BREAKING POINT: Claims Denied

ASKED & ANSWERED: A Queens bank sticks to its knitting PAGE 10 IN THE MARKETS The $1.2 trillion shadow bank market may be looking for a government handout PAGE 5 CRAINSNEWYORK.COM | MARCH 30, 2020 | $3.00

CORONAVIRUS ALERT

TRIAGE: Nurse examines a patient Small business before he can enter St. Barnabas Hospital leaders blast in the Bronx. loan program Many complain SBA money won’t get to those who need it the most

BY BRIAN PASCUS loan program raises many questions for ownerse and advocates. ew York's small business “Loans are risky in an envi- community is skeptical ronment when you’re being told that the $350 billion set to return sta , pay bills, and be Naside for small busi- expected to gener- ness in the federal ate revenue,” Meat- stimulas bill will packing Business help them survive INSIDE Improvement Dis- the widespread dev- trict head Je rey astation the corona- CITY makes LeFrancois said. virus has left in its $1.14 million “If that’s just wake. more debt then Businesses will be in small business why would you able to borrow up to grants. Page 2 want to take it on?” $10 million through Rosetti said, al- the Small Business BUSINESSES though he ac- Administration's adjust to the knowledged the network of 1,800 ‘new normal’ deal’s $33.5 billion lenders. e loans, Page 3 payroll tax credit which will be guar- will help. anteed by the SBA, SL GREEN looks Rosetti also ques- will carry a 4% inter- to unload tioned the timeline est rate and be avail- and implementa- able to businesses $150 milion tion of the loan pro- with up to 500 em- loan portfolio gram. GETTY IMAGES ployees. Page 3 “If it’s a six- Portions of the month timeline to loans used for pay- RESTAURANTS’ get these funds out roll, rent, mortgage insurance the door, then how obligations or utility are they going to BREAKING POINT: claims denied. payments could be Page 4 process it? Are they forgiven, and the setting up a website program favors bus- HOTEL and how is the Hospitals in distress inesses that have not occupancy money coming laid o employees. continues to from Point A to “It’s better than Point B?” Health care workers ew York’s battle with Covid-19 has brought the nothing,” said plummet Treasury Secre- region’s hospital system to its knees. Brooklyn Running Page 4 tary Steven say they’ve never e state is asking hospitals to double their bed Company owner Mnuchin said he counts and is desperately trying to nd 10 times as Matthew Rosetti. “I anticipates loans experienced a many ventilators as they currently have. Convention think there is some will begin to be dis- medical emergency centers and college dorms have been enlisted to make room for an social safety net elements to it, tributed by the end of next week Nanticipated surge of patients. Doctors and nurses have turned to but it’s still wait-and-see mode through all FDIC-insured banks. of this scale before social media to beg for the protective gear that will keep them for me.” e expanded small business See SMALL BIZ on page 27 BY JONATHAN LAMANTIA See HOSPITAL on page 27

NEWSPAPER BAILOUT PAGE 11 PAGE 12

P001_CN_20200330.indd 1 3/27/20 8:11 PM CORONAVIRUS ALERT $1.4M allocated by city in stop- NOMINATIONS gap small-biz relief grants

BY GWEN EVERETT To pay for the loan program, the city entered a public-private part- he city doled out $1.4 mil- nership with coding education and lion under its small-busi- technology rm Pursuit, and foun- ness Covid-19 bailout pro- dations at Goldman Sachs, Tapes- gram—a stop-gap try Inc.

Tmeasure geared at helping shut- Two Goldman Sachs programs, ISTOCK tered mom-and-pop shops until 10,000 Small Businesses and the federal relief money can be se- Goldman Sachs Foundation, part- cured. nered with the city, alongside Tap- Additionally, last Friday the De- estry Inc.’s Coach Foundation. partment of Small Business Ser- Under the so-called Employee vices launched its loan program to Retention Grant Program, business

help small companies slammed by BUCK ENNIS with less the ve employees are eli- travel restrictions imposed during gible for up to $27,000. e average DO YOU KNOW A NOTABLE LGBTQ the pandemic. grams will not by themselves be cized at $2 trillion relief bill for not allotment, however was about LEADER AND EXECUTIVE? More than 10,000 business own- able to meet the full demand of providing enough support. at $9,000. ers led pre-applications for the businesses across the city, which package, signed by President Don- e city approved 155 applica- Crain’s is seeking Notable LGBTQ loan, SBS spokeswoman Samantha have seen revenue plummet after ald Trump Friday, included $350 tions and issued nearly half of the Leaders and Executives in New York. Keitt said. After the screening, the government ordered 100% of billion for small business loans, up funds to businesses already. ey This list will honor those who are businesses will need to ll out a the state's workforce to state at to $10 million per company. plan to distribute the remaining making the biggest impact in the local formal application. e city agency home, a decision that left many e SBS is working to determine $600,000 soon. business community. is expecting to disburse around $20 small businesses scrambling. how to use federal relief, in tandem Nearly 466 small businesses ap- million in loans. De Blasio has called on the fed- with city programs, to meet needs plied to the grant program, and the Mayor Bill de Blasio has made it eral government to intervene and among the city's businesses, Keitt SBS plans to disburse another $8.7 CrainsNewYork.com/ clear that these grant and loan pro- provide additional aid. He criti- said. million more in grants. ■ NotableLGBTQ

Vol. 36, No. 11, March 30, 2020—Crain’s New York Business (ISSN 8756-789X) is published weekly, except for bimonthly in January, July and August and the last issue in December, by Crain Communications Inc., 685 Third Ave., New York, NY 10017. Periodicals postage paid at New York, NY, and additional mailing of ces. Postmaster: Send address changes to: Crain’s New York Business, Circulation Department, PO Box 433279, Palm Coast, FL 32143-9681. For subscriber service: call 877-824-9379; fax 313-446-6777. $3.00 a copy; $129.00 per year. (GST No. 13676-0444-RT) ©Entire contents copyright 2020 by Crain Communications Inc. All rights reserved.

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2 | CRAIN’S NEW YORK BUSINESS | MARCH 30, 2020

P002_CN_20200330.indd 2 3/27/20 8:26 PM CORONAVIRUS ALERT

SPECIAL DELIVERY Apthorp Pharmacy owner Gellis Russell looks on as a messenger picks up an order.

CORONAVIRUS TESTS METTLE OF

BUSINESSES, NONPROFITS BUCK ENNIS PHOTOGRAPHY

Crain’s follows six executives as they confront new challenges SETH PINSKY took over as and navigate the ‘new normal’ head of the 92nd Street Y in January. BY CARA EISENPRESS AND GREG DAVID What follows are the stories of six New York executives as they cope with the coronavirus. Crain’s will continue to check pharmacist and food executive cope with soaring in with them to track how the leaders of these representative demand for prescription drugs and grocery deliv- businesses are meeting the challenge. eries. A restaurant owner works to survive on takeout, while a restaurant supplier pivots, o er- 92nd Street Y ing its products to supermarkets and consumers. Longtime city o cial and real estate executive Seth Pinsky e head of the Brooklyn Navy Yard tries to keep open for took over as chief executive of the 92nd Street Y in January. Amanufacturers—some producing hand sanitizer. e new Now he has to move as much of its extensive programing boss at the 92nd Street Y moves his programming online and worries about his nances. See NORMAL on page 24

REAL ESTATE SL Green tries to unload $150 million in loans Company, whose shares are down 50%, says it’s not a distress sale

BY DANIEL GEIGER million worth of debt for sale, a per- the market now—we haven't team from Newmark Knight Frank, lenders and concurred with the son with knowledge of the o ering stopped doing business,” company led by executives Dustin Stolly and company’s position that it was ega-landlord SL Green is told Crain’s. spokesman Jeremy So n said. Jordan Roeschlaub, to help it sell seeking to selectively liquidate as- trying to shed a package of SL Green insisted the loan sale “ ese deals don't happen over- the debt. sets to raise money as part of the loans tied to city real es- was business as usual for the rm, night, and we will only move for- e sale comes as several lenders normal course of its business, in- Mtate assets in an e ort to raise cash. which periodically monetizes as- ward if we like the terms.” in the real estate market have expe- cluding buying back stock while it e company, whose share price sets to recycle capital into new e source said the loans were rienced tumult in recent days as the feels the shares are trading at a has plummeted by as much as 50% deals, pay dividends and buy back performing and that the $3.75 bil- pandemic crisis has ltered into the sharply discounted value. in recent weeks amid the coronavi- shares. lion public real estate company real estate nancing market. e On ursday, SL Green shares rus crisis and dramatic economic "We regularly sell loans as nor- wasn’t willing to sell the debt at a source stressed that SL Green downturn, is marketing about $150 mal course of business and are in discount. SL Green has hired a sales wasn’t in this bucket of distressed See MONEY on page 4

MARCH 30, 2020 | CRAIN’S NEW YORK BUSINESS | 3

P003_CN_20200330.indd 3 3/27/20 4:42 PM CORONAVIRUS ALERT Insurers deny restaurants’ business interruption claims Companies began excluding epidemics from coverage after SARS outbreak in 2003-04 for fear of being exposed to too much risk

BY RYAN DEFFENBAUGH

ith his restaurant chain's more than 30 locations

BUCK ENNIS shut down by coronavi- Wrus distancing measures, Bare- burger CEO Euripides Pelekanos led a claim for losses two weeks Hotel occupancy ago through his business interruption insurance. BAREBURGER Within a few days, he had an an- was denied keeps plummeting swer: Denied. business "We're covered for break-ins, interruption Four Seasons offers rooms to ‘tireless’ oods, infrastructure issues and insurance 'acts of God,'" Pelekanos said. "I hospital workers for free during crisis mean, if this is not an act of God, I don't know what it is." e Astoria-based company claim that it would not be ap- covers damages if it is ordered to BY BRUCE PASCUS cess when you consider that occu- pays just under $350,000 a year for proved,” she said. close by civil authorities in re- pancy will likely fall further. business interruption coverage Most business interruption in- sponse to the coronavirus. he New York City hotel in- “ e industry is no doubt facing across its locations, which are fo- surance is structured around " ere will be arguments across dustry continues to take it a situation that will take a concert- cused in the New York region but physical damage— res and natu- many states that the physical dam- on the chin over virus con- ed e ort by brands, owners and the include Washington, D.C., and ral disasters. Insurers paid out age requirement is satis ed by the tainment measures, as government to overcome,” Freitag Philadelphia. nearly $30 billion in claims along virus," said Alan Lyons, chair- Tnew data show a continuing added. Bareburger is hardly alone in re- the East Coast following Super- man of Herrick’s Insurance & Re- plunge in occupancy and revenue. jection. Faced with the most sig- storm Sandy. insurance Group. "It may be that Data compiled by STR Global, an Greater good ni cant disruption to their opera- Many insurers began speci cal- there are decisions throughout the analytics marketing rm that tracks Some hotels in the city are seek- tions in modern history, ly precluding epidemic and pan- country interpreting physical hotels, showed that for the week ing to put their empty rooms to use restaurants and small-business demic damages from commercial damage in this context di erent- ended March 21, New York City ho- for the greater good. owners are nding their insurance plans following the SARS outbreak ly." tel occupancy stood at 16.8%, Last week, the Four Seasons Ho- coverage is of no help. in 2003 and 2004. Pelekanos said Bareburger down from 49% the week before tel New York announced it would "For restaurants, music venues, " ey saw that losses could be would wait to see the nal details and an 80.5% decline from a year open its rooms to nurses, doc- whoever, pandemics are excluded so widespread that it is a massive of the federal stimulus package ago. tors and medical personnel at from insurance," said Michael risk for the insurance industry to before deciding whether to ght In addition, at just $26.98, New no charge. e hotel is on Dorf, CEO of City Winery. "No one take on," said Loretta Worters, vice for its claim in court. York City hotels showed an 86.5% 57th Street and Park Avenue, a few was able to get that into their busi- president of media relations at the Astoria City Councilman Costa drop in revenue per available blocks from Weill Cornell Medical ness interruption insurance." nonpro t Insurance Information Constantinides said in a letter to room, compared to a year ago,. Center. Some restaurants report being Institute. "It was nancially pru- federal o cials last week that e trend in New York is re ec- “Our health care workers are told preemptively not to bother l- dent for them not to include it be- small businesses would prefer to tive of the hotel industry at large. working tirelessly on the front lines ing a claim. A letter from an insurer cause by paying out these thou- lean on their insurance to get All around the country Americans of this crisis,” hotel owner Ty War- to Sylvia's Restaurant in Harlem sands of businesses, you could through the coronavirus crisis have virtually halted all travel, ner said. read: "Like most commercial prop- have another business going un- rather than be bailed out through and businesses and individuals “Many of those working in New erty policies, your policy der." loans. But he said the federal gov- alike are canceling group events. York City have to travel long dis- does not provide coverage" for loss- ernment would need to funnel Revenue-per-available-room de- tances to and from their homes af- es or damages from coronavirus. Putting up a ght money to insurers to make sure creases are at unprecedented lev- ter putting in 18-hour days,” he “We were told that this was not a at doesn't mean businesses they can actually cover the claims. els nationally, according to STR said. “ ey need a place close to natural disaster,” said Taniedra won't put up a ght. e framework of the $2 trillion Global. work where they can rest and re- McFadden, who runs Sylvia’s Hundreds of homeowners took rescue package reached in the “Seven of 10 rooms were empty generate. I heard Gov. [Andrew] Restaurant. insurers to court following Super- Senate early Wednesday focuses around the country,” said Jan Freit- Cuomo’s call to action during one McFadden laid o 95 people, storm Sandy over claims. Already instead on direct aid to small busi- ag, STR’s senior VP of lodging in- of his press conferences, and there 90% of her sta , at the iconic Har- a restaurant in New Orleans nesses, including $367 billion ded- sights. “ at average is staggering was no other option for us but do lem soul food eatery. has sued its insurer, arguing that icated to keeping employers on on its own, but it’s tougher to pro- whatever we could to help.” ■ “We were told if we were to le a its business interruption policy track with payroll. ■

small cracks, including deals that property. SL GREEN MONEY recently resulted in modest losses SL Green told Crain’s in a previ- CEO Marc FROM PAGE 3 for the company. ous statement that it recently sold Holliday and SL Green for instance, held a $15 o that debt. President were around $48, precipitously million junior mezzanine loan People familiar with the retail Andrew down from as high as $95 in Febru- against a large retail condominium condo’s nancial situation said Mathias ary. at 229 W. 43rd St. in Times Square that the value of SL Green’s loan SL Green is one of the city’s larg- that may have recently been wiped had likely been wiped out, result- est commercial landlords, with a out. ing in a loss for the rm in that sale. controlling stake in high pro le In a recent nancial statement, SL properties such as the Graybar Kushner connection Green disclosed it also took control Building and the soaring new mid- at condo is owned by Kushner of a distressed retail space at 106 town o ce tower One Vanderbilt. Companies, the family real estate Spring St. in Soho after its owners In addition to its real estate hold- rm of White House advisor and defaulted on a mezzanine loan it

ings, the company holds a portfolio President Donald Trump’s son in had issued at the property. BUCK ENNIS of about $1.7 billion of real estate law, Jared Kushner. Earlier this e real estate titan su ered an- loans, according to its nancial l- week, Crain’s revealed Kushner other recent setback in its e ort to an $815 million deal to sell a large large real estate acquisitions has ings, largely tied to city properties. hasn’t paid its March mortgage raise cash. Yesterday, it was report- o ce building on East 42nd Street become scarce amid the coronavi- at book of debt has shown payment and may default on the ed by the Wall Street Journal that had fallen through as nancing for rus crisis. ■

4 | CRAIN’S NEW YORK BUSINESS | MARCH 30, 2020

P004_CN_20200330.indd 4 3/27/20 4:59 PM CORONAVIRUS ALERT Private EMTs seek direct insurance payments Ambulance services say it’s critical to safety and sustainability during the outbreak

BY JENNIFER HENDERSON the front lines,” Coyle said. “I know due to the coro- they're taking care of hospitals, but % navirus out- ommercial ambulance we’re health care providers also. A 30 break. providers across the state lot of the time, we're the rst ones THE DROP OFF ough the are pleading with the Cuo- to see the patient.” in business for percentage is on mo administration for Many commercial ambulance some private the higher end Cmore supplies and direct insurance providers have already exhausted ambulance of the spec- payments to grapple with the coro- their lists of vendors and suppliers, service since the trum—others navirus outbreak. he said, and it’s essential that em- outbreak have seen their e request is critical to the safe- ployees are protected when an- volume dip ty and sustainability of business, swering calls from potentially in- 15%—it’s a sub- Tom Coyle, chairman of the United fected individuals. Now that federal stantial loss either way. New York Ambulance Network, aid is starting to come in, stockpiles “I believe every agency, includ- said. e network’s members pro- of supplies need to be earmarked, ing nonprots, are seeing decreas- vide emergency medical services to in part, for EMS workers. es in volume,” Coyle said. millions of New Yorkers. If the system gets overwhelmed

In a letter submitted to Gov. An- Cash in hand BUCK ENNIS they’ll can still be able to pay their drew Cuomo and Health Commis- e network also is urging the workers, he said. sioner Dr. Howard Zucker, Coyle state to enact proposed legislation essential employees are out of “ ere is a high percentage that Aside from supplies and pay- wrote that EMS workers—like that would streamline the process work, the legislation is even more does not turn that check over to the ment, the network lauded a Cuomo for ambulance pro- important, Coyle said. Many insur- ambulance company.” executive order that included com- “WE WANT THE GOVERNOR viders to be reim- ers pay the patients directly, and ough ambulance providers ar- munity paramedicine an emerging bursed by insurers their lack of payment to ambulance en’t experiencing workforce short- eld that allows EMS to work in TO UNDERSTAND THAT WE’RE without having to providers is only going to get worse ages like other health care sectors, non-emergency situations, treat go through the pa- in challenging economic times. that’s partly because the volume of and release patients and be com- ON THE FRONT LINES” tient rst. Outside of the coronavirus out- business is down because patients pensated. e network has break, Coyle attributed nonpay- are urged not to rush to capaci- e network is even urging the health care facilities—are facing a been lobbying for this kind of direct ment to companies transitioning ty-crushed hospitals and emergen- state to consider expanding the use shortage of supplies, such as masks, pay for years. It has complained pa- more and more to high deductible cy departments. of community paramedicine in the gowns and gloves. tients often pocket the money and plans. Coyle said one downstate pro- future, beyond the outbreak. “We want to make sure the gov- never pay for their services. “Patients are more responsible vider said on a conference call last e Governor’s oce did not re- ernor understands that we’re on Now that high numbers of non- for their bills than ever,” he said. week that its volume was down 30% spond. ■

Northwell is proud to recognize our doctors— who give their all to protect fellow New Yorkers

National Doctors’ Day is March 30

To our 14,200 physicians, The entire Northwell team would like to express our sincere gratitude for all you do and the compassion and bravery you show every day. You’re on the frontline, ready to rise to any challenge—and that makes a world of diﬀerence. We thank you. Today and always.

Michael J. Dowling President & Chief Executive Oﬃcer

MARCH 30, 2020 | CRAIN’S NEW YORK BUSINESS | 5

P005_CN_20200330.indd 5 3/27/20 4:52 PM IN THE MARKETS Throwing shade on bank bailout Is this the last hurrah for hedge fund managers?

hadow banking—a private While we de nitely aren’t banks, debt market in which lenders we’re many of their biggest custom- and borrowers aren’t regu- ers, and in the past decade we’ve lated as banks are—may grown so big you really wouldn’t Ssound like one of those terms want us to fail. Would you? designed to discourage people from Shadow banks are big owners of thinking about it much. real estate. Private-equity rms Get to know it better. It’s huge, borrowed lots of money from com- wounded and asking for govern- mercial banks or other shadow ment help. banks to buy oce buildings, ho- Private-equity rms, real estate tels and shopping centers. ese investment trusts, hedge funds and leveraged properties carry nearly business development companies $3.7 trillion worth of debt, up from are all entities you meet $2.4 trillion in 2007. in the shadow-banking As rent payments dry neighborhood, which has up, three publicly traded grown to an estimated REITs–New York Mort- $1.2 trillion in assets, ac- gage, Invesco Mortgage cording to research by Capital and AG Mort- Steve Kaplan, a professor gage–have been unable, at the University of Chica- or say they will be unable, go’s Booth School of Busi- to satisfy margin calls ness. Bond-rating rm from lenders. at’s just DBRS puts the U.S. gure the tip of the spear. at $15 trillion, a 75% in- AARON ELSTEIN “e system is simply crease since the nancial not prepared to respond

crisis ended. to the wave of [forebear- ISTOCK e shadow-banking sector also ance] requests that are likely to be is exposed to massive losses, no big received,” Morgan Stanley said in a In return for federal help, land- investors and lenders upon whom ry. at’s not how most guys in the surprise in a free-falling economy report last week. lords are pledging to cut tenants they rely for funding is due March 31. shadow-banking arena envisioned where Goldman Sachs expects U.S. slack, at least for a while. e Real Unless the junk bond market their stories ending. gross domestic product to fall by an Stop the spread Estate Roundtable, whose mem- turns around fast–a Fed announce- In particular, the stock-market annualized rate of 24% in the sec- e rm recommended the Fed- bers include Blackstone Group and ment that it’s buying commercial rout could be the last hurrah for ond quarter. (GDP fell by 15.5% be- eral Reserve start buying commer- e Related Cos., called on all com- mortgage-backed securities would business world-celebrity stock- tween 2008 and 2009.) cial mortgage-backed securities to mercial and residential property really help on that front–then hedge holders known as hedge fund man- Murmurs are emerging that “mitigate spread widening.” owners to “positively and construc- funds, private-equity rms, REITs, agers. As a group, equity hedge shadow-banking players need gov- “Let’s not forget that the S&L cri- tively” work with “Covid-19-im- BDCs and the rest will be turning in funds have consistently underper- ernment assistance of the sort giv- sis was triggered by commercial pacted tenants.” some really ugly numbers to their formed the S&P 500 since the nan- en to government-insured banks 12 real estate and had meaningful im- at isn’t quite saying, “We’ll investors. cial crisis. years ago. ey would like it done plications for the broader economy work with anyone,” but it sounds Some investors just might get or- “Very few were positioned for without the “bailout” baggage, if in the 1980s-early 1990s,” Morgan close. nery enough to shut them down, what’s happened,” a Wall Street ex- you please. Stanley said in what sounds like the Shadow banks are pushing hard and then their days of collecting ecutive said. “ere will be a lot of e shadow-banking sector’s ar- windup to a Washington lobbying for a helping hand because their fees of as much as 2% of the assets investors asking themselves, ‘Why gument for help goes like this: pitch. next report card to the institutional and 20% of the pro ts will be histo- am I paying these guys so much?’” ■

ON NEW YORK State unemployment numbers lie Of cials acknowledge their website was overwhelmed by the crush of applications

nly 80,000 New Yorkers With substantially enhanced un- the losses will be in SEEKING ASSISTANCE successfully led for employment bene ts in the latest New York City. e re- unemployment insur- federal stimulus bill, an inux of cord number of New State unemployment claims in the third week of March were more than six times higher in ance in the week ending cash could bolster the city and state Yorkers on unemploy- 2020 than in the previous year. Unemployment claims OMarch 21. economy. e impact on the unem- ment insurance was State ocials have acknowl- ployed is even more important. about 400,000 in early 100K edged their website was over- “is is more unfortunate than 2009. whelmed and said a more ever since the Senate Two data points in- 80K 80,334 accurate gure would be stimulus bill just boosted dicate the damage be- forthcoming. unemployment bene ts ing sustained by the Still, it’s clear that New tremendously for low- hospitality industry. A 60K Yorkers could be need- wage workers, who have survey last week by the lessly hurt by a delay in to account for the great NYC Hospitality Alli- 40K bene ts and that other majority of those who ance said 1,870 restau- states have successfully should qualify,” Parrott rants, bars and clubs handled the crush of ap- said. reported laying o or 20K plications. Meanwhile, the pro- furloughing 67,650 em- Nationally, a record 3.3 GREG DAVID jections for the future of ployees since the shut- 0 million people led for the state’s economy con- down began. ’20’19’18’17’16’15’14’13’12’11’10’09 jobless bene ts, not just a tinue to worsen. e weekly report on SOURCE: Bureau of Labor Statistics record but a 1,500% increase in just Earlier this week the Economic hotel occupancy by two weeks. Policy Institute predicted the state STR showed occupan- New York should have consisted would see jobs drop by 860,000. A cy at city hotels plunged to 16.8%; Most economists predict a survive until business returns; oth- of 10% to 12% of the claims, said Century Foundation study project- revenue per room fell to an absurd- V-shaped recession: a sharp plunge erwise the city will be pockmarked economist James Parrott, given that ed a decline of 1.2 million jobs, with ly low $28. Hotels can’t remain followed by a relatively steep re- with empty storefronts. It also will the state is the epicenter of the pan- about 780,000 qualifying for unem- open with that kind of revenue, and bound. depend on whether the budget cri- demic and the city has such a large ployment bene ts. the question is whether lenders will But in New York that kind of re- sis confronting the state and city hospitality sector. By comparison, be willing to restructure debts to bound will depend on whether the will be managed without either ma- Pennsylvania reported 379,000 Closed for business keep the hotels from falling into hospitality businesses and other jor workforce reductions or higher claims. Parrot said he believes about half bankruptcy. small rms on the front line can taxes. ■

6 | CRAIN’S NEW YORK BUSINESS | MARCH 30, 2020

P006_CN_20200330.indd 6 3/27/20 4:32 PM REAL ESTATE Kushner Cos. could lose old Times building The company hasn’t made its March mortgage payment for the 250,000 square foot retail space on 43rd street

BY DANIEL GEIGER million in November 2015. e rm rent for its space after missing past shows. was able to pocket about $59 mil- payments. e exhibit paid Kushner Companies has been he family real estate rm of lion on the subsequent mezzanine $150,000 of its $200,000 monthly late with mortgage payments be- Jared Kushner, President loans it placed against the property, rent in November and failed to pay fore, Trepp reported, making its No- Donald Trump’s son-in- according to Bloomberg News. its December rent, according to vember, January and February pay- law and senior advisor, Gulliver’s Gate, an emporium of Trepp. ments after the due date but within Tcould lose its hold on a large retail miniature models that occupied e property was barely making a 30-day grace period. property it owns in the old New York about 20% of the retail space, de- enough income to cover its senior “In my experience, when you see Times building amid the coronavi- clared bankruptcy and closed its mortgage payments even before a property ipping in and out of rus outbreak. location at the beginning of the Gulliver’s Gate left and National payments during the grace period, Kushner Cos. hasn’t made its year. A National Geographic-brand- Geographic began missing rent, it's a sign they’re starting to have - March mortgage payment for the ed exhibit that comprises almost which suggests that the property is nancial distress,” said Tom Fink, an

250,000 square foot retail space at 25% of the retail is paying a reduced now currently losing money, data executive at Trepp. ■ BUCK ENNIS 229 W. 43rd St., according to a recent report by a special servicer that represents the bondholders who own the property’s $285 million of securitized senior debt. e report was provided by the mortgage data tracking rm Trepp. Leasing at the property, where one large tenant recently declared bankruptcy and shuttered its space, and another has struggled to pay its rent, has become virtually impossi- ble amid the coronavirus outbreak, making the prospect of a nancial turnaround for Kushner Compa- nies increasingly remote. “For any project right now that urgently needs to lease retail and experiential space, it’s not happening until the dust settles,” said Mat- thew Seigel, the co-founder of Lan- tern Real Estate Advisors. A spokesperson for Kushner did not respond to a request for comment. With corona cases surging and the city in a near lockdown to control the pandemic, rebooting commerce and restoring retail leasing back to previous levels could take weeks, months, or longer--time that Kushner doesn’t appear to have at the distressed property. Two separate lenders that together extended $85 million of additional mezzanine loans against the retail space, signaled in Febru- ary that they will seek to seize the well-connected real estate company's ownership interest in the property to protect their liens from being wiped out in a potential foreclosure by the senior mortgage, Trepp reported. No action yet So far no foreclosure actions A forward-thinking real have been commenced against estate firm providing brokerage, Kushner at the space. e Manhattan-based real estate property management, and company defaulted in December consulting services since 1920. on those two mezzanine loans, which were issued by the public real estate rms Paramount Group and SL Green, Trepp reported. Green has since divested itself of that loan, although he would not provide details of the sale, including whether the company sold the distressed debt at a discount, a compa- 212.679.5500 ny spokesman said. adamsre.com Paramount Group declined to comment. Even before the coronavirus crisis, Kushner Cos. was locked in a - nancial struggle at 229 W. 43rd St. amid a troubled retail market. e company purchased the space, a retail condominium at the base of a larger oce building that used to house the New York Times, for $295

MARCH 30, 2020 | CRAIN’S NEW YORK BUSINESS | 7

P007_CN_20200330.indd 7 3/26/20 4:18 PM president K.C. Crain senior executive vice president Chris Crain group publisher Mary Kramer EDITORIAL publisher/executive editor Frederick P. Gabriel Jr.

EDITORIAL Time to put differences aside editor Robert Hordt assistant managing editors Christine Haughney (special projects), and coordinate coronavirus response Janon Fisher, Gabriella Iannetta (digital) senior editor Telisha Bryan associate editor Lizeth Beltran (digital) n March 18, Mayor denied the virus was a art director Carolyn McClain Bill de Blasio openly problem, ridiculing the broached the issue Federal Reserve chairman photographer Buck Ennis of imposing a mass months ago for warning data editor Gerald Schifman quarantine over of a world crisis. He’s senior reporters Aaron Elstein, Daniel Geiger, the city. touted unproven medica- Jonathan LaMantia OMoments later, before his news tion and last week reporters Ryan Deffenbaugh, Gwen Everett, conference ended, Gov. Andrew suggested that this Jennifer Henderson, Brian Pascus Cuomo’s chief of sta red o an pandemic would be over columnist Greg David email criticizing the prospect of a by Easter, something his contributors Tom Acitelli, Ronald DeCicco, lockdown and asserting that if the own advisers immediate- Cara Eisenpress, Cheryl S. Grant, decision was made it would be ly shot down. Steve Krupinski, Danielle McManus Sladek, made in Albany, not City Hall. Both Cuomo and de Mark Yawdoszyn “Words matter,” Cuomo said Blasio vacillate between DEBLASIO CUOMO to contact the newsroom: during one of his press confer- complaining bitterly of www.crainsnewyork.com/staff ences afterward. e governor, being jilted by the federal 212.210.0100 whose political star is rising over government regarding 685 Third Ave., New York, NY 10017-4024 his handling of the pandemic, supplies and thanking the ADVERTISING admonished the mayor for president for his help. www.crainsnewyork.com/advertise frightening the public. We don’t quibble with senior account managers Rob Pierce, Two days later, the governor the president, the Stuart Smilowitz, Tori Weil announced a new executive order, governor or the mayor New York on PAUSE, essentially about what they have to account executive Devin Cavallo integrated marketing manager Jonathan Yan,

shutting down all nonessential do to stop this bullet train NYCMAYORSOFFICE/FLICKR GOVENORANDREWCUOMO/FLICKR businesses, exactly what the virus bearing down on 212.210.0290, [email protected] mayor had suggested 48 hours the world. is is a serious, will be thousands more to come. Gentlemen, you are governing a associate art director/marketing earlier. immediate crisis. ere is no Our economy is virtually frozen. terri ed country, state and city. Charles Fontanilla, 212.210.0145, blueprint to Unemployment has hit new Mixed messages and contradic- [email protected] NOW IS THE TIME TO PUT follow. Lessons records. e crisis is real. tions have consequences. people on the move manager Debora Stein, of the 1918 But it also needs coordination. Businesses and citizens react to [email protected] THE PUBLIC GOOD AHEAD in uenza Now is not the time for petty your statements. Words do matter. CUSTOM CONTENT pandemic have disagreements. It is not the time e message matters. director of custom content OF PERSONAL AMBITION been instructive, for power plays and political Now is the time to put the Patty Oppenheimer, 212.210.0711, but we live in a posturing. Whatever personal public good ahead of personal [email protected] President Donald Trump has di erent world. animosity these elected o cials ambition. Come together and senior manager, custom content also sent confusing, sometimes ousands of people have have toward each other needs to coordinate your e orts. It’s the Sophia Juarez, contradictory messages. At rst he succumbed to the virus and there be put aside. only way to beat this virus. ■ [email protected] EVENTS OP-ED www.crainsnewyork.com/events manager of conferences & events Ana Jimenez, ajimenez@crainsnewyork Arts community needs a ‘Marshall Plan’ REPRINTS director, reprints & licensing Lauren Melesio, A new paradigm to super-charge the cultural recovery 212.210.0707, [email protected] PRODUCTION production and pre-press director BY KAREN BROOKS HOPKINS large and small; representatives cultural revival. strong communities. e task force Simone Pryce from organized labor; individual GOVERNMENT: e task force must make a more convincing ar- media services manager Nicole Spell t's time to consider a cultural artists; and community leaders. could set up an online "town hall" gument to local businesses and in- Marshall Plan to rescue and re- e group should meet immedi- meeting with elected o cials, to vestors that direct funding of the SUBSCRIPTION CUSTOMER SERVICE store the nancial health of the ately (online) to devise a clear and make speci c funding requests arts will add to the value of their www.crainsnewyork.com/subscribe Icity's arts community. focused response to the nancial and maximize support from stim- assets. [email protected] Several major charitable foun- and human damage. ulus packages. Beyond private investment, 877.824.9379 (in the U.S. and Canada). dations are already providing a e task force should immedi- PRIVATE SECTOR AND FOUNDA- there is an opportunity for govern- $3.00 a copy for the print edition; or lifeline to small- and medi- ately develop and distribute a sim- TIONS: While some foundations ment as well to rethink its perspec- $129.00 one year, for print subscriptions um-sized non-pro t arts organiza- ple but comprehensive question- have jumped in to help, many tive on how the arts t into an with digital access. tions in the city. But so much more naire to all of the arts groups to more are on the sidelines. Hope- overall business strategy. In addi- Entire contents ©copyright 2020 needs to be done, not only by the collect a detailed pro le of each fully, even the most generous do- tion to responding to individual Crain Communications Inc. All rights usual donors, but by us, the day- institution's revenue shortfalls, nors will consider additional fund- institutions' operational and capi- reserved. ©CityBusiness is a registered to-day leaders of our community. sta layo s, lost artists' income, ing once they have analyzed the tal needs, the city could embrace trademark of MCP Inc., used under license As a former, long-serving presi- deferred facility maintenance and, new data. e task force would tai- arts and culture as a pillar of its agreement. dent of the Brooklyn Academy of for some, dwindling cash reserves lor a comprehensive solicitation neighborhood revitalization plans. Music and member of the city's and endowments. plan and a communications strat- We must change our familiar CRAIN COMMUNICATIONS INC. army of arts administrators, my e data will yield indisputable egy to amplify our most pressing narrative and start thinking and chairman Keith E. Crain heart goes out to those who now facts on trends, improving the needs. Individual arts organiza- talking about investment—both vice chairman Mary Kay Crain carry the responsibility for steering eld's ability to craft a rescue plan. tions would adopt these tools for public and private. Philanthropy president K.C. Crain their battered institutions through Equipped with conclusions sup- their own funders and audiences. alone, as essential as it is, cannot senior executive vice president Chris Crain this storm. ported by the data, the task force INVESTMENT: Culture is a power- meet the ordinary demands of secretary Lexie Crain Armstrong e eld needs a new paradigm will then be in a position to 1) de- ful engine of the city’s economy, most arts organizations, let alone editor-in-chief emeritus Rance Crain to super-charge the cultural recov- sign a more e ective nancial res- generating millions of dollars from chart the course of recovery from chief nancial of cer Robert Recchia ery once this crisis has passed. cue plan from federal, state, and tourism, raising real estate values, the current extraordinary crisis. ■ founder G.D. Crain Jr. [1885-1973] e rst step the mayor must city sources; 2) increase funding enhancing the success of retail chairman Mrs. G.D. Crain Jr. [1911-1996] take is to appoint a task force, from donors already participating; shops and restaurants, reviving Karen Brooks Hopkins is the bringing together CEOs and board 3) identify a much larger base of derelict buildings, revitalizing former president of the Brooklyn chairs of arts non-pro ts, both funders willing to contribute to the neighborhoods, and creating Academy of Music.

8 | CRAIN’S NEW YORK BUSINESS | MARCH 30, 2020

P008_CN_20200330.indd 8 3/27/20 10:36 AM OP-ED Tech must innovate learning during outbreak

BY DAVID C. BROOKS public schools in our network help help. We are seeing nology and learning will determine prepare disadvantaged boys, espe- some step up to the much of the outcomes your kids oments of crisis push us cially boys of color, to matriculate plate. Some internet have. For example, go into your toward innovation. e to college and achieve success in providers across the child’s room and experience the current COVID-19 pan- professional life. is isn't an easy country are oering video games they are playing. Ask Mdemic is forcing us to think deeper task under normal conditions. It free WiFi access to what types of creativity, and critical about how our school system func- has become just that much harder homes with K-12 thinking skills they elicit in your tions. Unfortunately, we are not for me and educators across the children, but they child and why. Play these games prepared for this crisis, and that is a country due to this historic and un- must do far more. with them and see how they are huge problem. precedented public health emer- e tech world and building online communities like On Monday, New York City gency. government need to we’ve never seen before.

schools began virtual learning class- e U.S. is facing a daunting task. join forces to not only BUCK ENNIS I also believe we should take this es. What that looks like as of yet is We have dabbled in the notion of help us during this opportunity not only as a chance to unclear. What is clear is that teach- distance learning before, but now it crisis, but to radically reinvent our riences for children that inspire re-imagine the way we teach, but ers and our education system need is fully thrust upon us. We are fac- education system for the long term creativity, innovation and exibility also how we measure success. State resources, support and a clear path ing great barriers, from parents and for the challenges our children – skills that will make them adapt- exams will likely go away in the forward. While we have always talk- struggling to nd childcare, to tai- are going to face in the 21st century. able and sought after when they short term. Instead, success must be ed about using technology in class- loring virtual learning for children From climate change to epidemi- graduate. measured by how engaged our stu- rooms, we have a unique, with special needs, to teachers ology to income inequality to the Gaming and video technology dents are and what level of commu- once-in-a-generation opportunity scrambling to adapt their lesson gig economy, think about how vast leaders, this is your time. You have nity connection is being fostered. now to innovate and build a new plans to an online format to chil- and how dicult some of these so- shown us that you understand how Let’s all step up to the challenge 21st century educational model. In dren without access to technology. cietal challenges are that this next to captivate children’s attention, to reinvent our school system. doing so, we must call on technolo- generation will be facing. create constructive competition Technology companies, corpora- gy companies and their leaders to Virtual learning How prepared will they be as and most importantly, build com- tions, nonprots, government and help us blaze a trail forward. We e 1.1 million children in the they enter the workforce in the munity in the virtual world. You are political leaders, teachers, adminis- need technology, video gaming and NYC school system need to be coming years? best positioned to revolutionize trators and parents all need to come political leaders to step up, build ready and equipped to begin online e technology industry is re- and reinvent our education system together to determine the best way learning infrastructures and create a learning, but with a quarter of New shaping the workplace and our to create an online learning envi- forward in this new educational new kind of school for our children. York City’s kids living below the world every day. We should see that ronment in which every child is in- paradigm. ■ I understand the importance of poverty line, there are hundreds of change reected in our education cluded, engaged and learning. We urgently creating an equitable on- thousands of children in the city system. We need to see concrete, need you to seize this opportunity. David C. Banks is the president and line education system because of without access to high-speed inter- original ideas – ideas that will better Parents, we need to you to em- CEO of the Eagle Academy the nature of my work as President net or internet-connected devices. prepare our children for their fu- brace technology as an educational Foundation, a leading education and CEO of the Eagle Academy is is one of the rst educational tures. If technology leaders come tool. How you create healthy and reform nonpro t serving 3,000 Foundation. My job before the challenges we face where we must together with our teachers and stu- constructive boundaries with your young men in a network of all-male COVID-19 outbreak was to help the turn to technology companies for dents we can create learning expe- children’s relationship with tech- public schools.

OP-ED Hardhats ready and willing to build hospitals

BY GARY LABARBERA AND tional health care centers. e response has been hearten- FRANCISCO MOYA is new normal won't last forev- ing with more than 2,100 health er but getting through this pan- care professionals responding. he eorts to combat demic will require a concerted ef- But clearly, more medical facili- COVID-19 across New York fort across every industry. We need ties and expanded bed capacity will have been staggering, even to marshal every resource at our be required to stop this disease in Theroic in many cases. New Yorkers disposal and that includes the its tracks. Build your trust & have shown their industriousness, skilled men and women in labor. New York has 53,000 hospital their ingenuity -- and many more Gov. Andrew Cuomo is already beds, including 3,000 intensive care estate administration have signaled their readiness to considering repurposing sites such unit beds. step up and serve. as the Javits Center, Westchester ough not yet at capacity, Gov. e health care professionals, Convention Center, SUNY Stony Cuomo said on Tuesday he antici- process on a solid teachers, grocery and delivery Brook and SUNY Old Westbury to pates New York will need as many workers have done a remarkable meet our medical needs. Hardhats as 140,000 beds, including 40,000 foundation. job carrying the load that was have the skills and prociency to ICU beds. dropped on their shoulders. ey step up and meet this demand and is ght is unlike any we’ve can’t carry it all, however. build the mobile intensive units faced before. But together, and with As the number of conrmed cas- that are needed. all hands on deck, there’s nothing es continues to grow, so too does the hardworking people of this city We provide the support the demand for tens of thousands Nailed it can’t overcome. of ventilators and hospital beds and Construction workers work. ey Members of the New York City you need for administration personal protective equipment like work in severe conditions and in Building Trades are among the gloves, masks and medical gowns. spite of the dangers. ey work for toughest and most dedicated work- and tax e ciency. On top of that, demand for places to their families and ours. ey build ers in the state. Construction work- grassicpas.com/trust-estate-services put all those beds, patients, and the out our systems of infrastructure, ers have helped lead our city sta who will care for them contin- our apartment buildings, our com- through crises past, and there’s no ues to rise astronomically. munity centers, and our places of doubt that construction workers grassicpas.com/trust-estate Fortunately, we have one of the work. We need to let them do what are ready to once again rise to the most dedicated groups of workers they do, now more than ever. challenge. ■ ready to answer that call: Construc- Even as New York deploys un- tion workers. precedented levels of resources to Councilman Francisco Moya Hardhats can start building and stop the spread, the challenge we represents the New York City repurposing the medical facilities face continues to grow. e state is Council’s 21st District, covering we will need. New York City’s con- now the epicenter of the outbreak. Corona, East Elmhurst, LeFrak City struction workers are ready and ea- To treat current and future cases, and parts of Jackson Heights. ger to get to work increasing hospi- both Gov. Cuomo and Mayor de Gary LaBarbera is president of tal capacity, whether that’s building Blasio are recruiting an army of re- the Building and Construction out hospitals or transforming tired health professionals to suit Trades Council of Greater dorms and arenas into fully func- back up and help treat the infected. New York.

MARCH 30, 2020 | CRAIN’S NEW YORK BUSINESS | 9

P009_CN_20200330.indd 9 3/27/20 3:38 PM ASKED & ANSWERED

DOSSIER Do you think the mix will change? LEONARD STEKOL We’re investing in both. For example, other banks have Ridgewood Savings Bank WHO HE IS Chairman, president and been closing branches. We’ve actually opened two CEO, Ridgewood Savings Bank branches—in Clinton Hill, Brooklyn, and Plainview, INTERVIEW BY TOM ACITELLI Long Island—and there’s one in the pipeline, for ASSETS Ridgewood is the state’s a total of 36 branches. We’re going to grow both n Jan. 1, 2018, Leonard Stekol largest mutual savings bank, with digital channels and brick-and-mortar. As far as became chairman, president and CEO $5.8 billion in assets. which will grow faster than the other, I think both of Ridgewood Savings Bank, where GREW UP Stekol was born in Riga, will continue to grow proportionately. he’s worked for nearly three decades. Latvia, in 1968, and immigrated with his parents and sister to the What are the biggest changes you’ve seen in Stekol, 52, who was chief nancial of cer before commercial banking in the New York area? O United States in 1979. They settled taking the CEO post, has had a front-row seat in Forest Hills, Queens, where he I think it’s innovation. People want things more conveniently. People want the personal touch and for Ridgewood’s recent growth spurt. Its assets attended Forest Hills High School. the attention to detail. We talk about digital, we talk grew to $5.8 billion last year, from $5.6 billion RESIDES Bellmore, Long Island about brick-and-mortar, but what we’re focused on in 2018. Meanwhile, the number of its branches EDUCATION Bachelor’s in accounting, as well are the small things: free coin-counting, free and the variety of its services have grown too, Queens College; master’s in coffee, notary service. The other thing we’re focused on is providing our customers with free access to ID as other banks look to close their storefronts. accounting, Adelphi University; theft protection. Ridgewood has prioritized building relationships graduate of the National School of with customers and the community, including Banking at Fair eld University When did that launch? through more than $3 million in reinvestment COMPANY LOYALTY “I started with the We launched it in a partnership with EZShield just grants, contributions to local organizations and bank right after college, and I’ve over a year ago. That’s very important to us. If you’ve been here ever since—27 years,” he ever had your ID stolen, you know how hard it is to go charities, and matching donations by Ridgewood said. “I was very fortunate.” through the process. So we have free ID restoration for employees over the past two years. our premier checking customers. With a lot of these SIDE HUSTLE Stekol is also a licensed partnerships, products and services, we’ve had a lot What effect is coronavirus having on your business? certi ed public accountant. of growth in our customer relationships. And it’s all We’re monitoring it very closely with police and organic. customers, and we’re working with the local and federal governments. We’re also very con dent in the state and We look at it as an ecosystem—so What do you mean by organic? local governments. There’s no panic. There’s con dence all of those assets work together. Our All of our growth is coming from our customer in the authorities—and constant communication. customers come in for that personal base. Some other banks may leverage by touch. We’re getting very good borrowing funds from different sources or How does Ridgewood balance digital banking with responses to both of our channels, so leveraging different things. All of our growth has come

physical branches. Which draws more business? both are important. from our customer base doing more business with us. ■ BUCK ENNIS

10 | CRAIN’S NEW YORK BUSINESS | MARCH 30, 2020

P010_CN_20200330.indd 10 3/26/20 12:28 PM INSTANT EXPERT What you need to know about the small business bailout BY BRIAN PASCUS

THE ISSUE THE PLAYERS

Nearly 10% of the city's workers—500,000 people—across all sec- There is no bigger player tors of the economy will soon be unemployed. An estimated 130,000 here than the Federal Re- 1restaurant workers have already lost their jobs. Whole industries 2 serve and its chairman, have shut down in New York City and no side of the economy has been Jerome Powell. We’ll get to hit quite as hard as small the Fed momentarily, but the businesses, which number most important point to under- 200,000 across the ve stand is that Powell and the POWELL

boroughs. State and federal Fed are essentially opening up GETTY IMAGES authorities are now imple- their balance sheet and telling menting sweeping measures the entire economy, you can put every loan you make on us, we’ll guarantee it. to provide nancial relief In New York, Gov. Andrew Cuomo has already suspended mortgage pay- to small business owners ments for 90 days and directed a 90-day moratorium on all residential or in the form of low-interest commercial evictions. Mayor Bill De Blasio’s Department of Small Business loans, open credit lines, Services awarded $1.14 million in grants to 155 businesses last week, and even direct infusion of and plans to distribute another $8.7 million. It is also working on an inter- cash, but it's not clear how est-free loan program. all these programs will work In Washington, leaders of the House, Senate and Treasury put together a

together. GETTY IMAGES stimulus package of up to $2 trillion, which includes $350 billion in fed- erally guaranteed loans to small business. Additionally, President Donald Trump’s Small Business Administration (SBA) announced a new loan program aimed at helping those businesses affected by the crisis.

WHAT’S NEXT Nothing is more important than the $2 trillion NO AMOUNT stimulus package, the largest of its kind in U.S. history. The Fed previously announced it OF AID CAN 5 YEAH, BUT will initiate a “Main Street Lending” program, but the STOP BANKS concept is rather nebulous as the Fed seems to FROM COMING Even though the Fed and the SBA have made loans be taking a wait-and-see approach until Congress available to small businesses, there is still a bit of a determines how much cash it will allocate in direct DOWN ON catch. First, while the Fed is opening its window in an payments to small businesses. The small business 3 SMALL unprecedented fashion—committing to buy as much gov- loans that the government is guaranteeing will be ernment-back debt as necessary and even corporate debt, forgiven if the employer keeps its workers on payroll BUSINESSES as well—it’s not handing out cash to small businesses. It’s during the crisis. Only time will tell if that number IF THEY CAN’T mainly becoming a buyer of last resort throughout the - is large enough—or how much more assistance nancial system in order to keep it humming. Any money the the Fed will offer—as no amount of generous loan PAY THEIR Fed provides will be in the form of a loan that must be paid terms or sizable stimulus checks can stop banks BILLS back. The SBA’s Economic Injury Disaster Loan—while providing from coming down on small business owners if they loans up to $2 million—carries an interest rate of 3.75% can’t pay their bills. and small business owners seeking more than $25,000 in assistance must put up some form of collateral, in most cases the building they operate from.

SOME BACKGROUND

Many of these stimulus plans and asset-purchasing measures harken back to the steps Congress and the Fed took 12 years ago to shore up credit during the nancial crisis. One program being dusted off 4 is an asset-purchase plan known as “Term Asset Backed Securities Loan Facility (TALF),” which encourages bank lending to small businesses by having the Fed buy securities backed by small business loans. Present

ISTOCK and future lending to small business .hinges on the ability of banks to package those debts as desirable securities—and in the Fed they now have a dependable buyer. But again, the main issue is cash-ow. Banks can help businesses restructure loans and defer payments, but if there’s no cash ow then the TALF scheme won’t work. That is why so many - nancial measures now hinge on the scal policy being hashed out in Congress, which can actually provide liquidity to small business owners in the form of direct checks, and whose only legislated precedent on the same scale is the infamous $750 billion Troubled Asset Relief Program (TARP) that Congress passed in 2008.

MARCH 30, 2020 | CRAIN’S NEW YORK BUSINESS | 11

P011_CN_20200330.indd 11 3/26/20 2:19 PM DESMONIQUE BONET Director of culture development programs Google Desmonique Bonet oversees career development, global onboarding, diversity inclusion and well-being learning Even with foresight bordering on ers and experienced decision-mak- programs at clairvoyance, we could not have ers, from all kinds of organizations Google. Bonet commands a selected a more appropriate time to and industries. team tasked with honor the women who set the pace To nd our honorees—a reporting developing programs that in New York’s talent management eort begun before the coronavirus forge the culture ranks. pandemic developed—we consult- at the technology behemoth, creating initiatives that e front lines of corporate Amer- ed with trusted sources in human reach 100,000 employees world- ica in our current national health resources specically and in busi- wide. She has 15 years of experience in marketing, sales and crisis is staed rst and foremost by ness precincts generally. At the same business development, working executives with the responsibility for time we vetted those nominations with C-level executives and thought leaders in digital and the lifeblood of all businesses: peo- submitted by rms either headquar- traditional media across Fortune ple. Human resources and related tered in the New York metropolitan 500 companies. is, her doctorate in political science and her elds are in the “people business” of area or with a major presence in teaching background help Bonet business, and women make up the the ve boroughs and surrounding drive global learning programs at Google. She channels her develop- majority of those who work in these counties. ment expertise into promoting inclusion and welfare throughout challenging areas. Each of these notable women was the company. e issues facing HR departments selected for her career accomplish- today are as complex in nature and ments, her mentorship of others, as broad in scope as any in our and her involvement in community country’s history. So it comes as and industry organizations. no surprise that the 62 people on So just how are these talented and Crain’s Notable Women in Talent committed professionals keeping Management list for this year are an the circuits of commerce pulsing?

impressive group of thoughtful lead- Read on! GETTY IMAGES

PAMELA Y. ABNER ALLIE BAROT JEANELLE BEACH EILEEN BENWITT ANGELA BLUM-FINLAY DORIT CORWIN Vice president and chief Executive vice president, chief Chief people of cer Chief talent of cer, executive vice Executive vice president and chief Director, talent acquisition administrative of cer, of ce of human resources of cer First president human resources of cer Standard Industries diversity and inclusion RXR Realty Horizon Media Dime Community Bank Jeanelle Beach is an executive who While recruiting for executive Mount Sinai Health System Allie Barot’s more than 25 years understands a human resources Eileen Benwitt applies a wide-tent As Dime Community Bank positions in Asia, Dorit Corwin Pamela Abner has pushed enve- of experience spans nancial department is more elemental approach to all of her talent-related continues to evolve from a thrift to built up her rm’s client portfolio lopes in diversity and equity for 14 services, public and private than auxiliary. As the chief people tasks. at begins with her hiring a robust community bank, Angela with Fortune 50 technology years. As vice president and chief investments, retail and real estate o cer at First, a global events process, which looks for individu- Blum-Finlay has been one of its companies. She then brought her administrative in Europe and agency, Beach als who present a primary change global experi- o cer for the the U.S. As has been integral variety of agents. As chief ence to executive o ce of diversity executive vice to the company’s interests rather human resources search giant and inclusion at president and steady growth, than simply o cer, she has Heidrick & Strug- Mount Sinai chief human driving numer- match a rigid list drawn on the gles as the rm’s Health System, resources o cer ous account of skills. Once an knowledge and engagement Abner conceives for RXR Realty in implementations outside-the-box know-how manager. Since plans with New York, she’s and acquisitions. hire is on board, gained in two 2018 Corwin has industry leaders responsible for Working she encourages decades of talent been director of to cultivate inclu- creating a shoulder to that individual to management talent acquisi- sion across business lines. Using business-aligned human resources shoulder with other company articulate a professional vision, experience to lead a concomitant tion at Standard Industries in New research and education curricu- agenda and executing human leaders, she has developed all the then strives to engineer a work shift in Dime’s human resources York, where she recruits at all levels lums, Abner helps implement capital management strategies that critical people programs, policies, experience that helps to actualize functions. Previously Blum-Finlay and works closely with corporate initiatives to identify demo- improve business performance benets, and recruitment and it. Benwitt further empowers held directorial positions at Mitsui leadership on global searches. She graphic disparities and eliminate and organizational eectiveness. training strategies that build and Horizon employees by supporting & Co., where she was responsible is the interim human capital barriers to care and educate un- Previously she worked in HR refresh a sta that aligns with any initiatives—whether recre- for the strategy and execution of business partner at solar company derserved groups. e certied leadership at Guardian Life In- First’s 21st-century business ational, philanthropic or other- HR activities across the Americas, GAF Energy, a Standard Industries unconscious bias educator is a surance and UBS. Barot is a trustee objectives. Stationed at the nexus wise—that have the potential to as well as at a roster of rms in the venture. Corwin is active in the regular presenter at forums, and on the board of the Duke of Edin- of human interaction and business enhance the company’s culture. accounting and consulting space. philanthropic organization she advises organizations from her burgh’s International Award Royal strategy, Beach sees her responsi- Benwitt, a career coach certied by Boasting several HR certications, UJA-Federation of New York, where own consulting practice. Abner’s Foundation, which equips young bility as advancing both the the Institute for Professional she is an adjunct professor of she sits on the Professional leadership and management people for life regardless of their company and its people. Before Excellence in Coaching, oers human resources at Columbia Women’s Leadership board and is guidance was instrumental in background, culture, physical abili- joining First, she worked at employees personalized counsel University and a board member of vice chair of the Young Leaders Mount Sinai Health System’s ty, skills and interests. Deutsche Bank and BDO Seidman. and career guidance, to better keep the New York City Society for board. ranking as the No. 1 health and them motivated, engaged and Human Resource Management. hospital system on Forbes’ 2019 list fullled. of Best Employers for Diversity.

12 | CRAIN’S NEW YORK BUSINESS | MARCH 30, 2020 DESMONIQUE BONET DEBORAH BORG MAXINE CARRINGTON LAURA COOPER NANCY CORCORAN-DAVIDOFF Director of culture development Chief human resources and Deputy chief human resources Senior vice president of people Executive vice president, chief programs communications of cer of cer Bluecore experience and human resources Google Bunge Limited Northwell Health of cer Laura Cooper approaches her role Hackensack Meridian Health Desmonique Bonet oversees Deborah Borg has lived and As Northwell Health’s deputy chief as senior vice president of people career development, global worked on three continents, human resources o cer, Maxine for Bluecore with this worldview: At the nub of superb health care is onboarding, diversity inclusion making her an ideal leader at a Carrington marshals more than a When trust is reinforced and the rst-rate human experiences, for and well-being global agribusi- decade of HR symbiotic patients and sta. learning ness and food experience to relationship Nancy Corcor- programs at organization oversee initia- between leader an-Davido Google. Bonet with 35,000 tives related to and contributor devotes herself to commands a employees organizational is strengthened, both: As executive team tasked with worldwide. As development, organizational vice president developing chief human employee experi- and individual and chief programs that resources and ence and successes follow. experience and forge the culture communications corporate social In her position at human resources at the technology o cer at Bunge, responsibility. the articial o cer for behemoth, creating initiatives that which is headquartered in White She is committed to serving the intelligence-driven retail market- Hackensack Meridian Health, she reach 100,000 employees world- Plains but operates in more than Northwell community beyond her ing platform, Cooper coaches all focuses on person-centered care wide. She has 15 years of experi- 40 countries, Borg is responsible immediate role: She instructs at levels of leadership to uphold these models that provide exceptionally ence in marketing, sales and for the people, culture and the Center for Learning and ideals. She solves a sweeping array high-quality, respectful, and business development, working communications strategy, and Innovation—the health care of management challenges—con- empathetic care and services. with C-level executives and operations. Her previous experi- network’s corporate university— ceptualizing strategy, executing Corcoran-Davido formed an O ce thought leaders in digital and ence put her in good stead: As and often avails herself as a development, bolstering engage- of Human Experience leadership traditional media across Fortune president of Dow USA, she oversaw mentor. Carrington, a lawyer by ment and improving organization- team whose impact pervades 500 companies. is, her doctorate overall business performance, trade, was previously a manager al design—to enact measures that disparate elements of the health care in political science and her regional business strategy, new and attorney with the New York engender operational excellence. network, among them, emergency teaching background help Bonet business development and Mayor’s O ce of Labor Relations. Cooper’s increasingly global career care, inpatient experience and physi- drive global learning programs at relationships with customers, She graduated from Northwell’s trajectory was forged through cian groups. Corcoran-Davido’s Google. She channels her develop- government organizations and High Potential Leadership diverse centers of excellence such work has earned her acclaim. Within ment expertise into promoting partners. Last year Borg joined the Development Program in 2010. In as Citigroup, Franklin Templeton the past two years, she was named inclusion and welfare throughout board of SWM International, a 2013, Human Resource Executive Investments and Samsung an ROI-NJ Champion of the C-Suite the company. global provider of engineered named her a rising star in HR. Electronics America, among and a CXO to Know by Becker’s solutions and advanced materials. others. She is a licensed attorney Hospital Review. In addition, and holds Senior Professional in Corcoran-Davido was named to Human Resources certication. the NJBIZ Best 50 Women in Business list.

Nearly three of every four HR managers in the U.S. are women, while nearly nine in ten HR generalists identify as such. GETTY IMAGES Sources: Bureau of Labor Statistics, payscale.com GETTY IMAGES

ANGELA BLUM-FINLAY DORIT CORWIN LOIS DURANT VALERIE EGAN KATE ETINGER AUGUSTA FULCHER Executive vice president and chief Director, talent acquisition Director, diversity, inclusion and Senior director, learning and Chief human resources of cer Senior director, human resources, human resources of cer Standard Industries talent management strategy development Bank Leumi New York business unit Dime Community Bank Sheppard Mullin Girl Scouts of the USA Turner Construction While recruiting for executive Bank Leumi prides itself on the As Dime Community Bank positions in Asia, Dorit Corwin Lois Durant manages all of Shep- Valerie Egan has spent 25 years in relationships and trust between its As senior human resources continues to evolve from a thrift to built up her rm’s client portfolio pard Mullin’s diversity-and-inclu- talent acquisition for large people and customers. e bank director at Turner Construction, a robust community bank, Angela with Fortune 50 technology sion eorts as well as the interna- organizations such as Merrill looks to Kate Etinger, its chief Augusta Fulcher is responsible for Blum-Finlay has been one of its companies. She then brought her tional law rm’s talent management Lynch, AT&T, the Linde Group and human resources o cer, to ensure maintaining a comfortable and primary change global experi- activities. at Girl Scouts of the the company’s eective work agents. As chief ence to executive means Durant is USA. Everywhere unique culture environment for human resources search giant expert at dealing she has worked, supports that more than 1,000 o cer, she has Heidrick & Strug- with multiple Egan has pride. To that employees at the drawn on the gles as the rm’s stakeholders. She contributed end, Etinger and company’s New knowledge and engagement works closely vision, strategic her team handle York business know-how manager. Since with the rm’s leadership and talent acquisi- unit. Fulcher gained in two 2018 Corwin has chairman, chief practical tion and leads talent decades of talent been director of human resources experience to her development, acquisition, management talent acquisi- o cer, diversi- employer’s compensation employee experience to lead a concomitant tion at Standard Industries in New ty-and-inclusion committee, talent-acquisition infrastructure. and benets, and employee relations, strategic management, shift in Dime’s human resources York, where she recruits at all levels diversity-and-inclusion strategic Recent accolades include the 2018 engagement programs to support and training and development. She functions. Previously Blum-Finlay and works closely with corporate council, a nity groups and others HRO Today’s Talent Acquisition the company’s growth and implements people-related held directorial positions at Mitsui leadership on global searches. She in rm leadership. Before joining Leader of the Year Award for priorities. Etinger, who held senior services and lean improvement & Co., where she was responsible is the interim human capital Sheppard Mullin, Durant worked at Nonprots and the 2019 HRO HR positions at Fiserv, Citibank processes and, as a partner to for the strategy and execution of business partner at solar company White & Case, leading talent Today’s ought Leadership and and HSBC, among other global management, supports overall HR activities across the Americas, GAF Energy, a Standard Industries management at all of the interna- HR Excellence Award for Nonprof- nancial institutions, sits on the achievement in the business unit. as well as at a roster of rms in the venture. Corwin is active in the tional law rm’s litigation practices its. Egan donates her time on the board of the Hebrew Free Loan After beginning her career at accounting and consulting space. philanthropic organization groups. Previously she was the rm’s advisory council of Dress for Society, an organization that Cablevision and rising through the Boasting several HR certications, UJA-Federation of New York, where manager of professional develop- Success Northern New Jersey, fosters economic self-su ciency ranks, Fulcher joined Turner she is an adjunct professor of she sits on the Professional ment and retention, and she worked which empowers women to gain and stability among New Yorkers in Construction in 2016. She devotes human resources at Columbia Women’s Leadership board and is with the diversity-and-inclusion economic independence with need through interest-free lending. a considerable part of her free time University and a board member of vice chair of the Young Leaders committee to implement diversi- professional attire, a support to mentoring young women the New York City Society for board. ty-and-inclusion action plans. network and career development entering the workforce in and Human Resource Management. Durant received a Bachelor of Arts tools. around New York. degree from Fordham University and an M.B.A. from Washington University in St. Louis.

MARCH 30, 2020 | CRAIN’S NEW YORK BUSINESS | 13 LINDSAY GAAL DORIANE K. GLORIA MARY GOLDEN SAVAN HACKNORATH MARY LEE HANNELL Chief human resources of cer Vice chancellor, human resources Assistant vice president and Senior vice president, human Chief human capital of cer Friedman LLP City University of New York director, human resources resources Port Authority of New York and Mount Sinai South Nassau BSE Global New Jersey How people make decisions is a City University of New York, the key aspect of their leadership largest urban public university in the As assistant vice president and Savan Hacknorath’s human Mary Lee Hannell is responsible abilities. Lindsay Gaal, Friedman country, has 25 colleges and more director of human resources for resources philosophy is rather for the human capital agenda at LLP’s chief human resources than 46,000 employees. In December Mount Sinai South Nassau, Mary algorithmic: Employee engage- the Port Authority of New York and o cer, uses a Doriane K. Gloria Golden focuses ment generates New Jersey, process that became its vice on meeting the customer which conceives, considers the chancellor of changing needs satisfaction, builds, operates potential impact human resources, of the organiza- which leads to and maintains on employees, bringing extensive tion and its 3,700 prots and infrastructure clients and leadership employees. Her shareholder critical to the potential hires. experience in responsibilities returns. us, region’s trade is big-picture higher education, include recruit- the senior vice and transporta- thinking is one of health care and ment, retention, president of tion network. the reasons she’s nonprots. Most benets, em- human resourc- Her role includes the “right hand” of Friedman’s recently she led HR at the New York ployee education and employee es at BSE Global prioritizes leading all the essential human co-managing partners at the large Blood Center, where she helped the relations. Golden oversees the employee experience across the resources functions as well as a New York-based accounting rm. organization expand and increase employee health, volunteer and many HR functions she oversees, comprehensive labor-relations It’s also why she’s regularly employment opportunities for cultural initiatives departments. As among them, human resources strategy across 23 unions. Hannell, published in media outlets such as individuals with disabilities. an executive team member, she strategies, talent and organization- who has been with the Port Reuters and CBS Local, among Previously Gloria designed, built and plays a key role in dening the al development activities, recruit- Authority for almost 33 years, won others. Recently Gaal led several staed a human resources infra- sta ng needs of the organization, ment, and diversity and inclusion a National Association for Female successful initiatives throughout structure for Physician A liate including qualications and com- eorts. Hacknorath is a valuable Executives Women of Excellence the rm, including the develop- Group of New York. She spent nearly petencies for employees. In her strategic business partner to BSE’s Award for her service to New York ment and implementation of an the rst 20 years of her career in the more than 20 years of human re- executive leadership team, its after 9/11. She was a charter alternative work arrangement HR department at NYU Medical sources work in New York, Golden event operations, and food and docent with the 9/11 Tribute policy that’s been instrumental in Center. She is a recognized expert has served as the HR manager at beverages partners. For 15 years, Center, sharing her experience as a attracting and retaining top talent, across disciplines. ese include New Island Hospital in Bethpage, she has supervised HR functions survivor of the attacks. Hannell the deployment of an employee performance management, talent an associate knowledge manager throughout the fashion, retail, contributed to classroom resources engagement and satisfaction tool, acquisition and retention, benets at WTW Associates and a human sports and entertainment indus- that guide students to connect and the management of HR and compensation, and labor resources generalist at Catholic tries with one focus: allying outcomes of 9/11 to the choices components relating to mergers. relations. Medical Centers’ Home Health employer objectives and they make in their lives. Agency in Rego Park. brand-building with positive employee experiences.

Women who work in human resources have one of the highest levels of job satisfaction. “Resume”—or résumé, technically—derives from the French résumer, meaning “to summarize.”

Sources: Forbes, Merriam-Webster GETTY IMAGES

MEREDITH HAUPTMAN LYNNE-COURTNEY HODGES DEBRA R. HUDNELL DONNA M. HUGHES, JD ERIKA IRISH BROWN Senior manager, human resources Vice president, human resources Senior vice president, human Chief human resources of cer Chief diversity of cer Marks Paneth SL Green Realty Corp. resources EmblemHealth Goldman Sachs Silverstein Properties Meredith Hauptman is a team Lynne-Courtney Hodges under- Donna M. Hughes brings varied “Former I-Banker turned global builder. In her role at Marks stands that a company’s strength is Under Debra Hudnell’s leadership, and valuable experiences to her diversity leader and agent of Paneth, Meredith Hauptman its personnel, and it is that Silverstein Properties has been one new role as EmblemHealth’s chief change,” reads Erika Irish Brown’s forges strong alliances among the principle that guides her deci- of the Best Places to Work in New human resources o cer. She’s an Twitter biography. For Irish Brown, accounting rm’s employees, sion-making as vice president of York City, according to Crain’s New attorney, she had the unenviable who received the Most Powerful managers and human resources York Business, for chore of being Women in partners through at SL Green eight years involved in the Corporate collaboration Realty Corp. running. What’s layo of 30,000 Diversity Award and team Under Hodges’ all the more employees after in 2019 at the building. watch, employee exceptional, Circuit City’s Black Enterprise Hauptman, satisfaction has Hudnell joined bankruptcy— Women of Power based in the soared—and for SPI as a clerk and and she was the Summit, the rm’s Manhattan good reason: She rose to senior HR leader of description headquarters, implemented vice president of Impax Laborato- seems apt. She is brings more than wellness and human resourc- ries Inc. No responsible for 15 years of experience as a human mental health initiatives, including es. In 2016 e Network Journal wonder she’s been proled in Goldman Sachs’ global diversity relations generalist to employ- market-leading benets oerings; named her one of the 25 Inuential multiple publications and speaks and inclusion strategy, driving ment-related issues such as a potent community engagement Black Women in Business. In the regularly on issues such as initiatives related to the recruit- sourcing and retaining qualied system; and a platform devoted to aftermath of the 9/11 attacks—SPI mergers-and-acquisitions transfor- ment, retention and advancement talent, employee relations, creating and maintaining a diverse acquired the World Trade Center mation, mental health in the work- of diverse professionals. Earlier she interpersonal communications workforce. Hodges has received six weeks earlier—Hudnell place, and the #MeToo and Time’s led diversity hiring eorts at and compensation. She sits on the accolades for installing and advocated on behalf of the families Up movements. At EmblemHealth, Bloomberg, Bank of America and core committee for the Leadership championing SL Green’s compre- of those employees that perished. Hughes is responsible for aligning Lehman Brothers. Irish Brown is Empowerment Advancement hensive performance management She implemented crisis manage- human capital strategies with the making change outside of her Diversity Success initiative, which process and employee engagement ment plans and made changes in overall business plan. In her rst employer as well: She’s a member promotes the retention and surveys. Before joining the real employee benets to ensure the year she revamped the company’s of the Executive Leadership professional development of estate rm, she held HR positions safety and welfare of SPI employ- onboarding practices, rolled out Council, vice chair of the Bedford women at Marks Paneth. Haupt- at advertising giant Havas Creative, ees. Today she oversees HR rules on eective working styles, Stuyvesant Restoration Corpora- man holds a Bachelor of Arts previously Havas Worldwide, and practices that maintain SPI’s core and invested in employee and tion and a board member of degree from SUNY at Bualo and a at ornton Tomasetti, an engi- values of integrity, respect and leadership development programs. Riverside Hawks, a youth basket- master’s degree in organizational neering consultancy. collegiality. ball program. psychology from Teachers College, Columbia University.

14 | CRAIN’S NEW YORK BUSINESS | MARCH 30, 2020 Crain’s Notable Women in Talent NYC 2020

Allie Barot

We congratulate Allie Barot, RXR’s Chief Human Resources Officer, on this deserving honor. We salute her dedication to a company culture of excellence and inclusion. We commend her commitment to creating career opportunities for talent from all communities.

CN019640.indd 1 3/24/20 9:22 AM SOPHIA ISAAC HARSHA JALIHAL ANNA JANSSON SHARKEY SARAN JOHNSON JENNIFER KAPLOW Director, human resources Vice president, human resources, Global head of talent Co-chief human resources of cer Regional director of human New York City Health + Hospitals/ U.S. operations S&P Global Marcum resources Woodhull Unilever Corcoran Group At S&P Global, Anna Jansson Saran Johnson knows how to climb Sophia Isaac focuses on employee roughout her career, Harsha Sharkey is leading an eort to a corporate ladder. After joining Jennifer Kaplow oversees all engagement and teamwork in her Jalihal has tried to help people and create a more inclusive workforce: Marcum in 2000 as an administra- human resources functions for the role at New York City Health + organizations venture beyond their “Our focus is to bring more women tive assistant, Johnson rose to Corcoran Group and Corcoran Hospitals. To comfort zones— into our work- C-level execu- Sunshine that end, she something she’s force globally,” tive. Marcum’s Marketing Group established the now doing at she said. As the chairman and oces in Woodhull Unilever to great nancial rating CEO hand- Manhattan, engagement eect. As vice rm’s global picked Johnson Brooklyn, the team, which president of head of talent, for her current East End of Long implemented human resources she’s responsible position after she Island and in daily huddles for its U.S. for diversity and helped shepherd South Florida. throughout the operations, inclusion as well the rm through Kaplow brings 20 facility to Jalihal is as talent a period of years of experi- improve communication. Isaac spearheading an eort to augment acquisition and development. fast-paced mergers and acquisi- ence to the real estate organiza- continues to work with the joint the digital acumen and general Sharkey partners with leaders and tions. Under her watch, Marcum tion, and she has her hand in labor management committees agility of the consumer goods teams to create and implement grew from a company with two everything from employee and employee recognition giant. It’s not the rst time she’s talent strategies and capabilities oces and 125 employees to one relations and compensation committee, creating activities to pushed for change at Unilever. In a across the organization. She was of the largest independent formulas to recruiting and maintain employee engagement previous position, Jalihal support- promoted to the role in 2018 after accounting and advisory rms in succession planning. Before and maintain quality of customer ed the early stages of Unilever’s serving as a strategic business the country. Johnson’s 20 years of Corcoran, she held senior human service. Before joining Woodhull, strategy to build a sustainable partner to the S&P Global Market experience in human resources relations positions in engineering, Isaac was associate director, future of work. is followed 15 Intelligence executive team, where management has made her an hospitality and real estate. Kaplow administrator-on-duty, culture years in the technology services she built and executed human expert in the industry, and she’s participates in and supports the change committee chair and unit industry, in roles such as human capital plans, aligned talent been quoted in various trade annual Corcoran Cycle for Survival ambassador for various health care resources business partner, initiatives and led change manage- publications. In 2019 Johnson was team, which has raised hundreds facilities. She is a member of the mergers-and-acquisitions special- ment initiatives. Sharkey previous- proled in Leaders Magazine of thousands of dollars for Memo- National Association of Profession- ist and C-suite chief of sta. Jalihal ly spent 11 years at Barclays. alongside senior executives from rial Sloan Kettering Cancer Center. al Women, the Association of is a member of the World Econom- the country’s largest companies. Health Care Human Resources ic Forum’s Global Future Council Administration and the Society of for the New Education and Work Human Resources Administration. Agenda.

The American profession that started as “personnel management” in the early 1900s became widely known as “human resources” after World War II is now often described as “talent management.”

Source: Harvard Business Review GETTY IMAGES

MARGARET LAZO LAURIE LEDFORD NICOLE LEON ROBIN LEOPOLD ALISON LEWIS Chief human resources of cer Chief human resources of cer, Director of diversity and inclusion Executive vice president and head Chief administrative of cer Univision Communications Inc. senior vice president Con Edison of human resources Newmark Knight Frank Marsh & McLennan Companies JPMorgan Chase “Margaret has a clear and deep To many, true workplace equality If all Alison Lewis did was also understanding that how we treat, As Marsh & McLennan’s chief seems like a pipe dream. But to Robin Leopold is a bona de oversee human resources at compensate and listen to our human resources ocer, Laurie Nicole Leon, Con Edison’s director human resources veteran, having Newmark Knight Frank—focusing employees continues to make Ledford is responsible for human of diversity and inclusion, it’s no operated in that space for more on culture, retention and attracting Univision an capital and talent less than the than three talent—she employer of strategy, the motivating decades. She is would have her choice, a delivery of HR principle behind making her mark hands full. But stronger compet- resources and her daily as an executive that’s only one itor and a corporate social endeavors. And vice president part of her job powerful responsibility. there are many and head of for the full-ser- advocate for the Ledford came to of those—devel- human resources vice real estate communities we the rm from oping and for JPMorgan rm. Lewis is serve,” Univision Marsh Inc., executing Chase—and as a leading NKF’s CEO Vincent where she was diversity member of its rebrand and Sadusky said last year about the named chief human resources strategies, eliminating barriers to operating committee. Before digital transformation. at role is media company’s chief human ocer in 2006. Before that role, she inclusion and constantly evaluat- assuming that role, Leopold was an in addition to her responsibilities resources ocer. For the past four held multiple leadership positions ing equal opportunity eorts, for HR executive for the nance as chief administrative ocer. years, Margaret Lazo has overseen at Marsh, including senior HR starters. Leon also monitors leviathan’s corporate and invest- Before joining Newmark Knight leadership development, succes- director for international specialty compliance with Equal Employ- ment bank, and managed its home Frank, Lewis was the senior sion planning, diversity and operations, where she managed ment Opportunity policies and lending human resources team managing director of CBRE’s New inclusion, organizational design, human resources for the rm’s anti-discrimination laws related to during a signicant business York tristate region brokerage. For employee relations, and compen- operations in Latin America, the harassment and retaliation. In a transformation. Previously she led ve years she oversaw develop- sation and benets. She’s commit- Caribbean, Asia-Pacic and Africa. previous role as Con Ed’s manager impactful HR functions at Citi and ment, management, recruitment ted to empowering the Hispanic Previously she held senior HR of organizational development, she its predecessor companies for and training of the New York community, serving on the board positions at Citibank and Nations- handled leadership training, more than 20 years. roughout brokerage sta. Before CBRE, of the Hispanic Federation and the Bank, now Bank of America. succession planning and general her career, Leopold’s undertakings Lewis was senior vice president at T. Howard Foundation. Ledford received her M.B.A. from development initiatives. Leon is a have run from recruitment and Studley, developing and executing the University of Miami and a certied executive coach with a employee relations to compensa- corporate business strategy to grow bachelor’s degree in business history of leadership roles of tion and generalist functions the rm’s brand and market share. administration from Florida increasing responsibility, particu- supporting multiple lines of Atlantic University. larly in the banking industry. business.

16 | CRAIN’S NEW YORK BUSINESS | MARCH 30, 2020 CONGRATULATIONS TO ALL THOSE BEING RECOGNIZED BY CRAIN’S NEW YORK BUSINESS NOTABLE WOMEN IN TALENT

WE PROUDLY SALUTE OUR OWN

LYNNE-COURTNEY HODGES SL GREEN’S VICE PRESIDENT OF HUMAN RESOURCES AS ONE OF CRAIN’S NEW YORK NOTABLE WOMEN IN TALENT 2020

CN019641.indd 1 3/24/20 10:28 AM PAM LIPP-HENDRICKS MEREDITH LUBITZ JANE MAKSOUD STEPHANIE MARDELL ANGIE MERCADO Head of executive talent Senior vice president, talent Economist John R. Senior vice president, chief human Chief people of cer Director, HR recruitment and management and diversity management relations of cer Button staf ng JPMorgan Chase Dow Jones Mount Sinai Health System Monte ore Medical Center Commons coined the Stephanie Mardell built a “people e word “integration” does In the course of her career at Dow In the competitive health care labor team” from scratch for Button, a Health care organizations don’t double duty in describing Pam Jones, Meredith Lubitz has built phrases “human market, would-be hirers must be leading mobile commerce win awards for exceptional care Lipp-Hendricks’ mission. Ideologi- and led talent recruiting and inventive, a reality Jane Maksoud platform. Her data-driven ap- without an exceptional sta. cally, it speaks to organizational in understands: e proach to people Monteore, her commitment functions, and resource” senior vice operations has which is to cross-commu- she has coached president and contributed to consistently nal inclusion. hundreds of his 1893 book, The chief human Button being recognized, was Strategically, it executives in relations ocer included on mul- ranked one of points to her media, tech, Distribution of Wealth. for the Mount tiple “best places the best hospi- eorts to nance, journal- Sinai Health to work” lists in tals for 2019-20 incorporate that ism and startups. System is both New York by U.S. News & ideal throughout Recently Lubitz constantly City and the World Report. So JPMorgan Chase, built an innova- innovating United States in some credit must where she heads executive talent tion program for top talent aimed There are 867 strategies to onboard, develop and the past ve years. Before joining go to Angie Mercado, who supports management and diversity. at weaving adaptive leadership retain clinical and administrative Button, Mardell spent more than a talent acquisition eorts across the Lipp-Hendricks juggles a lot: She into Dow Jones’ corporate culture. personnel. Maksoud leverages decade recruiting talent for top medical center. at’s more than oversees talent pipeline programs, Ignite, a program she designed and occupations psychometric evaluation tools, data technology companies and 22,000 employees in multiple diversity initiatives, disability led, won a gold award from the analytics and machine learning to executive search rms, including locations. Mercado has worked at inclusion, armative action, and Brandon Hall Group for advancing in the federal reinvent the hiring and develop- Square, Airtime and Isaacson Monteore for 29 years and in business resource groups for female leadership development. ment processes. For example, she Miller. Mardell received a 2019 human resources since 2005. Since employees. Before her 20 years at Lubitz has been a board member government’s most recently chartered a committee to Great Place to Work for All joining the department, she’s JPMorgan, she worked at American for iVentiv Chief Learning Leaders investigate the creation of simula- Leadership Award. She is an implemented eective talent Express and AT&T, and she was an and the Training Industry editorial recent version of the tion tools to assess nursing adviser for PeopleTechPartners, a acquisition strategies, processes, adjunct professor at Baruch board. In addition to her position competency in prospective hires. national business network for performance metrics and systems College and the Fashion Institute at Dow Jones, she is a certied Standard Occupational Faculty and employee relations, founders and CEOs. ensuring alignment with Monteo- of Technology. Lipp-Hendricks is executive coach, speaker, editor talent development, workforce ana- re’s mission, vision and values. She board chair for Neighborhood and wellness instructor. lytics, international personnel, and holds a bachelor’s from St. John’s Defender Services, a nonprot that Classi cation, which was recreation and wellness also fall University and a master’s from provides legal representation for under her purview. Maksoud, a Iona College. Harlem residents. She has been established in 1977. veteran of more than 30 years in named twice to Black Enterprise’s Mount Sinai’s professional list of the Most Powerful Women in Sources: Industrial Relations to Human Resources community, recently received the Corporate Diversity. and Beyond, Bureau of Labor Statistics Healthcare HR Innovation Award from HRO Today.

HEALTHIER FUTURES, TRANSFORMATIONAL LEADERSHIP CONGRATULATIONS As one of the nation’s largest non-proﬁt health insurers, EmblemHealth is dedicated to creating healthier futures for our customers and communities. We commend EmblemHealth Chief Human Resources Oﬃcer Donna Hughes TANYA for championing teams and setting new standards for transformative change. SAFFADI

NOTABLE WOMEN

IN TALENT RESOURCES

18 | CRAIN’S NEW YORK BUSINESS | MARCH 30, 2020 STEPHANIE MARDELL ANGIE MERCADO KENNA MEYEROFF LOURDES OLVERA-MARSHALL JANICE O’NEILL CHRISTY PAMBIANCHI Chief people of cer Director, HR recruitment and Director, talent acquisition Global manager of diversity and Senior vice president, global Executive vice president and chief Button staf ng Better.com inclusion head of talent management and human resources of cer Monte ore Medical Center Fried Frank diversity Verizon Stephanie Mardell built a “people In less than three years, Kenna Cushman & Wake eld team” from scratch for Button, a Health care organizations don’t Meyero has helped recruit, build Lourdes Olvera-Marshall wants to With its ubiquitous red check leading mobile commerce win awards for exceptional care and scale Better.com to 1,700 change the workplace and the Workplace homogeneity imposes a mark, Verizon makes known its platform. Her data-driven ap- without an exceptional sta. employees. She grew the recruiting world—and she’s pulling out all tyranny of sameness—not just in penchant for doing things right— proach to people Monte ore, team fourfold, the stops. As employee and that includes operations has which is and she oversees manager of demographics, its human contributed to consistently more than 40 diversity and but often in resources Button being recognized, was people. During inclusion at perspectives. operations. included on mul- ranked one of that time she Fried Frank, Recognizing this, Luckily for tiple “best places the best hospi- helped grow she’s driven Janice O’Neill, Verizon, Christy to work” lists in tals for 2019-20 three teams representation Cushman & Pambianchi both New York by U.S. News & within the sales across the law Wake eld’s joined the City and the World Report. So and operation rm—increasing senior vice telecommunica- United States in some credit must departments diversity president and tions conglomer- the past ve years. Before joining go to Angie Mercado, who supports from fewer than 200 people to rankings by ve points nationally global head of talent management ate as chief human resources Button, Mardell spent more than a talent acquisition eorts across the approximately 800 positions. and upping LGBTQ representation and diversity, drives initiatives to ocer in 2019, with decades of HR decade recruiting talent for top medical center. at’s more than Meyero accomplished this while from below average to national establish a high-performance, experience at Corning Incorporat- technology companies and 22,000 employees in multiple she and her team managed to average. At New York University, inclusive culture where diverse ed and PepsiCo. Pambianchi executive search rms, including locations. Mercado has worked at convert 90% of their candidates where she’s an adjunct professor, viewpoints are mobilized to solve oversees a smorgasbord of Square, Airtime and Isaacson Monte ore for 29 years and in into employees. e internal she teaches classes on networking, clients’ challenges. O’Neill people-related functions for Miller. Mardell received a 2019 human resources since 2005. Since process she developed has reduced emphasizing diversity and how to oversees programming related to Verizon, such as compensation, Great Place to Work for All joining the department, she’s the cycle time of hires to two gain workplace inuence. She learning and development, bene ts, talent acquisition, and Leadership Award. She is an implemented eective talent weeks, compared with the industry speaks regularly on these topics to executive succession planning, training and labor functions. Her adviser for PeopleTechPartners, a acquisition strategies, processes, average of 37.5 days. Before her minority groups and large institu- onboarding, engagement and aptitude with people is manifest national business network for performance metrics and systems time at Better.com, Meyero tions. She is an attorney, a profes- performance management. In 2015 outside the oce as well: Pambi- founders and CEOs. ensuring alignment with Monte o- worked in a variety of roles for sionally trained chef, a business she was pivotal in the integration anchi spent ve seasons coaching re’s mission, vision and values. She organizations, including develop- coach and the president of MexPro, of Cushman & Wake eld and the a team at FIRST, a global not-for- holds a bachelor’s from St. John’s ment for AlleyNYC. a Mexican professional association European real estate services pro t STEM engagement program University and a master’s from linked with the Mexican Consulate. company DTZ. O’Neill was for children. She is a board Iona College. Olvera-Marshall was selected to previously with KCG Holdings, member for the Lumina Founda- participate in the Cultural Repre- Accenture and Nabisco/Kraft tion, whose mission is to increase sentative Program at Walt Disney Foods. She is a board member for the percentage of Americans with World, Epcot Center. Homes of Hope India, an organiza- postsecondary credentials. tion that helps to build orphanages for girls in that country.

NOTABLE WOMEN

IN TALENT RESOURCES

MARCH 30, 2020 | CRAIN’S NEW YORK BUSINESS | 19 DIANE RAFFAELE AMANDA RAJKUMAR DAWN ROGERS TANYA SAFFADI NANCY SANCHEZ BETH SCHEFFLAN Director, human resources Head, human resources Executive vice president, chief Vice president human resources Executive vice president and Director of human resources Olayan Group BNP Paribas human resources of cer Kushner vice dean, human resources and New York City Bar Association and P zer organizational development and City Bar Fund Diane Raaele leads all human Amanda Rajkumar’s responsibili- Tanya Saadi provides strategic learning resources functions for the Olayan ties have grown steadily in the past Two years ago Dawn Rogers took direction and support to the From her perch as director of NYU Langone Health Group’s U.S. operations. Her decade. Since March 2018 she has on the challenge of overseeing diversied real estate organiza- human resources for the New York responsibilities include recruit- been responsible for human human resources for Pzer. at’s tion’s 800 employees. She and her Nancy Sanchez’s professional City Bar Association and the City ment, compen- resources at the no small matter: team work on modus operandi Bar Fund, Beth sation and corporate and e global attracting, retain- is intricate Sche an has a benets, talent institutional biopharmaceuti- ing and develop- and intuitive. bird’s-eye view of and develop- banking arm of cal company ing real estate She weaves a the lawyer’s ment, employee BNP Paribas USA employs 80,000 professionals to cross-depart- professional life relations, health and the bank’s people in 87 accelerate mental web of cycle. at big and wellness, intermediate markets. Its overall business connections to picture perspec- and employee holding compa- purpose is no performance. create learning, tive enables her engagement. She ny. She is on the smaller: deliver- Before working development to help aspiring is on the group’s Americas ing break- in real estate, and human and practicing global HR steering committee, executive committee and the group throughs that change patients’ Saadi gained wide-ranging resources initiatives that benet attorneys by providing a plethora which focuses on strategy across human resources executive lives. Toward that end, Rogers said experience in the nancial managers and sta. at’s no of invaluable HR-related services. the Saudi Arabia-based investment committee. Rajkumar is passionate recently, “We’re focusing much services, technology, pharmaceuti- triing task for the executive vice Sche an, who takes pride in company. Raaele led the eort to about inclusivity at all levels. In more on working smarter—on cal and media industries via president and vice dean at NYU facilitating success, is motivated by consolidate payroll, onboarding, 2015 she developed the “Music in what matters, agree on who does positions with omson Reuters, Langone Health, with its sta of the tangible results that testify to benets, enrollment, time manage- the Workplace” initiative for BNP what, and then measure out- Equity One, Martha Stewart Living 17,000 employees. In one of her her achievements. At an organiza- ment and performance manage- Paribas’ London campus, hosting comes.” She had been at Pzer for Omnimedia, Bank of America most notable achievements, tion that prioritizes justice and the ment into a single system across lunchtime concerts performed by almost 19 years before becoming Merrill Lynch, Pzer, Cisco and Sanchez simplied the administra- public interest, it’s no wonder that the organization’s international students from the Royal Academy chief HR ocer. Her experience Morgan Stanley. Her results-ori- tion of HR services by champion- her diplomacy, integrity and locations. In addition, she oversaw of Music. She pioneered an spans Pzer’s global business, ented approach has grown out of ing eAppraisal (for performance can-do approach serve her well. the development and implementa- “Employee Concert” series that where she’s done everything from her expertise in implementing HR management), eHire (to expedite Sche an sits on the board of tion of a global career framework highlighted the musical talents of integrating eld forces after an programs that focus on attracting hiring approval) and an employ- directors for New York City Society across all locations that would the bank’s employees while acquisition and establishing and retaining the most talented ee-benets call center. Sanchez, for Human Resource Management consistently dene job architec- encouraging inclusiveness and business units in Europe to people in any given operating who joined the organization more and is an active member of the ture, develop salary structures and well-being. building a team of scientic talent market. than 30 years ago, advocates for Human Resources Directors dene competencies. Before and co-leading the restructuring of workers within it and in numerous Forum. joining Olayan, Raaele was vice the commercial businesses and national employer councils. president of benets at Barclays. integration of the emerging markets.

Congratulations MEREDITH HAUPTMAN on your “Notable Women in Talent Resources” recognition

We applaud your remarkable achievements and your dedication to serving our ﬁrm.

INSIGHTS AND EXPERTISE TO DRIVE YOUR BUSINESS FORWARD. SUCCESS IS PERSONAL

MARKSPANETH.COM

20 | CRAIN’S NEW YORK BUSINESS | MARCH 30, 2020 NANCY SANCHEZ BETH SCHEFFLAN ELLYN SHOOK CLAUDE SILVER RACHE SIMMONS Executive vice president and Director of human resources Chief leadership and human Chief heart of cer Associate dean, diversity and vice dean, human resources and New York City Bar Association and resources of cer VaynerMedia inclusion organizational development and City Bar Fund Accenture Weill Cornell Medicine learning Coaching. Team-building. From her perch as director of As Accenture’s chief leadership Performance maximization. ose Rache Simmons serves the Weill NYU Langone Health human resources for the New York and human resources ocer, Ellyn are just a few of the skills Claude Cornell/New York-Presbyterian Nancy Sanchez’s professional City Bar Association and the City Shook leads a multinational team Silver rst honed back in her days community in a unique trifecta of modus operandi Bar Fund, Beth of HR experts of running an capacities: med- is intricate Sche an has a charged with adventure and icine, education and intuitive. bird’s-eye view of promoting the surf company in and diversity She weaves a the lawyer’s professional and San Francisco. prioritization. cross-depart- professional life personal success Today she As a member of

mental web of cycle. at big GETTY IMAGES of nearly 505,000 leverages those the surgical sta, connections to picture perspec- employees. at skills in a very Dr. Simmons create learning, tive enables her The rst resume—in eort stems from dierent setting. practices breast development to help aspiring recognition that As VaynerMe- surgery—she is a and human and practicing creating a truly dia’s rst chief past president of resources initiatives that benet attorneys by providing a plethora the form of a letter— human work environment today is heart ocer, Silver is known for the 3,000-member American managers and sta. at’s no of invaluable HR-related services. more pressing than ever. She and taking a particularly human Society of Breast Surgeons. As the triing task for the executive vice Sche an, who takes pride in is credited to her team are reimagining leader- approach to human resources, Weiskopf Endowed Professor of president and vice dean at NYU facilitating success, is motivated by ship and talent practices, fueling unlocking employees’ potential by Surgical Oncology at Weill Cornell, Langone Health, with its sta of the tangible results that testify to Leonardo Accenture’s digital changeover, forming close person-to-person Dr. Simmons is regularly called on 17,000 employees. In one of her her achievements. At an organiza- market dierentiation and connections, fostering an inclusive by major media outlets to discuss most notable achievements, tion that prioritizes justice and the , who work-related improvements. culture, empowering purpose-driv- her innovative breast cancer Sanchez simplied the administra- public interest, it’s no wonder that DaVinci Shook, a recognized thought leader en teams, and imbuing the entire treatments. As associate dean of tion of HR services by champion- her diplomacy, integrity and and author in the talent manage- organization with a no-cal diversity and inclusion, she has ing eAppraisal (for performance can-do approach serve her well. was seeking a job ment sphere, is a member of the optimism. Silver’s three-decade shown a pronounced interest in management), eHire (to expedite Sche an sits on the board of Women’s Leadership Board of the career includes leadership women’s initiatives, nowhere more hiring approval) and an employ- directors for New York City Society (presumably as a Women and Public Policy program positions at major advertising so than as the institution’s inaugu- ee-benets call center. Sanchez, for Human Resource Management at Harvard’s Kennedy School. She agencies and consultative engage- ral director of the Oce of Women. who joined the organization more and is an active member of the painter) in the court of sits on the board of directors of the ments with a variety of other She is pursuing an M.B.A. and a than 30 years ago, advocates for Human Resources Directors HR Policy Association. corporate clients. master’s in health care leadership. workers within it and in numerous Forum. national employer councils. the ruler of Milan. Source: Letters of Note

Congratulations MEREDITH HAUPTMAN on your “Notable Women in Talent Resources” recognition

We applaud your remarkable achievements and your dedication to serving our ﬁrm.

INSIGHTS AND EXPERTISE TO DRIVE YOUR BUSINESS FORWARD. SUCCESS IS PERSONAL

MARKSPANETH.COM

MARCH 30, 2020 | CRAIN’S NEW YORK BUSINESS | 21 CAROLYN SLASKI JULIE STAUDENMIER PEG SULLIVAN JESSICA VANROSSEM YVETTE VILLANUEVA Vice chair of talent Vice president, global learning and Managing director, human resources Director, human resources Vice president, human resources EY Americas development and global head, talent management Grassi NYC Health + Hospitals P zer Morgan Stanley As vice chair of talent for the Jessica VanRossem is a classic Yvette Villanueva is all about multidisciplinary professional Julie Staudenmier likes to take bold Peg Sullivan oversees talent people person, which in part process. Since March 2017 services rm Ernst & Young, action—and not just when she’s acquisition, talent development, explains why she specializes in em- Villanueva has been responsible Carolyn Slaski leads eorts to jumping out of airplanes for fun. employee relations and corporate ployee relations, resource alloca- for the day-to-day operation of create exception- She’s responsible culture at tion, professional human resourc- al long-term for developing Morgan Stanley. development es at NYC Health experiences for and executing In more than two and recruiting + Hospitals the organiza- P zer’s global decades with the for Grassi, a New health system. tion’s 71,000 leadership rm, she has York-based at followed employees development worked as the accounting rm. her work as across the and learning head of human But she’s no senior assistant Americas. Under strategy. Her resources for the Luddite; she has vice president of

her leadership, team’s eorts GETTY IMAGES investment worked to human resourc- EY Americas with employees banking and increase the role es, when she implemented its LEAD approach at all levels, from individual According to Gallup, nance segments. She has of technology in Grassi’s human partnered with senior manage- to careers, development and contributors to managers and supported a variety of departments resources processes to create a ment to transition HR to a shared performance. e program is senior executives, impart the in her career, including technolo- more streamlined and automated services model; she introduced based on constructive feedback leadership capabilities essential to which conducts the gy, risk management, research and experience for job candidates and workforce planning initiatives, and honest conversations. As a ful lling the biopharmaceutical talent management. She is a the HR professionals she oversees. expanded employee self-service proponent of exibility in the company’s goal of “health for all.” leading workplace corporate trustee on Prep for Prep, VanRossem doesn’t only know functions and established a workplace, Slaski supports policies Before joining P zer, Staudenmier a leadership development program people, she knows accounting, governance structure. Villanueva’s that help employees succeed in the was a human resources executive at survey, managers for New York City’s students of working as an auditor before accomplishments include revising oce and at home. In that vein, Boehringer Ingelheim, TD Ameri- color. Sullivan was appointed transitioning to HR. She obtained the facility language assistance she successfully advocated for U.S. trade, American Express and Sony, recently to the New York Federal her certi ed public accountant policy and integrating the patient oce closures that last a full week leading initiatives in succession account for Reserve’s Education and Industry license in 2012 and continues her relations and medical interpreter in July and December. Slaski began planning and talent management, Forum on Financial Services education to maintain it. She is an programs. Previously she served as her career in EY’s oce in Met- corporate learning and develop- 70% of the Culture. active member of the Society for senior associate executive director ropark, N.J. ment, talent acquisition, resource Human Resource Management. at NYC Health + Hospitals’ Lincoln, planning and organizational variance in employee Harlem and Woodhull locations. development. Earlier in her career, Staudenmier was a partner with engagement scores. Executive Development Associates, a consulting rm focusing on Source: Gallup strategic executive development.

22 | CRAIN’S NEW YORK BUSINESS | MARCH 30, 2020 JESSICA VANROSSEM YVETTE VILLANUEVA ERICA VOLINI TOMYA WATT KAREN WEEKS LYDIA WU Director, human resources Vice president, human resources Global human capital leader Vice president of talent acquisition Vice president of people Head, talent analytics Grassi NYC Health + Hospitals Deloitte and mobility, chief diversity of cer Ordergroove Panasonic North America Memorial Sloan Kettering Cancer Jessica VanRossem is a classic Yvette Villanueva is all about Erica Volini is a progressive human Center In human resources there are Lydia Wu believes analytics is the people person, which in part process. Since March 2017 relations visionary who under- practitioners, and there are best way to unleash an organiza- explains why she specializes in em- Villanueva has been responsible stands that in the modern corpo- At Memorial Sloan Kettering, maestros. Karen Weeks, vice tion’s most valuable resource—its ployee relations, resource alloca- for the day-to-day operation of rate sphere, businesses are always Tomya Watt translates business president of people at Order- people. To prove it, she’s built the tion, professional human resourc- on the brink of strategy to people groove, belongs people analytics development es at NYC Health major disruptive strategy using to that exclusive practice at and recruiting + Hospitals change. As labor-market latter group. Panasonic North for Grassi, a New health system. Deloitte’s global data to drive rough America, where York-based at followed human capital decisions. Watt speeches, she heads talent accounting rm. her work as leader, she transformed podcasts and analytics. But Wu But she’s no senior assistant guides and what was a written materi- doesn’t just rely Luddite; she has vice president of assists company traditional als, Weeks helps on numbers. She worked to human resourc- leaders in recruiting her counterparts incorporates increase the role es, when she tackling issues operation into a in the HR organizational of technology in Grassi’s human partnered with senior manage- endemic to an ever-shifting data-driven business partnership industry by breaking down behavior principles to derive resources processes to create a ment to transition HR to a shared corporate landscape. ese central to the cancer center’s fundamentals such as change insights that aid the company’s more streamlined and automated services model; she introduced challenges include navigating the innovation and growth strategy. She fatigue, scaling culture, company human capital strategy and experience for job candidates and workforce planning initiatives, future of work and enabling the views diversity and inclusion as an values and talent development. At business outcomes. She speaks the HR professionals she oversees. expanded employee self-service digital organization. Optimizing integral part of the overall talent Ordergroove, she concentrates on regularly at industry events. VanRossem doesn’t only know functions and established a the junction of workforce and strategy—her team delivers more assembling a results-focused people, she knows accounting, governance structure. Villanueva’s business performance is Volini’s than 2,000 hires each year—and people strategy and helps the working as an auditor before accomplishments include revising lodestar throughout these eorts. continually seeks to discover company maintain a robust culture transitioning to HR. She obtained the facility language assistance She served as a member of individuals’ potential. Watt, who’s during its growth stages. And with her certi ed public accountant policy and integrating the patient Deloitte’s consulting management been with the center for more than excellent results: Ordergroove has license in 2012 and continues her relations and medical interpreter committee and board of directors. a decade, seeks to strike a balance twice been named one of the Best education to maintain it. She is an programs. Previously she served as Drawing on perspectives accrued between what is right for the Companies to Work for in New active member of the Society for senior associate executive director in a career of more than 20 years’ employees and for the organization. York. Weeks teaches management Human Resource Management. at NYC Health + Hospitals’ Lincoln, working with leading organizations She received a Bachelor of Arts and HR strategy at Baruch College Harlem and Woodhull locations. in the world, Volini speaks degree from Spelman College and and recently published her rst regularly on how market trends an M.B.A. from Howard University. book, Setting the Stage: A Guide to aect human resources. Preparing for Any Feedback Conversation.

MARCH 30, 2020 | CRAIN’S NEW YORK BUSINESS | 23 particulate respirator masks in He remains con dent. “We are well NORMAL stock. Customers were soon empty- positioned to weather this and are FROM PAGE 3 ing the cold-medicine shelves and trying to make sure our tenants can loading up on their prescriptions, survive and be ready to rebound,” online as possible and hope he can even paying out of pocket. Delivery he said. hold the institution’s $70 million orders went up 25%. annual budget together. A hit to the bottom line is com- FreshDirect He focused rst on vulnerable se- ing, even though the pharmacy, an On March 4 the size of each cus- niors, barring people from the essential business, will stay open: tomer order at FreshDirect surged. building who had visited in the last On March 17, the American Society Within days, the number of orders 14 days certain countries hit by the for Reproductive Medicine recom- increased too, as people bought pa- pandemic and then closing the se- mended that fertility doctors stop per products, cleaning supplies and nior center altogether. initiating new treatment cycles, BALDOR canned goods. Delivery time slots Now it’s all about reaching users since dosages are time-sensitive, for the week ahead lled up the online with a combination of re- and Apthorp specializes in fertility moment they were released. corded classes and group meetings medication. FreshDirect is now doing 40% through the internet or conference “ at represents a signi cant more in sales over the same period call technology. It has also asked for amount of my business,” said own- last year. “Meals have migrated volunteers and families to take a er Russell Gellis. He is about to back to the home,” FreshDirect handful of the 700 seniors it serves move to a cheaper location a half CEO David McInerney said. on a regular basis. As of a couple of block away, but he is waiting for ap- will reduce payroll by cutting sta goods and imported vegetables FreshDirect’s warehouse is less proval on a state hours. used at restaurants such as Le Ber- than 2 years old, built with growth application. A de- He remains uncertain about nadin and Eleven Madison Park. in mind. It has the capacity to store “IT’S A TREMENDOUS lay could leave what to do if his 28 employees, in- and ship large volumes —and to let him paying two cluding four pharmacists, come Brooklyn Navy Yard workers stand far from one another. FINANCIAL STRAIN, PUTTING rents. into contact with sick shoppers. More than three weeks ago Brook- e company is trying to add 300 US BACK FIVE TO SEVEN Yet so far Gell- “Should sta be wearing masks?” lyn Navy Yard CEO David Ehren- employees to its Bronx workforce of is has been receiv- he asked. “Do you quarantine ev- berg assembled his 3,000. It added trucks YEARS.” ing all the drugs he eryone for 14 days? senior managers to through partner- orders, both pre- “If you want the pharmacies to be come up with a plan ships with outside weeks ago, scores of people had scription and over-the-counter, al- able to continue during the crisis, to cope with the coro- eets and vendors volunteered. though the pile-on for messenger there should be direct communica- navirus threat at the who found their ve- e Y is seeing some success. services has slowed delivery time, tion,” he said. city-owned facility, hicles suddenly About 80% of those using the music and he has to prioritize delivery to home to manufactur- parked. program are doing so online. A patients with acute needs. He likely Baldor Foods ers, creative business- At the same time, classical concert almost two weeks Baldor Foods has 10,000 customers es and the city’s larg- the company is try- ago with pianist Garrick Ohlsson from Maine to Virginia, and 80% of est lm studio. ing to communicate drew 65,000 people watching in 120 them are restaurants, hotels, But no matter how to customers that countries. An in-person concert at schools, caterers and stadiums that much he planned, supplies are avail- the Y in normal times draws a cou- have ceased or diminished opera- events overtook him. able and that they ple of hundred people. tions because of the coronavirus. Instead of imple- can return to buying Finances soon will be a great Last week Baldor’s sales were less menting partial tele- FRESH DIRECT food for the week, concern. “We are doing everything than half of what they were the commuting on March not for eternity. to balance our need to be scally same week in 2019. “It’s a tremen- 9, everyone was put “ at’s our plea to prudent to continue to carry out the dous nancial strain, putting us on remote work that people—we’re try- mission, which is not something we back ve to seven years,” said Ben day. And the cascade of events has ing to serve as many homes as we can do inde nitely,” Pinsky said. Walker, the vice president for sales continued. can,” McInerney said, including the “We are confronting a threefold hit: and marketing. Walker said conver- Steiner Studios was shut down kitchen at New York Common Pan- Revenues are declining, it’s more sations about layo fs for the 2,200 the week of March 16. e manu- try, an East Harlem food pantry for complicated to get philanthropic employees were just beginning but facturing rms were trying to con- which FreshDirect has taken over donations, and the endowment has hundreds of jobs are at risk. tinue to operate, with a few rushing all production. shrunk.” APTHROP PHARMACY Just as food service accounts to make hand sanitizer. e crucial stopped ordering, supermarkets operations sta had been pared Apthorp Pharmacy needed products. Within three and put on shifts so the Navy Yard On March 7, Apthorp Pharmacy days, Baldor’s retail business grew would not have to close for essen-

sent out two tweets that it had N95 BUCK ENNIS PHOTOGRAPHY from 12% to 65% of sales. at tial businesses. e parking lot was meant rapidly setting up accounts actually busier than usual because and launching relationships that people were driving instead of tak- Advertising Section usually take months to build. ing mass transit. Friends asked about home deliv- A few tenants have asked about ery, so Baldor had its developers reducing or forgoing rent pay- PEOPLE ON THE MOVE tweak the existing website, used for ments. “Keeping sta is the highest To place your listing, visit crainsnewyork.com/people-on-the-move or for more about 70% of wholesale orders. priority,” Ehrenberg said. “We have information contact Debora Stein at [email protected] “Our trucks are on the road, and instituted a hiring freeze, eliminat- we have the product so we can o er ed discretionary spending and NAMI NORI LAW LAW it,” said Walker, who noted that its shored up our cash position.” e 3,000 items are geared to restau- Yard boasts a rainy-day fund, Squire Patton Boggs Foley & Lardner LLP rants. at means home-delivery though he wouldn’t say how big it customers may have to buy 40 is. Nami Nori Global law rm Andrew “Andy” pounds of chicken or 10 pounds of Ehrenberg said he nds it impos- Four weeks ago Lisa Limb, a part- Squire Patton Boggs Lee, former general cheese at once, although they also sible to prepare when he doesn’t ner at the Japanese hand roll has appointed counsel to the New have access to the kinds of specialty know how long the crisis will last. restaurant Nami Nori, bought a Lauren Trialonas as York Jets and the case of all-natural pepper- Principal. Trialonas New York / New mint-scented hand sanitizer and focuses her practice Jersey Super Bowl BROOKLYN NAVY YARD made it a ritual to spritz guests’ on public nance including state Host Committee, has joined hands before they ate. Limb and and local government law and Foley & Lardner’s New York her partners then began following school law. She has served as of ce as Of Counsel and Special guidelines to operate at half capaci- bond counsel and underwriter’s Adviser to its renowned Sports ty. On March 16, when Mayor Bill counsel with respect to & Entertainment Group. He de Blasio told all restaurants to shut down, they had already decided to taxable and tax-exempt bond joins a deep roster of other shift to takeout and delivery only. nancings and re nancing. sports attorneys at Foley who have held high-pro le, in-house e restaurant, which opened in Trialonas’ experience includes October, had always planned to of- leadership positions in the assisting with bond nancings fer takeout but had been too busy. sports business. Lee has over 20 for nonpro t colleges and So Limb had already developed a years of extensive sports, media universities, nonpro t healthcare custom biodegradable wrapper to facilities, and solid waste and entertainment industry keep each hand roll’s piece of nori facilities. experience. crisp in transit. “We were sort of prepared to make this transition,” she said. She is rushing to get another order of the wrappers. ■

24 | CRAIN’S NEW YORK BUSINESS | MARCH 30, 2020

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Falls Dr., Wilmington, DE 19808. Falls Dr., Wilmington, DE 19808. Cert. of Form. filed with Secy. of (SSNY) on 02/11/2020. Office loca- • CALL FOR FREE DEMO Arts of Org. filed with the Secy. of Cert. of Form. filed with DE Secy. of State, Div. of Corps., John G. Town- tion: NEW YORK County. SSNY has State, Division of Corporations, John State, John G. Townsend Bldg., 401 send Bldg., 401 Federal - Ste. 4, Do- been designated as agent upon G. Townsend Bldg., 401 Federal St., Federal St., Ste. 4, Dover, DE 19901. ver, DE 19901. Purpose: Any lawful whom process against it may be Ste. 4, Dover, DE 19901. Purpose: Purpose: Any lawful activity. activity. served. The Post Office address to any lawful activities. which the SSNY shall mail a copy of 250 West 40th Street any process against the LLC served NOTICE OF QUALIFICATION OF O3 New York, NY 10018 upon him/her is: 46 North Clover Notice of Qualification of PQOZ SPE Partners LLC. App. for Auth. filed with Notice of Qualification of VESTA AS- Drive, Great Neck, NY 11021. R/A: 212-532-7400 JV, L.P. Appl. for Auth. filed with Secy. the Sec’y of State of NY (SSNY) on 2 SET MANAGEMENT LLC Appl. for Zachary Goldman, 46 North Clover www.metrocomradio.com of State of NY (SSNY) on 03/11/20. /11/20. Office location: New York Auth. filed with Secy. of State of NY Drive, Great Neck, NY 11021. Office location: NY County. LP formed County. LLC formed in DE on 10/ (SSNY) on 03/02/20. Office loca- The principal business address of the in Delaware (DE) on 11/29/18. Princ. 25/18. SSNY has been designated tion: NY County. LLC formed in Dela- LLC is: 46 North Clover Drive, Great office of LP: 75 Broadway, Ste. 230, as agent upon whom process may be PUBLIC & LEGAL ware (DE) on 10/16/19. SSNY Neck, NY 11021. Purpose: any lawful San Francisco, CA 94111. Duration served. SSNY shall mail a copy of any designated as agent of LLC upon act or activity. NOTICES of LP is Perpetual. SSNY designated process against the LLC served upon whom process against it may be as agent of LP upon whom process served. SSNY shall mail process to c him/her to 787 11th Ave, 6th Floor, against it may be served. SSNY shall NOTICE OF FORMATION of Logic Pal- ELIZABETH ADLER TRTO NUTRITION, /o Corporation Service Co. (CSC), 80 NY, NY 10019. The principal busi- mail process to the Partnership at the let, LLC. Arts of Org filed with Secy. of LLC, Arts. of Org. filed with the SSNY State St., Albany, NY 12207-2543. ness address of the LLC is 787 11th princ. office of the LP. Name and State of NY (SSNY) on 2/13/2020. on 02/20/2020. Office loc: NY Coun- DE addr. of LLC: c/o CSC, 251 Little Ave, 6th Fl, NY, NY 10019. DE ad- addr. of each general partner are Office location: NY County. SSNY des- ty. SSNY has been designated as Falls Dr., Wilmington, DE 19808. dress of LLC: 3616 Kirkwood Hwy, available from SSNY. DE addr. of LP: ignated as agent upon whom process agent upon whom process against Cert. of Form. filed with Secy. of Ste A #1070, Wilmington, DE 19808. 251 Little Falls Dr., Wilmington, DE may be served and shall mail copy of the LLC may be served. SSNY shall State, Div. of Corps., 401 Federal St., Certificate of LLC filed with Sec’y of 19808. Cert. of LP filed with Secy. of process against LLC to 80 Maiden mail process to: Elizabeth Adler, 325 Dover, DE 19901. Purpose: Any law- State of DE located at 401 Federal St State, DE, John G. Townsend Bldg., Ln, Ste 1004, New York, NY 10038. North End Avenue, Apt. 16C, NY, NY ful activity. #4, Dover, DE 19901. Purpose: any 401 Federal St., Ste. 4, Dover, DE lawful act or activity. 10282. Purpose: Any Lawful Purpose. 19901. Purpose: Any lawful activity. Notice of Formation of Wrublin Hold- ings LLC. Arts. of Org. filed with Secy. NOTICE OF QUALIFICATION of Notice of Qualification of MATERIAL Notice of Qualification of IEX CLOUD LLC Appl. for Auth. filed with Secy. of of State of NY (SSNY) on 02/12/20. STOCHASTICO LLC. Appl. for Auth. Notice of Qualification of 1FBBK OWN- SERVICES LLC Appl. for Auth. filed State of NY (SSNY) on 02/28/20. Of- Office location: NY County. SSNY des- filed with Secy. of State of NY (SSNY) ER LLC Appl. for Auth. filed with Secy. with Secy. of State of NY (SSNY) on 0 fice location: NY County. LLC formed ignated as agent of LLC upon whom on 12/9/19. Office location: NY Coun- of State of NY (SSNY) on 03/19/20. 2/20/20. Office location: NY County. in Delaware (DE) on 12/18/18. Princ. process against it may be served. ty. LLC formed in Delaware (DE) on 1 Office location: NY County. LLC LLC formed in Delaware (DE) on 08/ office of LLC: 54 W. 21st St., #607, SSNY shall mail process to: the Com- 1/12/19. SSNY designated as agent formed in Delaware (DE) on 02/ 15/18. Princ. office of LLC: 3 World NY, NY 10010. NYS fictitious name: pany, 134 West 25th St., 5th Fl., NY, of LLC upon whom process against it 05/20. Princ. office of LLC: Goldman, Trade Center, 58th Fl., NY, NY MATERIAL VENTURES LLC. SSNY des- NY 10001. Purpose: any lawful activ- may be served. SSNY shall mail proc- Sachs & Co., 200 West St., NY, NY 10007. SSNY designated as agent of ignated as agent of LLC upon whom ities. ess to c/o LEGALINC CORPORATE 10282. SSNY designated as agent of LLC upon whom process against it process against it may be served. SERVICES INC, 1967 WEHRLE DRIVE LLC upon whom process against it may be served. SSNY shall mail proc- SSNY shall mail process to the LLC SCHACHTER SALES LLC. Arts. of Org. SUITE 1-086, BUFFALO, NY 14221. may be served. SSNY shall mail process to c/o Corporation Service Co. at the princ. office of the LLC. DE filed with the SSNY on 01/10/20. DE addr. of LLC: 651 N BROAD ST ess to the LLC at the addr. of its (CSC), 80 State St., Albany, NY addr. of LLC: Corporation Service Co., Latest date to dissolve: 12/ SUITE 206, MIDDLETOWN, DE princ. office. DE addr. of LLC: c/o Cor- 12207-2543. DE addr. of LLC: c/o 251 Little Falls Dr., Wilmington, DE 31/2119. Office: New York County. 19709. Cert. of Form. filed with DE poration Service Co., 251 Little Falls CSC, 251 Little Falls Dr., Wilmington, 19808-1674. Cert. of Form. filed with SSNY designated as agent of the LLC Secy. of State, 401 Federal St., Ste. Dr., Wilmington, DE 19808. Cert. of DE 19808-1674. Cert. of Form. filed DE Secy. of State, Div. of Corps., 401 upon whom process against it may be 4, Dover, DE 19901. Purpose: Any Form. filed with DE Secy. of State, with Secy. of State of the State of DE, Federal St., Ste. 4, Dover, DE 19901. served. SSNY shall mail copy of proc- lawful activity. Div. of Corps., John G. Townsend John G. Townsend Bldg., 401 Federal Purpose: Any lawful activity. St., Ste. 4, Dover, DE 19901. Pur- ess to the LLC, c/o Russell Bldg., PO Box 898, Dover, DE 19903. Notice of Qualification of STREET pose: Operation of a business which Schachter, 200 West 54th Street, Purpose: Any lawful activity. SPOT ME, LLC Appl. for Auth. filed provides data products and services, #6GH, New York, NY 10019. Pur- with Secy. of State of NY (SSNY) on 0 Notice of Formation of MJU HUNTS- including an API. pose: Any lawful purpose. VILLE MANAGER LLC Arts. of Org. 3/02/20. Office location: NY County. 19 ROBERTSON DRIVE LLC, Arts. of filed with Secy. of State of NY (SSNY) Notice of Formation of DONATELLO LLC formed in Delaware (DE) on Org. filed with the SSNY on 01/ on 02/12/20. Office location: NY STANDARD OIL CAPITAL GROUP LLC, NA LLC Arts. of Org. filed with Secy. 02/12/20. Princ. office of LLC: 333 28/2020. Office loc: NY County. County. SSNY designated as agent Arts. of Org. filed with the SSNY on of State of NY (SSNY) on 02/28/20. Seventh Ave., NY, NY 10001. SSNY SSNY has been designated as agent of LLC upon whom process against it 01/29/2020. Office loc: NY County. Office location: NY County. SSNY des- designated as agent of LLC upon upon whom process against the LLC may be served. SSNY shall mail proc- SSNY has been designated as agent ignated as agent of LLC upon whom whom process against it may be may be served. SSNY shall mail process to c/o Boro Real Estate Partners, upon whom process against the LLC process against it may be served. served. SSNY shall mail process to ess to: The LLC, 1185 Park Avenue, 1 Rockefeller Plaza, Ste. 1006, NY, may be served. SSNY shall mail proc- SSNY shall mail process to Tarter c/o Corporation Service Co. (CSC), Apt. 16F, NY, NY 10128. Purpose: NY 10020. Purpose: Any lawful activi- ess to: The LLC, 352 Seventh Ave., Krinsky & Drogin LLP, Attn: Gina Piaz- 80 State St., Albany, NY 12207- Any Lawful Purpose. ty. Ste 303, NY, NY 10001. Purpose: Any za, Esq., 1350 Broadway, 11th Fl., 2543. DE addr. of LLC: CSC, 251 Lit- Lawful Purpose. NY, NY 10018. Purpose: Any lawful tle Falls Dr., Wilmington, DE 19808. activity. Cert. of Form. filed with Jeffrey W. Bul- lock, Secy. of State, 401 Federal St., Notice of Formation of COMPANY YOU Dover, DE 19901. Purpose: Software NOTICE OF FORMATION of limited lia- SUBMIT YOUR BUSINESS KEEP KITCHEN LLC Arts. of Org. filed application development. with Secy. of State of NY (SSNY) on 0 bility company (LLC). Name: BOOKED BY EJ, LLC. Articles of Organization 3/20/20. Office location: NY County. Notice of Formation of ROUTE 20 CLASSFIEDS TODAY Princ. office of LLC: 335 Madison filed with Secretary of State of New York (SSNY) on 01/10/2020. Office HOLDINGS LLC Arts of Org filed with Ave., 24th Fl., NY, NY 10017. SSNY SSNY on 2/13/2020. Office loc: NY designated as agent of LLC upon location: New York County. SSNY des- Get your message in front of New York’s in uential business ignated as agent of LLC upon whom County. SSNY has been designated whom process against it may be as agent upon whom process may be community with Crain’s New York Business - Classied Ads served. SSNY shall mail process to process against it may be served. SSNY shall mail copy of process to: served. SSNY shall mail process to the LLC at the princ. office of the LLC. 201 E 12th St, Apt 204, New York, Purpose: Any lawful activity. ERIC DE’MON JONES 115 W. 128th ST., APT. 4A, NEW YORK, NY 10027. NY 10003. Purpose: Any lawful activi- Purpose: consulting services. ty. Advertising Section Notice of Formation of Limited Liabili- ty Company (LLC). NAME: WLC TOP Notice of formation of RENHUB NOTICE OF FORMATION OF D.D. En- LLC - Articles of Organization filed GROUP, LLC. Arts of Org filed with core Laundromat LLC. Articles of Org. CLASSIFIEDS with the Secretary of State of New Secy of State of NY (SSNY) on 2/ filed with Sec. of State of N.Y. on 2/ York (SSNY) on 10/03/2018. Office 26/20. Office location: NY County. 12/2020. Office location: New York To place a classified ad, Call 212-210-0189 location: New York County. SSNY SSNY designated as agent upon County. SSNY desig. as agent for serv- shall mail a copy of process to: The whom process may be served and ice of process. SSNY shall mail proc- or Email: [email protected] LLC, 98 E BROADWAY STE 309, NEW shall mail copy of process against ess to: 324 East 73rd Street New YORK, NY 10002. Purpose: Any law- LLC to: 260 W. 54th St., NY, NY York, NY 10021. Purpose: any lawful ful purpose. 10019 Purpose: any lawful act. act or activity.

MARCH 30, 2020 | CRAIN’S NEW YORK BUSINESS | 25

P025_P026_CN_20200330.indd 25 3/27/20 5:48 PM THANK YOU

o everyone at the frontlines of the pandemic, from health care employees to food services, Twords cannot begin to express our gratitude. You selessly take care of others, putting their needs ahead of your own. In times like these, your strength and resiliency are an inspiration to all.

CN019650.indd 1 3/26/20 12:00 PM more facilities at Aqueduct Race- about 100 doctors and nurses from HOSPITAL track in Queens, the Brooklyn out-of-state and is calling retired cli- FROM PAGE 1 Cruise Terminal, CUNY’s Staten Is- nicians to come back to work. land campus and the NY Expo Cen- In one week Northwell saw the from becoming patients them- ter in the Bronx. number of Covid patients it was selves. Hospitals have also been setting treating increase more than tenfold Crain’s spoke to frontline health up tents outside their doors to triage from 90 to more than 1,250 across care workers and hospital leaders patients. Refrigerated trucks have the system’s 19 metro area hospi- around the region to learn how been stationed outside the city tals. Long Island Jewish Medical they’re coping with this genera- medical examiner’s o ce in Man- Center and LIJ Forest Hills have tion’s greatest medical challenge, hattan as a potential temporary been two of its busiest campuses. one which could get worse before it morgue. Dowling said he plans to deal gets better. Gov. Andrew Cuomo E orts to close schools and busi- with some of the surge by creating has said the virus may not peak for nesses have all been aimed at delay- TESTING: Staff more beds in those places but also another two weeks. ing the apex of the outbreak, so the at St. Barnabas transferring patients to less inun- “I’ve been doing this for a long hospital system might have more Hospital test dated hospitals such as Southside time. rough the course of my ca- time to ramp up its capabilities and patients. Hospital in Bay Shore, Long Island. reer I have worked through the acquire ventilators. “By doubling up and using

1993 World Trade Center bombing It is the ventilators which have GETTY IMAGES non-traditional spaces such as lob- and 9/11 and been in Los Angeles truly vexed the Cuomo administra- bies and conference centers and for an earthquake,” said Dr. Billy tion as it anticipates needing 40,000 standable but that the system has pital and they do well and a week moving things we could create an- Goldberg, an emergency-room when the largest number of patients procured another 100 ventilators. A later they get discharged. It's com- other 2,000-plus beds,” Dowling physician at NYU Langone and the are hospitalized. e state estimat- city spokeswoman said Friday it pletely variable, and it’s very di - said. “If I have a lot of patients in emergency department’s vice ed it had 3,200 just a few weeks ago. was sending thousands of pieces of cult to tell who’s going to be the per- one place, I can move them to an- chairman for business operations It now says it has about 12,000 and safety gear and dispatching 105 son to get very sick and who’s not.” other place. It’s not like I’m looking and strategic planning. “ is is on a is exploring converting anesthesia nurses to Elmhurst Hospital. Plasencia is also an executive at each hospital separately. ey’re larger scale and very di erent than machines and splitting the breath- Dr. Amy Plasencia, chief medical vice president for the Committee of all part of a network.” anything I’ve experienced.” ing machines using tubes to treat resident in internal medicine at Interns and Residents SEIU, a na- As hospitals strain to assemble Goldberg said doctors and nurs- several patients at a time. Brookdale University Hospital tional union, and has been advo- the necessary number of beds and es in the emergency room are get- e problem was particularly Medical Center in Brooklyn, said cating for a residents’ bill of rights acquire needed supplies, it raises ting one N95 mask per shift to con- pronounced at the city-run Elm- she is concerned not everyone has to protect the early-career physi- the question of whether they were serve supplies as opposed to hurst Hospital Center in Queens, had consistent access to protective cians from unsafe working condi- prepared to handle a pandemic of changing masks with each new pa- where 13 patients died from gear. Resident physicians in the tions. ose include limited access these proportions. tient they see. Covid-19 during one 24-hour peri- emergency department get one to protective equipment and work- e Greater New York Hospital “ e shifts are physically and od, e New York Times reported. N95 mask per shift but those in low- ing hours that can stretch beyond Association holds frequent emer- emotionally exhausting,” Goldberg “So many people are saying it’s er-risk specialties have been asked 80 hours a week. gency drills for situations as varied said. “ ere’s that anxiety of bring- going to be OK, everything’s ne, to reuse the masks. at mission could become more as mass shootings or chemical at- ing things home to your family, and we have what we need,” Dr. Colleen She spent the rst three weeks of important as hospitals tap into a tacks. But Covid-19 is taxing the then I’m the doctor for my friends, Smith, who works in Elmhurst’s March working in the medical ICU, volunteer medical reserve corps as- hospital system in a more wide- family, and neighbors. It’s like emergency department, said in a where her 12-hour shift ran 6:30 sembled by the state. About 40,000 spread way that isn’t limited to cer- you’re always on.” video shared with the Times. “And if p.m. to 6:30 a.m. people, including clinicians with tain sections of the region as was this goes on for a month or two, or “We do what we can with what jobs outside of patient care, and re- the case in the response to 9/11 and Beds, vents and masks three or ve like it did in China, and we have. If that means that we have tired workers have signed up. Hurricane Sandy. As of last Friday, New York state we’re already this strained, we to reuse masks, we’ll reuse masks,” NYU’s medical school told its In Northwell’s case, it has been had con rmed nearly 45,000 cases don’t have what we need.” Plasencia said. “We protect our- students last week that those who burning through about 6,000 N95 of Covid-19, with about 25,000 peo- Dr. Eric Wei, an emergency med- selves in the ways that we can, but had already met course require- respirators a day. ple sick in New York City. ere icine physician and chief quality we're not going to stop treating our ments could graduate early if they “ e lesson here for me is that we were 6,400 people hospitalized, o cer at NYC Health + Hospitals, patients because of suboptimal agreed to work for the university’s have to stockpile a lot more re- nearly 1,600 of whom were in inten- said the public hospital system has conditions.” health system in internal medicine sources for the inevitability of sive care. Queens and Brooklyn had diverted more resources to Elm- Plasencia has been alarmed by or emergency medicine. something like this happening the highest number of cases, and hurst Hospital as well as Lincoln patients coming in who are in their “ ose are individuals who are again,” Dowling said. “We shouldn't 365 city residents had died from Hospital in the Bronx and Bellevue 30s and 40s who become critically going to need more training and be running around in a time like complications with the respiratory Hospital in Manhattan, which have ill with Covid-19. ose patients who may become more exposed be- this looking for ventilators, we illness. been treating the largest numbers typically were obese but didn’t have cause they haven't had the time to should be able to produce them Cuomo has instructed hospitals of patients, he said. other underlying medical condi- train to really prepare for this,” quickly. We should not be totally re- that they must increase the number Wei said the system hasn’t deter- tions. Plasencia said. liant on overseas manufacturing.” of beds in their facilities by at least mined the origin of the cluster of Sta ng concerns are top of mind Goldberg, in the emergency 50% with some hospitals tasked cases in Elmhurst but that certain Patients vary for area health systems. room at NYU Langone, is only look- with doubling their capacity. e factors such as the density of the “We've seen patients who come “ e beds are the easy part,” said ing as far ahead as the next two state anticipates needing 140,000 population there might have been in one day, doing well enough but Northwell Health CEO Michael weeks. beds at the outbreak’s peak. responsible. we recommend to them admission. Dowling. “It’s the sta and supplies “I’m trying not to look too far Some of the city’s largest gather- “I’m very proud of how we han- ey say, ‘No thank you.’ ey sign that become the management part.” ahead because it’s so unpredict- ing spaces are candidates to house dled this as a system,” Wei said. out against medical advice, and Northwell has been having sta able,” Goldberg said. “We hope to patients. A 1,000-bed medical facil- “We’ve never come close to run- then they come back the next day in members take on additional shifts see a decrease in the number of ity is being built at the Javits Con- ning out of PPE or ventilators.” respiratory failure,” Plasencia said. and tapped doctors and nurses cases. Hopefully we will gradually vention Center, and Cuomo said He said workers’ concerns about “We also have patients who, you working in nonclinical roles to get catch up. I don’t see this ending last week he is considering creating inadequate supplies are under- know, they get admitted to the hos- back into patient care. It’s hired quickly.” ■

advocates said. Furthermore, social that laid o their entire sta s in an- government should issue grants, er exibility for tenants so they will SMALL BIZ distancing restrictions will make ticipation of the downturn and can not loans, and o er additional - be able to restructure their loans FROM PAGE 1 the notarization, building inspec- no longer demonstrate the loan nancial assistance to the city’s and won’t be hit with a massive pay- tion, and appraisal process that guarantee requirement of keeping restaurants. ment on day 91 after the three- Provisions in the law will require much more di cult to complete for a certain percentage of their sta on “ ese businesses will need sig- month holiday issued by Gov. An- small businesses to show credit- some company owners, they said. payroll? ni cant capital to re-open, to re- drew Cuomo ends. worthiness and year-over-year “Anyone who has applied for an hire, to train, to buy new products, He also believes new abatements business losses, as well as ful ll SBA grant knows it’s not a walk in Back on payroll? and to cover past bills,” he said. to sales taxes and property tax pay- speci c reporting requirements in the park,” Sunset Park BID leader In the New York City restaurant “ ese are cash businesses. ey ments can put cash into business order to qualify—a sticking point David Astrada said. “When you take industry alone, an estimat- don’t have reserves on hand.” owners’ pockets right away. for some business leaders. people who are already reeling, ed 130,000 restaurant workers have New York has close to 200,000 Rigie believes the federal or state now you’re asking already lost their jobs. Can these small businesses with fewer than 10 government must forgive rent pay- “THESE BUSINESSES WILL them to take on this workers be retroactively put back employees across all ve boroughs, ments for small businesses and rather signi cant on payroll? according to Queens Chamber of force insurance companies to hon- NEED SIGNIFICANT CAPITAL task to get legiti- “Frankly there haven’t been a lot Commerce President Tom Grech. or business interruption insurance mate aid.” of folks who’ve been able to keep “ is is the de nition of your claims, which have been denied for TO RE-OPEN” Business owners their sta on payroll,” said Tim mom-and-pops,” Grech said. “If many restaurants in New York City. also have questions Laughlin, president of the Lower they close now, they will probably " e longer this goes on, the Many mom-and-pop shops in about who's eligible. East Side Partnership. “ e ques- never re-open.” more devastating this will be for our the ve boroughs lack the adminis- What becomes of those business- tion is about how many merchants And cash alone will not rescue economy,” said Rigie. “If people ar- trative capacity to understand the es that were set to open later this are eligible for that loan today.” small businesses, owners say. en’t working and they don’t have complex application process for year but cannot document any sus- Andrew Rigie, of the NY Hospi- Laughlin believes a federal mort- money, how will they support our these loans and grants, business tained loss? What about businesses tality Alliance, believes the federal gage moratorium must create great- local business?” ■

MARCH 30, 2020 | CRAIN’S NEW YORK BUSINESS | 27

P027_CN_20200330.indd 27 3/27/20 8:15 PM CN019646.indd 1 3/24/20 9:34 AM