20140428-NEWS--0001-NAT-CCI-CN_-- 4/25/2014 7:27 PM Page 1 GOTHAM GIGS GOING BOLLYWOOD FPO Priya Pandya’s Indian-dance CRAIN’S® NEW YORK BUSINESS fitness craze P. 8 VOL. XXX, NO. 17 WWW.CRAINSNEWYORK.COM APRIL 28-MAY 4, 2014 PRICE: $3.00 Signature Bank stock price Nasdaq Bank Index 3500 $125 +650% $116.12 3000 100 CLOSING PRICE 2500 75 -5% 2000 50 2518.01 CLOSE 1500 25 1000 0 3/23/04 4/25/14 Note: Monthly closes. Source: Yahoo Finance NY’s most successful bank Signature Bank bests its BY AARON ELSTEIN of the city’s most romantic restaurants, whose decor of dark wood, stained glass and publicly traded rivals with An accountant and an investment banker, wonder- a fireplace was described by The New York ing if they really wanted to spend a big part of their Times as “dreamy.” remarkably low overhead lives together, decided to meet for dinner in 1999. “It was a place where you got engaged,” Confidentiality was important to both men, so a the investment banker recalled. “And we and almost no dud loans private room was booked at the Box Tree, then one did.” See SIGNATURE on Page 23 buck ennis REPORT BANKING Online lending 3.0 P. 15 THE LISTS Largest commercial banks P. 17 Thrifts P. 18 50-story towers eyed for LICH site Reform had a second Cost to keep full-service hospital in Cobble Hill could be big, tall killer, Cuomo says lyn communities and elbowed aside on high-rise residential towers of a BY BARBARA BENSON a deep field of competitors by pledg- scale never before seen in the heart editorial board meeting with Crain’s. AND DANIEL GEIGER ing to preserve a full-service hospi- of brownstone Brooklyn in order to Guv: Public funding Senate Republicans in Albany tal at the Cobble Hill site. make the deal pencil out, according of campaigns failed have long deemed publicly funded The highest-scoring bid for Long But that pledge comes at a cost. to emails among executives involved elections a waste of taxpayer dollars. Island College Hospital captured The would-be real estate developers in the bid. as unions nixed deal But, according to Mr. Cuomo, the the support of surrounding Brook- of the medical campus are counting Brooklyn Health Partners envi- Senate GOP was ready to make a sions raising at least two soaring res- deal this year to allow them—only idential buildings of up to 50 stories BY CHRIS BRAGG to have labor unions balk. The leg- 17 on the campus of low-rise buildings islators settled for a watered-down 5 that make up Long Island College Republicans aren’t the only roadblock version, setting up a mere pilot pro- Hospital. It has plans to build a 40- to publicly funded elections across gram for the state comptroller’s race. to 50-story condo tower on the site New York,according to Gov.Andrew The outcome was decried by good- of a large parking garage on the cor- Cuomo. Labor unions short- government groups. ner of Atlantic Avenue and Hicks circuited a potential deal to imple- In exchange for public financing NEWSPAPER See TOWERS on Page 24 ment a new system, he said in an See UNIONS on Page 23 71486 01068 0 20140428-NEWS--0002-NAT-CCI-CN_-- 4/25/2014 6:12 PM Page 1 REPORTER’S NOTE A fair idea FYICRAINSNEWYORK.COM Last week, several thousand people gathered underneath the rusty Casino operators New York State Pavilion in place their bets Flushing Meadows Corona Park, Queens, to celebrate the 50th he race to open four full- anniversary of the 1964 World’s gambling casinos in New York Fair. Supporters hope the icon’s Tstate got off to a competitive Andrew J. Hawkins recent symbolic “national treasure” start with 22 operators putting in designation by the National Trust bids last week to develop four resorts for Historic Preservation will spur upstate, where Gov. Andrew Cuomo is investors to fund its revitalization. But there was no hoping to jump-start the economy. talk of resurrecting the World’s Fair, the global Most of the interest is in the lower exposition that rides high in the flying-car memories Hudson Valley and the Catskills, of a certain generation of New Yorkers. No talk of a regions close to populous New York galvanizing, multimonth event to spur infrastructure City and its 50 million-plus tourists and technology investments and outside-the-box each year. istockphoto urban planning that could provide the equivalent of a Genting Group, operator of the casino at Aqueduct Raceway in Queens, last week submitted the B12 shot to the city’s economy. Enter John $1 million application fee for the bid to build a casino in Tuxedo, just 40 miles from the city. Catsimatidis, the oil-and-supermarket mogul who Genting’s plan, say industry experts, is to intercept some of the gamblers who might bypass its ran for mayor last year. We asked Mr. Catsimatidis, Aqueduct casino and travel north to the newer resorts. who had proposed a new World’s Fair as part of his Meanwhile, Empire City Casino in Yonkers hopes to win one of the three licenses that will be quixotic political run, whether the idea still intrigued issued by 2021. It’s warily watching competitors’ interest in nearby Orange County. him.The short answer: “Yes.”Would he spend his Formal proposals for the first four casinos are due June 30, and a decision on which ones are own money to do it? “Sure”—though he would awarded a license is expected by the fall. —lisa fickenscher prefer someone with more hospitality experience to take the reins. How much would it cost? “Here’s my WTC FINANCING DELAYED, AGAIN. would-be rules are less restrictive HOORAY! mathematics,” he said, his eyes dancing. “It would The Port Authority of New York and than anticipated, they will likely take New Jersey postponed until May its years to become effective. … RETAIL NYU LANGONE cost $17 million to tear [the pavilion] down, $42 vote on whether to pledge $1.2 bil- STARTUPS STUFF THEIR BAGS. MEDICAL million to restore it.” If City Hall or Albany paid the lion toward developer Silverstein E-commerce site Etsy acquired CENTER reopened its cost of demolition, a private developer would have to Properties’ construction of 3 World gadget marketplace Grand St. for emergency room, Trade Center. … GUILTY PLEA. $10 million to expand its electronics 18 months after spend only $25 million—or about $1 million a year William Rapfogel, the former CEO offerings. Birchbox, a beauty- Superstorm Sandy damaged over 20 years at 4% interest—to renovate the of the Metropolitan Council on Jew- product delivery site, has raised $60 the facility. structure for a tenant. He plans to pitch the idea to ish Poverty, faces up to 12 years in million in capital and plans to use the both Mayor Bill de Blasio and Gov. Andrew Cuomo prison after he admitted to stealing money for hiring, marketing and $9 million from the nonprofit. In ad- expanding geographically. … “because we need the support of at least one of them dition,David Cohen,the Met Coun- DE BLASIO PUTS OUT THE to create that vision.” Cash-rich tech firms like cil’s former executive director, plead- FIRE(PLACE). Mayor Bill de Blasio OY VEY! Google and Microsoft could purchase fair pavilions ed guilty to stealing $650,000 from has proposed a ban on new wood- NYPD’s call for New Yorkers to tweet the organization. … JETBLUE PILOTS burning fireplaces as a way to help photos of cops with #myNYPD backfired for $50 million each to present their visions of the FLY UNION. when users shared photos of police JetBlue curb air pollution.He brutality. future, providing today’s kids with the same “wow Airways’ pilots voted ‘I’m trying to is also backing laws moment” that Mr. Catsimatidis felt 50 years ago. “It to join the Air Line that would require would be much easier if I was mayor,” he added. “But Pilots Association— get our new many restaurants and with 71% in favor— commercial kitchens I have no regrets.” ending its status as mayor as to install emission the largest nonunion interested in filters on ovens and THIS WEEK IN CRAIN’S U.S. airline. The charbroilers,and that move will likely in- tech as I can’ would encourage re- ap images crease costs for the —Sen. Charles Schumer, frigerated trucks to IN THE BOROUGHS-------------------------- 3 carrier because it will who declared himself a big use battery power in- pitching Barclays Center, Madison IN THE MARKETS----------------------------------4 have to negotiate ally of the city’s tech stead of diesel fuel. Square Garden and the Javits Center with the union on pay industry … WOODSON IS to host the 2016 Democratic Nation- REAL ESTATE DEALS -----------------------5 and labor rules. … EJECTED. After the al Convention.The last time the con- THE INSIDER ----------------------------------------------- 6 E-CIGS GET SNUFFED? The Food and Knicks failed to reach the playoffs, vention was held in New York was SMALL BUSINESS ------------------------------6 Drug Administration wants to ban newly appointed President Phil Jack- 1992. … PAID-SICK-LEAVE CZAR. Julie BUSINESS PEOPLE ---------------------------8 the sale of electronic cigarettes to son fired head coach Mike Woodson Menin, the former chairwoman of everyone under the age of 18—the and his entire staff. No word yet on Community Board 1, has been OPINION -------------------------------------------------------- 12 first time the $2 billion industry who will be the new coach, but Mr. tapped to lead the Department of GREG DAVID--------------------------------------------13 would be federally regulated.