20150427-NEWS--0001-NAT-CCI-CN_-- 4/24/2015 6:30 PM Page 1 SMALL BUSINESS Banks rushing in to lure millennials CRAIN’S® NEW YORK BUSINESS PAGE 3 VOL. XXXI, NO. 17 WWW.CRAINSNEWYORK.COM APRIL 27-MAY 3, 2015 PRICE: $3.00 Citi Bike Turnaround So much promise, so many problems. We SIGN OF DISTRESS: The backward seat—an ride with new boss informal way for riders to signal that a Citi Bike is not Jay Walder as he plots working—has become a symbol of the system’s bike share’s comeback broader glitches. BY ANDREW J. HAWKINS One sunny morning in April, Jay Walder was steering his bulky Citi Bike through a busy Brooklyn intersection, trying not to get flattened by a city bus. His hand outstretched in the universal gesture for “please don’t run me over,” the 6-foot-6 president and CEO of Motivate, the company that operates bike shares in New York and nine other cities, squeezed between the bus’bumper and the fender of a red Toyota. “Isn’t this fun?” he crowed shortly after navigating the vehicular crucible. Wearing a dark suit with no tie and a black bike helmet, the transit-system- boss-turned-bike-share-savior hadn’t even broken a sweat. For the past several weeks, Mr. Walder, 56, has hosted reporters at Motivate’s Brooklyn office and visited editorial boards See CITI BIKE on Page 19 buck ennis 17 5 REPORT TOURISM THE LIST Hotels spend big on super-luxury just United, Delta battle to be the as fears of a downturn grow PAGE 13 biggest airline in NY PAGE 15 NEWSPAPER 71486 01068 0 20150427-NEWS--0002-NAT-CCI-CN_-- 4/24/2015 6:29 PM Page 1 EXECUTIVE EDITOR’S NOTE Lonely work FYICRAINSNEWYORK.COM Being a small-business owner can be a lonely affair when the CEO is Competition finally also the head of HR, PR and sales. Last week, I had breakfast at the catches up to MakerBot Penn Club with a dozen or so professionals who tap into each hen news broke last week of a other’s networks and expertise so downsizing at MakerBot—the that they don’t have to go it alone. Jeremy Smerd Brooklyn-based 3-D printing “If I look tired, I am,” said one. W Bre Pettis company co-founded by Over coffee and fruit salad, they (pictured) that was touted as the city’s poster doled out advice and voiced concerns about the child for a tech-driven revival of buck ennis challenges they are facing. “It’s either too many manufacturing—many wondered if demand for 3-D printers was waning. Not so, said one people and not enough work,” said another, who is analyst. In fact, consumers are simply buying printers cheaper than MakerBot’s $3,000 versions. facing a hiring challenge, “or too much work and not ¶ “The MakerBot printers are expensive compared with many others in the marketplace today,” enough people.”The meeting was therapeutic and said Pete Basiliere, research vice president of imaging and print services at Gartner, noting that regenerative. As a journalist, I wanted to hear their there are as many as 200 global manufacturers of printers that cost less than $1,000. Such stories. As a manager, I wanted to share mine. New products appeal to shoppers looking to support small home projects. ¶ “When you think about York teems with formal and informal networking all the consumers worldwide who have the means to invest in a 3-D printer, we’ve only just groups, and most professionals belong to more than scratched the surface,” added Mr. Basiliere. ¶ Professionals in the creative industry, such as one.The media tend to focus on the associations engineers and designers, are MakerBot’s primary buyers, able to pony up the cash for its printers, perceived to be powerful because their members are but that could change. However, even if MakerBot introduces lower-priced models, consumers individually wealthy, donate heavily to politicians will only be able to find them at Home Depot and Sam’s Club. ¶ Six-year-old MakerBot, which (who then return the favor and meet with them) or was bought by Minneapolis-based Stratasys Ltd. in 2013 for more than $400 million, has closed represent the largest companies in the city. What its three Northeast stores, including its Mulberry Street flagship. About 20% of MakerBot’s struck me about the New York Business Forum, as staff, which insiders estimated to be 100, was laid off. —adrianne pasquarelli this group calls itself, is the extent to which they offer their own time, resources and contacts to help CONSTRUCTION DEATH CORZINE COMEBACK? fitness-conscious tourists. The each other succeed.That could be because they limit A knuckle boom crane attached to a Jon Corzine, the former governor of 60,000-square-foot property will in- membership to “ethical professionals committed to truck fatally crushed a worker at a site New Jersey and chief executive of clude the largest-ever Equinox gym, delivering the highest quality of service ... exceeding on East 44th Street, the latest in a bankrupt financial brokerage MF indoor and outdoor swimming pools string of construction accidents. Global,may start his own hedge fund. and a spa. standards of their industry.”That ethos lends The fund would start credibility to their criticisms of, say, the new paid- CABLE DEAL off with money from INAUGURAL PULITZERS sick-leave law.“People don’t object to it; it just takes CALLED OFF ‘Markets do Mr. Corzine and The Wall Street Journal won its first up so much time,” one member said. “Even the good After heavy regula- not just outside investors. He Pulitzer Prize since Rupert Mur- tory scrutiny, Com- most likely won’t be doch acquired the newspaper in guys who want to do everything right are having a cast abandoned its manipulate able to launch any 2007, sharing the investigative re- difficult time.” If you’re in a networking group that $45 billion plan to themselves. fund until legal porting prize with The New York deserves recognition, just send me an email: take over Time proceedings against Times, which received three awards. [email protected] learn more about Warner Cable. It takes him over MF Global Bloomberg News was awarded its Charter Communi- are resolved. first Pulitzer ever. the New York Business Forum, email cations Inc. is ex- deliberate [email protected]. pected to bid soon for wrongdoing CONFIRMED ANOTHER UNICORN? TWC. AT LAST Sixteen-month-old health-insur- by individuals’ After a five-month ance startup Oscar has raised $145 GOODBYE, PLANYC —Benjamin Lawsky, wait, Loretta Lynch million, boosting its valuation to THIS WEEK IN CRAIN’S Mayor Bill de Blasio superintendent of the was approved by the $1.5 billion—triple its valuation last renamed as OneNYC New York Department Senate to be U.S. at- January. SMALL BUSINESS ----------------------------- 3 the city’s sustainabili- of Financial Services, torney general. Ms. —emily laermer about Deutsche Bank’s IN THE BOROUGHS---------------------------4 ty and resiliency plan Lynch was most re- created by former $2.5 billion settlement cently U.S. attorney THE INSIDER -----------------------------------------------5 Mayor Michael of an interest-rate for the Eastern Dis- IN THE MARKETS----------------------------------6 Bloomberg. The ef- manipulation case trict in New York OPINION-------------------------------------------------------------8 fort’s focus has been and was one of shifted in line with his administra- Crain’s most powerful women in GREG DAVID ------------------------------------------------9 tion’s attention toward addressing New York in 2013. She is the first REPORT: TOURISM ------------------------ 13 poverty and income inequality. African-American woman to be- THE LIST ---------------------------------------------------------15 come AG. CLASSIFIEDS ----------------------------------------- GROWTH OF NEW MEDIA buck ennis 16 Business Insider added 20 million TAXI SUIT SOURCE MEETING -------------------------21 ap images GOTHAM GIGS unique visitors in March 2015 New York state sued Evgeny Freid- Hester Street’s Meow Parlour SNAPS--------------------------------------------------------------22 from a year earlier—the same man—among the largest holders of SWAIN DIVE is the purrfect spot. P. 20 FOR THE RECORD---------------------------23 number that Yahoo Finance lost taxi medallions in the city and a 2008 Clean-water activist Christopher during that time. Just two of the Crain’s 40 Under 40 honoree—for al- Swain marked Earth Day by CORRECTIONS (SEE PAGE 19) other 18 websites tracked by com- legedly failing to pay drivers, impos- swimming in the notoriously tox- vol. xxxi, no. 17, april 27, 2015—Crain’s New York Business (issn 8756-789x) is Score—Financial Times and The ing improper fees and violating ic Gowanus Canal to encourage a published weekly, except for double issues the weeks of June 29, July 13, July 27, Aug. 10, Economist—reported declines. terms of a 2013 settlement. more aggressive cleanup of the Aug. 24 and Dec. 21, by Crain Communications Inc., 685 Third Ave., New York, NY 10017. Periodicals postage paid at New York, N.Y., and additional mailing offices. Post- Business Insider Editor-in-Chief Superfund site.Though he had to master: Send address changes to: Crain’s New York Business, Circulation Department, 1155 Henry Blodget credited his web- EQUINOX HOTEL abandon his 1.8-mile journey less Gratiot Avenue, Detroit, MI 48207-2912. site’s 87% growth to the “new gen- Luxury gym chain Equinox Hold- than a mile in because of for subscriber service: Call (877) 824-9379.Fax (313) 446-6777.$3.00 a copy,$99.95 one year, $179.95 two years. (GST No. 13676-0444-RT) eration of business leaders.” The ings will open its first hotel in 2018, weather, he gained the attention ©Entire contents copyright 2015 by Crain Communications Inc.