Inside Ira Rennert's dirtiest business

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Inside IraRennert’sdirtiestbusiness

BY AARON ELSTEIN

In 2004, a public health expert in Mis-souri named Fernando Serrano got acall from an archbishop in Peru. Highup in the Andes, a metals refinery wasspewing pollution that coated the fac-tory town of La Oroya. The archbish-op wanted Mr. Serrano to assess thedamage.

Mr. Serrano, a professor at Jesuitinstitution Saint Louis University,flew to the Peruvian capital of Limaand took the long, winding road fivehours east and 12,000 feet up to thetown whose soil had turned too acidicfor plants to grow. He tested LaOroya’s ground,air and water,and tookblood samples from some of its 35,000residents. The results took his breathaway: The town was not only ladenwith arsenic, antimony and cadmium,but an estimated 97% of the childrenbetween ages six and 12 had elevatedlevels of lead in their blood—levels

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VOL. XXVII, NO. 48 WWW.CRAINSNEWYORK.COM NOV. 28-DEC. 4, 2011 PRICE: $3.00

Epic pollution messin Peru puts reclusivemogul and his bizpractices in spotlight

®

TOP STORIES

INDEX

It’s time to rein inthe horse carriageneigh-sayers MICHAEL GROSS PAGE 2

Two fashion greats,two business fates PAGE 2

Arg! Digital piratestarget the e-book PAGE 3

The wheel deal:Cyclery openingsswitch to high gearPAGE 7

B’klyn’s Myrtle Ave.transformed fromdicey to delightfulNEIGHBORHOODS PAGE 9

IN THE MARKETS _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _4THE INSIDER _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _8VIEWPOINT _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _10OPINION _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _11SMALL BUSINESS _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _13FOR THE RECORD _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _14CLASSIFIEDS _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _22EXECUTIVE MOVES _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _29THE WEEK AHEAD _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _31

INSIDE

GOTHAM GIGSA “Ninja” master—incustomer service P. 29

● ANNE FISHER How tomarket your brand P. 29

● MOVERS & SHAKERSChris Burch checks outa new retail concept forthe holidays P. 30

● GAEL GREENE Over themoon about Kibo P. 31

IVESLUSINESSB

REPORT REAL ESTATE

STARCHITECTS Name-brand residential towers outperform the market P. 15

HOT PROPERTIES Why office condos are so popular with foreign buyers P. 15

CRAIN’S LIST New York City’s Top Commercial Property Managers P. 20

THE BILLIONAIRE NEXT DOOR: Ira Rennert’soverseas troubles may be coming home to roost.

See IRA RENNERT on Page 27

THE RISE AND STALL OF

FOOD TRUCKS

NOT SO SWEET: Treats Truckowner Kim Ima says toughernew city rules make goodparking spaces harder to find.

See FOOD TRUCKS on Page 28

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BY LISA FICKENSCHER

The Urban Oasis Traveling Organic Cafécalled it quits earlier this year.The owners,George and Elaine Karaisarides, are sellingtheir “completely renovated” vehicle onCraigslist for $55,000. It was strainingtheir relationship, the couple wrote on theirblog, and a city clampdown on food trucksonly compounded their pressures.

“There are plenty of people who are se-riously questioning the viability of thisbusiness,” said David Weber, president ofthe 10-month-old New York City FoodTruck Association and co-owner of Rick-shaw Dumpling Bar, which owns fourtrucks and two restaurants.

The Karaisarides’ experience is just one

BY LISA FICKENSCHER

The Urban Oasis Traveling Organic Cafécalled it quits earlier this year.The owners,George and Elaine Karaisarides, are sellingtheir “completely renovated” vehicle onCraigslist for $55,000. It was strainingtheir relationship, the couple wrote on theirblog, and a city clampdown on food trucksonly compounded their pressures.

“There are plenty of people who are se-riously questioning the viability of thisbusiness,” said David Weber, president ofthe 10-month-old New York City FoodTruck Association and co-owner of Rick-shaw Dumpling Bar, which owns fourtrucks and two restaurants.

The Karaisarides’ experience is just one

20111128-NEWS--0001-NAT-CCI-CN_-- 11/23/2011 5:09 PM

ELECTRONIC EDITION

2 | Crain’s New York Business | November 28, 2011

BY THERESA AGOVINO

In the last six months, SL Green Real-ty Corp. has sold one property, movedto sell another two and announced tworetail deals—one of which includedthree residential buildings, the compa-ny’s first-ever such investment.

Yet, until earlier this month, whenthe city’s largest commercial landlordpurchased a stake in a downtown sky-scraper, it hadn’t bought an office tow-

er in six months.That’s a huge shift fora company widely regarded as a bell-wether for the industry, and that hadbeen on an acquisition binge since theend of 2009. In recent months, how-ever, soaring prices have dulled thecompany’s appetite for acquisitions.Since 2009, the average price of amidtown Class A building has nearlydoubled, according to Cushman &Wakefield Inc.

Too few deals

“There is just so much capital chas-ing so few deals now,” said AndrewMathias, SL Green’s president.

With prices prohibitively high andthe economy still weak, SL Green isinstead focusing on filling up the 34

towers—with 25.5 million square feetof office space—that it already owns.For the time being, the only additionswill likely be in its portfolio of retailproperties, as well as its number ofproperty loans.

“Our number-one focus is to finish

NYC bellwethertakes a breakSL Green shiftsfrom acquisitionsto filling what it has

COMMENTARY

I am all for his at-tempts to turnmidtown into atourist pettingzoo.

I once lived inthe Village be-fore I movedcloser to our cen-tral business dis-trict, and much asI am now incon-venienced by thethrongingtourists in mid-town—many of whom are indire need of urban walkinglessons—they are less of anuisance than the NYU stu-dents in my old hood who gottheir kicks by tossing fullpaint cans and fireworks fromdorm windows. (Can we banNYU students? No, that’sprobably a nonstarter.)

Those students presum-ably explain the remarkablepersistence of the hissing“Pssst … smoke?” guys inWashington Square Park.Tourists explain the persist-ence of the world-class shop-ping districts of Madison andFifth avenues.Theyalso explain thepersistence of thecarriage horse,evenas the steeds appearto be anachronismsto some.

“There is a rea-son horse-drawncarriages don’t ex-ist anymore,” for-mer City Councilmember TonyAvella, now amember of thathighly respected Albanybody, the state Senate, toldthe Daily News recently insupport of legislation he’s in-troduced to ban the horsesfrom Manhattan. It’s likelythat few, if any,of Mr.Avella’sconstituents care—they’re inQueens, where tourists rarelytread. So presumably no onehas pointed out to him thathorse-drawn carriages andworking horses still exist allover the world, in settingsboth rural and urban.

What’s wise about, as theneigh-sayers have it, continu-

ing to torturepoor, defenselessanimals on ourcrowded, noisy,dangerous citystreets? Person-ally, I love thesounds of clip-clops, whinniesand neighs. I findthe horses a civi-lizing presence, areminder of aslower-paced, farmore gracious

New York,where carriage rid-ing in Central Park was theheight of fashion. Today, aholiday carriage ride may be acliché, but that’s only becausethe appeal is real—there’struth in the enchanted facesof the children of all ages inthe carriages.

I wonder how Tony Avel-la’s forebears got around be-fore the internal combustionengine? And I wonder if he’lladopt some of those lovely,newly unemployed horses?Horseburgers, anyone?

Mostly, though, I find itcurious that one of the leaders

of the anti-carriagehorse forces,whichpropose that theybe replaced byelectric-poweredfaux Model Ts (theultimate symbol of… Detroit?), isSteve Nislick. He’sthe chief executiveof Edison Proper-ties, which ownswarehouses andparking lots in far-west midtown,

which happens to also behome to the city’s five carriagehorse stables.

The nonprofit advocacyorganization Mr. Nislick co-founded, New Yorkers forClean, Livable and SafeStreets, maintains that ahorse ban would represent “awindfall for the carriage in-dustry from the sale of itsmultimillion-dollar stablesalone,” 64,000 square feet of“valuable real estate on lotsthat could accommodate upto 150,000 square feet of de-velopment.” ’Nuff said?

I’ve often taken issue with the mayor of NewYork City,but he deserves praise when he getssomething right. I’m going to lose friends forthat statement—and even more over my next:The pandering grandstanders braying to ban

carriage horses from Central Park are wrong.Typically, Mayor One-Percent has stressed a fi-

nancial argument (“Tourists love ’em”) in making hiscase to keep the horses.This is one rare instance when

Let’s talkhorse sense

MICHAELGROSS

A carriageride may bea cliché,but onlybecausethe appealis real

Designer greats,Liz label sold offto J.C. Penney,while DVF rises.A cautionary tale

BY ADRIANNE PASQUARELLI

Last summer, New York’s elite gathered atthe New York Public Library for an elegantblack-tie event to honor fashion designerDiane von Furstenberg, who was beingawarded the Municipal Arts Society’sprestigious Jacqueline Kennedy OnassisMedal.Ms.von Furstenberg,credited withrejuvenating the meatpacking district intoa fashion destination, regaled the crowdwith tales of her relationship with Mrs.Onassis, while stressing the importance ofthe fashion industry in New York.

“She was a really inspiring honoree,”said MAS President Vin Cipolla. “Dianehas absolutely helped keep New York atthe forefront as a fashion leader and hasbeen a neighborhood catalyst as well.”

As Ms. von Furstenberg was receivingher award, the fashion brand of anotherpowerful and charismatic visionary, LizClaiborne, was being sold off to value de-partment store J.C. Penney. Once upon atime, it was the biggest women’s fashionlabel in the world and the lead division inmultibillion dollar conglomerate LizClaiborne Inc., where it raked in some$2.2 billion in sales. It sold to Penney lastmonth for less than $270 million.

“To go from [being] the largest iconicfashion brand in the country and theworld, to being a proprietary brand at alarge retailer is an uncommon journey,”said Marshal Cohen,chief industry analystat market research firm NPD Group Inc.

The divergent fate of the two brandsis, at its heart, a cautionary tale for anycompany whose success is intimately con-nected to an iconic leader. In both cases,

TWOFASHION ICONS, TWO FINANCIAL O

See SL GREEN on 6

See DESIGNERS’ FATES on Page 26

TALL ORDER: 180 Maiden Lane needs work.

§

20111128-NEWS--0002,0003-NAT-CCI-CN_-- 11/23/2011 6:22 PM Page 1

different fatesL OUTCOMES

BY MATTHEW FLAMM

Jason, a 29-year-old Manhattan publicityexecutive, bought an iPad2 in August andbegan downloading e-books. He now hassome 50 titles, including Water for Ele-phants, the Twilight series, all of Harry Pot-ter,The Help,and the Game ofThrones series.

He hasn’t paid for any of them, but hedoesn’t feel guilty.“I don’t feel like I’m run-ning into Barnes & Noble and stealing abook,” he said, though he spoke on condi-tion that he not be identified.

Book publishers know of many Jasons,and—like music label executives before

them—say that convincingthese consumers that they areindeed stealing is crucial tothe industry’s antipiracy bat-tle. So are tougher laws. Twohighly controversial proposedbills would go after so-calledrogue sites that traffic in thou-sands of illegal downloads ofall kinds of material.

Book piracy is at least as oldas Xerox machines, but thedigital transition has raisedthe stakes.E-books now makeup 20% of sales for the majorhouses—more than double their portion in2010. And their sales growth will only soaras low-priced, browser-enabled e-readerssuch as the Kindle Fire and the NookTablet flood the market this holiday season.

As far as losses owing to piracy,publish-ers are hardly in the same league as therecording and movie industries. According

to a 2010 study by Attributor,an antipiracy technology com-pany that works with majorpublishers, illegal downloadscost the book industry, includ-ing educational publishers,$2.8 billion annually.The Mo-tion Picture Association ofAmerica, meanwhile, claimsthat makers of movies, music,software and video games lose$58 billion a year to piracy.

But publishers are takingthe problem seriously. Just lastmonth, John Wiley & Sons

sued 27 “John Does” in federal court overthe illegal downloading of the publisher’sFor Dummies books—the first time that apublisher has targeted consumers.The As-sociation of American Publishers also hasjoined the copyright-holder chorus push-ing for stronger legislation.

An e-book piracy whodunitWiley leads the chargeagainst file-share sitesand users; D.C. billsseen as overreaching

November 28, 2011 | Crain’s New York Business | 3

BEST-SELLING AUTHOR AND SELF-DESCRIBED“TRANSMEDIA” ENTREPRENEUR JAMES FREYis expanding his SoHo-based productioncompany. Full Fathom Five, which hascontracts for 30 books and development dealsfor two television series, will open a LosAngeles office in January, Mr. Frey said. Hiscompany also is extending its reach with the e-book release of The Nightworld, a young adultnovel written in tandem with the video game ofthe same name from developer Glu Mobile.The game will be available Dec. 1 on the iPadand iPhone; HarperCollins will publish ahardcover edition of the novel in April. Expectmore literary-gaming collaborations, said Mr.Frey, who remains best known for the fracasthat arose over fabrications in his 2003 memoirA Million Little Pieces.

A FIVE-BUILDING COMPLEX IN WILLIAMSBURG,BROOKLYN, THAT IS HOME TO BROOKLYNBrewery was recently sold for $16.4 million.Thenew owner of the 135,000-square-foot, mixed-use property at 118 N. 11th St. has long-termplans to convert the site into residential use, saidNeil Dolgin, co-president of brokerage KalmonDolgin Affiliates. But that switch could takeyears. Brooklyn Brewery’s lease, for instance,runs through 2025, Mr. Dolgin said.

THE QUEENS THEATRE WILL PREMIERE A NEWWORK THIS SPRING BY CHET WALKER, THEcreator of the Tony Award-winning musicalFosse.The production is a musical tribute toJack Cole, the father of theatrical jazz andchoreographer of movies like Some Like It Hot.It’s slated to run May 3 through May 20. Mr.Walker’s Walkerdance recently became the firstresident dance company in Queens Theatre’s21-year history.This season, the first under thetheater’s new executive director, Ray Cullom,will offer more than 200 nights of performanceson three stages, up from 60 the previous year. n

IN BRIEF

BY THE NUMBERS

US AND THEM Europe’s leaders have long fallen short in their efforts to fix their economy.With the death of the deficit reduction panel last week, ours did as well.

DISMAL HOLDING PATTERN The unemployment rate inNew York City has barely budged over the past year.

Weekly shift of the city’s economy

é

4MBIRTHS in theU.S. last year,fewest since

1999Source: NationalCenter for Health

Statistics

8.0

8.2

8.4

8.6

8.8

9.0% 9.0%

8.8%

8.7%

8.9%

8.6%

8.7%

8.8%

Oct.

’10

Dec. Feb.

’11

Apr. June Aug. Oct.

vol. xxvii, no. 48, november 28, 2011—Crain’s New York Business(issn 8756-789x) is published weekly, except for double issues theweeks of July Fourth, Labor Day and Christmas, by Crain Commu-nications Inc., 711 Third Ave., New York, NY 10017. Periodicals postagepaid at New York, N.Y., and additional mailing offices. Postmaster:Send address changes to: Crain’s New York Business, CirculationDepartment, 1155 Gratiot Avenue, Detroit, MI 48207-2912. for sub-scriber service: Call (877) 824-9379. Fax (313) 446-6777. $3.00 acopy, $99.95 one year, $179.95 two years. (GST No. 13676-0444-RT)©Entire contents copyright 2011 by Crain Communications Inc.All rights reserved.

ADDICTED TO NUMBERS? GET A DAILY DOSE AT @STATSANDTHECITY

$15,670PRICE of one-way

first-class AirFrance ticket from

NYC to ParisSource: The New York

Times

14.6%RISE IN PRICEof gallon of gas

in NYC, yearover year

Source: U.S. EnergyInformation

Administration

See e-BOOK PIRACY on Page 26

Liz Claiborne§ YEAR FOUNDED:

1976

HEADQUARTERS:

Garment district

STORES: Sold at J.C. Penney

SIGNATURE DESIGN:

Chic separates

Diane vonFurstenberg§ YEAR FOUNDED:

1972

HEADQUARTERS:

Meatpacking district

STORES:

44 stand-alones; also at department stores

SIGNATURE DESIGN:

Wrap dress

DIANE VON FURSTENBERG: The designer returned to hernamesake company in the1990s and reintroduced thebrand to a new generation.

A STEAL: Wiley has sued overe-theft of its Dummies’ series.

Source: U.S. Bureau of Labor Statistics

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THE LATE LIZ CLAIBORNE:Before she retired, Ms.Claiborne’s clothingcompany, one of the largestin the world, gave workingwomen fresh new looks forthe office.

20111128-NEWS--0002,0003-NAT-CCI-CN_-- 11/23/2011 6:22 PM Page 2

IN THE MARKETSby Aaron Elstein

Want more info on our donedeals? Scan the QR Code with your smart phone.

We congratulate our client

on the $725M refinancing of

601 Lexington Ave

by lenders

Cuomo’s pension paradox

BY DANIEL MASSEY

Two of Gov. Andrew Cuomo’s toppriorities could be on a collisioncourse. He desperately wants to cre-ate jobs to help the state’s sputteringeconomy. And he needs a cheaperpension tier for public employees tolighten the load on the state’s budg-et. But to create those jobs, the gov-ernor is eyeing union pension fundsto finance major projects, such as re-building the Tappan Zee Bridge.

“We have to turn around theeconomy; we have to create private-sector jobs,” Mr. Cuomo said in a ra-dio interview last week. “That’s thegoal.I’ve been spending months talk-ing about the best approaches,how tobring people together. One of thetasks is to find alternative financing.”

As the governor proposes a so-called infrastructure bank, he ispledging to push for the new pension

tier known as Tier VI. One labor in-sider said that some union officialsare asking, “How do we go to ourmembers and say we’re going to dothis, if at the same time the governoris trying to decimate our pensions?”

Chops in benefits sought

Talks on the infrastructure bankare still in an early stage, but alreadythere are signs that Mr. Cuomomight have to juggle his political pri-orities. He introduced legislation inJune to raise the retirement age to 65from 62, have new employees con-tribute 6% of their salaries to pen-sions (up from the current 3% for newhires), require 12 years of service (upfrom 10) before pensions vest, andstop overtime pay from inflatingpensions, among other changes de-signed to save the state billions.

“The numbers speak for them-selves—the pension system as we know it is unsustainable,” Mr.Cuomo said upon introducing theproposal.

Both the Civil Service Employ-ees Association and Public Employ-

ees Federation, the state’s largesttwo public-sector unions, adamant-ly oppose Tier VI. Sources said thatwhen administration officials metwith leaders of key public- and pri-vate-sector unions this month todiscuss details of the infrastructurebank, labor officials at the meetingraised concerns about Tier VI andother Cuomo positions that runcounter to organized labor’s inter-ests, such as budget cuts and lettingthe millionaire’s tax expire.

Mr.Cuomo is likely to try to pushpension reform and the infrastructurebank initiatives down separate paths.He has proven in his first year as gov-ernor to be a gifted tactician and couldpull it off, potentially with help fromthe building-trades unions, whichhave backed his conservative fiscalagenda and are desperate for jobs af-ter the real estate crash.

Another challenge for Mr. Cuo-mo is to make infrastructure projectsattractive investments for the pen-sion funds, said Kevin Corbett, co-chairman of the Empire State Trans-

Governor asking forlabor’s help, sacrifice


Cut his dividend? Good luck with that

There’s still more than a month to go in 2011, butalready we have a clear winner in the category ofQuote of the Year from a Wall Street grandee.

It comes courtesy of Scott Bok, the chief executive ofGreenhill & Co., a boutique investment adviser whose blue-chip clients range from AT&T to the U.S. Treasury. Asked at arecent conference if he’d consider cutting Greenhill’sshareholder dividend, Mr. Bok replied: “You’d have towaterboard me [first],” according to Bloomberg News.

Setting aside Mr. Bok’s tortured choice of words, whywould he feel so strongly about preserving his firm’s dividend?Well, here’s a possibility: It turns out that his annual dividendchecks are about double his salary.

But first, a bit about Greenhill,which was founded 15 years ago byRobert Greenhill, formerly a Mor-gan Stanley president and SmithBarney CEO. Like most of its ri-vals, Greenhill is having a lousyyear. Its stock is down more than50%,and third-quarter earnings fell41%, owing to losses in Greenhill’sinvestment portfolio. Oh, and cor-porate clients aren’t striking manymergers or acquisitions lately—andwon’t be any time soon, judging bya recent Standard & Poor’s reportthat predicts a global M&A slow-down well into next year, as “man-agements hunker down amid fearsof another recession.”

With business so sluggish, com-pensation costs at Greenhill fell by athird last quarter, according to thefirm’s most recent filings. Most ofthis money is set aside to be paid outas bonuses,suggesting that year-endpayouts will be disappointing.

In such a tough environment, theamount that Greenhill pays out individends becomes more importantbecause its employees own—or havebeen promised—so much stock inthe firm. This includes Mr. Bok,who controls 443,000 shares, ac-cording to a regulatory filing earlierthis year. That means that Green-hill’s quarterly dividend of 45 centsa share, which has held steady since

early 2008, put $800,000 in Mr.Bok’s pocket last year.

Not a terribly significant sum fora Wall Street chieftain such as Mr.Bok, whose total compensation lastyear was valued at $8.3 million. Butvery little of that was in cash. Hissalary, for example, was $600,000.The bulk of the rest was in restrictedstock that takes years to vest.To easethe pain while he waits,Mr.Bok alsogets dividends on his unvestedshares: Indeed, he was awarded$329,000 worth of “dividend-equiv-alent payments” last year.

Greenhill did not respond to arequest for comment.

While it may sound crazy to paysomeone dividends on shares thathe doesn’t own, it is, in fact, com-mon practice on Wall Street. Topexecutives at JPMorgan Chase, Gold-

man Sachs, Morgan Stanley and Ameri-

can Express can get them, accordingto company filings. The champ inthis particular form of pay appears tobe AllianceBernstein CEO PeterKraus, who last year was awarded$3.7 million worth of dividends onhis restricted holdings.

Such payouts are becoming lesscommon outside of finance, howev-er. In recent years, blue-chip stal-warts IBM and Pfizer have stoppedpaying executives cash dividends onshares that they don’t own. n

39%DROP IN THE AMOUNT of debt issued so far this year by Fannie Mae,

Freddie Mac and similar U.S. agencies, according to Thomson

Reuters. Through mid-November, these mortgage guarantors had

raised the least amount of debt since 1998—a sign to many market watchers that

the housing market’s weakness will continue for some time.

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BOK JOY:Greenhill CEOScott Bok

See PENSION on Page 28

20111128-NEWS--0004-NAT-CCI-CN_-- 11/23/2011 5:10 PM Page 1

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NEW YORK,NEW YORKedited by Valerie Block

Taking math outof the equationJournalists, rejoice. You are betterat picking out stories thanalgorithms are, or at leastLinkedIn thinks so.

In an attempt to turn the socialnetworking site into the first spotthat members check forinformation, LinkedIn is bulkingup on editors and journalists whocan provide the most relevantnews as quickly as possible.

“My team is going to behuman curators of news,” saidLinkedIn Executive Editor Daniel

Roth, who joined the company inJuly and hired his first employeeearlier this month. He’ll addanother by the end of the year, buthe wouldn’t say how many staffershe’ll ultimately have at thecompany’s new digs at the EmpireState Building.

Currently, computer programs

decide which articles and headlinesgo to members, based on theirprofiles. “Computers can’t do it all.You need human eyes looking atthe news,” he said.

Mr. Roth added that he isalready working with publisherswho are asking to have theirarticles posted to the site. Hedoesn’t envision creating originalcontent, although editors may puttheir imprint on the news bypackaging together related storiesand information.

—theresa agovino

Early-stagetheatrics Theater producers have a plan toget the next generation of stagelovers hooked. Taking a pagefrom festivals aimed at grown-ups,the founders of the inaugural NewYork Children’s Theater Festivalwill present the best new showsfor tots.

The festival, which has justbegun accepting submissions fromall over the world, will run fromApril 20 through May 5 at theMarjorie S. Dean Little Theater atthe YMCA on West 64th Street.

It will feature three works chosenby children’s entertainmentheavyweights, including Michael

Jung, vice president of theatricaldevelopment at Walt DisneyImagineering, and John Tartaglia,whose award-winning off-Broadway kids’ puppet musical,Imaginocean, is now on aninternational tour.

Festival organizer andImaginocean producer Michael

Shawn Lewis said that there’s adearth of innovative children’stheater. “If we’re not able to getkids excited about theater at ayoung age, how will we be able toinspire them to come when they’re20?” he asked.

—miriam souccar

Beauty more thanbanana-skin deepSlathering oneself in macadamianut oil or apricot jam doesn’t haveto be kinky.Truth Art Beauty, anew cosmetics site, lets shoppersconcoct their own facial and bodylotions using real fruit, grains and herbs. Prices range from $25to $54.

“Skin care should be like food,made and consumed fresh withoutany additives, toxins or fillers,”said co-founder Caron Proschan, aHarvard Business School gradand entrepreneur, likening TruthArt Beauty products to custom-made smoothies. Ms. Proschanand her partner spent $40,000 tolaunch the site this summer.Traffic hit 5,000 visitors inSeptember.

—adrianne pasquarelli

A mountain of publicity

Longtime Catskill resident Dean Gitter, who ownsEmerson Resort & Spa, has tapped former NewYork City Hall press secretaries Cristyne Nicholas and

George Arzt to help him launch a $5 million tourismcampaign aimed at drawing more visitors to the region,which suffered catastrophic damage from Hurricane Irene.¶ The advertising will be timed for the start of the skiingseason and will be modeled on the successful patrioticcampaigns that brought millions of visitors to New YorkCity after Sept. 11, and to the Gulf region after the BP oilspill. ¶ “We feel that if New Yorkers got a glimpse of whatwent on in the Catskills, they’d feel compelled to help,” saidMs. Nicholas, who is also a former chief executive of thecity’s tourism bureau. ¶ Mr. Gitter, in charge of thecampaign’s fundraising efforts, donated $30,000 to get theproject started. He believes that although the Catskills werejust as devastated by Irene as nearby areas in Connecticutand Vermont were, they got far less coverage. “Whatmotivated me was the inattention by the media to what wasgoing on here,” he said.

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BY REBECCA OLLES

Three years ago, a neighbor inBrooklyn’s South Park Slope saw JoeNocella building a bike in front of hishouse and asked if he actually soldthem. Inspired, Mr. Nocella shiftedout back and went into business, un-der the name 718 Cyclery, makingbikes with parts ordered online.

Within two years, he had movedindoors, renting a small shop nearby on 7th Avenue. This year,he transferred to a storefront inGowanus that is five times larger,where he builds custom bicycleswith an average retail price of justover $1,000.

“We’re like the Build-a-Bearworkshop for bikes,” he said. “Peo-ple flock to us.”

Mr. Nocella’s store is just one ofthe growing number of bike shopsthat have popped up around town inthe last five years, bringing the totallocal count to more than 160, ac-cording to various sources. Addi-tional stores are opening almostevery week, it seems, spurred byeverything from increasing healthconsciousness to the 200 miles ofbike lanes the Department of Trans-portation has rolled out in the pastsix years. A city bike-share planthat’s expected to put 10,000 short-term-rental bikes on New Yorkstreets next summer should alsokeep business spinning.

The new generation of bikeshops is becoming increasingly spe-cialized and more targeted to com-muters. A recent arrival in Brook-lyn’s Fort Greene neighborhood, forinstance, sells only recycled rides,while another in Flatbush makes itscycles largely out of bamboo—for asmuch as $2,100 each.

Expanded menu

Furthermore, the menu of storeofferings has expanded from pan-niers and brake pads to sandwichesand soft drinks—consumed at ta-bles surrounded by glistening ma-chines from manufacturers as faraway as France and as near as OzonePark, Queens.

“Business is exploding,” said JonPastir, an industrial designer whoworks as a manager at Bespoke Bi-cycles on Lafayette Avenue in FortGreene. There, he offers a range ofoptions that lives up to the promiseof the shop’s name. Customers canspecify everything from copperfenders to frames painted such exot-ic colors as Extra Virgin Olive Oil—at a cost that can exceed $5,000.

Mr. Pastir also credits City Hallwith some of his good fortune:“Thenew bike lanes definitely helped,”hesaid.

The 680 miles of bike lanes, bikepaths and greenways in New YorkCity draw out more than half a mil-lion riders several times a month,ac-cording to the city’s Department ofTransportation. Meanwhile, com-muter cycling in New York in-

creased 13% from 2009 to 2010, thedepartment reported.

To capitalize on all that growth,entrepreneurs like Brian Gluck havegeared up a host of new shops. Lastsummer,he opened Red Lantern Bi-cycles in Fort Greene,which special-izes in recycled and refurbished bicy-cles he sells for around $350,and alsooffers light fare in the store’s café.

“There’s not a shop that doeswhat we do,” Mr. Gluck said.

At the other end of the spectrumis Chelsea Bicycles on West 26thStreet in Manhattan. There, owner

Rafael Vazquez sells cycles off therack or builds them to the customer’sspecifications. Over the 16 yearssince he opened his doors, the num-ber of custom bikes he sells has bal-looned to as many as 25 a year.

All in the house

“Piece by piece, we weld it, shapeit, glue it,” Mr. Vazquez said.“Everything is done in-house.”

Others, such as Bowery Lane Bi-cycles, which operates a factory inQueens, now do nothing but makebicycles. In that borough, it joins the

doyen of NYC bike makers, OzonePark-based Worksman Cycles,which dates to 1898.

Just 3 years old, Bowery Lane isalready looking for a larger factoryto churn out its newest line of “com-fort bicycles” that feature high han-dle bars and spacious seats, at pricesstarting at $595, according toMichael Salvatore, a Bowery Laneowner.

“It won’t win any races,” Mr. Sal-vatore said of his comfort bike, “butpeople will definitely enjoy thecommute.” n

Bike shop openings shift into high gearMiles of new cyclelanes help fuel boom; bamboo anyone?


WHEEL OF FORTUNE: Jon Pastir manages ashop where custom bikes can cost over $5K.

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$300 million in state revenuesharing. His requests from Albanyfor teacher-layoff and pensionreform went nowhere, and Mr.Cuomo won’t sign his taxi bill.

But the governor could use themayor’s help to silence theincreasing calls for taxing the rich.

“There’s going to be pressurefrom communities of color inJanuary to tackle the millionaire’stax,” said a Democratic consultant.“The governor and mayor are onthe same page, of course.They bothoppose it. But the governor has abroader base he will need supportfrom.”

If the governor addresses thoseconcerns with a tax plan that hitsthe wealthy, the mayor’s help wouldbe invaluable. “Who better than aguy like the mayor to rally supportamong the millionaires in NewYork City?” the insider asked.“Cuomo will find great utility inbecoming Bloomberg’s friend.”

No details have emerged on howreform might look.

Although Messrs. Cuomo andBloomberg have been at odds, bothhave a reputation for level-headedness. “Everything istransactional to both of them,” saidthe insider. “To the extent theirinterests coincide, they can be fastfriends.”

Sen. Schumerbundles upNo politician received morebundled money from lobbyists inthe past two years than Sen. Charles

Schumer. His $1.14 million haul farexceeded that of Senate Majority

Leader Harry Reid ($715,564) andpresidential hopeful Mitt Romney

($517,450), according to theSunlight Foundation.

Is Mr. Schumer’s influence forsale? “It’s not,” his spokesman said.

Food trucks’ suitbackfiresA downturn in food trucks’ revenue(see story, page 1) can be traced to a2010 bill by Councilwomen Jessica

Lappin and Karen Koslowitz thatthreatened to banish trucks thatreceived three parking ticketswithin a year.

Food trucks, represented by theStreet Vendor Project, respondedby suing to prove that they couldvend from metered parking spots. Itbackfired: The court clarified anambiguous law and gave trafficcops a green light to writesummonses.

“Now we’re negotiating from amuch worse position,” lamentedone food truck operator about talksto secure legal parking spaces.

Rich GOPer saysGilly’s the 1%Nassau CountyComptroller George

Maragos, who is seekingthe GOP nomination tochallenge Sen. Kirsten

Gillibrand in 2012, lastweek called her “part ofthe 1%” because lawyersand investment bankershave given her campaign$5.3 million.

But Mr. Maragos didn’tmention that he meets thetraditional definition of the 1%:He’s loaded. Mr. Maragos made afortune in the financial industryand has said he will give $5 millionto his own campaign.

Insiders have been checking forpersonal financial disclosures fromMr. Maragos, which he wassupposed to file within 30 days offormally becoming a candidate. “Ifit’s a requirement, we will file assoon as possible,” Mr. Maragossaid. “I’m successful and grateful,and I want to help the 99%.”

Another self-mademultimillionaire, Westchester’sHarry Wilson, is also pondering a bidfor the Republican nomination.

City ready forpension hitCity actuary Robert North is expectedto lower his estimate of the citypension funds’ future rate of returnvery soon. A half-point drop fromthe current assumed return of 8%—which would match the changemade to the state pension fund inthe summer of 2010—could force

city taxpayers to pay asmuch as $1 billion moreto city pensioners.

However, theBloomberg admin-istration last year setaside that amount inexpectation of a ratechange, resisting callsfrom some City Councilmembers and laborunions to restoreprogram cuts. n

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FEDERAL FAILURE buffets New YorkTHE DEFICIT SUPERCOMMITTEE’S failure forebodespainful cuts for New York health care and housing.However, insiders say it’s too early to know exactlywhere the axe will fall.

Unless Congress reaches an agreement, $1.2trillion worth of cuts over 10 years would begin Oct. 1,2012. The state would lose about $5 billion. That’sonly about 0.3% of state spending, but the impact onhospitals, which receive Medicare money directly,would be worse.

“It’s hard to say what’s going to happen next,” saidKenneth Raske, president of the Greater New YorkHospital Association, a trade group. Between theautomatic 2% Medicare reduction and cost-cuttingfrom Obamacare, New York’s hospitals stand to lose$14 billion over a decade, but “other scenarios couldhave been far worse,” Mr. Raske rationalized.

Another danger: Medicare is scheduled to reducereimbursements by 27.4% next year. Congressnormally restores the money, but has becomedysfunctional.

“Doctors may close up their practices or stop seeing Medicare patients, orat least stop seeing the ones who are medically complex,” said Dr. Paul

Hamlin, president of the Medical Society of the State of New York.The Bloomberg administration, which received about $6 billion in non-

stimulus federal funds last year, has not forecast the impact of the loomingcuts. But they’ll hit Medicaid and city housing programs hardest. About 85%of the Department of Housing Preservation and Development’s operatingbudget of approximately $700 million comes from the feds, as does a third ofits $400 million capital spending.

“In the past, the federal government was a stable source of funding,” anagency spokesman said. “Not anymore.”

Kenneth Raske

Dr. Paul Hamlin

George Maragos


Cuomo may needBloomberg in ’12

For daily political and government news, subscribe to CRAIN’S INSIDER @ www.crainsnewyork.com/insider

Gov. Andrew Cuomo, facing battles on severalfronts as he enters his second year, may look torepair his relationship with Mayor Michael

Bloomberg, insiders said.“He’s heading into his sophomore year,

which is always a tough one,” said a person familiar with theCuomo administration’s thinking. “They don’t want to befighting everywhere.”

The governor and mayor have often been at odds. Mr.Bloomberg grumbled about state education cuts and losing

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N E I G H B O R H O O D J O U R N A L

BY REBECCA OLLES

When ThomasSchutte movedto Brooklyn’sClinton Hill tohead up Pratt In-

stitute there in 1993, he got somesurprising advice: Avoid the neigh-borhood’s main drag, crime-riddenMyrtle Avenue, at all cost.

Nearly two decades later, that20-block strip, which extends intoFort Greene, is a totally differentplace. Today, fashionably dressedpeople stroll along a street dottedwith trendy establishments, fromcafé/lounge Pillow to boutique re-tailer BYME Brooklyn. Mean-while,modern condominium build-ings peek above the old brickstorefronts, and at night, ornate, pe-riod-style streetlights cast a warmglow on the still-busy street.

In the past year alone, the avenue

saw eight new arrivals, includingsuch big ones as a Red Apple Super-market and the first-ever Pratt build-ing to front the street, a six-story ac-ademic and administrative facility.Along the way, vacancies on MyrtleAvenue slid to 7%,a small fraction ofwhere they stood 20 years ago.

“It really was one of the most re-markable turnarounds I’ve seen inthe city,” said Robert Walsh, com-missioner of the New York City De-partment of Small Business Ser-vices, and, as such, the overseer ofthe city’s 64 neighborhood BusinessImprovement Districts. “There aretimes I want to bottle up [the ingre-dients they used] and sprinkle thatall over the five boroughs.”

The writing on the wall

One of the keys was Mr.Schutte,who got together with communityleaders, including longtime residentand community organizer Geor-gianna Glose, to found the MyrtleAvenue Revitalization Project in1999. With money from JPMorganChase and the city, MARP hired anexecutive director and began bycleaning up graffiti and workingwith landlords to spruce up storeawnings. Six years later, it set up a

BID, which, along with MARP, to-day boasts a combined annual budg-et of more than $1 million via thecity, private foundations and fees onlocal landlords.

“The street was full of graffitiand broken windows,” Mr. Schuttesaid. “I was determined to changeit.”

To help local shop owners up-grade their spaces and incomes, in2000 MARP embraced its first testcase, Duncan’s Quality Fish Mar-ket. The group provided publicityand technical assistance to helpowner Gurvan Duncan relocate his11-year-old store to more afford-able quarters and renovate the inte-rior.

“I was the first, so I had to makeit,” Mr. Duncan said. “I was able toget a lot of perks and advertisements[from MARP].”

The investment paid off. Ms.Glose reckons that the shop’s rev-enues nearly doubled. Since then,156 businesses have fallen underthe MARP and BID wings. Inturn, MARP itself has benefitedfrom its ability to tap Pratt’s alum-ni, professors and students for tasksranging from shop-front designs toart displays.

The newest project isinstalling tree guardsalong the avenue.Artists,including Pratt alumni,designed the intricateiron tree guards. Otherrecent projects included amural painting on a wallunder the nearby Brook-lyn-Queens Expresswayand the installation oftemporary art galleries instore windows.

Success by the square foot

With progress havecome higher rents.The average rentalong the avenue is $37 per squarefoot—up from $29 five years ago—according to Michael Blaise Backer,executive director of the Myrtle Av-enue Brooklyn Partnership, whichlinks MARP and the BID. He seesthose gains as a net good for the area.

“Healthy rents get store ownersto reinvest in their buildings,” hesaid.“I would also say that comparedwith other retail strips, those rentsare still pretty inexpensive.”

Adding to the avenue’s vitality,97% of the businesses are locallyowned, meaning that, beyond a Duane Reade and a CVS, there are

few chains. The demographics ofthe owners haven’t changed much,either: 78% of them are minoritiesand/or women, up from 76% a fewyears ago.

Mr. Walsh uses Myrtle Avenueas an example of a successful com-munity. In 2010, he gave a tour toNorthern Ireland delegates,who arenow using Myrtle Avenue as a mod-el for the city of Belfast.

“If you’re asking for a secret sauceof turning a neighborhood around,it’s having a great engaged presidentof a university and an executive di-rector who truly cares,” Mr. Walshsaid. n

Pratt prez helps toschool Clinton Hillon art of communityrevitalization

Myrtle Avenue makes the grade


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Organized labor has generated newmomentum for a City Council bill thatwould require jobs at subsidizeddevelopment projects to pay at least$11.50 an hour, or $10 an hour plusbenefits, well above the minimum wageof $7.25.

Supporters revised their so-called living-wage bill over thesummer after it hit a wall in the person of Council SpeakerChristine Quinn. While the revisions were designed tosoften opposition from business interests, no amount oftweaking can change the fundamental fact that the billwould kill projects in a misguided attempt to give a fractionof the city’s minimum-wage workers a 59% raise.

Ms. Quinn has not ruled out allowing the revamped billto come to a vote, and there is speculation that itsendorsement this month by powerful health care workersunion 1199 SEIU could persuade the speaker to let the billadvance, if not support it outright.

Previously, the bill was being pushed primarily by theRetail, Wholesale and Department Store Union, whichwasn’t influential enough to get it past Ms. Quinn. But thelegislation’s endorsement by the mightier health careworkers union creates a political conundrum for the speaker.While 1199 SEIU would be a major asset to Ms. Quinn’sexpected campaign for mayor in 2013, green-lighting the billwould also cost her support from the business community,which she has been courting assiduously for several years.

If Ms. Quinn looks at the bill on the merits, though, shewill find it essentially unchanged from the one she waylaidearlier this year.The revised measure would affect projectsthat receive discretionary subsidies worth at least $1 million,10 times more than in the earlier version. While that might

sound like a lot, a $50,000 annual benefit over 20 yearswould trigger the bill’s onerous terms.

The new bill, like the old one, subjects landlords toperjury charges if their tenants’ wages fall short of theminimums. It still deters supermarkets—which haveextremely thin margins and lots of entry-level employees—from opening in poor, produce-starved neighborhoods. Abusiness with tipped employees would have to ensure theirbase pay plus tips reach the new minimums.

The latest legislation tries to silence some of the voicesthat complained loudest about the original bill, such as small

businesses.Those withannual revenue under$5 million would beexempt. But that meansentrepreneurs who dareto grow would beslammed bygovernment-mandated

wage hikes.The bill also carves out manufacturers,nonprofits and some affordable-housing builders, yet stillpunishes with paperwork requirements and oversight. Non-exempt businesses would have to let the city comptroller“observe work being performed on the work site, interviewemployees and examine [their] books and records.” Really?

Private businesses have enough to worry about these days.The last thing they need is to be at the mercy of the citycomptroller. It’s worth noting that the current one, John Liu,is embroiled in a fundraising scandal involving illegalcontributions by business owners.

The living-wage bill has come back like a bad rash.Therevisions are little more than Band-Aids. Ms. Quinn shouldget out her disinfectant again.

Blight of the living wage

A new bill that’snot much betterthan the old one

V I E W P O I N T


A MATH LESSON FOR SMALL BIZ

Re: “Empire reduces small-firm health careoptions” (CrainsNewYork.com): This article,interestingly, mentioned “the regulatoryenvironment,” which means Obamacare.Empire Blue Cross Blue Shield and otherinsurance companies are slowly going to besqueezed until only the single-payergovernment-insurance model is left.

Do the math. It costs around $7,000 a yearper employee for company health insurance.Even larger companies would only pay $2,000per year per employee by sending them toObamacare’s health insurance exchanges,saving $5,000 per year per employee.

—craig j. casey

MOVE NYC’S CONVENTION CENTER?

I was beyond stunned to read the suggestionby Hope Cohen of the Regional PlanAssociation to relocate the main New YorkCity convention center to a near-the-airportlocation in Queens (“The case to sell the JavitsCenter,” Oct. 24.) After 15 years of attendingtrade shows—the NY Gift Show and theStationery Show—at the Javits Center, its

current location seems nothing short of perfectwhen faced with the horror of an airport-arealocation.

One has to wonder what percentage ofthose coming to New York for a trade showwould prefer being stuck out by the airportafter 6 p.m., instead of their current options toenjoy a walk down Fifth Avenue, a trip to anyof the city’s great neighborhoods and eveningadventures, or just a choice of, say, 10 greatrestaurants within blocks of their hotel.

Without the magnet of Manhattan, I canonly imagine attendance plummeting for bothtrade show exhibitors and visitors.This iswithout even taking into account the insanelyunattractive commute for large and smallbusinesses and trade show attendees who resideor work in the city, and whose present shorttrip will even be improved when the Flushingtrain line extension is completed.

—fran seigelTextile Gems

COMMENTSCRAIN’S ONLINE POLL

SHOULD SCHOOLS KEEP CALLING PIZZA A VEGETABLE?Date of poll: Nov. 17

224 votes

For this week’s questions: Go to www.crainsnewyork.com/poll to have your say.

Yes. “Providinghealthy choicesis a good thing,

but thegovernment

dictating whatschools can and

can’t serve iscrazy.”

8% 92%

No. “I am soglad I grew upwhen adultsactually caredabout feedingkids right! Nowonder somany kidstoday areoverweight.”

..

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To your health (care)



O P I N I O N

filled to pay the hefty medallionrental fees that taxi owners chargethem. Yet the consequence is thatpassengers in northern Manhattanand the other four boroughs areforced to rely on illicit taxis.

Some of these are “livery” carsthat are supposed to operate only byprearrangement, and some are carsthat aren’t licensed to carry payingcustomers at all. Riders have no ideawhich cars are safe and which arenot, they have no recourse for pooror abusive service, they lack the abil-ity to pay by credit card, and theyhave to haggle over the price eachtime they flag down a car. For visi-tors, or even New Yorkers unfamil-iar with the “going rate” in a partic-ular neighborhood, livery servicemay as well not exist.

A year ago, Mayor MichaelBloomberg proposed legislationthat would allow licensed livery carsto accept street-hail passengers inthe areas currently ignored by yellowtaxis—provided the livery cars haveclear markings and are equippedwith meters, credit card readers andthe GPS locators that enable thecity’s Taxi and Limousine Commis-sion to track down unsafe or abusivedrivers. For the 80% of New Yorkerswho live outside Manhattan, thisbill is decades overdue.In fact,May-or Ed Koch proposed a similar planin 1985, although opposition fromthe taxi industry killed it.

The need is even more urgentnow as demand for taxi service con-tinues to grow and as the city suc-cessfully pursues residential and

economic development in all fiveboroughs.Decent taxi service wouldbe a boon to developing waterfrontneighborhoods that are poorlyserved by public transportation andto all the new hotels and shoppingcenters rising in Brooklyn andQueens. It is a virtual necessity ifemerging office centers like down-town Brooklyn and Long IslandCity are truly to thrive. As everyeconomist knows, one of the bestways for government to promote jobgrowth is to improve transit options.

The state Legislature understoodall this. Both the Assembly and theSenate approved the livery legisla-tion in June, and it currently awaitsthe governor’s signature. Unfortu-nately, taxi medallion owners aremounting a ferocious lobbying effortagainst it.They argue that the bill willdepress the price of medallions,which currently trade for $1 millionapiece, or four times what they com-manded just 10 years ago.

The medallion owners’ logicsimply doesn’t hold up. Ninety-fivepercent of taxi trips originate inmidtown Manhattan, downtownManhattan and the airports—andthe legislation specifically prohibitsthe new “borough taxis” from ac-cepting passengers in those areas.The yellow taxis’ revenue will beprotected.

It is way past time for all of NewYork City to have first-rate taxiservice.

David Yassky is commissioner of the New York City Taxi and Limousine Commission.

BY DAVID YASSKY

Taxicabs are a key part of New York City’s transitnetwork. About 600,000 people a day—business-people, tourists and residents—rely on taxis forquick and convenient transportation.

But there is a big problem.Taxis operate almostentirely in midtown and downtown Manhattan. It makes eco-nomic sense for taxi drivers to stay in these areas, where the de-mand is highest, and drivers certainly need to keep their cabs

Hail, yes: It’s timefor taxi reform

Mayor Michael Bloomberg’s taxiplan would triple the number of carsthat can pick up passengers on thestreet.That might sound like a goodidea—the intentions behind this billare the right ones—but there’s a rea-son the taxi and livery industries op-pose the measure. In its currentform, it would worsen service forpassengers and put drivers out ofbusiness, all without producing sig-nificant revenue for the city.

In 1937, Mayor Fiorello LaGuardia negotiated with owner-drivers, fleet owners and unions tocreate the medallion system. It was aremarkable social compact that lim-ited the number of taxis with the

right to pick up passengers and, inreturn,turned a turbulent city indus-try into a stable local enterprise dur-ing the Great Depression.

The stability gained through themedallion system is manifested in the

low turnover and steadily increasingvalue of the permits. New York re-quires a substantial investment fromwould-be taxi operators, which pre-vents the market from becomingoversaturated and ensures standardsof safety and service.La Guardia rec-ognized that a surfeit of taxis careen-ing through the streets was danger-ous and would lead to fare gouging.

La Guardia’s concerns are equal-ly valid today.Allowing livery cars topick up passengers on the street—instead of requiring a call—wouldflood the market and present atremendous threat to cab-drivingjobs, especially those who saved foryears to afford a medallion and bor-rowed against its value to supporttheir families or buy a home.

Back in the Depression, LaGuardia recognized the need forconstructive dialogue among all in-terested parties; his success led tosafer streets and better relations be-tween cabdrivers and their fares.I’m confident that if Gov. AndrewCuomo, who has the final say, con-tinues to follow La Guardia’s lead,New York can expand yellow taxiservice in the outer boroughs andprovide better access for disabledpassengers while protecting thehardworking drivers who’ve invest-ed their life savings in a medallion.

Graham Russell Gao Hodges is LangdonProfessor of History at Colgate Universityand author of Taxi! A Social History ofthe New York City Cabdriver.

GRAHAM RUSSELL GAO HODGES

Every day,6,000 miles of city streets provide avenuesof opportunity for the nation’s largest and mosticonic cab industry, where drivers carry harriedNew Yorkers and wide-eyed tourists across the fiveboroughs. We all understand that in New York,

how you get around is a big part of how you get by.That’s espe-cially true for the city’s 50,000 hacks.They have a lot at stake inproposed changes to the way our taxis work.

Hail, no: Drivers’life savings at stake

Driving manyof the city’s50,000 hacksout of business


O P I N I O N

to put a stadium for the 2012 Olympics.“Opening up the farWest Side of Manhat-tan to development—turning the vacant railyards site into a hub ofcommercial activity—isa historic economic de-velopment project thatwill create jobs for gen-erations to come,” hesaid.

A week later, anoth-er of the city’s largestdevelopers walked away from more

than a decade of work tobuild an office towerover the Port AuthorityBus Terminal. Despiteboasting some of thedeepest pockets in NewYork, Vornado RealtyTrust signaled it wasunwilling to undertakethe project alone afterits Chinese partnerbacked out. No com-ment from the mayoron this news.

This is one of thosetimes in the economic cycle when

the future is murky. The latest indi-cators suggest the U.S. economy isnot headed back into recession, butstrong growth seems unlikely any-time soon. The seemingly endlesscrisis in Europe could still set off aglobal financial panic. In New York,tourism remains strong and indus-tries like film and higher educationare expanding. Wall Street is con-tracting.

Yet no one should read too much

into either the Coach or Vornadodecisions.

Coach’s corporate headquarterswill anchor a new office tower thatRelated is building on what it callsterra firma,meaning solid ground ata corner of the Hudson Yards site.Related needs several more tenantsto actually begin construction of amassive platform over the Long Is-land Rail Road tracks where the vastmajority of this new neighbor-

hood—often billed as thenext Rockefeller Center—will be built. It is the decisionto move ahead with the plat-form that will signal Relatedbelieves the city will thrive,not this single office build-ing. In fact, the Coach deci-sion to move is more aboutthe deterioration of the city’sgarment center (see “Fashionfirms flee garment district,”Crain’s, May 11) than aboutthe future of the West Side.

The bus terminal’s failureisn’t that significant, either. Itwould’ve been extraordinari-ly expensive to build over theterminal. If it had been a vi-able project, it would’ve beenlaunched in the boom years ofthe last decade.

Rather, the story to watchis what Time Warner Inc.

does about its presence in New YorkCity. Its chief executive says hewants to sharply reduce its real es-tate footprint in the city and is ex-ploring moving its operations toelsewhere in the tristate area or toplaces like Florida. Other corpora-tions in New York are thinkingalong similar lines. What TimeWarner decides may signal whetheranyone should be building officespace in New York.

T here appeared to be two important developmentsin real estate this month.Unfortunately, they sendconflicting signals about the future of New York.

Coach Inc. agreed to become the first anchortenant in Hudson Yards, the enormously specula-

tive development on the far West Side where The Related Com-panies is gambling billions of dollars. Mayor MichaelBloomberg hailed the deal on the site where he once wanted

The few, true signsof economic health

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BY EILENE ZIMMERMAN

Although JAM Paper &Envelope specializes inselling products likehigh-end paper and giftwrap, owner Andrew

Jacobs recently devoted 1,500 squarefeet of space in his Upper East Sidestore to another holiday staple: toys.

Mr. Jacobs worked out a dealwith a business called Melissa &Doug to carry its wooden playthingsexclusively. “They brought the mer-chandise, set it up, and gave usposters and marketing materials,”he said. His store started sellingabout 10 toys a day in October; nowthe number’s up to 50.

Even better, JAM’s main mer-chandise is also moving. Parents seethe toys in the window, buy them,and wind up with gift wrap andpackaging, too. To entice them todeck out their gifts,Mr. Jacobs hireda gift wrapper to work through theholidays. He sees it all as a good in-vestment: “We’re converting theminto JAM customers,” said Mr. Ja-cobs,who has 20 employees and twoother Manhattan locations.

Analysts estimate that retail salesthis holiday season will be up about3% over last year nationally. That’sgood news for retailers, but it’s lessthan the previous year’s 5% increase,noted Jeff Edelman, director of re-tail and consumer products adviso-ry services at Manhattan-basedbusiness consultancy McGladrey.

Low prices aren’t enough

The result: Many in New York’shighly competitive retail market arelooking for fresh ways to spark hol-iday sales. And succeeding in mov-ing the sales needle can take an all-out effort, with many consumersstill cautious about spending.

Success this season is all about dif-ferentiation, according to Mr. Edel-man.“Small businesses will stand outby providing value that’s not just thelowest price,” he said. That valuecould be excellent customer service,new and different merchandise—even free champagne.

Take Greene Grape in Brooklyn.The business has 50 employees andencompasses three stores: GreeneGrape Provisions, a gourmet gro-cery; Greene Grape Annex, a caféand commercial kitchen; andGreene Grape Wine & Spirits. Toattract customers, owner Amy Ben-nett offered a tasting in Novemberof her All-American Six Pack ofThanksgiving wines paired withside dishes such as sweet potatogratin and wild mushroom stuffing.The Annex, which created the sidedishes, also held a pie tasting.

In December, Ms. Bennett willhost both a tasting of inexpensivesparkling wines and a champagnetasting cheekily called “BubblesThat Don’t Blow.”

“We uncork every bottle in thestore so customers can find one thatsuits them,” Ms. Bennett said,adding that in-store promotionsand tastings usually provide a “sig-nificant bump in sales.”

To make sure its promos attractenough foot traffic to pay off,Greene

Grape’s comical holiday mascot,Lobster Claus—a man dressed in alobster costume trimmed with Santafur and a belt—strolls the FortGreene streets where stores are locat-ed, handing out coupons.

Social media spark sales

Many local businesses find that ayear-round effort to build their dig-ital presence is vital to maximizingcustomers’ holiday spending.

To attract shoppers, Princess

Jenkins,owner of The Brown-stone, the women’s clothingand accessories boutique inHarlem, keeps her Facebookpage full of fresh photos of her products, announcements of store events and chattycommentary about her fash-ion choices.

“We use social media to drivetraffic to our website, which drivestraffic to the store,”Ms.Jenkins said.

After checking out the extensive

photos on her ecommerce site,manyshoppers wind up at her store on125th Street—and, she finds,they’re in the mood to buy. n

Retailers step it up,with champagne,coupons and more

Local shops vie for holiday dollars

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To sign up for Crain’sSMALL BUSINESS newsletter, go to www.crainsnewyork.com/smallbiz.

WRAP STAR Adding toys helped Andrew Jacobs ignite sales of his gift-packaging products.

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BANKRUPTCIES

The following listings are selected from themost recent available filings by companiesseeking bankruptcy protection in theSouthern and Eastern Districts of NewYork. Information was obtained from U.S.Bankruptcy Court records available onPublic Access to Court Electronic Records.Listings are in alphabetical order.

● 119 Webster LLC119 Webster Ave., BrooklynFiled for Chapter 11 bankruptcyprotection on Nov. 16. The filing citesestimated liabilities of $1,000,001 to$10 million and estimated assets of$500,001 to $1 million.

● Heat Wise Inc.28 Industrial Blvd., Medford L.I.Filed for Chapter 7 bankruptcyprotection on Nov. 17. The filing citesestimated liabilities of $500,001 to $1million and estimated assets of $0 to$50,000. Among the creditors with thelargest unsecured claims areBentone/Enertech, owed $86,056;JPMorgan Chase Bank, owed

$79,194.16; and Capital One, owed$75,971.45.

GOVERNMENT CONTRACTOPPORTUNITIES

Following are selected contractopportunities recently announced by NewYork City agencies. To learn how to sellgoods and services to city government, visitwww.nyc.gov/selltonyc. For a searchabledatabase of current procurement notices,visit www.nyc.gov/cityrecord. Listings arealphabetical by category and department.

CONSTRUCTION SERVICES● Department of Parks and RecreationSeeks competitive sealed bids by 10:30a.m. on Dec. 8 for reconstruction of thesidewalk and perimeter fence at JardinDe La Familia in the Bronx andreconstruction of the perimetersidewalks along Emmons Avenue inBrooklyn. Bid documents are availablefor $25 in the blueprint room,Olmsted Center, Flushing MeadowsCorona Park, Queens, from 8 a.m.to 3 p.m. The fee is payable by

company check or money order to theCity of New York, Parks and Recreation.To make inquiries, contact Juan Alban at (718) 760-6771 [email protected].

● Housing AuthoritySeeks competitive sealed bids by 10 a.m.on Dec. 8 for the replacement ofunderground water and fire distributionpiping. Bid documents are availableMonday through Friday, 9 a.m. to 4p.m., for a fee of $25 in the form of amoney order or certified check madepayable to NYCHA. To make inquiries,contact Gloria Guillo at (212) 306-3121or [email protected].

GOODS AND SERVICES● Human Resources AdministrationSeeks competitive sealed bids by 3 p.m.on Dec. 19 to enter a contractualagreement with a vendor to performmaintenance and related services for theagency-owned Avaya Private BranchExchanges, Meridian Mail and/or Call Pilot, and Contact Center 6.0.To make inquiries, contact DonnaWilson at (212) 331-4843 [email protected].

REAL ESTATE DEALS

Companies that would like to have details of their recent transactions appear in these listings should email descriptions following this format [email protected], with “Realestate transaction” in the subject line, orenter them online at crainsnewyork.com/submitadeal. Deals are listed in order

of square footage.

COMMERCIAL● Leslie E. Robertson Associates signeda lease for 20,000 square feet at 40 WallSt. The firm will occupy space on the23rd floor. Newmark Knight Frank’sStephen Schofel represented the tenant,while Cushman & Wakefield Inc.’s JaredHorowitz, Jeffrey Lichtenberg andAndrew Peretz represented the landlord,The Trump Organization. The askingrent was between $32 and $50 persquare foot.

● Taylor Consulting and Contractingsigned a lease for 3,400 square feet at112 W. 34th St. The firm will occupyspace on the 15th floor. Grubb & EllisCo.’s Ira Rovitz represented the tenant,while Cushman & Wakefield Inc.’sMitchell Arkin, Kelli Mekles and HaleyKlein represented the landlord, W&HProperties. The asking rent was $47 persquare foot.

RETAIL● Sarita and Caesar Ekya, the owners ofgourmet macaroni and cheese shopS’Mac, signed a 12-year lease for 1,900square feet at 157 E. 33rd St. The tenantwas represented in-house, and the land-lord, 157-159 East 33rd Street LLC, wasrepresented by ECR Realty’s Eric Roth.The asking rent was $70 per square foot.

STOCK TRANSACTIONS

Following are recent insider transactions atNew York’s largest publicly held companiesfiled with the Securities and Exchange

Commission by executives and majorshareholders. Listings are in order oftransaction value. The information wasobtained from Thomson Reuters.

● Consolidated Edison Inc. (ED)Kevin M. Burke, president, chairman,chief executive of the company and ofConsolidated Edison of New York,exercised options on 339,000 shares ofcommon stock at prices ranging from$43.63 to $46.88 between Nov. 8 andNov. 9, in a transaction worth$15,700,570. During the same period,he sold 339,000 shares of common stockat prices ranging from $58.57 to $59.16,in a transaction worth $19,949,040. Henow directly holds 179,145 shares.

Robert N. Hoglund, senior vicepresident, chief financial officer of thecompany and Consolidated Edison ofNew York, exercised options on 50,000shares of common stock at pricesranging from $43.72 to $46.88 on Nov.9, in a transaction worth $2,265,000.On the same day, he sold 50,000 sharesof common stock at $59.07, in atransaction worth $2,953,500. He nowdirectly holds 33,951 shares.

● Estée Lauder Cos. (EL)Cedric Prouve, group president,international, exercised options on141,666 shares of common stock atprices ranging from $39.56 to $52.83 onNov. 8, in a transaction worth$6,308,215. On the same day, he sold141,666 shares of common stock at$117.19, in a transaction worth$16,601,839. He now directly holds45,828 shares. n


ABOUT THIS SECTIONFOR THE RECORD is a weekly listing of information from the public record that

can help businesspeople in the New York area find opportunities, potential

new clients and updates on competitors.

To ask questions or get more information on this section, contact Suzanne

Panara at [email protected].

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R E A L E S T A T E

Starchitects pay off bigResidentialtowers by name-brand designersoutperformingothers even in aweak market

BY ANNE FIELD

A DECADE AFTER A BUMPER CROP of residential buildings designed by internationally renowned“starchitects” began rising around the city, the early results are in.

As predicted, such residences were indeed pricier to put up. But especially in Manhattan, thesupply of people willing to pay more to live in architecturally celebrated environs seems to be morethan adequate.

The biggest surprise,however,may be the degree of flexibility shown at times by such celebrityarchitects as Frank Gehry,Richard Meier, Jean Nouvel and Robert A.M.Stern.Some have goneso far as to lower the ceilings of their creations and even change

Officecondos’risingappeal

BY TINA TRASTER

For many tenants, there’s some-thing oddly appealing about the34-story International Gem Tow-er rising on West 47th Street inthe heart of the diamond district.It’s not the fact that the towerboasts high-tech security systems,flexible floor plates and a vault; it’show tenants get in.They must buyinto the 750,000-square-footproperty.

It is one of a small but growingnumber of commercial condo-miniums in the city. It is also onethat owner Extell DevelopmentCo. reckoned would be a perfectfit for its par-ticular mar-ket.

“Weknew own-ing space wasnot a novelconcept forpeople in thediamondand jewelryindustry because most are fromBelgium, India, Israel and Chi-na,” said Extell Senior Vice Pres-ident Raizy Haas.“Owning officespace overseas is the norm.”

So far, that bet seems to be pay-ing off. With nearly a year to gobefore the opening, nearly 60% ofthe first 20 floors has been sold atasking prices averaging $1,000per square foot. No decision hasbeen made on whether the re-maining 14 stories will also be soldas condos or be leased.

The argument in favor of officecondos is simple. Owning givescompanies control over a key costof doing business, insulating themfrom the whims of landlords andtheir inevitable rent hikes. In ad-dition, owning allows those hold-ing the deed to enjoy a potentialcapital appreciation.

The downside is that condos

Commercial unitsare popular withforeign buyers; not for everybody

See RISING APPEAL on Page 16 See NAME-BRAND DESIGNERS on Page 18

8 SPRUCE ST.: Frank Gehry’s first New York high-rise is a 76-story rental.


INSIDE Advertising agency pitchesits tent in short-term, second-floor space inChelsea Market; and other deals PAGE 19

Top Commercial PropertyManagers in New York City PAGE 20

40 BOND ST.: Avant garde building by designer of Beijing Olympic’s “Bird’s Nest”

1 GRAND ARMY PLAZA: Modern glass building is a standout in brick and brownstone area. 400 W. 12TH ST.: Red-brick facade retains West Village feel.

OWNING UP

88OFFICE condosin Manhattan;less than 2%of the market

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R E P O R T R E A L E S T A T E

commit the owner to a fixed amountof space for a long time. Condos arenot for those businesses likely to ex-pand or shrink their space,much lessthose that might want to give it upentirely. That is why owning haslong appealed to such stable long-term tenants as medical groups andnonprofits.

Today, the strongest demand iscoming from foreign buyers or com-panies with foreign management oroverseas investors for whom owningoffice space is de rigueur.

“Nearly 80% of condo sales aremade to foreign entities or to Amer-ican companies with foreign-bornprincipals,” said Michael Rudder, aprincipal of commercial real estatebrokerage Rudder Property Group,which specializes in office condos.

Iluna USA is one of many recentexamples. The Milan-based manu-facturer of women’s undergarmentspurchased a 6,000-square-foot con-do at 110 E.40th St. last March.Thecompany paid $2.75 million for half of the third floor in the 11-sto-ry, 100,000-square-foot buildingowned by Philips International, aninvestment firm.

“We have investors who are fromEurope who like to own versusrent,” said Iluna President EdwardMeyer. “But it will take six to 10years to know whether this was theright place to put our cash.”

All told, office condos, of which

there are 88, represent about 2% ofthe 500 million square feet of officespace in Manhattan. They are con-centrated in four neighborhoods:the United Nations area, China-town, the garment district anddowntown—where some insidersare predicting more of the same.

“When the World Financial Cen-ter is built, it will be like a vacuumcleaner, sucking tenants out of oldbuildings,” said Richard Warshauer,senior managing director of Colliers

New York, who predicts those prop-erties will be ripe for conversion to ei-ther residential or office condos.

Catering to foreign tastes

New projects catering to foreignbuyers include Chinatown’s 98 EastBroadway, constructed in 2009, and139 Centre, a 2008 conversion. Anearly condo conversion at 125Maiden Lane has sparked others,including the 600,000 square feet at40 Rector Street, the 250,000-

square-foot 156 William St.and the80,000-square-foot 40 BroadStreet.

Up in midtown,the Bar Buildingat 36 W.44th St.has become a mag-net for foreign companies.

“We’ve recently done deals in thebuilding with an Italian sign compa-ny, a French software designer and aChinese art auction house,”said Mr.Rudder.

After peaking at $235 million in2008, sales of office condos dropped

to around $150 million in both 2009and 2010, he said. He expects thetally to rebound to $200 million,representing a total of 350,000square feet this year.

After the economic downturn,condo values lost 40% of their value.Today, the average asking price persquare foot is $531, compared with$879 before the recession.

Prices going up

Brandon Medeiros, director ofoffice leasing and sales for Time Eq-uities Inc., said condo pricing hasrisen to $550 per square foot from$450 as more foreign buyers haveentered the market in buying mode.Last spring, for example, in an all-cash deal, he sold an 1,800-square-foot condo to Chinese apparel man-ufacturer Golden Century for $500per square foot.

“The Chinese intrinsically un-derstand the long-term value ofowning real estate,” Mr. Medeirossaid of the Chinese clients he hasworked with. “The Chinese don’tjust think of balance sheets; they buybecause it creates wealth and valuefor the family and for the next threegenerations.”

The Gemological Institute ofAmerica, on the other hand, had asimpler rationale for buying a60,000-square-foot condo in Ax-tell’s new International Gem Tower.The office puts the nonprofit in theheart of the multiethnic, polyglotworld of gems and diamonds that itrepresents.

“This was an opportunity thatwas too good to pass up,” said Don-na Baker, GIA’s chief executive. n

Rising appeal of office condominiums

Brookfield Office Properties is pleased to announce

BANK OF AMERICA / MERRILL LYNCHhas leased 767,000 square feet at the

WORLD FINANCIAL CENTER

Represented by

John Ryan and Michael Shenot of Jones Lang LaSalle

brookfieldofficeproperties.com | worldfinancialcenter.com

OFFICE LEASING

David Cheikin212.417.7102 | [email protected]

RETAIL LEASING

Edward Hogan212.417.7062 | [email protected]

Bank of America / Merrill Lynch’s renewal coincides with Brookfield’s $250M renovation

to the World Financial Center’s public areas, creating a world-class retail

and dining destination along the Lower Manhattan waterfront.

New outdoor dining along Vesey Street New West Street entrance and pavilion

JOIN CRAIN’SADVISORY

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views and opinions.

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C R A I N ’ S N E W YO R K B U S I N E S S

Continued from Page 15


CUTTING EDGE:Rising diamonddistrict tower is ahit with manyoverseas-basedbuyers.

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facings to meet fast-changing eco-nomic conditions and New Yorkers’(especially rich New Yorkers’) less-adventurous architectural tastes.

“These architects are great bothat helping developers resolve what-ever issues come up and creating no-table designs for buildings that cancommand high prices,” saidVishaan Chakrabarti, director ofColumbia University’s Center forUrban Real Estate.

Such compromises come in thecontext of cost expectations that areraised from the outset. For openers,starchitects can command fees up totwice those of their mortal brethren.

Such buildings can also be more ex-pensive to build. Everything fromhigher-than-standard-quality ma-terials and mechanical systemsadded as much as 15% to the cost ofconstructing the 96-unit condoknown as On Prospect Park inBrooklyn, according to Louis Gre-co, a principal with SDS Procida,the developer that tapped Mr.Meierfor the job.

Despite all that, buildings con-structed before the real estate crashwere “incredibly effective,” sellingquickly and at steep premiums com-pared with plain-vanilla projects,according to James Lansill, a seniormanaging director at brokerage

Corcoran Sunshine. Even today,they still outperform the market.

A 2002 takeoff

The starchitect phenomenonstarted in earnest in 2002 with thecompletion of 173 and 176 PerryStreet, a pair of sleek, 15-story glassboxes in the West Village on theHudson River designed by Mr.Meier. They were followed in 2007by such notables as Mr. Nouvel’s 40Mercer, a 13-story glass palace builtby Hines, and Robert A.M. Stern’swildly successful 15 Central ParkWest, designed for developersArthur and William Zeckendorf.The latter features two limestone

towers inspired by the Art Deco architecture of their neighbors—and has racked up several of thecity’s highest-priced sales in recentyears.

But not all starchitect projectstook off. In TriBeCa, developerSleepy Hudson paid out $36.6 mil-lion for 5 Franklin Place andpromptly hired Dutch architect Benvan Berkel to produce an ambitiousdesign. The 20-story project died,however, when the recession hit.

With the economy still soft andconstruction financing continuingto be hard to find, the current cropof starchitect buildings in the worksis small. There’s Extell Develop-ment’s 1,003-foot-tall apartmenttower and hotel on West 57th Streetand Seventh Avenue, designed byFrench architect Christian dePortzamparc. Mr. Nouvel’s contro-

versial 75-story tower next to theMuseum of Modern Art from de-veloper Hines is also under way.

Having proven themselves sowell and so widely, starchitect-de-signed residences look like they willbe around a long time in New York.

“When building picks up, there’sgoing to be a greater sensitivity tohigher-quality work,” said Mr.Meier.

Others agree that there may nowbe no turning back.

“It may not be optional,” saidStephen Kliegerman, president ofTerra Development Marketing,which provides sales and marketingto developers, including manybuilders of luxury buildings.“Buyersare going to expect a certain level ofdesign and, to obtain the highestprice point, you’re going to have togive it to them.” n

Name-brand designers pay offContinued from Page 15



On Prospect ParkLOCATION: 1 Grand Army Plaza, Brooklyn

ARCHITECT/BASED: Richard Meier andPartners/Manhattan

COMPLETED: 2009

NUMBER OF UNITS/SIZE RANGE IN S.F.:

96/962 to 3,500+

CONSTRUCTION COST PER S.F.: $350

SALES PRICE PER S.F.: Around $1,000 net,$800 gross

CURRENT OCCUPANCY: 75%

MOST STRIKING FEATURES: A stark contrast to the neighborhood’s surrounding brownstonesand brown-brick buildings, the glass and white-metal structure features an ultramodern designand noteworthy views of the park and plaza.

Pritzker Prize-winner Richard Meier de-signed the 15-story pristine modernbuilding, carefully taking into account

lighting and shadows from the park it over-looks.But when the bottom fell out of the mar-ket, On Prospect Park was 60% sold and halfof those buyers dropped out, according toLouis Greco, a principal with SDS Procida,the project’s developer.

SDS halted construction, re-examinedprices and reopened for business in thespring. Now, prices are at about 90% of theiroriginal level and Mr.Greco hopes to have thebuilding’s 96 apartments completely sold in ayear.

While about half of the residents are fromBrooklyn, the rest are from around the world,according to Cheryl Nielsen-Saaf, senior vicepresident and associate broker at the CorcoranGroup.“To a great extent, that’s because of thearchitect,” she said. “He widened the marketand broadened the net.” n

40 BondLOCATION: 40 Bond St., Manhattan

ARCHITECT/BASED: Herzog and deMeuron/Basel, Switzerland

COMPLETED: 2007

NUMBER OF UNITS/SIZE RANGE IN S.F.:

24/1,200 to 2,400

CONSTRUCTION COST PER S.F.: $500

SALES PRICE PER S.F.: $3,000

CURRENT OCCUPANCY: 100%

MOST STRIKING FEATURES: Inspired byneighboring 19th-century cast-iron buildings, it has a shiny facade of thick, richly articulatedgreen glass, plus high, cast-aluminum faux-graffiti gates.

The timing was good for 40 Bond, thefirst U.S. residential building designedby Pritzker Prize-winning Swiss archi-

tects Jacques Herzog and Pierre de Meuron,the firm behind the Beijing National Stadium,a.k.a. the “Bird’s Nest.” It turned a nondescriptblock in NoHo into “one of the hippest placesyou could possibly live in New York City,” saidJames Lansill, a senior managing director atbrokerage Corcoran Sunshine, which handlesthe building.

The property has a daring design and pricesto match.They were nearly triple the going rate,according to Ian Schrager, whose company de-veloped the building. He attributes his successin getting those sums to a combination of starpower and avant garde design. In June 2008,Mr.Schrager himself bought the 8,500-square-foot triplex penthouse.

“This might be one of the best examples ofthe power of working with world-class archi-tects and letting them be free to design some-thing radical,” said Mr. Lansill. n

8 Spruce Street Originally Beekman Tower

LOCATION: 8 Spruce St., Manhattan

ARCHITECT/BASED: Gehry Partners/LosAngeles

COMPLETED: 2011 (interiors of upper floorsstill under construction)

NUMBER OF UNITS/SIZE RANGE IN S.F.: 930when finished/480 to 550 (studios) to 1,700(3-beds)

CONSTRUCTION COST PER S.F.: N/A

RENT PER MONTH: $3,100 to $4,000(studios), $12,000-$15,000 (3-beds),$45,000 to $60,000 (penthouses)

CURRENT OCCUPANCY: 530 units of the 620 completed

MOST STRIKING FEATURES: Undulatingstainless-steel facade resembles the folds in alarge piece of cloth. The many bay windowscreate numerous interior configurations, withmore than 300 unique floor plans.

Frank Gehry’s 76-story rental just southof the Brooklyn Bridge, built by ForestCity Ratner, has attracted much critical

acclaim. And it’s filling up quite nicely, despitestudio rents that typically top $3,000, accord-ing to Susi Yu, Forest City’s senior vice presi-dent, retail development.

In fact, apartments are going at a 15% to20% premium over the average luxury build-ing rental, according to Clifford Finn, presi-dent of new market development at Citi Habi-tats. At the same time, the $875 million costran higher than normal, but not hugely above,according to Ms. Yu.

The building went through a series of twiststo get where it is today. Forest City bought theland in 2004, planing to build condos, butswitched to rental units two years later. Mr.Gehry then had to lower ceiling heights andmake other changes to reduce costs so thebuilding could work as a rental.After the crash,it looked like the project would have to stop atthe 38th floor, but Forest City renegotiatedunion costs and went back to work. n

Superior Ink Condominiums and Townhouses

LOCATION: 400 W. 12th St., Manhattan

ARCHITECT/BASED: Robert A.M. SternArchitects/Manhattan

COMPLETED: 2009

NUMBER OF UNITS/SIZE RANGE IN S.F.: 68plus 7 townhouses/800 to 3,200(apartments), 3,800 to 4,750 (townhouses)

CONSTRUCTION COST PER S.F.: $500+ gross

SALES PRICE PER S. F.: $3,000 net

CURRENT OCCUPANCY: 100% in tower, 5 of 7townhouses sold

MOST STRIKING FEATURES: Red-brick facing is designed to fit in with the surrounding WestVillage neighborhood and exploit Hudson Riverviews. The townhouses hark back to residencesof 100 years ago.

Robert A.M. Stern, dean of the YaleSchool of Architecture, designed thisbuilding after local preservationists ob-

jected to the original plan for a 270-foot mod-ern glass tower. In an effort to retain the feel ofthe site, which housed an ink factory built inthe early 20th century, Mr. Stern created a 17-story red-brick building with 68 condos and arow of seven townhouses with private garages.

Its construction cost per square foot madethe project “one of the most expensive build-ings we’ve built,” said Bruce A. Beal Jr., an ex-ecutive vice president at the Related Compa-nies, Superior Ink’s developer. On the otherhand, sales for tower units, which started wellbefore construction was completed in 2007,“exceeded our expectations,” he said.

Interest is still high.One buyer who boughtan apartment for $25 million in 2009 resold ita year later for $31.5 million, which workedout to a whopping $4,983 per square foot. n



Behind every real estate deal

there is a thoughtful,

business-savvy professional.

Even in the toughest of economic times, well-connected, well-informed real estate professionals who understand the markets and who

anticipate the needs of their clients will fi nd success. The M.S. in Real Estate, offered by the NYU Schack Institute of Real Estate, integrates

theory with real-world application, covering every segment of the industry. Learn from faculty members who are top professionals in the fi eld.

Join a global network of more than 2,000 alumni. Gain the competitive advantage in the real estate capital of the world – NYC.

M.S. in Real Estate

New York University is an affi rmative action/equal opportunity institution. ©2011 New York University School of Continuing and Professional Studies.

scps.nyu.edu/msre1b

212-998-7100

Information Session: Monday, December 19, 6–8 p.m.

Kimmel Center, 60 Washington Square South, New York, NY

For event information and to RSVP visit scps.nyu.edu/graduate-events6b

R

R E P O R T

Advertising companyZenithOptimedia willbe pitching its tent inChelsea Market for thenext few years.

The Publicis Groupe divisionhas signed a sublet for 17,900 squarefeet at 75 Ninth Ave., between West

15th and West16th streets,from Innovatix, adivision ofGreater NewYork HospitalAssociation,whose lease ex-pires in March2014.The askingrent was $40 per

square foot, which is below market-rate direct leases in the building.

“Despite the short-term natureof the deal, we had a ton of interest,”said Josh Kuriloff of Cushman &Wakefield, who, along with col-league Jodi Roberts, represented In-novatix. “A lot of people want to bein the building.”

In fact, the second-floor space isvery unique and has its own privateentrance, added Ms. Roberts.

Innovatix could offer only the re-maining time on its lease becausetech giant Google Inc. has the rightto take the space when Innovatix’slease expires, if it chooses not to re-new, according to Mr. Kuriloff. In-novatix executives decided that eventhough they loved the space and thehip location, they wanted to consol-idate operations at their parentcompany’s office at 555 W. 57th St.

ZenithOptimedia is decampingfrom its parent’s office at 1675Broadway, between West 52nd andWest 53rd streets, and at the sametime expanding its footprint by20%, according to Gordon Ogdenof Byrnam Wood, who representedthe sublessee. “The firm has noproblem with the short-term leasebecause it will probably grow furtherin two years,” he added.

—amanda fung

Panera to riseon Union SquareOverworked New York Universitystudents living in Union Square maysoon wake up to the sweet smell offreshly baked bread. Panera BreadCo., the bakery/sandwich chainbased in St. Louis, recently signed a10-year lease for 4,600 square feet at10 Union Square East, between East14th and East 15th streets, accord-ing to real estate sources.The space’sasking rent was $250 a square foot.

“It really is a 24/7 location,” saidFred Posniak, the in-house brokerrepresenting landlord Malkin Prop-erties.“You can walk down the streetat 11 o’clock at night and it’s morecrowded than the 5 or 6 p.m. rushhour, due to the NYU population.”

Panera and its broker, AndrewMandell of Ripco Real Estate, de-clined to comment. However, dur-ing a recent earnings conferencecall, William Moreton, Panera’schief executive,said that three Man-hattan locations are in the works.The 30-year-old chain, whichboasts nearly 1,500 shops, reported-ly signed on for locations in Chelseaand on East 86th Street earlier thisyear. In the Malkin-owned build-ing, it will join another populareatery, Chipotle.

—adrianne pasquarelli

Exec search firmgets piece of RockExecutive search firm Raines Inter-national is transferring its corporateflag to a full, 13,900-square-footfloor at 75 Rocke-

feller Plaza. It willsublease space forits new head-quarters on the27th floor fromTime Warner,starting Jan. 1.

Raines cur-rently resides at250 Park Ave.,but needed to find a new locationbecause its lease was expiring andlandlord AEW Capital Manage-ment was eager to use the 17th-floorspace to assemble a four-story blockrunning up from the 15th floor.

The asking price for the two-and-a-half-year sublease at 75Rockefeller was $40 per square foot.

“The new space had the law-firmlook, with wood trim and many of-fices,” said Seth Hecht, a broker atColliers International. “A Rocke-feller Center address is somethingthat stands out when Raines is tryingto recruit new clients and new hires.”

Mr. Hecht and Robert Tunisrepresented Raines, and RobertMartin of Jones Lang LaSalle bro-kered the deal for Time Warner.

—rebecca olles

Ad shop pitchesnew Chelsea tent

EMPTY WINDOWS

Retail vacancy rates in 3Q.

Source: Marcus & Millichap Real Estate Investment Services

+1.1

NY metro area

7.1% 8.2%

2010 2011

-0.3

US metro average

2010 2011

10.2% 9.9%

REAL ESTATE Deals



NYC’s Largest Commercial Property ManagersRanked by square feet managed in New York City

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LUXURY PROPERTY FOR SALE / EAST HAMPTON

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PUBLIC & LEGAL NOTICES

Notice of Formation of PEAKANACAONA LLC. Arts. of Org. filedwith Secy. of State of NY (SSNY) on10/07/11. Office location: NY County.Princ. office of LLC: 200 E. 72nd St.,PHJ, NY, NY 10021. SSNY designatedas agent of LLC upon whom processagainst it may be served. SSNY shallmail process to Alix Pasquet III at theprinc. office of the LLC. Purpose:Any lawful activity.

Notice of formation of 1619 THIRDAVENUE UNIT 15D LLC, a domesticLimited Liability Company (LLC).Articles of Organization filed with theSecretary of State on August 24, 2011.NY Office Location: New York County.Secretary of State is designated asagent upon whom process againstthe LLC may be served. Secretary ofState shall mail a copy of anyprocess against the LLC served uponhim/her to: P.O. Box 39, Wyckoff,New Jersey 07841. Purpose: Toengage in any lawful act or activity.

THE BOWERY KITCHEN LLC, adomestic Limited Liability Company(LLC), filed with the Sec of State of NYon 8/24/11. NY Office location: NewYork County. SSNY is designated asagent upon whom process against theLLC may be served. SSNY shall maila copy of any process against the LLCserved upon him/her to AlessandroZampedri, 220 The Bowery, NY, NY10012. General Purposes.

Notice of Qualification of Nine & C,LLC. App. for Auth. filed with Secy. ofState of NY (SSNY) on 10/12/11.Office location: NY County. LLCformed in Texas (TX) on 9/29/11. SSNYdesignated as agent of LLC upon whomprocess against it may be served.SSNY shall mail process to the TXaddress of LLC: 1919 Post Oak ParkDrive, Ste. 3101, Houston, TX 77027.Arts. of Org. filed with TX Secy. ofState, 1019 Brazos, Austin, TX 78701.Purpose: any lawful act or activity.

NOTICE OF FORMATION of AurumStaffing, LLC Art. of Org filed Sec’yof State (SSNY) 10/19/11. Officelocation: New York County. SSNYdesignated as agent of LLC upon whomprocess against it may be served.SSNY shall mail copy of process toAlan M. Tarter, Esq., Tarter Krinsky &Drogin LLP, 1350 Broadway, 11thFloor, New York, NY 10018. Registeredagent upon whom process may beserved: Alan M. Tarter, Esq., TarterKrinsky & Drogin LLP, 1350Broadway, 11th Floor, New York, NY10018 Purpose: any lawful activities.

Notice of Formation of HARTZENERGY CAPITAL, LLC. Arts. of Org.filed with Secy. of State of NY(SSNY) on 10/18/11. Office location:NY County. Princ. office of LLC:Timothy P. Terry, 667 Madison Ave.,24th Fl., NY, NY 10065. SSNYdesignated as agent of LLC uponwhom process against it may beserved. SSNY shall mail process tothe LLC at the addr. of its princ.office. Purpose: Any lawful activity.

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BKC RENAISSANCE, LLC, a domesticLimited Liability Company (LLC), filedwith the Sec of State of NY on 10/6/11.NY Office location: New York County.SSNY is designated as agent uponwhom process against the LLC maybe served. SSNY shall mail a copy ofany process against the LLC servedupon him/her to Robert E. Michael &Assoc. PLLC, 950 3rd Ave., Ste. 2500,NY, NY 10022. General Purposes.

Notice of Formation of Makes Sense!LLC. Arts. Of Org. filed with NYDept. of State on 10/11/11. SSNYdesignated agent of LLC upon whomprocess against it may be servedand shall mail process to c/o GeneralCounsel, 6 E 43rd Street, FL 24, NY,NY 10017. Primary place of businessis 6 E 43rd Street, NY, NY 10017.Purpose: Any Lawful Purpose.

Notice of Formation of 666 PH LLC.Arts. of Org. filed with Secy. of Stateof NY (SSNY) on 08/25/11. Officelocation: NY County. Princ. office ofLLC: 666 Broadway, 12th Fl., NY, NY10012. SSNY designated as agent ofLLC upon whom process against itmay be served. SSNY shall mailprocess to Andrews Building Corp.,Attn: Eugene Andrews or NaomiCahana-Andrews at the princ. office ofthe LLC. Purpose: Any lawful activity.

Notice of Formation of URSA MinorPartners, LLC. Arts. of Org. filed withSecy. of State of NY (SSNY) on08/26/11. Off. loc.: NY Co. SSNYdesignated as agent of LLC uponwhom process against it may beserved. SSNY shall mail process tothe LLC, c/o Somin’s Hardware &Bath, Attn: Beth Thornton, 421 ThirdAve., New York, NY 10016. Purpose:any lawful act or activity.

Notice of Formation of 382 3rd FL LLC.Arts. of Org. filed with Secy. of Stateof NY (SSNY) on 08/25/11. Officelocation: NY County. Princ. office ofLLC: 666 Broadway, 12th Fl., NY, NY10012. SSNY designated as agent ofLLC upon whom process against itmay be served. SSNY shall mailprocess to Andrews Building Corp.,Attn: Eugene Andrews or NaomiCahana-Andrews at the princ. office ofthe LLC. Purpose: Any lawful activity.

NOTICE OF FORMATION OF ScanStudios LLC. Arts of Org filed withthe Secy of State of NY (SSNY) on9/12/11. Office loc: NY Cty. SSNYhas been designated as agent uponwhom process may be served andshall mail a copy of any process tothe principal business address: 817Broadway, Suite 1019, New York, NY10006. Purpose: any lawful acts.

Notice of Formation of ADC/EnnisFrancis Owner L.P. Cert. filed with NYDept. of State on 1/7/2008. Officelocation: NY County. Sec. of Statedesignated agent of LP upon whomprocess against it may be served andshall mail process to the principalbusiness addr.: c/o AbyssinianDevelopment Corp., 4 W. 125th St.,NY, NY 10027. Name/addr. of genl.ptr. available from Sec. of State.Term: until 1/3/2108. Purpose: anylawful activity.

XRS OPERATING L.P., a domesticLimited Partnership (LP) filed withthe Sec of State of NY (SSNY) on7/22/11. NY office Location: NewYork County. SSNY is designated asagent upon whom process againstthe LP may be served. SSNY shallmail a copy of any process againstthe LP served upon him/her to TheLP, c/o XRS Management Inc., Attn:Donald F. Healy, 244 E. 53rd St., NY,NY 10022. Latest date to dissolve12/31/2050. General purposes.

Notice of Formation of CRIBSIES, LLC.Arts. of Org. filed with Secy. of Stateof NY (SSNY) on 9/27/2011. Officelocation: NY County. Princ. office ofLLC: 170 E. 83rd St., NY, NY 10028.SSNY designated as agent of LLCupon whom process against it may beserved. SSNY shall mail process toc/o Kramer Levin Natfalis & FrankelLLP, Attn: Christopher S. Auguste,1177 Ave. of the Americas, NY, NY10036. Purpose: Any lawful activity.

NOTICE OF QUALIFICATION ofBespoke Jewel Finder, LLC. App forAuthority filed with the Secy of State ofNew York (SSNY) on 8/15/11. Officelocation: NY County. LLC formed inDE on 7/26/11. SSNY designated asan agent upon whom process may beserved and shall mail a copy of anyprocess to the principal businessaddress: 360 E. 88 St., #12B, NY, NY10128. Cert. filed with Secy of Stateof DE: 401 Federal St., #3, Dover, DE19901. Purpose: any lawful act.

NOTICE OF FORMATION OF: SarmaHoldings WV, LLC. Arts of Org filedwith Sec of State of NY (SSNY) on9/22/2011. Office location: NYCounty. SSNY is designated as agentupon whom process against LLC maybe served. SSNY shall mail a copy ofany process against LLC to: 56Charles St., #2, New York, NY 10014.Purpose: any lawful act or activity.

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NOTICE OF QUALIFICATION ofGemini Hospitality Management, LLC.Authority filed with Secy. of State of NY(SSNY) on 10/11/11. Office location:NY County. LLC formed in Delaware(DE) on 10/04/11. SSNY designatedas agent of LLC upon whom processagainst it may be served. SSNY shallmail process to: William T. Obeid, c/oGemini Real Estate Advisors, LLC, 200Park Avenue South, Suite 1305, NewYork, NY 10003. DE address of LLC:c/o National Registered Agents, Inc.,160 Greentree Drive, Suite 101, Dover,Delaware 19901. Cert. of LLC filedwith DE Secy. of State, 401 Federal St.,Ste. 4, Dover, DE 19901. Purpose:any lawful activity.

Notice of Qualification of StarrProtection Solutions, LLC. Authorityfiled with NY Dept. of State on 10/19/11.Office location: NY County. LLCformed in IL on 9/6/11. NY Sec. ofState designated agent of LLC uponwhom process against it may beserved and shall mail process to: c/oCT Corporation System, 111 8th Ave.,NY, NY 10011, regd. agent upon whomprocess may be served. Principaloffice addr.: 399 Park Ave., NY, NY10022. Cert. of Org. filed with IL Sec.of State, 501 S. 2nd St., Springfield, IL62756. Purpose: all lawful purposes.

Notice of Qualification of RM-36Operating LLC. App. for Auth. filedwith Secy. of State of NY (SSNY) on10/3/11. Office location: NY County.LLC formed in Delaware (DE) on8/31/11. SSNY designated as agentof LLC upon whom process against itmay be served. SSNY shall mailprocess to: c/o United CorporateServices, Inc. (UCS), 10 Bank St.,Ste. 560, White Plains, NY 10606. DEaddress of LLC: c/o UCS, 874 WalkerRoad, Ste. C, Dover, DE 19904. Arts.of Org. filed with DE Secy. of State,Townsend Bldg., Dover, DE 19901.Purpose: any lawful activity.

Notice of Qualification of ICONNorthern Leasing 11, LLC. Authorityfiled with Secy. of State of NY (SSNY)on 11/02/11. Office location: NYCounty. LLC formed in Delaware (DE)on 02/02/11. Princ. office of LLC:ICON Capital Corp., 100 Fifth Ave., 4thFl., NY, NY 10011. SSNY designatedas agent of LLC upon whom processagainst it may be served. SSNY shallmail process to the LLC at the addr. ofits princ. office. DE addr. of LLC: 2711Centerville Rd., Ste. 400, Wilmington,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: Anylawful activity.

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NOTICE OF FORMATION of OrmeSquare Law, PLLC. Arts. of Org. filedwith Secretary of the State of NY(SSNY) on 09/26/11. Office Location:NY County. SSNY designated asagent upon whom process againstLLC may be served. SSNY shallmail copy of process (c/o PLLC):780 Greenwich Street, #5K, NY, NY10014. Purpose: Law Firm.

Notice of Formation of KLIGERMEDIA ASSOCIATES, LLC. Arts. ofOrg. filed with Secy. of State of N.Y.(SSNY) on 7/26/11. Office location:New York County. SSNY designatedas agent of LLC upon whom processagainst it may be served. SSNY shallmail process to: c/o Breslow &Walker LLP, 767 Third Ave., NewYork, NY 10017, Attn: Joel M.Walker, Esq., registered agent uponwhom process may be served.Purpose: any lawful activity.

Notice of Formation of LimitedLiability Company (LLC) Name: APCAPITAL MANAGEMENT, LLC.Articles of Organization filed by theDepartment of State of New York on:10/04/2011. Office location: Countyof New York. Purpose: any and alllawful activities. Secretary of State ofNew York (SSNY) designated asagent of LLC upon whom processagainst it may be served. SSNY shallmail copy of process to: 75 BroadStreet #24 Fl New York, NY 10004.

NOTICE of formation of SanderRabin MD JD PLLC. Arts of Org filedw/Sec of State of NY on 9/21/11.Office location: NY County. BusinessFilings Inc 187 Wolf Rd Ste 101Albany NY 12205 designated asagent for service of process againstPLLC and shall mail copy to SanderRabin at principal business address:1350 Broadway Suite 2500 NY NY10018. Purpose: any lawful activity.

NOTICE OF FORMATION OF IN HERIMAGE MUSIC LLC. Arts of Org filedwith the Secy of State of NY (SSNY)on 8/18/11. Office loc: NY Cty. SSNYdesignated as agent upon whomprocess may be served and shall maila copy of any process to the principalbusiness address: 435 E86 St. #2B, NY,NY 10028. Purpose: any lawful acts.

77 NY @ 46 ST, LLC, a foreign LimitedLiability Company (LLC) filed with theSec of State of NY (SSNY) on 9/27/11.NY office Location: New York County.SSNY is designated as agent uponwhom process against the LLC maybe served. SSNY shall mail a copyof any process against the LLC servedupon him/her to David Glassman Esq,49 W 24th St 3rd Fl, NY, NY 10010.General purposes.

Notice of Qualification of USPF IVLaurel Retail GP LLC. Authority filedwith NY Dept. of State on 8/19/11.Office location: NY County. Princ.bus. addr.: Two Ravina Dr., Ste. 400,Atlanta, GA 30346. LLC formed inDE on 7/19/11. NY Sec. of Statedesignated agent of LLC upon whomprocess against it may be servedand shall mail process to: CTCorporation System, 111 8th Ave.,NY, NY 10011. DE addr. of LLC: TheCorporation Trust Co., 1209 OrangeSt., Wilmington, DE 19801. Cert. ofForm. filed with DE Sec. of State,401 Federal St., Dover, DE 19901.Purpose: all lawful purposes.

NOTICE OF FORMATION of ZOE INT.LLC. Articles of Organization filedwith Secretary of State of New York(SSNY) on 10/11/2011. Officelocation: NY County. SSNY hasbeen designated as an agent uponwhom process against the LLC maybe served. The address to whichSSNY shall mail a copy of anyprocess against the LLC is to: ZOEINT. LLC 142 West 83rd Street, NewYork, NY 10024. Purpose: Toengage in any lawful act or activity.

Notice of Formation of GezunteBagel, LLC. Articles of Org. filed withthe Secretary of State of New York(SSNY) on 10/05/2011. Office location:New York County. SSNY has beendesignated as agent upon whomprocess against the LLC may beserved. SSNY shall mail a copy ofprocess to: The LLC., 121 West 19thStreet, New York, NY 10011.Purpose: any lawful activity.

NOTICE OF FORMATION OFJASMONOIDES LLC. Arts of Org filedwith the Secy of State of NY (SSNY)on 06/27/11. Office loc: NY Cty. SSNYdesignated as agent upon whomprocess may be served and shall mailprocess to: c/o United States Corpo-ration Agents, Inc. 7014 13th Ave, Ste202 Bklyn, NY 11228. Principal busi-ness address: 330 East 38th St, NY,NY 10016. Purpose: any lawful acts.

Notice of formation of GASM.ORGL.L.C., Arts. of Org. filed with Secy.of State of NY (SSNY) on 3/24/11.Office located in: NY County. SSNYhas been designated for service ofprocess. SSNY shall mail copy ofany process to: the LLC, 789 WestEnd Ave, 12B, NY, NY 10025.Purpose: Any lawful purpose.

Rule Of Three Design LLC. Arts. OfOrg. filed with NY Dept. of State on4/17/11. Office in NY County. SSNYdesignated agent of LLC upon whomprocess against it may be served.SSNY shall mail process to DominicVentura, 350 E. 52nd St. #6C, NY, NY10022. Purpose: General.

NOTICE OF FORMATION OF OFFICEFOR VISUAL AFFAIRS LLC. Arts ofOrg filed with the Secy of State of NY(SSNY) on 06/21/11. Office loc: NYCounty. SSNY designated as agentupon whom process may be servedand shall mail process to: 299Broadway, Ste 1305, NY, NY 10007.Principal business address: 87Chrystie St, Ste 5B, NY, NY 10002.Purpose: any lawful acts.

Notice of Formation of HUDSONCITYPOINT LLC. Arts. of Org. filedwith Secy. of State of N.Y. (SSNY) on3/26/10. Office location: New YorkCounty. SSNY designated as agent ofLLC upon whom process against itmay be served. SSNY shall mailprocess to: The LLC, 826 Broadway,11th Floor, New York, NY 10003.Purpose: any lawful activity.

Notice of Qualification of TrumpBooks LLC. Authority filed withSecy. of State of NY (SSNY) on10/6/11. Office location: NY County.LLC formed in Delaware (DE) on10/3/11. SSNY designated as agentof LLC upon whom process againstit may be served. SSNY shall mailprocess to: c/o National RegisteredAgents, Inc., 875 Ave. of theAmericas, Ste. 501, NY, NY 10001,also the registered agent. Principaloffice address: 725 Fifth Ave., NY,NY 10022. Address to be maintainedin DE: 160 Greentree Dr., Ste. 101,Dover, DE 19904. Arts of Org. filedwith the DE Secretary of State, 401Federal St., Ste. 4, Dover, DE 19901.Purpose: any lawful activities.

NOTICE OF FORMATION of 88 Classic,LLC. Article of Organization filed withthe Secretary of State of NY (SSNY)on 06/16/11. Office location: NYCounty. SSNY has been designatedas agent upon whom process againstit may be served. The Post Officeaddress to which the SSNY shall maila copy of any process against theLLC served upon him is C/O JasonWhite, 3340 Peachtree Road, N.E.,Suite 2540 Tower Place, Atlanta, GA30326. Date of Dissolution: n/a.Purpose of LLC: to engage in anylawful act or activity. Street addressof Principal Business location is: 20Pine Street, #606, N.Y., N.Y., 10005.

Notice of Qualification of Pure GrowthPartners LLC. Authority filed withSecy. of State of NY (“SSNY”) on7/21/11. Office location: NY County.LLC formed in DE on 6/2/10. SSNYdesignated agent of LLC upon whomprocess against it may be served.SSNY shall mail process to: AlisonNewman, Alston & Bird LLP, 90 ParkAvenue, NY, NY 10016. Bus. addr.:575 Madison Ave., NY, NY 10022. DEaddr. of LLC: United Co. Services,Inc., 874 Walker Road, Suite C, Dover,DE 19904. Cert. of LLC filed with DESecy. of State, 401 Federal St., Dover,DE 19901. Purpose: any lawful activity.

NOTICE OF FORMATION OF LIMITEDLIABILITY COMPANY. NAME: DOGBITE ADVERTISING, LLC. Articles ofOrganization were filed with theSecretary of State of New York (SSNY)on 10/14/11. Office location: New YorkCounty. SSNY has been designated asagent of the LLC upon whom processagainst it may be served. SSNY shallmail a copy of process to the LLC, c/oProner & Proner, 60 East 42nd Street,New York, New York 10165. Purpose:For any lawful purpose.

NOTICE OF FORMATION of REFERENCE FRAME LLC. Arts. of Org.filed w/ Sec. of State of NY (SSNY) on8/25/2011. Office in NY County. SSNYdesignated as agent upon whomprocess against the LCC may beserved. SSNY shall mail process tothe LLC, 510 W. 135th Street, RM 9,NY, NY, 10031. Purpose of LLC: Anylawful activity.

NOTICE OF FORMATION OF: SarmaHoldings UWS, LLC. Arts of Org filedwith Sec of State of NY (SSNY) on10/06/2011. Office location: NYCounty. SSNY is designated as agentupon whom process against LLC maybe served. SSNY shall mail a copy ofany process against LLC to: 56Charles St., #2, New York, NY 10014.Purpose: any lawful act or activity.

Notice of Formation of Ai Vy Springrolls,LLC. Org. filed with Secy. of State ofNY (SSNY) on 10/14/10. Office loca-tion: NY County. SSNY designatedas agent of LLC upon whom processagainst it may be served. SSNY shallmail process to LLC: Suite 202,7014 13th Ave Brooklyn, NY 11228.Purpose: any lawful activity.

Notice of Formation of Commandersof the Board LLC. Arts. of Org. filedwith Secy. of State of NY (SSNY) on10/26/11. Office location: NY County,SSNY designated as agent of LLCupon whom process against it may beserved. SSNY shall mail process tothe LLC, c/o Renee Yarzig, 160Riverside Blvd., Ste. 17C, New York, NY10069. Purpose: any lawful activity.

NOTICE OF FORMATION OF TheWilderness of Manitoba/tinyOGRE,LP. Application for Authority filedwith the Secretary of State of NewYork (SSNY) on May 20, 2011. Officelocation: NEW YORK County. LPformed in DE on November 29, 2010.SSNY has been designated as anagent upon whom process against itmay be served. The Post Officeaddress to which the SSNY shall maila copy of any process against the LPserved upon him/her is: 276 FifthAvenue, Suite 604, New York, NY10001. The principal businessaddress of the LP is: 276 FifthAvenue, Suite 604, New York, NY10001. DE address of LP is: 2711Centerville Road, Suite 400,Wilmington, DE 19808. Certificate ofLP filed with Secretary of State ofDE located at: 401 Federal Street,Suite 4, Dover, DE 19901. Purpose:any lawful act or activity.

Notice of Qualification of COMCASTCABLE COMMUNICATIONSMANAGEMENT, LLC. Authority filedwith Secy. of State of NY (SSNY) on11/14/11. Office location: NY County.LLC formed in Delaware (DE) on08/24/09. SSNY designated as agentof LLC upon whom process against itmay be served. SSNY shall mailprocess to c/o CT Corporation System,111 Eighth Ave., NY, NY 10011, regd.agent upon whom and at whichprocess may be served. DE addr. ofLLC: 1201 N. Market St., Ste. 1000,Wilmington, DE 19801. Arts. of Org.filed with DE Secy. of State, 401Federal St., Dover, DE 19901.Purpose: Management company.

Notice of Formation of INDUSTCOALLIED LLC. Arts. of Org. filed withSecy. of State of N.Y. (SSNY) on9/28/11. Office location: New YorkCounty. SSNY designated as agent ofLLC upon whom process against itmay be served. SSNY shall mailprocess to: c/o Signature UrbanProperties, LLC, 853 Broadway, Ste.2014, New York, NY 10003. Purpose:any lawful activity.

NOTICE OF FORMATION OF LIMITEDLIABILITY COMPANY. NAME: REDHAIR & MAKEUP, LLC. Articles ofOrganization were filed with theSecretary of State of New York(SSNY) on 11/01/11. Office location:New York County. SSNY has beendesignated as agent of the LLC uponwhom process against it may beserved. SSNY shall mail a copy ofprocess to the LLC, 77 BleeckerStreet, Apartment 818, New York,New York 10012. Purpose: For anylawful purpose.

Notice of Formation of 712 WESTASSOCIATES LLC. Arts. Of Org. filedwith Secty of State of NY (SSNY) on9/27/11. Office location: New YorkCounty. SSNY designated as agent ofLLC upon whom process against it maybe served. SSNY shall mail processto: The LLC, Attn: General Counsel,521 Fifth Avenue, Suite 1804, NewYork, NY 10175. Purpose: Acquisitionof a 40 unit apartment building.

Notice is hereby given that a license(#TBA) for BEER & WINE has beenapplied for by WINE GROUPMANHATTAN INC. at retail, in aRestaurant, under the ABC Law at405 W. 44 ST. NY, NY 10018 for on-premises consumption.

nb48p22-24cl.qxp 11/23/11 1:01 PM



NOTICE OF FORMATION of Farmto Fork NY LLC. Arts of Org filedwith the Secy of State of New York(SSNY) on 10/5/11. Office loc: NYCty. SSNY designated as an agentupon whom process may be servedand shall mail a copy of any processto the principal business address:200 West End Ave., Apt 16E, NYNY 10023. Purpose: any lawful act.

Notice of Formation of HemptexUSALLC Arts. Of Org. filed with Secy. ofState of NY (SSNY) on 8/29/11 Officelocation: NY County. SSNY designatedas agent of LLC upon whom processagainst it may be served. SSNY shallmail process to LLC: 110 W 40th NYNY 10018. Purpose:any lawful activity.

Notice of Qualification of LibertyHarbor Natural Resources OffshoreGP, LLC. App. for Auth. filed with Secy.of State of NY (SSNY) on 9/21/11.Office location: NY County. LLCformed in Delaware (DE) on 8/12/11.SSNY designated as agent of LLCupon whom process against it may beserved. SSNY shall mail process to: 200West St., NY, NY 10282. DE addressof LLC: 1209 Orange St., Wilmington,DE 19801. Cert. of Form. filed with DESecy. of State, P.O. Box 898, Dover,DE 19903. Purpose: any lawful activity.

NOTICE OF FORMATION OF Aiyer &Petkos, PLLC. Arts of Org filed withthe Secy of State of NY (SSNY) on09/08/11. Office loc: NY County.SSNY has been designated as agentupon whom process may be servedand shall mail a copy of any processto the principal business address:226 W. 78th Street, #5A, NY, NY10024. Purpose: any lawful acts.

Notice of Qualification of 195Broadway Owner LLC. Authority filedwith NY Dept. of State on 10/25/11.Office location: NY County. Princ.bus. addr.: 150 E. 52nd St., 25th Fl.,NY, NY 10022. LLC formed in DE on6/17/11. NY Sec. of State designatedagent of LLC upon whom processagainst it may be served and shallmail process to: c/o CT CorporationSystem, 111 8th Ave., NY, NY 10011,regd. agent upon whom process maybe served. DE addr. of LLC: 1209Orange St., Wilmington, DE 19801.Cert. of Form. filed with DE Sec. ofState, 401 Federal St., Dover, DE19901. Purpose: all lawful purposes.

Notice of Qualification of ARCNYGRNAV004, LLC. Authority filedwith Secy. of State of NY (SSNY) on10/18/11. Office location: NY County.LLC formed in Delaware (DE) on09/28/11. Princ. office of LLC: 106York Rd., Jenkintown, PA 19046.SSNY designated as agent of LLCupon whom process against it maybe served. SSNY shall mail processto c/o CSC, 80 State St., 6th Fl.,Albany, NY 12207. DE addr. of LLC:c/o Corporation Service Co., 2711Centerville Rd., Ste. 400, Wilmington,DE 19808. Arts. of Org. filed with DESecy. of State, Div. of Corps., 401Federal St., Ste. 4, Dover, DE 19901.Purpose: Any lawful activity.

Notice is hereby given that a license(#TBA) for EATING PLACE BEER hasbeen applied for by ALPHABET CITYBEER CO., LLC at retail, in a Restau-rant, under the ABC Law at 96 AVEC GROUND FLOOR STORE NY, NY10009 for on-premises consumption.

NOTICE IS HEREBY GIVEN that alicense number 1258435 for an onpremises liquor license has beenapplied for by Mika Japanese Cuisine& Bar Inc. to sell liquor at retail in arestaurant under the AlcoholicBeverage Control Law at 150 CentreStreet, New York, N.Y. 10013 for onpremises consumption.

Notice of Formation of GEN Y CAPITALPARTNERS I LLC. Arts. of Org. filedwith Secy. of State of NY (SSNY) on11/04/11. Office location: NY County.SSNY designated as agent of LLCupon whom process against it may beserved. SSNY shall mail process toLowenstein Sandler PC, Attn: PeterD. Greene, Esq., 1251 Ave. of theAmericas, NY, NY 10020. Purpose:Any lawful activity.

Notice of Formation of ETS CAPITALIII, LLC. Arts. of Org. filed with Secy.of State of NY (SSNY) on 11/07/11.Office location: NY County. SSNYdesignated as agent of LLC uponwhom process against it may beserved. SSNY shall mail process toTimothy P. Terry, 667 Madison Ave.,24th Fl., NY, NY 10065. Purpose:Any lawful activity.

Name of LLC: AlShamsi Capital LLC.Arts. of Org. filed with NY Dept. ofState: 10/27/11. Office loc.: NY Co.Sec. of State designated agent ofLLC upon whom process against itmay be served and shall mail processto: c/o Business Filings Inc., 187 WolfRd., Ste. 101, Albany, NY 12205,regd. agt. upon whom process maybe served. Purpose: any lawful act.

Notice of Qualification of ASTARCAPITAL GROUP, LLC. Authorityfiled with Secy. of State of NY (SSNY)on 11/09/11. Office location: NYCounty. LLC formed in Delaware (DE)on 10/31/11. Princ. office of LLC:152 W. 57th St., 52nd Fl., NY, NY10019. SSNY designated as agent ofLLC upon whom process against itmay be served. SSNY shall mailprocess to Attn: Dana Eagleton at theprinc. office of the LLC. DE addr. ofLLC: 2711 Centerville Rd., Ste. 400,Wilmington, New Castle Cnty., DE19808. Arts. of Org. filed with JeffreyW. Bullock, Secy. of State of DE, 401Federal St. - Ste. 4, Dover, DE19901. Purpose: Any lawful activity.

Notice of Qualification of FAMECOLLC. Authority filed with NY Dept. ofState on 10/12/11. Office location: NYCounty. LLC formed in DE on 7/14/06.NY Sec. of State designated agentof LLC upon whom process againstit may be served and shall mailprocess to the principal businessaddr.: 150 E. 58th St., NY, NY 10155.DE addr. of LLC: National RegisteredAgent, Inc., 160 Greentree Dr., Ste.101, Dover, DE 19904. Cert. of Form.filed with DE Sec. of State,Townsend Bldg., Dover, DE 19901.Purpose: all lawful purposes.

Notice of Formation of Mamma’sBoySnacks, LLC. Arts. of Org. filed withSecy. of State of NY (SSNY) on11/4/11. Office location: NY County.SSNY designated as agent of LLCupon whom process against it may beserved. SSNY shall mail process to:118 E. 4th St., Apt. 12A, NY, NY 10003.Purpose: any lawful act or activity.

NOTICE OF FORMATION OF ADOMESTIC LIMITED LIABILITYCOMPANY (LLC). The name of theLLC is S & J Property Holdings, LLC.The Articles of Organization of theLLC were filed with the New YorkState Secretary of State on November16, 2011. The purpose of the LLC isto engage in any lawful act or activity.The office of the LLC is to be locatedin New York County. The Secretaryof State is designated as the agent ofthe LLC upon whom process againstthe LLC may be served. The addressto which the Secretary of State shallmail a copy of any process againstthe LLC is c/o Brad M. Kaplan, Esq.,30 Montgomery Street, Jersey City, NJ07302. The LLC is to be managed byone or more managers or a class orclasses of managers.

Notice is hereby given that a license,number 1258894 for Beer and Winehas been applied for by theundersigned to sell Beer and Wine atretail in a restaurant under theAlcoholic Beverage Control Law at 97Trinity Place, New York, NY 10006 foron premises consumption. 97 TrinityPlace d/b/a Sabor De Mexico

Notice of Qualification of G VALUEPARTNERS GP, LLC. Authority filedwith Secy. of State of NY (SSNY) on 10/4/2011. Office location: NYCounty. LLC formed in Delaware (DE)on 9/26/2011. Princ. office of LLC:546 5th Ave., 14th Fl., NY, NY 10036.SSNY designated as agent of LLCupon whom process against it may beserved. SSNY shall mail process tothe LLC at the princ. office of the LLC.DE addr. of LLC: Corporation ServiceCo., 2711 Centerville Rd., Ste. 400,Wilmington, DE 19808. Arts. of Org.filed with Secy. of State of DE, Div. ofCorps., John G. Townsend Bldg., 401Federal St. - Ste. 4, Dover, DE 19901.Purpose: Any lawful activity.

Notice of Formation of 4800 Bear RoadOperating Company, LLC. Arts. ofOrg. filed with NY Dept. of State on10/12/11. Office location: NY County.Sec. of State designated agent of LLCupon whom process against it maybe served and shall mail process tothe principal business addr.: 145 E.57th St., 11th Fl., NY, NY 10022.Purpose: any lawful activity.

Notice of formation of a LimitedLiability Company: Name: THE CIRICLAW FIRM, PLLC, Articles ofOrganization filed with the Secretaryof State of New York (SSNY) on09/27/2011. Office location: New YorkCounty. SSNY has been designatedas agent of the LLC upon whomprocess against it may be served.SSNY shall mail a copy of process to:THE CIRIC LAW FIRM, PLLC, 622 East20th Street, #2a, New York, NY 10009.Purpose: Any Lawful Purpose.

Notice of Formation of The ReynardGroup, LLC. Arts. of Org. filed withSSNY on 08/18/11. Office location: NYCounty. SSNY designated as agentupon whom process may be servedand shall mail process to: UnitedStates Corporation Agents, Inc., 701413th Ave., Ste. 202, Brooklyn, NY11228. Purpose: any lawful activity.

BEND IN THE ROAD, LLC Articles ofOrg. filed NY Sec. of State (SSNY)6/20/11. Office in NY Co. SSNYdesig. agent of LLC upon whomprocess may be served. SSNY shallmail copy of process to 30 Leroy St.,NY, NY 10014, which is also theprincipal business location. Purpose:Any lawful purpose.

Avenue of Admissions LLC Articles ofOrg. filed NY Sec. of State (SSNY)09/19/2011. Office in NY County.SSNY designated Agent of LLC uponwhom process may be served. SSNYshall mail copy of process to 40 WallSt., 28th FL NY, NY 10005. Purpose:Any lawful purpose.

NOTICE OF FORMATION of LumaRealty I LLC Art. of Org filed Sec’y ofState (SSNY) 10/26/11. Office location:New York County. SSNY designatedas agent of LLC upon whom processagainst it may be served. SSNYshall mail copy of process to c/oJames P. DeMare, 25 North MooreSt., Apt 4B, New York, NY 10013.Purpose: any lawful activities.

Notice of Formation of 4459 BaileyAvenue Operating Company, LLC.Arts. of Org. filed with NY Dept. ofState on 10/12/11. Office location:NY County. Sec. of State designatedagent of LLC upon whom processagainst it may be served and shallmail process to the principal businessaddr.: 145 E. 57th St., 11th Fl., NY, NY10022. Purpose: any lawful activity.

NOTICE OF QUALIFICATION OFNuVel Technica, LLC. Arts. of Org.filed with Secy. of State of NY (SSNY)on 08/16/11. Office in NY County.Formed in NJ: 09/2010. SSNY desig-nated as agent of LLC upon whomprocess against it may be served.SSNY shall mail process to LLC:1005 80th St, North Bergen, NJ07047. Purpose: any lawful activity.

Notice of Formation of FNA MedicalDiagnostics, PLLC. Arts. Of Org. filedwith Secy. of State of NY (SSNY) on10/18/2011. Office location: NY County.SSNY designated as agent of PLLCupon whom process against it may beserved. SSNY shall mail process to: ThePLLC, 300 W 110th st. #3K, NY, NY10026. Purpose: any lawful activity.

NOTICE OF FORMATION OF MOAKSPLLC. Arts of Org filed with SSNY on8/26/11. Office location: NY County.SSNY has been designated as agentupon whom process may be servedand shall mail a copy of any processto the principal business address: 51W. 69th St. #4D, NY, NY 10023.Purpose: any lawful acts.

NOTICE OF FORMATION of MAVELSTUDIO LLC. Arts. of Org. filed withthe Secy. of State of NY (SSNY) on10/19/11. Office location: NY County.SSNY designated as agent of LLCupon whom process against it may beserved. SSNY shall mail process to :The LLC, 195 Stanton St., 4H, N.Y., N.Y.,10002. Purpose: any lawful activity.

Notice of Formation of william herbstgroup llc. Arts of Org. filed with NYSecy of State (SSNY) on 3/18/11.Office location: New York County.SSNY is designated as agent of llcupon whom process against it maybe served. SSNY shall mail processto 211 East 51st St. Eleven D, NewYork, NY, 10022. Purpose: Any law-ful activity.

Notice of Formation of Jon KilmerStudios, LLC. Arts. of Org. filed withNY Dept. of State on 10/20/2011. LLCformation on 11/1/2011. Office location:NY County. Sec. of State designatedagent of LLC upon whom processagainst it may be served and shallmail process to: Jonathan W. Kilmer,277 Ave. C, Apt. 7A, NY, NY 10009,regd. agent upon whom process maybe served. Term: until 1/1/2041.Purpose: all lawful purposes.

nb48p22-24cl.qxp 11/23/11 1:01 PM

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Project2:fp template.qxd 11/17/11 11:40 AM Page 1

leasing what we have acquired,” saidMr. Mathias.

These days, even that could be achallenge. Some of SL Green’s re-cent acquisitions have come withacres of space that is either vacant orwill be soon when leases expire.Meanwhile, after a strong start ear-lier this year, leasing activity hasslowed in the current quarter amidrenewed fears about the globaleconomy. Worse, after having out-performed the rest of the nationsince the recession, the outlook forthe city is darkening. Cushman es-timates that leasing activity coulddrop 16% next year.

“The Manhattan market couldbe more volatile than most,” pre-dicted Michael Knott, a managingdirector at Green Street Advisors, aresearch firm that tracks public realestate companies. The billions ofdollars spent on bailing out andpropping up financial firms that oc-cupy about a third of all Manhattanoffice space is long gone.

“Another round of bank layoffscould really cause the market to soft-en,”said Mitch Germain,a director atJMP Securities, an investment bank.

Well above average

With an average occupancy rateof 95% in its portfolio, SL Green isbetter off than most of the city’slandlords, a credit to its savvy man-agement.

Still, the company’s recent acqui-sitions will put its skills to the test. Aprime example is 1775 Broadway.There, 678,000 square feet, roughly70% of the building,stand empty.SL

Green snapped up 49% of the build-ing and effective control earlier thisyear when it stepped in after JosephMoinian defaulted on his loan there.A $90 million renovation and itsproximity to Columbus Circle havealready drawn major interest, Mr.Mathias said. Ad agency Y&R, a di-vision of communications giantWPP,has been negotiating for about400,000 square feet,according to sources.

Another gap mayloom downtown at180 Maiden Lane,where SL Greenbought a 49.9% stakefrom the cash-strapped Mr. Moin-ian. Battered insur-ance giant AIGoccupies 800,000square feet in the tow-er, nearly two-thirdsof the total, under alease that expires in2014. Mr. Mathiassaid that he is in nego-tiations with AIG.He also noted that theprice he paid for the property, $390 asquare foot, was too good to pass up,given that it’s a fraction of what itwould cost to build a tower.

Up in midtown, at a two-tower,1.2 million-square-foot propertyknown as 280 Park Ave.,another SLGreen rescue mission has alsobrought fresh challenges. Earlierthis year, the company banded witharchrival Vornado Realty Trust totake control of the property from yetanother struggling Manhattanlandlord. Since then, the duo has

jacked up asking rents by 43% in an-ticipation of spending as much as$150 million to refurbish the prop-erty. They will need to attract ten-ants, because sources have said thatthe availability rate will soar to 50%in the next 13 months.

Palmier days ahead

“We don’t want to write leases onwhat it looks like today,” said Mr.Mathias. “It’s going to be worth somuch more.”

SL Green is also shopping fortenants for new retaildeals. Two monthsago, it announced thatit assembled up to49,000 square feet ofretail space on TimesSquare with longtimepartner Jeff Sutton. Italso recently teamedup with StonehengePartners to buy eightretail and multifamilyproperties for $416million. The deal’sjewel is 724 FifthAve., on the presti-gious strip between56th and 57th streets.

While some ana-lysts have praised SL

Green’s move deeper into retail realestate,where rents have been soaringdespite the recession, Mr. Knottpointed out that it remains a smallbet for the company. He noted thatit derives $1 billion in revenues fromManhattan office leasing, comparedwith a mere $45 million from retailoperations.

“Retail deals show that they arevery flexible, and that they can go towhere the opportunities are,” saidMr. Knott. “But office leasing iswhat drives the bus.” n

SL Green shifts focusContinued from Page 2

“Infringements per book aregrowing exponentially,” said MattRobinson, chief executive of At-tributor.

Publishers say that the worst of-fenders are overseas sites such as thefile-hosting “cyberlocker” Rapid-Share.com, based in Switzerland,and Demonoid.me,believed to be inEastern Europe, which enablesusers to share files through what’sknown as the BitTorrent protocol.

Some of the sites make moneyfrom advertising or subscriptions.Many, including RapidShare, arecompliant with the Digital Millen-nium Copyright Act,which requireshosts to take down copyrighted ma-terial once they’ve been told about it.

Publishers complain, however,that they’re spending hundreds ofthousands of dollars a year moni-toring sites, and that the DMCAdoesn’t go far enough: Infringingmaterial soon returns, helping todrive traffic and ad dollars.

The Stop Online Piracy Act inthe U.S. House of Representativesand the PROTECT IP Act, beingconsidered in the U.S. Senate,would enable law enforcement toshut down the sites.

“Much of the problem can be ad-dressed through technological solu-tions,” argued Maria Danzilo, legaldirector of global education at Wi-ley. “But the sites want to drive traf-fic with the promise of free content.”

According to Wiley’s complaint,illegal downloads using BitTorrenttechnology have cost the company“enormous” amounts of revenue. APhotoshop CS5 All-in-One for Dum-

mies book that costs $32 onBN.com, for instance, was down-loaded more than 74,000 timesfrom Demonoid.me.

The suit is seeking damages fromusers, but is largely aimed at educat-ing “people who don’t know [thattheir downloading] is illegal,” Ms.Danzilo said. People such as Jason.

Critics of the publishers’ anti-piracy agenda respond that the issueisn’t black and white. RapidShare,which has been a subject of publish-ers’ complaints for years, insists thatit is no more of a rogue site than isYouTube.

“With roughly 400,000 daily up-loads, you simply cannot preventevery kind of copyright infringe-ment,” a RapidShare spokesmansaid,adding that sharing illegal con-tent on the company’s servers “isstrictly forbidden.”

Web censorship ahead?

The proposed bills certainlyseem like an overreaction,accordingto Google and other technologycompanies, which argue that theycould lead to Web censorship.Theyespecially object to provisions thatwould require search engines toblock access to offending sites.

Book industry officials say thatthey are hopeful that an agreementcan be reached on the legislationwhile they continue their efforts toeducate consumers. “We’re in thebusiness of publishing. We shouldn’tbe in the business of hunting downrogue sites,” said Lui Simpson, exec-utive director, international copy-right enforcement, for the Associa-tion of American Publishers. n

e-Book piracy woesContinued from Page 3

Ms. von Furstenberg and Ms. Clai-borne were indivisible from thebrands they created, and both lefttheir companies. But in only onecase did the founder reclaim herbrand to drive it to fresh heights andbecome the toast of high society.

Ms. von Furstenberg and Ms.Claiborne, who passed away in2007, won the hearts of Americanworking women when they found-ed their apparel companies in 1972and 1976, respectively. Riding thewave of the nascent women’s move-ment, both Brussels-born designersrecognized the market’s need forclothing that was versatile, profes-sional, chic and wearable at a timewhen women were making the mostof their newly claimed equal rightsand entering the workforce indroves. And both women rose toprominence, the styles of each epit-omizing an entire class of women.

“In the case of both brands,women really identified, in differentways, with their namesakes,” saidSusan Scafidi, academic director ofthe Fashion Law Institute at Ford-ham Law School. “Diane was theprincess, the social butterfly, theicon. Liz was someone you could sitdown with and have coffee.”

That connection with shopperswas what made DVF and broke Liz,

retail experts said. Liz’s founder re-tired, leaving the label in a free fall,while DVF’s returned to reinvigo-rate the brand into a continual up-swing. Fashion companies need fig-ureheads, or at least designers withstyle. Other labels have also losttheir chiefs, but new designers camein to bolster the business—as hasoccurred with Karl Lagerfeld atChanel, and, more recently, withSarah Burton at Alexander Mc-Queen. Whereas Ms. von Fursten-berg is still very much involved inher company, the absence of Ms.Claiborne has taken its toll.

Rapid expansion

After starting her label 35 yearsago, Ms. Claiborne quickly expand-ed the company, taking it public in1981 and making the Fortune 500four years later. But in 1989, at theage of 60, she left the firm. In thesubsequent decade, then chief exec-utive Paul Charron expanded it to a40-brand stable, purchasing apparelcompanies such as Juicy Coutureand Dana Buchman, before leavingin 2006. Liz Claiborne Inc.’s name-sake label simply coasted along.

In a short time, however, Liz lostits footing as it was forced to con-tend with rising competition. Itssignature polyester, elastic-waistpants and other dated styles filled

department stores. A brand whosecore consumer was getting older,Lizfaced a unique hurdle. It needed tobe contemporary enough to attractnew customers, without alienatingolder, loyal shoppers. Analysts saythe brand failed to change, and,moreover, padded the selling floorwith sportswear and other lines.

“They should have adapted theproduct to the current market,rather than what the customer usedto be,” said Jeffrey Edelman, direc-tor of retail and consumer advisoryservices at RSM McGladrey.

Liz also relied too much on de-partment stores, a struggling sector,instead of focusing on stand-aloneshops. As a result of consolidationand the rise in specialty stores, U.S.sales at department stores last yearwere down 25% from five years pri-or, according to the U.S. Depart-ment of Commerce.

The DVF brand underwent asimilar decline in popularity whenMs.von Furstenberg left the U.S.forParis in the 1980s, abandoning herlabel to licenses. But in the nextdecade, younger generations beganto rediscover the vintage appeal ofthe classic wrap dress.Noticing this,Ms. von Furstenberg returned andredesigned the dress into a stylishand more modern version. By 1997,she was catapulting the brand intoworldwide success.

“Without someone at the helm,there’s no vision,” said SharonGraubard, senior vice president of

trend analysis at fashion trend firmStylesight. “[Diane’s] name mighthave been there, but there was nooomph behind it. Once she cameback, the clothes resonated withnew consumers.”

Celebrity fashion appeal

Today, DVF boasts $200 millionin annual revenue and 44 worldwideboutiques, a quarter of which haveopened in the last two years.Ms.vonFurstenberg recently expanded thecompany to include a fragrance anda home furnishings line.

“I realized how much power thewrap dress still had,” she said, not-ing that “the principles behind thatdress—to be independent, to befeminine, to be empowered—that isstill the foundation of the brand.”

Ms. von Furstenberg has alsothrown her celebrity fashion appealbehind projects that have little to dowith clothing: revitalizing the newlyfashionable meatpacking districtand ensuring the construction of theHigh Line park, of which she andhusband, media mogul Barry Diller,were early backers.

She was also instrumental inmoving Mercedes Benz-FashionWeek uptown to the illustrious Lin-coln Center, and helped to spear-head the city’s shopping event Fash-ion’s Night Out,now in its third year.Such high-profile ventures onlystrengthened the public’s awarenessof the DVF brand.

For Liz, the company’s efforts at

revival were too little, too late.Threeyears ago, Liz Claiborne Inc., underthe helm of current CEO WilliamMcComb,brought on designer IsaacMizrahi. Sales for the PartneredBrands segment of the company,which included Liz, had fallen bymore than 27% in 2008, to $1.6 bil-lion. But shoppers rejected the de-signer’s boisterous colors and largeprints. Mr. McComb turned his at-tention to the company’s otherbrands, such as Lucky Brand Jeans,Kate Spade and Juicy Couture.

Eventually, Liz’s future grewbleak enough for Mr. McComb topull the plug—he sold the brand toPenney in October, cementing adeal that began in August 2010when Penney became the exclusivelicensee of Liz. It allows Liz Clai-borne Inc., which will be changingits name, to decrease existing debt.Earlier this year, the company had adebt load of nearly $770 million—the recent deal more than halvedthat figure.

Executives at the Plano, Texas-based Penney declined to commenton their plans for the label, whichmaintains the same design team ithad underneath Liz Claiborne Inc.

Mr. McComb said that Penneywill attract younger shoppers to Liz,thus giving the brand a second life.“J.C. Penney has both a winningstrategy and a consumer base that ap-preciates all the Liz Claiborne brandhas to offer, including its strong her-itage and identity,” he said. n

Designers’ fatesContinued from Page 2


RENT HIKES: 280 Park Ave.


four times higher than amountsconsidered dangerous in the U.S.

“The numbers were off-the-charts high,” Mr. Serrano recalled.“The town had a big problem.”

Today, the mess in La Oroya iscausing big trouble for the refinery’sNew York-based owner, Ira Ren-nert, an industrialist who hasamassed a $5.9 billion fortune fromowning some of the world’s dirtiestbusinesses.

Mr. Rennert has scrapped withenvironmental regulators and ac-tivists for decades and alwaysemerged largely unscathed. But hisproblems in faraway Peru are begin-ning to cut close: His La Oroya re-finery, which generated some 50%of his business empire’s earnings lastdecade, now lies dormant. An angrycustomer has pushed it into an in-voluntary bankruptcy proceeding inPeru and persuaded a local prosecu-tor to open a criminal investigation.Mr. Rennert’s foes in South Amer-ica are also taking their fight to theU.S., with federal judges in NewYork and St.Louis recently allowingthem to gather evidence here.

“Ira Rennert’s problems arecoming home to him,” said MichaelHugo, a Boston lawyer who repre-sents a group of children in LaOroya. “He won’t be able to hidefrom this mess.”

The top polluter in the U.S.

Mr.Rennert is one of the nation’smost reclusive billionaires. With aWall Street career dating back to1956, he doesn’t appear to have eversat down for an interview about hisbusinesses, and neither he nor hismedia representatives would com-ment for this article. Indeed, Mr.Rennert never generated much at-tention until the late 1990s,when hebegan building a 43,000-square-foot mansion in the Hamptons thatwas constructed over the strenuousobjections of such illustrious neigh-bors as the author Kurt Vonnegut. Itis believed to be the largest privateresidence in the nation and is said toboast 29 bedrooms, 39 bathroomsand a synagogue.

Renco Group, his RockefellerCenter-headquartered conglomer-ate, owns the La Oroya refinery, aswell as the only magnesium mine inthe U.S., the largest lead refinery inthe U.S., and steel mills in Ohio,Maryland and West Virginia. It alsoowns an auto-parts maker, a mili-

tary-vehicle manufacturer and a jew-elry retailer.With 20,000 employees,Renco generated an estimated $6 bil-lion in revenues last year.

It’s no surprise that Renco com-panies produce a lot of pollution be-cause many are in heavy industry.But they have a long history of be-ing among the worst offenders intheir fields.

Mr. Rennert’s Utah-based mag-nesium company contaminated thearea next to the Great Salt Lake foryears. The Justice Department, in2001,described it as “number one onthe EPA’s toxic release inventory”—i.e., the nation’s top polluter.

The lead refinery Mr. Rennertowns near St. Louis, in Hercula-neum, Mo., emitted so many toxinsit had to buy out 160 homes in thepast decade. The refinery is to beclosed in 2013, and a Renco sub-sidiary last year agreed to pay a $7million penalty and spend $65 mil-lion on cleanup to settle alleged fed-eral pollution-law violations.

Mr.Rennert has also stripped hiscompanies of resources. Considerthe case of WCI Steel, which he

bought out of bankruptcy in 1988.The company issued $300 million injunk bonds in 1996 and immediate-ly paid Mr. Rennert a $108 milliondividend, according to its annual re-port. Two years later, an outfit thatserved as WCI’s holding companyhanded Mr. Rennert a $100 milliondividend after issuing $120 millionin bonds. Finally, in 2006, withWCI in bankruptcy again,Mr.Ren-nert was sued by the company for al-legedly taking out another $17 mil-lion in cash in the four years beforeits Chapter 11 filing in 2003.

Also in 1996, Mr. Rennert ex-tracted $98 million from his magne-sium concern after its parent com-pany issued $150 million in bonds.The federal government bluntly de-scribed the transfer in a 2001 lawsuitas part of a “pattern of activity en-gaged in by Rennert … to make the

debtor incorporation insolvent anddefraud its creditors, including theUnited States.” (Renco and Mr.Rennert denied the allegation, andthe case is still pending.) When thefeds fined his magnesium company$900 million for violating environ-mental laws, Mr. Rennert put it inbankruptcy and transferred its assetsto a new entity he controlled.

Going back to his first big deal,the 1976 acquisition of a sewing ma-chine manufacturer, Mr. Rennerthas been a master at turning arounddistressed companies and thencashing out. He bought the bank-rupt Humvee military-vehicle mak-er AM General for $133 million in1992, the same year the companybegan selling Hummers to civilians.He then sold a 70% stake in 2004 toRon Perelman for $935 million.

After losing control of WCISteel in bankruptcy court five yearsago, Mr. Rennert got the last laughearlier this year when he boughtback three mills for $1.2 billion,about half the price a Russian com-pany had paid to acquire them.

“Apart from being a smart busi-nessman, I remember being takenby his ability to communicate withthe shop floor,” said G. ChristopherMeyer, a lawyer who worked on theWCI bankruptcy.“Not many otherscan cross the bridge from the man-agement suite to the factory.”

Donald Drapkin, a former topadviser to Mr. Perelman, recalls see-ing Mr. Rennert vacationing withhis children at the exclusive Hôteldu Cap-Eden-Roc on the FrenchRiviera, where villas cost around$10,000 per night and, for years,payment was accepted only in cash.

“He’s a nice guy.Religious.A realhomebody,” Mr. Drapkin said.

In recent years, Mr. Rennertseems to have tried to take RencoGroup further out of view. Hestopped issuing junk bonds,a type offinancing he’d used since the 1980sas a client of Michael Milken, andswitched to bank loans.That meantless public disclosure, and WallStreet lost interest in him.

“We haven’t followed the com-pany for years,” said Standard &Poor’s analyst Thomas Watters.“Renco is really off the radar screen.”

Renco could flash brightly onWall Street screens if his antagonistsin Peru get their way. Mr. Rennert’sproblems there date back to 1997,when he bought a metals refinery,Doe Run Peru, from the Peruviangovernment for $250 million. Atfirst it seemed like a classic Rennertmove: Buy something no one elsewanted (he is believed to have beenthe only bidder), boost performanceand then sell for a big profit.The Peruoperation also complemented theU.S. lead refinery he’d bought a fewyears earlier. Even better, the LaOroya site could refine precious met-als such as gold and silver, in additionto base ones such as lead and zinc.

At first, business boomed: Pro-duction at La Oroya increased byabout 30%, stoked by the decade’scommodities boom.A regulatory fil-ing shows that Doe Run Peru gener-ated $560 million in revenue in 2004.That means it accounted for a thirdof Renco’s total $1.6 billion in rev-

enues that year, according to datacontained in a 2005 government law-suit on the magnesium matter.

Yet around 2007, a dispute aroseover who would clean up the messleft by the La Oroya refinery, whichdates back to 1922. The agreementwas that Doe Run Peru would takeon the pollution it produced whilethe Peruvian government was re-sponsible for past contamination.Arguments soon broke out overwhose mess was whose.

“Sometimes it’s easy to figure outwho put contaminants in the air,ground or water,” public health ex-pert Mr. Serrano explained. “Some-times it’s not.”

Thrust into bankruptcy court

Doe Run Peru said in a U.S.courtthat it had spent around $300 mil-lion modernizing the refinery andcleaning up the town, but repeated-ly asked the government to give itmore time to comply with changingenvironmental regulations. Whilethe company said it needed exten-sions as the government upped itsdemands, pressure began growingon Peruvian leaders to force DoeRun Peru to live up to its commit-ments, Mr. Serrano said.

Then came the global marketcrash. Doe Run Peru defaulted on$30 million worth of obligations,banks withdrew their credit lines,and, in 2009, management shutdown the refinery, according to U.S.court filings, costing 3,000 peopletheir jobs. Consorcio Minero, a cus-tomer and creditor, last year thrustDoe Run Peru into involuntary

bankruptcy proceedings, allegingthat a merger arranged by the refin-ery’s owner with another Doe Runsubsidiary wrongfully deprived thecompany of $125 million, leaving itundercapitalized.

A Peruvian prosecutor opened acriminal investigation at ConsorcioMinero’s request earlier this year. Ina U.S. court filing last month, DoeRun Peru said allegations that fi-nancial transactions left the compa-ny undercapitalized are “false.”

Meanwhile, last month a federaljudge in Manhattan granted Con-sorcio Minero’s request to subpoenaRenco officials.In September,a fed-eral judge in St. Louis did the same.

Mr. Rennert has fired back byhaving Renco file an internationalarbitration proceeding against thePeruvian government for allegedlyviolating a U.S.-Peru trade agree-ment, and creating “a hostile invest-ment environment … [that has]prevented Doe Run Peru from se-curing new financing necessary toresume operations of the complex.”Damages sought: $800 million.

While the refinery’s fate is tiedup in court, Mr. Rennert is blockedfrom doing what he does best: sell-ing his holdings at a hefty profit.Richard Fuller, president of theBlacksmith Institute, a New York-based nonprofit that helps clean uppolluted sites, said he believes LaOroya could be worth $1 billion toanother large mining company.

“I’m sure Rennert’s plan was toclean up the place, then flip it for alot of money,” Mr. Fuller said. “As itstands now, he’s stuck with it.” n

Ira Rennert’s dirtiest businessContinued from Page 1


LEAD INTO GOLD: This Peru refinery generated 50% of Renco Group’s earnings last decade.

He is adept atstripping hiscompanies ofresources

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MR. AND MRS.IRA RENNERT:Best known, perhaps,for building a 43,000-square-foot Hamptonsmansion that’s believedto be the largest privateresidence in the U.S.


measure of how hard the hip and nascent foodtruck industry has fallen this year. It’s partly avictim of its own success. Operators complainabout too much competition from each other,and brick-and-mortar restaurants are cryingfoul—and calling the cops—when the truckspark on their doorsteps, siphoning customers.

But the most devastating blow to the in-dustry has been what truck owners describe asonerous city regulations, in particular, a park-ing rule that prevents the trucks from doingbusiness in most commercial districts.

Nowhere to go

The obscure parking rule has been on thebooks for decades, but earlier this year, a judgeruled that the regulation that bars vendingfrom metered parking spaces applied to foodtrucks. Given that almost all parking on mid-town Manhattan streets is metered these days,the ruling saw trucks lose their most lucrativespots, where they had built up a following ofloyal customers practically overnight.

Since May, when the parking rule began tobe enforced, the Food Truck Association hasseen its members’ revenues drop by as much as70%. Three truck operators have gone out ofbusiness, shrinking the association’s member-ship from 31 to 28 operators running 45 trucks.(Mr. Weber estimates that there are another 30vehicles that are not part of the association, fora total of 70 or so trucks in the city.)

It’s an abrupt turnaround for a business thatwas busting at the seams just a year ago, withnew,eager entrants like Derek Kay,who rolled

out Eddie’s Pizza Truck in 2010.“There was an explosion of new trucks at

that time,” said Mr. Kay.The first trucks, typically run by tenacious

entrepreneurs—many who see them as a step-ping-stone to brick-and-mortar restaurants—started cruising city streets around 2007. Theyquickly garnered attention and customers,spawning 250,000 Twitter followers and recog-nition in the 2011 Zagat Survey. Some of themost popular trucks were also among the earlyadopters, including Rickshaw Dumpling,Wafels & Dinges and Schnitzel & Things.Themomentum seemed to be on the operators’ sideas their reputation for being savvy and cool at-tracted even more trucks to the streets.

Today, the scrappy industry is fightingback. The association hired a lobbying firm,Capalino and Co., to ask city agencies andCity Hall to address not only the parking issuebut a host of other regulatory burdens, includ-ing new employee licenses that can take up toeight weeks to obtain.

“We are making a lot of progress in talkingto every city agency that deals with this indus-try and to City Hall itself,” said Mark Thomp-son, senior vice president of Capalino.

Mr.Thompson said that Deputy Mayor ofOperations Cas Holloway has been the mostinvolved in these discussions and that a solu-tion to the regulatory issues would be reachedby the busy spring food truck season.

“We are working to better balance the needsof these vendors with other curbside uses,” saida Department of Transportation spokesman.

The Food Truck Association has proposedallowing food trucks to pay two times the munirates that everyone else pays and to limit thetrucks to one per block. Another idea involvescreating a trial network of food truck parking

spots throughout the city.Separately, the association is in discussions

with real estate owners to create lots where agroup of trucks can park, similar to the oneRockrose Development opened in Long Is-land City, Queens, in August.

While they wait,most truck owners are stilldoing business in metered parking spaces, butthey have moved to neighborhoods where en-forcement is lax. “There are areas in Chelsea,Flatiron and the Upper West Side,but none ofthem are what I considered my bread-and-butter neighborhood,”said Kim Ima,owner ofthe Treats Truck, which had enjoyed robustsales at 38th Street and Fifth Avenue and at45th Street and Sixth Avenue. “I have to livein a gray area.”

Many of the trucks have also branched outinto catering special events like bar mitzvahs,weddings and corporate parties, or they haveeven entered the food-cart business.

Switching gears

Eddie’s Pizza, for example,recently openedtwo pushcarts in Washington Market Park inTriBeCa. Mr. Kay has a five-year permit withthe city to operate pushcarts in the park.

“I felt that, with what was unknown aboutthe future of food trucks, it would be best tohave a permanent spot,” said Mr. Kay.

Ms.Ima,who was at the forefront of the in-dustry, starting her truck business in 2007, isopening her first store in Carroll Gardens,Brooklyn, early next year. She signed the leasebefore the city began chasing trucks out of me-tered parking spaces—or before she knew howlimited her cash flow would become.

“Would I open a truck business today?” sheasked. “There’s no way. I’m doing everything Ican to keep this thing afloat.” n

Food trucksContinued from Page 1


Corcoran Wexler Healthcare Properties

660 Madison Avenue, New York, NY 10065

office: 212.836.1075 I fax: 212.418.4344

[email protected]

www.healthcare-properties.com

15th btwn 7th & 8th • 9,150 SF

24th btwn 6th & 7th • 2,500 – 10,191 SF

37th btwn 1st & 2nd • 1,316 – 14,584 SF

46th btwn 5th & Madison • Various units

61st btwn Park & Lex • 2,000 SF

61st btwn Park & Lex • 1,800 SF

63rd btwn 2nd & 3rd • 1,721 SF

64th btwn 1st & 2nd • 53,826 SF

67th btwn Madison & Park • 1,600 SF

67th btwn 3rd & 2nd • 745 SF

72nd btwn Madison & Park • 1,000 SF

64th btwn 2nd & 3rd • 733 – 14,461 SF*

72nd btwn York & East River • 1,200 SF

74th btwn Park & Lex • 975 SF

77th btwn Lex & 3rd • 462 – 5,011 SF*

Gramercy Park N • 1,800 SF

Sutton Place S • 700 SF

Park & 37th • 750 SF

ON THE MARKET

76th btwn 1st & 2nd • 42,608 SF

78th btwn 2nd & 3rd • 2,400-7,200 SF

80th btwn 5th & Madison • 2,000 SF

94th btwn 2nd & 3rd • 13,000 SF

Broadway & 70th • 1,200 – 3,200 SF

Fifth & 61st • 1,296 SF

Fifth & 61st • 1,800 SF

Fifth & 61st • 3,630 SF

EEA btwn 82nd & 83rd • 2,400 SF

WEA btwn 70th & 71st • 2,000 SF

Park & 63rd • 1,700 SF

Park & 66th • 1,900 SF

Park btwn 81st & 82nd • 1,324 SF

Park btwn 81st & 82nd • 1,000 SF

Park btwn 85th & 86th • 1,245 SF

Fifth btwn 89th & 90th • 1,100 SF

Fifth & 92nd • 2,200 SF

*Offering by prospectus only

FOR LEASE

FOR SALE

!"# !"#$#$%"&'%()*(+,#

-+%#.//#01#2+3%#4"5/*!'5%"#

6"5/#7&*5*"#8""9&:

All material herein is intended for information purposes only and has been compiled from sources deemed reliable. Though information is believed to be correct, it is presented subject to errors, omissions, changes or withdrawal without notice. This is not intended

to solicit property already listed. Equal Housing Opportunity. The Corcoran Group is a licensed real estate broker. Owned and operated by NRT LLC.

Pension planportation Alliance, a consortium of civic, busi-ness,transportation and environmental leaders.Though fund trustees won’t look for the samepayoffs that many investment banks demand,they’d still require decent rates of return.

“It’s a tool in the toolbox,” Mr. Corbettsaid, “but it’s not a silver bullet.”

An infrastructure bank could be a boost forcompanies that have sought public-privatepartnerships, according to David Sigman, ex-ecutive vice president at development firmLCOR,which played a key role in the $1.4 bil-lion redevelopment of Terminal 4 at JFK In-ternational Airport.

Mr. Sigman said the infrastructure bankcouldn’t finance big projects like the Tappan ZeeBridge on its own, but could get them moving.

“Even if something went ahead that wasn’tpurely public-private, but started getting in-frastructure deals going in New York state, itwould be a great thing,” he explained.

Supporters of such partnerships said Mr.Cuomo’s teaming with pension funds wouldforce the state to enact legislation that paves theway for them, and that officials would be com-pelled to pass a separate law enabling so-calleddesign-build, a system that allows a contractorto both design and construct a project.

It would also bring unions on board withpartnerships,an idea labor has been skeptical ofin the past.

“Anything that gets the governor’s officefocused on solving infrastructure problems isgood for the public-private industry and goodfor New York,” Mr. Sigman said. n



EXECUTIVE

INBOX


Master of Service

Martha Stewart Living

Omnimedia: JoeLagani, 53, joined themedia andmerchandisingcompany as chiefrevenue officer. Hewas previously senior

vice president, ad sales, at NBCUniversal/iVillage.The Arcus Foundation: Bryan E.Simmons, 49, joined the private grant-making foundation, which supportsorganizations working to advancelesbian, gay, bisexual and transgenderhuman rights, as vice president of globalcommunications. He was previously vice president, marketing andcommunications, IBM Centennial,at IBM Corp.Alexander Interactive: Philip Cotty, 32,joined the digital strategy, design anddevelopment agency as technologydirector. He was previously a technologydirector at HUGE.

Time Warner Cable:

John Quigley, 46, waspromoted to regionalvice president ofoperations in NewYork City. He waspreviously the area vicepresident for Albany.

Hiscock & Barclay: Jeffrey B. Koehne, 49,joined the law firm as deputy executivedirector, a newly created position. Hewas previously the chief financial officerat Ariston Global.Laurence J. Rabinovich, 51, joined as

Instead of a sword, John Rote carries a laptop. Instead of all-blackattire, he wears comfortable, bright business clothing. Yet Mr. Roterefers to himself as a ninja, the head ninja to be exact, though hisbusiness card reads “Director of operations and customerexperience.” ¶ In the Flatiron district, he works in a “dojo,” thecustomer service department of online men’s clothing companyBonobos. All of the customer service representatives at Bonobos arecalled ninjas because in addition to answering phones, they tackleaccounting projects, write marketing reports and ensure personablecustomer service (the first customer service rep was a black belt). ¶Mr. Rote, who joined the company three years ago, ensures thatcustomers receive the best experience possible. For instance, when acustomer’s blazer arrived late, the ninja team sent him beer and beefjerky. ¶ Customers connect with the ninjas, and even send themgifts, like ninja movie posters and videos of themselves doing ninja-like acts. ¶ “You don’t have to press 1 then 3 then 5,” Mr. Rote said.“You don’t have to defend your position because we’re going to backyou up. It’s not customer service as usual.”

DIRECTOR OF PRODUCTMARKETING

COMPANY CAST

JOB DESCRIPTION Work withbusiness development team onmarketing material that willgenerate revenue, awareness

MOST IMPORTANT TASKSProduce product and salescollateral, improve productivity

CREDENTIALS NEEDEDUnderstanding of informationtechnology applicationdevelopment, service providersand organization

SALARY $100,000+

RECRUITER Internal

DOWNSIDE Requires measure-ment theory, IT management,executive-level communicationand software engineering

UPSIDE Driving development ofnew-channel programming inan IT software leader

Founded in 1990, CAST helps250 companies preventbusiness disruption and riskwhile reducing IT costs.

—HELEN KWONG

‘You don’thave todefendyourposition’

HOT JOBS

EXECUTIVE MOVES

GOTHAM GIGS

How to catch acustomer’s eyeTAKE A STROLL DOWN the pain-reliever aisle in any drugstore, andyou’re bombarded with advertis-ing buzzwords and scary warningsabout possible side effects. If youdidn’t already have a headache,reading enough of these pack-ages might give you one.

Richard Fine, founder of HelpRemedies, decided to go adifferent way. In 2009, Mr. Finebegan to market 325-milligramacetaminophen tablets in plainlittle white biodegradablepackages that read simply:“Help. I have a headache.”

The minimalist design caughton with hype-weary consumers,and the brand quickly spreadfrom small specialty shops tomainstream outlets like Target.The resulting burst of revenuesled to nine new products.

Help Remedies is one of theshort, vivid case studies in a newbook, Visual Marketing: 99Proven Ways for SmallBusinesses to Market withImages and Design. Co-authorDavid Langton, co-founder ofdesign firm Langton CherubinoGroup, works for huge clients, butabout half of his customers aresmall businesses. For this book,he, his partner NormanCherubino and co-author AnitaCampbell combed throughhundreds of visual campaigns.

“We started with more than500 candidates and spent abouta year narrowing them down tothe 99 best,” Mr. Langton said.

“We wanted to be as inclusiveas possible,” Mr. Langton ex-plained. “The point is to showsmall business owners things thathave worked for others.”

Langton Cherubino has somegood visual marketing ideas of itsown. The firm designed an onlinegame, MasterpieceYourself.com,that allows users to insert photosof their own faces into paintingsby famous artists such as Michel-angelo, then email, tweet or postthe result online.

MasterpieceYourself wentviral, drawing more than100,000 users worldwide.

HAVE VISUAL OR DESIGN ELEMENTS

helped grow your business? Tell us atwww.crainsnewyork.com/execinbox.

USINESS IVESB LAnne Fisher

—rebecca olles See EXECUTIVE MOVES on Page 30

19% of employers are usingFacebook more often

to recruit workersSource: OI Partners-Gateway International

bu

ck

en

nis

READY FOR ACTION:John Rote is the head“ninja” at online men’sclothing companyBonobos.



partner. He was previously a partner atSchindel Farman Lipsius Gardner &Rabinovich, which closed.Philip A. Bramson, 56, joined as seniorassociate. He was previously a seniorassociate at Schindel Farman LipsiusGardner & Rabinovich.Totsy: Richard Minns, 37, joined theprivate sales e-commerce site as chieftechnology officer. He was previouslyvice president of technology at 1-800-Flowers.com.Moore Stephens North America: LouGrassi, 56, was elected vice chairman ofthe board of directors for the associationof independent accounting firms. Hecontinues as managing partner at Grassi& Co.

EXECUTIVE MOVES

RÉSUMÉ REVIEW

Gilt City: Craig Kaplan, 45, joined thelocal offers and experience site as vicepresident, national sales. He waspreviously associate publisher at the LosAngeles Times Media Group.Tishman Interiors Corp.: Christopher E.Rivielle, 43, joined the interior fit-outand renovation firm as first vicepresident. He was previously a seniormanaging director at Newmark KnightFrank.RaptorAccelerator: Michelle LaMothe, 28,joined the financial services firm as headof commercial programs. She waspreviously a corporate account managerat Madison Square Garden.Matt Pazaras, 37, joined as head of sales.He was previously senior vice president ofsales and marketing at Cambio.Time Inc.: George Linardos, 43, joined themedia company as senior vice president,digital marketing and business

BY ADRIANNE PASQUARELLI

It may be four years since ChrisBurch divorced fashion dar-ling Tory, but the venture cap-italist is still dipping his velvet-

slipper-clad feet into the retailrealm. Earlier this year, he co-founded poppin.com, an office-supplies site.And just in time for theholidays, Mr. Burch, who remains

on the boardof ToryBurch, lastmonthopenedwomen’s retailboutique C.Wonder at 72Spring St.The entrepre-neur is plan-ning to grow

the eclectic store into a chain of 300.

How did you come up with the concept

for your new store?

It’s all about a quirky fun-ness. Wewanted people to have more fun in astore environment, and checkout tobe easier. In our store, you haveeverything from teapot lamps to fly-ing pigs to incredibly cool shoes,

handbags and gifts.

What’s the price range?

From $4 all the way up to a $2,299scooter. The average retail price isunder $40.

What’s different about the store?

Our job is to service the customer,that’s why we have a return policy offorever. We are totally obsessed atevery level—we have no rules. Anyone of our sales associates can dowhatever the customer wants. Webelieve that today, in order to becompetitive with the Internet, weneed to overexecute at that level.

In the few weeks since you opened, how

has business been?

It’s three times what we expected.Customers really are having fun inthe store. In our dressing rooms,youcan dim the lights and put on yourown music. We also have technolo-gy where anyone can checkout any-where in the store. We pass out freelemonade and are always giving outfree gifts.

What are the best sellers?

Our driving shoe is really hot.So arenylon tote bags with your initials onthem. We’re big into personaliza-tion, and we develop all-new prod-ucts every season.

What other locations are planned?

We opened two stores beforeThanksgiving. Next year, we’ll openbetween 20 and 50 stores globally—including three more stores in NewYork City—but once we hit 300stores, we’ll stop. We don’t want toomuch of any one thing, we don’twant to oversupply.

What is your sales goal for the first year

of business?

We can’t give it to you,but we like toexceed industry standards by triple.We’re not driven by sales, but byhappy customers.

What’s on your Christmas list?

For me, I love velvet slippers withpersonalization on them. Myfriends always get me that. We’regoing to be putting men’s merchan-dise in the store. n

Veteran VC slips intonew retail projectin time for holidays

NAME CONOR GREEN

PROFESSIONAL EXPERIENCElNew York City Council, June 2010-

presentCommunications director for CouncilMember Eric A. UlrichResponds to media inquires, issuespress releases and pitches stories to reporters;coordinates media appearances and press conferences; compilesweekly press packet

l The Forum Newsgroup, Nov. 2007-June 2010Managing editor and lead reporterCovered breaking news, politics, crime, community events andfeatures; planned content of news pages, editorials and front cover

lHunterdon County Democrat, Flemington, N.J., Nov. 2004- Nov.2007Reporter, features writer and section editorCovered local government, politics, crime, education, development,business and features

EDUCATION

lWidener University, B.A.lSigma Tau Delta, National English Honors SocietyRésumé appears in condensed form.

EXPERT ADVICE

Good writing and correct details are important on any résumé, but Eng-lish majors get extra scrutiny. I noted Sigma Tau Delta is the NationalEnglish Honor, not Honors, Society. A summary should be addedabove the experience section. Bullets for the roles read 100% like ajob description, not like accomplishments. Remove months and shiftthe years of employment to the right of job titles. References shouldnever go on a résumé. Above all, Conor’s accomplishments belongunder the job titles, not mixed in with the awards section.

—liz colodny, career coach, Vault.com and Synergy HR Partners Inc.

To contact this candidate or to be featured in “Résumé Review,” e-mail us at [email protected].

Is your job search all it could be?We ask the experts.

Not ready to check out

CORPORATE LADDER

A HEALTHY MOVE TO THE TOP Bruce Skyer, 48, was promoted to chief executive of the National KidneyFoundation. In his new position, Mr. Skyer will beresponsible for long-term strategic planning, developing

mission-based initiatives that deliver maximum impactfor the foundation’s constituents, including kidneypatients and professionals, and securing theorganization’s financial position. Mr. Skyer joined thefoundation in 2010 as chief operating officer. Prior tojoining NKF, he served as chief financial and administrativeofficer for the Nonprofit Finance Fund, which doubled insize during his tenure. The Columbia Universitygraduate earned his M.B.A. from Fordham University.

—CALLIE EIDLER

MOVERS &

SHAKERS

Chris Burch

development. He was previously vicepresident, products, in the servicesdivision of Nokia.Coldwell Banker Commercial Hunter

Realty: Michael Doetsch, 48, joined thereal estate brokerage firm as seniormanaging director. He was previously asenior managing director at Williamson,Picket & Gross.

KPMG: CharlesAnastasia, 40, joinedthe audit, tax andadvisory firm asfederal tax partner. Hewas previouslydirector, real estatepractice, at Deloitte.Michael G. Athanason,

53, joined as principal, economic andvaluation services. He was previously asenior managing director at Duff &Phelps.Victor Gatti, 42, joined as principal,international corporate services. He waspreviously a tax partner at Jones Day.Maja M. Arcyz, 38, joined as managingdirector, tax. She was previously anassociate at Arnold and Porter.Stephen Borman, 39, joined as amanaging director for federal tax. Hewas previously president at BormanConsulting.Guggenheim Partners: Charles Fisher, 41,joined Guggenheim Securities, thefirm’s investment banking and capitalmarkets arm, as senior managingdirector. He was previously a managingdirector at Nomura Securities.Gyro: Kenneth Hein, 40, joined theadvertising and marketing agency asdirector of marketing, North America.He was previously director ofcommunications at JWT.Keith Loell, 49, joined as executivecreative director. He was previously

senior vice president and creativedirector, at Grey New York.Downtown Music Publishing: YoungHwang, 41, joined the music publisheras vice president, royalties. She waspreviously vice president, royalties, atBMG Rights Management.Sean McGraw, 34, was promoted to vicepresident, licensing administration. Hewas previously director, licensingadministration.Cassidy Turley New York: Jose C. Alvarez,45, joined the real estate firm asexecutive managing director in thecapital markets group and head of thefirm’s institutional hotel sales andfinancings group. He was previouslymanaging director in Molinaro Koger’sNew York office.Univision Communications Inc.: Ana

Ceppi, 47, joined themedia company as vicepresident of agencydevelopment. She waspreviously vicepresident of brand andadvertising for allLatin America,Canada and

Caribbean positioning andcommunication development atAmerican Express.Sterling Infosystems Inc.: AnthonyMaiello, 50, joined the employmentscreening services firm as chiefinformation officer. He was previouslygeneral manager, systems engineering, atGeneral Electric.New York Media: Larry Chevres, 41,joined the company as chief technologyofficer. He was previously vice presidentfor engineering at Ziff Davis.CresaPartners: Michael McKenna, 47,joined the real estate advisory firm assenior vice president. He was previously

a director at Newmark Knight Frank.Elyse Cardella, 48, joined as vicepresident. She was previously director of business development at TGPArchitecture.Justin Halpern, 29, was promoted to vicepresident. He was previously anassociate.Marisa Fegan, 30, joined as an associate.She was previously an associate at RomeMcGuigan.

HKS Capital Partners:

Jason Stevens, 33,joined the commercialreal estate advisoryfirm as an associatepartner. He was afinancial planner atMetropolitan LifeInsurance Co.

Proskauer: Andrew Bettwy, 39, joinedthe law firm as partner. He waspreviously counsel at Skadden ArpsSlate Meagher & Flom.Glen Lim, 34, joined as senior counsel.He was previously an associate atSkadden Arps Slate Meagher & Flom.Abacus Group: Larry Jasinover, 44, joinedthe executive recruitment and temporarystaffing firm as director, informationtechnology staffing. He was previouslydivision director at RHI.Kasowitz Benson Torres & Friedman:

Sandra Tsang, 44, joined the law firm’sreal estate practice as of counsel. Shewas previously counsel in the real estatepractice at Kaye Scholer.

—callie eidler

EXECUTIVE PROMOTIONS

The fastest way to get an announcement intoCrain’s is to submit online. Fill out the form at www.crainsnewyork.com/section/executive_moves. The Executive Moves columnis also available online.



My guests tonight areover the moonabout Kibo,restaurant con-glomerater Steve

Hanson’s newest offering in thesprawling space where Japonaisused to be. “This is the best Japan-ese food I’ve ever had,” says Janice.Her husband agrees.

As for my vegetarian niece Dana:“I never had Japanese food thisgood.” She can’t believe how manyoptions seem designed just for her.But in fact, everything we are eatingis on the smartly tailored menu wehaven’t even seen because I just said,“Let the chef decide.”

That was a brilliant move, sincethe top chef tonight is Kibo consult-ant Joël Robuchon’s gifted and dis-ciplined international executivechef Yosuke Suga, flown in fromParis for a brush-up and press ops. Iremember his brilliant sense of fla-voring and texture from his reign atAtelier de Robuchon in the FourSeasons Hotel, before the boss, theman with more Michelin stars thananyone else in the world,tapped himto move on to Tokyo.

Of course, Dana and my friendshave never eaten at New York’s seri-ous Japanese restaurants, like Masa,Kuruma Zushi, SushiZen or evenJewel Bako, and they’ve never beento Japan. But I understand their re-action. I have to agree most of whatI’m tasting is a revelation.

We are swooning over silken fat-ty Wagyu beef with shishito peppersand packages of boneless chickenwings with leeks,garlic chips, teriya-ki sauce and red pepper threads—offthe robata grill. And crimini mush-rooms halved and pebbled withJapanese seven spice.“Is this the bestasparagus I’ve ever eaten?” someoneasks. “And it isn’t even spring.” Thelemony sauce that tastes so like hol-landaise is … hollandaise. Simpleseaweed butter does not overwhelmdelicate Kusshi oysters. Butter, yes,the conspiracy to seduce Americantaste buds triumphs.

With sushi master Boo Limfrom Sushi of Gari in the housetonight, a platter prepared for ourtable shimmers with freshness, therice discreetly flavored.

My guy and I enjoyed some ofthese same dishes with our friendBob on a desolate Sunday nightwhen Kibo was almost deserted af-ter the shocking October snow-storm. Robuchon avatars werenowhere to be seen.We sat in a boothwith one of those supertrained BR

Guest waiters frothing over with theneed, the mission, to explain every-thing. We let him babble away as ifwe’d never had food from a robata orencountered a Wagyu cow.

The place still has its handsomesculpted wood ceiling, but animemurals behind us are new. A chef inthe well-lit sushi kitchen seemedbored. Kibo means wish. I was en-chanted seeing tanzaku, fabric rib-bons hanging everywhere with wish-es and prayers written on them justlike those we photographed in Japan.

The asparagus could not havebeen more perfectly cooked. I put abattered disc of eggplant in mymouth, and for more than a few sec-onds I thought I was eating foie gras.We were wild about the beef tartareand romaine with wasabi dressing,piling it on crisps, although the saltburned my lips.“Is beef tartare Japan-ese?”I wondered.The miso black codpassed the as-good-as-Nobu test. I’dbe back for the spicy udon noodleswith wok-fried beef laced with redstrings that detonated in my mouth.

If, like me, you are cynical aboutBrand Name consultants who lightthe fire and then disappear, you maybe reassured to know that the greatchef ’s emissary was trying to createa Robuchon Effect in the Kibokitchen on last week’s brief visit.

We’ll know soon enough.

Copyright © 2011 by Gael Greene.Syndicated by www.insatiable-critic.com.


CONFERENCES AND

SEMINARS

TUESDAY, DECEMBER 6

Organizational development consultantDavid J. Andrews presents THE NEW

PHILANTROPY: FUNDRAISING IN DIFFICULT

TIMES. The seminar will explore thereality of not-for-profit fundraising inthe current economic environment fromthe viewpoint of donors and grantees.The event will take place at the PennClub, 30 W. 44th St., from 9 a.m. to 5p.m. The cost to attend is $550 andincludes breakfast and lunch. To getmore information and purchase tickets,visit www.newphilantropy.eventbrite.comor call (212) 753-1134.

The New York American MarketingAssociation presents SECRETS TO

BUILDING BRAND VALUE IN THE ERA OF

CORPORATE CITIZENSHIP. The seminarwill explore how to achieve mastery inaligning brands with corporatecitizenship strategies. Featured speakersare Jodi Kahn, president of iVillage, andTom Zara, global practice leader,corporate citizenship, of Interbrand. Theevent will take place at Interbrand, 130Fifth Ave., fourth floor, from 6 p.m. to 8p.m. The cost to attend is $45 for

members and $65 for nonmembers. Toget more information and register, visitwww.nyama.org or call (212) 687-3280.

THURSDAY, DECEMBER 8

Join Roy Fenichel Esq. for TRANSFER

TAXES, a free accredited continuing legaleducation class designed for attorneysseeking to represent owners, lessees orsublessees of real property in New York.It will address sales, controlling interesttransfers and other topics. The class willbe held at Bank of America, 50Rockefeller Plaza, fifth floor, from 8:30 a.m. to noon. To register, call (646) 695-7925 or [email protected].

CULTURAL EVENTS

MONDAY DECEMBER 5

The Metropolitan Operapresents the opening ofPuccini’s MADAMA BUTTERFLY,

conducted by Plácido Domingo.Performances will run through March atLincoln Center at West 65th Street andColumbus Avenue.Tonight’sperformance is from 7:30 p.m. to 10:40p.m. For more information and ticketprices, visit www.metoperafamily.org orcall (212) 362-6000.

THURSDAY, DECEMBER 8

KIDS IN DISTRESSED SITUATIONS will hostits 26th annual charity gala benefitingunderprivileged and disaster-struckchildren. This year’s event will honorJ.C. Penney, Delta Children’s Productsand Levi’s brand, and will be hosted byactress Caroline Rhea with keynotespeaker Andrew Sorkin. The gala willtake place at 583 Park Ave., from 6 p.m.to 10 p.m. Individual tickets are $1,000.To get more information and purchasetickets, visit www.kidsdonations.org.

—suzanne panara

THE WEEKAHEADDEC. 5-11

INSATIABLECRITIC Gael Greene

Its Japanese food will be a revelationeven for fussy tastes

Kibo wows ’emwith hollandaise

WHAT HE’S

READING

SETH PINKSY, 40, is a stickler forfine print. A lawyer by training, thepresident of the New York CityEconomic Development Corp.spends a portion of his workdayporing over contracts between thecity and private companies. “I’m a little bit of a compulsiveperson,” he said.

That’s an understatement.Each day, Mr. Pinsky also readsevery word in the internationalsection of The New York Times. It’sa habit he’s kept up for the pasttwo years. “I have no recollectionwhy I started doing this,” he said.

It might be because he’s

always been fascinated with

areas of conflict. For their honey-moon last summer, Mr. Pinsky andhis wife traveled through Egypt andSudan—two countries well-documented in the Gray Lady.

—SHANE DIXON KAVANAUGH

flic

kr.c

om

/ch

em

ex

After the city’s bedrock financial sector tanked in

scrambling for the city’s blessing to build a campus

Crain’s

past Silicon Valley as the world’s leading tech center,

city’s offer of land on Roosevelt Island, Governors

York’s business community when state

expanding the office’s powers, which

It’s enough to make a New Yorker look

Pick of the week

To view Crain’s classified events listings, go to www.crainsnewyork.com/events

KIBO 111 E. 18th St.

(212) 824-2770www.kibonyc.com

CUISINE Sort of Japanese

PRICE RANGE $11 to $29

SERVING Lunch, dinner 7 days

RESERVATIONS Recommended

NOISE LEVEL Very noisy

I can’t wait to return.

I will definitely go back.

I’ll let them simmer awhile.

NO HATS Never again.

WORTH A RETURN: Spicy udon noodles

new

sco

m

bu

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20111128-NEWS--0031-NAT-CCI-CN_-- 11/23/2011 11:48 AM Page 1

Deposit checks 24/7 into your Chase business checking account with Chase QuickDeposit,

and keep your cash flow, flowing. On average, Chase QuickDeposit users say they save 2 days

a month managing finances.* Sign up today and get a check scanner for free.

Bring the bank to your business with a Chase QuickDepositSM

check scannerDON’T LEAVE MONEY LYING AROUND

Your Chase QuickDeposit enrollment is subject to approval and availability in your area. If approved, a two-year contract is required, which includes a free check scanner. A monthly maintenance fee of $25 applies for the single-feed check scanner option or $50 applies for the multiple-feed check scanner option. Additional scanners are available for purchase at a one-time charge of $300 per scanner for the single-feed check scanner and $600 per scanner for the multiple-feed check scanner (plus applicable sales tax). A cancellation fee of $250 applies if the service is discontinued prior to the end of the two-year contract term. All check and deposit item fees will be billed and processed according to your respective account maintenance fee schedule. *Based upon Chase QuickDeposit user study, September 2011. © 2011 JPMorgan Chase Bank, N.A. Member FDIC

Scan this QR code to learn more about Chase QuickDeposit.

Need a QR reader?Download one for free atyour device’s app store.

Stop into a branch today, or go to

chase.com/BusinessQuickDeposit to learn more.


Inside Ira Rennert's dirtiest business

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