Spitzer's aides find it difficult to start anew

NBA BETSON OLYMPICS;ALL-STAR GAMEHITS HOME RUNIN NEW YORK

PAGE 3

Egos keepnewspaperpresses rolling

BY MATTHEW FLAMM

across the country, the newspa-per industry is going through ar-guably the darkest period in itshistory, with publishers slashingnewsroom staff and giants like Tri-bune Co.standing on shaky ground.

Things are different in NewYork.

The Daily News is investing innew color presses. The Wall StreetJournal is launching a weekendmagazine.The New York Times,de-spite cutting 100 newsroom jobs,has not cut back on coverage. TheNew York Post and the New YorkSun continue to publish in the faceof unending trails of red ink.

Most remarkable of all, fourdailies—eight counting the Jour-nal, Long Island’s Newsday andfreebies amNew York and Metro—fight for attention at a time whenmost cities can barely support one.

The troubled economy andcompetition from the Internet—the two forces hammering the in-

BY GALE SCOTT

nursing has long been a ladderup for minority women, but a newstate study shows that in New York

City,black nurses get paid less thantheir white counterparts.

The Center for Health Work-force Studies at the State Univer-sity of New York in Albany com-pared the salaries of nurses withsimilar experience and credentialsand found that black nurses madeless in almost all cases.

For example, black nurses with30 or more years of experienceearned an average annual salary ofabout $81,000, while white nurseswith the same experience earnedan average of almost $90,000—11% more.

“That sounds like racism tome,” says New York City Council-woman Letitia James. “On the ba-

Black nurses earn less than whites

BY ERIK ENGQUIST

three months after EliotSpitzer’s stunning demise leftthem rudderless,many membersof the ex-governor’s inner circlehave yet to restart their careers.A few from the brain trust thatonce seemed destined to reshapethe state have moved on to oth-er jobs, but others are takingtime off to decompress from thescandal that upendedtheir lives.

“The shock ofSpitzer’s fall weighedheavily on every singleone of these people,”ex-plains a former staffer,who asked not to be identified.

Those who can afford to aretaking a break to recover fromthe intensity of working for Mr.Spitzer and the emotional up-heaval of his disintegration.

Christine Anderson, who aspress secretary and then com-munications director was on thefront lines of Mr. Spitzer’s bat-tles, is unwinding in theanonymity of New York City

life. Paul Francis, whose last dayas director of operations will beJuly 11, plans to take his timebefore embarking on his nextendeavor, which he expects willbe in the private sector. Senioradviser Lloyd Constantine,whofollowed Mr. Spitzer to Albanyand bought a house there, hasyet to return to his Manhattanlaw firm, Constantine Cannon.

Working for the hard-driv-ing Mr.Spitzer,“you really don’t

have any time to thinkabout what you want todo next,” Mr. Francissays.“So I think it’s nat-ural to take some time[now] to evaluate theoptions.”

But the Spitzer crew—mostof whom remain devoted to theformer governor, despite therevelation that he slept withhigh-priced call girls—clearlyneeded a break as well.

“I think everybody is now, inhis or her own way, facing thequestion of ‘Where does thisleave me?’ ” says Richard Rifkin,who was deputy attorney gener-

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See EGOS on Page 6See SPITZER on Page 8

See BLACK NURSES on Page 6

Even with sameexperience, theymake less money

Taking time off to decompress Local moguls spendmillions even as business turns south

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VOL. XXIV, NO. 27 WWW.CRAINSNEWYORK.COM JULY 7-13, 2008 PRICE: $3.00

SALARY GAP

THE UNION REPRESENTING450 CEMENT-TRUCK DRIVERSand the city’s concreteproducers will return to thebargaining table as early astoday in an effort to end astrike that has disruptedconstruction sites across thefive boroughs.The workerswalked off their jobs afternegotiations betweenTeamsters Local 282 and theAssociation of New York CityConcrete Producers failed toyield a contract by the July 1expiration of their currentdeal. Wages and workingconditions are the stickingpoints. “There’s a huge desireon both ends to resolve this asquickly as possible,” says aspokeswoman for TeamstersLocal 282.

THE FOURTH OF JULYFESTIVITIES MAY BE OVER,but the sponsors of fireworksshows are reeling from costincreases and alreadybeginning to worry abouthigher prices expected for next

AT DEADLINE

See AT DEADLINE on Page 2

SPECIAL SECTION

2008

AN EASY-TO-USEGUIDE TO THESTATISTICSTHAT MATTER THISYEAR IN NEW YORKPAGES 9-43INCLUDING: ECONOMYFINANCIALHEALTH CAREREAL ESTATETOURISM& MORE

COMINGNEXT WEEKAs banks tighten the spigot oncredit, the July SSMMAALLLL BBUUSSIINNEESSSSRREEPPOORRTT reveals how microlending isfilling the void for many companies.

Spitzer’s aidesfind it difficultto start anew

COMMITTED CARE:Kaaba Chenaultsays she has “neverwanted to workanywhere” but acity-run hospital.

Looking back ata scandal

TEAM SPITZER:THEN AND NOW

RICH BAUM

WAS The governor’ssecretary

IS Chief operatingofficer, New YorkAcademy of Sciences

PAUL FRANCIS

WAS Director ofoperations

IS Eyeing return toprivate sector

LLOYD CONSTANTINE

WAS Senior adviser

IS Not yet back atConstantine Cannon

See TEAM on Page 8

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ELECTRONIC EDITION

CNYB 07-07-08 A 1 7/3/2008 7:17 PM Page 1

year’s shows. Macy’s Inc.,official sponsor of the city’sannual Fourth of July FireworksSpectacular, declined to disclosecosts for its colossal display. Butthe American PyrotechnicsAssociation estimates thatprices for fireworks rose 35%this year and forecasts another15% to 20% hike next year.

THE NEW YORK GIANTS MAY BEABLE TO CHARGE MORE FORadvertising during the team’sgames on WFAN-AM nextseason, thanks to an agreementto use Arbitron Inc.’scontroversial Portable People

Meter ratingsservice. The

deal withArbitron will

be

announcedtoday. Since

the team sells ads for its games,the Giants will use the metersto give advertisers detailedaudience measurements.Preliminary readings from thePPMs last season indicatedthat the Giants had morelisteners among men 25 to 54years old than the No. 1morning drive show, accordingto Arbitron.

CONSUMERS, CORPORATIONSAND BLUE-CHIP ADVERTISERSaren’t the only ones promotingthemselves on YouTube thesedays. The Mayor’s Office ofFilm, Theatre andBroadcasting unveiled its ownchannel on the popular video-sharing site last week, which itwill use to promote New YorkCity as an affordable and

accommodating place to film acommercial or show. The officequietly created the YouTubechannel in February and hasattracted only 271 views and 10subscribers.

THE ST. REGIS HOTEL NEW YORKIS SPENDING $1 MILLION TOrenovate its presidential suite.The five-star hotel on FifthAvenue is trying to takeadvantage of the continuedgrowth in the superluxurymarket as internationaltravelers, beckoned by a weakdollar, visit the city in largenumbers.The St. Regis says itwill raise the nightly rate on therevamped suite to $15,000 from$13,500.

ST. VINCENT’S HOSPITALMANHATTAN WILL CONTINUE TOpress for a financial exemptionto tear down the O’TooleBuilding when it presents moreinformation to the New YorkCity Landmarks PreservationCommission on July 15. All 10of the landmark commissionershave said that they would liketo protect the building, but St.Vincent’s is hoping to provethat it cannot carry out itsmission without demolishingthe structure and constructing anew facility in its place.

THE KINGSBRIDGE HEIGHTSREHABILITATION AND CARECenter has paid a $38,000 fineto the state WorkersCompensation Board to avoidbeing shut down because itoperated for more than a yearwithout workers’ compensationinsurance. Some 220 workershave been on strike sinceFebruary, when the nursinghome stopped paying benefits.

THIS WEEK IN CRAIN’S

AT DEADLINE

vol. xxiv, no. 27, july 7, 2008—Crain’s New York Business (issn 8756-789x) is published weeklyby Crain Communications Inc., 711 Third Ave., New York, NY 10017. Periodicals postage paid at New York, N.Y. and additional mailing offices. Postmaster: Send address changes to:Crain’s New York Business, Circulation Department, 1155 Gratiot Avenue, Detroit, MI 48207-2912.for subscriber service: Call (888) 909-9111. Fax (313) 446-6777. $3.00 a copy, $59.79 one year,$109.79 two years. (GST No. 13676-0444-RT) ©Entire contents copyright 2008 by CrainCommunications Inc. All rights reserved.

Continued from Page 1

2 | Crain’s New York Business | July 7, 2008

Ride-along enclosed in Edition 1

W E E K I N R E V I E W

Willets Point wina divided Queens CommunityBoard 7 approved the Bloombergadministration’s plan to redevelop61-acre Willets Point. Despitelingering concerns over the city’suse of eminent domain to seizeproperty, the board voted 21 to 15to support construction of housing,office space, a hotel and aconvention center.

Lehman sharessink on sale rumorshares of Lehman BrothersHoldings Inc. sank after rumorssurfaced that United Kingdom-based Barclays wanted to buy thefirm at a discount. But the sharevalue recovered somewhat when ananalyst said a fire sale was unlikelyand the bank’s near-term problemshave been overblown. Lehmangave midyear bonuses in the formof stock.

CIT Group shedsmortgage businesscit group inc. returned its focusto commercial finance by agreeingto sell its home-lending business toLone Star Funds for $1.5 billion incash, plus $4.4 billion of assumeddebt, and its $470 millionmanufactured housing portfolio toanother buyer at a $170 millionloss.

Cell phone musictwo cell-phone companiespartnered with music providers.Nokia Corp. signed a deal withWarner Music Inc. so that userscan purchase tunes through Nokia’smusic stores or with its

forthcoming “Comes With Music”program. Verizon Wireless enlistedRhapsody’s subscription musicservice, allowing unlimited songdownloads for $15 a month.

Grasso vindicatedin Spitzer casea state appellate courtdropped the last two charges in anexecutive pay lawsuit againstformer New York Stock Exchange

ChairmanRichardGrasso (left).The rulingended thecase, whichstarted fiveyears agowhen formerNew Yorkstate

Attorney General Eliot Spitzercharged that Mr. Grasso’s $187.5million, multiyear compensationwas too high.

Construction safetygroup launchingthe city’s constructionindustry will form an independentorganization to promote work-sitesafety in New York City after ninepeople were killed by two tower-crane accidents here thisyear.

Mixedsignalsthe vacancy rate forManhattan officespace climbed to 7.1%in the second quarter,nearly two percentage

points higher than a year ago. Yetasking rents rose, with the averagehitting $71.59 a square foot.Simultaneously, apartment salesslowed 22%, even as pricesincreased 25%, compared with theyear-ago period.

Con Ed, unionreach labor dealconsolidated edison inc.averted a strike with nearly 9,000of its workers by reaching atentative labor agreement with theUtility Workers Union of AmericaLocal 1-2.The two sides struck adeal after a three-day cooling-offperiod suggested by Gov. DavidPaterson.The company agreed tocontinue the current pension plan.Raises are estimated at about 4%annually.

Ambac falls offNew York exchangeambac financial group inc., oneof the city’s troubled bond insurers,ceased trading on the New YorkStock Exchange after its shareprice fell to $1.04. Earlier this year,the firm lost its AAA credit ratingwith Moody’s Investors Services,Standard & Poor’s and Fitchratings, which accelerated itsdownward spiral.

Ref’s generalthe nba hired Army Maj. Gen.Ronald Johnson as senior vicepresident of referee operations, anew position to help strengthen theleague’s officiating programsfollowing the Tim Donaghyscandal. Mr. Johnson, who recentlyretired after 32 years of service as acombat engineer, will oversee allaspects of officiating.

B’way strikeavoidedactors’ equity association andThe Broadway League, whichrepresents producers and theaterowners, reached a tentativeagreement for a new three-yearlabor contract.The partiesnegotiated past a midnightdeadline before reaching a deal thatcovers both Broadway shows andtouring productions.

New York founderFelker diesclay felker, founding editor ofNew York, died in his home at age 82with his wife, writer Gail Sheehy, by

his side. Mr. Felker,who launched New Yorkin 1968 and effectivelyestablished the modelfor modern magazines,suffered from throatcancer in recent years.

—from staffreports and

bloomberg newsreports

For daily news updates, go to www.crainsnewyork.com

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Port Authority ditches deadlines THE PORT AUTHORITY OF NEW YORK AND NEW JERSEYchanged the roof design of the World Trade Center’s transithub after formally scrapping the entire project’s deadlinesand cost estimates. By making the building’s roof staticrather than retractable, officials hope to shave hundreds ofmillions of dollars off the structure’s cost. The Port Authority,along with city officials, plans to release new timetables andbudgets for the WTC in September.

THE INSIDER----------------------------------------8

CLASSIFIEDS ----------------------------------44

REAL ESTATE DEALS--------------47

THE WEEKS AHEAD-----------------47

INSIDE 2008City FactsA guide to vitalstats on NYC PAGE 9

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CNYB 07-07-08 A 2 7/3/2008 7:13 PM Page 1

July 7, 2008 | Crain’s New York Business | 3

SUMMER EXTRAVAGANZAS

BY SAMANTHA MARSHALL

the hopes of theU.S. Olympic bas-ketball teamgot a boost lastmonth, whenofficials an-nounced the fi-nal lineup of theimpressive 12-mansquad heading toBeijing in August.

Fans hope thatthis team can regainthe stature lostwhen the UnitedStates placed a dis-mal third in theAthens games fouryears ago.

Though theNational Bas-ketball Associa-tion would wel-come a goldmedal, theleague has its

eyes on the greater prize sucha performance could pro-duce: enhanced business op-portunities.Nowhere are the

stakes higher than in Chi-na, which is already the

league’s largest over-seas market.

Stand and deliverthe nba’s interna-

tional ambitions couldbe hampered if the

Olympic playersdisappoint.

“A lot hinges onhow the team per-

forms on thatcourt,” saysWayne Mc-Donnell, aprofessor atNew YorkUniversity’sTisch Centerfor Hospitali-ty, Tourismand SportsManagement.

A poor athletic show-ing, signs of team dis-cord or unbecomingbehavior could damagethe sport’s profile andset the NBA’s agendaback by years, he says.

David Stern, com-missioner of the NBA,insists that he’s notworried.

“The BeijingOlympics are going todemonstrate [basket-ball’s] complete powerand what has beenachieved,” Mr. Sterndeclared at a recentpress conference.

The NBA, based inManhattan, has no of-ficial role in the gamesthemselves, but the 12players who will travel to Beijingwill effectively become ambassa-dors for the NBA brand as well asthe sport.

The Houston Rockets’ YaoMing has already burnished theleague’s image by agreeing to playfor China’s team, despite a seriousfoot injury that is not completelyhealed. Though his competing

against his NBA peers isn’t goingto help the U.S. team’s chances forgold, it has generated plenty ofgoodwill with Chinese basketballofficials.

No-show championsreports that some of theleague’s top stars have declined toparticipate have also created an

impression that U.S. players don’ttake the Olympics seriously.Mega-stars, including Kobe Bryant andLeBron James, have dutifullysigned on to what is regarded asone of the strongest teams inyears. But no one from the cham-pion Boston Celtics accepted, andother team members could bow

Making a splash in China is the keyto league’s effort to build global franchise

See NBA on Page 6

NBA’s big planshinge on Beijing

BY HILARY POTKEWITZ

media watchers anticipated thatthis year’s All-Star Game at Yan-kee Stadium would be a boon toFox Sports, but news that 30-sec-ond advertising spots are selling formore than $500,000 has exceededexpectations.

“It sounds a little bit on the highend,” says Andrew Donchin, seniorvice president of national broad-casting at the Carat Group,a mediaagency. “But big television eventsare few and far between these days,and this game is certainly in de-mand, so I can believe it.”

Fox declined to say how manycommercial spots it has sold for theJuly 15 game, but according to aspokesman, “the market is defi-nitely healthy.”

The All-Star Game’s ad ratespale in comparison with the $2 mil-lion-plus threshold of Super Bowlspots but still push the game into theupper echelon of televised events.The numbers are emblematic of a

game that will probably set recordsin every way: revenue, attendanceand TV viewership. League execu-tives say the Big Apple backdrop isthe main reason this year’s event willbe an over-the-top affair.

Bleacher seats for $100“there are things you have inNew York that you couldn’t evencome close to in other cities,” saysTimothy Brosnan, executive vicepresident of business for MajorLeague Baseball. Central Park willbe the venue for a free league-spon-sored concert by Bon Jovi on July

12. Sixth Avenue will be the “redcarpet” for a pregame parade. And,of course, the game itself will beplayed in the famed Yankee Stadi-um in the last year before it is “re-tired.”The fact that New York has-n’t had an All-Star game in over 30years heightens fan interest.

The league priced the best seatsfor the game at $750, and generaladmission seats sold for $150.Bleacher seats sold for $100.About21,000 out of the 57,000 ticketswere originally priced under $175.However, tickets are being sold forseveral times their face value on

secondary market sites such asStubHub.

Fans with a smaller budget cancatch the FanFest celebration atthe Jacob K. Javits ConventionCenter for an average of $25 perperson starting Friday, and com-memorative statues have beenplaced around the city for fan pho-to opportunities. “We don’t wantanybody to be shut out of baseball,”Mr. Brosnan adds.

The long weekend of baseball-themed events is expected to bringabout $148 million in revenue intothe city, on top of about 175,000

visitors, according to the city’sEconomic Development Corp.That would trounce last year’sgame in San Francisco,which drewabout 125,000 visitors and broughtthe city an estimated $65 million.

Higher television ratingsone of the biggest highlightswill be the two-hour parade, fea-turing about 50 Hall of Famers inaddition to the 64 current All-Stars. The New York Police De-partment expects about 1 millionspectators to clog the streets.

In addition, industry watchersexpect this year’s game will drawmore television viewers than in thepast because there are plenty of sidestories holding fans’ attention.From rumors that Boston Red Soxstar David Ortiz will compete in thehome run derby against his club’swishes to speculation about whichold-time greats will show up, fanswill have plenty to focus on.

Fox will broadcast parade high-lights nationally for the first time,as part of the its pregame show,while ESPN will broadcast thehome run derby. Local stations arestill fighting for the rights tobroadcast the parade live.

[email protected]

NY’s record-setting All-Star GameCity venues helpMLB plan big;tickets being bid upby brokers

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GAME ON: The 2008Olympic team mustdominate on the courtand behave well off it,observers say.

GOING ALL OUTWith New York City as the stage,next week’s All-Star Game festivi-ties are expected to set records forrevenue, attendance and TV view-ership. Here are some highlightsabout the game:

30-SECOND AD SPOTS are reportedly selling formore than $500,000.

175,000 PEOPLE are expected to visit the city overthe long All-Star weekend.

ALL-STAR EVENTS are projected to generate $148million in revenue for the city.

THE NYPD EXPECTS 1 million people to line SixthAvenue to watch the pregame parade.

HOT TICKETS: The baseballleague is charging more forseats this year.

25%CHINA’Sestimatedshare of NBA’sinternationalrevenues

CNYB 07-07-08 A 3 7/3/2008 6:55 PM Page 1

NEW YORK,NEW YORK

Surrealistichotel pillowsthe plaza may have Eloise, butthe St. Regis has Salvador Dalí.Walking through the stately lobbywith a bear cub or a pet ocelotwere just some of the zany anticsthat the late surrealist pulled whenhe lived in Suite 1501 over a 14-year period beginning in the late1950s.

Now, the hotel hopes tocapitalize on its famous guest.During the recently opened 10-week exhibition of his work at theMuseum of Modern Art, the hotelwill offer a special package deal.

For $5,000, guests can spendone night in Dalí’s suiteoverlooking Central Park, get aprivate tour of the exhibit andreceive a rare 1958 bottle ofMouton Rothschild, for which the

artist designed the label.The tony hotel is not expecting

overwhelming demand; itpurchased just three bottles of thepricey wine. But St. Regis GeneralManager Scott Geraghty says thehotel may turn the suite into apermanent Salvador Dalí room,reflecting the Spaniard’sinimitable style.

Pricey jewelryto add sparkle a worldwide recession may bebrewing, but online antiques mar-

ketplace www.1stdibs.com figuresthere are still enough wealthyfolks to support its next venture: afine-jewelry division featuring$5,000 to $50,000 pendants anddiamond-encrusted brooches.

The site, which counts dealersfrom East Hampton to Parisamong its vendors, has alreadysigned on 20 jewelry merchantsfor the division that debuts inSeptember.They include CamillaDietz Bergeron and Julius CohenJeweler.

1stdibs founder Michael Brunoexpects pieces sold on the site toaverage $25,000.The seven-year-old business already sells about

3,000 items every month, rangingfrom furniture to paintings.TheWeb site gets a 20% commissionon sales, which hit $240 millionlast year, Mr. Bruno says.

The entrepreneur isn’t doneexpanding, either. “Right on theheels of this, we are addinganother marketplace of vintagecouture and fashion,” he says.

Top pricesfor free ticketsexotic vacations and nights onthe town have long been thestaples of charity auctions. Butlately, New Yorkers are paying bigbucks for free tickets to TV shows.

An anonymous bidder paid$3,500 to visit the Rachael Rayshow last year.That prompted theHealthy Kids benefit auction toadd two more programs to thisyear’s booty. At press time,potential buyers had bid $450 fora chance to see The Colbert Report,while fans of The View hadwagered $500 to get a close-uplook at Barbara Walters andcompany.

Of course, people could standin line for hours to get thesefreebies, but time is money in thistown.The online auction, held atcharitybuzz.com, closes on July 8.

Contributors: Lisa Fickenscher, MatthewFlamm, Adrianne Pasquarelli, Gale Scott

Magazine arrives with baby pix

When OK! magazine lands on newsstands this week with exclusive pictures of 17-year-old Jamie Lynn Spears (right) and her new daughter, Maddie, thepublication should get a baby bump of its own: Publisher Tom

Morrissy expects the celebrity title to sell more than 1 million copies onthe newsstand, or at least 10% more than usual.

That should help make up for the $1 million that OK! reportedlyforked over for rights to the story. But the magazine may also drawflack from critics who feel the photos are glamorizing a teenage momwhen teen pregnancy is on the rise.

For the gossip rag, it’s all in a day’s work. “We’re just presenting it,and readers can make their own judgments,” says Editor-in-ChiefSarah Ivens. “If there’s criticism from our competitors, it’s becausethey wish they had [the photos].”

OK! is not expecting a bump on the advertising side—marketersgenerally steer clear of controversy—but Mr. Morrissy says, “It willbe a solid issue with the same amount of ads we had last year.”

edited by Valerie Block

OM SHANTIYOGIS HOPING to avoid hoi polloiduring their downward dogs cancheck out Equinox’s just openedPure, an upscale, eco-friendly yogastudio on the Upper East Side. The20,000-square-foot club features four yoga studios, two studios for privateinstruction, a Brazilian hardwood footbridge and a 1,200-square-foot verti-cal blossoming vine garden. Members pay a $500 initiation fee and $140monthly for unlimited classes. Pure originated in Hong Kong.


SOCIAL NETWORKS GO SWINGSWINGERS LOOKING TO connectonline need look no further thanLincolncenter.org. The famedarts organization last weeklaunched a social networkingsite aimed at swing dancers whoattend its Midsummer Night’sSwing series.

But the site will have to com-pete with Meetup.com, whichalready sees plenty of actionfrom the swing community atswingdancing.meetup.com. Evenvegan.meetup.com posts calls tocome out and dance at the Lin-coln Center series.

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Dalí’s La Main (Les Remords de conscience)

CNYB 07-07-08 A 4 7/3/2008 6:01 PM Page 1

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dustry—are taking a toll here, too.But thanks to the giant egos ofwealthy media barons, includingRupert Murdoch,Mort Zuckermanand newspaper newcomers theDolans of Cablevision, the ordinaryrules don’t apply.

“If decisions were made based onbusiness, there would have been ashakeout long ago,” says newspaperanalyst John Morton.“But that’s notthe case here.”

Bad timesin fact, business is hurting. TheNew York Times Co. may have in-vestment-grade debt, unlike mostother newspapers, but it’s with “a‘negative’ outlook,” says Standard &Poor’s credit analyst Emile Courtney.

In June, ad page counts in theTimes for key categories like real es-tate,Help Wanted and national auto

plunged by double digits, accordingto a research note by Wachovia ana-lyst John Janedis.He also wrote thatad linage at the Journal fell nearly20% in June.

Ad revenue at the News is down8% to 10% so far this year, accordingto an insider.Mr.Zuckerman’s paperhas been offering buyouts to staffers.Mr. Murdoch’s Post is said to lose$20 million a year, and attempts tobuild its circulation on Sunday todraw more advertising have failed.

“New York may be able to post-pone the kind of shakeout or repo-sitioning that’s going on elsewhere,but over time that pain will be felt,”says Mike Simonton, a media ana-lyst at Fitch Ratings.

None of New York’s mogulscould be reached for comment.

But no amount of bad news canstop New York billionaires fromseeking the power and influence

that a newspaper brings. As if thebattle between the News and thePost wasn’t enough for Mr. Mur-doch, he spent $5 billion for DowJones & Co. and launched a secondnewspaper war, pitting the Journalagainst the Times.

He also bid $580 million forNewsday ths spring in hopes that acombined operation would makethe Post profitable. Mr. Zuckermanmatched his bid.

Both moguls lost out to anotherpair of headstrong billionaires,Charles and James Dolan,the father-and-son team who run Cablevision.Nobody’s sure what the Dolans willdo with their first newspaper, butthey have called Newsday a goodstrategic fit with their cable business.

At least they bought a profitablepaper.That is not generally the case.

“You could make more moneywith a government CD than with a

newspaper,” Mr. Morton says.Even if local papers are part of

publicly traded companies, owningthem is never just about the money.

Family pridein the case of the Times, familyhistory plays a huge role. New YorkTimes Co. Chairman ArthurSulzberger Jr. is the third Sulzberg-er to head the flagship paper. He’drather be vilified by discontentedshareholders than change the votingstructure of the stock that keeps thecompany in family hands.

He’s also refused to make the sortof cuts that have taken place aroundthe country, most recently at the LosAngeles Times, as parent companyTribune slashes and burns on the fly.The paper announced last week thatit would cut 150 newsroom jobs and15% of news pages.

The New York Times has benefit-ed from being a national paper and aglobal brand with a growing Internetbusiness and an upscale readership.But the family’s sense of the paper’s

mission is perhaps the biggest reasonit hasn’t shrunk its coverage.

“It’s a function of the family’slegacy,” Mr. Morton says. “For thatreason, I don’t think you’ll ever see itdoing the things that are happeningat other places.”

The newspaper mystique, orwhat’s left of it, also explains Mr.Zuckerman’s decision to spendmore than $100 million on high-speed color presses. It’s why in-vestors Roger Hertog and BruceKovner continue financing the Sun.

And it has even drawn a newgeneration of would-be moguls, like27-year-old real estate scion JaredKushner, who bought the money-losing weekly New York Observertwo years ago.

“Sure,Treasury bills might be theway to go, but Jared owns a paperthat influential people read,” saysObserver Media Group PresidentBob Sommer.

[email protected]

Egos keep presses rollingContinued from Page 1

sic facts, if the report is correct, thesituation is highly suspect.”

Ms. James says she will ask thecity to look into the findings.

Researchers who conducted thestudy,The Hospital Nursing Workforcein New York, didn’t investigate thereasons for the pay gap but intend todo so in a second survey,according toa spokeswoman for the center.

One reason for the pay gap, shesays, could be that most private hos-pitals, which pay more than thecity’s public hospitals, hire morewhite than black nurses. But thestudy found that even in the samehospital,white nurses are paid more.

Discrimination to blamean official at one nurses unionwho did not want to be identifiedblames discrimination.

“White nurses are still in chargein many New York hospitals,’’ shesays. “They do the hiring, and theyvalue their own.”

Thelma Cooper,a retired Brook-lyn nurse who is president of theNew York Black Nurses Associa-tion, a networking and mentoringgroup, says the findings don’t sur-prise her.

“White nurses advance morequickly,”Ms.Cooper says.“I’ve seennurses with equal credentials up fora promotion, and the non-African-American will usually get it.”

A spokeswoman for The NewYork State Nurses Association, thecity’s dominant nurses union, says

contracts should make pay discrim-ination difficult. But a senior-levelblack nurse at New York-Presbyter-ian Hospital’s unionized Columbiacampus says that she has experi-enced bias.

“Wiggle room”the nurse, who asked not to benamed, worked her way up from acity-run hospital and was thrilledwhen Columbia offered her a goodjob.

“It never occurred to me to ques-tion the pay they offered,” she says.“But after I’d been there a fewmonths and started asking around, Ifound out that white nurses with thesame level of experience and thesame certifications were making$20,000 more than I was.”

She complained to management.“I had to play the race card,” thenurse says. She asked her supervisorif her lower salary had anything todo with skin color. “Soon after that,I got a big salary increase,” she says.

The woman believes that eventhough minimum salaries at herhospital are set by contract with thenurses union, management has a lotof “wiggle room.”

“They can offer more, and white

nurses tend to get it,” she says. “Mi-nority women either don’t want torock the boat or don’t know they cannegotiate for more.”

A spokeswoman for New York-Presbyterian said, in a statement:“We are pleased to have a highlyskilled and diverse nursing teamwho are dedicated to quality patientcare. We are committed to fair andequitable salaries for all of our nurs-es and have rigorous systems in placeto ensure this.”

It has been suggested that whitenurses earn more because they aremore likely to work at private hospi-tals, which pay better.The study, re-leased in May, found that 57% of

nurses at private hospitals are white,versus 20% at city-run hospitals.The median pay for a staff nurse atthose hospitals is $74,325, while it’sjust $66,628 at city-run hospitals.

Several private hospitals de-clined to comment. A spokes-woman at New York University’sLangone Medical Center says thatthe hospital does not track pay onthe basis of race. But she points outthat NYU has more minority nurs-es than other private hospitals in thecity—50% compared with 43%. “Idoubt that there’s pay discrimina-tion at NYU,” she says.

COMMENTS? [email protected]

Black nurses face salary gapContinued from Page 1

out at the last minute.Mounting the winner’s platform

would advance the NBA’s goal ofcreating separate leagues overseasand help it draft more top interna-tional players.

Crown jewelthat’s especially the case inChina, the crown jewel of the NBA’sworldwide operations (Crain’s, May15, 2006). The NBA doesn’t dis-close financials, but outside sourcesestimate that its total revenue hasbeen flat for the past few years, atabout $3.5 billion.

China contributes more than$150 million, or between 25% and30%, of the league’s internationalincome, according to those esti-mates. Much of the China revenueis derived from NBA partnershipswith 19 companies in the country.Late last month, a deal was an-nounced with June Yao CreativityCo.to open 2,000 stores that will sellNBA-licensed products.

The NBA has skin in the game,with 100 employees in Beijing,Shanghai, Hong Kong and Taiwan.In January, it formed a business sub-sidiary, NBA China, with five part-ners that invested a total of $253

million.The unit will spearhead theleague’s efforts throughout GreaterChina, and at the top of its agendais forming an NBA-branded, Chi-na-based league. The NBA is in

early talks with the 13-year-oldChinese Basketball Associationand government officials about cre-ating an NBA franchise, but insid-ers forecast that any deal will prob-ably take a few more years to reach.

Playing nice“they have to work throughenormously complex negotiationswith the government regarding theCBA and how everyone will playnice in the sandbox,” says Jeff Sofka,founder of New Jersey-based sportsmarketer Bendigo Co.

A successful Olympics will helpthe process along, as will more con-

crete steps.In May,the league formed a part-

nership with Anschutz Entertain-ment Group to build 12 stadiumsthroughout China. The NBA andAEG have already collaborated tooperate the 18,000-seat BeijingOlympic Basketball Arena.

In addition to creating positivepublic relations, such moves offerrevenue-sharing possibilities. Sta-diums run and marketed accordingto the NBA and AEG’s standardswill enhance the league’s bottomline.

“The NBA needs to be able tostage quality games in China,” Mr.Sofka says.

[email protected]

For NBA, road from Beijing paved with gold Continued from Page 3


No. 1 on theagenda: an NBA-branded, China-based league

LABOR OF LOVEDESPITE THE LOWER PAY, many minority nurses work at city-run hospitalspartly out of a sense of mission and commitment, according to aspokeswoman for the Center for Health Workforce Studies at SUNY-Albany.

“They’d rather work in their own communities” than in a private hospital,she says.

Black nurses who were interviewed agree. Kaaba Chenault, a head nurse and lactation instructor at Cumberland

Diagnostic and Treatment Center, a Brooklyn clinic run by the city’s Healthand Hospitals Corp., says she feels an allegiance to her patients and to heremployer.

“I wanted to be a nurse since I was 10 years old, but I never thought I wassmart enough,” Ms. Chenault says. “HHC mentored me, and I’ve neverwanted to work anywhere else.”

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entire parcel from the U.S. GeneralServices Administration. Federal lawmight require the GSA to sell aportion of the site to a nonprofitgroup that wants to build asupportive housing project there—but only if the organization can getthe zoning changed, which is a longshot.

Carl Hum (above), president ofthe Brooklyn Chamber ofCommerce, points out that lightmanufacturing, primarily offurniture and food, has been risingin the borough in recent years.“The original intention that thecity had for the property wasindustrial uses, and I hope theparties can find a way to get back tothe true intention,” Mr. Hum says.

Joan Bartolomeo, president of theBrooklyn EDC, says that changescan still be made and that theobjections are premature. “It’s tooearly to ring alarm bells,” she says.

Energy benchmarksfor buildingsa bill to require building ownersto benchmark energy usage, thendevelop ways to reduce it, isgathering support in the CityCouncil. Owners would submitannual energy usage reports using afederal program.

Landlords have “seriousconcerns” about how nationalstandards would work here andworry that the program will lead tomandated retrofitting, saysREBNY President Steven Spinola.

“I don’t have a problem with theconcept,” Mr. Spinola says. “But atest to require retrofitting needs to

be in line with reality for the peoplewho own these buildings.”

City awaitssmart metersconsolidated edison meter-readers still ring doorbells in NewYork City, but the utility reads themeters of 325,000 customers inWestchester remotely. Con Ed plansto implement the service for its275,000 remaining Westchestercustomers but is waiting for a bettertechnology for the five boroughs:smart meters.

Smart meters connected to theInternet replace human readers andreport power outages instantly.They tell the utility in real timehow much electricity customers areusing and show them when energyrates are cheapest, which could save

consumers $25 to $100 a year.Once the Public Service

Commission decides which functionssmart meters should have, Con Edwill file plans for a pilot programwithin 60 days.

Connor’s taxproposalto counteract suggestions by hisDemocratic primary opponent thathe’s a part-time legislator with alucrative law practice, State Sen.Martin Connor will release his taxreturns and financial disclosures.Mr. Connor’s campaign says thatrival Daniel Squadron, 28, hadpledged to do the same if Mr.Connor did.

“I think the facts will speak forthemselves,” says a spokesman forthe lawmaker.Translation: Thedisclosures may show Mr.Squadron to be a trust-fund baby.

Ferrer joins Willets fightwillets point property ownersfighting the city’s takeover attempthave hired Fernando Ferrer, theformer Bronx borough presidentand mayoral candidate. Mr. Ferrernow works for Mercury PublicAffairs, whose New York office wasclosely associated with Gov. GeorgePataki. Ferrer is the second politicalheavyweight retained by theWillets Point Industry and RealtyAssociation: It also has former CityCouncil Speaker Peter Vallone Sr.lobbying on its behalf.

Small donations,says candidatecouncilman David Yassky’s latestfundraising letter requestscontributions of up to $175 andpoints out that they are matched 6-to-1 by the city’s public financingprogram. Such gifts would “notonly help demonstrate the broadsupport our campaign hasachieved, but also help limit theinfluence of the large special-interest donors that my opponentsmay attract,” it says.That could beseen as a knock on CouncilwomanMelinda Katz, who as chairwoman ofthe Land Use Committee receivessubstantial amounts from realestate interests.

Sunset Park development plandraws ire of business groups

Agrowing number of business groups are upset withearly plans for redeveloping the Federal Building inSunset Park, Brooklyn.Time Equities, which won the

bid to develop the site with the Brooklyn EconomicDevelopment Corp., aims to set aside as littleas 41% of the 1.2-million-square-footbuilding for manufacturing.The rest willbe retail and office space.

The advocates argue that theproject was meant to createindustrial and manufacturingjobs and that the mix is muchlower than what the city hadsought in its request forproposals.

Plans for the 1.9-million-square-foot project, to be calledthe Sunset Marketplace, includethe adjoining parking lot andtwo other buildings.The dealrequires the city EconomicDevelopment Corp. to buy the

THE INSIDERby Erik Engquist and Matthew Sollars


A MEDIA ADVISORY the night of June 30said that Gov. David Paterson “is inNew York City and has no publicschedule.” Those words are often codefor “attending fundraisers.” Mr.Paterson’s spokesman won’treveal his fundraisingschedule, the size of his warchest or even his objective,but it is known that buildersheld an event for thegovernor Monday. “NewYorkers across the state areresponding to Gov. Paterson’sagenda for New York,” thespokesman says.NOT

HOT

PATERSON WATCH

al for eight years under Mr. Spitzerand special counsel in the governor’soffice. “I, like just about everybodywho worked for Eliot, admired himand enjoyed working for him. Andthen to have this person leave in themanner he did, and in the time pe-riod he did, was exceedingly diffi-cult.”

Those who have not returned towork include Marlene Turner, alawyer who topped off a decade withMr. Spitzer as his chief of staff;downstate development headPatrick Foye, who is travelingthrough Labor Day; and CounselDavid Nocenti, a noted workaholicwho left state government last week.Friends say he is not about to rushinto another job.

State Police SuperintendentPreston Felton retired, and publicsecurity adviser William Howardresigned in early April and hasn’tresurfaced in the workforce.

Back to businesssome have picked up the pieces.Richard Baum, chief of staff in theAG’s office and secretary to the gov-ernor, has moved his family back toBrooklyn from Albany. In May, hebecame chief operating officer ofthe New York Academy of Sciences,supervising a staff of 30 from his of-fice on the 40th floor of 7 WorldTrade Center.

Peter Pope, a policy adviser forMr.Spitzer who spent all eight yearswith him at the attorney general’soffice, started last week at Manhat-tan law firm Arkin Kaplan Rice. Hestayed in Albany to help in the tran-sition of Gov. David Paterson’s ad-ministration.

Mr. Rifkin began last week asspecial counsel at the New YorkState Bar Association.

Marty Mack, who, like Mr.Rifkin, spent nearly a decade withMr. Spitzer, most recently as deputysecretary for intergovernmental af-fairs, has moved back to his home inCortland and is working for an in-vestment bank run by his CornellUniversity roommate.

Mr. Mack declines to discuss the72 hours when it all fell apart.“Everything’s still very soon.I’m justlooking ahead,”he says.“RememberLot’s wife? If you look back, youturn into a pillar of salt.”

“Felt let down”a consolation for staffers is thatthey shoulder no personal responsi-bility for the administration’s col-lapse, Mr. Francis says, and they ap-preciate the time they spent withMr. Spitzer.

“It was obviously somethingthat was very much a personal ac-tion,and as a result we felt let down,but we didn’t feel that it was any-thing we could have prevented,”Mr. Francis says. “A lot of peoplehave had to reorganize their lives asa result, but I think all of us feel loy-al to Eliot Spitzer and grateful tohim for giving us the chance thatwe had.”

But the good will sometimesgives way to anger.

“So many of these individuals

had dedicated significant portionsof their careers to Eliot Spitzer,” aformer staffer says. “A lot of peoplego back and forth. One day theyforgive him, the next day theydon’t.”

[email protected]

Spitzer aides regroupContinued from Page 1

TEAM SPITZER:THEN AND NOW

MARLENE TURNER

WAS Chief of staffIS Semiretired after 10 yearswith Mr. Spitzer

MARTY MACK

WAS Deputy Secretary forIntergovernmental AffairsIS Working for investment bankPrime Solutions

DAVID NOCENTI

WAS CounselIS Expected to return to NYC

PETER POPE

WAS Policy adviser IS At NYC law firm Arkin KaplanRice

CHRISTINE ANDERSON

WAS Communications directorIS Living in NYC, taking time off

PATRICK FOYE

WAS Downstate chairman ofEmpire State Development Corp. IS Not working; traveling all summer

DANIEL GUNDERSEN

WAS Upstate chairman ofEmpire State Development Corp.IS Home in Pennsylvania

AVI SCHICK

WAS Downstate COO of EmpireState Development Corp.IS Leaving his post inSeptember; no destination yet

PAUL TONKO

WAS President of Nyserda, thestate energy agencyIS Running for Congress inAlbany

RICHARD RIFKIN

WAS Special counselIS Special counsel for the statebar association

BRUCE GYORY

WAS Senior adviserIS Not working

WILLIAM HOWARD

WAS Public security adviserIS Seeking a security consultingjob in the capital region

PRESTON FELTON

WAS Superintendent of NewYork State PoliceIS Retired

KRISTINE HAMANN

WAS Inspector generalIS Executive assistant D.A., cityOffice of Special Narcotics

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ONLINE AT WWW.CRAINSNEWYORK.COM/CITYFACTSTHE INTERACTIVE VERSION OF THE CITY’S MOST IMPORTANT ANNUAL DATA GUIDE

AN EASY-TO-USE GUIDE TOTHE STATISTICS THAT MATTERTHIS YEAR IN NEW YORK

2008

CNYB 07-07-08 B 5 7/1/2008 5:35 PM Page 1

2 0 0 8 C I T Y F A C T S

TABLE OF CONTENTS

What Makes New York Different?Here are the statistics and facts to back upwhat everyone knows: New York City is aplace apart. Page 12

Real Estate: Midtown/DowntownCrain’s takes a tour of the city’s two famousskylines. There’s more to these buildingsthan steel and concrete. Pages 26 and 28

New Yorkers’HealthLife in the city isstressful, but NewYorkers live longerthan averageAmericans. Here’show living in thecity changes NewYorkers’ health.Page 22


SPECIAL FEATURES

13DEMOGRAPHICS Size,population, fastest-growingneighborhoods and diversity

14ECONOMY Gross city productand a breakdown of the city’sbudget dollar

16EDUCATION Teacher pay,school spending, plus topsalaries at universities

18EMPLOYMENT Industriesgaining and losing the most,projected Wall Street layoffs

20FINANCIAL Wall Street’smeltdown, big deals andbanking’s expansion

23HEALTH CARE Medicaiddollars, health care inflationand closed hospitals

24LAW Top law firms, claimsagainst the city and thenumber of bankruptcies

25PERSONAL WEALTH A portrait of the top 10% ofearners, plus NYC billionaires

30REAL ESTATE Officevacancies, retail rents andforeclosures in the boroughs

32RETAIL Rising prices,consumer spending and acitywide view of restaurants

34SMALL BUSINESS Lending,employment and other viewsof the economy’s engine

36TECHNOLOGY & MEDIAVenture capital funding andtop media companies

40TOURISM &ENTERTAINMENT Broadwayhits, New Yorkers’ pastimes

43TRANSPORTATION Airportdelays, costs of commutingand the rising price of fuel

CREDITS Editor: Elizabeth MacBride Research Editor: Denise SouthwoodCopy Desk Chief: Wendy Zuckerman Art Director: Steven Krupinski Infographics: Myra Klockenbrink Illustrations: Otto SteiningerCopyediting: Michele Arboit and Thaddeus Rutkowski Research: Heather Holland, Gale Scott, Sarah Studley and Amanda WheatProofreading: Robert J. Rosenberg Cover Image: Getty Images

INTERACTIVE CHARTS AND FEATURES ONLINE AT WWW.CRAINSNEWYORK/CITYFACTS

CNYB 07-07-08 A 10 7/1/2008 4:59 PM Page 1

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Project5 2/25/08 10:49 AM Page 1

2 0 0 8 C I T Y F A C T S


WhatmakesNewYork

different

WALL STREET The top6GLOBAL FINANCIAL SERVICESFIRMS are based in New York.

$27trillionTOTAL MARKET CAPITALIZATIONon the New York Stock Exchange,six times that of the LondonStock Exchange.

25%AMOUNT OF THE WORLD’SGOLD BULLION stored beneaththe Federal Reserve Bank on WallStreet.

$33.2BTOTAL WALL STREET BONUSESin 2007.

GEOGRAPHY20-25milesTHE DISTANCE UNDERGROUNDthat New York’s bedrock formed.After plate collisions, it was thrustupward 270 million years ago, andnow gives Manhattan a strongfoundation for its skyscrapers.

40-45 feetTHE DREDGED DEPTH of the NewYork Harbor, home to the third-busiest port in the country.

2,021NUMBER OF BRIDGES in New YorkCity. There are also six tunnels.

HISTORY1791GEORGE WASHINGTON decidedto move the U.S. capital,allowing the nation’s financialcenter to develop a commerce-based culture. NYC is uniqueamong its global peers becauseit is not a national capital.

SOURCES: SIZE: U.S. Census Bureau, July 1, 2007; metro region includes two MSAs: New York-northern New Jersey-Long Island, NY-NJ-PA,and Bridgeport-Stamford-Norwalk. Department of City Planning, U.S. Census Bureau. Independent Budget Office, 2003-04 data. New YorkCity comptroller; National Association of State Budget Officers. PEOPLE: Urban Immigrant Index, George Washington University. UJA-Federation of New York. New York State Department of Labor. Fiscal Policy Institute, 2004-06 data. WALL STREET: Securities Industry andFinancial Markets Association, as of January 2007. Crain’s research. TripCart. Office of the New York State Comptroller. HISTORY: MountVernon Estate & Gardens. Cornell University. The Statue of Liberty-Ellis Island Foundation Inc. United Nations. GEOGRAPHY: CharlesMerguerian, Hofstra University. Port Authority of New York and New Jersey. City Department of Transportation.

PEOPLE 1NEW YORK IS THEMOST DIVERSE CITY inthe world, based on thesize of its foreign-bornpopulation and thenumber of countriesthey come from.

1.4MJEWS LIVE IN NEWYORK CITY,Westchester and LongIsland—the largestcommunity outsideIsrael.

61,400NEW YORKERS maketheir living directly fromthe arts, as writers,performers and visualartists.

$14,115AVERAGE INCOME ofthe poorest fifth of NewYork City families, 9.5times lower than theaverage income of therichest fifth.

SIZE19.7MPEOPLE LIVE in the New York metroregion, making it one of the world’s largest.

4WHERE BROOKLYN WOULD RANKnationally if it were an independent city.Queens would be No. 5.

$9.02AMOUNT OF EVERY $100 that goes tostate and local taxes—the highest taxburden of any large U.S. city.

$67BNEW YORK CITY EXPENDITURES in 2007,more than spending by 46 of the states.

40%OF AMERICANS can trace theirroots through Ellis Island. Manyworld cities are immigrantgateways, but New Yorkembraces that identity like noother.

18 acresINTERNATIONAL TERRITORYoccupied by the United Nations,whose arrival in 1950 gave NewYork City its main claim to thetitle of world capital.

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2 0 0 8 C I T Y F A C T S

DEMOGRAPHICS New York is the nation’s largest city, but what really sets it apart is its diversity. TheUnited Nations’ 193 countries are all represented in the city’s crazy quilt of neigh-borhoods. Among the languages spoken here: Cherokee, Hawaiian and Irish Gaelic.

Twice the SizeNew York is the nation’s most populous city. It’s morethan twice the size of the second-largest city, LosAngeles, which is home to about 3.8 million people.


A Permanent Exhibition of DiversityE.B. White said immigrants give New York its greatness. Some 3 million of the city’s 8.3 million residents are foreign-born. Itsstatus as an immigrant destination means that many of the world’s ethnicities mingle on the sidewalks of New York.

Characteristics of New YorkersA New Yorker in 2006 was most likely to be a woman be-tween 45 and 64. Given that the city’s median family incomeis about $52,000, a typical New Yorker probably shops moreat the new Brooklyn Ikea than on the famed Fifth Avenue.

DEMOGRAPHIC

Population 8,214,426*

Male 3,914,597

Female 4,299,829

Median age 35.9

Under 5 years 576,606

5 to 19 years 1,586,420

20 to 34 years 1,803,997

35 to 44 years 1,304,428

45 to 64 years 1,945,611

65 years and older 997,364

SOCIAL

Total number of households 3,020,284

Average household size 2.66

Average family size 3.48

Foreign-born 3,038,139

Naturalized U.S. citizen 1,552,173

Not a U.S. citizen 1,485,966

Male, married 1,388,250

Female, married 1,281,085

Completed high school or equivalent 1,506,116

Some college; no degree 719,992

Associate’s degree 332,341

Bachelor’s degree 1,041,909

Graduate or professional degree 717,159

ECONOMIC

Number in labor force 4,029,989

Median household income $46,480

Median family income $51,830

Median earnings for male (full-time) $41,639

Median earnings for female (full-time) $38,333

*This figure is the original population estimate for the city; it was revised to8,250,567 in November 2007. Source: U.S. Census Bureau

Immigrants’ BirthplacesThe two largest groups of foreign-born New Yorkers are Dominicans, who represent 12.5% of the immigrant population,and Chinese, 10%. But the 770,123 Puerto Ricans—not considered foreign-born—outnumber both groups.

378,384Dominican Republic

303,462China

The total number of foreign-born New York City residents in 2006 was 3,038,139. Source: U.S. Census Bureau

Fastest-Growing NeighborhoodsMany of the neighborhoods expected to grow the mostbetween 2010 and 2030 are on the water. From Dumbo inBrooklyn to Mott Haven in the Bronx and along the WestSide of Manhattan, New York City has been rezoning itsstoried waterfront so that housing replaces factories.

MELTING POTRace or ethnicity of NYC residents in ’06

POLYGLOT CITYLanguages commonly spoken at home by NYC residents in ’06

CNYB 07-07-08 A 13 7/1/2008 4:38 PM Page 1

2 0 0 8 C I T Y F A C T S

Job Forecast: Short DownturnAfter hitting 3.745 million last year—the highest levelsince 1970—the average number of NYC jobs is expect-ed to slip to 3.734 million in ’08 and fall further in ’09.

ECONOMY New York City’s economy is entwined with the nation’s, but not always in sync withit. The fallout from the national real estate meltdown and the credit crisis is hittingthe city only now. The pain is expected to last into next year.

Unemployment RatesThe downturn had not shown up in the jobless rate byend-2007. In 2006-07, NYC posted its lowest level since1976—the earliest year for which comparable data exist.

Real Gross City ProductThe gross city product for 2008 is expected to be 7.5%lower than 2007’s $507 billion. Even by 2012, the GCPwill not have returned to last year’s level.

Rough Real Estate in NYC

27,192Foreclosures in ’07

+11.7%1-year change in foreclosures in ’07

1,560Mortgage workouts in Jan.-Feb. ’08

Sources: RealtyTrac Inc., Hope Now

Tax RevenuesCity tax revenues grew 74.2% between fiscal2002 and 2007, but big growth was expected toend this year, with an increase of only 2.4%.

Tax BurdensNew York has long ranked among the most tax-ing states in the nation. Here’s how it stacked upversus some of its economic rivals in 2007.


Breaking Down the NYC BudgetA full 41% of the city’s 2009 budget will come from various taxes andlocal revenues, while 34% of the money spent will go to education.

WHERE THE 2009 DOLLAR WILL GO 1

For fiscal year ending June 30. 1-Reflects the allocation of fringe benefits, pensions, debt service,judgments and claims, and legal services to the agencies. Excludes the impact of prepayments. 2-Includes labor reserve, general reserve, MTA subsidies and indigent defense services.

Source: NYC Office of Management and Budget

41¢Other taxes andlocal revenues

22¢Property

tax

9¢Federal

categorical aid

1¢Unrestricted

federal/state aid

19¢State categorical

aid

5¢Prior-year resources

2¢Other categorical

aid

1¢Capital inter-

fund agreements

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WHERE THE 2009 DOLLAR WILL COME FROM

33¢Education

21¢Social

services

5¢Environmental

protection

4¢Miscellaneous

budget2

1¢Higher

education

16¢Administration

of justice

11¢All otheragencies

5¢Fire

4¢Health

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Electricity CostsThe typical NYC customer paid 21.5% less inJune than the typical Westchester customer. Thesuburbanites paid less per kilowatt-hour, butusually live in larger spaces and use more power.

June 2008 One-yearcost percent change

NYC 300-kWh CUSTOMER

Supply $48.70 -1.5%T&D $36.25 +12.8%Total $84.95 +4.1%

WESTCHESTER 450-kWh CUSTOMER

Supply $61.30 +8.8%T&D $46.96 +12.6%Total $108.26 +10.4%

NYC BUSINESS CUSTOMER*

Supply $1,818.45 +0.2%T&D $784.73 +12.1%Total $2,603.18 +3.5%

T&D: transmission and delivery. *A customer with initial demand over10 kW, e.g., an office building or large restaurant. Source: Con Edison

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2 0 0 8 C I T Y F A C T S

Caps and Gowns Since the mayor was authorized to take control of NYCschools in 2002, higher percentages of students are grad-uating. The state law expires in 2009; renewal is uncertain.

EDUCATIONNew York has the largest public library system, produces the most life sciencespostgrads and is home to some of the most expensive colleges. And its mayor has amost ambitious agenda: turning around the nation’s largest public school system.

Colleges’ Book ValueUndergrads at New York City’s private universities are paying more and having a harder time getting in.

Fall 2007 2007full-time acceptance Applications Tuition and fees

School enrollment rate 2007 2008 2007-08 2008-09

BARNARD 2,295 28.7% 4,574 4,263 $35,190 $37,538

COLUMBIA1 5,613 10.4% 21,343 22,2492 $37,284 n/a

COOPER UNION 906 11.0% 2,551 3,0442 $33,0503 $34,6003

FORDHAM4 7,132 42.1% 22,035 23,4002 $32,720 $34,2005

NEW SCHOOL 6,068 58.0% 7,833 n/a $30,6606 $32,3506

NYU 19,914 36.6% 34,242 37,026 $35,283 $37,3727

PACE 7,716 78.0% 11,138 11,5922 $29,454 $31,3577

PRATT 3,066 43.0% 4,341 5,0762 $31,080 $32,990

ST. JOHN’S 11,763 56.0% 27,754 39,000+7 $26,890 $28,7907

n/a Not available. 1-Figures include Columbia College and the School of Engineering and Applied Science. 2-Preliminary. 3-All students receive fullscholarships to cover tuition, with an estimated value of $31,500 in 2007-08 and $33,000 in 2008-09. 4-Includes the Lincoln Center and RoseHill campuses. 5-School estimate; includes tuition only. 6-Figure is for Eugene Lang College The New School for Liberal Arts. 7-School estimate.

Source: School data

Teacher PayEven after significant raises, New York City publicschool teachers still are the area’s lowest-paid educators.Westchester teachers’ median salary is 53% higher.

Top Administrators’ CompensationThe longtime president of New York University earns nearly $380,000 morethan the chief of the much larger public City University of New York system.No one in the area has topped the $1 million mark yet.

Leading FundraisersThe last few years have been boom times foruniversity fundraising, as 2007’s totals show.

The Price of KnowledgeCity and state support to the New York City Depart-ment of Education continues to rise, but federal, privateand nongovernmental aid to public schools is stagnating.


Cash for KidsPer-pupil spending by the NYC Departmentof Education rose 37% over the past decade.

PUBLIC INSTITUTIONSName/title/institution 2006-07 compensation1

Matthew Goldstein, chancellorCity University of New York system

$469,543

Shirley Strum Kenny, presidentState University of New York at Stony Brook 350,300

William P. Kelly, presidentCity University of New YorkGraduate Center $307,090

Sean A. Fanelli, presidentNassau Community College

$260,535

PRIVATE INSTITUTIONSName/title/institution 2005-06 compensation2

John E. Sexton, presidentNew York University

$849,121

Lee C. Bollinger, presidentColumbia University

$769,725

Richard M. Joel, presidentYeshiva University

$619,700

Joseph W. Polisi, presidentThe Juilliard School

$617,839

For academic years ended June 30. 1-Includes public funds, retirement pay and other benefits. 2-Includes pay and benefits. Source: The Chronicle of Higher Education

$849,121$769,725$619,700$617,839

$469,543$350,300$307,090$260,535

CNYB 07-07-08 A 16 7/1/2008 4:41 PM Page 1

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2 0 0 8 C I T Y F A C T S

Union MembershipA quarter of NY state’s 8.15 million workers were unionmembers in 2007. The percentage belonging to unions isholding steady here, in contrast with national results.

EMPLOYMENTAbout 3,745,000 people work in New York City—more than the entire population ofany other U.S. city but L.A. During the last economic expansion, the number of jobssurpassed the previous peak, a sign of the underlying health of the city’s economy.

Borough Unemployment RatesThough the Bronx had the city’s highest unemploymentrate in 2007, Brooklyn had the largest number of unem-ployed: 59,000 people there were without jobs.

City Unemployment

4.8%NYC unemployment

rate in May ’08

+0.1Percentage-point

increase in the NYCunemployment rate

from May ’07 to May ’08Source: Bureau of Labor Statistics


Bottom Line on JobsNew York City added 15,900 jobs so far this year, nearly halfof them office-based. Many economists expect the city to losejobs in the second half of the year.

BIGGEST GAINERSThese industries recorded the largest increases in New YorkCity jobs in the first five months of 2008.

WeaknessIn FinanceThe broad financial activitiessector is expected to lose morethan 33,000 jobs from the 2007peak through mid-2009.

Industries and Their WagesSome 331,700 people in New York City were employedin finance and insurance in 2006, accounting for about31% of the city’s total wages.

Total wages, Averagein millions wages

TOTAL $260,323.6 $73,268

Construction $6,998.6 $61,073

Manufacturing $5,104.7 $48,464

Wholesale trade $9,913.5 $71,792

Retail trade $9,586.1 $33,849

Transportation and warehousing $4,539.6 $44,169

Information $15,003.2 $97,963

Finance and insurance $80,918.1 $243,974

Real estate $5,964.9 $56,844

Government $28,390.4 $52,275

Not all job categories are included. Source: NYS Department of Labor

Employment Since the Job Market PeakNew York City added almost 214,000 jobs between 2003 and 2007. Atyear’s end, the number of people employed had surpassed the 2000 peak.

IN THOUSANDS, BASED ON ANNUAL AVERAGES7-year

2000 2007 net change

TOTAL NONAGRICULTURAL 3,723.1 3,745.0 +21.9

CONSTRUCTION 120.5 127.1 +6.6

Construction of buildings 29.5 34.3 +4.4

Specialty trade contractors 83.1 85.0 +1.9

MANUFACTURING 176.8 101.0 -75.8

Durable goods 58.8 38.5 -20.3

Nondurable goods 118.0 62.5 -55.5

TRADE, TRANSPORTATION AND UTILITIES 569.6 570.6 +1.0

Wholesale trade 155.1 149.8 -5.3

Retail trade 281.5 296.2 +14.7

Transportation, warehousing and utilities 133.0 124.6 -8.4

INFORMATION 187.3 165.9 -21.4

Publishing industries (except Internet) 61.1 54.8 -6.3

Motion picture and sound recording 40.2 37.4 -2.8

Broadcasting (except Internet) 26.9 27.8 +0.9

Telecommunications 35.7 24.8 -10.9

FINANCE AND INSURANCE 369.9 347.0 -22.9

Depository credit intermediation 57.9 52.4 -5.5

Securities, commodities and related activities 195.4 185.7 -9.7

Insurance carriers and related activities 61.5 56.6 -4.9

REAL ESTATE 104.0 109.1 +5.1

PROFESSIONAL AND BUSINESS SERVICES 586.5 591.4 +4.9

Professional, scientific and technical services 320.7 334.0 +13.3

EDUCATIONAL AND HEALTH SERVICES 620.1 707.0 +86.9

Educational services 126.5 153.9 +27.4

Health care and social assistance 493.5 553.1 +59.6

LEISURE AND HOSPITALITY 256.7 297.0 +40.3

Arts, entertainment and recreation 56.4 64.6 +8.2

Accommodations and food services 200.4 232.3 +31.9

GOVERNMENT 569.4 559.2 -10.3

Federal government 68.2 56.3 -11.9

State government 49.6 48.7 -0.9

Local government 451.8 454.2 +2.4

Not all job categories are included. Source: NYS Department of Labor

BIGGEST LOSERSThe following sectors recorded the largest losses in New YorkCity jobs in the first five months of 2008.

CNYB 07-07-08 A 18 7/2/2008 2:38 PM Page 1


2 0 0 8 C I T Y F A C T S

FINANCIALWall Street’s latest, record-breaking boom ended in the middle of last year in oneof its biggest busts. Economists expect Wall Street bonuses, which help drive theNew York City economy, to drop significantly this year.

Top Acquisitions by NY CompaniesKohlberg Kravis Roberts’ purchase of credit card processing compa-ny First Data was the largest acquisition by any NYC firm in 2007.

Wall StreetMeltdown

33,300Forecast loss of financialactivity jobs from 2007peak through mid-2009

Source: Independent Budget Office

85Number of years Bear

Stearns was in existencebefore the fifth-largest

investment bankcollapsed

-72.9%Decline in number ofIPOs vs. year-earlier

period, as of 7/1/08Source: Renaissance Capital’s IPOhome.com

$82 BillionPretax losses triggered

by the subprime crisis atWall Street firms in theyear ended 3/31/08

Source: Standard & Poor’s

$1 TrillionEstimated total cost ofthe credit crisis; morethan half of the burdenwill be borne by banks

Source: International Monetary Fund

-14.4%Year-to-date decline in

the Dow Jones IndustrialAverage, as of 7/1/08

Source: Dow Jones & Co.

$42 BillionAmount of credit lossesand write-downs bookedby Citigroup since lastyear, as of 6/26/08

Source: Bloomberg

Healthy MarketsNasdaq has surpassed NYSE Euronext as the world’s largest stockmarket, trading 3,900-plus firms. Each had record volume in 2007.

Wall Street Profits and LossesNYSE Euronext member firms recorded the biggest drop ever incombined domestic pretax profits in 2007.


Top Neighborhoods for Bank BranchesAfter half a decade of bank expansion, NYC has 1,599 branches in all.

Top IPOs in New York StateAmong NY state companies that held initial public offerings betweenJanuary 2007 and June 2008, Blackstone Group raised the most.

Amount raised,Company Business in millions

Blackstone Group Leveraged buyout acquisitions $4,753.3

MF Global Futures/options brokerage $2,921.4

Och-Ziff Capital Asset management firm $1,152.0Management Group

Liberty Acquisition Holdings Blank-check company* $1,035.0

Trian Acquisition I Blank-check company* $920.0

Figures include overallotment sold. *Formed to acquire other businesses. Source: Dealogic

Rank ZIP code # of branches Neighborhood

1 10022 58 Midtown East2 10017 54 Murray Hill3 10021 43 Upper East Side4 10019 41 Midtown West 5 10013 35 Chinatown6 10016 32 Murray Hill7 11354 32 Flushing8 11209 31 Bensonhurst/Bay Ridge9 10036 28 Clinton10 11375 28 Forest Hills11 10001 27 Chelsea12 11201 25 Brooklyn Heights13 10018 24 Clinton14 11385 24 Ridgewood15 10010 23 Gramercy Park

Banking and retail maps provided by GIS software company ESRI

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NEW YORKERS’ HEALTHLiving in a crowded city carries the “urban health advantage,” since people walk alot, interact with others, and have access to plenty of hospitals. The life expectancyfor New Yorkers is longer than that for the average American: 78.7 years versus 77.8.


690.7 per 100,000 NYC residents died from illicitdrug use in 2005, versus 11.3 AmericansSources: DOHMH, Summary of Vital Statistics; CDC, National Vital Statistics Reports

THIN MANHATTANITESNew Yorkers are gaining weight, but they still weigh less than theaverage American. Nationally, 25.1% of adults aged 20 and olderare obese. In the New York area, only 20.3% are. In Manhattan, aslim 17.3% are obese. But the pattern is shifting: Obesity rates forNYC kids are essentially the same as those for American children.Sources: Community Health Survey; BRFSS, 2006; City and National Youth BehaviorRisk Survey, 2004-06

TALES OF VIOLENCEThe residents of New York City have higher odds of beingmurdered: While the U.S. homicide rate in 2006 was 5.7per 100,000, it was 7.3 per 100,000 in the city. Source: FBI Uniform Crime Reports

GET YOUR EXAM!New York City men have a lower rate of prostate cancer than theirpeers statewide. The city rate is about159.8 cases per 100,000,versus 170.3 per 100,000 statewide.Source: New York State Cancer Registry, 2002-04

HIGH ABORTION RATENew York’s abortion rate is much higher than the nation’s. Therewere 71.8 abortions for every 100 live births in the city in 2006,92% of them obtained by residents. Nationally, there were 29.7abortions per 100 live births in 2004.Sources: DOHMH, CDC

THE CITY’S TOLLNearly 1 in 7 adults in New York City describedtheir mental health as frequently “not good”during 2005, versus roughly 1 in 10 adults inthe state and the nation. About 8% of NewYorkers suffer from depression, and about 4%from anxiety. The national figures are 7% and3%, respectively. Sources: DOHMH, 2005; NYC Health and Nutrition ExaminationSurvey, 2004; Kessler et al., 2005

DIABETES EPIDEMICThe diabetes rate in New York City is higher than that in the nation,9.5% versus 7.1%, probably because of New York’s large black andHispanic populations. But diabetics in New York City are less likelythan their peers throughout the state to lose lower extremities tothe disease, probably because there are more podiatrists in the city.Source: CDC, 2004

THANKS, MIKEIn part because of the city’s anti-smoking campaign, New York has alower proportion of adult smokers than the rest of the nation. About20% of Americans smoke, while the rate for NYC in 2006 was 17.5%—a 20% drop versus 2002 levels, and the lowest rate on record.Sources: NYC Community Health Survey; BRFSS

MORE DENTAL CARIESKids in New York City have poorer dental health: 37.8% of its third-grade students have untreated tooth decay, versus 33.1%statewide. Even kids from the city’s wealthiest parents had a higherrate of unfilled cavities: 26.0% versus 23.1% statewide.Source: DOH oral health indicators, 2002-04

THE URBAN PAYOFFThe death rate from heart disease in New York City is lower thanthat in America: 282 per 100,000 here, versus 288 nationally. Sources: DOHMH, 2005; CDC, 2005

EARLIER DIAGNOSIS HELPSBreast cancer survival odds are better in New York City than in thestate overall, with 27.7 deaths per 100,000 women versus 29.4upstate and 28.6 statewide. Local breast cancer death rates havebeen falling as more people are screened and treatments improve. Source: DOH, 2005

HEALTHIER LIVERSNYC residents are less likely to die from liver failure due to alcoholabuse than people in the rest of the nation. Cirrhosis deaths hereare about 5.9 per 100,000, versus 9.4 per 100,000 nationwide.Sources: DOH, 2003-05; CDC, 2003

STEP IT UPDespite all those health clubs, 29.0% of people in the New Yorkarea report that they get no exercise. Among busy Manhattanites,the figure is 16.1%. But New Yorkers’ results for walking are off thecharts: 71.8% reported that in the previous month, they walked toget to work or to run errands, versus 22.8% of all Americans.Sources: BRFSS, 2006; DOHMH

AIDS EPICENTERNew York City continuesto be a center forpeople living with AIDS.There were 40.8 casesof AIDS diagnosed forevery 100,000 cityresidents in 2006, compared with 12.8 per100,000 people nationally. Source: BRFSS

FEWER MALIGNANCIESFewer New Yorkers suffer from cancer. The cancer rate for New York City menin 2004 was 493.4 per 100,000, compared with 537.6 nationally; New Yorkwomen have a rate of 373.2 per 100,000, versus 403.1 nationally. Sources: New York State Cancer Registry; CDC

IMPORTING HEALTHImmigrants bring some problems withthem, like tuberculosis, but theiroverall health is the bigger story.Foreign-born New Yorkers live longerthan residents born in the U.S, andtheir death rates from cancer, heartdisease, flu and pneumonia, anddiabetes are lower.Source: The Health of Immigrants, DOHMH, 2006

))

10.3

2 0 0 8 C I T Y F A C T S

BRFSS: The CDC’s Behavorial Risk Factor Surveillance System. CDC: Centers for Disease Control and Prevention. DOH: New York State Department of Health. DOHMH: New York City Department of Health and Mental Hygiene.

2/3 of the pregnant women in the state over age 44 live in NYC Source: DOHMH, 2003-05

per 100,000 Coney Island residentsdied from heart disease in 2006,the highest rate in NYC Source: DOH

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CNYB 07-07-08 A 22 7/2/2008 2:44 PM Page 1

2 0 0 8 C I T Y F A C T S

HEALTH CAREAn Army in ScrubsThe sector remains a bulwark of the New York Cityeconomy, with the number of workers employed heregrowing 18% in the past decade.

Inflation: Sky’s the LimitNY area health care inflation in 2007 exceeded theU.S. average of 5.2%, as well as NY’s overall CPI.

The Cost of CoverageEmployers’ health care premiums continue rising at double-digit rates. However, the annualrates of increase for indemnity and PPO plans slowed in 2007.

Stats, Stat!

160,231Number of full-time-

equivalent NYC hospitalemployees in 2006

+23.2%Increase in NYC

hospitals’ expenses peradjusted admission,

2001 to 2006Source: Greater New York Hospital

Association

Medicaid Spending in the Expensive State of New YorkEnacted in 1965, Medicaid pays for the health care of about 3.6 million poor New York state residents. The program costabout $2,260 per New York state resident in 2006, more than twice the national average.

A Shrinking SystemBeginning a dozen years ago, high costsand lower payments drove some NYChospitals to close. In 2006, the state man-dated more closings to cut beds and costs.� Bronx � Brooklyn � Manhattan� Queens � Staten Island

Insurance Coverage Among NY’s NonelderlyA third of NYC residents are enrolled in public coverage, and 1 in 6 are uninsured. Thereare 1.2 million uninsured in the city and 2.4 million uninsured in New York state.

ALLOCATION OF STATE FUNDSProjections for fiscal 2009

SOURCES OF PROGRAM FUNDSIn billions of dollars

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008

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CHARACTERISTICS OF NYS RESIDENTS BY SOURCE OF COVERAGE, 2005-06

Nonelderly Employer- Directly population sponsored purchased Public* Uninsured

TOTAL NYS NONELDERLY 16.5 million 58.5% 4.1% 23.1% 14.4%

AGE

Children 4.8 million 52.8% 3.0% 37.3% 7.0%

Adults aged 19 to 64 11.7 million 60.8% 4.5% 17.2% 17.4%

ANNUAL FAMILY INCOME

Less than $20,000 4.2 million 15.7% 4.3% 53.3% 26.7%

$20,000 to $39,999 3.2 million 49.0% 5.5% 26.0% 19.5%

$40,000 to $60,000 2.5 million 69.9% 4.2% 14.7% 11.2%

More than $60,000 6.5 million 86.6% 3.2% 5.2% 5.1%

RACE/ETHNICITY

White only (non-Hispanic) 9.5 million 70.8% 4.8% 13.7% 10.7%

Black only (non-Hispanic) 2.5 million 46.3% 2.5% 35.5% 15.8%

Hispanic 3.0 million 33.8% 2.4% 41.2% 22.6%

Other 1.5 million 50.5% 5.3% 25.4% 18.7%

Numbers may not add up to total population figure or to 100% due to rounding. *Includes Medicaid, the State Children’s HealthInsurance Program and other public insurance (mostly Medicare and military-related). Source: United Hospital Fund

SOURCES OF COVERAGE AMONGNYC RESIDENTS, 2005-06


CNYB 07-07-08 A 23 7/2/2008 2:46 PM Page 1

2 0 0 8 C I T Y F A C T S

City PayoutsIn 2006, the amount paid by the city for settlements andjudgments declined 6.3% versus the previous year’s lev-els. The number of overall claims declined by 4.1%.

LAWLawyers in New York City are rarely out of work. Even in a downturn, competitionamong firms for good associates and partners remains keen. Though the work maychange from mergers to bankruptcies, the legal papers—and the pay—keep flowing.

Claims Against New York CityPersonal injury claims are the most frequently filed and the most costly to settle. In 2006, the average payment for personalinjury cases was $68,423. Relatively few claims are for medical malpractice, but they add up to big costs for the city.

Stable Sector

$160KMedian starting salary

for first-year associates atleading NYC firms in ’07

Source: The National Association forLegal Career Professionals

84,600Legal services

employment in NYC in ’07Source: Bureau of Labor Statistics


CLAIMS FILEDPercentage of types of claims

WHAT THE CITY PAID OUTTop 5 personal injury claim categories, in millions of dollars

Going UnderBankruptcies reached a historic high in 2005, when more than 63,000 were filed in the area. The number dropped significantly in 2006, the first yearafter the Bankruptcy Abuse Prevention and Consumer Protection Act took effect. In 2007, bankruptcies began climbing again.

FILINGS ON FILETotal bankruptcy cases commenced in the New York area

TYPES OF TROUBLETotal bankruptcy cases commenced in 2007 in the NY area, by chapter

Crème de la Course WorkIt costs a full-time law student attending a top New York City law school about $120,000to get a degree. This does not include living expenses in one of the world’s priciest cities.

% ofFall 2007 Fall 2007 Fall 2007 2006 grads

National total number acceptance employed at 2007 tuitionrank Law school enrollment of applicants rate graduation (full-time)

4 Columbia University 1,236 7,292 15.9% 98.9% $43,470

5 New York University 1,424 7,095 22.9% 96.3% $40,890

27 Fordham University 1,191 5,884 23.5% 82.3% $39,450

55 Cardozo-Yeshiva University 948 4,209 27.5% 75.1% $39,470

63 Brooklyn Law School 1,186 4,037 29.4% 66.7% $39,625

88 St. John’s University 748 3,094 34.2% 65.7% $38,400

Source: U.S. News & World Report

Top Law FirmsOf the top-grossing New York City law firms, the largest increase, 21.4%, was posted byDavis Polk & Wardwell. Partners at top firms typically earn million-dollar-plus salaries.

Gross Profits per Average National revenues Number equity partner, compensation,rank Firm in millions1 of lawyers2 in millions all partners

1 Skadden Arps Slate Meagher & Flom $2,170.0 1,858 $2.3 $2,280,000

6 White & Case $1,373.0 1,903 $1.7 $1,375,000

10 Weil Gotshal & Manges $1,175.0 1,112 $2.1 $1,815,000

13 Sullivan & Cromwell $985.0 615 $3.1 $3,055,000

16 Simpson Thacher & Bartlett $966.0 745 $2.9 $2,875,000

19 Shearman & Sterling $921.0 857 $1.8 $1,735,000

21 Cleary Gottlieb Steen & Hamilton $894.0 913 $2.2 $2,150,000

26 Davis Polk & Wardwell $789.0 579 $2.3 $2,300,000

33 Debevoise & Plimpton $709.5 594 $2.3 $2,290,000

36 Paul Weiss Rifkind Wharton & Garrison $651.0 610 $2.6 $2,595,000

1-For fiscal 2007. 2-Full-time equivalent. Source: The American Lawyer

CNYB 07-07-08 A 24 7/2/2008 2:49 PM Page 1

2 0 0 8 C I T Y F A C T S

Salaries in the BoroughsWages grew in all the boroughs over the five years endedin 2006, especially in Manhattan. Wage growth on Stat-en Island lagged that in the rest of the city and the state.

PERSONAL WEALTH Wealth in New York is a tale of two cities: Manhattan, and the other boroughs,where average salaries were less than $40,000. It’s also a story of volatility. Whenthe bear strikes Wall Street, incomes throughout New York City slip.

Earnings on the RiseManhattan dwellers had almost five times more percapita personal income in 2006 than people in theBronx. Income on Long Island was also higher.

Personal Income ForecastsCollective earnings among NYC residents are projectedto fall in 2009 but then rise steadily. Americans’ incomesare expected to grow at higher rates than New Yorkers’.

Income Tax CollectionsThe city’s personal income tax revenues are volatile.Collections are forecast to increase 6.4% this fiscal yearand then drop 12.9% in 2009.


The Rundown on the RichThe top 10% of income earners in New York City—those earning $96,250 or more—made 60% of all the adjusted grossincome earned in the city in 2005. While the bulk of their earnings came from wages, nearly a quarter came from capital gains.

WHERE THE TOP 10% GOT THEIR MONEYIn billions of dollars

SHARE OF THE WEALTHPercentages of income earned/taxes paid by NYC’s top 10%

The Most AffluentNew YorkersFour of the five richest New YorkCity residents in 2007 were self-made billionaires; David Kochinherited an oil fortune.

Name

Age*

Net worth, in billions of dollars

Source of wealth

Rank among richest Americans

*As of 2008. Source: Forbes.com

DAVIDKOCH

68

$17.0

Oil,commodities

9

CARL ICAHN

72

$14.5

Leveragedbuyouts

18

MICHAELBLOOMBERG

66

$11.5

Bloomberg LP

25

RONALDPERELMAN

65

$10.0

Leveragedbuyouts

28

RUPERTMURDOCH

77

$8.8

News Corp.

33

Dollar Data

+70%Increase in the numberof wealthy women* in

NYS from 2004 to 2007*Women with ≥ $2M in investable assets whomake/share in household financial decisions

Source: Phoenix Marketing International

$1.49MAverage sale priceof an apartment in

Manhattan in 4Q 2007Source: The Corcoran Group

phot

os:b

loom

berg

new

s

CNYB 07-07-08 A 25 7/2/2008 2:52 PM Page 1

2 0 0 8 C I T Y F A C T S


MID

TOW

N

REA

L E

STA

TEW

ith 2

38.8

mill

ion

squa

re fe

et o

f off

ice

spac

e, m

idto

wn

is th

e na

tion’

s la

rges

tbu

sine

ss d

istr

ict—

larg

er th

an th

e en

tire

offic

e m

arke

t of C

hica

go o

r L

osA

ngel

es. C

rain

’sta

kes

you

on a

tour

of t

he a

lway

s-ev

olvi

ng s

kylin

e.

CITI

GROU

P CE

NTER

153

E. 5

3rd

St.

59 fl

oors

; bui

lt in

197

7Sq

uare

feet

: 1.6

milli

onRe

nt p

er s

q. ft

.:Ne

gotia

ble

Maj

or te

nant

s: B

arne

s&

Nob

le B

ooks

elle

rs,

Kirk

land

& E

llis

Of n

ote:

In 1

978,

dis

-co

very

of a

des

ign

flaw

prom

pted

stru

ctur

alre

pairs

to e

nsur

e th

atth

e bu

ildin

g wo

uldn

’tco

llaps

e in

hur

rican

e-fo

rce

wind

s.

AXA

CENT

ER78

7 Se

vent

h Av

e.54

floo

rs; b

uilt

in 1

986

Squa

re fe

et:1

.7 m

illio

nRe

nt p

er s

q. ft

.:Ne

gotia

ble

Maj

or te

nant

s:BN

PPa

ribas

, Sid

ley A

ustin

Of n

ote:

In 1

986,

arti

stRo

y Lic

hten

stei

n pa

inte

dhi

s la

rge

Mur

al w

ith B

lue

Brus

hstro

kein

the

sky-

light

ed a

trium

.

MOR

GAN

STA

NLEY

BUIL

DING

1585

Bro

adwa

y41

floo

rs; b

uilt

in 1

990

Squa

re fe

et: 1

.4 m

illio

nRe

nt p

er s

q. ft

.:Ne

gotia

ble

Maj

or te

nant

s:M

orga

nSt

anle

y, Pr

oska

uer R

ose

Of n

ote:

Mor

gan

Stan

ley

boug

ht th

e bu

ildin

gin

199

3 fo

r onl

y$1

76 m

illio

n.

MET

LIFE

BUI

LDIN

G20

0 Pa

rk A

ve.

58 fl

oors

; bui

lt in

196

3Sq

uare

feet

:3.1

mill

ion

Rent

per

sq. f

t.:$1

33.6

6M

ajor

tena

nts:

Bar

clay

sCa

pita

l, Dr

eyfu

s Se

rvic

e Of

not

e:Th

e ro

ofto

p wa

son

ce u

sed

as a

hel

ipad

,wh

ich

clos

ed in

197

7af

ter a

hel

icop

ter c

rash

ther

e ki

lled

five

peop

le.

TIM

ES S

QUAR

ETO

WER

7 Tim

es S

quar

e47

floo

rs; b

uilt

in 2

004

Squa

re fe

et: 1

.2 m

illio

nRe

nt p

er s

q. ft

.:$8

7.00

Maj

or te

nant

s: A

nnTa

ylor R

etai

l, O’

Mel

veny

& M

yers

Of n

ote:

The

build

ing

isbe

st-k

nown

for i

ts p

rom

-in

ent b

illbo

ards

,pa

rticu

larly

the

4-st

ory-

high

adv

ertis

emen

tal

ong

the

north

wal

l.

CHRY

SLER

BUI

LDIN

G40

5 Le

xingt

on A

ve.

77 fl

oors

; bui

lt in

193

0Sq

uare

feet

:1.2

mill

ion

Rent

per

sq. f

t.:$1

04.0

1M

ajor

tena

nts:

Bla

nkRo

me,

Trou

tman

Sand

ers

Of n

ote:

Whe

n fir

st b

uilt,

this

was t

he w

orld

’sta

llest

skys

crap

er; t

heEm

pire

Sta

te B

uild

ing

surp

asse

d it

in 1

931.

COND

É NA

ST B

UILD

ING

4 Tim

es S

quar

e48

floo

rs; b

uilt

in 1

999

Squa

re fe

et: 1

.6 m

illio

nRe

nt p

er s

q. ft

.:No

tav

aila

ble

Maj

or te

nant

s:Co

ndé

Nast

Pub

licat

ions

,Sk

adde

n Ar

ps S

late

Mea

gher

& F

lom

Of n

ote:

The

120-

foot

Nasd

aq si

gn, t

he la

rges

tLE

D di

spla

y in

the

world

,co

st m

ore

than

$37

mill

ion.

BANK

OF

AMER

ICA

TOW

ER1

Brya

nt P

ark

52 fl

oors

; und

erco

nstru

ctio

nSq

uare

feet

: 2.1

mill

ion

Rent

per

sq. f

t.: $

187.

52M

ajor

tena

nts:

Akin

Gum

p St

raus

s Ha

uer &

Feld

, Ban

k of

Am

eric

aOf

not

e:Th

e $1

bill

ion

gree

n sk

yscr

aper

isop

enin

g th

is ye

ar.

THE

NEW

YOR

K TI

MES

BUIL

DING

620

Eigh

th A

ve.

52 fl

oors

; bui

lt in

200

7Sq

uare

feet

:1.5

mill

ion

Rent

per

sq.

ft.:

$97.

81M

ajor

tena

nts:

Covin

gton

& B

urlin

g, Th

eNe

w Yo

rk Ti

mes

Co.

Of n

ote:

Reno

wned

phot

ogra

pher

Ann

ieLe

ibov

itz d

ocum

ente

dth

e tw

o-ye

ar c

onst

ruc-

tion

of th

e bu

ildin

g.

CITY

SPIR

E15

6 W

. 56t

h St

.77

floo

rs; b

uilt

in 1

988

Squa

re fe

et:3

30,0

00Re

nt p

er s

q. ft

.: $77

.08

Maj

or te

nant

s:Gl

obeO

p Fi

nanc

ial

Serv

ices,

RJ P

alm

erM

edia

Ser

vices

Of

not

e:It

is th

e ta

llest

mixe

d-us

e sk

yscr

aper

in N

ew Yo

rk C

ity.

CARN

EGIE

HAL

LTO

WER

152

W. 5

7th

St.

60 fl

oors

; bui

lt in

199

1Sq

uare

feet

:547

,000

Rent

per

sq.

ft.:

$84.

31M

ajor

tena

nts:

Kin

gdon

Capi

tal M

anag

emen

t,St

one

Towe

r Cap

ital

Of n

ote:

The

757-

foot

-tall

towe

r, wh

ich

is s

quee

zed

into

50

feet

bet

ween

Carn

egie

Hal

l and

The

Russ

ian

Tea

Room

, is

one

of th

e wo

rld’s

slim

mes

t tal

l bui

ldin

gs.

HEAR

ST TO

WER

300

W. 5

7th

St.

46 fl

oors

; bui

lt in

200

6Sq

uare

feet

:856

,000

Rent

per

sq.

ft.:

Nego

tiabl

eM

ajor

tena

nts:

Hear

stCo

rp.,

Hear

st-A

rgyle

Tele

visio

nOf

not

e:Th

is w

as th

e fir

stof

fice

towe

r in

NYC

tore

ceive

the

U.S.

Gre

enBu

ildin

g Co

unci

l’s G

old

LEED

ratin

g ce

rtific

atio

n.

�

��

SEAG

RAM

BUI

LDIN

G37

5 Pa

rk A

ve.

38 fl

oors

; bui

lt in

195

8Sq

uare

feet

: 791

,993

Rent

per

sq.

ft.:

Nego

tiabl

eM

ajor

tena

nts:

Broa

dway

Par

tner

s,W

acho

via C

apita

l Mar

kets

Of n

ote:

The

build

ing

and

foun

tain

form

aba

ckdr

op in

the

1961

clas

sic

Brea

kfas

t at

Tiffa

ny’s .

�

PARA

MOU

NT P

LAZA

1633

Bro

adwa

y48

floo

rs; b

uilt

in 1

971

Squa

re fe

et:2

.4 m

illio

nRe

nt p

er s

q. ft

.:Ne

gotia

ble

Maj

or te

nant

s:Da

visW

right

Trem

aine

, Via

com

Inte

rnat

iona

lOf

not

e:It

was b

uilt

as th

eUr

is B

uild

ing

on th

e si

teof

the

Capi

tol T

heat

re,

whic

h da

ted

from

191

9.

�

ONE

WOR

LDW

IDE

PLAZ

A82

5 Ei

ghth

Ave

.49

floo

rs; b

uilt

in 1

989

Squa

re fe

et: 1

.7 m

illio

nRe

nt p

er s

q. ft

.:$9

2.69

Maj

or te

nant

s:Og

ilvy

Publ

ic R

elat

ions

Wor

ld-

wide

, Rob

erts

& H

olla

ndOf

not

e:Th

e to

wer’s

top,

nick

nam

ed “D

avid

’sDi

amon

d,” i

s mad

e of

200

tons

of c

oppe

r.

�

ONE

ASTO

R PL

AZA

1515

Bro

adwa

y54

floo

rs; b

uilt

in 1

972

Squa

re fe

et:1

.8 m

illio

nRe

nt p

er s

q. ft

.: $8

2.00

Maj

or te

nant

s:Se

rino

Coyn

e, V

iaco

mIn

tern

atio

nal

Of n

ote:

The

1,62

1-se

atM

insk

off T

heat

re is

on

the

third

floo

r of t

he b

uild

ing.

EMPI

RE S

TATE

BUIL

DING

350

Fifth

Ave

.1 0

2 flo

ors;

bui

lt in

193

1Sq

uare

feet

:2.8

mill

ion

Rent

per

sq.

ft.:

$60.

66M

ajor

tena

nts:

Gara

nIn

c., W

orld

wide

Dre

ams

Of n

ote:

It h

ouse

s ove

r1,

000

busi

ness

es a

ndha

s its

own

ZIP

cod

e.De

sign

ed a

s a li

ghtn

ing

rod,

it’s

stru

ck a

bout

100

times

a ye

ar.

�

�

�

�

�

�

�

�

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T he

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ntur

n Sh

ows

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ents

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t up

durin

g th

e pa

st fi

ve y

ears

, but

now

the

mid

tow

n m

arke

t is

show

ing

sign

s of

sof

teni

ng.

Incr

ease

in re

nt fo

rco

mm

ercia

l spa

ce in

the

past

five

year

s

-7%

Drop

in le

asin

g ac

tivity

in fi

rst-

quar

ter 2

008

from

a ye

area

rlier

, to

5 m

illio

n sq

uare

feet

Rise

in th

e am

ount

of

subl

ease

spac

e on

the

mar

ket in

the

first

qua

rter

Sour

ce: C

ushm

an &

Wak

efie

ldSo

urce

s: C

B Ri

char

d El

lis, C

oSta

r Gro

up, E

mpo

ris B

uild

ings

, Gra

nd C

entra

l Par

tner

ship

, Tim

es S

quar

e Al

lianc

e an

d bu

ildin

g W

eb s

ites

mat

thew

pey

ton

/get

ty im

ages

�

Project5 7/2/08 3:32 PM Page 1

From tenant installations to major building improvements, we

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demonstrate our commitment to provide our tenants with

exceptional business environments and superior service.

Experience the SL Green advantage.

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SLG-1689 Corporate Ad 2008 Crains 10.87 x 14.5.indd 1 5/5/08 5:31:36 PM


2 0 0 8 C I T Y F A C T S

28| Crain’s New York Business | July 7, 2008

SEVE

N W

ORLD

TRAD

E CE

NTER

250

Gree

nwic

h St

.52

floo

rs; r

ebui

lt 20

06Sq

uare

feet

: 1.7

mill

ion

Rent

per

sq.

ft.:

$74.

38M

ajor

tena

nts:

Darb

y & D

arby

,Moo

dy’s

Of

not

e:Th

e or

igin

albu

ildin

g co

llaps

ed a

fter

the

Sept

. 11

atta

cks.

The

new

towe

r, wh

ich

open

ed tw

o ye

ars

ago,

is th

e fir

st a

nd s

o fa

ron

ly bu

ildin

g to

be

reco

nstru

cted

at t

heW

orld

Trad

e Ce

nter

site

.

THRE

E W

ORLD

FINA

NCIA

L CE

NTER

200

Vese

y St.

52 fl

oors

; bui

lt 19

85Sq

uare

feet

: 2.4

mill

ion

Rent

per

sq.

ft.:

Nego

tiabl

eM

ajor

tena

nts:

Amer

ican

Exp

ress

Co.

,U.

S. S

ecur

ities

and

Exch

ange

Com

mis

sion

Of n

ote:

The

build

ing

lead

s to

the

Win

ter

Gard

en, a

45,

000-

squa

re-fo

ot, g

lass

-en

clos

ed s

pace

with

reta

il sh

ops

and

rest

aura

nts.

ONE

LIBE

RTY

PLAZ

A54

floo

rs; b

uilt

1972

Squa

re fe

et: 2

.1 m

illio

nRe

nt p

er s

q. ft

.:ne

gotia

ble

Maj

or te

nant

s:Cl

eary

Gottl

ieb

Stee

n &

Ham

ilton

, Gol

dman

Sac

hsOf

not

e:Th

e Si

nger

Bui

ldin

g, a

t one

tim

eth

e wo

rld’s

talle

st s

truct

ure,

was

dem

olis

hed

in 1

968

to m

ake

way f

or th

isbu

ildin

g, w

hich

ove

rlook

s th

e W

TC s

ite.

BANK

OF

NEW

YOR

K BU

ILDI

NG

One

Wal

l St.

50 fl

oors

; bui

lt 19

31Sq

uare

feet

:1.2

mill

ion

Rent

per

sq.

ft.:

Not a

vaila

ble

Maj

or te

nant

s:Th

e Ba

nk o

f New

York

,Ha

ruOf

not

e:Th

e BO

NY b

uild

ing

sits

at o

ne o

fth

e wo

rld’s

mos

t fam

ous

inte

rsec

tions

:W

all S

treet

and

Bro

adwa

y.

ONE

NEW

YOR

K PL

AZA

50 fl

oors

; bui

lt 19

70Sq

uare

feet

:2.4

mill

ion

Rent

per

sq.

ft.:

Nego

tiabl

eM

ajor

tena

nts:

Gold

man

Sac

hs,

Mor

gan

Stan

ley

Of n

ote:

The

build

ing

isM

anha

ttan’

sso

uthe

rnm

ost

skys

crap

er.

HSBC

BAN

K BU

ILDI

NG14

0 Br

oadw

ay51

floor

s; b

uilt

1967

Squa

re fe

et:1

.2 m

illio

nRe

nt p

er s

q. ft

.:Ne

gotia

ble

Maj

or te

nant

s: B

rown

Brot

hers

Har

riman

,La

bato

n Su

char

ow &

Rudo

ffOf

not

e: Th

is to

wer,

alon

g wi

th s

even

oth

ergo

vern

men

t bui

ldin

gs,

was

bom

bed

in A

ugus

t19

69 b

ya g

roup

of a

nti-

Viet

nam

war

act

ivist

sle

d by

Sam

Mel

ville

. No

one

was

kille

d.

WOO

LWOR

THBU

ILDI

NG23

3 Br

oadw

ay57

floo

rs; b

uilt

1913

Squa

re fe

et:9

36,0

00Re

nt p

er s

q. ft

.:$4

7.94

Maj

or te

nant

s:Ne

wYo

rk U

nive

rsity

,U.S

.Se

curit

ies

and

Exch

ange

Com

mis

sion

Of n

ote:

It’s

cal

led

the

Cath

edra

l of C

omm

erce

beca

use

it re

sem

bles

Euro

pean

Got

hic

cath

edra

ls.

TRUM

P BU

ILDI

NG40

Wal

l St.

72 fl

oors

; bui

lt 19

30Sq

uare

feet

: 1.4

mill

ion

Rent

per

sq.

ft.:

$54.

56M

ajor

tena

nts:

Cont

inen

tal C

asua

lty,

Coun

trywi

de In

sura

nce

Co.

Of n

ote:

In 1

946,

am

ilita

rytra

nspo

rt pl

ane

cras

hed

into

wha

t was

then

the

Bank

of

Man

hatta

n Co

.Bu

ildin

g, k

illin

g fo

urpe

ople

abo

ard.

ONE

CHAS

EM

ANHA

TTAN

PLA

ZA26

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2 0 0 8 C I T Y F A C T S

Retail Rents by NeighborhoodSoHo/NoLIta is projected to post the largest retail rentrise in 2008: $50 a square foot, to $350. Times Squareremains the costliest location for retailers.

REAL ESTATE 2008 has brought a softening in New York’s real estate markets. The boom ofrecent years—which drove a bonanza of building projects and caused rents andselling prices to rise in commercial and residential markets—couldn’t last forever.

Fresh HousingNew York City has added a growing number of residential units each yearfor the past four years. Manhattan’s share of the total completed last yearwas 6,584 units, 26.6% more than in 2006.

NYC Construction SpendingConstruction expenditures were up across the board inthe past five years. The nonresidential sector had thebiggest percentage increase.

New York City ForeclosuresTotal foreclosures in the city in 2007 rose almost 12% last year over the year-earlier level.Filings in Queens outnumbered those in the other boroughs, jumping 59% versus 2006.

Office RentsCommercial asking rents in midtown and downtown Manhattan rose 25.4% and 24.0%,respectively, in first-quarter 2008 versus the year-earlier period.

Manhattan OutlookAverage asking office rents are forecast to drop about$15 a square foot by 2012; vacancy rates are expected toclimb through 2011, then improve slightly.

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+4.5%Increase in residentialNY area rents in ’07

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-48%Drop in NYC residentialbuilding permits issued

in 1Q ’08 vs. 1Q ’07Source: U.S. Census Bureau


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CN012138 6/17/08 10:27 AM Page 1

2 0 0 8 C I T Y F A C T S

RETAIL Retail statistics offer clues about the items New Yorkers value: clothes and food. Citydwellers spend relatively large sums on apparel. And the city’s restaurants and barsare expected to take in $14.9 billion in 2008, more than food stores’ $12.6 billion.

Expenditures By CategoryThe average NY area household devoted nearly 40% of itsannual expenditures to housing in 2005-06. At $263,tobacco constituted less than 1% of the total of $59,248.

Restaurants in New York CityThe ZIP codes with the most restaurants are in downtown and midtown Manhattan, in areas where lots of people work. Downtown Brooklyn has a large number; sodo the immigrant communities of Bay Ridge and Jackson Heights, hipster Williamsburg, and Ridgewood, an immigrant community also adding young urbanites.

Spending on ApparelNY area households spend a bigger share of their incomeon clothing than those in the U.S. as a whole—perhapsnot surprising for people living in a fashion center.

The MealDeal

$143.06Avg. meal cost

at the 20 most expensive

restaurants in NYC in ’08

+109.4%Chg. in avg.meal cost at

theserestaurants

from ’98 to ’08 Source: Zagat Survey


RetailDetails

$11.8BEst. sales at

NYC clothing/accessories

stores in 2008

$1.7BEst. sales

at NYC sports/hobby/book/

music stores in 2008

Source: ESRI Inc.

NY Area Consumer Price Index Costs in a number of key categories have been rising,with increasing prices for fuel/utilities and transportationrecently putting the biggest squeeze on consumers.

PERCENT CHANGES FOR KEY CATEGORIES*Category 2004 2005 2006 2007

All items +3.9% +3.9% +2.6% +3.7%

Apparel +3.4% -0.6% -2.4% -0.3%

Commodities +4.1% +2.2% +1.3% +4.8%

Food/beverages +4.3% +2.5% +2.1% +5.0%

Fuels/utilities +7.9% +21.4% 0.0% +8.3%

Housing +4.1% +4.6% +5.4% +2.9%

Transportation +5.4% +3.0% +1.6% +7.8%

The NY area includes NYC, Long Island, the northern suburbs, northern NJ,and parts of Connecticut and Pennsylvania. *Changes are measured fromDecember to December. Source: Bureau of Labor Statistics

CNYB 07-07-08 A 32 7/2/2008 3:10 PM Page 1


2 0 0 8 C I T Y F A C T S

SMALL BUSINESSHigh taxes and a thicket of regulation make New York a tough place for small businesses. That’s bad news for the city’s future. After all, Macy’s was once a little dry goods store, Time Inc. a scrappy startup, and Pfizer just another Brooklyn factory.

Tiny EnginesAn estimated three-quarters of New York’s small businesses have noemployees, just an owner-operator.

Loans by CountyThe SBA guaranteed many more loans in Manhattan than in the Bronx in recent months.The average loan was about one-third higher in Manhattan: $137,224 versus $103,231.

Top LendersTop-ranked lender J.P. Morgan Chase, also the city’s largest bank, has significantlyincreased its SBA-guaranteed lending in the New York district in recent years.

A Loan Story in NYCThe volume of SBA-guaranteed loans is down for the first sevenmonths of this fiscal year, as banks tighten their lending standards.

On Their OwnThe number of self-employed people with unincorporated businesses has fallen in NewYork state and nationwide. That’s probably because of robust hiring by businesses.

Employer SizeThe majority of businesses in most industries in New York state have fewer than fiveemployees. Among professional services firms, 72.3% have fewer than five employees.

2005 total < 20 20-99 100-499 < 500

Arts, entertainment and recreation

Number of firms 10,297 9,152 870 190 10,212

Payroll, in billions of dollars $5.0 $1.5 $0.9 $0.9 $3.4

Finance and insurance

Number of firms 16,731 14,552 1,302 457 16,311


Information

Number of firms 7,617 6,205 840 259 7,304


Professional, scientific and technical services

Number of firms 55,476 51,109 3,011 732 54,852


Retail trade

Number of firms 60,111 55,372 3,617 560 59,549

Payroll, in billions of dollars $21.1 $4.9 $4.2 $2.0 $11.12005 total is for all NYS enterprises. Dollar figures may not add up to the < 500 total due to rounding. Source: U.S. Census Bureau


Steady Renewal

61,718Businesses opened

in 2006 in New York state

61,190Businesses closed

the same yearSome closures may have resulted in succes-sor firms that were not identified as newfirms. Figures do not include bankruptcies.

Source: U.S. Small Business Administration

CNYB 07-07-08 A 34 7/1/2008 4:47 PM Page 1

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CN012149 6/18/08 6:21 PM Page 1

2 0 0 8 C I T Y F A C T S

TECHNOLOGY & MEDIA The tech and media sectors are merging as the Web overtakes the printed page asthe primary medium for delivering information and entertainment. The transitionmay not be easy, as newspaper circulation figures show.


Funding for Firms DropsTotal technology investment and deal volume in the NYarea dropped last year, slipping 28.3% and 0.8%, respec-tively. Investments are expected to keep falling in 2008.

Techs In DemandMore NYC techies are employed in programming jobsthan in any other tech occupation. But among the big-gest groups, software engineers are tops in median pay.

Major Announced AcquisitionsOf the 10 largest deals announced in 2008, three have yet to be finalized. ElectronicArts’ unsolicited offer for Take-Two Interactive was rejected by the company.

Back On TrackNYC’s tech sector has been growing since 2003. In 2007,technology-related jobs were up 8.1% vs. 2006 levels butstill short of the 2000 peak, during the dot-com boom.

Top 5 BuysThese products led personal techspending in metro NY in 2007.

Flat panels

PCs

Digital stillcameras

Inkjetcartridges

Portable digital playersSource: NPD Group

Media TitansThe Web is transforming the world for New York City’s biggest media companies. Time Warneris among those being hit hardest: In 2007, its net income dropped 33%, to $4.4 billion.

2007 revenues, 2007Company Top executive in millions employees1 Nature of businessTime Warner Inc. Richard D. Parsons $46,482.0 86,400 Entertainment, media

Chairman and online services

News Corp. Rupert Murdoch $28,655.0 53,000 Entertainment, mediaChairman, CEO

Time Warner Cable Inc. Don Logan $15,955.0 45,600 Cable TV Chairman and telecommunications

CBS Corp. Leslie Moonves $14,072.9 23,970 TelevisionPresident, CEO broadcasting

Advance Samuel I. Newhouse Jr. $7,700.02 28,0003 Newspapers Publications Inc. Chairman, CEO and magazines

1-Numbers are from the most recent 10-K’s. 2-Estimate. 3-As of Sept. 30. Source: Crain’s lists of publicly held and privately held companies

Radio SignalsRatings don’t always translate directly into revenues. Among the leading New Yorkarea stations, all-news 1010 WINS ranked third in audience share earlier this year,but it generates revenues only slightly less than those for first-place 106.7 Lite FM.

Average quarter- 2007 estimatedStation/frequency Format hour share1 revenues, in millions

WLTW-FM/106.7 Adult contemporary 5.1% $62.8

WHTZ-FM/100.3 Pop contemporary hits 5.0% $52.3

WINS-AM/1010 All news 4.2% $57.7

WBLS-FM/107.5 Urban contemporary 4.2% $33.2

WRKS-FM/98.7 Urban adult contemporary 3.9% $26.2

WSKQ-FM/97.9 Spanish tropical 3.8% $35.3

WPAT-FM/93.1 Spanish contemporary 3.7% $23.0

WCBS-FM/101.1 Classic hits 3.7% $18.2

WABC-AM/770 News/talk/information 3.6% $23.1

WQHT-FM/97.1 Rhythmic contemporary hits 3.4% $32.3

Average quarter-hour share is the average number of persons listening to a particular station for at least five minutesduring a 15-minute period, expressed as a percentage of total radio listeners in the market. Average quarter-hour sharefigures are based on Monday through Sunday, 6 a.m.-midnight, people 12+ for winter 2008, Jan. 10 through April 2. Incase of tied figures, stations are ranked by 2007 estimated revenues. Sources: Arbitron Inc., BIA Financial Network Inc.

2

3

4

5

1

TV GiantsWABC is the longtime leader among NYC broadcaststations, but they’re all losing share to cable television.

Call letters/ Average Averagechannel Affiliation rating share

WABC/7 ABC 4.1 10

WCBS/2 CBS 2.8 7

WNBC/4 NBC 2.4 6

WNYW/5 Fox 1.8 4

WPIX/11 CW 1.4 4

WXTV/41 Univision 1.3 3

WWOR/9 MyNetworkTV 0.8 2

WNJU/47 Telemundo 0.7 2

WFUT/68 TeleFutura 0.5 1

WFUT*/68 TeleFutura 0.5 1

Figures are for the NY market during May 2008 sweeps, April 24-May 21.Rating, share data are for Mon.-Sun., 7 a.m.-1 a.m., for shows watchedlive or recorded on DVR and watched within 7 days. 1 household ratingpoint = 73,919 households. Share is the percentage of TV sets in use thatare tuned to a given station. *Digital. Source: Nielsen Media Research

CNYB 07-07-08 A 36 7/1/2008 4:50 PM Page 1

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2 0 0 8 C I T Y F A C T S

TECHNOLOGY & MEDIA

1,984,1283

+0.8%

1,476,400-9.3%

704,157-9.2%

401,315-8.6%

441,728-4.8%

125,829-7.3%

69,311-5.3%

37,168-1.3%

None—

None—

2,069,463+0.3%

1,077,256-3.9%

703,137-2.1%

702,488-3.1%

379,613-4.7%

108,092-11.7%

56,875-4.3%

53,856+7.6%

46,728 -0.6%

12,689-2.2%

New York Area Dailies Total paid circulation dropped at all but two local daily papers in the most recent six-month period. Spanish-language newspaper El DiarioLa Prensa had the largest increase for its weekday edition: 7.6%. The Journal was a distant second, with only a 0.3% gain.

� Average daily paid circulation1 � Average Sunday paid circulation2 � Percent change from year-earlier period

Data are for Audit Bureau of Circulations members in the New York area, including New York City and Nassau, Suffolk and Westchester counties. The 2007 data used to calculate percent changes may or may not be audited figures. 1-Average total paid circulation on Monday through Friday for the six months ended March31, 2008. 2-Average total paid circulation on Sunday for the six months ended March 31, 2008, unless otherwise noted. 3-Weekend. Source: Audit Bureau of Circulations

CNYB 07-07-08 A 38 7/1/2008 4:54 PM Page 1


2 0 0 8 C I T Y F A C T S

Big SpendersThe weakness of the dollar continues to attract interna-tional visitors. Overall visitor spending in New YorkCity is estimated to have increased by 13.4% in 2007.

TOURISM & ENTERTAINMENTMore visitors than ever came to New York City last year, a total of about 46 millionpeople. They were drawn by the bright lights, Broadway shows—and the fun to behad by stopping at the top of subway escalators to consult their tourist maps.

Broadway’sBiggest HitsWith about 8,500 performances over 20years, The Phantom of theOpera is the longest-running show inBroadway’s history;Legally Blonde has beenplaying for a little over ayear. Yet both were amongthe top-grossing showsduring the 2007-08season, coming in eighthand seventh, respectively.The 2007-08 season ended May 25.Average paid admission is the box-office gross divided by attendance.Figures for Young Frankenstein areestimates.

Source: The League of AmericanTheatres and Producers

Rooms at the InnThe average daily room rate at Manhattan hotels increased 12.6% between 2006 and 2007;the average hotel occupancy rate climbed 0.9 percentage points during the same period.

Hotel Taxes GrowHotel tax revenues in NYC are expected to keep growing in coming years, but more slowly.Collections are forecast to grow 6.2% in fiscal 2009 and to keep climbing through 2012.


Tourists in New York CityThe estimated number of international visitors in 2007 increased by 20.5% over year-earlier levels, to 8.8 million people. Thetotal number of visitors in 2007 is pegged at a record 46 million, 5.0% more than in 2006.

TOTAL TOURISTSNumber of visitors in 2007, in millions

TOP MARKETS FOR WHICH NYC IS #1 U.S. DESTINATIONNumber of visitors in 2007, in thousands

$100.71 $121.84 $93.42 $77.63 $78.54 $102.45 $73.31 $66.48 $75.11 $70.48

$71.4

$58.8 $58.2$52.1

$43.2$40.2

$36.4 $35.9 $35.6 $35.2

$75

50

25

0

� Box-office gross, in millions � Average paid admission

CNYB 07-07-08 A 40 7/1/2008 4:57 PM Page 1

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2 0 0 8 C I T Y F A C T S

TOURISM &ENTERTAINMENT

Venues Visited in NYCA full 91% of New Yorkers surveyed had visited a cultural venueor attended a cultural or sporting event in the previous 12 months.

NYC Movies Seen By New YorkersLocals have a taste for the classics among movies made in NYC, a2007 survey showed. Results for different boroughs varied; Man-hattanites were more likely to have seen Midnight Cowboy.


Top RowPercentage of seats filled for New York area teams’ home games

2007-08 season

96.6%New York Knicks

78.3%New Jersey

Nets

90.7%New YorkYankees

86.7%New York

Mets*As of June 22. Source: ESPN.com

2008 season*

MUSEUMSArt or design 53.1%Natural history or science 45.1%History, society or culture 30.5%Children’s 15.5%

THEATRE/PERFORMING ARTSBroadway musical 47.7%Broadway play 43.2%Off-Broadway performance (100 to 499 seats) 31.7%Pop or rock music performance 28.8%Classical music concert or recital 21.8%Off-off-Broadway performance (fewer than 100 seats) 20.9%Jazz or cabaret performance 20.0%Opera 16.8%Contemporary or modern dance 15.3%Ballet 11.8%

OTHERProfessional sporting event 37.4%Other* 7.5%

Citywide survey was taken in summer 2007. *Includes comedy club, botanical garden, R&B or rap concert,zoo, theater in the park and music in the park. Source: Mayor’s Office of Film, Theatre and Broadcasting

Come hear from Congressman Weiner on how tax policy — federal, state and city — is impacting job creation in New York, and learn how your company may be affected.

The likely 2009 mayoral candidate will be questioned by Crain’s editor Greg David and another journalist on a wide range of city and political issues.

DATE: TUESDAY, JULY 22, 2008TIME: 8:00-8:30 A.M. NETWORKING BREAKFAST 8:30-9:30 A.M. PROGRAMVENUE: GRAND HYATT 42nd Street and Grand Central TerminalCOST TO ATTEND: $70 for individual tickets if prepaid by July 15; $75 thereafter. $650 for tables of ten if prepaid by July 15; $750 thereafter.

To register go to crainsnewyork.com, or fax your business card and credit card information to “Weiner Breakfast” at 212-210-0499.

You must be pre-registered to attend this event. All tickets are non-refundable. For more information, please call the events hotline at 212-210-0739.

See highlights from all Crain’s events online at crainsnewyork.com/video.

Event sponsorship and online video sponsorship opportunities are available. For more information contact Jeff Adler at 212.210.0711 or [email protected].

CNYB 07-07-08 A 42 7/3/2008 10:55 AM Page 1

2 0 0 8 C I T Y F A C T S

Airports’ On-Time PerformanceThe percentage of on-time flight arrivals at New York’sairports has been declining for years. On-time perfor-mance is now worst at La Guardia.

TRANSPORTATIONNew York City moves—or at least it tries to. About 3.7 million people commute dailyvia aging subways, trains and roads; almost 300,000 head to and from airports. Andwhat a companionable group they are, especially on the 9 a.m. No. 4 to midtown.

The Cost of CommutingSuburbanites spend more time and money to make their way to jobs inManhattan. Generally, the longer the trip, the higher the cost. New Jerseycommuters tend to pay more than Long Island and Westchester residents.

Bridge and Tunnel CrossingsIn the past decade, the number of eastbound vehicles usingPort Authority bridges and tunnels has increased only 4.9%.

Airport TravelersWhile the number of people traveling through JFK andNewark Liberty international airports is rising, the num-ber traveling via La Guardia has been flat since 2005.

City StraphangersSince seven-day and 30-day passes were introduced in 1998, the numbers of NYC Transitsubway and bus riders have increased by approximately 30% and 22%, respectively.

Commuter Rail PassengersRidership on the rails has shown steady growth since dropping during the recession in2001-03. The number of passengers is expected to increase again in the next year.

The Price of FuelOil prices are setting records. The annual average cost pergallon of regular unleaded gasoline rose nationwide andin NYC in 2007, climbing 9% and 6%, respectively.

Heavy Traffic

109.1MPassengers travelingthrough JFK, Newark

and La Guardia airportsin 2007

39min.Mean travel timefor NYC residents

commuting to workSources: Port Authority of NY & NJ,

2006 U.S. Census Bureau data

Cost of monthly commuteNew Jersey Transit

Princeton_________$366Edison___________$279

Staten Island FerryStaten Island_______Free

Metro-North RailroadTarrytown_________$221 Yonkers__________$169

NYC TransitForest Hills, Queens___$81

Long Island Rail RoadSyosset___________$211Jamaica____________$160

Assumes purchase of a 30-day unlimited MetroCard for Forest Hills commuters and a monthlypeak ticket for all rail commuters. Travel costs may be incurred beyond those for the transportationsystems listed. sources: transit systems


source: oil price information service

CNYB 07-07-08 A 43 7/3/2008 1:56 PM Page 1


PUBLIC & LEGAL NOTICES

Crain's Classified is not responsible for corrupt files submitted by client or ads run under the wrong subheading.

NAME OF LLC: Palisander Holdings LLC.Arts. Of Org. filed with NY Dept. of Stateon 5/19/08. Office location: NY County.SSNY designated as agent of LLC uponwhom process against it may be servedand shall mail process to: Daniel Harrison,55 East 9th Street, Apt. 14BC, NY, NY10003. Purpose own and manage realestate and other investments.


NOTICE OF FORMATION of Office GreenersLLC. Arts. Of Org. filed with Secy. Of State ofN.Y. (SSNY) on 4/28/08. Office location: NewYork County. SSNY designated as agent ofLLC upon whom process against it may beserved. SSNY shall mail process to: P.O. Box1855, NY, NY 10021. Principal businesslocation: 404 E. 66th Street, Apt. 8L, NY, NY10065. Purpose: Any lawful activity.

ENTREPENEURS WANTED PUBLIC & LEGALNOTICES


Name of LLC: FRANKEL & GREEN THEATRI-CAL MANAGEMENT LLC. Articles of Org.filed Dept. of State of NY on 4/18/08. Officelocation in NY: New York County. Secy. ofState designated as agent of LLC uponwhom process against it may be served.Sec. of State shall mail a copy of process to:c/o Richard Frankel, Richard FrankelProductions, Inc., 729 Seventh Avenue, 12thFloor, New York, NY 10019. The latest dateon which the LLC is to dissolve is12/31/2075. Purpose: any lawful activity.


Notice of Formation of Alliance Medicaland Wellness PLLC, Art. of Org. filedSec’y of State (SSNY) 12/12/07. Officelocation: NY County. SSNY designated asagent of PLLC upon whom processagainst it may be served. SSNY shall mailcopy of process to Nat. Reg. Agents, 875Ave of the Americas, Ste. 501, NY, NY10001. Purpose: any lawful activities.


Notice of Formation of Alui Properties,LLC. Arts. of Org. filed with NY Dept. ofState on 5/20/2008. Office location: NYCounty. Principal business address: 322W. 57th St., Unit 42 M1, NY, NY 10019.Secy. of State designated as agent of LLCupon whom process against it may beserved and shall mail process to: c/oPoles, Tublin et al., LLP, 46 Trinity Pl., NY,NY 10006. Term: until 12/31/2099.Purpose: any lawful activity.


CANDEO CLINICAL/SCIENCE COMMUNI-CATIONS, LLC, a domestic LimitedLiability Company (LLC) filed with the Secof State of NY on 5-9-08. NY Office loca-tion: New York County. SSNY is designat-ed as agent upon whom process againstthe LLC may be served. SSNY shall mail acopy of any process against the LLCserved upon him/her to The LLC, 75Maiden Ln., Ste. 408, NY, NY 10038.General purposes.


Notice of Formation of CMF EckhardtMaster Fund L.P. Certificate filed withSecy. of State of N.Y. (SSNY) on2/13/2008. Office location: NY County.SSNY designated as agent of LP uponwhom process against it may be served.SSNY shall mail process to: CitigroupManaged Futures LLC, 731 LexingtonAve., 25th Fl., NY, NY 10022, Attn:Jennifer Magro. Registered agent uponwhom process may be served: CTCorporation System, 111 8th Ave., NY,NY 10011. Name/address of each genl.ptr. available from SSNY. Term: until12/31/2030. Purpose: any lawful activity.


Notice of Formation of Shelter DesignsLLC, Art. of Org. filed Sec’y of State(SSNY) 3/7/08. Office location: NYCounty. SSNY designated as agent of LLCupon whom process against it may beserved. SSNY shall mail copy of processto 1 Penn Plaza, #6102, NY, NY 10119.Purpose: any lawful activities.


PARADIGM CAPITAL ADVISORS LLC, adomestic Limited Liability Company (LLC)filed with the Sec of State of NY on 6-13-07. NY Office location: New York County.SSNY is designated as agent upon whomprocess against the LLC may be served.SSNY shall mail a copy of any processagainst the LLC served upon him/her toJulie Ravage, 603 W. 148th St., Ste. 6,NY, NY 10031. General purposes.


SP8 INTERNATIONAL LLC, a domesticLimited Liability Company (LLC) filed withthe Sec of State of NY on 12-14-07. NYOffice location: New York County. SSNY isdesignated as agent upon whom processagainst the LLC may be served. SSNYshall mail a copy of any process againstthe LLC served upon him/her to SJSManagement Corp., 780 Third Ave., Ste.2101, NY, NY 10017. General purposes.


VISIONS WITH SOLUTIONS, LLC, adomestic Limited Liability Company (LLC)filed with the Sec of State of NY on 3-10-08. NY Office location: New York County.SSNY is designated as agent upon whomprocess against the LLC may be served.SSNY shall mail a copy of any processagainst the LLC served upon him/her toThe LLC, 230 W. 147th St., Unit 1Q, NY,NY 10039. General purposes.

BUSINESS OPPORTUNITY/EVENTS


NOTICE OF FORMATION OF KJFDocumentaries LLC article of Organizationfiled with the Secretary of State of NY(SSNY) on 2/13/08. Office location: NewYork County. SSNY has been designatedas agent upon whom process against itmay be served. The Post Office address towhich the SSNY shall mail a copy of anyprocess against the KJF DocumentariesLLC served upon him is C/O KJFDocumentaries 112 West 27th St. 6th flr.NY, NY Purpose of : to engage in any law-ful act or activity. Street address ofPrincipal Business location is: 112 West27th st 6th flr NY NY 10001.


Notice of Qualification of Whitehall StreetEmployee Funds 2008 GP, L.L.C. Authorityfiled with Secy. of State of N.Y. (SSNY) on5/8/08. Office location: NY County. LLCformed in Delaware (DE) on 2/28/08. SSNYdesignated as agent of LLC upon whomprocess against it may be served. SSNYshall mail process to: 85 Broad St., NY, NY10004. DE address of LLC: 1209 Orange St.,Wilmington, DE 19801. Cert. of Form. filedwith DE Secy. of State, P.O. Box 898, Dover,DE 19903. Purpose: any lawful activity.

PUBLIC & LEGALNOTICES


Notice of Qualification of Phoenix AdlabsTheatre Management, LLC. Authority filedwith NY Dept. of State on 5/28/08. Officelocation: NY County. LLC formed inTennessee (TN) on 2/25/08. NY Secy. ofState designated as agent of LLC uponwhom process against it may be servedand shall mail process to: c/o CTCorporation System, 111 8th Ave., NY, NY10011, registered agent upon whomprocess may be served. TN and principalbusiness address: 111 Center Park Dr.,Ste. 1003, Knoxville, TN 37922. Arts. ofOrg. filed with TN Secy. of State, 312 8thAve. N., 6th Fl., Nashville, TN 37243.Purpose: any lawful activity.


HOUSEHOLD NAME, LLC, a foreignLimited Liability Company (LLC) filed withthe Sec of State of NY (SSNY) on 8-9-07using the fictitious name HOUSEHOLDNAME TEXAS, LLC. NY office Location:New York County. SSNY is designated asagent upon whom process against theLLC may be served. SSNY shall mail acopy of any process against the LLCserved upon him/her to Bob Johnson, 400N. Loop 1604, Ste 202, San Antonio, TX78232. General purposes.


Notice of Formation Color By PergamentLLC art. of org. filed Secy. of State NY(SSNY) 5/30/08. Off. loc. in NY Co.SSNY designated as agent of LLC uponwhom process may be served. SSNYshall mail copy of process to: EdwardDavid Esq, 3 Becker Farm Rd, Roseland,NJ 07068. Purpose: Any lawful purpose.


Notice of Formation of Wood River NYLLC. Arts. of Org. filed with Secy. of Stateof NY (SSNY) on 6/6/08. Office location:NY County. SSNY designated as agent ofLLC upon whom process against it maybe served. SSNY shall mail process to:Leonard B. Pack, Esq., Wechsler &Cohen, LLP, 17 State St., 15th Fl., NY, NY10004. Purpose: any lawful activity.

MANAGEMENT

REAL ESTATE


MERCER STREET DEVELOPMENT LLC, adomestic Limited Liability Company (LLC)filed with the Sec of State of NY on 12-4-07. NY Office location: New York County.SSNY is designated as agent upon whomprocess against the LLC may be served.SSNY shall mail a copy of any processagainst the LLC served upon him/her toJoe Sabbagh, C/O Ultimate Realty, 28 E.14th St., NY, NY 10003. Latest date todissolve: 12-31-2055. General purposes.


Notice of Formation of EAST 191 LLC.Arts. of Org. filed with Secy. of State ofN.Y. (SSNY) on 4/29/08. Office location:NY County. SSNY designated as agent ofLLC upon whom process against it maybe served. SSNY shall mail process to:191 E. 7th St., Apt. 4, NY, NY 10009.Purpose: any lawful activity.


NOTICE OF FORMATION OF LIMITED LIA-BILITY COMPANY. NAME: 2B. RYCH LLC.Articles of Organization were filed with theSecretary of State of New York (SSNY) on05/14/08. Office location: New York County.SSNY has been designated as agent of theLLC upon whom process against it may beserved. SSNY shall mail a copy of processto the LLC, c/o Alfred Dunner Inc., 1411Broadway, New York, New York 10018.Purpose: For any lawful purpose.Crain's Classified is not responsible for corrupt files submitted by client or ads run under the wrong subheading.

NOTICE OF FORMATION of BCDR SolutionsLLC. Article of Organization filed with theSecretary of State of NY (SSNY) on03/04/08. Office location: NY County. SSNYhas been designated as agent upon whomprocess against it may be served. The PostOffice address to which the SSNY shall maila copy of any process against the LLCserved upon him is C/O the BCDRSolutions LLC, 151 1st Avenue #238, N.Y.,N.Y., 10003. Date of Dissolution: No specif-ic date. Purpose of LLC: to engage in anylawful act or activity. Street address ofPrincipal Business location is: 151 1stAvenue #238, N.Y., N.Y., 10003


Notice of Qualification of EKARD, LLC.Authority filed with Secy. of State of NY(SSNY) on 6/6/08. Office location: NYCounty. LLC formed in Delaware (DE) on5/8/07. SSNY designated as agent of LLCupon whom process against it may beserved. SSNY shall mail process toprinc. bus. loc.: 2 Wall St., NY, NY10005. DE address of LLC: 2711Centerville Rd., Ste. 400, Wilmington, DE19808. Arts. of Org. filed with DE Secy.of State, 401 Federal St., Ste. 4, Dover,DE 19901. Purpose: any lawful activity.


Notice of Qualification of DFS FundingL.L.C. Authority filed with NY Dept. ofState on 5/28/08. NYS fictitious name: DellFunding Services LLC. Office location: NYCounty. Principal business address: OneDell Way, Round Rock, TX 78682. LLCformed in Delaware (DE) on 11/16/04. NYSecy. of State designated as agent of LLCupon whom process against it may beserved and shall mail process to: c/o CTCorporation System, 111 8th Ave., NY, NY10011, registered agent upon whomprocess may be served. DE address ofLLC: 1209 Orange St., Wilmington, DE19801. Arts. of Org. filed with DE Secy. ofState, 401 Federal St., Dover, DE 19901.Purpose: any lawful activity.


NOTICE OF FORMATION OFSUPERDELUXE, Art. of Org. filed Sec’y ofState (SSNY) DEC 1, 2006. OfficeLocation: NY county. SSNY designated asagent of LLC upon whom process againstit may be served. SSNY shall mail copy ofprocess to SUPERDELUXE, 195CHRYSTIE, 701C, NY, NY, 10002.Purpose: any lawful purpose

To place your

classified ad call

John Gallagher

@ 212-210-0189


Notice of Qualification of AtticusFundamental Holdings, LLC. Authority filedwith Secy. of State of N.Y. (SSNY) on5/30/08. Office location: NY County. LLCformed in Delaware (DE) on 5/20/08. SSNYdesignated as agent of LLC upon whomprocess against it may be served. SSNYshall mail process to: The LLC, 767 FifthAve., 12th Fl., NY, NY 10153. DE addressof LLC: Corporation Service Co., 2711Centerville Rd., Ste. 400, Wilmington, DE19808. Arts. of Org. filed with DE Secy. ofState, P.O. Box 898, Dover, DE 19903.Purpose: any lawful activity.


Notice of Qualification of GS TACS ActiveContinuous (U.S. Large Cap), LLC.Authority filed with Secy. of State of NY(SSNY) on 6/5/08. Office location: NYCounty. LLC formed in Delaware (DE) on7/19/06. SSNY designated as agent ofLLC upon whom process against it maybe served. SSNY shall mail process toprinc. bus. loc.: Goldman Sachs AssetManagement L.P., One New York Plaza,NY, NY 10004. DE address of LLC: 1209Orange St., Wilmington, DE 19801. Arts.of Org. filed with DE Secy. of State,Townsend Bldg., Dover, DE 19901.Purpose: any lawful activity.Crain's Classified is not responsible for corrupt files submitted by client or ads run under the wrong subheading.

Notice of Formation of HarborviewPreservation GP II, LLC. Arts. of Org. filedwith Secy. of State of NY (SSNY) on6/6/08. Office location: NY County.Principal bus. loc.: 60 Columbus Circle,NY, NY 10023. SSNY designated as agentof LLC upon whom process against it maybe served. SSNY shall mail process to:c/o Corporation Service Co., 80 State St.,Albany, NY 12207. Purpose: any lawfulactivity.


Notice of Formation of Hornstein StudiosLLC. Arts. of Org. filed with Secy. of Stateof N.Y. (SSNY) on 6/16/08. Office loca-tion: NY County. SSNY designated asagent of LLC upon whom process againstit may be served. SSNY shall mail processto princ. bus. loc.: c/o The LLC, 315 W.39th St., Ste. 1305, NY, NY 10018.Purpose: any lawful activity.


Shamco Management CorpSpecializing in residential multifamilymanagement since 1980. Full service

Management Co. specializing inMarketing, Accounting services, andProperty Management. Please call us

for quotes or inquiries of your property.Call Mike - 732.672.6501

www.ShamcoManagement.com


Notice of Qualification of The StillwaterMatrix Fund, LP. Authority filed with Secy.of State of NY (SSNY) on 6/17/08. Officelocation: NY County. LP formed inDelaware (DE) on 10/5/07. SSNY desig-nated as agent of LP upon whom processagainst it may be served. SSNY shall mailprocess to: 41 Madison Ave., 29th Fl., NY,NY 10010. Registered agent upon whomprocess may be served: CorporationService Co. (CSC), 80 State St., Albany,NY 12207. DE address of LP: c/o CSC,2711 Centerville Rd., Ste. 400,Wilmington, DE 19808. Name/address ofeach genl. ptr. available from SSNY. Cert.of LP filed with DE Secy. of State, 401Federal St., Ste. 4, Dover, DE 19901.Purpose: any lawful activity.


Notice of Formation RCM and AJM FamilyLLC No. 1 art. of org. filed Secy. of StateNY (SSNY) 6/29/07. Off. loc. in NY Co.SSNY designated as agent of LLC uponwhom process may be served. SSNY shallmail copy of process to: c/o JosephMichaels IV, Esq, Dunnington, Bartholow& Miller, 477 Madison Ave, 12th Fl, NY,NY 10022. Purpose: Any lawful purpose.


Notice of Formation of STRANGE COREPRODUCTIONS, LLC. Arts. of Org. filedwith Secy. of State of NY (SSNY) on06/19/08. Office location: New YorkCounty. Principal business location: c/oApple Core Holdings, 1450 Broadway,40th Floor, New York, NY 10018. SSNYdesignated as agent of LLC upon whomprocess against it may be served. SSNYshall mail process to: c/o Apple CoreHoldings, 1450 Broadway, 40th Floor, NewYork, NY 10018. Purpose: Any lawful activity.

TELEPHONE EQUIPMENT

WILL BUY ALL OFFICE TELEPHONE EQUIPMENTPlease Call: 212-Richard.Please Call: 212-742-4273


Notice of Formation of WHGA HARRIETTUBMAN APARTMENTS, L.P. Certificatefiled with Secy. of State of N.Y. (SSNY) onMarch 13, 2008. Office location: New YorkCounty. SSNY designated as agent of LPupon whom process against it may beserved. SSNY shall mail process to: ThePartnership, 1652 Amsterdam Avenue,New York, NY 10031. Name/address ofeach genl. ptr. available from SSNY. Term:until December 31, 2058. Purpose: anylawful activity.

AUCTION

AUCTIONJuly 14 • 7pm

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$5,000-$7,000 Published Min. Bids

516.349.7022 • www.MaltzAuctions.com

nb27p44-46cls.qxp 7/2/08 4:31 PM Page 44



Notice of Formation of L & L Realty HoldingsLLC. Arts. of Org. filed with Secy. of State ofN.Y. (SSNY) on 6/3/08. Office location: NYCounty. SSNY designated as agent of LLCupon whom process against it may beserved. SSNY shall mail process to: c/oMoses & Singer LLP, Attn: Daniel S. Rubin,405 Lexington Ave., NY, NY 10174. Purpose:any lawful activity.


Notice of Qualification of Wolfensohn CapitalPartners Holdings, L.P. Authority filed withSecy. of State of NY (SSNY) on 4/17/08.Office location: NY County. Princ. bus. loc.:1350 Ave. of the Americas, Ste. 2900, NY,NY 10019. LP formed in Delaware (DE) on4/7/08. SSNY designated as agent of LPupon whom process against it may beserved. SSNY shall mail process to: c/oCorporation Service Company (CSC), 80State St., Albany, NY 12207, registered agentupon whom process may be served. DEaddress of LP: c/o CSC, 2711 CentervilleRd., Ste. 400, Wilmington, DE 19808.Name/address of each genl. ptr. availablefrom SSNY. Cert. of LP filed with DE Secy. ofState, 401 Federal St., Dover, DE 19901.Purpose: any lawful activity.


Notice of Formation of 36 BEDFORD LLC.Arts. of Org. filed with Secy. of State ofN.Y. (SSNY) on 4/13/07. Office location:NY County. SSNY designated as agent ofLLC upon whom process against it maybe served. SSNY shall mail process toprinc. bus. loc.: c/o The LLC, 45 W. 8thSt., 2nd Fl., NY, NY 10011. Purpose: anylawful activity.


Notice of Qualification of 767 Fifth LenderLLC. Authority filed with NY Dept. of Stateon 6/2/08. Office location: NY County.Principal business address: 800 BoylstonSt., Ste. 1900, Boston, MA 02199. LLCformed in Delaware (DE) on 5/29/08. NYSecy. of State designated as agent of LLCupon whom process against it may beserved and shall mail process to: c/o CTCorporation System, 111 8th Ave., NY, NY10011, registered agent upon whomprocess may be served. DE address ofLLC: c/o The Corporation Trust Co., 1209Orange St., Wilmington, DE 19801. Arts.of Org. filed with DE Secy. of State,Loockerman & Federal Sts., Dover, DE19901. Purpose: any lawful activity.


Notice of Qualification of Canoe Ventures,LLC. Authority filed with NY Dept. of Stateon 6/6/08. Office location: NY County.Principal business address: 333 3rd Ave.,NY, NY 10010. LLC formed in Delaware(DE) on 4/1/08. NY Secy. of State designat-ed as agent of LLC upon whom processagainst it may be served and shall mailprocess to: c/o CT Corporation System,111 8th Ave., NY, NY 10011, registeredagent upon whom process may be served.DE address of LLC: c/o The CorporationTrust Co., 1209 Orange St., Wilmington,DE 19801. Arts. of Org. filed with DE Secy.of State, 401 Federal St., Dover, DE 19901.Purpose: any lawful activity.

w w w . c r a i n s n e w y o r k . c o m


Notice of Formation of AGARWAL REALTY,LLC. Arts. of Org. filed with NY Dept. ofState on 5/9/08. Office location: NYCounty. Secy. of State designated as agentof LLC upon whom process against it maybe served and shall mail process to: 30Fieldstone Court, New City, NY 10956.Purpose: any lawful activity.


Notice of Formation of HARON FAMILY,LLC amended to D.R.Y., LLC. Arts. of Org.filed with Secy. of State of N.Y. (SSNY) on3/4/1999. Office location: NY County.SSNY designated as agent of LLC uponwhom process against it may be served.SSNY shall mail process to: The LLC, c/oK&R Realty Management Inc., 37 W. 65thSt., 2nd Fl., NY, NY 10023. Term: until12/31/2049. Purpose: any lawful activity.


Notice of Qualification of HB OnshoreFund, LLC. Authority filed with NY Dept.of State on 4/14/08. Office location: NYCounty. LLC formed in Delaware (DE) on4/7/08. NY Secy. of State designated asagent of LLC upon whom process againstit may be served and shall mail processto: c/o Highbridge Capital Management,LLC, 9 W. 57th St., 27th Fl., NY, NY10019, principal business address of theLLC. Registered agent upon whomprocess may be served: CT CorporationSystem, 111 8th Ave., NY, NY 10011. DEaddress of LLC: c/o The Corporation TrustCo., 1209 Orange St., Wilmington, DE19801. Cert. of Form. filed with DE Secy.of State, 401 Federal St., Dover, DE19901. Purpose: any lawful activity.


Notice of Formation of Ladi LadiInternational Trading LLC filed with NYDept of State on 5/12/08. Office Location:NY County, Secy of State designated asagent of LLC upon whom process againstit may be served and shall mail process tothe principal business address c/o TaiwoOladele, 1735 Townsend Ave 3B Bronx NY10453. Purpose: Any lawful activity.


Notice of Formation of Soha RetailManager LLC. Arts. of Org. filed withSecy. of State of NY (SSNY) on 3/7/08.Office location: NY Co. SSNY designatedas agent of LLC upon whom processagainst it may be served. SSNY shall mailprocess to: The LLC, c/o ArtimusConstruction Inc., 37 West 65th St., NY,NY 10023. Purpose: any lawful activities.


Notice of Qualification of The Partners(Brand Consultants) LLC. Authority filedwith Secy. of State of NY (SSNY) on4/29/08. Office location: NY County. LLCformed in Delaware (DE) on 4/28/08.SSNY designated as agent of LLC uponwhom process against it may be served.SSNY shall mail process to: Davis &Gilbert LLP, 1740 Broadway, NY, NY10019. Address to be maintained in DE:160 Greentree Dr., Ste. 101, Dover, DE19904. Arts. of Org. filed with DE Secy. OfState, 401 Federal St., Ste 4., Dover, DE19901. Purpose: any lawful activities.


Notice of Qualification of Woodbine CapitalManagement LLC. Authority filed with NYDept. of State on 5/19/08. Office location:NY County. LLC formed in Delaware (DE)on 5/6/08. NY Secy. of State designated asagent of LLC upon whom process againstit may be served and shall mail process tothe principal business address: 900 3rdAve., Ste. 202, NY, NY 10022. DE addressof LLC: c/o The Corporation Trust Co.,1209 Orange St., Wilmington, DE 19801.Arts. of Org. filed with DE Secy. of State,P.O. Box 898, Dover, DE 19903. Purpose:any lawful activity.



Notice of Formation of 23RD STREET, LLC.Arts. of Org. filed with Secy. of State ofN.Y. (SSNY) on 2/14/05. Office location:NY County. SSNY designated as agent ofLLC upon whom process against it maybe served. SSNY shall mail process to:c/o Gilbride, Tusa, Last & Spellane LLC,708 Third Avenue, 26th Fl., NY, NY 10017.Purpose: any lawful activity.


Notice of Formation of Elyse PasqualeProductions, LLC. Arts. of Org. filed withSecy. of State of NY (SSNY) on 8/6/07.Office location: NY County. Princ. bus.loc.: 230 E. 18th St., NY, NY 10003. SSNYdesignated as agent of LLC upon whomprocess against it may be served. SSNYshall mail process to: Levine Plotkin &Menin, LLP, 1740 Broadway, 22nd Fl., NY,NY 10019. Purpose: any lawful activity.


NOTICE OF FORMATION of Woo Jung A.Cho, PLLC. Arts. Of Org. filed with Secy.Of State of N.Y. (SSNY) on 3/27/08. Officelocation: New York County. SSNY desig-nated as agent of PLLC upon whomprocess against it may be served. SSNYshall mail process to: 49 West 76th Street,#2D, NY, NY 10023. Principal businesslocation: 49 West 76th Street, #2D, NY, NY10023. Purpose: The practice of law.


Notice of Qualification of Kamas Holdings,LLC, App. for Auth. filed Sec’y of State(SSNY) 5/19/08. Office location: NYCounty. LLC org. in DE 3/6/08. SSNY des-ignated as agent of LLC upon whomprocess against it may be served. SSNYshall mail copy of process to c/o TrevorBelton, 105 E. 34th St., Ste. 125, NY, NY10016. DE office addr.: c/o CSC, 2711Centerville Rd., Wilmington, DE 19808.Cert. of Form. on file: SSDE, TownsendBldg., Dover, DE 19901. Purpose: anylawful activities.


Notice of Qualification of Julius BaerInvestment Management LLC. Authorityfiled with Secy. of State of NY (SSNY) on9/7/04. Office location: NY County. LLCformed in Delaware (DE) on 5/3/04. SSNYdesignated as agent of LLC upon whomprocess against it may be served and shallmail process to the principal office of theLLC: 330 Madison Ave., NY, NY 10017,Attn: General Counsel. Arts. of Org. filedwith DE Secy. of State, 401 Federal St.,Ste. 3, Dover, DE 19901. Purpose: anylawful activity.


Notice of Qualification of Fintech RealEstate Holdings LLC. Authority filed withSecy. of State of N.Y. (SSNY) on 5/5/08.Office location: NY County. LLC formed inDelaware (DE) on 5/2/08. SSNY designat-ed as agent of LLC upon whom processagainst it may be served. SSNY shall mailprocess to principal business location: c/oFintech Advisory Inc., 375 Park Ave., Ste.3804, NY, NY 10152. DE address of LLC:2711 Centerville Rd., Ste. 400, Wilmington,DE 19808. Arts. of Org. filed with DE Secy.of State, 401 Federal St., Dover, DE 19901.Purpose: any lawful activity.


Notice of formation of C. Anson HedgesDesigns LLC. Arts. of org. filed with Secy.Of State of N.Y. (SSNY) on 5/23/08. Officelocation: New York County. SSNY designat-ed as agent of LLC upon whom processagainst it may be served. SSNY shall mailprocess to: 66 Madison Avenue, #2B, NY,NY 10016. Principal business location: 66 Madison Avenue, #2B, NY, NY 10016.Purpose: Any lawful activity. 1028885 w.o.


DOJEAN LLC, a domestic Limited LiabilityCompany (LLC) filed with the Sec of Stateof NY on 5-3-05. NY Office location: NewYork County. SSNY is designated asagent upon whom process against theLLC may be served. SSNY shall mail acopy of any process against the LLCserved upon him/her to C/O Alan P.Raines, Esq., 535 Fifth Ave., 25th Fl., NY,NY 10017. General purposes.


Notice of Qualification of Bagel Cafe, LLC.Authority filed with Secy. of State of N.Y.(SSNY) on 5/21/08. Fictitious name in NYState: Bagel Cafe NY, LLC. Office location:NY County. Princ. bus. loc.: 429 ThirdAve., NY, NY 10016. LLC formed inDelaware (DE) on 11/6/07. SSNY desig-nated as agent of LLC upon whomprocess against it may be served. SSNYshall mail process to: c/o Cyruli ShanksHart & Zizmor, LLP, 420 Lexington Ave.,Ste. 2320, NY, NY 10170. DE address ofLLC: c/o Corporation Service Co., 2711Centerville Rd., Ste. 400, Wilmington, DE.Cert. of Form. filed with DE Secy. of State,401 Federal St., Dover, DE 19901.Purpose: any lawful activity.


Substance of Registration as a RegisteredLimited Liability Partnership of GERMANRUBENSTEIN LLP (LLP). Certificate ofRegistration filed with the Secy. of State ofN.Y. (SSNY) on May 21, 2008. Office loca-tion: New York County. SSNY designatedas agent of LLP upon whom processagainst it may be served. SSNY shall mailprocess to c/o The Partnership, 200 West70th Street, Suite 8B, New York, NY10023. Purpose: is the practice of law.


Notice of formation of BMF Trading LLC.Articles of Organization filed with Secy. OfState of N.Y. (SSNY) on 4/21/08. OfficeLocation: New York County. SSNY desig-nated as agent of LLC upon whom processagainst it may be served. SSNY shall mailprocess to: 2226 N. Lincoln, Apt. 4A,Chicago, IL 60614. Principal businesslocation: 251 E. 32nd St., Apt. 2H, NY, NY10016. Purpose: Any lawful activity.


Notice of Formation of LIZZANO REALTYLLC, a domestic LLC. Arts. of Org. filedwith the SSNY on 03/17/08. Office loca-tion: NY County. SSNY has been designat-ed as agent upon whom process againstthe LLC may be served. SSNY shall mail acopy of process to: The LLC, 145 East116th St., Ste. 3, NY, NY 10029. Purpose:Any Lawful Purpose.


NOTICE OF FORMATION of ABILTO LLC.Arts. Of Org. filed with Secy. Of State ofN.Y. (SSNY) on 6/03/08. Office location:New York County. SSNY designated asagent of LLC upon whom process againstit may be served. SSNY shall mail processto: National Registered Agents, Inc., 875Ave. of the Americas, Ste 501, NY, NY10001. Principal business location: 8805th Ave., Ste 5C, NY, NY 10021. Purpose:Any lawful activity.


BLINK ENTERTAINMENT, LLC, a foreignLimited Liability Company (LLC) filed withthe Sec of State of NY on 5-29-08. NYOffice location: New York County. SSNYis designated as agent upon whomprocess against the LLC may be served.SSNY shall mail a copy of any processagainst the LLC served upon him/her toThe LLC, 303 Fifth Ave., Ste. 1606, NY,NY 10016. General purposes.


Notice is hearby given that a license,serial number 1210566 for beer andwine has been applied for by the under-signed to sell beer and wine at retail in arestaurant under the Alcoholic BeverageControl Law at 263 W. 30th St New York,NY 10001 for on premises consumption.Buddha Foods, Inc. dba Mooncake Foods


Notice of Qualification of Talos InvestmentManagement LLC. Authority filed with NYDept. of State on 6/16/08. Office location:NY County. Principal business address:570 Lexington Ave., NY, NY 10022. LLCformed in Delaware (DE) on 6/14/07. NYSecy. of State designated as agent of LLCupon whom process against it may beserved and shall mail process to: c/o CTCorporation System, 111 8th Ave., NY, NY10011, registered agent upon whomprocess may be served. DE address ofLLC: 1209 Orange St., Wilmington, DE19801. Arts. of Org. filed with DE Secy. ofState, 401 Federal St., Dover, DE 19901.Purpose: any lawful activity.


Notice of Formation of Elite HomeServices, LLC. Arts. of Org. filed withSecy. of State of NY (SSNY) on 5/9/08.Office location: NY Co. SSNY designatedas agent of LLC upon whom processagainst it may be served. SSNY shall mailprocess to: Diane Schottenstein, 165West End Ave., Apt. 4D, NY, NY 10023.Purpose: any lawful activities.


Notice of Formation of Rottet Architectureand Design Studio, NY, PLLC. Arts. ofOrg. filed with NY Dept. of State on6/5/08. Office location: NY County.Principal business address: 1540 KirbyDr., Houston, TX 77019. Secy. of Statedesignated as agent of PLLC upon whomprocess against it may be served andshall mail process to: c/o CT CorporationSystem, 111 8th Ave., NY, NY 10011.Purpose: practice architecture.


HIMMA LLC, Articles of Org. filed N. Y.Sec. of State (SSNY) 24th day of April,2008. Office in New York Co. at 131Varick Street, Suite 1026, New York, NewYork 10013. SSNY design. agt. uponwhom process may be served. SSNY shallmail copy of process to 131 Varick Street,Suite 1026, New York, New York 10013.Reg. Agt. upon whom process may beserved: Spiegel & Utrera, P.A., P.C. 1Maiden Lane, NYC 10038 1 800 576-1100Purpose: Any lawful purpose.


Notice of Formation of Limited LiabilityCompany (LLC): Egan Wealth Group LLC.Articles of Organization filed with the Sec.of State of NY (SSNY) on May 6, 2005.NY office location: New York County.SSNY designated agent to serve process.SSNY shall mail a copy of process vs.LLC c/o the LLC to 481 Eighth Avenue1549, New York, NY 10001. Purpose ofthe LLC: any and all lawful activities.


NOTICE OF FORMATION of JCP VENTURESLLC. Arts. Of Org. filed with Secy. Of Stateof N.Y. (SSNY) on 6/17/08. Office loca-tion: New York County. SSNY designatedas agent of LLC upon whom processagainst it may be served. SSNY shall mailprocess to: 400 E 70th St., Suite 803, NY,NY 10021. Principal business location:400 E 70th St., Suite 803, NY, NY 10021.Purpose: Any lawful activity


Notice of formation of Culinary TechCenter, LLC. Arts. of Org. filed with theSect’y of State of NY (SSNY) on6/13/2008. Office location, County ofNew York. The street address is: 424West 33rd Street, Ste. 240, New York, NY10001. SSNY has been designated asagent to the LLC upon whom processagainst it may be served. SSNY shall mailprocess served to: The LLC, 424 West33rd Street, Ste. 240, New York, NY10001. Purpose: any lawful activity


Notice of Qualification of MSLOF I, L.L.C.Authority filed with Secy. of State of N.Y.(SSNY) on 4/30/08. Office location: NYCounty. LLC formed in Delaware (DE) on4/3/08. SSNY designated as agent of LLCupon whom process against it may beserved. SSNY shall mail process to: c/oCT Corporation System, 111 8th Ave., NY,NY 10011, registered agent upon whomprocess may be served. Principal office ofLLC: 1585 Broadway, 37th Fl., NY, NY10036. Cert. of Org. filed with DE Secy. ofState, 401 Federal St., Ste. 4, Dover, DE19901. Purpose: all lawful purposes.


Notice of Qualification of Goldman SachsGlobal Alpha Employee Fund, LLC.Authority filed with Secy. of State of NY(SSNY) on 6/5/08. Office location: NYCounty. LLC formed in Delaware (DE) on1/27/06. SSNY designated as agent ofLLC upon whom process against it maybe served. SSNY shall mail process toprinc. bus. loc.: Goldman Sachs AssetManagement L.P., One New York Plaza,NY, NY 10004. DE address of LLC: 1209Orange St., Wilmington, DE 19801. Arts.of Org. filed with DE Secy. of State,Townsend Bldg., Dover, DE 19901.Purpose: any lawful activity.


Notice of Formation of StrassburgerMeats LLC, Art. of Org. filed Sec’y ofState (SSNY) 4/26/02. Office location: NYCounty. SSNY designated as agent of LLCupon whom process against it may beserved. SSNY shall mail copy of processto 446 W. 14th St., NY, NY 10014.Purpose: any lawful activities.


Notice of Qualification of Anthion Partners,LP, App. for Auth. filed Sec’y of State(SSNY) 3/28/08. Office location: NYCounty. LP org. in DE 3/27/08. SSNY des-ignated as agent of LP upon whomprocess against it may be served. SSNYshall mail copy of process to Attn: DavidMoradi, 471 Broadway, #2, NY, NY 10013.DE office addr.: c/o CSC, 2711 CentervilleRd., Wilmington, DE 19808. Cert. of LP onfile: SSDE, Townsend Bldg., Dover, DE19901. Name/addr. of each gen. ptr. avail.at SSNY. Purpose: any lawful activities.

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Notice of Qualification of 111 15 ST LLC.Authority filed with NY Dept. of State on6/6/08. Office location: NY County. LLCformed in Delaware (DE) on 5/30/08. NYSecy. of State designated as agent of LLCupon whom process against it may beserved and shall mail process to the prin-cipal business address: c/o Hudson RealtyCapital LLC, 250 Park Ave. So., 3rd Fl.,NY, NY 10003. DE address of LLC: c/oCorporation Service Co., 2711 CentervilleRd., Ste. 400, Wilmington, DE 19808.Arts. of Org. filed with DE Secy. of State,P.O. Box 898, Dover, DE 19903. Purpose:any lawful activity.


Notice of Qualification of 382 EasternLLC. Authority filed with NY Dept. of Stateon 6/6/08. Office location: NY County. LLCformed in Delaware (DE) on 5/30/08. NYSecy. of State designated as agent of LLCupon whom process against it may beserved and shall mail process to the prin-cipal business address: c/o Hudson RealtyCapital LLC, 250 Park Ave. So., 3rd Fl.,NY, NY 10003. DE address of LLC: c/oCorporation Service Co., 2711 CentervilleRd., Ste. 400, Wilmington, DE 19808.Arts. of Org. filed with DE Secy. of State,P.O. Box 898, Dover, DE 19903. Purpose:any lawful activity.


Notice of Qualification of 932 Carroll LLC.Authority filed with NY Dept. of State on6/6/08. Office location: NY County. LLCformed in Delaware (DE) on 5/30/08. NYSecy. of State designated as agent of LLCupon whom process against it may beserved and shall mail process to the prin-cipal business address: c/o Hudson RealtyCapital LLC, 250 Park Ave. So., 3rd Fl.,NY, NY 10003. DE address of LLC: c/oCorporation Service Co., 2711 CentervilleRd., Ste. 400, Wilmington, DE 19808.Arts. of Org. filed with DE Secy. of State,P.O. Box 898, Dover, DE 19903. Purpose:any lawful activity.


Notice of Qualification of 1402 SterlingLLC. Authority filed with NY Dept. of Stateon 6/6/08. Office location: NY County. LLCformed in Delaware (DE) on 5/30/08. NYSecy. of State designated as agent of LLCupon whom process against it may beserved and shall mail process to the prin-cipal business address: c/o Hudson RealtyCapital LLC, 250 Park Ave. So., 3rd Fl.,NY, NY 10003. DE address of LLC: c/oCorporation Service Co., 2711 CentervilleRd., Ste. 400, Wilmington, DE 19808.Arts. of Org. filed with DE Secy. of State,P.O. Box 898, Dover, DE 19903. Purpose:any lawful activity.


Notice of Qualification of 2255 ConcourseLLC. Authority filed with NY Dept. of Stateon 6/6/08. Office location: NY County. LLCformed in Delaware (DE) on 5/30/08. NYSecy. of State designated as agent of LLCupon whom process against it may beserved and shall mail process to the prin-cipal business address: c/o Hudson RealtyCapital LLC, 250 Park Ave. So., 3rd Fl.,NY, NY 10003. DE address of LLC: c/oCorporation Service Co., 2711 CentervilleRd., Ste. 400, Wilmington, DE 19808.Arts. of Org. filed with DE Secy. of State,P.O. Box 898, Dover, DE 19903. Purpose:any lawful activity.



Notice of Formation of Reade Street Studio,LLC. Article of Organization filed with theSecretary of State NY(SSNY) on 9/04/2007.Office location New York County. SSNYhas been designated as agent upon whomprocess against it may be served. The PostOffice address to which the SSNY shall maila copy of any process against the LLCserved upon him/her is C/O the LLC 103Reade Street, 4th Floor. New York NY10013. Date of Dissolution: N/A. Purpose ofLLC: to engage in any lawful act or activity.Street address of Principal businesslocation is: 103 Reade Street, 4th Floor.New York, NY 10013.


Notice of Qualification of Agile PartnersTechnologies, LLC. Authority filed withSecy. of State of NY (SSNY) on 6/3/08.Office location: NY County. LLC formed inDelaware (DE) on 12/19/08. SSNY desig-nated as agent of LLC upon whomprocess against it may be served. SSNYshall mail process to: c/o NationalRegistered Agents, Inc., 875 Avenue ofthe Americas, Ste. 501, NY, NY 10001.Address to be maintained in DE: 160Greentree Dr., Ste. 101, Dover, DE 19904.Arts. of Org. filed with DE Secy. Of State,401 Federal St., Ste. 4., Dover, DE 19901 .Purpose: any lawful activities.


NOTICE OF FORMATION OF ABEND &SILBER, PLLC. Article of Organizationfiled with the Secretary of State of NY(SSNY) on 4/30/2008 Office location NEWYORK County. SSNY has been designatedas agent upon whom process against itmay be served. The Post Office address towhich the SSNY shall mail a copy of anyprocess against the LLC served uponhim/her is C/O the LLC 151 WEST 74THSTREET, 7C. NEW YORK, NY 10023.Purpose of PLLC: to engage in the prac-tice of law. Street address of PrincipalBusiness location is: 419 PARK AVENUESOUTH. NEW YORK, NY 10016.


Notice of Qualification of DadaEntertainment, LLC. Authority filed withSecy. of State of NY (SSNY) on 6/12/08.Office location: NY County. Princ. bus.loc.: 225 W. 34th St., Ste. 501, NY, NY10122. LLC formed in Delaware (DE) on8/6/07. SSNY designated as agent of LLCupon whom process against it may beserved. SSNY shall mail process to: c/oCorporation Service Co., 80 State St.,Albany, NY 12207. DE address of LLC:2711 Centerville Rd., Ste. 400,Wilmington, DE 19808. Arts. of Org. filedwith DE Secy. of State, PO Box 898, Dover,DE 19903. Purpose: any lawful activity.


Notice of Qualification of Royalty PharmaUS Partners 2008, LP. Authority filed withSecy. of State of NY (SSNY) on 6/2/08.Office location: NY County. LP formed inDelaware (DE) on 3/26/08. SSNY desig-nated as agent of LP upon whom processagainst it may be served. SSNY shall mailprocess to princ. bus. loc.: 110 E. 59thSt., Ste. 3300, NY, NY 10022. DE addressof LP: c/o Corporation Service Co., 2711Centerville Rd., Ste. 400, Wilmington, DE19808. Name/address of each genl. ptr.available from SSNY. Cert. of LP filed withDE Secy. of State, Townsend Bldg., Dover,DE 19901. Purpose: any lawful activity.

BEST OF BOB LAPE

Following are the best restaurantsreviewed so far this year.

CulinAriane � � � �www.culinariane.com33 Walnut St., Montclair, N.J.(973) 744-0533. A tiny, modernAmerican jewel in a residential partof Montclair boasts some of thestate’s best food. Fine service extendsto that of the wines you bring.

Allen & Delancey � � �www.allenanddelancey.net115 Allen St. (at Delancey Street),Manhattan. (212) 263-5400. Thefour-star Monteverde team doesdouble duty with a comfortablycrowded mecca for new Americanfood and a warm welcome at theearly crossroads of immigration.

Ammos � � �www.ammosnewyork.com52 Vanderbilt Ave. (between East44th and East 45th streets), Man-hattan. (212) 922-9999. Wunder-kind chef David Ogren brings realcreative fire to the handsomeMediterranean-Greek eatery nearGrand Central Station.

DeGrezia � � �www.degreziaristorante.com231 E. 50th St. (between Secondand Third avenues), Manhattan.(212) 750-5353. Regional seasonalItalian cuisine with sophistication,but no attitude, in handsome EastSide surroundings. A 21-year-oldcomes of age beautifully.

Dovetail � � �www.dovetailnyc.com103 W. 77th St. (between Columbusand Amsterdam avenues), Manhat-tan. (212) 362-3800. Seasonal Amer-

ican restaurant with elegant serviceand wines to match the inspiredcooking of ex-Compass chefs JohnFraser and Vera Tong.

Eighty One � � �www.81nyc.com45 W. 81st St., Excelsior Hotel (be-tween Central Park West andColumbus Avenue), Manhattan.(212) 873-8181. Chef Ed Brown’s

new modern American eatery is anelegant and extraordinary experi-ence, accomplished and exciting.

South Gate � � �www.jumeirahessexhouse.com/southgate/Jumeirah Essex House, 154 CentralPark South (between Sixth andSeventh avenues), Manhattan.(212) 484-5120. The contemporary,seasonal American cuisine of ChefKerry Heffernan (Eleven MadisonPark) stars in a coolly elegant, TonyChi-designed restaurant overlook-ing Central Park.

Tengda Asian Bistro � � �286 Katonah Ave. (next to the postoffice), Katonah, N.Y.(914) 232-3900. A colorful andappealing pan-Asian attractionserving hefty portions of deliciousfood with style, and big drinks.

The Monday Room � � �www.public-nyc.com.210 Elizabeth St. (between Princeand Spring streets), Manhattan.(212) 343-7011. A jewel box of winewonders paired with chef BradFarmerie’s exciting, eclectic smallplates, set within the restaurantPublic.

Adour Alain Ducasse � � ½www.adour-stregis.comThe St. Regis, 2 E. 55th St. (be-tween Madison and Fifth avenues),Manhattan. (212) 710-2277. Here’sAlain again, with a more casual,wine-centric bid for New Yorkers’hearts and wallets. Steep markups!

Bar Boulud � � ½www.danielnyc.com1900 Broadway (between West63rd and West 64th streets), Man-hattan. (212) 595-0303. The mostaccessible and reasonable eatery inchef Daniel Boulud’s empire, thischarcuterie/bistro/wine bar nearLincoln Center is jammed forlunch, dinner and brunch.

Brasserie Cognac � � ½www.cognacrestaurant.com1740 Broadway (at West 55th Street),Manhattan. (212) 757-3600. A classyyet affordable bistro with well-madeFrench classics, warm hospitalityand handsome surroundings.

Fiorini � � ½www.fiorinirestaurant.com209 E. 56th St. (between Second

and Third avenues), Manhattan.(212) 308-0830. More mealtimemusic from Lello Arpaia (Scarlatti,Cellini, Bellini), who brings time-honored classics to a roomy, com-fortable East Side location.

Irving Mill � � ½www.irvingmill.com116 E. 16th St. (between UnionSquare East and Irving Place),Manhattan. (212) 254-1600. A de-lightful new urban rustic setting forex-Gramercy Park chef John Schae-fer’s intelligent seasonal Americancooking. The Tap Room compo-nent draws a lively young crowd.

Peniche � � ½www.penichetapas.com 175 Main St., White Plains.(914) 421-5012. At Anthony Gon-calves’ new Portuguese and Span-ish tapas restaurant, everything isintense: flavors, caring service andstriking ambience.

Shelly’s Tradizionale � � ½www.shellysnewyork.com41 W. 57th St. (between Fifth andSixth avenues), Manhattan.(212) 245-2422. Shelly Fireman’sseafood-first trattoria features tow-ering raw bar platters but keepsserious steaks and the best potatopie in town.

Tommaso � � ½www.tommasoinbrooklyn.com1464 86th St. (between 14th and15th avenues), Dyker Heights,Brooklyn. (718) 236-9883. At age 35,the happy duet of Tommaso Ver-dillo’s soul-satisfying southern Ital-ian cooking and his operatic tenorcontinues to pull a large, diverseaudience from far and wide.

Wildwood Barbeque � � ½www.brguestrestaurants.com225 Park Avenue South (at East18th Street), Manhattan.(212) 533-2500. In a playful urban-rustic setting designed by DavidRockwell, former NYC motorcyclecop “Big Lou” Elrose lays on a fullrange of “Q” styles.

Zero Otto Nove � � ½2357 Arthur Ave. (between East86th Street and Crescent Avenue),the Bronx. (718) 220-1027. RobertoPaciullo honors his native Salernowith southern peasant cuisine,wood-fired oven pizza and atmos-pheric surroundings.

��= Outstanding��= Excellent��= Very good�= Good

EXPLORING CAREERS

GROUP SEEKS HOST BUSINESSES THE GREATER NEW YORKCOUNCILS’ Exploring programseeks businesses to hostsessions offering high schoolstudents the chance to explorevarious industries and makebetter decisions about careerchoices.

Exploring puts togethergroups of 15 to 25 students.They meet at the host busi-nesses after school for four ormore sessions, learning abouteducational requirements,salaries and what people intheir selected fields actually do.

For more information,please call Exploring directorBob Hayes at (212) 651-2808,or visit www.nyexploring.org.

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R E A L E S T A T E D E A L S

Venture developmentfirm [212]Media hastaken office planning to a new level.

The company,which owns and operates a portfolioof digital media firms, signed a 10-year lease for 8,000 square feet at 460Park Ave. South, between East 30thand East 31st streets. It hopes tomove in the fall.

In about three years, the compa-ny will take over another 8,000square feet at 450 Park Ave. South, abuilding that is connected to the 460Park building. Once [212]Mediarents the additional space, the twooffices will be joined. The askingrent for each office was $50 a squarefoot. Both buildings are owned byThe Moinian Group.

[212]Media is currently in about5,000 square feet at 72 MadisonAve. Neal Shenoy, managing part-ner of the company,says the firm hasbeen growing rapidly, adding about20 employees over the last year tobring total employment to 35. Heexpects to add another 10 people bythe end of the year.

Mr. Shenoy says the deal is agreat fit because it offers some im-mediate expansion space while re-serving additional room for moregrowth later on.

Roshan Shah and Paul Walker,brokers at CB Richard Ellis Inc.,represented [212]Media. NewmarkKnight Frank brokers MichaelDreizen and Andrew Udis negoti-ated on behalf of Moinian.

—theresa agovino

Home furnishingsa blend of culturestwo international designersare opening a 2,000-square-foothome furnishings and interior de-sign shop called Etós at 67 E. 11th St.,between University Place and

Broadway. The asking rent was $90a square foot.

Italian designer Mercedes Desioand Colombian designer AlbertoVillalobos signed a 10-year lease forthe space.They decided to combinetheir backgrounds to market a mixof European and Latin Americanhome accessories.

“New Yorkers travel a lot, so wewill offer them the tastes they ac-quire throughout their travels,” ex-plains Ms. Desio.

Opening in August,the shop willsell everything from sofas to walldecorations.However,because of itslimited space,Etós will not sell beds,although Ms. Desio would like toadd them as the store expands.

Jason Maurer and Jeffrey Rose-

man of Newmark Knight Frank Re-tail represented the landlord. Ms.Desio and Mr. Villalobos were rep-resented by Peter Gonzales,a lawyerwho runs his own firm in Miami.

—adrianne pasquarelli

Teen apparel makertriples its spacefederal knitwork corp. is morethan tripling its space at 1400 Broad-way, between West 38th and West39th streets. The company, whichmanufactures Say What? brand teenclothing, just signed a 10-year leasefor about 13,100 square feet on the

12th floor. It currently has about4,000 square feet on the 21st floor ofthe same building.

The company, which sells tostores such as Macy’s and Dillard’s,will move to the new space in thefall. The asking rent was $55 asquare foot.

Federal Knitwork presidentMark Pnini says the company need-ed space because of growth. Saleshave been increasing about 20% ayear.

Newmark Knight Frank brokersBrian Waterman and MichaelFrantz represented the landlord,W&H Properties, a partnership ledby real estate investor Peter Malkin.

Lance Korman, a broker atNewmark, represented FederalKnitwork.

—theresa agovino

Wine bar goes afteryoung 30s crowdvino 313 is bringing a classy bever-age to Murray Hill pub crawlers.The startup wine bar recently signeda 10-year lease for 1,000 square feetat 201 E. 31st St., at Third Avenue.The asking rent for the space,whichincludes a basement, was $105 asquare foot.

“Murray Hill is big on the young20s scene, but I’m going after theyoung 30s—an upscale, sophisticat-ed crowd,” says Jill Park, a partnerwith Vino Five Group, the compa-ny behind Vino 313.The bar’s nameis derived from its location at East31st Street and Third Avenue.

The wine bar will be a change forthe neighborhood; the space for-merly housed a children’s hair salon.Ms. Park expects to open for busi-ness in September.

Brad Schwarz of Sierra RealtyCorp. represented Vino FiveGroup.The landlord was represent-ed by Josh Prottas of Working Real-ty Ltd.

—adrianne pasquarelli

Growing law firmexpands downtownlaw firm Russo Keane & Toner has

been adding lawyers,and now it needs morespace. It inked a 10-year lease for 16,000square feet at 33 White-hall St., between Bridgeand Pearl streets. Theasking rent was in thelow- to mid-$50s persquare foot.

The firm is dou-bling its current space,taking over the entire16th floor of the build-ing. It plans to move inNovember.

Managing PartnerAlan Russo says onebenefit of the newspace is that it allowsall of the firm’s lawyersto be located on one floor. Current-ly, the firm is spread out over twofloors at 26 Broadway.

Mr.Russo says the firm needs theadditional space because it has hiredabout nine additional lawyers in thepast two years, bringing its total to24.The firm plans to eventually hireeight more attorneys.

Scott Cahaly and Daniel Suozzi,brokers at The Staubach Co., repre-sented the law firm.CB Richard El-lis Inc. brokers Jonathan Cope andEdward Goldman negotiated onbehalf of the landlord,Broad Finan-cial Center.

Mr. Cope says Russo Keane &Toner is the first law firm in thebuilding. Most of the tenants aretechnology and financial firms.“The owner of the building wanteda law firm,” he says. “They werelooking to create a good balance [oftenants].”

—theresa agovino

Indian bank addsmidtown spaceindia’s second-largest bank is ex-panding its operations and officespace in midtown. ICICI Bank hassigned a 10-year lease for an addi-tional 6,100 square feet at 500 FifthAve., at the corner of East 42ndStreet. The asking rent was $75 asquare foot.

The bank currently occupies

4,500 square feet onthe 28th floor of thebuilding.With the ex-pansion, ICICI willtake over the entirefloor in the 58-storybuilding.

“The reason forthe expansion is thatthey were recentlygranted branch sta-tus,” says broker JoeHilton of Grubb &Ellis Co., who repre-sented the tenant.“Before that, theywere only a represen-tative office andcouldn’t do banking.”

Brokers HarryBlair and Sean Kearns

of GVA Williams negotiated for thebuilding’s owner, 500 Fifth Inc.Renovations will be finished by thefourth quarter.

—damian ghigliotty

Two tenants moveto West 36th St.a cosmetics company and a finan-cial research firm have signed five-year leases at 53 W. 36th St., betweenFifth and Sixth avenues.The askingrents were about $45 a square foot.

Broker Benjamin Fastenberg ofCB Richard Ellis Inc. representedTarte Cosmetics, which will moveinto 3,500 square feet on the ninthfloor this month. The company ismoving from a smaller location at224 W. 35th St., between Seventhand Eighth avenues.

“The company’s been doing real-ly well as of late,” says Mr. Fasten-berg. “This was a necessity, due togrowth.”

Broker Steve Hirsh of ColliersABR Inc. represented Integrity Re-search Associates, which will moveinto 3,500 square feet on the 10thfloor in September.The firm is cur-rently located at 1115 Broadway,be-tween West 24th and West 25thstreets.

Robert Kaplan, senior directorfor landlord Hidrock Realty Inc.,negotiated both leases in-house.

—damian ghigliotty

[212]Media signs forPark Ave. South; willlease more space inadjoining building

Expanding media firm invests for the future


THE WEEKS AHEAD

THIS WEEK’S EVENTSJULY 8New York Public Library holdsinformation session on researchingtrademarks. 6 p.m. to 7:15 p.m., Science,Industry and Business Library,188 Madison Ave., lower level. Free.(212) 592-7000.JULY 9NYC Midtown Coaching Center holdsseminar on sales. 6 p.m. to 9 p.m.,352 Seventh Ave., 16th floor. Fee:$11.50 members in advance, $16.50nonmembers in advance; $3.50

additional for all at door. (516) 944-6454or [email protected] 10Power Networking Group holdsnetworking breakfast. 7 a.m. to 9:15 a.m., Jackson Hole Diner, 35-01Bell Blvd., Queens. Fee: $10.(718) 423-0427 or [email protected].

JULY 14-20JULY 17Business Network International WallStreet holds networking breakfast. 7 a.m.to 8:30 a.m., George’s Restaurant,89 Greenwich St., second floor. Fee:$19. (212) 661-4590 [email protected] 18Lower Manhattan Business Solutions

Center holds seminar on marketing.2 p.m. to 4 p.m., 110 William St.,fourth-floor conference room.Free. (212) 618-8820 or [email protected] 19Seidbet Associates holds workshop onrestarting a stalled job search. 12 p.m. to4 p.m., 45 E. 33 St., suite 209. Fee: $85.Preregistration required. (212) 260-2026or [email protected].

JULY 21-27JULY 22Crain’s New York Business holds BreakfastForum with Rep. Anthony Weiner.8 a.m. to 9:30 a.m., Grand Hyatt, East42nd Street and Grand Central Terminal.Fee: $70 individual, $650 for table of 10.

www.crainsnewyork.com/events or (212) 210-0739.JULY 22B’nai Brith and H.J. Development holdforum on real estate development.6:30 p.m. to 8:30 p.m., 211 E. 51st St.,penthouse B. Fee: $20 in advance, $25 at door. (212) 897-7909 [email protected] 22South Bronx Overall EconomicDevelopment Corp. holds workshop onWeb site marketing. 4 p.m. to 5 p.m.,555 Bergen Ave., third floor, Bronx.Free. (718) 732-7547.JULY 22Film in the City holds networkingreception. 6:30 p.m. to 9 p.m., PeopleLounge, 163 Allen St. Fee: $15 in

advance, $25 at the door.(212) 629-1868 [email protected].

—sarah studley

More meetings online atwww.crainsnewyork.comClick on “Events”

67 E. 11TH ST. will be the new home ofinternational design shop Etós.

33 WHITEHALL ST. will houseRusso Keane & Toner.

TO LIST YOUR EVENT

Crain’s lists business meetings online and includesthem in the print edition on a space-available basis.Events in New York City with admission fees of lessthan $300 are considered for the print publication.

Listings can be submitted only through the Crain’sWeb site. To submit a calendar listing, go towww.crainsnewyork.com and click on “Events.”Sponsors have a choice of several free or paid list-ing options. All business events will be postedonline within two business days.

Crain’s can neither confirm receipt of listings nor sayif or when event listings will appear in the print edition.

CNYB 07-07-08 A 47 7/3/2008 6:04 PM Page 1

1. HSBC Group.Products in the United States offered by HSBC Bank USA, N.A. or HSBC National Bank USA. Both banks are Member FDIC. ©2008 HSBC Bank USA, N.A.

My relationship manager gets my business. My mother? Not so much.

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When was the last time your bank asked youthe right questions about your business?

Scott Hunterplastics distributorNew York, NY


Spitzer's aides find it difficult to start anew

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