CRAIN’S 40

BY AARON ELSTEIN

Macy’s Inc. Chief Executive TerryLundgren has lots of reasons tosmile these days. Since bottoming

out in 2009, annual sales at his com-pany have increased by more than $4billion, to $27.9 billion, and shareshave returned 670%, more thanquadruple Standard & Poor’s 500-stock index and higher even than

shares of Amazon.com.“We’ve had five years of outstand-

ing performance,” Mr. Lundgrensaid. “That’s how you add people.”

Add people it has. In the past five

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VOL. XXX, NO. 12 WWW.CRAINSNEWYORK.COM

BY THERESA AGOVINO

Ten years after winning a TonyAward for portraying Elphaba inthe hit show Wicked, Idina Menzelreturns to Broadway as the lead inthe new musical If/Then.

David Stone produced bothshows, in which Ms. Menzel plays

women at a crossroads, and there’salready buzz that she’ll receive an-other Tony nomination for the mu-sical, which opens March 27.

Should If/Then even come closeto repeating Wicked’s financialsuccess, Mr. Stone would defy grav-ity. In an industry with a failure rateof 75%, Wicked has not only thrivedfor 10 years, but it also has reward-ed its investors with a 900% return.That’s better than Warren Buffett’sBerkshire Hathaway, which has re-turned about 140% in the same pe-riod. Investors pumped $14 million

See WICKED on Page 20

See MACY’S on Page 19

Wicked returnsfor his investorsBroadway producerDavid Stone and theart of 900% paybacks

NY’s largest for-profit employer?Macy’s closing in on JPMorganAs Wall Street retreats, retailer’s local head count is up by a third

CRAIN’SNEW YORK BUSINESS

BY ANDREW J. HAWKINS

Alicia Glen, the city’s new deputymayor for housing and economic de-velopment, is on a charm offensive.

She met with a horde of housingadvocates and nonprofit developersin early March, many of them

thrilled by the opportunity to turnleft toward the mayor’s offices whenentering City Hall, rather than righttoward the City Council, as they’dgrown accustomed to during theBloomberg years.

Next, the former GoldmanSachs executive sat with the fiveborough presidents, some of them

tickled to be served coffee. Appar-ently,under the old regime,not evenan offer of Sanka.

Finally, she convened the city’sreal estate titans—Gary Barnett,Douglas Durst, Rob Speyer anddozens more—to discuss how they’dbe affected by the de Blasio admin-istration’s push to build and preserve

200,000 units of affordable housingover 10 years.

The first two groups heartily em-braced the administration’s ideas.The third has been, perhaps pre-dictably, more hesitant. “There’s alittle bit of kvetching [about] thingsthat have bugged them,” Ms. Glen

Alicia Glen’s balancing act

®

MARCH 24-30, 2014 PRICE: $3.00

THE INSIDER:GUIDE TOCITY HALL

PUBLIC-PRIVATEPARTNER: Alica Glen will use her experienceleading Goldman Sachs’Urban Investment Groupto push the city’sdevelopers to build moreaffordable housing.

This former Goldmanbanker is Mayor Billde Blasio’s eyes andears to the privatesector. Listen up See ALICIA GLEN on Page 11

NEXT

WEE

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THE LISTLARGESTNEW YORK-AREAEMPLOYERSP. 13

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40UNDER

Forty

2 | Crain’s New York Business | March 24, 2014

HIGH-SPEED CRACKDOWN. Just a dayafter state Attorney General EricSchneiderman declared war onhigh-speed traders and other abusivefinancial-industry practices, Mar-ketwired—a Toronto-based corpo-rate press-release distributor—saidit would stop selling direct newsfeeds to traders who pay to get earlyaccess to market-moving informa-tion.Mr.Schneiderman wants to putan end to “Insider Trading 2.0.” …CITI BIKE’S WHEELS COME OFF. AltaBicycle Share, operator of the popu-lar Citi Bike program, needs to raisetens of millions of dollars to rescuethe money-losingoperation. Citi Bikehas faced many chal-lenges, such as find-ing additional spon-sors, as well as costlysoftware and equip-ment issues. …WATSON’S CANCERCHALLENGE. IBM’sWatson supercom-puter will join theNew York GenomeCenter to help iden-tify treatments forcancer patients. TheJeopardy!-winningcomputer will quick-ly read medical literature so clini-cians can make faster decisions. Theservice’s first patients will be thosediagnosed with brain tumors.… CONED PAYS VICTIMS. One day after a leakwas found in a gas main near one of

the two East Harlem buildings thatexploded, Con Ed compensated 87displaced residents with undisclosedamounts of money. The paymentswere likely made to prevent lawsuits.… TRAVELCLICK GETS BOOKED.TravelClick, a Manhattan-basedsoftware company that helps hotelsmanage their inventory, will besnapped up by private-equity firmThoma Bravo for $930 million. It isthe largest local deal since Yahoobought Tumblr for $1.1 billion lastyear. … DROPBOX LANDS IN NYC. SanFrancisco-based file-sharing com-pany Dropbox is opening an office in

temporary spacenear New York Uni-versity while it looksfor a permanenthome. Dropbox willhave 25 employees inthe city by the end ofthe year. With 200million users and$200 million in an-nual revenue, ithopes its New Yorkoffice will attractmore business cus-tomers. … DOLANPASSES KNICKS TOPHIL. Knicks ownerJames Dolan said

Phil Jackson, the team’s new presi-dent of basketball operations, willhave full autonomy. The formerKnicks player and 11-time NBAchampion head coach will earn $12million a year for the next five years,

nearly nine times the league’s averagefor execs. … BOOKWORM SEASON.Less than two weeks after it wasdumped by Simon & Schuster, thetell-all book by John LeFevre,authorof the @GSElevator Twitter feed,was picked up by Grove Atlantic.Meanwhile, Gov. Andrew Cuomo’smemoir, All Things Possible: Setbacksand Success in Politics and Life, will bereleased Aug. 5. And Joe Hagan, aNew York magazine contributing ed-itor, will publish a biography ofRolling Stone founder Jann Wenner.

FYICRAINSNEWYORK.COM

‘Just becausesomething isdone behindclosed doorsdoesn’t meanthe process

isn’ttransparent’

—Gov. Andrew Cuomo, at a press briefing on state

budget negotiations

STORIES TO WATCH THIS WEEKMarch 25: Groupspitch their LICHredevelopmentproposals at St.Francis College.

March 25: UrbanJustice Centerissues human-rights “report card”on City Council

March 26: Firstday of theInternationalVision Expo atJavits Center

March 28: AgustínCarstens, Bank ofMexico chief,speaks at EconomicClub meeting

EDITOR’S NOTE

Lindsay at 50Several hundred aging politicalplayers gathered at Hunter Collegelast week to talk about the tallmayor with a progressive agendawho rode into City Hall on a waveof popular enthusiasm. Not Bill deBlasio. John Lindsay, whose twotumultuous terms as “America’sMayor” started 50 years ago comeJan. 1, 2015. Both crusading

mayors tangled with ambitious governors from theirown party, although, as Hunter professor JosephViteritti wittily noted, “Lindsay’s was a Republicangovernor who liked to spend like a Democrat, whilede Blasio’s is a Democratic governor who likes tospend like a Republican.” Lindsay had gushers ofGreat Society money to fund his racial- and social-justice causes; Mr. de Blasio, not so much from thisCongress for his economic-justice mission. It’s alsosuch a hugely different city, now versus then.Themost shocking stat might be that voter turnout incity elections is down more than 50% since 1965. Anespecially engaging panel of former top Lindsayaides—whiz kids in their 20s back in their day—wasasked to share their advice for today’s bright youngthings at City Hall. Peter Goldmark: “Build alliancesstatewide.” Sid Davidoff: “Take the punches. Get upand fight every day.” Ronnie Eldridge: “If someonecalls your office, you listen to them.” Even thecranks—especially the cranks, she insisted. “Thereshould not be a sense of superiority, of ‘we knowbest.’ ” And former Lindsay chief of staff Jay Kriegel:“Nothing.” He recalled seeking early wisdom froman ancient alum of the La Guardia administrationbefore realizing midmeeting he never wanted tobecome the old man telling someone 20 or 30 yearsyounger what to do or not do. Nearly 50 years later,he was sticking to his vow.They’ll figure it out, heseemed to be saying. Just as those on stage had.

Glenn Coleman

—emily laermer

IN THE BOROUGHS---------------------------3SMALL BUSINESS----------------------------- 4IN THE MARKETS----------------------------------4BUSINESS PEOPLE---------------------------6OPINION-------------------------------------------------------------8GREG DAVID------------------------------------------------9REAL ESTATE DEALS-------------------12THE LIST---------------------------------------------------------13CLASSIFIEDS -----------------------------------------15FOR THE RECORD---------------------------18SOURCE BREAKFAST-----------------22OUT AND ABOUT ------------------------------23

THIS WEEK IN CRAIN’S

NEW YORK, NEW YORKRetail analyst HithaPrabhakar can’t wait forspring. P. 21

CORRECTIONS (SEE PAGE 20)

vol. xxx, no. 12, march 24, 2014—Crain’s New York Business (ISSN 8756-789x) is publishedweekly,except for double issues the weeks of June 23, July 7, July 21,Aug.4,Aug.18 and Dec.22,by Crain Communications Inc.,685Third Ave.,New York,NY 10017.Periodicals postagepaid at New York,N.Y.,and additional mailing offices.Postmaster:Send address changes to:Crain’s New York Business, Circulation Department, 1155 Gratiot Avenue, Detroit,MI 48207-2912.for subscriber service: Call (877) 824-9379. Fax (313) 446-6777. $3.00 a copy, $99.95 oneyear, $179.95 two years. (GST No. 13676-0444-RT)©Entire contents copyright 2014 by Crain Communications Inc. All rights reserved.

HOORAY!BEVERLYHILLS-BASEDBAKERYSPRINKLES willopen a cupcakeATM at 780Lexington Ave.,near East 60thStreet.

AN OBSESSED16-YEAR-OLDsneaked past

guards andclimbed to thetop of 1 WorldTrade Center,

which doesn’tyet have security

cameras.

For local biz, sick-leave law is nothing to sneeze at

On Thursday, Mayor Bill de Blasio signed hisfirst bill into law. And then he had a treat atSteve’s, a boutique ice-cream

manufacturing facility in Brooklyn where thesigning took place. ¶ Business owners may not befeeling as celebratory.The law is an expandedversion of last year’s paid-sick-leave mandate, whichprivate-sector groups opposed, citing increasedcosts to employers. ¶ This time, though, the response from businesses was mostly muted. Only thepresident of the state restaurant association bemoaned the speed at which the mayor and the CityCouncil raced to push through the enhanced 2013 law. ¶ Mr. de Blasio said a broader law wasneeded to cover an additional half-million New Yorkers. City Council Speaker Melissa Mark-Viverito noted that a low-wage worker who lost his wife and daughter in the East Harlem gasexplosion could now safely visit his son in the hospital without fear of losing his job. ¶ Under thelaw, businesses with as few as five employees would be required to provide paid time off for theirworkers (see story, Page 5). Although the law is effective April 1, very small businesses—thosewith fewer than 19 employees—will have a six-month grace period before the city beginsenforcement. ¶ After that, it could very well be a rocky road to compliance.

isto

ckph

oto

—andrew j. hawkins

OY VEY!

March 24, 2014 | Crain’s New York Business | 3

BY DANIEL GEIGER

After years of complaining aboutthe ever-longer lines of busesqueued up to get into the over-crowded Port Authority Bus Termi-nal, local landlords, residents andtransit advocates picked up a power-ful ally last week. He is KennethLipper, a former Wall Street execu-tive, deputy mayor under Ed Kochand board member since June of theterminal’s owner, the Port Authori-ty of New York and New Jersey.

“We have to bring an end to theidling of all these buses on thestreets,” Mr. Lipper told Crain’s lastweek. “I would like to see a brand-new bus terminal, a 21st-centuryterminal that would be an econom-ic catalyst for the whole develop-ment of the West Side as well as afacility that would better accommo-date the 65 million riders that comeinto it each year.”

Building it, however, would take

As pressure mountsfor new facility, somesay WTC is hoggingPort Authority funds

Booming businessessend area propertyprices through the roof

BY THORNTON MCENERY

To the naked eye, the nondescriptthree-story structure at 41-60 MainSt. in Flushing is just another plain-Jane piece of property deep into aborough that isn’t named Manhat-tan.But for investors looking to finda foothold in one of New York’shottest real estate markets, the opti-mistically named Flushing Land-mark Building is an unpolished gemhiding in plain sight.

At least that’s how it’s priced.The 92,500-square-foot structurehit the market last month at $92million, an asking price that works

Flushinggoes withthe f low

IN THE BOROUGHSQUEENS

See FLUSHING on Page 12See BUS STATION on Page 19

Bus station seen in terminal condition

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BUS BEDLAM: Up to175 buses at a timemust queue upcurbside to await theirslot at the station.

The Manhattan-based companywants to turn all those eyeballs intocash and seeks to raise up to $123million in an IPO this week. Every-day Health pulled the plug on an at-tempted IPO back in November2010, citing “changed circum-stances regarding the securities

markets.” It’s understandable whythe company is trying again,consid-ering IPO investors are snapping upshares in unprofitable outfits likeCoupons.com. But Everyday Health’sfinancials look a little pale.

It has accumulated a deficit of$124 million since its start in 2002,

which happens to be exactly twicethe amount of the IPO proceeds ex-pected to go to the company. Rev-enue grew by 12% last year, to $155million, thanks to more ads andsponsorships. The company postedan $18 million loss, however, andsubscription revenue fell by $2.9million in 2013, to $17 million, at-tributed to “a general decline in thepopularity of certain of our brands.”

If this discourages you, just over-look the $8 million it costs the com-

pany to service its $70 million long-term debt load, and ignore $5 mil-lion in compensation expenses.Then Everyday Health is profitableon an “adjusted EBITDA” basis.

You might be wondering what asuccessful IPO might mean for Mr.Gupta, arguably the company’s starattraction. He isn’t listed as a share-holder, but his employer, Time WarnerInc., owns a 2.5% stake,or more than600,000 shares. Not for long,though:Time Warner intends to sella third of its stake in the IPO. Oth-er insiders, including Chief Execu-tive Benjamin Wolin, TCV Ventures andVillage Ventures, are also selling someof their shares.

Existing stockholders paid anaverage $6.92 each for their shares,so at the expected IPO price of $14,they will double their money. Itseems unlikely that anyone whobuys in now will be so fortunate.

Virtu-al realityYou’ve probably never heard of VirtuFinancial Inc., a small Manhattan-based trading firm.But according to

recently filed documents for its ini-tial public offering, this firm is spec-tacularly good at what it does.

Virtu says that in the past fiveyears, during which it traded morethan 10,000 securities in more than200 exchanges across 30 countries,it lost money on exactly one day.That’s right, one day.

For a little context, GoldmanSachs, generally considered thesavviest trading firm on Wall Street,had 219 unprofitable trading daysbetween 2009 and 2013. JPMorganChase had 206, Morgan Stanley 197and Bank of America 106.

What’s the secret of Virtu’s suc-cess? Co-location. That’s the termused when traders like Virtu havetheir computers installed on-site atstock exchanges so they can routeorders faster and determine what themarket is doing a split-second beforeeveryone else.

New York Attorney General EricScheiderman, for one, doesn’t approveof co-location, which he says is partof “Insider Trading 2.0.” In a speechlast week, he called on regulators toput an end to it. �

BY ELAINE POFELDT

When snowy weather strands trainsand snarls traffic in New York City,employees at CommunicationsMedia Inc., an 80-person media-planning and -buying organization,don’t have to agonize about at-tempting the commute to work.

Driven by Hurricane Sandy andone of New York’s snowiest winterson record—the city has issued 11travel advisories since December—the company keeps its business op-erating in emergency conditions byusing a strategy that combines tech-nology and employee policy. Likemany small professional-servicesfirms in the area, it wants to makesure it’s positioned to give far-flungcustomers uninterrupted service.That can be tricky to do on the fly,so more companies are investing informal, tech-enabled plans to allowprofessionals on their team to workfrom home smoothly.

In Communications Media’scase, the recently revised severe-weather policy in its employeehandbook—initially drafted afterHurricane Sandy by the firm and afamily of small sister agencies thatoperate collectively under the nameCMI/Compas—outlines in precisedetail what the entire 180-persongroup should do. The procedurestarts with a 6 a.m. conference call,

Storm prep helps small firmsWhat blizzard?Weather-relatedworker policies keepbusiness humming

See STORM on Page 20


STATS ANDTHE CITYby Nicholas Wells

DOOR, PLEASE: The city and SEIU32BJ, the union that represents30,000 residential workers—doormen, superintendents andporters—are hammering out a newcontract. The deadline is April 20.

23NUMBER of years since thelast doormen’s strike in New

York City

18%INCREASE in theaverage rental price for a

one-bedroom, doorman apartment inManhattan since the union lastsigned a contract, in 2010

3:1RATIO of Manhattan-basedresidential workers to those

working in the outer boroughs

$12,871AMOUNTemployers

pay, per year, toward each residentialworker’s health insurance plan

3,000INCREASE in thenumber of 32BJ’s

NYC members since 2010, linked tothe city’s building boom

Sources: Crain’s research, MNS Manhattan Rental MarketReport, Real Estate Group NY, Realty Advisory Board onLabor Relations, SEIU 32BJ

ADDICTED TO NUMBERS? GET ADAILY DOSE AT @STATSANDTHECITY

IN THE MARKETS by Aaron Elstein

Everyday Healthtries again on IPOFrank Sinatra used to sing that love is lovelier the second

time around.The folks running a struggling digitalpublishing company called Everyday Health Inc. can

only hope that’s true as they try for the second time topersuade investors to buy their initial public offering.

Everyday Health runs a cluster of websites featuring expertadvice from CNN medical correspondent Sanjay Gupta andothers.There’s lots of information for expectant mothers, tipson weight loss and fitness, and so on, and more than 60million people have registered to read its offerings.

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SMALL BUSINESS

DECISION MAKERS:Carly Kuper and JamesWoodland helpCMI/Compas determineif offices should open during bad weather.

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SANJAY GUPTA: Website’s star attraction

gett

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ages


BY THORNTON MCENERY

Mayor Bill de Blasio campaigned ona promise to lower fines againstsmall businesses, criticizing what hedeemed the punitive, “revenue-focused” enforcement of city laws.

But his preliminary budget indi-cates that his administration plansto collect even more in levies thancity agencies did under MichaelBloomberg last year.

Revenue from fines soared 72%during the Bloomberg administra-tion, to $799 million in 2013 from$467 million in 2002. The initial deBlasio budget unveiled last monthindicates that fine revenue will growto $807.5 million this year. That’sjust $5 million less than theBloomberg administration had pro-jected for 2014.

Council eyes reductions“There was a sigh of relief among

small business owners when thismayor was elected,” said Queensstate Sen. Jose Peralta. “There hasn’tbeen much to show so far, though,and a lot of business owners are get-ting nervous. You have to give themayor time to breathe and soak it allin, but it’s now time to tackle this ina positive way.”

Mr. de Blasio did not ease busi-ness owners’ fears last week when he

enacted his first piece of legislation:the Paid Family Leave law, requir-ing employers with as few as fiveemployees to provide paid time offor face penalties.

“The amount of fines beinghanded out was unacceptable be-forehand,” said Andrew Rigie,exec-utive director of the New York CityHospitality Alliance.“But when youadd paid sick leave, it becomes in-credibly burdensome.”

A day after Mr. de Blasio signedthe legislation, the City Council is-sued rules putting into effect a lawsigned by Mr. Bloomberg to reducefines against restaurants. Thosechanges are part of a wider overhaulof the city’s letter-grading systemfor eateries and the suspected quotasystem that has led to an outcry frominspectors and restaurateurs. CityCouncil Speaker Melissa Mark-Viverito said the new rules will leadto a 25% reduction in fine revenue.

Though the law reducing fines

was enacted last year, the revenue re-duction projected by Ms. Mark-Viverito is not reflected in the ad-ministration’s preliminary budget.The Department of Health andMental Hygiene believes it will gen-erate $34.1 million in fines this yearand $30 million in each of the fol-lowing three years, while the De-partment of Consumer Affairs isslated to ring up $11.5 million infines annually from 2014 through2017. Those numbers are identicalto the final Bloomberg projections.

Even the city’s EnvironmentalControl Board, which Mr. de Blasiopilloried as public advocate, keptprojections flat, at $89.8 millionover each of the next four years.

Fines against restaurants peakedin 2012 at $52 million and droppedto $45 million in Mr. Bloomberg’sfinal year in office.

A City Hall spokesman toldCrain’s that the mayor’s next budgetproposal,due by April 26,will be “anupdated accounting of the adminis-tration’s ability to reduce onerous

and excessive fines.”“You know, when I was public

advocate, we made a real focus onuncovering the unfair fine structuresthat small businesses were experi-encing,” Mr. de Blasio said lastThursday after signing the PaidFamily Leave law.

Awaiting appointmentsIn 2012, Mr. de Blasio, as public

advocate, proposed piloting a fine-reduction program that emphasizedcompliance education, required cityagencies to report fine revenue and streamlined the adjudicationprocess for business owners to con-test violations.

Mr. de Blasio also proposed cre-

ating a regulatory review panel ofagency heads to determine whichrules unfairly penalize businessowners. But two key agencies in-volved in that effort—consumer af-fairs and information technology—do not yet have commissioners.

“We’re in the process of change,is what I can say,” the mayor told re-porters at a press conference lastweek. “It’s not going to happenovernight, and I know that.”

In the meantime, Mr. Peralta hascalled on the mayor to adopt anamnesty program under which pro-prietors can seek to have fines in-curred during the Bloomberg ad-ministration dismissed by the newmayor. �

Fine collections set to riseMayor promisedrelief, but his budgetprojects an increasein penalty revenue

IT’S AN AIRPORT. THERE SHOULD BE AIR.THE ONLY OUTDOOR AIRPORT LOUNGE IN NYC.

#KEEPCLIMBINGNY

‘A lot ofbusinessowners aregetting nervous’

The Mayor of Myrtle AvenueMichael Blaise Backer helps rebuild a business strip

When Michael Blaise Backer became executivedirector of the Myrtle Avenue BrooklynPartnership 10 years ago, one in every fivestorefronts on the Brooklyn business strip wasempty. Now the vacancy rate on Myrtle Avenuebetween Flatbush and Classon avenues is lessthan 5%. ¶ “We’re still chipping away at long-term vacancies, working with landlords to openup some of the last few empty buildings on theavenue,” said Mr. Backer over coffee at the PillowCafé, a Myrtle Avenue mainstay. ¶ Everyonecalls Mr. Backer “Blaise,” but he is also known asthe Mayor of Myrtle Avenue.The 39-year-oldMcLean, Va., native came to the organization,which generated roughly $750,000 in revenue in2013, as a New York University graduate studentin 2002. He felt a connection with the area andsettled in Fort Greene.Two years later, he helpedturn the commercial corridor along Myrtle

Avenue into a business improvement district.“Actively working with the community is the bestway to build trust and develop a diverse andthriving shopping environment,” he said of hisapproach. ¶ This spring, Mr. Backer’s vision of arevitalized Myrtle Avenue will leap forwardwhen the city breaks ground on Myrtle Plaza, a25,000-square-foot pedestrian mall betweenHall Street and Emerson Place.The $6 millionproject is being paid for mostly through a mix ofcity and federal grants. “The plaza will finallygive us the opportunity to hold those outdoorcommunity events, like tree lightings, which localbusinesses have been wanting for years,” Mr.Backer said.The once-again booming Navy Yardhas also been a boon for Myrtle Avenuebusinesses. “The loss of those jobs nearly killedMyrtle,” he said. “Having them come back hasbeen absolutely great.” —thornton mcenery

GOTHAM GIGS

‘Workingwith thecommunityis the bestway tobuild trust’

Cerebral PalsyInternationalResearchFoundation: RichardEllenson, 50, joinedthe nonprofit aschief executive. Hewas previouslypresident at Panther

Technology.Women’s Marketing Inc.: Andrea VanDam, 45, was promoted to chiefexecutive. She was previouslypresident and chief revenue officer.M&T Bank: Gino Martocci, 48, waspromoted to executive vice presidentand member of the managementcommittee. He was previously seniorvice president.

Matthew Petrula, 37,was promoted togroup vice president.He was previouslyadministrative vicepresident.InsightExpress: JimForrest, 39, joinedthe advertising and

marketing agency as senior vicepresident. He was formerly globalpartner of digital at Hall & Partners.OnDeck: Pamela Rice, 52, joined theonline business lender as senior vicepresident of technology. She waspreviously director of credittechnology at PayPal.Starcom USA: Daniel Ryback, 38,joined the media communicationsagency as vice president and director.He was previously vice president anddirector at Zenith Media.Rich Schneider, 53, joined as vicepresident and director. He waspreviously senior vice president andaccount director at Direct Advantage.

Campus Evolution:Abigail Cohen, 29,joined the realestate company asdirector. She waspreviously vicepresident ofbusinessdevelopment and

investor relations at Eos Partners.Greater New York Councils, Boy Scoutsof America: Raymond Quartararo, 49,was appointed president of the Scoutboard of directors. He is vicechairman at Jones Lang LaSalle andpresident of its regional project anddevelopment services group.Popular Mechanics: Cameron Connors,38, joined the magazine as publisher.He was previously publisher of PaperCommunications.Multimedia Plus: Anthony DeLuca, 50,joined the creative-services agency aschief financial officer. He waspreviously chief financial officer atDesign Within Reach.Collective: Justin Sparks, 34, joined theadvertising company as director ofdigital strategy. He was previouslydirector of customer and retaileractivation at Arc Worldwide.Lance Wolder, 38, joined as vicepresident of client strategy andsolutions. He was previously ad-experience architect at AOL.Music Choice: Mike Muccilo, 44,joined the multiplatform video andmusic network as director of direct-response ad sales. He was previously

EXECUTIVE MOVES

B U S I N E S S

PEOPLE16%

Projected increase in themedian price of single-

family homes in themetro area, through 2018

Source: Demand Institute

BIG BACKER: MichaelBlaise Backer says the $6 million Myrtle Plaza willcreate an outdoor eventsspace that could be a boonto businesses.


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national account executive at Rovi.Blackbird Public Relations: KirstenMagen, 34, joined as vice president. Shewas previously an account director at theBrandman Agency.KeyBank Real Estate Capital: RobertWilliams, 50, joined the commercial realestate finance company as vice president.He was previously principal at JohnsonCapital.IMS Internet Media Services: CesarRuiz, 41, joined the media andmarketing company as vice president ofU.S. sales. He was previously seniordirector of multimedia advertising salesat ESPN.Armory Foundation: Maria Lupardo, 32,joined the nonprofit as associate vicepresident of special events. She waspreviously director of catering atRestaurant Associates.Ready Set Rocket: Sal Basile, 25, joinedthe digital marketing agency as seniorcontent strategist. He was previously adigital associate at Weber Shandwick.HAP Investments: Andrea Lawrence, 44,joined the real estate investment anddevelopment company as generalcounsel. She was previously a real estatepartner at LeClairRyan.

Windels Marx Lane &Mittendorf: PhillipHom, 46, joined thelaw firm as specialcounsel. He waspreviously deputygeneral counsel in theNew York Citycomptroller’s office.

DDK & Co.: Nicholas Nesi, 62, waspromoted to partner at the accountingand business consulting firm. He waspreviously principal.Jones Day: Stephen Obie, 47, joined thelaw firm as a partner. He was previouslyregional administrator, regional counsel

CORPORATE LADDER

and chief trial attorney of the New Yorkoffice at the U.S. Commodity FuturesTrading Commission.

Rational 360: PeterBarden, 43, joined thecommunications anddigital agency as apartner. He waspreviously managingdirector atMercury/Clark &Weinstock.

Reed Smith: Richard Smith, 47, joined thelaw firm as a partner. He was previouslysenior counsel at Allen & Overy.Capco: Barry O’Connell, 37, joined thebusiness and technology consultancy as apartner. He was previously managingdirector at Accenture.Leslie E. Robertson Associates: Wing-PinKwan, 39, was promoted to partner atthe structural-engineering firm. She waspreviously an associate partner.Sangho Han, 42, was promoted to seniorassociate. He was previously anassociate.Patrick Hopple, 33, was promoted tosenior associate. He was previously anassociate.Mishcon de Reya: Jacqueline Dicker, 26,joined the law firm as an associate. Shewas previously an associate at Sari M.Friedman.Fox Residential Group: SuzanneGourlay, 44, joined the real estate firmas a sales specialist. She was previouslypresident of Half-Pint Box, which shefounded.

—eva saviano

OFF TO A RUNNING START AT NYRRTWENTY MINUTES, 10 SECONDS. That’s the time it took for James Grooms, 46, to sprint 1,576 stairs to the 86th-floor observation deck in the 37th Empire State Building Run-Up on Feb. 5. Finishing among the topfor his age group was befitting an avid runner and an auspicious start for thenew vice president and legal and general counsel of the New York RoadRunners.

“I had never run stairs before, and I don’t think I will do that again,” said Mr.Grooms with a laugh. “But it was an exciting moment.”

Mr. Grooms, previously the first general counsel at Jazz at Lincoln Center,sat out the half-marathon March 16. Instead, he was at work helping to makesure the race ran smoothly.

“James brings a unique perspective from Jazz at Lincoln Center to NYRR,both important New York institutions that have a significant footprint in thecity,” said Mary Wittenberg, president and chief executive of NYRR. “Hisexperience in dealing with partners, programs, events, donors and members is aperfect fit for our organization.”

Mr. Grooms will focus on further growingNYRR, which holds one of the nation’slargest and widely knownmarathons. He will also have ahand in its school fitnessprograms and establishing itsnew Five-Borough Series.

“We want to have a strongpresence in all boroughs, morethan just the connection toManhattan and Central Park,” saidMr. Grooms. NYRR will work withcommunity leaders and government,trying to facilitate healthy livingthrough running across thecity. “Just put the nextfoot forward and keepmoving,” he said. “Thatis our attitude.”

—EVA SAVIANO

EXECUTIVE PROMOTIONS

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Business Breakfast Forum

nyrr

OPINION

T he news that Wall Street banks had tojump through hoops to pay big bonuseslast year is strangely welcome, as itsuggests that tougher rules designed tokeep them from gambling with taxpayers’money are starting to work. We say“strangely” because at an average of

$165,000, last year’s bonuses were 15% bigger than theprevious year’s, and the biggest since the financial crisisrequired taxpayer bailouts to the tune of $700 billion-plus.

Indeed, 2013’s Wall Street bonuses look very much like alast hurrah. For one thing, the bonus pool covered a smallernumber of employees, as banks have cut back sharply onstaff.Those still working on the Street got bigger slices ofthe remaining pie.

Second, bank managers decided that hefty litigationexpenses arising from the slew of billion-dollar settlementswith regulators over the practices that led to the crisis (and,yes, those bailouts) should not count against existingemployees’ payouts. Presumably, the people responsible forthose practices are gone but not forgotten.

Third, at least some of the bonus cash took the form ofdeferred compensation, including stock options andrestricted shares granted several years ago that were eligiblefor sale, so a portion of the latest payouts may have reflecteda decision by perhaps the savviest remaining bankers to cashout while the going was good. (The bonus data come fromthe office of State Comptroller Thomas DiNapoli, which

can’t or won’t disclose exactly what the bonuses consisted of.)All this is to say that last year’s extraordinary Wall Street

bonuses didn’t reflect extraordinary performance. On thecontrary, banks’ profits were down 30% on flat revenue. Andprofits don’t promise to get better anytime soon, now that abig, longtime source of income—proprietary trading inbonds, currencies and commodities—is being jettisonedthanks to the so-called Volcker Rule, a part of the Dodd-Frank Act that finally went into effect late last year. Proptrading now takes place primarily within the narrower, and,with luck, systemically safer, walls of hedge-fund offices.

So, last year’s bigbonuses look like WallStreet’s last, at leastuntil banks can find asource of profits toreplace trading. Andthat’s probably a goodthing. Yes, it means anear-term hit to NewYork City’s economy.The former Masters of

the Universe don’t just lease Range Rovers from 11thAvenue auto dealers or guzzle Premier Cru Bordeaux attheir favorite haunts.They pay taxes on which the public-school system depends. But in the long run, the city, as wellas the rest of the nation, will benefit if somewhat smallerWall Street profits mean a more stable financial system.

A welcome fix for bonuses

The city willbenefit from a more stablefinancial system


TROUBLE BREWINGCrain’s March 17 SmallBusiness article, “Ownersfeeling squeezed,” caught myattention and soothed my mind:Finally, somebody else actuallyunderstood what businessowners like myself are goingthrough here in New York City.

I own a 600-square-footespresso bar and café inCarnegie Hill, Manhattan,with seven employees. It’s beenopen since February. Businesswas really slow to begin withbecause of the crappy weather,but every week our sales havebeen increasing. We’ve yet tohit our break-even numbers butare getting closer every week.

Just as we are moving out ofthat painful period when thestore would average only 50customers a day with $4checks, we are now faced withthe enactment of the punishingsick-pay law.

Mind you, I have nothingagainst giving employees timeoff for illness or family reasons.

But to demand that a smallbusiness person such as myselfpay for that is grossly unfair.

Currently I take no salary,yet I spend the most hourstaking care of the business. Ibake the muffins, change thetoilet seat, clean the oven, fixthe ice machine and so on. Notthat I mind, if there were anincentive. But those satisfied-customer reviews on Yelp canonly take me so far.

Under the new law, if anemployee calls in sick at thelast minute—guess what? Ihave a choice of picking upthat extra shift myself orpaying another employeeovertime to cover that shift,plus paying the sick employee.

Under this very likelyscenario, what’s the incentive forstaying in business when you,the business owner, are onlybarely getting by financially?

It is clear that the city’ssmall businesses do not have aplace at the bargaining table,and the government couldn’tcare less about us at this point.

Only when we speak up or goout of business will thesegovernment lifers finally wakeup and realize that they arekilling the proverbial goose thatlays the golden eggs.

—al wuOwner, Dandy Espresso

Manhattan

CURBING FATALITIESA simple solution to reduceaccidents by vehicles turninginto avenues from cross streetsand striking pedestrians (“We’rewalking here! Driving towardzero,” March 17): Physicallyprohibit pedestrians fromcrossing uptown avenues on theuptown side of cross streets, andvice versa for downtownavenues.This also shouldfurther expedite crosstowntraffic, as it will relieve cross-street backup waiting forpedestrians to cross avenues.—herbert h. feldman

President and chief executiveAlpha Risk Management Inc.

Great Neck, L.I.

CCRRAAIINN’’SS OONNLLIINNEE PPOOLLLL

View from a startupCCOOMMMMEENNTTSS

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FOR THIS WEEK’S QUESTIONS:Go to www.crainsnewyork.com/poll to have your say.

50%No

50%Yes

SHOULD GUINNESS AND OTHER BRANDS HAVE BOYCOTTED THE ST. PATRICK’S DAY PARADE?Yes. Sponsoring an event like the parade onlyfurthers discrimination and ignorance, andcompanies should consider the implications.

No. The event is supposed to be focused oncelebrating Irish heritage. Political issues likegay rights should not play a role.

Date of poll: March 17220 votes

bloo

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rg n

ews

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That conclusion is a completemisremembering of the politicalhistory.

True, following his unexpectedvictory over Mark Green in 2001,voters warmed to Mr. Bloomberg ashe showed the confidence that hadmade him a billionaire. He washelped by the determination of NewYorkers to be united in the aftermathof the Sept.11 terror attacks.He filledhis administration’s top jobs rapidlyand with obvious talent, and his teammoved quickly on key issues.

The honeymoon ended when Mr.Bloomberg turned to policy. In Au-gust 2002, he moved to ban smokingin bars,restaurants and offices,settingoff a storm of protest. In October, hesignaled that he would renege on hismost important campaign promiseand proposed the city’s largest-everproperty-tax increase. As the chart

shows,his approval rating plunged.Ittook about two years for the mayor toregain the support he lost.

One explanation of Mr. de Bla-sio’s poll problem is that the declineis a result of temporary factors. Theharsh winter has put New Yorkers ina bad mood. The mayor has been

slow to put his team in place, andsome of his appointees’ lack of gov-ernment experience means that thetime needed to launch new initia-tives has been lengthened.Most im-portant, his media operation hasbeen overwhelmed, and the re-porters who cover him are supreme-ly unhappy, which is reflected in thecoverage.

The other explanation is that Mr.de Blasio has misread his election asa landslide victory in favor of hisprogressive agenda and a repudia-tion of the policies of Mr.Bloomberg. He may have received70% of the vote, the argument goes,but only 24% of New Yorkers wentto the polls, the lowest percentagesince the middle of the last century.His approval rating will continue todrop as Mr. de Blasio digs in on hisprogressive plans—and as voters re-alize they don’t like them.

It is too soon to decide betweenthese explanations.

Approval ratings anda tale of two mayors

to say either recruited the best andbrightest from diverse backgroundsor even business and finance inparticular.

The core of Rudy Giuliani’s lead-ership team was prosecutors whojoined him from the U.S. Attorney’sOffice. Many on Michael Bloom-berg’s team had a finance back-ground, as he did, yet they, too, weregenerally part of his corps ofBloomberg LP insiders. In bothcases, Messrs. Giuliani’s and Bloom-berg’s deputy mayors had been ontheir campaign staffs. And in bothcases, their commissioner-level ap-pointees generally had long historiesof governmental experience.

It cannot be said that Mayor Billde Blasio’s key appointees are notequal to their tasks. All are accom-plished senior managers,in most cas-

es with successful careers in both thepublic and private sectors.

Deputy Mayors Anthony Shorris,Alicia Glen, Lilliam Barrios-Paoliand Richard Buery, by virtue of theirundisputed experience and capabili-ties, are highly esteemed in theirfields. Likewise, William Bratton(police), Carmen Fariña (schools),Dean Fuleihan (budget), Carl Weis-brod (planning), Maya Wiley (coun-sel), Zachary Carter (corporationcounsel) and Emily Lloyd (environ-mental protection) are widely recog-nized leaders with demonstrablerecords of achievement.

Prior administrations may havemade top appointments at a fasterpace. But speed is not always avirtue—as the replacement of five ofEd Koch’s seven deputy mayorswithin his first two years in office

demonstrated.A mayor must simultaneously

hire more than 30 CEO equivalentsthrough a highly visible process,with competing interest groups vy-ing to influence the selections. It’snot productive to heighten the timepressure on an incoming mayor byclocking this process to the arbitrarypace of past transitions. Rather, it’san indication of good judgment torecognize that patience is requiredto get these critical decisions right.

Mr.de Blasio’s appointees appearto share a fundamental approach to governance and municipalproblem-solving—just as the coreteams in prior administrations did.As long as such shared values do notinhibit critical analysis and produc-tive debate, this intellectual congru-ence can be highly productive.

Ideological uniformity is not themeasure of a good administration,of course. A mayor’s team should bejudged by how well it meets thechief ’s objectives. In Mr. de Blasio’scase, this means delivering servicesand achieving progress toward a re-form agenda focused on equality ofopportunity. It will take years, notweeks, to appraise how effectivelythis mission has been fulfilled.

Norman Steisel was the first deputy mayorin the Dinkins administration, a sanitationcommissioner in the Koch administration,and a first deputy budget director in theKoch and Beame administrations. He alsoserved as chief operating officer of thePhiladelphia Stock Exchange and as aninvestment banker at Lazard.

Mayor Bill de Blasio’s approval rating is falling,a Quinnipiac poll reported last week, as hestruggles to get his administration up to speed,loses his fight for higher city income taxes tofinance universal pre-K and gets smoked by

his opposition to charter schools. Especially telling, media re-ports suggest, is that Michael Bloomberg was much more pop-ular at the same time in his first year as mayor.

GREG DAVID

Retailers Wholesalers Restaurants Hotels Oil Dealers Social Services

Read Adam Friedlander’s How to $ave Big on Workers’ Compensation

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POLLS APART?Mayor de Blasio

Jan. ’14 March ’14Approve 5533%% 45%

Disapprove 1144%% 34%

Mayor Bloomberg

March ’02 Nov. ’02Approve 6611%% 41%

Disapprove 1166%% 46%Source: Quinnipiac poll

The de Blasio administration has been criticized forthe pace of its transition (too slow) and its leader-ship team (too like-minded and lacking businessfocus). As a former first deputy mayor in one ad-ministration and a senior official in two others,

I believe the subject deserves a more careful appraisal.While theGiuliani and Bloomberg administrations were indeed pro-business in their municipal priorities, it would not be accurate

NORMAN STEISEL

So what if mayor isslow on appointees?

TTHHEE IINNSSIIDDEERR GUIDE TO CITY HALL


A s Mayor Bill de Blasioworks to complete histransition into office, thechain of command at CityHall is starting to come

into focus.This chart, based on infor-mation provided to Crain’s by the newadministration, shows the flow of rela-tionships among the four deputy may-ors whom Mr. de Blasio has appointedand the city agencies they will oversee.Also included are some of the key em-ployees from the mayor’s office.

The portfolios of Mr. de Blasio’sdeputy mayors differ somewhat fromthose of the deputies under his prede-cessor, Michael Bloomberg.The differ-ence reflects the new mayor’s emphasison bridging the income gap and mak-ing the city more affordable. He hasappointed a deputy mayor for strategicpolicy initiatives, Richard Buery, whoseprimary task is the implementation ofuniversal prekindergarten and after-school programs. And Mr. de Blasiohas added housing to the duties of eco-nomic development head Alicia Glen(see story, Page 1).

Not included here are the elected of-fices designed by the city’s charter toact as a counterweight to the mayor’sformidable executive power: those ofComptroller Scott Stringer; PublicAdvocate Letitia James; the New YorkCity Council, led by Speaker MelissaMark-Viverito; and the five boroughpresidents.

Who’s whoon mayor’steam William Bratton

Police commissioner

Richard BueryDeputy mayor forstrategic policy initiatives

Lilliam Barrios-PaoliDeputy mayorfor health and humanservices

Dean FuleihanDirector, Office ofManagement and Budget

Mayor Bill de Blasio

Administration for Children’s ServicesGladys Carrión

Department for the AgingDonna Corrado

Department of Health and Mental HygieneDr. Mary Bassett

Department of Homeless ServicesGilbert Taylor

Department of Youth and CommunityDevelopment

Bill ChongHealth and Hospitals Corp.

Dr. Ramanathan RajuHuman Resources Administration

Steven BanksOffice to Combat Domestic Violence

Rose Pierre-Louis

Oversees pre-K policy across city agencies

MAYOR’S OFFICEChief of staff

Laura SantucciDirector of IntergovernmentalAffairs

Emma WolfeCorporation Counsel

Zachary CarterSenior adviser

Peter RagoneFederal Affairs director

Max SevilliaState Affairs director

Sherif SolimanPress secretary

Phillip WalzakSpecial adviser,communications

Rebecca Kirszner KatzSenior adviser to the mayorand director of the Office ofStrategic Partnerships

Gabrielle FialkoffCounsel to the mayor

Maya Wiley

OTHER AGENCIESAND APPOINTMENTSDepartment of Investigation

Mark PetersMayor’s Fund to AdvanceNew York City

Chirlane McCray (left)Chief of staff for first ladyMs. McCray

Rachel Noerdlinger

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’s of

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imag

es

—chris bragg

Carmen FariñaSchools chancellor

Anthony ShorrisFirst deputy mayor

Alicia GlenDeputy mayor for housing andeconomic development


told Crain’s from her City Hall office.“Andthat’s actually constructive.We can’t knowevery little thing that might make it hard-er for us to actually advance our agenda.”

Ambitious housing initiatives aren’tthe only thing Ms. Glen must sell. High-er taxes, expanded employer mandates onwages and paid time off, and more rigor-ous oversight of businesses by city agen-cies are all part of the new order since Billde Blasio’s landslide win in November. Asthe mayor’s chief liaison to the private sec-tor, Ms. Glen leads the administration’sstruggle for corporate hearts and minds.Her boss’s dismal early poll numbers don’tmake her task any easier.

But she has already shown her mettlein negotiations, squeezing developer JedWalentas to build 40 more units of afford-able housing in his $1.5 billion redevelop-ment of the Domino Sugar plant inBrooklyn. Mr. Walentas threatened toabandon the project.Ms.Glen,flexing herhousing-finance knowledge—such ashow a 0.1% increase in bond rates over 10years need not hurt the returns on a proj-ect all that much—was able to persuadethe developer to change his estimates.

In post-victory interviews on radio andtelevision,Ms.Glen drove home the pointthat in the de Blasio administration,private-sector returnswould go hand in handwith social improvements.

“Those buildings aregoing to be there forever,”she said later. “So the peo-ple who are the affordabletenants of those projectsshould be there forever.”

The unusually largeamount of commercialspace proposed for themixed-use Domino dealoffered Ms.Glen and City Planning Com-mission Chairman Carl Weisbrod a uniqueopportunity to demand more affordablehousing from Mr. Walentas. Future devel-opments may not offer similar openings—and developers, who may not be asamenable to her civic-minded arguments,could elect to build under the current zon-ing, beyond the control of City Hall.

After her appointment, some politicalchatterers noted the irony of a mayor for the99% bringing a Wall Street executive intohis inner circle. Yet Ms. Glen also comesfrom civil-service aristocracy: Her motherwas a state Supreme Court judge, and herfather ran the city’s Law Department as EdKoch’s corporation counsel.

She worked for David Dinkins andRudy Giuliani before heading to Gold-man Sachs to run its Urban InvestmentGroup.There, she spearheaded $5 billionin low- and moderate-income develop-ment, including one of the first 50/30/20mixed-income buildings—50% marketrate, 30% middle income, 20% low in-come. It’s something she hopes will serveas a model for the city.

Not stifling growthWhere Ms.Glen remains untested is in

crafting an economic-development strat-egy for the city.There is none yet,althoughaides insist it’s in the pipeline, along withthe housing plan,which is due May 1.Thatwill require a delicate balancing act.

“The difficult nut that the administra-tion will have to crack is figuring out howto create all of the needed housing with-out displacing the very industries that weare seeking to expand,” said Seth Pinsky,former president of the city’s Economic

Development Corp., citing growth op-portunities like tech-assisted manufac-turing in Brooklyn.

Ms. Glen, who has also met with laborleaders and City Council members, andtoured city-sponsored incubators such asthe Brooklyn Navy Yard in her threemonths on the job, said that encouragingbusinesses to hire more homegrown tal-ent—and to pay those workers higherwages—will be part of the agenda.

Open to incentives“We will do a really great job,” she said,

“if more people coming out of the public-school system, out of CUNY, out of someof these great training programs, are get-ting the jobs at Google, at [3-D printercompany] MakerBot, in the back office ofCitibank.”

Mr.de Blasio campaigned on a messageof raising taxes on the wealthy and curbingcorporate subsidies. Ms. Glen believes taxbreaks for businesses can still be helpful,provided the recipients are creating higher-wage jobs: “I don’t think the mayor’s eversaid that there’s never any reason to have in-centive packages,” she noted.

Those packages will be targeted atbusinesses that hire locally and pay well.Massive breaks for architecturally adven-turous, Manhattan-centric projects, such

as the Culture Shed atHudson Yards, probablywon’t be part of the ad-ministration’s economic-development plans.

“I think you can arguethat the city has invested alot in Hudson Yards,”Ms.Glen said. “So that wouldnot be a place where wewould double down.”

Indeed, last week thecity and the Related Cos.

announced a deal that would pay its con-tract service workers at least $11 an hour atHudson Yards—after a broader push forhigher wages killed the same developer’sKingsbridge Armory project in the Bronx.

Ms. Glen also wants to redefine the“affordable” in affordable housing, usingneighborhood- or borough-specific areamedian incomes to better allocate sub-market-rate housing. “In some ways, asthey say, ‘What’s porn? You know it whenyou see it,’ ” she said. “You can’t design awhole program around ‘I know what feelsaffordable.’ You do have to put some met-rics around what affordable housing is.”

Still, developers have trepidations.Some are said to be holding back on landpurchases for projects that would requirezoning approvals. “There’s a strong desireamong developers for the administrationto set its policy and create predictability sothey can start to make choices,” one realestate executive said.

So far, universal pre-K (which is hang-ing on funding from Albany) and the200,000 units of affordable housing arethe administration’s two “big ideas.”Those ideas are big enough for Manhat-tan Borough President Gale Brewer.“There are different kinds of big ideas,”she said.

Ms. Glen acknowledges the de Blasiohousing plan may not be as “sexy” as someof the economic-development ideas dur-ing the Bloomberg years, but argued thatit would be no less transformational.

“You add all that up together,” she said,“I think it’s way sexier than a stadium.” �

Mr. Shorris’ chief of staff Dominic Williams

Business Integrity CommissionNo new appointee

Commission on Human RightsNo new appointee

Commission on Women’s IssuesNo new appointee

Department of FinanceNo new appointee (Beth Goldman*)

Department of BuildingsNo new appointee (Thomas Fariello*)

Department of CitywideAdministrative ServicesStacey Cumberbatch

Department of CorrectionJoseph Ponte

Department of Cultural AffairsNo new appointee

Department of Design and Construction

No new appointee(David Resnick*)

Department of EnvironmentalProtection

Emily LloydDepartment of InformationTechnology and Telecommunications

Evan Hines*Department of Parks andRecreation

Mitchell SilverDepartment of Probation

Ana BermúdezDepartment of Records andInformation Services

No new appointeeDepartment of Sanitation

Kathryn GarciaDepartment of Transportation

Polly TrottenbergFire Department

No new appointee (Sal Cassano*)

Office for People With DisabilitiesNo new appointee

Office of Administrative Trialsand Hearings

No new appointee(Suzanne Bedoe*)

Office of Contract ServicesNo new appointee (Andrea Glick*)

Mayor's Office of Criminal JusticeElizabeth Glazer

Office of Emergency ManagementNo new appointee (Joe Bruno*)

Office of EnvironmentalCoordination

No new appointee(Robert Kulikowski*)

Office of EnvironmentalRemediation

No new appointee (Dan Walsh*)

Office of Immigrant AffairsNisha Agarwal

Office of Labor RelationsRobert Linn

Office of Long-Term Planning and Sustainability

No new appointeeOffice of Operations

Mindy TarlowOffice of Special Enforcement

No new appointee (Kathleen McGee*)

Office of Veterans AffairsNo new appointee (Terrence Holliday*)

Public Design CommissionNo new appointee (Jackie Snyder*)

Taxi and Limousine CommissionMeera Joshi

Chair of the City Planning Commission Carl Weisbrod

Department of Housing Preservation and Development

Vicki BeenDepartment of Small Business Services

Maria Torres-SpringerEconomic Development Corp.

Kyle Kimball (Bloomberg holdover, reappointed by Mr. de Blasio)

Landmarks Preservation CommissionNo new appointee (Robert B. Tierney*)

New York City Housing AuthorityShola Olatoye

Office of Media and EntertainmentNo new appointee (Dean McCann*)

NYC & CompanyFred Dixon

Alicia Glen gets goingContinued from Page 1

A mission to redefineaffordablehousing

* Interim or Bloomberg holdover agencyhead. Note: List is as of March 21.

LISTEN to a discussion at CrainsNewYork.com/podcasts

IN THE BOROUGHS QUEENS

out to just under $1,000 per squarefoot, a figure that would raise eye-brows even in Manhattan. It is alsoa sum virtually unheard of in theouter boroughs—but Flushing is anoutlier in almost every sense.

‘Incredible’ demandFor openers, it is one of the most

ethnically diverse neigh-borhoods in the city’s mostethnically varied borough,one where scores of Chineseand Korean entrepreneursin recent years have helpedpower an economic jugger-naut. The area’s principalthoroughfares tell the story. Theyare crowded with people and linedwith signs not just in Mandarin,Cantonese and Korean, but alsoThai, Urdu and Tagalog.

On top of all that, Flushing in-creasingly draws big banks such asHSBC and JPMorgan Chase thatare eager to service Flushing’s teem-ing entrepreneurial class. Now, withthe city about to kick off the $3 bil-lion,mixed-use Willets Point devel-opment on the far side of the Flush-ing River, the area’s prime propertiesare looking more valuable still.

“The demand is incredible,” saidDavid Schechtman,a broker at East-ern Consolidated, a Manhattan-based real estate services firm.

Although Flushing is known as adestination for foodies eager to sam-ple exotic cuisines from around theworld, that sector accounts for onlyabout 20% of the local economy, ac-cording to One Flushing, a grouprepresenting local businesses. That

puts it in a statisticaldead heat with the healthcare sector and only a fewnotches above legal andfinancial services.

“There is a thrivingeconomy in this neigh-

borhood,” said One Flushing Di-rector John Choe.“Flushing has be-come a one-stop destination forconsumers with multiple needs.”

Large mainstream retailers aretaking notice of that and the750,000 people who live withinthree miles of downtown. RetailerNordstrom signed a lease in Januaryfor space at the three-year-old,700,000-square-foot Shops atSkyView Center mall, which al-ready features such major names asTarget and Restoration Hardware.Late last year, the city finalized a

deal to turn a 5.5-acremunicipal parking lotinto Flushing Com-mons, an $850 millionresidential/retail/com-mercial project.

No end in sight“I keep waiting for

[property] prices inFlushing to top out,”said Rob MacKay ofthe Queens EconomicDevelopment Corp.“I’ve been waiting foryears now, and it justdoesn’t look like it’s going to peak,ever.” Increasingly, he says, interna-tional investment, especially Chi-nese money, is driving that trend.

That was the case recently at112-21 Northern Blvd., on the bor-der with Corona, where Mr.Schechtman’s firm sold a 360,000-square-foot lot for $17 million toFlushing-based developer Fleet Fi-nancial Group. Fleet is planning touse investment from China to rede-velop the site into a convention cen-ter, a 25-story hotel and a 263-unitresidential building. Within days ofthe property hitting the market, hesaid, he had received 175 feelersfrom as far away as Thailand andIreland.

Adding to the frenzy is the Wil-lets Point retail,hotel and residential

project, where construction is set tobegin this year on a 62-acre siteacross the street from Citi Field.The first stage is slated for comple-tion in 2025. Those developmentswill likely only raise the value of pre-mium space in central Flushing.

That has some small businessowners worried.Retail rents,after all,have soared 70% on average in thepast 10 years, and office rents havejumped by even more. Given that al-most 80% of the local businesses fallinto that “small” category, accordingto One Flushing, that could be a ma-jor problem down the road.

“We can’t forget about the smallbusinesses that make this neighbor-hood what it is,” said Mr. Choe.“They can’t pay Manhattan prices;that’s why they’re here.” �

Flushing in blossom

PRINCELY PRICE: Three story-building hits market at $92M.

BRONXCity saddling up new stable managerThe city’s Department of Parks andRecreation is looking to corral a newconcessionaire to manage the VanCortlandt Park stables.The Bronx fa-cility features miles of trails, plus in-door and outdoor riding arenas.

Set in the city’s fourth-largestpark, in the northwest corner of theborough, the stables are currentlymanaged by the Riverdale Equestri-an Centre, whose 10-year contractexpires in 2015. A request for pro-posals was released in Decemberseeking a vendor who will continueto offer after-school programs, andtherapeutic riding programs.

That goal is shared by frequentrider Makiko Veshima, who travelstwice a week from her Upper EastSide home to take her two childrento the after-school program.

“I hope whoever takes over keepsthe same instructors and trails,” shesaid. “We’ve been happy with both,and that’s hard to come by.”

—kerry murtha

Continued from Page 3

FROMAROUNDTHE CITY


Mount Sinai Health System is taking a huge bite out of mid-town. The hospital, which merged with rival medical sys-tem Continuum Health Partners late last year, will takeabout 450,000 square feet of office space in the base of the42-story tower at 150 E. 42nd St.

“This agreement is a first step that allows us to consolidate several keydepartments, including finance, human resources, information technology,legal and other corporate services into modern,state-of-the-art offices,”saidDonald Scanlon, the hospital’s chief financial officer, in a statement.

Mount Sinai completed its merger with Continuum in October, cre-ating a medical conglomerate with 35,000 employees, including 3,000doctors.

REAL ESTATE DEALS

Mount Sinaistitches big lease

The hospital group will take thebase through fifth floors in the 1.8million-square-foot tower, accord-ing to a source, as well as a handfulof higher floors.The asking rent forspace in that area of midtown is gen-erally in the $40s or $50s per squarefoot.

The space in the building was

formerly occupied by pharmaceuti-cal giant Pfizer. The building isowned by a joint venture betweenHiro Real Estate and GoldmanSachs.

Cushman & Wakefield repre-sented Mount Sinai in the deal, andCBRE Group Inc. represented thetower’s owners.

BARE BONES

118-35 QUEENS BLVD., QUEENSASKING RENT; TERM: $30s persquare foot; 10 years

SQUARE FEET: 10,000

TENANT; REP: Tectonic Engineering &Surveying Consultants; norepresentation

LANDLORD; REPS: MussDevelopment; Bill Korchak and KenSiegel of Jones Lang LaSalle

BACK STORY: The civil and structuralengineering firm will occupy space onthe 17-story building’s 10th floor.

Taquería spices up Park AvenueA rapidly expanding New YorkCity-based Mexican restaurantchain recently joined the battle formidtown lunchers’ wallets. ChozaTaquería has inked a 10-year lease atthe base of 100 Park Ave., betweenEast 40th and East 41st streets.

“[East] 41st Street is untapped,”said Ross Burack of Winick RealtyGroup, who represented Choza, re-ferring to the block where the eateryplans to open this spring. The1,000-square-foot space will be theoutlet’s third location after theWest Village and the Flatiron dis-trict. The asking rent was $150 persquare foot.

In the new space, chef Dominic

21NUMBER oflanguages spokenin businesscommunity

Giuliano will churn out his cre-ations—styled after the fare fromroadside taco stands in northernMexico—to office workers whocrowd the sidewalks each day atlunchtime. According to Mr. Bu-rack, these workers typically don’tstray far. Instead, they tend to staywithin a short radius of their build-ings, which is why some restaurantshave numerous locations in theneighborhood.

Eventually, Choza hopes notonly to attract clientele from severalClass A office buildings in the area,but also to draw foot traffic fromGrand Central Terminal, one blocknorth.The plan is to build a loyal fol-lowing that has already stretchedlines out the door of its West Villagelocation, according to Mr. Burack.

Jeffrey Roseman of NewmarkGrubb Knight Frank representedlandlord SL Green Realty Corp. inthe deal.

Yelp expands itsFifth Avenue officeYelp, the Web service that providesonline user ratings for everything ur-ban, apparently has a five-star ratingfor its midtown south headquarters.

The company just added 10,500square feet to its space at 100-104Fifth Ave., two interconnected build-ings where it has grown from justunder 10,000 square feet three yearsago to about 70,000 square feet withthe new expansion.

The firm will take the additionalspace, on the entire seventh floor at

100 Fifth Ave., for 10 years. Drivenby growing demand from tech ten-ants, rents for the space are in the$70s per square foot—nearly doublewhat they were just a few years ago.

“We were doing initial deals inthe high $40s per square foot,” saidGrant Greenspan, a principal of theKaufman Organization, whichbought the building in 2011 and thensold it last year to Clarion Partners.

After buying the property, Clar-ion retained the Kaufman Organi-zation to manage and lease it. Mr.Greenspan arranged the expansionwith Yelp.

He said that growing tenantssuch as Yelp like the fact that thebuildings are two separate struc-tures that can be combined into onespace, something that Yelp has done

EXPANSION MODE: Yelp’s footprint at 100-104 Fifth Ave. has grown to 70K square feet.

during previous expansions on thesecond and fourth floors.

“They like having the variabilityof having a space that’s all on its ownor being able to knock down the walland join two groups together,” Mr.Greenspan said.

CBRE Group Inc. brokers PaulMilunec and Scott Gamber repre-sented Yelp.

—daniel geiger

Health care rules the scene in the 2014 Crain’s list of top 25 New York areaemployers.Three of the top 10 are health care systems.The trend is driv-en in part by an increase in hospital consolidation and suggests that healthcare will remain a high-volume employer in the area for years to come.Health care will add about a third of total jobs in the country during

the 2012-2022 decade, according to the Bureau of Labor Statistics. But in New York,the volume of hospital-based jobs may fall as more hospitals downsize.Many jobs willshift to outpatient settings.

Consolidation is common among major health care systems, with last year’s merg-er of Mount Sinai Medical Center and Continuum Health Partners the biggest of thebunch. The new Mount Sinai Health System (No. 9) has approximately 36,000 employ-ees—making it the largest nongovernment employer in New York.

“A fragmented system is becoming more consolidated through acquisitions andtechnology,” said Amy Shefrin, program officer at the New York State Health Foun-dation.“By connecting these various providers through electronic records and IT,hos-pital systems now have visibility into their patients’ health beyond the hospital walls.”

Other recent deals include the acquisition of Lenox Hill Hospital by the North Shore-LIJ Health System (No. 6), the takeover by New York-Presbyterian Hospital (No. 12) of NewYork Downtown Hospital, and Montefiore Health System’s (No. 15) acquisition of hospi-tals in the Bronx and lower Westchester.

Across the city, hospital groups have started increasing specialization and scale inone form or another. New York-Presbyterian is expanding and plans to build an am-bulatory care center at 1283 York Ave. Memorial Sloan-Kettering Cancer Center (No.20) andthe City University of New York are constructing two medical facilities on the Upper EastSide, including a 750,000-square-foot cancer care facility and a 336,000-square-foot sci-ence and health professions building.Meanwhile,Montefiore and Simone Developmentare building a 280,000-square-foot structure at Hutchinson Metro Center in the Bronx.

“Policies and initiatives by the federal government and health insurance companiesare rewarding health care companies that can treat a patient across multiple settings,whether in the primary care doctor’s office or in the operating room,” said Ms. Shef-rin. “Health care systems are now incentivized to be big—to acquire physician grouppractices,bring physician staff in-house,build up outpatient and ambulatory care cen-ters, and spread themselves beyond the hospital campus.”


THELISTTHE SCOOP

IN TWO WEEKS:Top-paid hospitalexecutives and employees

New York Area’s Largest EmployersRanked by number of metropolitan area employees

$20.9B

$12.1B

$22.0B

$13.1B

$22.3B

$14.0B

$22.1B

$14.2B

$21.9B

$15.3B

—bilal iftikhar

2008

2009

2010

2011

2012

SALARIES FLAT, BENEFITS UPMost of the increase in city personnel expenses is in the form of pension andfringe benefits.

� Salaries and wages � Pensions and fringe benefits

TRENDS

Source: Mayor’s Office of Operations and the Department of Citywide Administrative Services via the NYC Independent Budget Office

MedianFT salary

$61.8K

$62.9K

$66.1K

$65.8K

$65.3K

HEALTH CARE’S ROBUST JOB MARKETAn expansion of hospitals has meant increased employment.

� Average employment Number of establishments

84

75

71

71

74

76

2008

2009

2010

2011

2012

2013*

* 2013 data are based on the first three quarters and are preliminary. Source: NYS Department of Labor

161,522

158,329

158,476

154,207

153,513

158,327

NYC JOB GROWTHForecast employmentchange by select industry,2013-2017, in thousands

Professional and business services

+73.4

Education and healthcare services

+68.0

Leisure and hospitality+35.3

Retail trade+25.2

Construction+18.1

Source: NYC Independent Budget Office

58% PORTION OF WORKERSon Crain’s list who areemployed in the public

sector

13% PORTION OF ALL NEWYORK CITY WORKERS

who are employed in thepublic sector

Sources: Crain’s research, NYSDepartment of Labor

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DATE CHANGEDATE CHANGE

The New York Attorney General will discuss:

• Settlements reached with major banks, health care companies and “patent trolls”

• Plans to reform nonprofit organizations

• Negotiations with smartphone manufacturers to add anti-theft technology

Meet Eric Schneiderman New York Attorney General

Photo Credit: Buck Ennis

Sponsored by:

Thursday, April 24, 2014New York Athletic Club180 Central Park South

8:00–8:30a.m. Networking Breakfast8:30–9:30a.m. Program

Cost To Attend: $95 for individual ticket(s)$950 for table(s) of ten

You must be pre-registered to attend this event. No refunds permitted.

For more information, contact Adrienne Yee at 212-210-0739 or [email protected].

For sponsorship information, contact Cynthia Hutchinson at (212) 210-0145 or [email protected].

Register Today >>crainsnewyork.com/events-agforum

Business Breakfast Forum

THE LIST New York Area’s Largest Employers

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Notice of Formation of Sunset ParkDebt LLC, Art. of Org. filed Sec'y ofState (SSNY) 12/11/13. Office location:NY County. SSNY designated as agentof LLC upon whom process against itmay be served. SSNY shall mail copyof process to Bluestone Group, 225Broadway, 32nd Fl., NY, NY 10007.Purpose: any lawful activities.

Notice of Qual. of Alpha4X ParticipationLLC, Auth. filed Sec'y of State (SSNY)5/14/13. Office loc.: NY County. LLCorg. in DE 2/12/13. SSNY desig. asagent of LLC upon whom processagainst it may be served. SSNY shallmail copy of proc. to Att: ManuelMejia-Aoun, 1040 Ave of the Americas,NY, NY 10018. DE off. addr.: CSC,2711 Centerville Rd., Wilmington, DE19808. Cert. of Form. on file: SSDE,Townsend Bldg., Dover, DE 19901.Purp.: any lawful activities.

Notice of Qual. of Alpha4X OnshoreFeeder Fund LP, Auth. filed Sec'y ofState (SSNY) 5/2/13. Office loc.: NYCty. LP org. in DE 4/30/13. SSNYdesig. as agent of LP upon whomprocess against it may be served.SSNY shall mail copy of proc. to Att:Manuel Mejia-Aoun, 1040 Ave of theAmericas, NY, NY 10018. DE off. addr.:CSC, 2711 Centerville Rd., Wilmington,DE 19808. Cert. of LP on file: SSDE,Townsend Bldg., Dover, DE 19901.Name/addr. of each gen. ptr. avail. atSSNY. Purp.: any lawful activities.

Notice of Qual. of Agosto I Capital, LLC,Auth. filed Sec'y of State (SSNY)7/11/13. Office loc.: NY County. LLCorg. in DE 7/10/13. SSNY desig. asagent of LLC upon whom processagainst it may be served. SSNY shallmail copy of proc. to Att: Ed Bosek,1330 Ave of the Americas, 6th Fl., NY,NY 10019. DE off. addr.: CSC, 2711Centerville Rd., Wilmington, DE19808. Cert. of Form. on file: SSDE,Townsend Bldg., Dover, DE 19901.Purp.: any lawful activities.

Portfolio ManagerPrfrm dtld fndmntl rsrch on real esteinvstmt trsts (REITs) & real este rltdcmpns; Id vluatn msprcg & ctlystsdrvg prc shfts; Req: Mstr’s in Busns,Fnce, Econ & 3 yrs in job or as Anlyst,Assct or smlr frmltg & implmtg trdgstrtgs for lng/shrt invstmts in REITsctr. Skills: Exp in Beta ntral portmngmt; cnstnt pstv alpha gnrtn; REITfncl mdlg; port rsk mngmt usingBarra rsk fctrs; & dffrntd fndmntlrsrch. 40 hrs/wk; 9am-5pm; Salarycommens w/ exp.; MPG OperationsLLC, New York, NY. Resumes to Box 0189, 685 ThirdAve., 9th Fl., NY, NY 10017-4024.

NOTICE OF QUALIFICATION ofTake-2-Productions, L.L.C. Authorityfiled with Secy of State of NY (SSNY)on 1/31/14. Office location: NY County.LLC formed in MO on 8/5/1998. SSNYdesignated agent upon whom processmay be served and shall mail copy ofprocess against LLC to principalbusiness address: 1906 Wyandotte,Kansas City, MO 64108. Cert. of LLCfiled with Secy of State of MO: 600West Main St, Jefferson City, MO65101. Purpose: any lawful act.

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TELECOMMUNICATIONS

Notice of Qualification of TASHTEGOCAPITAL PARTNERS, L.P. Authorityfiled with Secy. of State of NY (SSNY)on 03/03/14. Office location: NYCounty. LP formed in Delaware (DE) on02/18/14. SSNY designated as agentof LP upon whom process against itmay be served. SSNY shall mailprocess to David Halliwill, 410 ParkAve., Ste. 530, NY, NY 10022. Nameand addr. of each general partner areavailable from SSNY. DE addr. of LP:c/o Corporation Service Co., 2711Centerville Rd., Wilmington, DE 19808.Arts. of Org. filed with DE Secy. ofState, 401 Federal St., Dover, DE19901. Purpose: Any lawful activity.

Notice of Formation of AlamarEntertainment LLC. Arts. of Org. filedwith Secy. of State of NY (SSNY) on2/18/14. Office location: NY County.SSNY designated as agent of LLCupon whom process against it maybe served. SSNY shall mail processto: c/o Levinsohn Associates, P.C.,1325 Avenue of the Americas, Floor27, New York, NY 10019. Purpose:any lawful activity.

NOTICE OF QUALIFICATION of 33Peck Slip Acquisition LLC. Authorityfiled with Secy of State of NY (SSNY)on 2/18/14. Office location: NY County.LLC formed in DE on 11/6/13. SSNYdesignated agent upon whom processmay be served and shall mail copy ofprocess against LLC to: c/o CSC, 80State St, Albany, NY 12207-2543.Principal business address: c/o CSC,2711 Centerville Rd, Ste 400,Wilmington, DE 19808. Certif. of LLCfiled with Secy of State of DE: 401Federal St, Ste 4, Dover, DE 19901.Purpose: any lawful act.

NOTICE OF QUALIFICATION of 33Peck Slip Holding LLC. Authorityfiled with Secy of State of NY (SSNY)on 2/18/14. Office location: NY County.LLC formed in DE on 11/15/13.SSNY designated agent upon whomprocess may be served and shallmail copy of process against LLC to:c/o CSC, 80 State St, Albany, NY12207-2543. Principal businessaddress: c/o CSC, 2711 CentervilleRd, Ste 400, Wilmington, DE 19808.Certif. of LLC filed with Secy of Stateof DE: 401 Federal St, Ste 4, Dover,DE 19901. Purpose: any lawful act.

Notice of Qualification of AmpereSolar Manager III, LLC. Authority filedwith Secy. of State of NY (SSNY) on3/10/14. Office location: New YorkCounty. LLC formed in Delaware (DE)on 3/4/14. SSNY designated as agentof LLC upon whom process againstit may be served. SSNY shall mailprocess to: c/o Corporation ServiceCompany, 80 State St., Albany, NY12207-2543. Address to be maintainedin DE: 2711 Centerville Rd., Ste. 400,Wilmington, DE 19808. Arts of Org.filed with the DE Secy. of State, 401Federal St., Dover, DE 19901.Purpose: any lawful activities.

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Notice of Formation of ESHGM 2014,LLC. Arts. of Org. filed with Secy. ofState of NY (SSNY) on 03/12/14.Office location: NY County. SSNYdesignated as agent of LLC upon whomprocess against it may be served.SSNY shall mail process to the LLC,One Morton Sq., Apt. 9CW, NY, NY10014. Purpose: Any lawful activity.

NOTICE OF FORMATION OF NY ShineLLC. Arts of Org filed with Secy ofState of NY (SSNY) on 10/21/13.Office location: NY County. SSNYdesignated agent upon whom processmay be served and shall mail copy ofprocess against LLC to: NorthwestRegistered Agent, 90 State St, Ste 700,Office 40, Albany, NY 12207. Principalbusiness address: 29 King St, Apt 1d,NY, NY 10014. Purpose: any lawful act.

POSITION AVAILABLE

PUBLIC NOTICENOTICE IS HEREBY GIVEN, PURSUANTTO LAW, THAT THE NYC DEPARTMENTOF CONSUMER AFFAIRS WILL HOLD APUBLIC HEARING ON Wednesday, April 09,2014 AT 2:00 P.M. AT 66 JOHN STREET, 11THFLOOR, ON A PETITION FOR BB ONE LLCTO CONTINUE TO MAINTAIN, ANDOPERATE AN UNENCLOSED SIDEWALKCAFÉ AT 514 THIRD AVENUE IN THEBOROUGH OF MANHATTAN FOR A TERMOF TWO YEARS.REQUEST FOR COPIES OF THE REVOCABLECONSENT AGREEMENT MAY BEADDRESSED TO: DEPARTMENT OFCONSUMER AFFAIRS, ATTN: FOIL OFFICER,42 BROADWAY, NEW YORK, NY 10004.

PUBLIC NOTICE

NOTICE OF FORMATION OF TriangleJ Fund I LLC. Arts of Org filed withSecy of State of NY (SSNY) on2/20/14. Office location: NY County.SSNY designated agent upon whomprocess may be served and shall mailcopy of process against LLC to: c/oJD Stettin, 152 W. 57th St, Flr 53, NY,NY 10019. Principal businessaddress: 259 W 70th St, #2R, NY, NY10023. Purpose: any lawful act.

Notice of Qualification of GREYSTONECITY ISLAND DEVELOPMENT LLC.Authority filed with Secy. of State of NY(SSNY) on 02/03/14. Office location:NY County. LLC formed in Delaware(DE) on 11/04/10. Princ. office of LLC:152 W. 57th St., 60th Fl., NY, NY 10019.SSNY designated as agent of LLCupon whom process against it may beserved. SSNY shall mail process to theLLC at the princ. office of the LLC.DE addr. of LLC: 2711 Centerville Rd.,Ste. 400, Wilmington, DE 19808. Arts.of Org. filed with DE Secy. of State, Div.of Corps., John G. Townsend Bldg.,401 Federal St., Ste. 4, Dover, DE19901. Purpose: Any lawful activity.

Notice of Formation of AM BarBroadway LLC, Art. of Org. filed Sec'yof State (SSNY) 10/2/13. Office loca-tion: NY County. SSNY designatedas agent of LLC upon whom processagainst it may be served. SSNY shallmail copy of process to 36 W. 44thSt., 5th Fl., NY, NY 10036. Purpose:any lawful activities.

Notice of Formation of 20 HENRY 4CSLLC. Arts. of Org. filed with Secy. ofState of NY (SSNY) on 02/04/14.Office location: NY County. SSNYdesignated as agent of LLC upon whomprocess against it may be served.SSNY shall mail process to c/oPhillips Nizer LLP, 666 Fifth Ave., NY,NY 10103. Purpose: Any lawful activity.

Notice of Formation: MANHATTANGLORY – LINK 12D LLC. Articles ofOrganization filed with Secretary ofState of New York (SSNY) on12/26/2013. Office loc: New YorkCounty. SSNY designated for serviceof process. SSNY shall mail copiesof any process served against theLLC to c/o: THE LLC, 7 SWALE LN,SHORT HILLS, NJ 07078. Purpose:Any lawful purpose or activity.

Notice of Qualification of IH4 PROPERTYFLORIDA, L.P. Authority filed with Secy.of State of NY (SSNY) on 02/05/14.Office location: NY County. LP formedin Delaware (DE) on 01/10/14. Princ.office of LP: 345 Park Ave., NY, NY10154. SSNY designated as agent ofLP upon whom process against it maybe served. SSNY shall mail processto Corporation Service Co. (CSC), 80State St., Albany, NY 12207-2543.Name and addr. of each generalpartner are available from SSNY. DEaddr. of LP: c/o CSC, 2711 CentervilleRd., Ste. 400, Wilmington, DE 19808.Arts. of Org. filed with DE Secy. ofState, John G. Townsend Bldg., 401Federal St., Ste. 4, Dover, DE 19901.Purpose: Any lawful activity.

NOTICE OF FORMATION OF LIMITEDLIABILITY COMPANY. SUMIT CAPITALSTRATEGIES, LLC Articles ofOrganization were filed with theSecretary of State of New York (SSNY)1/10/14. Office location: NY County.SSNY has been designated as agentof the LLC upon whom processagainst it may be served and shallmail a copy of process to SUMITCAPITAL STRATEGIES, LLC, 708Third Avenue, 20th fl., New York, NewYork, 10017, attention Rubin Ferziger.Purpose: for any lawful purpose.

Notice of Formation of CARLO BIGIEXECUTIVE CHEF, LLC. Arts. of Org.filed with Secy. of State of NY(SSNY) on 01/08/14. Office location:NY County. SSNY designated asagent of LLC upon whom processagainst it may be served. SSNY shallmail process to Corporation ServiceCo., 80 State St., Albany, NY 12207,regd. agent upon whom and atwhich process may be served.Purpose: Any lawful activity.

Notice of Qualification of CIRQUE DUSOLEIL VEGAS, L.L.C. Authority filedwith Secy. of State of NY (SSNY) on02/13/14. Office location: NY County.LLC formed in Delaware (DE) on04/07/03. SSNY designated as agentof LLC upon whom process against itmay be served. SSNY shall mailprocess to c/o Corporation Service Co.,80 State St., Albany, NY 12207-2543.DE addr. of LLC: c/o CorporationService Co., 2711 Centerville Rd.,Ste. 400, Wilmington, DE 19808.Arts. of Org. filed with Secy. of State,401 Federal St., Ste. 4, Dover, DE19901. Purpose: Any lawful activity.

NOTICE OF FORMATION OF VALRICLLC. VALRIC LLC is a consultingcompany providing its expertise in thefields of Arts and Education. Arts ofOrg filed with Secy of State of NY(SSNY) on 12/27/13. Office location:NY County. SSNY designated agentupon whom process may be servedand shall mail copy of process againstLLC to principal business address:484 West 43rd Street, NY, NY 10036.

Notice of Qual. of Axel Opportunity I, LP,Auth. filed Sec'y of State (SSNY)6/13/13. Office loc.: NY County. LP org.in DE 6/11/13. SSNY desig. as agentof LP upon whom process against itmay be served. SSNY shall mail copyof proc. to Att: Anna Nikolayevsky,350 Park Ave., 25th Fl., NY, NY 10022.DE off. addr.: CSC, 2711 CentervilleRd., Wilmington, DE 19808. Cert. ofLP on file: SSDE, Townsend Bldg.,Dover, DE 19901. Name/addr. of eachgen. ptr. avail. at SSNY. Purp.: anylawful activities.

MAGUS ENERGY, LLC, Authorityfiled with SSNY on 12/31/13. Officeloc: NY Co. LLC formed in Delaware(DE) on 11/20/13. SSNY designatedas agent of LLC upon whom processagainst it may be served. SSNY shallmail process to: 523 Broadway, 4thFl, NY, NY 10012. DE address: 341Raven Circle, Wyoming, DE 19934.Cert. of LLC filed with DE Secy ofState: PO Box 898, Dover, DE 19903.Purpose: any lawful act.

Notice of Formation of NFF NewMarkets Fund XXXIV, LLC. Arts. ofOrg. filed with NY Dept. of State on2/24/14. Office location: NY County.Sec. of State designated agent ofLLC upon whom process against itmay be served and shall mailprocess to: Nonprofit Finance Fund,70 W. 36th St., 11th Fl., NY, NY10018, principal business address.Purpose: any lawful activity.

NOTICE OF FORMATION OF CITYHALL MEDICAL SUPPLIES, L.L.C. Artsof Org filed with Secy of State of NY(SSNY) on 11/15/13. Office location:NY County. SSNY designated agentupon whom process may be servedand shall mail copy of processagainst LLC to principal businessaddress: 281 Broadway, 2nd Flr, NY,NY 10007. Purp.: any lawful act.


Notice of Qualification of Ridge HillSolar LLC. Authority filed with Secy.of State of NY (SSNY) on 02/03/14.Office location: NY County. LLCformed in Delaware (DE) on 09/14/12.Princ. office of LLC: 545 MadisonAve., 14th Fl., NY, NY 10022. SSNYdesignated as agent of LLC uponwhom process against it may beserved. SSNY shall mail process tothe LLC at the princ. office of the LLC.DE addr. of LLC: 2711 Centerville Rd.,Ste. 400, Wilmington, DE 19808. Arts.of Org. filed with Secy. of State, Div. ofCorps., John G. Townsend Bldg., 401Federal St. - Ste. 4, Dover, DE19901. Purpose: Any lawful activity.

NOTICE OF FORMATION ofRIVERSIDE 16B LLC. Arts of Org.filed with NY Secy of State (SSNY)on 12/04/2013. Office location:New York County. SSNY is desig-nated as agent of LLC upon whomprocess against it may be served.SSNY shall mail process to: 322West 57th Street, Suite 53H2, NewYork, NY 10019: any lawful activity.

Notice of Formation of NYRE/A LLC,Art. of Org. filed Sec'y of State (SSNY)7/29/13. Office location: NY County.SSNY designated as agent of LLCupon whom process against it maybe served. SSNY shall mail copy ofprocess to 3 E. 54th St., NY, NY10022. Reg. Agt. at such addr. uponwhom proc. may be served is MileshShah. Purpose: any lawful activities.

CARLYLE CAR PARK, LLC, a domesticLLC, filed with the SSNY on 1/30/14.Office location: New York County.SSNY is designated as agent uponwhom process against the LLC may beserved. SSNY shall mail process toGGMC Parking, LLC, Attn: AndrewGrossman, 1651 3rd Ave., Rm. 307, NY,NY 10128-3679. General Purpose.

NOTICE OF FORMATION OF SHRINATHJI KRUPA LLC. Arts of Orgfiled with Secy of State of NY (SSNY)on 10/31/13. Office location: NYCounty. SSNY designated agent uponwhom process may be served andshall mail copy of process againstLLC to principal business address:Hemal Sheth, 238 Lafayette St., NY,NY 10012. Purpose: any lawful act.

Notice of Formation of PARKCHOCOLATE 275 LLC. Arts. of Org.filed with Secy. of State of NY(SSNY) on 02/28/14. Office location:NY County. Princ. office of LLC: c/oEmmet, Marvin & Martin LLP, Attn:Robert Carver, 120 Broadway, 32ndFl., NY, NY 10271. SSNY designatedas agent of LLC upon whom processagainst it may be served. SSNYshall mail process to the LLC at theaddr. of its princ. office. Purpose:Any lawful activity.

Notice of Qualification of SAGITECSOLUTIONS, LLC. Authority filedwith Secy. of State of NY (SSNY) on02/04/14. Office location: NY County.LLC formed in Nevada (NV) on09/19/03. Princ. office of LLC: 422County Rd. D East, Little Canada,MN 55117. SSNY designated asagent of LLC upon whom processagainst it may be served. SSNY shallmail process to c/o CorporationService Co., 80 State St., Albany, NY12207-2543. Arts. of Org. filed withDept. of Taxation, 1550 CollegePkwy., Carson City, NV 89706.Purpose: Any lawful activity.



PUBLIC & LEGAL NOTICESNotice of Qualification of IH4 PROPERTYILLINOIS, L.P. Authority filed with Secy.of State of NY (SSNY) on 02/05/14.Office location: NY County. LP formedin Delaware (DE) on 01/10/14. Princ.office of LP: 345 Park Ave., NY, NY10154. SSNY designated as agent ofLP upon whom process against it maybe served. SSNY shall mail processto Corporation Service Co. (CSC), 80State St., Albany, NY 12207-2543.Name and addr. of each generalpartner are available from SSNY. DEaddr. of LP: c/o CSC, 2711 CentervilleRd., Ste. 400, Wilmington, DE 19808.Arts. of Org. filed with DE Secy. ofState, John G. Townsend Bldg., 401Federal St., Ste. 4, Dover, DE 19901.Purpose: Any lawful activity.

NOTICE OF FORMATION OF LIMITEDLIABILITY COMPANY. NAME: GLHOSPITALITY GROUP, LLC. Articlesof Organization were filed with theSecretary of State of New York (SSNY)on 11/06/13. 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 tothe LLC, 338 3rd Avenue, New York,New York 10010. Purpose: For anylawful purpose. Notice of Formation of Limited

Liability Company (LLC). Name:Building Upgraders LLC. Articles ofOrganization filed by the Departmentof State of New York on: 10/23/2013.Office location: County of New York.Purpose: any and all lawful activities.Secretary of State of New York (SSNY)designated as agent of LLC upon whomprocess against it may be served. SSNYshall mail a copy of process to: c/oPerry Balagur, Esq. 19 VanderbiltWay, Valley Stream, NY 11581.

NOTICE OF FORMATION OF LIMITEDLIABILITY COMPANY. NAME: PMTHIRD STREET PARTNERS LLC.Articles of Organization were filed withthe Secretary of State of New York(SSNY) on 01/21/14. 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, 515 Canal Street,Ground Fl., New York, New York 10013.Purpose: For any lawful purpose.

NOTICE OF QUALIFICATION OFARLON ADVISOR LLC. Authorityfiled with Secy of State of NY (SSNY)on 1/7/14. Office location: NY County.LLC formed in DE on 9/15/11. SSNYdesignated agent upon whomprocess may be served and shallmail copy of process against LLC toprincipal business address: 277 ParkAvenue, NY, NY 10172. Cert. of LLCfiled with Secy of State of DE: 401FEDERAL ST DOVER, DE 19901.Purpose: any lawful act.

Notice of Qual. of Alpha Crest CapitalManagement LLC, Auth. filed Sec'yof State (SSNY) 4/10/13. Office loc.:NY County. LLC org. in DE 4/9/13.SSNY desig. as agent of LLC uponwhom process against it may beserved. SSNY shall mail copy of proc.to Att: Mika Toikka, 452 Fifth Ave.,25th Fl., NY, NY 10018. DE off. addr.:CSC, 2711 Centerville Rd., Wilmington,DE 19808. Cert. of Form. on file:SSDE, Townsend Bldg., Dover, DE19901. Purp.: any lawful activities.

ALEGOR MANAGEMENT, LLC, adomestic LLC, filed with the SSNYon 12/10/13. Office location: NewYork County. SSNY is designated asagent upon whom process againstthe LLC may be served. SSNY shallmail process to The LLC, c/o JamesPratt, 30 Bogardus Pl., #6F, NY, NY10040. General Purpose.

Notice of Formation of WEIRDOWORKSHOP, LLC. Arts. of Org. filedwith Secy. of State of NY (SSNY) on02/05/14. Office location: NY County.Princ. office of LLC: c/o SKP, LLP, 1745Broadway, 18th Fl., NY, NY 10019. SSNYdesignated as agent of LLC uponwhom process against it may beserved. SSNY shall mail process toWEIRDO WORKSHOP, INC. at theprinc. office of the LLC. As amendedby Cert. of Correction filed with SSNYon 02/18/14, addr. of process changedto WEIRDO WORKSHOP, LLC, c/o SKP,LLP, 1745 Broadway, 18th Fl., NY, NY10019. Purpose: Any lawful activity.

NOTICE OF QUALIFICATION of TheAtlas Network LLC. Authority filedwith Secy of State of NY (SSNY) on12/2/13. Office location: NY County.LLC formed in DE on 7/15/05. SSNYdesignated agent upon whom processmay be served and shall mail copy ofprocess against LLC to: 95 JeffersonSt, Garden City, NY 11530. Principalbusiness address: 1441 Broadway,3rd Flr #3071 NY, NY 10018. Cert. ofLLC filed with Secy of State of DE: 9E Loockerman St, Ste #205, Dover,DE 19901. Purpose: any lawful act.

NOTICE OF QUALIFICATION OF1813 PARTNERS LLC. Authority filedwith Secy of State of NY (SSNY) on1/7/14. Office location: NY County.LLC formed in DE on 11/21/13.SSNY designated agent upon whomprocess may be served and shallmail copy of process against LLC toprincipal business address: 277 ParkAvenue, NY, NY 10172. Cert. of LLCfiled with Secy of State of DE: 401FEDERAL ST DOVER, DE 19901.Purpose: any lawful act.

Notice of Formation of Fortrium LLC.Arts. of Org. filed with Secy. of State ofNY (SSNY) on 2/3/14. Office location:NY County. SSNY designated asagent of LLC upon whom processagainst it may be served. SSNY shallmail process to: 333 E. 33rd St., Ste.3A, New York, NY 10016. Purpose:any lawful activity.

NOTICE OF FORMATION OF ServiceOccasions LLC. Articles of Organizationfiled with the Secretary of State of NY(SSNY) on 12/10/13. Office location:NEW YORK. SSNY has been desig-nated as agent upon whom processagainst it may be served. The PostOffice address to which the SSNYshall mail a copy of any processagainst the LLC served upon him/heris: 90 Park Avenue, Suite 1700, NY,NY 10016. The principal businessaddress of the LLC is: 90 ParkAvenue, Suite 1700, NY, NY 10016.Dissolution Date: (If Applicable).Purpose: any lawful act or activity.

Notice of Qualification of CerberusInstitutional Associates CDP IC, L.L.C.Authority filed with NY Dept. of Stateon 10/31/13. Office location: NYCounty. Princ. bus. addr.: 875 3rd Ave.,10th Fl., NY, NY 10022. LLC formedin DE on 7/1/13. NY Sec. of Statedesignated agent of LLC upon whomprocess against it may be served andshall mail process to: c/o CTCorporation System, 111 8th Ave.,13th Fl., NY, NY 10011. DE addr. ofLLC: The Corporation Trust Co., 1209Orange St., Wilmington, DE 19801.Cert. of Form. filed with DE Sec. ofState, Townsend Bldg., Dover, DE19901. Purpose: all lawful activities.

Notice of Formation of JDL Nautical,LLC. Arts. of Org. filed with Secy. ofState of NY (SSNY) on 2/12/14. Officelocation: NY County. SSNY designatedas agent of LLC upon whom processagainst it may be served. SSNY shallmail process to: Gerald Lazar, 75 EastEnd Avenue, Apt. 17E, NY, NY 10028-7909. Purpose: any lawful activity.

Notice of formation of 163 BleeckerStreet, LLC. Arts of Org filed with Secyof State of NY (SSNY) on 2/7/14.Office location: NY County. SSNY hasbeen designated as agent of the LLCupon whom process against it maybe served. SSNY shall mail processserved to: 1500 Broadway, 22nd, NY,NY 10036. Purpose: any lawful act.

Notice of Qualification of TP-HFAcquisition, LLC. Authority filed withNY Dept. of State on 10/24/13. Officelocation: NY County. LLC formed inDE on 3/19/13. NY Sec. of Statedesignated agent of LLC upon whomprocess against it may be served andshall mail process to the principalbusiness addr.: 280 Park Ave., 41stFl., NY, NY 10017. DE addr. of LLC:Corporation Service Co., 2711Centerville Rd., Ste. 400, Wilmington,DE 19808. Cert. of Form. filed with DESec. of State, Townsend Bldg., Dover,DE 19901. Purpose: any lawful activity.

Notice of Qual. of Rhone MusicHoldings, LLC, Auth. filed Sec'y ofState (SSNY) 10/15/13. Office loc.: NYCounty. LLC org. in DE 2/16/12. SSNYdesig. as agent of LLC upon whomprocess against it may be served.SSNY shall mail copy of proc. to 250West St., Apt. 6D, NY, NY 10013. DEoff. addr.: 160 Greentree Dr., Ste. 101,Dover, DE 19904. Cert. of Form. onfile: SSDE, Townsend Bldg., Dover, DE19901. Purp.: any lawful activities.

Notice of Qualification of ROMARKLABORATORIES, L.C. Authority filedwith Secy. of State of NY (SSNY) on2/25/14. Office location: New YorkCounty. LLC formed in Florida (FL) on10/24/94. SSNY designated as agentof LLC upon whom process againstit may be served. SSNY shall mailprocess to: c/o National RegisteredAgents, Inc., 111 Eighth Ave., NY, NY10011, also the registered agent.Address to be maintained in FL:3000 Bayport Dr., Ste. 200, Tampa,FL 33607. Arts of Org. filed with theFL Secy. of State, 2661 ExecutiveCenter Circle, Tallahassee, FL 32301.Purpose: any lawful activities.

Notice of Qual. of Alpha4X AssetManagement, LLC, Auth. filed Sec'y ofState (SSNY) 5/14/13. Office loc.: NYCounty. LLC org. in DE 11/9/12. SSNYdesig. as agent of LLC upon whomprocess against it may be served.SSNY shall mail copy of proc. to Att:Manuel Mejia-Aoun, 1040 Ave of theAmericas, NY, NY 10018. DE off. addr.:CSC, 2711 Centerville Rd., Wilmington,DE 19808. Cert. of Form. on file:SSDE, Townsend Bldg., Dover, DE19901. Purp.: any lawful activities.

Notice of Qualification of TASHTEGOMANAGEMENT COMPANY LLC.Authority filed with Secy. of State of NY(SSNY) on 03/03/14. Office location:NY County. LLC formed in Delaware(DE) on 02/18/14. SSNY designatedas agent of LLC upon whom processagainst it may be served. SSNY shallmail process to David Halliwill, 410Park Ave., Ste. 530, NY, NY 10022.DE addr. of LLC: c/o CorporationService Co., 2711 Centerville Rd.,Wilmington, DE 19808. Arts. of Org.filed with DE Secy. of State, 401Federal St., Dover, DE 19901.Purpose: Any lawful activity.

NOTICE OF FORMATION OF BETTERBROKERS, LLC. Articles of Organizationfiled with Secretary of State of NY(SSNY) on 1/21/14. Office location: NYCounty. SSNY designated agent uponwhom process may be served andshall mail copy of process againstLLC to principal business address:15 W. 72nd St., #17M, NY, NY10023. Purpose: any lawful activity.

Notice of Formation of Bad BoyTouring OpCo LLC. Arts. of Org. filedwith Secy. of State of NY (SSNY) on03/13/14. Office location: NY County.Princ. office of LLC: 1710 Broadway,NY, NY 10019. SSNY designated asagent of LLC upon whom processagainst it may be served. SSNY shallmail process to Corporation ServiceCo., 80 State St., Albany, NY 12207-2543. Purpose: Any lawful activity.

Notice of Formation of Bad BoyProductions OpCo LLC. Arts. of Org.filed with Secy. of State of NY (SSNY)on 03/13/14. Office location: NYCounty. Princ. office of LLC: 1710Broadway, NY, NY 10019. SSNYdesignated as agent of LLC upon whomprocess against it may be served.SSNY shall mail process toCorporation Service Co., 80 StateSt., Albany, NY 12207-2543.Purpose: Any lawful activity.

THE LAW OFFICE OF GRISELBLANCO-OBREGON, LLC, a domesticPLLC, Arts. of Org. filed with the SSNYon 12/12/13. Office location: New YorkCounty. SSNY is designated as agentupon whom process against the PLLCmay be served. SSNY shall mailprocess to: The LLC, 221 E. 89th St.,#1A, NY, NY 10128. Purpose: Law.

NOTICE OF FORMATION OF JupiterHighway, LLC. Arts of Org filed withSecy of State of NY (SSNY) on1/17/14. Office location: NY County.SSNY designated agent upon whomprocess may be served and shallmail copy of process against LLC toprincipal business address: 150 West28th St, Ste 402, NY NY 10001.Purpose: any lawful act.

HATTAN HOLDINGS LLC, a domesticLLC, filed with the SSNY on 1/14/14.Office location: New York County.SSNY is designated as agent uponwhom process against the LLC maybe served. SSNY shall mail processto Deepak Khullar, 1120 Ave of theAmericas, 4th Fl., NY, NY 10036.General Purpose.

Notice of Qualification of Arhaus, LLC.Authority filed with NY Dept. of Stateon 3/3/14. Office location: NY County.LLC formed in DE on 12/19/13. NYSec. of State designated agent of LLCupon whom process against it may beserved and shall mail process to: AllanC. Churchmack, 7700 Northfield Rd.,Walton Hills, OH 44146, principalbusiness address. DE address of LLC:1209 Orange St., Wilmington, DE19801. Cert. of Form. filed with DE Sec.of State, 401 Federal St., Dover, DE19901. Purpose: all lawful purposes.

NOTICE OF FORMATION of Shubertand Booth Cumming, LLC. Arts. OfOrg. filed with NY Dept. of State on3/5/14. Office location: NY County.Sec. of State designated agent of LLCupon whom process against it maybe served and shall mail process to:c/o Gilbert Hoover, IV, The ShubertOrganization, Inc., 234 W. 44th St.,NY, NY 10036, principal businessaddress. Purpose: any lawful activity.

Alfred F. Hurley, Jr. & Company, LLC(the “LLC”) filed Articles of Organizationwith the NY Secretary of State("SOS") on January 13, 2014. LLCoffice is in New York County. SOSwas designated as agent of the LLCupon whom process against it maybe served. SOS shall mail copy ofany process served to 335 MadisonAvenue, New York, New York 10017.The purpose of the LLC is any lawfulact or activity.

CNI CREATE NEW IDEAS LLC, adomestic LLC, filed with the SSNY on2/25/14. Office location: New YorkCounty. SSNY is designated as agentupon whom process against the LLCmay be served. SSNY shall mailprocess to c/o Christina Kallas Esq.,5009 Broadway, Ste. 604, NY, NY10034. General Purpose.

Notice of Formation of SDF73 998Atlantic LLC. Arts. of Org. filed with NYDept. of State on 12/16/13. Officelocation: NY County. Princ. bus. addr.:825 3rd Ave., Fl 37, NY, NY 10022.Sec. of State designated agent ofLLC upon whom process against itmay be served and shall mail processto: c/o CT Corporation System, 1118th Ave., NY, NY 10011, regd. agentupon whom process may be served.Purpose: any lawful activity.

NOTICE OF FORMATION OF PipsticksLLC. Arts of Org filed with Secy ofState of NY (SSNY) on 2/7/14. Officelocation: NY County. SSNY designatedagent upon whom process may beserved and shall mail copy of processagainst LLC to: Northwest RegisteredAgent, 90 State St, Ste 700, Office 40,Albany, NY 12207. Principal businessaddress: 80 Varick St, 10B, NY, NY10013. Purpose: any lawful act.

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PUBLIC & LEGAL NOTICES

Notice of Formation: AMERICANZHOU DYNASTY LLC Art. Of Org.filed with Sec. of State of NY (SSNY) on01/29/2014. Office Loc: New YorkCounty. SSNY designated as agentof LLC upon whom process againstit may be served. SSNY shall mailprocess to: 247 W 46th STREET,UNIT 2002, NEW YORK, NY10036. Purpose: Any lawful activity.

NOTICE OF FORMATION OFSternAegis Ventures, LLC. Arts ofOrg filed with Secy of State of NY(SSNY) on 1/22/14. Office location: NYCounty. SSNY designated agent uponwhom process may be served andshall mail copy of process againstLLC to principal business address:c/o Adam K. Stern, RegisteredAgent, 810 7th Ave, 18th Flr, NY, NY10019. Purpose: any lawful act.

Notice of Formation: SUN WAYINTERNATIONAL REALTY LLC Art.Of Org. filed with Sec. of State of NY(SSNY) on 03/28/2013. Office Loc:New York County. SSNY designatedas agent of LLC upon whom processagainst it may be served. SSNY shallmail process to: 148 MADISONSTREET, NEW YORK, NY 10002.Purpose: Any lawful activity.

NOTICE OF FORMATION OF TheArtful Baker LLC. Arts of Org filedwith Secy of State of NY (SSNY) on1/6/14. Office location: NY County.SSNY designated agent upon whomprocess may be served and shallmail copy of process against LLC to:c/o Sabin Bermant, 4 Times Square,NY, NY 10036. Principal businessaddress: 320 East 72nd St, NY, NY10021. Purpose: any lawful act.

Notice of formation of Jamie Compton,LLC. Art. of Org. filed with Secy ofState of NY (SSNY) on 12/23/13.Office location: NY County. SSNYdesignated agent upon whomprocess may be served and shallmail copy of process against LLC toprincipal business address: 640 WestEnd Ave, 12A, NY, NY 10024.Purpose: any lawful act

NOTICE OF FORMATION ofRIVERSIDE 16A LLC. Arts of Org.filed with NY Secy of State (SSNY)on 12/04/2013. Office location: NewYork County. SSNY is designatedas agent of LLC upon whomprocess against it may be served.SSNY shall mail process to: 322West 57th Street, Suite 51U1, NewYork, NY 10019: any lawful activity.

Notice of formation of KI-LO CleaningServices LLC. The County within thisstate in which the limited liabilitycompany is to be located is Bronx.The secretary of state is designated asagent of the limited liability companyupon whom process against it may beserved. The address within or withoutthis state to which the Secretary ofState shall mail a copy of any processaccepted on behalf of the limited lia-bility company served upon him orher is: c/o United States CorporationAgents, Inc., 7014 13th Avenue, Suite202, Brooklyn, NY 11228. The nameand street address in this state of theregistered agent upon whom and atwhich process against the limited lia-bility company may be served is:United States Corporation Agents, Inc.,7014 13th Avenue, Suite 202, Brooklyn,NY 11228. Purpose: provide cleaningservices.

Notice of Qualification of EAM 40Meadow Lane LLC. Authority filedwith NY Dept. of State on 12/24/13.Office location: NY County. Princ. bus.addr.: 600 Madison Ave., 17th Fl.,NY, NY 10022. LLC formed in DE on6/19/13. 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, P.O. Box 898, Dover, DE19903. Purpose: all lawful purposes.

NOTICE OF FORMATION OF AJ CityProperty LLC. Arts of Org filed withSecy of State of NY (SSNY) on1/16/14. Office location: NY County.SSNY designated agent upon whomprocess may be served and shallmail copy of process against LLC to:247 W. 38th St, Ste. 404, NY, NY10018. Principal business address:419 W. 145th St, NY, NY 10031.Purpose: any lawful act.

NOTICE OF FORMATION OF BUTLERRIDE, LLC. Arts of Org filed withSecy of State of NY (SSNY) on2/6/14. Office location: NY County.SSNY designated agent upon whomprocess may be served and shallmail copy of process against LLC toprincipal business address: 212-1448th Ave, Bayside, NY 11364.Purpose: any lawful act.

NOTICE OF FORMATION OF Phillips& Pfau, LLP. Arts of Org filed withSecy of State of NY (SSNY) on11/7/13. Office location: NY County.SSNY designated agent upon whomprocess may be served and shallmail copy of process against LLP toprincipal business address: 817Broadway, 10th Floor, NY, NY 10003.Purpose: practice of law.

Notice of Formation of: CullodenGroup LLC. Articles of Organizationfiled with the Secretary of State ofNY on 11/05/2013. Office location:New York County SSNY has beendesignated as agent upon whomprocess against it may be served.The Post Office address to which theSSNY shall mail a copy of anyprocess against the LLC servedupon him/her is: 40 East 89th Street,Suite 12F, New York, NY 10128. Theprincipal business address of theLLC is: 40 East 89th Street, Suite12F, New York, NY 10128.

NOTICE OF FORMATION OF AMERICAHOLIDAY TRAVEL LLC. Arts of Orgfiled with Secy of State of NY (SSNY)on 11/12/13. Office location: NYCounty. SSNY designated as agentupon whom process may be servedand shall mail copy of process againstLLC to principal business address:1261 Broadway, Room 1105, New YorkNY 10001. Purpose: any lawful act.

NOTICE OF FORMATION OF LIMITEDLIABILITY COMPANY. NAME: NRZSREALTY ASSOCIATES, LLC. Articlesof Organization were filed with theSecretary of State of New York (SSNY)on 02/19/14. 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 tothe LLC, c/o Naeem Khan, Ltd., 260W. 36th Street, Floor 10, New York,New York 10018. Purpose: For anylawful purpose.

Notice of Qualification of WINMILLREALTY MANAGEMENT LLC.Authority filed with Secy. of State of NY(SSNY) on 02/14/14. Office location:NY County. LLC formed in Delaware(DE) on 02/07/14. SSNY designatedas agent of LLC upon whom processagainst it may be served. SSNY shallmail process to c/o CorporationService Co., 80 State St., Albany, NY12207-2543. DE addr. of LLC: 2711Centerville Rd., Ste. 400, Wilmington,DE 19808. Arts. of Org. filed with DESecy. of State, John G. Townsend Bldg.,401 Federal St., Ste. 4, Dover, DE19901. Purpose: Any lawful activity.

Notice of Formation: LAILAI & ABREALTY, LLC Art. Of Org. filed with Sec.of State of NY (SSNY) on 01/03/2014.Office Loc: New York County. SSNYdesignated as agent of LLC uponwhom process against it may beserved. SSNY shall mail process to:50 BAYARD STREET, APT #2C,NEW YORK, NY 10013. Purpose:Any lawful activity.

NOTICE OF FORMATION OFKRAVCHUK & DIPAOLO METALWORKSLLC. Arts of Org filed with Secy ofState of NY (SSNY) on 1/8/14. Officelocation: NY County. SSNY designatedagent upon whom process may beserved and shall mail copy of processagainst LLC to principal businessaddress: 99 READE ST, 7W NY NY10013. Purpose: any lawful act.

Notice of Qualification of SebagoProperties, LLC. Application forAuthority filed with the Secretary ofState of New York (SSNY) on1/28/2014. Office location: New YorkCounty. LLC formed in FL on4/1/2013. SSNY designated as anagent upon whom process may beserved and shall mail process to theprincipal business address to 777South Flagler Drive, #1500W, WestPalm Beach, FL 33401. Certificateof LLC filed with the Secretary ofState of FL located at FloridaSecretary of State, Division ofCorporations, 2661 Executive CenterCircle West, Tallahassee, Florida32301. Purpose: Any lawful acts.

NOTICE OF FORMATION OF 225BOWERY HOLDINGS II LLC. Arts ofOrg filed with Secy of State of NY(SSNY) on 2/13/14. Office location: NYCounty. SSNY designated agent uponwhom process may be served andshall mail copy of process againstLLC to principal business address:260 Madison AV, Ste 204, NY, NY10016. Purpose: any lawful act.

529 PARK, LLC, a domestic LLC,filed with the SSNY on 12/24/13.Office location: New York County.SSNY is designated as agent uponwhom process against the LLC maybe served. SSNY shall mail processto The LLC, 20 Renwick St., NY, NY10013. General Purpose.

Notice of Qualification of 59 SOUTH4TH INVESTOR LLC. Authority filedwith Secy. of State of NY (SSNY) on02/18/14. Office location: NY County.LLC formed in Delaware (DE) on01/22/14. SSNY designated as agentof LLC upon whom process against itmay be served. SSNY shall mailprocess to The LLC, 134 Spring St.,Ste. 305, NY, NY 10012. DE addr. ofLLC: c/o Corporation Service Co.,2711 Centerville Rd., Ste. 400,Wilmington, DE 19808. Arts. of Org.filed with Secy. of the State of DE, Div.of Corps., John G. Townsend Bldg.,401 Federal St., Ste. 4, Dover, DE19901. Purpose: Any lawful activity.

Notice of Qualification of LYRICTHEATRE, LLC. Authority filed withSecy. of State of NY (SSNY) on04/26/13. Office location: NY County.LLC formed in Delaware (DE) on04/11/13. NYS fictitious name: LYRICBROADWAY, LLC. SSNY designatedas agent of LLC upon whom processagainst it may be served. SSNY shallmail process to c/o Herrick, FeinsteinLLP, Attn: J. Rogers, 2 Park Ave., NY,NY 10016. DE addr. of LLC: c/oNational Registered Agents, Inc., 160Greentree Dr., Ste. 101, Dover, DE19904. Arts. of Org. filed with JeffreyW. Bullock, DE Secy. of State,Townsend Bldg., 401 Federal St.,Ste. 3, Dover, DE 19901. As amend-ed by Cert. of Amendment filed withSSNY on 06/28/13, the addr. of theprincipal place of business of theLLC is: 214 W. 43rd St., NY, NY10036. Purpose: Any lawful activity.

Formation of Hannah BlumenthalDesign, LLC filed with the Secy. ofState of NY (SSNY) on 12/17/13.Office loc.: New York County. SSNYdesignated as agent of LLC uponwhom process against it may beserved. The principal business loc.and address SSNY shall mailprocess to is 175 Varick St., 8th Fl.,New York, NY 10014. Mgmt. shallbe by one or more members.Purpose: Any lawful activity.

Notice of Formation of One SouthBroad Investors LLC, Art. of Org.filed Sec'y of State (SSNY) 12/4/13.Office location: NY County. SSNYdesignated as agent of LLC uponwhom process against it may beserved. SSNY shall mail copy ofprocess to Javeri Capital, 592 FifthAve., 4th Fl., NY, NY 10036. Reg. Agt.upon whom proc. may be served isNRAI, 111 Eighth Ave., NY, NY10011. Purpose: any lawful activities.

Notice of Formation of BRP CJ LLC.Arts. of Org. filed with NY Dept. ofState on 1/13/14. Office location: NYCounty. Princ. bus. addr.: 767 3rd Ave.,33rd Fl., NY, NY 10017. Sec. of Statedesignated agent of LLC upon whomprocess against it may be served andshall mail process to: CT CorporationSystem, 111 8th Ave., NY, NY 10011,regd. agent upon whom process maybe served. Purpose: any lawful activity.

Notice of Qualification of Lexin NY 229LLC. Authority filed with NY Dept. ofState on 2/18/14. Office location: NYCounty. Princ. bus. addr.: c/o LexinCapital, LLC, 654 Madison Ave., Ste.2205, NY, NY 10065, Attn: MetinNegrin. LLC formed in DE on12/13/13. NY Sec. of State designatedagent of LLC upon whom processagainst it may be served and shallmail process to: CT CorporationSystem, 111 8th Ave., NY, NY 10011.DE addr. of LLC: c/o The CorporationTrust Co., 1209 Orange St.,Wilmington, DE 19801. Cert. of Form.filed with DE Sec. of State, 401Federal St., Dover, DE 19901.Purpose: all lawful purposes.

NOTICE OF FORMATION OF AMERICANSTANDARD WING LLC. Articles ofOrganization filed with Secretary ofState of NY (SSNY) on 12/04/2013.Office in New York County. SSNYdesignated as agent of LLC uponwhom process against it may beserved. SSNY shall mail copy ofprocess to 1830 2ND AVE, NY, NY10128. Purpose: Any lawful purpose

Notice of Qualification of CREDITSUISSE NEXT INVESTORS, LLC.Authority filed with Secy. of State of NY(SSNY) on 02/24/14. Office location:NY County. LLC formed in Delaware(DE) on 09/20/13. Princ. office of LLC:11 Madison Ave., NY, NY 10010. SSNYdesignated as agent of LLC upon whomprocess against it may be served. SSNYshall mail process to the LLC at theprinc. office of the LLC. DE addr. ofLLC: c/o Corporation Service Co., 2711Centerville Rd., Ste. 400, Wilmington,DE 19808. Arts. of Org. filed with DESecy. of State, Div. of Corps., JohnG. Townsend Bldg., 401 Federal St. -Ste. 4, Dover, DE 19901. Purpose:This entity will make investments.

Notice of qualification of NYC FashionProduction Fund, LLC. Arts of Orgfiled with Secy of State of NY (SSNY)on 12/6/2013. Office location: NYCounty. LLC Formed in DE on11/13/13. SSNY designation agentupon whom process may be servedand shall mail copy of processagainst LLC to: Corp. Serv., Co. 80State St, Albany, NY 12207-2543.Principal business address: 1700Broadway, 19th Flr NY, NY. Cert. ofLLC filed with Secy of State of NY:401 Federal St., Ste 3, Dover, DE19901. Purpose any lawful act.

Notice of Formation of NFF NewMarkets Fund XXXV, LLC. Arts. ofOrg. filed with NY Dept. of State on2/24/14. Office location: NY County.Sec. of State designated agent ofLLC upon whom process against itmay be served and shall mailprocess to: Nonprofit Finance Fund,70 W. 36th St., 11th Fl., NY, NY10018, principal business address.Purpose: any lawful activity.

NOTICE OF FORMATION OF 40WOOSTER RESTORATION LLC. Artsof Org filed with Secy of State of NY(SSNY) on 2/6/14. Office location: NYCounty. SSNY designated agent uponwhom process may be served andshall mail copy of process againstLLC to principal business address:260 Madison AV, Ste 204, NY, NY10016. Purpose: any lawful act.

NOTICE OF FORMATION OF HUDSONSURGICARE, L.L.C. Arts of Org filedwith Secy of State of NY (SSNY) on12/26/13. Office location: NY County.SSNY designated agent upon whomprocess may be served and shallmail copy of process against LLC toprincipal business address: 281Broadway, 2nd Flr, NY, NY 10007.Purp.: any lawful act.

Notice of Formation of Sparrow BySeymour & Paul, LLC, Art. of Org. filedSec'y of State (SSNY) 11/26/13. Officelocation: NY County. SSNY designatedas agent of LLC upon whom processagainst it may be served. SSNY shallmail copy of process to Dorothy Weber,494 Eighth Ave., 6th Fl., NY, NY 10001.Purpose: any lawful activities.

Notice of Formation of 122 OwnersLLC. Arts. of Org. filed with Secy. ofState of NY (SSNY) on 2/26/14. Officelocation: NY County. SSNY designatedas agent of LLC upon whom processagainst it may be served. SSNY shallmail process to: c/o Office ofLawrence E. Fabian, Esq., 437 FifthAve., Ste. 801, New York, NY 10016.Purpose: any lawful activity.

NYIF Knickerbocker, LLC. Arts. ofOrg. filed with NY Secy. of State(SSNY) on 05/15/12. Off. loc.: NYCo. SSNY des. as agent of LLC uponwhom process may be served. SSNYshall mail process to the LLC, 267Broadway, 2nd Fl., New York, NY10007. Purpose: General.

NOTICE OF FORMATION OF TheAllen Wilkinson Group (USA) LLC.Arts of Org filed w/Secy of State of NY(SSNY) on 11/20/13. Office location:NY County. SSNY designated asagent for service of process. SSNYshall mail process to: 8857 AlexanderRd, Ste 100A, Batavia, NY 14020.Purpose: any lawful act.

Notice of Formation of AMPLIFONIPA, LLC. Arts. of Org. filed withSecy. of State of NY (SSNY) on02/06/14. Office location: NEW YORKCounty. SSNY designated as agentof LLC upon whom process againstit may be served. SSNY shall mailprocess to: c/o National RegisteredAgents, Inc. 111 Eighth Ave., NY, NY10011, also the registered agent.Purpose: any lawful activities.

Notice of Qualification of CMInvestment Partners LLC. FictitiousName: CMIP LLC. Authority filedwith Secy. of State of NY (SSNY) on2/12/14. Office location: New YorkCounty. LLC formed in Delaware (DE)on 7/25/13. SSNY designated asagent of LLC upon whom processagainst it may be served. SSNY shallmail process to: c/o National RegisteredAgents, Inc., 111 Eighth Ave., NY, NY10011, also the registered agent.Address to be maintained in DE: c/oNational Registered Agents, Inc., 160Greentree Dr., Ste. 101, Dover, DE19904. Arts of Org. filed with the DESecy. of State, Loockerman &Federal St., Dover, DE 19901.Purpose: any lawful activities.

Name of LLC: Urban Kat LLC. Arts.of Org. filed with NY Dept. of State:11/6/13. Office loc.: NY Co. Sec. ofState designated agent of LLC uponwhom process against it may beserved and shall mail process to:Business Filings Inc., 187 Wolf Rd.,Ste. 101, Albany, NY 12205, regd.agt. upon whom process may beserved. Purpose: any lawful act.

NOTICE OF FORMATION of DIFEIGROUP LLC. Arts of Org. filed with NYSecy of State (SSNY) on 12/10/2013.Office location: New York County. SSNYis designated as agent of LLC uponwhom process against it may beserved. SSNY shall mail process to:404 East 76th Street, Suite 5L, NewYork, NY 10021: any lawful activity.

Notice of Qualification of EMERALDEXPOSITIONS, LLC. Authority filedwith Secy. of State of NY (SSNY) on03/12/14. Office location: NY County.LLC formed in Delaware (DE) on01/11/94. SSNY designated as agentof LLC upon whom process against itmay be served. SSNY shall mail processto c/o Corporation Service Co., 80State St., Albany, NY 12207-2543. DEaddr. of LLC: 2711 Centerville Rd., Ste.400, Wilmington, DE 19808. Arts. ofOrg. filed with DE Secy. of State, Div.of Corps., John G. Townsend Bldg.,401 Federal St. - Ste. 4, Dover, DE19901. Purpose: Any lawful activity.


NEW IN TOWN

Companies that would like to have detailsof openings published should submitdescriptions following this format [email protected], with“New in Town” in the subject line.

● Cheri231 Lenox Ave., ManhattanThe restaurant, in a brownstoneapartment, opened in Harlem. It offers aprix fixe menu and various alternatedishes by request.

��Custom Fuel Pizza & Salads2288 Frederick Douglass Blvd.,ManhattanThe fast-casual pizza restaurant openedin Harlem. The eatery allows diners tocustomize their own pizza.

�� Empire Diner210 10th Ave., ManhattanThe high-end diner opened in Chelsea.Its menu has been reimagined bycelebrity chef Amanda Freitag.

● The Roof124 W. 57th St., ManhattanThe lounge and outdoor terrace openedat Columbus Circle. The space offersviews of Central Park, and its menufeatures drinks and small plates.

● Cafe Boca Ciega355 Broadway, ManhattanThe Cuban coffee shop opened inTriBeCa. It sells pastries and cookiesand will expand its offerings to includeCuban sandwiches.

COMPANY MOVES

Companies that would like to have detailsof recent moves published should submitdescriptions following this format [email protected], with“Company Moves” in the subject line.

● BankUnited1333 60th St., BrooklynThe bank opened a branch in BoroughPark. The outpost is its sixth location inNew York City.

● Birdbath140 E. 45th St., ManhattanThe bakery opened in the GrandCentral area. The shop is the largest ofall its locations.

● John Varvatos765 Madison Ave., ManhattanThe designer opened his latest store onthe Upper East Side.The 4,200-square-foot shop is his third in New York City.

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.

● Cal & Co. Autos Inc.1722 Utica Ave., BrooklynFiled for Chapter 11 bankruptcyprotection on March 4. The filing cites

estimated liabilities of $1,000,001 to $10million and estimated assets of $0 to$50,000.

● Funeraria Hermanos Inc.76-18 Rockaway Blvd., QueensFiled for Chapter 7 bankruptcyprotection on March 5. The filing citesestimated liabilities of $0 to $50,000 andestimated assets of $0 to $50,000.

● Greenpoint Dental Plaza152 Greenpoint Ave., BrooklynFiled for Chapter 11 bankruptcyprotection on March 6. The filing citesestimated liabilities of $100,001 to$500,000 and estimated assets of $0 to$50,000. The creditors with the largestunsecured claims are Duane Reade,owed $64,709.52; Small BusinessAdministration, owed $34,841.85; andBank of America, owed $29,196.30.

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● City University of New YorkSeeks competitive sealed bids by noon onApril 1 for the CUNY NYCCT NewAcademic Building project, 285 Jay St.,Brooklyn. Bid documents can bedownloaded at http://cuny.sciame.com.To make inquiries, contact MelissaSteeves at (212) 248-5313 [email protected].

● Department of Parks and RecreationSeeks competitive sealed bids by 10:30a.m. on April 17 for reconstruction ofcomfort stations at various locations inQueens. A prebid meeting is scheduledon March 28 at 11:30 a.m. at the KissenaPark Boat House. Bid documents areavailable at the Blueprint Room, Room64, Olmsted Center, Flushing MeadowsCorona Park, for a $25 fee, payable onlyby company check or money order madeout to City of New York, Parks andRecreation.To make inquiries, contactJuan Alban at (718) 760-6771 [email protected].

● Housing AuthoritySeeks competitive sealed bids by 10 a.m.on April 2 for gas piping replacement atSmith Houses, Manhattan. Biddocuments are available Mondaythrough Friday, 9 a.m. to 4 p.m., for a$25 fee in the form of a money order orcertified check payable to the New YorkCity Housing Authority. Documentscan also be obtained by registering withiSupplier and downloading thedocuments. To make inquiries, contactVaughn Banks at (212) 306-6727 [email protected].

GOODS AND SERVICES● Department of Citywide AdministrativeServicesSeeks competitive sealed bids by 10:30a.m. on April 1 for Qiagen supplies andreagents. A copy of the bid can bedownloaded from the City Record

Online at http://a856-internet.nyc.gov/nycvendoronline/home.asp or bycontacting Vendor Relations [email protected] or (212)669-8610.To make inquiries, contactJeanette Cheung at (212) 386-0465 [email protected].

● Department of Citywide AdministrativeServicesSeeks competitive bids by 9:30 a.m. onApril 2 for the provision of a tractortrailer. A presolicitation conference isscheduled for April 2 at 9:30 a.m. at 1Centre St., 18th floor, Manhattan. Acopy of the presolicitation package can bedownloaded from http://a856-internet.nyc.gov/nycvendoronline/home.asp.Enrollment is free.To make inquiries,contact Kamboj Kaleem at (212) 386-6370 or [email protected].

● Health and Hospitals Corp.Requests proposals by 4 p.m. on April 4for an electronic payment-processingsolution for accounts payable. To makeinquiries or to obtain bid documents,contact April F. Monegas at (646) 458-2007 or [email protected].

● Housing AuthoritySeeks competitive sealed bids by April 3for replacement of water heaters atvarious developments. Deadlines vary byborough. Bid documents are available fordownload at www.nyc.gov/html/nycha/html/business/business.shtml, or paperdocuments can be obtained for a $25nonrefundable fee, payable only bycompany check or money order made outto the New York City Housing AuthorityFinance Department. Documents can bepicked up at 90 Church St., sixth floor,Manhattan.To make inquiries, contactErneste Pierre-Louis at (212) 306-3609or [email protected].

REAL ESTATE DEALS

Companies that would like to have details of their recent transactions appear in theselistings should email descriptions followingthis format to [email protected], with “Real estate transaction” in thesubject line, or enter them online atcrainsnewyork.com/submitadeal. Deals arelisted in order of square footage.

COMMERCIAL● The Fashion Institute of Technologysigned an 18-year lease for 55,000square feet at 333 Seventh Ave. Thedesign school will use the space for itsadministrative offices. The tenant wasrepresented by Tracy Johnson, SusanKahaner and Jennifer Ogden of CassidyTurley. The landlord, Samco Properties,was represented in-house by Josh Smith.The asking rent was in the $40s persquare foot.

● All City Metal Inc. signed a long-termlease for 45,000 square feet at 54-35 46thSt. in Maspeth, Queens.The sheet-metal-fabrication company is relocating andexpanding from a building in Long IslandCity, Queens.The tenant was representedby Avi Feinberg and Jack Isenberg ofGreiner Maltz.The landlord, 54-35 46thStreet, was represented by Fred Rufranoof Kalmon Dolgin Affiliates.The askingrent was $15 per square foot.

● Four Seasons Packaging Corp. signed alease for 25,000 square feet at 70Onderdonk Ave. in Williamsburg,Brooklyn.The wholesale distributor ofpackaging merchandise will take space inthe 63,900-square-foot, one-storybuilding.The tenant and the landlord, 64Onderdonk Avenue, were represented byWeising Chang and Joseph Nicholas ofKalmon Dolgin Affiliates.The askingrent was $15 per square foot.

● 3i Debt Management signed a lease for

12,000 square feet at 60 E. 42nd St. Thespace, which covers the 41st floor, willhouse the firm’s U.S. headquarters.Thetenant was represented by AlexChudnoff and Daniel Turkewitz of JonesLang LaSalle.The landlord, EmpireState Realty Trust Inc., was representedby Julie Christiano and William Cohenof Newmark Grubb Knight Frank andRyan Kass of ESRT.The asking rent was$61.50 per square foot.

RETAIL● Exhale Mind-Body Studio signed alease for 3,000 square feet at 19 W. 21stSt. It will be Exhale’s seventhManhattan location when it opens inMay. The tenant was represented byEdmond Ezra and Ernie Getz of RKF.The landlord, Fifth Partners, wasrepresented by Christopher Owles andMax Talapar of Sinvin Realty. Theasking rent was not disclosed.

STOCK TRANSACTIONS

Following are recent insider transactions atNew York’s largest publicly held companiesfiled with the Securities and ExchangeCommission by executives and majorshareholders. Listings are in order oftransaction value. The information wasobtained from Thomson Reuters.

● Regeneron Pharmaceuticals Inc.(REGN)Sanofi purchased 251,594 shares ofcommon stock at prices ranging from$328.00 to $339.94 on March 3, in atransaction worth $85,070,056. It nowindirectly holds 17,001,200 shares.

● American Express Co. (AXP)James Peter Bush, executive vicepresident of world service, exercisedoptions on 75,000 shares of commonstock at prices ranging from $57.77 to$58.54 on March 6, in a transactionworth $4,348,150. On the same day, hesold 75,000 shares of common stock at$93.31, in a transaction worth$6,998,078. He now directly holds63,729 shares.

● Bristol-Myers Squibb Co. (BMY)James M. Cornelius, senior managingpartner at Twilight Venture Partners,

sold 100,000 shares of common stock at$55.82 on March 5, in a transactionworth $5,582,000. He now directlyholds 273,393 shares.

Lamberto Andreotti, chief executive,sold 100,000 shares of common stock at$55.52 on March 10, in a transactionworth $5,552,260. He now directlyholds 630,783 shares.

● Northstar Realty Finance Corp. (NRF)Albert Tylis, president, sold 331,055shares of common stock at $15.51 onMarch 3, in a transaction worth$5,134,564. He now directly holds1,030,470 shares.

● Time Warner Inc. (TWX)Paul T. Cappuccio, executive vicepresident and general counsel,exercised options on 74,622 sharesof common stock at $37.32 on March 6. On the same day, he sold74,662 shares of common stock at$68.63, in a transaction worth$1,431,050. On the same day, he sold30,000 shares of common stock at$58.00, in a transaction worth$5,121,308. He now directly holds62,234 shares.

● SL Green Realty Corp. (SLG)Stephen L. Green, chairman, sold44,288 shares of common stock at$99.41 on March 5, in a transactionworth $4,402,582. He now directlyholds 94,153 shares.

● Time Warner Cable (TWC)Glenn A. Britt, director and chairman ofthe audit committee and member of theexecutive committee of Cardinal HealthInc., exercised options on 30,000 sharesof common stock at $45.15 on March 6.On the same day, he sold 30,000 sharesof common stock at prices ranging from$141.59 to $142.22, in a transactionworth $4,247,823. He now directlyholds 177,571 shares.

● CBS Corp. (CBS)Joseph R. Ianniello, principal financialofficer and chief operating officer, sold62,507 shares of common stock at pricesranging from $65.81 to $67.38 on March4, in a transaction worth $4,156,299. Henow holds 179,648 shares.�

ABOUT THIS SECTIONFOR THE RECORD is a weekly listing of information from the public record thatcan help businesspeople in the New York area find opportunities, potentialnew clients and updates on competitors.

To ask questions or get more information on this section, contact Crain’sresearch department at [email protected].

DEALS ROUNDUP

TRANSACTION SIZETARGET/SELLERS (IN MILLIONS) BUYERS/INVESTORS TRANSACTION TYPE

FOR THE RECORD

Safeway Inc./ $11,654.3 Albertsons SB M&A JANA Partners(Manhattan), Franklin Advisers Inc.

The governor and $519.3 Not disclosed (3.52%) SB M&Acompany of the Bank of Ireland/WL Ross and Co.(Manhattan)

Springfield Town Center/ $457.3 PREIT Associates SB M&AVornado Realty Trust(Manhattan)

IHS Nigeria plc/ $420.0 Goldman Sachs Group merchant GCInot disclosed banking division (Manhattan),

International Finance Corp., GIC Pte. Ltd.,African Infrastructure Investment Managers Ltd.

2.2 million-square-foot $177.5 601 W Cos. SB M&Aclass A office complex,north of 10-mile roadbetween M-10 and EvergreenRoad, Southfield, Mich./Blackstone Group(Manhattan)

Lyft Inc./ $150.0 Mayfield Fund, Coatue Management GCInot disclosed (Manhattan), Founders Fund,

Floodgate, Andreessen Horowitz

Selected deals announced for the week ended March 8 involving companies in metro New York.GCI: Growth capital investment represents new money invested in a company for a minoritystake. SB M&A: Strategic buyer M&A represents a minority or majority acquisition of existingshares of a company without the participation of a financial buyer. source: capitaliq

$1 billion or more. That is moneythat the Port Authority—which hasalready lavished $7.7 billion on re-building the World Trade Centersite and is funding everything in-cluding a massive rehab ofLaGuardia Airport and three majorbridges—can ill afford.

The need, however, is clear.Opened 64 years ago, the terminalstruggles to accommodate theroughly 8,000 buses—as many as400 an hour—that enter and exit itdaily, carrying more than 200,000mostly New Jersey-based com-muters.

But during rush hour,particular-ly in the evening, 175 or more busesemerging from the Lincoln Tunnelroll not into the terminal but ontosurrounding streets.There,belchingdiesel fumes, they wait their turn toenter, according to ChristineBerthet, chairwoman of Communi-ty Board 4.

“The amount of buses in the areain recent years has gotten larger,”said Ms. Berthet, who lives just twoblocks south of the terminal. Shesaid the growing number of busi-nesses and people moving into thearea have added their voices to thechorus of complaints.

Now proponents of a fix hopethat Mr. Lipper’s position coulddraw attention to the tide of busesparked illegally along West Side ar-teries, such as 10th Avenue fromWest 35th to West 42nd streets,snarling traffic and blighting thestreetscape. For years, the problemcould be brushed off because theHudson rail yards lay at the periph-ery of the city, but no longer. Lastweek, work began on what will be-come the largest construction proj-ect in the country—beginning witha $700 million platform over theeastern rail yards on which the Re-lated Cos. will build millions ofsquare feet of new office, retail andpublic space.

7-line extension“Would people tolerate this if it

was happening on Park Avenue?Absolutely not,” said Jeffrey Katz,chief executive of Sherwood Equi-ties, a real estate investment and de-velopment firm that owns severalproperties in the Hudson Yards area.“It’s very impactful to have an im-

portant person like Ken Lipperhighlight this issue.”

Mr. Katz and Ms. Berthet andothers hope that Mr. Lipper’s com-ments will also be a harbinger of anabout-face for the Port Authority.Although an agency study of poten-tial improvements to the terminal isdue next year, the authority failed tofund any upgrades to the facility inits recent $27.6 billion,10-year cap-ital plan.

Mr. Lipper wants the agency todo it in part by shifting money awayfrom the World Trade Center site.There, the authority is weighing aproposal to provide a guarantee ofnearly $1.2 billion in order to allowconstruction of another office tow-er, 3 World Trade Center.

Additional money for the termi-nal project could come from the sale

of the millions of square feet of com-mercial air rights over the bus termi-nal to developers and through fed-eral transit funds.

“I believe we could put a crediblefinancing package together,” Mr.Lipper said.

An ad hoc group of executivesand community leaders who havespearheaded opposition to the bustraffic have their eyes on an evenmore dramatic fix.

The group—which includes Mr.Katz and Ms.Berthet as well as AnnWeisbrod, former head of the Hud-son Yards Development Corp., andJerry Gottesman, chairman of Edi-son Properties—is trying to raisesupport for a multibillion-dollarplan to extend the No. 7 subway lineunder the Hudson River to Secau-cus, N.J.

According to Sandy Hornick, aformer planner at the Departmentof City Planning who is also part ofthe group, if that extension werebuilt, as much as 20% of the NewJersey buses that pile into the termi-

nal could avoid ever having to crossthe river,depositing riders instead atthe Secaucus depot for a train ride toManhattan.

“That’s a lot of buses that woulddisappear,” Mr. Hornick said. “Itwould free up everything: thestreets, the terminal, the LincolnTunnel. It’s the best solution for thelong term.”

The group successfully lobbiedMayor Michael Bloomberg to funda $250,000 preliminary study of thetunnel and extension that was re-leased last year. It is now looking for$2 million to conduct a more in-depth study that would be a neces-sary prerequisite for the project tomove forward.

Official responseSo far, the group says Mayor Bill

de Blasio has not expressed interest,nor have other key officials, such asGov. Andrew Cuomo. Members ofthe panel are optimistic, however,that government leaders will beginto take notice and act.

“Getting the No. 7 extension toSecaucus off the ground is a big un-dertaking,” said Mr. Gottesman,who owns property in Secaucus andon the West Side. “But I am con-vinced that after a year or two of lob-bying,we’ll begin to gain traction,orelse I wouldn’t be doing this.”

For the time being, Mr. Katz andMs. Berthet are also lobbying forshort-term fixes—particularly bet-ter, more centralized managementof the bus traffic.

“Right now it’s like [the Port Au-thority] is operating an airportwithout an air-traffic controller,”Ms. Berthet said.

Mr. Katz said he spoke with offi-cials from the Port Authority andNew Jersey Transit, which runs themajority of the commuter busescoming to the terminal, but has notbeen able to get them to alter theirparking habits.

Buses frequently sit at the curb infront of a West 35th Street parkinglot that Mr. Katz owns, on which hehopes to eventually build a residen-tial tower. Cars are blocked from us-ing the lot as a result.

“We don’t want to sue, but weabsolutely will if we have to,” Mr.Katz said. “Hopefully, all the partieswill be able to figure out a bettersolution.” �

Bus station seen as terminalContinued from Page 3


SEARCH BEGINS FOR LATEST CRAIN’SBEST PLACES TO WORK CANDIDATES

IS YOUR COMPANY TERRIFIC ENOUGH TO BE NAMED AMONG CRAIN’S BEST PLACES TO WORK?If your answer is an enthusiastic “yes,” then starting now, you can register to nominate

your company for Crain’s 2014 Best Places to Work in New York City.The program identifies and recognizes New York City’s best employers. The Best Places to

Work are determined by independent surveys of employees and employers that focus onissues ranging from health care benefits and opportunities for advancement to activities thathelp relieve stress and promote fun in the workplace.

Crain’s will feature the winners in its Dec. 15, 2014, issue and on the Web, exploring thepolicies, qualities and idiosyncrasies that make each a great place to earn a living.

Last year’s 75 winners encompassed small, medium and large companies from a wide range of sectors. Theyincluded established corporate names such as Edelman, MetLife Financial Group of NY, Microsoft Corp. and SilversteinProperties, and fast growers such as NetApp, ZocDoc, Tough Mudder, Elite SEM and Big Spaceship.

If you think your organization has what it takes to earn a place on Crain’s seventh annual Best Places to Work in NewYork City list, or if you simply want to learn more about the program, including eligibility information, go towww.bestplacestoworknyc.com. Registration ends July 11.

‘Would peopletolerate this if ithappened onPark Avenue?

Macy’s grows NYyears,Macy’s head count in the NewYork area has grown 30%,to 31,200,making it the region’s second-largest for-profit employer, behindonly perennial powerhouse JPMor-gan Chase & Co. (see list, Page 13).Mr. Lundgren notes that expandedsales and head counts have comewithout adding new Macy’s storesin New York—although that willsoon change.

The retail giant’s growth under-scores a broader shift taking place inthe New York economy. As jobs infinance slowly disappear, they arebeing replaced by jobs in sectors likeretail. The trade-off is not a simpleone, however. The average annualwage for retail employees in NewYork is $39,000, or about one-tenthas much as those working on WallStreet, according to the Indepen-dent Budget Office.

“The retail industry has been ahuge driver of new jobs,” said econ-omist Barbara Byrne Denham.“Some of it is related totourism, but a lot of jobshave come from a slew ofnew retail developments inthe outer boroughs.”

Retail’s ascendancy isvisible throughout the city.Recently completed shop-ping developments include the500,000-square-foot East RiverPlaza in Harlem, the 913,000-square-foot Gateway Center atBronx Terminal Market, and the800,000-square-foot Skyview Cen-ter Mall in Flushing,Queens.Addedtogether, these projects are the size ofthe Empire State Building.

More is on the way. The com-pleted World Trade Center will in-clude 365,000 square feet of retailspace, while renovations at theGeorge Washington Bridge bus ter-minal will add more than 200,000.The Bay Plaza Mall under con-struction in the Bronx will createmore than 900,000.

Amid such growth, it’s no sur-prise that retail employment in NewYork is up 20% over the past fiveyears, according to Ms. Denham, ornearly triple the overall rate of jobgrowth in the city.The IndependentBudget Office expects that retail jobswill continue to grow by 1.8% peryear through 2017, or more thandouble the rate of finance jobs.

Fewer financial jobs If anything, the IBO forecast for

financial jobs looks overly opti-mistic. Fully 30,000 jobs have beenlost in the financial sector since2008, and the ranks slipped by an-other 2,000 last year, according toU.S.Bureau of Labor Statistics data.It seems unlikely this trend will re-

verse soon, in light of how severalbig banks were busy shrinking theirfootprints in New York in 2013.

For example, JPMorgan Chasereduced the amount of commercialand retail space that it occupies in thecity by 5% last year. In fact, the bankowns or rents 12% less commercialreal estate in the city than five yearsago, according to its latest annual re-port.Perhaps the most visible sign ofretrenchment was the bank’s sale ofits 60-story Chase Manhattan Plazadowntown late last year; many ofthose jobs were moved to Brooklyn.The bank plans to lease five officefloors at its namesake building andground-floor space for a branch.

Morgan Stanley shrank theamount of office space that it ownsor rents in the New York area by 7%last year.The biggest drop took placein Brooklyn and Jersey City,where itcut leased office space by 25%.

Bank of New York Mellon, longone of lower Manhattan’s largest em-ployers, exited a 76,000-square-foot

space leased at 32 Old Sliplast year and moved staffersto an owned building at 101Barclay St. as part of a planto cut leased space in the re-gion by 250,000 square feet.The bank is looking to sellits historic 49-story head-

quarters building at 1 Wall St. andconsolidate staff to the 23-story Bar-clay Street location.

While the banks are mired in aprolonged cycle of cutting staff andshrinking space, Macy’s has addedhead count in the past few years bybringing jobs related to buying,planning and marketing to the NewYork area from around the country.The company has also added 1,000computer specialists here to supportthe bustling Macys.com andBloomingdales.com websites.

“New York is where the design-ers live, where our vendor partnershave their showrooms, and it’swhere the photo studios are,” Mr.Lundgren said. “There are great ad-vantages to having everyone here.”

Now Mr. Lundgren is workingon getting more customers into hisstores and more employees to servethem. Later this year, Macy’s willopen its first new store in the citysince 1995 at the Bay Plaza Mall.And with the $400 million renova-tion of Macy’s flagship West 34thStreet store slated for completionlate next year, he’s contemplating anextensive renovation of the down-town Brooklyn store.

“We’re now at the stage wherewe’re thinking, ‘What could it be?’ ”he said. “We have lots of ideas.” �



CEO TERRYLUNDGREN:“There are greatadvantages tohaving everyonehere.”

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20%RISE in retailemployment inthe city in the pastfive years, nearlytriple the overalljob-growth rate

where Chief Operating OfficerJames Woodland and key executivesfrom information technology,humanresources and corporate communica-tions decide whether to open theirManhattan office and three others inthe tristate area.

Next, the companysends the news by text mes-sage to employees’ mobilephones and by email.Meanwhile, supervisorsmust contact their teams tocheck in about the trans-portation situation andmake individual plans; if the bossesdon’t reach the employees, the onusis on workers to track down thecompany’s decision.

That’s not hard to do: The com-pany uses its voice-mail system,web-site and a variety of social-mediasites, including Yammer, to provideupdates. And if the office is closed,CMI/Compas expects all but a fewemployees to tunnel into their com-

puters at the offices usingvirtual private network, orVPN,lines;others can use asample out-of-office mes-sage the company has craft-ed to keep customers andvendors informed.

“The nasty winter thisyear was like a crash test to

ensure that we had a good policy inplace, and we learned a lot,” saidCarly Kuper, vice president ofstrategic marketing and corporatecommunications at CMI/Compas.

It’s likely that such plans willcome in handy. A report from theNew York State Energy and Re-search Development Authority,

prepared by scientists from Colum-bia and Cornell universities andCity College of New York in 2011,predicted that precipitation in NewYork state will increase by 5% by2020 and by as much as 15% by the2050s, particularly in the wintermonths. Meanwhile, even withspring having started on March 20,few business owners are breathing asign of relief that winter is over.

“All of the recent weather—thesnow and storms and everythingelse—has people a little on edge,”saidDavid Fisher,an attorney in the laborand employment practice group atDavis & Gilbert in Manhattan.“A lotof my clients have been asking meabout implementation and aboutwhat they need to think about.”

There’s money at stake. Underfederal and state laws, even if a com-pany chooses to close the office partof the week and salaried employeesget only some of their usual workdone, the firm must pay them a fullweek’s pay, with few exceptions, ac-cording to Mr. Fisher. However,companies can adopt a written pol-

icy to deduct days the office is closedfrom employees’ vacation time tocover the costs of paying them.

Morale boosterA well-crafted policy that puts

safety first can also boost morale,says Jaime Klein, founder ofManhattan-based Inspire HumanResources, which provides out-sourced HR services.

She recommends that compa-nies state in their handbooks thatthey will pay all employees on dayswhen the office is closed because ofbad weather—even if they arehourly workers entitled to get paidonly on days they work.

“As hard as it might be on theP&L, it’s the right thing to do forthe brand,” said Ms. Klein. “It cre-ates a culture where people don’tthink they need to do dangerousthings, like drive in the snow.”

With many employees armedwith laptops, company-reimbursedmobile phones and VPN lines,Windsor Resources, a profitableManhattan-based staffing firm

with about $10 million in annualrevenue and 25 recruiters andstaffers,had no qualms about urgingits team to stay off the roads andpublic transit in severe weather. Itoffered such advice in its employeehandbook, reissued in February.

“If schools are closed in their im-mediate neighborhood or in NewYork City, we don’t expect people tocome into the office,” said KiahJones, strategic planning officer.“The danger you could put yourselfin if you slip and fall is just not worthit. Most of our employees cantelecommute very easily.” �

Storm prep aids firmsContinued from Page 4

into the Broadway production ofWicked, which opened in October2003. They’ve received a collective$140 million,or 10 times their initialante, investors who spoke on thecondition of anonymity told Crain’s.

As the old show-business sawgoes: Broadway—you can’t make aliving, but you can make a killing.

“That’s the kind of return in-vestors are hoping for and don’t really see,” said George Wachtel,president of Audience Research &Analysis, a consulting firm.

Additional feesAnd that sum doesn’t even in-

clude the licensing fees and othermoney from touring, national and international productions that in-vestors in a successful show typicallyreceive.There are 59 investors in thecompany that produced the Broad-way version of Wicked, includingUniversal Pictures, sources said. Notall investors get the same deal.

“Ever since we recouped [in2005], I’ve made between 85% and100% returns a year,” said one of thefortunate 59, a veteran Broadway in-vestor. “Last year, I got 110%.”

Comparisons with other Broad-way shows are difficult becauseprofit information is confidential.Experts speculated that otherblockbusters like Phantom of theOpera, Broadway’s longest-runningshow, and Disney’s The Lion King, a17-year veteran, may have generat-ed similarly spectacular returns.Spokespeople for those shows de-clined to provide such data.

“Every time producers have anew show [to pitch to investors],they compare it to Wicked,” said theveteran investor. “Nothing will bethe next Wicked.”

In its first 10 years on Broadway,ended last Dec.29,Wicked sold $797million in tickets and was seen by7.5 million people. Average weeklyticket grosses of $1.8 million in2013 were 62% higher than results

in 2004,as ticket prices skyrocketed.In Wicked’s first full week in 2003,

the average ticket cost $66, with thetop seat commanding $100, accord-ing to the Broadway League. Tenyears later, in the first week in No-vember, the price of an average tickethad jumped 82%, to $120, while thetop-priced seat had tripled to $300.

Clearly, Wicked investors havebenefited from higher ticket prices.Some investors also have reaped biggains from satellite shows.There areeight other productions, including

two traveling tours in the U.S. andstagings in London, Mexico Cityand Seoul. Chicago, Los Angelesand San Francisco also have beenhome to productions.

Wicked’s results, combined withMr. Stone’s producing record, hadpeople clamoring to invest inIf/Then, sources said. He has pro-duced seven shows on Broadway,

and four have recouped costs—giv-ing him a 57% success rate—morethan double the average of 25%.

His shows have won a combinedeight Tony Awards. However, nonehas won the gold—best play or bestmusical—leaving him without aTony of his own. Mr. Stone has alsoproduced seven off-Broadwayshows, including The Vagina Mono-logues, and four have recouped costs.

Observers note that Mr. Stone’stendency to work on one show at atime is a reason for his success. “Heis very hands-on,”said a collaboratoron several of his shows, who likemany people interviewed for this ar-ticle requested anonymity. “He getsreally involved with the details.”

Others said Mr. Stone’s taste,marketing savvy and knack forpulling together creative talent havehelped him prosper. Mr. Stone de-clined to comment because ofIf/Then’s production schedule.

In 1994, he produced his firstBroadway show, a comedy calledWhat’s Wrong With This Picture? Itperished after 10 days.Wicked was hisfourth production, followed by The25th Annual Putnam County SpellingBee, a critical and audience hit thatran for two and a half years; ThreeDays of Rain, a limited-run selloutstarring Oscar winner Julia Roberts;and Next to Normal, a musical abouta mother struggling with mental ill-

ness, which won the Pulitzer Prizefor drama.The winners of that prize,Tom Kitt and Brian Yorkey, are theteam behind the book,lyrics and mu-sic for If/Then.

Wicked, at last count Broadway’s12th-longest-running show, wasn’tan obvious blockbuster from thestart. It received mixed reviews andlost the Tony Award for best musi-cal to Avenue Q.

“I knew [Wicked] would appeal topeople. You can’t imagine this suc-cess in your wildest dreams,” saidMr. Stone in a 2008 interview withthe American Theatre Wing.

Finding loveWicked has become a phenome-

non for reasons beyond a top creativeteam and Mr. Stone’s leadership. It’sderived from a beloved, classic bookand movie but addresses modern anduniversal issues such as femalefriendships, government abuse ofpower and even animal rights.

The show, based on GregoryMaguire’s novel Wicked: The Life andTimes of the Wicked Witch of the West,acts as a prologue and epilogue to The Wizard of Oz. It details the evolution of Elphaba, the once-bullied green girl who findsstrength, conviction and love eventhough people perceive her as wicked.

“It’s the Ugly Duckling story seton its head, and we can all relate tothat,” said Jorge Cacheiro, chair ofthe performing-arts program atPace University.

Marc Platt, another producer onWicked, had been developing theshow for about two and a half yearsbefore joining forces with Mr.Stonein 2001, according to the TheatreWing interview.

“Marc, with a little help from me,really created Wicked,”said Mr.Stonein that interview. “But if he createdWicked, I created the business.”

And that’s just as important asfinding good material and greatartistic talent, observed Tony-winning producer Daryl Roth.“When something like Wicked hap-pens, it is just very exciting.” �

Wicked returns for investors


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

$1.5BINSURED, winterstorm-relatedlosses in the U.S.,Jan. 1 to Feb. 21,2014Source: InsuranceInformation Institute


CAN THEY DO ITAGAIN?Wickedproducer DavidStone and starIdina Menzelopen If/Then onMarch 27.

CORRECTIONS

The new Mount Sinai Health System hasapproximately 32,000 employees and is one ofthe largest nongovernment employers in NewYork. That information was misstated in Scoop on Page 13.

The city’s property tax was $21 billion in 2013.That fact was misstated in the March 17 “Legalduo drops $41B property-tax bomb.”

The occupancy rate of Center4 is not available.That fact was misstated in the March 10 StartupGuide.

BY BARBARA BENSON

The North Shore-LIJ Health Sys-tem and Maimonides Medical Cen-ter have jumped into the bidding tobuy Long Island College Hospital,partnering with real estate develop-er Don Peebles and ProHealth CareAssociates.

The group’s proposal wouldprovide comprehensive care atLICH, but not a full-service hos-pital.

North Shore-LIJ and Mai-monides are newcomers to the bid-ding in a process that has seen anever-changing cast of suitors.

Neither had submitted a propos-al during the first round of bidding.Those bids were ultimately nullifiedafter a lawsuit from communitygroups forced LICH’s owner,SUNY Downstate, to reset theprocess and give supporters ofLICH a voice in selecting the win-ning proposal.

Under the lawsuit’s settlement,bids are due Wednesday and must bemade public within five days.

Developer Don Peebles was aninitial bidder who proposed a“mixed-use, sustainable develop-ment,” with the Institute for FamilyHealth providing primary and spe-cialty care.

ProHealth also was among theoriginal bidders in the first round,paired with developer Fortis Prop-erty Group. The developer revisedits deal to partner instead with NYULangone Medical Center.

A year ago, Maimonides andProHealth announced an agree-ment to develop physician prac-tices, with the aim of building anetwork of doctor’s offices inBrooklyn. �


Mr. Stone‘really getsinvolved withthe details’

Two morejoin LICHbidding

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INSIDESource Lunch CondéNast ready for downtownmove PAGE 22Out and AboutMarch Madness returnsto the Garden PAGE 23

BY JEN GELLER

As a retail analyst, Hitha Prabhakar always wants to dress her best, especially when making a TV appearance.This winter, it took an act of acrobatics to keep her looking picture-perfect. She forgot to put on her winter boots as she headed out the door for a TVinterview in the middle of a February snowstorm.“I had my five-inch patent-leatherLouboutins that are hard to walk in on a warm and sunny day, much less a day that isdumping snow and rain. I had to do a ballet leap that Sylvie Guillem would be proud of,”

she said. “I may have done irreparable damage to my knee, but I sure was graceful hopping over thosesnowbanks and puddles!” ¶ Like Ms. Prabhakar, most New Yorkers cannot wait to say goodbye to the endlesswinter of 2014. Ruined heels, ragged parkas, frayed cashmere and ice in the shoes are among the biggestcomplaints. ¶ “I’ve had to invest way more in cold-weather clothes than I anticipated, as I basically ran out ofsweaters and wool slacks,” explained Lauren Fleisher, a marketing and business development executive wholives on the Upper East Side. “I would normally be well into my spring shopping by

Wine’s worldDanny Meyer’s Union SquareHospitality Group, owner ofGramercy Tavern, Maialino andother eateries, is sharing a drop ofits secret sauce with the public.A 10-week wine education coursethe company has offeredemployees as part of theirprofessional development is nowavailable to anyone willing toswallow the $1,750 fee.

“Understanding Wine”begins on March 25. USHG’sJames Beard Award-winningwine director John Ragan(below) will teach the class inpartnership with the Institutefor Culinary Education. Mr.Ragan is one of just three

people inthe worldwho holdsa mastersommeliertitle,accordingto USHG.The coursewill also

feature guest speakers,including winemakers, grapegrowers and other oenophiles atthe company.

“One of the most excitingaspects from my point of view,”said Mr. Ragan, “is connectingenthusiasts to my wine colleaguesthroughout the USHGrestaurants.”

For the past decade, staffers,including servers and line cooks,have been taking the course at adeep discount, a spokeswomansaid. —lisa fickenscher

Spiritual theaterChristian theater is coming todowntown. The Sheen Center, runby the Archdiocese of New York, isscheduled for a soft opening inMay. The full season starts inSeptember.

Artistic Director JessicaBashline, a former actor and artseducator, called the center “adeparture for the Catholicarchdiocese” and “a truly uniquenonprofit.”

Named for Archbishop FultonJ. Sheen, a television personalitywho hosted the show Life Is WorthLiving in the 1950s, the 25,000-square-foot building at 18Bleecker St. will house a 250-seatmain stage and a downstairs stagewith a 93-seat capacity, as well asrehearsal studios.

Executive Director MonsignorMichael F. Hull, who is also thepastor of the Church of theGuardian Angel in Chelsea, saidthe center “strives to be a placewhere dynamic dialogue betweenartists and audiences can flourish.”

Indeed, Sheen will offer morethan Christian programming.Companies that have alreadysigned on to rent the space includeThe New York International FringeFestival and Voyager TheaterCompany. “Our business model is awork in progress,” said Ms.Bashline, “one that is not interestedin making money to advance themission.” —bilal iftikhar

See RETAILERS on Page 22

HELLUVA TOWN


Goodbye, winter!After months in the deep freeze, New Yorkers are

ready to rock the spring wardrobe

DRESSINGAPPROPRIATELY: Retailanalyst Hitha Prabhakar couldn’t wait to wear her warm-weather clotheslast week.

SNOWED OUT

14NUMBER ofsnowstorms in NewYork City in winter2014

7.1%DROP in retail sales in New York City inFebruary 2014Source: Applied Predictive Technologies

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now, but at this rate, I’ll probablywait until April.”

Retailers are just as eager to bidadieu to the polar vortex, as thefrozen temps and snowy weatherhave vexed sales all along the EastCoast.

In areas that have seen 10 ormore snowstorms, retail sales havefallen 2.8%, according to AppliedPredictive Technologies. For thosekeeping track, New York City hashad 14 snowstorms, and APT saysthat the city saw a 7.1% drop in salesin February alone.

According to the ThomsonReuters Same Store Sales Index,excluding drugstores, retail salesnationwide rose 0.3% in February,making it the worst month sinceMarch 2009.

Markdowns, for nowMs. Prabhakar, chief research

officer at AitchPe Retail Advisory,says that retailers have been slow tomove spring merchandise that hitthe shelves in mid-January and thatmost stores are currently doing ma-jor markdowns to make way forsummer duds. Conversely, onlineretailers such as Amazon and Net-flix had a great winter, she added, asthey benefited from people stayinginside.

And though it doesn’t quite feellike spring, some New Yorkers arealready stripping down to their barelegs.Bolder colors and prints are onthe agenda, according to MatthewBreen, co-owner of Carson StreetClothiers in Greenwich Village,which opened a year ago. He saysthat sales picked up the first week-end temperatures got above 50 de-grees. One of his favorite pieces ofthe season is Ovadia & Sons’ blackleather moto jacket for $1,795.

“It is a phenomenal piece for avery competitive price and can beworn in almost any situation year-round,” he said.

His best-selling items right noware transitional ones, like the Car-son Street Trouser. Mr. Breen sug-gests that customers focus less ontrends and more on style. “We be-lieve in blending classic menswearwith contemporary sportswear,” he

added, pointing to classic blazers asa closet staple.

From a personal perspective, headded,“I’m simply looking forwardto the first day I can just throw on aT-shirt, shorts and sneakers andtake the dog for a walk.” It shouldbe noted that those shorts will like-ly be in a summer herringbone.

Stacey Bendet, chief executiveand designer of Alice + Olivia,which has several shops in Manhat-tan,was forced to close her stores on

the worst storm days in the NewYork metro area.The torrential rainsin California had an impact on hershops there as well.She’s ready to putthe season in her rearview mirror.

For spring, she’s looking for-ward to donning pastel lace pieces,though she’ll wait till the mercurytops 60 degrees.For now, she’s mix-ing light colors in warmer fabrics.

As the weather heats up, there isone trend that both Ms.Bendet andMs. Prabhakar say will have many

women running to core classes.“This spring is all about the croptop. It’s everywhere in differentproportions,” Ms. Bendet said.

Some women may be reluctantto bare their midriffs.“It may soundlike a terrible idea, but there areways to rock them and not feel likeyou took a trip back to a MötleyCrüe show circa 1987,” Ms. Prab-hakar suggested. For example,women can mix the crop top with awide-length trouser and some heelsto balance the proportions.

On the to-buy listBoth fashion pros add that

graphic T’s, high-waisted pants,florals and tea-length skirts willround out the spring wardrobe.

Emily Grossman,an accountantwho lives in Manhattan,has alreadymade a few purchases, including ametallic bag, leopard-printLouboutins and a dress that looksright out of the Copacabana. Croptops are also on her to-buy list,along with classic white jeans.

Fashion stylist Felix Mercado,who helps style celebrities andnewscasters, said it’s not necessaryto overhaul the closet every season:“Think of a trend like going on ablind date—you want to look goodbut don’t want to overinvest and endup disappointed if your date doesn’twork out. Unless you have the bankaccount to support spending sprees,dabbling in a trend is fine.”

In terms of menswear, Mr. Mer-cado, whose website, ShutUpAndWearIt.com, doles out fashionadvice to the masses, said currentfashion is veering away from the fit-ted and structured suits that havebeen in vogue. He said menswear isshifting toward more fluid and loos-er-styled clothes with longer jacketsand wider-legged trousers.He addedthat men should also ditch any den-im with big logos on the pockets thatwere big a few years back. “There’snothing worse than an ill-fitting jeanon a good-looking man,” he said.

Ms. Bendet warns that no mat-ter how warm it gets, there’s onething no fashionable New Yorkershould ever wear on the street: flip-flops. “Some things are just meantfor the beach.” �

By the end of the year, themidtown media land-scape will have been for-ever changed: CondéNast, a fixture since

1927, will have moved downtown to1 World Trade Center.The publish-er of Vogue and The New Yorker hasbeen busy transforming itself in oth-er ways, too, under President BobSauerberg, who was named the No.2 executive, after CEO ChuckTownsend, in 2010.

The move downtown was announced in2011. How does it look three years later?We were at the beginning of thinkingabout Condé Nast’s transformation,and we saw [the move] as a perfectopportunity to catapult our change.Now it’s going to be an even biggercatalyst than we contemplated. Ourstrategy is very focused on develop-ing our brands and all the platformswhere our consumers wantthem, and the [new] spaceis more open, more in tunewith the technology peo-ple who are driving [thechanges]. We’re buildingcollaboration rooms andbigger meeting spaces,where people can collectand talk about strategies.

What about the fooddowntown? Where will peoplego for that exclusive lunch? The dining scene is goingto evolve quickly. We willhave new spots down-town. And the companywill be active around thecity. We’ll have space inmidtown—it won’t be as-signed seating, but spacewhere people can comeand go during a salesmeeting.

When you started, the idea was to relyless on print advertising and have manyrevenue streams. How is that going?We’ve expanded our consumer foot-print significantly, and made signifi-cant improvements in all forms ofrevenue and are profitable in a fairlysignificant way, and the consumerrevenue piece is [part] of that. We’reshifting from selling a print sub-scription for a low price to [selling]all access to our content for a higherprice. And we’re in the early days ofwhat that higher price is going to be.

I’ve definitely seen my New Yorker

subscription go up. It used to be a deal.The New Yorker’s price increases havebeen wildly successful from a businessperspective. And their subscriptionbusiness has grown so significantlyover the last few years that it’s rivalingadvertising in terms of its revenuestream. So thank you for paying thebig price.You’ll be seeing more of that.

Most publishers are finding it hard togrow digital ad revenue. How has CondéNast been doing? Our [online ad rates] are not goingdown, they’re going up. And they’regoing up because we don’t sell adpages anymore.We sell big programsthat make lots of noise and connectour advertisers to these great con-sumers who read our magazines andour websites and our mobile apps.

Your digital ad revenue used to be about10% of total ad revenue. What is it now?

It’s 15% to 20%. That’s ablended average. ForWired, it’s around 40%.And our print business hasdone well. The best newsin this whole story is thatour print business has nev-er been stronger. It grewlast year by about 3 per-centage points—which isa big number when you’rea big magazine company.

Are you feeling pressure fromHearst since it acquiredHachette Filipacchi?Hearst’s strategy was toincrease their scale; ourstrategy is to improve thequality and expand ourbrands. I look at competi-tive pressure far biggerthan Hearst’s. We havepressure from other digitalcompanies and from socialmedia, where advertising

money is being spent in ways thatdidn’t even exist a few years ago.

You’ve also invested in online video.There’s not a lot of high-quality dig-ital video content. And we’ve passedover the years on a myriad of cable-channel opportunities. So I saw thisas a second chance. Starting lastMarch, seven brands [including GQ,Glamour and Vanity Fair] launcheddigital video channels, about twobrands a month through the fall. Weamassed 560 million views [last year],and I hadn’t even gotten started.Thisyear, we’ll be in the billions. �


Condé Nast aimshigh downtown

Retailers see sales pick upContinued from Page 21

WHERETHEYDINEDTHE LAMBSCLUB 132 W. 44th St.(212) 997-5262www.thelambsclub.comAMBIENCE:Clubby and quiet,with a slightly retrofeelWHAT THEY ATE:� Fruit salad� Shiitake omelet;bagel� 2 IntelligentsiaHouse Blendcoffees� 2 large Hildonwaters PRICE,INCLUDING TIP:$81.19

SOURCEBREAKFAST:BOB SAUERBERGby Matthew Flamm

INSIDE TIP: For the best seating, take acorner banquette at breakfast, and sit nextto the fireplace at lunch.

TOP SPRING TRENDSTRUE BLUE Blue may be cool, but it’s very hot this spring, especially for men,as seen in many of the runway shows. It’s an easy color for most people towear and will likely last beyond this season.

LEG UP If the skinny-legged craze didn’t fit your style, wide-legged trousersare big for both men and women. Keep the look in proportion by pairing thepants with a more fitted top. And don’t gotoo wide if you’re short, so you don’t appearto be drowning in fabric.

BACK TO THE ’90S Crop tops, florals andeven denim overalls are in style this seasonfor women. But don’t worry: The cuts aredecidedly modern, and they don’t have tobe paired with scrunchies.

LEATHER AND LACE Pastels, lace and tea-length skirts are in vogue as well. Match witha motorcycle jacket to toughen up the look.

—JEN GELLER

CHANGING FASHIONS:Bolder colors and printsare on the agenda forspring, according toMatthew Breen ofCarson Street Clothiersin the Village.

‘You want tolook good butdon’t want tooverinvest’

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REFRESHINGLY TRANSPARENT

SNAPS Roundabout Theatre raises a record $2.8 millionOUT ANDABOUT

FRIDAY, MARCH 28, AND SUNDAY, MARCH 30Madison Square Garden will be the site ofthe NCAA MEN’S REGIONALS, the first timethe venue has hosted any part of the NCAAcollege basketball tournament in more than50 years. The regional semifinals and finals(the Sweet 16 and Elite Eight) are theprecursors to the national semifinal andchampionship games. The official ticketdistributor for the games iswww.primesport.com. Ticket prices are steep,ranging from about $500 to almost $2,000.

CULTURE FIXTUESDAY, MARCH 25, THROUGH SUNDAY, APRIL 27Steven Soderbergh directs THE LIBRARY, anew play at the Public Theater about theaftermath of a school shooting. ChloëGrace Moretz, known for her work inHugo and 30 Rock, stars. The show waswritten by Scott Z. Burns, who pennedoriginal screenplays for Mr. Soderbergh’sSide Effects and Contagion. Tickets startat $75 and are available online atwww.publictheater.org. The PublicTheater is located at425 Lafayette St.

TUESDAY, MARCH 25The 92nd Street Y willhost a panel discussionand tasting eventcalled MORE THANMATZAH BALLS: FOOD AND COOKING INJEWISH CULTURE. Moderator Joan Nathanand chefs Pati Jinich, Louisa Shafia andAri White will discuss Jewish cuisine,and guests will have the opportunity tosample several dishes. Tickets start at $40($25 for those under 35) and are availableonline at www.92y.org. The event willstart at 8:15 p.m. The 92nd Street Y islocated at 1395 Lexington Ave.

CAREER BUILDERWEDNESDAY, MARCH 26The Harlem Entrepreneurial Fundwill host a MICRO-LOANINFORMATIONAL SESSION to helpbusiness owners in the Bronx, Harlemand upper Manhattan findinformation about getting loans. Thesession will be held at the HarlemCommonwealth Council offices at361 W. 125th St. The event is free andwill run from 8:30 a.m. until 9:30 a.m.For more information, visitwww.harlemcommonwealth.org.

SATURDAY, MARCH 29, AND SUNDAY, MARCH 30Food industry members (and spiceenthusiasts) can discover the nextSriracha at the SECOND ANNUAL HOTSAUCE EXPO, hosted by High RiverSauces. The event will feature boothsfrom artisanal hot-sauce makers, ahot-pepper eating contest and aBloody Mary mix-down. The eventwill be held at the Penn PlazaPavilion, 401 Seventh Ave., and willstart at 10 a.m. both days. Ticketsrange from $10 to $100. For moreinformation, visit www.nychotsauceexpo.com.

DON’T MISS MARCH MADNESS

MARK YOUR CALENDAR… TUESDAY, APRIL 29, THROUGH SUNDAY, MAY 4NEW YORK CITY BALLET will present the work of 10 influential names in dance in its21ST CENTURY CHOREOGRAPHERS series. Among them is Benjamin Millepied,who choreographed and starred in The Black Swan. There will be three programs tochoose from with multiple performances of each. New York City Ballet performs atthe David H. Koch Theater, 20 Lincoln Center Plaza. Tickets start at $59 and go upto $159. For more information, visit www.nycballet.com.

FUNDRAISERS TUESDAY, MARCH 25The Stratus Foundation will host THEDIVERSITY PIONEER IN LAW AWARDS DINNERat the Broad Street Ballroom, 41 Broad St.The organization awards scholarships tominority applicants to law and businessschools for test prep and admissionscounseling. Tickets start at $250 and areavailable at www.eventbrite.com/e/the-diversity-pioneer-in-law-awards-dinner-tickets-10319930189. The event, which willrun from 6 p.m. until 8:30 p.m., will honorMartha Minow, dean of Harvard Law School.

SATURDAY, MARCH 29, AND FRIDAY, APRIL 18Elayne Boosler will perform at COMEDY WITH ACAUSE! The shows will benefit local animal-rescue and advocacy groups. Ms. Boosler isknown for her political humor. Theperformances will be at Stage 72, 158 W. 72ndSt., at 9 p.m. Tickets cost $25, and there is anadditional two-drink minimum. Tickets areavailable online at www.stage72.com.

OPENINGTHURSDAY, MARCH 27, THROUGH SATURDAY, MAY 3The Danziger Gallery will hostFABLES AND SONG, an exhibitionof work by photographer KarenKnorr. The show includes twoseries, “Fables” and “India Song,”both of which place digitalimages of animals in analogphotos of European museumsand ornate Indian settings. Thegallery is located at 527 W. 23rdSt. For more information, visitwww.danzigergallery.com.

by Ali Elkin and Theresa Agovino

See more of this week’s Snaps online at CrainsNewYork.com/galleries.

AGNES GUND and BUNTY ARMSTRONG at theArt Dealers Association of America benefit forthe Henry Street Settlement. The March 4 eventraised more than $1 million.

LORI SILVERBUSH, DEANNA MULLIGAN, MARYANNE GILMARTIN and SHEENA WRIGHT at theUnited Way of New York City’s Women’s Leadership Council luncheon on March 12. The eventraised $453,000.

LISA ROSENBLUM, SONYA STARR and SURIKASIRER at a benefit for Citymeals-on-Wheelson March 9. The dinner raised $828,000.

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SAM MENDES and ROB MARSHALL at the gala for the Roundabout Theatre Company on March10. The fete took in a record $2.8 million.

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