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Summer Blackout Threat nb26p01.qxp 6/22/2007 7:19 PM Page 1 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.
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