Crain's New York Business articles from July 2008

Crain's New York Business archives from July 2008

GROUP SEEKS HOST BUSINESSES.(Exploring Careers)(Brief article)
July 7, 2008... The Greater New York Councils' 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...

Law.(2008 City Facts)(sales and earnings of Davis Polk & Wardwell)(Financial report)
July 7, 2008... Lawyers in New York City are rarely out of work. Even in a downturn, competition among firms for good associates and partners remains keen. Though the work may change from mergers to bankruptcies, the legal papers--and the pay--keep flowing....

Week in review.(Port Authority of New York and New Jersey changes the roof design of the world trade centers)
July 7, 2008... Byline: from staff reports and bloomberg news reports Port Authority ditches deadlines The Port Authority of New York and New Jersey changed the roof design of the World Trade Center's transit hub after formally scrapping the entire...

Tourism & entertainment.(2008 City Facts)
July 7, 2008... More visitors than ever came to New York City last year, a total of about 46 million people. They were drawn by the bright lights, Broadway shows--and the fun to be had by stopping at the top of subway escalators to consult their tourist maps....

Small business.(2008 City Facts)
July 7, 2008... High 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...

Transportation.(2008 City Facts)
July 7, 2008... New York City moves--or at least it tries to. About 3.7 million people commute daily via aging subways, trains and roads; almost 300,000 head to and from airports. And what a companionable group they are, especially on the 9 a.m. No. 4 to...

Going all out.(Summer Extravaganzas)(Brief article)
July 7, 2008... With New York City as the stage, next week's All-Star Game festivities are expected to set records for revenue, attendance and TV viewership. Here are some highlights about the game: 30-second ad spots are reportedly selling for more than...

Education.(2008 City Facts)
July 7, 2008... New York has the largest public library system, produces the most life sciences postgrads and is home to some of the most expensive colleges. And its mayor has a most ambitious agenda: turning around the nation's largest public school system....

Demographics.(2008 City Facts)
July 7, 2008... New York is the nation's largest city, but what really sets it apart is its diversity. The United Nations' 193 countries are all represented in the city's crazy quilt of neighborhoods. Among the languages spoken here: Cherokee, Hawaiian and...

New Yorkers' health.(2008 City Facts)
July 7, 2008... Living in a crowded city carries the "urban health advantage,'' since people walk a lot, interact with others, and have access to plenty of hospitals. The life expectancy for New Yorkers is longer than that for the average American: 78.7 years...

New York, New York.(Brief article)
July 7, 2008... Byline: Edited by Valerie Block 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, the publication should get a...

What makes New York different?(2008 City Facts)(City overview)
July 7, 2008... Size 19.7M people live in the New York metro region, making it one of the world's largest. 4: Where Brooklyn would rank nationally if it were an independent city. Queens would be No. 5. $9.02: Amount of every $100 that goes to...

Technology & Media.(2008 City Facts)(mergers sectors)
July 7, 2008... The tech and media sectors are merging as the Web overtakes the printed page as the primary medium for delivering information and entertainment. The transition may not be easy, as newspaper circulation figures show. Back On Track ...

Real estate.(2008 City Facts)
July 7, 2008... 2008 has brought a softening in New York's real estate markets. The boom of recent years--which drove a bonanza of building projects and caused rents and selling prices to rise in commercial and residential markets--couldn't last forever. ...

Spitzer's aides find it difficult to start anew; Taking time off to decompress.(News)(Eliot Spitzer)
July 7, 2008... Byline: Erik Engquist three months after Eliot Spitzer's stunning demise left them rudderless, many members of the ex-governor's inner circle have yet to restart their careers. A few from the brain trust that once seemed destined to...

Health care.(2008 City Facts)
July 7, 2008... An Army in Scrubs The sector remains a bulwark of the New York City economy, with the number of workers employed here growing 18% in the past decade. Source: NYS Department of Labor Medicaid Spending in the Expensive State of New...

The weeks ahead.(Calendar)
July 7, 2008... Byline: sarah studley This Week's Events July 8 New York Public Library holds information session on researching trademarks. 6 p.m. to 7:15 p.m., Science, Industry and Business Library, 188 Madison Ave., lower level. Free. ...

Egos keep newspaper presses rolling; Local moguls spend millions even as business turns south.(News)
July 7, 2008... Byline: Matthew Flamm Across the country, the newspaper industry is going through arguably the darkest period in its history, with publishers slashing newsroom staff and giants like Tribune Co. standing on shaky ground. Things are...

Economy.(2008 City Facts)
July 7, 2008... New York City's economy is entwined with the nation's, but not always in sync with it. The fallout from the national real estate meltdown and the credit crisis is hitting the city only now. The pain is expected to last into next year. Real...

NBA's big plans hinge on Beijing; Making a splash in China is the key to league's effort to build global franchise.(Summer Extravaganzas)
July 7, 2008... Byline: Samantha Marshall the hopes of the U.S. Olympic basketball team got a boost last month, when officials announced the final lineup of the impressive 12-man squad heading to Beijing in August. Fans hope that this team can regain...

At deadline.
July 7, 2008... The union representing 450 cement-truck drivers and the city's concrete producers will return to the bargaining table as early as today in an effort to end a strike that has disrupted construction sites across the five boroughs. The workers...

Retail.(2008 City Facts)(Brief article)
July 7, 2008... Retail statistics offer clues about the items New Yorkers value: clothes and food. City dwellers spend relatively large sums on apparel. And the city's restaurants and bars are expected to take in $14.9 billion in 2008, more than food stores'...

Black nurses earn less than whites; salary gap.(News)
July 7, 2008... Byline: Gale Scott Even with same experience, they make less money nursing has long been a ladder up for minority women, but a new state study shows that in New York City, black nurses get paid less than their white counterparts. ...

Personal wealth.(2008 City Facts)
July 7, 2008... 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. When the bear strikes Wall Street, incomes throughout New York City slip. The...

NY's record-setting All-Star Game.(Summer Extravaganzas)
July 7, 2008... Byline: Hilary Potkewitz City venues help MLB plan big; tickets being bid up by brokers media watchers anticipated that this year's All-Star Game at Yankee Stadium would be a boon to Fox Sports, but news that 30-second advertising...

LABOR OF LOVE.(News)(Brief article)
July 7, 2008... Despite the lower pay, many minority nurses work at city-run hospitals partly out of a sense of mission and commitment, according to a spokeswoman for the Center for Health Workforce Studies at SUNY-Albany. "They'd rather work in their own...

Employment.(2008 City Facts)
July 7, 2008... About 3,745,000 people work in New York City--more than the entire population of any other U.S. city but L.A. During the last economic expansion, the number of jobs surpassed the previous peak, a sign of the underlying health of the city's...

Team Spitzer: Then and Now.(News)
July 7, 2008... Marlene Turner Was Chief of staff Is Semiretired after 10 years with Mr. Spitzer Marty Mack Was Deputy Secretary for Intergovernmental Affairs Is Working for investment bank Prime Solutions David Nocenti Was...

Financial.(2008 City Facts)
July 7, 2008... Wall Street's latest, record-breaking boom ended in the middle of last year in one of its biggest busts. Economists expect Wall Street bonuses, which help drive the New York City economy, to drop significantly this year. Wall Street...

Expanding media firm invests for the future; [212]Media signs for Park Ave. South; will lease more space in adjoining building.(Real Estate Deals)
July 7, 2008... Venture development firm [212]Media has taken office planning to a new level. The company, which owns and operates a portfolio of digital media firms, signed a 10-year lease for 8,000 square feet at 460 Park Ave. South, between East 30th and...

The Insider.(Sunset Park development plan draws ire of business groups)
July 7, 2008... Byline: Erik Engquist and Matthew Sollars Sunset Park development plan draws ire of business groups A growing number of business groups are upset with early plans for redeveloping the Federal Building in Sunset Park, Brooklyn. Time...

Midtown Real Estate.(2008 City Facts)
July 7, 2008... With 238.8 million square feet of office space, midtown is the nation's largest business districtlarger than the entire office market of Chicago or Los Angeles. Crain's takes you on a tour of the always-evolving skyline. Carnegie Hall...

Downtown Real Estate.(2008 City Facts)
July 7, 2008... Lower Manhattan is the oldest office district in the country and, with 89 million square feet of space, still one of the largest. Though the market has recovered from Sept. 11, the reconstruction of the skyline is just beginning. One World...

Best of Bob Lape.(Company rankings)
July 7, 2008... Following are the best restaurants reviewed so far this year. CulinAriane * * * * www.culinariane.com 33 Walnut St., Montclair, N.J. (973) 744-0533. A tiny, modern American jewel in a residential part of Montclair boasts some...

S.I. group threatens suit over landfill; Brookfield remains contaminated after 25 years; city says cleanup too costly.(Neighborhood Journal)
July 14, 2008... The contaminated Brookfield Avenue Landfill has become an unwanted inheritance for people in Staten Island's Great Kills neighborhood. Illegal dumping at the city-owned landfill was exposed in the early 1980s. The city agreed in 1985 to...

Highlights reel.(In the Markets)
July 14, 2008... -1.9%: The Bloomberg/Crain's New York Index fell 1.9% to end the week at 293. The S&P 500 Index fell 1.9%, closing at 1239.

BREAKDOWN OF A BOOM.(News)
July 14, 2008... 227 hotels are planned in NYC 20% full service 63% limited service 17% boutique Source: Smith Travel Research

The City Grows.(By the Numbers)(Brief article)
July 14, 2008... New York City's population has increased by more than 250,000 this decade, or 3.2%, including a gain of some 23,000 people to 8.275 million in the year ended July 2007, according to figures released last week. As of July 1 of each year...

No buy signal in sight for investment banks; As they report results, don't expect anything but more bad news.(In the Markets)
July 14, 2008... Byline: Aaron Elstein It's a foregone conclusion that Merrill Lynch & Co. and Citigroup Inc. will post enormous losses yet again when they report second-quarter results later this week. Even J.P. Morgan Chase & Co., which has avoided the...

The insider.(medicaid auditors in short supply)
July 14, 2008... Medicaid auditors in short supply With the state committed to attacking Medicaid fraud, the revitalized Office of the Medicaid Inspector General has been on a hiring spree, with about 100 newcomers on board since new boss James Sheehan...

Expert opinions.(Business Lives)
July 14, 2008... summer shopping advice take advantage of the great weather and skip the malls--explore the side streets of the East Village, Lower East Side and SoHo. Boutiques offer the opportunity to find things that are different, an expression of you....

Young foreigners prefer Manhattan but take B'klyn; Bargain buyers help drive boom, find that euros go further in other borough.(Business Lives)
July 14, 2008... Byline: Margaret Jaworski Everyone knows that foreign buyers are helping to keep New York condo prices in the stratosphere even as the national housing market crumbles. But the phenomenon isn't limited to wealthy Europeans and Saudis...

Mauretanian driver makes his own road with car financing.(Report: Small Business)(Brief article)
July 14, 2008... Abderrahmane Yaya Dia would score high on anybody's index of drive and determination. Mr. Dia came to the United States from Mauretania in 1999 to study computer science. He became a livery driver after he ran out of cash for tuition. ...

Grocer aims to beat inflation with the money to buy in bulk.(Report: Small Business)
July 14, 2008... In this economy, having enough cash to buy in bulk may be the difference between staying open and closing. Costs for everything from butter to fuel are soaring. "The trend that is hitting our boroughs first and with the most furor is...

Real estate loan helps day care go from home-based to a chain.(Report: Small Business)
July 14, 2008... Olga Bosio's two day care facilities probably wouldn't exist if it hadn't been for microlender New York Association for New Americans. Ms. Bosio had operated a day care center in her Upper West Side apartment since 1981. But she was stuck...

Personnel file.(Business Lives)
July 14, 2008... COMPANY: The Rose Group TITLE: Executive chef AGE: 25 RESUME: Line cook at Washington restaurants Olives and Marcel's; banquet sous chef at The Pierre New York Hobby: Plays in a soccer league on Sundays Five-year goal To...

Lender gives a network man his plan for branching out.(Report: Small Business)
July 14, 2008... Along with cash, George Williams got something just as valuable from Project Enterprise: knowledge. When a regular consulting gig at Pfizer dried up in 2000, Mr. Williams was at a loss. Although he had years of experience working on network...

LENDING ADVANTAGE; Businesses turn to microlenders as downturn deepens.(Report: Small Business)
July 14, 2008... Byline: elaine pofeldt A loan rejection from a bank turned out to be a gift in disguise for accountant Miriam Marmolejos. She didn't qualify for the $25,000 she was seeking to upgrade her computer equipment. But the banker gave her...

LEADING MICROLENDERS.(Report: Small Business)
July 14, 2008... Accion New York The city's oldest and largest microlender, Accion serves clients that are concentrated in Brooklyn and Queens, and its borrowers are in businesses such as livery cars, vest-pocket restaurants and home-based enterprises such...

TALAY; Table talk.(Business Lives)(Talay Restaurant)(Brief article)
July 14, 2008... Byline: Bob Lape 701 W. 135th St. (at 12th Avenue) (212) 491-8300 www.talayrestaurant.com Cuisine Thai-Latin Wines 25 choices, eight by the glass Dress No code Noise Level Loud Price Range $15-$25 Wine...

Warnaco suited for success; Retailer picks brands that sell, sustains growth in difficult time.(Retail Power)
July 14, 2008... Byline: Adrianne Pasquarelli the beijing olympics are a month away, but Speedo is already making a big splash with its new LZR Racer suit. Athletes wearing the body sheath, touted as the "world's fastest swimsuit,'' have broken an...

Retailer's woes crimp mall; Manhattan Mall has little going except bargain apparel Steve & Barry's.(News)
July 14, 2008... Byline: Adrianne Pasquarelli the bankruptcy of Steve & Barry's will probably hurt the Manhattan Mall, which brought in the bargain clothing retailer three years ago to boost sales. The chain made a splash by carrying celebrity...

corrections.
July 14, 2008... Diane Warren is the executive vice president of the HD Digital Radio Alliance. Her title was misstated in the June 30 issue. OK! magazine expected to have a total circulation of more than 1 million copies for its issue carrying photos of...

Union demands will cost the city.(Viewpoint)
July 14, 2008... Byline: Alair Townsend The old saw about there being more than one way to skin a cat has been taken to heart by New York's unions and the politicians who support them. When organizing workers gets tough for the unions, they turn to their...

Firing up Guastavino's; Young chef plans to turn venue around; $3 million renovation gives him head start.(Business Lives)(John Stevenson)(Occupation overview)
July 14, 2008... Byline: Lisa Fickenscher Cooking was John Stevenson's ticket out of his family's farming business in Michigan, where he grew up amid 20,000 acres of corn, soybean and wheat fields. At age 19, the aspiring chef landed a position as a...

Gotham gigs.(Business Lives)
July 14, 2008... Byline: sarah studley Truly Texan as founder and chief executive of Hill Country, Marc Glosserman, 34, barbecues all year round. The entrepreneur and his staffers strive to create a Texas-inspired experience at the year-old Flatiron...

HOSTS SOUGHT FOR HIGH SCHOOL GROUPS.(Exploring Careers)(Brief article)
July 14, 2008... The Greater New York Councils' Exploring program is seeking businesses to host educational sessions offering high school students the opportunity to explore various industries and make better decisions about possible career choices. The...

Real estate deals.(Valentino USA )
July 14, 2008... Two tenants take direct approach Apparel maker, e-mail firm do deals with landlords after subleases expire One way to avoid the hassle and expense of moving is to turn a sublease into a direct lease with the landlord. That's what...

Morganthau's running; Octogenarian D.A. fills campaign fund; a change of heart?(News)
July 14, 2008... Byline: Matthew Sollars despite a long list of potential opponents, Manhattan District Attorney Robert Morgenthau appears determined to run for re-election next year. Last week, Mr. Morgenthau filed campaign finance reports with the...

A strategy for the WTC.(Viewpoint)(Viewpoint essay)
July 14, 2008... The revelation that the rebuilding of the World Trade Center is hopelessly behind schedule and over budget resulted in shock, anger and dismay. Now that those emotions have cooled, it's time to focus on the two principles that should guide the...

W. Harlem gets new hot spot; Talay offers Thai-Latin food, al fresco dining; minuscule wine selection.(Business Lives)(Restaurant review)
July 14, 2008... Byline: Bob Lape Talay is the latest building block in the restaurant renaissance of West Harlem. A Thai-Latin eatery with fire-breathing stone dragons flanking its entrance, the newcomer offers global flair from two talented chefs. ...

In a Nutshell: eShave Inc.(Report: Small Business)
July 14, 2008... The Plan: Establish a global brand within five years by opening stores in major cities, starting with its Manhattan flagship President: Danielle Malka Founded 1996 Projected 2008 revenue: $1.5 million Location: Long Island...

In a Nutshell: Barc.(Report: Small Business)
July 14, 2008... The plan: Steady growth through sales at high-end retailers and via the Web, with gradual expansion overseas CEO: Chris Hayes Founded 2005 Projected 2008 revenue: $1 million Location: Manhattan

Advertiser transmits the messages one block at a time.(Report: Small Business)
July 14, 2008... The idea came to Ariel Fefer in Time Square. The former programmer and systems integration specialist for IBM, who was trying to devise a green way to deliver advertising, realized that bikes would kill two birds with one stone: The medium...

Executive moves.(Business Lives)
July 14, 2008... Byline: sarah studley Accounting & Consulting Buck Consultants: Andrew Mandel, 46, joined as principal. He was formerly executive director, performance and rewards, at Ernst & Young. ExlService Holdings Inc.: Mary Crawford, 51,...

Brokers' Street brawl; GFI claims former executive, rival firm led a raid on the firm's top talent.(News)
July 14, 2008... Byline: Aaron Elstein while most Wall Street banks can't wait to shed staff, a bitter war for talent has erupted over a group of traders making millions from the economic downturn. Last month, the chief executive of GFI Group Inc., a...

Time-and money-saving tips for selling your business; During a downturn, preparation and a good broker are keys.(Report: Small Business)
July 14, 2008... Byline: Tina Traster Dueling attorneys tried for six long months to close the sale of home-fragrance business Slatkin & Co. to a publicly traded retail conglomerate. Finally, founder Harry Slatkin flew to Ohio. Over steak and wine, he and...

Hits & misses; Green companies hit their stride.(Report: Small Business)
July 14, 2008... Byline: Tina Traster Stocking an eco-friendly store Nobody--not friends, family or Score business counselors--cheered on husband-and-wife team Mark Caserta and Samantha Deiman-Caserta when they announced in 2003 that they intended to...

Labor unrest mounting in tough talks; Workers seek bigger raises, while firms try to hold line; more strikes ahead?(News)
July 14, 2008... Byline: Daniel Massey first, the governor was forced to intervene to prevent a utility workers' strike. Then cement truck drivers walked off their jobs, disrupting work at construction sites. Now, as the economy continues to sputter,...

They won't slow down; Diehards keep playing, despite age, injuries.(Business Lives)
July 14, 2008... Byline: HILARY POTKEWITZ Despite rounds of injuries, Andy Brief, a partner at advertising firm DeVito/Verdi and a committed pickup-basketball player, refuses to stay on the disabled list. He has had four surgeries on his left knee,...

Hotel boom sparks community backlash; Pols join fight, seek new rules for neighborhoods.(News)
July 14, 2008... Byline: Erik Engquist a hotel boom that has reached new neighborhoods and manufacturing enclaves is sparking community outrage and a push by City Council members to stop them. Councilmen in gritty Gowanus, Brooklyn, and Long Island...

Recession happy; High-end sample site thrives on retail woes.(News)
July 14, 2008... Byline: AMANDA FUNG a limited number of lorelei handbags, often carried by hot celebrities like Angelina Jolie, went up for sale at Gilt.com last Thursday. Within two hours, almost all the clutches had sold out. And why wouldn't they?...

VOTING: Not enough workers.(The Insider)
July 14, 2008... The executive director of the city's Board of Elections, Marcus Cederquist, is "cautiously optimistic'' that new high-tech voting machines scheduled to be used at polling stations this fall will be delivered in time for the Sept. 9 primary....

LETTERS TO THE EDITOR.(Viewpoint)(Letter to the editor)
July 14, 2008... NY taxi drivers deserve a break New York taxi rides remain incredibly cheap compared with other world cities, and drivers were barely scraping by before fuel prices escalated. Add to that the fact that taxi-taking is a luxury in a city...

MARKET SNAPSHOT.(News)
July 14, 2008... 396 hotels in New York City 67% full service 27% limited service 7% economy Source: Smith Travel Research

Stocks to watch.(In the Markets)
July 14, 2008... Byline: Robert Hordt Marsh's new CEO gives firm credibility, raising expectations of better performance Marsh & McLennan, the insurance firm that was mired in scandal not too long ago, keeps winning over Wall Street. Citigroup became...

Week in review.
July 14, 2008... Byline: from staff reports and bloomberg news reports SOLD: Chrysler Building The Abu Dhabi Investment Council paid $800 million to acquire a 90% stake in the Chrysler Building: The council bought a 75% share from a German fund managed...

Getting a posh shave, two ways; Of grooming- product ventures, which has better path to growth?(Report: Small Business)
July 14, 2008... Byline: Steve Garmhausen discerning shavers who haunt the city's boutiques in search of deluxe creams, razors and brushes might well be familiar with eShave and Barc. Both firms are a hit, but where their products are sold reflects...

The weeks ahead.
July 14, 2008... Byline: sarah studley This week's events July 15 American Society for Training & Development, New York chapter, holds networking reception. 6 p.m. to 8 p.m., Thomson Reuters, 3 Times Square. Free. (212) 372-3256 or...

Hot jobs.(Business Lives)
July 14, 2008... Byline: damian ghigliotty WANTED: Equities Compliance OFFICER company Goldman Sachs JOB DESCRIPTION Enforce and maintain the standards required in conducting the investment firm's financial transactions MOST IMPORTANT TASKS...

At deadline.
July 14, 2008... Canadian beauty shop Fruits & Passion is close to signing a lease at La Guardia Airport for a boutique that could open as early as this September. The company, based in Quebec, is known for its aromatic creams and soaps. This would be its first...

RECESSION STEPS.(Report: Small Business)(rule of selling)(Brief article)
July 14, 2008... The first rule of selling your business during a recession is to be sure that you need to. The timing of a sale can drastically affect the price. If you've decided that now is the right time, do the groundwork by hiring a professional to give...

Economic spotlight.(Week in Review)
July 14, 2008... Construction contracts gain Construction contracts in the New York metropolitan area held their own for the first five months of the year, despite a sharp drop in May, according to McGraw-Hill Construction. Figures are in millions of...

Paterson watch.(The Insider)
July 14, 2008... Gov. David Paterson inherited not only Eliot Spitzer's government offices in Albany and on Third Avenue in midtown, but also his campaign office on Park Avenue South. Even the phone number, (212) 529-2006, is the same as when Spitzer ran for...