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CRAIN’S
NEW YORK BUSINESS
®
VOL. XXX, NO. 38
REPORT
EDUCATION
People to
watch in
higher ed
PAGE 13
WWW.CRAINSNEWYORK.COM
SEPTEMBER 22-28, 2014 PRICE: $3.00
Taxi foes
join forces
to take on
rival Uber
CMT and VeriFone
put aside differences
to build app so riders
can pay fare by phone
BY ANDREW J. HAWKINS
B&B be gone
A law cracking down on illegal hotels in city, and the rise
of Airbnb, have put real bed-and-breakfasts out of business
BY LISA FICKENSCHER
38
john kuczala
For more than two decades, the Wyman House
on Riverside Drive and West 76th Street hosted
opera singers, performers at Lincoln Center and
ordinary tourists who preferred to stay in an elegant Victorian-style bed-and-breakfast with
apartments that had a kitchen and a living room.
The owners, Pamela and Ronald Wyman,
lived there, too, along with their daughter. But last
year, they sold their five-story home, put their fine
antiques in storage and moved to Charleston,
S.C., where they are renovating a mansion to convert into a bed-and-breakfast business.
“It was next to impossible to do business in
New York,” said Ms. Wyman.
The tipping point for the Wymans was the
2011 New York state law that made it unlawful to
NUMBER OF
B&Bs estimated
to remain in the
city, a 40% drop
since 2011
30
MINIMUM
NUMBER of days
B&Bs must rent
rooms to comply
with 2011 law
$160K
TOTAL LOST by
B&B Ivy Terrace in
fines, legal fees
and revenue
since law passed
rent out apartments or rooms in residential buildings for less than 30 days. The legislation was intended to shut down illegal hotels—mostly
single-room-occupancy properties that have been
converted to youth hostels or landlords renting
out rooms on a nightly basis—not traditional
bed-and-breakfast inns that pay taxes and register
with the city.
The law, along with competition from homesharing service Airbnb, has decimated the already
small bed-and-breakfast business in the city, current and former B&B operators say.
The city slapped the Wyman House, along
with other inns like it, with a hefty fine.The couple decided doing business in New York wasn’t
worth the hassle anymore.
Since 2011, the number of traditional bed-and-
Source: StayNYC
5
NYNY
NEWSPAPER
71486 01068
0
15
IMMIGRANT SUCCESS
STORY Lower East Side
Tenement Museum is a hit
with visitors PAGE 25
See B&Bs on Page 24
They compete in more than a dozen
markets across the country, talk trash
over technology upgrades and have
even sued each other.
But in New York, the two companies that control the payment systems
for the city’s nearly 20,000 taxis are
uniting to fight an even greater foe:
Uber, the fast-growing San Franciscobased startup valued at $17 billion.
Creative Mobile Technologies and
VeriFone Systems earlier this month
announced they would join forces so
that their mobile apps could pay for a
ride in every yellow and green cab in
the city.
Previously, passengers could use
each company’s app only in taxis
See UBER on Page 23
Wall Street
cool kids
fail on fees
In rejecting hedge
funds, Calif. power
pressures an industry
BY AARON ELSTEIN
Hedge-fund managers are the cool
kids on Wall Street. They make the
most money, get the best apartments
and land the choicest tables at restaurants. They don’t even have to adhere
to the banker dress code of dark suits
and white shirts.
But last week,the cool kids got their
pants pulled down by some bureaucrats from Sacramento.The California
Public Employees Retirement System, the nation’s largest public pension
See HEDGE FUNDS on Page 23
6:12 PM
Page 1
REPORTER’S NOTEBOOK
Togetherness
As Scotland goes, so goes New
York City? The prospect of an
independent Scotland had
business leaders in a tizzy last
week. (“If the U.K. can’t keep it
together, who can?” said Steve
Forbes at the kickoff of the annual
Business Council conference,
Andrew J. Hawkins
according to Capital New York.)
Ultimately, Scotland voted for the
status quo. But the concept of secession isn’t new
for New Yorkers, who have been kicking around
the idea for more than 200 years, from Gov. George
Clinton weighing the issue during the nation’s first
constitutional convention, to Jimmy Breslin and
Norman Mailer running on a pro-secession ticket
against Mayor John Lindsay in 1969. Staten Island
approved seceding from the rest of the city in 1993
in a nonbinding vote, while various pockets of
upstate New York have considered splitting off
from downstate. Long Island, too. We live in a state
that can barely keep it together. But the idea of the
city seceding from the rest of the state, which came
up in the City Council in 2003 and again in 2008,
is rooted in the belief that New York City would be
better off as an independent fiefdom. The city
sends more than $11 billion more in taxes to
Albany each year than it gets back in funding.
Think of what the city could do with that money.
Better yet, think of what Mayor Bill de Blasio could
do without Albany nixing his ideas. A megamillionaire’s tax? A $13 minimum wage? Red-light
cameras at every intersection? Commercial rent
control? Business-minded readers may shudder at
the prospect. Maybe Al Green is right: Whether
times are good, bad, happy or sad, New Yorkers,
like the Brits, are better off staying together.
THIS WEEK IN CRAIN’S
GOTHAM GIGS
Investment adviser Shama
Zehra’s entrepreneurial spirit
was instilled by her mom. P. 8
IN THE BOROUGHS-------------------------- 3
IN THE MARKETS ----------------------------------4
THE INSIDER -----------------------------------------------6
SMALL BUSINESS ------------------------------7
OPINION --------------------------------------------------------10
STEVE HINDY ------------------------------------------11
GREG DAVID--------------------------------------------11
REPORT: EDUCATION -----------------13
CLASSIFIEDS -----------------------------------------19
REAL ESTATE -------------------------------------------22
NEW YORK, NEW YORK ----------25
SOURCE LUNCH --------------------------------26
OUT & ABOUT ---------------------------------------27
SNAPS --------------------------------------------------------------27
FYI
CRAINSNEWYORK.COM
High Line’s
high returns
T
he Sept. 21 opening of the
High Line’s third leg again
showed how the elevated
track is breathing as much life into
the far West Side as the new
towers sprouting up around it. ¶
No developer may benefit as much
from the latest expansion than the Related Cos. The new stretch, from West 30th Street and 10th
Avenue to West 34th Street and 12th Avenue, wraps the company’s mega-development at the
Hudson Yards in an arboreal embrace. ¶ One of the High Line’s next steps will be the development of
the railroad spur at 30th Street and 10th Avenue that used to allow mail trains to carry packages to
and from the loading docks of the post office’s Morgan Processing and Distribution Center. ¶
Related Cos. executives once told Crain’s that the old-and-in-the-way spur should be
demolished. The park’s nearly 5 million annual visitors have convinced the company otherwise. ¶
“It’s going to be an important connector piece for us,” said Jay Cross, president of Related’s
Hudson Yards development. ¶ Related, he said, always welcomed the park’s third section even as
competing developers suggested tearing it down because it was too costly to restore. The company
is contributing $30 million to the nearly $100 million restoration. ¶ The spur, meanwhile, will be
transformed into a park after Related completes the building that will house Coach Inc.’s
headquarters. In the meantime, the third leg will serve as a viewing platform that Mr. Cross
hopes will generate excitement as Hudson Yards rises into the sky during the next 10 years.
—daniel geiger
LICH DEAL COLLAPSES. NYU Lan- ZEE LOAN NIXED. The state’s request
gone Medical Center abandoned its for a $511 million federal loan for the
plans to take over Long Island Col- new Tappan Zee Bridge project was
lege Hospital in Cobble Hill, Brook- almost entirely rejected by the Envilyn, because the nurses’ union sued ronmental Protection Agency. The
NYU Langone for not hiring nurses feds denied New York’s bid to use
who previously worked at LICH. Clean Water Act funds to help cover
The State University of New York the cost of construction, rather than
currently operates LICH’s emer- to improve the environment. The regency department, the only service jection may result in higher tolls for
still running. LICH is now in danger commuters. … NYC UNEMPLOYMENT
of shuttering again. … CULTURE FALLS. The city’s jobless rate dropped
CLUB. Individuals who sign up for the a half-point, to 7.3%, from July to
city’s new municipal ID card will be August—the biggest monthly deoffered one-year free
cline ever recorded.
memberships to 33
… RICH GET RICHER.
cultural institutions,
The top 5% of Manincluding the Bronx
hattan households
Zoo and the Metroearned $864,394 in
politan Museum of
2013, or 88 times as
Art. The perk is demuch as the poorest
signed to entice both
20%, according to redocumented
New
cent Census data. …
—Jack Ma, founder
Yorkers and undocuSANDY MONEY. The
of Alibaba, the Chinese
mented immigrants
Metropolitan Transe-commerce site that
to get the card, which
portation Authority,
went public Friday
will also offer access
the Port Authority of
in what was the biggest
to other services. …
New York & New
IPO in U.S. history
VERIZON FIOS SCRUTIJersey and the city
NIZED. The city’s DeDepartment
of
partment of Information Technology Transportation will get $1.9 billion
and Telecommunications will audit from the U.S. for Sandy-related upVerizon to investigate why it missed grades. Projects include $190 million
its June 30 deadline for a citywide for new Staten Island ferries and $40
rollout of its high-speed FiOS broad- million to help create Moynihan
band and cable service. … TAPPAN Station. … ‘GENIUS’ GRANTS. Three
‘Every time
I’m frustrated,
I watch
[Forrest
Gump]’
HOORAY!
THE TUNNEL connecting the R train from
Manhattan to Brooklyn reopened—a few
weeks earlier than planned and $58
million under budget.
OY VEY!
MANHATTAN braces for the U.N. General
Assembly’s annual East Side street
shutdowns and black-car traffic jams.
New Yorkers were among 21 fellows
selected by the John D. and
Catherine T.MacArthur Foundation
to receive a $625,000 grant over five
years: IBM computer scientist Craig
Gentry, playwright Samuel Hunter
and Ai-jen Poo, a labor organizer
who was a Crain’s 40 Under 40 in
2009.
—emily laermer
CORRECTIONS (SEE PAGE 24)
VOL. XXX, NO.38, SEPTEMBER 22,2014—Crain’s New York Business (ISSN 8756-789x) is published
weekly, except for double issues the weeks of June 23, July 7, July 21, Aug. 4, Aug. 18 and Dec.
22, by Crain Communications Inc., 685Third Ave., New York, NY 10017. Periodicals postage
paid at New York, N.Y., 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)
©Entire contents copyright 2014 by Crain Communications Inc. All rights reserved.
2 | Crain’s New York Business | September 22, 2014
STORIES TO WATCH THIS WEEK
Sept. 22:
Metropolitan
Opera season
begins under new
labor contract.
Sept. 24: Mayor
Bill de Blasio to
speak at U.K.
Labour Party
conference
Sept. 27: NYPD
supporters hold
pro-police rally on
Staten Island.
Sept. 27: Saturday
Night Live’s 40th
season premieres.
buck ennis
9/19/2014
bloomberg news
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IN THE
BOROUGHS
BROOKLYN
STARTUP—AND UP: Edo
Segal’s bMuse has 10
startups so far. “We are
modeled on a film studio,”
he said, “but we don’t
produce films; we produce
companies.”
Billyburg
a secret lab
for retailers
Global upscale brands
try out new concepts
in cutting-edge nabe
Believing publicity would be a distraction, he
has grown the company during the past six years
into a collaborative operation with 100 employees, about 10 startups and the ambitious goal of
reimagining media and giving it new tools—all
without taking a dollar of venture-capital investment. Each new startup is financed out of the
others’ profits.
Mr. Segal is talking publicly about bMuse for
the first time because he plans to speed up
growth, and wants potential partners and investors to know how it works.
“We are modeled after a film studio, but we
don’t produce films; we produce companies,” he
said. “And as we’ve been building these individ-
When a small shop opened on
Williamsburg’s bustling main drag
last month, it drew little notice—
and with good reason. The front
window showcased stylized mannequins beneath a sign that simply
read “101.” Nobody at the Turkey’s
Nest, the mainstay watering hole
across Bedford Avenue,or anywhere
else around the neighborhood
seemed to know that the sign referred to both the shop’s address and
its name.
The real surprise, however, was
that the modest, 1,000-square-foot
store, in what many consider the nation’s capital of hip, belongs to global mega-brand Diesel, which is using the place for a four-month test
of a bold new merchandising concept. Inside, an assortment of Diesel
products shares shelf space with
Brooklyn-made soy candles, New
York-themed nail polish and other
products of local artisans.
“This is the perfect time for
Diesel to have a presence there,” said
Tommaso Brusò, chief executive at
Diesel USA.
See TECH FACTORY on Page 21
See BILLYBURG on Page 12
He’s one busy tech factory
Edo Segal’s bMuse is
behind some of hottest
media ideas in the land.
Prepare for more
BY MATTHEW FLAMM
This could be a New York tech trivia question,
except that the answer has long been a secret:
What company includes in its product portfolio
the blockbuster holiday mobile app ElfYourself;
interactive toy figures, called Telepods, in Has-
bro’s popular Angry Birds Star Wars II game; a
“connected” children’s thermometer that can
create a “health map” of a neighborhood’s ailments; and TouchCast, an interactive video platform used by the BBC?
The answer is bMuse, and those products
have been developed by startups, like Retoy, creator of Telepods, that are its wholly owned subsidiaries.The parent company supplies their capital
investment
and
a
development
infrastructure, as well as the concepts, though no
one would ever know from the stories and press
releases about them.
That’s because founder and Chief Executive
Edo Segal has done what he could to keep
bMuse out of the press—until now.
For these condo developers,
midblock is the place to be
Once overshadowed,
squeezed-in sites are
suddenly fetching
corner-lot prices
BY DANIEL GEIGER
For his next condo development,
Michael Stern has “starchitecture”
firm Roman Williams designing a
building with an ornate terra-cotta
façade, copper-clad windows and
other nods to classic Manhattan
luxury.
But though the project would fit
nicely in the city’s toniest precincts of
yesteryear,Mr.Stern,who heads JDS
Development Group, will raise his
latest high-end residences not on a
grand avenue or a sunny corner lot but
crammed between buildings midway
down a block of West 24th Street,be-
tween 10th and 11th avenues.
“We do market-leading projects,
and this will be no different,” Mr.
Stern said,citing his successful recent
conversion of nearby Walker Tower—the former Verizon building on
‘Buyers want
privacy and a
quieter, more
residential feel’
West 17th Street—into high-priced
condos. “Buyers want to be on the
midblock because they want the privacy, and they respond to its distinctly quieter, more residential feel.”
A midblock locale may not have
been anyone’s idea of prestige in the
past, but with the city’s condo market at record highs, hordes of developers share Mr. Stern’s conviction
that Manhattan’s once-sleepy side
streets have gone from second-best
to top-tier. Not only have premium
sites on the avenues virtually all been
developed, forcing builders onto the
side streets, but condo buyers’ tastes
have changed, and more are willing
to pay top dollar midblock.
“For buyers, it’s more about the
neighborhood now than their exact
location in it,” said Kevin Maloney,
chief executive of development firm
Property Markets Group, which is
planning a midblock residential
condo building on West 22nd Street
between 10th and 11th avenues.
Illustrating the huge potential
that developers see in midblock
parcels are the exorbitant sums that
many are increasingly willing to pay
See MIDBLOCK on Page 24
STATS AND THE CITY
by Nicholas Wells
ANCIENT ARCHIVES: The Brooklyn Public Library sold the land under one of its
branches for $52 million to help fund the $300 million needed to repair its 60
locations. More than half of the city’s 207 library buildings are older than 50.
25M
NUMBER of items checked out by the New York Public
Library’s 14 million visitors in fiscal 2014
$781K
8
TOTAL 2013 compensation for Anthony
Marx, the NYPL’s president and CEO
NUMBER of Queens Public Library trustees
removed by the city in July for failing to perform
their duties
0.55%
PORTION of city capital
expenditures for
improving libraries from 2004 to 2013,
compared with 25% for education
Sources: Center
for an Urban
Future, 2014
Mayor’s
Management
Report, New York
Public Library,
NYPL tax forms,
Queens borough
president
$5K
PRICE PAID for carving Patience
and Fortitude, the marble lions
outside the Fifth Avenue library, in 1911. It
would cost $120,000 today
55
THE LONGEST
TIME, in years, it
took a borrower to return a book to the NYPL.
Fire of Francis Xavier, due on April 10, 1958, was
returned Feb. 4, 2013, along with a $100 check
buck ennis
buck ennis
BY ADRIANNE PASQUARELLI
ADDICTED TO NUMBERS? GET A DAILY DOSE AT @STATSANDTHECITY
September 22, 2014 | Crain’s New York Business | 3
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IN
THE
Losses spur Aetna to trim
MARKETS
network for individual buyers
Insurer to replace
money-losing service
with limited plan
BY BARBARA BENSON
Aetna has become the latest insurer
to pare back its coverage for individuals after losses in New York that
one source put at $25 million this
year. The unprofitable business led
Aetna to begin sending letters to its
nearly 5,000 enrollees in July, saying
it would discontinue the service and
replace it with coverage that is much
more limited.
The cancellation reflects broader market transformations.
“The health care system is changing, and there is a national trend of
health plans making strategic decisions to go with narrow networks for
many reasons,” said Peter Newell, director of the Health Insurance Project at United Hospital Fund.
Effect of Obamacare
New York’s individual insurance
market was in disarray for years prior
to the advent of Obamacare, with
products too expensive for many
uninsured. Enrollment in New York
state’s individual market was a mere
26,000 in 2010,reflecting its standing
as a last resort for people who needed
insurance because of their poor health
but did not have coverage through an
employer. Insurers are required to of- the evolution of networks.”
fer individual coverage in order to sell
Aetna said that NY Signature
certain other products in the state.
will include more than 80% of the
But an expansion of Medicaid doctors and hospitals in its full comeligibility and Obamacare softened mercial network, though there will
the burden of buying individual be no coverage outside the state.
plans sold on the open market for Like its predecessor, it is not sold on
younger, healthier and less costly New York State of Health, the
enrollees: The Affordable Care Act state’s exchange created under the
allows dependents up to
ACA. The company was
age 26 to stay on their parstill notifying providers of
ents’ plan and offers
the final composition of
PORTION of
income-based subsidies to
NY Signature, but NYU
Aetna’s individual
many who enroll via the
Langone Medical Center
network cut by the
state’s health exchange.
and its doctors will not be
insurer
“The individual market
part of it.
in New York state is
Aetna said the new
markedly different from what it was product is not a response to the
in 2013,” Mr. Newell said.There are ACA and will not affect its employmore plans to choose from and er-sponsored coverage. “Our netcheaper options, too. But off the ex- works remain robust and are in line
change, the plans have become with our competitors who offer
stripped down.
plans both on and off the exchange,”
Aetna’s new product for individ- an Aetna spokeswoman said.
uals, called NY Signature, will have
Insurance experts said that Aetfewer hospitals. It will include New na’s losses were somewhat expected,
York-Presbyterian Health System given that it offered a very large netand the Mount Sinai Health System, work, including major academic cenas well as their employed physicians. ters such as New York-Presbyterian,
Doctors who are not employees may as well as Memorial Sloan Kettering
also be in the network, depending on Cancer Center. Individual buyers
where they have admitting privi- flocked to Aetna to take advantage of
leges, among other factors.
its generous network and coverage.
These so-called skinny networks
To cover its costs and mounting
are increasingly common but aren’t losses, Aetna had requested a nearly
necessarily worse, added Mr. Newell. 20% rate increase with the state In“It could mean better integrated care surance Department. But it was apand quicker access to specialty care,” proved for only a 5.32% hike, or
he said.“I don’t think we’re done with 14.64 points below its request. 䡲
20%
THE LEUKEMIA & LYMPHOMA SOCIETY
C NGRATULATES
THE 2014 NEW YORK CITY
MAN & WOMAN OF THE YEAR.
Mark Torello
Staten Island, NY
M & S Mechanical
Grace Ng
New York, NY
Barclays
The Leukemia & Lymphoma Society congratulates this year’s
winner and all the candidates who competed for the title.
Their efforts and commitment have made an impact in the
search for cures and effective blood cancer therapies.
www.mwoy.org/nyct888.HELP.LLS
bloomberg news; wikipedia
by Aaron Elstein
Bankruptcy case
hits close to home
B
illionaires are often sensitive when the subject of
where they live comes up. It’s an especially touchy
matter when your house is said to be the largest in the
nation and a bankruptcy trustee is saying you looted a
company to pay for it. Say hello to the situation facing
Ira Rennert (pictured).
Mr. Rennert is an industrialist who during nearly 50 years
on Wall Street has amassed an estimated $6.3 billion fortune
by buying and selling mining and manufacturing companies.
His midtown-based Renco Group generates an estimated $6
billion a year in revenue, according to Crain’s research, and its
holdings range from the manufacturer of Humvees to a
metals refinery in Peru.
But Mr. Rennert, who wouldn’t
comment for this article, is best
known for his 67,000-square-foot
residence in Sagaponack,L.I.,which
sports 29 bedrooms, three dining
rooms, three swimming pools, a
164-seat theater,a basketball court,a
gymnasium and a two-lane bowling
alley. Construction of what The New
York Times once called “Versailles on
the Atlantic”generated a huge fuss in
the late 1990s among Hamptons
residents, who objected to such a
colossus in their midst.
To pay for the house,Mr.Rennert
extracted more than $110 million
from an ailing magnesium miner
called MagCorp between 1995 and
1998. At least, that’s the contention
of the trustee representing creditors
of MagCorp, which filed for bankruptcy in 2001. The trustee alleges
that Mr. Rennert and his deputies
caused MagCorp to more than double its debt load in the mid-1990s, to
$150 million, and accuses them of
using the proceeds to pay themselves
“unlawful dividends” that pushed
the company into insolvency.
Shortly before MagCorp entered
bankruptcy, the Justice Department
filed a lawsuit charging the company
with mishandling toxic waste. It observed that “the MagCorp plant has
ranked No. 1 on the EPA’s toxic release inventory”—making it the
biggest polluter around.
Mr. Rennert doesn’t want anything mentioned about his fortune,
his house or MagCorp’s environmental history at a trial coming soon
to federal court in Manhattan.MagCorp’s emissions were legal, his
lawyers assert in court papers, and
talking about Mr. Rennert’s fortune
and lifestyle in court would “inflame
the jury’s prejudice against—and
jealousy of—a wealthy individual.”
No way, say lawyers for the
trustee. “The evidence is not inflammatory,” they insist in their response to the court. “Of course, it
does show that Ira Rennert was personally and unjustly enriched at the
expense of MagCorp … by more
than $110 million, but those are the
simple facts of the trustee’s claim.”
The trial is set to begin Feb.2,and
Mr. Rennert, who seldom speaks
publicly, is expected to testify. 䡲
INCREASE in
JetBlue’s stock price
during the past three
years. That’s well above its peer group, but only half
of Southwest Airlines’ stock-price gain. JetBlue CEO
David Barger said last week he would step aside.
157%
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Owners, Hernandez Companies
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9/19/2014
6:13 PM
Page 1
We congratulate our client
THE
INSIDER
by Chris Bragg
AFFORDABLE
HOUSING? To meet
its fairness mandate,
one city agency will
offer viewings for lowincome mourners.
on the successful financing of
istockphoto
20140922-NEWS--0006-NAT-CCI-CN_--
Equality, even in death
M
Want more info on our done deals? Scan the QR Code with your smart phone.
ayor Bill de Blasio wasn’t kidding when he said
fighting inequality would be the top priority for
his administration. When the first Mayor’s
Management Report of Mr. de Blasio’s tenure was released
last week, the document came with a twist: In addition to
the usual wonky government metrics detailing things like
how long it took to fix potholes, each city agency had to lead
its section with evidence of its “focus on equity.”
For some agencies, the answers were fairly obvious. For
arms of government not typically in the inequality-fighting
business, the new task seemed a bit of a strain.
The Office of the Chief Medical Examiner, which
investigates deaths resulting from criminal violence,
accident or suicide, highlighted some interesting inequalitybusting programs. It is developing a “viewing policy” for
New Yorkers placing their loved ones in the City Cemetery
who don’t have thousands of dollars to pay a funeral home,
and serves as an independent
pathologist for families who cannot
afford a consultant when they have
suspicions about a cause of death.
The Department of Education, of
course, proudly noted that it has
begun rolling out universal, fullday prekindergarten, the mayor’s
top policy priority. And the Department of Consumer Affairs emphasized
its role in implementing mandated
paid sick leave for businesses with
five or more employees, another de
Blasio hallmark.
Other notable agencies discussed important but less publicized initiatives. The Department of
Finance, whose mission is to collect
taxes, is now creating a Taxpayer’s
Advocate Office, which will help
low-income people pay less. The
Department of Environmental Protection, long known for jousting with
property owners over water bills, is
launching a Home Water Assistance Program, which will provide
an annual water-bill credit to lowincome homeowners.
Legendary Mayor Fiorella La
Guardia famously said there is no
Democratic or Republican way to
pick up the garbage, but the Department of Sanitation noted that its marine transfer station in northeast
Queens will open in early 2015 and
lessen the trash burden on “communities of need” in the Bronx, Brooklyn and Queens. (Construction,
which began in 2009, was originally expected to conclude in 2012.)
Some agencies needed real creativity to link their efforts to the
fight against inequality.The Office of
Emergency Management, which responds to crises,noted that it makes
its preparedness guides available in
13 languages, as well as audio books
and Braille. The Department of
Records and Information Services,
which preserves historical records
of city government, said it is working on “bringing primary source
material to new audiences throughout the world, with a special focus
on attracting and informing a more
diverse demographic.” The 311 Customer Service Center essentially punted on the question, noting that it is
providing “equitable service delivery to all customers.” 䡲
QUOTE OF THE WEEK: ‘Oh, bring it on.
Bring it on, press corps. Oh, I am so there’
—Mayor Bill de Blasio, responding to a staff softball game
challenge by City Hall reporters
20140922-NEWS--0007-NAT-CCI-CN_--
9/18/2014
5:58 PM
Page 1
SMALL BUSINESS
Entrepreneurship lab opens at NYU
BY TRIPP WHETSELL
A
s a New York University M.B.A. student,
Brian
Shimmerlik
dreamed up a touchscreen device for cabs
in 2011 that seemed promising. It
won first prize in the NYC Next
Idea contest—a new-venture competition—less than a year later.
But when he got a lukewarm reaction from the head of the Taxi &
Limousine Commission, Mr.
Shimmerlik pivoted in a new direction. He became CEO of Vengo, a
Manhattan-based manufacturer of
mini-vending machines that sell
everything from candy to condoms
and has annual revenue of $120,000.
When Mr. Shimmerlik raised
$3.1 million that he tapped to create
a prototype for the cashless vending
machines, he got most of it from
NYU’s Innovation Fund,a seed-stage
venture-capital fund.
‘At a crossroads’
“Before I enlisted the help of this
program, I was at a crossroads about
how to take things to the next level,
even though I knew I had a viable
product,” said Mr. Shimmerlik, who
graduated in 2013. He now has his
sights set on expanding beyond the
city, where his vending machines are
currently used in local restaurants,
colleges, hotels and bars.
Mr. Shimmerlik will now be able
to tap the resources of the Mark and
Debra Leslie Entrepreneurs Lab, a
5,900-square-foot facility at NYU
that opened last week at 16 Washington Place.The space will also serve as
the headquarters of NYU’s Entrepreneurial Institute. The Leslie
eLab, as it is known, is dedicated to
giving aspiring business owners directly affiliated with the university’s
20-plus colleges and schools handson experience and access to financial
capital in sectors ranging from software and biosciences to fashion.
The facility is named after NYU
alumnus and trustee Mark Leslie and
his wife, who donated an undisclosed
amount to support its design, construction and initial staffing.It includes
spacious meeting rooms,a fabrication lab and a workspace staffed by an
entrepreneur in residence, a full-time
lab manager and a “startup concierge”
to help guide entrepreneurs.
The space will be available to existing programs such as the NYU
Entrepreneurs Festival, startup accelerator NYU Summer Launchpad, Startup Bootcamps for NYU
Scientists & Engineers, and NYU
Entrepreneurs Network, a collabo-
ration of 22 student groups.
“I hope that people who pursue
their dreams and see them come true
think back about this as one of the
places that helped them do that,”Mr.
Leslie,a 1966 NYU graduate and the
founding chairman and CEO of
Veritas Software, said following the
ribbon-cutting ceremony last week.
Bridge to city’s startup scene
NYU is not alone in recognizing
the need for more space to nurture
campus entrepreneurship—a powerful draw for students. Columbia
University opened the Lab, a coworking space for alumni entrepreneurs, in July.
Although most programs at
NYU’s new space will be available
only to the university’s population,
Entrepreneurial Institute Executive
Director Frank Rimalovski said that
some will be open to the public, noting that the opening of the facility
represents the university’s ongoing
commitment to bridging the gap
with New York City’s startup scene.
“Anyone who is involved in the
startup community knows that
Stanford and Berkeley were huge
parts of Silicon Valley, and MIT and
Harvard were huge in making
Boston what it is,” Mr. Rimalovski
said. “As the cliché goes these days,
every startup needs a hacker, a hustler and a designer. We have all of
that here, and this is a place where
they can come together. “ 䡲
CONNECTOR:
NYU’s Frank
Rimalovski aims
to bring
innovators
together.
buck ennis
University aims
to nurture campus
startups in new,
expert-staffed hub
BOREDOM
MUST HAVE MISSED ITS FLIGHT.
Nowhere does it state that “on board” must equal “being bored.” Thanks to
Delta Studio,™ you can stream all kinds of free entertainment on your personal
devices. Movies. Shows. Even live TV. In fact, it’s the most entertainment in the
sky. No wonder more people choose Delta than any other airline.
To sign up for Crain’s
SMALL BUSINESS newsletter, go to
www.crainsnewyork.com/smallbiz.
20140922-NEWS--0008-NAT-CCI-CN_--
9/19/2014
10:54 AM
Page 1
BUSINESS
PEOPLE
35%
Difference in median
compensation for male
NYC law partners ($775K)
compared with women
($575K) in 2013
Source: Major, Lindsey & Africa
buck ennis
EXECUTIVE MOVES
PAVING THE WAY:
Newly launched
investment adviser
Shama Zehra traces
her entrepreneurial
spirit to her mother.
GOTHAM GIGS
No one told her she couldn’t
Pakistani Shama Zehra takes to the Street
‘It was a
good thing
there
weren’t
any boys in
our house.
They don’t
let sisters
work’
Growing up in Karachi, Pakistan, with a serialentrepreneur mother and two sisters was a boon
to Shama Zehra’s professional future: There
weren’t any men around to say she couldn’t have
one. ¶ “It was a good thing there weren’t any boys
in our household,” Mr. Zehra recalled. “They
don’t let sisters work.” ¶ Ms. Zehra, 40, has
already had several successful careers: clothing
retailer and manufacturer, money manager in
Pakistan, and financial adviser at Morgan Stanley
and Goldman Sachs in New York. She’s now
launching an investment firm called Aligned
Independent Advisors. ¶ Ms. Zehra started
working as a youth, teaching English and Urdu to
Arabic speakers at a language institute run by her
mother. She also worked at her mother’s
computer-training school. A voracious reader of
Vogue, she and her mother and sisters in 1991
started a clothing business, which they sold three
years later to a department store. ¶ Ms. Zehra
attended flight school, hoping to be Pakistan’s
second female pilot, but her stepfather suggested
she meet a few people he knew in banking. She
landed a job at Pakistani bank MCB, and a few
years later moved to the local branch of Standard
Chartered, a big U.K.-based institution, where
she helped wealthy people manage their money.
In 2005, she left for her second M.B.A., at the
University of Michigan. Then it was on to Wall
Street. ¶ Making it on her own in finance won’t
be easy, but Ms. Zehra has dealt with challenges
before: A professional clothing buyer from South
Africa vanished after paying for only half the
merchandise he ordered. Thieves once broke into
her family home and put a gun to her head. “My
mother calls to say how much she supports me,”
Ms. Zehra said. “That means a lot, because all
—aaron elstein
this started with her.”
Alstom Transport:
Jerome Wallut, 50,
was promoted to
president of Alstom
Transportation Inc.,
a metro, subway and
high-speed rail
developer, and senior vice president of
its North American rail transportation business. He was previously
managing director at Alstom Transport France.
Rose Associates Inc.: Marc Ehrlich, 45,
was promoted to chief financial officer at the residential real estate services firm. He was previously senior
project manager.
The New School: Mark Gibbel, 56,
joined the university as chief development officer. He was previous vice
president for college advancement at
Baruch College.
WX New York Women Executives in Real
Estate: Beth Zafonte, 54, was appointed to the board of the association of
female executives involved in commercial real estate. She continues as
director of economic-development
services in the real estate practice
group at Akerman.
New York University School of Professional Studies Tisch Institute for Sports
Management, Media and Business:
Wade Davis, 37, joined as an adjunct
instructor. He continues as executive
director of the You Can Play Project.
GumGum: Mike Rosner, 44, joined the
in-image advertising provider as chief
revenue officer. He
was previously vice
president of sales
for North America
at MediaMind.
Gracie Mansion: Roxanne John, 47,
joined the residence of the mayor of
the city of New York as executive
director. She was previously vice president of marketing at the Institute for
International Research.
NYC Tech Talent Pipeline: Kristen Titus,
30, joined the initiative to recruit
local tech talent as director. She was
previously executive director at Girls
Who Code.
Genesis Media: Dr. Souptik Datta, 35,
joined the online video technology
company as director of data science.
He was previously a senior research
scientist at Thomson Reuters.
Yasmeen Coning, 36, joined as vice
president of marketing. She was
previously head of marketing for
PlaceIQ.
Refinery29: Mikki Halpin, 49, joined
the media and technology company
as editorial director. She was previously deputy editor at Glamour.
Naomi Nevitt, 29,
joined as market
and shopping director. She was previously the online editorial director at
Teen Vogue.
Caroline Stanley, 33,
joined as managing
editor of local markets. She was previously editorial director at Bauer
Teen Network.
Phillip Picardi, 23, joined as senior
beauty editor. He was previously
online beauty editor at Teen Vogue.
CBRE Group Inc.: Spencer Levy, 43, was
promoted to Americas head of research
at the commercial real estate services
and investment firm. He was previously
executive managing director in the capital markets group.
DeVries Global: Laura
Springer, 39, joined
the consumer publicrelations and marketing firm as managing
director. She was previously a director at
Burston-Marsteller.
Megan VanBlarcom,
32, joined as senior art director for creative and strategic services. She was previously art director at 360i.
Ware Malcomb: Bill Sotomayor, 52,
joined the international design firm as
regional director to lead the New York
City office. He was previously chief
executive of TSC Design, which he
founded.
Simulmedia: Peter Ban, 44, joined the
advertising technology company as senior vice president of business operations,
a newly created position. He was previously senior vice president and general
manager of domestic network distribution at HBO.
Shatterproof: Nancy Palo, 35, joined the
nonprofit organization to tackle addiction as national vice president of community empowerment. She was previously a senior strategy consultant at
Blackbaud.
Fidelis Care: Franceen Spadaccino, 58,
joined the health insurance provider as
assistant vice president of government
relations. She was previously senior
director of provider relations and network strategy at Express Scripts.
Milbank Tweed Hadley & McCloy: Antonia
M. Apps, 45, joined the law firm as a
partner in its global litigation department. She was previously assistant U.S.
attorney for the Southern District of
New York, criminal division.
OptionMetrics: Eran
Steinberg, 44, joined
the financial data and
analytics provider as
vice president and
head of global sales
and marketing. He
was previously vice
president and head of
Americas account management at S&P
Capital IQ.
Hughes Hubbard & Reed: James W.
Dabney, 59, joined the law firm as a
partner in its patent and intellectual
property practice. He was previously a
partner and head of the intellectualproperty and technology practice at
Fried Frank Harris Shriver & Jacobson.
Stephen S. Rabinowitz, 56, joined as a
partner in its patent and intellectualproperty practice. He was previously a
partner at Fried Frank Harris Shriver &
Jacobson.
Alexander Yanos, 47, joined as a partner
and co-chair of the treaty arbitration
practice. He was previously a partner in
Freshfields Bruckhaus Deringer’s international arbitration group.
DJK Residential: Teddy Montee, 32,
joined the real estate brokerage and
relocation firm as a sales agent. He was
previously chief executive and operational director at Global Realty Opportunities.
Piquet Realty: Jesse Yoskowitz, 22, joined
the real estate agency as a founding
member and Realtor. He was previously
an associate at Lee & Associates.
—nazish dholakia
EXECUTIVE PROMOTIONS
9/18/2014
7:43 PM
Page 1
CORPORATE LADDER
MORE THAN JUST COSMETIC CHANGES AT GELLER
ELANA DRELL SZYFER, new CEO of Laura Geller Beauty, plans to use her more than 20 years of experience in the beauty
industry to revamp and expand the Manhattan-based cosmetics company beyond its booming QVC business.
Founded by makeup artist Laura Geller, the 17-year-old company has partnerships with Ulta and Beauty Brands, which
it joined forces with earlier this year. With Ms. Drell Szyfer at its helm, the business is turning its attention to markets in
the United Kingdom, Italy and Germany. In the U.K., Laura Geller plans to boost its e-commerce presence and create
new wholesale partnerships. It has grown 50% on QVC in the U.K. this year.
“I was attracted to the potential of this brand,” said Ms. Drell Szyfer, 45, who plans a revamp to appeal to a broader
audience. That includes updating its packaging and modernizing the company’s logo. “I love the idea of taking
something that has a strong core and evolving it, expanding it and modernizing it to attract consumers.”
Ms. Drell Szyfer has served as an adviser on beauty acquisitions and portfolio development at Tengram Capital Partners
since becoming CEO in July. The private-equity firm made a majority investment in Laura Geller Beauty in 2012. Previously,
Ms. Drell Szyfer was executive vice president of global brand strategy at Kenneth Cole Productions.
—NAZISH DHOLAKIA
Hall of Fame
2 0 14
Join Crain’s in honoring this year’s inductees representing
the city’s business community at its best.
HONOREES
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Michael Bloomberg, Chief Executive Officer, Bloomberg L.P.
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Henry Kravis, Co-Chairman & Co-Chief Executive Officer, Kohlberg Kravis Roberts & Co.
Terry Lundgren, Chairman & CEO, Macy’s Inc.
Danny Meyer, Chief Executive Officer, Union Square Hospitality Group
Dick Parsons, Senior Advisor, Providence Equity Partners
Steve Ross, Chairman and Founder, Related Companies
Jonathan Tisch, Chairman, Loews Hotels
Diane von Furstenberg, Founder & Co-Chairman, Diane von Furstenberg
monday, november 10, 2014
cipriani 42nd street, 110 east 42nd street
12:00 p.m. – 12:30 p.m.
Registration and Networking Reception
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michael jurick
20140922-NEWS--0009-NAT-CCI-CN_--
20140922-NEWS--0010-NAT-CCI-CN_--
9/18/2014
7:44 PM
Page 1
OPINION
Making the city even greener
P
resident Barack Obama and other world
leaders come to the city this week to talk
climate change. They couldn’t have picked a
better place: With its walkable
neighborhoods and extensive, 24-hour
mass-transit system, New York has the
lowest per-capita carbon footprint of any
U.S. city and cleaner air than it’s had in 50 years. And it’s
getting better.
Mayor Bill de Blasio is doubling the number of City Hall
staffers working on climate change and is continuing the
Bloomberg administration’s groundbreaking efforts to cut
greenhouse-gas emissions. Garbage transport is shifting to
rail and barge instead of truck. Composting is being scaled
up. The municipal fleet is getting smaller and more fuelefficient. Biking has blossomed. One million trees are being
planted. The city is building a hydroelectric plant in the
Catskills and a solar farm on the former Fresh Kills Landfill.
The most important programs focus on buildings, which
are responsible for 75% of the city’s emissions. A
Bloomberg-era law is phasing out dirty heating oil, and city
staffers are helping property owners comply with it, even
pointing them toward financing for new boilers. The
building code is being changed to improve energy efficiency.
Roofs are getting reflective paint.
Moreover, the city’s population growth is a plus for the
environment because people lead a lower-carbon lifestyle
here than they would elsewhere. That’s why city and state
CRAIN’S ONLINE POLL
policies must continue to promote high-density development
near transit lines rather than bow to knee-jerk opponents
who want to pull up the drawbridge behind them.
But there is much room for improvement. One immense
challenge is that so many residents lack financial incentives
to go green. Barely 40% of households control the
thermostats for their living space; the heat in many buildings
is cranked up to keep the coldest apartment warm,
compelling occupants of other units to open windows in
midwinter. Public-housing tenants don’t pay for electricity,
encouraging waste. On the streets, traffic congestion
continues unabated in
the absence of tolls for
Manhattan’s choked
streets and bridges, the
city’s new taxi is not a
hybrid, and free
parking triggers
unnecessary driving.
Mr. de Blasio should
speed expansion of the
city’s little-noticed
Carbon Challenge (a voluntary program for large properties
to lower emissions) and an initiative to persuade people to
save energy even when their own money is not at stake. He
should champion congestion pricing, too. While New York
is a model of environmentalism compared with other cities,
it must set the bar higher still.
People lead a
lower-carbon
lifestyle here
than elsewhere
COMMENTS
bloomberg news
Lobby looks to cash in
SHOULD NFL COMMISSIONER
ROGER GOODELL RESIGN
OVER RAY RICE’S SPOUSALABUSE SCANDAL?
Yes. He either was not telling the truth about
the video or has lost complete control over the
league.
No. Until the investigation is complete, it’s
unclear whether Mr. Goodell knew about the
video.
Date of poll: Sept. 12
150 votes
52%
Yes
48%
No
FOR THIS WEEK’S QUESTIONS:
Go to www.crainsnewyork.com/poll to have your say.
“CHECK CASHERS try lending a
hand” (Aug. 18) paints a
misleadingly rosy picture of the
check-cashing lobby’s
motivations. For years, it has
pushed for a carve-out in our
state usury law for check
cashers to make usurious,
short-term loans at triple-digit
rates. It deceptively presents
the bill as capping interest at
25%, when in fact it would
allow fees that enable check
cashers to charge more than
200% on certain loans.
Department of Financial
Services Superintendent Benjamin Lawsky is doing the
right thing by blocking
authorization of these predatory loans. The check cashers
are not trying to “lend a
hand”—they are trying to
dupe the Legislature into
exempting them from longstanding state usury protections so they can exploit lowincome New Yorkers.
—josh zinner
Co-director
New Economy Project
FERRIES, NOT FANTASY
Re “Proposed aerial gondola
system makes a splash”
(CrainsNewYork.com): The
proposed East River Skyway is
quite literally a pie-in-the-sky
idea—and a pricey one at that,
estimated at $300 million.
New York already has the
infrastructure to carry thousands of people across our island
metropolis. We call it the “Blue
Highway.” Instead of spending
$300 million to build a luxuryski-resort-style gondola more
suitable to Aspen than Astoria,
the city could invest a fraction of
that sum in a robust network of
boats and landings that
connects Staten Island, Red
Hook, Roosevelt Island, the
Bronx and more, in addition to
the East River waterfront.
—helena durst
roland lewis
The writers are president of the
New York Water Taxi and
president and CEO of the
Metropolitan Waterfront
Alliance, respectively.
FUNDING
INFRASTRUCTURE
If you believe people should
pay for what they use, the
answer to New York’s
crumbling infrastructure is
simple: a land-value tax (Greg
David, CrainsNewYork.com).
Combined with un-taxing
building rent, it’s a proven way
to pay for infrastructure while
encouraging the highest and
best use of precious lots, and
discouraging hoarding and land
speculation (exactly what
caused the subprime
meltdown). It’s proven in cities
all over the world, from
Pittsburgh to Hong Kong and
back to New York City again
(in the 1920s and early 1930s).
We are leaving billions “in
the ground” or in the hands of
developers who would build
anyway and produce more
affordable housing, too, if only
a land-value tax existed.
—scott baker
President
Common Ground-NYC
CRAIN’S WELCOMES SUBMISSIONS to its opinion pages. Send letters to [email protected]. Send columns of 475
words or fewer to [email protected]. Please include the writer’s name, company, address and telephone number.
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CRAIN COMMUNICATIONS INC. BOARD OF DIRECTORS
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20140922-NEWS--0011-NAT-CCI-CN_--
9/18/2014
7:45 PM
Page 1
STEVE HINDY
How high can legal
pot profits get?
T
wenty-three states have now legalized or decriminalized marijuana. The weed that became popular in the 1960s and ’70s has outgrown its reputation as a dangerous “gateway drug” and is
increasingly accepted as a treatment for certain illnesses and a source of relaxation and fun.
A Pew poll finds that 48% of Americans have tried pot, and
70% believe that it is less dangerous than alcoholic beverages.
The New York Timeshas called for federal legalization.The Obama administration has indicated that it will not
aggressively prosecute users in states
where marijuana has been legalized.
The absence of federal legislation
means the states are creating a crazy
quilt of laws to govern the use of pot.
Colorado and Washington state
have legalized recreational marijuana use. In Colorado, you can shop in
bright, friendly cannabis dispensaries for different brands of smokable marijuana. Or you can buy
lemon drops, candy bars, brownies
and “Gummy Bear”-type candies
that are laced with THC, the drug
that gives you a marijuana high.
In Washington state, THC
candy-like packaging is banned, but
smoking marijuana is no problem.
In New York, where medical
marijuana has been approved but
not yet sold publicly, the Cuomo administration has argued against
smokable pot and in favor of ingestible THC. State Sen. Liz
Krueger plans to introduce a bill in
January to legalize pot for recreational purposes.
Some states are using alcohol regulations as a model for their pot laws.
Colorado bans marijuana use in bars,
restaurants and clubs. There have
been two deaths attributed to marijuana use in Colorado, but a recent
Brookings Institution report was titled “Colorado’s Rollout of Legal
Marijuana Is Succeeding.”
The Times’ Maureen Dowd
wrote a chilling column last June
about going to Colorado and eating
a THC candy bar and finding herself “panting and paranoid” in a hotel room in a “hallucinatory state for
eight hours.” Turns out the candy
bar was improperly labeled; it contained enough THC for 16 people.
THC dosage is an issue that
needs attention. Also, there is no
way to judge at what level a pot high
impairs a person’s ability to drive a
car safely.
If the states continue to develop
a hodgepodge of regulations, marijuana users are going to need an attorney to guide them as they travel
across America.
There seems little doubt that legalization will spread.Even before the legalization tide began its rise, marijuana use was commonly tolerated at rock
concerts and other outdoor events.
Does anyone believe this genie can be
put back in the bottle?
A Rand Corp. report found that
pot traditionally costs the user $2 to
$2.50 per hour of intoxication.If pot
is legalized and farmed, the cost of
an hourlong high will drop to a penny. That suggests there will be plenty of profit to be taken by the grower, the distributor, the retailer and
the government.
However, recent reports indicate
that Colorado’s pot tax revenues are
falling short of expectations. The
reason: Thanks to taxes, bootlegged
pot is much cheaper than legal weed.
HOW DO YOU CONNECT WITH
THE LEADERS IN YOUR MARKET?
Crain’s Business Lists
make it easy
STEP 1
Astoria Cove a gauge
of city housing plan
L
ater this month, the City Planning Commission
will give its imprimatur to the Astoria Cove project in Queens and send it on to the City Council,
where its final shape will be hammered out,setting
the benchmarks for the mayor’s affordablehousing plan. The key issues to watch are the percentage of affordable housing required, whether there will be a city subsidy
(and, if so, what kind), and if union labor will be mandated.
Under the Bloomberg administration, developers received density
or height bonuses in agreeing to
build low-cost housing. If conditions changed, they could forgo the
bonuses and not include affordable
housing. Astoria Cove has agreed
with the de Blasio administration to
set aside 20% of the expected 1,700
units for lower-income residents no
matter what. That’s why it’s called
“mandatory inclusionary zoning’’:
The developer agrees to do it because the projected rents allow for a
reasonable-enough profit.
However, 20% will not be the final figure. The City Council is certain to insist on a higher number,
something like 30%, although no
one is sure yet what it will be. The
real question is whether the developer will accept a smaller profit or
insist on a subsidy in return. If so,
GREG DAVID
will the city offer low-cost financing, tax breaks or cash? Remember:
The de Blasio housing plan allocated $8 billion over 10 years, and this
will be the minimum for every subsequent proposal.
Also at issue is who builds Asto-
ria Cove. In pre-de Blasio New
York, almost all affordable housing
was built with nonunion workers
because the difference between the
cost of union and nonunion construction work was as much as 30%,
according to the definitive study of
the issue from the Regional Plan
Association.
The mayor says he is committed
to requiring union workers in his
housing plan, and his aides and the
building trades are working on
what’s called a project labor agreement, or PLA, that’s reported to cut
costs by 40%.
Unfortunately, the RPA study
shows that previous PLAs have actually produced a tiny fraction of the
savings promised.
Astoria Cove’s developer says it
is close to an agreement in principle
with the building trades that would
commit it to using union labor, with
the details worked out before construction begins about two years
from now.This could be called kicking the can down the road. Astoria
Cove will also reach a deal with the
building workers’ union to guarantee union custodians and doormen,
but the Bloomberg administration
often did that.
In any event, such a solution
would set a precedent, although not
knowing the true costs of labor
would also create uncertainty.
The council will have to act before the end of November.The mayor’s ambitious housing plan may depend on what happens between now
and then at Astoria Cove.
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20140922-NEWS--0012-NAT-CCI-CN_--
9/18/2014
6:00 PM
Page 1
IN THE BOROUGHS BROOKLYN
Billyburg retailers
Continued from Page 3
Williamsburg, once a magnet for
indie designers and edgy artists, has
entered a new commercial epoch—
as a testing ground for major retailers, one that draws next-gen shoppers from around the world by the
trainload.
Ridership at the L train’s Bedford
Street station, a major neighborhood hub, increased 42% from 2008
to 2013, according to the Metropolitan Transit Authority, and the
crowds are only swelling.
Urban Outfitters and Gant have
also heeded Williamsburg’s call, experimenting with their own new
concepts: in-store bars and cafés,
the addition of liberal dollops of local labels—all items unseen in their
more-traditional outposts. If these
stores pass muster with Williamsburg’s cutting-edge crowd, the
chains may roll them out to other
locations.
‘Something different’
“People are looking for something
different in Williamsburg, and it’s a
great chance for a lot of stores to try
out new concepts,” said Peter Levitan, senior managing director at Lee
& Associates, who in recent months
has leased space to several national re-
tailers in the neighborhood.“It’s such
a popular destination, and it will only
continue to be a destination if it has
unique concepts.”
Landlords
are especially
eager to lease to
2013 RIDERSHIP
big,
deepat Bedford Avenue
pocketed
L train station
brands that will
embrace
the
community’s
PER-SQUAREartsy ideals, said
FOOT asking rent
brokers. Failure
on Bedford
to do so can be
Avenue
costly.
Many
landlords and
residents alike
SQUARE
still recall the
FOOTAGE of
protests
that
Urban Outfitters’
erupted in the
store
neighborhood
when rumors started circulating
more than a decade ago that Starbucks had its eye on a Williamsburg
location.
Times have changed. Starbucks
opened its first outpost in the area on
Union Street this past summer, a development that most locals seemed to
take with a resigned shrug. Now even
mighty Starbucks is trying to forge a
new path. For its upcoming second
Williamsburg shop, on North Sev-
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enth Street, the company hopes to
land a license to sell beer and wine.
“There’s a very conscious effort
on the part of landlords to not let
this become a basic shopping mall,”
said Geoff Bailey, a broker at SCG
Retail. “To reach the market’s true
potential, they have to keep it edgy
and interesting.”
‘That Brooklyn feel’
Urban Outfitters did both when
it opened at 98 N. Sixth St. in April.
The four-story emporium does not
bear the Philadelphia-based chain’s
name. Instead, the store is called
Space Ninety 8. It features screenprinting workshops, an edited assortment from local designers, plus
a rooftop bar and restaurant with
sweeping views.
“You don’t know you’re walking
into an Urban Outfitters,” said
Adam Schweig, a Hell’s Kitchen resident who works nearby on North
Third Street. “It fits in well with the
neighborhood, and you still get that
lofty, Brooklyn feel.”
Similarly, high-end label Gant
Rugger dedicates a portion of its
1,300-square-foot store, which it
opened late last year on North Sixth
Street, to a brasserie-style kitchen
with bistro seating. The “tasting
table,” where whiskey from local
Kings County Distillery is served, is
a new approach for the brand, which
has expanded the endeavor to
two additional U.S. stores.
“With Williamsburg especially,we give [customers] a
new home to hang out in, and
a real sense of community,”
said David Arbuthnot, Gant
USA’s CEO. “The store is so
much more than shopping.”
Others now wait in the
wings with their own stores
tailored for Williamsburg.
Brokers expect a J.Crew out- SPACE RACE: Urban Outfitters calls its new
post, set to open on Wythe Williamsburg concept store Space Ninety 8.
Avenue in late September, to
offer a few noteworthy departures from its traditional play- Avenue—a street that had been off
book.
the beaten path until the 2012 openMeanwhile, a spokesman for ing of the popular Wythe Hotel—
Whole Foods stressed that its store, reportedly closed for $90 per square
scheduled to open on Bedford Av- foot, and now, mere months later,
enue in 2016, will be “unique” from asking rents nearby are already close
its fleet. Similarly, Canadian yoga to $150 per square foot.
brand Lululemon and fashion house
Even as developers race to erect
Helmut Lang are also said to be new residential towers with extensive
looking to open new and different ground-floor store space, big-name
stores in the area.
retailers prefer old-school industrial
With so many retailers from buildings that scream “Brooklyn.”
around the world clamoring for their
“It almost makes it more difficult
own little piece of Williamsburg, the to attract these tenants to new develprice of real estate has taken wing. opments,” said Mr. Bailey. “They
Asking rents for shopfronts on Bed- want that authenticity, that heavyford Avenue near the L train station timber-and-iron-doors vibe that taps
are now at about $300 per square into the Williamsburg experience.” 䡲
foot, compared with $75 per square
LISTEN to a discussion at
foot just three or four years ago.
CrainsNewYork.com/podcasts
The J.Crew deal on Wythe
20140922-NEWS--0013-NAT-CCI-CN_--
9/18/2014
7:46 PM
Page 1
E D U C AT I O N
‘One of the great challenges is
to develop a business model that
works for students from
low-income families’
REPORT
—Stephen J. Friedman, president, Pace University, Page 14
People to
Watch
in Higher
Education
BY JUDITH MESSINA
he presidents, deans and others profiled here are leading their
institutions into a world of higher education that is in flux
and under pressure, most significantly from a public
increasingly skeptical that a pricey college education can
deliver enough value to justify those massive tuition bills.
To stand out and stay relevant, some are building new, multimilliondollar facilities. Virtually all are launching programs in areas unheard of
20 years ago, and most are grappling with how to use technology to
advance learning. The public institutions, in particular, are finding ways
to help ill-prepared high-school students handle college-level work.
T
TOPS IN THEIR EXECUTIVE CLASS: Among New York’s most interesting newsmakers in the higher-education
field these days are (clockwise from bottom left): Mary Boyce, Rudolph Crew, Ricardo Fernandez,
Stephen J. Friedman, Conrado Gempesaw, Cheryl Healton, Alan Kadish, James Milliken, Donna Rapaccioli and
Lawrence Smith.
Profiles start on Page 14
20140922-NEWS--0014,0015-NAT-CCI-CN_--
9/18/2014
7:47 PM
Page 1
REPORT EDUCATION
Rudolph Crew, President
Medgar Evers College
udolph Crew took the helm at Medgar
Evers College this year with a large and
much-needed agenda: to reverse the decline in enrollment and raise graduation rates.
Many students arrive at the college with inadequate reading and math skills, and only 10% of
first-time, full-time freshmen graduate with a
bachelor’s degree in four years, compared with
22% in the CUNY system as a whole.
A former chancellor of the city’s public
schools, Mr. Crew brings much experience to
the table. He has a multipronged strategy,
from providing internships, job fairs and
online courses to helping better prepare kids
before they even arrive. Last spring, firms such
as JPMorgan Chase, New York Life and
R
Major League Baseball recruited on campus.
During the summer, five students worked at
the Brooklyn district attorney’s office, and 830
middle- and high-school students studied
reading, science and math with MEC faculty.
Other items on Mr. Crew’s ambitious
agenda include new programs in law and
education, and exposing students to a wide
array of jobs. He hopes to boost enrollment by
25% during the next five years.
“There are students at Medgar Evers that are
bright, talented and capable of being producers
of new ideas,” Mr. Crew, 64, said. “They’ve got
a hand to play, and the question is whether we
can sustain that from elementary, middle and
high school and into their college career.”
Ricardo Fernandez, President
Mary Boyce,
Dean
Lehman College
he longest-serving president in the city university system, Ricardo
Fernandez has transformed Lehman College into a destination
for the city’s college-bound students.
Last fall, 12,085 undergrad and graduate students were enrolled at
Lehman, up 18% from 2004. In June, the school graduated more than
2,800 students, one of its largest classes ever. More are on the way as
Mr. Fernandez expands the college’s reach and resources, recently
completing a $70 million science building and a 28,000-square-foot
multimedia center that makes Lehman one of the most tech-capable
schools in CUNY.
“The science facility has made a huge difference,” Mr. Fernandez
said.
The president of Lehman since 1990, Mr. Fernandez, 73, has forged
strong community relations in the Bronx, where the college is based.
The two-year-old Intel-funded Bronx SciFest competition last year
provided mentoring and lab space to 36 high-school students. This fall,
the school will launch an incubator, the Bronx Business Bridge.
“I’ve always felt a public institution has a particular obligation
toward the community where it’s located and to the people it serves,”
said Mr. Fernandez.
Today, Mr. Fernandez continues the recruiting push, reaching out to
adult learners and attracting more international students from Brazil
and China, among other places. He is seeking out private partners to
build a dormitory on campus to house them.
T
Columbia University’s Fu
Foundation School of
Engineering and Applied
Science
M
Stephen J. Friedman, President
Pace University
rom 2001 to 2007, Pace University struggled with
shrinking enrollment as the number of full- and
part-time undergraduates dropped by 13%. The
university faced a deficit and other financial constraints.
Enter Stephen J. Friedman. Formerly dean of the
university’s law school, he was named president seven years
ago, and tasked with turning around the 108-year-old
institution. Since then, through belt tightening and
aggressive recruitment, Mr. Friedman, 76, has bolstered
Pace’s finances, added faculty and attracted students from
other states and even overseas.
New dorms and an environmental center are in the
works at Pace’s Westchester campus, and a new
performing-arts school, supported by a gift from actor
Kevin Spacey, is taking shape at the university’s flagship
site in lower Manhattan. Last year, 3,000 hopefuls applied
for 160 spots in Pace’s performing-arts program.
But there’s more work to do as Pace and other colleges
face a declining high-school population in the Northeast
and pressure to stem rising costs and high levels of student
debt.
To meet those challenges, Mr. Friedman is developing,
among other things, a model that incorporates online and
F
in-class learning, while strengthening Pace’s historic
mission of combining liberal arts with professional
education and real-life experience.
“One of the great challenges is to develop a business
model that works for students from low-income families,”
Mr. Friedman said.
buck ennis; eileen barroso; ivy riddick
ary Boyce has one thing
she doesn’t have to
worry about—whether
her students will get jobs. In an
economy where college grads are
waiting tables, engineers have
their pick of well-paying positions.
“We’ve never before had this
kind of acknowledgment of the
importance of engineering,” said
Ms. Boyce, 56, the new dean of
Columbia’s Fu Foundation School
of Engineering and Applied
Science.
The former chair of
mechanical engineering at MIT,
Ms. Boyce last year took the helm
of Columbia’s 150-year-old
engineering department, making
her one of only 35 women
heading an engineering school in
the U.S. and the third at an Ivy
League institution.
Her tenure comes as the Fu
School is poised for major growth.
During the past decade, its
competitive ranking climbed to
14th from 30th. And the school’s
growing stature, coupled with
engineering’s newfound cachet,
brought in a record number of
applications for this year’s
freshman class—more than 7,500
for 320 spots.
The school’s reputation
stands to grow even further with
Columbia’s new Institute for Data
Sciences and Engineering, one of
a number of key initiatives by the
university and the city to help
make New York a science and
technology powerhouse.
Launched in 2012, the institute
will eventually be housed in a new
building on the Manhattanville
campus.
One of Ms. Boyce’s tasks will
be to sustain that momentum.
“Everything takes time, and I wish
I could move things faster,” she
said.
20140922-NEWS--0014,0015-NAT-CCI-CN_--
Conrado
Gempesaw,
President
St. John’s University
t St. John’s University,
students can click on a
remote control to answer
questions, providing professors
with instant feedback on what
they are learning.
It’s one of the ways the private
Catholic institution, nearly 150
years old and headquartered in
Queens, is incorporating
technology into the classroom—
an undertaking its new president,
Conrado Gempesaw, considers
urgent.
“The question for us at St.
John’s is how to keep pace with
A
9/18/2014
7:47 PM
Page 2
Cheryl Healton, Director
Global Institute of Public Health
New York University
s the head of Legacy—a foundation created in
1999 out of a U.S. settlement agreement with
the tobacco companies—Cheryl Healton
worked to wean people from smoking. During her
tenure, one program, Legacy’s Truth campaign, got
credit for stopping nearly a half-million teenagers over
a five-year period from ever lighting up.
Now she’s attacking other big health problems, like
diabetes and obesity, as the founding director of New
York University’s two-year-old Global Institute of Public
Health, an effort to put the university’s stamp on one of
A
the most important areas of public policy.
With 450 students and 120 faculty members from
15 NYU schools—including law, medicine and
business—Ms. Healton, 61, aims to apply an
interdisciplinary approach to public health problems.
“People working across disciplines are more
powerful,” she said. “You need to create an overarching
goal that appeals to anyone.”
During the next four years, Ms. Healton is hoping to
double NYU’s $30 million for research grants in public
health, and to increase the institute’s student
population to 1,000. Key to those goals is fostering an
environment that will entice researchers to step outside
their disciplines and work collaboratively.
So far, she said, “we have felt nothing but a sense
of wild enthusiasm.”
buck ennis; eileen barroso; ivy riddick
NEXT
LEVEL
technological innovation and
adopt new methods that advance
learning,” said Mr. Gempesaw,
60, formerly the provost of Ohio’s
Miami University and the first
non-priest to head the nearly
150-year-old Queens institution.
St. John’s, the alma mater of
local luminaries like Mario
Cuomo and Charlie Rangel, saw
more than 90% of its 2013 grads
employed or starting master’s
programs within six months of
graduating, said Mr. Gempesaw,
who took the helm July 1.
Total enrollment has held
steady over the past few years, at
about 21,000. But freshman
enrollment is down 14% from its
peak in 2008, in part because of
a diminishing supply of highschool graduates in the
Northeast. Mr. Gempesaw wants
to attract more international,
transfer and nontraditional
recruits while strengthening
efforts to support low-income
students.
“Providing access for those
with higher economic need is not
sufficient,” he said. “We must
also ensure the success of our
students.”
S
Pa
F
un
People who want to change the world start by transforming themselves
at the NYU School of Professional Studies. Our graduate programs—
taught by top industry professionals—take your career to new heights
by providing the critical advantage you need to compete and succeed.
VISIT
sps.nyu.edu/x3
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an
de
20140922-NEWS--0016-NAT-CCI-CN_--
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Page 1
REPORT EDUCATION
James Milliken, Chancellor
City University of New York
uring the past 15 years, the City University of New York has
raised its standards, increased enrollment and seen its reputation
climb. New Chancellor James Milliken aims to keep those
trends going.
“CUNY is well positioned to make extraordinary improvements
and become even more important to New York City and New York
state,” said Mr. Milliken, 57, who took over from longtime Chancellor
Matthew Goldstein this past June.
A lawyer, Mr. Milliken spent a decade as president of the University
of Nebraska, where he increased enrollment, expanded research and
raised record funds. At CUNY, he plans to boost research activity aided by the university’s new science facilities, and to use technology to
expand the institution’s reach. Today, CUNY offers online degrees
through the College of Professional Studies, and in the fall John Jay
College will launch its first massive open online course, or MOOC.
But there is more to be done, Mr. Milliken said.
“This has not been an area of real leadership for CUNY, and I want
us to be in the forefront,” he said.
He also plans to increase fundraising and establish public-private
partnerships, something he did at Nebraska, creating the Nebraska Innovation Campus, a research and technology park. In fact, said Mr.
Milliken, local plans are underway.
D
Alan Kadish,
President
Touro College and University
System
Donna Rapaccioli, Dean
T
Fordham Schools of Business
n a world where profits and productivity often crowd out other goals, the Fordham
Schools of Business stand out as institutions with a moral mission.
“We are educating compassionate, global business leaders,” said Donna
Rapaccioli, 51, dean of Fordham’s Graduate School of Business and its undergraduate
Gabelli School of Business. “You can’t just focus on profit. You need a holistic
approach.”
An expert in international accounting, Ms. Rapaccioli is one of only 79 female
business-school deans in the U.S. She has started research centers on fair trade,
positive marketing and health care innovation. On her watch, the Gabelli School has
climbed to 38th in 2014, from 49th in 2012, in the Bloomberg Businessweek rankings.
She believes a focus on the role of business in improving people’s lives gives
Fordham an edge. Its Consortium for Trustworthy Organizations, for example, teaches
executives how to build principled businesses. For undergraduates, there’s Ignite, a
four-year program where students work on self-discovery and personal ethics.
The strategy is helping to win students from all over. This year, Gabelli’s freshman
class will have more students from California than Connecticut, a singular achievement
for the onetime commuter school. Gabelli received more than 9,000 applications this
year, up 12% over last year and nearly 80% over 2010.
Maintaining that edge is the next challenge, Ms. Rapaccioli said: “We need to figure
out new revenue streams so we can deliver high-quality education without raising tuition.”
I
Lawrence Smith, President
Hofstra North Shore-LIJ School of Medicine
uring their first nine weeks at Hofstra North Shore-LIJ School of
Medicine, students aren’t stuck inside a classroom. Instead they ride
ambulances, treat patients and get certified as EMTs. When they study
anatomy, they don’t memorize data, but trail an obstetrician, observe deliveries
and watch as a human being develops.
“We are teaching for tomorrow’s medicine,” said Dr. Lawrence Smith, 64,
founding president of the three-year-old school. “Your iPhone makes
memorizing facts an obsolete skill set.”
Many institutions are overhauling curricula, but as one of 17 new medical
schools in the United States, Hofstra has the luxury of building one from the
ground up.
Starting a medical school isn’t cheap, however—an estimated $75 million to
$125 million. North Shore-LIJ contributes $5 million annually, along with inkind resources such as a patient simulation lab.
Students have flocked to the new school, many coming from poor families.
So far, 280 students—80% of them on financial aid—are enrolled in four
classes. The full-enrollment goal is 500.
The next hurdle is achieving full accreditation this fall, and then placing the
inaugural class of 40 students into residencies.
“I want every [residency] program director to say, ‘I want students from that
medical school,’ ” said Dr. Smith.
D
photos buck ennis
ouro may be New York
City’s best-kept secret in
higher education.
Headquartered on West 23rd
Street, it serves 19,000
students at 32 locations across
the globe, including Israel,
Moscow and Berlin, with four
medical schools, and graduate
and undergraduate schools in
law, business, education and
other fields.
In the three years since Dr.
Alan Kadish took the reins,
Touro has gotten even bigger. Dr.
Kadish—a 58-year-old Queens
native and a cardiologist and
professor of medicine from
Northwestern University—
launched a branch in Middletown, N.Y., of Touro’s Harlembased College of Osteopathic
Medicine and assumed control
of New York Medical College
from the Roman Catholic
Archdiocese of New York.
New ventures have to meet
tough standards, Dr. Kadish
said. They must be financially
viable and able to “create
careers and achieve 100%
employment for students.”
Founded in Manhattan in
1971 with just 35 students,
Touro is a Jewish-sponsored
institution but serves all
populations, many of them
immigrants and students from
poor neighborhoods. Its Harlembased school of medicine
received more than 6,000
applications for its 2014 class,
up from 800 in 2007.
Dr. Kadish has more plans to
grow with the expansion of
existing health science
programs, a new biotech
incubator and possible new
curricula in nursing and allied
health professions at New York
Medical College.
“We have to evolve to meet
our mission and [prepare
students for] where the jobs
are,” he said.
3 Tips for a Perfect Holiday Party
Start scouring the Internet
for deals on ugly sweaters –
it’s that time of the year
again. Well, almost.
While it may seem fall has
just arrived, venues and event
planners are already booking
up for the holidays. So here’s
something to consider: instead
of recycling last year’s event,
from the location down to the
karaoke machine, kick it up a
notch and plan a holiday gathering that has heads spinning
rather than ears ringing. This
month, I have a few ideas to
help you spice up your holiday
bash and make it the hottest
topic at the water cooler for
months afterward.
Entertain
The most memorable parties
involve great entertainment.
Think outside the box and
combine entertainment with
team building. For example,
consider bringing in an improv
Liz King
CEO, Chief Event Specialist, Liz King Events
Co-Founder, PlannerTech Event Technology
Showcase
Executive Producer, Event Alley Show
Reach me, [email protected]
Follow me, Twitter.com/lizkingevents
group to entertain your team
or create something together
– improv requires participacan foster camaraderie. Post
tion from your fellow workers
pictures of the fun moments on
and guarantees a room full of
the office refrigerator; they’ll
laughs. Or, consider more trahelp during those hair-pulling
ditional entertainment with a
days when everything seems
twist: hire a musical group and to go awry. (How can you have
encourage them to
a sad face when
unleash the inner
staring at a picture
songwriter in your
of Greg in accountemployees. It’s
ing covered in yolk
A few ideas
a unique way to
from the egg toss
to help you
bring your staff tochallenge?) Find
spice up your ways to divide
gether – and better
holiday bash
yet, you’ll create
your staff into
an original musical
cross-departmental
masterpiece.
teams for friendly
competitions. This
Reward
allows people to strengthen
Staff members view holiday
the relationships across the
parties as a reward for a long
organization and feel part of
year of hard work. Bonuses are a larger mission. Also, be sure
always ideal, but if cash is not
to involve leadership in all the
in your budget, there are plen- activities, especially ones that
ty of other great ways to show
involve role play.
your appreciation. Hand out
awards to your staff for various While it’s easy to simply plan
behaviors, both serious and
a dinner and invite your staff,
fun. Accolades for the most
invest the extra time to create
punctual, the deal of the year,
lasting memories. People are
or best snack-baker are great
ignited in their work when
ways to show recognition and
they are aligned with a bigger
boost morale. Also consider
purpose. A holiday party is the
non-monetary rewards (a paid
perfect way to build a flame
day off is never overlooked) or
that will burn all year long. If
hosting your staff party during
you’re stumped for ideas, don’t
work hours, so people feel
hesitate to involve colleagues
like they get some time off
in the creative process. Planthe job.
ning the holiday party shouldn’t
feel like an extra chore – so
Build community
instead of focusing on the
Whether your holiday party is
time and effort that goes into
extravagant or modest, you can preparation, look at it as more
make a year-round difference
than just an event. View it as an
in team morale by using the
unforgettable memory that will
occasion to build community.
be appreciated and rememGetting your team to laugh
bered by your colleagues.
Next
Edition
OCTOBER
13
2014
A Special Advertising Supplement to Crain’s New York Business
BUSINESS DINING & VENUES
Vanderbilt Suites
An interview with Sharon Colabello,
Director of Catering
Tell us a bit about Vanderbilt
Suites – what would you like
event planners to know?
Vanderbilt Suites is located
lobby-level in the MetLife
Building, 200 Park Avenue,
combining state-of-the-art
equipment with sleek, modern design in the heart of
Midtown. The versatile space
comfortably accommodates
events for 175 guests standing
and 130 guests seated.
Vanderbilt Suites seems to
be the best kept secret in
Midtown – it’s 2,200 square
feet with the ability to subdivide the space into smaller
rooms. Easily accessible from
Grand Central, the space is
perfect for meetings, presentations, town halls, luncheons,
dinners, receptions, wine
tastings, social events and, of
course, holiday celebrations.
Event planners have the luxury
of customizing their menus
from four Patina Restaurant
Group restaurants also located
in the MetLife Building. Each
restaurant cultivates a different
style: Café Centro, French bistro; Naples 45, authentic Italian;
La Fonda Del Sol, modern
Spanish; and Cucina & Co.,
rustic Mediterranean.
What are some interesting
ways event planners can
use the space?
Many of our events are full-day
meetings. Often, these events
conclude with a reception or
dinner that is more social in its
focus. Any of our restaurants
can create an unforgettable
event finale for attendees.
Also, the convenience of
relocating to one of the
restaurants is a win-win for all.
When a final dinner location
is too far from the meeting
location, it’s easy for guests to
just forego the dinner.
Event planners are very
conscious of sourcing locallygrown food and catering
to a wide array of food
preferences and allergies.
Can you tell us a bit about
your menus and how you
cater to these needs?
I do see the pattern of catering to food preferences and
allergies continuing. Clients
are now more involved in the
design of their final menu. They
want to know where the food
came from, the ingredients
used in the preparation and the
method of preparation. While
perhaps at one time it wasn’t
customary for the chef to attend
the client planning meetings, it
is certainly the norm now.
Can you tell us more about
some of your restaurants
in the MetLife Building?
Café Centro offers sophisticated French specialties and
8OE4USFFUCFUXFFOUIBOEUISE'MPPS
an air of 1930s Paris, making
it one of Midtown’s most
popular restaurants for corporate or private events. In
the main dining room, stylish
French fare lends a sophisticated ambiance. And with a
versatile floor plan, the main
room provides an open central area as well as intimate
corners where guests can
slip away for private
conversations.
In Café Centro’s private
dining room, smaller groups
searching for intimacy can
enjoy an Art Deco-inspired
space that’s ideal for breakfast meetings, luncheon
events, wine tastings and
dinner parties. And outside,
Café Centro’s expansive patio
will add the energy of New
York City to your summertime
events. The patio is available
during the warmer months
for dining, wine tastings and
lively receptions.
There’s also La Fonda Del
Sol – one of Midtown’s most
vibrant restaurants and an
unprecedented stage for
modern Spanish cuisine,
with a focus on tapas.
Out of Office is published by Crain’s Custom Connections Studio. For more information,
please contact Trish Henry at (212) 210-0711 or [email protected].
For more information on
Here we don’t call them grill
marks, we call them pinstripes.
OUT OF OFFICE
please contact
Irene Bar-Am
at (212) 210-0133
or [email protected]
View the digital edition at
crainsnewyork.com/OOO
A Special Advertising Supplement to Crain’s New York Business
NYY STEAK MIDTOWN, a premium steakhouse
inspired by the most successful baseball franchise in history.
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dishes and sumptuous desserts. Just like the Yankees,
ZHQHYHUEULQJDQ\WKLQJEXWWKHEHVWWRWKHSODWH
9LVLWQ\\VWHDNFRP:HVWVW6WUHHW
)ROORZXVRQ7ZLWWHU#1< <6WHDNDQG)DFHERRNFRP1< <6WHDN
P018-21CL_CN_20140922.qxp
9/19/2014
8:49 AM
Page 19
TO PLACE A CLASSIFIED AD, CALL 1-800-444-6007 OR VISIT CRAINSNEWYORK.COM
PUBLIC & LEGAL NOTICES
Notice of Qualification of MIP III REIT
GP Feeder, LLC. Authority filed with
NY Dept. of State on 8/7/14. Office
location: NY County. Princ. bus. addr.:
125 W. 55th St., NY, NY 10019. LLC
formed in DE on 8/6/14. NY Sec. of
State designated agent of LLC upon
whom process against it may be
served and shall mail process to: c/o
CT Corporation System, 111 8th Ave.,
NY, NY 10011, regd. agent upon
whom process may be served. DE
addr. of LLC: c/o The Corporation
Trust Co., 1209 Orange St., Wilmington,
DE 19801. Cert. of Form. filed with DE
Sec. of State, 401 Federal St., Dover,
DE 19901. Purpose: all lawful purposes.
Notice of Formation of CS 225
Pennsylvania LLC. Arts. of Org. filed
with Secy. of State of NY (SSNY) on
7/22/14. Office location: NY County.
SSNY designated as agent of LLC
upon whom process against it may
be served. SSNY shall mail process
to: c/o The LLC, 1350 Broadway,
Ste. 1010, NY, NY 10018. Purpose:
any lawful activity.
Notice of Formation of HUSH EVENTS
NYC LLC. Arts. of Org. filed with Secy.
of State of NY (SSNY) on 08/12/14.
Office location: NY County. Princ.
office of LLC: 1729 1st Ave., Apt. 6F,
NY, NY 10128. SSNY designated as
agent of LLC upon whom process
against it may be served. SSNY shall
mail process to Patricia Ives, c/o the
LLC, at the princ. office of the LLC.
Purpose: Any lawful activity.
Notice of Formation of BEAUTIFUL
DARKNESS, LLC. Arts. of Org. filed
Princ. office of LLC: 110 E. 25th St.,
#102, NY, NY 10010-2913. SSNY
designated as agent of LLC upon
whom process against it may be served.
SSNY shall mail process to the LLC,
110 E. 25th St., 4th Fl., NY, NY
10010. Purpose: Any lawful activity.
Notice of formation of CRAVE – KITCHEN
THERAPY, LLC. Arts. Of Org. filed with
NY Secy. of State (SSNY) on 8/6/2014.
Office in New York County. SSNY
served. SSNY shall mail process to:
101 Avenue D, Suite 6H, New York, NY
Notice of Formation of LUCINDA 44TH,
LLC. Arts. of Org. filed with Secy. of
State of NY (SSNY) on 07/30/14. Office
location: NY County. Princ. office of
LLC: 1430 Broadway, 17th Fl., NY, NY
10018. SSNY designated as agent of
LLC upon whom process against it may
to the LLC at the addr. of its princ.
office. Purpose: Any lawful activity.
Notice of Qual. of Furnex, LLC, Auth.
filed Sec'y of State (SSNY) 6/4/14.
Office loc.: NY County. LLC org. in DE
4/2/14. SSNY desig. as agent of LLC
upon whom process against it may be
served. SSNY shall mail copy of proc.
to 637 Valley Rd., New Canaan, CT
06840. DE off. addr.: Harvard Bus.
Services, 16192 Coastal Hwy., Lewes,
DE 19958. Cert. of Form. on file:
SSDE, Townsend Bldg., Dover, DE
19901. Purp.: any lawful activities.
Notice of Qualification of DOLP 825
PROPERTIES II LLC. Authority filed
LLC formed in Delaware (DE) on
07/24/14. SSNY designated as agent
of LLC upon whom process against it
may be served. SSNY shall mail
process to c/o Royal Realty Corp.,
Attn: Corporate Counsel, One Bryant
Park, NY, NY 10036. DE addr. of LLC:
c/o Corporation Service Co., 2711
Centerville Rd., Ste. 400, Wilmington,
DE 19808. Arts. of Org. filed with
Secy. of the State of DE, Div. of
Corps., John G. Townsend Bldg.,
401 Federal St., Ste. 4, Dover, DE
Notice of Qualification of ROUNDTABLE
INTERNATIONAL DEVELOPED EQUITY
LP. Authority filed with Secy. of State
of NY (SSNY) on 08/04/14. Office
location: NY County. LP formed in
Delaware (DE) on 04/17/14. Princ.
office of LP: 280 Park Ave., 22nd Fl. East Tower, NY, NY 10017-1216. SSNY
designated as agent of LP upon whom
process against it may be served. SSNY
shall mail process to Corporation
Service Co. (CSC), 80 State St., Albany,
NY 12207-2543. Name and addr. of
each general partner are available from
SSNY. DE addr. of LP: CSC, 2711
New Castle Cnty., DE 19808. Arts. of
Org. filed with DE Secy. of State, c/o
Div. of Corps., John G. Townsend
Bldg., 401 Federal St., Dover, DE
Notice of Qualification of REQX
BIKESHARE LLC. Authority filed with
Secy. of State of NY (SSNY) on
07/02/14. Princ. office of LLC: 895
Broadway, NY, NY 10003. SSNY designated as agent of LLC upon whom
process against it may be served.
SSNY shall mail process to the LLC
at the princ. office of the LLC. DE
addr. of LLC: c/o Corporation Service
Co., 2711 Centerville Rd., Ste. 400,
Wilmington, DE 19808. Arts. of Org.
filed with Secy. of State of the State
of DE, John G. Townsend Bldg., 401
Federal St., Ste. 3, Dover, DE 19901.
Notice of Qualification of BSREP UA
Heritage LLC. Authority filed with Secy.
Office location: NY County. LLC
formed in Delaware (DE) on 08/13/14.
Princ. office of LLC: Brookfield Pl., 250
Vesey St., NY, NY 10281-1023. SSNY
served. SSNY shall mail process to
Corporation Service Co. (CSC), 80
State St., Albany, NY 12207-2543. DE
addr. of LLC: CSC, 2711 Centerville
Rd., Ste. 400, Wilmington, DE 19808.
Arts. of Org. filed with DE Secy. of
State, John G. Townsend Bldg., 401
NOTICE OF FORMATION OF GWEE
LLC. Articles of Organization filed
with the Secretary of NY (SSNY) on
06/03/2014. Office location: New York
County. SSNY has been designated
as agent upon whom process against
it may be served. The Post Office
address to which the SSNY shall mail
a copy of any process against the LLC
served upon him/her is : 301 East
22nd Street, Apt#9M, New York , NY
10010. The principal business address
of the LLC is: 301 East 22nd Street,
Apt #9M, New York, NY 10010.
Purpose:any lawful act or activity.
15 EAST 128TH STREET LLC, Arts. of
Org. filed with the SSNY on 08/07/2014.
Office loc: NY County. SSNY has
been designated as agent upon
whom process against the LLC may
to: 17 E 128th St., NY, NY 10035.
Purpose: Any Lawful Purpose.
Notice of Qualification of BLUE RI
ADVISORY (USA), LLC. Authority filed
12/10/13. Princ. office of LLC: c/o
BlueMountain Capital Management,
LLC, Attn: Paul Friedman, 280 Park
Ave., 12th Fl., NY, NY 10017. SSNY
the LLC at the addr. of its princ. office.
DE addr. of LLC: c/o Corporation
Service Co., 2711 Centerville Rd.,
Ste. 400, Wilmington, DE 19808.
Federal St., Ste. #4, Dover, DE
Notice of Qual. of Indus Markor
Partners, L.P., Auth. filed Sec'y of
State (SSNY) 11/13/13. Office loc.: NY
County. LP org. in DE 11/13/13. SSNY
desig. as agent of LP upon whom
SSNY shall mail copy of proc. to Att:
Brian Guzman, 888 Seventh Ave., NY,
NY 10019. DE off. addr.: CSC, 2711
Centerville Rd., Wilmington, DE 19808.
Cert. of LP on file: SSDE, Townsend
Bldg., Dover, DE 19901. Name/addr.
of each gen. ptr. avail. at SSNY.
Purp.: any lawful activities.
94 Realty LLC. Arts. of Org. filed with
09/17/97. Off. loc.: NY Co. SSNY des.
as agent of LLC upon whom process
may be served. SSNY shall mail process
to the LLC, 9 Park Pl., #1E, Great
Neck, NY 11021. Purpose: General.
Notice of Formation of AMG 104
Quickserve LLC. Arts. of Org. filed
to: c/o Atlantis Management Group,
555 So. Columbus Avenue, Ste. 201,
Mt. Vernon, NY 10550. Purpose: any
lawful activity.
MIDTOWN EAST FAMILY MEDICINE
PLLC. Art. of Org. filed with the SSNY
on 08/07/14. Latest date to dissolve:
12/31/2114. Office: New York County.
SSNY. designated as agent of the PLLC
served. SSNY shall mail copy of process
to the PLLC, c/o Kalb & Rosenfeld P.C.,
283 Commack Road, Commack, NY
11725. Purpose: For the practice of
the profession of Medicine.
Notice of Formation of CA 40-56
Tenth Holdings LLC. Arts. of Org.
filed with Secy. of State of NY
(SSNY) on 8/14/14. Office location:
NY County. SSNY designated as
mail process to: c/o The LLC, 1407
Broadway, 41st Fl., NY, NY 10018.
Purpose: any lawful activity.
Notice of Qual. of Malachite Capital
GP LLC, Auth. filed Sec'y of State
(SSNY) 10/22/13. Office loc.: NY
County. LLC org. in DE 8/30/13. SSNY
desig. as agent of LLC upon whom
SSNY shall mail copy of proc. to Att:
Jacob Weinig, 3 Columbus Circle,
NY, NY 10019. DE off. addr.: CSC,
2711 Centerville Rd., Wilmington, DE
19808. Cert. of Form. on file: SSDE,
Townsend Bldg., Dover, DE 19901.
Purp.: any lawful activities.
NOTICE OF FORMATION of KATHY
GROSS & ASSOCIATES, LLC
whose purpose is any lawful act or
activity. Articles of Organization were
filed with the Secretary of State of
New York (SSNY) on 07/08/2014.
Office location is NEW YORK County.
SSNY has been designated as agent
upon whom process against may be
served. The principal address of the
LLC and the Post Office address to
which the SSNY shall mail a copy of
any process against the LLC is 140
West End Avenue, Apt. 28E, New
York, NY 10023.
Notice of Qualification of NYNJ Link
Developer LLC. Authority filed with
125 W. 55th St., 15th Fl., NY, NY
10019. LLC formed in DE on 7/8/13.
NY Sec. of State designated agent of
LLC upon whom process against it
may be served and shall mail process
to: c/o CT Corporation System, 111
8th Ave., NY, NY 10011. DE addr. of
LLC: The Corporation Trust Co., 1209
Orange St., Wilmington, DE 19801.
Cert. of Form. filed with DE Sec. of
State, 401 Federal St., Dover, DE
19901. Purpose: all lawful purposes.
POSITION AVAILABLE
Senior Communications/Media Relations Positions / New York State Agencies
New York State Agencies are looking for senior communications and media relations
professionals who will be strategic and forward-thinking leaders to manage a wide
variety of communication, public and media relations projects
• Oversee media affairs, communications strategy; speechwriting; preparation of briefing
material; social media and all related communications projects, programs and services
• Handle and manage day-to-day contact with State and local press corps as well as
supervise all media relations staff
• Develop strategic communication plans and collaborate with communications and media
relations staff on the development of customer/client communications, public and trade
information/communication and marketing initiatives
Desired Skills and Experience
• BS degree, advanced degree preferred, along with 7+ years in public relations, communications,
marketing, or government relations
• Experience managing diverse and creative teams of employees.
• Broad experience in creating and executing strategic communication plans
• Excellent written and communications skills as well as comprehensive knowledge and
experience working with New York State and New York City media
• Position location: Albany or NYC
Please submit resume to: [email protected]
New York State is an Equal Opportunity Employer (EOE)
REAL ESTATE
BUSINESS SERVICES
COMMERCIAL SPACE
Professional
Outsourced
Bookkeeping
Services
Hudson Valley Area of New York
1) Investment Properties, on & off market deals
2) Development Sites; TOD, Apts, Retail, Hospitality
3) Data, Call, Office, 100K SF Metro North Train
4) 100K SF Manufacturing 11 Acres, all Utilities
5) Restaurants, Theaters, Bars, Catering, Farm-County
6) Metro North Train Stop Live-Work Artist/Service
7) Institutional –Schools, Dorms, Recreation HUD River
[email protected]
Customized services to fit your needs:
• QuickBooks Advisors & Training Available
• Financial Statements, Tax Returns,
Cash Management
Please call Amanda Zyta • 212-631-9500
www.crproperties.com 845 485-3100
Notice of Qualification of THOR 164
5TH AVE LLC. App. for Auth. filed
7/11/13. SSNY designated as agent
of LLC upon whom process against it
process to: c/o Thor Equities, LLC,
25 W. 39th St., NY, NY 10018. DE
address of LLC: c/o National Registered
Agents, Inc., 160 Greentree Drive,
Ste. 101, Dover, DE 19904. Arts. of
Org. filed with DE Secy. of State, 401
Purpose: any lawful activity.
Notice of Formation of Selby Lake Too
LLC. Arts. of Org. filed with NY Dept.
of State on 7/21/14. Office location:
NY County. Sec. of State designated
against it may be served and shall
mail process to: Max R. Shulman,
610 West End Ave., NY, NY 10024,
principal business address. Purpose:
all lawful purposes.
Notice of Formation of Mohegan
North Bend LLC. Arts. of Org. filed
to: c/o Seymour Alpert, 1930
Broadway, NY, NY 10023. Purpose:
1355 AMSTERDAM REALTY LLC, a
domestic LLC, filed with the SSNY on
6/16/14. Office location: New York
County. SSNY is designated as agent
upon whom process against the LLC
The LLC, 1355 Amsterdam Ave., NY,
NY 10027. General Purposes.
NOTICE OF FORMATION OF A. M.
RICHARDSON, III, LLC. Articles of
Organization filed with the Secretary of
State of NY (SSNY) on 08/12/2013.
Office location: NEW YORK. SSNY
has been designated as agent upon
served. The Post Office address to
any process against the LLC served
upon him/her is: 40 Wall Street, 35th
Floor, New York, NY 10005. The
principal business address of the
LLC is: 40 Wall Street, 35th Floor,
New York, NY 10005. Dissolution
Date: (If Applicable). Purpose: any
lawful act or activity.
Notice of Qualification of Dune
Parallel AIV II LP. Authority filed with
623 5th Ave., 30th Fl., NY, NY 10022.
LP formed in DE on 6/30/14. NY Sec.
of State designated agent of LP upon
CT Corporation System, 111 8th Ave.,
NY, NY 10011, regd. agent upon
whom process may be served. DE
addr. of LP: 1209 Orange St.,
Wilmington, DE 19801. Name/addr. of
each genl. ptr. available from NY Sec.
of State. Cert. of LP filed with DE Sec.
of State, 401 Federal St., Dover, DE
Notice of Formation of Buttonwood
Holdings LLC. Arts. of Org. filed with
07/18/14. Office location: NY
County. SSNY designated as agent
of LLC upon whom process against
it may be served. SSNY shall mail
process to: c/o Jacqueline Pestana,
33 Irving Pl., NY, NY 10003.
Purpose: any lawful activities.
Notice of Formation of ORIENTIS
GROUP HOLDINGS, LLC. Arts. of
Org. filed with Secy. of State of NY
(SSNY) on 08/15/14. Office location: NY
of LLC upon whom process against
it may be served. SSNY shall mail
process to Ballon Stoll Bader &
Nadler, 729 7th Ave., 17th Fl., NY, NY
Name of LLC: Optimal Health and
Wellness LLC. Arts. of Org. filed with
NY Dept. of State: 8/5/14. Office loc.:
NY Co. Sec. of State designated
mail process to: Business Filings
Inc., 187 Wolf Rd., Ste. 101, Albany,
NY 12205, regd. agt. upon whom
process may be served. Purpose:
any lawful act.
Notice of Formation of WEST 76
HARRISON 9A, LLC. Arts. of Org.
filed with Secy. of State of NY (SSNY)
on 12/08/10. Office location: NY
County. Princ. office of LLC: 205 W.
76th St., Apt. 9A, NY, NY 10023.
to c/o Corporation Service Co., 80
State St., Albany, NY 12207. Purpose:
Any lawful activity.
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Notice of Qualification of ARC
NYC400E67, LLC. Authority filed with
08/08/14. Princ. office of LLC: 106
York Rd., Jenkintown, PA 19046.
to c/o CSC, 80 State St., Albany, NY
12207. DE addr. of LLC: 2711
DE 19808. Arts. of Org. filed with DE
Secy. of State, Div. of Corps., 401
Notice of Formation of Van Wagner
Group, LLC. Arts. of Org. filed with
800 Third Ave., 28th Fl., NY, NY 10022.
Purpose: any lawful activities.
MAXDELIVERY CAFE, LLC, Arts. of
Office loc: NY County. SSNY has been
designated as agent upon whom
process against the LLC may be served.
SSNY shall mail process to: Gilbride,
Tusa, Last & Spellane LLC Attn: JMW,
31 Brookside Drive, Greenwich, CT
06830. Purpose: Any Lawful Purpose.
Notice of Formation of CPH Partners
location: NY County. SSNY designated
mail process to: 369 Lexington Avenue,
28th Fl., NY, NY 10017. Purpose: any
lawful activity.
Notice of Formation of GG RED
HOLDING, LLC. Arts. of Org. filed
to Marc Fitapelli, Esq., 475 Park Ave.
South, 12 Fl., NY, NY 10016.
JERICO LLC. Art. of Org. filed with
the SSNY on 08/14/14. Office: New
York County. SSNY designated as
agent of the LLC upon whom process
mail copy of process to the LLC, 213
West 35th Street, #400, New York, NY
10001. Purpose: Any lawful purpose.
15.5 Partners LLC. Arts. of Org. filed
06/26/14. Off. loc.: NY Co. SSNY des.
process to 810 7th Ave., 18th Fl., New
York, NY 10019. Purpose: General.
HONY FILMS LLC, a domestic LLC,
filed with the SSNY on 6/10/14. Office
location: New York County. SSNY is
process against the LLC may be
Northwest Registered Agent, LLC, 90
State St., Ste. 700, Office 40, Albany,
NY 12207. General Purposes.
Notice of Qualification of MHR
INSTITUTIONAL PARTNERS IV LP.
Authority filed with Secy. of State of NY
(SSNY) on 06/26/14. Office location: NY
County. LP formed in Delaware (DE) on
12/21/11. Princ. office of LP: 40 W. 57th
St., 24th Fl., NY, NY 10019. SSNY
SSNY shall mail process to the LP at
the addr. of its princ. office. Name and
addr. of each general partner are
available from SSNY. DE addr. of LP:
c/o Corporation Service Co., 2711
Centerville Rd., Wilmington, DE 19808.
Arts. of Org. filed with Secy. of State
of DE, Dept. of State, Div. of Corps.,
John Townsend Bldg., Dover, DE
Notice of Qualification of ARCHER
CROSSBOW GP, L.L.C. Authority
County. LLC formed in Delaware (DE)
on 07/09/14. Princ. office of LLC: 570
Lexington Ave., 40th Fl., NY, NY 10022.
the LLC at the princ. office of the LLC.
The regd. agent of the company upon
whom and at which process against
the company can be served is Joshua
Lobel at the princ. office of the LLC.
DE addr. of LLC: 2711 Centerville Rd.,
Ste. 400, Wilmington, DE 19808. Arts.
of Org. filed with Secy. of State of the
State of DE, 401 Federal St., Dover, DE
Notice of Qualification of RWAY
PRIVATE EQUITY MANAGERS
FOREIGN INCOME BLOCKER LLC.
NY County. LLC formed in Delaware
(DE) on 07/03/13. Princ. office of LLC:
200 West St., 38th Fl., NY, NY 10282.
c/o Corporation Service Co. (CSC), 80
Rd., Ste. 400, Wilmington, New
Castle Cnty., DE 19808. Arts. of Org.
filed with Secy. of State of DE, Div. of
Corps., John G. Townsend Bldg., 401
Federal St. - Ste. 4, Dover, DE 19901.
Purpose: Making investments.
LUNGTA ONE, LLC, a domestic LLC,
filed with the SSNY on 3/27/14.
Office location: New York County.
SSNY is designated as agent upon
to The LLC, 130 Jane St., Ste. 5G,
NY, NY 10014. General Purposes.
Notice of Formation of SAGE MANAGEMENT NYC, LLC. Arts. of Org.
mail process to the LLC, Attn: Rabbi
David Korn, 353 Bowery, NY, NY
KPL ENTERPRISES LLC, a domestic
LLC, filed with the SSNY on 6/18/14.
SSNY is designated as agent upon
to The LLC, 141 E. 88th St., Unit 10F,
2254 LLC. Arts. of Org. filed with Secy.
Off. loc.: NY Co. SSNY des. as agent
of LLC upon whom process may be
c/o Silver Star Properties Corp., 350
5th Ave., Ste 6908, New York, NY
10118. Purpose: General.
GREGORY WAYNE DESIGNS LLC,
Arts. of Org. filed with the SSNY on
08/20/2014. Office loc: NY County.
SSNY has been designated as agent
process to: 145 E 84th St., 9D, NY,
NY 10028. Purpose: Any Lawful
Purpose.
SIERRA CHELSEA, LLC, a domestic
LLC, filed with the SSNY on 7/3/14.
Office location: New York County. SSNY
is designated as agent upon whom
The LLC, c/o Jorge Alejandro Sierra
Gonzalez, 322 W. 57th St., Apt. 16S,
Notice of Formation of Trask Foods,
LLC. Arts. of Org. filed with NY Dept.
of State on 9/2/14. Office location:
NY County. Princ. bus. addr.: 411 W.
14th St., 4th Fl., NY, NY 10014. Sec.
of State designated agent of LLC
be served and shall mail process to:
CT Corporation System, 111 8th
Ave., NY, NY 10011, regd. agent
upon whom process may be served.
Purpose: all lawful purposes.
Notice of Qualification of INTEGRATED
MACRO ADVISORS, LP. Authority
County. LP formed in Cayman Islands
(C.I.) on 07/21/14. Princ. office of LP:
c/o Integrated Macro Advisors, LLC,
Attn: Howard Kurz, 450 Park Ave., Ste.
1901, NY, NY 10022. SSNY designated
as agent of LP upon whom process
mail process to the LP at the addr. of
its princ. office. Name and addr. of each
general partner are available from SSNY.
C.I. addr. of LP: c/o Maples and Calder,
P.O. Box 309, Ugland House, S. Church
St., George Town, Grand Cayman, C.I.
KY1-1104. Arts. of Org. filed with
Registrar of Exempted Limited
Partnership, Registrar of Companies,
P.O. Box 123, Ground Fl., Government
Admin. Bldg., 133 Elgin Ave., George
Town, Grand Cayman, C.I. KY1-9000.
NOTICE OF FORMATION OF Red
Room Hospitality LLC. Arts of Org
filed with Secy of State of NY (SSNY)
upon whom process may be served
and shall mail copy of process against
LLC to: 95 Delancey Street, New
York, NY 10002. Principal business
address: 95 Delancey Street, NY, NY
10019. Purpose: any lawful act.
Notice of Formation of F4 Service
Group LLC, Art. of Org. filed Secy. of
SSNY Designated as agent of LLC
be served. SSNY shall mail copy of
process to: The LLC, 9 Broadway,
New York, NY 10004. Purpose: any
lawful activity.
Notice of Formation of DONALBANE
HOUSE LLC. Arts. of Org. filed with
State St., Albany, NY 12207-2543.
Notice of Formation of ELOD STUDIO,
Office location: NY County. SSNY
Corporation Service Co., 80 State St.,
Albany, NY 12207, regd. agent upon
whom and at which process may be
served. Purpose: Any lawful activity.
Deer Equities, LLC. Arts. of Org. filed
07/17/14. Off. loc.: NY Co. SSNY
des. as agent of LLC upon whom
process may be served. SSNY shall
mail process to the LLC, 450
Seventh Ave., Ste. 1100, New York,
NY 10123. Purpose: General.
Notice of Qualification of BROOKFIELD
RETAIL HOLDINGS II SUB II LLC.
NY County. LLC formed in Delaware
(DE) on 10/17/13. Princ. office of LLC:
250 Vesey St., 15th Fl., NY, NY 102811023. SSNY designated as agent of
LLC upon whom process against it may
addr. of LLC: 2711 Centerville Rd., Ste.
400, Wilmington, DE 19808. Arts. of
Org. filed with DE Secy. of State, Div.
of Corps., John G. Townsend Bldg.,
401 Federal St., Ste. 4, Dover, DE
Notice of Qualification of SUMMIT
ROCK PRIVATE EQUITY PORTFOLIO II
(FOUNDATIONS AND ENDOWMENTS),
L.P. Authority filed with Secy. of State
of NY (SSNY) on 08/15/14. Office
location: NY County. LP formed in
Delaware (DE) on 02/27/14. SSNY
shall mail process to Corporation
Service Co. (CSC), 80 State St., Albany,
NY 12207-2543. Name and addr. of
each general partner are available from
SSNY. DE addr. of LP: c/o CSC., 2711
DE 19808. Arts. of Org. filed with
Secy. of State, Div. of Corps., 401
Beechwood Developers LLC. Arts. of
Org. filed with Secy. of State of NY
(SSNY) on 06/16/14. Off. loc.: NY
Co. SSNY designated as agent of
LLC upon whom process may be
248 W 35th St., 14th Fl., New York,
NY 10001. Purpose: General.
545WALDINE LLC, Arts. of Org. filed
with the SSNY on 07/29/2014. Office
loc: NY County. SSNY has been
C/O Mintz & Gold LLP, 470 Park Ave.
S., 10th Flr. N., NY, NY 10016.
Notice of Formation of BUTTERMILK
WAREHOUSE, LLC. Arts. of Org.
mail process to Tarter Krinsky &
Drogin LLP, Attn: Steven Troup, Esq.,
1350 Broadway, 11th Fl., NY, NY
Notice of Formation of TNT DYNAMITE
Corporation Service Co., 80 State
St., Albany, NY 12207-2543, regd.
agent upon whom and at which
process may be served. Purpose:
Any lawful activity.
Notice of Formation of ACMOS on
Chrystie LLC. Arts. of Org. filed with
c/o Nexus Building Development
Group Inc., 41 Wooster St., Ste. 2, NY,
NY 10012. Purpose: any lawful activity.
Notice of Qualification of BSREP UA
Miles LLC. Authority filed with Secy.
formed in Delaware (DE) on 08/13/14.
Princ. office of LLC: Brookfield Pl., 250
Vesey St., NY, NY 10281-1023. SSNY
Corporation Service Co. (CSC), 80
Rd., Ste. 400, Wilmington, DE 19808.
NOTICE OF FORMATION OF Art of
Anesthesia, PLLC. Articles of
Organization filed with the Sec. of
State of NY (SSNY) on Aug. 7, 2014.
Office location: New York Co. SSNY
has been designated as agent upon
served. The Post Office address to
any process against the PLLC served
upon him/her is: Art of Anesthesia,
PLLC, c/o Julia Iwamasa, 752 West
End Ave 21B, New York, NY 10025.
The principal business address of the
PLLC is: 752 West End Ave 21B,
New York, NY 10025. Purpose: any
lawful act or activity.
Notice of Formation of SNB NYC
Consulting LLC. Arts. of Org. filed
with NY Dept. of State on 8/8/14.
Office location: NY County. Sec. of
State designated agent of LLC upon
CT Corporation System, 111 8th
Ave., NY, NY 10011, regd. agent
Notice of Formation of Yellow Ocean,
location: NY County. SSNY designated
mail process to: The LLC, 183
Madison Ave., Ste. 1601, NY, NY
10016. Purpose: any lawful activity.
NOTICE OF LLP FORMATION, Cert.
of Registration filed July 10, 2014, Name:
Sirotkin & Varacalli, LLP, Principle
Office: 164 E 88th St., #3FE, New York,
NY 10128, Profession to be practiced:
Attorneys, Process may be served on
Sec. of State of N.Y. as agent."
313 West 71 Realty LLC. Arts. of Org.
on 07/24/14. Off. loc.: NY Co. SSNY
mail process to 313 West 71st St., New
MONICA LOPEZ ARCHITECT, LLC, a
Prof LLC. Arts. of Org. filed with the
SSNY on 07/25/2014. Office loc: NY
County. SSNY has been designated as
agent upon whom process against it
to: C/O the PLLC, 42 West 39th St.,
15th Fl, NY, NY 10018. Profession to
be practiced: Architecture.
The Reddy Group LLC. Arts. of Org.
on 08/27/14. Off. loc: NY County.
SSNY des. as agent of LLC upon
whom process may be served. SSNY
shall mail process to c/o Robinson
Brog, et al., Attn: Neil S. Goldstein,
875 Third Ave., 9th Fl., New York, NY
10022. Purpose: General.
Notice of Qualification of DREF II CIV
I Feeder LP. Authority filed with NY
Dept. of State on 7/3/14. Office
location: NY County. Princ. bus.
addr.: 623 5th Ave., 30th Fl., NY, NY
10022. LP formed in DE on 6/30/14.
LP upon whom process against it
8th Ave., NY, NY 10011, regd. agent
DE addr. of LP: 1209 Orange St.,
Wilmington, DE 19801. Name/addr. of
each genl. ptr. available from NY Sec.
of State. Cert. of LP filed with DE Sec.
Contact Joanne Barbieri at 212-210-0189
for classified advertising opportunities.
20140922-NEWS--0021-NAT-CCI-CN_--
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4:27 PM
Page 1
One busy tech factory
ual enterprises, we’ve been lucky
enough that a few of them have very
big potential. As a consequence,
there is a need for growth capital that
extends beyond the core company.”
It is not just the way Manhattanbased bMuse has hidden in plain
sight that makes it different. The
company has also built an infrastructure that extends from its toyand gadget-filled Willy Wonka-like
headquarters in the West Village to
engineering and design teams in
Ukraine and India, and studios in
London and Los Angeles.
The global network allows a product to be defined during the day and
built overnight in time to go through
another round of tinkering the next
morning.Rapid turnaround is crucial
for the company’s multistep development process, which starts with early
prototyping and testing of a concept
usually generated by Mr.Segal in collaboration with colleagues.
As part of testing the idea,
bMuse identifies practical uses and
starts connecting with customers. It
then puts a team around the startup,
drawing on its in-house pool of seasoned technologists and media veterans, such as Erick Schonfeld, the
former TechCrunch editor in chief
who is TouchCast’s co-founder.The
final step is when the company gets
large enough to leave the bMuse
nest and seek outside investment.
Only Kinsa, the connected thermometer, has gotten that far.
50% revenue growth
The result for bMuse has been
more than 50% annual revenue
growth for the past three years, and
total annual revenue in the high sev-
en figures. BMuse has also become
the rare New York company that develops its own technology and then
designs and manufactures the products that use it.
“We don’t associate New York
with primary technology development; we associate it with application development,” said Jon Miller,
the onetime AOL chief executive
and News Corp chief digital officer
who is chairman of bMuse. “Certainly, few to none are taking their
technology all the way through to
creating the experiences. With Retoy, for instance, they’re not just saying,‘Here’s an interesting way to embed and merge real world and iPad
world [with interactive figures].’
They’re saying, ‘Here’s the game.’ ”
At 45, Mr. Segal has a history of
doing things his way. A filmmaker
and art-school dropout who grew up
in Jerusalem and Queens, he taught
himself to code at age 10 and published his first game at 13. He founded bMuse after selling a real-time fi-
nancial news search engine he’d built,
called Relegence, to AOL in 2006.
In creating bMuse, Mr. Segal
took Thomas Edison and his lab as
the model, with the aim of working
at the intersection of media and
technology. Some of the “core products” he’s looking to reinvent include
books and magazines, and video and
merchandising, all with the idea of
turning the “digital tsunami” to the
media industry’s advantage.
Warming up to VCs
“When you look at the overall
portfolio of bMuse companies, they
tackle that problem from different
directions,” he said.
Mr. Segal has never taken venture capital largely because he believes products should be profitable
early on. Having no investors also
has given him independence.
But the company’s growing success now means outside investment
is crucial. TouchCast in particular
has huge potential that could re-
quire substantial capital to realize,
Mr. Miller says.
The TouchCast platform allows
everything from text to other videos
to be embedded inside a video—
rather than have video be one element in a page of text—and can give
an iPad the capability of a television
studio. Licensing deals have been
struck with the BBC and The Wall
Street Journal, among others.
How well bMuse manages
TouchCast’s leap into the world
could be the company’s biggest test.
Forrester Research analyst James
McQuivey, who has been an early
adopter and a fan of the video platform, says there’s no telling whether
TouchCast will become the standard for this new way of using video.
“There are too many steps between here and there to guarantee
that TouchCast will make it happen,” Mr. McQuivey said.“It’s up to
[bMuse] to not only show the market this should happen, but be the
ones who benefit when it does.” 䡲
NOTICE OF FORMATION OF LIMITED
LIABILITY COMPANY. NAME:
KATESHIN GALLERY LLC. Articles of
Organization were filed with the
Secretary of State of New York
New York County. SSNY has been
designated as agent of the LLC upon
served. SSNY shall mail a copy of
process to the LLC, c/o Kate
Junghee Shin, 170 East 80th Street,
New York, New York 10075. Purpose:
For any lawful purpose.
Notice of Formation of White Crest
Consulting LLC. Arts. of Org. filed
to: Davis & Gilbert LLP, 1740
Broadway, NY, NY 10019. Purpose:
NOTICE OF QUALIFICATION of MOF
III MANAGEMENT LLC.Authority filed
with Secy of State of NY (SSNY)
LLC formed in DE on 3/27/14. SSNY
designated agent upon whom
process may be served and shall
mail copy of process against LLC to:
CORP SERVICE COMPANY, 80
STATE ST, ALBANY, NY 12207.
Principal business address: 375 PARK
AVE, 33RD FLR, NY NY 10152.DE
address of LLC: 2711 CENTERVILLE
RD, STE 400, WILMINGTON, DE
19808. Certificate of LLC filed with
Secy of State of DE located at:
Division of Corp John G. Townsend
Bldg,401 Federal St, Ste 4, Dover,
DE 19901. Purpose: any lawful act.
NOTICE OF QUALIFICATION of
MEDLEY SMA ADVISORS LLC.
Authority filed with Secy of State of NY
NY County. LLC formed in DE on
6/27/14. SSNY designated agent upon
whom process may be served and
shall mail copy of process against LLC
to: CORP SERVICE COMPANY, 80
AVE, 33RD FLR, NY NY 10152. DE
address of LLC:2711 CENTERVILLE
19808. Certificate of LLC filed with
Division of Corp, John G. Townsend
Bldg., 401 Federal St, Ste 4, Dover,
DE 19901. Purpose: any lawful act.
NOTICE OF QUALIFICATION of
MEDLEY OPPORTUNITY FUND III
LP. Authority filed with Secy of State
of NY (SSNY) 8/11/14. Office location:
NY County. LP formed in DE on
3/27/14. SSNY designated agent upon
whom process may be served and
shall mail copy of process against LP
to: CORP SERVICE COMPANY, 80
AVE, 33RD FLR, NY NY 10152. DE
address of LP: 2711 CENTERVILLE
19808. Certificate of LP filed with
Division of Corp John G. Townsend
Bldg,401 Federal St,Ste 4,Dover,DE
19901. Purpose: any lawful act.
NEVILLE DANCE THEATRE LLC, a
domestic LLC, filed with the SSNY
on 8/5/14. Office location: New York
County. SSNY is designated as agent
process Brenda Neville, P.O. Box 1625,
Charles K. Goldner, LLC. Arts. of Org.
mail process to 155 West 72nd St., New
Cephus Partners, LLC. Arts. of Org.
mail process to Manhattan Laminates,
Attn: Beth Thornton, 624 W 52nd St.,
New York, NY 10019. Purpose: General.
NOTICE OF QUALIFICATION of MOF
III GP LLC. Authority filed with Secy of
location: NY County. LLC formed in
DE on 3/27/14. SSNY designated
agent upon whom process may be
served and shall mail copy of process
against LLC to: CORP SERVICE
COMPANY, 80 STATE ST, ALBANY,
NY 12207. Principal business
address: 375 PARK AVE, 33RD FLR,
NY NY 10152. DE address of LLC:
2711 CENTERVILLE RD, STE 400,
WILMINGTON, DE 19808. Certificate
of LLC filed with Secy of State of DE
located at: Division of Corp, John G.
Townsend Bldg., 401 Federal St, Ste
4, Dover, DE 19901. Purpose: any
lawful act.
NOTICE OF FORMATION OF LIMITED
LIABILITY COMPANY. NAME:
OSPREY WESTSIDE NY LLC.
Articles of Organization were filed with
the Secretary of State of New York
New York County. SSNY has been
designated as agent of the LLC upon
served. SSNY shall mail a copy of
process to the LLC, c/o City Skyline
Realty Inc., 507 West 139th Street,
Suite A, New York, New York 10031.
Purpose: For any lawful purpose.
PENN EQUITY GROUP LLC, Arts. of
Office loc: NY County. SSNY has
been designated as agent upon whom
21 E. 4th St., Ste 617, NY, NY 10003.
Reg. Agent: Jaime Kurt Oriol, 21 E.
4th St., Ste 617, NY, NY 10003.
Notice of Formation of RAFFLES
BISTRO LLC. Arts. of Org. filed with
the LLC, 511 Lexington Ave., NY, NY
BEE LIQUORS, LLC. Art. of Org. filed
with the SSNY on 05/26/05. Latest
date to dissolve: 12/31/2104. Office:
New York County. SSNY designated as
mail copy of process to the LLC, 225
Avenue B, New York, NY 10009.
Purpose: Any lawful purpose.
Notice of Qualification of LEE EQUITY
STRATEGIC PARTNERS FUND
INTERLUXE AIV, L.P. Authority filed
LP formed in Delaware (DE) on
08/27/14. Princ. office of LP: 650
Madison Ave., NY, NY 10022. SSNY
shall mail process to the Partnership
at the princ. office of the LP. Name
and addr. of each general partner are
available from SSNY. DE addr. of LP:
Corporation Service Co., 2711
DE 19808. Arts. of Org. filed with DE
Secy. of State, State of DE, Div. of
Corps., 401 Federal St., Dover, DE
Notice of Qualification of Northwood
Securities LLC. Authority filed with
location: NY County. Princ. bus.
addr.: 575 5th Ave., 23rd Fl., NY, NY
10017. LLC formed in DE on 5/30/14.
LLC upon whom process against it
8th Ave., NY, NY 10011, regd. agent
DE addr. of LLC: The Corporation
Trust Co., 1209 Orange St.,
Wilmington, DE 19801. Cert. of Form.
filed with DE Sec. of State, 401
Federal St., Dover, DE 19901.
41 West 68, LLC. Art. of Org. filed with
the SSNY on 11/17/11. Office: New
York County. SSNY designated as
mail copy of process to the LLC, c/o
Trinidad Hidalgo, 80 Central Park West,
Apartment 22F, New York, New York
10023. Purpose: Any lawful purpose.
Notice of Formation of DR. KATHY
DOOLEY, CHIROPRACTOR, PLLC.
Arts. of Org. filed with SSNY on 8/5/14.
whom process against may be served.
SSNY shall mail process to: C/O THE
PLLC, 1410 Broadway, Concourse Lvl,
NY, NY 10018. Purpose: to engage
in the practice of Chiropractic.
3Square Project Management LLC.
Arts. of Org. filed with Secy. of State
of NY (SSNY) on 08/27/14. Off. loc: NY
County. SSNY des. as agent of LLC
SSNY shall mail process to c/o
Robinson Brog, et al., Attn: Neil S.
Goldstein, 875 Third Ave., 9th Fl., New
Notice of Qualification of KAZTRONIX
LLC. Authority filed with Secy. of
formed in Virginia (VA) on 10/26/01.
c/o Corporation Service Co., 80 State
St., Albany, NY 12207-2543. VA addr.
of LLC: 8260 Greensboro Dr., Ste.
150, McLean, VA 22102. Arts. of Org.
filed with Clerk of the Commission
Commonwealth of VA, Tyler Bldg.,
1300 E. Main St., Richmond, VA
Notice of Qualification of Bluehenge
Capital Secured Debt SBIC, L.P.
Authority filed with NY Dept. of State
on 9/5/14. Office location: NY County.
Princ. bus. addr.: 152 W. 57th St., 20th
Fl., NY, NY 10019. LP formed in DE on
1/29/14. NY Sec. of State designated
agent of LP upon whom process
mail process to: c/o CT Corporation
System, 111 8th Ave., NY, NY 10011,
regd. agent upon whom process may
be served. DE addr. of LP: The
Corporation Trust Co., 1209 Orange St.,
Wilmington, DE 19801. Name/addr.
of genl. ptr. available from NY Sec. of
State. Cert. of LP filed with DE Sec.
Notice of Formation of 3861 Route 22
Holdings LLC. Arts. of Org. filed with
location: NY County. Sec. of State
designated agent of LLC upon whom
process against it may be served
and shall mail process to: c/o The
Community Preservation Corp., 28
E. 28th St., 9th Fl., NY, NY 10016,
principal business address. Purpose:
Notice is hereby given that a Hotel
Liquor License for beer, wine and
liquor has been applied for by the
undersigned to permit the sale of
beer, wine and liquor at retail rates for
on-premises consumption at Holiday
Inn Financial District NYC located at
99 Washington Street, New York, NY
10006 under the Alcoholic Beverage
Control Law. Golden Seahorse LLC
and Crescent Hotels & Resorts LLC.
Notice of Formation of MAZL 138TH
LLC. Arts of Org filed with Secy of
designated agent upon whom process
may be served and shall mail copy of
process against LLC to principal
business address: 251 West 138th
Street, New York, NY 10030.
Purpose: any lawful act.
Notice of Formation of KRETCHMER
SC LLC. Arts. of Org. filed with Secy.
c/o The Kretchmer Companies LLC,
350 Fifth Ave., Ste. 6900, NY, NY
10118. Purpose: any lawful activity.
20140922-NEWS--0022-NAT-CCI-CN_--
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Page 1
REAL ESTATE
The sky’s the limit
for commuters
PERSON OF INTEREST
BIG PLANNING AT CITY AGENCY
THE DEPARTMENT OF CITY PLANNING pledged
earlier this year to streamline operations at
the agency. Now it has created and filled a
position specifically for that purpose.
Jon Kaufman, a former partner at
consulting firm Bain & Co., was appointed
the agency’s first chief operating officer last
week. Although Mr. Kaufman, 44, comes
from the private sector, he had already
A
New York real estate CEO last week proposed building an aerial gondola system that would run along the Brooklyn waterfront and into Manhattan—and the reaction was swift.
Some at the Massey Knakal Brooklyn Real Estate Summit,
where the East River Skyway was proposed, called it an out-of-thebox solution for transportation woes, and others derided it as a pricey pipe
dream that would serve only the wealthy.
CityRealty CEO Daniel Levy said his proposal would be built in phases. The first would connect the Brooklyn Navy Yard to Williamsburg, and
then to the Lower East Side. Subsequent phases would branch out to
Dumbo,the South Street Seaport,Greenpoint and Long Island City.There,
the network would meet up with the existing gondola route between
Roosevelt Island and Manhattan.
Mr. Levy said he envisioned the
project being partially or fully financed by private money, similar to
the Citi Bike program. Each phase
would cost between $75 million and
$125 million.
“This would offer an incredible
commute,” Mr. Levy said. “You
would get the best view you could
imagine and a comfortable environment while avoiding the mayhem of
the L train in the morning.”
Steven Dale, a consultant specializing in gondolas who worked on Mr.
Levy’s proposal, said the technology
is more than capable of shuttling
5,000 people per hour.
“Each vehicle is as big as a bus,”
he said. “They hold 40 to 45 people,
and you are talking about one of
these departing every 30 seconds.”
Cities around the world such as
Santiago, Chile, and Rio de Janeiro
are using gondolas in various stages
of construction to ease congestion
for commuters. Mr. Levy said building gondolas is far cheaper than
many other forms of transportation.
The idea of expanding the city’s
tram service is not new. About sev-
volunteered his time earlier this year at City
Planning to help analyze the department’s
organizational structure, which the de Blasio
en years ago, then-Deputy Mayor
Daniel Doctoroff eyed a gondola
system connecting Manhattan and
Brooklyn to Governors Island.
But a tram network would not be
a cure-all for the overcrowded waterfront’s transportation woes, said
Jeffrey Zupan, senior fellow for
transportation at the Regional Planning Association.
“These systems tend to be in
one-off places where you’re trying to
provide a point-to-point service,”
Mr. Zupan said. He added that
many people would have to take another form of transportation once in
Manhattan, and that a groundbased service would be able to hit
more stops along the waterfront.
—joe anuta
administration and City Planning Commission
Chairman Carl Weisbrod have pledged to
dramatically alter.
“Jon’s appointment underscores the de Blasio administration’s
commitment to make our review and approval processes more transparent,
more efficient and overall more expeditious,” Mr. Weisbrod said in an email to
colleagues announcing the appointment.
Historically, the Department of City Planning has been responsible for
reviewing and approving land-use and zoning applications, from private
parcels to city-sponsored rezonings. But under the current administration, the
agency has taken center stage in helping realize Mayor Bill de Blasio’s pledge
to build or preserve 200,000 units of affordable housing over the next 10 years.
“You’re going to see a very different approach than in the previous
administration,” Mr. de Blasio said at Mr. Weisbrod’s appointment in
February. The mayor has already beefed up the agency by adding 31 new
staffers, and Mr. Weisbrod has made changes in the application process to
help expedite rezonings.
Mr. Kaufman will oversee all the operations at City Planning and report
directly to Mr. Weisbrod.
—JOE ANUTA
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9/19/2014
6:14 PM
Page 1
Hedge funds’ fees
fund, said it would stop putting
money in hedge funds and liquidate
its $4 billion invested in them.
Calpers complained about the high
fees charged by the funds, which as
a group have generated subpar returns since the financial crisis.
The question now is whether other states and municipalities will follow suit,especially the public pension
plans in New York, a major investor
in hedge funds. New York City and
state pension plans have invested
more than twice as much as Calpers
in hedge funds, an industry huddled
around the world’s financial capital.
In fact, last year the state pension
fund paid nearly $200 million in fees
for the pleasure of having the cool
kids manage retirees’ money.
“You can be sure a lot of pension
trustees are going to be taking a closer look at hedge funds and considering whether they’re worth the cost,”
said Amy Bensted, head of hedgefund products at research firm Preqin.
Public pension funds account for
14% of all assets owned by institutions in hedge funds, so the loss of
these clients would likely hurt the
dozens of large funds that call New
York home, including D.E. Shaw &
Co., Paulson & Co., Och-Ziff Capital and others.
Yet, at least for the moment,
hedge funds are still pretty cool in
the eyes of New York’s pension
managers. Indeed, public pension
officials here are lobbying the state
Legislature to let them invest more
in hedge funds and other so-called
alternative investments.
“We have no plans to recommend changes,” in hedge-fund investing, said Scott Evans, chief investment officer at the New York
City Retirement System, which has
parked $3.4 billion of its $158 billion assets in hedge funds.
The $180 billion state pension
plan is also sticking by its $5.6 billion in hedge-fund holdings, although with seemingly less enthusiasm.
“We are currently reviewing our
asset allocations with the goal of
maximizing our risk-adjusted return on investments,” said a
spokesman for the New York state
comptroller’s office, which oversees
the state pension fund. Such reviews
are routine.
Subpar performance
Pension administrators generally say they like hedge funds because
their performance tends to rise or
fall independently of the broader
markets, which helps smooth out
returns over time. Hedge-fund
managers often bet prices of securities will fall by selling them short, a
strategy that helped them outperform the market by large margins
during last decade’s dot-com bust
and cemented their reputation as
the smartest guys in the room.
But hedge-fund managers as a
group haven’t been able to replicate
that feat since. The funds weren’t
immune to the damage caused by
2008’s crash—although as a group
they lost only half as much as the
market average—and since the start
of 2009 have consistently underper-
GOOD QUESTION
What if NY state’s employee
pension fund managers had
dumped hedge funds for a Vanguard index fund?
Hedge-fund returns for New York
9.9%
7.7%
5.9%
1-yr
3-yr
5-yr
Index-fund returns
14.3%
13.3%
10.0%
1-yr
3-yr
5-yr
Hedge-fund fees for NewYork
$186 million
on $5.6 billion
$4.4 million
Index-fund fees on same amount
Notes: New York State Common Retirement Fund’s
returns from hedge funds are for the one-, threeand five-year periods ended March 31, 2014;
returns for the Vanguard Balanced Index Fund are
for the same periods. Fees paid to hedge-fund
managers by the New York State Common Retirement Fund are for the 12 months ended March
31; fees for the index fund are a Crain’s estimate
of what would have been paid to Vanguard if the
pension plan had invested its hedge-fund allocation in the fund for the same period.
Sources: New York state comptroller’s office,
Vanguard, Bloomberg
formed.The HFRI Fund Weighted
Composite Index has returned 7.8%
per year on average, less than half
that of the S&P 500.
Even so, since 2007 pension
funds have doubled their investments in hedge funds, and Preqin’s
Ms.Bensted said there’s no evidence
many are taking the money elsewhere like Calpers. Hedge funds
now manage $2.8 trillion in assets,
which is more than they can profitably deploy, said Simon Lack, author of The Hedge Fund Mirage.
“There aren’t enough inefficiencies in the market for funds to exploit at the size they are now,” said
Mr. Lack, who helped allocate $1
billion to hedge funds when he
worked at JPMorgan Chase.
The New York State Common
Retirement Fund’s experience with
hedge funds has been so-so,with the
investments generating an annualized rate of return of 7.7% during
the past five years. Yet the pension
fund has paid a steep price for this
middling performance. In the year
ended last March 31, it handed over
$186 million in fees to hedge funds,
meaning one-quarter of last year’s
investment gains went to money
managers instead of helping meet
commitments to retirees.
The biggest beneficiary was
David Shaw, whose D.E. Shaw &
Co.hedge fund was paid $38 million
in fees by the state and city pension
plans last year. Nelson Peltz’s Trian
Partners collected $10 million in
fees from the state pension fund in
2013, and Daniel Och’s Och-Ziff
Capital took home $7 million.
Sidestepping hedge funds
So far there is no evidence
hedge-fund tycoons are worried
about a mass exodus.“You might see
pension funds negotiate lower fees,”
said Ms. Bensted. “But I don’t see
widespread changes.”
Still, one way to save money and
perhaps get a better-performing
portfolio would be for the pension
fund to put its hedge-fund allocations in a mutual fund that invests
60% of assets in stocks and 40% in
bonds—the ratio generally sought
after by pension funds.
For example, during the past five
years the Vanguard Balanced Index
Fund’s annualized rate of return has
been twice that of the average hedge
fund, and it operates at a fraction of
the cost.The Vanguard fund charges
institutional customers just a 0.08%
management fee, far below the 2%
typically charged by hedge-fund
managers, who commonly take
home 20% of the profits as well.The
state last year would have paid Vanguard $4.4 million to manage $5.6
billion, or $180 million less than
hedge-fund managers were paid to
oversee that same amount.
A spokesman for the state pension fund said the Vanguard example wouldn’t provide the level of diversification that the pension fund
seeks. “Suggesting the fund dump
everything into stocks and bonds
misunderstands the need to protect
assets against market volatility and
maximize long-term investment returns,” he said.
But indexes track more than
stocks and bonds; they also mimic
the performance of real estate, commodities and other assets. And investing that way serves pension funds
better than hiring money managers,
according to a study published last
year by Jeff Hooke, an investment
banker and vice president at the
Washington,D.C.,think tank Committee on Economic Development.
Yet that argument falls on deaf
ears among the politicians who
oversee public pension funds and
want to curry favor with investment
pros who can finance their campaigns.
“Not many people want to stop
this gravy train,” Mr. Hooke said.
“No matter how much sense it
makes to do so.” 䡲
Uber unites enemies
New York-based CMT is owned
equipped with that firm’s credit- by Ron Sherman, a member of the
card system, an arrangement that city’s so-called cabbie cartel. Mr.
posed a fundamental problem: Rid- Sherman owns 200 medallions and
ers can hardly choose which cab re- operates a trade group, the Metrosponds to their outstretched hand, politan Taxicab Board of Trade,
let alone whether the app they have whose members own or operate
happens to operate in the taxi 40% of the city’s 13,000-plus yellow
they’ve hailed. (CMT? VeriFone? cabs.
Just trying to get to JFK, please.)
San Jose, Calif.-based VeriFone,
That’s why the two companies whose stock trades at about $37,also
have teamed up, so that CMT’s sells its point-of-sale products to the
RideLinQ app and VeriFone’s financial, retail, hospitality, petroleWay2Ride can be used to pay for a um, government and health care inride regardless of which company dustries.
operates the in-taxi technology.
Their rivalry has mainly played
“What’s that old saying? Politics out during registration periods,
makes strange bedfellows?” said when taxi owners are required to sign
Bhairavi Desai, executive director of up with one vendor or the other. But
the New York Taxi Workers Al- it has also spilled over into the courts.
liance. “So does the market.”
In 2012, CMT sued VeriFone for
The stakes are big.Each firm con- $250 million, alleging a breach of an
trols about half the yellow-cab touch agreement to place advertisements
screens, or about 6,600 taxis each, on screens in city taxis. (The lawsuit
and earns a hefty sum in ad revenue, was eventually dropped.)
as well as up to 5% on each creditAllowing any rider to pay for a
card payment. The companies will cab ride with a single app is just the
earn about $75 million this year on first step in an expected twocredit-card fees alone.
pronged attack against Uber.
The two firms are also in about Sources close to the companies say
6,000 green cabs. The competition they are working on an app that
from Uber and other upstarts is forc- would allow riders to hail cabs, too.
ing the companies to keep up with
the times—something they aren’t Hailing cabs with an app
“An e-hail app is inevitable,” said
known for doing.
“The technology that’s in the ve- Ethan Gerber, executive director of
hicles is, like, four generations old, Mr. Sherman’s Metropolitan Taxiand the payment system is five gen- cab Board of Trade.
But unlike Uber, the taxi induserations old,” said Evgeny Freidman, the principal of Taxi Club try wants regulators to act as a gateManagement Inc., and the owner of keeper so that the apps meet basic
900 medallions. He hailed the standards.
“There’s a regulatory
armistice between CMT
need,” Mr. Gerber said, “so
and VeriFone. “We’re
everyone knows with cercompeting against 30
tain apps whether they’re
geeks sitting in a room in AMOUNT SPENT
TAXIS daily in
Silicon Valley writing [ex- ON
July. VeriFone and getting a yellow or green
car—or a wheelchairpletive] code,” he said.
CMT get up to a
accessible car, which is
CMT and VeriFone ex- 5% cut on every
something else that appecutives in a statement credit-card
technology companies can’t
praised “universal function- transaction
ality” and “increased payment con- provide yet.”
Yellow cabs still dominate the
venience” as part of their strategy to
market in New York. Even though
be part of the mobile revolution.
Left unmentioned was Uber, they compose only one-third of the
which is reportedly speeding toward 50,000 yellow, black, green and liva massive initial public offering and ery cabs on the street, half of the 1
whose wildly popular app can al- million fares that are completed
ready be used to hail and pay for each day are by yellow taxis, according to Ms. Desai of the Taxi Workblack cars in the city.
For several years, Uber has been ers Alliance.
Yellow cabs generated about
trying to break into the yellow-cab
business in New York, where its app $6.8 million, including credit-card
can be used to hail some taxis. The tips, daily in July (the latest month
company lost a fight with the taxi available), according to the TLC.
Internal financial information
industry in 2012 when it failed to
persuade the Taxi & Limousine obtained last year by tech blog
Commission to allow it to launch an ValleyWag, meanwhile, showed
app that would allow riders to hail that Uber averages a total of 79,000
new signups per week, or 3.8 million
and pay for a yellow cab.
But it remains undaunted. Uber, annually.
It is even less clear how many cab
which did not respond to a request
for comment, views the “cabbie car- riders use CMT’s RideLinQ or
tel”with disdain.CEO Travis Kalan- VeriFone’s Way2Ride, given the
ick said at a recent tech event that his scant amount of marketing for eicompany was in a fight against “an ther app.“Nobody uses the CMT or
asshole named Taxi.” He believes his VeriFone apps,” Mr. Freidman said.
technology and brand to be superior “They’re archaic.”
And those who do use them have
to anything else in the taxi world.
not been impressed.While Uber has
Team of rivals
a 4.5-star rating on iTunes (based on
The fact that CMT and Veri- 183 reviews), RideLinQ has only
Fone—the Yankees and Red Sox of two stars (based on 16 reviews).
the taxi world—are joining forces Wrote one RideLinQ reviewer last
speaks to how seriously the industry month: “I don’t get how stupid one
is taking the Uber threat.
app could be.” 䡲
$6.8M
20140922-NEWS--0024-NAT-CCI-CN_--
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6:14 PM
Page 1
breakfasts in the city has shrunk by
half, estimated Mary White,
founder of BnbFinder.com, which
lists just nine properties here. Compounding innkeepers’ woes is increased competition from Airbnb
and similar websites that allow people to rent rooms in their homes,
contributing to a significant decline
in B&B occupancy rates,say experts.
‘One-two punch’
“In addition to the legislative
problem, we have the one-two
punch from Airbnb,” said Vinessa
Milando, owner of Ivy Terrace, a
townhouse on East 58th Street with
six studio-style suites that cost from
$240 to $400 a night. Ivy Terrace’s
occupancy rate has declined, to 50%
from about an average of 75%, since
she opened the business in 1997.
Feeling besieged, Ms. Milando
launched a nonprofit advocacy
group in 2011 called StayNYC.org,
which lobbies legislators and serves
as a resource for innkeepers but deliberately does not identify its members in order to shield them from the
city’s enforcement arm.
The group would like New York
to carve out an exemption for them,
arguing that they have always followed the letter of the law by registering with the city’s Department of
Finance and paying the same taxes
as hotels. Some City Council members, including Mark Weprin, DQueens, are sympathetic but say
they don’t know how to help.
When StayNYC formed, there
were seven member B&Bs, including the Wyman House.Today, there
are just three. Most of the others
closed.
Ms. Milando said seven bedand-breakfasts that she knows of in
the city have shuttered.She estimated that there are just 15 other B&Bs
like hers whose proprietors pay taxes and register with the city.
“We decided that we needed to
get our message out there,” Ms. Milando said. “What has happened
since 2011 is that Airbnb has become so popular, and legislators are
not rushing to change any laws.”
The state has taken the position
that Airbnb’s business model makes
it easy for tenants and landlords to
flout the illegal-hotel law.
The city argues that illegal hotels
take affordable-housing units, often
in rent-stabilized buildings, off the
market. Illegal hotels are also seen as
a quality-of-life problem for New
Yorkers in buildings where some
apartments are rented to short-term
visitors.
Businesses like Ivy Terrace have
been fined for, among other things,
BigApps winner
brings the heat
Startup would make it easier for tenants
to fight landlords on temperature violations
THORNTON MCENERY
When the de Blasio administration
threw its first awards ceremony for
Silicon Alley startups last week, a
very de Blasian winner emerged
from the pack.
The 2014 NYC BigApps competition culminated at the BRIC Arts
Media House in downtown Brooklyn when Mayor Bill de Blasio and
New York City Economic Development Corp. President Kyle Kimball
presided over a ceremony that awarded $105,000 to seven local tech startups from such sponsors as Microsoft,
Google
and
Facebook.
A
Bloomberg-era invention, NYC
BigApps is a challenge to the tech
community to create applications
that utilize public data to address
specific challenges facing city government.
One example of the way that BigApps has transitioned neatly across
administrations was the night’s big
winner, Heat Seek NYC, the brainchild of an eclectic nine-person group
that created hardware to measure
heat—or lack thereof—inside buildings throughout the city. Heat Seek’s
hardware compiles that heating data
onto one platform, from which it can
be shared with city agencies and, if
need be, tenants’ rights activists.
‘Patterns of abuse’
Heat Seek won in two major categories, one of which was the muchsought-after Best Connected Device award. “These guys are doing
something very cool and very important,” said a jovial Mr. de Blasio
when announcing Heat Seek’s win.
The philosophical match between app and mayor was not lost on
attendees. “This is the most de Blasio thing ever,” said one onlooker.
According to Heat Seek’s website,
“concerned tenants” can have the
company install sensors in a “discreet
buck ennis
B&Bs struggle in city
not providing the same safety measures as a traditional hotel and for operating a hotel in a residential neighborhood. Although Ms. Milando
has a sprinkler system in the hallways
and in two rooms of her B&B, the
city said she needs one in each room.
It also cited her for not providing the
proper exits in her three-story townhouse, which should have a separate
enclosed staircase—as in a hotel.
Most people don’t even know
B&Bs exist in the city. Now many
innkeepers are keeping a lower profile, hoping not to attract the city’s
attention.
location” in a person’s apartment at no
cost. The sensors wirelessly transmit
temperature readings to a central hub
even if the resident does not have an
Internet connection.The information
is then compared with the outdoor
temperature and minimum temperatures required by law “in order to identify violations 24/7,” the site says.
More than 200,000 heating-related
complaints were filed by tenants in the
five boroughs in 2013,the city’s opendata website shows.
“We track patterns of abuse, and
we also work with responsible landlords to diagnose problems with
their buildings’ heating systems,”
according to the company’s website.
Other winners included job platform NYCHired, educator-focused
social network CourseKicker, park
information compiler Explore NYC
Parks and local-merchant data platform Mind My Business.
One startup that had hoped to do
well but received no awards or even a
mention during the ceremony was
SketchFactor, a crowdsourcing navigation app that allows users to rank
neighborhoods based on “sketchiness.” The app was a finalist. But it
and its founders were recipients of
online attacks alleging tacit racism
and lack of forethought. One person
familiar with the judging process said
that the founders had an especially
testy interaction with the panel. 䡲
CORRECTIONS
New BR Guest chief James Gersten is pictured in the Dos Caminos restaurant in the Sept. 15 “The BR Guest coup.” The caption misstated the location.
Henry Kravis gave $100 million to the Columbia University Business School, which he attended. The school will name one of its new Manhattanville campus
buildings after him. This fact was misstated in the Sept. 15 Crain’s Hall of Fame.
Jonathan Tisch’s Loews Hotels currently has 21 properties, plus two under construction. This fact was misstated in the Sept. 15 Crain’s Hall of Fame.
MetLife Stadium has increased the number of Wi-Fi access points to 850, up from 622. The original number of access points was misstated in the Sept. 8
“Football’s new signals.”
The Design Trust for Public Space partnered with the city’s Department of Transportation to develop the “Boogie Down Booth” in the Bronx. The Women’s
Housing and Economic Development Corp. did not spearhead the project. These facts were misstated in the Sept. 1 “Noteworthy arrival beneath the tracks.”
VACANCY IRATE: Vinessa
Milando’s B&B, in a townhouse
on East 58th Street, has seen a
steady decline in business
because of the 2011 law.
The owner of a European-style
inn in Brooklyn,who did not want to
be identified, said she limits her online exposure by not listing her property with travel sites like Expedia.
The reason is twofold: She wants to
speak personally with her guests before they arrive to ensure “that the
people who stay with us won’t steal
anything from us,”and to keep out of
the crosshairs of city investigators.
Expensive fight
When the 2011 law was implemented, the Mayor’s Office of Special Enforcement began looking
into whether properties had the
same fire safety measures that hotels
maintain. While investigators are at
the building, they also determine
whether guests are staying there for
less than 30 days.
“Because we were transparent in
how we operated our business, we
were among the first to get tagged by
the city,” Ms. Wyman said.
Despite the challenges, Ms. Milando said she is committed to keeping Ivy Terrace. “I decided to stand
up and fight, and it cost me a lot of
money,” she said.
The innkeeper estimates she has
lost $160,000 since 2011, which includes fines from the city, legal fees
and lower occupancy rates.
Cheryl Rizzo is one of Ivy Terrace’s most ardent fans. The New
Hampshire resident used to stay in
hotels like the Waldorf Astoria and
the Plaza, but when she couldn’t get
a reservation during a recent visit,
she took a friend’s suggestion to
book a room at the Upper East Side
townhouse.
“I didn’t even know bed-andbreakfasts existed in New York City,”
she said. Now she’s sold on the place.
“The value is unbelievable for what
you get,” Ms. Rizzo said, rattling off
the nightcap at bedtime, breakfast
and an outdoor terrace. “Where do
you get a room in Manhattan with a
terrace and breakfast?” 䡲
Midblock madness
than a conventional exterior.
to build on them—amounts that
Alchemy President Kenneth
only grand sites could achieve in the Horn also bought up surrounding
past. Massey Knakal broker James air rights so his building could rise
Nelson, for instance, sold a mid- higher than any other in the area,
block development site, 455 W. giving it better views than the typi19th St., between Ninth and 10th cal midblock property. He is netting
avenues, for about $825 per square an average of $2,600 to $2,700 per
foot earlier this year—roughly what square foot and has sold 45 of the 55
he got last year for a prime
apartments.
corner lot on West 24th
Builder goes big
Street next to the High
ASKING PRICE
Developers have found
Line. Now he’s seeking
per square foot at
a
way
to turn sites into lux$900 per square foot for
532 W. 20th St.,
ury projects without the
another midblock site, at
a midblock
development site
same ability to go vertical.
532 W. 20th St., between
At 151 E. 78th St., a mid10th and 11th avenues.
The price would tie a record set this block building between Lexington
and Third avenues, Spruce Capital
summer for the area.
“There’s an unprecedented de- Partners dealt with the tight conmand for land, and yet there’s less fines of the space by building big
land than ever before available to apartments with as many as six bedbuild on,” Mr. Nelson said. “It has rooms.The strategy allowed the developer to share the limited number
created a rush for what’s left.”
of windows among fewer units. The
Compensating for constraints
project was well received in a market
The hefty prices builders are starved for large family apartments,
paying for the chance to put shovels and more than 80% of its units
to dirt have left them little room to quickly sold.
be hampered by the classic conAt 510-514 W. 24th St., Mr.
straints of midblock projects—such Stern also aims to develop a highas odd-shaped apartment layouts or end project despite cramped surpoor light and air—that might seem roundings.He plans to mitigate that
unsightly to discerning buyers.
by designing setbacks to make it as
Developers who have found a airy as possible. And he noted that
way to compensate are reaping rich the building across the street is lowrewards. Alchemy Properties, rise, allowing his property to have
which is building a 24-story condo views to the north, including the
at 35 W. 15th St., used setback re- Empire State Building.
quirements typical for midblock
“There’s a right and a wrong way
parcels as inspiration for the build- to space your setbacks correctly,”
ing’s signature architectural ele- Mr. Stern said. “And if you do it the
ment, its angled façade, which cost right way, a midblock building can
millions of dollars more to build have great light and air.” 䡲
$900
20140922-NEWS--0025-NAT-CCI-CN_--
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INSIDE
HELLUVA TOWN
Source Lunch
St. Mark’s Bookshop’s
survival story PAGE 26
Out and About
The Bronx is bee-yootiful
PAGE 27
All over the
subway map
In 1970, two designers crafted a
manual to standardize subway
signage. In 2012, it was
rediscovered by two graphic artists
in a basement locker at design
firm Pentagram. “It was like
finding the Gutenberg Bible,” said
Hamish Smyth, who is running a
Kickstarter campaign with his
colleague Jesse Reed to copy and
distribute the book.
The 364-page, seven-pound
manual specifies colors, fonts and
styles for every subway sign. “This
is unique,” said Mr. Smyth. “It’s
[about] something that everyone
in New York uses every day.”
Messrs. Smyth and Reed inked
a deal with the MTA—a
Pentagram client—to distribute
1,000 copies of the tome, which
was co-designed by Massimo
Vignelli, who radically redesigned
the subway map in the early 1970s.
The campaign hit its goal of
$108,000 within hours of its
launch earlier this month, and has
so far raised more than $600,000.
The campaign ends Oct. 10. The
pair plans to donate 36 copies to
the New York Transit Museum.
—emily laermer
Room for charity
BACK TO THE PAST: Thanks
to the efforts of Lower East
Side Tenement Museum
executives Stephanie Hill
Wilchfort and Morris Vogel,
the institution is continuing
to grow.
Immigrant story
The Lower East Side Tenement Museum boosts
fundraising to keep memories alive
BY THERESA AGOVINO
L
ike many other immigrants, Adolpho and Rosaria Baldizzi struggled to keep
their family together in the face of immigration laws tearing them apart. Policies
put into place soon after Mr. Baldizzi arrived in the country made it illegal for his
wife to follow him. Eventually, she did enter the U.S., though it’s impossible to
say how she managed it.The couple have passed away. ¶ Yet the story of the
Italian immigrants is very much alive as part of the Lower East Side Tenement
Museum. Visitors can tour their apartment at 97 Orchard St., see their
photographs, and hear their daughter recount via a recording what living in the
tiny home in a tenement was like in the late 1920s and early 1930s. ¶ The Baldizzis’ tale and those
of other immigrants told at the museum are clearly resonating. The number of visitors swelled
26%, to 210,000 annually, for the five years ended June 30, 2014. That’s because immigration is
not only central to New York City’s development, but also remains a critical issue in the rest of the
country, said the museum’s president, Morris Vogel. He adds that the jump also stems from the
See IMMIGRANT on Page 26
museum’s efforts during the past few years to improve
buck ennis
A rate of nearly $8,100 a night for
a hotel room is steep, no matter
how lovely the view or grand the
furnishings—especially when the
chain’s rooms generally average
between $300 and $400 a night.
But it’s all for a good cause.
Anyone who donates
$1 million to Dress for Success
before the end of the year will
receive two free nights at each of
Kimpton Hotels & Restaurants’ 62
properties in the U.S. The
nonprofit, which helps
disadvantaged women find
employment, was looking for a
way to mark its 10-year
relationship with Kimpton, which
provides rooms gratis for the
group’s annual leadership
conference.
“After the success of the ALS
Ice Bucket Challenge, we are
aiming high,” said Joi Gordon,
chief executive of Dress for
Success Worldwide.
The charity is promoting the
offer through a marketing and
social-media campaign, and if it’s
successful, Dress for Success will
snag its largest donation ever by
an individual. Costs to the hotel
chain are “minimal,” said Kathleen
Reidenbach, senior vice president
of marketing for Kimpton. “We
hope to drive more attention to
Dress for Success,” she said.
—theresa agovino
FUNDS FOR
MUSEUM
+90%
INCREASE in individual
gifts, 2011-2014
$1.4M
AMOUNT of individual
gifts
9/18/2014
6:00 PM
Page 1
SOURCE
Immigrant stories LUNCH:
Interview by Matthew Flamm
its programming, which has sparked
an increase in donations. Individual
gifts, including board donations,
memberships and gala revenue increased by 90% between 2011 and
2014, to $1.4 million.
“We offer the intersection of
skilled educators, intellectual content and a powerful immersive experience,” said Mr. Vogel. “Some institutions may excel at one more than
we do, but nobody has our success at
all three.”
The museum is continuing to
grow. It is in the midst of a capital
campaign to raise $20 million to expand and tell the story of the immigrants who came after the Irish,Germans and Italians who populated 97
Orchard St., which was condemned
in 1935. It has already purchased the
building at 103 Orchard St., which
houses a gift shop and visitors’ center. More money is necessary to create exhibitions focusing on the im-
The museum
was ‘a catalyst
for change’
migration experiences of Puerto
Ricans, Chinese and Holocaust survivors. Donations for the expansion
currently stand at $11 million.
“Nine million is not insurmountable for us,” said Stephanie Hill
Wilchfort, vice president of development, who was hired in 2012 to
boost donations. “The museum is a
powerful story for those who want to
invest in a growing institution.”
Hard to get in
The museum is so popular that it
turns people away, though it tries to
accommodate them through walking tours of the neighborhood. But
the Lower East Side is one of the
city’s most quickly gentrifying areas,
and that presents a threat to the museum, which looks to create an experience heavily dependent on atmosphere.Ironically,the museum helped
foster the growth of art galleries,
trendy shops and chic bars in the
neighborhood.
“It was a catalyst for change,” said
Tim Laughlin, executive director of
the Lower East Side Business
Improvement District.
Mr.Vogel admitted that the neighborhood’s rapid renewal does present
a challenge. Yet he prefers it to those
faced by the founders, who had to
sweep away crack vials from the building after purchasing it in 1996.He said
that now,during walking tours,guides
focus on the tops of buildings, where
less has changed, or on landmarked
structures such as the former home of
The Jewish Daily Forward.
The tours were reintroduced in
2010 after being eliminated in 2008
after bad customer reviews. Mr. Vogel said the recession of 2008
prompted him to create a five-year
plan to strengthen the institution.
Rather than putting fundraising at
the top of his list, he started by improving the experience. He hired a
new education head and increased
the full-time staff in her department
to 11 from five. They train the people who give the tours, who are now
more likely to be actors, artists or
filmmakers than Ph.D. candidates.
“You want people who can engage an
audience,” Mr. Vogel said.
More donations
A few weeks ago, the museum
hired its first marketing director, who
is charged with promoting walking
tours and nighttime programs like
dinners. Mr. Vogel doesn’t think the
museum needs to market its traditional tours until perhaps 2017,when
the new exhibits open.
The enriched experience has
helped draw board members and donations. Real estate executive Scott
Metzner joined the board in 2011 and
became its co-chair three months ago.
He knew the museum’s founder and
has been watching it evolve.
“It is just an amazing place,” said
Mr. Metzner, president of the Janus
Property Co. “It really tells stories.
You aren’t just looking at walls.”
Such reactions, along with new
fundraising initiatives, have made it
easier for Ms.Hill Wilchfort to attract
donations from visitors and board
members. For example, she sends
emails or letters to those who have visited the museum, asking for a donation. She rewards larger donors with
special activities, such as lunch with
Mr. Vogel or the head of education.
Another successful tactic was
shifting the type of people who were
honored at the museum’s annual gala
to those who have greater connections to deep pockets. Earlier this
year, executives from three developers building a project on the Lower
East Side—Taconic Investment
Partners, L+M Development Partners and BFC Partners—were feted
by the museum, and the event
brought in $1 million. That’s
$300,000 more than the previous
year, when the honorees were Peter
Ward, president of the New York
Hotel & Motel Trades Council, and
Julie Menin, commissioner of the
city’s Department of Consumer Affairs and former chairperson of
Manhattan Community Board 1.
“We have made a commitment to
honorees who have shown an affection for our work but will also go out
and ask people for money,” said Ms.
Hill Wilchfort. 䡲
BOB CONTANT
St. Mark’s Bookshop turns
a page and stays in business
F
ounded in 1977, the St.
Mark’s Bookshop has
been a mainstay of East
Village literary life for
nearly four decades. In
recent years, battling rising rents
amid falling sales, it’s become a
symbol of book culture’s struggles
in the digital age.
This summer, with the help of
neighborhood activists and two online crowdfunding campaigns, the
indie bookstore moved to 136 E.
Third St., near Avenue A, its third
home since it started out on St.
Mark’s Place. Monthly rent on the
1,300-square-foot space in a cityowned building comes to $6,000, or
a quarter of the rent at the bookshop’s last location, on Third Avenue near East Ninth Street.
The store is down to six employees from a high of more than 20,
and co-owners Bob Contant, 71,
and Terry McCoy, 70, are working
the cash register and information
desk five days a week, something
they’ve never had to do before. But
Mr. Contant says they’re grateful to
be in business.
How does the new location compare
with the old one?
It’s more like St. Mark’s Place was
25 years ago when we were there—
it’s more of a neighborhood. St.
Mark’s Place when we were on
Third Avenue had become basically housing for NYU and corporate
high-rise buildings. We’re hoping
that as the summer ends and things
pick up, we’ll become a destination
bookstore again.
It’s not many bookstores where literary
fiction, critical theory and poetry are
the top-three bestselling categories. Is
that still the case?
What has always sold for us continues to sell. The addition has been
children’s books, which was never
that big a market for us. Here there
are many more people with baby
carriages and toddlers. We’ve
beefed up our children’s section
considerably, and it’s doing well.
When they take a break, they want
to read a [print] book.
Considering the number of bookstores
that have closed, it’s amazing you’re
still here. How did you do it?
Erica Hunt,who’s a poet and a nonIt’s tapered off, but Capital in the profit fundraiser, formed the
Twenty-First Century [by
Friends of St. Mark’s
Thomas Piketty] was a
Bookshop Committee,
blockbuster for us. It was
which connected us to
probably
the
most
[neighborhood activists]
popular unread book
and got the Indiegogo
since Stephen Hawking’s
campaign underway. We
ANGELINA CAFÉ
A Brief History of Time.
wouldn’t have made it
37 Ave. A
(212) 533-7183
without them. And there
Amazon and e-books have
were businesspeople. One
AMBIENCE:
taken a huge toll on
of them,Rafay Khalid,is a
Stylishly casual,
with a low-key,
bookstores. Why do you
Wall Street analyst who
neighborhood feel
think you can survive?
has helped other bookIn Manhattan, bookstores survive. He’s raised
WHAT THEY ATE:
䡲 Cubano
store troubles have more
close to $200,000 that was
sandwich; coffee
to do with rent than
invested in our move and
䡲 Penne and
e-books. If we hadn’t
paying off debt. He’s now
mozzarella, with
found this deal, we
our CFO.
basil and fresh
wouldn’t have been able
tomato sauce;
iced coffee
Publishers also helped you?
to stay in business. But
It’s an indication of how
Amazon is a villain.
PRICE: $31.35,
valuable bookstores are as
What they’re attemptincluding tip
a showcase for books that
ing to do is put bookstores out of business—and pub- no publisher put us into collection.
lishers. What’s interesting to me is Otherwise,we would have been out
the backlash starting to develop. of business a year ago. They cut us
People realize if they want books to a lot of slack, and we’ve been able to
continue, they have to support work out payment plans.
bookstores, and they have to supWhy should so many people have
port publishers.
What are some top sellers?
WHERE
THEY
DINED
Despite Amazon’s fights with the
Hachette Book Group and others,
people keep shopping there. It’s cheap
and convenient.
That’s true, unless you want to buy
any number of Hachette writers.
And e-books won’t keep hurting you?
E-books in general have plateaued.
To me, it’s comparable to movies
and television; people watch both.
I hear from people all the time.
They’re on screens all day at work.
donated time and money to what is
supposed to be a for-profit business?
Bookstores really represent the life
of the mind. You can be intellectually stimulated unlike in any other
activity. And they serve as social
centers, where you can be left alone
or you can engage with other people. One thing about this store, the
smallness makes it more intimate.
Everyone who comes in we speak
to, and customers will get into conversations with each other. That
never happened before. 䡲
PLAY/LIST People, places and things that make Bob Contant tick
FUN READ: Poetry.
“Because it’s short.
My workday is 12
hours long.” He just
reread Frank
O’Hara’s Lunch
Poems, which is
celebrating its 50th
anniversary.
BAD BOYS,
BETTER WIVES:
He’s growing
tired of Mad
Men but
enjoying The
Good Wife.
“It’s like the
early Law &
Order, and
it gets even
better as it
goes on.”
TUNING IN: HD radio
station WQXR2 plays
new classical music,
not just
standards.
“It’s always
exciting. You
can only hear
it through your
computer. We
have it
hooked up
in the
store.”
THOSE WERE
THE DAYS: “I was
managing Paperback
Booksmith, a hole-inthe-wall in Harvard
Square. We would
get cartons of 100
Years of Solitude in
mass-market paperback, and you’d
open the carton on
the floor and people
would just grab it.
I’ve never seen a
book sell as fast.”
in the fall: “We rent a
car and see the
leaves.”
LESSER OF TWO
EVILS: “My wife has a
DATE NIGHT AT
MOMA: Great
cellphone. I have to
get one now, with
people needing to
reach me. It’s more
benign than email.
Email to me is a
nightmare.”
exhibits, free movies
for members. “I buy
[my wife] a
membership every
year, and she can
bring a guest for $5.”
LEAVE THE CITY:
Ocean swimming in
the summer. Hiking
istockphoto
20140922-NEWS--0026-NAT-CCI-CN_--
20140922-NEWS--0027-NAT-CCI-CN_--
9/19/2014
4:28 PM
Page 1
OUT
AND
ABOUT
SNAPS Cultural fundraising takes center stage
gregory batardon
THURSDAY, OCTOBER 2,
THROUGH SATURDAY, OCTOBER 4
Next from the Next
Wave Festival is
something straight
out of the world’s
largest particlephysics lab. In
QUANTUM, a halfdozen dancers
perform under lamps responding to
movement and a soundscape from particlecollision data. The piece, fusing dance and
installation art, takes place at BAM Fisher,
321 Ashland Place, Brooklyn, at 7:30 p.m.
and costs $20. For more information, visit
www.bam.org/dance/2014/quantum.
WEDNESDAY, OCTOBER 1,
AND THURSDAY, OCTOBER 2
NewCo Media presents NEWCO
NEW YORK 2014, which bills itself as
“a mash-up of an open studio tour
and a business conference, with the
vibe of a music festival.” For the
event, nearly 100 creative
companies, ranging from
Kickstarter and Foursquare to TED
and the Union Square Hospitality
Group, open their doors to
executives, entrepreneurs and
investors. General admission is free
with registration. A reserved option
is available for $90, and VIP tickets
are $295. Times and locations vary.
For more information, visit
www.ny.newco.co.
DON’T MISS GET BUZZED IN THE BRONX
HENRY TIMMS, SHELLEY BERNSTEIN, CHRISTOPHER AMOS and FIONA ROMEO at Crain’s
Arts & Culture Breakfast. The Sept. 17 forum addressed how technology is reinventing the culture
business.
STEPHEN KIRK, NICOLAI OUROUSSOFF, SLAVKA GLASER, MIKHAIL
BARYSHNIKOV and CECILY BROWN at Baryshnikov Arts Center’s 2014
Fall Fête benefit. The Sept. 15 event generated $420,000.
SHAKA KING, ANNA BARYSHNIKOV, ALESSANDRO NIVOLA and LISA
RINEHART at the Baryshnikov Arts Center’s gala.
See more of this week’s Snaps online at CrainsNewYork.com/galleries.
joshua bright
SATURDAY, OCTOBER 4, AND SUNDAY, OCTOBER 5
For a sweet weekend escape, Wave Hill,
Riverdale’s 28-acre public garden and cultural
center, offers the buzzed-about HONEY WEEKEND.
The two days of family-friendly activities
include honey tastings, honey-extraction
demonstrations, candle-making workshops ($15
a kit) and a hives and honey information station.
Children can also “be a bee” and show off their best costume in the bee parade.
The festivities take place both days from 10 a.m. to 4 p.m. at Wave Hill, West
249th Street and Independence Avenue, Bronx. Tickets are $8 for adults, $2 for
children 6 and up, and free for children under 6. For more information, visit
www.wavehill.org/events/categories/seasonal-celebrations.
HOWARD STRINGER, ANGELA LANSBURY
and HAROLD PRINCE at the American Theatre
Wing’s Annual Gala. The Sept. 15 event raised a
record-breaking $750,000.
buck ennis
TUESDAY, SEPTEMBER 30
Crain’s hosts a BUSINESS BREAKFAST
FORUM WITH PREET BHARARA, U.S.
attorney for the Southern District
of New York. He will discuss
corruption and the Moreland
Commission, the current probe of
Rikers Island, Wall Street, tax
evasion and cybercrime. The
session takes place from 8 a.m. to
9:30 a.m. at the New York Athletic
Club. 180 Central Park South.
Tickets are $125. For more
information, visit
www.crainsnewyork.com/eventscalendar/details/4/3196022.
chris lee
CAREER BUILDER
TUESDAY, SEPTEMBER 30,
THROUGH SUNDAY, NOVEMBER 2
The Public Theater presents a worldpremiere musical adaptation of Jonathan
Lethem’s best-seller THE FORTRESS OF
SOLITUDE. Set in 1970s Brooklyn, Fortress is
a coming-of-age story following two
teenagers who discover a magic ring. Sci-fi
combines with the gritty realities of oldschool New York, with the story touching
upon race, punk and soul, friendship,
gentrification, culture and comic books. The
show runs at the Public Theater, 425
Lafayette St., at various times. Tickets are
$80 to $90. For more information, visit
www.publictheater.org/ Tickets/Calendar/
PlayDetailsCollection/1415/The-Fortress-ofSolitude.
chris lee
CULTURE FIX
timmy blupe
by Jessica Kramer
OPENING
FUNDRAISERS
SATURDAY, OCTOBER 4,
THROUGH SUNDAY, JANUARY 18
Robert Gober gets the largescale survey treatment at
MoMa for THE HEART IS NOT A
METAPHOR. The exhibit includes
sculptures of everyday objects
turned surreal. The Museum of
Modern Art is located at 11 W.
53rd St. It opens at 10:30 a.m.
and closes at 5:30 p.m. every
day except Friday, when it closes
at 8 p.m. Admission is $25 for
adults. For more information,
visit www.moma.org.
WEDNESDAY, OCTOBER 1
Gossip Girl’s Kelly Rutherford hosts FASHION
FORWARD, Mercado Global’s fourth annual gala.
The event will raise funds to support sustainable
global fashion created by women working as
artisans in rural Guatemalan communities. The
party kicks off with a VIP reception at 6:30 p.m.,
followed by cocktails, food, live music and a raffle.
The event is held at the Hotel Americano, 518 W.
27th St. Tickets are $125 for general admission
and $250 for VIP. For more information, visit
www.fashionforward.splashthat.com.
THURSDAY, OCTOBER 2
The Pink Agenda holds its SEVENTH ANNUAL GALA
to benefit the Breast Cancer Research Foundation.
The event, hosted by Giuliana and Bill Rancic,
features an open bar, food, music, and live and silent
auctions. It takes place at the IAC Building, 555 W.
18th St., at 7 p.m. Tickets are $175. For more
information, visit www.bcrfcure.org/events/pinkagenda-7th-annual-gala.
CRAIN’S : Business Breakfast Forum
Preet Bharara,
U.S. Attorney for the Southern
District of New York
The U.S. Attorney will discuss:
• Corruption and the Moreland Commission
• Wall Street, tax evasion and cybercrime
• The Rikers Island probe
MARK YOUR CALENDAR…
Register Today >>
SUNDAY, NOVEMBER 2
www.crainsnewyork.com/events-preetforum
The NEW YORK CITY MARATHON is back with the 44th edition of the 26.2-mile
race through the five boroughs. The 50,000-plus runners set to participate will
begin their journey in Staten Island, winding their way through the expected crowd
of more than 2 million in Brooklyn, Queens, Manhattan, the Bronx and Manhattan
again, finishing up in Central Park. Dozens of bands provide entertainment for
runners and spectators along the way. For a map of the route and specific details,
including the various start times, visit www.tcsnycmarathon.org.
Photo Credit: Buck Ennis, Crain’s New York Business
Sponsored by:
Tuesday, September 30, 2014
New York Athletic Club
180 Central Park South
8:00 a.m. – 8:30 a.m. Networking
Breakfast
8:30 a.m. – 9:30 a.m. Program
Cost to Attend:
$125 for individual ticket(s)
$1,250 for priority reserved tables of 10
You must be pre-registered to attend this event.
No refunds permitted.
For more information:
Adrienne Yee
Phone: 212-210-0739
Email: [email protected]
For sponsorship information, contact Joanna Harp at
212-210-0278 or [email protected].
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Our Surcharges (incl. Fed. Univ. Svc. of 15.7% of interstate & int’l telecom charges (varies quarterly), 21¢ Regulatory & 88¢ Administrative/line/mo., & others by area) are in addition to monthly access & not taxes (details: 1-888-684-1888); gov’t taxes & our surcharges could add
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H9133

CRAIN`S - Pace Alumni

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