20151026-NEWS--0001-NAT-CCI-CN_-- 10/23/2015 8:44 PM Page 1 An app that delivers ... nurses P. 7 | PARKCHESTER: The Other Stuy Town P. 8 | 5 ways to make Hudson crossings easier P. 12 ® OCTOBER 26-NOVEMBER 1, 2015 | PRICE $3.00 WHERE HAVE ALL THE DINERS GONE? A classic New York institution is on the brink of extinction VOL. XXXI, NO. 43 WWW.CRAINSNEWYORK.COM 43 5 STILL COOKING: Astoria’s Jackson Hole keeps the vibe alive. NEWSPAPER 71486 01068 0 B:11.125” T:10.875” S:10.25” Your business deserves B:14.75” the T:14.5” best S:14” network. Get $300 when you trade in your smartphone and buy any new 4G LTE smartphone. New 2-yr. activation on $34.99+ plan req’d. $300= $200 bill credit + $100 smartphone trade-in credit. findmyrep.vzw.com Offer expires 12/31/15. Offer not available on upgrades. Corporate subscribers only. Bill credits applied within 2-3 billing cycles. Trade-in must be in good working condition. 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(It’s on Page 6 this week, BTW.) 12 Side boob’s embrace by wordsmiths may reflect VIEWPOINTS popular culture’s ever-more relaxed attitudes, but that FEATURES doesn’t mean others have to like it. That point was underscored last week when 14 COVER STORY we received two calls from subscribers who felt that The photograph 31 GOTHAM GIGS our cover photo (see below) exposing a hint of breast “was beautiful, 32 SNAPS was, in the words of one of them, “gratuitous.” As a but we get the message. 33 FOR THE RECORD journalist, I’m naturally curious about other people’s 34 PHOTO FINISH opinions, especially readers of Crain’s, whose views It was not offensive I’m more interested in than most. So I called one or pornographic; longtime subscriber at her workplace in Boston (she it was just gratuitous asked that I not use her name or identify her employer). “The photograph was beautiful, but we get the message,” she said. “It was not offensive or pornographic; it was just gratuitous.” She felt we would not have done the same had the story been about men. I told her that we had discussed the photo among a group of both male and female reporters and editors before publishing it. We thought the picture captured the essence of the story, which was about the business of natural childbirth and the women behind it. To be sure, we received plenty of positive feedback from readers who P. 31 GOTHAM GIGS said the image was body- and female-positive. Even the subject of the picture emailed to say: “We’re thrilled to see it and will be excited to eventually show our daughter her first magazine and centerfold debut.” I mention these details because I am glad we are part of your conversations. To join ours, feel free to write or call. Our staff members’ contact information is at CrainsNewYork.com/staff. ON THE COVER Or send us a letter for publication by emailing PHOTO: BUCK ENNIS [email protected].Ⅲ DIGITAL DISPATCHES Go to CrainsNewYork.com NOMINATIONS OPEN OCTOBER 26 RISING STARS READ A star cardiologist who DO YOU KNOW AN UP-AND- had been fired from Lenox Hill COMING NEW YORKER? Hospital sues, revealing the Crain’s wants to hear from you. dramatic details of his dismissal 2016 To submit a nominee, go to ■ Vishaan Chakrabarti, a CrainsNewYork.com/40nominate. partner at the prolific > UNDER Because of the high volume of architecture firm SHoP applications, a $199 service fee Architects, leaves to start his will be charged to process and own architecture practice For t y review submissions. LISTEN Is the once-ubiquitous New York All nominees must be under 40 City diner now endangered? Plus, get the years old by March 28, 2016. behind-the-scenes details on the Nominations close Dec. 14, 2015. blockbuster Stuy Town deal. Music by the May the odds be ever in your favor! Brain Cloud. CrainsNewYork.com/podcast Vol. XXXI, No. 43, October 26, 2015—Crain’s New York Business (ISSN 8756-789X) is published weekly, except for double issues the weeks of June 29, July 13, July 27, Aug. 10, Aug. 24 and Dec. 21, by Crain Communications Inc., 685 Third Ave., New York, NY 10017. 40Periodicals postage paid at New York, NY, and additional mailing offices. Postmaster: Send address changes to: Crain’s New York Business, Circulation Department, 1155 Gratiot Avenue, Detroit, MI 48207-2912. 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) BUCK ENNIS ©Entire contents copyright 2015 by Crain Communications Inc. All rights reserved. OCTOBER 26, 2015 | CRAIN’S NEW YORK BUSINESS | 3 20151026-NEWS--0004-NAT-CCI-CN_-- 10/23/2015 7:05 PM Page 1 AGENDAWHAT’S NEW OCTOBER 26, 2015 Stuy Town deal protects a lucky few, but benefit to rest of NYC is fuzzy rom Mayor Bill de Blasio’s perspective, his Stuyvesant Town- Peter Cooper Village deal last week was a no-brainer. He’s providing about $225 million in aid to the buyer of the massive housing complex in exchange for 5,000 apartments re- Fmaining rent-regulated for another 20 years. City Hall officials call it a bargain because they had been paying up to five times as much to preserve affordable dwellings elsewhere, and about 300 Stuy Town units were leaving rent regulation annually. In the context of the mayor’s $41 billion plan to build or preserve 200,000 units of affordable housing, it was a steal. BILL COMING DUE: De Blasio bought a And it was good for the buyer, Blackstone Group, which got the city’s few more years of rent regulation for 5,000 units in a middle-class enclave. blessing for low-cost financing through government-sponsored entities Fannie Mae and Freddie Mac. That costs city taxpayers nothing. But it was a mixed blessing for tenants and an even rawer deal for here are actually quite segregated. Certainly for the renters, the deal is average New Yorkers who aren’t lucky enough to win the housing lottery. much better than eviction. But let’s not lose sight of the big picture. After The complex’s tenants had tried to purchase their homes after the 20 years, the apartments will go to market-rate unless a future mayor previous buyers, Tishman Speyer and BlackRock, were foreclosed upon subsidizes them again. Those who have been incentivized to put down during the recession, and the value of the roots will leave without any equity in the complex plummeted. But tenants New Yorkers might wonder why they apartments they’ve called home. In the end, couldn’t make the financing work. And should subsidize six-figure earners the money buys time and not much else. the previous administration did not step The benefit to other New Yorkers is even in to help them. paying below-market rents in the fuzzier. Those enduring long commutes to But when a new buyer showed up, de city’s most expensive borough Manhattan because they cannot afford to live Blasio seized the moment to advance his there might well wonder why their tax affordability agenda.