nb21p01.qxp 5/18/2007 7:48 PM Page 1 TOP STORIES A mayoral College kids give race too back, but not like soon —Greg David their hippie parents on the sudden PAGE 2 start of the ® 2009 election Bitter enemies Page 13 battle over futures contracts when they should merge VOL. XXIII, NO. 21 WWW.NEWYORKBUSINESS.COM MAY 21-27, 2007 PRICE: $3.00 PAGE 3 BARGAIN BASEMENT Asian art to take Circulation soared after the Post cut its weekday price New TV shows Manhattan with to 25 cents in 2000. Its Sunday edition costs 75 cents. first annual fair I Monday-Friday Sunday 724,748 NEW YORK, NEW YORK, P. 6 620,080 bolster city’s 436,544 420,179 439,202 Schmooze fests 358,545 return as tech film business sector heats up PAGE 18 2000 2003 2007 A record seven TV shows for For six-month period ended March 31. Source: Audit Bureau of Circulations A record 7 programs next season will be filmed in New A dilemma: gut offer post-Sopranos York during the coming months, jobs or cosmetic and at least three of them are ex- pick-me-up; staying pected to be shot at Silvercup. improvements; two NY Post a paper tiger power a question “Last year, we had a record year, hot retail strips; and this year is going to be even latest deals better,” Mr. Suna says. after pricing misstep BY MIRIAM KREININ SOUCCAR The seven shows include Cash- REAL ESTATE, PAGE 19 mere Mafia, a Darren Star drame- a few months ago, New York’s dy about four successful female ex- Daily News and become profitable film production workers were won- ecutives in Manhattan; Lipstick BUSINESS LIVES Return to 25 cents has failed. dering how they would fill the gap Jungle, a series based on Candace COMMUTER LOVE keeps circulation The Post’s brief attempt to end left by The Sopranos, which recent- Bushnell’s book, starring Brooke the price war it started seven years ly ended its long run on television. Shields; and Damages, a legal dra- Marriages endure up, but millions ago and go back to charging 50 Now Silvercup Studios, where ma with Glenn Close, which has despite distance, PAGE 39 cents on city newsstands taught it the show was filmed for the past already started filming at Steiner absence of dollars are lost another lesson, too: Thousands of eight years, can’t dismantle the sets Studios in Brooklyn. readers like the paper only well fast enough. Production executives had high BY MATTHEW FLAMM enough to pay a quarter for it. “We have to rip everything up, hopes when a record 11 pilots for Sales have bounced back to pre- bring the carpenters in, put in new next season were filmed in New in recent weeks, as all eyes were vious levels since the Post returned dressing rooms, new floors, new York in recent months.But filming focused on Rupert Murdoch’s bid to its 25 cent price on May 10, ac- entrances,” says Alan Suna, presi- a pilot is no guarantee that a show for The Wall Street Journal, a small- cording to an industry insider’s dent of Long Island City,Queens- will be shot in New York—even if er drama was taking place at a preliminary poll of newsdealers. based Silvercup.“We have to com- it does get picked up. newspaper the News Corp. chair- But the paper’s two-week news- pletely transform the studio in a In fact,one New York-based pi- man already owns: The New York stand plunge left it trapped. matter of weeks for the next new lot that was green-lighted, Dirty Post found out its plan to beat the See POST on Page 8show coming in.” See NEW TV on Page 8 AT DEADLINE A SLIM MAJORITY OF SITTING PRETTY SHAREHOLDERS in Verizon Communications Inc. voted for a resolution seeking greater say in how top executives are paid.The company announced Remade J. Crew Friday that just over 50% were in favor of having shareholders approve a report in which the board explains the rationale scores stylishly behind top executives’ compensation.The vote Bolder fashions, keep up with business. represents the first victory at a That scene is typical.Four years blue-chip company for more sass wow after industry veteran Millard proponents of so-called say- new shoppers “Mickey” Drexler was brought in on-pay resolutions. as chief executive and given a man- date to remake the money-losing THE HANDFUL OF INDEPENDENT BY ELISABETH BUTLER retailer,J.Crew has hit its stride.Its ONLINE AD COMPANIES left in 176 stores are humming, and in- New York are expected to on a recent weekday evening, vestors are taking note—nearly go it alone following ad giant young blondes with armloads of doubling the company’s stock WPP Group’s acquisition bright sundresses queued up with price since the initial public offer- of 24/7 Real Media last gray-haired baby boomers clutch- ing of $20 per share in August. week.Tacoda, Quigo ing summery linen pullovers at the This year,J.Crew is expected to See AT DEADLINE on Page 2 J. Crew store in the Flatiron dis- ring up revenue of $1.3 billion, a trict. Four cashiers struggled to 13% increase over last year and an 88% leap from 2003, when Mr. Drexler arrived. Meanwhile, even 21 5 after deducting for heavy invest- ments in new stores, analysts pre- dict that profits will hit $78 million ELECTRONIC EDITION this year—compared with $50 million in losses in 2003. Behind the numbers stands a ON THE RACKS, AT REASONABLE PRICES: NEWSPAPER J. Crew shows off its flirty new personality with a See REMADE on Page 9 Talitha dress, swimwear and men’s patchwork shorts (clockwise from left). 71486 01068 0 CNYB 05-21-07 A 2 5/18/2007 7:16 PM Page 1 AT DEADLINE Continued from Page 1 of New York says the suit is College kids Technologies Inc., CheckM8 without merit. But Punk and Eyeblaster say they will Ziegel & Co. analyst Dick Bove position themselves as believes the matter could drain alternatives to the big providers. management’s attention and They concede that they are give Mellon executives second giving back receiving calls from potential thoughts about merging with suitors, however. Earlier this BONY. year, Google agreed to buy DoubleClick for $3.1 billion, THE ASIAN AMERICAN BUSINESS and Yahoo said it would buy DEVELOPMENT CENTER will set in record Right Media Inc. for $680 up a New York state pavilion at million. the China International Small and Medium Enterprise Fair SHANGHAI TANG, AN UPSCALE in Guangzhou, China, in WOMEN’S CLOTHIER numbers , is leaving September.The trade organ- its location at 714 Madison Ave. ization is lobbying 62 state The company hasn’t hired a chambers of commerce, as well broker yet, but a spokeswoman as the Brooklyn Chamber of Programs in burgeoning says executives are looking for Commerce and the U.S. new space in SoHo and other Commercial Service, to help neighborhoods. Shanghai Tang recruit companies to participate. nonprofit field expanding must vacate the building, owned by Leslie J. Garfield & Co., by ALINDA CAPITAL, THE PRIVATE- year-end. Asking rent at the EQUITY FIRM led by Christopher BY SAMANTHA MARSHALL prime retail spot will be $1,285 Beale, former global head of a square foot for the 1,400- project finance at Citigroup a social conscience is sweeping college square-foot ground floor, but Inc., leased the campuses across the city. Beyond marching the lease will include five floors top floor of 150 for peace or joining a kibbutz like their baby and nearly 7,000 square feet. E. 58th St. boomer parents, today’s students are taking (left), between FAIRWAY MARKET WILL OPEN ITS Third and courses and pursuing internships in order to FIFTH STORE, and its first outside Lexington turn smart, sustainable ways of helping New York, in Paramus, N.J., avenues.The others into careers. next summer.The new 50,000- private equity square-foot location will be on firm, which School may be out for summer, but Route 17, in a strip mall called recently bought educators are scrambling to tap into the Fashion Center. Canadian growing interest. At institutions ranging from company Union Baruch College to Columbia University, CHARITY PARITY: THE RUSSIAN GOVERNMENT’S Energy for City College LAWSUIT against the Bank of $1.74 billion, administrators are launching certificate student Rebecca New York Co. could disrupt the will move into programs and reporting higher enrollment in Pizarro learned practical building bank’s planned $16.5 billion the 13,000- courses on fund raising, nonprofit management skills while working merger with Mellon Financial. square-foot and social enterprise. in the Honduran The suit, which seeks $22.5 space on the 39th floor at the rain forest. billion in damages, contends end of the summer.The asking “These students want to work in an that the Bank of New York rent at the building is $90 a environment that makes money and does good buck ennis helped deprive Russia of billions square foot. Alex Chudnoff at at the same time,” says Jeffrey Trexler, a in tax revenue in the 1990s Cushman & Wakefield Inc. by taking part in a money- represented Alinda; landlord professor of social entrepreneurship at Pace laundering scheme.The Bank Vornado represented itself. I University, who was recently hired to beef up the program. Global warming, tragedies such as Hurricane THIS WEEK IN CRAIN’S Katrina, celebrity activists like Bono, and headline-grabbing donations by organizations See COLLEGE KIDS on Page 10 NEW YORK, NEW YORK----------6 GREG DAVID ------------------------------------13 THE INSIDER------------------------------------14 WEEK IN REVIEW -----------------------16 Hotel talks could be tough REPORT: REAL ESTATE --------19 DEALS-------------------------------------------------- 29 Small-property The process could be complicat- executive director of Associated 41 NEIGHBORHOOD ed because Local 758,which used to Hotels & Motels.