretary of State of New York (SSNY) location: NY County. LLC formed in Delaware NY 10035, the principal business office of NY 10004. DE address of LP: 1209 Orange on 05/17/07 with an existence date of (DE) on 4/30/07. SSNY designated as agent of LLC. Address required to be maintained in St., Wilmington, DE 19801. Name/address of 06/15/07. Office location: New York County. Notice of Formation of Michael E. Newman LLC upon whom process against it may be DE: c/o Harvard Business Services, Inc., each genl. ptr. available from SSNY. Cert. of SSNY has been designated as agent of the D.D.S., PLLC, a professional service limited served. SSNY shall mail process to: Geoffrey 16192 Coastal Hwy, Lewes, DE 19958-9776. LP filed with DE Secy. of State, P.O. Box 898, LLC upon whom process against it may be liability company (PLLC). Arts. of Org. filed G. Jervis, Capital Trust, Inc., 410 Park Ave., Art. Of Org. filed with DE Secy of State, 401 Dover, DE 19903. Purpose: any lawful activity. served. SSNY shall mail a copy of process with Secy. of State of N.Y. (SSNY) on 14th Fl., NY, NY 10022. DE address of LLC: Federal St., Dover, DE 19901. Purpose: any to the LLC, 15 Stuyvesant Oval, Suite 5B, 5/9/07. Office location: NY County. SSNY c/o Corporation Service Company, 2711 lawful activities. Notice of Formation of 1965 BROADWAY AVE, New York, New York 10009. Purpose: For designated as agent of PLLC upon whom Centerville Road, Ste. 400, Wilmington, DE LLC. Arts. of Org. filed with Secy. of State of process against it may be served. SSNY any lawful purpose. 19808. Cert. of Form. filed with DE Secy. of Notice of Qualification of Tiger Partners N.Y. (SSNY) on 3/13/07. Office location: shall mail process to: c/o The PLLC, 175 E. State, 401 Federal St., Ste. 4, Dover, DE 19901. NY County. SSNY designated as agent of 74th St., Ste. 8E, NY, NY 10021. Purpose: Trading LLC. Authority filed with Secy. of State Notice of Qualification of Okapi Management Purpose: any lawful activity. of N.Y. (SSNY) on 4/24/07. Office location: NY LLC upon whom process against it may be practice the profession of dentistry. LLC. Authority filed with Secy. of State of N.Y. County. Principal business location: 101 served. SSNY shall mail process to: The LLC, (SSNY) on 5/22/07. Office location: NY Notice of Formation CLAREMONT FREEPORT, Park Avenue, NY, NY 10178. LLC formed in 94-13 Flatlands Ave., Brooklyn, NY 11236. County. LLC formed in Delaware (DE) on NOTICE OF FORMATION of Tender Creative LLC, a domestic Limited Liability Company Delaware (DE) on 3/7/07. SSNY designated Purpose: any lawful activity. 5/1/07. SSNY designated as agent of LLC LLC. Article of Org. filed with the Sec'y of (LLC). Articles of Organization filed with as agent of LLC upon whom process against upon whom process against it may be served. State NY (SSNY) 01/03/2006, address Secretary of State on 2/9/04. NY Office location: it may be served. SSNY shall mail process Notice of Formation of DIGGIN 4 BROWN SSNY shall mail process to: c/o Corporation change filed SSNY 04/06/2007. Office location: NEW YORK County. Secretary of State is to: c/o Corporation Service Company (CSC), LLC. Arts. of Org. filed with Secy. of State of Service Company (CSC), 80 State St., Albany, NY County. SSNY designated as agent of designated as agent upon whom process 80 State St., Albany, NY 12207. DE address N.Y. (SSNY) on 1/19/07. Office location: NY NY 12207. DE address of LLC: c/o CSC, 2711 LLC upon whom process against it may be against the LLC may be served. Secretary of LLC: CSC, 2711 Centerville Road, Ste. County. SSNY designated as agent of LLC Centerville Rd., Ste. 411, Wilmington, DE served. SSNY shall mail copy of process to: of State shall mail a copy of any process 400, Wilmington, DE 19808. Arts. of Org. upon whom process against it may be served. 19808. Arts. of Org. filed with DE Secy. of Tender, 188 Bowery, Floor 2, NY, NY 10012 against the LLC served upon him/her to THE filed with DE Secy. of State, 401 Federal St., SSNY shall mail process to: Will Roberson, State, Lockerman & Federal St., Dover, DE (principal business location). Purpose: any LLC, 1316 MADISON AVENUE, NEW YORK, Ste. 4, Dover, DE 19901. Purpose: any 142 E. 98th St., Ste. 26, NY, NY 10029. 19901. Purpose: any lawful activity. lawful activity. NY 10128. General Purposes lawful activity. Purpose: any lawful activity.

28 | Crain’s New York Business | June 25, 2007 nb26p26_27_28_29cls.qxp 6/21/07 2:37 PM Page 29

PUBLIC & LEGAL NOTICES

Notice of Formation of 75 East End LLC. Notice of Formation CLAREMONT U.P. LLC, a Notice of Formation RUMA REALTY CO. Notice of Formation of Gramercy Flatiron, Notice of Qualification of Kailix Associates Arts. of Org. filed with NY Dept. of State on domestic Limited Liability Company (LLC). LLC, a domestic Limited Liability Company LLC. Arts. of Org. filed with NY Dept. of L.L.C. Authority filed with NY Dept. of State 4/13/07. Office location: NY County. Secy. of Articles of Organization filed with Secretary of (LLC) by the way of conversion from a State on 5/15/07. Office location: NY on 8/2/06. Office location: NY County. LLC State designated as agent of LLC upon State on 7/3/03. NY Office location: NEW limited partnership f/k/a RUMA REALTY County. Secy. of State designated as agent formed in Delaware (DE) on 6/8/06. NY Secy. whom process against it may be served and YORK County. Secretary of State is designated L.P., Certificate of Conversion filed with the of LLC upon whom process against it may of State designated as agent of LLC upon shall mail process to: c/o Alexico Group LLC, as agent upon whom process against the LLC Sec of State of NY (SSNY) on 3/22/07. NY be served and shall mail process to: Ebert whom process against it may be served and 150 E. 58th St., 33rd Fl., NY, NY 10155, may be served. Secretary of State shall Office location: NEW YORK County. Secretary & Associates, LLC, 350 5th Ave., Ste. 4011, shall mail process to the principal business principal business address of the LLC. mail a copy of any process against the LLC of State is designated as agent upon whom NY, NY 10118, Attn: Steven Ebert, Esq., address of the LLC: c/o The Blackstone Purpose: any lawful activity. served upon him/her to THE LLC, 1316 process against the LLC may be served. registered agent upon whom process may Group, 345 Park Ave., NY, NY 10154. MADISON AVENUE, NEW YORK, NY 10128. Secretary of State shall mail a copy of any be served. Purpose: any lawful activity. Registered agent upon whom process may Notice of Qualification of Aventurana LLC. General Purposes process against the LLC served upon him/her be served: CT Corporation System, 111 8th Authority filed with NY Dept. of State on to ANNIE MALHOTRA, 150 WEST 56TH Notice of Qualification of Prospect Capital Ave., NY, NY 10011. DE address of LLC: c/o 10/27/06, as amended. Office location: NY Notice of Formation of P V Bay Parkway STREET, #5904, NEW YORK, NY 10019. Funding LLC. Authority filed with Secy. of The Corporation Trust Co., 1209 Orange St., County. LLC formed in Delaware (DE) on Residential LLC. Arts. of Org. filed with General Purposes State of NY (SSNY) on 5/25/07. Office Wilmington, DE 19801. Cert. of Form. filed 7/10/00. NY Secy. of State designated as Secy. of State of N.Y. (SSNY) on 1/28/04. location: NY County. LLC formed in Delaware with DE Secy. of State, Federal & Duke of agent of LLC upon whom process against it Office location: NY County. SSNY designated NOTICE OF QUALIFICATION OF: RT Consulting, (DE) on 5/15/07. SSNY designated as agent York Sts., Dover, DE 19901. Purpose: any may be served and shall mail process to: c/o as agent of LLC upon whom process LLC, filed under the name RT Consulting of of LLC upon whom process against it may lawful activity. Kelley Drye & Warren LLP, 101 Park Ave., NY, against it may be served. SSNY shall mail the Northeast, LLC. Application for Authority be served. SSNY shall mail process to: NY 10178, Attn: Elisheva S. Teitz, registered process to: Corporation Service Co., filed with the Secretary of State of New York The LLC, attn: Catherine Kelley, 10 E. 40th NOTICE OF FORMATION OF Growfire Advisory agent upon whom process may be served. 80 State St., Albany, NY 12207, registered (SSNY) on 4/6/2007. N.Y. Office Location: St., 44th Fl, NY, NY 10016. Address to be Services LLC. Article of Organization filed with DE address of LLC: c/o Corporation Service agent upon whom process may be served. New York County. LLC formed in Delaware maintained in DE: 160 Greentree Dr., Ste the Secretary of State of NY (SSNY) on Co., 2711 Centerville Rd., Wilmington, DE Purpose: any lawful activity. on 12/18/2006. SSNY has been designated 101, Dover, DE 19904. Arts. of Org. filed 4/24/07 Office location NEW YORK County. 19808. Arts. of Org. filed with DE Secy. of as agent of LLC upon process against it with DE Secy. Of State, 401 Federal St., SSNY has been designated as agent upon State, Townsend Bldg., Dover, DE 19901. Ste 4., Dover, DE 19901. Purpose: any Notice of Qualification of Blackstone may be served. SSNY shall mail a copy of whom process against it may be served. The Purpose: any lawful activity. lawful activities. Communications Capital Commitment any process against it to: 4 Main Street, Post Office address to which the SSNY shall Partners I L.P. Authority filed with Secy. of Peterborough, NH 03458. Delaware address mail a copy of any process against the LLC Notice of Qualification of American Vantage Notice of Qualification of Crestview Partners State of NY (SSNY) on 6/21/00. Office location: of LLC: 35A The Commons, 3524 Silverside served upon him/her is C/O the LLC 280 Media, LLC. Authority filed with Secy. of State (Erisa), L.P. Authority filed with NY Dept. of NY County. LP formed in Delaware (DE) on Road, Wilmington, DE 19810. Articles of Madison Avenue, Suite 912. New York, NY of N.Y. (SSNY) on 3/9/07. Office location: NY State on 5/25/07. Office location: NY County. 4/11/00. SSNY designated as agent of LP Organization filed with Delaware Secretary 10016. Purpose of LLC: to engage in any County. LLC formed in Nevada (NV) on Principal business address: 667 Madison Ave., upon whom process against it may be served. of State, 401 Federal Street, Suite 4, Dover, lawful act or activity. Street address of 7/19/06. SSNY designated as agent of LLC NY, NY 10021. LP formed in Delaware (DE) on SSNY shall mail process to: The LP, c/o The DE 19901. Purpose: Any lawful activities. Principal Business location is: 280 Madison upon whom process against it may be served. 2/14/05. NY Secy. of State designated as agent Blackstone Group, 345 Park Ave., NY, NY Avenue, Suite 912. New York, NY 10016. SSNY shall mail process to: Attn: Trevor of LP upon whom process against it may be 10154. DE address of LP: The Corporation NOTICE OF FORMATION of limited liability Drinkwater, 2230 Broadway, Santa Monica, served and shall mail process to: c/o CT Trust Co., 1209 Orange St., Wilmington, DE company (LLC). Name: Seed Represents LLC. Notice of formation of Career Women’s CA 90404. NV address of LLC: c/o National Corporation System, 111 8th Ave., NY, NY 19801. Name/address of genl. ptr. available Articles of Organization filed with Secretary of Initiative, LLC. Articles of Organization filed Corporate Research Ltd., 202 South Minnesota 10011, registered agent upon whom process from SSNY. Cert. of LP filed with DE Secy. State of New York (SSNY) on 5/1/07. Office with Secy. State of NY (SSNY) on 01/22/2007. St., Carson City, NV 89703. Arts. of Org. filed may be served. DE address of LP: c/o The of State, 401 Federal St., Dover, DE 19901. location: New York County. SSNY designated Office Location: New York County. SSNY designated with NV Secy. of State, 202 North Carson St., Corporation Trust Co., 1209 Orange St., Purpose: any lawful activity. as agent of LLC upon whom service of process as agent of LLC upon whom process against it Carson City, NV 89701. Purpose: entertainment Wilmington, DE 19801. Name/address of genl. against it may be served. SSNY shall mail may be served. SSNY shall mail process to: company that produces, publishes and ptr. available from Secy. of State. Cert. of LP copy of process to the LLC, 23 East 4th Street, 430 E. 86th Street, Apt 12C, New York, NY Name of LLC: Empire Games LLC. Arts. of distributes films, videos and music on digital filed with DE Secy. of State, 401 Federal St., New York, NY 10003. Purpose any lawful act. 10028. Purpose: Any lawful activity. Dover, DE 19901. Purpose: any lawful activity. Org. filed with Secy. of State of NY (SSNY) video discs, videos and compact discs. on 12/5/2005. Office location: NY County. Notice of Formation of CNJ HOLDINGS, SSNY designated as agent of LLC upon Notice of Formation of HLK Services LLC. Notice of Qualification of FrontPoint Fixed Notice of Qualification of Blackstone DD LLC. Arts. of Org. filed with Secy. of State whom process against it may be served and Arts. of Org. filed with Secy. of State of N.Y. Income Opportunities Fund GP, LLC. Advisors L.L.C. Authority filed with Secy. of of N.Y. (SSNY) on 9/11/06. Office location: shall mail process to: c/o Business Filings (SSNY) on 5/9/07. Office location: NY Authority filed with NY Dept. of State on State of NY (SSNY) on 3/25/05. Office location: NY County. SSNY designated as agent of Inc., 187 Wolf Rd., Ste. 101, Albany, NY County. SSNY designated as agent of LLC 4/24/07. Office location: NY County. Principal NY County. LLC formed in Delaware (DE) on LLC upon whom process against it may be 12205, registered agent upon whom process upon whom process against it may be business address: 2 Greenwich Plz., 1/3/05. SSNY designated as agent of LLC served. SSNY shall mail process to: The LLC, may be served. Term: until 12/31/2045. served. SSNY shall mail process to: c/o Greenwich, CT 06830. LLC formed in upon whom process against it may be served. 1350 Broadway, Ste. 210, NY, NY 10018. Purpose: any lawful activity. United Corporate Services, Inc., 10 Bank St., Delaware (DE) on 11/9/01. NY Secy. of State SSNY shall mail process to: The LLC, c/o Purpose: any lawful activity. Ste. 560, White Plains, NY 10606. Purpose: The Blackstone Group, 345 Park Ave., NY, designated as agent of LLC upon whom any lawful activity. process against it may be served and shall Notice of Formation of LEOPOLD PRODUCTIONS NY 10154. Registered agent upon whom mail process to: c/o CT Corporation System, LLC. Arts. of Org. filed with Secy. of State process may be served: CT Corporation 111 8th Ave., NY, NY 10011, registered agent of N.Y. (SSNY) on 8/24/06. Office location: Notice of Formation of 240 Seaman Realty System, 111 8th Ave., NY, NY 10011. DE Coming Up upon whom process may be served. DE NY County. SSNY designated as agent of LLC. Arts. of Org. filed with Secy. of State address of LLC: c/o The Corporation Trust address of LLC: 1209 Orange St., Wilmington, LLC upon whom process against it may be of N.Y. (SSNY) on 9/16/03. Office location: Co., 1209 Orange St., Wilmington, DE 19801. on the Calendar DE 19801. Arts. of Org. filed with DE Secy. of served. SSNY shall mail process to: NY County. SSNY designated as agent of Cert. of Form. filed with DE Secy. of State, State, 401 Federal St., Dover, DE 19901. Corporation Service Company, 80 State LLC upon whom process against it may be 401 Federal St., Dover, DE 19901. Purpose: Purpose: any lawful activity. Street, Albany, NY 12207, registered agent served. SSNY shall mail process to: any lawful activity. July 2nd upon whom process may be served. Corporation Service Co., 80 State St., Albany, Market Facts Notice of Qualification of FrontPoint Leveraged Purpose: any lawful activity. NY 12207, registered agent upon whom process Notice of Formation MEENAN & ASSOCIATES, Multi-Strategy Fund GP, LLC. Authority filed may be served. Purpose: any lawful activity. LLC, a domestic Limited Liability Company with NY Dept. of State on 4/24/07. Office Notice of Formation of 56 South Second LLC. (LLC). Articles of Organization filed with July 9th location: NY County. Principal business Arts. of Org. filed with Secy. of State of N.Y. Notice of Formation of Herbert Kayne LLC. Secretary of State on 12/31/01. NY Office address: 2 Greenwich Plz., Greenwich, CT (SSNY) on 2/3/05. Office location: NY County. Art. of Org. filed with Sec of State of NY location: NEW YORK County. Secretary of Small Business 06830. LLC formed in Delaware (DE) on SSNY designated as agent of LLC upon whom (SSNY) on 6/1/07. Office loc: NY County. State is designated as agent upon whom 6/14/04. NY Secy. of State designated as process against it may be served. SSNY shall SSNY designated as agent of LLC upon process against the LLC may be served. agent of LLC upon whom process against it mail process to: c/o Thomas P. Higgins, Esq., whom process may be served. SSNY Shall Secretary of State shall mail a copy of any may be served and shall mail process to: 36 W. 44th St., Ste 911, NY, NY 10036. mail process to prin. bus. loc: c/o Law process against the LLC served upon July 16th c/o CT Corporation System, 111 8th Ave., Purpose: any lawful activity. Debenture Corporate Services, Inc., 400 him/her to COLLEEN M. MEENAN, 396 Top Women Owned Firms NY, NY 10011, registered agent upon whom Madison Ave., NY. NY 10017. Purpose: any BROADWAY, NEW YORK, NY 10013. process may be served. DE address of LLC: lawful activity. General Purposes Notice of Formation of 570 Lexington 1209 Orange St., Wilmington, DE 19801. Associates LLC. Arts. of Org. filed with Secy. Arts. of Org. filed with DE Secy. of State, of State of N.Y. (SSNY) on 3/29/2001. Office 401 Federal St., Dover, DE 19901. Purpose: location: NY County. SSNY designated as any lawful activity. agent of LLC upon whom process against it may be served. SSNY shall mail process to: Notice of Qualification of Jefferies Capital c/o Bernard H. Mendik, 330 Madison Ave., Partners IV LLC. Authority filed with Secy. of NY, NY. Term: until 12/31/2071. Purpose: State of NY (SSNY) on 5/13/05. NYS fictitious any lawful act or activity. name: Jefferies Capital Partners IV Manager. Office location: NY County. LLC formed in Delaware (DE) on 1/18/05. SSNY designated Notice of Qualification of KBCM Bridge LLC. as agent of LLC upon whom process against Authority filed with NY Dept. of State on it may be served. SSNY shall mail process to: 6/6/07. Office location: NY County. Principal The LLC, 520 Madison Ave., 12th Fl., NY, NY business address: c/o KeyBank, 127 Public 10022, Attn: Brian Friedman. DE address of Sq., Cleveland, OH 44114. LLC formed in LLC: c/o Corporation Service Co., 2711 Delaware (DE) on 5/16/07. NY Secy. of State Centerville Rd., Ste. 400, Wilmington, DE designated as agent of LLC upon whom 19808. Cert. of Form. filed with DE Secy. of process against it may be served and shall State, Townsend Bldg., Dover, DE 19901. mail process to: c/o Corporation Service Co., Purpose: any lawful activity. 80 State St., Albany, NY 12207, registered agent upon whom process may be served. DE NOTICE OF FORMATION of Prime Example, address of LLC: 2711 Centerville Rd., Ste. LLC. Article of Organization filed with the 400, Wilmington, DE 19808. Arts. of Org. filed Secretary of State of NY (SSNY) on 04/08/05. with DE Secy. of State, 401 Federal St., Dover, Office location: NY County. SSNY has been DE 19901. Purpose: any lawful activity. designated as agent upon whom process against it may be served. The Post Office Notice of Formation of ProVisual Advertising address to which the SSNY shall mail a copy LLC Filed with the NY Dept. of State on 6/10/04. of any process against the LLC served upon Office Location: NY County. Secy. of State him is C/O the LLC 111 W. 45th Street. N.Y., designated as agent of LLC upon whom N.Y., 10001. Date of Dissolution: 12/31/2016. process against it may be served. Secy. of State Purpose of LLC: to engage in any lawful act or shall mail process to the LLC Jeffry R. Moore, activity. Street address of Principal Business 192 Avenue of the Americas Ste 5F. New York, location is: 312 5th Avenue, N.Y., N.Y., 10011 NY. 10013. Purpose, Any lawful Activity.

June 25, 2007 | Crain’s New York Business | 29 Project4 5/22/07 12:34 PM Page 1

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BUSINESS TABLE TALK Coney Island giant turns 100 PAGE 35 buck ennis GOTHAM GIGS Sweet job JOSÉ RIVERA, 30, bought a Mister Softee truck seven years ago and has been driving it in the Bronx ever since. On a good day, he sells as many as TOM BARRITT, 500 cones at $1.50 apiece. His a managing director at biggest expense is gas, which Ketchum, attended three costs about $260 each week. different culinary schools in Europe last year. HE’S THE BOSS Mr. Rivera, who is dyslexic, began his route in 2000 after graduating from Vermont’s Landmark College, a school for students with learning disabilities. “Why work for someone else when I can work for me?” he asks. He sells ice cream from April through October and spends the remainder of the year investing in real estate. FILL ’ER UP Every morning, Mr. Rivera fuels his truck and loads up on supplies. He starts his route by noon, playing the familiar melody. He says, “I like the old-timers who remember when the cones used to be 25 cents!” EXTRAS When business is slow, Mr. Rivera listens to books on tape about real estate. It helps drown out the theme song. “Sometimes you go crazy from the jingle,” he says. —adrianne pasquarelli EXPERT OPINIONS

WHAT TO DO ON JULY 4 BEFORE THE FIREWORKS the new-york historical Society is holding Revolution-

ary War re-enactments and neff david readings; you’ll get in free if you wear red, white and blue. THE STATS And, of course, there’s always Nathan’s Hot Dog Eating Contest on Coney Island, Foodies go far where you can visit the beach, 23% see a “freak show” or take a of U.S. leisure carnival ride. Or you can take Cooking fans plan vacations around cuisine travelers would the ferry and see the Staten choose a destination Island Yankees game, followed BY HILARY POTKEWITZ based on culinary by fireworks. options available —chris heywood n new york, everyone’s a food critic. Increasingly, food lovers are bringing those high Director of public relations expectations home—determined to prepare cuisine, not just dinner.Tom Barritt is a NYC & Company classic example. He was always confident about his cooking skills. He had a few signature dishes that wowed dates, and he loved to cook for dinner parties. 50% But in the back of his mind, Mr. Barritt always wondered if he was really as good as Growth in cooking- he thought. school ads in “I got to a point where I wanted to see what more I needed to learn,” says the 47- Gourmet magazine since 2003 year-old public relations executive. Sources: Travel Industry Association, A few Saturday classes at the French Culinary Institute See FOODIES on Page 32 Gourmet corbis I June 25, 2007 | Crain’s New York Business | 31 CNYB 06-25-07 A 32 6/21/2007 7:13 PM Page 1

BUSINESS LIVES

and her new husband, Leif Olsen, ole Peck cooking school in spent about half the time on Italy’s Provence, an offshoot of her Wood- Foodies travel far for cuisine Amalfi Coast learning to cook. bury, Conn., restaurant, the Good “People asked us, ‘Don’t you just News Cafe. Ms. Peck’s Provence Continued from Page 31 want to go to the beach and relax?’ ” culinary tours typically range from in Manhattan only whetted his ap- But the 30-year-old account ex- $2,500 to $3,500 per person. petite. He realized he needed to go TASTEFUL OUTINGS ecutive had other ideas. “For me, Mr. Barritt, who is a managing to Europe to learn from the source. cooking is relaxing,” she says. Still, director at Ketchum, has also taken With a call to his travel agent, OVATION TRAVEL, CULINARY AND WINE EXPEDITIONS she admits that the experience had a few vacations in the kitchen. Last Mr. Barritt joined the 27 million Destination Tuscany, Italy its surprises. year, he attended three different Americans who planned their vaca- Sample itinerary Seven days, six nights culinary schools in Europe, includ- New experiences tions around food last year, accord- I Three private cooking lessons ing a one week stay in Bologna,Italy, ing to a recent study conducted by I Tasting tours of local vineyards, olive oil mills and farmers’ markets “i never dreamed in a million through the Manhattan-based In- the Travel Industry Association and I Two nights in Florence, including sightseeing years I would gut a fish, or eat sar- ternational Cooking School of Ital- Gourmet magazine. Once the realm Cost About $3,300 per person dines raw,” says Ms. Schablik- ian Food and Wine, for about of bona fide gourmets and aspiring Contact Roslyn Chelouche, [email protected] Olsen.Now,she and her husband— $3,500, plus airfare. professional chefs, cooking schools who admits that his previous He describes his most recent ex- throughout the world—particularly THE FOOD MAVEN, ARTHUR SCHWARTZ kitchen experience was limited to perience as a mix of hands-on cook- in Europe—are becoming popular “cutting things”—are planning to ing—with fresh ingredients that are destinations for leisure travelers and Destination Working farm and villa in Salerno, Italy use some of their new expertise to hard to find in New York—and sim- amateur foodies. Sample itinerary Seven days, six nights prepare dinner for their parents. ply observing the masters at work. I Three half-day cooking classes Sometimes, though, the best- “I watched master bakers and Recent surge I Visits to artisanal pasta factory and buffalo mozzarella dairy laid plans can become a recipe for cheese makers and wine makers,” “if i did a news search on culinary I Excursions to Puglia, Basilicata, Salerno, Amalfi Coast disaster. says Mr. Barritt, who is already re- tourism five years ago, nothing Cost About $3,850 per person Peggy Tagliarino, a self-de- searching his next cooking trip—to would come up,” says Erik Wolf, Contact www.thefoodmaven.com scribed foodie, booked her first Spain.

president of the International Culi- istockphoto cooking trip at one of France’s top The Olsens have their sights nary Tourism Association. culinary schools, located in Bur- fixed on Greece for their next culi- Feeding the surge is the public’s Spain were long viewed as privi- Editor Arthur Schwartz,offers culi- gundy.She envisioned afternoons at nary vacation, and Ms. Tagliarino’s insatiable appetite for all things leged vacations for the rich, with nary vacations in southern Italy. farmers’ markets and wineries, and friends had such a good time that cooking-related—from high-end weeklong programs costing any- And Ovation Travel Group in Man- at least some time soaking up local they’re talking about a similar trip kitchens to celebrity chefs and, in- where from $5,000 to $7,000, not hattan recently dedicated an agent culture. for Memorial Day next year. creasingly, food-related travel. including airfare.But prices of many to food and wine expeditions to But the program turned out to be All agree that their diets and even Gourmet, whose newsstand sales programs have been cut in half in re- Spain, France, Italy, Greece and more work than she had bargained their approach to everyday cooking grew 10% last year, devoted its May cent years. Mr. Wolf reports that he Morocco. for—it was designed for would-be have changed as a result of their issue to the world’s 36 best food has seen cooking courses in Italy Some New York couples these professionals. trips. destinations. priced as low as $500. days are seizing their opportunity “I love food, but I can’t be in the So what’s it like making hand- “Our readers are not just looking Meanwhile, a number of travel and are combining their love of kitchen eight hours a day,” she says. made pasta in a modern kitchen on for recipes for French food; they agencies have sprung up that spe- cooking with their affection for each “It was too intense for me.” Long Island,instead of in a sunlight- want to go there,” says Catherine cialize in such trips. Gourmet Get- other. Since then, she has taken several and-stucco Italian villa? “I think of Makk, the glossy’s executive mar- aways, an eight-year-old New Jer- “People did kind of look at us other food vacations, including one Chef Roberto in Florence every time keting director. sey-based agency, focuses on funny when we told them what we for her 60th birthday in May, when I make it,” Mr. Barritt says, “And I More affordable culinary pro- culinary vacations to Italy. Brook- were doing,” says Noelle Schablik- she invited 11 friends to a relaxed think he would be proud.” grams are making that easier than lyn-based Food Maven, run by for- Olsen of her recent two-week hon- French culinary weekend. This ever. Cooking classes in France or mer New York Daily News Food eymoon to Italy. On that trip, she year’s trip was four days at the Car- COMMENTS? [email protected]

EXECUTIVE MOVES

ACCOUNTING & CONSULTING president and chief marketing officer. senior associate at Allen & Overy. HOT JOBS Buck Consultants: Ted Munice, 58, joined She had been a vice president at Pillsbury Winthrop Shaw Pittman: Barry as director, health and welfare Prudential Financial. Gassman, 60, joined as partner. He had consulting. He had been a senior New York Life Investment Management: been a partner at Mayer Brown Rowe & manager at Smart & Associates. Jack Benintende, 43, joined as managing Maw. WANTED: PRESIDENT Citrin Cooperman & Co.: Michael A. Bartels, director. He had been vice president and ORGANIZATION Lower Manhattan Cultural Council 38, joined as director of sales. He had been assistant treasurer of mutual funds at MEDIA & ENTERTAINMENT a stockbroker at W.J. Dowd Inc. Prudential Investments. NYTimes.com: Nicholas Ascheim, 37, JOB DESCRIPTION Implementation of LMCC’s mission, including Friedman: Steven C. Barranca, 46, was TD Banknorth: Henry Boeckmann, 36, was was promoted to vice president, programming and partnership development promoted to principal from manager. promoted to senior vice president from editorial products, from director of MOST IMPORTANT TASK Keeping operation running smoothly, despite Howard S. Handwerker,50,was vice president. entertainment, video and audio promoted to principal from manager. Tri-Artisan Partners: David E. Libowitz, products. budget fluctuations Linda W. Heaney, 58, was promoted to 44, joined as managing director. He had Eliot Pierce, 32, was promoted to vice CREDENTIALS NEEDED At least 10 years of managerial experience partner from director. been partner at Warburg Pincus. president, operations and strategy, from Robin L. Mayer, 36, was promoted to Xnergy: Demetrios Malios, 36, joined as director of product management and SALARY Former president made $140,200 in 2005 principal from director. partner. He had been a partner at Status development. RECRUITER Harris Rand Lusk Capital. Universal Music Group: Ezra Doty,34, ADVERTISING & COMMUNICATIONS joined as senior vice president of global UPSIDE Working with an organization that gives more than $1 million in Deutsch Inc.: Michael Duda, 35, was HIGH TECH & NEW MEDIA digital initiatives. He had been a vice grants each year to artists and organizations promoted to chief corporate strategy Bluewolf: Douglas Timmel, 55, joined president at Waterfront Media. officer from director of business as director of industry solutions for Daniel Kruchkow, 32, joined as senior DOWNSIDE Focusing on fund raising can limit the time spent working development and corporate initiatives. manufacturing. He had been global vice president of global digital directly with artists He continues as partner. sales manager at Air Products & initiatives. He had been a vice president After three years at the helm, former President Tom Healy will step down DeVito/Verdi: Brad Emmett, 33, rejoined Chemicals Corp. at the Island Def Jam Music Group. as creative director. He had been vice at the end of this month to pursue outside opportunities. LMCC, founded president and group creative director at LAW REAL ESTATE in 1973 by David Rockefeller, serves artists and art audiences through- Cliff Freeman and Partners. DLA Piper US: Christopher C. Paci, 48, Grubb & Ellis Co.: Gerald Z. Gibian,69, out Manhattan by providing funding, career support and audience devel- Doremus: Lysle Wickersham, 48, joined as joined as partner. He had been a partner joined as managing director. He had opment. The council lost its 5 World Trade Center headquarters in the director of brand engagement. He was a at King & Spalding. been a corporate vice president at The Sept. 11 attack and has since relocated to 125 Maiden Lane. principal at Fuel Brand Development. Jones Day: Vanessa Spiro, 43, joined as Estée Lauder Cos. —KIRA BINDRIM Interbrand: Andy Bateman, 40, joined as partner. She had been a partner at King McGraw-Hill Construction: William J. chief executive, New York. He had been & Spalding. Paolillo, 46, joined as vice president, worldwide account director at McCann LeBoeuf Lamb Greene & MacRae: L. sales. He had been vice president, trade Worldgroup. Londell McMillan, 40, joined as partner. sales, at ICI Paints. R/GA: Chris Colborn, 39, was promoted He had been chairman of his own firm, Terra Holdings: Mitchell Haviv, 43, joined to chief experience officer from The McMillan Firm. as information technology director and SERVICES Pnina Michelson, 52, joined as worldwide creative director and O’Melveny & Myers: Shannon Lowry vice president of operations. He had Susan G. Komen for the Cure, Greater director of special events. She had continues as executive vice president. Nagle, 40, joined as partner. She had been vice president and global technical New York City Affiliate: Michelle Marquez, been a vice president at the Governors been counsel at Stroock & Stroock & strategist at Morgan Stanley. 42, joined as director of development. Island Preservation and Education FINANCE & INSURANCE Lavan. W.P. Carey & Co.: Jeffrey Lefleur, 29, was She had been a vice president at the Corp. Guardian Life Insurance Co. of America: Pepper Hamilton: Joseph F.Voyticky, 39, promoted to executive director from Governors Island Preservation and —adrianne pasquarelli Maria Umbach, 41, joined as vice joined as of counsel. He was formerly a analyst, treasury department. Education Corp. and sarah studley

32 | Crain’s New York Business | June 25, 2007 CNYB 06-25-07 A 33 6/21/2007 7:15 PM Page 1

BUSINESS LIVES CORPORATE LADDER Joan Gerner Sacred ground rebuilder WTC memorial biggest thority of New York and New Jersey, which is supervising the project on PERSONNEL FILE project yet for veteran behalf of the nonprofit foundation. She starts her new job with much COMPANY World Trade Center architect; remaining of the conflict already resolved. De- Memorial Foundation Inc. hurdles require grit signs were approved in February; TITLE Executive vice president of private fund raising, which Mayor design, construction and capital Michael Bloomberg took over eight planning BY SAMANTHA MARSHALL months ago, has almost reached its target of $350 million. RÉSUMÉ Senior vice president, face-lift for Grand Bovis Lend Lease; vice president, Central Terminal, a Finally under way Tishman Construction memorial dedicated to work on the foundation is well HOBBY Long-distance sailing women soldiers in Ar- under way.The slurry wall is going up, lington, Va., and a mu- and the first steel beams will be erect- MANAGEMENT STYLE Supportive Aseum for the American Indian at the ed by September. Smithsonian in Washington are just A small forest of trees destined buck ennis a handful of landmark projects on for the piazza is being grown in pots Already, some Sept. 11 family Joan Gerner’s résumé. in New Jersey to ensure that they are members are unhappy about the inated profession and on a number senior vice president at Bovis. But as she takes charge of the the right size when the time comes plan to list the names of the dead of high-profile projects, including Ms.Gerner showed an interest in building of the World Trade Center to plant them.And a mock-up of the around the rims of two pools titled Columbia University’s controversial building things as a youngster. The Memorial—a project fraught with monument is being built in the “Reflecting Absence.” Manhattanville campus. Trained first thing she remembers making is controversy—the construction vet- Brooklyn Navy Yard. The foundation took no chances also as an architect and preserva- a tiny bench in her grandfather’s eran knows that the challenge she’s “So much is happening now,” in hiring Ms. Gerner. Soft-spoken tionist,the native New Yorker serves workshop in Nova Scotia. While just accepted will be her biggest yet. Ms. Gerner says. and possessing the smooth manner on the city’s Landmarks Preserva- studying to be an interior designer, “This is going to be the highlight But plenty of trials lie ahead. of a diplomat, the former executive tion Commission. she became fascinated with architec- of my career,” Ms. Gerner says.“But Funding is only halfway there. Ex- at Bovis Lend Lease has a thick skin ture and building technology. it’s really about the people who lost perts estimate the total cost of exe- and plenty of experience with light- Everything it takes Erecting something new on the their lives and their families, and cuting the memorial’s design to be ning rods. She can even throw a few the results of Ms. Gerner’s many WTC’s former foundation and cre- telling their story with respect.” about $700 million. Government sparks of her own. When a reporter efforts, including the $50 million ating a museum to house artifacts Ms.Gerner was appointed by the agencies have pledged to cover the asks her age, the petite blonde, who renovation of the Brooklyn Muse- from the site feeds Ms. Gerner’s World Trade Center Foundation to remaining costs. The memorial, is probably in her late 50s,firmly de- um of Art, have won acclaim. passion for history and preservation. oversee construction of the memori- which has been under fire since it clines to say. “She’s smart, persistent and “This pulls together everything al,museum and museum pavilion on was proposed almost six years ago,is A strong will is a given for a fe- tough, and she brings all the ele- I’ve ever done,” she says. the site of the former complex. She bound to face further criticism even male construction manager who has gance that this project needs in terms will be working with the Port Au- after it opens in 2009. worked for decades in a male-dom- of sensitivity,” says Ralph Esposito, COMMENTS? [email protected]

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June 25, 2007 | Crain’s New York Business | 33 CNYB 06-25-07 A 34 6/21/2007 2:40 PM Page 1

BEST OF BOB LAPE

Following are a few favorite Italians West Sider in the top tier of con- Third avenues), Manhattan. Tre Dici ½ for New Yorkers to enjoy over the temporary neighborhood Italians. (212) 679-2494. The “quiet legend” 128 W. 26th St. (between Sixth and summer. of Kips Bay enters its 77th year of Seventh avenues), Manhattan. La Cantina Toscana ½ providing no-menu, Italian family- (212) 243-8183. Curvaceous and Valbella 1109 First Ave. (between East 60th style dining, with a lavish five- cozy, this striking 40-seater in 421 W. 13th St. (between Ninth and East 61st streets), Manhattan. course spread for $42.75. Chelsea specializes in the seafood- Avenue and Washington Street), (212) 754-5454. Perhaps New York’s rich cuisine of Italy’s Puglia region, Manhattan. (212) 645-7777. purest Florentine food in a casual, Tini ½ served with warmth and style. A dramatic debut in the meatpack- 38-seat hideaway. Wild game, offal, 1562 Second Ave. (at East 81st Neighborhood dining at its best. ing district for one of Connecticut’s 200 wines, and baby eels for $9.95. Street), Manhattan. (212) 628-3131. top-rated Italian restaurants. Owner ’CESCA is top-tier on the Upper West Side. Two gentlemen of Florence pre- The Lentini brothers—host Enzo Antica Venezia David Ghatanfard makes his case pared 200 dinners for the Italian and chef Giuseppe—offer an 396 West St. (at West 10th Street), with thousands of wines, the finest ambassador. He’s back in Rome, so informal, lighter, seafood-rich take Manhattan. (212) 229-0606. ingredients and customer cosseting. dam Avenue and Central Park there’s room for us. on the food and hospitality of their Northern Italian food with table- West), Manhattan. (212) 787-6300. native Puglia. A raw bar serves side preparation amid a water wall, ’Cesca ½ New chef Kevin Garcia (of Del Marchi’s ½ Mare-Tinis; the regular bar makes a fireplace and views of the sunset 164 W. 75th St. (between Amster- Posto) keeps this popular Upper 251 E. 31st St. (between Second and 20 Mar-Tinis. over New Jersey. Friendly, polished service, great pasta samplers. Beppe 45 E. 22nd St. (between Broadway and Park Avenue South), Man- hattan. (212) 982-8422. A rustic farm setting is the backdrop for chef Marc Taxiera’s stick-to-the-ribs Tuscan fare. Sommelier Vittorio makes excellent wine pairings with the flavorful dishes. Destino 891 First Ave. (at East 50th Street), Manhattan. (212) 751-0500. With Justin Timberlake among the owners and longtime Rao’s chef Mario Curko running the kitchen, this southern Italian restaurant does a lively business in rather posh surroundings. Enzo’s 1998 Williamsbridge Road (at Neill Street), Morris Park, the Bronx. (718) 409-3828. Neighbors

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34 | Crain’s New York Business | June 25, 2007 CNYB 06-25-07 A 35 6/21/2007 2:23 PM Page 1

BUSINESS LIVES TABLE TALK by Bob Lape guests are likely to be well-sated when the time comes for dessert ($3.50 to $8). Those who pass on the final course aren’t missing anything. In a borough brimming with fine can- noli, Gargiulo’s stumbles. Crisp, tasty shells are negated by lackluster cream filling. And Italian-style cheesecake is without any redeem- ing merit, unless diners have a pas- sion for cinnamon. The wine list also needs work. Not one bottle has a vintage listed, and only six wines are available by the glass. Service is sometimes off-hand- ed.Presented with the name on a re- served table, a maître d’ waved his arm toward a distant corner and bel- lowed,“Enjoy!”But it can also be in- telligent, solicitous and cheerful. When we visited recently, a cap- tain named Cesare told us he started ERNEST KLEIN working at Gargiulo’s 23 years ago, when he was 15. One of the owners, & CO. Nino Russo, says there was no ques- tion about it when he was growing up: “I had to go to the University of
FINE FOODS
Gargiulo’s. I was valedictorian.”  Same Day Delivery Today,Mr.Russo’s children work at the restaurant on weekends.  Phone Orders photos: buck ennis GENERATIONAL PULL: Owner-chef Victor D’Angelis runs Gargiulo’s with his cousins and fellow owners Anthony Russo, Louis Russo and Nino Russo COMMENTS?  Corporate Accounts (from left). The restaurant, which emphasizes the use of fresh ingredients, includes a large banquet and catering facility. [email protected]  Catered Luncheons seafood selections on the Gargiulo’s Located at: menu. Red snapper marechiare Sixth Ave. and 55th St. proves fresh and fine, but lobster fra Coney Island diavolo has neither flavor nor the 212.245.7720 slightest hint of heat. A thin tuna A FULL SERVICE SUPERMARKET steak is overwhelmed when pre- pared in balsamic vinegar and centenarian topped with sautéed onions. Portions are generous, and most Gargiulo’s serves up where parties of 10 or 12 can almost get lost in the space between tables. Neapolitan classics In the spotless, 3,000-square- foot kitchen, the chef stashes away a in vast space; wine, 30-year-old pan with a snug-fitting lid that is his exclusively and perfect desserts need help for simmering osso buco. I learned this after devouring the moist, ten- hrough the years, der and flavorful veal dish. Coney Island’s many Members of the kitchen team roller-coasters have had have Neapolitan down to a science. ups and downs, but their They seem to have written the book GARGIULO’S neighbor, the Italian on the cuisine,stressing the highest- 2911 W. 15th St. dining colossus Gargiulo’s,keeps on quality seafood and produce. Coney Island T (718) 266-4891 going—and growing—reaching its Patrons should revel in the appe- 100 birthday this week. tizers ($5.75 to $11), as comfortable ## Gargiulo’s, which opened when and familiar as pasta e fagioli, zuppa Teddy Roosevelt was president,now di mussels or mozzarella in carrozza. CUISINE Southern Italian fills two city blocks with a restau- Specials are offered in addition WINES 61 choices, six by the rant, as well as catering and parking to the 40 or so pasta and risotto dish- glass facilities. Four brothers and three es, but even the market-fresh dishes DRESS cousins run the business, which the don’t stray far from classic themes. No shorts allowed Russo family bought from the Penne al filetto is a splendid mar- NOISE LEVEL Moderate to loud founders in 1965. riage of the ubiquitous tomato and PRICE RANGE $11-$32 The place, some 14,000 square garlic with finely diced prosciutto feet of it, is despite its age as fresh and onion, and fork-tender shrimp WINE MARKUP 120%-300% and clean as a daisy. Or, more aptly, are sometimes added to classic lin- CREDIT CARDS All major as fresh as one of the sweet, small guine and clams. Crabmeat salad is clams in its linguine con vongole. served artfully in endive leaves. RESERVATIONS Recommended A measure of the public’s esteem Grilled portobello mushrooms HOURS Closed Tues.; Mon., for Gargiulo’s catering: An Italian- are offered with mozzarella and sun- Wed., Thurs., noon-10:30 p.m.; American lawyers’ organization that dried tomatoes, or are paired with Fri.-Sat., noon-11:30 p.m.; Sun., has met there for 40 years couldn’t asparagus,balsamic vinegar,olive oil noon-9:30 p.m. Marcum & Kliegman LLP get an opening this month. The and a shower of minced garlic. Both #### group had been squeezed out by are spot-on, as are such garlic-rich = Outstanding 800.921.0777 ###= Excellent end-of-school-year festivities like side dishes as broccoli rabe and ##= Very good WWW.MKLLP.COM proms and teachers’ retirements. escarole. #= Good Captains in tuxedos patrol the True to tradition, there are 15 high-ceilinged main dining room, veal items and more than two dozen

June 25, 2007 | Crain’s New York Business | 35 Project3 6/19/07 11:50 AM Page 1

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