TOP STORIES Remembering the CNBC.com breaks extraordinary —Alair away from MSN; Townsend can it compete? on notables who died in PAGE 2 2006 ® Page 11 Apparel makers hope to cash in on department store revival this season VOL. XXII, NO. 49 WWW.NEWYORKBUSINESS.COM DECEMBER 4-10, 2006 PRICE: $3.00 PAGE 3 Grand Central lounge gets lavish BigNYfirms interior renovation PAGE 6 It is time for seen as LBO Mayor Bloomberg to put tax cuts on his agenda candidates EDITORIAL, PAGE 10 Over a dozen local didates. An independent research Construction firms firm, CreditSights, reckons there companies are likely are no fewer than 217 LBO-wor- take on global thy corporations. projects; top targets of private Candidates can be found in vir- equity buyers tually every sector of the economy property managers and include some of the nation’s REAL ESTATE, PAGE 17 biggest corporations. Even the BY AARON ELSTEIN bluest chip of them all, IBM, with a market capitalization of $140 BUSINESS LIVES more than a dozen New York billion, has not escaped specula- area companies,including such big tion. Recently an analyst at San- MERRY STRESS-OUT names as Marsh & McLennan,Liz ford C. Bernstein & Co. insisted Busy New Yorkers cope Claiborne, Avis Budget and Vor- that Big Blue would make a great with December nado Realty Trust, are increasingly See NY FIRMS on Page 38 time crunch being seen as likely candidates for PAGE 39 leveraged buyouts. JACOB PECHENIK The speculation is being fed by wants to hire two or an explosion in LBO deals by pri- three more people vate equity firms such as the Black- for YellowJacket Software by the stone Group and Kohlberg Kravis end of the year. Roberts & Co. So far this year, there have been nearly 950 LBOs—including the biggest two buck ennis ever—in a $357 billion avalanche of such transactions, according to AT DEADLINE research firm Dealogic. “It’s all people want to talk THE CITY’S INDEPENDENT Rare species: about,”says Credit Suisse bond an- BUDGET OFFICE is expected to alyst Ira Jersey,who has cobbled to- issue a report this week gether his own list of 20 LBO can- jennifer chiu comparing the tax burden in New York to that in other tech workers major cities. The IBO study is a more comprehensive version Software, financial ENGINEERING A DEMAND Math-savvy of one issued in the mid-1990s, grads fill finance, biotech jobs PAGE 2 which found that New York firms desperately Hospitals seek refuge taxes were more than three times higher than the average pursue talented the charts,” says Shawn Banerji, a taxes of 10 other large cities. technology sector associate at Rus- from Berger verdicts system designers sell Reynolds Associates, an exec- NEW YORK CITY HEALTH utive search firm. Facilities cited by mission in U.S. district court. COMMISSIONER Thomas BY AMANDA FUNG For the first time since the dot- “I’m talking to about a dozen Frieden is holding last-minute com boom,the city’s IT job growth closing commission hospitals—five or six in the New meetings with restaurant talented computer program- rate has outpaced the national rate. York City region—that are consid- executives in anticipation of mers are at the top of companies’ The number of computer systems mull Ch. 11, lawsuits ering lawsuits,” says Jeffrey Rug- Tuesday’s Board of Health wish lists this holiday season. design jobs in New York City grew giero, a health care lawyer who is a vote on whether to ban trans Executives from companies of 6.1% in the first 10 months of the BY GALE SCOTT partner at Arent Fox in Manhat- fats in restaurants and require all sizes are hard-pressed to fill year to 38,000, compared with a tan.“They are waiting to see if this some eateries to post empty workstations as demand for 5.6% gain nationwide, according now that Governor-elect Eliot moves ahead, and if it does, we’ll nutritional information on information technology workers to the state Department of Labor. Spitzer has joined Gov. George see hospitals file before the end of menus. Dr. Frieden has continues to heat up across the Online job postings for IT po- Pataki in endorsing the Berger the year.” See AT DEADLINE on Page 2 city’s economy. sitions at major corporations are up commission’s report, the odds are The commission headed by in- “IT recruitment has been off 60% from a year ago, according to high that its recommendations on vestment banker Stephen Berger, a job market index compiled by restructuring the state’s health sys- which was created by the governor Pace University and SkillProof tem will become law on Jan. 1. 18 months ago,recommends clos- Inc., an employment data provider But the game’s not over yet. ing nine institutions and under- that scans corporate career Web Some hospitals are seeking taking reorganizations that will sites for job openings. refuge in bankruptcy, a legal trend affect another 57. These actions ELECTRONIC EDITION Job growth has been fueled by that could grow. Other health sys- will eliminate 7,000 jobs in New increased hiring at tech companies tems set for closing or restructur- York and reduce the number See RARE on Page 34ing intend to challenge the com- See SEEKING on Page 37 NEWSPAPER AT DEADLINE Continued from Page 1 GOVERNOR-ELECT ELIOT SPITZER indicated that he is willing to HAS QUIETLY FORMED a policy compromise on the deadline for advisory committee to study the phasing out trans fats, but he is issue of “smart growth,” which is firm on the menu requirement. aimed at reducing development Separately, industry lobbyists sprawl.The leadership of the say they have convinced at least panel does not include any a dozen City Council members builders, but one member says it to support legislation that would is not reflexively opposed to address the two proposals in a development.The committee way favorable to restaurants. will suggest ways that the state could encourage growth near NEGOTIATIONS ARE HEATING UP existing infrastructure. IN THE EFFORT TO CREATE a 300,000-square-foot showroom J.P. MORGAN CHASE & CO. WILL and expo site in Jamaica, HAVE TO ANSWER for its decision Queens, for China-based not to allow a customer to access wholesalers. Myles Matthews, a $34 million account that was president of the Global Trade & frozen by the U.S. government Technology Center and a in 1992.The account holder, AY leading proponent of the Bank, was suspected of having project, travels to China this ties to former Serbian President week to join Yuet-fung Ho, vice Slobodan Milosevic. AY Bank president of international says Chase refused to release the business development for the money even after the assets were New York City Economic unfrozen by President George READY TO GO: Ebele Emelumadu, who’s finishing Development Corp.The two W. Bush in 2003. A Manhattan her electrical engineering will meet with U.S. consular Supreme Court judge rejected degree, has accepted a job as officials to try to smooth the J.P.Morgan’s motion for a a commodities broker. visa-application process for dismissal last week. potential Chinese investors. buck ennis CITRIX SYSTEMS HAS EXPANDED THE NEIGHBORHOOD ECONOMIC BY 5,400 SQUARE FEET for a total DEVELOPMENT Advocacy Project of 17,100 square feet on the is blasting HSBC Bank USA, 20th floor at 11 Penn Plaza, J.P.Morgan Chase & Co. and between West 31st and West other banks for underwriting 32nd streets.The asking rent in Nerds No.1 for jobs “pay stub” loans that tax the neighborhood is $61 a preparation firms make to low- square foot, according to CB income New Yorkers who need Richard Ellis. Colliers ABR Math-savvy engineering grads fill finance, biotech posts quick cash.The high-cost loans represented the tech company in are based on estimates of the 10-year lease; landlord borrowers’ future tax refunds Vornado Realty Trust BY SAMANTHA MARSHALL and earned income tax credits. represented itself. ■ the last thing ebele emelumadu will have to worry about when she graduates from CORRECTIONS The Cooper Union in June is finding a job.The electrical engineering student’s talents are in Barry Gosin is chief executive of real estate brokerage Newmark Knight Frank. His title was misstated in the Nov. 27 story “Firms may leave city as tax breaks expire.” such demand that she’s had her first full-time job lined up since this summer. Minneapolis-based Manhattan Toy sells about 90 different items from its Groovy Girls line at But she won’t be practicing in her field of study. After weighing several opportunities for FAO Schwarz on Fifth Avenue. The company’s relationship with FAO was misstated in the finance jobs at major institutions, she accepted a position as a commodities broker with J.P. Nov. 13 story “FAO turnaround hardly child’s play.” Morgan Chase. “This is exactly what I wanted,” says Nigerian-born Ms. Emelumadu, who will specialize in See NERDS NO. 1 on Page 32 THIS WEEK IN CRAIN’S 41 SMALL BUSINESS ----------------------- 8 ALAIR TOWNSEND -------------------11 THE INSIDER------------------------------------12 CNBC bringing up the rear WEEK IN REVIEW -----------------------14 CNBC.com aims The venture boasts a staff NEIGHBORHOOD of 40—many of them TRAFFIC JAM to beat rivals with poached from top rivals—lots JOURNAL------------------------------------------16 of cool features and a treasure How business Web sites stack up. bells and whistles, trove of video. The problem: SITE UNIQUE VISITORS1 REAL ESTATE REPORT ----------17 high-end audience The all-new CNBC.com is MSN Money 10,864,000 PROPERTY OWNERS ---------24 late to the game.The site must Yahoo Finance 10,806,000 play catch-up with the likes AOL Money & Finance DEALS--------------------------------------------------27 10,603,000 BY MATTHEW FLAMM of its former partner, MSN Dow Jones & Co.
Details
-
File Typepdf
-
Upload Time-
-
Content LanguagesEnglish
-
Upload UserAnonymous/Not logged-in
-
File Pages44 Page
-
File Size-