20150914-NEWS--0001-NAT-CCI-CN_-- 9/11/2015 8:17 PM Page 1 CRAIN’S® NEW YORK BUSINESS VOL. XXXI, NO. 37 WWW.CRAINSNEWYORK.COM SEPTEMBER 14-20, 2015 PRICE: $3.00 HALL of FAME What advice would this year’s class of business and civic legends give their younger selves? That’s what we wanted to know PAGE 12 37 5 RECORD RENT FIRST OFFICE LEASE HITS $300-PER-SQUARE-FOOT THRESHOLD PAGE 4 NEWSPAPER 71486 01068 0 TO OUR BANKERS, ABOVE AND BEYOND IS JUST THE START. As a top 10 U.S. bank, Capital One® has the fi nancial strength and experience to customize solutions that are tailored to your business. Our responsive team of commercial bankers thinks ahead, utilizing their resources and expertise to keep your business moving forward. CONTACT US Ellen Marshall Northeast Regional Market Executive [email protected] 646-231-9106 Subject to credit approval. Additional terms and conditions apply. Source: SNL Financial 4/30/2015. 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In spite of our careful checking, errors infrequently occur and we request that you check this proof for accuracy. TAXI’s liability is limited to replacing or correcting the disc from which this proof was generated. We cannot be responsible for your time, film, proofs, stock , or printing loss due to error. 20150914-NEWS--0003-NAT-CCI-CN_-- 9/11/2015 8:18 PM Page 1 EDITOR’S NOTE FYICRAINSNEWYORK.COM Take their word Never say no to opportunity.That Compete with Uber would be my advice for someone starting out in journalism today. or die, judge tells Not that you take any old job that taxi industry comes along. But if someone is willing to help you in some way, pay attention. Opportunity begets axi interests’ lawsuit to Jeremy Smerd opportunity. And you never know stop Uber drivers from where it will lead. But, really, what T answering electronic hails do I know? For sage career advice I hit a wall last week when a state turned to our second annual Crain’s Hall of Fame judge dismissed the case, sending inductees. Over the past several weeks, I had the the 80-year-old yellow-cab opportunity to meet and interview them (with some industry into a tailspin. ¶ Queens help from veteran journalist and former Crain’s Supreme Court Justice Allan reporter Gary Belsky). I asked them what insights Weiss ruled that e-hails are buck ennis they would give someone starting their career—what distinct from waving or whistling they wished they had known when they were just for rides, which is the exclusive but diminishing domain of taxis.The decision paves the way for launching.Their enlightened answers, and their Uber and other ride-share apps such as Lyft, Gett and Via to run traditional cabs off the road. ¶ stories, start on Page 12. We recorded each of their Investors who poured billions of dollars into the city’s 13,637 yellow-cab medallions—which interviews and plan to compile their responses into a only two years ago fetched upward of $1 million apiece—should have known the risks, the judge video short that will premiere at our awards luncheon suggested. ¶ “Any expectation that the medallion would function as a shield against the rapid on Nov. 9. (Go to CrainsNewYork.com/events for technological advances of the modern world would not have been reasonable,” he wrote. “In this more info.) It was a privilege to sit down with our day and age, even with public utilities, investors must always be wary of new forms of competition inductees. All exuded qualities that are hallmarks of arising from technological developments.” Uber hit the city in 2011 but shifted into high gear in success. Pamela Brier is a born storyteller, her mid-2014, and taxi revenues began to ebb.The plaintiffs, led by four Queens credit unions that warmth palpable. Shelly Lazarus beams positivity, lent heavily to medallion buyers, plan to appeal. “In the meantime, however, a catastrophe is while Emily Rafferty embodies grace. Alan Patricof unfolding, as an entire industry continues to be illegally destroyed, while elected officials allow it and Richard Ravitch communicate complex ideas to happen on their watch,” their lawyer Todd Higgins said. “It is a stunning abdication of plainly. Larry Fink, though busy advising Greece and leadership and responsibility that will haunt New York City for years to come.” —erik engquist China on their flailing economies, gave generously of his time. Steven Roth, who does not like to be in the BOOSTING PAY signed amid a federal probe into to require fast-food chain restaurants public eye, exhibits a natural kindness. All spoke of Gov. Andrew Cuomo’s about-face whether the airline reinstated to post high-sodium warning labels the importance of family and community. I got the on the minimum wage is irking busi- money-losing flights to a city near the on menus.Dishes with more than the sense that their only regret was not being able to do it ness leaders. Accompanied by Vice weekend home of former Port Au- recommended daily limit of 2,300 President Joseph Biden,the governor thority of New York and New Jersey milligrams of sodium—about a tea- all again. What I learned when Steven Roth left our called for a statewide minimum of Chairman David Samson in return spoon—will get salt-shaker symbols. newsroom is that he doesn’t say goodbye, he says $15 an hour. At the end of this year, for improvements the airline wanted The new law will apply to about 10% “peace.” Read his story and you’ll see what I mean. the salary floor will increase to $9 at Newark airport. of menu items at city It’s another lesson we could all learn. Peace. from $8.75. Just eight months ago, outlets of chains with Mr. Cuomo called Mayor Bill de WALDORF SHUNNED ‘This rush to at least 15 locations Blasio’s $13 city minimum-wage President Barack nationally. proposal a “nonstarter.” (See Page 7.) Obama, his top put a race tag THIS WEEK IN CRAIN’S aides and U.S.diplo- NBA UNION SELLS on it—I’m IN THE BOROUGHS ---------------------------- UNITED CEO EXITS mats will stay at HARLEM HOME 4 The CEO of United Airlines re- the New York Plaza sorry, that’s The union represent- IN THE MARKETS -----------------------------------6 Hotel for this not involved in ing National Basket- THE INSIDER-------------------------------------------------7 month’s U.N. Gen- ball Association play- REAL ESTATE-------------------------------------------------9 eral Assembly amid this at all’ ers sold its Harlem espionage concerns —Bill Bratton, on police headquarters for $21 OPINION----------------------------------------------------------10 about the Waldorf- mistakenly handcuffing million, about six GREG DAVID ---------------------------------------------11 Astoria, which was former tennis star James times what it paid in HALL OF FAME---------------------------------------12 bought last year by a Blake, who is biracial. The 2007 for the building, Chinese firm from police commissioner located at 310 Lenox SMALL BUSINESS ---------------------------19 Hilton Worldwide. apologized to Mr. Blake, Ave. at West 125th CLASSIFIEDS-------------------------------------------20 newscom who was in town for the Street. Its new home EXECUTIVE MOVES -------------------------24 PARADE VIOLENCE MACY’S DOWNSIZES U.S. Open will be a 47,000- GOTHAM GIGS Carey Gabay, an aide to Gov. The department- square-foot facility on Deborah Marton wants to SOURCE BREAKFAST ------------------25 Andrew Cuomo, remained in a store giant is closing 35 to 40 under- Sixth Avenue near Bryant Park. turn the Bronx green. P. 24 SNAPS ---------------------------------------------------------------26 medically induced coma after performing locations early in 2016 as being shot in the head during it looks for ways to boost sales. Later MEREDITH DEAL CORRECTION pre-West Indian American this year,Macy’s will open six discount Meredith Corp. is being acquired by Nicole Levine started her company, Home Clean Home, in 1993. It took her eight years Day Parade festivities in Crown stores to draw consumers who are do- Media General in a cash and stock to go from cleaning law offices and furniture stores to running her own business. This Heights, Brooklyn. The event ing more of their shopping online.The deal valued at $2.4 billion.The new- information was misstated in the Sept. 7 “Her business is cleaning up.” has been marred by violence in company, which operates 770 stores ly combined firm will be the third- vol. xxxi, no. 37, september 14, 2015—Crain’s New York Business (issn 8756-789x) is the past. Some called for its nationwide,did not specify which out- largest owner of local network TV af- published weekly, except for double issues the weeks of June 29, July 13, July 27, Aug. 10, Aug.