Crain's New York Business articles from April 2009

Crain's New York Business archives from April 2009

Taking off the ritz; With occupancy rates slumping, posh hotels offer discounts, deals.
April 6, 2009... Byline: Lisa Fickenscher The white house and congress say corporate executives on the dole shouldn't be bunking in luxury hotels. But the truth is that four- and even five-star Manhattan hotels are a steal these days. Deals offering...

Who will fight for NY's future?
April 6, 2009... New yorkers angered by the reckless budget adopted in Albany last weeka group that surely includes every thinking businessperson in the statemust decide what can be done to change direction. The answer is to find the right champion for...

IN THEMARKETS.
April 6, 2009... Goldman snacks: smaller portions from the i-bank's profit kitchen Not even mighty Goldman Sachs is being spared the misery that has consumed Wall Street. Last week, it was reported that top investment banker Bryon Trott was leaving to...

High Line park's opening raises Chelsea's hopes for better times; Stylish site may draw crowds, but will it be gravy train?
April 6, 2009... Byline: Amanda Fung In less than two months, the first part of the High Line, the city's first elevated park, will open to great fanfare in West Chelsea. The hyperstylish new park, which sits atop a 1.5-mile section of a former...

GROUP SEEKS HOST BUSINESSES.(Greater New York Council)(Brief article)
April 6, 2009... The Greater New York Council's Exploring program seeks businesses to host sessions offering high school students the chance to explore various industries and make better decisions about career choices. Exploring puts together groups of 15...

Financial firm's downtown digs; Landlord's effort to court Avalon Partners pays off.
April 6, 2009... Byline: Amanda Fung Avalon partners inc. is relocating to new digs in the financial districtjust a few blocks away from its current office at 60 Broad St. The Manhattan-based investment firm, founded in 1996, has signed a lease for...

FULL-SERVICE BROKERAGES SAY THEY CARE ABOUT TENANTS, TOO.(Brief article)
April 6, 2009... Full-service firms, which represent both landlords and tenants, scoff at the notion that they are any less interested in pressing their tenant clients' cases than firms that represent only occupiers of space. "You have two things in this...

Comfort shoe firm eases into space.
April 6, 2009... Byline: Adrianne Pasquarelli Footwear retailer Eneslow is stepping out on Second Avenue, just in time for its 100th anniversary. The company, which specializes in orthopedic shoes, signed a 15-year lease for its second Manhattan location,...

Four neighborhoods roll with punches; Recession hits some locations harder than others.
April 6, 2009... Byline: AMANDA FUNG For years, developer Leib Puretz dreamed about transforming St. George, Staten Island's commercial and governmental hub, into a place where Wall Street professionals could settle down in luxury condominiums. He planned...

EXECUTIVE MOVES.(Fxfowle Architects)
April 6, 2009... Byline: Maia Blume Accounting & Consulting Grant Thornton: Peter Scalise, 36, joined as executive director, strategic federal tax services practice, and research and development tax credit leader, Northeast region. He previously was...

A different kind of measurement.
April 6, 2009... Byline: Greg David The dry statistics issued by government aren't the only economic indicators. In New York, things like private school applications and the public library expansion are worth watching because of what they tell us about...

HOT JOBS.
April 6, 2009... Byline: Miriam Kreinin Souccar WANTED: Sales Director COMPANY BBC Worldwide Americas JOB DESCRIPTION Leading a team of five that sells BBC footage and photos MOST IMPORTANT TASK New business development CREDENTIALS NEEDED...

Big insurers may need U.S. lifeline; MetLife, Pru, others see losses overwhelm their cash cushions.
April 6, 2009... Byline: Aaron Elstein Life insurance companies were some of the most enthusiastic consumers of Wall Street's most toxic junk during the boom years. Now they're suffering a most serious case of indigestion: They face billions worth of...

Drugstores' retail prescription; As other stores close, chains scoop up space and expand selections in push for market share.
April 6, 2009... Byline: Adrianne Pasquarelli Coming to a corner near youanother chain drugstore. Scores of clothiers and eateries in the city have closed in the past year, succumbing to the dismal retail environment. But pharmacy outlets are on the...

DEMOCRATIC AGENDA Smooth sailing?
April 6, 2009... With the state budget doneat least until tumbling revenues compel lawmakers to revise itthe new Democratic majority in the Legislature will turn its attention to a slew of bills that had been blocked by Senate Republican leaders, now out of...

Security company doubles footprint.
April 6, 2009... Byline: Theresa Agovino Touchcom inc. will be doubling its space when it moves into 7,500 square feet at 118 W. 22nd St. in May. The provider of building security systems signed a five-year lease for the entire 10th floor of the...

Pizza cooks in Hell's Kitchen.
April 6, 2009... Byline: Adrianne Pasquarelli Rents might be dropping in SoHo, but they're holding firm in trendy Hell's Kitchen. Pizza Plus NYC recently signed a 10-year lease for 800 square feet at 707 Ninth Ave., between West 48th and West 49th streets....

A MAN FOR OUR TIMES; Developer's socially conscious model is green in more ways than one.
April 6, 2009... Byline: THERESA AGOVINO Many new buildings blossomed in Harlem during the boom, but the year-old David and Joyce Dinkins Gardens on West 153rd Street stands out. The seven-story brick property is a state-of-the-art green building, whose 86...

The Insider.
April 6, 2009... Byline: Erik Engquist A winyes, a win for governor Empowered by a landslide election win and off-the-charts approval ratings, Eliot Spitzer stormed into Albany two years ago demanding health care reforms that would purportedly save...

EconoMeter.
April 6, 2009... Weekly shift in city's business climate. Euphoria came cheap last week as investors got excited over auto sales data less dismal than forecast, signs that deeply discounted houses can be sold, and indications financial panic is passe. ...

Personnel File.
April 6, 2009... COMPANY Simulmedia TITLE Founder and chief executive AGE 45 RESUME Founder and CEO, Tacoda; founder and CEO, Real Media HOBBY Running MANAGEMENT STYLE Collegial

Dave Morgan: Self-starter is at it again; Seasoned entrepreneur launches high-tech promo project in risky medium: television.
April 6, 2009... Byline: Kira Bindrim Startup veteran Dave Morgan is once, twice, three times an entrepreneur. Two years after the sale of two online ad businesses he foundedTacoda to AOL for $275 million, and 24/7 Real Media to WPP Group for $649...

Health Net of the Northeast targeted by EmblemHealth; Acquisition would boost membership; 2 other possible bidders.
April 6, 2009... Byline: Barbara Benson Emblemhealth, parent of Group Health Inc. and HIP Health Plan of New York, is mulling a bid for the assets of Health Net of the Northeast, according to a source briefed on EmblemHealth's plans. Health Net's operation...

Corrections.(Correction notice)
April 6, 2009... Zanaro's restaurant in White Plains was designed by Haverson Architecture and Design in Greenwich, Conn. The information was misstated in the March 23 "Table Talk'' column. Gary Levy, a partner in accounting firm J.H. Cohn, was...

MANAGEABLE STRAIN.
April 6, 2009... Late nights at the office and minimal conversation may sound like an itemized guide for divorce. But the seasonal habits of CPAs won't doom a marriage, says Mel Schwartz, a Manhattan psychotherapist and author of The Art of Intimacy, the...

In Brief.
April 6, 2009... State Attorney General Andrew Cuomo is investigating complaints by local wine- makers who say liquor store owners have threatened to boycott their products. "We've been told it is an investigation at this point,'' says Jennifer Carlson, who...

New York, New York.
April 6, 2009... Byline: edited by Valerie Block Yanks tickets to highest bidder Baseball season starts today, and it will soon be apparent whether C.C. Sabathia (left) and Mark Teixeira are worth their millions. It's already clear that Yankees'...

Bad reception at Channel 4; Berman out as station tries to recast local news.
April 6, 2009... Byline: Matthew Flamm Last week, local fans cried foul when sportscaster Len Berman announced that he would no longer be "Spanning the World'' on WNBC but would instead be joining a recent exodus from the station that has included half a...

Car Talk.
April 6, 2009... The U.S. auto industry's many problems don't just affect Detroit. Here are some of the ways that New York is as much a car town as a subway city. The New York International Auto Show is the biggest car confab in the U.S., with 1.2 million...

A builder's mentality; Trade group's first female leader knows jobs are priority No. 1.
April 13, 2009... Byline: Theresa Agovino Denise richardson knows how a sour economy affects construction workers' families. When she was growing up near Providence, R.I., her father, a window installer, was jobless for months during tough times. That sent...

HITS & MISSES.
April 13, 2009... Beautifiers' go-between finds style A brief stint at a talent management agency in the late 1990s helped Robin Krasner discover her calling. In 2000, she founded IgroupNYC with a handful of set designers and stylists. "These artists...

For Love or Money.
April 13, 2009... A new survey from personal finance Web site Minyanville finds that the drooping economy is adversely impacting people's sex lives. About 17% of respondents say their love lives have been affected by the recession, another 24% say they have no...

But will the Boss show up?
April 13, 2009... Tongues will be wagging at The Kristen Ann Carr Fund's annual gala this year. Founded by Bruce Springsteen's co-manager Barbara Carr and her rock writer husband, Dave Marsh, the fund raises money for research into deadly sarcoma, a disease that...

From doomsday to Earth Day.
April 13, 2009... Byline: Valerie Block My carbon footprint is smaller than that of many Americans. I walk to work and don't own a car. I recycle my table scraps at the Union Square Green Market compost stand every week. And I grow a vegetable garden on my...

Downtown gets Italian hospitality.
April 13, 2009... The financial district is about to get its first family-style Italian eatery. In May, Peter Poulakakos, the entrepreneur behind a string of successful lower Manhattan restaurants, including Bayard's, will open Harry's Italian. The new spot is...

Where to walk on the wild side.
April 13, 2009... The empire state building, Times Square and a Broadway play are must-sees for city visitors. But radio talk-show host Curtis Sliwa (below) is betting that tourists will also pay to see a seamier side of the Big Apple. The New York...

RECYCLING Retrofitting city's law.
April 13, 2009... Twenty years ago, the city passed a law establishing municipal recycling. Its goal was to divert 25% of the residential waste stream by 1994. The rate today is a meager 17%. The Bloomberg administration and the City Council are beginning...

Correction.(Correction notice)
April 13, 2009... JetBlue Airways' shares closed on Friday, April 3, at $4.41. The information was incorrect in an April 6 "In the Markets'' item because of a typographical error.

Stemming Wall St. exodus; NYC dilemma:how to keep all that talent in town.
April 13, 2009... Byline: Aaron Elstein Lots of people cope with tough times by quaffing a cold beer or two. Drew Weinstein hopes folks will soon reach for one of his. Mr. Weinstein, who last October lost his job as a research analyst at investment bank...

Did we hit bottom yet? Local economy shows signs of life; mayor declares turning point is here.
April 13, 2009... Byline: Daniel Massey For months after Wall Street's collapse last fall, client orders at the New York offices of staffing agency Robert Half International dried up, while inquiries from job seekers skyrocketed. After the new year, the...

IMAX scores big with Monster hit; 3-D fans, expansion to multiplexes put struggling outfit on turnaround path.
April 13, 2009... Byline: Matthew Flamm Last month, the animated movie Monsters vs. Aliens scored the biggest opening weekend for a 3-D film and gave studio DreamWorks Animation SKG the biggest weekend debut of 2009. But that was nothing compared to...

TheLadders.com escalates presence; Hot job site expands in Hudson Sq., preps for a larger home.
April 13, 2009... Byline: theresa agovino The employment site TheLadders.com, dedicated to $100,000-a-year-plus jobs, leased another 14,400 square feet in the Hudson Square area, bringing its total office space to roughly 60,000 square feet in three...

Turning around Old Navy's; Economy major obstacle as Gap's once-hip value division revamps.
April 13, 2009... Byline: Adrianne Pasquarelli Old navy recently launched a campy commercial campaign featuring talking mannequins. Reviews are mixed, but the TV spots are garnering buzzsomething the ailing chain has not been able to do for some time. ...

A bigger imprint for digital imager.
April 13, 2009... Byline: amanda fung Eye2eye digital wants to boost the company's profileand impress clients, of coursewith new office space in the garment district. The year-old firm, which provides digital imaging services for print and Web media...

Apparel shop finds ready-made space.
April 13, 2009... Byline: adrianne pasquarelli Women's apparel boutique Helianthus signed a seven-year lease for 500 square feet on the ground floor of 196 Spring St., between Sullivan and Thompson streets. The asking rent was $204 a square foot. The...

IN BRIEF.
April 13, 2009... New York City's municipal hospitals will lose $277 million in state Medicaid funding in fiscal 2010. They lost $66 million in fiscal 2009. The New York City Health and Hospitals Corp.'s 11 facilities are shouldering a disproportionate 56% of...

Supporting SMALL BUSINESS.
April 13, 2009... Despite claims that the American Recovery and Reinvestment Act largely ignores smaller firms, the law contains a number of provisions that could help entrepreneurs, including: Injecting $730 million into the Small Business Administration...

THE INSIDER.
April 13, 2009... Byline: Erik Engquist and Daniel Massey Bloomie's blooming spring campaign Even considering the spending standards of Mayor Michael Bloomberg's past campaigns, his spring blitz of television commercials has some political consultants...

Money man's payday; Mario Gabelli appears to be Street's best-compensated.
April 13, 2009... Byline: Aaron Elstein It looks as if the title of best-paid chief executive on Wall Street belongs to money manager Mario Gabelli, who took home an impressive $46 million last year. The founder of Gamco Investors Inc.'s pay package...

Searching stimulus for a boost; Some find little direct impact, but plan could unclog credit.
April 13, 2009... Byline: Kira Bindrim In the past three months, Greenhouse IT's credit line has been reduced three times by American Express. The eight-person company, which provides flat-rate technology services to small and midsize businesses, has...

The trouble with Larry; Why Silverstein refuses to cave on WTC terms.
April 13, 2009... Byline: Theresa Agovino Sitting in his corner office with stunning views of downtown and the harbor, Larry Silverstein exudes a been-there, done-that calm. About to turn 78 next month, he has spent the last eight years enduring bruising...

Personnel file.
April 13, 2009... ORGANIZATION General Contractors Association of New York TITLE Managing director AGE 49 RESUME Deputy commissioner, NYC Department of Environmental Protection PERSONALITY TYPE Homebody

Fordham's lessons for NY.
April 13, 2009... Wall street's recovery is in serious doubt. Clearly, New York City's economy must become more diversified. But do New Yorkers understand what it will take to help make that happen? A key test comes in the next few weeks, when the Planning...

Job-hunt treadmill; Multiple callbacks often lead nowhere.
April 13, 2009... Byline: HILARY POTKEWITZ After rigorously preparing for dozens of interviews in the 15 months since her position was eliminated, Suzanne Grossberg feels that she's running in place. She wakes up every day right where she started:...

NEW YORK MEDIA COMPANIES WANT IN ON THE E-READER CRAZE.
April 20, 2009... Byline: Matthew Flamm Just the mention of e-readers used to put media executives to sleep. Then in 2007, Amazon introduced the Kindle, and a year later, Oprah Winfrey endorsed it. Sales spiked, and the Kindle sold out. Now media big shots...

The insider.
April 20, 2009... Byline: Erik Engquist and Daniel Massey Keeping a lid on pension scandals Revelations of corruption under his predecessor do not justify ending sole trusteeship of the $120 billion state pension fund, said state Comptroller Thomas...

Taking a huge hit while they're down; Battery Park City condo owners fight 100%-plus spikes in ground fees.
April 20, 2009... Byline: Amanda Fung In two years, residents of Liberty Terrace, a 25-story condominium in Battery Park City, will see their monthly charges increase by at least $240. Just down the block, 154 residents at Battery Pointe will be hit with a...

GILLIBRAND TOUR Tension persists.
April 20, 2009... House members from New York who snubbed the press conference introducing Sen. Kirsten Gillibrand (below) in January have barely warmed to her. Their appearances with the new senator have been limited, despite ample opportunities as Ms....

Fortitude in shaky sectors.
April 20, 2009... Byline: Amanda Fung After more than a decade at Citigroup, Lisa Fitzig raised her hand when buyouts were offered last January. She has taken a big pay cut in the short term, but doesn't regret her decision to become a real estate broker at...

Building a better springboard.
April 20, 2009... Byline: Amanda Fung Since Mark Rywelski left the hospitality industry last year to take an entry-level job at a public relations company, he has been living paycheck to paycheck. Mr. Rywelski's previous job as a server at some of the...

Hanging hopes on a hobby.
April 20, 2009... Byline: Hilary Potkewitz Among the things Karl Miller got for his 50th birthday last spring was a pink slip. His contract at Freddie Mac was cut, after he'd spent two years helping to fix the company's troubled accounting processes. His...

From dream job to happiness.
April 20, 2009... Byline: Hilary Potkewitz Having paid her dues handling publicity for the Ann Arbor Film Festival in Michigan and then for a wedding-cake maker, Kristin Darga finally landed her dream job: working in publicity for Columbia Pictures in New...

Blogger with a business plan.
April 20, 2009... Byline: Matthew Flamm In the six months since he lost his job as national theater editor of trade paper Back Stage, Leonard Jacobs has turned a hobby into a nascent business. The Clyde Fitch Report, his three-year-old blog about...

Surprisingly Well Paid Government Jobs.
April 20, 2009... The days when federal government workers gave up high pay in exchange for job security are gone. Government workers will never pull down millions. But many state, city and federal government jobs in New York pay surprisingly well and include...

It's bad, but not that bad.
April 20, 2009... The official Bloomberg administration forecast predicts that the city will lose about as many jobs in this recession as it did in the 1988-92 downturn. However, two noted local economists say this decline, while significant, will not be that...

Bringing battlefield ethos to the gym; 2 ex-Marines seek raw recruits for training at Warrior Fitness Boot Camp.
April 20, 2009... Byline: Kira Bindrim Alex Fell and Ruben Belliard are probably New York City's most dedicated chief executives. They get to work at 5 a.m. and rarely leave before 9 p.m.after cleaning the office, taking out the trash and gathering the...

EconoMeter.
April 20, 2009... Weekly trend in direction of the city's economy. 8.1% March NYC jobless rate, unchanged from February (NYS Dept. of Labor) -1.1% Drop in retail sales in March from previous month; down 9% from a year ago (Commerce Dept.) +1.6%...

Exec repurposes media skills.
April 20, 2009... Byline: Matthew Flamm When Tom Morrissy was laid off from his position as publisher of celebrity title OK! in October, the timing couldn't have been worse for an executive who had spent his entire career in magazines. Advertising...

In brief.
April 20, 2009... Off-price retailer Filene's Basement, famous for its "Running of the Brides'' discount wedding dress events, is on the sales block. In a filing with the Securities and Exchange Commission last week, the chain's Columbus, Ohio-based parent,...

SHRINKING INCOMES IN THE BOROUGHS.
April 20, 2009... This map shows how much the city is suffering from job losses and pay cuts. Average household income has declined, a trend that is expected to continue in 2009. Citywide, average household income fell by 1.7% last year. The sharpest drops...

REINVENTION INC. Six who faced new reality--and changed careers.
April 20, 2009... Byline: Elizabeth Macbride The recession brought karl miller to a crossroads last year. Having lost his lucrative job as a financial consultant, he faced the choice of looking for work in the troubled financial sector or charting an...

ThinkEquity lauds owner's aggression.
April 20, 2009... Byline: Theresa Agovino Thinkequity partners signed a 10-year lease for 16,000 square feet at 444 Madison Ave., between East 49th and East 50th streets. The asking rent for the deal, which covers roughly 85% of the third floor, was $70 a...

No longer the jobs of last resort; Government work has new appeal: no taint of scandal, low risk of layoffs.
April 20, 2009... Byline: Elaine Pofeldt In the 1990s, the coolest jobs were at tech companies, where workers could sip lattes and invent the future. In the Aughties, everyone wanted to work in the big-money worlds of real estate and finance. Now,...

Recession's seesaw; As older workers stay on, the younger set scrambles to get a foot in the door.
April 20, 2009... Byline: Daniel Massey He served A-list celebrities in some of the city's most renowned restaurants, ran a pub in his native Ireland, and for the past five years greeted guests as the host at a popular Irish bar in midtown. At 73, John...

Fred Perry nets SoHo space.
April 20, 2009... Byline: Arianne Pasquarelli After opening its first U.S. retail location on Wooster Street just five months ago, British clothier Fred Perry has gone back to the well. The seller of tennis apparel and accessories has signed a three-year...

Finance with a conscience; New president of nonprofit lender aims to expand services to small businesses.
April 20, 2009... Byline: Amanda Fung When Lesia Bates Moss was in sixth grade, she was determined to prove that girls could play baseball just as well as boys, so she and a few girlfriends joined the baseball team. And when Ms. Moss was in college, she...

Off-B'way packs 'em in; Crowds flock to theater in downturn as funds dry up: Ay, there's the rub.
April 20, 2009... Byline: Miriam Kreinin Souccar This winter's play The Cripple of Inishmaan was the highest-grossing show in the Atlantic Theater Company's 25-year history. Demand was so great the production's run was extended until the day the visas...

New York, New York.
April 20, 2009... Film exposes nursery schools What do two single, childless, thirtysomething guys know about the viciously competitive process of getting kids into New York nursery schools? On Friday, creators Marc Simon and Matt Makar will reveal all when...

MTA mess: tick, tick, tick ...
April 20, 2009... In 41 days, on may 31, the Metropolitan Transportation Authority will hike the cost of a monthly subway pass by 27%, to $103. Monthly passes on the agency's commuter railroads will spike by the same amount the following day. New Yorkers, many...

Last man sitting on Citi board? Dick Parsons; Here's why bailed-out bank's chairman is the Teflon director.
April 20, 2009... Byline: Aaron Elstein Nearly all of the old regime on Citigroup Inc.'s board of directors is on the verge of being swept away at the bank's annual stockholders meeting on Tuesday. Five directors who snoozed while Citi racked up $28...

Recession cuts into diamond district.
April 20, 2009... Byline: Daniel Massey And Adrianne Pasquarelli City jewelers struggle as fewer banks lend, consumers spend less new york's once-sparkling diamond district is suddenly littered with dozens of vacant booths, empty showcases and "For...

Firm lands a last-minute bargain; With leases expiring at two locations, GfK finds space on Park Ave. South.
April 20, 2009... Byline: Amanda Fung Gfk holdings inc. is consolidating two of its three offices in Manhattan. The market research firm, a division of Germany-based GfK Group, has sublet the entire 20,000-square-foot eighth floor at 401 Park Ave....

Women Step Up; More women shoulder the family's financial burden.
April 20, 2009... Byline: LISA FICKENSCHER As the recession grinds on and job losses pile up, more women are taking the reins of the family finances. Some have become the sole breadwinner, while others have returned to work to supplement their family's...

Shoemaker slips into bigger space.(Natalie Footwear Inc)(Brief article)
April 27, 2009... Byline: Amanda Fung Natalie Footwear Inc. is stepping up its operations by expanding its office space in Manhattan's children's wear district. The shoemaker has signed an 11-year lease for 6,400 square feet of space at 34 W. 33rd St....